Document:

Second Amendment to Revolving Note dated as of July 11, 2006

 Exhibit 10.4 
 IMPORTANT NOTICE 
 THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT PROVISION WHICH CONSTITUTES A
WAIVER OF IMPORTANT RIGHTS YOU MAY HAVE AS A DEBTOR AND ALLOWS THE CREDITOR TO OBTAIN A JUDGMENT AGAINST YOU WITHOUT ANY FURTHER NOTICE. 
 SECOND AMENDMENT 
 TO REVOLVING NOTE 
 THIS SECOND AMENDMENT TO REVOLVING NOTE (“Second Amendment”) is made as of July 11, 2006, by and among EFJ, Inc., a Delaware corporation
(“EFJ”), E. F. Johnson Company, a Minnesota corporation (“E. F. Johnson”), Transcrypt International, Inc., a Delaware corporation (“Transcrypt” and together with EFJ and E. F. Johnson, collectively the “Original
Borrower”), and 3e Technologies International, Inc., a Maryland corporation (“3e Technologies” and together with the Original Borrower, jointly and severally, the “Borrower”), and Bank of America, N.A., a national banking
association (the “Lender”). 
 RECITALS 
  

	 	A.	The Original Borrower entered into that certain Revolving Note, dated as of November 15, 2002, as modified by that certain First Amendment to Revolving Note, dated as of
September 13, 2004, in the maximum principal amount of Fifteen Million and 00/100 Dollars ($15,000,000.00) and payable to the order of the Lender (the “Revolving Note”). 

  

	 	A.	The Revolving Note evidences the Original Borrower’s obligations to repay advances of principal made by Lender under that certain Revolving Line of Credit Loan Agreement and
Security Agreement, dated as of November 15, 2002, as amended by that certain First Amendment to Revolving Line of Credit Loan Agreement and Security Agreement dated as of September 13, 2004, by and among the Original Borrower and the
Lender (said Loan Agreement, as so amended, the “Original Loan Agreement”). The Revolving Note is governed, in part, by certain provisions of the Original Loan Agreement. 

  

	 	B.	The Original Loan Agreement has been modified pursuant to that certain Second Amendment to Revolving Line of Credit Loan Agreement and Security Agreement, dated as of the date
hereof, by and among Original Borrower, 3e Technologies and Lender (the Original Loan Agreement, as so modified, being referred to hereafter as the “Loan Agreement”) to, among other things, (i) add 3e Technologies as a co-borrower of
the Revolving Loan and co-obligor and party to the Loan Agreement, (ii) govern and secure a term loan facility from Lender to Borrower in the original principal amount of Fifteen Million and 00/100 Dollars ($15,000,000.00), and (iii) for
certain other purposes, as more fully set forth therein. 

  

	 	C.	Borrower and Lender desire to amend the Revolving Note to, among other things, add 3e Technologies as a co-borrower and obligor under the Revolving Note, to amend the payment
schedule and maturity date of the Revolving Note, and for certain other purposes, as more fully set forth herein. 

 AGREEMENTS 
 NOW, THEREFORE, in consideration of the premises, the mutual agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and the
Lender hereby agree as follows: 
  

	1.	Capitalized Terms. Capitalized terms used in this Second Amendment but not defined herein have the meanings ascribed to them in the Revolving Note.

  

	2.	Definition of Borrower; Addition of 3e Technologies as a Co-Borrower. 3e Technologies is hereby added as a co-borrower of the revolving line of credit loan evidenced
by the Revolving Note. The term “Borrower” as set forth in the Revolving Note, as modified hereby, shall mean 3e Technologies, Transcrypt, EFJ and E. F. Johnson, jointly and severally. 3e Technologies is obligated and liable to pay all
amounts owing under the Revolving Note, as modified hereby, including, without limitation, all principal, interest, late charges, fees and costs (including attorneys’ fees, costs and expenses). The obligations, provisions, agreements, grants,
transfers, covenants, representations and warranties of 3e Technologies, Transcrypt, EFJ, and E. F. Johnson under the Revolving Note, as modified hereby, and under the other documents evidencing, securing, guaranteeing or supporting the subject
revolving line of credit loan evidenced by the Revolving Note as modified hereby (collectively, the “Loan Documents”) shall be and is hereby joint and several. EFJ, E. F. Johnson, Transcrypt and 3e Technologies hereby acknowledge, confirm
and agree that on and as of the date of this Second Amendment, 3e Technologies (along with EFJ, E. F. Johnson and Transcrypt) is included in the definition of “Borrower” under the Revolving Note, as modified hereby, for all purposes
thereof, and as such assumes and shall be jointly and severally liable, as provided in the Revolving Note, as modified hereby, and in the other Loan Documents for all indebtedness, liabilities and obligations thereunder (whether incurred or arising
prior to, on, or subsequent to the date of this Second Amendment) and is otherwise bound by all of the terms, provisions and conditions thereof. 

