Document:

Exhibit
10.6

 

SECURITIES
PURCHASE AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT (this “Agreement”) is made and entered into as of September 30, 2020, by and between 1847
Holdings LLC, a Delaware limited liability company (the “Company”), and the undersigned subscribing
investor (the “Purchaser”).

 

RecitalS

 

A. The
Company is seeking investors to invest up to Six Million Dollars ($6,000,000) (the “Offering”), in units of
One Dollar and Ninety Cents ($1.90) each (each a “Unit” and collectively the “Units”). This
Agreement is one of a series of similar agreements being executed by other investors in this Offering (each an “Investor”
and, collectively, the “Investors”). The Preferred Shares (as defined below) being issued to the Purchaser shall
rank equally without preference or priority of any kind over Preferred Shares being issued to other Investors and all payments
on account of dividends or redemption with respect to any of the Preferred Shares or the Warrants shall be applied ratably and
proportionately on the basis of the Stated Value (as defined in the Designation) of the outstanding Preferred Shares or the number
of Warrant Shares (as defined in the Warrant), as applicable, represented thereby.

 

B. Each
Unit consists of one (1) Series A Senior Convertible Preferred Share (the “Preferred Share”), the certificate
of designation of which is attached hereto as Exhibit A (the “Designation”), and one (1) warrant to purchase
one (1) Common Share, the form of which is attached hereto as Exhibit B (the “Warrant” and, together
with the Preferred Share and the Common Shares to be acquired upon the conversion of the Preferred Share and/or exercise of the
Warrant, the “Securities”).

 

C. The
Warrant is exercisable for a period of three (3) years at $2.50 per Common Share.

 

D. The
Company desires to sell, and the Purchaser desires to purchase, the number of Units set forth below on the terms and conditions
set forth herein.

 

E. The
Company and the Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b)
promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act.

 

F.
__________ is the lead investor (the “Lead Investor”) and is investing $1,250,000 in this Offering.

 

Now
Therefore, in consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below,
the Company and the Purchaser, intending to be legally bound, hereby agree as follows:

 

		1.	Purchase Of Units

 

On the Closing
Date (as hereinafter defined), subject to the terms and conditions set forth in this Agreement, the Purchaser hereby agrees
to purchase, and the Company hereby agrees to sell, the number of Units of the Company indicated on the signature page below,
at a per-unit purchase price of One Dollar and Ninety Cents ($1.90) per Unit, for the total purchase price set forth on the
signature page below (the “Purchase Price”).

 

    

     

    

 

		2.	Closing and Delivery

 

2.1 Closing
Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below,
the date and time of the issuance and sale of the Units pursuant to this Agreement (the “Closing Date”) shall
be 4:00 PM, Eastern Time on the date first written above, or such other mutually agreed upon time.

 

2.2 Closing.
The closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date
at such location as may be agreed to by the parties (including via exchange of electronic signatures).

 

2.3 Delivery.
At the Closing, or as promptly as commercially reasonable thereafter, the Purchaser shall deliver the Purchase Price to the Company
and the Company shall deliver to the Purchaser the Preferred Shares, the Warrants and such other customary instruments of transfer,
assumption, filings or documents, in form and substance reasonably satisfactory to the Purchaser, as may be required to give effect
to this Agreement.

 

		3.	Representations and Warranties of the Company

 

Except as set forth
in the corresponding section of the Disclosure Schedule delivered to the Purchaser concurrently herewith and attached hereto as
Schedule I (the “Disclosure Schedule”) or as disclosed in the Disclosure Materials (as defined below),
the Company hereby makes the following representations and warranties as of the date hereof and as of the Closing Date to the Purchaser:

 

3.1 Organization,
Good Standing and Qualification. The Company and each of its Subsidiaries (as defined below) is a corporation or limited
liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation
or organization. Each of the Company and its Subsidiaries has the requisite corporate or limited liability company power to
own and operate its properties and assets and to carry on its business as now conducted and as proposed to be conducted. The
Company and each of its Subsidiaries is duly qualified and is authorized to do business and is in good standing as a foreign
corporation or limited liability company in all jurisdictions in which the nature of its activities and of its properties
(both owned and leased) makes such qualification necessary, except where the failure to be so qualified or in good standing,
as the case may be, would not have or reasonably be expected to result in (i) a material adverse effect on the legality,
validity or enforceability of any Subscription Document, (ii) a material adverse effect on the results of operations, assets,
business or financial condition of Company and the Subsidiaries, taken as a whole, or (iii) adversely impair the
Company’s ability to perform in any material respect on a timely basis its obligations under any Subscription Document
(any of (i), (ii) or (iii), a “Material Adverse Effect”) provided, however, that none of the following,
either alone or taken together with other changes, events, results, occurrences, developments or effects, will constitute, or
be taken into account in determining whether there has been or will be, a Material Adverse Effect: (a) changes, events,
occurrences or developments in, or effects or results arising from or relating to, general business or economic conditions
affecting the industry in which the Company and its Subsidiaries operate, (b) changes, events, occurrences or
developments in, or effects or results arising from or relating to, national or international political or social conditions,
including the engagement by the United States in hostilities or the escalation thereof, whether or not pursuant to the
declaration of a national emergency or war, or the occurrence or the escalation of any military, cyber or terrorist attack
upon the United States, or any of its territories, possessions, or diplomatic or consular offices or upon any military
installation, asset, equipment or personnel of the United States, (c) changes, events, occurrences or developments in,
or effects or results arising from or relating to, financial, banking, or securities markets (including (w) any disruption of
any of the foregoing markets, (x) any change in currency exchange rates, (y) any decline or rise in the price of any
security, commodity, contract or index and (z) any increased cost, or decreased availability, of capital or pricing or terms
related to any financing for the Acquisition), (d) changes in, or effects arising from or relating to, any earthquake,
hurricane, tsunami, tornado, flood, mudslide or other natural disaster, pandemic (including COVID-19), weather condition,
explosion or fire or other force majeure event or act of God or (e) any change in, or effect arising from or related to
changes in, GAAP or other accounting requirements or principles or the interpretation thereof.

 

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3.2 Power.
The Company has all requisite limited liability company power to issue the Preferred Shares and Warrants and to execute and deliver
this Agreement, the Designation, the Warrants and the other instruments, documents and agreements being entered into at the Closing
(each a “Subscription Document” and collectively, the “Subscription Documents”) and to carry
out and perform its obligations under the terms of the Subscription Documents.

 

3.3 Subsidiaries.
Section 3.3 of the Disclosure Schedule sets forth a true and correct description of all of the Company’s Subsidiaries and
the capitalization thereof (including options, warrants and other such equity), pro forma as of the date hereof reflecting all
pending acquisitions. For purposes of this Agreement, the term “Subsidiary” means, with respect to the Company,
any corporation or other entity of which at least a majority of the outstanding shares of stock or other ownership interests having
by the terms thereof ordinary voting power to elect a majority of the board of directors (or persons performing similar functions)
of such corporation or entity (regardless of whether or not at the time, in the case of a corporation, stock of any other class
or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned or controlled by the Company or one or more of its Affiliates and the term “Affiliate”
means, as to any person (the “Subject Person”), any other person that directly or indirectly through one or
more intermediaries controls or is controlled by, or is under direct or indirect common control with, the Subject Person. For the
purposes of this definition, “control” when used with respect to any person means the power to direct the management
and policies of such person, directly or indirectly, whether through the ownership of voting securities, through representation
on such person’s board of directors or other management committee or group, by contract or otherwise. All references contained
herein to the terms Subsidiary or Affiliate, shall be applicable to all Subsidiaries and Affiliates whether they existed as of
the date hereof or were created, acquired, or otherwise came to be included in the foregoing terms subsequent to the date hereof.

 

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3.4 Authorization.
All limited liability company action on the part of the Company, its directors and its shareholders necessary for the
authorization of the Subscription Documents and the execution, delivery and performance of all obligations of the Company
under the Subscription Documents, including the issuance and delivery of the Preferred Shares, the Warrants, and the
reservation of the Common Shares issuable upon conversion of the Preferred Shares and upon exercise of the Warrant
(collectively, the “Underlying Securities”) has been taken or will be taken prior to the issuance of such
Underlying Securities. The Subscription Documents, when executed and delivered by the Company, shall constitute valid and
binding obligations of the Company enforceable in accordance with their terms, subject to laws of general application
relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and
state securities laws. The Underlying Securities, when issued in compliance with the provisions of the Subscription
Documents, will be validly issued, fully paid and non-assessable and free of any lien, pledge, mortgage, deed of trust,
security interest, charge, claim, easement, encroachment or other similar encumbrance (“Lien”) and issued
in compliance with all applicable federal and securities laws.

 

3.5 Governmental
Consents. Neither Company nor any Subsidiary is required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other foreign, federal, state, local or other governmental authority
or other person in connection with the execution, delivery and performance by the Company of the Subscription Documents, other
than (a) applicable Blue Sky filings, (b) such as have already been obtained or such exemptive filings as are required to be made
under applicable securities laws, (c) such other filings that have been made pursuant to applicable state securities laws and post-sale
filings pursuant to applicable state and federal securities laws which the Company undertakes to file within the applicable time
periods. Subject to the accuracy of the representations and warranties of the Purchaser set forth in Section 4 hereof, the Company
has taken all action necessary to exempt: (i) the issuance and sale of the Units, (ii) the issuance of the Underlying Securities
upon due conversion of the Preferred Shares and due exercise of the Warrant, and (iii) the other transactions contemplated by the
Subscription Documents from the provisions of any preemptive rights, stockholder rights plan or other “poison pill”
arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which the Company
or any of its assets and properties may be subject and any provision of the Company’s certificate of formation, operating
agreement, or other organizational documentation, as the case may be, that is or could reasonably be expected to become applicable
to the Purchaser as a result of the transactions contemplated hereby, including without limitation, the issuance of the Preferred
Shares and Warrants and the Underlying Securities (collectively, the “Securities”) and the ownership, disposition
or voting of the Securities by the Purchaser or the exercise of any right granted to the Purchaser pursuant to this Agreement or
the other Subscription Documents.

 

3.6 Compliance
with Laws. Neither Company nor any Subsidiary is in violation of any applicable statute, rule, regulation, order or restriction
of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the
ownership of its properties, which violation would have a Material Adverse Effect on the Company.

 

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3.7
Compliance with Other Instruments. Neither Company nor any of its Subsidiaries is in violation or default of
any term of its organizational documents, or of any provision of any mortgage, indenture or contract to which it is a party and
by which it is bound or of any judgment, decree, order or writ, other than such violations that would not individually or in the
aggregate have a Material Adverse Effect on the Company. The execution, delivery and performance of the Subscription Documents,
and the consummation of the transactions contemplated by the Subscription Documents will not result in any such violation or be
in conflict with, or constitute, with or without the passage of time and giving of notice, either a default under any such provision,
instrument, judgment, decree, order or writ or an event that results in the creation of any Lien upon any assets of the Company
or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval
applicable to the Company or any of its Subsidiaries, its business or operations or any of its assets or properties. The sale
of the Preferred Shares, the issuance of the Warrant and the subsequent issuance of the Underlying Securities are not and will
not be subject to any preemptive rights or rights of first refusal that have not been properly waived or complied with. 

 

3.8 Offering.
Assuming the accuracy of the representations and warranties of the Purchaser contained in Section 4 hereof, the offer, issue,
and sale of Securities are and will be exempt from the registration and prospectus delivery requirements of the Securities Act,
and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit, or qualification
requirements of all applicable state securities laws. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii)
of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge,
any person listed in the first paragraph of Rule 506(d)(1) of the Securities Act, except for a Disqualification Event as to which
Rule 506(d)(2)(ii–iv) or (d)(3), is applicable.

 

3.9 Capitalization.
Company has authorized shares as set forth in Section 3.9 of the Disclosure Schedule. All outstanding shares of capital stock are
duly authorized, validly issued, fully paid and non-assessable and have been issued in compliance with all applicable securities
laws. Except for the Preferred Shares, Warrants and the Underlying Securities or as otherwise listed in Section 3.9 of the Disclosure
Schedule, there are no outstanding options, warrants, script rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any person any
right to subscribe for or acquire, any Common Shares, or contracts, commitments, understandings or arrangements by which Company
or any Subsidiary is or may become bound to issue additional Common Shares, or securities or rights convertible or exchangeable
into shares of common stock. There are no price based anti-dilution or price adjustment provisions contained in any security issued
by Company (or in any agreement providing rights to security holders) and the issue and sale of the Securities will not obligate
Company to issue shares of common stock or other securities to any person (other than the Purchaser) and will not result in a right
of any holder of Company’s securities to adjust the exercise, conversion, exchange or reset price under such securities.
Except as set forth in Section 3.9 of the Disclosure Schedule, Company owns, directly or indirectly, all of the capital stock of
each Subsidiary free and clear of any Liens, and all the issued and outstanding shares of capital stock of each Subsidiary are
validly issued and are fully paid, non-assessable and free of preemptive and similar rights.

 

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3.10
SEC Reports; Financial Statements. The Company has filed all reports and registration statements required to
be filed by it under (i) the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
including pursuant to Section 13(a) or 15(d) of the Exchange Act, or (ii) under the Alternative Reporting Standard as offered
by OTC Markets Group, for the two years preceding the date hereof (or such shorter period as the Company was required by law to
file such material) (the foregoing materials, including the exhibits thereto, being collectively referred to herein as the “SEC
Reports” and, together with the Disclosure Schedule to this Agreement, the “Disclosure Materials”).
As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and
the Exchange Act and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. Except as indicated
in Section 3.10 of the Disclosure Schedule, the financial statements of the Company included in the SEC Reports comply in all
material respects with applicable accounting requirements and the rules and regulations of the SEC or OTC Markets as applicable,
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with generally
accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as
may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may
not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

 

3.11 Material
Changes. Since the date of the latest financial statements, (i) there has been no event, occurrence or development that, individually
or in the aggregate, has had or that could result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities
(contingent or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary course
of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements
pursuant to GAAP or required to be disclosed in filings made with the SEC, (iii) the Company has not altered its method of accounting
or the identity of its auditors, (iv) the Company has not declared or made any dividend or distribution of cash or other property
to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock, and (v)
the Company has not issued any equity securities to any officer, director or affiliate, except pursuant to existing Company stock-based
plans or agreements.

 

3.12 Litigation.
There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company,
threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which: (i) adversely affects or challenges the legality, validity or enforceability of any of the Subscription Documents or the
Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse
Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving
a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not
been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by governmental authority, or
any litigation civil or otherwise, involving the Company or any current or former director or officer of the Company or its Subsidiaries.

 

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3.13 Labor
Relations. Neither Company nor any Subsidiary is a party to or bound by any collective bargaining agreements or other
agreements with labor organizations. Neither Company nor any Subsidiary has violated in any material respect any laws,
regulations, orders or contract terms, affecting the collective bargaining rights of employees, labor organizations or any
laws, regulations or orders affecting employment discrimination, equal opportunity employment, or employees’ health,
safety, welfare, wages and hours. No material labor dispute exists or, to the knowledge of the Company, is imminent with
respect to any of the employees of the Company which could reasonably be expected to result in a Material Adverse Effect.

 

3.14 Regulatory
Permits. Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such permits would not have or reasonably be expected to result in a Material Adverse Effect (“Material Permits”),
and neither Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any
Material Permit.

 

3.15 Title
to Assets. Except as set forth in Section 3.15 of the Disclosure Schedule, Company and the Subsidiaries have good and marketable
title in fee simple to all real property owned by them that is material to the business of Company and the Subsidiaries and good
and marketable title in all personal property owned by them that is material to the business of Company and the Subsidiaries, in
each case free and clear of all Liens, except for Liens as do not materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by Company and the Subsidiaries and Liens for the payment
of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities
held under lease by Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases of which Company
and the Subsidiaries are in compliance.

 

3.16 Taxes.

 

(a) Except
as otherwise itemized in Section 3.16 of the Disclosure Schedule, Company and its Subsidiaries have timely and properly filed
all tax returns required to be filed by them for all years and periods (and portions thereof) for which any such tax returns
were due, except where the failure to so file would not have a Material Adverse Effect; all such filed tax returns are
accurate in all material respects; the Company has timely paid all taxes due and payable (whether or not shown on filed tax
returns), except where the failure to so pay would not have a Material Adverse Effect; there are no pending assessments,
asserted deficiencies or claims for additional taxes that have not been paid; the reserves for taxes, if any, reflected in
the financial statements are adequate, and there are no Liens for taxes on any property or assets of the Company and any of
its Subsidiaries (other than Liens for taxes not yet due and payable); there have been no audits or examinations of any tax
returns by any (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of
any nature; (b) federal, state, local, municipal, foreign or other government; or (c) governmental or quasi-governmental
authority of any nature (including any governmental or administrative division, department, agency, commission,
instrumentality, official, organization, unit, body or entity) and any court or other tribunal (a “Governmental
Body”), and the Company or its Subsidiaries have not received any notice that such audit or examination is pending
or contemplated; no claim has been made by any Governmental Body in a jurisdiction where the Company or any of its
Subsidiaries does not file tax returns that it is or may be subject to taxation by that jurisdiction; to the knowledge of the
Company, no state of facts exists or has existed which would constitute grounds for the assessment of any penalty or any
further tax liability beyond that shown on the respective tax returns; and there are no outstanding agreements or waivers
extending the statutory period of limitation for the assessment or collection of any tax.

 

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(b) Neither
the Company nor any of its Subsidiaries is a party to any tax-sharing agreement or similar arrangement with any other Person.

 

(c) The
Company has made all necessary disclosures required by Treasury Regulation Section 1.6011-4. The Company has not been a participant
in a “reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4(b).

 

(d) No
payment or benefit paid or provided, or to be paid or provided, to current or former employees, directors or other service providers
of the Company will fail to be deductible for federal income tax purposes under Section 280G of the Internal Revenue Code of 1986,
as amended (the “Code”).

 

3.17 Patents
and Trademarks. Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, copyrights, licenses and other similar rights that are necessary or material for use
in connection with their respective businesses and which the failure to so have could have or reasonably be expected to result
in a Material Adverse Effect (collectively, the “Intellectual Property Rights”). Neither Company nor any Subsidiary
has received a written notice that the Intellectual Property Rights used by Company or any Subsidiary violates or infringes upon
the rights of any Person. All such Intellectual Property Rights are enforceable. Company and its Subsidiaries have taken reasonable
steps to protect Company’s and its Subsidiaries’ rights in their Intellectual Property Rights and confidential information
(the “Confidential Information”). Each employee, consultant and contractor who has had access to Confidential
Information which is necessary for the conduct of Company’s and each of its Subsidiaries’ respective businesses as
currently conducted or as currently proposed to be conducted has executed an agreement to maintain the confidentiality of such
Confidential Information and has executed appropriate agreements that are substantially consistent with the Company’s standard
forms thereof. Except under confidentiality obligations, there has been no material disclosure of any of Company’s or its
Subsidiaries’ Confidential Information to any third party.

 

3.18 Environmental
Matters. Neither Company nor any Subsidiary is in violation of any statute, rule, regulation, decision or order of any Governmental
Body relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of
the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), owns
or operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any off-site
disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which
violation, contamination, liability or claim has had or could reasonably be expected to have a Material Adverse Effect, individually
or in the aggregate; and there is no pending or, to the Company’s knowledge, threatened investigation that might lead to
such a claim.

 

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3.19 Insurance.
Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which Company and the Subsidiaries are engaged. Neither
Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and
when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business
without a significant increase in cost.

 

3.20 Transactions
with Affiliates and Employees. Except as disclosed in the Company’s audited financial statements or the Disclosure Materials,
none of the officers or directors of the Company and, to the knowledge of the Company, none of the employees of the Company is
presently a party to any transaction with Company or any Subsidiary (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental
of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or,
to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or
is an officer, director, trustee or partner, other than (a) for payment of salary or consulting fees for services rendered, (b)
reimbursement for expenses incurred on behalf of the Company and (c) for other employee benefits, including stock option agreements
under any stock option plan of Company.

 

3.21 Brokers
and Finders. Except as otherwise itemized in Section 3.21 of the Disclosure Schedule, no person will have, as a result of the
transactions contemplated by the Subscription Documents, any valid right, interest or claim against or upon Company, any Subsidiary
or the Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered
into by or on behalf of the Company.

 

3.22 Questionable
Payments. Neither Company nor any of its Subsidiaries nor, to the Company’s knowledge, any of their respective current
or former stockholders, directors, officers, employees, agents or other persons acting on behalf of Company or any Subsidiary,
has on behalf of Company or any Subsidiary or in connection with their respective businesses: (a) used any corporate funds for
unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b) made any direct or
indirect unlawful payments to any governmental officials or employees from corporate funds; (c) established or maintained any unlawful
or unrecorded fund of corporate monies or other assets; (d) made any false or fictitious entries on the books and records of Company
or any Subsidiary; or (e) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any
nature.

 

3.23 Solvency.
The Company has not (a) made a general assignment for the benefit of creditors; (b) filed any voluntary petition in bankruptcy
or suffered the filing of any involuntary petition by its creditors; (c) suffered the appointment of a receiver to take possession
of all, or substantially all, of its assets; (d) suffered the attachment or other judicial seizure of all, or substantially all,
of its assets; (e) admitted in writing its inability to pay its debts as they come due; or (f) made an offer of settlement, extension
or composition to its creditors generally.

 

3.24 Foreign
Corrupt Practices Act. None of Company or any of its Subsidiaries, nor to the knowledge of the Company, any agent or
other person acting on behalf of the Company or any of its Subsidiaries, has, directly or indirectly: (a) used any funds, or
will use any proceeds from the sale of the Securities, for unlawful contributions, gifts, entertainment or other unlawful
expenses related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government
officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to
disclose fully any contribution made by Company or any of its Subsidiaries (or made by any person acting on their behalf of
which the Company is aware) or any members of their respective management which is in violation of any legal requirement, or
(d) has violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended, and the
rules and regulations thereunder which was applicable to Company or any of its Subsidiaries.

 

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3.25 Disclosures.
Neither the Company nor any person acting on its behalf has provided the Purchaser or its agents or counsel with any information
that constitutes or might constitute material, non-public information, other than the terms of the transactions contemplated hereby.
The written materials delivered to the Purchaser in connection with the transactions contemplated by the Subscription Documents
do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
contained therein, in light of the circumstances under which they were made, not misleading.

 

3.26 Transfer
Agent. Company represents and warrants that it will not replace its transfer agent without Purchaser’s permission so
long as any of the Preferred Shares are outstanding. The Company acknowledges that any failure to comply with this Section shall
constitute a material breach of this Agreement.

 

3.27 Shell
Company Status. Set forth in Schedule 3.27 of the Disclosure Schedule is the Company’s representation as to its “Shell
Company” status under Rule 144.

 

3.28 The
Company agrees and acknowledges that so long as any obligations of the Company under any of the Subscription Documents shall exist,
it shall be obligated to provide Notice to the Purchaser in the event of a material change to any representation or disclosure
in any of the Subscription Documents, including but not limited to, the disclosures on the Disclosure Schedule, and failure to
provide such notice shall constitute a material breach of this Agreement and an Event of Default under the Designation.

 

		4.	Representations and Warranties of the Purchaser

 

4.1 Purchase
for Own Account. The Purchaser represents that it is acquiring the Units for its own account and not with the view to transfer
the Units or otherwise distribute them except in compliance with the Securities Act.

 

4.2 Information
and Sophistication. Without lessening or obviating the representations and warranties of the Company set forth in Section 3,
the Purchaser hereby: (a) acknowledges that it has received all the information it has requested from the Company that it considers
necessary or appropriate for deciding whether to acquire the Units, (b) represents that it has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of the Units and to obtain any additional
information necessary to verify the accuracy of the information given the Purchaser and (c) further represents that it has such
knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of this investment.

 

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4.3 Ability
to Bear Economic Risk. The Purchaser acknowledges that investment in the Units involves a high degree of risk, and
represents that it is able, without materially impairing its financial condition, to hold the Units for an indefinite period
of time and to suffer a complete loss of its investment.

 

4.4 Accredited
Investor Status. The Purchaser is an “accredited investor” as such term is defined in Rule 501 under the Securities
Act.

 

4.5 Existence;
Authorization. The Purchaser is an individual, corporation, partnership or limited liability company duly organized, validly
existing and in good standing under the laws of the state of its organization, having full power and authority to own its properties
and to carry on its business as conducted. The principal place of business of the Purchaser is as shown on the Accredited Investor
Questionnaire. The Purchaser has the requisite power and authority to deliver this Agreement, perform its obligations set forth
herein, and consummate the transactions contemplated hereby. The Purchaser has duly executed and delivered this Agreement and has
obtained the necessary authorization to execute and deliver this Agreement and to perform his, her or its obligations herein and
to consummate the transactions contemplated hereby. This Agreement, assuming the due execution and delivery hereof by the Company,
is a legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms.

 

4.6 No
Regulatory Approval. The Purchaser understands that no state or federal authority has scrutinized this Agreement or the Units
offered pursuant hereto, has made any finding or determination relating to the fairness for investment in the Units, or has recommended
or endorsed the Units, and that the Units have not been registered or qualified under the Securities Act or any state securities
laws, in reliance upon exemptions from registration thereunder. The Units may not, in whole or in part, be resold, transferred,
assigned or otherwise disposed of unless they are registered under the Securities Act or an exemption from registration is available,
and unless the proposed disposition is in compliance with the restrictions on transferability under federal and state securities
laws.

 

4.7 Purchaser
Received Independent Advice. The Purchaser confirms that the Purchaser has been advised to consult with the Purchaser’s
independent attorney regarding legal matters concerning the Company and to consult with independent tax advisers regarding the
tax consequences of investing in the Company. The Purchaser acknowledges that Purchaser understands that any anticipated United
States federal or state income tax benefits may not be available and, further, may be adversely affected through adoption of new
laws or regulations or amendments to existing laws or regulations. The Purchaser acknowledges and agrees that the Company is providing
no warranty or assurance regarding the ultimate availability of any tax benefits to the Purchaser by reason of the subscription.

 

4.8 Agreement
to be Bound by Operating Agreement. The Purchaser acknowledges receipt of a true and correct copy of the Second Amended
and Restated Operating Agreement of the Company, dated January 19, 2018 (as such may be amended, modified or restated from
time to time, the “Operating Agreement”), a copy of which is available on EDGAR at
https://www.sec.gov/Archives/edgar/data/1599407/000147793218000387/efsh_ex31.htm, and further acknowledges that Purchaser has
read the Operating Agreement and understands and agrees to abide by all terms, covenants, conditions, limitations,
restrictions and provisions contained in the Operating Agreement. By execution of this Agreement, the Purchaser agrees to be
bound by the Operating Agreement and agrees that the Operating Agreement is binding upon and inures to the benefit of the
heirs, legatees, devisees, legal representatives, successors and permitted assigns of the Purchaser. The Purchaser has
executed the Joinder Agreement attached hereto as Exhibit C.

 

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4.9 Legends.
The Purchaser understands that until such time as the Preferred Shares, Warrants, and, upon the conversion of the Preferred Shares
and the exercise of the Warrants in accordance with its respective terms, the Underlying Securities, have been registered under
the Securities Act or may be sold pursuant to Rule 144, Rule 144A under the Securities Act or Regulation S without any restriction
as to the number of securities as of a particular date that can then be immediately sold, the Securities may bear a restrictive
legend in substantially the following form (and a stop- transfer order may be placed against transfer of the certificates for such
Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
OR EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE PURCHASER),
IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE
144A OR REGULATION S UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

		5.	Further Agreements; Post-Closing Covenants

 

5.1 Use
of Proceeds. Assuming that the full $6,000,000 is raised in the Offering, the Company shall use the proceeds from the Offering
solely for the following purposes: (i) $4,525,000 for the acquisition of all of the equity interests or substantially all of the
assets of Kyle’s Custom Wood Shop, Inc., an Idaho corporation (“KCWS”) and related expenses, (ii) $1,450,000
for general working capital purposes, and (iii) $25,000 to cover the Lead Investor’s legal fees incurred in connection with
the Offering.

 

5.2 Form
D; Blue Sky Laws. Company agrees to file a Form D with respect to the Units as required under Regulation D and to provide a
copy thereof to the Purchaser promptly after such filing. Company shall take such action as Company shall reasonably determine
is necessary to qualify the Securities for sale to the Purchaser at the applicable closing pursuant to this Agreement under applicable
securities or “blue sky” laws of the states of the United States (or to obtain an exemption from such qualification),
and shall provide evidence of any such action so taken to the Purchaser on or prior to the initial closing.

 

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5.3 Registration
Rights.

 

(a) Mandatory
Registration. The Company shall prepare, and, as soon as practicable but in no event later than thirty (30) days after the
Closing Date (the “Filing Deadline”), file with the SEC a Registration Statement under the Securities Act on
appropriate form covering the resale of the full amount of the Underlying Securities (collectively, the “Registrable
Securities”). The Company shall use its commercially reasonable efforts to have the Registration Statement declared
effective by the SEC as soon as practicable, but in no event later than the date (the “Effectiveness Deadline”),
which shall be either (i) in the event that the SEC does not review the Registration Statement, ninety (90) days after the
Closing Date, or (ii) in the event that the SEC reviews the Registration Statement, one hundred fifty (150) days after the
Closing Date (but in any event, no later than two (2) Business Days from the SEC indicating that it has no further comments on
the Registration Statement).

 

(b) Limitation
on Registrable Securities. In the event that the staff of the SEC (the “Staff”) determines that the full
amount of the Registrable Securities cannot be registered on the Registration Statement due to limitations under Rule 415 of the
Securities Act, then Company shall: (i) register the resale of that portion of the Registrable Securities as the Staff may
permit under its interpretations of Rule 415, and (ii) undertake to register the remaining portion of the Registrable Securities
as soon as registration would be permitted under Rule 415, as determined by the Company in good faith based on the Staff’s
publicly available interpretations of Rule 415.

 

(c) Related
Obligations. At such time as the Company is obligated to file a Registration Statement with the SEC pursuant to Section 5.3(a)
hereof, the Company will use commercially reasonable efforts to effect the registration of the Registrable Securities in accordance
with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

 

(i) The
Company shall submit to the SEC, within two (2) Business Days after the Company learns that no review of a particular Registration
Statement will be made by the staff of the SEC or that the staff has no further comments on a particular Registration Statement,
as the case may be, a request for acceleration of effectiveness of such Registration Statement to a time and date not later than
two (2) Business Days after the submission of such request. The Company shall keep each Registration Statement effective pursuant
to Rule 415 at all times until the earlier of (i) the date as of which the Purchaser may sell all of the Registrable Securities
covered by such Registration Statement without restriction or limitation pursuant to Rule 144 and without the requirement to be
in compliance with Rule 144(c)(1) (or any successor thereto) promulgated under the Securities Act or (ii) the date on which
the Purchaser shall have sold all of the Registrable Securities covered by such Registration Statement (the “Registration
Period”). The Company shall ensure that each Registration Statement (including any amendments or supplements thereto
and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances
in which they were made) not misleading.

 

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(ii) The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule
424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during
the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable
Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof
as set forth in such Registration Statement.

 

(iii) The
Company shall furnish to the Purchaser without charge, (i) promptly after the Registration Statement including the Purchaser’s
Registrable Securities is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s)
thereto, including financial statements and schedules, all documents incorporated therein by reference, if requested by the Purchaser,
all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, ten (10) copies of
the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies
as the Purchaser may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus,
as the Purchaser may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities.

 

(iv) The
Company shall notify the Purchaser in writing of the happening of any event, as promptly as practicable after becoming aware of
such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement
of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain
any material, nonpublic information), and, promptly prepare a supplement or amendment to such Registration Statement to correct
such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to the Purchaser (or such other
number of copies as the Purchaser may reasonably request). The Company shall also promptly notify the Purchaser in writing (i) when
a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any
post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Purchaser by facsimile
on the same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements
to a Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination
that a post-effective amendment to a Registration Statement would be appropriate.

 

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(v)
The Company shall use commercially reasonable efforts to prevent the issuance of any stop order or other suspension of
effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for
sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension
at the earliest possible moment and to notify the Purchaser who holds Registrable Securities being sold of the issuance of
such order and the resolution thereof or its receipt of notice of the initiation or threat of any proceeding for such
purpose.

 

(vi) If
the Purchaser is required under applicable securities law to be described in the Registration Statement as an underwriter, at the
reasonable request of the Purchaser, the Company shall furnish to the Purchaser, on the date of the effectiveness of the Registration
Statement and thereafter from time to time on such dates as the Purchaser may reasonably request (i) a letter, dated such
date, from the Company’s independent certified public accountants in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering, addressed to the Purchaser, and (ii) an opinion,
dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance
as is customarily given in an underwritten public offering, addressed to the Purchaser.

 

(vii) If
the Purchaser is required under applicable securities law to be described in the Registration Statement as an underwriter, upon
the written request of the Purchaser in connection with the Purchaser’s due diligence requirements, if any, the Company shall
make available for inspection by (i) the Purchaser and its legal counsel and (ii) one firm of accountants or other agents
retained by the Purchaser (collectively, the “Inspectors”), all pertinent financial and other records, and pertinent
corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed
necessary by each Inspector solely for the purpose of establishing a due diligence defense under underwriter liability under the
Securities Act, and cause the Company’s officers, directors and employees to supply all information which any Inspector may
reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure
(except to the Purchaser) or use of any Record or other information which the Company determines in good faith to be confidential,
and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid
or correct a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the
release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent
jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure
in violation of this or any other Transaction Document. The Purchaser agrees that it shall, upon learning that disclosure of such
Records is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to
the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and the
Purchaser) shall be deemed to limit the Purchaser’s ability to sell Registrable Securities in a manner which is otherwise
consistent with applicable laws and regulations.

 

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(viii)
The Company shall hold in confidence and not make any disclosure of information concerning the Purchaser provided to the
Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws,
(ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration
Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order
from a court or governmental body of competent jurisdiction or (iv) such information has been made generally available
to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that it
shall, upon learning that disclosure of such information concerning the Purchaser is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt written notice to the Purchaser and allow the Purchaser,
at the Purchaser’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order
for, such information.

 

(ix) The
Company shall cooperate with the Purchaser and, to the extent applicable, facilitate the timely preparation and delivery of certificates
(not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement
and enable such certificates to be in such denominations or amounts, as the case may be, as the Purchaser may reasonably request
and registered in such name as the Purchaser may request.

 

(x) If
requested by the Purchaser, the Company shall (i) as soon as practicable incorporate in a prospectus supplement or post-effective
amendment such information as the Purchaser reasonably requests to be included therein relating to the sale and distribution of
Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered
or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in
such offering; (ii) as soon as practicable make all required filings of such prospectus supplement or post-effective amendment
after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as
soon as practicable, supplement or make amendments to any Registration Statement if reasonably requested by the Purchaser.

 

(xi) The
Company shall use commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

(xii) The
Company shall otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC in connection
with any registration hereunder.

 

(xiii) Within
two (2) Business Days after a Registration Statement that covers Registrable Securities is ordered effective by the SEC, the Company
shall deliver to the transfer agent for such Registrable Securities (with copies to the Purchaser) confirmation that such Registration
Statement has been declared effective by the SEC.

 

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(xiv)
Notwithstanding anything to the contrary herein, at any time after the Effective Date, the Company may delay the disclosure
of material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith
opinion of the Board of Directors and its counsel, in the best interest of the Company and, in the opinion of counsel to the
Company, otherwise required (a “Grace Period”); provided, that the Company shall promptly (i) notify
the Purchaser in writing of the existence of material, non-public information giving rise to a Grace Period (provided that in
each notice the Company will not disclose the content of such material, non-public information to the Purchaser) and the date
on which the Grace Period will begin, and (ii) notify the Purchaser in writing of the date on which the Grace Period
ends; and, provided further, that the Grace Periods shall not exceed an aggregate of 30 Trading Days during any 365-day
period and the first day of any Grace Period must be at least 15 days after the last day of any prior Grace Period (each, an
“Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace
Period shall begin on and include the date the Purchaser receives the notice referred to in clause (i) and shall end on
and include the later of the date the Purchaser receives the notice referred to in clause (ii) and the date referred to
in such notice. The provisions of Section 5.3(d)(v) hereof shall not be applicable during the period of any Allowable
Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the first sentence of
Section 5.3(d)(iv) with respect to the information giving rise thereto unless such material, non-public information is
no longer applicable. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver
unlegended Common Shares to a transferee of any Purchaser in accordance with the terms of this Agreement in connection with
any sale of Registrable Securities with respect to which a Purchaser has entered into a contract for sale, and delivered a
copy of the prospectus included as part of the applicable Registration Statement (unless an exemption from such prospectus
delivery requirement exists), prior to the Purchaser’s receipt of the notice of a Grace Period and for which the
Purchaser has not yet settled.

 

(xv) Neither
the Company nor any Subsidiary or affiliate thereof shall identify the Purchaser as an underwriter in any public disclosure or
filing with the SEC or any applicable Trading Market and the Purchaser being deemed an underwriter by the SEC shall not relieve
the Company of any obligations it has under this Agreement and any other documents or instruments executed and delivered in connection
with the Agreement.

 

(d) Obligations
of the Purchaser.

 

(i) At
least five (5) Business Days prior to the first anticipated filing date of a Registration Statement, the Company shall notify the
Purchaser in writing of the information the Company requires from the Purchaser in order to have that Purchaser’s Registrable
Securities included in such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete
the registration pursuant to this Agreement with respect to the Registrable Securities of a particular Purchaser that the Purchaser
shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of
disposition of the Registrable Securities held by it as shall be reasonably required to effect the effectiveness of the registration
of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably
request.

 

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(ii)
Each Purchaser, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested
by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless the Purchaser
has notified the Company in writing of the Purchaser’s election to exclude all of the Purchaser’s Registrable
Securities from such Registration Statement.

 

(iii) Each
Purchaser agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 5.3(d)(v)
or the first sentence of 5.3(d)(iv), the Purchaser will immediately discontinue disposition of Registrable Securities pursuant
to any Registration Statement(s) covering such Registrable Securities until the Purchaser’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 5.3(d)(v) or the first sentence of 5.3(d)(iv) or receipt of notice
that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent
to deliver unlegended Common Shares to a transferee of the Purchaser in accordance with the terms of this Agreement in connection
with any sale of Registrable Securities with respect to which the Purchaser has entered into a contract for sale prior to the Purchaser’s
receipt of a notice from the Company of the happening of any event of the kind described in Section 5.3(d)(v) or the first
sentence of 5.3(d)(iv) and for which the Purchaser has not yet settled.

 

(iv) Each
Purchaser covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement

 

(e) Expenses
of Registration. All reasonable expenses, other than underwriting discounts and commissions incurred in connection with registrations,
filings or qualifications pursuant to Section 5.3, including, without limitation, all registration, listing and qualifications
fees, printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

(f) Reports
under the Exchange Act. With a view to making available to the Purchaser the benefits of Rule 144 promulgated under the Securities
Act or any other similar rule or regulation of the SEC that may at any time permit the Purchaser to sell securities of the Company
to the public without registration (“Rule 144”), the Company agrees to:

 

(i) make
and keep public information available, as those terms are understood and defined in Rule 144, during the Reporting Period;

 

(ii) file
with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act; and

 

(iii) furnish
to the Purchaser so long as the Purchaser owns Registrable Securities, promptly upon request during the Reporting Period, (i) a
written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act
and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company and (iii) such other information as may be reasonably requested to permit the Purchaser
to sell such securities pursuant to Rule 144 without registration.

 

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(g) Assignment
of Registration Rights. The rights under Section 5.3 shall be automatically assignable by a Purchaser to any transferee
of all or any portion of the Purchaser’s Registrable Securities if: (i) the Purchaser agrees in writing with the transferee
or assignee to assign such rights and a copy of such agreement is furnished to the Company within a reasonable time after such
assignment; (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice
of (a) the name and address of such transferee or assignee and (b) the securities with respect to which such registration
rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further disposition
of such securities by the transferee or assignee is restricted under the Securities Act or applicable state securities laws; (iv) at
or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or
assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer shall
have been made in accordance with the applicable requirements of this Agreement.

 

(h) Indemnification.

