Document:

Amended and Restated Trust Agreement, dated as of July 27, 2005

 Exhibit 4.2 

  
 AMENDED AND RESTATED TRUST AGREEMENT 
  
 among 
  
 EXTRA SPACE STORAGE LP 
 as Depositor 
  
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 
 as Property Trustee 
  
 CHASE BANK USA, NATIONAL ASSOCIATION, 
 as Delaware Trustee 
  
 and 
  
 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN 
 as Administrative Trustees

  

  
 Dated as of July 27, 2005  
  

  
 ESS STATUTORY TRUST III 
  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	 ARTICLE I.
	  	 DEFINED TERMS
	  	1
			
	 Section 1.1.
	  	 Definitions
	  	1
			
	 ARTICLE II.
	  	 THE TRUST
	  	11
			
	 Section 2.1.
	  	 Name
	  	11
			
	 Section 2.2.
	  	 Office of the Delaware Trustee; Principal Place of Business
	  	11
			
	 Section 2.3.
	  	 Initial Contribution of Trust Property; Fees, Costs and Expenses
	  	11
			
	 Section 2.4.
	  	 Purposes of Trust
	  	12
			
	 Section 2.5.
	  	 Authorization to Enter into Certain Transactions
	  	12
			
	 Section 2.6.
	  	 Assets of Trust
	  	15
			
	 Section 2.7.
	  	 Title to Trust Property
	  	15
			
	 ARTICLE III.
	  	 PAYMENT ACCOUNT; PAYING AGENTS
	  	15
			
	 Section 3.1.
	  	 Payment Account
	  	15
			
	 Section 3.2.
	  	 Appointment of Paying Agents
	  	15
			
	 ARTICLE IV.
	  	 DISTRIBUTIONS; REDEMPTION
	  	16
			
	 Section 4.1.
	  	 Distributions
	  	16
			
	 Section 4.2.
	  	 Redemption
	  	18
			
	 Section 4.3.
	  	 Subordination of Common Securities
	  	20
			
	 Section 4.4.
	  	 Payment Procedures
	  	21
			
	 Section 4.5.
	  	 Withholding Tax
	  	21
			
	 Section 4.6.
	  	 Tax Returns and Other Reports
	  	21
			
	 Section 4.7.
	  	 Payment of Taxes, Duties, Etc. of the Trust
	  	22
			
	 Section 4.8.
	  	 Payments under Indenture or Pursuant to Direct Actions
	  	22
			
	 Section 4.9.
	  	 Exchanges
	  	22
			
	 Section 4.10.
	  	 Calculation Agent
	  	23
			
	 Section 4.11.
	  	 Certain Accounting Matters
	  	23
			
	 ARTICLE V.
	  	 SECURITIES
	  	24
			
	 Section 5.1.
	  	 Initial Ownership
	  	24
			
	 Section 5.2.
	  	 Authorized Trust Securities
	  	24
			
	 Section 5.3.
	  	 Issuance of the Common Securities; Subscription and Purchase of Notes
	  	25

  

					
	 	  	i	  	 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 5.4.
	  	 The Securities Certificates
	  	25
			
	 Section 5.5.
	  	 Rights of Holders
	  	26
			
	 Section 5.6.
	  	 Book-Entry Preferred Securities
	  	26
			
	 Section 5.7.
	  	 Registration of Transfer and Exchange of Preferred Securities Certificates
	  	28
			
	 Section 5.8.
	  	 Mutilated, Destroyed, Lost or Stolen Securities Certificates
	  	29
			
	 Section 5.9.
	  	 Persons Deemed Holders
	  	30
			
	 Section 5.10.
	  	 Cancellation
	  	30
			
	 Section 5.11.
	  	 Ownership of Common Securities by Depositor
	  	31
			
	 Section 5.12.
	  	 Restricted Legends
	  	31
			
	 Section 5.13.
	  	 Form of Certificate of Authentication
	  	34
			
	 ARTICLE VI.
	  	 MEETINGS; VOTING; ACTS OF HOLDERS
	  	34
			
	 Section 6.1.
	  	 Notice of Meetings
	  	33
			
	 Section 6.2.
	  	 Meetings of Holders of the Preferred Securities
	  	34
			
	 Section 6.3.
	  	 Voting Rights
	  	34
			
	 Section 6.4.
	  	 Proxies, Etc.
	  	34
			
	 Section 6.5.
	  	 Holder Action by Written Consent
	  	35
			
	 Section 6.6.
	  	 Record Date for Voting and Other Purposes
	  	35
			
	 Section 6.7.
	  	 Acts of Holders
	  	35
			
	 Section 6.8.
	  	 Inspection of Records
	  	36
			
	 Section 6.9.
	  	 Limitations on Voting Rights
	  	36
			
	 Section 6.10.
	  	 Acceleration of Maturity; Rescission of Annulment; Waivers of Past Defaults
	  	37
			
	 ARTICLE VII.
	  	 REPRESENTATIONS AND WARRANTIES
	  	39
			
	 Section 7.1.
	  	 Representations and Warranties of the Property Trustee and the Delaware Trustee
	  	39
			
	 Section 7.2.
	  	 Representations and Warranties of Depositor
	  	41
			
	 ARTICLE VIII.
	  	 THE TRUSTEES
	  	42
			
	 Section 8.1.
	  	 Number of Trustees
	  	42
			
	 Section 8.2.
	  	 Property Trustee Required
	  	42
			
	 Section 8.3.
	  	 Delaware Trustee Required
	  	42

  

					
	 	  	ii	  	 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 8.4.
	  	 Appointment of Administrative Trustees
	  	43
			
	 Section 8.5.
	  	 Duties and Responsibilities of the Trustees
	  	43
			
	 Section 8.6.
	  	 Notices of Defaults
	  	45
			
	 Section 8.7.
	  	 Certain Rights of Property Trustee
	  	45
			
	 Section 8.8.
	  	 Delegation of Power
	  	47
			
	 Section 8.9.
	  	 May Hold Securities
	  	47
			
	 Section 8.10.
	  	 Compensation; Reimbursement; Indemnity
	  	48
			
	 Section 8.11.
	  	 Resignation and Removal; Appointment of Successor
	  	49
			
	 Section 8.12.
	  	 Acceptance of Appointment by Successor
	  	50
			
	 Section 8.13.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	50
			
	 Section 8.14.
	  	 Not Responsible for Recitals, Issuance of Securities, or Representations
	  	50
			
	 Section 8.15.
	  	 Property Trustee May File Proofs of Claim
	  	51
			
	 Section 8.16.
	  	 Reports to the Property Trustee
	  	52
			
	 ARTICLE IX.
	  	 TERMINATION, LIQUIDATION AND MERGER
	  	52
			
	 Section 9.1.
	  	 Dissolution Upon Expiration Date
	  	52
			
	 Section 9.2.
	  	 Early Termination
	  	52
			
	 Section 9.3.
	  	 Termination
	  	53
			
	 Section 9.4.
	  	 Liquidation
	  	53
			
	 Section 9.5.
	  	 Mergers, Consolidations, Amalgamations or Replacements of Trust
	  	54
			
	 ARTICLE X.
	  	 MISCELLANEOUS PROVISIONS
	  	56
			
	 Section 10.1.
	  	 Limitation of Rights of Holders
	  	56
			
	 Section 10.2.
	  	 Agreed Tax Treatment of Trust and Trust Securities
	  	56
			
	 Section 10.3.
	  	 Amendment
	  	56
			
	 Section 10.4.
	  	 Separability
	  	58
			
	 Section 10.5.
	  	 Governing Law
	  	58
			
	 Section 10.6.
	  	 Successors
	  	58
			
	 Section 10.7.
	  	 Headings
	  	58
			
	 Section 10.8.
	  	 Reports, Notices and Demands
	  	58
			
	 Section 10.9.
	  	 Agreement Not to Petition
	  	59
			
	 Section 10.10.
	  	 Counterparts
	  	59

  

					
	 	  	iii	  	 

			
	EXHIBITS	  	 
		
	Exhibit A	  	 Certificate of Trust of ESS Statutory Trust III

	Exhibit B	  	 Form of Common Securities Certificate

	Exhibit C	  	 Form of Preferred Securities Certificate

	Exhibit D	  	 Junior Subordinated Indenture

	Exhibit E	  	 Form of Transferor Certificate

	Exhibit F	  	 [Intentionally Omitted]

	Exhibit G	  	 Form of General Partner’s Financial Certificate of the Depositor

		
	SCHEDULES	  	 
		
	Schedule A	  	 Determination of LIBOR

  

					
	 	  	iv	  	 

 THIS AMENDED AND RESTATED
TRUST AGREEMENT, dated as of July 27, 2005, among (i) Extra Space Storage LP, a Delaware limited partnership (including any successors or permitted assigns, the “Depositor”), (ii) JPMorgan Chase Bank,
National Association, as property trustee (in such capacity, the “Property Trustee”), (iii) Chase Bank USA, National Association, a national banking association, as Delaware trustee (in such capacity, the “Delaware
Trustee”), (iv) Charles L. Allen and David L. Rasmussen, each an individual whose address is c/o 2795 East Cottonwood Parkway, Suite 400, Salt Lake City, UT 84121 as administrative trustees (in such capacities, each an
“Administrative Trustee” and, collectively, the “Administrative Trustees” and, together with the Property Trustee and the Delaware Trustee, the “Trustees”) and (v) the several Holders, as
hereinafter defined. 
  
