Document:

EX-4.1

 Exhibit 4.1 

Execution Version 

FISCAL AND PAYING AGENCY AGREEMENT 

Between 
 DISCOVER BANK

 Issuer 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 Fiscal and Paying Agent 
  

 
 Dated as of
September 12, 2019 
  
  

2.450% Notes Due 2024 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 APPOINTMENT
	  	 	1	
			
	 Section 1.1.
	 	Appointment of Fiscal and Paying Agent	  	 	1	
		
	 ARTICLE 2 THE NOTES
	  	 	1	
			
	 Section 2.1.
	 	Form of Notes	  	 	1	
	 Section 2.2.
	 	Certifications of Authorized Representatives of the Bank	  	 	2	
	 Section 2.3.
	 	Authentication and Delivery	  	 	2	
	 Section 2.4.
	 	Denominations; Issuance of Certificated Securities	  	 	3	
	 Section 2.5.
	 	Principal Amount; Reopening	  	 	4	
	 Section 2.6.
	 	Security Register; Registration of Transfer and Exchange	  	 	4	
	 Section 2.7.
	 	Persons Deemed Owners	  	 	5	
	 Section 2.8.
	 	Cancellation of Unissued Global Notes	  	 	5	
	 Section 2.9.
	 	Mutilated, Stolen or Destroyed Notes	  	 	5	
	 Section 2.10.
	 	Redemption	  	 	5	
		
	 ARTICLE 3 THE FISCAL AND PAYING AGENT
	  	 	6	
			
	 Section 3.1.
	 	Payment of Notes	  	 	6	
	 Section 3.2.
	 	Information Regarding Amounts Payable	  	 	6	
	 Section 3.3.
	 	Deposit of Funds	  	 	6	
	 Section 3.4.
	 	Disposition of Funds Held for Payment of Notes	  	 	7	
	 Section 3.5.
	 	Receipt and Delivery of Notices	  	 	7	
	 Section 3.6.
	 	Additional Responsibilities	  	 	7	
	 Section 3.7.
	 	Miscellaneous	  	 	7	
		
	 ARTICLE 4 LIABILITY AND INDEMNIFICATION
	  	 	8	
			
	 Section 4.1.
	 	Liability	  	 	8	
	 Section 4.2.
	 	Indemnification	  	 	9	
	 Section 4.3.
	 	Agents and Advisors	  	 	9	
		
	 ARTICLE 5 RESIGNATION OR REMOVAL OF FISCAL AND PAYING AGENT; SUCCESSION
	  	 	9	
			
	 Section 5.1.
	 	Resignation or Removal	  	 	9	
	 Section 5.2.
	 	Successor Fiscal and Paying Agent	  	 	10	
	 Section 5.3.
	 	Successor by Merger, Etc	  	 	10	
		
	 ARTICLE 6 MISCELLANEOUS
	  	 	10	
			
	 Section 6.1.
	 	Compensation of the Fiscal and Paying Agent	  	 	10	
	 Section 6.2.
	 	Reliance on Opinions of Counsel or Officer’s Certificate	  	 	11	

  
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	 Section 6.3.
	 	Notes Held by Fiscal and Paying Agent	  	 	11	
	 Section 6.4.
	 	Notices	  	 	11	
	 Section 6.5.
	 	Parties	  	 	12	
	 Section 6.6.
	 	Governing Law	  	 	12	
	 Section 6.7.
	 	Separability	  	 	12	
	 Section 6.8.
	 	Effect of Headings	  	 	13	
	 Section 6.9.
	 	Amendments	  	 	13	
	 Section 6.10.
	 	Events of Default; Rescission	  	 	14	
	 Section 6.11.
	 	Actions Due on Saturdays, Sundays and Holidays	  	 	14	
	 Section 6.12.
	 	Agreement to Pay Attorneys’ Fees and Other Expenses	  	 	14	
	 Section 6.13.
	 	Survival	  	 	14	
	 Section 6.14.
	 	No Implied Waivers	  	 	14	
	 Section 6.15.
	 	Counterparts	  	 	15	
	 Section 6.16.
	 	Term	  	 	15	
	 Section 6.17.
	 	Complete Agreement	  	 	15	

  
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 This FISCAL AND PAYING AGENCY AGREEMENT (the “Agreement”) is entered into as of
September 12, 2019 by and between Discover Bank, as Issuer (the “Bank”), and U.S. Bank National Association as Fiscal and Paying Agent (the “Fiscal and Paying Agent”). 

W I T N E S S E T H: 

WHEREAS, the Bank proposes to issue and sell $750,000,000 of its 2.450% Notes Due 2024 (the “Notes”) in minimum denominations of
$250,000 to certain institutional accredited investors in an offering that is exempt from registration with the Securities and Exchange Commission; and 

WHEREAS, the Bank desires to appoint the Fiscal and Paying Agent as fiscal and paying agent of the Bank with respect to the preparation,
authentication, delivery, registration and payment of the Notes; 
 NOW, THEREFORE, in consideration of the mutual promises, covenants,
conditions and agreements set forth herein, the parties hereby agree as follows: 
 ARTICLE 1 

APPOINTMENT 

Section 1.1.    Appointment of Fiscal and Paying Agent. The Fiscal and Paying Agent is hereby appointed
as fiscal and paying agent for the Notes on the terms and conditions specified in this Agreement and in the Notes, and the Fiscal and Paying Agent hereby accepts such appointment. The Bank hereby appoints the Fiscal and Paying Agent as registrar for
the Notes. 
 ARTICLE 2 

THE NOTES 

Section 2.1.    Form of Notes. The Notes will be represented by one or more global certificates, each
such certificate hereinafter called a “Global Note.” All Global Notes shall be registered in the name of The Depository Trust Company (“DTC”), as depository, or its nominee or a successor depository or nominee. All Global Notes
shall be in substantially the form attached hereto as Exhibit A and may have such appropriate insertions, omissions, variations or substitutions as are required or permitted by, and not inconsistent with, this Agreement, and may also have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any applicable law or with any applicable rules or regulations made pursuant thereto or with the rules or regulations
of any securities exchange or governmental agency or as may, consistently herewith, be determined by the officers of the Bank executing such Global Notes, as evidenced by their execution thereof. Beneficial interests in the Global Notes will be
shown on, and transfers thereof will be effected only through, records maintained by DTC or its nominee and its participants. 

 Section 2.2.    Certifications of Authorized Representatives
of the Bank. 
 (a)    Any instruction given by the Bank to the Fiscal and Paying Agent under this Agreement
shall be in the form of an Officer’s Certificate. For the purposes of this Agreement, “Officer’s Certificate” means a certificate signed by an Authorized Representative (defined below) and delivered to the Fiscal and Paying
Agent. 
 (b)    On or before the original issue date, the Bank shall furnish the Fiscal and Paying Agent with an
Officer’s Certificate of the Bank certifying the incumbency and specimen signatures of the representatives of the Bank who are authorized to instruct the Fiscal and Paying Agent regarding the completion and delivery of the Global Notes and take
other actions hereunder (each an “Authorized Representative”). The Bank shall notify the Fiscal and Paying Agent promptly in writing if any of such persons ceases to be so authorized or if any additional person becomes so authorized
together, in the case of an additional authorized person, with evidence satisfactory to the Fiscal and Paying Agent that such person has been so authorized and any such change shall become effective on the Business Day (as hereinafter defined) on
which the Fiscal and Paying Agent receives notice thereof. 
 Section 2.3.    Authentication and
Delivery. 
 (a)    All Notes shall be issued and delivered in accordance with the terms of this Agreement, the
Global Notes and the Letter of Representations from the Bank to DTC dated November 11, 2009. All instructions regarding the completion and delivery of Notes shall be given in writing by an Authorized Representative by telex, telecopy,
electronic transmission or other means acceptable to the Fiscal and Paying Agent. Upon receipt of such written instructions as described in the preceding sentence, the Fiscal and Paying Agent shall: 

(i)    manually authenticate such Global Note or Global Notes by any one of the officers of the Fiscal and Paying Agent
duly authorized and designated by it for such purpose; and 
 (ii)    deliver such Global Note or Global Notes to DTC
or its nominees or retain and hold such Global Note or Global Notes as custodian for DTC pursuant to DTC’s instructions. 

(b)    Each Note shall bear an original issue date which shall remain the same for all Notes subsequently issued upon
transfer, exchange or substitution of such original Note regardless of the date of issuance of any such subsequently issued Note. 

(c)    All instructions given by the Bank pursuant to this Section 2.3 must be received by the
Fiscal and Paying Agent by 11 a.m., New York City time, on the Business Day (except as indicated in Sections 3.1(b) and 6.11) preceding the original issue date for the Global Notes. For all purposes under this
Agreement, the term “Business Day” shall mean any day that is not a Saturday or Sunday and that, in The City of New York, New York, is not a day on which banking institutions are generally authorized or required by law to be closed. The
Fiscal and Paying Agent shall not be required to perform any duties on any day that is not a Business Day. 

  
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 (d)    The Fiscal and Paying Agent shall have no responsibility to the
Bank to determine by whom a facsimile signature of the Bank shall be affixed on the Global Notes, or whether a signature of an Authorized Representative is genuine, if such signature resembles the specimen signature of such Authorized Representative
on the Officer’s Certificate delivered pursuant to Section 2.2(b). The Fiscal and Paying Agent shall incur no liability to the Bank in acting or refraining from taking any action hereunder upon instructions
contemplated hereby which the recipient thereof believed in good faith to have been given by an Authorized Representative. In the event a discrepancy exists between the instructions as originally received by the Fiscal and Paying Agent and any
subsequent instruction relating to the same subject matter, the original instructions will be deemed controlling if action has already been taken in reliance thereon. The Fiscal and Paying Agent agrees to give notice to the Bank of such discrepancy
reasonably promptly upon the discovery by the Fiscal and Paying Agent of such discrepancy. 
 (e)    Each instruction
given to the Fiscal and Paying Agent in accordance with this Section 2.3 shall constitute a representation and warranty to the Fiscal and Paying Agent by the Bank that (i) the issuance and delivery of the Global Notes
to which the instruction relates have been duly and validly authorized by the Bank, (ii) such Global Notes, when completed, authenticated and delivered pursuant hereto, will constitute valid and legally binding obligations of the Bank and
(iii) the Fiscal and Paying Agent’s appointment to act for the Bank hereunder has been duly authorized by all necessary corporate action of the Bank. 

(f)    The Bank further represents and warrants to the Fiscal and Paying Agent that the Bank is free to enter into this
Agreement and to perform the terms hereof. 
 Section 2.4.    Denominations; Issuance of Certificated
Securities. 
 (a)    Except as provided in paragraph (b) of this Section 2.4, the
Notes shall be issuable only in book-entry form, without coupons, in denominations of $250,000 and any amount in excess thereof which is an integral multiple of $1,000. 

(b)    If at any time (i) DTC notifies the Bank in writing that it is unwilling or unable to act as depository for
the Notes or if DTC ceases to be a clearing agency registered pursuant to Section 17A of the Securities Exchange Act of 1934, as amended, and a successor depository is not appointed by the Bank within 90 days after the effective date of
DTC’s ceasing to act as depository for the Notes, (ii) the Bank, at its option, notifies the Fiscal and Paying Agent in writing that it elects to cause the issuance of Notes in definitive form or (iii) any event shall have happened
and be continuing which, after notice or lapse of time, or both, would constitute an Event of Default as defined in the Notes, the Bank will execute, and the Fiscal and Paying Agent will, upon the execution of the then standard form of the Fiscal
and Paying Agent’s agreement for certificated securities and upon receipt of instructions in writing from the Bank, authenticate and deliver Notes of like tenor and terms in definitive form in an aggregate principal amount equal to the
principal amount of the Global Notes then outstanding in exchange for such Global Notes. Any such certificated Notes will be issued in fully registered form to the persons identified by DTC as the beneficial owners thereof, without coupons, in
denominations of $250,000 or any amount in excess thereof which is an integral multiple of $1,000. Such certificated Notes may not subsequently be exchanged by a holder for Notes in denominations of less than $250,000. If Notes are issued in
definitive form hereunder, payment and other terms related to such Notes will be as set forth on the face thereof. 

  
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 Section 2.5.    Principal Amount; Reopening. The
aggregate principal amount of the Notes that may be authenticated and issued under this Agreement is initially limited to $750,000,000, except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Notes pursuant to Sections 2.4, 2.6 or 2.9; provided, however, that the Bank may, so long as no Event of Default (as defined in the Notes) has occurred and is continuing, reopen the Notes to issue
additional Notes on the same terms and conditions (except for issue date and offering price), with the same CUSIP number as the Notes and which shall form a single series with the originally issued Notes, without the consent of the holders of the
Notes; provided, however, that such additional Notes must be fungible with the originally issued Notes for U.S. federal income tax purposes. As used herein, the term “Notes” includes any such additional Notes. 

Section 2.6.    Security Register; Registration of Transfer and Exchange. 

(a)    The Fiscal and Paying Agent shall, so long as any of the Notes remain outstanding, maintain records in accordance
with its customary practices, including all forms of transfer for the Notes and shall: (i) keep at its corporate trust office or the office of its affiliate in New York City, a register (the “Security Register”) in such form as the
Fiscal and Paying Agent may determine, in which, subject to such reasonable requirements as it may prescribe, it shall provide for the registration of the Global Notes and of any exchanges or transfers thereof and (ii) maintain records showing
for each outstanding Note issued in definitive form under Section 2.4(b), the principal amount, maturity date, interest rate and other terms thereof, the date of original issue and all subsequent transfers and
consolidations or exchanges. 
 (b)    All Notes presented for transfer shall be duly endorsed or be accompanied by a
written instrument of transfer with such evidence of due authorization and guarantee of signature as may reasonably be required by the Fiscal and Paying Agent. Upon receipt by the Bank of a Note submitted for transfer, the Bank will execute, and the
Fiscal and Paying Agent will authenticate, one or more new Notes of like tenor and terms in an aggregate principal amount equal to the principal amount of the Note presented for transfer in accordance with the transfer instructions accompanying
same. The Fiscal and Paying Agent shall date its signature on the date it signs such Notes. No service charge (other than any cost of delivery) shall be imposed by the Fiscal or Paying Agent for any exchange or registration of transfer of a Note but
the Bank or Fiscal and Paying Agent may require the payment of a sum sufficient to cover any stamp or other tax or governmental charge that may be imposed in connection therewith or presentation of evidence that such tax or charge has been paid.
Notwithstanding anything to the contrary set forth herein, no registration or transfer shall be made on or after the fifteenth day immediately preceding the Maturity Date (as defined in the Note). 

(c)    Notwithstanding anything in this Agreement to the contrary, unless Notes are issued in definitive form under
Section 2.4(b) hereof, beneficial ownership of the Notes will only be shown on, and transfers thereof will be effected only through, records maintained by DTC, its nominees or its participants (as defined in the offering
circular dated September 9, 2019 relating to the offering of the Notes). The Fiscal and Paying Agent shall have no responsibility or liability 

  
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for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Note or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests, and it shall be fully protected in acting or refraining from acting on any such information provided by DTC with respect thereto. 

Section 2.7.    Persons Deemed Owners. Prior to due presentment of a Note for registration or transfer,
the Bank, the Fiscal and Paying Agent and any agent of the Bank or the Fiscal and Paying Agent may treat the person in whose name such Note is registered as the owner of such Note for the purpose of receiving payments of principal and interest, if
any, and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Bank nor the Fiscal and Paying Agent shall be affected by notice to the contrary. 

Section 2.8.    Cancellation of Unissued Global Notes. Promptly upon the written request of the Bank,
the Fiscal and Paying Agent shall cancel and return to the Bank all unissued Global Notes in its possession. 