 

(i) Company
Indemnification. The Company will indemnify the Purchaser (if Registrable Securities held by the Purchaser are included
in the securities as to which such registration is being effected), each of its officers and directors, partners, members and
each person controlling the Purchaser within the meaning of Section 15 of the Securities Act, against all expenses,
claims, losses, damages or liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement
of any litigation, commenced or threatened, arising out of or based on (A) any untrue statement (or alleged untrue
statement) of a material fact contained in any Registration Statement, prospectus, offering circular or other document, or
any amendment or supplement thereto, incident to any such Registration Statement, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading, or (B) any violation by the Company of the
Securities Act, the Exchange Act, state securities laws or any rule or regulation promulgated under such laws applicable to
the Company in connection with any such registration, and in each case, the Company will reimburse the Purchaser, each of its
officers and directors, partners, members and each person controlling the Purchaser, for any legal and any other expenses
reasonably incurred, as such expenses are incurred, in connection with investigating, preparing or defending any such claim,
loss, damage, liability or action, provided that the Company will not be liable in any such case to the
extent that any such claim, loss, damage, liability or expense arises out of or is based on (X) any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished
to the Company by an instrument duly executed by the Purchaser or controlling person, and stated to be specifically for use
therein, (Y) the use by a Purchaser of an outdated or defective prospectus after the Company has notified the Purchaser
in writing that the prospectus is outdated or defective or (Z) a Purchaser’s (or any other indemnified
person’s) failure to send or give a copy of the prospectus or supplement (as then amended or supplemented), if
required, pursuant to Rule 172 under the Securities Act (or any successor rule) to the Persons asserting an untrue statement
or alleged untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written
confirmation of the sale of Registrable Securities to such person if such statement or omission was corrected in such
prospectus or supplement; provided, further, that the indemnity agreement contained in this
Section 5.3(i)(i) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if
such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld).

 

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(ii) Purchaser
Indemnification. The Purchaser will, if Registrable Securities held by the Purchaser are included in the securities as to which
such registration is being effected, indemnify the Company, each of its directors and officers, other holders of the Company’s
securities covered by such Registration Statement, each person who controls the Company within the meaning of Section 15 of
the Securities Act, and each such holder, each of its officers and directors and each person controlling such holder within the
meaning of Section 15 of the Securities Act, against all claims, losses, damages and liabilities (or actions in respect thereof)
arising out of or based on: (A) any untrue statement (or alleged untrue statement) of a material fact contained in any such
Registration Statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, to the extent, and only
to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration
Statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished
to the Company by an instrument duly executed by the Purchaser and stated to be specifically
for use therein, or (B) any violation by the Purchaser of the Securities Act, the Exchange Act, state securities laws or any
rule or regulation promulgated under such laws applicable to the Purchaser, and in each case, the Purchaser will reimburse the
Company, each other holder, and directors, officers, persons, underwriters or control persons of the Company and the other holders
for any legal or any other expenses reasonably incurred, as such expenses are incurred, in connection with investigating or defending
any such claim, loss, damage, liability or action; provided, that the indemnity agreement contained in this Subsection 5.3(i)(ii)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of such indemnifying Purchaser (which consent shall not be unreasonably withheld or delayed). The liability
of any Purchaser for indemnification under this Section 5.3(i)(ii) in its capacity as a seller of Registrable Securities
shall not exceed the amount of net proceeds to the Purchaser of the securities sold in any such registration.

 

(iii) Notice
and Procedure. Each party entitled to indemnification under this Section 5.3(i) (the “Indemnified
Party”) shall give written notice to the party required to provide indemnification (the “Indemnifying
Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting
therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall
be approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may
participate in such defense at such party’s expense, and provided further that the failure of any Indemnified Party to
give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Agreement unless the
failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action and
provided further, that the Indemnifying Party shall not assume the defense for matters as to which there is a conflict
of interest or there are separate and different defenses. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party (whose consent shall not be unreasonably withheld),
consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or
litigation.

 

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(iv) Contribution.
If the indemnification provided for in this Section 5.3(i) is held by a court of competent jurisdiction to be unavailable
to an Indemnified Party with respect to any losses, claims, damages or liabilities referred to herein, the Indemnifying Party,
in lieu of indemnifying such Indemnified Party thereunder, shall to the extent permitted by applicable law contribute to the amount
paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection
with the untrue statement or omission that resulted in such loss, claim, damage or liability, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by a court of law
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state
a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no
event shall any contribution by a Purchaser hereunder exceed the proceeds from the offering received by the Purchaser. The amount
paid or payable by a party as a result of any loss, claim, damage or liability shall be deemed to include, subject to the limitations
set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection
with any proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided
for in this Section 5.3(i) was available to such party in accordance with its terms.

 

(v) Survival.
The obligations of the Company and the Purchaser under this Section 5.3(i) shall survive completion of any offering of Registrable
Securities in a Registration Statement and the termination of this Agreement. The indemnity and contribution agreements contained
in this Section 5.3(i) are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties and are
not in diminution or limitation of other remedies or causes of action that the parties may have under the this Agreement and any
other documents or instruments executed and delivered in connection with the Agreement.

 

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5.4 Legal
Counsel Opinions.

 

Upon the request of
the Purchaser from time to time, Company shall be responsible (at its cost) for promptly supplying to Company’s transfer
agent and the Purchaser a customary legal opinion letter of its counsel (the “Legal Counsel Opinion”) to the
effect that the resale of the Underlying Securities by the Purchaser or its affiliates, successors and assigns is exempt from the
registration requirements of the Securities Act pursuant to Rule 144 (provided the requirements of Rule 144 are satisfied and provided
the Underlying Securities are not then registered under the Securities Act for resale pursuant to an effective registration statement).
Should Company’s legal counsel fail for any reason to issue the Legal Counsel Opinion, the Lead Purchaser may (at Company’s
cost) secure another legal counsel to issue the Legal Counsel Opinion, and Company will instruct its transfer agent to accept such
opinion. Company shall not impede the removal by its stock transfer agent of the restricted legend from any common stock certificate
upon receipt by the transfer agent of a Rule 144 Opinion Letter. COMPANY HEREBY AGREES THAT IT MAY NEVER TAKE THE POSITION THAT
IT IS A “SHELL COMPANY” IN CONNECTION WITH ITS OBLIGATIONS UNDER THIS AGREEMENT OR OTHERWISE UNLESS THE COMPANY HAS
SOUGHT THE ADVICE OF ITS COUNSEL AND ITS COUNSEL HAS INDICATED THAT IT MUST TAKE SUCH POSITION AS A MATTER OF APPLICABLE LAW.

 

5.5 Listing.
Company will, so long as the Purchaser owns any of the Securities, maintain the listing and trading of its Common Shares on the
OTCQB or any equivalent exchange or electronic quotation system or a national securities exchange and will comply in all respects
with Company’s reporting, filing and other obligations under the bylaws or rules of the Financial Industry Regulatory Authority,
or FINRA, and such exchanges, as applicable, as well as with the SEC. Company shall promptly provide to the Purchaser copies of
any notices it receives from the OTCQB and any other exchanges or electronic quotation systems on which the Common Shares are then
traded regarding the continued eligibility of the common stock for listing on such exchanges and quotation systems.

 

5.6 Information
and Observer Rights.

 

(a) As
long as the Purchaser owns at least five percent (5%) of the Securities originally purchased hereunder, Company covenants to timely
file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by
Company pursuant to the Exchange Act. As long as the Purchaser owns at least five percent (5%) of the Securities originally purchased
hereunder, if Company is not required to file reports pursuant to such laws, it will prepare and furnish to the Purchaser and simultaneously
make publicly available in accordance with Rule 144(c) such information as is required for the Purchaser to sell the Securities
under Rule 144. Company further covenants that it will take such further action as any holder of Securities may reasonably request,
all to the extent required from time to time to enable the Purchaser to sell the Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144.

 

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(b) As long as the
Lead Investor owns at least five percent (5%) of the Securities originally purchased by the Lead Investor, if the Lead
Investor notifies Company in writing (including by electronic mail) that it wishes to attend meetings of Company’s
Board of Directors and that it acknowledges that it will receive material nonpublic information and consents to the same,
Company shall invite a designated representative of the Lead Investor to attend all meetings of Company’s Board of
Directors in a nonvoting observer capacity and, in this respect, and subject to the Lead Investor having informed Company
that it wishes to attend, Company shall give such representative copies of all notices, minutes, consents, and other
materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however,
that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all
information so provided; and provided further, that Company reserves the right to withhold any information and to
exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting
could adversely affect the attorney-client privilege between Company and its counsel or result in disclosure of trade secrets
or a conflict of interest. For avoidance of doubt, the Company shall not provide Lead Investor any material non-public
information unless specifically requested by Lead Investor.

 

5.7 Confidentiality.
The Purchaser agrees that the it will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor
its investment in the Company) the terms and conditions of this Agreement or any confidential information obtained from the Company
pursuant to the terms of this Agreement (including notice of Company’s intention to file a registration statement), unless
such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this
Section 5.7 by the Purchaser), (b) is or has been independently developed or conceived by the Purchaser without use of the Company’s
confidential information, or (c) is or has been made known or disclosed to the Purchaser by a third party without a breach of any
obligation of confidentiality such third party may have to the Company; provided, however, that the Purchaser may disclose confidential
information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services
in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Securities from the Purchaser,
if such prospective purchaser agrees to be bound by the provisions of this Section 5.7; (iii) to any existing
or prospective affiliate, partner, member, stockholder, or wholly owned subsidiary of the Purchaser in the ordinary course
of business, provided that the Purchaser informs such person that such information is confidential
and directs such person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law,
provided that the Purchaser notifies the Company within three (3) Business Days of such disclosure and takes reasonable steps to
minimize the extent of any such required disclosure.

 

5.8 Restrictions
on Activities. Commencing as of the date first above written, and so long as Preferred Shares remain outstanding, the
Company shall not, directly or indirectly, without the Lead Purchaser’s prior written consent, which consent shall not
be unreasonably withheld: (a) change the nature of its business; (b) sell, divest, change the structure of any material
assets other than in the ordinary course of business unless as a result of such sale, divestiture or change, the use of
proceeds is to redeem the Securities; (c) solicit any offers for, respond to any unsolicited offers for, or conduct any
negotiations with any other person or entity in respect of any variable rate debt transactions (i.e., transactions where the
conversion or exercise price of the security issued by the Company varies based on the market price of the common stock); or
(d) accept a Merchant-Cash-Advance in which it sells future receivables at a discount or any other factoring transactions, or
similar financing instruments or financing transactions, whether a transaction similar to the one contemplated hereby or any
other investment.

 

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5.9 Other
Restrictions. Unless approved in writing by the Lead Purchaser, Company and each Subsidiary shall not enter
into an agreement or amend an existing agreement to effect any sale of securities involving, or convert any securities previously
issued under, a Variable Rate Transaction or a merchant cash advance transaction in which it sells future receivables at a discount,
or a substantially similar transaction. The term “Variable Rate Transaction” means a transaction in which Company
or any Subsidiary (i) issues or sells any convertible securities either (A) at a conversion, exercise or exchange rate or other
price that is based upon and/or varies with the trading prices of, or quotations for, the shares of common stock at any time after
the initial issuance of such convertible securities, or (B) with a conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of such convertible securities or upon the occurrence of specified or contingent
events directly or indirectly related to the business of Company or the Subsidiary, as the case may be, or the market for the common
stock, other than pursuant to a customary “weighted average” or “full-ratchet” anti-dilution provision,
or (ii) enters into any agreement (including, without limitation, an “equity line of credit” or an “at-the-market
offering”) whereby Company or any Subsidiary may sell securities at a future determined price (other than standard and customary
“preemptive” or “participation” rights). The Purchaser shall be entitled to obtain injunctive relief
against Company and its Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

5.10 Sale
of Assets; Issuance of Equity or Debt. The Company shall not sell any material assets or any securities of the following Subsidiaries:
1847 Neese Inc., 1847 Asien Inc. and KCWS following its acquisition by the Company, in each case, unless all of the proceeds of
such sale are first used to redeem the Preferred Shares then outstanding.

 

5.11
Participation Rights. For a period of twelve (12) months from the date hereof, in the event Company, KCWS or
any other Subsidiary of the Company existing on the date hereof, proposes to offer and sell any of its securities (“New
Securities”), whether in the form of debt, Equity Financing (defined below), or any other financing transaction (each
a “Future Offering”), the Lead Purchaser (but not any other Purchaser) shall have the right, but not the obligation,
to participate in the Future Offering in an amount up to the aggregate amount of the Lead Purchaser’s investment in the
Securities hereunder (the “Participation Right”). For the avoidance of doubt, an “Equity Financing”
shall mean Company’s sale of its Common Shares or any securities conferring the right to purchase Company’s Common
Shares or securities convertible into, or exchangeable for (with or without additional consideration), Common Shares. The Participation
Right shall not apply to Excluded Issuances (as defined below). In connection with each
Participation Right, Company shall provide written notice to the Lead Purchaser of the terms and conditions of the Future Financing
at least ten (10) Business Days prior to the anticipated first closing of such Future Financing (the “FF Notice”).
If the Lead Purchaser shall elect to exercise its Participation Right, it shall notify Company, in writing, of such election within
five days (the “Participation Notice”). In the event the Lead Purchaser does not return a Participation Notice
to Company within such five day period, the Participation Right granted hereunder shall terminate and be of no further force and
effect; provided, however, that such Participation Right shall be reinstated if the anticipated closing referenced in the FF Notice
does not occur within sixty days of the Lead Purchaser’s receipt of the FF Notice. For purposes of this Agreement,
“Excluded Issuance” means (i) New Securities issuable under the Company’s equity incentive plans or other
compensation arrangements; (ii) New Securities issuable upon a stock split, stock dividend, or any subdivision of the Company’s
Common Stock; (iii) New Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors,
pursuant to a debt financing, equipment leasing or real property leasing or similar transaction; (iv) New Securities issued to
suppliers or third party service providers in connection with the provision of goods or services; (v) New Securities issued pursuant
to the acquisition of another person by the Company by merger, purchase of substantially all of the assets or other reorganization
or to a joint venture agreement; and (vi) New Securities issued in connection with collaboration, technology license, development,
marketing or other similar agreements or strategic partnerships.

 

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5.12 Terms
of Future Financings. Unless otherwise agreed to by the Lead Purchaser, so long as the Purchaser holds any of the Preferred
Shares, upon any issuance of (or announcement of intent to effect an issuance of) any security, or amendment to (or announcement
of intent to effect an amendment to) any security that was originally issued before the issue date, by the Company, with any term
that the Purchaser reasonably believes is more favorable to the holder of such security than, or with a term in favor of the holder
of such security that the Purchaser reasonably believes was not similarly provided, to the Purchaser in the Subscription Documents,
then (i) the Company shall notify the Purchaser of such additional or more favorable term within five (5) Business Days of the
new issuance and/or amendment (as applicable) of the respective security, which notice may include the filing of a current report
on Form 8-K that discloses the issuance of such new security, and (ii) such term, at Purchaser’s option, shall become a part
of the transaction documents with the Purchaser (regardless of whether the Company complied with the notification provision of
this Section 5.12). The types of terms contained in another security that may be more favorable to the purchaser of such security
include, but are not limited to, terms addressing conversion discounts, prepayment rate, conversion lookback periods, interest
rates, original issue discounts, stock sale price, private placement price per share, and warrant coverage. If Purchaser elects
to have the term become a part of the transaction documents with the Purchaser, then the Company shall immediately deliver to the
Purchaser acknowledgment of such adjustment and/or shall take such further action as the Purchaser may reasonably require (including
executing and delivering amendments to applicable transaction documents) to implement such adjustments in form and substance reasonably
satisfactory to the Purchaser (the “Acknowledgment”) within five (5) Business Days of Company’s receipt
of request from Purchaser (the “Adjustment Deadline”), provided that Company’s failure to timely provide
the Acknowledgement shall not affect the automatic amendments contemplated hereby.

 

5.13 Breach
of Covenants. The Company acknowledges and agrees that if the Company breaches any covenants set forth in this Section 5, in
addition to any other remedies available to the Purchaser pursuant to this Agreement, it will be considered an Event of Default
under the Designation.

 

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5.14 Transfer
Agent Instructions. Company shall issue irrevocable instructions to Company’s transfer agent to issue certificates,
registered in the name of the Purchaser or its nominee, upon conversion of the Preferred Shares and exercise of the Warrants,
in such amounts as specified from time to time by the Purchaser to Company in accordance with the terms thereof (the
“Irrevocable Transfer Agent Instructions”). In the event that Company proposes to replace its transfer
agent, Company shall provide, prior to the effective date of such replacement, fully executed Irrevocable
Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement (including but not limited to the
provision to irrevocably reserve sufficient Common Shares conversion of the Preferred Shares and exercise of the Warrants)
signed by the successor transfer agent to the Company and the Purchaser. Prior to registration of the Underlying Securities
under the Securities Act or the date on which the Underlying Securities may be sold pursuant to Rule 144 without any
restriction as to the number of Securities as of a particular date that can then be immediately sold, all such certificates
shall bear the restrictive legend specified in Section 4.8 of this Agreement or a similar legend prescribed by the
Company’s transfer agent. The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent
Instructions referred to in this Section 5.14 will be given by Company to its transfer agent and that the Securities shall
otherwise be freely transferable on the books and records of Company as and to the extent provided in this Agreement and the
Units; (ii) it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its transfer agent in
transferring (or issuing) (electronically or in certificated form) any certificate for Common Shares to be issued to the
Purchaser upon exercise of the Warrants or conversion of or otherwise pursuant to the Preferred Shares as and when required
by the Designation and this Agreement ; (iii) it will not fail to remove (or direct its transfer agent not to remove or
impair, delay, and/or hinder its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer
instructions in respect thereof) on any certificate for any Common Shares issued to the Purchaser upon exercise of the
Warrants or conversion of or otherwise pursuant to the Preferred Shares as and when required by the Designation and this
Agreement and (iv) it will provide any required corporate resolutions and issuance approvals to its transfer agent within one
(1) Business Day of each conversion of the Preferred Shares or exercise of the Warrants. Nothing in this Section shall affect
in any way the Purchaser’s obligations and agreement set forth in Section 5.3 hereof to comply with all applicable
prospectus delivery requirements, if any, upon re-sale of the Securities. If the Purchaser provides Company, at the cost of
Company, with (i) an opinion of counsel in form, substance and scope customary for opinions in comparable transactions, to
the effect that a public sale or transfer of such Securities may be made without registration under the Securities Act and
such sale or transfer is effected or (ii) the Purchaser provides reasonable assurances that the Securities can be sold
pursuant to Rule 144, Company shall permit the transfer, and, in the case of the Securities, promptly instruct its transfer
agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified by
the Purchaser. Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Purchaser, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, Company acknowledges
that the remedy at law for a breach of its obligations under this Section 5.14 may be inadequate and agrees, in the event of
a breach or threatened breach by Company of the provisions of this Section, that the Purchaser shall be entitled, in addition
to all other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the
necessity of showing economic loss and without any bond or other security being required.

 

5.15 Monitoring
Fee. Upon the occurrence and during the continuation of an Event of Default (as defined in the Designation) or a material breach
of this Agreement, the Company shall pay the Lead Purchaser a monthly monitoring fee (the “Monitoring Fee”)
in the amount of Five Thousand Dollars ($5,000) per month commencing in the month in which the Event of Default or material breach
of this Agreement occurs and continuing until the Event of Default or material breach of this Agreement is cured.

 

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5.16 Compliance
with 1934 Act; Public Information Failures. For so long as the Purchaser beneficially owns any of the Securities, the Company
shall comply with the reporting requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements
of the 1934 Act. During the period that the Purchaser beneficially owns the Securities, if the Company shall (i) fail for any reason
to satisfy the requirements of Rule 144(c)(1), including, without limitation, the failure to satisfy the current public information
requirements under Rule 144(c) or (ii) if the Company has ever been an issuer described in Rule 144(i)(1)(i) or becomes such an
issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2), and, in either such case,
the Purchaser is otherwise unable to sell any of the Securities owned by the Purchaser because such shares are not otherwise freely
transferrable (each, a “Public Information Failure”) then, as partial relief for the damages to the Purchaser
by reason of any such delay in or reduction of its ability to sell the Securities (which remedy shall not be exclusive of any other
remedies available pursuant to this Agreement, the Units, or at law or in equity), the Company shall pay to the Purchaser an amount
in cash equal to three percent (3%) of the Purchase Price on each day of a Public Information Failure and on every thirtieth day
(pro-rated for periods totaling less than thirty days) thereafter until the date such Public Information Failure is cured, but
subject to a cap of ten percent (10%). The payments to which the Purchaser shall be entitled pursuant to this Section 5.16 are
referred to herein as “Public Information Failure Payments.” Public Information Failure Payments shall be paid
on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and
(ii) the third Business Day after the event or failure giving rise to the Public Information Failure Payments is cured.

 

5.17 CUSIP.
The Company shall obtain a CUSIP for the Series A Senior Convertible Preferred Shares as
soon as reasonably practicable after the Closing Date, but in no event later than seven (7) days after the Closing Date.

 

5.18 Further
Assurances. Each of the Purchaser and the Company agrees and covenants that at any time and from time to time it will execute
and deliver to the other party such further instruments and documents and take such further action as the other party may reasonably
require within three (3) Business Days of any such request in order to carry out the full intent and purpose of this Agreement
and to comply with state or federal securities laws or other regulatory approvals.

 

		6.	Conditions to the Company’s Obligation to Sell

 

The obligation of the
Company hereunder to issue and sell the Units to the Purchaser at the Closing is subject to the satisfaction, at or before the
Closing Date, of each of the following conditions, provided that these conditions are for the Company’s sole benefit and
may be waived by the Company at any time in its sole discretion:

 

(a) The
Purchaser shall have executed this Agreement and delivered the same to the Company.

 

(b) The
Purchaser shall have delivered the Purchase Price in accordance with Section 1 above.

 

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(c) The
representations and warranties of the Purchaser shall be true and correct in all material respects as of the date when made and
as of the Closing Date, as though made at that time (except for representations and warranties that speak as of a specific date),
and the Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Closing Date.

 

(d)No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

		7.	Conditions to The Purchaser’s Obligation to Purchase

 

The obligation of the
Purchaser hereunder to purchase the Units, on the Closing Date, is subject to the satisfaction, at or before the Closing Date,
of each of the following conditions, provided that these conditions are for the Purchaser’s sole benefit and may be waived
by the Purchaser at any time in its sole discretion:

 

(a) The
Company shall have executed this Agreement and delivered the same to the Purchaser.

 

(b) The
Company shall have delivered to the Purchaser the Units in accordance with Section 1 above.

 

(c) Company
shall have delivered to the Purchaser the Warrant.

 

(d) Company
shall have delivered executed Subscription Documents, or such other instruments as contemplated by this Agreement.

 

(e) The
Company has provided the Purchaser with a current schedule of liabilities and the results of a current certified UCC search that
is of a date within ten (10) days of the Closing Date.

 

(f) The
Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Purchaser, shall have been delivered to and
acknowledged in writing by Company’s Transfer Agent.

 

(g) The
representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as
of Closing Date, as though made at such time (except for representations and warranties that speak as of a specific date) and the
Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date.

 

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(h) No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by
this Agreement.

 

(i) No
event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not
limited to a change in the Exchange Act reporting status of the Company or the failure of the Company to be timely in its Exchange
Act reporting obligations.

 

(j) Company
shall have delivered to the Purchaser (i) a certificate evidencing the formation and good standing of Company and each of its Subsidiaries
in such entity’s jurisdiction of formation issued by the Secretary of State (or comparable office) of such jurisdiction,
as of a date within ten (10) days of the Closing Date; (ii) resolutions adopted by the Company’s Board of Directors at a
duly called meeting or by unanimous written consent authorizing this Agreement and all other documents, instruments and transactions
contemplated hereby.

 

		8.	Miscellaneous

 

8.1 Binding
Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Agreement, expressed or implied, is intended to confer upon any third party any rights,
remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

8.2 Governing
Law; Consent to Jurisdiction. This Agreement shall be governed by and construed under the laws of the State of New York, without
giving effect to conflicts of laws principles. Each party to this Agreement hereby irrevocably submits to the non-exclusive jurisdiction
of the state and federal courts sitting in Rockland County, New York for the adjudication of any dispute hereunder or in connection
with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
(certified or registered mail, return receipt requested) to such party at the address in effect for notices to it under this agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

8.3 Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any
electronic signature) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.

 

8.4 Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

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8.5 Notices.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery
to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours
of the recipient, if not, then on the next Business Day, (c) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company and to the
Purchaser at the addresses set forth on the signature page to this Agreement or at such other addresses as the Company or Purchaser
may designate by 10 days’ advance written notice to the other parties hereto.

 

8.6 Modification;
Waiver. No modification or waiver of any provision of this Agreement or consent to departure therefrom shall be effective only
upon the written consent of the Company and Investors holding a majority of the then outstanding Preferred Shares, which majority
must include the Lead Investor.

 

8.7 Expenses.
The Company and the Purchaser shall each bear its respective expenses and legal fees incurred with respect to this Agreement and
the transactions contemplated herein; provided, however, that the Purchaser may retain $25,000 of the Purchase Price to cover its
expenses incurred in connection with this Agreement and the transactions contemplated hereby.

 

8.8 Delays
or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Purchaser, upon
any breach or default of the Company under the Subscription Documents shall impair any such right, power or remedy, nor shall it
be construed to be a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore
or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character by Purchaser
of any breach or default under this Agreement, or any waiver by any Purchaser of any provisions or conditions of this Agreement
must be in writing and shall be effective only to the extent specifically set forth in writing and that all remedies, either under
this Agreement, or by law or otherwise afforded to the Purchaser, shall be cumulative and not alternative.

 

8.9 Remedies
Cumulative. No remedy herein conferred upon any party is intended to be exclusive of any other remedy and each and every such
remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or
in equity or by statute or otherwise.

 

8.10 Attorneys’
Fees.  In the event that any party hereto institutes any legal suit, action, or proceeding, including arbitration,
against another party in respect of a matter arising out of or relating to this Agreement, the prevailing party in the suit, action,
or proceeding shall be entitled to receive, in addition to all other damages to which it may be entitled, the costs incurred by
such party in conducting the suit, action or proceeding, including reasonable attorneys’ fees and expenses, and court costs..

 

    30

     

    

 

8.11 Equitable
Remedies. Each party hereto acknowledges that a breach or threatened breach by such party of any of its obligations under
this Agreement would give rise to irreparable harm to the other parties, for which monetary damages would not be an adequate
remedy, and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, each of
the other parties hereto shall, in addition to any and all other rights and remedies that may be available to them in respect
of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance
and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

 

8.12 Entire
Agreement. This Agreement and the Exhibits hereto constitute the full and entire understanding and agreement between the parties
with regard to the subjects hereof and no party shall be liable or bound to any other party in any manner by any representations,
warranties, covenants and agreements except as specifically set forth herein.

 

[Signature Page Follows]

 

    31

     

    

 

In
Witness Whereof, the parties have executed this Agreement as of the date first written above.

 

	COMPANY:
	 	PURCHASER:

	 	 	 
	1847 Holdings LLC	 	 
	 	 	
		 	Print Name Above

 

	By: 	 	 	
	Name: 	Ellery W. Roberts	 	Sign Above
	Title:	Chief Executive Officer	 	 

	Address: 	590 Madison Avenue	 	If signer is an entity, specify name and title of authorized signer below:

	 	21st Floor	 	 	 
	 	New York, NY 10022	 	Name: 	 
	 	 	 	Title:	 

 

	 	 	Address: 	 
	 	 	 	 

 

	 	Number of Units:	 
	 	 	 
	 	Purchase Price: $	 

 

[Signature Page to Securities Purchase Agreement]

 

    

     

    

 

SCHEDULE I

Disclosure Schedule

 

 

    

     

    

 

Exhibit
A

 

Share
Designation of Series A Senior Convertible Preferred Shares

 

(See
Attached)

 

    

     

    

 

Exhibit
B

 

Form
of Warrant

 

(See
Attached)

 

    

     

    

 

Exhibit
C

 

Form
of Joinder

 

(See
Attached)Exhibit 4.1

 

Execution Copy

 

QUALITYTECH, LP

and

QTS FINANCE CORPORATION,

as Issuers,

 

QTS REALTY TRUST, INC.,

 

EACH OF THE SUBSIDIARY GUARANTORS PARTY
HERETO,

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

 

______________________________

 

INDENTURE

 

DATED AS OF October 7, 2020

 

______________________________

 

3.875% SENIOR NOTES DUE 2028

 

     

     

    

 

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
	311(a)	 	7.11
	(b)	 	7.11
	312(a)	 	2.05
	(b)	 	12.02
	(c)	 	12.02
	313(a)	 	7.06
	(b)(1)	 	N.A.
	(b)(2)	 	7.06; 7.07
	(c)	 	7.06
	(d)	 	7.06
	314(a)	 	4.03; 4.04; 12.01; 12.04
	(b)	 	N.A.
	(c)(1)	 	12.03
	(c)(2)	 	12.03
	(c)(3)	 	N.A.
	(d)	 	N.A.
	(e)	 	12.04
	(f)	 	N.A.
	315(a)	 	7.01
	(b)	 	7.05; 12.01
	(c)	 	7.01
	(d)	 	7.01
	(e)	 	6.11
	316(a) (last sentence)	 	2.09
	(a)(1)(A)	 	6.05
	(a)(1)(B)	 	6.04
	(a)(2)	 	N.A.
	(b)	 	6.07
	(c)	 	2.12
	317(a)(1)	 	6.08
	(a)(2)	 	6.09
	(b)	 	2.04
	318(a)	 	N.A.
	(b)	 	N.A.
	(c)	 	N.A.

 

N.A. means not applicable.

* This Cross Reference Table is not part of this Indenture.

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article 1 

DEFINITIONS AND INCORPORATION BY REFERENCE
	Section 1.01   	Definitions	1
	Section 1.02   	Other Definitions	29
	Section 1.03   	Incorporation by Reference of Trust Indenture Act	30
	Section 1.04   	Rules of Construction	30
	Article 2 

THE NOTES
	Section 2.01   	Form and Dating	31
	Section 2.02   	Execution and Authentication	32
	Section 2.03   	Registrar and Paying Agent	32
	Section 2.04   	Paying Agent to Hold Money in Trust	32
	Section 2.05   	Holder Lists	33
	Section 2.06   	Transfer and Exchange	33
	Section 2.07   	Replacement Notes	41
	Section 2.08   	Outstanding Notes	42
	Section 2.09   	Treasury Notes	42
	Section 2.10   	Temporary Notes	42
	Section 2.11   	Cancellation	42
	Section 2.12   	Defaulted Interest	42
	Section 2.13   	Issuance of Additional Notes	43
	Article 3 

REDEMPTION AND PREPAYMENT
	Section 3.01   	Notices to Trustee	43
	Section 3.02   	Selection of Notes to Be Redeemed or Purchased	44
	Section 3.03   	Notice of Redemption	44
	Section 3.04   	Effect of Notice of Redemption	45
	Section 3.05   	Deposit of Redemption or Purchase Price	45
	Section 3.06   	Notes Redeemed or Purchased in Part	45
	Section 3.07   	Optional Redemption	45
	Section 3.08   	Mandatory Redemption	46
	Article 4 

COVENANTS
	Section 4.01   	Payment of Notes	47
	Section 4.02   	Maintenance of Office or Agency	47
	Section 4.03   	Reports	47
	Section 4.04   	Compliance Certificate	48
	Section 4.05   	[Reserved]	49
	Section 4.06   	Stay, Extension and Usury Laws	49
	Section 4.07   	Restricted Payments	49
	Section 4.08   	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	54
	Section 4.09   	Incurrence of Indebtedness	56
	Section 4.10   	Asset Sales	60
	Section 4.11   	Transactions with Affiliates	62
	Section 4.12   	Maintenance of Total Unencumbered Assets	64

 

     

     

    

 

	Section 4.13   	Sale and Leaseback Transactions	64
	Section 4.14   	Corporate Existence	64
	Section 4.15   	Offer to Repurchase Upon Change of Control Trigger Event	65
	Section 4.16   	Limitation on Issuances of Guarantees by Subsidiary Guarantors	65
	Section 4.17   	Limitation on Issuances of Guarantees by Restricted Subsidiaries and the REIT	65
	Section 4.18   	Suspension of Covenants	66
	Section 4.19   	Activities of Co-Issuer	67
	Section 4.20   	Limited Condition Transactions	67
	Article 5 

SUCCESSORS
	Section 5.01   	Consolidation, Merger and Sale of Assets by any Issuer	68
	Section 5.02   	Consolidation, Merger and Sale of Assets by a Subsidiary Guarantor	68
	Article 6 

DEFAULTS AND REMEDIES
	Section 6.01   	Events of Default	69
	Section 6.02   	Acceleration	70
	Section 6.03   	Other Remedies	71
	Section 6.04   	Waiver of Past Defaults	71
	Section 6.05   	Control by Majority	71
	Section 6.06   	Limitation on Suits	71
	Section 6.07   	Rights of Holders of Notes to Receive Payment	72
	Section 6.08   	Collection Suit by Trustee	72
	Section 6.09   	Trustee May File Proofs of Claim	72
	Section 6.10   	Priorities	73
	Section 6.11   	Undertaking for Costs	73
	Article 7 

TRUSTEE
	Section 7.01   	Duties of Trustee	73
	Section 7.02   	Rights of Trustee	74
	Section 7.03   	Individual Rights of Trustee	75
	Section 7.04   	Trustee’s Disclaimer	75
	Section 7.05   	Notice of Defaults	75
	Section 7.06   	Reports by Trustee to Holders of the Notes	75
	Section 7.07   	Compensation and Indemnity	76
	Section 7.08   	Replacement of Trustee	76
	Section 7.09   	Successor Trustee by Merger, etc	77
	Section 7.10   	Eligibility; Disqualification	77
	Section 7.11   	Preferential Collection of Claims Against Operating Partnership	77
	Article 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	Section 8.01   	Option to Effect Legal Defeasance or Covenant Defeasance	77
	Section 8.02   	Legal Defeasance and Discharge	78
	Section 8.03   	Covenant Defeasance	78
	Section 8.04   	Conditions to Legal or Covenant Defeasance	79
	Section 8.05   	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	79
	Section 8.06   	Repayment to Operating Partnership	80
	Section 8.07   	Reinstatement	80

 

    ii

     

    

 

	Article 9 

AMENDMENT, SUPPLEMENT AND WAIVER
	Section 9.01   	Without Consent of Holders of Notes	80
	Section 9.02   	With Consent of Holders of Notes	81
	Section 9.03   	Revocation and Effect of Consents	82
	Section 9.04   	Notation on or Exchange of Notes	82
	Section 9.05   	Trustee to Sign Amendments, etc	83
	Article 10 

NOTE GUARANTEES
	Section 10.01   	Guarantee	83
	Section 10.02   	Limitation on Guarantor Liability	84
	Section 10.03   	Execution and Delivery of Note Guarantee; Notation of Guarantee Not Required	84
	Section 10.04   	[Reserved]	84
	Section 10.05   	Releases	85
	Article 11 

SATISFACTION AND DISCHARGE
	Section 11.01   	Satisfaction and Discharge	85
	Section 11.02   	Application of Trust Money	86
	Article 12 

MISCELLANEOUS
	Section 12.01   	Notices	86
	Section 12.02   	Communication by Holders of Notes with Other Holders of Notes	87
	Section 12.03   	Certificate and Opinion as to Conditions Precedent	88
	Section 12.04   	Statements Required in Certificate or Opinion	88
	Section 12.05   	Rules by Trustee and Agents	88
	Section 12.06   	No Personal Liability of Directors, Officers, Employees and Stockholders	88
	Section 12.07   	Governing Law, Consent to Jurisdiction	89
	Section 12.08   	No Adverse Interpretation of Other Agreements	89
	Section 12.09   	Successors	89
	Section 12.10   	Severability	89
	Section 12.11   	Counterpart Originals	89
	Section 12.12   	Table of Contents, Headings, etc	90
	Section 12.13   	USA Patriot Act	90
	Section 12.14   	Waiver of Jury Trial	90

EXHIBITS

 

	Exhibit A	FORM OF NOTE
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	FORM OF SUPPLEMENTAL INDENTURE
	Exhibit F	FORM OF CERTIFICATE OF INCUMBENCY

 

    iii

     

    

 

INDENTURE dated as of October 7, 2020 among
QualityTech, LP, a Delaware limited partnership, QTS Finance Corporation, a Delaware corporation, QTS Realty Trust, Inc., a Maryland
corporation, each of the Subsidiary Guarantors (as defined herein) party hereto, and Deutsche Bank Trust Company Americas, a New
York banking corporation organized and existing under the laws of the State of New York, as Trustee.

 

The Issuers (as defined herein), the REIT
(as defined herein), the Subsidiary Guarantors and the Trustee (as defined herein) agree as follows for the benefit of each other
and for the equal and ratable benefit of the Holders of the Issuers’ 3.875% Senior Notes due 2028 (the “Notes”,
including the $500,000,000 aggregate principal amount of Notes to be issued on the date hereof (the “Initial Notes”))
and Additional Notes (as defined herein) that may be issued from time to time:

 

Article 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.01              
Definitions.

 

“144A Global Note” means
a Global Note bearing the Private Placement Legend issued in a denomination equal to the outstanding principal amount of the Notes
sold in reliance on Rule 144A.

 

“Acquired Indebtedness”
means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary or assumed in connection with an
Asset Acquisition or other asset acquisition from such Person or secured by a Lien encumbering any asset acquired from such Person,
in each case whether or not Incurred by such Person in connection with, or in anticipation of, such Person becoming a Restricted
Subsidiary, such Asset Acquisition or such other asset acquisition; provided that Indebtedness of such Person that is redeemed,
defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such Person
becomes a Restricted Subsidiary or such Asset Acquisition or other asset acquisition shall not be Acquired Indebtedness. Acquired
Indebtedness shall be deemed to have been Incurred on the date such Person becomes a Restricted Subsidiary or on the date of consummation
of such Asset Acquisition or other acquisition of assets.

 

“Additional Notes” means
Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with Sections 2.02, 2.13
and 4.09 hereof, which Notes shall have identical terms as the Initial Notes (other than the date of issuance and, if applicable,
issue price, first interest payment date and the date from which interest will accrue) and will be part of the same series as the
Initial Notes.

 

“Adjusted Total Assets”
means, as of any date, the sum of (1) Total Assets at the end of the most recent fiscal quarter preceding such date for which
internal financial statements are available; and (2) any increase in Total Assets following the end of such quarter determined
on a Pro Forma Basis, including any pro forma increase in Total Assets resulting from the application of the proceeds
of any additional Indebtedness.

 

“Affiliate” means, as
applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control
with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
 “controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise.

 

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

 

“Applicable Premium”
means, with respect to any Note on any redemption date, the greater of:

 

(1) 1.00% of the principal amount
of such Note; and

 

(2) the excess (if any)
of: (a) the present value at such redemption date of (i) the redemption price of such Note at October 1, 2023 (such
redemption price being set forth in the table appearing in Section 3.07(d) hereof) (excluding any accrued interest) plus (ii) all
required remaining scheduled interest payments due on such Note through October 1, 2023 (excluding accrued but unpaid
interest to the redemption date), computed using a discount rate equal to the Treasury Rate on such redemption date plus 50
basis points over (b) the principal amount of such Note. The Applicable Premium shall be calculated by the Issuers and
not the Trustee.

 

     

     

    

 

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

 

“Asset Acquisition”
means:

 

(1) an investment by the Operating
Partnership or any Restricted Subsidiary in any other Person pursuant to which such Person becomes a Restricted Subsidiary or is
merged into or consolidated with the Operating Partnership or any Restricted Subsidiary; and

 

(2) an acquisition by the Operating
Partnership or any Restricted Subsidiary from any other Person of (i) a Property (including a data center property) or (ii) other
assets provided that such other assets constitute substantially all of a division or line of business of such Person and
are used in a Permitted Business.