 WITNESSETH 
  
 WHEREAS, the Depositor, the Property Trustee and the Delaware
Trustee have heretofore created a Delaware statutory trust pursuant to the Delaware Statutory Trust Act by entering into a Trust Agreement, dated as of July 26, 2005 (the “Original Trust Agreement”), and by executing and filing with
the Secretary of State of the State of Delaware the Certificate of Trust, substantially in the form attached as Exhibit A; and 
  
 WHEREAS, the Depositor and the Trustees desire to amend and restate the Original Trust Agreement in its entirety as set forth herein to
provide for, among other things, (i) the issuance of the Common Securities by the Trust to the Depositor, (ii) the issuance and sale of the Preferred Securities by the Trust pursuant to the Purchase Agreement and (iii) the acquisition by the Trust
from the Depositor of all of the right, title and interest in and to the Notes; 
  
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each party, for the benefit of the other parties and for the benefit of the Holders, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows: 
  
 ARTICLE I. 
  
 DEFINED TERMS 
  
 SECTION 1.1. Definitions. 
  
 For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a) the terms defined in this Article I have the meanings
assigned to them in this Article I; 
  
 (b) the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”; 

 (c) all accounting terms used but not defined herein have the meanings assigned to them
in accordance with United States generally accepted accounting principles from time to time in effect; 
  
 (d) unless the context otherwise requires, any reference to an “Article”, a “Section”, a “Schedule” or an
“Exhibit” refers to an Article, a Section, a Schedule or an Exhibit, as the case may be, of or to this Trust Agreement; 
  
 (e) the words “hereby”, “herein”, “hereof and “hereunder” and other words of similar import refer to
this Trust Agreement as a whole and not to any particular Article, Section or other subdivision; 
  
 (f) a reference to the singular includes the plural and vice versa; and 
  
 (g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter
genders. 
  
 “Act” has the meaning specified in
Section 6.7. 
  
 “Additional Interest” has
the meaning specified in Section 1.1 of the Indenture. 
  
 “Additional Interest Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount of Additional Interest paid by the Depositor on a Like Amount of Notes for such period.

  
 “Additional Taxes” has the meaning specified
in Section 1.1 of the Indenture.  
  
 “Additional
Tax Sums” has the meaning specified in Section 10.5 of the Indenture. 
  
 “Administrative Trustee” means each of the Persons identified as an “Administrative Trustee” in the preamble to this Trust Agreement, solely in each such Person’s capacity
as Administrative Trustee of the Trust and not in such Person’s individual capacity, or any successor Administrative Trustee appointed as herein provided. 
  

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Applicable Depositary Procedures” means, with respect to any transfer or transaction involving a
Book-Entry Preferred Security, the rules and procedures of the Depositary for such Book-Entry Preferred Security, in each case to the extent applicable to such transaction and as in effect from time to time. 
  

					
	 	  	2	  	 

 “Bankruptcy Event” means, with respect to any Person: 
  
 (a) the entry of a decree or order by a court having jurisdiction in the
premises (i) judging such Person a bankrupt or insolvent, (ii) approving as properly filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person under any applicable Federal or state bankruptcy,
insolvency, reorganization or other similar law, (iii) appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of such Person or of any substantial part of its property or (iv) ordering the winding up
or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or 
  
 (b) the institution by such Person of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or
insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the
filing of any such petition or to the appointment of a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of such Person or of any substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due and its willingness to be adjudicated a bankrupt or insolvent, or the taking of corporate action by such Person in furtherance of
any such action. 
  
 “Bankruptcy Laws” means all
Federal and state bankruptcy, insolvency, reorganization and other similar laws, including the United States Bankruptcy Code. 
  
 “Book-Entry Preferred Security” means a Preferred Security, the ownership and transfers of which shall be made through book entries by a
Depositary. 
  
 “Business Day” means a day other
than (a) a Saturday or Sunday, (b) a day on which banking institutions in the City of New York are authorized or required by law or executive order to remain closed or (c) a day on which the Corporate Trust Office is closed for business. 

 
 “Calculation Agent” has the meaning specified in
Section 4.10.  
  
 “Closing Date”
has the meaning specified in the Purchase Agreement.  
  
 “Code” means the United States Internal Revenue Code of 1986, as amended. 
  
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any
time after the execution of this Trust 

  

					
	 	  	3	  	 

 
Agreement such Commission is not existing and performing the duties assigned to it, then the body performing such duties at such time. 
  
 “Common Securities Certificate” means a certificate
evidencing ownership of Common Securities, substantially in the form attached as Exhibit B. 
  
 “Common Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having the
rights provided therefor in this Trust Agreement. 
  
 “Common Securities Subscription Agreement” means the agreement of even date herewith by and between the Depositor and the Trust pertaining to the sale and purchase of the Common Securities. 
  
 “Corporate Trust Office” means the principal office of the
Property Trustee at which any particular time its corporate trust business shall be administered, which office at the date of this Trust Agreement is located at 600 Travis, 50th Floor, Houston, Texas 77002, Attention: Worldwide Securities Services—ESS Statutory Trust III. 
  
 “Definitive Preferred Securities Certificates” means
Preferred Securities issued in certificated, fully registered form that are not Global Preferred Securities. 
  
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., or any
successor statute thereto, in each case as amended from time to time. 
  
 “Delaware Trustee” means the Person identified as the “Delaware Trustee” in the preamble to this Trust Agreement, solely in its capacity as Delaware Trustee of the Trust and not in its individual capacity,
or its successor in interest in such capacity, or any successor Delaware Trustee appointed as herein provided. 
  
 “Depositary” means an organization registered as a clearing agency under the Exchange Act that is designated as Depositary by the
Depositor or any successor thereto. DTC will be the initial Depositary. 
  
 “Depositary Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with the
Depositary. 
  
 “Depositor” has the meaning
specified in the preamble to this Trust Agreement and any successors and permitted assigns. 
  
 “Depositor Affiliate” has the meaning specified in Section 4.9. 
  
 “Depositor Parent” means Extra Space Storage, Inc., a Maryland corporation. 
  
 “Distribution Date” has the meaning specified in Section 4.l(a)(i). 
  

					
	 	  	4	  	 

 “Distributions” means amounts payable in respect of the Trust Securities as provided in
Section 4.1. 
  
 “DTC” means The
Depository Trust Company, a New York corporation, or any successor thereto. 
  
 “Early Termination Event” has the meaning specified in Section 9.2. 
  
 “Event of Default” means any one 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 order, rule or regulation of any administrative or governmental body): 
  
 (a) the occurrence of a Note Event of Default; or 
  
 (b) default by the Trust in the payment of any Distribution when it becomes due and payable, and continuation of such
default for a period of thirty (30) days; or 
  
 (c) default by
the Trust in the payment of any Redemption Price of any Trust Security when it becomes due and payable; or 
  
 (d) default in the performance, or breach, in any material respect of any covenant or warranty of the Trustees in this Trust Agreement (other than those
specified in clause (b) or (c) above) and continuation of such default or breach for a period of thirty (30) days after there has been given, by registered or certified mail, to the Trustees and to the Depositor by the Holders of at least twenty
five percent (25%) in aggregate Liquidation Amount of the Outstanding Preferred Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or 
  
 (e) the occurrence of a Bankruptcy Event
with respect to the Property Trustee if a successor Property Trustee has not been appointed within ninety (90) days thereof. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, and any successor statute thereto, in each case as amended from time to time.

  
 “Expiration Date” has the meaning specified
in Section 9.1. 
  
 “Fiscal Year” shall be
the fiscal year of the Trust, which shall be the calendar year, or such other period as is required by the Code. 
  
 “Fixed Rate Period” has the meaning specified in the Indenture. 
  

					
	 	  	5	  	 

 “Global Preferred Security” means a Preferred Securities Certificate evidencing
ownership of Book-Entry Preferred Securities. 
  
 “Holder” means a Person in whose name a Trust Security or Trust Securities are registered in the Securities Register; any such Person shall be deemed to be a beneficial owner within the meaning of the Delaware Statutory
Trust Act. 
  
 “Indemnified Person” has the
meaning specified in Section 8.10(c). 
  
 “Indenture” means the Junior Subordinated Indenture executed and delivered by the Depositor and the Note Trustee contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the holders of
the Notes, a copy of which is attached hereto as Exhibit D, as amended or supplemented from time to time. 
  
 “Indenture Redemption Price” means the Optional Note Redemption Price or the Special Note Redemption Price, as applicable. 
  
 “Initial Purchaser” shall mean the initial purchasers of the
Preferred Securities.  
  
 “Interest Payment
Date” has the meaning specified in Section 1.1 of the Indenture. 
  
 “Investment Company Act” means the Investment Company Act of 1940, or any successor statute thereto, in each case as amended from time to time. 
  
 “Investment Company Event” has the meaning specified in
Section 1.1 of the Indenture. 
  
 “Junior Subordinated
Note Purchase Agreement” means the agreement of even date herewith by and between the Depositor and Trust pertaining to the issuance and purchase of the Notes. 
  
 “LIBOR” has the meaning specified in Schedule A. 
  
 “LIBOR Business Day” has the meaning specified in
Schedule A. 
  
 “LIBOR Determination Date”
has the meaning specified in Schedule A. 
  
 “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment, security interest or preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever. 
  