  

	3.	Interest. Section 1 of the Note entitled “Interest” is hereby deleted in its entirety and restated as follows: 

 

	 	“1.	Interest. Commencing as of the date hereof and continuing until repayment in full of all sums due hereunder, interest on the principal balance outstanding from time to
time shall accrue at a fluctuating annual rate equal to the “LIBOR-Based Rate” (as hereinafter defined). The LIBOR-Based Rate is equal to the “LIBOR Rate” (as hereinafter defined) in effect from time to time plus the applicable
“LIBOR Margin” (as defined below). The “LIBOR Rate” means the interest rate determined by the following formula, rounded upward to the nearest 1/100 of one percent. 

  

					
	LIBOR Rate =    	 	London Inter-Bank Offered Rate	  	
		 	(1.00 - Reserve Percentage)	  	

 “London Inter-Bank Offered Rate” means the average per annum interest rate at which U.S.
dollar deposits would be offered for an “Interest Period” of one (1) month by major banks in the London inter-bank market, as shown on the Telerate Page 3750 (or any successor page) at approximately 11:00 a.m. London time two
(2) London Banking Days before the commencement of the Interest Period. If 
  

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 such rate does not appear on the Telerate Page 3750 (or any successor page), the rate for that Interest
Period will be determined by such alternate method as reasonably selected by Lender. A “London Banking Day” is a day on which Lender’s London Banking Center is open for business and dealing in offshore dollars. “Reserve
Percentage” means the total of the maximum reserve percentages for determining the reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency Liabilities, as defined in Federal Reserve Board Regulation D, rounded
upward to the nearest 1/100 of one percent. The percentage will be expressed as a decimal, and will include, but not be limited to, marginal, emergency, supplemental, special, and other reserve percentages. The first day of the Interest Period must
be a day other than a Saturday, or a Sunday on which Lender is open for business in New York and London and dealing in offshore dollars (a “LIBOR Banking Day”). The last day of the Interest Period and the actual number of days during the
Interest Period will be determined by Lender using the practices of the London inter-bank market. Absent manifest error, the Lender’s certificate to the Borrower stating the LIBOR Rate for each Interest Period shall be conclusive. 

The “LIBOR Margin”, which will be based on the Borrower’s ratio of “Debt” (as defined in the Loan Agreement (as defined
below)) to “EBITDA” (as defined in the Loan Agreement), is the applicable annual rate of interest shown in the Performance Pricing Grid set forth below. 
 The rate at which interest shall accrue under this Note may change immediately upon any change at the commencement of each Interest Period (if the London Inter-Bank Offered Rate has changed) and/or upon any change in
the LIBOR Margin. 
 If the LIBOR Rate is discontinued or unavailable, interest on the outstanding principal balance shall accrue under at the
“Prime Rate” (as hereafter defined) plus the applicable “Prime Margin” (as defined below). The “Prime Rate” is a fluctuating rate announced by the Lender from time to time, in the Lender’s sole discretion, as the
Lender’s Prime Rate. Changes in the Prime Rate will be effective, without prior notice, as of the date any change is announced. The Prime Rate is a reference rate only; it is not necessarily the most favorable rate of interest that the Lender
charges to any borrower or class of borrowers. The “Prime Margin”, which will be based on the Borrower’s ratio of Debt to EBITDA, is the applicable annual rate of interest shown in the Performance Pricing Grid set forth below.

 Performance Pricing Grid means the following table: 
  

									
	 	  	Level 1	 	Level 2	 	Level 3	 	Level 4
	 Debt/ EBITDA
	  	Ratio >2.50x	 	2.50 3 Ratio >2.25	 	2.25 3 Ratio > 1.00	 	Ratio £ 1.00x
	 LIBOR +
	  	1.75%	 	1.50%	 	1.25%	 	1.00%
	 Prime Rate +
	  	2.00%	 	1.75%	 	1.50%	 	1.25%

  

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 All interest payable under the terms of this Note shall be calculated by applying a daily interest rate,
determined by multiplying the outstanding principal balance by the applicable annual interest rate and dividing the resulting product by 360, to the actual number of days principal is outstanding.” 
  