Section 2.9.    Mutilated, Stolen or Destroyed Notes. In case a Note shall at any time become
mutilated, destroyed, lost or stolen and such Note or evidence satisfactory to the Bank or the Fiscal and Paying Agent of the loss, theft, or destruction thereof (together with indemnity satisfactory to the Bank and the Fiscal and Paying Agent and
such other documents of proof as may be required by them) shall be delivered to the Bank, a new Note of like tenor will be issued by the Bank in exchange for the Note so mutilated, or in lieu of the Note so destroyed or lost or stolen. The Fiscal
and Paying Agent will authenticate any such substituted Note and deliver the same on the written request or authorization of an Authorized Representative. All expenses and reasonable charges associated with procuring the indemnity referred to above
and with the preparation, authentication and delivery of a new Note shall be borne by the holder of the Note so mutilated, destroyed, lost or stolen. If any Note which has matured or is about to mature shall become mutilated, destroyed, lost or
stolen, the Bank may, instead of issuing a substitute Note, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Note) upon compliance by the holder thereof with the provisions of this
Section 2.9 (including delivery of an indemnity satisfactory to the Bank and the Fiscal and Paying Agent and such other documents of proof as may be required by them). 

Section 2.10.    Redemption. 

(a)    No sinking fund will be provided for the Notes. 

(b)    The Notes are subject to redemption at the option of the Bank, at any time on or after August 12, 2024, in
whole or in part on no less than 10 nor more than 60 days’ prior notice delivered to the Holders. The Notes will be redeemable at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid
interest. If fewer than all of the Notes are to be redeemed, the Fiscal and Paying Agent will select the Notes for redemption on a pro rata basis, by lot or by such other method in accordance with the Depository’s procedures. The Notes will be
redeemed in denominations of $250,000 and integral multiples of $1,000 in excess thereof. If any Notes are to be redeemed in part only, the notice of redemption that relates to the Notes will state the portion of the Notes to be redeemed. Unless the
Bank defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or the portions of the Notes called for redemption. 

  
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 ARTICLE 3 

THE FISCAL AND PAYING AGENT 

Section 3.1.    Payment of Notes. 

(a)    Payments of principal and interest payable at the Maturity Date will be made by wire transfer in immediately
available funds to the bank accounts in the United States designated by the holders of the Notes, provided that the Notes are presented to the Fiscal and Paying Agent in time for the Fiscal and Paying Agent to make such payments in such funds in
accordance with its normal procedures and subject to Section 3.3 hereof. 
 (b)    Payments of
interest (other than interest payable at Maturity Date) will be made on March 12 and September 12 of each year, commencing on March 12, 2020 to the holders of the Notes entitled thereto as of the close of business on March 1 or
September 1, as the case may be (whether or not such day is a Business Day) (each such date, a “Regular Record Date”) immediately preceding the interest payment date, by wire transfer of immediately available funds to the bank
accounts in the United States designated by such holders in a written notice received by the Fiscal and Paying Agent not later than the applicable Regular Record Date and subject to Section 3.3 hereof. 

(c)    The Fiscal and Paying Agent is authorized and, subject to its prior receipt of funds in respect thereof, will pay
amounts falling due in respect of any Note duly presented for payment as provided in paragraph (a) of this Section 3.1 as long as the Global Note representing such Note has been authenticated by one of the Fiscal and
Paying Agent’s officers who was duly designated and authorized for such purpose at the time of such authentication, notwithstanding that said officer is no longer so designated or the authority of said officer has been terminated between the
time of execution and the time of payment. 
 (d)    The Fiscal and Paying Agent shall have no obligation to use its own
funds for any payment of principal or interest on the Notes or for any other purpose pursuant to this Agreement. 

Section 3.2.    Information Regarding Amounts Payable. The Fiscal and Paying Agent shall, as soon as
practicable after each record date for the payment of interest on the Notes (other than interest payable on the Maturity Date), but not later than five days preceding the related interest payment date, notify the Bank of the amount of interest to be
paid on the Notes on the related interest payment date. 
 Section 3.3.    Deposit of Funds.
The Bank shall deposit with the Fiscal and Paying Agent by 10 a.m., New York City time (i) on each interest payment date (other than the Maturity Date) an amount in immediately available funds sufficient to pay the interest due on
the Notes on such date and (ii) on the Maturity Date an amount in immediately available funds sufficient to pay the full principal amount of the Notes and all unpaid interest accrued thereon to the Maturity Date. 

  
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 Section 3.4.    Disposition of Funds Held for Payment of
Notes. 
 (a)    In acting under this Agreement and in connection with the Notes, the Fiscal and Paying Agent is
acting solely as agent of the Bank and does not assume any obligation or relationship of agency or trust with the holders of the Notes or the beneficial owners of the Global Notes, except that, subject to the provisions of subsection (b) of
this Section 3.4, all money deposited with the Fiscal and Paying Agent pursuant to Section 3.3 shall be held by it on behalf of the holders of the Notes and the beneficial holders of the Global
Notes entitled thereto until such money is disbursed to the holders of the Notes (subject to escheat and other unclaimed property laws) in accordance with the provisions of the Notes and this Agreement or otherwise. Money deposited with the Fiscal
and Paying Agent need not be segregated from other funds of the Fiscal and Paying Agent, except to the extent required by law. The Fiscal and Paying Agent agrees that it shall not exercise any right of
set-off, lien or similar claim in respect of such money deposited with the Fiscal and Paying Agent. 

(b)    Any money deposited with the Fiscal and Paying Agent for the payment of the principal of or interest on any Note
that remains unclaimed or unpaid for two years after such principal or interest has become due and payable, shall be remitted by the Fiscal and Paying Agent to the Bank and the holders of the Notes entitled thereto shall thereafter, as unsecured
general creditors, look only to the Bank for payment thereof as successor fiscal and paying agent, and all liability of the Fiscal and Paying Agent with respect to such money shall thereupon cease. 

Section 3.5.    Receipt and Delivery of Notices. 

(a)    Forthwith upon the receipt by the Fiscal and Paying Agent of a demand or notice from any holder of a Note in
accordance with the provisions hereof, the Fiscal and Paying Agent shall promptly forward a copy thereof to the Bank. 

(b)    On behalf of and at the request and expense of the Bank, the Fiscal and Paying Agent shall cause to be delivered to
the holders of the Notes all notices required to be given by the Bank to such holders in accordance with the provisions hereof. 

Section 3.6.    Additional Responsibilities. If the Bank shall ask the Fiscal and Paying Agent to
perform any duties not specifically set forth in this Agreement as duties of the Fiscal and Paying Agent (the “Additional Responsibilities”) and the Fiscal and Paying Agent chooses to perform such Additional Responsibilities, the Fiscal
and Paying Agent shall be held to the same standard of care and shall be entitled to all the protective provisions (including, but not limited to, indemnification) set forth herein with respect to such Additional Responsibilities unless the Fiscal
and Paying Agent has entered into a separate written agreement which specifically addresses the standard of care with respect to such Additional Responsibilities. 

Section 3.7.    Miscellaneous. Notwithstanding anything to the contrary herein: 

(a)    in paying principal and interest on the Notes hereunder, the Fiscal and Paying Agent shall be acting as a conduit
and shall not be paying such principal or interest for its own account. In the absence of written notice from the Bank to the contrary, the Fiscal and Paying Agent shall be entitled to assume that any Note presented to it, or deemed presented to it,
for payment, is entitled to be so paid; 

  
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 (b)    the Fiscal and Paying Agent shall not be required to invest any
moneys delivered to it pursuant to this Agreement and shall have no liability for interest on any moneys received or held by it hereunder; 

(c)    the Fiscal and Paying Agent shall not be responsible for the accuracy of any recital of any party (other than the
Fiscal and Paying Agent) that is stated herein or in the Notes or in any offering materials relating thereto and makes no representations as to the validity or enforceability of the Notes and shall incur no responsibility in respect thereto; 

(d)    the Fiscal and Paying Agent shall be protected in acting or refraining from acting upon any notice, order,
requisition, request, consent, certificate, order, opinion (including an opinion of counsel, Officer’s Certificate or both), affidavit, letter, telegram or other paper or document deemed by it in good faith to be genuine and correct and to have
been signed or sent by the proper person or persons; and 
 (e)    any action taken by the Fiscal and Paying Agent
pursuant to this Agreement upon the request or authority or consent of any person who at the time of making such request or giving such authority or consent is the holder of a Note shall be conclusive and binding upon (i) all future holders of
the same Note and any Note issued in exchange therefor or in place thereof, (ii) all beneficial owners of the same Note and (iii) all holders of the same Note issued in definitive form pursuant to Section 2.4(b)
hereof. 
 ARTICLE 4 

LIABILITY AND INDEMNIFICATION 

Section 4.1.    Liability. 

(a)    The duties and obligations of the Fiscal and Paying Agent are ministerial in nature and such duties and obligations
shall be determined solely by the express provisions of this Agreement. The Fiscal and Paying Agent will not have any fiduciary duties. The Fiscal and Paying Agent shall not be liable to the Bank, the holders of Notes or the beneficial owners of the
Global Notes except for the performance of such duties and obligations as are specifically set forth herein and no implied covenants shall be read into this Agreement against it. 

(b)    The Fiscal and Paying Agent shall not be required to ascertain whether any action taken by the Bank hereunder,
including (i) the offering and sale of Notes, (ii) the issuance of such Notes or (iii) any amendment or termination of this Agreement, has been duly authorized by the Bank or is in compliance with any other agreement to which the Bank
is a party (whether or not the Fiscal and Paying Agent is also a party to such other agreements) or any law or governmental regulation to which the Bank is subject. The Fiscal and Paying Agent shall have no responsibility in the case of any default
by the Bank in the performance of the Notes. 

  
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 (c)    The Fiscal and Paying Agent shall not have any liability
hereunder except in the case of its gross negligence, bad faith, willful misconduct or failure to perform in accordance with this Agreement (which failure constitutes gross negligence, bad faith or willful misconduct). NOTWITHSTANDING ANYTHING TO
THE CONTRARY HEREIN, IN NO EVENT SHALL THE FISCAL AND PAYING AGENT BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES. THIS LIMITATION OF LIABILITY WILL APPLY REGARDLESS OF THE FORM OF ACTION, INCLUDING, WITHOUT LIMITATION, BREACH
OF THIS CONTRACT OR TORT. 
 (d)    In no event shall the Fiscal and Paying Agent be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Fiscal and Paying Agent 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 4.2.    Indemnification. The Bank agrees to indemnify and hold
harmless the Fiscal and Paying Agent, its officers, directors, employees and agents (each an “Indemnified Party”) from and against all losses, liabilities, obligations, claims, damages, costs and expenses of any kind or nature whatsoever
(including, without limitation, reasonable legal fees and expenses and court costs) relating to or arising out of the performance of its duties under this Agreement, except to the extent they are caused by the negligence, bad faith or willful
misconduct of such Indemnified Party or failure of such Indemnified Party to perform in accordance with this Agreement as finally adjudicated by a court of competent jurisdiction. In the event of resignation or removal of the Fiscal and Paying
Agent, any successor to the performance of the obligations of the Fiscal and Paying Agent as specified in this Agreement shall be entitled to rely upon this indemnity. These indemnification obligations shall survive the termination of this
Agreement, including any termination pursuant to any applicable federal or state bankruptcy law, to the extent enforceable under applicable law, and shall survive the resignation or removal of the Fiscal and Paying Agent while remaining applicable
to any action taken or omitted by the Fiscal and Paying Agent while acting pursuant to this Agreement. 

Section 4.3.    Agents and Advisors. The Fiscal and Paying Agent may execute any of the powers
hereunder or perform any duties hereunder either directly or by or through agents or advisors selected by it in good faith and with due care as it may reasonably require and will not be responsible for any negligence or misconduct on the part of any
of them so selected by the Fiscal and Paying Agent. 
 ARTICLE 5 

RESIGNATION OR REMOVAL OF FISCAL AND PAYING AGENT; SUCCESSION 

Section 5.1.    Resignation or Removal. The Fiscal and Paying Agent may at any time resign from its
duties hereunder by giving written notice of resignation to the Bank specifying the date on which such resignation shall become effective; provided, however, that such date shall not 

  
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be less than 60 Business Days after such notice is given to the Bank. The Bank may at any time remove the Fiscal and Paying Agent by giving written notice of removal to the Fiscal and Paying
Agent specifying the date on which such removal shall be effective; provided, however, that such date shall not be less than 30 Business Days after such notice is given to the Fiscal and Paying Agent. Any termination or resignation hereunder shall
not affect the Fiscal and Paying Agent’s right to the payment of fees earned or charges incurred through the effective date of such termination or resignation, as the case may be. 

Section 5.2.    Successor Fiscal and Paying Agent. Upon the effective date of such resignation or
removal, the Fiscal and Paying Agent shall deliver any money then held by it pursuant to Section 3.4(a) to the successor appointed by the Bank to serve as fiscal and paying agent for the Notes and all liability of the
Fiscal and Paying Agent with respect to such money shall thereupon cease. The Fiscal and Paying Agent shall also provide such successor with a copy of its records relating to the Notes as such successor shall reasonably request. However, the Fiscal
and Paying Agent may retain copies of any records turned over for archival purposes. If such successor has not been appointed by the effective date of such resignation or removal, the Fiscal and Paying Agent shall pay such money and deliver such
records to the Bank with the same effect as though such payment were made pursuant to Section 3.4(b); it being understood and agreed that the Bank may undertake to perform any of the functions of the Fiscal and Paying
Agent. The delivery, transfer and assignment of such moneys and records by the Fiscal and Paying Agent to its successor or the Bank, as the case may be, shall be sufficient, without the requirement of any additional act or the requirement of any
indemnity to be given by the Fiscal and Paying Agent, to relieve the Fiscal and Paying Agent of all further responsibility for the exercise of the rights or the performance of the obligations vested in the Fiscal and Paying Agent pursuant to this
Agreement. The Bank shall notify, or cause the Fiscal and Paying Agent to notify, each holder of Global Notes of the appointment of any successor Fiscal and Paying Agent or the undertaking of the Bank to perform the functions of the Fiscal and
Paying Agent. 
 Section 5.3.    Successor by Merger, Etc. Any corporation or
association into which the Fiscal and Paying Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its corporate trust and agency business as a whole, or any corporation or association resulting
from any such conversion, sale, merger, consolidation or transfer to which it is a party, shall be and become successor Fiscal and Paying Agent hereunder and shall be invested with all of the rights, powers, trusts, duties and obligations of the
Fiscal and Paying Agent hereunder, without the execution or filing of any instrument or any further act. The Fiscal and Paying Agent shall provide notice to the Bank of any such conversion, merger, consolidation, sale or transfer as soon as
practicable after the Fiscal and Paying Agent obtains knowledge that such event will occur or has occurred. 
 ARTICLE 6 

MISCELLANEOUS 

Section 6.1.    Compensation of the Fiscal and Paying Agent. The Bank agrees to pay the Fiscal and
Paying Agent compensation for all services rendered by the Fiscal and Paying Agent hereunder in such amounts as set forth on the Fee Schedule attached hereto and payable at such times as the Bank and the Fiscal and Paying Agent may agree to and to
promptly reimburse the 

  
 10 

 
Fiscal and Paying Agent for all reasonable out-of-pocket expenses (including reasonable outside attorneys’
fees), disbursements and advances incurred or made by the Fiscal and Paying Agent in the performance of its duties hereunder. The obligation of the Bank pursuant to this Section 6.1 shall survive the termination of this
Agreement, including any termination pursuant to any federal or state bankruptcy law, to the extent enforceable under applicable law. 

Section 6.2.    Reliance on Opinions of Counsel or Officer’s
Certificate. 
 (a)    The Fiscal and Paying Agent may, at any time, request and receive an opinion of counsel
(including its in-house counsel) concerning its duties hereunder. The Fiscal and Paying Agent shall be free to act upon the advice contained in such opinion and shall have no liability to the Bank, the holders
of the Notes or the beneficial owners of the Global Notes in respect of an action taken or omitted by the Fiscal and Paying Agent in good faith in reliance on a written opinion of such counsel (including its
in-house counsel). 
 (b)    The Fiscal and Paying Agent shall have no liability
to the Bank, the holders of the Notes or the beneficial owners of the Global Notes in respect of an action taken or omitted by the Fiscal and Paying Agent in good faith in reliance on an Officer’s Certificate. 