 “Like
Amount” means (a) with respect to a redemption of any Trust Securities, Trust Securities having a Liquidation Amount equal to the principal amount of Notes to be contemporaneously redeemed or paid at maturity in accordance with the
Indenture, the proceeds of which will be used to pay the Redemption Price of such Trust Securities, (b) with respect to a distribution of Notes to Holders of Trust Securities in connection with a dissolution of the Trust, Notes having a principal
amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Notes are distributed and (c) with respect to any distribution of Additional 

  

					
	 	  	6	  	 

 
Interest Amounts to Holders of Trust Securities, Notes having a principal amount equal to the Liquidation Amount of the Trust Securities in respect of which
such distribution is made. 
  
 “Liquidation Amount”
means the stated amount of $1,000 per Trust Security. 
  
 “Liquidation Date” means the date on which assets are to be distributed to Holders in accordance with Section 9.4(a) hereunder following dissolution of the Trust. 
  
 “Liquidation Distribution” has the meaning specified in
Section 9.4(d). 
  
 “Majority in Liquidation
Amount” means Common or Preferred Securities, as the case may be, representing more than fifty percent (50%) of the aggregate Liquidation Amount of all (or a specified group of) then Outstanding Common or Preferred Securities, as the case
may be. 
  
 “Note Event of Default” means any
“Event of Default” specified in Section 5.1 of the Indenture. 
  
 “Note Redemption Date” means, with respect to any Notes to be redeemed under the Indenture, the date fixed for redemption of such Notes under the Indenture. 
  
 “Note Trustee” means the Person identified as the
“Trustee” in the Indenture, solely in its capacity as Trustee pursuant to the Indenture and not in its individual capacity, or its successor in interest in such capacity, or any successor Trustee appointed as provided in the
Indenture. 
  
 “Notes” means the Depositor’s
Junior Subordinated Notes issued pursuant to the Indenture. 
  
 “Officers’ Certificate” means a certificate signed by the General Partner of the Depositor, and delivered to the Trustees. Any Officers’ Certificate delivered with respect to compliance with a condition or
covenant provided for in this Trust Agreement (other than the certificate provided pursuant to Section 8.16 which is not an Officers’ Certificate) shall include: 
  
 (a) a statement by each Person signing the Officers’ Certificate that such Person has read the covenant or condition
and the definitions relating thereto; 
  
 (b) a brief statement
of the nature and scope of the examination or investigation undertaken by such Person in rendering the Officers’ Certificate; 
  
 (c) a statement that such Person has made such examination or investigation as, in such Person’s opinion, is necessary to enable such Person to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether, in the opinion of such Person, such condition or covenant has been complied with. 
  

					
	 	  	7	  	 

 “Operative Documents” means the Purchase Agreement, the Indenture, the Trust Agreement,
the Notes and the Trust Securities. 
  
 “Opinion of
Counsel” means a written opinion of counsel, who may be counsel for, or an employee of, the Depositor or any Affiliate of the Depositor. 
  
 “Optional Redemption Price” means, with respect to any Trust Security, an amount equal to one hundred percent (100%) of the Liquidation
Amount of such Trust Security on the Redemption Date, plus accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the premium, if any, and/or accrued interest, including Additional Interest, if any, thereon paid by
the Depositor upon the concurrent redemption or payment at maturity of a Like Amount of Notes. 
  
 “Optional Note Redemption Price” means, with respect to any Note to be redeemed on any Redemption Date under the Indenture, an amount equal to one hundred percent (100%) of the outstanding principal
amount of such Note, together with accrued interest, including any Additional Interest (to the extent legally enforceable), thereon through but not including the date fixed as such Redemption Date. 
  
 “Original Issue Date” means the date of original issuance of
the Trust Securities. 
  
 “Original Trust Agreement”
has the meaning specified in the recitals to this Trust Agreement. 
  
 “Outstanding”, when used with respect to any Trust Securities, means, as of the date of determination, all Trust Securities theretofore executed and delivered under this Trust Agreement, except: 
  
 (a) Trust Securities theretofore canceled by the Property Trustee or
delivered to the Property Trustee for cancellation; 
  
 (b) Trust
Securities for which payment or redemption money in the necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent in trust for the Holders of such Trust Securities; provided, that if such Trust Securities
are to be redeemed, notice of such redemption has been duly given pursuant to this Trust Agreement; and 
  
 (c) Trust Securities that have been paid or in exchange for or in lieu of which other Trust Securities have been executed and delivered pursuant to the
provisions of this Trust Agreement, unless proof satisfactory to the Property Trustee is presented that any such Trust Securities are held by Holders in whose hands such Trust Securities are valid, legal and binding obligations of the Trust;

  
 provided, that in determining whether the Holders of the requisite
Liquidation Amount of the Outstanding Preferred Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Preferred Securities owned by the Depositor, any Trustee or any Affiliate of the Depositor or
of any Trustee shall be disregarded and deemed not to be Outstanding, except that (i) in determining whether any Trustee shall be protected in relying 

  

					
	 	  	8	  	 

 
upon any such request, demand, authorization, direction, notice, consent or waiver, only Preferred Securities that such Trustee knows to be so owned shall be
so disregarded and (ii) the foregoing shall not apply at any time when all of the Outstanding Preferred Securities are owned by the Depositor, one or more of the Trustees and/or any such Affiliate. Preferred Securities so owned that have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such Preferred Securities and that the pledgee is not the
Depositor, any Trustee or any Affiliate of the Depositor or of any Trustee. 
  
 “Owner” means each Person who is the beneficial owner of Book-Entry Preferred Securities as reflected in the records of the Depositary or, if a Depositary Participant is not the beneficial owner, then
the beneficial owner as reflected in the records of the Depositary Participant. 
  
 “Paying Agent” means any Person authorized by the Administrative Trustees to pay Distributions or other amounts in respect of any Trust Securities on behalf of the Trust. 
  
 “Payment Account” means a segregated non-interest-bearing
corporate trust account maintained by the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the
Holders in accordance with Sections 3.1, 4.1 and 4.2. 
  
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, company, limited liability company, trust, unincorporated
association or government, or any agency or political subdivision thereof, or any other entity of whatever nature. 
  
 “Preferred Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having
the rights provided therefor in this Trust Agreement. 
  
 “Preferred Securities Certificate” means a certificate evidencing ownership of Preferred Securities, substantially in the form attached as Exhibit C. 
  
 “Property Trustee” means the Person identified as the “Property Trustee” in the preamble
to this Trust Agreement, solely in its capacity as Property Trustee of the Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor Property Trustee appointed as herein provided. 
  
 “Purchase Agreement” means each Purchase Agreement executed
and delivered by the Trust, the Depositor and the Initial Purchaser, as purchaser, contemporaneously with the execution and delivery of this Trust Agreement, as amended from time to time. 
  
 “QIB” means a “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act of
1933, as amended. 
  
 “QP” means a
“Qualified Purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended. 
  

					
	 	  	9	  	 

 “QIB/QP” means a QIB that is also a QP. 
  
 “Redemption Date” means, with respect to any Trust Security
to be redeemed, the date fixed for such redemption by or pursuant to this Trust Agreement; provided, that each Note Redemption Date and the stated maturity (or any date of principal repayment upon early maturity) of the Notes shall be a
Redemption Date for a Like Amount of Trust Securities. 
  
 “Redemption Price” means the Special Redemption Price or Optional Redemption Price, as applicable. If the Depositor has redeemed the Notes at the Special Note Redemption Price, the Trust shall redeem the Trust Securities at
the Special Redemption Price. If the Depositor has redeemed the Notes at the Optional Note Redemption Price, the Trust shall redeem the Trust Securities at the Optional Redemption Price. 
  
 “Reference Banks” has the meaning specified in Schedule A. 
  
 “Responsible Officer” means, with respect to the Property
Trustee, the officer in the Worldwide Securities Services department of the Property Trustee having direct responsibility for the administration of this Trust Agreement. 
  
 “Securities Act” means the Securities Act of 1933, and any successor statute thereto, in each case as
amended from time to time. 
  
 “Securities
Certificate” means any one of the Common Securities Certificates or the Preferred Securities Certificates. 
  
 “Securities Register” and “Securities Registrar” have the respective meanings specified in Section 5.7.

  
 “Special Redemption Price” means, with
respect to any Trust Security, an amount equal to one hundred seven and one half percent (107.5%) of the Liquidation Amount of such Trust Security on the Redemption Date, plus accumulated and unpaid Distributions to the Redemption Date, plus the
related amount of the premium, if any, and/or accrued interest, including Additional Interest, if any, thereon paid by the Depositor upon the concurrent redemption or payment at maturity of a Like Amount of Notes. 
  
 “Special Note Redemption Price” means, with respect to any
Note to be redeemed on any Redemption Date under the Indenture, an amount equal to one hundred seven and one half percent (107.5%) of the outstanding principal amount of such Note, together with accrued interest, including Additional Interest,
thereon through but not including the date fixed as such Redemption Date. 
  
 “Successor Securities” has the meaning specified in Section 9.5(a).  
  
 “Tax Event” has the meaning specified in Section 1.1 of the Indenture. 
  
 “Trust” means the Delaware statutory trust known as “ESS Statutory Trust III,” which was created
on July 18, 2005 under the Delaware Statutory Trust Act pursuant to the Original Trust Agreement and the filing of the Certificate of Trust, and continued pursuant to this Trust Agreement. 
  