	1.	Payments and Maturity. Section 2 of the Note entitled “Payments and Maturity” is hereby deleted in its entirety and restated as follows:

  

	 	“2.	Payments and Maturity. The unpaid Principal Sum, together with interest thereon at the rate or rates provided above, shall be payable as follows:

 a. interest shall be due and payable quarterly, commencing on the first day of the first calendar quarter after the date of
this Note, and on the first day of each succeeding calendar quarter. 
 b. unless sooner paid, the unpaid Principal Sum, together with all
interest accrued and unpaid thereon, and all other amounts owing under this Note shall be due and payable in full on June 30, 2010 (the “Maturity Date”). If the Loan Agreement provides for the Borrower to make additional payments on
account of the Principal Sum from time to time, the Borrower promises to make those payments at the time and in the manner specified in the Loan Agreement. Notwithstanding the foregoing Maturity Date and provided no “Event of Default” (as
hereinafter defined) has occurred, Lender may (by written notice delivered to Borrower), as determined in Lender’s sole and absolute discretion, elect to extend the Maturity Date upon such terms and conditions as may be acceptable to Lender, in
Lender’s sole and absolute discretion. Borrower shall, upon the request of Lender, execute all documents and take all action necessary or requested by Lender to effectuate or evidence such extension, all at the sole cost of Borrower.”

  

	2.	Definition of Loan Agreement. Section 6 of the Revolving Note is hereby deleted in its entirety and the following is substituted therefor:

  

	 	“6.	Loan Agreement. This Note is the “Revolving Note” described in that certain Revolving Line of Credit Loan Agreement and Security Agreement of even date
herewith (said Loan Agreement, as the same may be amended from time to time, the “Loan Agreement”) by and between the Borrower and the Lender. The indebtedness evidenced by this Note is included within the meaning of the term
“Debt” as defined in the Loan Agreement. The term “Loan Documents” as used in this Note shall have the meaning ascribed to that term in the Loan Agreement. Capitalized terms used in this Note but not defined herein have the
meanings ascribed to them in the Loan Agreement.” 

  

	3.	Reaffirmation of terms; no offsets or defenses. Except as modified by this Second Amendment, the Revolving Note remains in full force and effect and unmodified.
Borrower warrants and represents that it has no offsets or defenses to its obligations under the Revolving Note, as modified by this Second Amendment. 

  

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	4.	Confession of judgment. The Borrower hereby appoints or reappoints (as the case may be) Joseph P. Corish and Jennifer A. Brust, and each of them, as the
Borrower’s true and lawful attorney-in-fact, for the Borrower, in the Borrower’s name, place and stead, to confess judgment against the Borrower, following the occurrence of an Event of Default, in the office of the Clerk of the Circuit
Court of Montgomery County, Maryland, for the outstanding principal balance owing under the Revolving Note, as amended hereby, together with interest, late payment charges, court costs, and attorneys fees of Fifteen Percent (15%) of the then
outstanding principal balance, hereby ratifying and confirming the acts of said attorney-in-fact as if done by the Borrower. Notwithstanding the amount confessed for attorneys fees, Lender agrees that enforcement of the judgment for such attorneys
fees so confessed shall not exceed the amount of fees and expenses actually charged by counsel for Lender for services rendered by counsel in connection with the confession of such judgment and the collection of the sums owing by Borrower to Lender.
The Borrower consents to immediate execution of any such confessed judgment and waives the benefit of any exemption laws. Any provisions set forth hereafter regarding arbitration of disputes between the Borrower and the Lender shall not be deemed to
limit Lender’s right to have the attorneys-in-fact named in this paragraph confess judgment against the Borrower in favor of the Lender following the occurrence of an Event of Default. 

  

	5.	Arbitration. Provisions of the Loan Agreement specifying that certain disputes between the Borrower and the Lender shall be resolved by binding arbitration are
incorporated by reference into the Revolving Note as modified by this Second Amendment and shall have the same force and effect as if fully set forth in the Revolving Note as modified by this Second Amendment. 

  

	6.	Lender consent. Lender has executed this Second Amendment for the sole purpose of evidencing its consent hereto, and not for the purpose of becoming liable on the
Revolving Note, as modified by this Second Amendment, as a co-maker, endorser or guarantor. 