Section 6.3.    Notes Held by Fiscal and Paying Agent. The Fiscal and Paying Agent, in its individual
or other capacity, may become a purchaser, holder, transferor, pledgee or may otherwise own, hold or transfer any beneficial interest in any Notes and may commence or join in any action which a beneficial owner of a Note is entitled to take without
any conflict with its responsibilities pursuant to this Agreement. 
 Section 6.4.    Notices.
Notices and other communications hereunder shall (except to the extent otherwise expressly provided) be in writing or given via electronic media and shall be addressed as follows, or to such other addresses as the parties hereto shall specify from
time to time. 

  
 11 

					
	If to the Bank:	 	Discover Bank
		 	12 Read’s Way
		 	New Castle, Delaware 19720
		 	 Attention:
 Telephone:

Telecopy:
	 	 Patricia S. Hall
 (302) 323-7474
 (302) 323-7393

		 	Email:patriciahall@discover.com
		
	With a copy to:	 	 Discover Financial Services
 2500
Lake Cook Road
 Riverwoods, Illinois 60015

		 	 Attention:
 Telephone:

Telecopy:
	 	 D. Christopher Greene
 (224) 405-0330
 (224) 405-4073

		 	Email: christophergreene@discover.com
		
	If to the Fiscal	 	U.S. Bank National Association
	And Paying Agent	 	100 Wall Street – Suite 1600
		 	New York, NY 10005
		 	Attention:	 	Corporate Trust Services
		 	Telephone:	 	212-951-8561
		 	Telecopy:	 	212-509-3384
		 		 	

 All notices shall be deemed given when received. All notices required to be given to the holders of Notes shall be in writing
and sent by first-class mail to such holders at their respective addresses shown in the Security Register. 

Section 6.5.    Parties. Except for rights arising under
Section 3.4(a), this Agreement is solely for the benefit of the parties hereto and their successors and assigns and nothing herein, express or implied, shall grant any benefit or any legal or equitable right, remedy or
claim under this Agreement to any other person including, without limitation, any holder of a Note or any beneficial owner of a Global Note. 

Section 6.6.    Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND, WHERE APPROPRIATE, THE LAWS OF THE UNITED STATES. 

Section 6.7.    Separability. In case any provision in this Agreement shall
be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 12 

 Section 6.8.    Effect of
Headings. The article and section headings herein are for convenience of reference only and shall not affect the construction hereof. 

Section 6.9.    Amendments. 

(a)    Without the consent of the holders of the Notes, the Bank and the Fiscal and Paying Agent, at any time and from time
to time, may amend the terms of this Agreement and the Notes, including amendments to the terms of the Notes designed to cure ambiguities, defects or inconsistencies; except, however, that the consent of all holders of Notes is required in order to:

 (i)    change the Maturity Date of any Note, extend the time of payment on any overdue principal amount, change the
coin or currency in which any Note or the interest thereon is payable, change the definition of interest payment date contained in the Notes, reduce the principal amount of or the rate of interest on any Note, change the method of payment specified
in the Notes to other than wire transfer in immediately available funds, or impair the right of a holder of the Notes to institute suit for the enforcement of any payments of principal of or interest or other amounts on such Notes; 

(ii)    reduce the percentage in principal amount of Notes outstanding, the consent of whose holders is required for any
such amendment to this Agreement or the Notes; or 
 (iii)    modify any of the provisions of this
Section 6.9, except to increase any such percentage or to provide that certain other provisions of this Agreement or the Notes cannot be modified or waived without the consent of the holder of each outstanding Note. 

If the consent of the holders of the Notes is required hereunder, the Bank and the Fiscal and Paying Agent shall request such consent and the
Fiscal and Paying Agent will deliver to each holder of Notes an explanation provided to it by (or on behalf of) the Bank of such amendment and the terms thereof. It shall not be necessary under this Section 6.9 for the
holders of the Notes to approve the precise form of any proposed amendment. 
 (b)    Upon the execution of any
amendment to this Agreement under this Section 6.9 by the Bank and the Fiscal and Paying Agent, this Agreement shall be modified in accordance therewith, such amendment shall form a part of this Agreement for all purposes
and each holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. The Fiscal and Paying Agent, on behalf of the Bank, shall promptly transmit by mail to each holder of Notes a notice setting forth the
general terms of any amendment to this Agreement executed under this Section 6.9. 

(c)    Before entering into any amendment to this Agreement, the Fiscal and Paying Agent shall receive and be fully
protected in relying upon an Officer’s Certificate and an opinion from counsel to the Bank that such amendment has been duly authorized, executed and delivered by the Bank and that all conditions precedent in connection with the execution of
such amendment have been satisfied. 

  
 13 

 Section 6.10.    Events of Default; Rescission. 

(a)    Upon the occurrence of an Event of Default (as defined in the Notes) or the curing of an Event of Default, the Bank
will promptly notify in writing the Fiscal and Paying Agent thereof, and the Fiscal and Paying Agent will promptly notify, by first-class mail, postage prepaid, the holders of the Notes thereof. If an Event of
Default shall occur and be continuing, the holder of a Note, upon written notice to the Bank and the Fiscal and Paying Agent, may, at its option, declare such Note to be, and, on the day such declaration shall have been delivered to the Bank and the
Fiscal and Paying Agent, unless the Fiscal and Paying Agent shall have received notice from the Bank that all Events of Default have been cured by the Bank prior to receipt by the Fiscal and Paying Agent of such declaration, such Note shall become,
immediately due and payable at its principal amount, together with accrued and unpaid interest thereon to the date of payment. 

(b)    At any time after the delivery to the Fiscal and Paying Agent of a declaration of an Event of Default and
acceleration pursuant to the provisions of a Note, the holder of a Note, by written notice evidencing its ownership interest to the Bank and the Fiscal and Paying Agent, may rescind and annul such declaration of an Event of Default and its
consequences with respect to such Note. No such rescission shall affect any subsequent Event of Default or impair any right consequent thereto. 

(c)    The holder of a Note may waive any past Event of Default and its consequences with respect to such Note. No such
waiver shall affect any subsequent Event of Default or impair any right consequent thereto. 

Section 6.11.    Actions Due on Saturdays, Sundays and Holidays. If any
date on which a payment, notice or other action required by this Agreement falls is other than a Business Day, then that action or payment need not be taken or made on such date, but may be taken or made on the next succeeding Business Day on which
the Fiscal and Paying Agent is open for business with the same force and effect as if made on such date. 

Section 6.12.    Agreement to Pay Outside Attorneys’ Fees and Other
Expenses. In the event the Bank shall default under any of the provisions of this Agreement and the Fiscal and Paying Agent shall employ outside attorneys or incur other expenses for the enforcement of performance
or observance or any such obligation or agreement, the Bank agrees that it will on demand pay to the Fiscal and Paying Agent the reasonable fees and expenses of such attorneys and such other reasonable expenses incurred by the Fiscal and Paying
Agent. 
 Section 6.13.    Survival. The Fiscal and Paying Agent’s
rights to compensation, reimbursement and indemnification shall survive the termination of this Agreement, including any termination pursuant to any federal or state bankruptcy law, to the extent enforceable under applicable law. 

Section 6.14.    No Implied Waivers. The right of any party under any
provision of this Agreement shall not be affected by its prior failure to require the performance by any other party under such provision or any other provision of this Agreement, nor shall the waiver by any party of a breach of any provision hereof
constitute a waiver of any succeeding breach of the same or any other provision or constitute a waiver of the provision itself or any other provision. 

  
 14 

 Section 6.15.    Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original but both or all of which, when taken together, shall constitute but one instrument, and shall become effective when copies hereof which,
when taken together, bear the signatures of each of the parties hereto, shall be delivered to each of the parties hereto. 

Section 6.16.    Term. This Agreement shall remain in full force and effect
until the earlier to occur of (i) such time as the principal of and interest on all the Notes shall have been paid, (ii) the effective date of the resignation or removal of the Fiscal and Paying Agent or (iii) the payment of funds to
the Bank in accordance with Section 3.4(b). 
 Section 6.17.    Complete
Agreement. This Agreement and any appendix hereto contain the entire understanding of the parties with respect to the subject hereof (except for any separate confidentiality agreement between the Bank and the
Fiscal and Paying Agent applicable to this Agreement), and no waiver, alteration or modification of any of the provisions hereof, shall be binding unless in writing and signed by a duly authorized representative of all parties hereto. 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Fiscal and Paying Agent, like all
financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Fiscal and Paying Agent. The parties to this Agreement agree that they will provide the Fiscal and Paying Agent with such information as it may request in order for the Fiscal and Paying Agent to satisfy the requirements of the U.S.A.
Patriot Act. 
 [Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date first set forth above. 

 

			
	DISCOVER BANK,
	as Issuer of the Notes
		
	By:	 	 /s/ Timothy J. Schmidt

	Name:	 	Timothy J. Schmidt
	Title:	 	Senior Vice President and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION,
	as Fiscal and Paying Agent
		
	By:	 	 /s/ K. Wendy Kumar

	Name:	 	K. Wendy Kumar
	Title:	 	Vice President

  
 16 

 EXHIBIT A 

FORM OF GLOBAL NOTE 
 THIS NOTE IS NOT
REQUIRED TO BE, AND IS NOT, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). 
 THIS OBLIGATION IS NOT A DEPOSIT
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER GOVERNMENT AGENCY OR INSTRUMENTALITY AND IS SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. THE OBLIGATIONS OF
DISCOVER BANK (THE “BANK”) EVIDENCED BY THIS NOTE ARE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE BANK AND RANK PARI PASSU AMONG THEMSELVES AND OTHER UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE BANK BUT THEY ARE SUBORDINATE AND
JUNIOR IN RIGHT OF PAYMENT TO THE BANK’S OBLIGATIONS TO ITS DEPOSITORS AND OTHER OBLIGATIONS ENTITLED TO ANY PRIORITIES OR PREFERENCES, ARE INELIGIBLE AS COLLATERAL FOR A LOAN BY THE BANK AND ARE NOT SECURED. 

THIS NOTE IS AN OBLIGATION SOLELY OF THE BANK AND WILL NOT BE AN OBLIGATION OF, OR OTHERWISE GUARANTEED BY, DISCOVER FINANCIAL SERVICES OR ANY OF THE
BANK’S OTHER AFFILIATES. 
 THIS NOTE IS ISSUABLE ONLY IN FULLY REGISTERED FORM IN MINIMUM DENOMINATIONS OF $250,000 AND INTEGRAL MULTIPLES OF $1,000
IN EXCESS THEREOF. EACH OWNER OF A BENEFICIAL INTEREST IN THIS NOTE MUST BE AN INSTITUTIONAL INVESTOR WHO IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND IS REQUIRED TO HOLD A
BENEFICIAL INTEREST IN A $250,000 PRINCIPAL AMOUNT OR ANY INTEGRAL MULTIPLE OF $1,000 IN EXCESS THEREOF OF THIS NOTE AT ALL TIMES. 

Registered Principal Amount: 

No.: 
 CUSIP No.:
25466AAQ4 
 ISIN No.: US25466AAQ40 

  
 A-1 

 DISCOVER BANK 

2.450% Note Due 2024 
 This 2.450% Note Due 2024
(the “Security”) is registered in the name of CEDE & CO., the nominee of The Depository Trust Company (the “Depository”), 55 Water Street, New York, New York, and may not be transferred except as a whole by the nominee
of the Depository to another nominee of the Depository or to the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository unless and until this Security is exchanged in whole or in part
for Securities in definitive form. Unless this certificate is presented by an authorized representative of the Depository to the Corporate Trust Department of U.S. Bank National Association, as Fiscal and Paying Agent or any duly appointed successor
Fiscal and Paying Agent (the “Fiscal and Paying Agent”), and any certificate issued is registered in the name of Cede & Co. or such other name as is requested in writing by an authorized representative of the Depository (and any
payment is made to Cede & Co. or to such other entity as is requested in writing by an authorized representative of the Depository), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE OR TO ANY PERSON IS WRONGFUL, inasmuch as
the registered owner hereof, Cede & Co., has an interest herein. 
 The Bank, for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal amount of              ($             ) on September 12, 2024 (the “Maturity
Date”) and to pay interest from September 12, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 2.450% per annum (calculated on the basis of a 360-day year of twelve 30-day months), on the unpaid principal hereof until said principal amount has been paid in full or duly made available for payment, semiannually in
arrears on March 12 and September 12 of each year, commencing March 12, 2020 and on the Maturity Date (each, an “Interest Payment Date”). Payments will include interest accrued to (but excluding) the relevant Interest
Payment Date. All payments on this Security shall be applied first to accrued interest and the balance, if any, to principal. 
 If the Maturity Date or any
other Interest Payment Date falls on a day that is not a Business Day (as defined below), the related payment shall be made on the next succeeding Business Day with the same force and effect as if made on the day such payment was due, and no
interest shall accrue on the amount so payable for the period from and after such Maturity Date or Interest Payment Date, as the case may be. The term “Business Day” means any day that is not a Saturday or Sunday and that is not a day on
which banking institutions are generally authorized or required to be closed in The City of New York, New York. 
 Reference is made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as though fully set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Fiscal and Paying Agent by the manual signature of one of its authorized signatories,
this Security shall not be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Bank has caused this Security to be duly executed and its corporate seal to be
hereunto affixed and attested. 
  

							
		 		 	DISCOVER BANK
				
	 (CORPORATE SEAL)
	 		 	By:	 	  

 

			
	Attest:	 	
		
	By:	 	  

	Name:	 	  

	Title: 	 	  

			
	
	This is one of the Securities referred to in the within-mentioned Fiscal and
	Paying Agency Agreement:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Fiscal and Paying Agent

			
		
	By:	 	  

			
	
	Dated: September 12, 2019

  
 A-3 

 Form of Reverse Side of Note 

1.    This Security is one of a duly authorized issue of securities of the Bank, designated as its “2.450% Notes Due
2024” (the “Securities”), initially limited in aggregate principal to $750,000,000. The Bank may, so long as no Event of Default (as defined below) has occurred and is continuing and without the consent of the Holders (as defined
below) hereof, issue additional Securities and thereby increase such aggregate principal amount in the future, on the same terms and conditions (except for issue date and offering price) and with the same CUSIP number as this Security; provided,
however, that such additional Securities shall be consolidated and form a single series with this Security only if such additional Securities are fungible with this Security for U.S. federal income tax purposes. The Bank, for the benefit of the
registered holders from time to time of the Securities (collectively, the “Holders”), has entered into a Fiscal and Paying Agency Agreement, dated as of September 12, 2019 (as the same may be amended, supplemented or otherwise
modified from time to time, the “Fiscal and Paying Agency Agreement”), between the Bank and the Fiscal and Paying Agent. Reference is hereby made to the Fiscal and Paying Agency Agreement (copies of which are on file and available for
inspection during normal business hours at the offices of the Fiscal and Paying Agent at U.S. Bank National Association, 100 Wall Street – Suite 1600, New York, NY 10005, Attention: Corporate Trust Administration, or at such other place or
places as the Fiscal and Paying Agent shall designate by notice to the Holder in whose name this Security is registered on the Security Register (as defined in Section 3 of this Security)), for a statement of the further rights of the Holders
and the further rights, limitations of rights, duties and indemnities thereunder of the Bank and the Fiscal and Paying Agent and of the terms upon which the Securities are, and are to be, authenticated and delivered. 