					
	 	  	10	  	 

 “Trust Agreement” means this Amended and Restated Trust Agreement, as the same may be
modified, amended or supplemented from time to time in accordance with the applicable provisions hereof, including all Schedules and Exhibits. 
  
 “Trustees” means the Administrative Trustees, the Property Trustee and the Delaware Trustee, each as defined in this Article I.

  
 “Trust Property” means (a) the Notes, (b) any
cash on deposit in, or owing to, the Payment Account and (c) all proceeds and rights in respect of the foregoing and any other property and assets for the time being held or deemed to be held by the Property Trustee pursuant to the trusts of this
Trust Agreement. 
  
 “Trust Security” means any
one of the Common Securities or the Preferred Securities. 
  
 ARTICLE II. 
  
 THE TRUST

  
 SECTION 2.1. Name. 
  
 The trust continued hereby shall be known as “ESS Statutory Trust
III”, as such name may be modified from time to time by the Administrative Trustees following written notice to the Holders of Trust Securities and the other Trustees, in which name the Trustees may conduct the business of the Trust, make and
execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business. 
  
 The address of the Delaware Trustee in the State of Delaware is Chase Bank USA, National Association, 500 Stanton Christiana Road, Building 4
(3rd Floor), Newark, DE 19713, Attention: Worldwide Securities Services, or such other address in the State of
Delaware as the Delaware Trustee may designate by written notice to the Holders, the Depositor, the Property Trustee and the Administrative Trustees. The principal executive office of the Trust is 2795 East Cottonwood Parkway, Suite 400, Salt Lake
City, UT 84121, Attention: Dean Anderson, as such address may be changed from time to time by the Administrative Trustees following written notice to the Holders and the other Trustees. 
  
 SECTION 2.3. Initial Contribution of Trust Property; Fees, Costs and Expenses. 
  
 The Property Trustee acknowledges receipt from the Depositor in connection
with the Original Trust Agreement of the sum of ten dollars ($10), which constituted the initial Trust Property. The Depositor shall pay all fees, costs and expenses of the Trust (except with respect to the Trust Securities) as they arise or shall,
upon request of any Trustee, promptly reimburse such 

  

					
	 	  	11	  	 

 
Trustee for any such fees, costs and expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such fees,
costs or expenses. 
  
 SECTION 2.4. Purposes of Trust.

  
 (a) The exclusive purposes and functions of the Trust are to
(i) issue and sell Trust Securities and use the proceeds from such sale to acquire the Notes and (ii) engage in only those activities necessary or incidental thereto. The Delaware Trustee, the Property Trustee and the Administrative Trustees are
trustees of the Trust, and have all the rights, powers and duties to the extent set forth herein. The Trustees hereby acknowledge that they are trustees of the Trust. 
  
 (b) So long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of the Trust) shall not
undertake any business, activities or transaction except as expressly provided herein or contemplated hereby. In particular, the Trust (or the Trustees acting on behalf of the Trust) shall not (i) acquire any investments or engage in any activities
not authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to Holders, except as expressly provided herein, (iii) incur
any indebtedness for borrowed money or issue any other debt, (iv) take or consent to any action that would result in the placement of a Lien on any of the Trust Property, (v) take or consent to any action that would reasonably be expected to cause
the Trust to become taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes, (vi) take or consent to any action that would cause the Notes to be treated as other than indebtedness of the
Depositor for United States federal income tax purposes or (vii) take or consent to any action that would cause the Trust to be deemed to be an “investment company” required to be registered under the Investment Company Act. 
  
 SECTION 2.5. Authorization to Enter into Certain Transactions.

  
 (a) The Trustees shall conduct the affairs of the Trust in
accordance with and subject to the terms of this Trust Agreement. In accordance with the following provisions (i) and (ii), the Trustees shall have the authority to enter into all transactions and agreements determined by the Trustees to be
appropriate in exercising the authority, express or implied, otherwise granted to the Trustees, under this Trust Agreement, and to perform all acts in furtherance thereof, including the following: 
  
 (i) As among the Trustees, each Administrative Trustee shall
severally have the power and authority to act on behalf of the Trust with respect to the following matters: 
  
 (A) the issuance and sale of the Trust Securities; 
  
 (B) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the Trust, such
agreements as may be necessary or desirable in connection with the purposes and function of the Trust, including, without limitation, a Common Securities Subscription Agreement and an Unsecured Junior Subordinated Note Purchase Agreement;

  

					
	 	  	12	  	 

 (C) assisting in the sale of the Preferred Securities in one or more transactions exempt
from registration under the Securities Act, and in compliance with applicable state securities or blue sky laws; 
  
 (D) assisting in the sending of notices (other than notices of default) and other information regarding the Trust Securities and the Notes
to the Holders in accordance with this Trust Agreement; 
  
 (E) the appointment of a Paying Agent and Securities Registrar in accordance with this Trust Agreement; 
  
 (F) execution of the Trust Securities on behalf of the Trust in accordance with this Trust Agreement; 
  
 (G) execution and delivery of closing certificates, if any,
pursuant to the Purchase Agreement and application for a taxpayer identification number for the Trust; 
  
 (H) preparation and filing of all applicable tax returns and tax information reports that are required to be filed on behalf of the Trust;

  
 (I) establishing a record date with respect
to all actions to be taken hereunder that require a record date to be established, except as provided in Section 6.10( a); 
  
 (J) unless otherwise required by the Delaware Statutory Trust Act to execute on behalf of the Trust (either acting alone or together with
the other Administrative Trustees) any documents that such Administrative Trustee has the power to execute pursuant to this Trust Agreement; and 
  
 (K) the taking of any action incidental to the foregoing as such Administrative Trustee may from time to time determine is necessary or
advisable to give effect to the terms of this Trust Agreement. 
  
 (ii) As among the Trustees, the Property Trustee shall have the power, duty and authority to act on behalf of the Trust with respect to the following matters: 
  
 (A) the receipt and holding of legal title of the Notes;

  
 (B) the establishment of the Payment Account;

  
 (C) the collection of interest, principal and
any other payments made in respect of the Notes and the holding of such amounts in the Payment Account; 
  
 (D) the distribution through the Paying Agent of amounts distributable to the Holders in respect of the Trust Securities; 
  

					
	 	  	13	  	 

 (E) the exercise of all of the rights, powers and privileges of a holder of the Notes in
accordance with the terms of this Trust Agreement; 
  
 (F) the sending of notices of default and other information regarding the Trust Securities and the Notes to the Holders in accordance with this Trust Agreement; 
  
 (G) the distribution of the Trust Property in accordance with the terms of this Trust Agreement; 

 
 (H) to the extent provided in this Trust Agreement, the
winding up of the affairs of and liquidation of the Trust, provided that the Administrative Trustees shall have the power, duty and authority to act on behalf of the Trust with respect to the preparation, execution and filing of the certificate of
cancellation of the Trust with the Secretary of State of the State of Delaware; and 
  
 (I) the taking of any action incidental to the foregoing as the Property Trustee may from time to time determine is necessary or advisable
to give effect to the terms of this Trust Agreement and protect and conserve the Trust Property for the benefit of the Holders (without consideration of the effect of any such action on any particular Holder). 
  
 (b) In connection with the issue and sale of the Preferred Securities, the
Depositor shall have the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement
are hereby ratified and confirmed in all respects): 
  
 (i) the negotiation of the terms of, and the execution and delivery of, the Purchase Agreement providing for the sale of the Preferred Securities in one or more transactions exempt from registration under the Securities Act, and in
compliance with applicable state securities or blue sky laws; and 
  
 (ii) the taking of any other actions necessary or desirable to carry out any of the foregoing activities. 
  
 (c) Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to conduct the affairs of the Trust and
authorized to operate the Trust so that the Trust will not be taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes, so that the Notes will be treated as indebtedness of the Depositor for
United States federal income tax purposes and so that the Trust will not be deemed to be an “investment company” required to be registered under the Investment Company Act. In respect thereof, each Administrative Trustee is authorized to
take any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement, that such Administrative Trustee determines in his or her discretion to be necessary or desirable for such purposes, as long as such action does
not adversely affect in any material respect the interests of the Holders of the Outstanding Preferred Securities. In no event shall the Administrative Trustees be liable to the Trust or the Holders for any failure to comply with this Section
2.5 to 

  

					
	 	  	14	  	 

 
the extent that such failure results solely from a change in law or regulation or in the interpretation thereof. 
  
 (d) Any action taken by a Trustee in accordance with its powers shall
constitute the act of and serve to bind the Trust. In dealing with any Trustee acting on behalf of the Trust, no Person shall be required to inquire into the authority of such Trustee to bind the Trust. Persons dealing with the Trust are entitled to
rely conclusively on the power and authority of any Trustee as set forth in this Trust Agreement. 
  
 SECTION 2.6. Assets of Trust. 
  
 The assets of the Trust shall consist of the Trust Property. 
  
 SECTION 2.7. Title to Trust Property. 
  
 (a) Legal title to all Trust Property shall be vested at all times in the Property Trustee and shall be held and administered by the Property Trustee in
trust for the benefit of the Trust and the Holders in accordance with this Trust Agreement. 
  