 

“Asset Sale” means any
sale, issuance, transfer or other disposition (each, for purposes of this definition, a “disposition”), including
by way of merger, consolidation or Sale and Leaseback Transaction, in one transaction or a series of related transactions by the
Operating Partnership or any Restricted Subsidiary to any Person other than the Operating Partnership or any Restricted Subsidiary
of any assets or properties consisting of:

 

(1) all or any of the Capital
Stock of any Restricted Subsidiary (other than directors’ qualifying shares or shares required by applicable law to be held
by a Person other than the Operating Partnership or a Restricted Subsidiary);

 

(2) all or substantially all
of the property and assets of an operating unit or line of business of the Operating Partnership or any Restricted Subsidiary;
or

 

(3) any other property and assets
of the Operating Partnership or any Restricted Subsidiary (other than Capital Stock of a Person that is not a Restricted Subsidiary)
outside of the ordinary course of business of the Operating Partnership or such Restricted Subsidiary;

 

provided that the term “Asset Sale” shall
not include:

 

(A) dispositions of inventory,
receivables and other current assets in the ordinary course of business of the Operating Partnership or such Restricted Subsidiary;

 

(B) dispositions of assets of
the Operating Partnership or a Restricted Subsidiary or issuance or sale of Equity Interests of the Operating Partnership or any
Restricted Subsidiary with a Fair Market Value, or involving net proceeds to the Operating Partnership or a Restricted Subsidiary,
not in excess of the greater of (i) $115.0 million or (ii) 2.0% of Adjusted Total Assets in any transaction or series
of related transactions;

 

(C) dispositions of cash, Temporary
Cash Investments and Investment Grade Securities;

 

(D) a disposition of all or substantially
all the assets of the Operating Partnership in accordance with Section 5.01 hereof;

 

(E) dispositions of accounts
receivable in connection with the compromise, settlement or collection thereof;

 

    2

     

    

 

(F) the surrender, expiration
or waiver of contract rights or settlement, release or surrender of contract, tort or other claims;

 

(G) a Permitted Investment or
a Restricted Payment that is permitted by Section 4.07 hereof;

 

(H) the creation of a Lien not
prohibited by this Indenture and the disposition of assets resulting from the foreclosure upon a Lien;

 

(I) the disposition of damaged,
worn out or other obsolete property or property that is no longer used in the business of the Operating Partnership and the Restricted
Subsidiaries;

 

(J) a transfer of accounts receivables
and related assets of the type specified in the definition of “Qualified Receivables Transaction” to a Receivables
Entity;

 

(K) a transfer of accounts receivables
and related assets of the type specified in the definition of “Qualified Receivables Transaction” (or a fractional
undivided interest therein) by a Receivables Entity in a Qualified Receivables Transaction;

 

(L) the grant of licenses to
third parties in respect of intellectual property in the ordinary course of business of the Operating Partnership or any of its
Restricted Subsidiaries, as applicable;

 

(M) the lapse or abandonment
in the ordinary course of business of any registrations or application for registration of any patents, trademarks, copyrights,
and other intellectual property rights not necessary in the conduct of the business of the Operating Partnership or its Restricted
Subsidiaries;

 

(N) the lease, assignment or
sublease of any real or personal property in the ordinary course of business;

 

(O) any involuntary loss of property,
including any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation
or requisition or use of such property, or any involuntary damage or destruction of property;

 

(P) the unwinding of any Hedging
Obligations in the ordinary course of business;

 

(Q) sales of Equity Interests
in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(R) sales
of equipment or Property to the extent that (i) such property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such sale are applied to the purchase price of such replacement property, in
each case within 180 days of receiving the proceeds of such sale;

 

(S) any
disposition of Designated Non-cash Consideration; provided that such disposition increases the amount of Net Cash Proceeds
of the Asset Sale that resulted in such Designated Non-cash Consideration;

 

(T) dispositions
to any other Person of Equity Interests of any REIT Subsidiary constituting Preferred Stock with a base liquidation preference
of no more than $180,000 in the aggregate for any such REIT Subsidiary;

 

(U) any
exchange of assets (including a combination of assets and cash equivalents), made in the ordinary course of business, for other
assets of comparable or greater market value or usefulness to the business of the Operating Partnership and the Restricted Subsidiaries
as a whole, as determined in good faith by the Operating Partnership and, to the extent allowable under Section 1031 of the
Code, or any comparable or successor provision, any exchange of like property for use in a Permitted Business;

 

    3

     

    

 

(V) sales
of Equity Interests in joint ventures pursuant to buy-sells, tag and drag along, and similar rights in the agreements governing
such joint ventures; or

 

(W) Sale and Leaseback Transactions
permitted by Section 4.13 hereof.

 

“Attributable Debt”
means, in respect of a Sale and Leaseback Transaction, as at the time of determination, the present value of the total obligations
of the lessee for rental payments during the remaining term of the lease in the Sale and Leaseback Transaction. For purposes hereof,
such present value shall be calculated using a discount rate equal to the rate of interest implicit in such Sale and Leaseback
Transaction, determined by the lessee in good faith on a basis consistent with comparable determinations of Finance Lease Obligations
under GAAP; provided, however, that if such sale and leaseback transaction results in a Finance Lease Obligation,
the amount of Indebtedness represented thereby shall be determined in accordance with the definition of “Finance Lease Obligations.”

 

“Average Life” means
at any date of determination with respect to any Indebtedness, the quotient obtained by dividing:

 

(1) the sum of the products
obtained by multiplying:

 

(A) the number of years from
such date of determination to the dates of each successive scheduled principal payment of such Indebtedness, and

 

(B) the amount of such principal
payment; by

 

(2) the sum of all such principal
payments.

 

“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 the Operating
Partnership, its board of directors (or any duly authorized committee thereof) or, if the Operating Partnership does not have a
board of directors, the board of directors (or any duly authorized committee thereof) of its general partner;

 

(2) with respect to the REIT,
its board of directors (or any duly authorized committee thereof); and

 

(3) with respect to any other
Person, (A) if the Person is a corporation, the board of directors (or any duly authorized committee thereof) of such Person,
(B) if the Person is a partnership, the board of directors (or any duly authorized committee thereof) of the general partner
of such Person, (C) if the Person is a member managed limited liability company, the board of directors (or any duly authorized
committee thereof) of its managing member, and (D) with respect to any other Person, the board or similar body (or in each
case any duly authorized committee thereof) of such Person serving a similar function.

 

“Board Resolution” means,
with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person (or, if
such Person is a partnership or limited liability company and does not have a Secretary or an Assistant Secretary, the Secretary
or an Assistant Secretary of its general partner or managing member) to have been duly adopted by the Board of Directors of such
Person and to be in full force and effect on the date of such certificate, and delivered to the Trustee.

 

“Business Day” means
any day other than a Legal Holiday.

 

“Capital Stock” means,
with respect to any Person, any and all shares, interests, participation or other equivalents (however designated, whether voting
or non-voting), including partnership interests, whether general or limited, and limited liability company interests, in the equity
of such Person, whether outstanding on the Issue Date or issued thereafter.

 

    4

     

    

 

“Capitalized Value”
means, as of any date, with respect to any Stabilized Property or Development Property owned or leased by the Operating Partnership
or any of the Restricted Subsidiaries, an amount equal to the Net Operating Income (but not less than zero) from such Stabilized
Property or Development Property for the most recent fiscal quarter for which internal financial statements are available, calculated
on a Pro Forma Basis, multiplied by four (4), divided by 7.5%.

 

“Change of Control”
means the occurrence of any of the following:

 

(a) the direct or indirect sale,
lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties or assets of the Operating Partnership and its Subsidiaries taken as
a whole to any Person (including any “person” (as that term is used in Section 13 (d)(3) of the Exchange Act))
other than to a Wholly-Owned Subsidiary or a Permitted Holder in compliance with Article 5 hereof;

 

(b) the adoption of a plan relating
to the liquidation or dissolution of the Operating Partnership or the REIT (or any other ultimate parent entity of the Operating
Partnership, as the case may be);

 

(c) any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than a Permitted Holder,
becomes the “beneficial owner” (within the meaning of Rule 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination
or purchase, of “beneficial ownership” (as defined above) of at least 50% of the Voting Stock of the REIT (or any other
ultimate parent entity of the Operating Partnership, as the case may be); or

 

(d) the REIT (or any other ultimate
parent entity of the Operating Partnership, as the case may be) ceases to be the sole general partner of the Operating Partnership
(or the direct owner of 100% of the Capital Stock (except for directors’ qualifying shares) of the entity that is the sole
general partner of the Operating Partnership).

 

“Change of Control Trigger Event”
means the occurrence of both a Change of Control and a Rating Event.

 

“Chief Financial Officer”
and “chief financial officer” mean, when used with respect to the Operating Partnership, (A) so long as
the REIT or a Subsidiary of the REIT is the general partner of the Operating Partnership, the principal financial officer of the
Operating Partnership or the REIT or (B) if the REIT or a Subsidiary of the REIT is not the general partner of the Operating
Partnership, the principal financial officer of the Operating Partnership or its ultimate parent entity; provided that,
if the applicable principal financial officer or officers, as the case may be, are not available at the time any such person would
otherwise be required to execute or deliver any document or certificate or make any determination pursuant to this Indenture, then
such certificate or other document may be executed and delivered or such determination may be made, as the case may be, by any
other member of Senior Management of the Operating Partnership.

 

“Clearstream” means
Clearstream Banking, S.A.

 

“Co-Issuer” means QTS
Finance Corporation, a Delaware corporation, and any and all successors thereto.

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Common Stock” means,
with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock, including
partnership interests, whether general or limited, and limited liability company interests, of such Person’s equity, whether
outstanding on the Issue Date or issued thereafter, including, without limitation, all series and classes thereof.

 

    5

     

    

 

“Common Units” means
the limited partnership units of the Operating Partnership, that, by their terms must, at the option of the Holders thereof, be
redeemed or repurchased by the Operating Partnership for cash or, at the option of the REIT, for Common Stock of the REIT.

 

“Consolidated EBITDA”
means, for any period, Consolidated Net Income of the Operating Partnership and its Restricted Subsidiaries for such period, determined
on a consolidated basis in accordance with GAAP and on a Pro Forma Basis, plus, to the extent such amount was deducted
in calculating Consolidated Net Income (without duplication):

 

(1) all Consolidated Interest
Expense;

 

(2) all income tax expense,
including, without limitation, state, provincial or territorial, franchise and similar taxes and foreign withholding taxes;

 

(3) all depreciation expense;

 

(4) all amortization expense,
including amortization of deferred financing costs and the early write-off of financing costs;

 

(5) all non-recurring charges
and extraordinary or non-recurring gains and losses; and

 

(6) all other non-cash items
(including straight-line rent) reducing Consolidated Net Income (other than accruals or reserves for items that will require cash
payments in future periods), including non-cash deferred compensation expense for officers and employees and amortization of stock
grants and any impairment charge or asset write-offs or write-downs related to intangible assets (including goodwill) and long
lived assets pursuant to GAAP; less

 

(7) all non-cash items (including
straight-line rent) increasing such Consolidated Net Income other than accruals of revenue in the ordinary course of business.

 

In addition, Consolidated EBITDA shall
exclude the impact of all currency translation gains or losses related to non-operating currency transactions (including any net
loss or gain resulting from Currency Agreements).

 

“Consolidated Interest Expense”
means, for any period, the aggregate amount of interest expense (whether accrued or paid) in respect of Indebtedness of the Operating
Partnership and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, including
(without duplication):

 

(1) all interest expense that
was capitalized during such period;

 

(2) amortization of debt discount
(including the amortization of original issue discount);

 

(3) the interest portion of
any deferred payment obligation;

 

(4) all commissions, discounts
and other fees and expenses owed with respect to letters of credit and bankers’ acceptance financing;

 

(5) the net cash costs associated
with Interest Rate Agreements and Indebtedness that is Guaranteed or secured by assets of the Operating Partnership or any Restricted
Subsidiary;

 

(6) whether or not treated as
interest expense in accordance with GAAP, all cash dividends or other distributions accrued (excluding dividends payable solely
in Equity Interests (other than Disqualified Stock) of the Operating Partnership) on any series of Disqualified Stock of the Operating
Partnership and any series of Preferred Stock of any Restricted Subsidiary during such period; and

 

    6

     

    

 

(7) all but the principal component
of rentals in respect of Finance Lease Obligations paid, accrued or scheduled to be paid or to be accrued by the Operating Partnership
or any of the Restricted Subsidiaries during such period;

 

excluding, to the extent included in interest
expense above and without duplication:

 

(A) the amount of such interest
expense of any Restricted Subsidiary if the net income of such Restricted Subsidiary is excluded in the calculation of Consolidated
Net Income pursuant to clause (2) of the definition thereof (but only in the same proportion as the net income of such Restricted
Subsidiary is excluded from such calculation) as determined on a consolidated basis (without taking into account Unrestricted Subsidiaries)
in accordance with GAAP;

 

(B) any premiums, fees and expenses
(and any amortization thereof) paid in connection with the Incurrence of any Indebtedness;

 

(C) amortization of deferred
financing fees and debt issuance costs;

 

(D) any non-cash costs associated
with Hedging Obligations and all after-tax gains and losses attributable to the settlement or termination of Interest Rate Agreements;
and

 

(E) the amount of interest expense
for such period attributable to any discontinued operations if the after-tax effect of income (loss) from such discontinued
operations was excluded from Consolidated Net Income for such period.

 

“Consolidated Net Income”
means, for any period, the net income (loss) of the Operating Partnership and the Restricted Subsidiaries for such period, determined
on a consolidated basis in accordance with GAAP, without any reduction in respect of dividends on Preferred Stock or Disqualified
Stock; provided that the following items shall be excluded in computing Consolidated Net Income, without duplication:

 

(1) the net income (or loss)
of any Person, other than the Operating Partnership or a Restricted Subsidiary, except to the extent of the amount of cash dividends
or other distributions actually paid to the Operating Partnership or any Restricted Subsidiary by such Person during such period
(and, for the avoidance of doubt, the amount of such cash dividends and other distributions shall be included in calculating Consolidated
Net Income);

 

(2) the net income (or loss)
of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or other organizational
documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted
Subsidiary, except to the extent of the amount of cash dividends or other distributions actually paid to the Operating Partnership
or any Restricted Subsidiary by such Person during such period;

 

(3) all after-tax gains or losses
attributable to Asset Sales and other asset dispositions;

 

(4) any after-tax effect of
income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed, abandoned
or discontinued operations;

 

(5) all after-tax gains or losses
attributable to the extinguishment, retirement or conversion of debt and all after-tax gains and losses attributable to the settlement
or termination of Interest Rate Agreements;

 

(6) all after-tax extraordinary
gains and extraordinary losses;

 

(7) all after-tax gains and
losses realized as a result of the cumulative effect of a change in accounting principles;

 

    7

     

    

 

(8) all impairment charges or
asset write-offs or write-downs (other than with respect to inventory), including those related to intangible assets, long-lived
assets, investments in debt and equity securities or as a result of a change in law or regulation, in each case, pursuant to GAAP;

 

(9) all non-cash gains and losses
attributable to mark-to-market valuation of Hedging Obligations pursuant to Financial Accounting Standards Board Statement No. 133;

 

(10) any net income or loss
included in the consolidated statement of operations with respect to non-controlling or minority interests;

 

(11) all non-cash charges and
expenses related to stock-based compensation plans or other non-cash compensation;

 

(12) any severance expenses,
relocation expenses, restructuring expenses, curtailments or modifications to pension and post-retirement employee benefit plans,
excess pension charges, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed
assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities
opening costs, project start-up costs, business optimization costs, signing, retention or completion bonuses, expenses or charges
related to any issuance of Equity Interests, Permitted Investment, acquisition, disposition, recapitalization or issuance, repayment,
refinancing, amendment or modification of Indebtedness (in each case, whether or not successful);

 

(13) any fees and expenses incurred
during such period, or any amortization thereof for such period, in connection with any issuance of Equity Interests, the making
of any Permitted Investment, any acquisition, disposition or recapitalization or any incurrence or repayment of Indebtedness permitted
to be Incurred by this Indenture (including any refinancing thereof), whether or not successful, including all fees and expenses
in connection with any amendment or modification of any Indebtedness (including the Notes or the Existing Credit Facility); and

 

(14) any one-time non-recurring
charges, such as litigation costs, settlements, transaction costs and severance charges.

 

“Construction in Process”
means, as of any date, the aggregate amount of costs incurred for any build-outs, redevelopment, construction, or tenant improvements
of a Property on or prior to the last day of the most recent fiscal quarter of the Operating Partnership for which internal consolidated
financial statements are available that have been capitalized to and are reflected on the consolidated balance sheet of the Operating
Partnership and its Restricted Subsidiaries as of the end of such fiscal quarter.

 

“continuing” means,
with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or validly waived.

 

“Corporate Trust Office of the
Trustee” means the address of the Trustee specified in Section 12.01 hereof or such other address as to which the
Trustee may give notice to the Operating Partnership.

 

“Credit Facilities”
means one or more debt facilities, commercial paper facilities, securities purchase agreements, indentures or similar agreements
(including, in the case of the Operating Partnership and the Restricted Subsidiaries, the Existing Credit Facility), in each case,
with banks or other institutional lenders or investors providing for revolving loans, term loans, receivables financing (including
through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables),
letters of credit or the issuance of securities, including any notes, guarantees, collateral documents and other instruments and
agreements executed in connection therewith, and, in each case, as amended, restated, replaced (whether upon or after termination
or otherwise), refinanced, supplemented, modified or otherwise changed (in whole or in part, and without limitation as to amount,
terms, conditions, covenants and other provisions) from time to time.

 

    8

     

    

 

“Currency Agreement”
means any agreement or arrangement designed to protect against fluctuations in currency exchange rates.

 

“Custodian” means the
Trustee, as custodian for the Depositary with respect to the Notes in global form, or any successor entity thereto.

 

“Default” means any
event that is, or after notice or passage of time or both would be, an Event of Default.

 

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

 

“Depositary” means,
with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Designated Non-cash Consideration”
means the Fair Market Value of non-cash consideration received by the Operating Partnership or a Restricted Subsidiary in connection
with an Asset Sale that is so designated as Designated Non-cash Consideration, less the amount of cash and Temporary Cash Investments
received in connection with a subsequent sale, redemption, payment or collection of, on or with respect to such Designated Non-cash
Consideration.

 

“Designated Preferred Stock”
means Preferred Stock of the REIT or the Operating Partnership (in each case other than Disqualified Stock) that is issued for
cash (other than to a Restricted Subsidiary) and is so designated as Designated Preferred Stock, pursuant to an Officers’
Certificate executed by the chief financial officer of the Operating Partnership on the issuance date thereof, the cash proceeds
of which are excluded from the calculation set forth in Section 4.07(a)(C) hereof.

 

“Development Property”
means Property owned or acquired by the Operating Partnership or any of the Restricted Subsidiaries on which such Person is actively
pursuing construction of one or more buildings for which construction is proceeding to completion without undue delay from permit
delay or denial, construction delays or otherwise, all pursuant to the ordinary course of business of the Operating Partnership
or such Restricted Subsidiary. Notwithstanding the foregoing, any such Property shall no longer be considered to be a Development
Property at the earlier of:

 

(1) the date on which such property’s
Capitalized Value exceeds its undepreciated book value determined in accordance with GAAP; and

 

(2) 24 months following
the date of substantial completion of construction of the improvements related to such development (excluding tenant improvements);
and

 

(3) the date on which the Operating
Partnership designates such Development Property as a Stabilized Property,

 

and shall thereafter be considered a Stabilized Property for
the purposes of the calculation of Total Assets and Adjusted Total Assets. For the avoidance of doubt, an individual parcel of
Property can be the site of both one or more Stabilized Properties and Development Properties as determined in the good faith judgment
of the Operating Partnership’s chief financial officer. Each individual phase of a given development shall be considered
a separate and distinct project for purposes of this definition.

 

    9

     

    

 

“Disqualified Stock”
of any Person, means any class or series of Capital Stock (other than Common Units) of such Person that by its terms or otherwise
is:

 

(1) required to be redeemed
prior to the final Stated Maturity of the Notes, other than in exchange for Common Units or other Equity Interests of the Operating
Partnership or the REIT that do not constitute Disqualified Stock;

 

(2) redeemable at the option
of the Holder of such class or series of Capital Stock, at any time prior to the final Stated Maturity of the Notes, other than
in exchange for Common Units or other Equity Interests of the Operating Partnership or the REIT that do not constitute Disqualified
Stock; or

 

(3) convertible into or exchangeable
for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity prior to the final Stated
Maturity of the Notes;

 

provided that any Capital Stock
that would not constitute Disqualified Stock but for (A) provisions thereof giving Holders thereof the right to require such
Person to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control”
occurring prior to the final Stated Maturity of the Notes shall not constitute Disqualified Stock if the “asset sale”
or “change of control” provisions applicable to such Capital Stock are no more favorable to the Holders of such Capital
Stock than the provisions set forth in Sections 4.10 and 4.15 hereof and such Capital Stock specifically provides that such
Person shall not repurchase or redeem any such Capital Stock pursuant to such provision prior to the Operating Partnership’s
repurchase of the Notes as required pursuant to Sections 4.10 and 4.15 hereof, (B) customary put and call arrangements
between joint venture partners with respect to their Common Stock in the joint venture entered into in the ordinary course of business
shall not constitute Disqualified Stock or (C) requirements that Capital Stock issued to any employee of the Operating Partnership,
any of its Restricted Subsidiaries or the REIT or to any plan for the benefit of employees of the Operating Partnership, its Restricted
Subsidiaries or the REIT or by any such plan to such employees be repurchased by the REIT, the Operating Partnership or any Restricted
Subsidiary in order to comply with applicable law or regulations or, pursuant to the terms of any equity incentive plan, equity
award, employment agreement, severance agreement or similar agreement, as a result of such employee’s termination, death
or disability shall not constitute Disqualified Stock.

 

“Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock).

 

“Equity Offering” means
a public or private offering of Equity Interests (other than Disqualified Stock or Designated Preferred Stock) of (1) the
Operating Partnership or (2) the REIT; provided that the net proceeds of any such public or private offering by the
REIT are contributed by the REIT to the equity capital of the Operating Partnership.

 

“Euroclear” means Euroclear
Bank, S.A./N.V., as operator of the Euroclear system.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Existing Credit Facility”
means the Seventh Amended and Restated Credit Agreement, dated as of October 18, 2019, by and among the Operating Partnership,
as borrower, KeyBank National Association, as agent, the lenders party thereto from time to time, and the other parties thereto,
including any notes, guarantees, collateral documents and other instruments or agreements executed in connection therewith, and,
in each case, as the same may be further amended, restated (whether upon or after termination or otherwise), refinanced, replaced,
supplemented, modified or otherwise changed (in whole or in part, and without limitation as to amount, terms, conditions, covenants
or other provisions) from time to time.

 

“Fair Market Value”
means the price that would be paid in an arm’s-length transaction under the applicable circumstances; provided that
any determination that the fair market value of assets other than cash or Temporary Cash Investments is equal to or greater than
$25.0 million will be as determined in good faith by the principal financial officer of the REIT, and such determination shall
be conclusive.

 

“Finance Lease” means,
as applied to any Person, any lease of any property, whether real, personal or mixed, of such Person as lessee that is required
to be classified and accounted for as a finance lease in accordance with GAAP; provided, that, for the avoidance of doubt, any lease
that is accounted for by any Person as an operating lease as of the Issue Date and any similar lease entered into after the Issue
Date by any Person may, in the sole discretion of the Operating Partnership, be treated as an operating lease and not a Finance
Lease; and provided further that any ground lease or similar obligation will be deemed not to be a Finance Lease.

 

    10

     

    

 

“Finance Lease Obligations”
means, as applied to any Person, the liability under a Finance Lease as reflected on the balance sheet of such Person in accordance
with GAAP, and the amount of such liability shall be the capitalized amount thereof that would appear on the balance sheet of such
Person in accordance with GAAP.

 

“Fitch” means Fitch
Ratings Inc. and its successors.

 

“Foreign Subsidiary”
means any Restricted Subsidiary that is not organized under the laws of the United States of America or any State thereof or the
District of Columbia, and any direct or indirect Subsidiary of such Foreign Subsidiary.

 

“Funds From Operations”
means, for any period, the Consolidated Net Income for such period, determined on a consolidated basis in accordance with GAAP,
plus, to the extent deducted in calculating Consolidated Net Income (without duplication):

 

(1) depreciation of Property
(including furniture and equipment); plus

 

(2) amortization of Property
(including below market lease amortization net of above market lease amortization); plus

 

(3) amortization of customer
relationship intangibles and service agreements; plus

 

(4) amortization and early write-off
of unamortized deferred financing costs; plus

 

(5) losses (A) attributable
to the extinguishment of debt and to the settlement or termination of Hedging Obligations or (B) attributable to sales of
Property; plus

 

(6) non-cash impairment charges;
less

 

(7) gains (A) attributable
to the extinguishment of debt and to the settlement or termination of Hedging Obligations or (B) attributable to sales of
Property.

 

“GAAP” means generally
accepted accounting principles in the United States of America as in effect as of the Issue Date, including without limitation,
as set forth in the Financial Accounting Standards Board’s “Accounting Standards Codification.” All ratios and
computations contained or referred to in this Indenture shall be computed in conformity with GAAP applied on a consistent basis.

 

“General Partner” means
the REIT, in its capacity as sole general partner of the Operating Partnership.

 

“Global Note Legend”
means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all Global Notes issued under this
Indenture.

 

“Global Notes” means
a Note deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of
Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global
Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(1) or 2.06(d)(2) hereof.

 

    11

     

    

 

“Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and,
without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership
arrangements, or by agreements to keep-well or to maintain financial statement conditions or otherwise); or

 

(2) entered into for purposes
of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss
in respect thereof (in whole or in part);

 

provided, that the term “Guarantee” shall
not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as
a verb has a corresponding meaning.

 

“Guarantors” means the
Subsidiary Guarantors and, at such times (if any) as the REIT is Guaranteeing or, pursuant to Section 4.17 hereof, is required
to Guarantee the Notes, the REIT, collectively.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any Interest Rate Agreement, Currency Agreement or any
commodity forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement designed
to protect such Person against fluctuations in or manage exposure to commodity prices.

 

“Holder” means a Person
in whose name a Note is registered.

 

“IAI” means an institution
that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
Act, who is not also a QIB.

 

“IAI Global Note” means
the Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend
and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold to IAIs.

 

“Incur” means, with
respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become
responsible for the payment of such Indebtedness, including an “Incurrence” of Acquired Indebtedness; provided that
neither the accrual of interest or dividends nor the accretion of original issue discount shall be considered to be an Incurrence
of Indebtedness.

 

“Indebtedness” means,
with respect to any Person at any date of determination (without duplication):

 

(1) all obligations of such
Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a
portion thereof);

 

(2) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments;

 

(3) the face amount of letters
of credit or other similar instruments (excluding obligations with respect to letters of credit (including trade letters of credit)
securing obligations (other than obligations described in items (1) or (2) above or items (5), (6) or (7) below) entered into
in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to
the extent such drawing is reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement);

 

(4) all unconditional obligations
of such Person to pay the deferred and unpaid purchase price of property or services (including earn-out obligations), which purchase
price is due more than one year after the date of placing such property in service or taking delivery and title thereto or the
completion of such services, except any such balance that constitutes an accrued expense or trade payable arising in the ordinary
course of business in connection with obtaining goods, materials or services;

 

(5) all Attributable Debt and
Finance Lease Obligations of such Person;

 

    12

     

    

 

(6) all Indebtedness of other
Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person;

 

(7) all Indebtedness of other
Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such Person (excluding Permitted Non-Recourse
Guarantees until such time as they become unconditional obligations of such Person or any of the Restricted Subsidiaries);

 

(8) to the extent not otherwise
included in this definition, Hedging Obligations; and

 

(9) Disqualified Stock of such
Person or, with respect to any Restricted Subsidiary that is not a Subsidiary Guarantor, any Preferred Stock;

 

if, and to the extent, any of the preceding items (other than
items (3), (5) (solely as to Attributable Debt), (6), (7), (8) or (9)) would appear as a liability upon a balance sheet of
such Person prepared in accordance with GAAP; provided that, if the amount of any such Indebtedness as reflected on such
balance sheet differs from the amount of such Indebtedness determined in accordance with the provisions of the next succeeding
paragraph, then the amount of such Indebtedness shall be deemed to be the amount calculated in accordance with the next succeeding
paragraph.

 

The amount of Indebtedness of any Person
at any date shall be the outstanding balance at such date of all unconditional obligations of the type described above and, with
respect to obligations under any Guarantee, the maximum liability upon the occurrence of the contingency giving rise to the obligation;
provided that:

 

(A) the amount outstanding at
any time of any Indebtedness shall, to the extent applicable, be determined in accordance with clause (8) of Section 4.09
hereof;

 

(B) the amount outstanding at
any time of any Disqualified Stock or Preferred Stock, shall be the greater of the maximum mandatory redemption or repurchase price
(not including, in either case, any redemption or repurchase premium or accrued and unpaid dividends or distributions) or the principal
component or liquidation preference of such Disqualified Stock or Preferred Stock;

 

(C) the amount outstanding at
any time of any Hedging Obligation will be zero unless and until such Hedging Obligation becomes due, in which case the amount
of such Hedging Obligation that is outstanding shall be the amount due that is payable by such Person; and

 

(D) Indebtedness shall not include
any liability for federal, state, local or other taxes.

 

“Indenture” means this
Indenture, as amended or supplemented from time to time.

 

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

 

“Initial Notes” has
the meaning set forth in the preamble of this Indenture.

 

“Initial Purchasers”
means Goldman Sachs & Co. LLC, BMO Capital Markets Corp., Jefferies LLC, KeyBanc Capital Markets Inc., TD Securities (USA)
LLC, Truist Securities, Inc., BofA Securities, Inc., Capital One Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities
LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Regions Securities LLC, Santander Investment
Securities Inc., Stifel, Nicolaus & Company, Incorporated, Citizens Capital Markets, Inc., PNC Capital Markets LLC, and Synovus
Securities, Inc.

 

“Institutional Accredited Investor”
means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation
D under the Securities Act, who is not also a QIB.

 

“Interest Coverage Ratio”
means, as of any date, the ratio of (1) the Consolidated EBITDA to (2) the Consolidated Interest Expense, in each case
on an annualized basis based on the two (2) most recent fiscal quarters for which financial statements are available.

 

    13

     

    

 

“Interest Rate Agreement”
means any interest rate swap agreement (whether from fixed to floating or from floating to fixed), interest rate cap agreement,
interest rate collar agreement and any other agreement or arrangement designed to manage interest rates or interest rate risk.

 

“Investment” in any
Person means any direct or indirect advance, loan or other extension of credit (including without limitation by way of Guarantee
or similar arrangement, but excluding advances to customers in the ordinary course of business that are, in conformity with GAAP,
recorded as accounts receivable on the consolidated balance sheet of the Operating Partnership and the Restricted Subsidiaries,
and residual liabilities with respect to assigned leaseholds incurred in the ordinary course of business) or capital contribution
to (by means of any transfer of cash or other property (tangible or intangible) to such Person or any payment for property or services
solely for the account or use of such Person, or otherwise), or any purchase or acquisition of Equity Interests, bonds, Notes,
debentures or other similar instruments issued by, such Person and shall include:

 

(1) the designation of a Restricted
Subsidiary as an Unrestricted Subsidiary; and

 

(2) the Fair Market Value of
the Equity Interests (and any other Investment), held by the Operating Partnership or any of the Restricted Subsidiaries of (or
in) any Person that has ceased to be a Restricted Subsidiary;

 

provided that the Fair Market Value of the Investment
remaining in any Person that has ceased to be a Restricted Subsidiary shall be deemed not to exceed the aggregate amount of Investments
previously made in such Person valued at the time such Investments were made, less the net reduction of such Investments. For purposes
of the definition of “Unrestricted Subsidiary” and Section 4.07 hereof:

 

(A) “Investment”
shall include the portion (proportional to the Operating Partnership’s equity interest in such Subsidiary) of the Fair Market
Value of the assets (net of liabilities) of any Restricted Subsidiary at the time such Restricted Subsidiary is designated an Unrestricted
Subsidiary;

 

(B) the Fair Market Value of
the assets (net of liabilities) of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is designated a Restricted
Subsidiary shall be considered a reduction in outstanding Investments; and

 

(C) any property transferred
to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.

 

“Investment Grade” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P and BBB- (or the
equivalent) by Fitch.

 

“Investment Grade Government Securities”
means:

 

(1) securities issued or directly
and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other than Temporary Cash
Investments), which in any such case have an Investment Grade rating from either Moody’s, S&P or Fitch or an equivalent
investment grade rating from any other nationally recognized statistical rating organization;

 

(2) investments in any fund
that invests exclusively in investments of the type described in clause (1) above, which fund may also hold immaterial amounts
of cash pending investment and/or distribution; and

 

(3) instruments equivalent to
those referred to in clauses (1) and (2) above denominated in euro or any other foreign currency comparable in credit quality
to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the United
States to the extent reasonably required in connection with any business conducted by a Restricted Subsidiary organized in such
jurisdiction.

 

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“Investment Grade Securities”
means:

 

(1) Investment Grade Government
Securities;

 

(2) Securities that have an
Investment Grade rating, but excluding any debt securities or loans or advances between and among the Operating Partnership and
its Subsidiaries; and

 

(3) Investments in any fund
that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial
amounts of cash pending investment and/or distribution.

 

“Issue Date” means October
7, 2020.

 

“Issuers” means collectively,
the Operating Partnership and the Co-Issuer.

 

“Land Assets” means
real property with respect to which the commencement of grading, construction of improvements (other than improvements that are
not material and are temporary in nature) and construction of infrastructure has not yet commenced.

 

“Leased Rate” means,
with respect to any Property at any time, the ratio, expressed as a percentage, of (a) the Net Rentable Area of such Property
actually leased by tenants to (b) the aggregate Net Rentable Area of such Property.

 

“Legal Holiday” means
a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by
law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be
made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the
intervening period.

 

“Leverage Ratio” means,
on any date, the ratio of (1) the aggregate amount of Indebtedness of the Operating Partnership and the Restricted Subsidiaries
as of such date less the aggregate amount of cash and Temporary Cash Investments of the Operating Partnership and the Restricted
Subsidiaries as of such date, determined on a consolidated basis in accordance with GAAP, to (2) the Consolidated EBITDA for
the most recent fiscal quarter for which financial statements are available multiplied by four.

 

“Lien” means any mortgage,
deed of trust, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional
sale or other title retention agreement or lease in the nature thereof).

 

“Limited Condition Transaction”
means any acquisition or other Investment permitted under this Indenture and any related incurrence of Indebtedness by the Operating
Partnership or any Restricted Subsidiary the consummation of which is not conditioned on the availability of, or on obtaining,
third party financing.

 

“Monthly Recurring Charges”
means, for any period and with respect to any Property, the amount due under the leases for such Property for recurring rent and
services as shown on the Rent Roll for such Property.

 

“Moody’s” means
Moody’s Investors Service, Inc. and its successors.

 

“Net Cash Proceeds”
means, with respect to any Asset Sale, the proceeds received by the Operating Partnership or any Restricted Subsidiary as a result
of such Asset Sale in the form of cash or Temporary Cash Investments, including payments in respect of deferred payment obligations
(to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or Temporary
Cash Investments (except to the extent such obligations are financed or sold with recourse to any Issuer or any of the Restricted
Subsidiaries) and proceeds from the conversion of other property received when converted to cash or Temporary Cash Investments,
without duplication, net of:

 

(1) brokerage commissions and
other fees and expenses (including fees and expenses of counsel, accountants and investment bankers and title and recording taxes)
related to such Asset Sale;

 

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(2) provisions for all taxes
actually paid or payable as a result of such Asset Sale by the Operating Partnership and the Restricted Subsidiaries, taken as
a whole, as reasonably determined by the Operating Partnership (and taking into account whether any such sale qualifies for non-recognition
treatment under Section 1031 of the Code) and further taking into account any distributions contemplated by clause (3)
below, including (without duplication) taxes that would have been payable as a result of such Asset Sale by the Operating Partnership
and the Restricted Subsidiaries if the Operating Partnership and each Restricted Subsidiary in which the Operating Partnership
owns less than 100% of the interests were taxable as a corporation or as a real estate investment trust, as such term is defined
in the Code, for federal, state and local income tax purposes, whichever is greater, and, in each case, without taking into account
any deductions, credits or other tax attributes that are not related to such Asset Sale, and at the highest rate that would be
applicable to such entity at such time;

 

(3) distributions to the REIT
in order for the REIT to pay a capital gain dividend in respect of such Asset Sale;

 

(4) all payments made to repay
Indebtedness or any other obligation outstanding at the time of such Asset Sale that either (A) is secured by any assets subject
to such Asset Sale, in accordance with the terms of any Lien upon such assets or (B) is required, by its terms, by applicable
law or for any other reason, to be repaid out of the proceeds from such Asset Sale;

 

(5) all distributions and other
payments required to be made to minority interest Holders in Restricted Subsidiaries as a result of such Asset Sale;

 

(6) any portion of the purchase
price from such Asset Sale placed in escrow, whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities
in respect of such Asset Sale or otherwise in connection with that Asset Sale; provided, however, that upon the termination
of that escrow, Net Cash Proceeds shall be increased by any portion of funds in the escrow that are released to the Operating Partnership
or any Restricted Subsidiary;

 

(7) amounts reserved by the
Operating Partnership and the Restricted Subsidiaries against any liabilities associated with such Asset Sale, including without
limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities
under any indemnification obligations associated with such Asset Sale, all as determined on a consolidated basis in conformity
with GAAP; and

 

(8) any payments required under
Tax Protection Agreements as a result of such Asset Sale.

 

The term “Net Cash Proceeds,”
when used with respect to a Sale and Leaseback Transaction, shall have a correlative meaning.

 

“Net Operating Income”
means, for any Property for any period, an amount equal (but not less than zero) to the sum of:

 

(1) the rents, common area reimbursements
and service and other revenue, excluding straight-line rent, for such Property determined in accordance with GAAP for such period
received in the ordinary course of business from tenants or licensees paying rent, and termination fees received for such of not
greater than 2.5% of the aggregate Monthly Recurring Charges for such period (excluding pre-paid rents and revenues and security
deposits except to the extent applied in satisfaction of tenants’ or licensees’ obligations for rent and any non-recurring
fees, charges or amounts (excluding Set-up Fees)), minus

 

(2) all expenses paid or
accrued and related to the lease, ownership, operation or maintenance of such Property for such period determined in
accordance with GAAP, including, but not limited to, taxes, assessments and other governmental charges, insurance, utilities,
payroll costs, maintenance, repair and landscaping expenses, and other direct operating expenses (including an appropriate
allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but
specifically excluding general overhead expenses of the Operating Partnership and its Restricted Subsidiaries, any property
management fees and straight-line rents), minus

 

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(3) the greater of (i) actual
property management expenses of such Property for such period or (ii) an amount equal to 4.0% of the gross revenues from such
Property for such period excluding straight line leveling adjustments required under GAAP and amortization of intangibles pursuant
to Financial Accounting Standards Board Statement No. 141R, minus

 

(4) all rents, common area reimbursements
and other revenue for such Property determined in accordance with GAAP received during such period from tenants or licensees in
default of payment obligations under their lease unless such tenants or licensees have made a payment of such amounts in each month
due other than amounts contested, in which case only amounts contested and not paid are excluded, or with respect to leases as
to which the tenant or licensee or any guarantor thereunder is subject to any bankruptcy, reorganization, arrangement, insolvency,
readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, and plus

 

(5) any one-time non-recurring
charges, such as litigation costs, settlements, transaction costs and severance charges, to the extent deducted pursuant to clause (2),
(3) or (4) above in calculating Net Operating Income of such Property for such period, determined in accordance with GAAP.

 

Notwithstanding anything to the contrary
contained herein, Set-up Fees that are amortized over the term of an applicable lease shall be included in determinations of Net
Operating Income.

 

Net Operating Income shall exclude (i) all
losses and expenses to the extent covered by third-party insurance which (x) has actually been reimbursed or otherwise paid
in the applicable period or (y) the Operating Partnership reasonably determines will be reimbursed or paid by the applicable
insurance carrier so long as the applicable insurance carrier has been notified in writing of such loss or expense and not denied
coverage therefor and, (ii) expenses relating to the relocation of customers as a result of any casualty or condemnation event
or temporary shutdown, in whole or in part, of any Property.

 

“Net Rentable Area”
means, as of any date, with respect to any Property, the net rentable square footage available for lease determined in accordance
with the Rent Roll for such Property as of such date, the manner of such determination to be reasonably consistent for all Properties
of the same type unless otherwise determined to be necessary or appropriate in the good faith judgment of the chief financial officer
of the Operating Partnership.

 

“Note Guarantee” means
a Guarantee of the payment of the Notes and the Issuers’ other respective obligations under this Indenture by a Guarantor
pursuant to this Indenture (including any supplemental indentures hereto).

 

“Notes” has the meaning
assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class
for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the
Initial Notes and any Additional Notes.

 

“Offer to Purchase”
means an offer by the Issuers to purchase Notes from the Holders commenced by sending a notice to the Trustee and each Holder electronically
or by first class mail at its registered address or otherwise in accordance with the procedures of the Depositary stating:

 

(1) the covenant pursuant to
which the offer is being made, if applicable, and that all Notes validly tendered shall be accepted for payment on a pro rata
basis;

 

(2) the purchase price and the
date of purchase (which shall be a Business Day no earlier than 10 days or later than 60 days from the date such notice
is mailed) (“Payment Date”);

 

(3) that any Note not tendered
shall continue to accrue interest pursuant to its terms;

 

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(4) that, subject to satisfaction
of any conditions specified in such notice, unless the Issuers default in the payment of the purchase price, together with accrued
and unpaid interest, if any, any Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest on
and after the Payment Date;

 

(5) if applicable, that Holders
electing to have a Note purchased pursuant to the Offer to Purchase shall be required to surrender the Note, together with the
form entitled “Option of Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at
the address specified in the notice or, in the case of a Note in global form registered in the name of the Depositary or its nominee,
in accordance with the Depositary’s applicable procedures, in each case prior to the close of business on the Business Day
immediately preceding the Payment Date;

 

(6) that Holders shall be entitled
to withdraw their election (in the case of Notes in global form registered in the name of the Depositary or its nominee) in accordance
with the Depositary’s applicable procedures, so long as such withdrawal is effected prior to the close of business on the
third Business Day immediately preceding the Payment Date, or if the Paying Agent receives, not later than the close of business
on the third Business Day immediately preceding the Payment Date, a facsimile transmission or letter or an instruction to the Depositary,
as applicable, setting forth the name of such Holder, the principal amount of Notes delivered for purchase and a statement that
such Holder is withdrawing his election to have such Notes purchased; and

 

(7) that Notes must be tendered
for purchase in a minimum principal amount of $2,000 or any integral multiple of $1,000 in excess thereof and that Holders whose
Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes
surrendered; provided that each new Note issued shall be in a principal amount of $2,000 and any higher integral multiple
of $1,000 thereof.