Payment of the principal and interest payable on the Maturity Date will be made by wire transfer in immediately available funds to a bank
account in the United States designated by the Holder, upon presentation and surrender of this Security at the office of the Fiscal and Paying Agent or its affiliate in New York City or at such other place or places as the Fiscal and Paying Agent
shall designate by notice to the Holder, provided that this Security is presented to the Fiscal and Paying Agent in time for the Fiscal and Paying Agent to make such payments in such funds in accordance with its normal procedures and subject to the
deposit by the Bank of sufficient funds to enable the Fiscal and Paying Agent to make such payments. Payments of interest (other than interest payable on the Maturity Date) shall be made by wire transfer in immediately available funds to a bank
account in the United States designated by the Holder in a written notice received by the Fiscal and Paying Agent not later than the applicable Record Date (as defined below). Interest payable on any Interest Payment Date (other than the Maturity
Date) shall be payable to the Holder in whose name this Security is registered at the close of business on March 1 or September 1, as the case may be (whether or not a Business Day), immediately preceding the Interest Payment Date (each
such date being referred to herein as a “Regular Record Date”), notwithstanding the cancellation of this Security after such Regular Record Date and prior to or on such Interest Payment Date. Any interest so payable, but not punctually
paid or made available for payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and such defaulted interest will be paid to the Person in whose name this Security is registered at the
close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Bank (a “Special Record Date”), notice of which shall be given to the Holder of this Security not less than 10 days prior to such
Special Record Date (the Regular Record Date and Special Record Date are referred to herein collectively as “Record 

  
 A-4 

 
Dates”). Interest payable on this Security on the Maturity Date will be payable to the Holder to whom the principal of this Note is payable on such date. To the extent permitted by
applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Security, on any amount of principal of or interest on this Security not paid when due. All payments on this Security shall be applied first to
accrued interest and the balance, if any, to principal. 
 2.     Payments of principal of and interest on this Security
shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. Until the date on which all of the Securities shall have been surrendered or
delivered to the Fiscal and Paying Agent for cancellation or destruction, or become due and payable and a sum sufficient to pay the principal of and interest on all of the Securities shall have been made available for payment and either paid or
returned to the Bank as provided herein and in the Fiscal and Paying Agency Agreement, the Fiscal and Paying Agent or its affiliate shall at all times maintain an office or agency in New York City, where Securities may be presented or surrendered
for payment; provided that, any successor Fiscal and Paying Agent appointed by the Bank as permitted by Section 10 of this Security, or the Bank upon undertaking the performance of the functions of Fiscal and Paying Agent, shall not be required
to maintain an office in New York City but shall be required to maintain an office or agency the location of which shall be communicated promptly to the Holder of this Security. 

3.     Except as otherwise provided on the face of this Security, this Security is transferable in whole or in part, and
may be exchanged for a like aggregate principal amount of Securities of other authorized denominations, by the Holder in person, or by his, her or its attorney duly authorized in writing, at the office of the Fiscal and Paying Agent or its affiliate
in New York City. The Fiscal and Paying Agent shall maintain a register providing for the registration of the Securities and any exchange or transfer thereof (the “Security Register”). Upon surrender or presentation of this Security for
exchange or registration of transfer, the Bank shall execute and the Fiscal and Paying Agent shall authenticate and deliver in exchange therefor a Security or Securities, each in a denomination of $250,000 or any amount in excess thereof which is an
integral multiple of $1,000 which has or have an aggregate denomination equal to the denomination of this Security and is or are registered in such name or names requested by the Holder. Any Security presented or surrendered for registration of
transfer or for exchange shall (if so required by the Fiscal and Paying Agent) be duly endorsed, or accompanied by a written instrument of transfer with such evidence of due authorization and guarantee of signature as may reasonably be required by
the Fiscal and Paying Agent in form satisfactory to the Fiscal and Paying Agent, duly executed by the Holder or his, her or its attorney duly authorized in writing, and with such tax identification number or other information for each person in
whose name a Security is to be issued as the Fiscal and Paying Agent may reasonably request to comply with applicable law. No exchange or registration of transfer of this Security shall be made on or after the fifteenth day immediately preceding the
Maturity Date. 
 No service charge (other than any cost of delivery) shall be imposed for any exchange or registration of transfer of this
Security, but the Bank or Fiscal and Paying Agent may require the payment of a sum sufficient to cover any stamp or other tax or governmental charge that may be imposed in connection therewith (or presentation of evidence that such tax or charge has
been paid). 

  
 A-5 

 Prior to due presentment of this Security for registration of transfer, the Bank, the Fiscal
and Paying Agent and their respective agents may treat the Holder in whose name this Security is registered in the Security Register as the absolute owner of this Security for the purpose of receiving payments of principal of and interest on this
Security and for all other purposes whatsoever, whether or not this Security be overdue, and the Bank and the Fiscal and Paying Agent shall not be affected by any notice to the contrary. 

4.    This Security is not subject to repayment at the option of the Holder prior to the Maturity Date and is not subject
to any sinking fund. 
 5.    This Security is subject to redemption at the option of the Bank, at any time on or after
August 12, 2024, in whole or in part on no less than 10 nor more than 60 days’ prior notice delivered to the Holders. This Security will be redeemable at a redemption price equal to 100% of the principal amount of this Security to be
redeemed, plus accrued and unpaid interest. If fewer than all of the Securities are to be redeemed, the Fiscal and Paying Agent will select the Securities for redemption on a pro rata basis, by lot or by such other method in accordance with the
Depository’s procedures. This Security will be redeemed in denominations of $250,000 and integral multiples of $1,000 in excess thereof. If any Securities are to be redeemed in part only, the notice of redemption that relates to such Securities
will state the portion of such Securities to be redeemed. Unless the Bank defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on such Securities or the portions of such Securities called for
redemption. 
 6.     The indebtedness of the Bank evidenced by this Security, including the principal and interest, is
unsecured and unsubordinated but it is subordinate and junior in right of payment to the Bank’s obligations to its depositors and other obligations that are entitled to any priorities or preferences, such as its obligations under bankers’
acceptances and letters of credit and its obligations to any Federal Reserve Bank or the Federal Deposit Insurance Corporation (“FDIC”) and to any rights acquired by the FDIC as a result of loans made by the FDIC to the Bank or the
purchase or guarantee of any of its assets by the FDIC pursuant to the provisions of 12 U.S.C. Section 1823(c), (d) or (e), in each case whether outstanding at the date of this Security or hereafter incurred (except any such obligations
which rank on a parity with or junior to this Security). In the case of any insolvency proceedings, receivership, conservatorship, reorganization, readjustment of debt, marshalling of assets and liabilities or similar proceedings or any liquidation,
dissolution or winding-up of the Bank, whether voluntary or involuntary, all such obligations, except obligations that expressly rank on a parity with or junior to this Security, shall be entitled to be paid
in full before any payment shall be made on account of the principal of, or interest on, this Security. In the event of any such proceeding, after payment in full of all sums owing with respect to such prior obligations, the Holder of this Security,
together with the holders of any other obligations of the Bank ranking on a parity with this Security, shall be entitled to be paid from the remaining assets of the Bank, the unpaid principal of, and the unpaid interest on, this Security or such
other obligations before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any obligations of the Bank ranking junior to this Security. Nothing herein shall impair the
obligation of the Bank, which is absolute and unconditional, to pay the principal of and any interest on this Security in accordance with its terms. 

  
 A-6 

 7.    Notwithstanding any other provisions of this Security, including
specifically those set forth in the sections relating to events of default and covenants of the Bank, it is expressly understood and agreed that the FDIC or any other receiver or conservator of the Bank shall have the right in the performance of his
or her legal duties, and as part of any transaction or plan of reorganization or liquidation designed to protect or further the continued existence of the Bank or the rights of any parties or agencies with an interest in, or claim against, the Bank
or its assets, to transfer or direct the transfer of the obligations of this Security to any national banking association, state bank or bank holding company selected by him or her which shall expressly assume the obligation of the due and punctual
payment of the unpaid principal and interest on this Security and the due and punctual performance of all covenants and conditions hereof; and that the completion of such transfer and assumption shall serve to supersede and void any default,
acceleration or subordination which may have occurred, or which may occur due or related to such transaction, plan, transfer or assumption, pursuant to the provisions of this Security, and shall serve to return the Holder to the same position, other
than for substitution of the obligor, it would have occupied had no default, acceleration or subordination occurred; except that any interest and principal previously due, other than by reason of acceleration, and not paid shall, in the absence of a
contrary agreement by the Holder of this Security, be deemed to be immediately due and payable as of the date of such transfer and assumption, together with the interest from its original due date at the rate provided for herein. 

8.    Any depository institution, as that term is defined in Section 3(c)(1) of the Federal Deposit Insurance Act,
which holds this Security (or beneficial interest herein) shall be deemed to have agreed by acquiring this Security (or beneficial interest herein) that any rights of such institution to offset all or any portion of the indebtedness represented by
this Security (or beneficial interest herein) against any indebtedness or other obligations of such institution to the Bank are waived by such institution. 

9.    All notices to the Bank under this Security shall be in writing and addressed to the Bank at Discover Bank, 12
Read’s Way, New Castle, Delaware 19720, Attention: Patricia S. Hall, Vice President, Chief Financial Officer and Assistant Treasurer, with a copy to Discover Financial Services, 2500 Lake Cook Road, Riverwoods, IL 60015, Attention: D.
Christopher Greene, Vice President, Secretary and Deputy General Counsel, or to such other address as the Bank may notify to the Holder. All notices to the Fiscal and Paying Agent shall be in writing and addressed to the Fiscal and Paying Agent at
the office of the Fiscal and Paying Agent at U.S. Bank National Association, 100 Wall Street—Suite 1600, New York, NY 10005, Attention: Corporate Trust Operations. All notices to the Holder shall be in writing and sent by first-class mail to the Holder at his or its address as set forth in the Security Register. 

10.     In acting under the Fiscal and Paying Agency Agreement, the Fiscal and Paying Agent is acting solely as the agent
of the Bank and does not assume any obligation or relationship of agency or trust with the Holder except money deposited with the Fiscal and Paying Agent will be held on behalf of the Holders until disbursed to the Holders, except as provided in the
Fiscal and Paying Agency Agreement. Under the terms of the Fiscal and Paying Agency Agreement, the Bank may remove any Fiscal and Paying Agent and appoint a new Fiscal and Paying Agent in respect of the Securities, or may remove any Fiscal and
Paying Agent and undertake to perform at the Bank any or all of the functions of the Fiscal and Paying Agent under the Fiscal and Paying Agency Agreement. The Bank shall notify, or cause the Fiscal and Paying Agent to notify, the Holder of this
Security of the appointment of any successor Fiscal and Paying Agent or the undertaking of the Bank to perform at the Bank the functions of the Fiscal and Paying Agent. 

  
 A-7 

 11.     The Securities are issuable only as fully registered Securities
without interest coupons in denominations of $250,000 or any amount in excess thereof which is an integral multiple of $1,000. 

12.     The term “Event of Default,” as used in this Security, means any of the following events (whatever the
reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any decree, order, rule or regulation of any governmental agency or body): 

 

	 	(i)	 default in the payment of any interest with respect to the Securities when due, which continues for 30 calendar
days; 

  

	 	(ii)	 default in the payment of any principal of the Securities when due; 

 

	 	(iii)	 the entry by a court having jurisdiction in the premises of: 

 

	 	a.	 a decree or order for relief in respect of the Bank in an involuntary case or proceeding under any applicable
United States federal or state bankruptcy, insolvency, reorganization or other similar law; or 

  

	 	b.	 a decree or order appointing a conservator, receiver, liquidator, assignee, trustee, sequestrator or any other
similar official of the Bank, or of substantially all of the property of the Bank, or ordering the winding up or liquidation of the affairs of the Bank; 

and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60
consecutive days; 
  

	 	(iv)	 the commencement by the Bank of a voluntary case or proceeding under any applicable United States federal or
state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by the Bank to the entry of a decree or order for relief in an involuntary case or
proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding, or the filing by the Bank of a petition or answer
or consent seeking reorganization or relief under any applicable United States federal or state bankruptcy, insolvency, reorganization or similar law, or the consent by the Bank to the filing of such petition or to the appointment of or taking
possession by a custodian, conservator, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Bank or of substantially all of the property of the Bank, or the making by the Bank of an assignment for the benefit of
creditors, or the taking of corporate action by the Bank in furtherance of any such action. 

  
 A-8 

 The Fiscal and Paying Agency Agreement provides that the Bank will promptly notify the
Fiscal and Paying Agent, and the Fiscal and Paying Agent will promptly notify by first-class mail, postage prepaid, the Holders of the Securities, upon the occurrence of an Event of Default. 

13.     If an Event of Default shall occur and be continuing, the Holder may, at its option, by written notice to the Bank
and the Fiscal and Paying Agent, declare this Security to be, and on the day of such declaration shall have been delivered to the Bank and the Fiscal and Paying Agent, unless the Fiscal and Paying Agent shall have received notice from the Bank that
all Events of Default have been cured by the Bank prior to receipt by the Fiscal and Paying Agent of such declaration, such Security shall become, immediately due and payable at its principal amount, together with accrued and unpaid interest thereon
to the date of payment. 
 The Fiscal and Paying Agency Agreement provides that the Holder of this Security may rescind a declaration of an
Event of Default and acceleration with respect to this Security under certain circumstances and may waive any past Event of Default and its consequences. 

14.     Subject to Section 7 hereof, the Bank shall not consolidate with or merge into any other person or convey,
transfer or lease its properties and assets substantially as an entirety to any person, unless the person formed by such consolidation or into which the Bank is merged or the person which acquires by conveyance or transfer, or which leases, the
properties and assets of the Bank substantially as an entirety shall be a corporation, partnership or other entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall
expressly assume the due and punctual payment of the principal of and interest on this Security and the performance or observance of every provision of this Security on the part of the Bank to be performed or observed. 

15.     The Fiscal and Paying Agency Agreement provides that the Bank and the Fiscal and Paying Agent may amend the Fiscal
and Paying Agency Agreement and the Securities, including amendments to the terms of the Securities designed to cure ambiguities, defects or inconsistencies, without the consent of the Holders of the Securities, except that the consent of all
Holders of Securities is required in order to change the Maturity Date of any Security, to extend the time of payment on any overdue principal amount, to change the coin or currency in which any Security or the interest thereon is payable, to change
the definition of Interest Payment Date, to reduce the principal amount of or rate of interest on any Security, to change the method of payment to other than wire transfer in immediately available funds, to impair the right of the Holder of this
Security to institute suit for the enforcement of payments of principal of or interest or other amounts on the Securities, to reduce the percentage in principal amount of Securities outstanding the consent of whose Holders is required to amend the
Fiscal and Paying Agency Agreement or the Securities or to modify the provisions of the Fiscal and Paying Agency Agreement governing the amendment thereof and of the Securities. If the consent of the Holders of Securities is required, the Bank and
the Fiscal and Paying Agent shall request such consent and will deliver to each Holder of Securities an explanation of such amendment and the terms thereof. It shall not be necessary for the Holders of Securities to approve the precise form of any
proposed amendment. 
 Any consent or waiver given by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

  
 A-9 

 16.     No reference herein to the Fiscal and Paying Agency Agreement
and no provision of this Security shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed. No failure or delay on the part of the Holder in exercising any right under this Security shall operate as a waiver of, or impair, any such right. No waiver of any such rights shall be effective unless given in writing. 

17.    No recourse shall be had for the payment of principal of or interest on this Security for any claim based hereon,
or otherwise in respect hereof, against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Bank or of any successor organization, either directly or through the Bank or any successor organization, whether
by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and
released. 
 18.    This Security is a debt of the Bank only and is not an obligation of Discover Financial Services or
any of its affiliates other than the Bank. 
 19.    THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND, WHERE APPROPRIATE, THE LAWS OF THE UNITED STATES. 