 (b) The Holders shall not have any right or title to the Trust Property other than the undivided beneficial interest in the assets of the Trust conferred by their Trust Securities and they shall have no right to call
for any partition or division of property, profits or rights of the Trust except as described below. The Trust Securities shall be personal property giving only the rights specifically set forth therein and in this Trust Agreement. 
  
 ARTICLE III. 
  
 PAYMENT ACCOUNT; PAYING AGENTS 
  
 SECTION 3.1. Payment Account. 
  
 (a) On or prior to the Closing Date, the Property Trustee shall establish the
Payment Account. The Property Trustee and the Paying Agent shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance
with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Holders and for Distribution as herein
provided. 
  
 (b) The Property Trustee shall deposit in the
Payment Account, promptly upon receipt, all payments of principal of or interest on, and any other payments with respect to, the Notes. Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof.

  

					
	 	  	15	  	 

 SECTION 3.2. Appointment of Paying Agents. 
  
 The Paying Agent shall initially be the Property Trustee. The Paying Agent
shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the
Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to
resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act
be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an
instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property
Trustee. The provisions of Article VIII shall apply to the Property Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed
hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  
 ARTICLE IV. 
  
 DISTRIBUTIONS; REDEMPTION 
  
 SECTION 4.1. Distributions. 
  
 (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and Distributions (including any Additional Interest Amounts)
will be made on the Trust Securities at the rate and on the dates that payments of interest (including any Additional Interest) are made on the Notes. Accordingly: 
  
 (i) Distributions on the Trust Securities shall be cumulative, and shall accumulate whether or not there are
funds of the Trust available for the payment of Distributions. Distributions shall accumulate from July 27, 2005, and, except as provided in clause (ii) below, shall be payable quarterly in arrears on January 30, April 30, July 30 and October 30 of
each year, commencing on October 30, 2005. If any date on which a Distribution is otherwise payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding Business Day (and no
interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after each such date until the next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such
payment shall be made on the immediately preceding Business Day, in each case, with the same force and 

  

					
	 	  	16	  	 

 
effect as if made on such date (each date on which Distributions are payable in accordance with this Section 4.1(a)(i), a “Distribution
Date”); 
  
 (ii) Distributions
shall accumulate in respect of the Trust Securities at a fixed rate equal to 6.91% per annum through the interest payment date on July 30, 2010 (“Fixed Rate Period”), and thereafter at a variable rate equal to LIBOR plus 2.40% per annum of
the Liquidation Amount of the Trust Securities, such rate being the rate of interest payable on the Notes. LIBOR shall be determined by the Calculation Agent in accordance with Schedule A. The amount of Distributions shall be computed during
the Fixed Rate Period on the basis of a 360-day year of twelve 30-day months, and thereafter on the basis of a 360-day year and the actual number of days elapsed in the relevant period. The amount of Distributions payable for any period shall
include any Additional Interest Amounts in respect of such period; and 
  
 (iii) Distributions on the Trust Securities shall be made by the Paying Agent from the Payment Account and shall be payable on each Distribution Date only to the extent that the Trust has funds then on hand and
available in the Payment Account for the payment of such Distributions. 
  
 (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as they appear on the Securities Register for the Trust Securities at the close of business on the relevant record date,
which shall be at the close of business on the fifteenth day (whether or not a Business Day) preceding the relevant Distribution Date, except that Distributions and any Additional Interest Amounts payable on the stated maturity (or any date of
principal repayment upon early maturity) of the principal of a Trust Security or on a Redemption Date shall be paid to the Person to whom principal is paid. Distributions payable on any Trust Securities that are not punctually paid on any
Distribution Date as a result of the Depositor having failed to make an interest payment under the Notes will cease to be payable to the Person in whose name such Trust Securities are registered on the relevant record date, and such defaulted
Distributions and any Additional Interest Amounts will instead be payable to the Person in whose name such Trust Securities are registered on the special record date, or other specified date for determining Holders entitled to such defaulted
Distribution and Additional Interest Amount, established in the same manner, and on the same date, as such is established with respect to the Notes under the Indenture. 
  
 (c) As a condition to the payment of any principal of or interest on the Trust Securities without the imposition of
withholding tax, the Administrative Trustees shall require the previous delivery of properly completed and signed applicable U.S. federal income tax certifications (generally, an Internal Revenue Service Form W-9 (or applicable successor form) in
the case of a person that is a “United States person” within the meaning of Section 7701(a)(30) of the Code or an Internal Revenue Service Form W-8 (or applicable successor form) in the case of a person that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code) and any other certification acceptable to it to enable the Property Trustee or any Paying Agent to determine their respective duties and liabilities with respect to any taxes or
other charges that they may be required to pay, deduct or withhold in respect of such Trust Securities. 
  

					
	 	  	17	  	 

 SECTION 4.2. Redemption. 
  
 (a) On each Note Redemption Date and on the stated maturity (or any date of principal repayment upon early maturity) of the
Notes and on each other date on (or in respect of) which any principal on the Notes is repaid, the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. 
  
 (b) Notice of redemption shall be given by the Property Trustee by
first-class mail, postage prepaid, mailed not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the Securities Register. All
notices of redemption shall state: 
  
 (i) the
Redemption Date; 
  
 (ii) the Redemption Price
or, if the Redemption Price cannot be calculated prior to the time the notice is required to be sent, the estimate of the Redemption Price provided pursuant to the Indenture, as calculated by the Depositor, together with a statement that it is an
estimate and that the actual Redemption Price will be calculated by the Calculation Agent on the fifth Business Day prior to the Redemption Date (and if an estimate is provided, a further notice shall be sent of the actual Redemption Price on the
date that such Redemption Price is calculated); 
  
 (iii) if less than all the Outstanding Trust Securities are to be redeemed, the identification (and, in the case of partial redemption, the respective amounts) and Liquidation Amounts of the particular Trust Securities to be redeemed;

  
 (iv) that on the Redemption Date, the
Redemption Price will become due and payable upon each such Trust Security, or portion thereof, to be redeemed and that Distributions thereon will cease to accumulate on such Trust Security or such portion, as the case may be, on and after said
date, except as provided in Section 4.2(d); 
  
 (v) the place or places where the Trust Securities are to be surrendered for the payment of the Redemption Price; and 
  
 (vi) such other provisions as the Property Trustee deems relevant. 
  
 (c) The Trust Securities (or portion thereof) redeemed on each Redemption Date shall be redeemed at the Redemption Price
with the proceeds from the contemporaneous redemption or payment at maturity of Notes. Redemptions of the Trust Securities (or portion thereof) shall be made and the Redemption Price shall be payable on each Redemption Date only to the extent that
the Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. Under the Indenture, the Notes may be redeemed by the Depositor on any Interest Payment Date, at the Depositor’s option, on or after
July 30, 2010, in whole or in part, from time to time at the Optional Note Redemption Price. The Notes may also be redeemed by the Depositor, at its option pursuant to the terms of the Indenture, in whole but not in part, upon the occurrence and
during the continuation of an Investment Company Event or a Tax Event, at the Special Note Redemption Price. 
  

					
	 	  	18	  	 

 (d) If the Property Trustee gives a notice of redemption in respect of any Preferred Securities, then by
10:00 A.M., New York City time, on the Redemption Date, the Depositor shall deposit sufficient funds with the Property Trustee to pay the Redemption Price. If such deposit has been made by such time, then by 12:00 noon, New York City time, on the
Redemption Date, the Property Trustee will, with respect to Book-Entry Preferred Securities, irrevocably deposit with the Depositary for such Book-Entry Preferred Securities, to the extent available therefor, funds sufficient to pay the applicable
Redemption Price and will give such Depositary irrevocable instructions and authority to pay the Redemption Price to the Holders of the Preferred Securities. With respect to Preferred Securities that are not Book-Entry Preferred Securities, the
Property Trustee will irrevocably deposit with the Paying Agent, to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption
Price to the Holders of the Preferred Securities upon surrender of their Preferred Securities Certificates. Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for any Trust Securities (or portion thereof) called
for redemption shall be payable to the Holders of such Trust Securities as they appear on the Securities Register on the relevant record dates for the related Distribution Dates. If notice of redemption shall have been given and funds deposited as
required, then upon the date of such deposit, all rights of Holders holding Trust Securities (or portion thereof) so called for redemption will cease, except the right of such Holders to receive the Redemption Price and any Distribution payable in
respect of the Trust Securities on or prior to the Redemption Date, but without interest, and, in the case of a partial redemption, the right of such Holders to receive a new Trust Security or Securities of authorized denominations, in aggregate
Liquidation Amount equal to the unredeemed portion of such Trust Security or Securities, and such Securities (or portion thereof) called for redemption will cease to be Outstanding. In the event that any date on which any Redemption Price is payable
is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after each
such date until the next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if
made on such date. In the event that payment of the Redemption Price in respect of any Trust Securities (or portion thereof) called for redemption is improperly withheld or refused and not paid either by the Trust, Distributions on such Trust
Securities (or portion thereof) will continue to accumulate, as set forth in Section 4.1, from the Redemption Date originally established by the Trust for such Trust Securities (or portion thereof) to the date such Redemption Price is
actually paid, in which case the actual payment date will be the date fixed for redemption for purposes of calculating the Redemption Price. 
  