 

On the Payment Date, the Issuers shall:

 

(A) accept for payment on a pro rata
basis Notes or portions thereof tendered pursuant to an Offer to Purchase;

 

(B) deposit with the Paying Agent
money sufficient to pay the purchase price of all Notes or portions thereof so accepted and accrued and unpaid interest, if any,
thereon; and

 

(C) promptly thereafter deliver,
or cause to be delivered, to the Trustee all Notes or portions thereof so accepted together with an Officers’ Certificate
specifying the Notes or portions thereof accepted for payment by the Operating Partnership.

 

The Paying Agent shall promptly mail (or,
if a Holder of Notes has given wire transfer instructions to the paying agent, pay by wire transfer in accordance with those instructions)
or, in the case of Notes in global form, wire transfer or otherwise transmit in accordance with the Depositary’s procedures
to the Holders of Notes so accepted payment in an amount equal to the purchase price, including with accrued and unpaid interest,
if any, and the Trustee shall promptly authenticate and mail to such Holders a new Note equal in principal amount to any unpurchased
portion of any Note surrendered; provided that each Note purchased and each new Note issued shall be in a principal amount
of $2,000 and any higher integral multiple of $1,000. The Issuers shall publicly announce the results of an Offer to Purchase as
soon as practicable after the Payment Date.

 

“Offering Memorandum”
means the final offering memorandum dated September 23, 2020 relating to the offering of the Initial Notes by the Issuers (including
all documents incorporated by reference therein).

 

“Officer” means,
with respect to any Person, (a) the Chairman of the Board of Directors, the Chief Executive Officer, the President, any Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any
Vice-President of such Person or (b) if such Person is a limited or general partnership or limited liability company that
does not have officers, the persons holding the positions set forth in clause (a) of any direct or indirect general partner
or managing member, as the case may be, of such Person.

 

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“Officers’ Certificate”
means, with respect to any Person, a certificate signed on behalf of such Person by two Officers of such Person, one of whom must
be the principal executive officer, the principal financial officer or the principal accounting officer of such Person, that meets
the requirements of Section 12.04 hereof; provided that, with respect to an Officers’ Certificate of the Operating
Partnership, such Officers may be Officers of the REIT or any other ultimate parent entity of the Operating Partnership as the
case may be.

 

“Operating Partnership”
means QualityTech, LP, a Delaware limited partnership, and any and all successors thereto.

 

“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 12.04
hereof. The counsel may be an employee of or counsel to the Operating Partnership or any Subsidiary of the Operating Partnership.

 

“Pari Passu Indebtedness”
means any Indebtedness of any Issuer or any Subsidiary Guarantor, as applicable, that ranks pari passu in right of
payment with the Notes or the Note Guarantees of such Subsidiary Guarantor, as applicable.

 

“Participant” means,
with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream,
respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Partnership Agreement”
means the Fifth Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 15,
2013, as amended, and as such agreement may be further amended, restated or replaced from time to time.

 

“Payment Date” has the
meaning set forth in the definition of “Offer to Purchase.”

 

“Permitted Business”
means (i) any business activity in which the Operating Partnership and the Restricted Subsidiaries are engaged or propose
to be engaged in (as described in the Offering Memorandum, including any documents incorporated or deemed to be incorporated by
reference therein) on the Issue Date, (ii) any business activity reasonably related to those described in clause (i)
above or otherwise reasonably related to data center properties or other properties customarily constituting assets of a data center
real estate investment trust, or (iii) any business reasonably related, ancillary or complementary to, or reasonable expansions
or extensions of, those described in clause (i) or (ii) above.

 

“Permitted Holders”
means Chad L. Williams and his Affiliates and Permitted Transferees.

 

“Permitted Investment”
means:

 

(1) an Investment in (a) the
Operating Partnership or any Restricted Subsidiary or (b) in a Person that shall, upon the making of such Investment, become
a Restricted Subsidiary or be merged or consolidated with or into or transfer or convey all or substantially all its assets to
the Operating Partnership or any of the Restricted Subsidiaries and, in each case, any Investment held by such Person; provided
that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer, and
provided further that such Person’s primary business is a Permitted Business;

 

(2) Investments in cash or Temporary
Cash Investments or Investment Grade Securities;

 

(3) Investments in joint ventures
and Unrestricted Subsidiaries having an aggregate Fair Market Value which, when taken together with all other Investments made
pursuant to this clause (3) and then outstanding, does not exceed an amount equal to the greater of (i) $575.0 million
or (ii) 10.0% of Adjusted Total Assets as of the date any such Investment in made (with the amount of each such Investment
being measured as of the date made and without giving effect to subsequent changes in value);

 

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(4) receivables owing to the
Operating Partnership or any Restricted Subsidiary if created or acquired in the ordinary course of business and payable or dischargeable
in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary
trade terms as the Operating Partnership or any such Restricted Subsidiary deems reasonable under the circumstances;

 

(5) loans or advances to directors,
officers, employees or consultants of the Operating Partnership and the Restricted Subsidiaries made in the ordinary course of
business of the Operating Partnership or such Restricted Subsidiary;

 

(6) an Investment in any Person
where such Investment was acquired by the Operating Partnership or any of the Restricted Subsidiaries (a) in exchange for
any other Investment or accounts receivable held by the Operating Partnership or any such Restricted Subsidiary in connection with
or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer or obligor of such other Investment or
accounts receivable or (b) as a result of a foreclosure by the Operating Partnership or any of the Restricted Subsidiaries
with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

 

(7) Investments consisting of
prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and
other similar deposits made in the ordinary course of business by the Operating Partnership or any Restricted Subsidiary;

 

(8) Investments the payment
for which consists of Equity Interests (exclusive of Disqualified Stock) of the Operating Partnership; provided, however,
that such Equity Interests shall not increase the amount available for Restricted Payments under Section 4.07(a)(C) hereof;

 

(9) payroll, travel and similar
advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses in accordance with
GAAP;

 

(10) any Investment made as
a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10
hereof or any disposition of assets or rights not constituting an Asset Sale;

 

(11) stock, obligations or securities
received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers
and suppliers, in each case in the ordinary course of business or received in satisfaction of judgment;

 

(12) any Investment of the Operating
Partnership or any of the Restricted Subsidiaries existing on, or made pursuant to a binding commitment existing on, the Issue
Date, and any extension, modification or renewal of any such Investments, but only to the extent not involving additional advances,
contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the accrual or
accretion of interest or original issue discount or the issuance of pay-in-kind securities), in each case, pursuant to the terms
of such Investment or commitment as in effect on the Issue Date;

 

(13) Guarantees of Indebtedness
permitted to be Incurred by the Operating Partnership or any of the Restricted Subsidiaries pursuant to Section 4.09 hereof;

 

(14) Investments in respect
of Hedging Obligations;

 

(15) entering into Permitted
Non-Recourse Guarantees (it being understood that any payments or other transfers made pursuant to such Permitted Non-Recourse
Guarantees shall not be permitted by this clause (15));

 

(16) Investments in a Receivables
Entity or any Investment by a Receivables Entity in any other Person in connection with a Qualified Receivables Transaction, including
Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Transaction
or any related Indebtedness;

 

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(17) any Investment in any Subsidiary
or joint venture in which the Operating Partnership or a Restricted Subsidiary owns Equity Interests in connection with intercompany
cash management arrangements or related activities in the ordinary course of business;

 

(18) any Permitted Mortgage
Investments having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect
to subsequent changes in value) which, when taken with all other Permitted Mortgage Investments made pursuant to this clause (18)
and then outstanding, do not exceed the greater of (i) $300.0 million and (ii) an amount equal to 5.0% of Adjusted
Total Assets as of the date any such Permitted Mortgage Investment is made;

 

(19) other Investments in any
Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent
changes in value) which, when taken with all other Investments made pursuant to this clause (19) and then outstanding, does
not exceed the greater of (i) $430.0 million and (ii) an amount equal to 7.5% of Adjusted Total Assets as of the
date any such Investment is made;

 

(20) shares of “money
market funds” registered with the SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest
principally in certain investments and have total assets in excess of $50.0 million;

 

(21) Investments received in
satisfaction of judgments or in settlements of debt or compromises of obligations incurred in the ordinary course of business;
and

 

(22) any transaction which constitutes
an Investment to the extent permitted and made in accordance with Section 4.11 herein (except the transactions described under
clauses (1), (4), (9), (10), (11) and (13) of Section 4.11(b)).

 

“Permitted Mortgage Investment”
means an investment in a secured note, mortgage, deed of trust, collateralized mortgage obligations, commercial mortgage-backed
securities, other secured debt securities, secured debt derivative or other secured debt instruments, so long as such investment
relates primarily, directly or indirectly to real property that constitutes or is used as a data center or other property customarily
constituting an asset of a real estate investment trust specializing in the ownership, acquisition, development and operation of
data centers, which in each case has an Investment Grade rating from either Moody’s, S&P or Fitch or an equivalent investment
grade rating from any other nationally recognized statistical rating organization.

 

“Permitted Non-Recourse Guarantees”
means customary indemnities or Guarantees (including by means of separate indemnification agreements or carve-out guarantees) provided
in the ordinary course of business by the Operating Partnership or any of the Restricted Subsidiaries in financing transactions
that are directly or indirectly secured by real property or other real property-related assets (including Equity Interests) of
a joint venture (so long as such joint venture is not a Restricted Subsidiary) or Unrestricted Subsidiary and that may be full
recourse or non-recourse to the joint venture or Unrestricted Subsidiary that is the borrower in such financing, but is non-recourse
to the Operating Partnership or any Restricted Subsidiary except for such indemnities and limited contingent guarantees as are
consistent with customary industry practice (such as environmental indemnities and recourse triggers based on violation of transfer
restrictions).

 

“Permitted Tax Payments”
means, with respect to any year, any distributions to Holders of Equity Interests of the Operating Partnership, or a Restricted
Subsidiary in which the Operating Partnership owns less than 100% of the Equity Interests, sufficient to provide the REIT with
a distribution equal to the amount of federal, state and local income taxes, as reasonably determined by the Operating Partnership,
that have been actually paid or are payable by the REIT.

 

“Permitted Transferee”
means, with respect to Chad L. Williams, (i) his spouse, (ii) his lineal descendant, natural or adopted, or the spouse
of such lineal descendant and (iii) the trustee of a trust, a partnership or any other entity, in each case having one or
more of the individuals described in clauses (i) or (ii) of this definition, as the substantial beneficiaries, in each case
formed for bona fide estate planning purposes.

 

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

 

“Preferred Stock” means,
with respect to any Person, any and all shares, interests, participation or other equivalents (however designated, whether voting
or non-voting) that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including
preferred partnership or limited liability company interests, whether general or limited, or such Person’s preferred or preference
stock, whether outstanding on the Issue Date or issued thereafter, including, without limitation, all series and classes of such
preferred or preference stock.

 

“Private Placement Legend”
means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued under this Indenture, except where
otherwise permitted by the provisions of this Indenture.

 

“Pro Forma” or
 “Pro Forma Basis” means that the following adjustments have been made:

 

(1) if the specified Person
or any of the Restricted Subsidiaries Incurs, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other
than ordinary working capital borrowings and other than the Incurrence or repayment of Indebtedness pursuant to any revolving credit
arrangement unless such Indebtedness has been permanently repaid and the related commitments terminated and not replaced) or issues,
repurchases or redeems Preferred Stock, in each case during the period commencing on the first day of the specified period and
ending on the Transaction Date, then the Consolidated Interest Expense shall be calculated giving pro forma effect (determined
in good faith by the Operating Partnership’s chief financial officer) to such Incurrence, repayment, repurchase, redemption,
defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of Preferred Stock, and the use of proceeds
therefrom, as if the same had occurred at the beginning of such period;

 

(2) Asset Sales and Asset Acquisitions
that have been made by the specified Person or any of the Restricted Subsidiaries, including through mergers or consolidations,
or by any Person or any of the Restricted Subsidiaries acquired by the specified Person or any of the Restricted Subsidiaries,
and including all Indebtedness Incurred or repaid in connection with any such Asset Acquisitions or Asset Sales and including increases
in ownership of Restricted Subsidiaries during a certain period, shall be given pro forma effect (including giving pro forma
effect to the application of proceeds of any Asset Sale) (determined in good faith by the Operating Partnership’s chief financial
officer) as if they had occurred and such proceeds had been applied on the first day of such specified period and after giving
effect to Pro Forma Cost Savings;

 

(3) Consolidated EBITDA shall
be adjusted to give effect to all Pro Forma Cost Savings;

 

(4) the Consolidated EBITDA
and Consolidated Net Income attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses
(and ownership interests therein) disposed of prior to the Transaction Date, shall be excluded;

 

(5) the Consolidated Interest
Expense attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership
interests therein) disposed of prior to the Transaction Date, shall be excluded, but only to the extent that the obligations giving
rise to such Consolidated Interest Expense shall not be obligations of the specified Person or any of the Restricted Subsidiaries
following the Transaction Date;

 

(6) any Person that is a Restricted
Subsidiary on the Transaction Date shall be deemed to have been a Restricted Subsidiary at all times during the specified period;

 

(7) any Person that is not a
Restricted Subsidiary on the Transaction Date shall be deemed not to have been a Restricted Subsidiary at any time during the specified
period; and

 

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(8) if any Indebtedness (other
than ordinary working capital borrowings) bears a floating rate of interest, the interest expense on such Indebtedness shall be
calculated as if the rate in effect on the Transaction Date had been the applicable rate for the entire specified period (taking
into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the
Transaction Date in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness). Interest
on Indebtedness that may optionally be determined at an interest rate based on a factor of a prime rate or similar rate, a Eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen or, if no such rate was
chosen, then based upon such rate as the Operating Partnership may designate. Interest on any Indebtedness under a revolving credit
facility computed on a pro forma basis shall be computed based on the average daily balance of such Indebtedness during the
specified period, except as set forth in clause (1) of this definition.

 

“Pro Forma Cost Savings”
means, with respect to any period, the reduction in net costs and expenses that:

 

(1) were directly attributable
to an Asset Sale, Asset Acquisition, Investment, merger, consolidation or discontinued operation that occurred during the period
or after the end of the period and on or prior to the calculation date and that (A) would properly be reflected in a pro forma
income statement prepared in accordance with Regulation S-X under the Securities Act or (B) the Operating Partnership
reasonably determines shall actually be realized within 24 months of the calculation date; or

 

(2) were actually implemented
prior to the calculation date in connection with or as a result of an Asset Sale, Asset Acquisition, Investment, merger, consolidation
or discontinued operation and that are supportable and quantifiable by the underlying accounting records.

 

“Property” means any
real property or facility, or any portion thereof (and all fixtures, improvements, appurtenances and related assets thereof and
therein), owned by the Operating Partnership or any of the Restricted Subsidiaries or in which the Operating Partnership or any
of its Restricted Subsidiaries holds a leasehold interest.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Qualified Receivables Transaction”
means any transaction or series of transactions that may be entered into by the Operating Partnership or any of its Subsidiaries
pursuant to which the Operating Partnership or any of its Subsidiaries may sell, convey or otherwise transfer to:

 

(1) a Receivables Entity (in
the case of a transfer by the Operating Partnership or any of its Subsidiaries) and

 

(2) any other Person (in the
case of a transfer by a Receivables Entity),

 

or may grant a security interest in, any accounts receivable
(whether existing on the Issue Date or arising in the future) of the Operating Partnership or any of its Subsidiaries, and any
assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all Guarantees
or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets which are customarily
transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions
involving accounts receivable. The grant of a security interest in any accounts receivable of the Operating Partnership or any
of the Restricted Subsidiaries to secure Indebtedness of the Operating Partnership or any Restricted Subsidiary Incurred under
Credit Facilities shall not be deemed a Qualified Receivables Transaction.

 

“Rating Agencies” means
each of S&P, Moody’s and Fitch; or if any of S&P, Moody’s or Fitch ceases issuing a rating on the Notes, a
nationally recognized statistical rating agency or agencies, as the case may be, selected by the Operating Partnership to substitute
for S&P, Moody’s or Fitch.

 

“Rating Decline Period”
means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence of
a Change of Control or of the intention to effect a Change of Control or (b) the occurrence thereof and (ii) ends 60 days
following consummation of such Change of Control; provided that such period shall be extended for so long as the rating
of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable
Rating Agency.

 

    23

     

    

 

“Rating Event” means,
with respect to any Change of Control, the credit rating on the Notes is lowered by one or more gradations (including gradations
within rating categories, as well as between categories) or is withdrawn by at least two of the Rating Agencies during the Rating
Decline Period; provided that in making the relevant decision to downgrade or withdraw such rating, the relevant Rating
Agency announces publicly or confirms in writing during such Rating Decline Period that such decision resulted, in whole or in
part, from the occurrence or expected occurrence of such Change of Control or the announcement of the intention to effect such
Change of Control.

 

“Receivables Entity”
means a Wholly-Owned Subsidiary of the Operating Partnership (or another Person formed for the purposes of engaging in a Qualified
Receivables Transaction with the Operating Partnership in which the Operating Partnership or any Subsidiary of the Operating Partnership
makes an Investment and to which the Operating Partnership or any Subsidiary of the Operating Partnership transfers accounts receivable
and related assets) which engages in no activities other than in connection with the financing of accounts receivable of the Operating
Partnership and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating
thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors
of the Operating Partnership (as provided below) as a Receivables Entity and

 

(1) no portion of the Indebtedness
or any other obligations (contingent or otherwise) of which

 

(a) is Guaranteed by the Operating
Partnership, the REIT or any Subsidiary of the Operating Partnership or the REIT (excluding Guarantees of obligations (other than
the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings),

 

(b) is recourse to or obligates
the Operating Partnership, the REIT or any Subsidiary of the Operating Partnership or the REIT in any way other than pursuant to
Standard Securitization Undertakings, or

 

(c) subjects any property or
asset of the Operating Partnership, the REIT, or any Subsidiary of the Operating Partnership or the REIT, directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings;

 

(2) with which neither the Operating
Partnership, the REIT, nor any Subsidiary of the Operating Partnership or the REIT has any material contract, agreement, arrangement
or understanding other than on terms which the Operating Partnership reasonably believes to be no less favorable to the REIT, the
Operating Partnership or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of
the REIT or the Operating Partnership; and

 

(3) to which neither the Operating
Partnership, the REIT nor any Subsidiary of the Operating Partnership or the REIT has any obligation to maintain or preserve such
entity’s financial condition or cause such entity to achieve certain levels of operating results.

 

Any such designation by the Board of Directors
of the Operating Partnership shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of
the Board of Directors of the Operating Partnership giving effect to such designation and an Officers’ Certificate signed
by the chief financial officer of the Operating Partnership certifying that such designation complied with the foregoing conditions.

 

“Regulation S” means
Regulation S promulgated under the Securities Act.

 

“Regulation S Global Note”
means a Global Note bearing the Private Placement Legend issued in a denomination equal to the outstanding principal amount of
the Notes sold in reliance on Rule 903 of Regulation S.

 

“Regulation S Note”
means any Note initially sold in reliance on Rule 903 of Regulation S.

 

“REIT Subsidiary” means
a Restricted Subsidiary that is a real estate investment trust under the Code.

 

“REIT” means QTS Realty
Trust, Inc., a Maryland corporation, and any and all successors thereto.

 

    24

     

    

 

“Rent Roll” means a
report prepared by the Operating Partnership in respect of a Property setting forth its occupancy rates, lease expiration dates,
lease rent and other information.

 

“Replacement Assets”
means any property or assets (other than Indebtedness and Equity Interests) to be used in a Permitted Business.

 

“Responsible Officer,”
when used with respect to the Trustee, means any officer within the Corporate Trust Office 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 and who shall have direct responsibility for
the administration of this Indenture and over matters concerning the Notes.

 

“Restricted Definitive Note”
means a Definitive Note that bears or is required to bear the Private Placement Legend.

 

“Restricted Global Note”
means a Global Note that bears or is required to bear the Private Placement Legend.

 

“Restricted Period”
means, with respect to any Regulation S Note (including beneficial interests in any Regulation S Global Note), the 40-day distribution
compliance period as defined in Regulation S with respect to such Regulation S Note.

 

“Restricted Subsidiary”
means any Subsidiary of the Operating Partnership other than an Unrestricted Subsidiary. For avoidance of doubt, as of the Issue
Date, the Co-Issuer is a Restricted Subsidiary.

 

“Rule 144” means
Rule 144 promulgated under the Securities Act.

 

“Rule 144A” means
Rule 144A promulgated under the Securities Act.

 

“Rule 903” means
Rule 903 promulgated under the Securities Act.

 

“Rule 904” means
Rule 904 promulgated under the Securities Act.

 

“Sale and Leaseback Transaction”
means, with respect to any Person, an arrangement whereby such Person enters into a lease of property previously transferred or
being transferred by such Person to the lessor.

 

“SEC” means the U.S. Securities
and Exchange Commission or any successor agency thereto.

 

“Secured Indebtedness”
means outstanding Indebtedness secured by a Lien upon the properties or other assets of the Operating Partnership or any of the
Restricted Subsidiaries. For the avoidance of doubt, Attributable Debt shall be considered to be secured by the asset that is the
subject of the Sale and Leaseback Transaction.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Senior Management”
means, when used with respect to the Operating Partnership, (A) so long as the REIT or a Subsidiary of the REIT is the General
Partner of the Operating Partnership, the principal executive officer, president, principal financial officer, principal accounting
officer or principal operating officer of the Operating Partnership or the REIT or (B) if the REIT or a Subsidiary of the
REIT is not the general partner of the Operating Partnership, the same officers of the Operating Partnership or of the direct or
indirect parent entity of the Operating Partnership.

 

“Set-up Fees” means
the amounts paid by a tenant or licensee under a lease for an installation and other set-up activities performed by the Operating
Partnership or any of the Restricted Subsidiaries.

 

    25

     

    

 

“Significant Subsidiary”
means any Restricted Subsidiary that is a “Significant Subsidiary” of the Operating Partnership within the meaning
of Rule 1-02 under Regulation S-X promulgated by the SEC (as in effect on the Issue Date). Unless otherwise expressly
stated or the context otherwise requires, whether a Restricted Subsidiary is a Significant Subsidiary shall be determined as of
the end of the most recent fiscal quarter for which internal financial statements of the Operating Partnership are available.

 

“S&P” means S&P
Global Ratings, a division of S&P Global, and its successors.

 

“Stabilized Property”
means a Property which (1) contains improvements that are in operating condition and which Property is available for occupancy
and with respect to which valid certificates of occupancy have been issued and are in full force and effect or (2) has become
a Stabilized Property by virtue of the definition of Development Property. For the avoidance of doubt, an individual parcel of
Property can be the site of both one or more Stabilized Properties and Development Properties, as determined in the good faith
judgment of the Operating Partnership’s chief financial officer. Once a project becomes a Stabilized Property, it shall remain
a Stabilized Property.

 

“Standard Securitization Undertakings”
means representations, warranties, covenants and indemnities entered into by the Operating Partnership or any Subsidiary of the
Operating Partnership which are customary in an accounts receivable transaction.

 

“Stated Maturity” means:

 

(1) with respect to any debt
security, the date specified in such debt security as the fixed date on which the final installment of principal of such debt security
is due and payable; and

 

(2) with respect to any scheduled
installment of principal of or interest on any debt security, the date specified in such debt security as the fixed date on which
such installment is due and payable,

 

provided, that Stated Maturity shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for
the payment thereof.

 

“Subordinated Indebtedness”
of any Issuer means any Indebtedness of such Issuer that is expressly subordinated to and junior in right of payment to the Notes.
 “Subordinated Indebtedness” of any Subsidiary Guarantor means any Indebtedness of such Subsidiary Guarantor that is
expressly subordinated to and junior in right of payment to the Note Guarantee of such Guarantor.

 

“Subsidiary” means,
with respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power of
the outstanding Voting Stock is owned or controlled, directly or indirectly, by such Person and/or one or more other Subsidiaries
of such Person and the accounts of which would be consolidated with those of such Person in its consolidated financial statements
in accordance with GAAP, if such statements were prepared as of such date.

 

“Subsidiary Guarantee”
means a Note Guarantee by a Subsidiary Guarantor.

 

“Subsidiary Guarantor”
means (i) each Subsidiary of the Operating Partnership (other than the Co-Issuer) that provides a Note Guarantee on the Issue
Date and (ii) each other Restricted Subsidiary that Guarantees the Notes in compliance with Section 4.17 hereof, in each
case until such Person is released from its Note Guarantee pursuant to the terms of this Indenture.

 

“Subsidiary Indebtedness”
means all unsecured Indebtedness of any Restricted Subsidiary that is not a Subsidiary Guarantor.

 

“Tax Protection Agreement”
means the Tax Protection Agreement dated as of October 15, 2013 by and among the REIT, the Operating Partnership, Mr. Chad
L. Williams and his affiliates and family members who own common units of the Operating Partnership, as amended, modified or restated
from time to time; provided that the terms of any such amended, modified or restated agreement, taken as a whole, is not
materially more disadvantageous to the Operating Partnership and the Restricted Subsidiaries than the agreement as in effect on
the Issue Date.

 

    26

     

    

 

“Temporary Cash Investment”
means any of the following:

 

(1) direct obligations of the
United States of America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of America
or any agency thereof having maturities of not more than 365 days from the date of acquisition;

 

(2) time deposits accounts,
certificates of deposit and money market deposits maturing within 365 days of the date of acquisition thereof issued by a
bank or trust company which is organized under the laws of the United States of America, or any state thereof, and which bank or
trust company has capital, surplus and undivided profits aggregating in excess of $50.0 million and has outstanding debt which
is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating
organization (as defined in Section 3(a)(62) of the Exchange Act) or any money-market fund sponsored by a registered broker
dealer or mutual fund distributor;

 

(3) repurchase obligations with
a term of not more than 90 days for underlying securities of the types described in clause (1) above entered into with
a bank meeting the qualifications described in clause (2) above;

 

(4) commercial paper, maturing
not more than 120 days after the date of acquisition, issued by a corporation (other than an Affiliate of the Operating Partnership)
organized and in existence under the laws of the United States of America or any state of the United States of America with a rating
at the time as of which any investment therein is made of “P-2” (or higher) according to Moody’s or “A-2”
(or higher) according to S&P;

 

(5) securities with maturities
of six months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or
territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A”
by S&P or Moody’s;

 

(6) money market funds at least
95% of the assets of which constitute Temporary Cash Investments of the kinds described in clauses (1) through (5) of this
definition; and

 

(7) instruments equivalent to
those referred to in clauses (1) to (6) above denominated in euro or any other foreign currency comparable in credit quality
and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside
the United States to the extent reasonably required in connection with any business conducted by a Restricted Subsidiary organized
in such jurisdiction.

 

“TIA” means the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended, as in effect on the Issue Date.

 

“Total Assets” means,
as of any date, the sum (without duplication) of:

 

(1) the Capitalized Value of
all Stabilized Properties owned by the Operating Partnership or any Restricted Subsidiary as of such date or in which the Operating
Partnership or any Restricted Subsidiary has a 100% leasehold interest as of such date;

 

(2) the undepreciated book value
determined in accordance with GAAP of all Development Properties and, without duplication, Construction in Process with respect
to Property owned by the Operating Partnership or any Restricted Subsidiary as of such date or in which the Operating Partnership
or any Restricted Subsidiary has a 100% leasehold interest as of such date; and

 

    27

     

    

 

(3) the book value determined
in accordance with GAAP of all Land Assets, all Property held for future development and all other assets (excluding (a) accounts
receivable (other than Investments in notes receivable and advances receivable, to the extent they constitute accounts receivable)
and (b) intangibles) of the Operating Partnership and the Restricted Subsidiaries as of such date,

 

in each case, determined on a consolidated basis as of the end
of the most recent fiscal quarter for which internal financial statements are available.

 

“Total Unencumbered Assets”
means, as of any date, the Adjusted Total Assets of the Operating Partnership and its Restricted Subsidiaries as of such date,
less any such assets pledged as of such date as collateral to secure any obligations with respect to Secured Indebtedness;
provided that all Investments by the Operating Partnership and the Restricted Subsidiaries in unconsolidated joint ventures,
unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded
from Total Unencumbered Assets to the extent that such Investments would have otherwise been included.

 

“Transaction Date” means,
with respect to the Incurrence of any Indebtedness by the Operating Partnership or any of the Restricted Subsidiaries, the date
such Indebtedness is to be Incurred, with respect to any Restricted Payment, the date such Restricted Payment is to be made, and
with respect to any transaction described in Article 5 hereof, the day on which such transaction is to be consummated.

 

“Treasury Rate” means,
as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available
at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from the redemption date to October 1, 2023; provided that
if the period from the redemption date to such date is not equal to the constant maturity of a United States Treasury security
for which a yield is given, the Treasury yield shall be obtained by linear interpolation (calculated to the nearest one-twelfth
of a year) from the yields of the nearest United States Treasury securities for which such yields are given, except that if the
period from the redemption date to such date is less than one year, the weekly average yield on actually traded United States securities
adjusted to a constant maturity of one year shall be used.

 

“Trustee” means Deutsche
Bank Trust Company Americas, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter
means the successor serving hereunder.

 

“Unrestricted Definitive Note”
means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Global Note”
means a Global Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Subsidiary”
means:

 

(1) any Subsidiary of the Operating
Partnership that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Operating
Partnership in the manner provided below; and

 

(2) any Subsidiary of an Unrestricted
Subsidiary.

 

The Board of Directors of the Operating
Partnership may designate any Subsidiary (including any newly acquired or newly formed Subsidiary of the Operating Partnership)
to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of
the Operating Partnership or any of the Restricted Subsidiaries (other than Capital Stock of any Subsidiaries of such Subsidiary);
provided that:

 

(A) any Guarantee by the Operating
Partnership or any of the Restricted Subsidiaries of any Indebtedness of the Subsidiary being so designated shall be deemed an
 “Incurrence” of such Indebtedness and an “Investment” by the Operating Partnership or the Restricted Subsidiary
at the time of such designation;

 

    28

     

    

 

(B) either (i) the Subsidiary
to be so designated has total assets of $1,000 or less or (ii) if such Subsidiary has assets greater than $1,000, such designation
would be permitted under Section 4.07 hereof; and

 

(C) if applicable, the Incurrence
of Indebtedness and the Investment referred to in clause (A) of this proviso would be permitted under Section 4.07 and
Section 4.09 hereof;

 

The Board of Directors of the Operating
Partnership may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that:

 

(X) no Default or Event of Default shall
have occurred and be continuing at the time of or after giving effect to such designation; and

 

(Y) all Liens, Indebtedness and Investments
of such Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred or made at such time, have been
permitted to be Incurred or made (and shall be deemed to have been Incurred or made) for all purposes of this Indenture.

 

Any such designation by the Board of Directors
of the Operating Partnership shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution
giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing
provisions.

 

“Unsecured Indebtedness”
means, as of any date, the total outstanding Indebtedness of the Operating Partnership and the Restricted Subsidiaries that is
not Secured Indebtedness.

 

“U.S. Dollar Equivalent”
means with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the
amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at
the relevant currency exchange rate in effect on the date of such determination. Except as described under Section 4.09 hereof,
whenever it is necessary to determine whether the Operating Partnership has complied with any covenant in this Indenture or a Default
shall have occurred and an amount is expressed in a currency other than U.S. dollars, such amount shall be treated as the
U.S. Dollar Equivalent determined as of the date such amount is initially determined in such currency, as determined by the
chief financial officer of the Operating Partnership.

 

“Voting Stock” means
with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors,
managers, trustees or other voting members of the governing body of such Person.

 

“Wholly-Owned Subsidiary”
means a Restricted Subsidiary of the Operating Partnership, all the Capital Stock of which (other than directors’ qualifying
shares and shares required by applicable law to be held by a person other than the Operating Partnership or a Restricted Subsidiary)
is owned by the Operating Partnership or another Wholly-Owned Subsidiary.

 

Section 1.02              
Other Definitions.

 

	Term	Defined in

Section
	
        “Affiliate Transaction”

        “Alternate Offer”

        “Applicable Law”
	
        4.11(a)

        4.15(c)

        12.13

	“Authentication Order”	2.02
	
        “Change of Control Payment”

        “Covenant Defeasance”
	
        4.15(a)

        8.03

	“DTC”	2.03
	
        “effective date”

        “Event of Default”
	
        4.20

        6.01

	“Excess Proceeds”	4.10(c)
	“Guaranteed Indebtedness”	4.17(b)
	“Legal Defeasance”

 “Outstanding Indebtedness”	8.02

4.17(a)
	“Paying Agent”	2.03
	“Permitted Debt”	4.09(4)
	“Refinance”	4.09(4)(E)
	“Registrar”	2.03
	
        “Reinstatement Date”

        “REIT Entity”

        “REIT Guaranteed Indebtedness”
	
        4.18(c)

        4.07(b)

        4.17(b)

	
        “Resale Restriction Termination Date”

        Restricted Payments”
	
        2.06(f)(1)(A)

        4.07(a)(4)

	“Subject Indebtedness”	4.16
	“Subsidiary Guaranteed Indebtedness”	4.17(a)
	“Suspended Covenants”	4.18(a)
	“Suspended Guarantees”	4.18(b)
	“Suspension Period”	4.18(c)
	“transfer”	5.01(a)

 

    29

     

    

 

Section 1.03              
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 have the following
meanings:

 

“indenture securities”
means the Notes;

 

“indenture security Holder”
means a Holder of a Note;

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee”
or “institutional trustee” means the Trustee; and

 

“obligor” on the Notes
and the Note Guarantees means the Operating Partnership and the Guarantors, respectively, and any successor obligor upon the Notes
and the Note 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 SEC rule under the TIA have the meanings
so assigned to them.

 

Section 1.04              
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;

 

(4) “including”
is not limiting;

 

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

 

(6) “will” shall
be interpreted to express a command;

 

(7) provisions apply to successive
events and transactions;

 

(8) references to sections of
or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by
the SEC from time to time; and

 

(9) the words “execute”,
 “execution”, “signed”, and “signature” and words of similar import used in or related to any
document to be signed in connection with this Indenture or any of the transactions contemplated hereby (including amendments, waivers,
consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use
of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
and any other similar state laws based on the Uniform Electronic Transactions Act.

 

Article 2

THE NOTES

 

Section 2.01              
Form and Dating.

 

(a)    
General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A
hereto, which is hereby incorporated and expressly made part of this Indenture. The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage (provided that any such notation legend or endorsement is in a form acceptable
to the Operating Partnership). Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000
and integral multiples of $1,000 in excess thereof.

 

The terms and provisions contained in the
Notes will constitute, and are hereby expressly made, a part of this Indenture and the Operating Partnership, the Guarantors and
the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.
However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this
Indenture shall govern and be controlling.

 

(b)   
Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the
Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes
issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent
such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, purchases and redemptions of such
Notes. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as required by Section 2.06 hereof.

 

(c)    
Regulation S Global Notes; Euroclear and Clearstream Procedures Applicable. Prior to the expiration of the Restricted
Period with respect to a Regulation S Global Note, beneficial interests in such Regulation S Global Note may be held only through
Euroclear and Clearstream as Participants in the Depositary. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” published by Euroclear and the “General Terms
and Conditions of Clearstream Banking” and “Customer Handbook” published by Clearstream will be applicable to
transfers of beneficial interests in Regulation S Global Notes that are held through Euroclear or Clearstream.

 

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Section 2.02              
Execution and Authentication.

 

At least one Officer of each of the Operating
Partnership and the Co-Issuer must sign the Notes by manual or facsimile signature. Typographic and other minor defects in any
facsimile signature shall not affect the validity or enforceability of any Note which has been authenticated and delivered by the
Trustee.

 

If an Officer whose signature is on a Note
no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be valid until authenticated
by the manual signature of an authorized signatory of the Trustee. The signature will be conclusive evidence that the Note has
been authenticated under this Indenture.

 

The Trustee will, upon receipt of a written
order of the Operating Partnership signed by two Officers (an “Authentication Order”), authenticate Notes for
original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount
of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Operating
Partnership pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof.

 

The Trustee may appoint an authenticating
agent acceptable to the Operating Partnership to authenticate the Notes. Unless limited by the terms of such appointment, an authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has the same rights as an Agent for service of notices and demands.

 

Section 2.03              
Registrar and Paying Agent.

 

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

 

The Operating Partnership initially appoints
The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

Section 2.04              
Paying Agent to Hold Money in Trust.

 

The Operating Partnership 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 of, premium on, if any, or interest on, the Notes,
and will notify the Trustee in writing of any Default by the Operating Partnership 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 Operating Partnership 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 Operating Partnership or a Subsidiary) will have no further liability for the money. If the Operating Partnership
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 Operating Partnership, the Trustee
will serve as Paying Agent for the Notes.

 

    32

     

    

 

Section 2.05              
Holder Lists.

 

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 and shall otherwise
comply with TIA §312(a). If the Trustee is not the Registrar, the Operating Partnership 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 Notes and the
Operating Partnership shall otherwise comply with TIA §312(a).

 

Section 2.06              
Transfer and Exchange.

 

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

 

(1)   
Either Issuer receives notice from the Depositary that it is unwilling or unable to continue to act as depositary for the
Global Notes or it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary
is not appointed by the Issuers within 90 days after the date of such notice from the Depositary; or

 

(2)   
there shall have occurred and be continuing an Event of Default with respect to the Notes.

 

Upon the occurrence of any of the preceding
events in clauses (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the
Trustee. Global Notes also may be replaced or exchanged, in whole or in part, as provided in Sections 2.07 and 2.10 hereof.
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to Section 2.07
or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged
for a Definitive Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note
may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof.

 

(b)   
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests
in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those
set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will
require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable:

 

(1)   
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global
Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1).

 

(2)   
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either:

 

(A)  
both:

 

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

 

    33

     

    

 

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

 

(B)  
both:

 

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

 

(ii)   
instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (1) above.

 

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

 

(3)   
Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global
Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global
Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)  
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)  
if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)  
if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications and certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(4)   
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest
in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following:

 

(A)  
if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including
the certifications in item (1)(a) thereof; or

 

(B)  
if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from
such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each case, if the Applicable Procedures so require,
an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

If any such transfer is effected pursuant
to this subparagraph (4) at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred
pursuant to this subparagraph (4).

 

    34

     

    

 

Beneficial interests in an Unrestricted
Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Note.

 

(c)    
Transfer or Exchange of Beneficial Interests for Definitive Notes.

 

(1)   
Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial interest
in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the
Registrar of the following documentation:

 

(A)  
if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
a Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications
in item (2)(a) thereof;

 

(B)  
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)  
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)  
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof;

 

(E)   
if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a
certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3)(d) thereof, if applicable; or

 

(F)   
if such beneficial interest is being transferred to the Operating Partnership or any of its Subsidiaries, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof;

 

the Trustee shall cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuers shall execute and the
Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal
amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)
shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

(2)   
[Intentionally Omitted].

 

(3)   
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A Holder of a beneficial interest
in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the
following:

 

    35

     

    

 

(A)  
 if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications
in item (1)(b) thereof; or

 

(B)  
if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form
of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each case, if the Applicable Procedures so require,
an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

(4)   
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any Holder of a beneficial
interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions
set forth in Section 2.06(b)(2)(B) hereof, the Trustee will cause the aggregate principal amount of the applicable Unrestricted
Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuers will execute and the Trustee will
authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will be registered in such
name or names and in such authorized denomination or denominations as the Holder of such beneficial interest requests through instructions
to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(4) will not bear the Private Placement Legend.

 

(d)   
Transfer and Exchange of Definitive Notes for Beneficial Interests.

 

(1)   
Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive
Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt
by the Registrar of the following documentation:

 

(A)  
if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

(B)  
if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)  
if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (2) thereof;

 

(D)  
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(a) thereof;

 

(E)   
if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above,
a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3)(d) thereof, if applicable; or

 

    36

     

    

 

(F)   
 if such Restricted Definitive Note is being transferred to the Operating Partnership or any of its Subsidiaries, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof;

 

the Trustee will cancel the Restricted Definitive Note, increase
or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global
Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global
Note, and in all other cases, the IAI Global Note.

 

(2)   
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note
to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar
receives the following:

 

(A)  
if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or

 

(B)  
if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

 

and, in each case, if the Applicable Procedures so require,
an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

Upon satisfaction of the conditions
of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the applicable Definitive Notes and increase
or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

 

(3)   
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted
Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any
time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive
Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

 

If any such exchange or transfer
from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(A), (2)(B) or (3) above at a time
when an Unrestricted Global Note has not yet been issued, the Issuers will issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the principal amount of Definitive Notes so transferred.

 

(e)    
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange
of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any
additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

(1)   
Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to
and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives
the following:

 

    37

     

    

 

(A)  
 if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)  
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate
in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)  
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and
Opinion of Counsel required by item (3) thereof, if applicable.