  
 A-10 

 FEE SCHEDULE 

[Fee Schedule]Exhibit 4.2

 

	Execution version

 

	DATED AS OF SEPTEMBER 12, 2019
	
        ALEXANDRIA REAL
        ESTATE EQUITIES, INC.,

        as Issuer,

         

        Alexandria Real
        Estate Equities, L.P.

        as Guarantor,

         

        and

         

        BRANCH
        BANKING AND TRUST COMPANY,

        as Trustee

         

	SUPPLEMENTAL INDENTURE NO. 10
 $400,000,000
 2.750% SENIOR NOTES DUE 2029
	 	 	 

 

     

     

    

 

 

	Contents
	
        Clause
	Page
	 	 

	Article I RELATION TO BASE INDENTURE	3
	Section 1.1.   Relation to Base Indenture	3
	Article II DEFINITIONS	3
	Section 2.1.   Definitions	3
	Article III THE SERIES OF NOTES	9
	Section 3.1.   Title of the Securities	9
	Section 3.2.   Price	9
	Section 3.3.   Issuance	9
	Section 3.4.   Limitation on Aggregate Principal Amount	9
	Section 3.5.   Interest and Interest Rates; Maturity Date of Notes	10
	Section 3.6.   Method of Payment	10
	Section 3.7.   Currency	11
	Section 3.8.   No Sinking Fund	11
	Section 3.9.   No Conversion or Exchange Rights	11
	Section 3.10.   No Personal Liability of Directors, Officers, Employees and Stockholders	11
	Section 3.11.   Registered Securities; Global Form	12
	Section 3.12.   Transfer and Exchange	12
	Section 3.13.   General Provisions Relating to Transfers and Exchanges	15
	Article IV REDEMPTION	16
	Section 4.1.   Optional Redemption	16
	Section 4.2.   Notice of Optional Redemption; Selection of Notes	17
	Section 4.3.   Payment of Notes Called for Redemption by the Company	18
	Article V GUARANTEE	18
	Section 5.1.   Guarantee	18
	Section 5.2.   Execution and Delivery of Guarantee	20
	Section 5.3.   Limitation of Guarantor's Liability; Certain Bankruptcy Events	20
	Section 5.4.   Application of Certain Terms and Provisions to the Guarantor	20
	Article VI ADDITIONAL COVENANTS	21
	Section 6.1.   Maintenance of Office or Agency	21

 

     

     

    

 

	Section 6.2.   Appointments to Fill Vacancies in Trustee's Office	22
	Section 6.3.   Limitations on Incurrence of Debt	22
	Section 6.4.   Provision of Financial Reporting Information	23
	Article VII DEFAULTS AND REMEDIES	24
	Section 7.1.   Events of Default	24
	Section 7.2.   Acceleration of Maturity; Rescission and Annulment	26
	Section 7.3.   Limitation on Suits	26
	Section 7.4.   Notice of Defaults	27
	Article VIII AMENDMENTS AND WAIVERS	27
	Section 8.1.   Without Consent of Holders	27
	Article IX MEETINGS OF HOLDERS OF NOTES	28
	Section 9.1.   Purposes for Which Meetings May Be Called	28
	Section 9.2.   Call, Notice and Place of Meetings	28
	Section 9.3.   Persons Entitled to Vote at Meetings	29
	Section 9.4.   Quorum; Action	29
	Section 9.5.   Determination of Voting Rights; Conduct and Adjournment of Meetings	30
	Section 9.6.   Counting Votes and Recording Action of Meetings	30
	Article X MISCELLANEOUS PROVISIONS	31
	Section 10.1.   Ratification of Indenture	31
	Section 10.2.   Governing Law	31
	Section 10.3.   Counterparts	31
	Section 10.4.   Notices to Holders	31
	Section 10.5.   Successors and Assigns	31
	Section 10.6.   Time of the Essence	31
	Section 10.7.   Rights of Holders Limited	31
	Section 10.8.   Rights and Duties of Trustee	31
	Section 10.9.   Notices	32
	Section 10.10.   Headings, etc.	33
	Section 10.11.   Conflicts	33
	Section 10.12.   Trust Indenture Act Controls	33

 

     

     

    

 

SUPPLEMENTAL INDENTURE
NO. 10, dated as of September 12, 2019 (this “Tenth Supplemental Indenture”), among ALEXANDRIA REAL ESTATE
EQUITIES, INC., a Maryland corporation (the “Company”), Alexandria Real
Estate Equities, L.P., a Delaware limited partnership (the “Guarantor”) and BRANCH
BANKING AND TRUST COMPANY, as trustee (the “Trustee”).

 

R E C I T A L S

 

WHEREAS, the Company,
the Guarantor and the Trustee have heretofore entered into an Indenture dated as of March 3, 2017 (the “Base Indenture”),
providing for the issuance from time to time of unsecured debentures, notes or other evidences of indebtedness (the “Securities”)
of the Company in one or more series;

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the first supplemental indenture, dated as of March 3, 2017, pursuant to which the Company
issued $350,000,000 in aggregate principal amount of its 3.95% Senior Notes due 2028 on March 3, 2017 (the “2028 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the second supplemental indenture, dated as of November 20, 2017, pursuant to which the
Company issued $600,000,000 in aggregate principal amount of its 3.45% Senior Notes due 2025 on November 20, 2017 (the “2025
Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the third supplemental indenture, dated as of June 21, 2018, pursuant to which the Company
issued $450,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2024 on June 21, 2018 (the “Existing
2024 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the fourth supplemental indenture, dated as of June 21, 2018, pursuant to which the Company
issued $450,000,000 in aggregate principal amount of its 4.700% Senior Notes due 2030 on June 21, 2018 (the “2030 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the fifth supplemental indenture, dated as of March 21, 2019, pursuant to which the Company
issued $350,000,000 in aggregate principal amount of its 3.800% Senior Notes due 2026 on March 21, 2019 (the “2026 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the sixth supplemental indenture, dated as of March 21, 2019, pursuant to which the Company
issued $300,000,000 in aggregate principal amount of its 4.850% Senior Notes due 2049 on March 21, 2019 (the “2049 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the seventh supplemental indenture, dated as of March 21, 2019, pursuant to which the Company
issued, as part of the Existing 2024 Notes series, $200,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2024
on March 21, 2019 (the “New 2024 Notes” and collectively, with the Existing 2024 Notes, the “2024 Notes”);

 

    - 1 -

     

    

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the eighth supplemental indenture, dated as of July 15, 2019, pursuant to which the Company
issued $750,000,000 in aggregate principal amount of its 3.375% Senior Notes due 2031 on July 15, 2019 (the “2031 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the ninth supplemental indenture (the “Ninth Supplemental Indenture”),
dated as of July 15, 2019, pursuant to which the Company issued $500,000,000 in aggregate principal amount of its 4.000% Senior
Notes due 2050 on July 15, 2019 (the “Existing 2050 Notes”);

 

WHEREAS, concurrently
herewith, the Company, the Guarantor and the Trustee will execute the eleventh supplemental indenture, dated as of September 12,
2019, pursuant to which the Company will issue $200,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2050 on
September 12, 2019 (the “New 2050 Notes”, and collectively, with the Existing 2050 Notes, the “2050
Notes”);

 

WHEREAS, Section 9.1(6)
and (7) of the Base Indenture provides, among other things, that, without the consent of the Holders of the Securities, one or
more indentures supplemental to the Base Indenture may be entered into (i) to establish the form or terms of Securities of any
series or (ii) to add to, change or eliminate any of the provisions of the Base Indenture in respect of one or more series of Securities;
provided that any such addition, change or elimination shall become effective only when there is no such Security Outstanding;

 

WHEREAS, each of the
Company and the Guarantor desires to execute this Tenth Supplemental Indenture to establish the form and to provide for the issuance
of a series of the Company’s senior notes designated as its 2.750% Senior Notes due 2029 (the “Notes”)
in an initial aggregate principal amount of $400,000,000;

 

WHEREAS, the Guarantor
will guarantee the due and punctual payment of the principal, premium, if any, and interest on the Notes pursuant to Article V
of this Tenth Supplemental Indenture;

 

WHEREAS, the Board
of Directors of the Company (the “Board of Directors”) has duly adopted resolutions authorizing the Company
to create and issue the Notes and to execute and deliver this Tenth Supplemental Indenture;

 

WHEREAS, the Board
of Directors of ARE-QRS Corp., as sole general partner of the Guarantor, has duly adopted resolutions authorizing the Guarantor
to execute and deliver this Tenth Supplemental Indenture;

 

WHEREAS, concurrently
with the execution hereof, the Company has delivered to the Trustee an Officers’ Certificate and has caused its counsel to
deliver to the Trustee an Opinion of Counsel or a reliance letter upon an Opinion of Counsel satisfying the requirements of Sections 1.2, 3.3
and 9.3 of the Base Indenture; and

 

WHEREAS, all other
conditions and requirements necessary to make this Tenth Supplemental Indenture, when duly executed and delivered, a valid and
binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled.

 

    - 2 -

     

    

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

For and in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of
the Company, the Guarantor and the Trustee agrees as follows:

 

Article
I

RELATION TO BASE INDENTURE

 

Section 1.1.         
Relation to Base Indenture. This Tenth Supplemental Indenture constitutes an integral part of the Base Indenture.
Notwithstanding any other provision of this Tenth Supplemental Indenture, all provisions of this Tenth Supplemental Indenture are
expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other
Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose
other than with respect to the Notes.

 

Article
II

DEFINITIONS

 

Section 2.1.         
Definitions. For all purposes of this Tenth Supplemental Indenture, except as otherwise expressly provided for or
unless the context otherwise requires:

 

(a)         
capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture;

 

(b)         
all references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections
of this Tenth Supplemental Indenture; and

 

(c)         
as used herein the following terms have the following meanings:

 

“2024
Notes” has the meaning set forth in the recitals hereof.

 

“2025 Notes”
has the meaning set forth in the recitals hereof.

 

“2026 Notes”
has the meaning set forth in the recitals hereof.

 

“2028 Notes”
has the meaning set forth in the recitals hereof.

 

“2030 Notes”
has the meaning set forth in the recitals hereof.

 

“2031 Notes”
has the meaning set forth in the recitals hereof.

 

“2049 Notes”
has the meaning set forth in the recitals hereof.

 

“2050 Notes”
has the meaning set forth in the recitals hereof.

 

    - 3 -

     

    

 

“Acquired
Debt” means Debt of a person (1) existing at the time such person becomes a Subsidiary or (2) assumed in connection
with the acquisition of assets from such person, in each case, other than Debt incurred in connection with, or in contemplation
of, such person becoming a Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related
acquisition of assets from any person or the date the acquired person becomes a Subsidiary.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with Section 3.4
hereof, as part of the same series as the Initial Notes.

 

“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 Depository, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.

 

“Benefited
Party” has the meaning set forth in Section 5.1 hereof.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Confidential
Datasite” has the meaning set forth in Section 6.4 hereof.

 

“Consolidated
EBITDA” means, for any period of time, the net income (loss) of the Company and its Subsidiaries, determined on a consolidated
basis in accordance with GAAP for such period, before deductions for (without duplication):

 

		(1)	Interest Expense;

 

		(2)	taxes;

 

		(3)	depreciation and amortization (including depreciation and amortization with respect to interests
in joint ventures and partially owned entity investments), amortization of deferred charges, and all other non-cash items, as determined
reasonably and in good faith by the Company;

 

		(4)	impairments, prepayment penalties and all costs or fees incurred in connection with any debt financing
or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction
is completed);

 

		(5)	extraordinary items, the effect of any charge resulting from a change in accounting principles
in determining net income (loss), non-recurring items or other unusual items, as determined reasonably and in good faith by the
Company;

 

    - 4 -

     

    

 

		(6)	noncontrolling interests;

 

		(7)	amounts related to swap ineffectiveness or attributable to transactions involving derivative instruments
that do not qualify for hedge accounting in accordance with GAAP; and

 

		(8)	gains or losses on dispositions of real estate investments or property valuation losses.

 

For purposes of calculating
Consolidated EBITDA, GAAP is not applicable with respect to the determination of all non-cash and non-recurring items, which shall
be determined reasonably and in good faith by the Company.

 

“Debt”
means any of the Company’s or any of its Subsidiaries’ indebtedness, whether or not contingent, in respect of (without
duplication) (1) borrowed money evidenced by bonds, notes (including the Notes, the 2024 Notes, the 2025 Notes, the 2026 Notes,
the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2049 Notes and the 2050 Notes), debentures or similar instruments, (2) obligations
secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company or
any of its Subsidiaries, but only to the extent of the lesser of (a) the amount of obligations so secured and (b) the
fair market value (determined in good faith by the board of directors of such person (as evidenced by an Officers’ Certificate
to the Trustee) or, in the case of the Company or a Subsidiary of the Company, by the Board of Directors (as evidenced by an Officers’
Certificate delivered to the Trustee) of the property subject to such mortgage, pledge, lien, charge, encumbrance or security interest,
(3) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts
representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes
an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, or
(4) any lease of property by the Company or any of its Subsidiaries as lessee which is reflected on the Company’s consolidated
balance sheet as a capitalized lease (finance lease) in accordance with GAAP; but only to the extent, in the case of items of indebtedness
under (1) through (3) above, that any such items (other than letters of credit) would appear as a liability on the Company’s
consolidated balance sheet in accordance with GAAP. The term “Debt” also includes, to the extent not otherwise included,
any obligation of the Company or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other
than for purposes of collection in the ordinary course of business or for the purposes of guaranteeing the payment of all amounts
due and owing pursuant to leases to which the Company or any of its Subsidiaries are a party and have assigned its or their interest,
provided that such assignee of the Company or its Subsidiary is not in default of any amounts due and owing under such leases),
Debt of another person (other than the Company or any of its Subsidiaries) (it being understood that Debt shall be deemed to be
incurred by the Company or any of its Subsidiaries whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise
become liable in respect thereof).

 

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

 

    - 5 -

     

    

 

“Defaulted
Interest” has the meaning set forth in Section 3.6 hereof.

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 3.13
hereof, substantially in the form of Exhibit A hereof 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.

 

“Depository”
means, with respect to the Notes, The Depository Trust Company and any successor thereto.

 

“Dollars”
and “$” means the currency of the United States of America.

 

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

 

“Event of
Default” has the meaning set forth in Section 7.1 hereof.

 

“Existing
2024 Notes” has the meaning set forth in the recitals hereof.

 

“Existing
2050 Notes” has the meaning set forth in the recitals hereof.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time; provided that if,
as of a particular date as of which compliance with the covenants contained in this Indenture is being determined, there have been
changes in accounting principles generally accepted in the United States of America from those that applied to the Company’s
consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018, the Company
may, in its sole discretion, determine compliance with the covenants contained in this Indenture using accounting principles generally
accepted in the United States of America as in effect as of the end of any calendar quarter selected by the Company, in the Company’s
sole discretion, that is on or after December 31, 2018 and prior to the date as of which compliance with the covenants in this
Indenture is being determined (“Fixed GAAP”), and, solely for purposes of calculating the covenants as of such
date, “GAAP” shall mean Fixed GAAP.

 

“Global Note”
means, individually and collectively, each of the Notes in the form established pursuant to Section 3.11 issued to the Depository
or its nominee, substantially in the form of Exhibit A.

 

“Guarantee
Obligations” has the meaning set forth in Section 5.1 hereof.

 

“Indenture”
means the Base Indenture, as supplemented, amended or restated, from time to time.

 

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

 

“Initial Notes”
means the first $400,000,000 aggregate principal amount of Notes issued under this Tenth Supplemental Indenture on the date hereof.

 

    - 6 -

     

    

 

“Initial Original
Principal Amount” has the meaning set forth in Section 3.4 hereof.

 

“Intercompany
Debt” means Debt to which the only parties are any of the Company, the Guarantor and any Subsidiary of the Company or
the Guarantor; provided, however, that with respect to any such Debt of which the Company or the Guarantor
is the borrower, such Debt is subordinate in right of payment to the Notes.

 

“Interest
Expense” means, for any period of time, the aggregate amount of interest expense determined on a consolidated basis in
accordance with GAAP for such period by the Company and its Subsidiaries, but excluding (i) interest reserves funded from
the proceeds of any loan, (ii) prepayment penalties, (iii) amortization of deferred financing costs, and (iv) swap ineffectiveness
charges or charges attributable to transactions involving derivative instruments that do not qualify for hedge accounting in accordance
with GAAP.

 

“Interest
Payment Date” has the meaning set forth in Section 3.5 hereof.

 

“Make-Whole
Amount” means, in connection with any optional redemption of the Notes, the excess, if any, as determined by the Company,
of:

 

		(1)	the aggregate present value as of the date of such redemption of each dollar of principal being
redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable
in respect of such principal amount through September 15, 2029 as if such redemption or accelerated payment had not been made,
determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined by the Company
on the third Business Day preceding the date a notice of redemption is given) from the respective dates on which such principal
and interest would have been payable (or, in the case of accrued interest as of September 15, 2029, from such date) as if such
redemption or payment had not been made, over

 

		(2)	the aggregate principal amount of the Notes being redeemed or paid.

 

The Trustee shall have no duty
to calculate or verify the Company’s calculations of the Make-Whole Amount.

 

“Maturity
Date” has the meaning set forth in Section 3.5 hereof.

 

“New 2024
Notes” has the meaning set forth in the recitals hereof.