 (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be redeemed on a Redemption Date, then the aggregate
Liquidation Amount of Trust Securities to be redeemed shall be allocated pro rata to the Common Securities and the Preferred Securities based upon the relative aggregate Liquidation Amounts of the Common Securities and the Preferred
Securities. Upon such a partial redemption, the Preferred Securities to be redeemed from each Holder of Preferred Securities shall be selected on a pro rata basis based upon the respective Liquidation Amounts of the Preferred Securities then
held by each Holder of the Preferred Securities not more than sixty (60) days prior to the Redemption Date by the Property Trustee from the Outstanding Preferred Securities not previously called for redemption; 

  

					
	 	  	19	  	 

 
provided, that with respect to Holders that would be required to hold less than one hundred (100) but more than zero (0) Trust Securities as a result
of such redemption, the Trust shall redeem Trust Securities of each such Holder so that after such redemption such Holder shall hold either one hundred (100) Trust Securities or such Holder no longer holds any Trust Securities, and shall use such
method (including, without limitation, by lot) as the Trust shall deem fair and appropriate; and provided, further, that so long as the Preferred Securities are Book-Entry Preferred Securities, such selection shall be made in accordance with
the Applicable Depositary Procedures for the Preferred Securities by such Depositary. The Property Trustee shall promptly notify the Securities Registrar in writing of the Preferred Securities (or portion thereof) selected for redemption and, in the
case of any Preferred Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Trust Agreement, unless the context otherwise requires, all provisions relating to the redemption of Preferred
Securities shall relate, in the case of any Preferred Securities redeemed or to be redeemed only in part, to the portion of the aggregate Liquidation Amount of Preferred Securities that has been or is to be redeemed. 
  
 (f) The Trust in issuing the Trust Securities may use “CUSIP”
numbers (if then generally in use), and, if so, the Property Trustee shall indicate the “CUSIP” numbers of the Trust Securities in notices of redemption and related materials as a convenience to Holders; provided, that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Trust Securities or as contained in any notice of redemption and related materials. 
  
 SECTION 4.3. Subordination of Common Securities. 
  
 (a) Payment of Distributions (including any Additional Interest Amounts) on,
the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective
Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on,
Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all
accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount
of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, shall
have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption Price of or the
Liquidation Distribution in respect of, the Preferred Securities then due and payable. 
  
 (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of
Default with respect to the Preferred Securities have been 

  

					
	 	  	20	  	 

 
cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities have been so
cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will
have the right to direct the Property Trustee to act on their behalf. 
  
 SECTION 4.4. Payment Procedures. 
  
 Payments of
Distributions (including any Additional Interest Amounts), the Redemption Price, Liquidation Amount or any other amounts in respect of the Preferred Securities shall be made by wire transfer at such place and to such account at a banking institution
in the United States as may be designated in writing at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in
which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Securities Register. If any Preferred Securities are held by a Depositary, such Distributions thereon shall be made to the
Depositary in immediately available funds. Payments in respect of the Common Securities shall be made in such manner as shall be mutually agreed between the Property Trustee and the Holder of all the Common Securities. 
  
 SECTION 4.5. Withholding Tax. 
  
 (a) The Trust and the Administrative Trustees shall comply with all
withholding and backup withholding tax requirements under United States federal, state and local law. The Administrative Trustees on behalf of the Trust shall request, and the Holders shall provide to the Trust, such forms or certificates as are
necessary to establish an exemption from withholding and backup withholding tax with respect to each Holder and any representations and forms as shall reasonably be requested by the Administrative Trustees on behalf of the Trust to assist it in
determining the extent of, and in fulfilling, its withholding and backup withholding tax obligations. The Administrative Trustees shall file required forms with applicable jurisdictions and, unless an exemption from withholding and backup
withholding tax is properly established by a Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent that the Trust is required to withhold and pay over any amounts to any jurisdiction with respect
to Distributions or allocations to any Holder, the amount withheld shall be deemed to be a Distribution in the amount of the withholding to the Holder. In the event of any claimed overwithholding, Holders shall be limited to an action against the
applicable jurisdiction. If the amount required to be withheld was not withheld from actual Distributions made, the Administrative Trustees on behalf of the Trust may reduce subsequent Distributions by the amount of such required withholding.

  
 SECTION 4.6. Tax Returns and Other Reports. 

 
 The Administrative Trustees shall prepare (or cause to be prepared) in the
United States, as defined for purposes of Treasury regulations section 301.7701-7, at the Depositor’s expense, and file, all United States federal, state and local tax and information returns and reports required to be filed by or in respect of
the Trust. The Administrative Trustees shall prepare in the United States, as defined for purposes of Treasury regulations section 301.7701-7, and furnish (or cause 

  

					
	 	  	21	  	 

 
to be prepared and furnished), by January 31 in each taxable year of the Trust to each Holder all Internal Revenue Service forms and returns required to be
provided by the Trust. The Administrative Trustees shall provide the Depositor, each Initial Purchaser and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. 
  
 SECTION 4.7. Payment of Taxes, Duties, Etc. of the Trust. 

 
 Upon receipt under the Notes of Additional Tax Sums and upon the written
direction of the Administrative Trustees, the Property Trustee shall promptly pay, solely out of monies on deposit pursuant to this Trust Agreement, any Additional Taxes imposed on the Trust by the United States or any other taxing authority.

  
 SECTION 4.8. Payments under Indenture or Pursuant to Direct
Actions. 
  
 Any amount payable hereunder to any Holder of
Preferred Securities shall be reduced by the amount of any corresponding payment such Holder (or any Owner with respect thereto) has directly received pursuant to Section 5.8 of the Indenture or Section 6.10(b) of this Trust Agreement.

  
 SECTION 4.9. Exchanges. 
  
 (a) If at any time the Depositor or any of its Affiliates (in either case, a
“Depositor Affiliate”) is the Owner or Holder of any Preferred Securities, such Depositor Affiliate shall have the right to deliver to the Property Trustee all or such portion of its Preferred Securities as it elects and,
subject to compliance with Sections 2.2 and 3.5 of the Indenture, receive, in exchange therefor, a Like Amount of Notes. Such election shall be exercisable effective on any Distribution Date by such Depositor Affiliate delivering to the Property
Trustee (i) at least ten (10) Business Days prior to the Distribution Date on which such exchange is to occur, the registration instructions and the documentation, if any, required pursuant to Sections 2.2 and 3.5 of the Indenture to enable the
Indenture Trustee to issue the requested Like Amount of Notes, (ii) a written notice of such election specifying the Liquidation Amount of Preferred Securities with respect to which such election is being made and the Distribution Date on which such
exchange shall occur, which Distribution Date shall be not less than ten (10) Business Days after the date of receipt by the Property Trustee of such election notice and (iii) shall be conditioned upon such Depositor Affiliate having delivered or
caused to be delivered to the Property Trustee or its designee the Preferred Securities that are the subject of such election by 10:00 A.M. New York time, on the Distribution Date on which such exchange is to occur. After the exchange, such
Preferred Securities will be canceled and will no longer be deemed to be Outstanding and all rights of the Depositor Affiliate with respect to such Preferred Securities will cease. 
  
 (b) In the case of an exchange described in Section 4.9(a), the Property Trustee on behalf of the Trust will, on the
date of such exchange, exchange Notes having a principal amount equal to a proportional amount of the aggregate Liquidation Amount of the Outstanding Common Securities, based on the ratio of the aggregate Liquidation Amount of the Preferred
Securities exchanged pursuant to Section 4.9(a) divided by the aggregate Liquidation Amount of the Preferred Securities Outstanding immediately prior to such exchange, for such proportional amount of Common Securities held by the Depositor
(which contemporaneously shall be 

  

					
	 	  	22	  	 

 
canceled and no longer be deemed to be Outstanding); provided, that the Depositor delivers or causes to be delivered to the Property Trustee or its
designee the required amount of Common Securities to be exchanged by 10:00 A.M. New York time, on the Distribution Date on which such exchange is to occur. 
  
 SECTION 4.10. Calculation Agent. 
  
 (a) The Calculation Agent may be removed by the Administrative Trustees at any time. Notwithstanding the foregoing, the Property Trustee shall initially,
and, subject to the immediately following sentence, for so long as it holds any of the Notes, be the Calculation Agent for purposes of determining LIBOR for each Distribution Date. If the Calculation Agent is unable or unwilling to act as such or is
removed by the Administrative Trustees, the Administrative Trustees will promptly appoint as a replacement Calculation Agent the London office of a leading bank which is engaged in transactions in three-month Eurodollar deposits in the international
Eurodollar market and which does not control or is not controlled by or under common control with the Administrative Trustee or its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly appointed.

  
 (b) The Calculation Agent shall be required to agree that, as
soon as possible after 11:00 a.m. (London time) on each LIBOR Determination Date, but in no event later than 11:00 a.m. (London time) on the Business Day immediately following each LIBOR Determination Date, the Calculation Agent will calculate the
interest rate (rounded to the nearest cent, with half a cent being rounded upwards) for the related Distribution Date, and will communicate such rate and amount to the Depositor, the Administrative Trustees, the Note Trustee, each Paying Agent and
the Depositary. The Calculation Agent will also specify to the Administrative Trustee the quotations upon which the foregoing rates and amounts are based and, in any event, the Calculation Agent shall notify the Administrative Trustees before 5:00
p.m. (London time) on each LIBOR Determination Date that either: (i) it has determined or is in the process of determining the foregoing rates and amounts or (ii) it has not determined and is not in the process of determining the foregoing rates and
amounts, together with its reasons therefor. The Calculation Agent’s determination of the foregoing rates and amounts for any Distribution Date will (in the absence of manifest error) be final and binding upon all parties. For the sole purpose
of calculating the interest rate for the Trust Securities, “Business Day” shall be defined as any day on which dealings in deposits in Dollars are transacted in the London interbank market. 
  