 

(2)   
Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Note if the Registrar receives the following:

 

(A)  
if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(B)  
if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and, in each case, an Opinion of Counsel to the effect that
such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in
the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(3)   
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to
register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the
Holder thereof.

 

(f)     
Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this
Indenture unless specifically stated otherwise in the applicable provisions of this Indenture.

 

(1)   
Private Placement Legend.

 

(A)  
Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the following form:

 

    38

     

    

 

“THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. BY ITS ACQUISITION OF THIS
NOTE OR A BENEFICIAL INTEREST HEREIN, THE HOLDER, FOR THE BENEFIT OF THE OPERATING PARTNERSHIP AND CO-ISSUER REFERRED TO HEREIN,
(A) REPRESENTS THAT EITHER (1) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A (“RULE
144A”) UNDER THE SECURITIES ACT) (A “QIB”) AND THAT IT IS ACQUIRING THIS NOTE OR A BENEFICIAL INTEREST HEREIN
FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
IN EACH CASE IN COMPLIANCE WITH RULE 144A, (2) IT IS NOT A “U.S. PERSON” (AS DEFINED IN REGULATION S (“REGULATION
S”) UNDER THE SECURITIES ACT), IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTERESTS HEREIN FOR THE ACCOUNT OR BENEFIT
OF A U.S. PERSON AND IS ACQUIRING THIS NOTE OR A BENEFICIAL INTEREST HEREIN IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES
ACT, OR (3) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”) THAT IS ACQUIRING THIS NOTE OR A BENEFICIAL INTEREST HEREIN FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER IAI, IN EACH CASE FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR
SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (B) ACKNOWLEDGES THAT THE SELLER MAY BE RELYING
ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER, AND (C) AGREES
THAT THIS NOTE AND ANY BENEFICIAL INTERESTS HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE DATE (THE
 “RESALE RESTRICTION TERMINATION DATE”) WHICH IS [IN THE CASE OF RULE 144A GLOBAL NOTES, IAI GLOBAL NOTES AND RESTRICTED
DEFINITIVE NOTES ISSUED IN EXCHANGE FOR SUCH GLOBAL NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE
LAST DATE ON WHICH ANY ISSUER OR ANY AFFILIATE THEREOF WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE)] [IN THE CASE
OF REGULATION S GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES ISSUED IN EXCHANGE FOR SUCH GLOBAL NOTES: 40 DAYS AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) WAS FIRST OFFERED TO PERSONS
OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S UNDER THE SECURITIES ACT)] ONLY (1) TO THE OPERATING PARTNERSHIP
OR ITS SUBSIDIARIES, (2) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(3) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, IN EACH CASE IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A UNDER THE SECURITIES ACT, (4) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION MEETING
THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (5) TO AN IAI THAT IS ACQUIRING THIS NOTE
OR AN INTEREST HEREIN FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER IAI, IN EACH CASE FOR INVESTMENT PURPOSES AND NOT WITH
A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (6) IN ACCORDANCE
WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT, IN EACH OF THE FOREGOING CASES, TO ANY
REQUIREMENT OF LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN
ITS OR THEIR CONTROL AND TO COMPLIANCE WITH ANY APPLICABLE STATE OR FOREIGN SECURITIES LAWS, AND, SUBJECT TO THE RIGHT OF THE
OPERATING PARTNERSHIP AND THE REGISTRAR UNDER THE INDENTURE HEREINAFTER REFERRED TO PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (5) OR
(6) ABOVE PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE DELIVERY OF AN OPINION, CERTIFICATIONS AND/OR OTHER
INFORMATION SATISFACTORY TO THE OPERATING PARTNERSHIP AND THE REGISTRAR, IN ADDITION TO THE CERTIFICATIONS AND, IF APPLICABLE,
OPINION OF COUNSEL REQUIRED PURSUANT TO THE INDENTURE, THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
PURCHASER OR OTHER TRANSFEREE OF THIS NOTE OR ANY BENEFICIAL INTERESTS HEREIN OF THE TRANSFER RESTRICTIONS SET FORTH IN CLAUSE
(C) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE NOTE
EVIDENCED HEREBY.”

 

(B)  
Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3),
(c)(4), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof)
will not bear the Private Placement Legend.

 

(2)   
Global Note Legend. Each Global Note will bear a legend in substantially the following form:

 

    39

     

    

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS
NOMINEE WITH THE PRIOR WRITTEN CONSENT OF THE OPERATING PARTNERSHIP.

 

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

 

(g)   
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note
have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not
in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11
hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to
a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the
principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee
or by the Depositary at the direction of the Trustee to reflect such increase.

 

(h)   
General Provisions Relating to Transfers and Exchanges.

 

(1)   
To permit registrations of transfers and exchanges, the Operating Partnership will execute and the Trustee will authenticate
Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof.

 

(2)   
No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Operating Partnership may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.10, 4.15 and 9.04 hereof).

 

(3)   
[Omitted intentionally.]

 

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

 

(5)   
Neither the Registrar nor the Operating Partnership will be required:

 

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(A)  
 to issue, to register the transfer of or to exchange any Notes during the 15-day period prior to the date on which a notice
of redemption of Notes to be redeemed is sent to Holders under Section 3.03 hereof;

 

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

 

(C)  
to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 

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

 

(7)   
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

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

 

(9)   
None of the Issuers, the Trustee or any Paying Agent shall have any responsibility or liability for any aspect of the records
of DTC or any nominee or participant or member thereof relating to, or payments made with respect to, beneficial ownership interests
in the Global Notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. All
notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given
or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The
rights of beneficial owners in any Global Note shall be exercised only through DTC, subject to its Applicable Procedures. The Trustee,
the Registrar and any Paying Agent may rely and shall be fully protected in relying upon information furnished by DTC with respect
to its Participants and other members, participants and any beneficial owners.

 

(10) Neither the Trustee nor
the Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Participants or Indirect Participants in any Global Note) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

Section 2.07              
Replacement Notes.

 

If any mutilated Note is surrendered to
the Trustee or any Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note,
the Issuers will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s
requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the
Operating Partnership to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them
may suffer if a Note is replaced. In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due
and payable, the Issuers in their discretion may, instead of issuing a new Note, pay such Note. The Issuers may charge for their
expenses in replacing a Note, including any taxes or governmental charges that may be imposed in relation thereto.

 

Every replacement Note is an additional
obligation of the Issuers and will be entitled to all of the benefits of this Indenture equally and proportionately with all other
Notes duly issued hereunder.

 

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The provisions of this Section 2.07
are exclusive and shall provide (to the extent lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Notes.

 

Section 2.08              
Outstanding Notes.

 

The Notes outstanding at any time are all
the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this
Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding
because the Operating Partnership or an Affiliate of the Operating Partnership holds the Note. Notes held by the Operating Partnership
or a Subsidiary of the Operating Partnership shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof.

 

If a Note is replaced pursuant to Section 2.07
hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide
purchaser.

 

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

 

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

 

Section 2.09              
Treasury Notes.

 

In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Operating Partnership
or any Affiliate of the Operating Partnership, 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 Notes that a Responsible Officer
of the Trustee actually knows are so owned will be so disregarded.

 

Section 2.10              
Temporary Notes.

 

Until certificates representing the Notes
are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary
Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Operating Partnership
considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuers
will prepare and the Trustee will authenticate Definitive Notes in exchange for temporary Notes. Until so exchanged, Holders of
temporary Notes will be entitled to all of the benefits of this Indenture.

 

Section 2.11              
Cancellation.

 

The Operating Partnership at any time may
deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee will cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and will dispose of canceled Notes in accordance with its customary procedures (subject
to the record retention requirements of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered
to the Operating Partnership upon written request therefore. The Issuers may not issue new Notes to replace Notes that they have
paid or that have been delivered to the Trustee for cancellation.

 

Section 2.12              
Defaulted Interest.

 

If the Issuers default in a payment
of interest on the Notes, they will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Notes and in Section 4.01 hereof. The Operating Partnership will notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Operating
Partnership will fix or cause to be fixed each such special record date and payment date; provided that no such
special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least
15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the
name and at the expense of the Issuers) will send or cause to be sent to Holders a notice that states the special record
date, the related payment date and the amount of such interest to be paid.

 

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Section 2.13              
Issuance of Additional Notes.

 

(a)    
After the Issue Date, the Issuers shall be entitled, subject to their compliance with the covenants contained in this Indenture,
including Section 4.09, to issue Additional Notes; provided, however, that if any Additional Notes are not fungible with the
Initial Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number and ISIN from the Initial
Notes. All the Notes issued under this Indenture will be treated as a single class for all purposes of this Indenture including
waivers, amendments, redemptions and Offers to Purchase.

 

(b)   
With respect to any Additional Notes, the Issuers shall set forth in a Board Resolution and an Officers’ Certificate,
a copy of each which shall be delivered to the Trustee, the following information:

 

(1)   
the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture and
the provision of Section 4.09 that the Issuers are relying upon to issue such Additional Notes; and

 

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

 

Section 2.14  CUSIP
Numbers.

 

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

 

Article 3

REDEMPTION AND PREPAYMENT

 

Section 3.01              
Notices to Trustee.

 

If the Issuers elect to redeem all or any
part of the Notes pursuant to the optional redemption provisions of Section 3.07 hereof, the Issuers must furnish to the Trustee,
at least 15 days but not more than 60 days before a redemption date (or such shorter period as agreed to by the Trustee),
an Officers’ Certificate setting forth:

 

(1)   
the clause of this Indenture pursuant to which the redemption shall occur;

 

(2)   
the redemption date;

 

(3)   
the principal amount of Notes to be redeemed; and

 

(4)   
the redemption price.

 

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Section 3.02              
Selection of Notes to Be Redeemed or Purchased.

 

If less than all of the Notes are to be
redeemed at any time, the Trustee shall select Notes for redemption by lot or pro rata (or, in the case of Notes in global
form, any other manner as required by the Depositary) unless otherwise required by law or applicable stock exchange requirements.

 

In the event of a partial redemption, the
particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 10 nor more than
60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption
or purchase.

 

The Trustee will promptly notify the Operating
Partnership in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption
or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts
of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased,
the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. No Notes of $2,000 or less can be redeemed
in part. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or
purchase also apply to portions of Notes called for redemption or purchase.

 

Section 3.03              
Notice of Redemption.

 

Subject to the provisions of Sections 4.10
and 4.15 hereof, at least 10 days but not more than 60 days before a redemption date, the Issuers shall mail or cause
to be mailed, by first class mail, a notice of redemption to each Holder (with a copy to the Trustee) whose Notes 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 Notes pursuant to Article 8 hereof or a satisfaction and discharge
of this Indenture pursuant to Article 11 hereof. Notice of any redemption upon any Equity Offering pursuant to Section 3.07(a)
hereof may be given prior to the completion of such Equity Offering.

 

The notice will identify the Notes to be
redeemed (including CUSIP numbers) and shall state:

 

(1)   
the redemption date;

 

(2)   
the redemption price;

 

(3)   
if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original
Note will be issued in the name of the Holder upon cancellation of the original Note;

 

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

 

(5)   
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)   
that upon the satisfaction of any conditions to such redemption set forth in the notice of redemption, and unless the Issuers
default in making such redemption payment, interest on the Notes called for redemption ceases to accrue on and after the redemption
date;

 

(7)   
the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes 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 Notes.

 

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In addition, if such redemption is subject
to the satisfaction of one or more conditions precedent, such notice shall describe each such condition and, if applicable shall
state that, in the Operating Partnership’s discretion, the redemption date may be delayed until such time as any or all such
conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied by the redemption date stated in such notice, or by the redemption date as so delayed.

 

At the Operating Partnership’s request,
the Trustee shall give the notice of redemption in the Issuers’ name and at their expense; provided, however, that
the Operating Partnership has delivered to the Trustee, at least five Business Days prior (or such shorter period of time as the
Trustee may agree) to the date of giving such notice of redemption, the information to be stated in such notice as provided in
the two immediately preceding paragraphs of this Section 3.03.

 

Section 3.04              
Effect of Notice of Redemption.

 

Once notice of redemption is mailed in
accordance with Section 3.03 hereof, the Notes called for redemption, subject to the satisfaction of any conditions precedent
to such redemption imposed by the Issuers included in the applicable notice of redemption, become due and payable on the redemption
date at the redemption price.

 

Section 3.05              
Deposit of Redemption or Purchase Price.

 

Prior to 11:00 a.m. Eastern Time on the
redemption or purchase date, the Issuers shall deposit with the Trustee or with the Paying Agent (or if the Operating Partnership
or one of its Restricted Subsidiaries is acting as Paying Agent, the Operating Partnership or such Restricted Subsidiary has segregated
and holds in trust) funds in cash in an amount equal to, and in satisfaction of, the redemption price of the Notes to be redeemed
on the applicable redemption date or the purchase price of the Notes to be purchased on the applicable purchase date, as the case
may be, together with the accrued and unpaid interest, to, but excluding, such redemption date or purchase date, as the case may
be. The Trustee or the Paying Agent shall promptly return to the Operating Partnership any money deposited with the Trustee or
the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest
on, all Notes to be redeemed or purchased.

 

If the Issuers comply with the provisions
of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions
of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record 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 Note
was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon
surrender for redemption or purchase because of the failure of the Issuers to comply with the preceding paragraph, interest shall
be paid on the unpaid principal, from the redemption or purchase 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 Notes and in Section 4.01 hereof.

 

Section 3.06              
Notes Redeemed or Purchased in Part.

 

Upon surrender of a Note that is redeemed
or purchased in part, the Issuers shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate for
the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note
surrendered.

 

Section 3.07              
Optional Redemption.

 

(a)    
At any time prior to October 1, 2023, the Issuers may on any one or more occasions redeem up to 40% of the aggregate principal
amount of Notes originally issued under this Indenture (including Additional Notes, if any), upon not less than 10 nor more than
60 days’ notice to the Holders (with a copy to the Trustee), at a redemption price equal to 103.875% of the principal
amount of the Notes redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption (subject to the rights
of Holders of Notes on any relevant record date to receive interest due on any interest payment date falling on or prior to such
redemption date), with an amount of cash equal to the net cash proceeds from one or more Equity Offerings; provided that:

 

    45

     

    

 

(1)   
 at least 60% of the aggregate principal amount of Notes originally issued under this Indenture on the Issue Date (excluding
Notes held directly or indirectly by the REIT, the Operating Partnership, the Co-Issuer or their respective Affiliates) remains
outstanding immediately after the occurrence of such redemption; and

 

(2)   
the redemption occurs within 120 days of the date of the closing of the related Equity Offering.

 

(b)   
At any time prior to October 1, 2023, the Issuers may on any one or more occasions redeem all or a part of the Notes, upon
not less than 10 nor more than 60 days’ notice to the Holders (with a copy to the Trustee), at a redemption price equal
to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest to, but
excluding, the date of redemption (subject to the rights of Holders of Notes on any relevant record date to receive interest due
on any interest payment date falling on or prior to such redemption date).

 

(c)    
Except pursuant to Sections 3.07(a), 3.07(b) and 3.07(e), the Notes will not be redeemable at the Issuers’ option
prior to October 1, 2023.

 

(d)   
On or after October 1, 2023, the Issuers may on any one or more occasions redeem all or a part of the Notes, upon not less
than 10 nor more than 60 days’ notice to the Holders (with a copy to the Trustee), at the redemption prices (expressed
as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes redeemed, to, but excluding,
the date of redemption, if redeemed during the twelve-month period beginning on October 1 of the years indicated below (subject
to the rights of Holders on any relevant record date to receive interest due on any interest payment date falling on or prior to
such redemption date):

 

	Year	 	Percentage	 
	2023	 	 	101.938	%
	2024	 	 	100.969	%
	2025 and thereafter	 	 	100.000	%

 

(e)    
If Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept an Offer to Purchase (including
in connection with a Change of Control Trigger Event, Offer to Purchase with the Excess Proceeds of an Asset Sale or a tender offer
of the Notes) or Alternate Offer and the Issuers, or any other Person making an offer to purchase in lieu of the Issuers as provided
in Section 4.15(c), purchases all of the Notes held by such Holders, the Issuers will have the right, upon not less than 10 nor
more than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to the Offer to Purchase
or Alternate Offer described above, to redeem all of the Notes that remain outstanding following such purchase at a redemption
price equal to the applicable price paid to Holders in such purchase, plus accrued and unpaid interest on the Notes that
remain outstanding, to the date of redemption (subject to the right of Holders on the relevant record date to receive interest
due on an interest payment date that is on or prior to the redemption date).

 

(f)     
Any redemption pursuant to this Section 3.07 may, at the Operating Partnership’s option, be subject to the satisfaction
of one or more conditions precedent, and shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

 

Section 3.08              
Mandatory Redemption.

 

Except as set forth in Sections 4.10
and 4.15, the Issuers are not required to make mandatory redemption, mandatory repurchase or sinking fund payments with respect
to the Notes. The Issuers may from time to time acquire Notes by means other than a redemption, whether by tender offer, open market
purchases, negotiated transactions or otherwise, in accordance with applicable securities laws.

 

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Article 4

COVENANTS

 

Section 4.01              
Payment of Notes.

 

The Issuers shall pay or cause to be paid
the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided in the Notes. Principal,
premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Operating Partnership
or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Issuers in immediately
available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then due.

 

The Issuers shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on
the Notes to the extent lawful.

 

Section 4.02              
Maintenance of Office or Agency.

 

The Issuers shall 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,
Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands
to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers shall 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 Issuers fail to maintain
any such required office or agency or fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee.

 

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

 

The Issuers hereby designate the office
of the Trustee located at 60 Wall Street, New York, New York 10005, as one such office or agency of the Issuers in accordance with
Section 2.03 hereof.

 

Section 4.03              
Reports.

 

(a)    
Whether or not the Operating Partnership is subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, it must provide the Trustee and, upon written request, the Holders of Notes within 15 Business Days after filing, or in the
event no such filing is required, within 15 Business Days after the end of the time periods specified in the SEC’s rules
and regulations, with:

 

(1)   
all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms
10-Q and 10-K if the Operating Partnership 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 financial information only, a
report on the annual financial statements by the Operating Partnership’s certified independent accountants,

 

(2)   
all current reports on Form 8-K that would be required to be filed with the SEC on Form 8-K if the Operating
Partnership were required to file such reports, and

 

(3)    if
the Operating Partnership had any Unrestricted Subsidiaries during the quarterly or annual period covered by any report
referred to in clause (1) of this Section 4.03(a) and if such Unrestricted Subsidiaries would, in the aggregate,
constitute a Significant Subsidiary, information sufficient to ascertain the financial condition and results of operations of
the Operating Partnership and Restricted Subsidiaries, excluding in all respects the Unrestricted Subsidiaries (which
information shall be included in the financial information delivered pursuant to clause (1) above);

 

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provided that, the information required pursuant to clause (3)
above need not be included within the financial information provided pursuant to clause (1) above so long as it is provided
to the Trustee and, upon written request, to the Holders of the Notes within the time period set forth above for the delivery of
such financial information or made available as provided in the next proviso; provided, further, that the foregoing
delivery requirements shall be deemed satisfied if the foregoing materials are available on the SEC’s EDGAR system or on
the Operating Partnership’s or the REIT’s website within the applicable time period specified above; and provided,
further, that the Operating Partnership may deliver combined reports for the Operating Partnership and the REIT on Form 10-Q,
10-K and 8-K if such combined reports would be permitted to be filed with the SEC and so long as such combined reports on Form 10-Q
and 10-K contain all disclosure and information that the Operating Partnership would be required to include pursuant to this Section 4.03
if it were reporting separately.

 

(b)   
If the REIT or any other direct or indirect parent company of the Operating Partnership has provided the information as
required by Section 4.03(a) as if the REIT (or any such parent company) were the Operating Partnership, the Operating Partnership
shall be deemed to have satisfied such requirements provided the REIT (or any such parent company) provides to the Trustee and
the Holders of Notes unaudited supplemental financial information that explains in reasonable detail the differences, if any, between
the information relating to the REIT (or any such parent company) and any of its Subsidiaries other than the Operating Partnership
and the Restricted Subsidiaries, on the one hand, and the information relating to the Operating Partnership and the Restricted
Subsidiaries on a stand-alone basis, on the other hand.

 

(c)    
To the extent not satisfied by the information and reports provided or filed, as applicable, pursuant to Sections 4.03(a)
or 4.03(b) hereof, for so long as any of the Notes remain outstanding and constitute “restricted securities” under
Rule 144, the REIT and the Issuers and, to the extent required pursuant to Rule 144A(d)(4) under the Securities Act,
the Subsidiary Guarantors shall furnish to the Holders of Notes and prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(d)   
Any information filed with, or furnished to, the SEC within the time periods specified in this Section 4.03 shall be
deemed to have been furnished to the Holders of Notes as required by this Section 4.03, and to the extent such filings comply
in all material respects with the rules and regulations of the SEC regarding such filings, they shall be deemed to comply with
clauses (1) and (2) of Section 4.03(a) hereof.

 

(e)    
Notwithstanding anything herein to the contrary, the Operating Partnership shall not be deemed to have failed to comply
with any provision of this Section 4.03 for purposes of clause (4) of Section 6.01 hereof as a result of the late
filing or provision of any required information or report until 90 days after the date any such information or report was
due and, until such 90th day, such late filing or provision also shall not constitute a Default or an Event of Default for
purposes of this Indenture.

 

(f)     
Delivery of such reports, information and documents to the Trustee as specified by this Section 4.03 is for informational
purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the compliance by the REIT, any Issuer or any Subsidiary Guarantor
with any of their respective covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on an Officers’
Certificate).

 

(g)   
The Trustee shall have no obligation to determine if and when the Operating Partnership’s information or reports are
available and accessible electronically on the SEC’s EDGAR system or on the Operating Partnership’s or the REIT’s
website.

 

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Section 4.04              
Compliance Certificate.

 

(a)     Each
of the Issuers and the Guarantors shall deliver to the Trustee, on or before a date not more than 120 days after the end
of each fiscal year, an Officers’ Certificate stating that a review of the activities of the REIT, the Issuers and the
Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a
view to determining whether the REIT, the Issuers and the Subsidiary Guarantors have kept, observed, performed and fulfilled
their respective 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 REIT, the Issuers and the Subsidiary Guarantors have 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 shall have occurred,
describing all such Defaults or Events of Default of which he or she may have knowledge and what action the REIT, the Issuers
or such Subsidiary Guarantor has taken, is taking or proposes to take with respect thereto) and that to the best of his or
her knowledge no event shall have and remain in existence by reason of which payments on account of the principal of, premium
on, if any, or interest on the Notes is prohibited or if such event shall have occurred, a description of the event and what
action the REIT, the Issuers or such Subsidiary Guarantor is taking or proposes to take with respect thereto.

 

(b)   
So long as any of the Notes are outstanding, each of the Issuers and the Guarantors shall deliver to the Trustee, promptly,
and in any event within 30 days, after 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 REIT, the Issuers or the applicable Subsidiary Guarantor is taking
or proposes to take with respect thereto.

 

Section 4.05              
[Reserved].

 

Section 4.06              
Stay, Extension and Usury Laws.

 

The Issuers and each of the Guarantors
covenant (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the Issuers and each of the Guarantors (to the extent that
it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that it shall not, by resort
to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit
the execution of every such power as though no such law has been enacted.

 

Section 4.07              
Restricted Payments.

 

(a)    
The Operating Partnership shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly:

 

(1)   
declare or pay any dividend or make any distribution (whether in cash, securities or other property) on or with respect
to its Capital Stock held by Persons other than the Operating Partnership or any Restricted Subsidiary, other than:

 

(A)  
dividends or distributions payable solely in Equity Interests (other than Disqualified Stock); and

 

(B)  
pro rata dividends or distributions payable by a Restricted Subsidiary that is not wholly owned to minority stockholders
(or owners of equivalent interests if such Restricted Subsidiary is not a corporation);

 

(2)   
purchase, redeem, retire or otherwise acquire for value any Equity Interests of the REIT or the Operating Partnership held
by any Person other than the Operating Partnership or any of the Restricted Subsidiaries;

 

(3)   
make any voluntary or optional principal payment, redemption, repurchase, defeasance, or other acquisition or retirement
for value, of Subordinated Indebtedness of the Operating Partnership or any Subsidiary Guarantor (other than (A) with respect
to intercompany Subordinated Indebtedness between or among the Issuers and any of the Subsidiary Guarantors and (B) the purchase,
repurchase, redemption, defeasance or other acquisition or retirement of any such Subordinated Indebtedness in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity payment, in each case due within one year of the
date of such purchase, repurchase, redemption, defeasance or other acquisition or retirement); or

 

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(4)   
 make an Investment, other than a Permitted Investment, in any Person

 

(all such payments and any other actions described in clauses (1)
through (4) above being collectively referred to as “Restricted Payments”), if, at the time of, and after giving
effect to, the proposed Restricted Payment:

 

(A)  
a Default or Event of Default shall have occurred and be continuing;

 

(B)  
the Operating Partnership could not Incur at least $1.00 of additional Indebtedness in compliance with both Sections 4.09(1)
and 4.09(3) hereof; and

 

(C)  
the aggregate amount of all Restricted Payments (the amount, if other than in cash, to be the Fair Market Value thereof
as determined in good faith by the chief financial officer of the Operating Partnership, whose determination shall be conclusive)
made on or after July 23, 2014 would exceed the sum of:

 

(i)     
95% of the aggregate amount of Funds From Operations (or, if Funds From Operations is a loss, minus 100% of the amount
of such loss) accrued on a cumulative basis during the period (taken as one accounting period) from July 23, 2014 and ending
on the last day of the most recent fiscal quarter preceding the Transaction Date for which internal financial statements are available,
plus

 

(ii)   
100% of the aggregate net cash proceeds and the Fair Market Value of other property received by the Operating Partnership
after July 23, 2014 from (a) the issuance or sale of its Equity Interests (other than Disqualified Stock and Designated
Preferred Stock and other than net cash proceeds applied to redeem Notes pursuant to Section 3.07(a) hereof to a Person (other
than an Issuer or any Restricted Subsidiary of any Issuer or an employee stock ownership plan or similar trust to the extent its
purchase of such Equity Interests is financed by loans from or Guaranteed by the REIT, the Operating Partnership or any Restricted
Subsidiaries unless such loan has been repaid with cash on or prior to the date of determination), (b) contributions to the
common equity capital of the Operating Partnership by any Person other than a Subsidiary of the Operating Partnership (other than
contributions applied to redeem Notes pursuant to Section 3.07(a) hereof) and (c) the issuance or sale of convertible
or exchangeable Indebtedness of the Operating Partnership upon the conversion or exchange of such Indebtedness into Equity Interests
(other than Disqualified Stock and Designated Preferred Stock) of the REIT or the Operating Partnership; plus

 

(iii) 
an amount equal to the net reduction in Investments (other than (1) reductions in Investments made pursuant to Section 4.07(c)
that were excluded in calculating whether the conditions of this clause (C) were met with respect to any subsequent Restricted
Payments and (2) reductions in Permitted Investments) in any Person resulting from payments of interest on Indebtedness, dividends,
repayments of loans or advances, or other transfers of assets, in each case to the Operating Partnership or any Restricted Subsidiary
or from the net cash proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds
have already been included in the calculation of Funds From Operations) or from redesignations of Unrestricted Subsidiaries as
Restricted Subsidiaries (valued in each case as provided in the definition of “Investments”) not to exceed, in each
case, the amount of Investments previously made by the Operating Partnership and the Restricted Subsidiaries in such Person.

 

(b)    Notwithstanding
Section 4.07(a), (i) the Operating Partnership and any of the Restricted Subsidiaries may declare or pay any dividend or
make any distribution to their equity holders to fund a dividend or distribution by the REIT or any REIT Subsidiary (each, a
 “REIT Entity”) and (ii) any REIT Subsidiary may declare or pay any dividend or make any distribution to its
equity holders, in each case, so long as the REIT believes in good faith that the applicable REIT Entity qualifies as a
real estate investment trust under the Code and the declaration or payment of such dividend or the making of such
distribution by the applicable REIT Entity is necessary either to maintain the applicable REIT Entity’s status as a
real estate investment trust under the Code for any calendar year or to enable the applicable REIT Entity to avoid payment of
any tax for any calendar year that could be avoided by reason of a distribution by such REIT Entity to its equity holders,
with such distribution by such REIT Entity to be made as and when determined by such REIT Entity, whether during or after the
end of the relevant calendar year. Additionally, notwithstanding the foregoing, any REIT Subsidiary may make any distribution
to holders of its Preferred Stock other than the Operating Partnership or any Restricted Subsidiary in an aggregate amount
not to exceed $100,000 per year per REIT Subsidiary.

 

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(c)    
The provisions of Section 4.07(a) hereof shall not prohibit:

 

(1)   
the payment of any dividend or similar distribution or the consummation of any irrevocable redemption of any Equity Interests
or Subordinated Indebtedness within 60 days after the date of declaration of such dividend or the giving of the redemption
notice if, at such date of declaration or notice, the dividend, distribution or redemption payment was permitted by Section 4.07(a)
hereof (the declaration of such payment shall be deemed a Restricted Payment under Section 4.07(a) hereof as of the date of
declaration and the payment itself shall be deemed to have been paid on such date of declaration and shall not also be deemed a
Restricted Payment under Section 4.07(a) hereof); provided, however, that any Restricted Payment made in reliance on
this clause (1) shall reduce the amount available for Restricted Payments pursuant to clause (C) of Section 4.07(a)
only once;

 

(2)   
the repayment, defeasance, redemption, repurchase or other acquisition or retirement for value of Subordinated Indebtedness
of the Operating Partnership or any Subsidiary Guarantor including premium, if any, and accrued and unpaid interest and related
transaction expenses, with the proceeds of, or in exchange for, other Subordinated Indebtedness Incurred under clause (4)(E)
of Section 4.09 hereof;

 

(3)   
the making of any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent issuance (but
within 90 days) of, Equity Interests of the Operating Partnership (other than Disqualified Stock and Designated Preferred
Stock and other than Equity Interests issued or sold to the Operating Partnership or a Restricted Subsidiary of the Operating Partnership
or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust
is financed by loans from or Guaranteed by the REIT, the Operating Partnership or any of the Restricted Subsidiaries unless such
loans have been repaid with cash on or prior to the date of determination) or out of the proceeds of a substantially concurrent
contribution (but within 90 days) to the common equity capital of the Operating Partnership or from its partners or shareholders,
as the case may be;

 

(4)   
the redemption of Common Units for Equity Interests of the REIT or for cash pursuant to the terms of the Partnership Agreement;
provided that the aggregate amount of cash paid to redeem Common Units shall not exceed $10.0 million;

 

(5)   
payments or distributions to dissenting stockholders or dissenting holders of other Equity Interests of the Operating Partnership
or the REIT (or any other direct or indirect parent company of the Operating Partnership) (including the payments of dividends
or distributions to the REIT or any other direct or indirect parent company of the Operating Partnership to provide the REIT (or
any such parent company) with the cash necessary to make such payments or distributions) pursuant to applicable law pursuant to
or in connection with a consolidation, merger or transfer of assets that complies with Section 5.01(a) hereof;

 

(6)    the
payment of cash (A) in lieu of the issuance of fractional shares of Capital Stock (i) upon exercise, conversion,
redemption or exchange of securities exercisable or convertible into or exchangeable for Capital Stock of the Operating
Partnership or the REIT or any other direct or indirect parent company of the Operating Partnership (or the payment of
dividends or distributions to the REIT or any other direct or indirect parent company of the Operating Partnership to provide
the REIT (or any such parent company) with the cash necessary to make such payments) and (ii) in connection with a
merger, consolidation, amalgamation or other combination involving the Operating Partnership or any of its Subsidiaries and
(B) in lieu of the issuance of whole shares of Capital Stock upon conversion or exchange of securities convertible into
or exchangeable for Capital Stock of the Operating Partnership or the REIT or any other direct or indirect parent company of
the Operating Partnership (or the payment of dividends or distributions to the REIT or any other direct or indirect parent
company of the Operating Partnership to provide the REIT (or any such parent company) with the cash necessary to make such
payments), provided, that, in the case of each of clause (A) and (B), such payment shall not be for the purpose
of evading any limitation in this Section 4.07 or otherwise to facilitate any dividend or other return of capital to the
holders of such Capital Stock;

 

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(7)   
the acquisition or re-acquisition, whether by forfeiture or in connection with satisfying applicable payroll or withholding
tax obligations, of Equity Interests of the Operating Partnership or the REIT in connection with the administration of their equity
compensation programs in the ordinary course of business;

 

(8)   
the redemption, repurchase or other acquisition or retirement of any Equity Interests of the Operating Partnership or the
REIT or any other direct or indirect parent company of the Operating Partnership from any director, officer, employee or consultant
of the Operating Partnership, the REIT or any other direct or indirect parent company of the Operating Partnership or any Restricted
Subsidiary (or from any transferees, assigns, estates or heirs of such persons) (or the payment of dividends or distributions to
the REIT or any other direct or indirect parent company of the Operating Partnership to provide the REIT (or any such parent company)
with the cash necessary to make such redemptions, repurchases, acquisitions or retirements), in an aggregate amount under this
clause (8) not to exceed $10.0 million in any fiscal year; provided that any amount not so used in any given fiscal
year may be carried forward and used in the next succeeding fiscal year; provided further that such amount in any fiscal
year shall be increased by an amount not to exceed (a) the aggregate net cash proceeds received by the Operating Partnership
or any of its Restricted Subsidiaries (or received by the REIT and contributed to the common equity capital of the Operating Partnership
or received by the REIT and used to purchase Equity Interests in the Operating Partnership) from any issuance during such period
of Equity Interests (other than Disqualified Stock or Designated Preferred Stock) by the Operating Partnership, its Restricted
Subsidiaries or the REIT to such directors, officers, employees or consultants (except to the extent that the purchase or other
acquisition of such Equity Interests by such directors, officers, employees or consultants was financed, directly or indirectly,
by loans or other extensions of credit from the Operating Partnership, any of its Restricted Subsidiaries or the REIT) plus
(b) the aggregate net cash proceeds received by the Operating Partnership or any of its Restricted Subsidiaries
(or received by the REIT and contributed to the common equity capital of the Operating Partnership) from any payments on life insurance
policies of which the Operating Partnership, any of its Restricted Subsidiaries or the REIT is the beneficiary with respect to
such directors, officers, employees or consultants, the proceeds of which are used to repurchase, redeem or acquire Equity Interests
of the Operating Partnership, its Restricted Subsidiaries or the REIT held by such directors, officers, employees or consultants;
provided further any amount referred to in clauses (a) and (b) above not used in such fiscal year may be carried forward
and used in the next succeeding fiscal year;

 

(9)   
the declaration or payment of any cash dividend or other cash distribution in respect of Preferred Stock of the REIT or
any other direct or indirect parent company of the Operating Partnership, the Operating Partnership or any Restricted Subsidiary
(or the payment of dividends or distributions to the REIT (or any other direct or indirect parent company of the Operating Partnership)
to provide the REIT (or any such parent company) with the cash necessary to make such payments or distributions), so long as the
Interest Coverage Ratio contemplated under clause (3) of Section 4.09 hereof would be greater than or equal to 2.0 to
1.0 after giving effect to such payment, and at the time of payment of such dividend or distribution no Default or Event of Default
shall have occurred and be continuing (or would result therefrom);

 

(10) the repayment, defeasance,
redemption, repurchase or other acquisition or retirement of Subordinated Indebtedness or of Disqualified Stock of the Operating
Partnership or any of the Restricted Subsidiaries in exchange for, or out of the proceeds of the substantially concurrent sale
(other than to the Operating Partnership or any Subsidiary of the Operating Partnership or any employee stock ownership plan or
similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or guaranteed
by the REIT, the Operating Partnership or any of its Restricted Subsidiaries unless such loans have been repaid with cash on or
prior to the date of determination) of, Disqualified Stock of the Operating Partnership or any of the Restricted Subsidiaries,
so long as such refinancing Disqualified Stock is permitted to be Incurred pursuant to clause 4(E) of Section 4.09 hereof;

 

(11) the repayment,
defeasance, redemption, repurchase or other acquisition or retirement of Subordinated Indebtedness or Disqualified Stock of
the Operating Partnership or any of the Restricted Subsidiaries (a) at a purchase price not greater than 101% of the
principal amount of such Subordinated Indebtedness or 101% of the stated or liquidation value of such Disqualified Stock
(plus, in each case, accrued and unpaid interest or dividends, as the case may be) pursuant to a required Offer to Purchase
(or similar offer) arising from a Change of Control (or similarly defined term relating to such Subordinated Indebtedness) or
(b) at a purchase price not greater than 100% of the principal amount of such Subordinated Indebtedness or 100% of the
stated or liquidation value of such Disqualified Stock (plus, in each case, accrued and unpaid interest or dividends, as the
case may be) pursuant to a required Offer to Purchase (or similar offer) arising from an Asset Sale (or similarly defined
term relating to such Subordinated Indebtedness or Disqualified Stock), as the case may be; provided that such
repayment, defeasance, repurchase, redemption, acquisition or retirement occurs after the Issuers have made a related Offer
to Purchase under this Indenture and all Notes tendered by Holders in connection with such related Offer to Purchase have
been repurchased, redeemed or acquired for value in accordance with the applicable provisions of this Indenture;

 

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(12) Permitted Tax Payments;

 

(13) the declaration and payment
of dividends or distributions by the Operating Partnership to, or the making of loans to, the REIT or any other direct or indirect
parent company of the Operating Partnership in amounts required for the REIT (or any such parent company) to pay, in each case
without duplication, (a) franchise taxes and other fees, taxes and expenses required to maintain their corporate existence;
(b) customary salary, bonus and other benefits or indemnification obligations payable to directors, officers, employees or
consultants of the REIT (or any such parent company) to the extent such salaries, bonuses and other benefits or indemnification
obligations are attributable to the ownership or operation of the Operating Partnership and the Restricted Subsidiaries, including
the Operating Partnership’s proportionate share of such amounts relating to the REIT (or any such parent company) being a
public company; (c) general corporate operating and overhead costs and expenses of the REIT (or any such parent company) to
the extent such costs and expenses are attributable to the ownership or operation of the Operating Partnership and the Restricted
Subsidiaries, including the Operating Partnership’s proportionate share of such amounts relating to the REIT (or any such
parent company) being a public company; and (d) fees and expenses other than to Affiliates of the Operating Partnership related
to any successful or unsuccessful financing transaction or Equity Offering;

 

(14) the declaration and payments
of dividends on Disqualified Stock; provided that, at the time of payment of such dividend, no Default or Event of Default
shall have occurred and be continuing (or would result therefrom);

 

(15) the declaration and payment
of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Operating
Partnership after the Issue Date; provided that the amount of dividends paid pursuant to this clause (15) shall not
exceed the aggregate amount of cash actually received by the Operating Partnership from the sale of such Designated Preferred Stock;
and further provided that, at the time of payment of such dividend, no Default or Event of Default shall have occurred and
be continuing (or would result therefrom);

 

(16) the repurchase of Equity
Interests of the Operating Partnership or the REIT deemed to occur upon the exercise of warrants, stock options or similar equity
awards issued by the Operating Partnership or any Restricted Subsidiary to the extent that such Equity Interests would have been
issued upon such exercise but instead are withheld to pay all or a portion of the exercise price thereof or any withholding or
similar taxes payable in connection with such exercise;

 

(17) the declaration and payment
of cash dividends and cash distributions on the Class O limited partnership units of the Operating Partnership outstanding
on the Issue Date pursuant to the terms of the Partnership Agreement as in effect on the Issue Date, but only to the extent such
dividends and distributions are made as a result of the allocation of taxable income to the holders of such Class O limited
partnership units; and

 

(18) other Restricted
Payments; provided that no Restricted Payments shall be made pursuant to this clause (18) if, immediately after
giving effect thereto, the sum of (x) the aggregate amount of all Restricted Payments (other than Investments that are
not Permitted Investments) made pursuant to this clause (18) plus (y) the aggregate Fair Market Value of all
Investments that are not Permitted Investments made pursuant to this clause (18) outstanding at such time (with the Fair
Market Value of each such Investment that is not a Permitted Investment measured on the date it was made and without giving
effect to subsequent changes in value), would exceed the greater of (i) $300.0 million and (ii) 5.0% of
Adjusted Total Assets.

 

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Each Restricted Payment permitted pursuant to this Section 4.07(c)
(other than the Restricted Payments referred to in clauses (1) and (8) of this Section 4.07(c)) shall be excluded in
calculating whether the conditions of clause (C) of Section 4.07(a) hereof have been met with respect to any subsequent
Restricted Payments and any net cash proceeds utilized to effect a Restricted Payment pursuant to clause (3) of this Section 4.07(c)
shall also be excluded in making such calculation; and all other Restricted Payments permitted pursuant to this Section 4.07(c)
and Section 4.07(b) shall be included in calculating whether the conditions of clause (C) of Section 4.07(a) hereof
have been met with respect to any subsequent Restricted Payments.