 

“New 2050
Notes” has the meaning set forth in the recitals hereof.

 

“Ninth Supplemental
Indenture” has the meaning set forth in the recitals hereof.

 

“Notes”
has the meaning specified in the thirteenth whereas clause hereof. The Initial Notes and the Additional Notes shall be treated
as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes
shall include the Initial Notes and any Additional Notes.

 

    - 7 -

     

    

 

“Officer”
means the Executive Chairman, a Co-Chief Executive Officer, the Chief Financial Officer, a Co-President, any Vice-President, the
Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

 

“Participant”
means, with respect to the Depository, Euroclear or Clearstream, a person who has an account with the Depository, Euroclear or
Clearstream, respectively.

 

“Prospectus”
means the base prospectus, dated December 18, 2017, included as part of a registration statement on Form S-3 under Securities Act,
filed by the Company with the Commission on December 18, 2017 (File No. 333-222136), as supplemented by a prospectus supplement,
dated September 3, 2019 filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act.

 

“Record Date”
has the meaning set forth in Section 3.5 hereof.

 

“Redemption
Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 4.1
hereof, the date fixed for such redemption in accordance with the provisions of Section 4.1 hereof.

 

“Redemption
Price” has the meaning specified in Section 4.1 hereof.

 

“Reinvestment
Rate” means 0.200% plus the weekly yield for the most recent week set forth in the most recent Statistical Release for
the constant maturity U.S. Treasury security (rounded to the nearest month) corresponding to the remaining life to maturity (assuming,
for the purposes of this definition, that the Notes mature on September 15, 2029), as of the payment date of the principal being
redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding
to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated
or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For
the purpose of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination
of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes in a manner that
precludes determination of the yield in the above manner, then the yield will be determined in the manner that most closely approximates
the above manner, as the Company reasonably determines.

 

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

 

“Significant
Subsidiary” means each Subsidiary that is a “significant subsidiary,” if any, of the Company, as such term
is defined in Regulation S-X under the Securities Act.

 

“Statistical
Release” means that statistical release designated “H.15” or any successor publication that is published
weekly by the Federal Reserve System and that establishes annual yields on actively traded U.S. government securities adjusted
to constant maturities, or, if such statistical release is not published at the time of any determination under the Indenture,
then such other reasonably comparable index the Company designates. If the format or content of the Statistical Release changes
in a manner that precludes determination of the Treasury yield in the above manner, then the Treasury yield shall be determined
in the manner that most closely approximates the above manner, as reasonably determined by the Company.

 

    - 8 -

     

    

 

“Total Assets”
as of any date means the sum of (1) the Company’s and all of its Subsidiaries’ Undepreciated Real Estate Assets
and (2) all of the Company’s and all of its Subsidiaries’ other assets determined in accordance with GAAP (but
excluding accounts receivable and acquisition intangibles, including goodwill).

 

“Undepreciated
Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of the Company’s and
its Subsidiaries’ real estate assets on such date, before depreciation and amortization determined on a consolidated basis
in accordance with GAAP.

 

“Unencumbered
Total Asset Value” as of any date means the sum of (1) those Undepreciated Real Estate Assets not encumbered by any mortgage,
lien, charge, pledge or security interest and (2) all of the Company’s and its Subsidiaries’ other assets on a
consolidated basis determined in accordance with GAAP (but excluding accounts receivable and acquisition intangibles, including
goodwill), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however,
that in determining Unencumbered Total Asset Value for purposes of this Tenth Supplemental Indenture, all investments by
the Company and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited
liability companies and other unconsolidated entities accounted for financial reporting purposes using the equity method of accounting
in accordance with GAAP shall be excluded from Unencumbered Total Asset Value.

 

Article
III

THE SERIES OF NOTES

 

Section 3.1.         
Title of the Securities. There shall be a series of Securities designated the 2.750% Senior Notes due 2029.

 

Section 3.2.         
Price. The Initial Notes shall be issued at a public offering price of 99.842% of the principal amount thereof, other
than any offering discounts pursuant to the initial offering and resale of the Notes.

 

Section 3.3.         
Issuance. The Notes will be issued only in fully registered, book-entry form, in minimum denominations of $2,000
and integral multiples of $1,000 in excess thereof. The registered Holder of a Note will be treated as its owner for all purposes.

 

Section 3.4.         Limitation on Aggregate Principal Amount. The aggregate principal amount of the Notes shall initially be limited
to $400,000,000 (the “Initial Original Principal Amount”). Notwithstanding the foregoing, the Company, without
notice to or the consent of the Holders of the Notes, by Board Resolutions or indentures supplemental to the Base Indenture from
time to time may increase the principal amount of the Notes by issuing Additional Notes in the future on the same terms and conditions
as the Initial Notes except for any difference in the issue price and interest accrued prior to the issue date of the Additional
Notes, and with the same CUSIP number as the Initial Notes so long as such Additional Notes are fungible for U.S. income tax purposes
with the Initial Notes (as determined by the Company). Except as provided in this Section 3.4, any such Board Resolutions
or indentures supplemental to the Base Indenture and Sections 2.1 and 3.1 of the Base Indenture, the Company shall not execute
and the Trustee shall not authenticate or deliver Notes in excess of the Initial Original Principal Amount.

 

    - 9 -

     

    

 

Nothing contained in
this Section 3.4 or elsewhere in this Tenth Supplemental Indenture, or in the Notes, is intended to or shall limit execution
by the Company or authentication or delivery by the Trustee of the Notes under the circumstances contemplated in Sections 3.3,
3.4, 3.6 and 11.7 of the Base Indenture.

 

Section 3.5.         
Interest and Interest Rates; Maturity Date of Notes. The Notes will bear interest at a rate of 2.750% per annum from
September 12, 2019 or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for,
payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2020 (each, an “Interest
Payment Date”), to the person in whose name such Note is registered at the close of business on the June 1 or December
1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date (each, a “Record
Date”). Interest will be computed on the basis of a 360-day year composed of twelve 30-day months.

 

If any Interest Payment
Date, Maturity Date or Redemption Date falls on a day that is not a Business Day, the required payment shall be made on the next
Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the
period from and after such Interest Payment Date, Maturity Date or Redemption Date, as the case may be.

 

The Notes will mature
on December 15, 2029 (the “Maturity Date”).

 

Section 3.6.         
Method of Payment. The Company covenants and agrees that it will duly and punctually pay or cause to be paid when
due the principal of (including the Redemption Price upon redemption pursuant to Article IV, if applicable), and interest on each
of the Securities at the places, at the respective times and in the manner provided herein and in the Securities; provided that
the Company may withhold from payments of interest and upon redemption pursuant to Article IV hereof, if applicable, maturity or
otherwise, any amounts the Company is required to withhold by law. Interest shall be payable at the office of the Company maintained
by the Company for such purposes, which shall initially be an office or agency of the Trustee. The Company shall pay interest (i) on
any Notes in certificated form by check mailed to the address of the person entitled thereto as it appears in the register; provided,
however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2.0 million
may specify by written notice to the Company that it pay interest by wire transfer of immediately available funds to the account
specified by the Holder in such notice, or (ii) on any Global Note by wire transfer of immediately available funds to the
account of the Depository or its nominee. Any interest on any Note which is payable, but is not punctually paid or duly provided
for, on any June 15 or December 15 (herein called “Defaulted Interest”) shall forthwith cease to be payable
to the Holder registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the Company, at its
election in each case, as provided in clause (a) or (b) below:

 

    - 10 -

     

    

 

(a)           The
Company may elect to make payment of any Defaulted Interest to the persons in whose names the Notes are registered at 5:00 p.m.,
New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and
the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt by the Trustee
of such notice), and at the same time the Company shall deposit with the Trustee an amount of monies equal to the aggregate amount
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or
prior to the date of the proposed payment, such monies when deposited to be held in trust for the benefit of the persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of
such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar
days prior to the date of the proposed payment, and not less than ten (10) calendar days after the receipt by the Trustee
of the notice of the proposed payment. The Company shall promptly notify the Trustee of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be delivered to each Holder at its address as it appears in the register, not less than ten (10) calendar
days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date
therefor having been so mailed, such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at
5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following clause (b)
of this Section 3.6.

 

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

 

Section 3.7.         
Currency. Principal and interest on the Notes shall be payable in Dollars.

 

Section 3.8.         
No Sinking Fund. The provisions of Article XII of the Base Indenture shall not be applicable to the Notes.

 

Section 3.9.         
No Conversion or Exchange Rights. The Notes will not be convertible into or exchangeable for any capital stock of
the Company.

 

Section 3.10.       
No Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee or stockholder
(past or present) of the Company or the Guarantor, as such, will have any liability for any of the Company’s or the Guarantor’s
obligations under the Notes, the Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations
or their creation. 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.

 

    - 11 -

     

    

 

Section 3.11.     
Registered Securities; Global Form. The Notes will be issued in the form of one or more fully-registered Global Notes
in book-entry form, which will be deposited with, or on behalf of, the Depository. The Notes shall not be issuable in Definitive
Notes except as provided in Section 3.12 of this Tenth Supplemental Indenture. The Notes and the Trustee’s certificate
of authentication shall be substantially in the form attached as Exhibit A hereto. The Company shall execute each Global Note
and each Definitive Note, if any. The Trustee shall, in accordance with Section 3.3 of the Base Indenture, authenticate and
hold each Global Note as custodian for the Depository, and authenticate each Definitive Note, if any. Each Global Note will represent
such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of
a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or a custodian at the direction of the Trustee. The terms and provisions contained in the form
of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of the Indenture and, to the
extent applicable, the Company and the Trustee, by their execution and delivery of this Tenth Supplemental Indenture, expressly
agree to such terms and provisions and to be bound thereby.

 

Section 3.12.     
 Transfer and Exchange.

 

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

 

(i)                
the Company delivers to the Trustee notice from the Depository that it is unwilling or unable to continue to act as Depository
or that it is no longer a clearing agency registered under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and, in either case, a successor Depository is not appointed by the Company within ninety (90) days after the
date of such notice from the Depository; or

 

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

 

Upon the occurrence
of either of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as the Depository shall
instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 3.4 and
3.6 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 3.12 or Sections 3.4 and 3.6 of the Base Indenture, shall be authenticated and delivered
in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 3.12(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.12(c)
or (d) hereof.

 

    - 12 -

     

    

 

(b)         
Legend. Any Global Note issued under this Tenth Supplemental Indenture shall bear a legend in substantially the following
form:

 

“THIS GLOBAL NOTE IS HELD BY
THE DEPOSITORY (AS DEFINED IN THE BASE 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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.12 OF THE TENTH SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.12 OF THE TENTH SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.9 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY
BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE
OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO
THE COMPANY 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.”

 

(c)         
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 Depository, in accordance with the provisions of the Indenture and the Applicable
Procedures. Transfers of beneficial interests in the Global Notes will require compliance with either subparagraph (i) or
(ii) below, as applicable:

 

(i)                
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall
be required to be delivered to the Security Registrar to effect the transfers described in this Section 3.12(c)(i).

 

    - 13 -

     

    

 

(ii)             
All Other Transfers of Beneficial Interests in Global Notes. In connection with all transfers of beneficial interests
that are not subject to Section 3.12(c)(i) above, the transferor of such beneficial interest must deliver to the Security
Registrar both:

 

(A)            
a written order from a Participant or an Indirect Participant given to the Depository in accordance with the Applicable
Procedures directing the Depository 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

 

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

 

Upon satisfaction of
all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in the 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 3.12(g) hereof.

 

(d)          
Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any holder of a beneficial
interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest
to a person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in
Section 3.12(c)(ii) hereof and receipt of a Company Order, the Trustee will cause the aggregate principal amount of the applicable
Global Note to be reduced accordingly pursuant to Section 3.12(g) hereof, and the Company 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 3.12(d) 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 Security Registrar from or through the Depository and the Participant or Indirect Participant. The Trustee
will deliver such Definitive Notes to the persons in whose names such Notes are so registered.

 

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

 

If any such exchange
or transfer from a Definitive Note to a beneficial interest is effected pursuant to the previous paragraph at a time when a Global
Note has not yet been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 3.12
hereof, the Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

 

    - 14 -

     

    

 

(f)          
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 3.12(f), the Security Registrar will register the transfer
or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder will present or surrender
to the Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory
to the Security Registrar duly executed by such Holder or by his attorney, duly authorized in writing. A Holder of Definitive Notes
may transfer such Notes to a person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a written request
to register such a transfer, the Security Registrar shall register the Definitive Notes pursuant to the instructions from the Holder
thereof.

 

(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 3.9 of the Base Indenture.
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 Depository 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 Depository at the direction of the Trustee to reflect such increase.

 

Section 3.13.       
General Provisions Relating to Transfers and Exchanges.

 

(a)          To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of a Company Order in accordance with Section 3.12 hereof.

 

(b)          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 Company 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 3.4 and 9.6 of the Base Indenture).

 

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

 

    - 15 -

     

    

 

(d)          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 Company, evidencing the same debt, and entitled to the same benefits under the Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(e)          Neither the Security Registrar nor the Company will be required:

 

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

 

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

 

(iii)           
to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date.

 

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

 

(g)        
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 3.3 of
the Base Indenture.

 

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

 

Article
IV

REDEMPTION

 

The provisions of Article XI
of the Base Indenture, as amended by the provisions of this Tenth Supplemental Indenture, shall apply to the Notes.

 

Section 4.1.         
Optional Redemption.

 

(a)          At
any time before September 15, 2029, the Company shall have the right to redeem the Notes at its option and in its sole discretion,
in whole or from time to time in part. The redemption price (“Redemption Price”) shall be equal to the sum
of (1) the principal amount of the Notes being redeemed, (2) accrued and unpaid interest thereon to, but excluding,
the Redemption Date, and (3) the Make-Whole Amount, if any (subject to the right of holders of record on the relevant Record
Date to receive interest due on the relevant Interest Payment Date). Notwithstanding the foregoing, the Redemption Price for any
redemption of the Notes on or after September 15, 2029 shall be equal to the sum of (1) the principal amount of the Notes
being redeemed and (2) accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

    - 16 -

     

    

 

(b)         The
Company shall not redeem the Notes pursuant to Section 4.1(a) hereof on any date if the principal amount of the Notes has
been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date (except in the case of an
acceleration resulting from a default by the Company in the payment of the Redemption Price with respect to the Notes to be redeemed).

 

Section 4.2.         
Notice of Optional Redemption; Selection of Notes. In case the Company shall desire to exercise the right to redeem
all or, as the case may be, any part of the Notes pursuant to Section 4.1 hereof, it shall fix a date for redemption and it
or, at its written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time
as may be acceptable to the Trustee) to the date the notice of redemption is to be delivered, the Trustee in the name of and at
the expense of the Company, shall deliver or cause to be delivered a notice of such redemption not fewer than thirty (30) calendar
days nor more than sixty (60) calendar days prior to the Redemption Date to each Holder of Notes so to be redeemed in whole
or in part at its last address as the same appears on the register; provided that if the Company makes such request of the
Trustee, it shall, together with such request, also give written notice of the Redemption Date to the Trustee; provided further
that the text of the notice shall be prepared by the Company. The notice, if delivered in the manner herein provided, shall
be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give
such notice or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect
the validity of the proceedings for the redemption of any other Note. Any such notice of redemption may, in the Company’s
sole discretion, be conditioned on the occurrence of one or more events, facts and circumstances.

 

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

 

Whenever any Notes
are to be redeemed, the Company will give the Trustee written notice of the Redemption Date as to the aggregate principal amount
of Notes to be redeemed not fewer than thirty (30) calendar days prior to the Redemption Date.

 

    - 17 -

     

    

 

 

On or prior to the
Redemption Date specified in the notice of redemption given as provided in this Section 4.2, the Company will deposit with
the Paying Agent an amount of monies in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or
portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on
the Redemption Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date.

 

If less than all of
the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Note or the Notes
in certificated form to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof), on a pro
rata basis or such other method the Trustee deems fair and appropriate or is required by the Depository. The Notes (or portions
thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof.