 SECTION 4.11. Certain Accounting Matters. 
  
 (a) At all times during the existence of the Trust, the Administrative
Trustees shall keep, or cause to be kept at the principal office of the Trust in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, full books of account, records and supporting documents, which shall reflect in
reasonable detail each transaction of the Trust. The books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted accounting principles, consistently applied. 
  
 (b) The Administrative Trustees shall either (i) if the Depositor Parent is
then subject to such reporting requirements, cause each Form 10-K and Form 10-Q prepared by the Depositor Parent and filed with the Commission in accordance with the Exchange Act to be delivered to 

  

					
	 	  	23	  	 

 
each Holder, with a copy to the Property Trustee, within thirty (30) days after the filing thereof or (ii) cause to be prepared at the principal office of
the Trust in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, and delivered to each of the Holders, with a copy to the Property Trustee, within ninety (90) days after the end of each Fiscal Year, annual
financial statements of the Trust, including a balance sheet of the Trust as of the end of such Fiscal Year, and the related statements of income or loss. 
  
 (c) The Depositor Parent files its annual and quarterly information with the Commission in electronic form pursuant to Regulation S-T of the Commission
using the Commission’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system, the Administrative Trustees shall notify the Property Trustee in the manner prescribed herein of each such annual and quarterly filing.
The Property Trustee is hereby authorized and directed to access the EDGAR system for purposes of retrieving the financial information so filed. Compliance with the foregoing shall constitute delivery by the Administrative Trustees of the financial
statements required to be delivered by the Trustees pursuant to Section 4.11 (b) and in compliance with the provisions of Section 314(a) of the Trust Indenture Act, if applicable. The Property Trustee shall have no duty to search for or obtain any
electronic or other filings that the Depositor makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of reports, information and documents to the Property Trustee pursuant to this Section
4.11(c) shall be solely for purposes of compliance with this Section 4.11 and, if applicable, with Section 314(a) of the Trust Indenture Act. The Property Trustee’s receipt of such reports, information and documents shall not
constitute notice to it of the content thereof or any matter determinable from the content thereof, including the Depositor’s compliance with any of its covenants hereunder, as to which the Property Trustee is entitled to rely upon
Officers’ Certificates. 
  
 (d) The Trust shall maintain one
or more bank accounts in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the Notes held by
the Property Trustee shall be made directly to the Payment Account and no other funds of the Trust shall be deposited in the Payment Account. The sole signatories for such accounts (including the Payment Account) shall be designated by the Property
Trustee. 
  
 ARTICLE V. 
  
 SECURITIES 
  
 SECTION 5.1. Initial Ownership. 
  
 Upon the creation of the Trust and the contribution by the Depositor referred
to in Section 2.3 and until the issuance of the Trust Securities, and at any time during which no Trust Securities are Outstanding, the Depositor shall be the sole beneficial owner of the Trust. 
  

					
	 	  	24	  	 

 SECTION 5.2. Authorized Trust Securities. 
  
 The Trust shall be authorized to issue one series of Preferred Securities
having an aggregate Liquidation Amount of $40,000,000 and one series of Common Securities having an aggregate Liquidation Amount of $1,238,000. 
  
 SECTION 5.3. Issuance of the Common Securities; Subscription and Purchase of Notes. 
  
 On the Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute and deliver to the Depositor Common
Securities Certificates, registered in the name of the Depositor, evidencing an aggregate of 1,238 Common Securities having an aggregate Liquidation Amount of One Million Two Hundred Thirty Eight Thousand Dollars ($1,238,000), against receipt by the
Trust of the aggregate purchase price of such Common Securities of One Million Two Hundred Thirty Eight Thousand Dollars ($1,238,000). Contemporaneously therewith and with the sale by the Trust to the Holders of an aggregate of 40,000 Preferred
Securities having an aggregate Liquidation Amount of Forty Million Dollars ($40,000,000) an Administrative Trustee, on behalf of the Trust, shall purchase from the Depositor Notes, to be registered in the name of the Property Trustee on behalf of
the Trust and having an aggregate principal amount equal to Forty One Million Two Hundred Thirty Eight Thousand Dollars ($41,238,000), and, in satisfaction of the purchase price for such Notes, the Property Trustee, on behalf of the Trust, shall
deliver to the Depositor the sum of Forty One Million Two Hundred Thirty Eight Thousand Dollars ($41,238,000) (being the aggregate amount paid by the Holders for the Preferred Securities, and the amount paid by the Depositor for the Common
Securities). 
  
 SECTION 5.4. The Securities Certificates.

  
 (a) The Preferred Securities Certificates shall be issued in
minimum denominations of $100,000 Liquidation Amount and integral multiples of $1,000 in excess thereof, and the Common Securities Certificates shall be issued in minimum denominations of $10,000 Liquidation Amount and integral multiples of $1,000
in excess thereof. The Securities Certificates shall be executed on behalf of the Trust by manual or facsimile signature of at least one Administrative Trustee. Securities Certificates bearing the signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign such Securities Certificates on behalf of the Trust shall be validly issued and entitled to the benefits of this Trust Agreement, notwithstanding that such individuals or any of them shall
have ceased to be so authorized prior to the delivery of such Securities Certificates or did not have such authority at the date of delivery of such Securities Certificates. 
  
 (b) On the Closing Date, upon the written order of an authorized officer of the Depositor, the Administrative Trustees shall
cause Securities Certificates to be executed on behalf of the Trust and delivered, without further corporate action by the Depositor, in authorized denominations. 
  
 (c) The Preferred Securities issued to QIBs/QPs may be, except as provided in Section 5.6, Book-Entry Preferred
Securities issued in the form of one or more Global Preferred Securities registered in the name of the Depositary, or its nominee and deposited with the 

  

					
	 	  	25	  	 

 
Depositary or a custodian for the Depositary for credit by the Depositary to the respective accounts of the Depositary Participants thereof (or such other
accounts as they may direct). The Preferred Securities issued to a Person other than a QIB/QP shall be issued in the form of Definitive Preferred Securities Certificates. 
  
 (d) A Preferred Security shall not be valid until authenticated by the manual signature of an authorized signatory of the
Property Trustee. Such signature shall be conclusive evidence that the Preferred Security has been authenticated under this Trust Agreement. Upon written order of the Trust signed by one Administrative Trustee, the Property Trustee shall
authenticate the Preferred Securities for original issue. The Property Trustee may appoint an authenticating agent that is a U.S. Person acceptable to the Trust to authenticate the Preferred Securities. A Common Security need not be so authenticated
and shall be valid upon execution by one or more Administrative Trustees. The form of this certificate of authentication can be found in Section 5.13. 
  
 SECTION 5.5. Rights of Holders. 
  
 The Trust Securities shall have no preemptive or similar rights and when issued and delivered to Holders against payment of
the purchase price therefor will be fully paid and nonassessable by the Trust. Except as provided in Section 5.1(b), the Holders of the Trust Securities, in their capacities as such, shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
  
 SECTION 5.6. Book-Entry Preferred Securities. 
  
 (a) A Global Preferred Security may be exchanged, in whole or in part, for Definitive Preferred Securities Certificates registered in the names of the
Owners only if such exchange complies with Section 5.7 and (i) the Depositary advises the Administrative Trustees and the Property Trustee in writing that the Depositary is no longer willing or able properly to discharge its responsibilities
with respect to the Global Preferred Security, and no qualified successor is appointed by the Administrative Trustees within ninety (90) days of receipt of such notice, (ii) the Depositary ceases to be a clearing agency registered under the Exchange
Act and the Administrative Trustees fail to appoint a qualified successor within ninety (90) days of obtaining knowledge of such event, (iii) the Administrative Trustees at their option advise the Property Trustee in writing that the Trust elects to
terminate the book-entry system through the Depositary or (iv) a Note Event of Default has occurred and is continuing. Upon the occurrence of any event specified in clause (i), (ii), (iii) or (iv) above, the Administrative Trustees shall notify the
Depositary and instruct the Depositary to notify all Owners of Book-Entry Preferred Securities, the Delaware Trustee and the Property Trustee of the occurrence of such event and of the availability of the Definitive Preferred Securities Certificates
to Owners of the Preferred Securities requesting the same. Upon the issuance of Definitive Preferred Securities Certificates, the Trustees shall recognize the Holders of the Definitive Preferred Securities Certificates as Holders. Notwithstanding
the foregoing, if an Owner of a beneficial interest in a Global Preferred Security wishes at any time to transfer an interest in such Global Preferred Security to a Person other than a QIB/QP, such transfer shall be effected, subject to the
Applicable Depositary Procedures, in accordance with the provisions of this Section 5.6 and Section 5.7, and 

  

					
	 	  	26	  	 

 
the transferee shall receive a Definitive Preferred Securities Certificate in connection with such transfer. A holder of a Definitive Preferred Securities
Certificate that is a QIB/QP may, upon request and in accordance with the provisions of this Section 5.6 and Section 5.7. exchange such Definitive Preferred Securities Certificate for a beneficial interest in a Global Preferred
Security. 
  