 

(d)   
For purposes of determining compliance with this Section 4.07 and the definition of “Permitted Investment,”
in the event that a Restricted Payment or an Investment meets the criteria of more than one of the exceptions described in clauses (1)
through (18) of Section 4.07(c) or meets the criteria of any of the clauses of the definition of “Permitted Investment”
or is permitted pursuant to Section 4.07(a), the Operating Partnership, in its sole discretion, (i) will classify such Restricted
Payment or Investment on the date of such Restricted Payment or Investment and may later reclassify the Restricted Payment or the
Investment in any manner that complies with this Section 4.07 and the definition of “Permitted Investment” (based on
circumstances existing at the time of reclassification), (ii) may divide and later redivide the amount of a Restricted Payment
or an Investment among more than one of such clauses or Section 4.07(a) and (iii) will only be required to include such Restricted
Payment or Investment in one of such clauses or Section 4.07(a).

 

(e)    
The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment
of the assets or securities proposed to be transferred or issued to or by the Operating Partnership or such Restricted Subsidiary,
as the case may be, pursuant to the Restricted Payment.

 

Section 4.08              
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)    
The Operating Partnership shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause or suffer
to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary
to:

 

(1)   
pay dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary
owned by the Operating Partnership or any of the Restricted Subsidiaries;

 

(2)   
pay any Indebtedness or other obligations owed to the Operating Partnership or any other Restricted Subsidiary;

 

(3)   
make loans or advances to the Operating Partnership or any other Restricted Subsidiary; or

 

(4)   
transfer any of its property or assets to the Operating Partnership or any other Restricted Subsidiary.

 

(b)   
The foregoing provisions of Section 4.08(a) hereof shall not apply to encumbrances or restrictions:

 

(1)   
in this Indenture, the Notes, the Note Guarantees, the Existing Credit Facility and any other agreement in effect on the
Issue Date as the same are in effect on the Issue Date, and any extensions, refinancings, renewals or replacements of such agreements;
provided that the encumbrances and restrictions in any such extensions, refinancings, renewals or replacements are no less
favorable in any material respect, taken as a whole, to the Holders of the Notes than those encumbrances or restrictions that are
being extended, refinanced, renewed or replaced;

 

(2)   
imposed under any applicable documents or instruments pertaining to any current or future Secured Indebtedness permitted
under this Indenture (and relating solely to assets constituting collateral thereunder or cash proceeds from or generated by such
assets);

 

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(3)   
 existing under or by reason of applicable law, rule, regulation or order of any governmental authority or order of any
court;

 

(4)   
on cash, cash equivalents, Temporary Cash Investments or other deposits or net worth imposed under contracts entered into
the ordinary course of business, including such restrictions imposed by customers or insurance, surety or bonding companies;

 

(5)   
with respect to a Foreign Subsidiary, entered into the ordinary course of business or pursuant to the terms of Indebtedness
of a Foreign Subsidiary that was Incurred by such Foreign Subsidiary in compliance with the terms of this Indenture;

 

(6)   
contained in any license, permit or other accreditation with a regulatory authority entered into the ordinary course of
business;

 

(7)   
which prohibit the payment or making of dividends or other distributions other than on a pro rata basis;

 

(8)   
existing with respect to any Person or the property or assets of any Person acquired by the Operating Partnership or any
Restricted Subsidiary, existing at the time of such acquisition and not incurred in contemplation thereof or in connection therewith,
which encumbrances or restrictions are not applicable to any Person or the property or assets of any Person other than the Person
so acquired or the property or assets of the Person so acquired;

 

(9)   
in the case of clause (4) of Section 4.08(a) hereof:

 

(A)  
that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license,
conveyance or contract or similar property or asset;

 

(B)  
existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property
or assets of the Operating Partnership or any Restricted Subsidiary not otherwise prohibited by this Indenture;

 

(C)  
existing under or by reason of Finance Leases or purchase money obligations for property acquired in the ordinary course
of business that impose restrictions on such property; or

 

(D)  
arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually
or in the aggregate, detract from the value of property or assets of the Operating Partnership or any Restricted Subsidiary in
any manner material to the Operating Partnership and the Restricted Subsidiaries taken as a whole;

 

(10) with respect to a Restricted
Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition of all or substantially
all of the Capital Stock of, or property and assets of, such Restricted Subsidiary (including a restriction on distributions by
such Restricted Subsidiary pending its sale or other disposition);

 

(11) contained in the terms
of any Indebtedness or any agreement pursuant to which such Indebtedness was issued if the Operating Partnership determines that
any such encumbrance or restriction shall not materially affect the Operating Partnership’s ability to make principal or
interest payments on the Notes;

 

(12) existing under or by reason
of restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course
of business;

 

(13) customary provisions contained
in joint venture agreements and customary provisions in leases, in each case entered into in the ordinary course of business;

 

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(14) any encumbrance or restriction
existing under or by reason of Indebtedness or other contractual requirements of a Receivables Entity in connection with a Qualified
Receivables Transaction; provided that such restrictions apply only to such Receivables Entity;

 

(15) by reason of customary
nonassignment provisions in leases, licenses and other similar agreements entered into in the ordinary course of business;

 

(16) customary restrictions
in asset or Capital Stock sale agreements or joint venture or other similar agreements limiting transfer of such assets or Capital
Stock pending the closing of such sale or subject to the joint venture;

 

(17) any encumbrance or restriction
with respect to a Restricted Subsidiary which was previously an Unrestricted Subsidiary pursuant to or by reason of an agreement
that such Subsidiary is a party to entered into before the date on which such Subsidiary became a Restricted Subsidiary; provided
that such agreement was not entered into in anticipation of such Subsidiary becoming a Restricted Subsidiary and any such encumbrance
or restriction does not extend to any assets or property of the REIT or any other Restricted Subsidiary;

 

(18) restrictions or conditions
contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement entered into in
the ordinary course of business, provided such agreement restricts the encumbrance of solely the property or assets that
are the subject of such agreement, the payment rights thereunder or the proceeds thereof;

 

(19) contained in any organizational
documents of a REIT Subsidiary that are intended to ensure such REIT Subsidiary’s compliance with requirements for qualification
as a real estate investment trust under the Code; or

 

(20) in connection with and
pursuant to permitted extensions, refinancings, renewals or replacements of restrictions imposed pursuant to clauses (1) through
(19) of this Section 4.08(b); provided that the encumbrances and restrictions in any such extensions, refinancings,
renewals or replacements are no less favorable in any material respect, taken as a whole, to the Holders than those encumbrances
or restrictions that are being extended, refinanced, renewed or replaced.

 

(c)    
Nothing contained in this Section 4.08 shall prevent the Operating Partnership or any Restricted Subsidiary from restricting
the sale or other disposition of property or assets of the Operating Partnership or the Restricted Subsidiaries that secure Indebtedness
of the Operating Partnership or any of the Restricted Subsidiaries. For purposes of determining compliance with this Section 4.08,
(1) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or distributions
being paid on Common Stock shall not be deemed a restriction on the ability to pay dividends or make any other distributions on
Capital Stock, and (2) the subordination of loans or advances made to a Restricted Subsidiary to other Indebtedness Incurred
by such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 

Section 4.09              
Incurrence of Indebtedness.

 

(1)   
The Operating Partnership shall not, and shall not permit any Restricted Subsidiary to, Incur any Indebtedness (including
Acquired Indebtedness) if, immediately after giving effect to the Incurrence of such Indebtedness and the receipt and application
of the proceeds therefrom, the aggregate principal amount of all outstanding Indebtedness of the Operating Partnership and the
Restricted Subsidiaries on a consolidated basis would be greater than 65% of Adjusted Total Assets as of any date of Incurrence.

 

(2)   
The Operating Partnership shall not, and shall not permit any Restricted Subsidiary to, Incur any Subsidiary Indebtedness
or any Secured Indebtedness (in each case, including Acquired Indebtedness) if, immediately after giving effect to the Incurrence
of such Subsidiary Indebtedness or Secured Indebtedness and the receipt and application of the proceeds therefrom, the aggregate
principal amount of all outstanding Subsidiary Indebtedness and Secured Indebtedness of the Operating Partnership and the Restricted
Subsidiaries on a consolidated basis would be greater than 40% of Adjusted Total Assets as of any date of Incurrence.

 

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(3)   
 The Operating Partnership shall not, and shall not permit any Restricted Subsidiary to, Incur any Indebtedness (including
Acquired Indebtedness) if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds
therefrom, the Interest Coverage Ratio of the Operating Partnership and the Restricted Subsidiaries on a consolidated basis would
be less than 2.0 to 1.0.

 

(4)   
Notwithstanding clauses (1), (2) and (3) of this Section 4.09, the Operating Partnership and the Restricted Subsidiaries
may Incur each and all of the following (“Permitted Debt”):

 

(A)  
(i) Indebtedness of the Operating Partnership or any of the Subsidiary Guarantors outstanding under the Credit Facilities
and the issuance or creation of letters of credit and bankers’ acceptances thereunder or in connection therewith (with letters
of credit and bankers acceptances being deemed to have a principal amount equal to the face amount thereof), in an aggregate principal
amount at any one time outstanding not to exceed the greater of (i) $2.5 billion and (ii) an amount equal to 40.0% of Adjusted
Total Assets as of any date of Incurrence;

 

(B)  
Indebtedness owed to:

 

(i)     
the Operating Partnership or a Subsidiary Guarantor evidenced by an unsubordinated promissory note; or

 

(ii)   
any Restricted Subsidiary; provided that if the Operating Partnership, the Co-Issuer or any Subsidiary Guarantor
is an obligor, the Indebtedness is subordinated in right of payment to the Notes, in the case of the Operating Partnership or the
Co-Issuer, or the Note Guarantee, in the case of a Subsidiary Guarantor; provided that any event which results in any such
Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other than to the
Operating Partnership or any other Restricted Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness
not permitted by this clause (B)(ii);

 

(C)  
Indebtedness represented by the Notes and the Note Guarantees issued on the Issue Date;

 

(D)  
Indebtedness outstanding as of the Issue Date (other than Indebtedness outstanding on the Issue Date under the Existing
Credit Facility, which initially shall be deemed to have been Incurred on the Issue Date in reliance on the exception provided
by clause (4)(A) of this Section 4.09);

 

(E)   
Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease,
discharge or refund other outstanding Indebtedness (any such action, to “Refinance”) (other than Indebtedness
Incurred under clauses (A), (B), (F), (H), (J), (K), (L) and (M) of this Section 4.09(4)) and any refinancings thereof,
in an amount not to exceed the amount so Refinanced (plus premiums, accrued interest, fees and expenses); provided that
Indebtedness, the proceeds of which are used to Refinance Subordinated Indebtedness, shall be permitted under this clause (E)
only if:

 

(i)     
such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness
is issued or remains outstanding, is expressly made subordinate in right of payment to the Notes or the applicable Note Guarantee,
as the case may be, at least to the extent that the Indebtedness to be Refinanced is subordinated to the Notes or such Note Guarantee,
as the case may be; and

 

(ii)   
such new Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the earlier
of the Stated Maturity of the Subordinated Indebtedness to be Refinanced or the Stated Maturity of the Notes, and the Average Life
of such new Indebtedness is at least equal to the lesser of the remaining Average Life of the Subordinated Indebtedness to be Refinanced
or the remaining Average Life of the Notes; and

 

provided further that in no event may
Indebtedness of any Issuer or a Subsidiary Guarantor that ranks equally with or subordinate in right of payment to the Notes
or such Subsidiary Guarantor’s Note Guarantee, as applicable, be Refinanced pursuant to this clause (E) by means
of any Indebtedness of any Restricted Subsidiary that is not a Subsidiary Guarantor;

 

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(F)   
Indebtedness:

 

(i)     
constituting reimbursement obligations with respect to letters of credit and Indebtedness, in each case in respect of workers’
compensation claims, unemployment or other insurance or self-insurance obligations, performance or surety bonds or completion guarantees
(not for borrowed money) Incurred in the ordinary course of business by the Operating Partnership and its Restricted Subsidiaries;

 

(ii)   
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished
within 30 days of its Incurrence;

 

(iii) 
in respect of netting services, automated clearinghouse arrangements, overdraft protections, employee credit card programs
and other cash management and similar arrangements Incurred in the ordinary course of business;

 

(iv)  
under Hedging Obligations Incurred in the ordinary course of business; and

 

(v)   
arising from agreements providing for indemnification, adjustment of purchase price, earn-outs, non-compete, deferred taxes
or similar obligations Incurred in connection with the disposition of any business, assets or Restricted Subsidiary, other than
Guarantees of Indebtedness Incurred by any other Person for the purpose of acquiring or financing the acquisition of any such business,
assets or Restricted Subsidiary;

 

(G)  
Attributable Debt, Finance Lease Obligations, synthetic lease obligations, mortgage financings or purchase money obligations
Incurred after the Issue Date in an aggregate principal amount at any one time outstanding, including Indebtedness Incurred to
Refinance Indebtedness Incurred pursuant to this clause (G), not to exceed the greater of (i) $430.0 million and
(ii) an amount equal to 7.5% of Adjusted Total Assets as of any date of Incurrence;

 

(H)  
Indebtedness of any Issuer, to the extent the net proceeds from such Indebtedness are promptly:

 

(i)     
used to purchase Notes tendered in an Offer to Purchase made as a result of a Change of Control Trigger Event;

 

(ii)   
used to redeem all the Notes pursuant to Section 3.07 hereof; and

 

(iii) 
deposited to defease the Notes pursuant to Article 8 hereof or discharge the Notes pursuant to Article 11 hereof;

 

(I)     
Guarantees (other than the Note Guarantees) of Indebtedness of the Issuers or any Restricted Subsidiary by any other Restricted
Subsidiary; provided that such Indebtedness was permitted to be Incurred pursuant to another clause of this Section 4.09;
and provided, further, that, in the case of any such Guarantee by a Subsidiary Guarantor of Indebtedness of any Restricted
Subsidiary that is not a Subsidiary Guarantor, such Guarantee shall be expressly subordinated in right of payment to the obligations
of such Subsidiary Guarantor under its Note Guarantee;

 

(J)    
Indebtedness Incurred by a Receivables Entity in a Qualified Receivables Transaction that is non-recourse to the REIT, the
Issuers or any other Restricted Subsidiary (except for Standard Securitization Undertakings);

 

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(K)  
 Indebtedness of Foreign Subsidiaries in an aggregate principal amount at any one time outstanding not to exceed the greater
of (i) $300.0 million and (ii) an amount equal to 5.0% of Adjusted Total Assets as of any date of Incurrence;

 

(L)   
Indebtedness of the Operating Partnership or any Restricted Subsidiary consisting of financing of insurance premiums incurred
in the ordinary course of business;

 

(M) 
customer deposits and advance payments received from customers in the ordinary course of business;

 

(N)  
the Incurrence of Acquired Indebtedness by the Operating Partnership or any Restricted Subsidiary in connection with the
acquisition of any Person (whether by merger, consolidation, acquisition of Capital Stock or otherwise), Asset Acquisition or other
asset acquisition by the Operating Partnership or any of its Restricted Subsidiaries; provided that any Person that is so
acquired (including pursuant to an Asset Acquisition) is primarily engaged in a Permitted Business and becomes, upon such acquisition,
a Restricted Subsidiary or is merged into the Operating Partnership or a Restricted Subsidiary and any assets so acquired (including
pursuant to an Asset Acquisition) are used or useful in a Permitted Business; and provided, further, that, immediately after
giving effect to such acquisition and the Incurrence of such Acquired Indebtedness, no Default or Event of Default shall have occurred
and be continuing (or would result therefrom) and either (1) the Interest Coverage Ratio would be greater than the Interest
Coverage Ratio immediately prior to such transactions, or (2) the Operating Partnership would be permitted to incur at least
$1.00 of additional Indebtedness pursuant to the Interest Coverage Ratio test set forth in clause (3) above of this Section 4.09;

 

(O)  
Indebtedness with respect to (i) taxes, assessments, governmental charges or levies and (ii) claims for labor,
materials and supplies Incurred in the ordinary course of business by the Operating Partnership or any of its Restricted Subsidiaries;

 

(P)   
Indebtedness of the Operating Partnership or any of its Restricted Subsidiaries consisting of take-or-pay obligations contained
in supply arrangements, in each case Incurred in the ordinary course of business;

 

(Q)  
Indebtedness arising from or in connection with accounts payable for the deferred purchase price of property or services
Incurred in the ordinary course of business, which accounts payable has been outstanding for greater than 90 days past the
invoice billing date and are being contested in good faith by appropriate proceedings and for which adequate reserves shall have
been established in conformity with GAAP;

 

(R)  
Indebtedness representing deferred compensation to employees of the Operating Partnership and its Restricted Subsidiaries
Incurred in the ordinary course of business;

 

(S) Guarantees issued by the
Operating Partnership or any Restricted Subsidiary of any Indebtedness of joint ventures or Unrestricted Subsidiaries in an aggregate
principal amount at any time outstanding, including all Indebtedness Incurred to Refinance Indebtedness Incurred pursuant to this
clause (S), not to exceed the greater of (i) $115.0 million and (ii) an amount equal to 2.0% of Adjusted Total
Assets as of any date of Incurrence, if both before and after giving effect to the incurrence of such Guarantee, no Default or
Event of Default has occurred or is continuing; and

 

(T) additional Indebtedness,
Incurred after the Issue Date, of the Operating Partnership and the Restricted Subsidiaries in an aggregate principal amount at
any one time outstanding, including all Indebtedness Incurred to Refinance Indebtedness Incurred pursuant to this clause (T),
not to exceed the greater of (i) $575.0 million and (ii) an amount equal to 10.0% of Adjusted Total Assets as of
any date of Incurrence.

 

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(5)   
 For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness
where the Indebtedness Incurred is denominated in a different currency, the amount of such Indebtedness shall be the U.S. Dollar
Equivalent determined on the date of the Incurrence of such Indebtedness; provided, however, that if any such Indebtedness
denominated in a different currency is subject to a Currency Agreement with respect to U.S. dollars covering all principal,
premium, if any, and interest payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars shall
be as provided in such Currency Agreement.

 

(6)   
For purposes of determining any particular amount of Indebtedness under this Section 4.09, Guarantees, Liens or obligations
with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall
not be included.

 

(7)   
For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria
of more than one of the types of Indebtedness described in the above clauses of paragraph (4) of this Section 4.09 or is Incurred
in compliance with Sections 4.09(1), 4.09(2) and 4.09(3), as applicable, the Operating Partnership, in its sole discretion, may
classify such item of Indebtedness and only be required to include the amount and type of such Indebtedness in one of such clauses;
provided that the Operating Partnership may divide and classify an item of Indebtedness in one or more of the types of Indebtedness
and may later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.09. Notwithstanding
the foregoing, Indebtedness under the Existing Credit Facility outstanding on the Issue Date shall initially be deemed to have
been Incurred on such date in reliance on the exception provided by clause (4)(A) of this Section 4.09.

 

(8)   
The amount of any Indebtedness of any Person outstanding as of any date shall be:

 

(A)  
the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(B)  
the principal amount of the Indebtedness, in the case of any other Indebtedness;

 

(C)  
in the case where the Indebtedness of a Person arises by reason of such Person having Guaranteed Indebtedness of another
Person and the maximum amount payable under such Guarantee is limited to an amount less than the entire amount of the Indebtedness
so Guaranteed, then the amount of the Indebtedness represented by such Guarantee shall be limited to the maximum amount payable
under such Guarantee; and

 

(D)  
in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(i)    
the Fair Market Value of such assets at the date of determination; and

 

(ii)   
the amount of the Indebtedness of the other Person.

 

Section 4.10              
Asset Sales.

 

(a)    
The Operating Partnership shall not, and shall not permit any Restricted Subsidiary to consummate any Asset Sale, unless:

 

(1)   
the consideration received by the Operating Partnership or such Restricted Subsidiary is at least equal to the Fair Market
Value of the assets sold or disposed of, and

 

(2)   
at least 75% of the consideration received by the Operating Partnership or such Restricted Subsidiary consists of cash or
Temporary Cash Investments or a combination of both; provided that, with respect to the sale of one or more Properties,
up to 75% of the consideration may consist of Indebtedness of the purchaser of such Properties so long as such Indebtedness is
secured by a first priority Lien on the Properties sold; provided further that, for purposes of this clause (2), the
amount of the following shall be deemed to be cash:

 

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(A)  
 any liabilities (as shown on the Operating Partnership’s or the Restricted Subsidiary’s most recent available
internal balance sheet) of the Operating Partnership or any such Restricted Subsidiaries (other than contingent liabilities and
liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any
such assets pursuant to an agreement that releases the Issuers and each Restricted Subsidiary from further liability with respect
to such liabilities that are assumed by contract or operation of law;

 

(B)  
any securities, evidences of Indebtedness or other obligations received by the Operating Partnership or any such Restricted
Subsidiary from such transferee that are converted by the Operating Partnership or such Restricted Subsidiary into cash within
180 days of the consummation of such Asset Sale; and

 

(C)  
any Designated Non-cash Consideration received by the Operating Partnership or such Restricted Subsidiary in such Asset
Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to
this clause (C) that is at that time outstanding, not to exceed the greater of $150.0 million and 2.0% of the Operating
Partnership’s Adjusted Total Assets at the time of the receipt of such Designated Non-cash Consideration, with the Fair Market
Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent
changes in value.

 

Notwithstanding clause (a)(2) of this Section 4.10,
all or a portion of the consideration received by the Operating Partnership or the applicable Restricted Subsidiary from any such
Asset Sale may consist of assets (including, without limitation, all or substantially all of the assets of a Permitted Business
or Capital Stock of a Person primarily engaged in a Permitted Business that becomes a Restricted Subsidiary or is merged into the
Operating Partnership or a Restricted Subsidiary contemporaneously with such Asset Sale); provided that, after giving effect
to any such Asset Sale and related acquisition of assets or Capital Stock, (x) no Default or Event of Default shall have occurred
or be continuing, (y) the Net Cash Proceeds of such Asset Sale, if any, are applied in accordance with this Section 4.10
and (z) at least 75% of the consideration received by the Operating Partnership or such Restricted Subsidiary in such Asset
Sale consists of assets of the kind used or useful in a Permitted Business or Capital Stock of Persons primarily engaged in a Permitted
Business that become Restricted Subsidiaries or are merged into the Operating Partnership or a Restricted Subsidiary contemporaneously
with such Asset Sale, in each case as such Permitted Business was conducted prior to the date of such Asset Sale.

 

(b)   
Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Operating Partnership shall or shall
cause such Net Cash Proceeds (or an amount equal to the amount of such Net Cash Proceeds) to be applied to:

 

(1)   
permanently reduce Secured Indebtedness of the Operating Partnership or any Subsidiary Guarantor or Indebtedness of any
other Restricted Subsidiary that is not a Subsidiary Guarantor, in each case owing to a Person other than the REIT, any Issuer
or any of the Restricted Subsidiaries or any other Affiliate of the Operating Partnership;

 

(2)   
make an Investment in (provided such Investment is in the form of Capital Stock), or acquire all or substantially
all of the assets of, a Person primarily engaged in a Permitted Business if, in the case of an Investment, such Person is, or shall
become as a result thereof, a Restricted Subsidiary;

 

(3)   
prepay, repay, redeem or purchase any Notes or other Pari Passu Indebtedness of the Operating Partnership or of any Subsidiary
Guarantor or any Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor, in each case owing to a Person other
than the REIT, the Operating Partnership or any Subsidiary of the Operating Partnership or any other Affiliate of the Operating
Partnership;

 

(4)   
fund all or a portion of an optional redemption of the Notes pursuant to Section 3.07 hereof or repurchase the Notes
in open market transactions if such repurchase is not otherwise prohibited by this Indenture;

 

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(5)   
 make one or more capital expenditures;

 

(6)   
acquire Replacement Assets to be used or that are useful in a Permitted Business; or

 

(7)   
undertake any combination of the foregoing;

 

provided, that the Operating Partnership shall be deemed
to have complied with the provisions described in clauses (2), (5) and (6) of this Section 4.10(b) if and to the extent
that, within 365 days after the Asset Sale that generated the Net Cash Proceeds, the Operating Partnership or any of the Restricted
Subsidiaries has entered into and not abandoned or rejected a binding agreement to acquire the assets to be used or useful in a
Permitted Business or Capital Stock of a Person primarily engaged in a Permitted Business, make an Investment or a capital expenditure
or acquire Replacement Assets in compliance with the provisions described in clauses (2), (5) and (6) of this Section 4.10(b)
and that acquisition, Investment or capital expenditure is thereafter completed within 365 days after the end of such 365-day
period. Pending the application of any such Net Cash Proceeds as described in this Section 4.10(b), the Operating Partnership
may invest such Net Cash Proceeds in any manner that is not prohibited by this Indenture.

 

(c)    
The amount of such Net Cash Proceeds required to be applied (or to be committed to be applied) during such 365-day period
as set forth in Section 4.10(b) and not applied as so required by the end of such period shall constitute “Excess Proceeds.”
If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds not previously subject to an Offer to Purchase
pursuant to this Section 4.10 totals more than $25.0 million, the Issuers shall commence, not later than the fifteenth
Business Day of such month, and consummate an Offer to Purchase from the Holders of the Notes and all Holders of other Pari Passu
Indebtedness containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with
the proceeds of sales of assets, on a pro rata basis, an aggregate principal amount of Notes and such other Pari Passu Indebtedness
equal to the Excess Proceeds on such date, at a purchase price equal to 100% of the principal amount of the Notes and such other
Pari Passu Indebtedness (or, in the case of such Pari Passu Indebtedness represented by securities sold at a discount, not more
than the accreted value thereof at such time) plus, in each case, accrued and unpaid interest to, but excluding, the Payment Date.

 

(d)   
If the aggregate principal amount (or accreted value, as the case may be) of Notes and other Pari Passu Indebtedness validly
tendered in such Offer to Purchase exceeds the amount of Excess Proceeds, then the Notes and such other Pari Passu Indebtedness
shall be purchased on a pro rata basis based on the principal amount (or accreted value, as the case may be) of the Notes
and such other Pari Passu Indebtedness validly tendered. Upon completion of each Offer to Purchase, any remaining Excess Proceeds
subject to such Offer to Purchase shall no longer be deemed to be Excess Proceeds and may be applied to any other purpose not prohibited
by this Indenture. Nothing in this Section 4.10(d) shall preclude the Issuers from making an Offer to Purchase using Excess
Proceeds even if the amount of Excess Proceeds not previously subject to an Offer to Purchase pursuant to this Section 4.10
totals less than $25.0 million.

 

(e)    
The Issuers shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with
each repurchase of Notes pursuant to an Offer to Purchase under this Section 4.10. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Section 4.10, the Issuers shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached their obligations under this Section 4.10 by virtue
of such compliance.

 

Section 4.11              
Transactions with Affiliates.

 

(a)    
The Operating Partnership shall not, and shall not permit any Restricted Subsidiary to enter into, renew or extend any
transaction (including, without limitations, the purchase, sale, lease, exchange, transfer or other disposition of property or
assets, or the rendering of any service) with any Affiliate of the Operating Partnership or any Restricted Subsidiary, in each
case involving consideration in excess of $25.0 million (in one transaction or a series of related transactions) (each, an
 “Affiliate Transaction”), except upon terms no less favorable to the Operating Partnership or such Restricted
Subsidiary than could be obtained, at the time of such transaction or, if such transaction is pursuant to a written agreement,
at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction with a Person
that is not such an Affiliate.

 

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(b)   
The following items shall not be deemed to be Affiliate Transactions and, therefore, shall not be subject to the provisions
of Section 4.11(a) hereof:

 

(1)   
transactions approved by a majority of the disinterested members of the Board of Directors of the Operating Partnership;

 

(2)   
any transaction solely between or among the REIT, the Operating Partnership and any of its Restricted Subsidiaries or solely
among Restricted Subsidiaries;

 

(3)   
any payments or other transactions pursuant to any tax-sharing or cost sharing agreement between the Operating Partnership,
the REIT, any Restricted Subsidiary or other Person with which the Operating Partnership or the Restricted Subsidiary files a consolidated
tax return or with which the Operating Partnership or the Restricted Subsidiary is part of a consolidated group for tax purposes;

 

(4)   
any Restricted Payments not prohibited by Section 4.07 hereof;

 

(5)   
any Permitted Investments;

 

(6)   
transactions pursuant to the Partnership Agreement, the Tax Protection Agreement or any other agreements or arrangements
in effect on the Issue Date or any amendment, modification, or supplement thereto or replacement thereof, as long as such agreement
or arrangement, as so amended, modified, supplemented or replaced, taken as a whole, is not materially more disadvantageous to
the Operating Partnership and the Restricted Subsidiaries than the original agreement or arrangement in existence on the Issue
Date;

 

(7)   
any employment, consulting, service or termination agreement, or reasonable and customary indemnification arrangements,
entered into by the REIT, the Operating Partnership or any Restricted Subsidiary with directors, officers, employees or consultants
of the REIT, the Operating Partnership or the Restricted Subsidiaries that are Affiliates of the REIT, the Operating Partnership
or the Restricted Subsidiaries and the payment of compensation and the issuance of securities to such directors, officers, employees
or consultants (including amounts paid pursuant to employee benefit plans, employee stock option or similar plans), or loans and
advances to any such director, officer, employee or consultant, so long as such agreements have been approved by the Board of Directors
of the Operating Partnership;

 

(8)   
commission, payroll, travel, moving, entertainment and similar advances or loans to officers and employees of the REIT,
the Operating Partnership or any of the Restricted Subsidiaries (including payment or cancellation thereof) for bona fide
business purposes, made in the ordinary course of business and consistent with past practice;

 

(9)   
sales of Equity Interests (other than Disqualified Stock) of the Operating Partnership to Affiliates;

 

(10)  any transaction with any
Person who is not an Affiliate immediately before the consummation of such transaction that becomes an Affiliate as a result of
such transaction;

 

(11)  any transaction with a
joint venture, partnership, limited liability company or other entity that would constitute an Affiliate Transaction solely because
the Operating Partnership or a Restricted Subsidiary owns an equity interest in such joint venture, partnership, limited liability
company or other entity;

 

(12)  any transaction effected
as part of a Qualified Receivables Transaction;

 

(13)  transactions with
suppliers, joint venture partners, limited liability companies, other entities or purchasers or sellers of goods or services,
in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to
the Operating Partnership and its Restricted Subsidiaries in the reasonable determination of the Board of Directors or the Senior
Management of the Operating Partnership, and are on terms that, taken as a whole, are not materially less favorable to the Operating
Partnership or the relevant Restricted Subsidiary than those that might reasonably have been obtained at such time from a Person
that is not an Affiliate;

 

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(14)  any merger, consolidation
or reorganization of the Operating Partnership or a Restricted Subsidiary (otherwise permitted by this Indenture) with a Restricted
Subsidiary of the Operating Partnership solely for the purpose of changing the domicile of the Operating Partnership or a Restricted
Subsidiary; or

 

(15)  pledges of Equity Interests
of Unrestricted Subsidiaries.

 

Notwithstanding the foregoing, any transaction
or series of related transactions covered by Section 4.11(a) and not covered by clauses (2) through (15) of this Section 4.11(b),
the aggregate amount of which exceeds $50.0 million in value, must be approved in the manner provided for in clause (1)
of this Section 4.11(b).

 

Section 4.12              
Maintenance of Total Unencumbered Assets.

 

The Operating Partnership shall not permit
Total Unencumbered Assets at any time to be less than 150% of the aggregate principal amount of all Unsecured Indebtedness at such
time.

 

Section 4.13              
Sale and Leaseback Transactions.

 

The Operating Partnership shall not, and
shall not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any property or asset
unless:

 

(1)   
the Operating Partnership or the Restricted Subsidiary, as applicable, would be entitled to Incur Indebtedness in an amount
equal to the Attributable Debt with respect to such Sale and Leaseback Transaction pursuant to Section 4.09 hereof, in which
case, such Attributable Debt shall be deemed to have been Incurred pursuant to Section 4.09 hereof; and

 

(2)   
the Operating Partnership or the Restricted Subsidiary, as applicable, applies an amount at least equal to the amount of
the Net Cash Proceeds received in such Sale and Leaseback Transaction in accordance with Section 4.10 hereof.

 

Section 4.14              
Corporate Existence.

 

Subject to Article 5 hereof, each
of the Issuers shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(1)   
its corporate or limited partnership existence, as applicable, and the corporate, limited partnership, limited liability
company or other existence, as applicable, of each of the Restricted Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Issuers or any such Restricted Subsidiary (it being understood
that legal name changes may be made upon the reasonable discretion of the Operating Partnership); and

 

(2)   
the rights (charter and statutory) and licenses of the Issuers and the Restricted Subsidiaries;

 

provided, however, that the Issuers shall not be required
to preserve any such right or license, or the corporate, limited partnership, limited liability company or other existence, as
applicable, of any of the Restricted Subsidiaries, if the loss thereof would not reasonably be expected to be materially adverse
to the Operating Partnership and its Subsidiaries, taken as a whole; and provided, further, that this Section 4.14
shall not prohibit any transaction otherwise permitted by Section 4.10 or Article 5 hereof.

 

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Section 4.15              
Offer to Repurchase Upon Change of Control
Trigger Event.

 

(a)    
The Issuers shall commence, within 30 days following the occurrence of a Change of Control Trigger Event, an Offer
to Purchase for all Notes then outstanding, at a purchase price equal to 101% of the principal amount of the Notes, plus accrued
and unpaid interest to, but excluding, the Payment Date (the “Change of Control Payment”).

 

(b)   
The Issuers shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws or regulations thereunder in connection with the repurchase of Notes as a result of a Change of Control
Trigger Event. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.15,
the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations
under this Section 4.15 by virtue of their compliance with such securities laws or regulations.

 

(c)    
Notwithstanding anything to the contrary in this Section 4.15, the Issuers shall not be required to make an Offer to
Purchase upon a Change of Control Trigger Event if (i) a third party makes the Offer to Purchase in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture applicable to an Offer to Purchase made by the Issuers
and purchases all Notes validly tendered and not withdrawn under such Offer to Purchase, (ii) in connection with or in contemplation
of any Change of Control, the Issuers have made an offer to purchase (an “Alternate Offer”) any and all Notes
validly tendered and not withdrawn at a cash price equal to or higher than the Change of Control Payment and have purchased all
of the Notes validly tendered in accordance with the terms of such Alternate Offer, or (iii) the Issuers have previously or
concurrently mailed a redemption notice with respect to all outstanding Notes pursuant to Section 3.07 hereof and the redemption
to which such redemption notice relates is not subject to the satisfaction of any conditions or, if so subject, all conditions
precedent applicable to such redemption have been satisfied.

 

(d)   
Notwithstanding anything to the contrary contained herein, an Offer to Purchase may be made in advance of a Change of Control
Trigger Event, conditioned upon the consummation of such Change of Control Trigger Event, if a definitive agreement is in place
for the Change of Control at the time such Offer to Purchase is made.

 

Section 4.16              
Limitation on Issuances of Guarantees by Subsidiary Guarantors

 

The Operating Partnership
will not permit any Subsidiary Guarantor to Guarantee, directly or indirectly, any Indebtedness of the REIT, the Operating Partnership,
the Co-Issuer or any Subsidiary Guarantor (the “Subject Indebtedness”), unless:

 

		(1)	if the Subject Indebtedness ranks equally in right of payment with the Notes or a Note Guarantee, then the Guarantee of such
Subject Indebtedness will rank equally with, or subordinate to, the Note Guarantee; or

 

		(2)	if the Subject Indebtedness is subordinate in right of payment to the Notes or a Note Guarantee, then the Guarantee of such
Subject Indebtedness will be subordinated in right of payment to the Note Guarantee at least to the extent that the Subject Indebtedness
is subordinated in right of payment to the Notes or such Note Guarantee.

 

Section 4.17              
Limitation on Issuances of Guarantees by Restricted Subsidiaries and the REIT.

 

(a)    
The Operating Partnership shall not permit any Restricted Subsidiary (other than a Foreign Subsidiary or a Receivables
Entity) that is not a Subsidiary Guarantor to Guarantee, directly or indirectly, or otherwise become an obligor with respect to,
any Indebtedness of the REIT, the Operating Partnership, the Co-Issuer or any Subsidiary Guarantor (“Subsidiary Guaranteed
Indebtedness”), unless (1) such Restricted Subsidiary executes and delivers a supplemental indenture to this Indenture
substantially in the form of Exhibit E hereto providing for a Note Guarantee by such Restricted Subsidiary within ten Business
Days of the date such Restricted Subsidiary Guarantees or otherwise becomes an obligor with respect to such Indebtedness; and
(2) such Restricted Subsidiary waives and shall not in any manner whatsoever claim or take the benefit or advantage of any
rights of reimbursement, indemnity or subrogation or any other rights against the REIT, the Operating Partnership, the Co-Issuer
or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Note Guarantee until the
Notes have been paid in full; provided that this Section 4.17(a) shall not be applicable to any Guarantee of any Restricted
Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not Incurred in connection with, or in
contemplation of, such Person becoming a Restricted Subsidiary. For purposes of clarity, in the event that a Restricted Subsidiary
has outstanding Indebtedness (the “Outstanding Indebtedness”) that is Guaranteed by the REIT or the Operating
Partnership, then, for purposes of this Section 4.17(a), the Outstanding Indebtedness shall not itself be deemed Indebtedness
of the REIT or Operating Partnership, as the case may be (it being understood, however, that the Guarantee of the Outstanding
Indebtedness by the REIT or the Operating Partnership is Indebtedness of the REIT or Operating Partnership, as the case may be).

 

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(b)   
If the REIT Guarantees, directly or indirectly, or otherwise becomes an obligor with respect to, any Indebtedness of the
Operating Partnership, the Co-Issuer or any Subsidiary Guarantor (“REIT Guaranteed Indebtedness” and, together
with Subsidiary Guaranteed Indebtedness, “Guaranteed Indebtedness”), then the REIT shall immediately be and
become, automatically and without the execution or delivery of any supplemental indenture or other instrument or other action by
any Person, a Guarantor of the Notes and shall be subject to and bound by all of the terms and provisions of this Indenture applicable
to a Guarantor (including the Note Guarantees) in addition to its other obligations under this Indenture and, so long as the REIT
is a Guarantor, it agrees that it waives and shall not in any manner whatsoever claim or take the benefit or advantage of any right
of reimbursement, indemnity or subrogation or any other rights against the Operating Partnership, the Co-Issuer or any other Restricted
Subsidiary as a result of any payment by the REIT under its Note Guarantee until the Notes have been paid in full.

 

(c)    
If the Guaranteed Indebtedness:

 

(1)   
ranks equally in right of payment with the Notes or a Note Guarantee, then the Guarantee of such Guaranteed Indebtedness
shall rank equally with, or subordinate to, the Note Guarantee entered into or arising, as the case may be, pursuant to this Section 4.17
in right of payment; or

 

(2)   
is subordinate in right of payment to the Notes or a Note Guarantee, then the Guarantee of such Guaranteed Indebtedness
shall be subordinated in right of payment to the Note Guarantee entered into or arising, as the case may be, pursuant to this Section 4.17
at least to the extent that the Guaranteed Indebtedness is subordinated in right of payment to the Notes or such Note Guarantee.

 

Section 4.18              
Suspension of Covenants.

 

(a)    
For so long as (i) the Notes are rated Investment Grade by at least two of S&P, Moody’s and Fitch (or, if
any of S&P, Moody’s or Fitch have been replaced in accordance with the definition of “Rating Agencies,” by
at least two of the then-applicable Rating Agencies) and (ii) no Default shall have occurred and be continuing under this
Indenture, the Operating Partnership, the REIT, and the Restricted Subsidiaries shall not be subject to Sections 4.07, 4.08,
4.09, 4.10, 4.11, 4.13, 4.16, 4.17 and clause (3) of Section 5.01(a) (collectively, the “Suspended Covenants”).

 

(b)   
During such time as the covenants referenced in Section 4.18(a) above are suspended, (i) the Note Guarantees of
the Guarantors shall also be suspended (the “Suspended Guarantees”) and (ii) the Operating Partnership
shall not be permitted to designate any Restricted Subsidiary as an Unrestricted Subsidiary unless the Operating Partnership would
have been permitted to designate such Subsidiary as an Unrestricted Subsidiary if the Suspended Covenants had been in effect for
such period.