 

Section 4.3.         
Payment of Notes Called for Redemption by the Company. If notice of redemption has been given as provided in Section 4.2
hereof, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption
Date and at the place or places stated in such notice at the Redemption Price, and unless the Company shall default in the payment
of such Notes at the Redemption Price, so long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes
to be redeemed on the Redemption Date, then (a) such Notes will cease to be outstanding on and after the Redemption Date,
(b) interest on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date,
(c) on and after the Redemption Date (unless the Company shall default in the payment of the Redemption Price), such Notes
will cease to be entitled to any benefit or security under this Indenture, and (d) the Holders of the Notes shall have no
right in respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such
Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed
by the Company at the Redemption Price.

 

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

 

Article
V

 

GUARANTEE

 

This Article V shall
replace Article XIV of the Base Indenture with respect to the Notes only.

 

Section 5.1.         
Guarantee. By its execution hereof, the Guarantor acknowledges and agrees that the Notes shall be entitled to the
benefits of a Guarantee. Accordingly, subject to the provisions of this Article V, the Guarantor hereby unconditionally guarantees
to each Holder of a Note authenticated and delivered by the Trustee or its successor or assign, and to the Trustee and its successors
and assigns that: (i) the principal of (including the Redemption Price upon redemption pursuant to Article IV hereof), premium,
if any, and interest, if any, on the Notes shall be duly and punctually paid in full when due, whether at the Maturity Date, upon
acceleration, upon redemption or otherwise, and interest on overdue principal, premium, if any, and (to the extent permitted by
law) interest on any interest, if any, on the Notes and all other obligations of the Company to the Holders or the Trustee hereunder
or under the Notes (including fees, expenses or other) shall be promptly paid in full or performed, all in accordance with the
terms hereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations,
the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at the Maturity Date, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and
(ii) above, to the limitations set forth in this Article V (collectively, the “Guarantee Obligations”).

 

    - 18 -

     

    

 

Subject to the provisions
of this Article V, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any thereof, the entry of any judgment against the Company, any action to enforce the
same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The
Guarantor hereby waives and relinquishes: (a) any right to require the Trustee, the Holders or the Company (each, a “Benefited
Party”) to proceed against the Company or any other person or to proceed against or exhaust any security held by a Benefited
Party at any time or to pursue any other remedy in any secured party’s power before proceeding against the Guarantor; (b) any
defense that may arise by reason of the incapacity, lack of authority, death or disability of any other person or persons or the
failure of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding)
of any other person or persons; (c) demand, protest and notice of any kind (except as expressly required by the Indenture),
including but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation
or of any action or non-action on the part of the Guarantor, any Benefited Party, any creditor of the Guarantor or the Company
or on the part of any other person whomsoever in connection with any obligations the performance of which are hereby guaranteed;
(d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed
against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which provides that the obligation
of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (f) any defense
arising because of a Benefited Party’s election, in any proceeding instituted under the Bankruptcy Law, of the application
of Section 1111(b)(2) of the Bankruptcy Law; and (g) any defense based on any borrowing or grant of a security interest
under Section 364 of the Bankruptcy Law. The Guarantor hereby covenants that, except as otherwise provided therein, the Guarantee
shall not be discharged except by payment in full of all Guarantee Obligations, including, but not limited to, the principal, premium,
if any, and interest on the Notes and all other costs provided for under the Indenture.

 

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

 

    - 19 -

     

    

 

Section 5.2.         
Execution and Delivery of Guarantee.

 

(a)              
To evidence the Guarantee set forth in Section 5.1 hereof, the Guarantor agrees that a Notation of Guarantee substantially
in the form included in Exhibit B hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that
this Tenth Supplemental Indenture shall be executed on behalf of the Guarantor by an Officer of the sole general partner of the
Guarantor.

 

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

 

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

 

(d)              
The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Guarantee set forth in this Tenth Supplemental Indenture on behalf of the Guarantor.

 

Section 5.3.         
Limitation of Guarantor’s Liability; Certain Bankruptcy Events.

 

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

 

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

 

Section 5.4.         
Application of Certain Terms and Provisions to the Guarantor.

 

(a)              
For purposes of any provision of the Indenture which provides for the delivery by the Guarantor of an Officers’ Certificate
and/or an Opinion of Counsel, the definitions of such terms in Section 2.1 hereof shall apply to the Guarantor as if references
therein to the Company or the Guarantor, as applicable, were references to the Guarantor; provided that, in the case of any Officers’
Certificate delivered by the Guarantor, the definition of the term “Officer” shall be deemed to include the general
partner of the Guarantor.

 

(b)              
Upon any demand, request or application by the Guarantor to the Trustee to take any action under the Indenture, the Guarantor
shall furnish to the Trustee such certificates and opinions as are required in Section 1.2 of the Base Indenture, as if all
references therein to the Company were references to the Guarantor.

 

    - 20 -

     

    

 

Article
VI

 

ADDITIONAL COVENANTS

 

The following additional
covenants shall apply with respect to the Notes so long as any of the Notes remain outstanding.

 

Section 6.1.         
Maintenance of Office or Agency. The Company will maintain an office or agency in the United States where the Notes
may be surrendered for registration of transfer or exchange or for presentation for payment or redemption and where notices and
demands to or upon the Company in respect of the Notes and the Indenture may be served. As of the date of the Indenture, such office
shall be the Corporate Trust Office and, at any other time, at such other address as the Trustee may designate from time to time
by notice to the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency not designated or appointed by the Trustee. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office; provided that the Corporate Trust Office shall not be an office
for service of legal process on the Company or any Guarantor.

 

The Company may also
from time to time designate co-registrars and one or more offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

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

 

    - 21 -

     

    

 

Section 6.2.         
Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy
in the office of Trustee, will appoint, upon the terms and conditions and otherwise as provided in Section 6.11 of the Base
Indenture, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 6.3.         
Limitations on Incurrence of Debt.

 

(a)              
The Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees
of Debt incurred by the Company or its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Company’s
and its Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with GAAP is greater than 60% of
the sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or,
if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt and (2) the
purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received
(to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the
Company or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection with
the incurrence of such additional Debt.

 

(b)              
The Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees
of Debt incurred by the Company or its Subsidiaries in compliance with this Indenture, secured by any mortgage, lien, charge, pledge,
encumbrance or security interest of any kind upon any of the Company’s or any of its Subsidiaries’ property if, immediately
after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount
of all of the Company’s and its Subsidiaries’ outstanding Debt on a consolidated basis which is secured by any mortgage,
lien, charge, pledge, encumbrance or security interest on the Company’s or its Subsidiaries’ property is greater than
40% of the sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s
Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission
(or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt
and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering
proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce
Debt), by the Company or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection
with the incurrence of such additional Debt; provided that for purposes of this limitation, the amount of obligations under
capital leases shown as a liability on the Company’s consolidated balance sheet shall be deducted from Debt and from Total
Assets.

 

    - 22 -

     

    

 

(c)              
The Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees
of Debt by the Company or its Subsidiaries in compliance with this Indenture, if the ratio of Consolidated EBITDA to Interest Expense
for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred
shall have been less than 1.5 to 1.0, on an unaudited pro forma basis after giving effect to the incurrence of such additional
Debt and to the application of the proceeds therefrom, and calculated on the assumption that: (1) such Debt and any other
Debt incurred by the Company and its Subsidiaries since the first day of such four-quarter period and the application of the proceeds
therefrom, including to refinance other Debt, had occurred at the beginning of such period (except that, in making such computation,
the amount of Debt under any revolving credit facility shall be computed based on the average daily balance of such Debt during
such period); (2) the repayment or retirement of any other Debt by the Company and its Subsidiaries since the first day of
such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the
amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during such
period); (3) in the case of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such
four-quarter period, the related acquisition had occurred as of the first day of such period, with the appropriate adjustments
with respect to such acquisition being included in such unaudited pro forma calculation; and (4) in the case of any acquisition
or disposition by the Company or its Subsidiaries of any asset or group of assets or other placement of any assets in service or
removal of any assets from service by the Company or any of its Subsidiaries since the first day of such four-quarter period, whether
by merger, stock purchase or sale, or asset purchase or sale, such acquisition, disposition, placement in service or removal from
service, or any related repayment of Debt had occurred as of the first day of such period, with the appropriate adjustments with
respect to such acquisition, disposition, placement in service or removal from service, being included in such unaudited pro forma
calculation and determined reasonably and in good faith by the Company. If the Debt giving rise to the need to make the foregoing
calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate
then, for purposes of calculating the Interest Expense, the interest rate on such Debt shall be computed on a pro forma basis as
if the average interest rate which would have been in effect during the entire such four-quarter period had been the applicable
rate for the entire such period.

 

(d)              
The Company, together with its Subsidiaries, will at all times maintain an Unencumbered Total Asset Value in an amount not
less than 150% of the aggregate outstanding principal amount of all the Company’s and its Subsidiaries’ unsecured Debt,
taken as a whole.

 

(e)              
The Company will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance
companies against such risks and in such amounts as is customarily maintained by persons engaged in similar businesses or as may
be required by applicable law.

 

Section 6.4.         
Provision of Financial Reporting Information. For so long as the Notes are outstanding, if at any time the Company
is not subject to the periodic reporting requirements of the Exchange Act for any reason, the Company shall, at its option, (i)
post on a publicly available website, (ii) post on IntraLinks or any comparable password protected online data system requiring
user identification and a confidentiality acknowledgement (any such data system, a “Confidential Datasite”),
or (iii) deliver to the Trustee and the Holders of the Notes, in each case within 15 days of the filing date that would be applicable
to a non-accelerated filer at that time pursuant to applicable SEC rules and regulations, the quarterly and audited annual financial
statements and accompanying “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
that would have been required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively,
had the Company been subject to such Exchange Act reporting requirements. The Trustee shall have no obligation to determine whether
or not such reports, information, statements or documents have been filed, posted or delivered. Delivery of such reports, information,
statements and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants under the Indenture. If the Company elects to furnish such reports via a Confidential Datasite,
access to the Confidential Datasite will be provided upon request to the Holders and the beneficial owners of and bona fide potential
investors in the Notes.

 

    - 23 -

     

    

 

Article
VII

 

DEFAULTS AND REMEDIES

 

Sections 7.1,
7.2, 7.3 and 7.4 hereof shall replace Sections 5.1, 5.2, 5.7, and 6.2 respectively, of the Base Indenture with respect to
the Notes only.

 

Section 7.1.         
Events of Default.

 

“Event of
Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following events:

 

(a)              
default in the payment of any interest on the Notes when it becomes due and payable, and continuance of that default for
a period of thirty (30) days (unless the entire amount of the payment is deposited by the Company with the Trustee or with a Paying
Agent prior to the expiration of such 30-day period);

 

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

 

(c)              
failure to pay any Debt of the Company, the Guarantor or any Significant Subsidiary in an outstanding principal amount in
excess of $50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt is
not discharged, or such default in payment or acceleration is not cured or rescinded, within sixty (60) calendar days after written
notice to the Company from the Trustee (or to the Company and the Trustee from Holders of at least 25% in aggregate principal amount
of the Notes then outstanding);

 

(d)              
except as permitted by the Indenture and the Notes, the Guarantee by the Guarantor shall cease to be in full force and effect
or the Guarantor shall deny or disaffirm its obligations with respect thereto;

 

(e)              
default in the performance or breach of any other covenant or warranty by the Company or the Guarantor in the Indenture
(other than a covenant or warranty that has been included in the Indenture solely for the benefit of a series of debt securities
other than the Notes), which default continues uncured for a period of ninety (90) calendar days after the Company receives written
notice from the Trustee or the Company and the Trustee receive written notice from the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding; and

 

    - 24 -

     

    

 

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

 

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

 

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

 

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

 

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

 

(v)              
generally is unable to pay its debts as the same become due, or

 

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

 

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

 

(i)                
is for relief against the Company, the Guarantor or any of Significant Subsidiary in an involuntary case or proceeding;

 

(ii)             
appoints a Custodian of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of
the Company, the Guarantor or a Significant Subsidiary; or

 

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

 

    - 25 -

     

    

 

The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 7.2.         
Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes at the time
outstanding occurs and is continuing (other than an Event of Default referred to in Section 7.1 (f), (g) or (h) hereof), then
in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may, by a notice
in writing to the Company (and to the Trustee if given by the Holders), declare to be due and payable immediately the principal
of, and accrued and unpaid interest, if any, on all of the Notes, and upon any such declaration such principal amount (or specified
amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in
Section 7.1 (f), (g) or (h) hereof shall occur, the principal amount (or specified amount) of and accrued and unpaid interest,
if any, on all outstanding Notes will automatically become and be immediately due and payable without any declaration or other
act on the part of the Trustee or any Holder of outstanding Notes.

 

At any time after a
declaration of acceleration with respect to Notes has been made, but before a judgment or decree for payment of the money due has
been obtained by the Trustee, the Holders of a majority in principal amount of the outstanding Notes, by written notice to the
Company and the Trustee, may rescind and annul such declaration and the acceleration if all Events of Default, other than the non-payment
of accelerated principal and interest, if any, with respect to the Notes, have been cured or waived as provided in Section 5.13
of the Base Indenture. No such rescission and annulment shall extend to or shall affect any subsequent default or Event of Default,
or shall impair any right consequent thereon.

 

Section 7.3.         
Limitation on Suits. No Holder of the Notes shall have any right to institute any proceeding, judicial or otherwise,
with respect to the Indenture or for the appointment of a receiver or trustee, or for any remedy under the Indenture, unless:

 

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

 

(b)              
the Holders of at least 25% in principal amount of the outstanding Notes shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder,

 

(c)              
such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request;

 

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

 

(e)              
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of at least 25% in principal amount of the outstanding Notes.

 

    - 26 -

     

    

 

Section 7.4.         
Notice of Defaults. If an Event of Default occurs and is continuing with respect to the Notes and if it is actually
known to a Responsible Officer of the Trustee, the Trustee will send to Holders of Notes a notice of the Default or Event of Default
within 90 days after it occurs, unless such default shall have been cured or waived. Except in the case of a Default or Event of
Default in payment of principal of, premium, if any, or interest on the Notes, the Trustee may withhold the notice if and so long
as a Responsible Officer determines that withholding the notice is in the interests of the Holders of the Notes.

 

Article
VIII

 

AMENDMENTS AND WAIVERS

 

Section 8.1 hereof
shall replace Section 9.1 of the Base Indenture with respect to the Notes only.

 

Section 8.1.         
Without Consent of Holders. The Company, when authorized by the resolutions of the Board of Directors, the Guarantor
and the Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental without the consent
of the Holders of the Notes hereto for one or more of the following purposes:

 

(a)              
to cure any ambiguity, defect or inconsistency in the Indenture; provided that this action shall not adversely affect
the interests of the Holders of the Notes in any material respect, as determined by the Board of Directors of the Company;

 

(b)              
to evidence a successor to the Company as obligor or to the Guarantor as guarantor in accordance with Section 8.4 of the
Base Indenture;

 

(c)              
to make any change that does not adversely affect the interests of the Holders of any Notes then outstanding;

 

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

 

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

 

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

 

(g)              
to reflect the release of the Guarantor as guarantor, in accordance with the Indenture;

 

(h)              
to secure the Notes;

 

(i)                
to add guarantors with respect to the Notes; and

 

    - 27 -

     

    

 

(j)                
to conform the text of the Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in
the Prospectus to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the
Indenture, such Guarantee or the Notes (as certified in an Officers’ Certificate).

 

Upon the written request
of the Company, accompanied by a copy of the resolutions of each of the Board of Directors of the Company and the Board of Directors
of the sole general partner of the Guarantor authorizing the execution of any supplemental indenture and the delivery of the documents
required by Section 9.3 of the Base Indenture, the Trustee is hereby authorized to join with the Company and the Guarantor in the
execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained
and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but
may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities
under the Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section 8.1 may be executed by the Company, the Guarantor and the Trustee without the
consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 9.2 of
the Base Indenture.

 

Article
IX

 

MEETINGS OF HOLDERS OF NOTES

 

Section 9.1.         
Purposes for Which Meetings May Be Called. A meeting of Holders may be called at any time and from time to time pursuant
to this Article IX to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other act provided
by the Indenture to be made, given or taken by Holders.