 (Signatures and Notary
Acknowledgments on following pages) 
 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Second Amendment under seal
as of the day and year first hereinabove set forth, the Lender having executed this Second Amendment for the sole purpose of evidencing its consent to the amendments herein contained and not for the purpose of becoming a co-maker of the Revolving
Note as modified by this Second Amendment. 
  

					
	EFJ, INC., a Delaware corporation
			
	By:	 	 /s/ Jana Ahlfinger Bell
	 	(SEAL)
	Name:	 	Jana Ahlfinger Bell	 	
	Title:	 	Chief Financial Officer	 	
	
	E. F. JOHNSON COMPANY, a Minnesota corporation
			
	By:	 	 /s/ Jana Ahlfinger Bell
	 	(SEAL)
	Name:	 	Jana Ahlfinger Bell	 	
	Title:	 	Chief Financial Officer	 	

  

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	TRANSCRYPT INTERNATIONAL, INC., a Delaware corporation
			
	By:	 	 /s/ Jana Ahlfinger Bell
	 	(SEAL)
	Name:	 	Jana Ahlfinger Bell	 	
	Title:	 	Chief Financial Officer	 	
	
	3e TECHNOLOGIES INTERNATIONAL, INC., a Maryland corporation
			
	By:	 	 /s/ Jana Ahlfinger Bell
	 	(SEAL)
	Name:	 	Jana Ahlfinger Bell	 	
	Title:	 	Secretary	 	
	
	BANK OF AMERICA, N.A.
			
	By:	 	 /s/ Michael J. Landini
	 	(SEAL)
	Name:	 	Michael J. Landini	 	
	Title:	 	Senior Vice President	 	

  

			
	State of Texas	  	 )

	County of Dallas	  	 ) To Wit:

 Acknowledged before me by Jana Ahlfinger Bell as Chief Financial Officer of EFJ, Inc., a Delaware
corporation, this 6th day of July, 2006. 
  

			
	[SEAL]	 	 /s/ Amy M. Fritts

		 	Notary Public

 My commission expires: November 7, 2009 
  

			
	State of Texas	  	 )

	County of Dallas	  	 ) To Wit:

  

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 Acknowledged before me by Jana Ahlfinger Bell as Chief Financial Officer of E. F. Johnson Company, a
Minnesota corporation, this 6th day of July, 2006. 
  

			
	[SEAL]	 	 /s/ Amy M. Fritts

		 	Notary Public

 My commission expires: November 7, 2009 
  

			
	State of Texas	  	 )

	County of Dallas	  	 ) To Wit:

 Acknowledged before me by Jana Ahlfinger Bell as Chief Financial Officer of Transcrypt
International, Inc., a Delaware corporation, this 6th day of July, 2006. 
  

			
	[SEAL]	 	 /s/ Amy M. Fritts

		 	Notary Public

 My commission expires: November 7, 2009 
  

			
	State of Texas	  	 )

	County of Dallas	  	 ) To Wit:

 Acknowledged before me by Jana Ahlfinger Bell as Secretary of 3e Technologies International, Inc.,
a Maryland corporation, this 7th day of July, 2006. 
  

			
	[SEAL]	 	 /s/ Amy M. Fritts

		 	Notary Public

 My commission expires: November 7, 2009 
  

			
	State of
                            	  	)
	County of                             	  	) To Wit:

 Acknowledged before me by Michael J. Landini as Senior Vice President of Bank of America, N.A.,
this      day of                     , 2006. 
  

			
	[SEAL]	 	  

		 	Notary Public

 My commission expires:
                             
  

 7EXHIBIT 4.1

 Exhibit 4.1 
 [Face of Security] 
 FEDERAL REALTY INVESTMENT TRUST 
 6.00% Note due 2012 
  