 

(c)    
If at any time the Notes are no longer rated Investment Grade by at least two of S&P, Moody’s and Fitch (or,
if any of S&P, Moody’s or Fitch have been replaced in accordance with the definition of “Rating Agencies,”
by at least two of the then-applicable Rating Agencies), then the Suspended Covenants shall thereafter be reinstated as if such
covenants had never been suspended (the “Reinstatement Date”) and shall be applicable pursuant to the terms
of this Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms
of this Indenture) and, in the event that any Restricted Subsidiaries would be required to Guarantee the Notes at the time of
such reinstatement, the Note Guarantee of such Restricted Subsidiary shall be automatically reinstated on (or, if any such Restricted
Subsidiary was not a Guarantor of the Notes at the time of the suspension, such entity shall enter into a supplemental indenture
pursuant to which it shall become a Guarantor of the Notes under this Indenture within 10 Business Days of) such Reinstatement
Date and, in the event that the REIT would be required to Guarantee the Notes at the time of such reinstatement, the Note Guarantee
of the REIT shall automatically become effective on the Reinstatement Date, unless and until the Notes subsequently attain an
Investment Grade rating from at least two of S&P, Moody’s and Fitch (or, if any of S&P, Moody’s or Fitch have
been replaced in accordance with the definition of “Rating Agencies,” by at least two of the then-applicable Rating
Agencies) and no Default shall have occurred and be continuing (in which event the Suspended Covenants and the Note Guarantees
shall no longer be in effect for such time that the Notes maintain an Investment Grade rating from both Rating Agencies, subject
to subsequent reinstatement thereof (and, in the event that the REIT would be required to Guarantee the Notes at the time of such
reinstatement, subject to the automatic effectiveness of the Note Guarantee of the REIT) under the circumstances described above
in this Section 4.18(c)); provided, however, that no Default, Event of Default or breach of any kind shall
be deemed to exist under this Indenture, the Notes or the Note Guarantees with respect to the Suspended Covenants or the Suspended
Guarantees based on any actions taken or events occurring during the Suspension Period referred to below, or any actions taken
at any time pursuant to any contractual obligation arising prior to the Reinstatement Date, regardless of whether such actions
or events would have been permitted if the applicable Suspended Covenants or the Suspended Guarantees remained in effect during
such period. The period of time from and including the date of suspension of the Suspended Covenants to, but excluding, the Reinstatement
Date or, if there is no Reinstatement Date, through and including the final maturity date of the Notes is referred to as a “Suspension
Period.” For purposes of clarity, it is understood that there may be one or more Suspension Periods and one or more
Reinstatement Dates.

 

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(d)   
On the Reinstatement Date, all Indebtedness incurred during the applicable Suspension Period shall be classified as having
been Incurred in compliance with clauses (1), (2) and (3) of Section 4.09 hereof, or, to the extent such Indebtedness
would not be so permitted to be Incurred in compliance with clauses (1), (2) and (3) of Section 4.09 hereof, such Indebtedness
shall be classified as having been Incurred pursuant to Section 4.09(4)(D) hereof. Calculations made after the applicable
Reinstatement Date of the amount available to be made as Restricted Payments pursuant to Section 4.07 hereof shall be made
as though Section 4.07 had been in effect since the Issue Date and prior to, but not during the applicable Suspension Period.
Accordingly, Restricted Payments made during the Suspension Period shall not reduce the amount available to be made as Restricted
Payments under clause (C) of Section 4.07(a) hereof to the extent set forth in Section 4.07 hereof and the items
specified in subclauses (i)-(iii) of clause (C) of Section 4.07(a) shall not increase the amount available to
be made. For purposes of determining compliance with Section 4.10 hereof, the amount of Excess Proceeds shall be deemed to
be zero as of the Reinstatement Date. For purposes of determining compliance with Section 4.08 hereof, on the Reinstatement
Date, any consensual encumbrances or consensual restrictions of the type specified in clause (1) through (4) of Section 4.08(a)
entered into during the Suspension Period shall be deemed to have been in effect on the Issue Date, such that they are permitted
under Section 4.08(b)(1). For purposes of determining compliance with Section 4.11 hereof, any Affiliate Transaction
entered into after the Reinstatement Date pursuant to a contract, agreement, loan, advance or guaranty with, or for the benefit
of, any Affiliate of the Operating Partnership entered into during the Suspension Period will be deemed to have been in effect
as of the Issue Date pursuant to Section 4.11.

 

Section 4.19              
Activities of Co-Issuer.

 

At all times while the Operating Partnership
is not a corporation, there shall be a Co-Issuer that is a co-obligor of the Notes. The Co-Issuer shall be a corporation and a
Restricted Subsidiary and shall not hold any assets greater than $1,000, become liable for any material obligations or engage in
any significant business activities; provided, that the Co-Issuer may be a co-obligor or guarantor with respect to Indebtedness
if the Operating Partnership is an obligor on such Indebtedness and the net proceeds of such Indebtedness are received by the Operating
Partnership or one or more Restricted Subsidiaries. At any time while the Operating Partnership is a corporation, Co-Issuer may
consolidate or merge with or into the Operating Partnership or any Restricted Subsidiary.

 

Section 4.20              
Limited Condition Transactions.

 

In connection with any Limited Condition
Transaction (including any financing thereof), at the Operating Partnership’s election, (a) compliance with any requirement
relating to the absence of a Default or Event of Default may be determined as of the date a definitive agreement for such Limited
Condition Transaction is entered into (the “effective date”) and not as of any later date as would otherwise
be required under this Indenture, and (b) any calculation contemplated by Section 4.09 or any amount based on any other calculation
or determination under any basket or ratio under this Indenture, may be made as of such effective date, giving pro forma
effect to such Limited Condition Transaction and any related transactions (including any Incurrence of Indebtedness and the use
of proceeds thereof) as if they had occurred at the beginning of the applicable reference period. If the Operating Partnership
makes such an election, any subsequent calculation of any such ratio, basket and/or percentage (unless the definitive agreement
for such Limited Condition Transaction expires or is terminated without its consummation) shall be calculated on an equivalent
pro forma basis. Notwithstanding the foregoing, the Operating Partnership may at any time withdraw any election made hereunder.

 

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Article 5

SUCCESSORS

 

Section 5.01              
Consolidation, Merger and Sale of Assets by any Issuer.

 

(a)    
None of the Issuers shall consolidate or merge with or into, or sell, convey, transfer, lease or otherwise dispose of (collectively,
a “transfer”) all or substantially all of its property and assets (in one transaction or a series of related
transactions) to, any Person or permit any Person to merge with or into any Issuer unless:

 

(1)   
such Issuer is the continuing Person, or the Person (if other than such Issuer) formed by such consolidation or into which
such Issuer is merged or that acquired or leased such property and assets of such Issuer is an entity organized and validly existing
under the laws of the United States of America or any state or jurisdiction thereof and expressly assumes, by a supplemental indenture,
executed and delivered to the Trustee, all of the obligations of such Issuer under the Notes and this Indenture, provided,
however, that the Co-Issuer may not consolidate or merge with or into or dispose of all or substantially all of its property
and assets to any Person other than a corporation satisfying such requirement so long as the Operating Partnership is not a corporation;

 

(2)   
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(3)   
in the case of a transaction involving the Operating Partnership and not Co-Issuer, immediately after giving effect to such
transaction on a Pro Forma Basis, the Operating Partnership, or any Person becoming the successor obligor of the Notes, as
the case may be, (A) could Incur at least $1.00 of Indebtedness in compliance with both clauses (1) and (3) of Section 4.09
hereof or (B) has a Leverage Ratio that is no higher than the Leverage Ratio of the Operating Partnership immediately before
giving effect to the transaction and any related Incurrence of Indebtedness; provided that this clause (3) shall not
apply to (i) a consolidation or merger of one or more Restricted Subsidiaries with or into the Operating Partnership or (ii) any
merger effected solely to change the state of domicile of the Operating Partnership; and

 

(4)   
such Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that
such consolidation, merger or transfer and such supplemental indenture comply with this provision and that all conditions precedent
provided for herein relating to such transaction have been complied with.

 

(b)   
Upon any consolidation or merger of any Issuer or any transfer of all or substantially all of any Issuer’s assets
in accordance with Section 5.01(a) above, the successor Person formed by such consolidation or into which such Issuer is merged
or to which such transfer is made shall succeed to, and be substituted for, such Issuer and may exercise every one of such Issuer’s
rights and powers under this Indenture with the same effect as if such successor Person had been named therein as such Issuer and,
except in the case of the lease or a sale or other transfer of less than all assets, such Issuer shall be released from the obligations
under the Notes and this Indenture.

 

Section 5.02              
Consolidation, Merger and Sale of Assets by a Subsidiary Guarantor

 

(a)    
No Subsidiary Guarantor shall consolidate or merge with or into, or transfer (as such term is defined in Section 5.01(a)
hereof) all or substantially all of its property and assets (in one transaction or a series of related transactions) to, any Person
(other than the Operating Partnership or another Subsidiary Guarantor), unless:

 

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(1)   
 (A) such Subsidiary Guarantor is the continuing Person, or the Person (if other than such Subsidiary Guarantor) formed
by such consolidation or into which such Subsidiary Guarantor is merged or that acquired or leased such property and assets of
such Subsidiary Guarantor is an entity organized and validly existing under the laws of the United States of America or any state
or jurisdiction thereof and expressly assumes, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations
of such Subsidiary Guarantor under its Note Guarantee and under this Indenture and (B) immediately after giving effect to
such transaction, no Default or Event of Default shall have occurred and be continuing; or

 

(2)   
the transaction results in the release of such Subsidiary Guarantor’s Note Guarantee pursuant to clause (1) or (2)
of Section 10.05(a) hereof, is made in compliance with Section 4.10 hereof and otherwise does not violate the provisions
of this Indenture.

 

(b)   
Upon any consolidation or merger of any Subsidiary Guarantor or any transfer of all or substantially all of any Subsidiary
Guarantor’s assets in accordance with Section 5.02(a)(1) above, the successor Person formed by such consolidation or
into which such Subsidiary Guarantor is merged or to which such transfer is made shall succeed to, and be substituted for, such
Subsidiary Guarantor and may exercise every one of such Subsidiary Guarantor’s rights and powers under this Indenture with
the same effect as if such successor Person had been named therein as such Subsidiary Guarantor and, except in the case of the
lease or a sale or other transfer of less than all assets, such Subsidiary Guarantor shall be released from its obligations under
its Note Guarantee, this Indenture. Notwithstanding the foregoing, the Note Guarantee by a Subsidiary Guarantor shall be automatically
released as set forth in Section 10.05(a).

 

Article 6

DEFAULTS AND REMEDIES

 

Section 6.01              
Events of Default.

 

Each of the following is an “Event
of Default”:

 

(1)   
default in the payment of principal of, or premium, if any, on any Note when it is due and payable at maturity, upon acceleration,
redemption or otherwise;

 

(2)   
default in the payment of interest on any Note when it is due and payable, and such default continues for a period of 30 days;

 

(3)   
default in the performance or breach of Section 5.01 hereof or the failure by the Issuers to make or consummate an
Offer to Purchase in accordance with Section 4.10 or Section 4.15 hereof;

 

(4)   
the REIT, any Issuer or any Subsidiary Guarantor defaults in the performance of or breaches any other covenant or agreement
of the REIT, such Issuer or such Subsidiary Guarantor in this Indenture or under the Notes or the Note Guarantees (other than a
default specified in clause (1), (2) or (3) above) and such default or breach continues for a period of 60 consecutive
days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes;

 

(5)   
there occurs with respect to any Indebtedness of the REIT, any Issuer or any Significant Subsidiary having an outstanding
principal amount of $50.0 million or more in the aggregate for all such Indebtedness of all such Persons, whether such Indebtedness
exists on, or is created after, the Issue Date:

 

(A)  
an event of default that has resulted in such Indebtedness being due and payable prior to its Stated Maturity (whether automatically,
by declaration of the holders thereof or otherwise) and such Indebtedness has not been discharged in full or such acceleration
of such Indebtedness has not been rescinded or annulled within 30 days of such acceleration; and/or

 

(B)  
the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall
not have been made, waived or extended within 30 days of such payment default;

 

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(6)   
 any final judgment or order (not covered by insurance) for the payment of money in excess of $50.0 million in the
aggregate for all such final judgments or orders against the REIT, any Issuer or any Significant Subsidiary (treating any deductibles,
self-insurance or retention as not covered by insurance):

 

(A)  
is rendered against the REIT, any Issuer or any Significant Subsidiary and is not paid or discharged; and

 

(B)  
there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate
amount for all such final judgments or orders outstanding and not paid or discharged against the REIT, any Issuer or any Significant
Subsidiary to exceed $50.0 million during which a stay of enforcement of such final judgment or order, by reason of a pending
appeal or otherwise, shall not be in effect;

 

(7)   
a court having jurisdiction enters a decree or order for:

 

(A)  
relief in respect of the REIT, any Issuer or any Significant Subsidiary in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect;

 

(B)  
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the REIT, any Issuer
or any Significant Subsidiary or for all or substantially all of the property and assets of the REIT, any Issuer or any Significant
Subsidiary; or

 

(C)  
the winding up or liquidation of the affairs of the REIT, any Issuer or any Significant Subsidiary and, in each case, such
decree or order remains unstayed and in effect for a period of 60 consecutive days;

 

(8)   
the REIT, any Issuer or any Significant Subsidiary:

 

(A)  
commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or consents to the entry of an order for relief in an involuntary case under such law;

 

(B)  
consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the REIT, any Issuer or any Significant Subsidiary or for all or substantially all of the property and assets
of the REIT, any Issuer or any Significant Subsidiary; or

 

(C)  
effects any general assignment for the benefit of its creditors; or

 

(9)   
any Note Guarantee of a Subsidiary Guarantor that is a Significant Subsidiary ceases, or the Note Guarantees of a group
of Subsidiary Guarantors that taken together would constitute a Significant Subsidiary cease, or the Note Guarantee of the REIT,
if in effect, ceases, to be in full force and effect (other than in accordance with the terms of such Note Guarantee or Note Guarantees,
as the case may be, and this Indenture) or any such Guarantor or group of Subsidiary Guarantors, as the case may be, notifies the
Trustee in writing that it denies or disaffirms its obligations under its Note Guarantee or Note Guarantees, as the case may be.

 

Section 6.02              
Acceleration.

 

If an Event of Default (other than an
Event of Default specified in clauses (7) or (8) of Section 6.01 hereof) shall have occurred and be continuing under
this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written
notice to the Operating Partnership (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the written
request of the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall, declare the principal
of, premium, if any, and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration,
such principal of, premium, if any, and accrued interest shall be immediately due and payable. In the event of a declaration of
acceleration because an Event of Default set forth in clause (5) of Section 6.01 hereof shall have occurred and be continuing,
such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of
Default pursuant to clause (5) of Section 6.01 hereof shall be remedied or cured by the REIT, the relevant Issuer or
the relevant Significant Subsidiary or waived by the Holders of the relevant Indebtedness within 60 days after the declaration
of acceleration with respect thereto.

 

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If an Event of Default specified in clauses (7)
or (8) of Section 6.01 hereof occurs, the principal of, premium, if any, and accrued interest on the Notes then outstanding
shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or
any Holder.

 

The Holders of at least a majority in principal
amount of the outstanding Notes by written notice to the Operating Partnership and to the Trustee, may waive any existing Default
(except a Default in the payment of principal of, premium, if any, on, or interest on, the Notes) and rescind and annul a declaration
of acceleration and its consequences if:

 

(X)       all
existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have
become due solely by such acceleration, have been cured or waived, and

 

(Y)       the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction.

 

Section 6.03              
Other Remedies.

 

If an Event of Default shall have occurred
and be continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium on, if any, or interest
on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

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

 

The Holders of a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes waive
any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the
payment of principal of, premium on, if any, or interest on, the Notes (including in connection with an Offer to Purchase); provided,
however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes 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 at least a majority in aggregate
principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in
good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction and may take any other
action that it deems proper that is not inconsistent with any such direction received from Holders.

 

Section 6.06              
Limitation on Suits.

 

No Holder of a Note may pursue any remedy
with respect to this Indenture or the Notes unless:

 

(1)   
such Holder gives the Trustee written notice of a continuing Event of Default;

 

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(2)   
 Holders of at least 25% in aggregate principal amount of outstanding Notes make a written request to the Trustee to pursue
the remedy;

 

(3)   
such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense;

 

(4)   
the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity;
and

 

(5)   
during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give
the Trustee a direction that is inconsistent with the request.

 

A Holder of a Note may not use this Indenture
to prejudice the rights of another Holder or to obtain a preference or priority over another Holder; provided, that the
Trustee does not have an affirmative duty to ascertain whether or not any action or forbearance on the part of a Holder of a Note
is unduly preferential or prejudicial to any other Holder.

 

Section 6.07              
Rights of Holders of Notes to Receive Payment.

 

Notwithstanding any other provision of
this Indenture, the right of any Holder to receive payment of principal of, premium, if any, or interest on, such Note, on or after
the respective due dates expressed in the Note (including in connection with an Offer to Purchase), or to bring suit for the enforcement
of any such payment on or after the due date expressed in the Notes, shall not be impaired or affected without the consent of such
Holder of a Note.

 

Section 6.08              
Collection Suit by Trustee.

 

If an Event of Default specified in Section 6.01(1)
or (2) hereof shall have occurred and be continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Issuers for the whole amount of principal of, premium, if any, on, and interest remaining
unpaid on, the Notes 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 allowed in any judicial proceedings relative to the Operating Partnership (or any other obligor upon the Notes), 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 Notes 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.

 

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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, expenses and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

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

 

Third: to the Operating
Partnership, or to the extent the Trustee collects any amount for any Guarantor, to such Guarantor, or to such party as a court
of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders of Notes pursuant to this Section 6.10. At least 15 days before such record date, the
Trustee shall mail to each Holder and the Operating Partnership a notice that states the record date, the payment date and the
amount to be paid.

 

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 and expenses, 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 Note pursuant to Section 6.07 hereof, or
a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 

Article 7

TRUSTEE

 

Section 7.01              
Duties of Trustee.

 

(a)    
If an Event of Default shall have occurred and be continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in its exercise thereof, 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 shall 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, as modified or supplemented by a supplemental indenture, if
any, 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, with respect to certificates and opinions specifically required to be delivered by the terms of this Indenture,
the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture
(but will have no duty to confirm or investigate the accuracy of calculations or other facts stated therein).

 

(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:

 

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

 

(2)   
the Trustee shall 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 shall 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.

 

(e)    
No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee
shall be under no obligation to exercise any of its rights or 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 shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Operating Partnership. Money held in trust by the Trustee need not be segregated from other funds except to the extent required
by law.

 

(g)   
The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer has actual
knowledge thereof or has received written notice of such Default or Event of Default at the Corporate Trust Office of the Trustee
and such written notice references the Notes and this Indenture.

 

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 shall 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 of its choosing and the advice of such counsel or any Opinion
of Counsel shall 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 shall not be responsible for the misconduct or negligence of any
agent appointed with due care.

 

(d)   
The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within 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 Operating Partnership
shall be sufficient if signed by an Officer of the Operating Partnership or the REIT.

 

(f)     
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

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

 

(h)   
The Trustee may request that the Operating Partnership deliver a certificate, the form of which is attached as Exhibit F
hereto, setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant
to this Indenture.

 

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

 

(j)     
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, epidemics or pandemics, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions in or, loss of communications services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under
the circumstances.

 

Section 7.03              
Individual Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Operating Partnership or any Affiliate of the
Operating Partnership 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 SEC for permission to continue as Trustee
(if this Indenture has been qualified under the TIA) 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 shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the
Operating Partnership’s use of the proceeds from the Notes or any money paid to the Operating Partnership or upon the Operating
Partnership’s direction under any provision of this Indenture, it shall not be responsible for the use or application of
any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein
or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication.

 

Section 7.05              
Notice of Defaults.

 

If a Default or Event of Default shall
have occurred and be continuing and if a Responsible Officer of the Trustee receives actual notice of such Default or Event of
Default, the Trustee will mail to Holders of Notes 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 on, if any, or interest on, any Note, the
Trustee may withhold the notice if and so long as a Responsible Officer of the Trustee in good faith determines that withholding
the notice is in the interests of the Holders of the Notes.

 

Section 7.06              
Reports by Trustee to Holders of the Notes.

 

(a)    
Within 60 days after each July 15 beginning with July 15, 2018, and for so long as the Notes remain outstanding,
the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA §313(a)
(but if no event described in TIA §313(a) shall have occurred within the 12 months preceding the reporting date, no report
need be transmitted). The Trustee also will comply with TIA §313(b)(2). The Trustee will also transmit by mail all reports
as required by TIA §313(c).

 

(b)   
A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Operating
Partnership and filed by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA
 §313 (d). The Operating Partnership will promptly notify the Trustee in writing when the Notes are listed on any stock exchange
and any delisting thereof.

 

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Section 7.07              
Compensation and Indemnity.

 

(a)    
The Operating Partnership will pay to the Trustee from time to time such compensation as the Operating Partnership and the
Trustee shall from time to time agree in writing 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 Operating Partnership 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 fees and expenses
of the Trustee’s agents and counsel.

 

(b)   
The Operating Partnership and the Guarantors will, jointly and severally, indemnify the Trustee against any and all losses,
liabilities or expenses (including, without limitation, legal fees and 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 Operating Partnership and the Guarantors (including this Section 7.07) and defending itself against any claim
(whether asserted by the Operating Partnership, the Guarantors, 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 willful misconduct. The Trustee will notify the Operating Partnership promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the Operating Partnership will not relieve the Operating
Partnership or any of the Guarantors of their obligations hereunder. The Operating Partnership or such Guarantor will defend the
claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Operating Partnership will pay
the reasonable fees and expenses of such counsel. Neither the Operating Partnership nor any Guarantor need pay for any settlement
made without its consent, which consent will not be unreasonably withheld.

 

(c)    
The obligations of the Operating Partnership and the Guarantors under this Section 7.07 will survive the satisfaction
and discharge of this Indenture and the resignation or removal of the Trustee.

 

(d)   
To secure the Operating Partnership’s and the Guarantors’ payment obligations in this Section 7.07, the
Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust
to pay principal of, premium on, if any, or interest on, particular Notes. 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 clause (7) or (8) of Section 6.01
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 §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 Operating
Partnership. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so
notifying the Trustee and the Operating Partnership in writing. The Operating Partnership 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.

 

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

 

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

 

(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 hereof, 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 Operating Partnership.
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 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 Operating Partnership’s obligations under Section 7.07
hereof will continue for the benefit of the retiring Trustee.

 

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 or banking association,
the successor corporation or banking association 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 $50.0 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 §§310(a)(1), (2) and (5). The Trustee is subject to TIA §310(b).

 

Section 7.11              
Preferential Collection of Claims Against Operating Partnership.

 

The Trustee is subject to TIA §311(a),
excluding any creditor relationship listed in TIA §311(b). A Trustee who has resigned or been removed shall be subject to
TIA §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 Operating Partnership may, at any time,
at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officers’ Certificate, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below
in this Article 8.

 

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Section 8.02              
Legal Defeasance and Discharge.

 

Upon the Operating Partnership’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, each of the Issuers, the REIT and 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 with respect to all outstanding Notes (including the Note Guarantees) and this Indenture on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance
means that the Issuers and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the
outstanding Notes (including the Note 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 the Issuers, the REIT and the Guarantors will be deemed to have satisfied all their other obligations under such Notes, the
Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Operating Partnership, shall execute
proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or
discharged hereunder:

 

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

 

(2)   
the Issuers’ obligations with respect to such Notes under Article 2 hereof concerning issuing temporary Notes
and the registration of Notes, mutilated, destroyed, lost or stolen Notes and Section 4.02 hereof, and the obligations of
the REIT and the Issuers to provide the information required by Rule 144A(d)(4) under the Securities Act pursuant to Section 4.03
hereof;

 

(3)   
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ and the Subsidiary Guarantors’
obligations in connection therewith; and

 

(4)   
the provisions of this Article 8 (other than Section 8.03).

 

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

 

Section 8.03              
Covenant Defeasance.

 

Upon the Operating Partnership’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, each of the Issuers, the REIT 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 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17
and 4.19 hereof and clauses (3) and (4) of Section 5.01(a) hereof with respect to the outstanding Notes on and after
the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Issuers, the REIT
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 shall
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 Notes and Note Guarantees be unaffected thereby. In addition, upon the Operating Partnership’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, (x) clauses (3), (4) (only with respect to covenants that are released as
a result of such Covenant Defeasance), (5), (6), (7) (only with respect to Significant Subsidiaries), (8) (only with
respect to Significant Subsidiaries) and (9) of Section 6.01 hereof shall not constitute Events of Default and (y) the
Guarantors shall be automatically released from all of their obligations under their Note Guarantees and this Indenture and such
Note Guarantees will be automatically released, terminated and discharged.

 

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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 Operating Partnership must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes,
cash in U.S. dollars, non-callable government securities, or a combination thereof, in amounts as will be sufficient, in the
written opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, and without
consideration of any reinvestment thereof, to pay the principal of, premium on, if any, and interest on, the outstanding Notes
on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Operating Partnership
must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date;

 

(2)   
in the case of Legal Defeasance, the Operating Partnership must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that (a) the Operating Partnership has received from, or there has been published by,
the Internal Revenue Service a ruling or (b) since the Issue Date, 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 will confirm that, the Holders of the outstanding
Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Legal Defeasance had not occurred;

 

(3)   
in the case of Covenant Defeasance, the Operating Partnership must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(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 (and any similar concurrent deposit relating
to other Indebtedness), and the granting of Liens to secure such borrowings);

 

(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 and the agreements governing any other Indebtedness being defeased,
discharged or replaced) to which the REIT, the Issuers or any of the Guarantors is a party or by which the REIT, the Issuers or
any of the Guarantors is bound; and

 

(6)   
the Operating Partnership must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

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 non-callable government securities (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 Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes
and this Indenture, to the payment, either directly or through any Paying Agent (including the Operating Partnership acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required
by law.

 

The Operating Partnership will pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable government securities
deposited pursuant to Section 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 Notes.

 

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Notwithstanding anything in this Article 8
to the contrary, the Trustee will deliver or pay to the Operating Partnership from time to time upon the request of the Operating
Partnership any money or non-callable government securities 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, 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 Operating Partnership.

 

Any money deposited with the Trustee or
any Paying Agent, or then held by the Operating Partnership, in trust for the payment of the principal of, premium on, if any,
or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due
and payable shall be paid to the Operating Partnership on its request or (if then held by the Operating Partnership) will be discharged
from such trust; and the Holder of such Note will thereafter be permitted to look only to the Operating Partnership for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Operating
Partnership as trustee thereof, will thereupon cease.

 

Section 8.07              
Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any U.S. dollars or non-callable government securities 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 Issuers’ and the Guarantors’ obligations under this Indenture and the Notes and the Note
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 Operating Partnership makes any payment of principal of, premium on,
if any, or interest on, any Note following the reinstatement of its obligations, the Operating Partnership will be subrogated to
the rights of the Holders of such Notes 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 Notes.

 

Notwithstanding Section 9.02 of this
Indenture, without notice to or the consent of any Holder of Notes, the REIT, the Issuers, the Guarantors and the Trustee may amend
or supplement this Indenture, the Notes or the Note Guarantees:

 

(1)   
to cure any ambiguity, defect, omission or inconsistency in this Indenture or the Notes or Note Guarantees;

 

(2)   
to provide for the assumption of the REIT’s obligations to Holders of the Notes and the Note Guarantees by its successor,
or to provide for the assumption of any Issuer’s or any Subsidiary Guarantor’s obligations to Holders of the Notes
and the Note Guarantees in the case of a merger or consolidation or sale of all or substantially all of any Issuer’s or such
Subsidiary Guarantor’s assets in compliance with Article 5 hereof;

 

(3)   
to evidence and provide for the acceptance of an appointment by a successor Trustee;

 

(4)   
to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence the release, termination or discharge
of any Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by this Indenture;

 

(5)   
to add to the covenants of the REIT, any Issuer or any Guarantor for the benefit of the Holders of the Notes or to surrender
any right or power conferred upon the REIT, any Issuer or any Guarantor;

 

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(6)   
 to provide for the issuance of Additional Notes and related Note Guarantees in accordance with the terms of this Indenture;

 

(7)   
to conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of the
Notes” section of the Offering Memorandum to the extent that such provision in the “Description of the Notes”
section of the Offering Memorandum was intended to be a substantially verbatim recitation of a provision of this Indenture, the
Notes or the Note Guarantees, as set forth in an Officers’ Certificate of the Operating Partnership;

 

(8)   
to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely
affect the legal rights under this Indenture of any Holder in any material respect;

 

(9)   
to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes; provided,
however, that (a) compliance with this Indenture as so amended would not result in Notes being transferred in violation
of the Securities Act, or any other applicable securities law and (b) such amendment does not materially and adversely affect
the rights of Holders to transfer Notes;

 

(10) to provide for uncertificated
Notes in addition to or in place of certificated Notes; provided that the uncertificated Notes are issued in registered
form for purposes of Section 163(f) of the Code;

 

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

 

(12) to provide for a reduction
in the minimum denominations of the Notes; or

 

(13) to comply with the rules
of any applicable securities depositary.

 

Upon the request of the Operating Partnership
and upon receipt by the Trustee of the documents described in Sections 7.02 and 9.05 hereof, the Trustee will join with the
REIT, the Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms
of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee
will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under
this Indenture or otherwise.

 

Section 9.02              
With Consent of Holders of Notes.

 

Except as provided below in this Section 9.02,
the REIT, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture (including, without limitation, Section 4.10
and Section 4.15 hereof), the Notes and the Note Guarantees with the consent of the Holders of not less than a majority in
aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a
single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any past Default or compliance with any provision of this Indenture,
the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).

 

Upon the request of the Operating Partnership
accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing
with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt
by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the REIT, the Issuers and the
Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects
the Trustee’s own rights, duties 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.

 

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It is not necessary for the consent of
the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement 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 Operating Partnership will mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Operating Partnership 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. However, without the consent of each Holder affected, no modification, waiver or amendment under this Section 9.02
may:

 

(1)   
change the Stated Maturity of the principal of, or any installment of interest on, any Note;

 

(2)   
reduce the principal amount of, or premium, if any, or interest on, any Note;

 

(3)   
change the place or currency of payment of principal of, or premium, if any, or interest on, any Note;

 

(4)   
change the date on which any Notes are subject to redemption or the price to be paid with respect to the redemption of the
Notes as set forth in Section 3.07 hereof;

 

(5)   
impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of
a redemption, on or after the redemption date or, in the case of an Offer to Purchase, on or after the specified purchase date)
of any Note;

 

(6)   
make any change in the amendment or waiver provisions of this Indenture which require each Holder’s consent, or reduce
the percentage of the outstanding principal amount of Notes the consent of whose Holders is necessary to modify or amend this Indenture;

 

(7)   
waive a default in the payment of principal of, premium, if any, or interest on the Notes;

 

(8)   
release a Guarantor of the Notes other than in accordance with this Indenture;

 

(9)   
after the time an Offer to Purchase is required to be made pursuant to Section 4.10 or Section 4.15 hereof, reduce
the purchase price payable or the amount of Notes required to be purchased by the Issuers or extend the latest expiration date
or purchase date thereunder; or

 

(10) reduce the percentage or
aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for waiver of compliance with certain
provisions of this Indenture or for waiver of certain defaults.

 

Section 9.03              
Revocation and Effect of Consents.

 

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

 

Section 9.04              
Notation on or Exchange of Notes.

 

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

 

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

 

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Section 9.05              
Trustee to Sign Amendments, etc.

 

The Trustee will sign any amended or supplemental
indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. The Operating Partnership may not sign an amended or supplemental indenture until the
Board of Directors of the Operating Partnership approves it. Evidence of such approval shall be delivered to the Trustee with an
Officers’ Certificate. In executing any amended or supplemental indenture, the Trustee will receive and (subject to Section 7.01
hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.03 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 and that such amended or supplemental indenture is the valid and binding obligation of the Issuers, enforceable
against them in accordance with its terms.

 

Article 10

NOTE GUARANTEES

 

Section 10.01           
Guarantee.

 

(a)    
Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of
the validity and enforceability of this Indenture or the Notes as against either of the Issuers or the obligations of the Issuers
hereunder or thereunder, that:

 

(1)   
the principal of, premium, if any, on, and interest on, the Notes shall be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest on, the Notes,
if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder shall be promptly paid
in full or performed, all in accordance with the terms hereof and thereof; and

 

(2)   
in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise.

 

Failing payment when due of any amount
so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay
the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)   
The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture as against either of the Issuers, the absence of any action to enforce the same,
any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with
a court in the event of insolvency or bankruptcy of either of the Issuers, any right to require a proceeding first against the
Issuers, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture.

 

(c)     If
any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by
either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.

  

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(d)   
Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of
any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that,
as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in
the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether
or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. Each Guarantor
that makes a payment under its Note Guarantee will be entitled upon payment in full of all guaranteed obligations under this Indenture
to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment
based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP.

 

Section 10.02           
Limitation on Guarantor Liability.

 

Each Guarantor, and by its acceptance of
Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be
limited to the maximum amount that will, after giving effect to such maximum amount that after giving effect to all other contingent
and fixed liabilities of such Guarantor (including, without limitation, any Guarantees under Credit Facilities) and after giving
effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, would not render such Guarantor’s
obligations subject to avoidance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any
comparable provision of state law.

 

Section 10.03           
Execution and Delivery of Note Guarantee; Notation of Guarantee Not Required.

 

If an Officer of a Guarantor whose signature
is on this Indenture (including any supplemental indenture pursuant to which such entity became a Guarantor) no longer holds that
office at the time the Trustee authenticates any Note, the Note Guarantee of such Guarantor will, nevertheless, be valid.

 

The delivery of any Note by the Trustee,
after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

No Guarantor shall be required to make
a notation on the Notes to reflect any Note Guarantee or any release, termination, suspension or discharge thereof.

 

The Operating Partnership shall cause each
Restricted Subsidiary which is required to become a Subsidiary Guarantor pursuant to Section 4.17 hereof to comply with the
provisions of Section 4.17 and this Article 10, subject to release of such Subsidiary Guarantor and to suspension of
its Guarantee as provided in Section 4.18 and Section 10.05.

 

Section 10.04           
[Reserved].

 

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Section 10.05           
Releases.

 

(a)    
The Note Guarantee of a Subsidiary Guarantor shall automatically and unconditionally terminate and be released upon:

 

(1)   
 a sale or other disposition (including by way of consolidation or merger) of the Capital Stock of the Subsidiary Guarantor
such that the Subsidiary Guarantor is no longer a Restricted Subsidiary, in a transaction that does not violate the provisions
of this Indenture, including to the extent applicable, Section 4.10 and Section 5.02 hereof;

 

(2)   
a sale or other disposition (including by way of consolidation or merger) of all or substantially all of the properties
or assets of the Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) the REIT,
the Operating Partnership or a Restricted Subsidiary in a transaction that does not violate the provisions of this Indenture, including,
to the extent applicable, Section 4.10 and Section 5.02 hereof;

 

(3)   
the designation in accordance with this Indenture of the Subsidiary Guarantor as an Unrestricted Subsidiary;

 

(4)   
such Subsidiary Guarantor no longer Guaranteeing or otherwise being an obligor with respect to any other Indebtedness of
the Operating Partnership, the Co-Issuer, the REIT or any other Subsidiary Guarantor; provided that the foregoing provisions
of this clause (4) and any release of such Subsidiary Guarantor’s Note Guarantee pursuant to this clause (4) shall
not limit the obligation of such Subsidiary Guarantor to Guarantee (or of the Operating Partnership to cause such Subsidiary Guarantor
to Guarantee) the Notes at any time thereafter pursuant to Section 4.17 hereof; or

 

(5)   
Legal Defeasance or Covenant Defeasance of the Notes, in accordance with Article 8 hereof, or discharge of the Notes
in accordance with Article 11 hereof.

 

(b)   
If the REIT enters into a Note Guarantee, its Note Guarantee shall automatically and unconditionally terminate and be released
upon:

 

(1)   
the REIT no longer Guaranteeing or otherwise being an obligor with respect to any other Indebtedness of the Operating Partnership,
the Co-Issuer or any Subsidiary Guarantor, provided that the foregoing provisions of this clause (1) and any release
of the REIT’s Note Guarantee pursuant to this clause (1) shall not limit the obligation of the REIT to Guarantee the
Notes at any time thereafter pursuant to Section 4.17 hereof; or

 

(2)   
Legal Defeasance or Covenant Defeasance of the Notes, in accordance with Article 8 hereof, or discharge of the Notes
in accordance with Article 11 hereof.

 

(c)    
All of the Note Guarantees shall be automatically and unconditionally released under the circumstances set forth in Section 4.18,
subject to reinstatement of the Note Guarantees under the circumstances set forth in Section 4.18.

 

Article 11

SATISFACTION AND DISCHARGE

 

Section 11.01           
Satisfaction and Discharge.

 

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

 

(1)   
either:

 

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

 

(B)   all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a
notice of redemption or otherwise or will become due and payable within one year and the Issuers 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 government securities, or a combination thereof, in an amount as will be
sufficient, without consideration of any reinvestment thereof, to pay and discharge the entire Indebtedness on the Notes not
delivered to the Trustee for cancellation for principal of, premium on, if any, and interest on, the Notes to the date of
maturity or redemption; provided that in the case of any deposit involving non-callable government securities, the
sufficiency of such amount shall be confirmed by an opinion of a nationally recognized investment bank, appraisal firm or
firm of independent public accountants;

 

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(2)   
in respect of subclause (1)(B) of this Section 11.01, no Default or Event of Default shall have occurred and be
continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied
to such deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of Liens to secure such
borrowings);

 

(3)   
the REIT, the Issuers and the Subsidiary Guarantors have paid or caused to be paid all sums payable by them under this Indenture;
and

 

(4)   
the Issuers have delivered irrevocable written instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Operating Partnership
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 (1)(B) of this Section 11.01, the
provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 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 11.02           
Application of Trust Money.

 

Subject to the provisions of Section 8.06
hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including
the Operating Partnership acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal of, premium on, if any, and interest on, the Notes if any, 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 government securities in accordance with Section 11.01 hereof 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 Issuers’ and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Operating Partnership has made
any payment of principal of, premium on, if any, or interest on, any Notes because of the reinstatement of its obligations, the
Operating Partnership shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or
government securities held by the Trustee or Paying Agent.

 

Article 12

MISCELLANEOUS

 

Section 12.01           
Notices.

 

Any notice or communication by the Issuers,
any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by first class mail (registered
or certified, return receipt requested), facsimile, electronic transmission or overnight air courier guaranteeing next day delivery,
to the others’ address:

 

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If to the Issuers and/or any Guarantor:

 

QTS Realty Trust, Inc.

12851 Foster Street

Overland Park, Kansas 66213

 

Facsimile No.: (913) 312-5519

Attention: Chief Financial Officer

 

With a copy to:

Hogan Lovells US LLP

555 13th Street, NW

Washington, DC 20004

 

Facsimile No.: (202) 657-5910

Attention: Eve N. Howard

 

For Deutsche Bank Trust Company Americas as Trustee,
Registrar and Paying Agent:

 

Deutsche Bank Trust Company Americas

Trust & Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2405

New York, New York 10005

Attn: Corporates Team Deal Manager – QTS Deal
ID SF2356

Fax: 732-578-4635

 

The Issuers, 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 transmitted by facsimile; 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 Registrar. 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. When the Notes are in global form, all notices
to Holders will be sent pursuant to Applicable Procedures, and when done so, such notices will be deemed to have been delivered
for purposes of this Indenture.

 

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

 

Section 12.02           
Communication by Holders of Notes with Other Holders of Notes.

 

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

 

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Section 12.03           
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the
Operating Partnership to the Trustee to take any action under this Indenture, the Operating Partnership 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 12.04 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 12.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have
been satisfied, provided, however, that no Opinion of Counsel shall be required to be furnished in connection with the authentication
of the Initial Notes.

 

Section 12.04           
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 §314(a)(4))
must comply with the provisions of TIA §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 complied with; and

 

(4)   
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with; provided,
that an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters
of fact, unless counsel rendering such Opinion of Counsel knows, or in the exercise of reasonable care should know, that the certificate
with respect to such matters is erroneous.

 

Section 12.05           
Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for
its functions; provided that no such rule shall conflict with the terms of this Indenture or the TIA.

 

Section 12.06           
No Personal Liability of Directors, Officers, Employees and Stockholders.

 

No recourse for the payment of the principal
of, premium, if any, or interest on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse
under or upon any obligation, covenant or agreement of the REIT, any Issuer or any of the Subsidiary Guarantors in this Indenture,
or in any of the Notes or because of the creation of any Indebtedness represented thereby, shall be had against any past, present
or future incorporator, general partner (including the REIT), limited partner, stockholder, member, officer, director, employee
or controlling person in their capacity as such of the REIT, any Issuer, the Subsidiary Guarantors or of any successor Person thereof.
Each Holder of Notes, by accepting a Note, waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

 

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Section 12.07           
Governing Law, Consent to Jurisdiction.

 

THE INTERNAL LAW OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE 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.

 

To the fullest extent permitted by applicable
law, each of the Issuers and the Guarantors hereby irrevocably submit to the jurisdiction of any Federal or State court located
in the Borough of Manhattan in The City of New York, New York in any suit, action or proceeding based on or arising out of or relating
to this Indenture or any Notes and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in
any such court. Each of the Issuers and the Guarantors irrevocably waive, to the fullest extent permitted by law, any objection
which they may have to the laying of the venue of any such suit, action or proceeding brought in an inconvenient forum. Each of
the Issuers and the Guarantors hereby agree that final judgment in any such suit, action or proceeding brought in such a court
shall be conclusive and binding upon each of the Issuers and the Guarantors, and may be enforced in any courts to the jurisdiction
of which the Issuers and the Guarantors are subject by a suit upon such judgment, provided, that service of process is effected
upon the Issuers and the Guarantors in a manner specified herein or as otherwise permitted by law.