 

Section 9.2.         
Call, Notice and Place of Meetings.

 

(a)              
The Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1 hereof, to be held at
such time and at such place as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided
in Section 1.6 of the Base Indenture, not less than twenty-one (21) nor more than one hundred eighty (180) days prior
to the date fixed for the meeting.

 

(b)              
In case at any time the Company, the Guarantor or the Holders of at least 25% in principal amount of the outstanding Notes
shall have requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1 hereof, by written
request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed
notice of or made the first publication of the notice of such meeting within twenty-one (21) days after receipt of such request
or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company, the Guarantor, if applicable,
or the Holders in the amount above specified, as the case may be, may determine the time and the place for such meeting and may
call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section.

 

    - 28 -

     

    

 

Section 9.3.         
Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders, a person shall be (1) a
Holder of one or more outstanding Notes, or (2) a person appointed by an instrument in writing as proxy for a Holder or Holders
of one or more outstanding Notes by such Holder or Holders; provided, that none of the Company, any other obligor
upon the Notes or any Affiliate of the Company shall be entitled to vote at any meeting of Holders or be counted for purposes of
determining a quorum at any such meeting in respect of any Notes owned by such persons. The only persons who shall be entitled
to be present or to speak at any meeting of Holders shall be the persons entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel, any representatives of the Guarantor and its counsel and any representatives of
the Company and its counsel.

 

Section 9.4.         
Quorum; Action. The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute
a quorum for a meeting of Holders; provided, however, that if any action is to be taken at the meeting with
respect to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of
the outstanding Notes, the persons holding or representing the specified percentage in principal amount of the outstanding Notes
will constitute a quorum. In the absence of a quorum within thirty (30) minutes after the time appointed for any such meeting,
the meeting shall, if convened at the request of Holders, be dissolved. In any other case the meeting may be adjourned for a period
of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence
of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than ten (10)
days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 9.2 hereof, except that such notice need be given only once
not less than five (5) days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of
an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding Notes
which shall constitute a quorum.

 

Except as limited by
Section 9.2 of the Base Indenture, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum
is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding
Notes; provided, however, that, except as limited by Section 9.2 of the Base Indenture, any resolution
with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly
provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount
of the outstanding Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes.

 

Any resolution passed
or decision taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on all the Holders,
whether or not such Holders were present or represented at the meeting.

 

    - 29 -

     

    

 

Section 9.5.         
Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)              
Notwithstanding any other provisions of the Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall deem appropriate.

 

(b)              
The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have
been called by the Company or by Holders as provided in Section 9.2(b) hereof, in which case the Company, the Guarantor or
the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and
a permanent secretary of the meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of
the outstanding Notes of such series represented at the meeting.

 

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

 

(d)              
Any meeting of Holders duly called pursuant to Section 9.2 hereof at which a quorum is present may be adjourned from
time to time by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and
the meeting may be held as so adjourned without further notice.

 

Section 9.6.         
Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders
shall be by written ballots on which shall be subscribed the signatures of the Holders or of their representatives by proxy and
the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting
shall appoint two (2) inspectors of votes who shall count all votes cast at the meeting for or against any resolution and
who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the
meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders shall be prepared by the secretary of
the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 9.2 hereof and, if applicable, Section 9.4 hereof. Each copy
shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one (1) such copy
shall be delivered to the Company and the Guarantor, and another to the Trustee to be preserved by the Trustee, the latter to have
attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters
therein stated.

 

    - 30 -

     

    

 

Article
X

 

MISCELLANEOUS PROVISIONS

 

Section 10.1.     
Ratification of Indenture. Except as expressly modified or amended hereby, the Indenture continues in full force
and effect and is in all respects confirmed and preserved.

 

Section 10.2.     
Governing Law. This Tenth Supplemental Indenture shall be governed by and construed in accordance with the laws of
the State of New York. This Tenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act and shall, to
the extent applicable, be governed by such provisions.

 

Section 10.3.     
Counterparts. This Tenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange
of copies of this Tenth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Tenth Supplemental Indenture as to the parties hereto and may be used in lieu of an original of
this Tenth Supplemental Indenture and signature pages for all purposes.

 

Section 10.4.     
Notices to Holders. Except as otherwise provided in the Indenture, notices to Holders of the Notes will be given
by mail to the addresses of Holders of the Notes as they appear in the Note register; provided that notices given to Holders
holding Notes in book-entry form may be given electronically through the facilities of the Depository or any successor depository.

 

Section 10.5.     
Successors and Assigns. This Tenth Supplemental Indenture shall be binding upon the Company and each Guarantor, and
their respective successors and assigns and inure to the benefit of the respective successors and assigns of the Trustee and the
Holders.

 

Section 10.6.     
Time of the Essence. Time is of the essence with regard to the Company’s and the Guarantors’ performance
of their respective obligations hereunder.

 

Section 10.7.     
Rights of Holders Limited. Notwithstanding anything herein to the contrary, the rights of Holders with respect to
this Tenth Supplemental Indenture and the Guarantee shall be limited in the manner and to the extent the rights of Holders are
limited under the Indenture with respect to the Indenture and the Securities.

 

Section 10.8.     
Rights and Duties of Trustee. The rights and duties of the Trustee shall be determined by the express provisions
of the Base Indenture and, except as expressly set forth in this Tenth Supplemental Indenture, nothing in this Tenth Supplemental
Indenture shall in any way modify or otherwise affect the Trustee’s rights and duties thereunder. The Trustee makes no representation
or warranty, express or implied, as to the validity of this Tenth Supplemental Indenture and, except insofar as relates to the
validity hereof with respect to the Trustee specifically, the Trustee shall not be liable in connection therewith. The Trustee
makes no representation or warranty, express or implied, as to the accuracy or completeness of any information contained in any
offering or disclosure document related to the sale of the Notes, except for such information that specifically pertains to the
Trustee itself, or any information incorporated therein by reference as it relates specifically to the Trustee. If and when the
Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship
listed in Trust Indenture Act Section 311(b), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding
the collection of claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting interest
within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in
the manner provided by, and subject to the provisions of, the Trust Indenture Act and the Indenture.

 

    - 31 -

     

    

 

Section 10.9.     
Notices. Any notice or communication by the Company, the Guarantor or the Trustee made pursuant to the provisions
of the Indenture or the Notes shall be in writing, including facsimile, and delivered in person, delivered by commercial courier
service or mailed by first-class mail, postage prepaid, addressed as follows:

 

if to the Company or the Guarantor:

 

Alexandria Real Estate Equities, Inc.

26 North Euclid Avenue

Pasadena, California 91101

Attention: General Counsel

Telephone: (626) 578-0777

Facsimile: (626) 578-0770

 

if to the Trustee:

 

Branch Banking and Trust Company

223 West Nash Street

Wilson, North Carolina 27893

Attention: Greg Yanok

Telephone: 252-246-4679

Facsimile: 252-246-4303

 

Any notice or communication
by the Company, the Guarantor or the Trustee to the Company or the Guarantor, or by a Holder of the Notes to the Company or the
Guarantor, shall be deemed given or made as of the date delivered if delivered in the manner provided above. Notwithstanding any
other provision herein, any notice or communication to the Trustee shall only be deemed delivered upon receipt.

 

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

 

Any notice or communication
to a Holder of the Notes shall be delivered to his address shown on the register kept by the Security Registrar. Failure to mail
a notice or communication to a Holder of the Notes or any defect in it shall not affect its sufficiency with respect to other Holders
of the Notes or any other series of Securities.

 

    - 32 -

     

    

 

If a notice or communication
is delivered in the manner provided above, within the time prescribed, it is duly given, whether or not the Holder receives it.
If a notice or communication is delivered in person, by courier or by facsimile transmission (with confirmation of receipt) within
the time prescribed, it is duly given.

 

If the Company or the
Guarantor mails a notice or communication to Holders, it shall mail a copy to the Trustee at the same time.

 

Section 10.10. 
Headings, etc. The headings of the Articles and Sections of this Tenth Supplemental Indenture have been inserted
for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms
or provisions hereof.

 

Section 10.11. 
Conflicts. In the event of any conflict between the terms of this Tenth Supplemental Indenture and the terms of the
Indenture, the terms of this Tenth Supplemental Indenture shall control.

 

Section 10.12. 
Trust Indenture Act Controls. If any provision of this Tenth Supplemental Indenture limits, qualifies, or conflicts
with another provision that is required or deemed to be included in this Tenth Supplemental Indenture by the Trust Indenture Act,
such required or deemed provision shall control.

 

    - 33 -

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Tenth Supplemental Indenture to be duly executed by their respective officers hereunto duly
authorized, all as of the day and year first written above.

 

	 	 	ALEXANDRIA REAL ESTATE EQUITIES,
    INC., 

as Issuer
	 	 	 
	 	 	By: 	/s/ Dean A. Shigenaga
	 	 	 	Name: Dean A. Shigenaga
	 	 	 	Title: Co-President and Chief Financial Officer
	 	 	 
	 	 	 
	 	 	ALEXANDRIA REAL ESTATE EQUITIES,
    L.P., 

as Guarantor
	 	 	 
	 	 	By:	ARE-QRS Corp.,
	 	 	 	its General Partner
	 	 	 
	 	 	 
	 	 	By: 	/s/ Dean A. Shigenaga
	 	 	 	Name: Dean A. Shigenaga
	 	 	 	Title: Co-President and Chief Financial Officer
	 	 	 
	 	 	 
	 	 	BRANCH
    BANKING AND TRUST COMPANY,
	 	 	AS
 Trustee
	 	 	 
	 	 	By: 	/s/ Gregory Yanok
	 	 	 	Name: Gregory Yanok
	 	 	 	Title: Vice President

 

[Signature Page to Tenth Supplemental Indenture]

 

    

     

    

  

EXHIBIT A

 

THIS GLOBAL NOTE IS
HELD BY THE DEPOSITORY (AS DEFINED IN THE BASE 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 3.12 OF THE TENTH SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE OR IN PART PURSUANT TO SECTION 3.12 OF THE TENTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY
BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.9 OF THE BASE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

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

  

    A-1

     

    

   

ALEXANDRIA REAL ESTATE EQUITIES, INC.

2.750% SENIOR NOTES DUE 2029

 

No. [●]

 

CUSIP No.: 015271 AT6

 

ISIN: US015271AT64

 

$[●]

 

Alexandria Real Estate
Equities, Inc., a Maryland corporation (herein called the “Company,” which term includes any successor
entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or
its registered assigns, the principal sum of [●] DOLLARS ($[●]), or such lesser amount as is set forth in the Schedule
of Exchanges of Interests in the Global Note on the other side of this Note, on December 15, 2029 at the office or agency of the
Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States
of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually
on June 15 and December 15 of each year, commencing June 15, 2020, on said principal sum at said office or agency, in like coin
or currency, at the rate per annum of 2.750%, from the June 15 or December 15, as the case may be, next preceding the date of this
Note to which interest has been paid or duly provided for, unless no interest has been paid or duly provided for on the Notes,
in which case from September 12, 2019 until payment of said principal sum has been made or duly provided for. The Company shall
pay interest to Holders of record of the Notes on the June 1 or December 1 preceding the applicable June 15 or December 15 interest
payment date, respectively, in accordance with the terms of the Indenture. The Company shall pay interest on any Notes in certificated
form by check mailed to the address of the person entitled thereto as it appears in the register; provided, however,
that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2.0 million may specify
by written notice to the Company that it pay interest by wire transfer of immediately available funds to the account specified
by the Holder in such notice, or on any Global Note by wire transfer of immediately available funds to the account of the Depository
or its nominee.

 

The Company promises
to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable under applicable
law) interest at the rate of 1.0% per annum above the rate borne by the Notes.

 

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

 

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

  

    A-2

     

    

 

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

 

Dated: _______, 2019

 

	 	 	ALEXANDRIA REAL ESTATE EQUITIES,
    INC.
	 	 	 
	 	 	By:	 
	 	 	 	Name: Dean A. Shigenaga
	 	 	 	Title: Co-President and Chief Financial Officer

 

    A-3

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: _______, 2019

  

	 	Branch Banking and Trust Company, as Trustee
	 	 
	 	By:	
	 	 	Authorized Signatory

 

    A-4

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

 

ALEXANDRIA REAL ESTATE EQUITIES, INC.

2.750% SENIOR NOTES DUE 2029

 

This Note is one of
a duly authorized issue of Securities of the Company, designated as its 2.750% Senior Notes due 2029 (herein called the “Notes”),
issued under and pursuant to an Indenture dated as of March 3, 2017 (herein called the “Base Indenture”), among
the Company, the Guarantor and Branch Banking and Trust Company, as trustee (herein called the “Trustee”), as
supplemented by the Supplemental Indenture No. 10, dated as of September 12, 2019 (herein called the “Tenth Supplemental
Indenture,” and, together with the Base Indenture, the “Indenture”), to which Indenture and any
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes. Capitalized terms used but not
otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. In the event of any conflict
between the terms of this Note and the terms of the Indenture, the terms of the Indenture control.

 

If an Event of Default
(other than an Event of Default specified in Sections 7.1(f), 7.1(g) and 7.1(h) of the Tenth Supplemental Indenture) occurs
and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and
payable by either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and,
upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 7.1(f),
7.1(g) and 7.1(h) of the Tenth Supplemental Indenture occurs, the principal of and premium, if any, and interest accrued and unpaid
on all the Notes shall be immediately and automatically due and payable without necessity of further action.

 

The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of
the Holders of the Notes, subject to exceptions set forth in Section 9.2 of the Base Indenture. Subject to the provisions
of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may,
on behalf of the Holders of all of the Notes, waive any past Default or Event of Default, subject to exceptions set forth in the
Indenture.

 

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

 

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

 

    A-5

     

    

 

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

 

The Company shall have
the right to redeem the Notes under certain circumstances as set forth in Article IV of the Tenth Supplemental Indenture.

 

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

 

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

 

    A-6 

     

    

  

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

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

(Insert assignee’s legal
name)

 

 

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

  

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

 

 

	and 

irrevocably 

appoint	 
	to transfer this Note on the books of the Company. 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-7 

     

    

 

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE

 

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

 

	
        Date
of Exchange 
	
        Amount
of decrease in

principal amount at

maturity of this Global

Note 
	
        Amount
of increase in

principal amount at

maturity of this Global

Note 
	
        Principal
amount at

maturity of this Global 

Note following such

decrease (or increase) 
	
        Signature
of authorized

signatory of Trustee or

Custodian 

 

 

    A-8 

     

    

 

EXHIBIT B

 

NOTATION OF GUARANTEE

 

The Guarantor listed
below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the Indenture,
dated as of March 3, 2017, among the Guarantor, the Company and Branch Banking and Trust Company, as trustee (the “Base
Indenture”), as supplemented by the Supplemental Indenture No. 10, dated as of the date hereof (the “Tenth Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), has fully, unconditionally and
absolutely guaranteed on a senior basis the Guarantee Obligations (as defined in Section 5.1 of the Tenth Supplemental Indenture),
which include (i) the due and punctual payment of the principal of, premium, if any, and interest, if any, on the 2.750% Senior
Notes due 2029 (the “Notes”) to which this notation is affixed, whether at maturity, by acceleration, call for
redemption or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent
permitted by law) interest on any interest on the Notes, and the due and punctual performance of all other obligations of the Company,
to the Holders of the Notes or the Trustee all in accordance with the terms set forth in Article V of the Tenth Supplemental Indenture,
and (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same
shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at maturity,
by acceleration, call for redemption or otherwise.

 

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

 

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

 

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

 

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

 

    B-1 

     

    

 

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

 

The obligations of
the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent
conveyance under applicable law. This Guarantee shall be governed by and construed in accordance with the laws of the State of
New York.

 

THE TERMS OF ARTICLE
V OF THE TENTH SUPPLEMENTAL INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

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

 

	 	ALEXANDRIA REAL ESTATE EQUITIES, L.P.
	 	 
	 	By: 	ARE-QRS Corp., its general partner
	 	 	 
	Dated: _______, 2019	By:	 
	 	 	Name: Dean A. Shigenaga
	 	 	Title: Co-President and Chief Financial Officer

 

    B-2

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