			
	 CUSIP No. 313747AM9
	 	$120,000,000

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET,
NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A
NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR OF THE DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR. 
 THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF. 
 FEDERAL REALTY INVESTMENT TRUST, a Maryland real estate investment trust (herein referred to as the “Company,” which term includes any
successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns the principal sum of One Hundred Twenty Million Dollars on July 15, 2012 (the
“Stated Maturity Date”) or the date fixed for earlier redemption (the “Redemption Date,” and together with the Stated Maturity Date with respect to principal repayable on such date, the “Maturity Date”), and to pay
interest thereon from July 17, 2006 or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on January 15 and July 15 in each year (each, an “Interest Payment Date”),
commencing January 15, 2007, at the rate of 6.00% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be on December 31 or June 30 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date at the office or agency of the Company maintained for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to
such Holder at its registered address or 

 by transfer of funds to an account maintained by such Holder within the United States. Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 The principal of this
Note payable on the Stated Maturity Date or the principal of, premium, if any, and, if the Redemption Date is not an Interest Payment Date, interest on this Note payable on the Redemption Date will be paid against presentation of this Note at the
office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private
debts. 
 Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, will include interest
accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including July 17, 2006, if no interest has been paid on this Note) to but excluding such Interest
Payment Date or the Maturity Date, as the case may be. If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, as defined below, principal, premium, if any, and/or interest payable with respect to such Interest
Payment Date or Maturity Date, as the case may be, will be paid on the next succeeding Business Day with the same force and effect as if it were paid 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 or Maturity Date, as the case may be. “Business Day” means any day, other than a Saturday or Sunday, on which banks in the City of New York and the City of Charlotte, State of North
Carolina, are not required or authorized by law or executive order to close. 
 All payments of principal, premium, if any, and interest in
respect of this Note will be made by the Company in immediately available funds. 
 Reference is hereby made to the further provisions of
this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the Certificate of Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any
purpose. 
 [This space intentionally left blank] 
  

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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated: July 17, 2006 
  

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	  

		 	Donald C. Wood
		 	Trustee
		
	By:	 	  

		 	Dawn M. Becker
		 	Executive Vice President-General Counsel and Secretary

  

	
	Attest:
	
	  

	Darlene M. Hough
	Assistant Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is the Note of the series designated therein referred to in the within-mentioned Indenture. 
 Dated: July 17, 2006 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 [Reverse of Security] 
 FEDERAL REALTY INVESTMENT TRUST 
 6.00% Note due 2012 
 This Note is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or
more series under an Indenture, dated as of September 1, 1998 (herein called the “Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of the duly authorized series of Securities designated
as “6.00% Notes due 2012” (collectively, the “Notes”), and the aggregate principal amount of the Notes to be issued under such series is initially limited to $120,000,000 (except for Notes authenticated and delivered upon
transfer of, or in exchange for, or in lieu of other Notes). The Company may, without the consent of the Holders of any Securities, create and issue additional notes in the future having the same terms other than the date of original issuance, the
issue price and the date on which interest begins to accrue so as to form a single series with the Notes. The Notes are the unsecured and unsubordinated obligations of the Company and rank equally with all existing and future unsecured and
unsubordinated indebtedness of the Company. All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 If an Event of Default, as defined in the Indenture, shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. 
 The Notes are subject to redemption at any time, in whole or in part, at the election of the Company, at a redemption price
equal to the greater of (1) 100% of the principal amount of the Notes being redeemed, or (2) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and
interest thereon (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate (as defined below) plus 15 basis points plus, in each case, accrued interest thereon to the Redemption Date; provided, however, that installments of interest on this Note whose Stated Maturity Date is on or prior to such Redemption
Date will be payable to the Holder of this Note, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture. 
 As used herein: 
 “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable 
  

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 Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than three such Reference Treasury Dealer quotations, the average of all such Quotations. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 
 “Reference Treasury Dealer” means (1) Citigroup Global Markets Inc. and other primary U.S. Government securities
dealers in New York City selected by Wachovia Capital Markets, LLC, and their respective successors; provided, however, that if Citigroup Global Markets Inc. ceases to be a primary U.S. Government securities dealer (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer; and (2) any other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date. 
 Notice of any redemption will be given by mail to Holders of
Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture. 
 In the event of
redemption of this Note in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the
Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby. The
Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities, on behalf of the Holders of all such 
  

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 Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the
Indenture permit the Holders of not less than a majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the Holders of Securities of such series, certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at
the times, places and rate, and in the coin or currency, herein prescribed. 
 The Company will not, and will not permit any Subsidiary to,
incur any Debt (as defined below) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a
consolidated basis determined in accordance with generally accepted accounting principles is greater than 60% of the sum of (without duplication) (i) 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 Securities and Exchange Commission (or, if such filing is not permitted under the Securities Exchange Act of 1934, with the Trustee) prior to the
incurrence of such additional Debt and (ii) 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 Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt. 
 In addition to the foregoing limitation on the incurrence of Debt, the Company will not, and will not permit any Subsidiary to, incur any Debt secured by
any mortgage, lien, charge, pledge, encumbrance or security interest of any kind upon any of the property of the Company or any Subsidiary if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds
thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis which is secured by any mortgage, lien, charge, pledge, encumbrance or security interest on property of the Company or any
Subsidiary 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 Securities and Exchange Commission (or, if such filing is not permitted under the Securities Exchange Act of 1934, 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 Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt; provided, however, 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 Total Assets. 
  