 

Section 12.08           
No Adverse Interpretation of Other Agreements.

 

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

 

Section 12.09           
Successors.

 

All agreements of the Issuers and the REIT
in this Indenture and the Notes will bind their 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 Section 10.05
hereof.

 

Section 12.10           
Severability.

 

In case any provision in this Indenture
or in the Notes 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 12.11           
Counterpart Originals.

 

The parties may sign any number of
copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The
exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Indenture as to all of the parties hereto and may be used in lieu of the original Indenture
and signature pages for all purposes hereunder. Facsimile, documents executed, scanned and transmitted electronically and
electronic signatures, including those created or transmitted through a software platform or application, shall be deemed
original signatures for purposes of this Indenture and all other related documents and all matters and agreements related
thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. 
The parties agree that this Indenture or any other related document or any instrument, agreement or document necessary for
the consummation of the transactions contemplated by this Indenture or the other related documents or related hereto or
thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect to the
delivery of securities or the wire transfer of funds or other communications) (“Executed
Documentation”) may be accepted, executed or agreed to through the use of an electronic signature in accordance
with applicable laws, rules and regulations in effect from time to time applicable to the effectiveness and enforceability of
electronic signatures.  Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules
and regulations will be binding on all parties hereto to the same extent as if it were physically executed and each party
hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a
signatory hereto or thereto.  When the Trustee acts on any Executed Documentation sent by electronic transmission, the
Trustee will not be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance
upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not be an
authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due
to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a written instruction or communication
provided to and received by the Trustee subsequent to the Trustee so acting; it being understood and agreed that the Trustee
shall conclusively presume that Executed Documentation that purports to have been sent by an authorized officer of a Person
has been sent by an authorized officer of such Person.  The party providing Executed Documentation through electronic
transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods,
including, without limitation, the risk of the Trustee acting on unauthorized instructions and the risk of interception and
misuse by third parties.

 

    89

     

    

 

Section 12.12           
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.

 

Section 12.13           
USA Patriot Act

 

In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation,
those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the
United States (“Applicable Law”), the Trustee is required to obtain, verify, record and update certain information
relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly, each of the parties
agree to provide to the Trustee, upon their request from time to time such identifying information and documentation as may be
available for such party in order to enable the Trustee to comply with Applicable Law.

 

Section 12.14           
Waiver of Jury Trial

 

EACH OF THE ISSUERS, THE REIT, THE GUARANTORS
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

[Signatures on following page]

 

    90

     

    

 

SIGNATURES

 

Dated as of October 7, 2020

 

	 	QUALITYTECH,
    LP, as Issuer
	 	 
	 	By: 	QTS Realty Trust, Inc., a Maryland corporation, its
	 	 	general partner
	 	 
	 	By:     	/s/ Shirley E. Goza
	 	 	Name: Shirley E. Goza
	 	 	Title: General Counsel, Vice President and Secretary
	 	 
	 	QTS
    FINANCE CORPORATION, as Issuer
	 	 
	 	By:	/s/ Shirley E. Goza
	 	 	Name: Shirley E. Goza
	 	 	Title: General Counsel, Vice President and Secretary
	 	 
	 	QTS
    REALTY TRUST, INC.
	 	 
	 	By:	/s/ Shirley E. Goza
	 	 	Name: Shirley E. Goza
	 	 	Title: General Counsel, Vice President and Secretary
	 	 
	 	The
    Following Party as Trustee:
	 	 
	 	DEUTSCHE
    BANK TRUST COMPANY AMERICAS, as
	 	 	Trustee, Registrar and Paying Agent
	 	 
	 	By:	/s/ Bridgette Casanovas
	 	 	Name: Bridgette Casanovas
	 	 	Title: Vice President
	 	 
	 	By:	/s/ Robert Peschler
	 	 	Name: Robert Peschler
	 	 	Title: Vice President

 

     

     

    

 

	 	THE
    FOLLOWING PARTIES AS SUBSIDIARY GUARANTORS:
	 	 
	 	2470
    SATELLITE BOULEVARD, LLC
	 	ASHBURN
    ACQUISITION CO, LLC
	 	QTS
    INVESTMENT PROPERTIES ASHBURN, LLC
	 	CARPATHIA
    ACQUISITION, LLC
	 	CARPATHIA
    HOSTING, LLC,
	 	NATIONAL
    ACQUISITION COMPANY, LLC
	 	QTS
    INVESTMENT PROPERTIES HILLSBORO, LLC
	 	SERVERVAULT,
    LLC
	 	QTS
    METRO II, LLC
	 	QTS
    CRITICAL FACILITIES MANAGEMENT, LLC
	 	QTS
    INVESTMENT PROPERTIES ASHBURN II, LLC
	 	QTS
    Investment Properties Carpathia, LLC
	 	QTS
    Investment Properties Chicago, LLC
	 	QTS
    Investment Properties Phoenix, LLC
	 	QTS
    Investment Properties Piscataway, LLC
	 	QTS
    Investment Properties Princeton, LLC
	 	QTS
    Investment Properties Fort Worth, LLC
	 	Quality
    Investment Properties Gateway, LLC
	 	Quality
    Investment Properties Irving, LLC
	 	Quality
    Investment Properties Irving II, LLC
	 	Quality
    Investment Properties Lenexa, LLC
	 	Quality
    Investment Properties Metro, LLC
	 	Quality
    Investment Properties Miami, LLC
	 	Quality
    Investment Properties Richmond, LLC
	 	Quality
    Investment Properties Sacramento, LLC
	 	Quality
    Investment Properties Santa Clara, LLC
	 	Quality
    Investment Properties, Suwanee, LLC
	 	Quality
    Technology Services Holding, LLC
	 	Quality
    Technology Services Ashburn II, LLC
	 	Quality
    Technology Services Chicago II, LLC
	 	Quality
    Technology Services Fort Worth II, LLC
	 	Quality
    Technology Services Irving II, LLC
	 	Quality
    Technology Services Lenexa II, LLC
	 	Quality
    Technology Services Lenexa, LLC
	 	Quality
    Technology Services Metro II, LLC
	 	Quality
    Technology Services Miami II, LLC
	 	Quality
    Technology Services, N.J. II, LLC
	 	Quality
    Technology Services, N.J., LLC
	 	Quality
    Technology Services Jersey City, LLC
	 	Quality
    Technology Services Northeast, LLC
	 	Quality
    Technology Services Phoenix II, LLC
	 	Quality
    Technology Services Piscataway II, LLC
	 	Quality
    Technology Services Princeton II, LLC
	 	Quality
    Technology Services Richmond II, LLC
	 	Quality
    Technology Services Sacramento II, LLC
	 	Quality
    Technology Services Santa Clara II, LLC
	 	Quality
    Technology Services, Suwanee II, LLC
	 	Quality
    Technology Services, LLC
	 	Whale
    Ventures, LLC
	 	West
    Midtown Acquistion Company, LLC
	 	QTS
    Investment Properties Manassas II, LLC
	 	Quality
    Technology Services - Manassas Facilities Management, LLC
	 	QTS
    Federal, LLC
	 	Quality
    Technology Services Federal Holding, LLC
	 	QTS
    SAN ANTONIO, LLC
	 	swo
    lOGISTICS, LLC
	 	ENH
    INVESTMENTS, LLC
	 	 
	 	By:    	/s/ Shirley E. Goza
	 	 	Name: Shirley E. Goza
	 	 	Title: General Counsel, Vice President and Secretary

 

     

     

    

 

	 	QUALITY
    TECHNOLOGY SERVICES B.V.
	 	 
	 	By:    	/s/ David S. Robey
	 	 	Name: David S. Robey
	 	 	Title: Director

 

     

     

    

 

EXHIBIT A

 

[Face of Note]

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Private Placement Legend,
if applicable pursuant to the provisions of the Indenture]

 

CUSIP1/ISIN2
___________

 

3.875% Senior Notes due 2028

 

 

	No.
____	$_________*

 

QUALITYTECH, L.P.

QTS FINANCE CORPORATION

 

promises to pay to Cede & Co. or its registered assigns,

 

the principal sum of __________________________ DOLLARS [(as
such sum may be increased or decreased as set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto)]3
on October 1, 2028.

 

Interest Payment Dates: April 1 and October 1

 

Record Dates: March 15 and September 15

 

Dated: ______________

 

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

 

 

1 Rule 144A Note CUSIP: 74759B AF0

Regulation S Note CUSIP: U5730P AC1

IAI Note CUSIP: 74759B AG8

2 Rule 144A Note ISIN: US74759BAF04

Regulation S Note ISIN: USU5730PAC15

IAI Note ISIN: US74759BAG86

3 Use this only if the Note is a Global Note.

 

    A-1

     

    

 

	 	QUALITYTECH,
    L.P.
	 	 
	 	By:
    QTS Realty Trust, Inc., its sole general partner
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:
	 	 
	 	QTS
    FINANCE CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

This is one of the 3.875% Senior Notes due 2028 referred to
in the within-mentioned Indenture:

 

	DEUTSCHE
    BANK TRUST COMPANY AMERICAS,	 
	as
    Trustee	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    A-2

     

    

 

[Back of Note]

3.875% Senior Notes due 2028

 

Capitalized terms used herein have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1) Interest.
QUALITYTECH, L.P., a Delaware limited partnership (the “Operating Partnership”), and QTS FINANCE CORPORATION,
a Delaware corporation (the “Co-Issuer,” and together with the Operating Partnership, the “Issuers”),
promise to pay or cause to be paid interest on the principal amount of this Note at 3.875% per annum from October 7, 2020 until
maturity. The Issuers will pay interest semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest
Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Notes
will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from October 7, 2020; provided
that if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment
Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment
Date shall be April 1, 2021. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at a rate equal to the then applicable interest rate on the Notes to the extent lawful.

 

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

 

(2) Method
Of Payment. The Issuers will pay interest on the Notes (except defaulted interest) to the Persons who are registered
Holders of Notes at the close of business on the March 15 or September 15 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12
of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at
the office or agency of the Paying Agent and Registrar within the City and State of New York, or, at the option of the Operating
Partnership, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders;
provided that payment by wire transfer of immediately available funds will be required with respect to principal of, premium
on, if any, and interest on, all Global Notes and all other Notes the Holders of which have provided wire transfer instructions
to the Operating Partnership or the Paying Agent. Such payment will be 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.

 

(3) Paying
Agent And Registrar. Initially, Deutsche Bank Trust Company Americas, the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Operating Partnership may change the Paying Agent or Registrar without prior notice to the Holders of
the Notes. The Operating Partnership or any of its Subsidiaries may act as Paying Agent or Registrar.

 

(4) Indenture.
The Issuers issued the Notes under an Indenture dated as of October 7, 2020 (the “Indenture”) among the Issuers,
the REIT, the Subsidiary Guarantors party thereto and the Trustee. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred
to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations
of the Issuers. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.

 

(5) Optional
Redemption.

 

(a) At any time prior to October
1, 2023, the Issuers may on any one or more occasions redeem up to 40% of the aggregate principal amount of Notes originally issued
under the Indenture (including Additional Notes, if any), upon not less than 10 nor more than 60 days’ notice to the
Holders (with a copy to the Trustee), at a redemption price equal to 103.875% of the principal amount of the Notes redeemed, plus
accrued and unpaid interest to, but excluding, the date of redemption (subject to the rights of Holders on any relevant record
date to receive interest due on any Interest Payment Date falling on or prior to such redemption date), with an amount of cash
equal to the net cash proceeds from one or more Equity Offerings; provided that:

 

    A-3

     

    

 

(i) at least 60% of the aggregate
principal amount of Notes originally issued under the Indenture on the Issue Date (excluding Notes held directly or indirectly
by the REIT, the Operating Partnership, the Co-Issuer or their respective Affiliates) remains outstanding immediately after the
occurrence of such redemption; and

 

(ii) the redemption occurs within
120 days of the date of the closing of the related Equity Offering.

 

(b) At any time prior to October
1, 2023, the Issuers may on any one or more occasions redeem all or a part of the Notes, upon not less than 10 nor more than 60 days’
notice to the Holders (with a copy to the Trustee), at a redemption price equal to 100% of the principal amount of the Notes redeemed,
plus the Applicable Premium as of, and accrued and unpaid interest to, but excluding, the date of redemption (subject to the rights
of Holders of Notes on any relevant record date to receive interest due on any Interest Payment Date falling on or prior to such
redemption date).

 

(c) Except pursuant to the preceding
paragraphs and paragraph (e) below, the Notes will not be redeemable at the Issuers’ option prior to October 1, 2023.

 

(d) On or after October 1, 2023,
the Issuers may on any one or more occasions redeem all or a part of the Notes, upon not less than 10 nor more than 60 days’
notice to the Holders (with a copy to the Trustee), at the redemption prices (expressed as percentages of principal amount) set
forth below, plus accrued and unpaid interest on the Notes redeemed, to, but excluding, the date of redemption, if redeemed during
the twelve-month period beginning on October 1 of the years indicated below (subject to the rights of Holders on any relevant record
date to receive interest due on any Interest Payment Date falling on or prior to such redemption date):

 

	Year	 	Percentage	 
	2023	 	 	101.938	%
	2024	 	 	100.969	%
	2025 and thereafter	 	 	100.000	%

 

(e) If Holders of not less than
90% of the aggregate principal amount of the outstanding Notes accept an Offer to Purchase (including in connection with a Change
of Control Trigger Event, Offer to Purchase with the Excess Proceeds of an Asset Sale or a tender offer of the Notes) or Alternate
Offer and the Issuers, or any other Person making an offer to purchase in lieu of the Issuers as provided in Section 4.15(c) of
the Indenture, purchases all of the Notes held by such Holders, the Issuers will have the right, upon not less than 10 nor more
than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to the Offer to Purchase
or Alternate Offer described above, to redeem all of the Notes that remain outstanding following such purchase at a redemption
price equal to the applicable price paid to Holders in such purchase, plus accrued and unpaid interest on the Notes that
remain outstanding, to the date of redemption (subject to the right of Holders on the relevant record date to receive interest
due on an interest payment date that is on or prior to the redemption date).

 

(f) Unless the Issuers default
in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on
the applicable redemption date.

 

(6) Mandatory
Redemption. Except as set forth in Sections 4.10 and 4.15 of the Indenture, the Issuers are not required to make
any mandatory redemption, mandatory repurchase or sinking fund payments with respect to the Notes. The Issuers may from time to
time acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or
otherwise, in accordance with applicable securities laws.

 

(7) Repurchase
At The Option Of Holder.

 

(a) Unless (i) the
Issuers have previously or concurrently mailed a redemption notice with respect to all outstanding Notes pursuant to
Section 3.07 of the Indenture and the redemption to which such redemption notice relates is not subject to the
satisfaction of any conditions or, if so subject, all conditions precedent applicable to such redemption have been satisfied,
(ii) in connection with or in contemplation of any Change of Control, the Issuers have made an Alternate Offer in
respect of any and all Notes validly tendered and not withdrawn at a cash price equal to or higher than the Change of Control
Payment and have purchased all of the Notes validly tendered in accordance with the terms of such Alternate Offer or
(iii) a third party makes an Offer to Purchase in the manner, at the time and otherwise in compliance with the
requirements set forth in the Indenture applicable to an Offer to Purchase made by the Issuers and purchases all Notes
validly tendered and not withdrawn under such Offer to Purchase, the Issuers must commence, within 30 days of the
occurrence of a Change of Control Trigger Event, an Offer to Purchase for all Notes then outstanding, at a purchase price
equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the Payment Date.

 

    A-4

     

    

 

(b) If the Operating Partnership
or a Restricted Subsidiary of the Operating Partnership consummates any Asset Sale, and as of the first day of any calendar month,
the aggregate amount of Excess Proceeds not previously subject to an Offer to Purchase pursuant to Section 4.10 of the Indenture
totals more than $25.0 million, the Issuers must commence, not later than the fifteenth Business Day of such month, and consummate
an Offer to Purchase from the Holders of the Notes and all holders of other Pari Passu Indebtedness containing provisions similar
to those set forth in Section 4.10 of the Indenture with respect to offers to purchase or redeem with the proceeds of sales
of assets, on a pro rata basis, an aggregate principal amount of Notes and such other Pari Passu Indebtedness equal to the
Excess Proceeds on such date, at a purchase price equal to 100% of the principal amount of the Notes and such other Pari Passu
Indebtedness (or, in the case of such Pari Passu Indebtedness represented by securities sold at a discount, not more than the accreted
value thereof at such time), plus, in each case, accrued and unpaid interest, if any, to, but excluding, the Payment Date.

 

(8) Notice
Of Redemption. Subject to Sections 4.10 and 4.15 of the Indenture, at least 10 days but not more than 60 days
before a redemption date, the Issuers shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder
(with a copy to the Trustee) whose Notes 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 Notes pursuant
to Article 8 of the Indenture or a satisfaction and discharge of the Indenture pursuant to Article 11 of the Indenture.
Notice of any redemption upon any Equity Offering pursuant to Section 3.07(a) of the Indenture may be given prior to the completion
of such Equity Offering. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess
thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held
by such Holder shall be redeemed or purchased.

 

(9) Denominations,
Transfer, Exchange. The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Operating
Partnership may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Registrar and the
Operating Partnership will not be required to exchange or register the transfer of any Note or portion of a Note selected for redemption
(except for the unredeemed portion of any Note being redeemed in part) or any Note (or portion thereof) tendered for purchase by
the Issuers in an Offer to Purchase made as a result of a Change of Control Trigger Event or Asset Sale. Also, the Registrar and
the Operating Partnership will not be required to exchange or register the transfer of any Notes for a period of 15 days prior
to the date on which a notice of redemption of Notes to be redeemed is sent to Holders.

 

(10) Persons
Deemed Owners. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered Holders
have rights under the Indenture.

 

    A-5

     

    

 

(11) Amendment,
Supplement And Waiver. Subject to certain exceptions set forth in Section 9.02 of the Indenture, the
Indenture (including, without limitation, Section 4.10 and Section 4.15 thereof), the Notes or the Note Guarantees
may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the
then outstanding Notes (including, without limitation, Additional Notes, if any), voting as a single class (including,
without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes),
and, subject to Sections 6.04 and 6.07 of the Indenture, any past Default or compliance with any provision of the
Indenture, the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any), voting as a single
class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes). Without notice to or the consent of any Holder of Notes, the Indenture, the Notes or the Note Guarantees may
be amended or supplemented to cure any ambiguity, defect, omission or inconsistency in the Indenture or the Notes or Note
Guarantees, to provide for the assumption of the REIT’s obligations to Holders of the Notes and the Note Guarantees by
its successor, or to provide for the assumption of any Issuer’s or any Subsidiary Guarantor’s obligations to
Holders of the Notes and the Note Guarantees in the case of a merger or consolidation or sale of all or substantially all of
any Issuer’s or such Subsidiary Guarantor’s assets in compliance with Article 5 of the Indenture, to make
any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect
the legal rights under the Indenture of any Holder in any material respect, to evidence and provide for the acceptance of an
appointment by a successor Trustee, to add to the covenants of the REIT, any Issuer or any Guarantor for the benefit of the
Holders of the Notes or to surrender any right or power conferred upon the REIT, any Issuer or any Guarantor, to conform the
text of the Indenture, the Notes or the Note Guarantees to any provision of the “Description of the Notes”
section of the Offering Memorandum to the extent that such provision in the “Description of the Notes” section of
the Offering Memorandum was intended to be a substantially verbatim recitation of a provision of the Indenture, the Notes or
the Note Guarantees, as set forth in an Officers’ Certificate of the Operating Partnership, to provide for the issuance
of Additional Notes and related Note Guarantees in accordance with the terms of the Indenture, to provide for any Guarantee
of the Notes, to secure the Notes or to confirm and evidence the release, termination or discharge of any Guarantee of or
Lien securing the Notes when such release, termination or discharge is permitted by the Indenture, to make any amendment to
the provisions of the Indenture relating to the transfer and legending of the Notes; provided, however, that
(a) compliance with the Indenture as so amended would not result in Notes being transferred in violation of the
Securities Act, or any other applicable securities law and (b) such amendment does not materially and adversely affect
the rights of Holders to transfer Notes, to provide for uncertificated Notes in addition to or in place of certificated
Notes; provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the
Code, to supplement any of the provisions of the Indenture to the extent necessary to permit or facilitate defeasance and
discharge of the Notes; provided, that the action shall not adversely affect the interests of the Holders of Notes in
any material respect, to provide for a reduction in the minimum denominations of the Notes or to comply with the rules of any
applicable securities depositary.

 

    A-6

     

    

 

(12) Defaults
And Remedies. Events of Default include: (1) default in the payment of principal of, or premium, if any, on
any Note when it is due and payable at maturity, upon acceleration, redemption or otherwise; (2) default in the payment
of interest on any Note when it is due and payable, and such default continues for a period of 30 days; (3) default
in the performance or breach of Section 5.01 of the Indenture or the failure by the Issuers to make or consummate an
Offer to Purchase in accordance with Sections 4.10 or 4.15 of the Indenture; (4) the REIT, any Issuer or any
Subsidiary Guarantor defaults in the performance of or breaches any other covenant or agreement of the REIT, such Issuer or
such Subsidiary Guarantor in the Indenture or under the Notes or the Note Guarantees (other than a default specified in
clause (1), (2) or (3) above) and such default or breach continues for a period of 60 consecutive days after
written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes; (5) there occurs
with respect to any Indebtedness of the REIT, any Issuer or any Significant Subsidiary having an outstanding principal amount
of $50.0 million or more in the aggregate for all such Indebtedness of all such Persons, whether such Indebtedness
exists on, or is created after, the Issue Date: (a) an event of default that has resulted in such Indebtedness being due
and payable prior to its Stated Maturity (whether automatically, by declaration of the holders thereof or otherwise) and such
Indebtedness has not been discharged in full or such acceleration of such Indebtedness has not been rescinded or annulled
within 30 days of such acceleration; and/or (b) the failure to make a principal payment at the final (but not any
interim) fixed maturity and such defaulted payment shall not have been made, waived or extended within 30 days of such
payment default; (6) any final judgment or order (not covered by insurance) for the payment of money in excess of
$50.0 million in the aggregate for all such final judgments or orders against the REIT, any Issuer or any Significant
Subsidiary (treating any deductibles, self-insurance or retention as not covered by insurance): (a) is rendered against
the REIT, any Issuer or any Significant Subsidiary and is not be paid or discharged; and (b) there shall be any period
of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final
judgments or orders outstanding and not paid or discharged against the REIT, any Issuer or any Significant Subsidiary to
exceed $50.0 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal
or otherwise, shall not be in effect; (7) certain events of bankruptcy or insolvency with respect to the REIT, any
Issuer or any Significant Subsidiary; or (8) any Note Guarantee of a Subsidiary Guarantor that is a Significant
Subsidiary ceases, or the Note Guarantees of a group of Subsidiary Guarantors that taken together would constitute a
Significant Subsidiary cease, or the Note Guarantee of the REIT, if in effect, ceases, to be in full force and effect (other
than in accordance with the terms of such Note Guarantee or Note Guarantees, as the case may be, and the Indenture) or any
such Guarantor or group of Subsidiary Guarantors, as the case may be, notifies the Trustee in writing that it denies or
disaffirms its obligations under its Note Guarantee or Note Guarantees, as the case may be. In the case of an Event of
Default specified in clause (7) of this Section 12 hereof occurs, the principal of, premium, if any, and accrued
interest on the Notes then outstanding shall automatically become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder. If any other Event of Default occurs and is continuing under the
Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written
notice to the Operating Partnership (and to the Trustee if such notice is given by the Holders) may, and the Trustee at the
written request of the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall, declare the
principal of, premium, if any, and accrued interest on the Notes to be immediately due and payable. Upon a declaration of
acceleration, such principal of, premium, if any, and accrued interest shall be immediately due and payable. In the event of
a declaration of acceleration because an Event of Default set forth in clause (5) of this Section 12 hereof occurs
and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default
triggering such Event of Default pursuant to clause (5) of this Section 12 hereof shall be remedied or cured by the
REIT, the relevant Issuer or the relevant Significant Subsidiary or waived by the Holders of the relevant Indebtedness within
60 days after the declaration of acceleration with respect thereto. Holders may not enforce the Indenture or the Notes
except as provided in the Indenture. Subject to certain limitations, Holders of at least a majority in aggregate principal
amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on it. If a Default or Event of Default occurs and is
continuing and if a Responsible Officer of the Trustee receives actual notice of such Default or Event of Default, the
Trustee will mail to Holders of Notes 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 on, if any, or interest on, any Note, the
Trustee may withhold the notice if and so long as a Responsible Officers of the Trustee in good faith determines that
withholding the notice is in the interests of the Holders of the Notes. The Holders of a majority in aggregate principal
amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under the Indenture, except a continuing Default or Event of
Default in the payment of principal of, premium on, if any, or interest on, the Notes (including in connection with an Offer
to Purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such
acceleration. Each of the Issuers and the Guarantors is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and each of the Issuers and the Guarantors shall deliver to the Trustee, promptly, and in any
event within 30 days, after any Officer becomes aware of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default and what action the REIT, the Issuers or the applicable Subsidiary Guarantor is
taking or proposes to take with respect thereto.

 

(13) Trustee
Dealings With Operating Partnership. The Trustee, in its individual or any other capacity, may become the owner or pledgee
of Notes and may make loans to, accept deposits from, and perform services for the Operating Partnership or its Affiliates, and
may otherwise deal with the Operating Partnership or its Affiliates, with the same rights as if it were not the Trustee.

 

(14) No
Recourse Against Others. No recourse for the payment of the principal of, premium, if any, or interest on any of the
Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the REIT, any Issuer or any of the Subsidiary Guarantors in the Indenture, or in any of the Notes or because of the
creation of any Indebtedness represented thereby, shall be had against any past, present or future incorporator, general partner
(including the REIT), limited partner, stockholder, member, officer, director, employee or controlling person in their capacity
as such of the REIT, any Issuer, the Subsidiary Guarantors or of any successor Person thereof. Each Holder of Notes, by accepting
a Note, waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
The waiver may not be effective to waive liabilities under the federal securities laws.

 

(15) Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

    A-7

     

    

 

(16) Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(18) CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Operating Partnership has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of
redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes
or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

(19) GOVERNING LAW. THE INTERNAL
LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE 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.

 

The Operating Partnership will furnish
to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

QTS Realty Trust, Inc.

12851 Foster Street

Overland Park, Kansas 66213

Facsimile No.: (913) 312-5519

Attention: Chief Financial Officer

 

    A-8

     

    

 

Assignment
Form

 

To assign this Note, fill in the form below:

 

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

(Insert assignee’s legal
name)

 

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

 

 

 

 

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

 

and irrevocably appoint ____________________ to transfer this
Note on the books of the Issuers. 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).

 

    A-9

     

    

 

Option of Holder to Elect Purchase

 

If you want to elect to have this Note
purchased by the Issuers pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

 

☐
Section 4.10                                    ☐ Section 4.15

 

If you want to elect to have only part
of the Note purchased by the Issuers pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you
elect to have purchased:

 

$________________

 

	Date:	 
	 	 
		Your Signature:                                                                                                                           
	 	(Sign exactly as your name appears on the face of this
Note)
	 	 
	 	Tax Identification No.:                                                                                                     
	 	 
	Signature
    Guarantee*:                   
                                             	 

 

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

 

    A-10

     

    

 

[Schedule Of
Exchanges of Interests in the Global Note *

 

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

 

	
        Date of
        Exchange
	
        Amount
        of decrease

 in Principal Amount 

of this Global Note
	
        Amount
        of increase

 in Principal Amount 

of this Global Note
	
        Principal
        Amount 

of this Global Note 

following such 

decrease (or 

increase)
	
        Signature
        of 

authorized officer 

of Trustee or 

Custodian

 

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

 

    A-11

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

QualityTech, LP

12851 Foster Street

Overland Park, Kansas 66213

 

DB Services Americas, Inc.

5022 Gate Parkway, Suite 200,

Jacksonville, FL 32256 USA

Attention: Transfer Dept.

Email: dwac.processing@db.com

 

With copy:

 

Deutsche Bank Trust Company Americas

60 Wall Street 24th Floor

MS: NYC60-2405

New York, New York 10005

Attn: Corporates Team Deal Manager – QTS Deal ID SF2356

Fax: 732-578-4635

 

Re: 3.875% Senior Notes due 2028

 

Reference is hereby made to the Indenture,
dated as of October 7, 2020 (the “Indenture”), among QualityTech, LP (the “Operating Partnership”),
QTS Finance Corporation (the “Co-Issuer” and together with the Operating Partnership, the “Issuers”),
QTS Realty Trust, Inc. (the “REIT”), the Subsidiary Guarantors party thereto and Deutsche Bank Trust Company
Americas, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

__________, (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount
of $_____ in such Note[s] or interests (the “Transfer”), to ___________ (the “Transferee”),
as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.  ̈ Check
if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to
Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies
that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is
purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which
such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such
Transfer is in compliance with any applicable blue sky securities laws of any state of the United States and any applicable
foreign securities laws. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the
Securities Act.

 

    	 	B-1	 

     

    

 

2.  ̈ Check
if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note
pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer
is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was
outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the
Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a
designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the
transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act,
(iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and
(iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, either (x) the
Transferor is not an Issuer, Guarantor, an Initial Purchaser, an affiliate of an Issuer, a Guarantor or an Initial Purchaser,
a dealer (as defined in Section 2(a)(12) of the Securities Act) or a person receiving a selling concession, fee or other
remuneration in respect of the Transfer or (y) the Transfer is not being made to a U.S. Person or for the account
or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

3.  ̈ Check
and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note
pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities
laws of any state of the United States and any applicable foreign securities laws, and accordingly the Transferor hereby
further certifies that (check one):

 

(a)  ̈
such Transfer is being effected pursuant to Rule 144 under the Securities Act;

 

or

 

(b)  ̈
such Transfer is being effected to the Operating Partnership or a subsidiary thereof;

 

or

 

(c)  ̈ [intentionally omitted];

 

(d)  ̈ such Transfer is being effected
to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
(“Regulation D”) under the Securities Act (an “IAI”) pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor
hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the
Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted
Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by
(1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of
Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to
the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Definitive
Notes and in the Indenture and the Securities Act.

 

4.  ̈ Check
if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive
Note.

 

(a)  ̈ Check
if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and any applicable foreign securities laws and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes
and in the Indenture.

 

    	 	B-2	 

     

    

 

(b)  ̈ Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the United States and any applicable foreign
securities laws and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

 

(c)  ̈ Check
if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an
exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of
any State of the United States and any applicable foreign securities laws and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

    	 	B-3	 

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Operating Partnership.

 

	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:   _________

 

    	 	B-4	 

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.    The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a)      ̈ a beneficial interest
in the:

 

(i)      ̈ 144A
Global Note (CUSIP 74759B AF0), or

 

(ii)     ̈
Regulation S Global Note (CUSIP U5730P AC1), or

 

(iii)    ̈
IAI Global Note (CUSIP 74759B AG8), or

 

(b)      ̈ a Restricted Definitive
Note.

 

2.    After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)      ̈ a beneficial interest
in the:

 

(i)      ̈
144A Global Note (CUSIP 74759B AF0), or

 

(ii)     ̈
Regulation S Global Note (CUSIP U5730P AC1), or

 

(iii)    ̈
IAI Global Note (CUSIP 74759B AG8); or

 

(iv)    ̈ Unrestricted
Global Note (CUSIP _____); or

 

(b)      ̈ a Restricted Definitive
Note; or

 

(c)      ̈ an Unrestricted Definitive
Note,

 

in accordance with the terms of the Indenture.

 

    	 	B-5	 

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

QualityTech, LP

12851 Foster Street

Overland Park, Kansas 66213

 

DB Services Americas, Inc.

5022 Gate Parkway, Suite 200,

Jacksonville, FL 32256 USA

Attention: Transfer Dept.

Email: dwac.processing@db.com

 

With copy:

 

Deutsche Bank Trust Company Americas

60 Wall Street 24th Floor

MS: NYC60-2405

New York, New York 10005

Attn: Corporates Team Deal Manager – QTS Deal ID SF2356

Fax: 732-578-4635

 

Re: 3.875% Senior Notes due 2028

 

Reference is hereby made to the Indenture,
dated as of October 7, 2020 (the “Indenture”), among QualityTech, LP (the “Operating Partnership”),
QTS Finance Corporation (the “Co-Issuer” and together with the Operating Partnership, the “Issuers”),
QTS Realty Trust, Inc. (the “REIT”), the Subsidiary Guarantors party thereto and Deutsche Bank Trust Company
Americas, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

__________, (the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $_____ in such
Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1. Exchange of Restricted Definitive
Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted
Global Note

 

(a)  ̈ Check
if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global
Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a
beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies that (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with
the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States and any applicable foreign securities laws.

 

(b)  ̈ Check
if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the
Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global
Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and
(iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of
the United States and any applicable foreign securities laws.

 

    	 	C-1
	 

     

    

 

(c)  ̈ Check
if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and
(iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state
of the United States and any applicable foreign securities laws.

 

(d)  ̈ Check
if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and
in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted
Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United
States and any applicable foreign securities laws.

 

2. Exchange of Restricted Definitive
Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes

 

(a)  ̈ Check
if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own
account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

 

(b)  ̈ Check
if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐ 144A
Global Note, ☐ Regulation S Global Note, ☐ IAI
Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States and any applicable foreign
securities laws. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
relevant Restricted Global Note and in the Indenture and the Securities Act.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Operating Partnership.

 

	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:_________

 

    	 	C-2
	 

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

QualityTech, LP

12851 Foster Street

Overland Park, Kansas 66213

 

DB Services Americas, Inc.

5022 Gate Parkway, Suite 200,

Jacksonville, FL 32256 USA

Attention: Transfer Dept.

Email: dwac.processing@db.com

 

With copy:

 

Deutsche Bank Trust Company Americas

60 Wall Street 24th Floor

MS: NYC60-2405

New York, New York 100005

Attn: Corporates Team Deal Manager – QTS Deal ID SF2356

Fax: 732-578-4635

 

Re: 3.875% Senior Notes due 2028

 

Reference is hereby made to the Indenture,
dated as of October 7, 2020 (the “Indenture”), among QualityTech, LP (the “Operating Partnership”),
QTS Finance Corporation (the “Co-Issuer” and together with the Operating Partnership, the “Issuers”),
QTS Realty Trust, Inc. (the “REIT”), the Subsidiary Guarantors party thereto and Deutsche Bank Trust Company
Americas, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

In connection with our proposed purchase
of $_____ aggregate principal amount of:

 

(a)  ̈
beneficial interests in a Global Note, or

 

(b)  ̈
Definitive Notes, we confirm that:

 

1. We understand that any subsequent transfer
of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned
agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with,
such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).

 

2. We understand that the offer and
sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be
offered, pledged, sold or otherwise transferred except as permitted in the following sentence. We agree, on our own behalf
and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest
therein, we will do so only (A) to the Operating Partnership or any subsidiary thereof, (B) in accordance with
Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an
institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished
on its behalf by a U.S. broker-dealer) to the Operating Partnership and the Registrar a signed letter substantially in
the form of this letter and an Opinion of Counsel in form reasonably acceptable to the Operating Partnership to the effect
that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with
Rule 903 or 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the
Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to
provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting
the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are
restricted as stated herein.

 

    	 	D-1
	 

     

    

 

3. We understand that, on any proposed
resale or other transfer of the Notes or beneficial interest therein, we will be required to furnish to the Registrar and the Operating
Partnership such certifications, legal opinions and other information the Registrar and the Operating Partnership may reasonably
require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased
by us will bear a legend to the foregoing effect.

 

4. We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes,
and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment.

 

5. We are acquiring the Notes or beneficial
interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

 

The Registrar and the Operating Partnership
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	 
	 	[Insert Name of Accredited Investor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:_________

 

    	 	D-2
	 

     

    

 

EXHIBIT E

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of __________, among __________ (the “Guaranteeing Subsidiary”), a subsidiary
of QualityTech, LP (or its permitted successor), a Delaware limited partnership (the “Operating Partnership”),
the Co-Issuer, the REIT, the Subsidiary Guarantors (as defined in the Indenture referred to herein) and Deutsche Bank Trust Company
Americas, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Operating Partnership has
heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of October 7, 2020
providing for the issuance of 3.875% Senior Notes due 2028 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Operating Partnership’s obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to Section 9.01
of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1. Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2. Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.

 

3. Notices.
All notices or other communications to the Guaranteeing Subsidiary shall be given as provided in Section 12.01 of the Indenture.

 

4. No
Recourse Against Others. No recourse for the payment of the principal of, premium, if any, or interest on, any of the Notes
or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement
of the REIT, any Issuer or any of the Subsidiary Guarantors in the Indenture, or in any of the Notes or because of the creation
of any Indebtedness represented thereby, shall be had against any past, present or future incorporator, general partner (including
the REIT), limited partner, stockholder, member, officer, director, employee or controlling person in their capacity as such of
the REIT, any Issuer, the Subsidiary Guarantors or of any successor Person thereof. Each Holder of Notes, by accepting a Note,
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver
may not be effective to waive liabilities under the federal securities laws.

 

5. Ratification
of Indenture; Supplemental Indenture part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered
shall be bound hereby.

 

    	 	E-1
	 

     

    

 

6. NEW YORK LAW TO GOVERN. THE INTERNAL
LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE 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.

 

7. Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures,
including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes
of this Supplemental Indenture and all other related documents and all matters and agreements related thereto, with such facsimile,
scanned and electronic signatures having the same legal effect as original signatures.  The parties agree that this Supplemental
Indenture or any other related document or any instrument, agreement or document necessary for the consummation of the transactions
contemplated by this Supplemental Indenture or the other related documents or related hereto or thereto (including, without limitation,
addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer of
funds or other communications) (“Executed Documentation”) may be accepted, executed or agreed to through
the use of an electronic signature in accordance with applicable laws, rules and regulations in effect from time to time applicable
to the effectiveness and enforceability of electronic signatures.  Any Executed Documentation accepted, executed or agreed
to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were physically
executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be
reasonably chosen by a signatory hereto or thereto.  When the Trustee acts on any Executed Documentation sent by electronic
transmission, the Trustee will not be responsible or liable for any losses, costs or expenses arising directly or indirectly from
its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not
be an authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due
to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a written instruction or communication provided
to and received by the Trustee subsequent to the Trustee so acting; it being understood and agreed that the Trustee shall conclusively
presume that Executed Documentation that purports to have been sent by an authorized officer of a Person has been sent by an authorized
officer of such Person.  The party providing Executed Documentation through electronic transmission or otherwise with electronic
signatures agrees to assume all risks arising out of such electronic methods, including, without limitation, the risk of the Trustee
acting on unauthorized instructions and the risk of interception and misuse by third parties.

 

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

 

9. The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by
the Guaranteeing Subsidiary and the Operating Partnership.

 

    	 	E-2
	 

     

    

 

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

 

	 	[Guaranteeing Subsidiary]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Operating Partnership]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Co-Issuer]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[REIT]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Existing Guarantors]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee, Registrar and Paying Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	E-3
	 

     

    

 

EXHIBIT F

 

INCUMBENCY CERTIFICATE

 

The undersigned, David Robey, being the
Chief Operating Officer of QTS Realty Trust, Inc. (the “REIT”), a Maryland corporation and general partner of QualityTech,
LP, a Delaware limited partnership (the “Operating Partnership”) does hereby certify, on behalf of the REIT in its
capacity as general partner of the Operating Partnership, that the individuals listed below are qualified and acting officers of
the REIT as set forth in the right column opposite their respective names and the signatures appearing in the extreme right column
opposite the name of each such officer is a true specimen of the genuine signature of such officer and such individuals have the
authority to provide, on behalf of the Operating Partnership, directions to and execute, on behalf of the Operating Partnership,
documents to be delivered to, or upon the request of, Deutsche Bank Trust Company Americas, as trustee (the “Trustee”)
under the Indenture dated as of October 7, 2020, by and among the Operating Partnership, QTS Finance Corporation, a Delaware corporation,
the REIT, the subsidiary guarantors party thereto and the Trustee.

 

	Name	Title	Signature
	 	 	 
	Jeffrey H. Berson	Chief Financial Officer and Treasurer	_____________________
	 	 	 
	Shirley E. Goza	General Counsel and Secretary	_____________________
	 	 	 
	William H. Schafer	Executive Vice President – Finance and Accounting	_____________________

 

IN WITNESS WHEREOF, the undersigned has
duly executed and delivered this Certificate as of the ____ day of ________, 20__.

 

	 	QUALITYTECH, LP
	 	 	 
	 	By:	QTS REALTY TRUST, INC.,
	 	 	its general partner
	 	 	 
	 	By:	 
	 	Name:	David Robey
	 	Title:	Chief Operating Officer

 

    	 	F-1

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