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 Furthermore, the Company will not, and will not permit any Subsidiary to, incur any Debt if the ratio of
Consolidated Income Available for Debt Service (as defined below) to the Annual Debt Service Charge (as defined below) 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, on an unaudited pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that (i) 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; (ii) 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); (iii) 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 (iv) in the case of any acquisition or disposition by the Company or its
Subsidiaries of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition 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 or disposition being included in such unaudited pro forma calculation. 
 Furthermore, the Company and its Subsidiaries taken as a whole, will, at all times maintain an Unencumbered Total Asset Value (as defined below) in an amount not less than 150% of the aggregate outstanding principal
amount of the unsecured Debt of the Company and its Subsidiaries, taken as a whole. 
 As used herein, 
 “Acquired Debt” means Debt of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in
connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming 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. 
 “Annual Debt Service Charge” as of any date means the maximum amount which is payable in any period for interest on, and original issue discount of, Debt of the Company and its Subsidiaries and the amount of dividends which are
payable in respect of any Disqualified Stock (as defined below). 
  

 7 

 “Capital Stock” means, with respect to any Person, any capital stock (including
preferred stock), shares, interests, participations or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate stock), warrants or options to purchase
any thereof. 
 “Consolidated Income Available for Debt Service” for any period means Funds from Operations (as
defined below) of the Company and its Subsidiaries plus amounts which have been deducted for interest on Debt of the Company and its Subsidiaries. 
 “Debt” means any indebtedness of the Company, or any Subsidiary, whether or not contingent, in respect of (without duplication) (i) borrowed money evidenced by bonds, notes, debentures or similar
instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company or any Subsidiary, (iii) 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, (iv) the principal amount of all obligations of the Company or any Subsidiary with respect to redemption, repayment or other repurchase of any Disqualified Stock
or (v) any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with generally accepted accounting principles to the extent, in the
case of items of indebtedness under (i) through (iii) above, that any such items (other than letters of credit) would appear as a liability on the Company’s consolidated balance sheet in accordance with generally accepted accounting
principles, and also includes, to the extent not otherwise included, any obligation of the Company or any Subsidiary 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 is a party and has assigned its interest, provided that such assignee of the Company is not in default of any amounts due
and owing under such leases), Debt of another Person (other than the Company or any Subsidiary) (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create,
assume, guarantee or otherwise become liable in respect thereof). 
 “Disqualified Stock” means, with respect to any
Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise
(i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock or (iii) is redeemable at the option of the holder
thereof, in whole or in part, in each case on or prior to the Stated Maturity of the Notes. 
  

 8 

 “Funds from Operations” for any period means income available to common
shareholders before depreciation and amortization of real estate assets and before extraordinary items less gain on sale of real estate. 
 “Total Assets” as of any date means the sum of (i) the Company’s and its Subsidiaries’ Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries
determined in accordance with generally accepted accounting principles (but excluding goodwill). 
 “Undepreciated Real
Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization determined on a consolidated basis in accordance
with generally accepted accounting principles. 
 “Unencumbered Total Asset Value” as of any date means the sum of
(i) those Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest and (ii) all other assets of the Company and each of its Subsidiaries on a consolidated basis determined in accordance
with generally accepted accounting principles (but excluding intangibles and accounts receivable), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest. 
 Furthermore, 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, and the Company will from time to time deliver to the Agent (as such term is defined in the Credit
Agreement, dated as of October 8, 2003, between the Company and the various financial institutions named therein), upon its request a detailed list, together with copies of all policies of the insurance then in effect, stating the names of the
insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. 
 As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer of this Note is registrable in the Security Register of the Company upon surrender of this Note for registration of transfer at the
office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees. 
 As provided in the Indenture and subject to certain limitations therein and herein set forth, this Note is
exchangeable for a like aggregate principal amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.

  

 9 

 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture and the Notes
shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State. 
  

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