 (b) If any Global Preferred Security is to be
exchanged for Definitive Preferred Securities Certificates or canceled in part, or if any Definitive Preferred Securities Certificate is to be exchanged in whole or in part for any Global Preferred Security, then either (i) such Global Preferred
Security shall be so surrendered for exchange or cancellation as provided in this Article V or (ii) the aggregate Liquidation Amount represented by such Global Preferred Security shall be reduced, subject to Section 5.4, or increased
by an amount equal to the Liquidation Amount represented by that portion of the Global Preferred Security to be so exchanged or canceled, or equal to the Liquidation Amount represented by such Definitive Preferred Securities Certificates to be so
exchanged for any Global Preferred Security, as the case may be, by means of an appropriate adjustment made on the records of the Securities Registrar, whereupon the Property Trustee, in accordance with the Applicable Depositary Procedures, shall
instruct the Depositary or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender to the Administrative Trustees or the Securities Registrar of any Global Preferred Security or Securities by the
Depositary, accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute the Definitive Preferred Securities Certificates in accordance with the instructions of the Depositary. None of the Securities
Registrar or the Trustees shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. 
  
 (c) Every Definitive Preferred Securities Certificate executed and delivered upon registration or transfer of, or in
exchange for or in lieu of, a Global Preferred Security or any portion thereof shall be executed and delivered in the form of, and shall be, a Global Preferred Security, unless such Definitive Preferred Securities Certificate is registered in the
name of a Person other than the Depositary for such Global Preferred Security or a nominee thereof. 
  
 (d) The Depositary or its nominee, as registered owner of a Global Preferred Security, shall be the Holder of such Global Preferred Security for all
purposes under this Trust Agreement and the Global Preferred Security, and Owners with respect to a Global Preferred Security shall hold such interests pursuant to the Applicable Depositary Procedures. The Securities Registrar and the Trustees shall
be entitled to deal with the Depositary for all purposes of this Trust Agreement relating to the Global Preferred Securities (including the payment of the Liquidation Amount of and Distributions on the Book-Entry Preferred Securities represented
thereby and the giving of instructions or directions by Owners of Book-Entry Preferred Securities represented thereby and the giving of notices) as the sole Holder of the Book-Entry Preferred Securities represented thereby and shall have no
obligations to the Owners thereof. None of the Trustees nor the Securities Registrar shall have any liability in respect of any transfers effected by the Depositary. 
  
 (e) The rights of the Owners of the Book-Entry Preferred Securities shall be exercised only through the Depositary and shall
be limited to those established by law, the Applicable Depositary Procedures and agreements between such Owners and the Depositary and/or the Depositary Participants; provided, that solely for the purpose of determining whether 

  

					
	 	  	27	  	 

 
the Holders of the requisite amount of Preferred Securities have voted on any matter provided for in this Trust Agreement, to the extent that Preferred
Securities are represented by a Global Preferred Security, the Trustees may conclusively rely on, and shall be fully protected in relying on, any written instrument (including a proxy) delivered to the Property Trustee by the Depositary setting
forth the Owners’ votes or assigning the right to vote on any matter to any other Persons either in whole or in part. To the extent that Preferred Securities are represented by a Global Preferred Security, the initial Depositary will make
book-entry transfers among the Depositary Participants and receive and transmit payments on the Preferred Securities that are represented by a Global Preferred Security to such Depositary Participants, and none of the Depositor or the Trustees shall
have any responsibility or obligation with respect thereto. 
  
 (f) To the extent that a notice or other communication to the Holders is required under this Trust Agreement, for so long as Preferred Securities are represented by a Global Preferred Security, the Trustees shall give all such notices and
communications to the Depositary, and shall have no obligations to the Owners. 
  
 SECTION 5.7. Registration of Transfer and Exchange of Preferred Securities Certificates. 
  
 (a) The Property Trustee shall keep or cause to be kept, at the Corporate Trust Office, a register or registers (the “Securities Register”)
in which the registrar and transfer agent with respect to the Trust Securities (the “Securities Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Preferred Securities
Certificates and Common Securities Certificates and registration of transfers and exchanges of Preferred Securities Certificates as herein provided. The Person acting as the Property Trustee shall at all times also be the Securities Registrar. The
provisions of Article VIII shall apply to the Property Trustee in its role as Securities Registrar. 
  
 (b) Subject to Section 5.7(d), upon surrender for registration of transfer of any Preferred Securities Certificate at the office or agency maintained
pursuant to Section 5.7(f) the Administrative Trustees or any one of them shall execute by manual or facsimile signature and deliver to the Property Trustee, and the Property Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Preferred Securities Certificates in authorized denominations of a like aggregate Liquidation Amount as may be required by this Trust Agreement dated the date of execution by such Administrative
Trustee or Trustees. At the option of a Holder, Preferred Securities Certificates may be exchanged for other Preferred Securities Certificates in authorized denominations and of a like aggregate Liquidation Amount upon surrender of the Preferred
Securities Certificate to be exchanged at the office or agency maintained pursuant to Section 5.7(f). Whenever any Preferred Securities Certificates are so surrendered for exchange, the Administrative Trustees or any one of them shall execute
by manual or facsimile signature and deliver to the Property Trustee, and the Property Trustee shall authenticate and deliver, the Preferred Securities Certificates that the Holder making the exchange is entitled to receive. 
  
 (c) The Securities Registrar shall not be required, (i) to issue, register
the transfer of or exchange any Preferred Security during a period beginning at the opening of business fifteen (15) days before the day of selection for redemption of such Preferred Securities pursuant to 

  

					
	 	  	28	  	 

 
Article IV and ending at the close of business on the day of mailing of the notice of redemption or (ii) to register the transfer of or exchange any
Preferred Security so selected for redemption in whole or in part, except, in the case of any such Preferred Security to be redeemed in part, any portion thereof not to be redeemed. 
  
 (d) Every Preferred Securities Certificate presented or surrendered for registration of transfer or exchange shall be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Securities Registrar duly executed by the Holder or such Holder’s attorney duly authorized in writing and accompanied by a certificate of the transferor
substantially in the form set forth as Exhibit E hereto. 
  
 (e) No service charge shall be made for any registration of transfer or exchange of Preferred Securities Certificates, but the Property Trustee on behalf of the Trust may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of Preferred Securities Certificates. 
  
 (f) The Administrative Trustees shall designate an office or offices or agency or agencies where Preferred Securities Certificates may be surrendered for
registration of transfer or exchange and initially designate the Corporate Trust Office as its office and agency for such purposes. The Administrative Trustees shall give prompt written notice to the Depositor, the Property Trustee and to the
Holders of any change in the location of any such office or agency. 
  
 (g) The Preferred Securities may only be transferred to a “Qualified Purchaser” as such term is defined in Section 2(a)(51) of the Investment Company Act. Neither the Trustees nor the Securities Registrar shall be responsible for
ascertaining whether any transfer hereunder complies with the registration provisions of or any exemptions from the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction, ERISA, the Code or the Investment
Company Act; provided, that if a certificate is specifically required by the express terms of this Section 5.7 to be delivered to the Property Trustee or the Securities Registrar, such party shall be under a duty to receive and examine the same to
determine whether or not the certificate substantially conforms on its face to the requirements of this Trust Agreement and shall promptly notify the party delivering the same if such certificate does not comply with such terms. 
  
 SECTION 5.8. Mutilated, Destroyed, Lost or Stolen Securities
Certificates. 
  
 (a) If any mutilated Securities Certificate
shall be surrendered to the Securities Registrar together with such security or indemnity as may be required by the Securities Registrar to save each of the Trustees harmless, the Administrative Trustees, or any one of them, on behalf of the Trust,
shall execute and make available for delivery in exchange therefor a new Securities Certificate of like class, tenor and denomination. 
  
 (b) If the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Securities Certificate and there shall
be delivered to the Securities Registrar such security or indemnity as may be required by it to save each of the Trustees harmless, then in the absence of notice that such Securities Certificate shall have been acquired by a protected purchaser, the
Administrative Trustees, or any one of them, on behalf of 

  

					
	 	  	29	  	 

 
the Trust, shall execute and make available for delivery, and, with respect to Preferred Securities, the Property Trustee shall authenticate, in exchange for
or in lieu of any such destroyed, lost or stolen Securities Certificate, a new Securities Certificate of like class, tenor and denomination. 
  
 (c) In connection with the issuance of any new Securities Certificate under this Section 5.8, the Administrative Trustees or the Securities
Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
  
 (d) Any duplicate Securities Certificate issued pursuant to this Section 5.8 shall constitute conclusive evidence of an undivided beneficial
interest in the assets of the Trust corresponding to that evidenced by the mutilated, lost, stolen or destroyed Securities Certificate, as if originally issued, whether or not the lost, stolen or destroyed Securities Certificate shall be found at
any time. 
  
 (e) If any such mutilated, destroyed, lost or stolen
Securities Certificate has become or is about to become due and payable, the Depositor in its discretion may provide the Property Trustee with the funds to pay such Trust Security and upon receipt of such funds, the Property Trustee shall pay such
Trust Security instead of issuing a new Securities Certificate. 
  
 (f) The provisions of this Section 5.8 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen Securities Certificates. 

 
 SECTION 5.9. Persons Deemed Holders. 
  
 The Trustees and the Securities Registrar shall each treat the Person in
whose name any Securities Certificate shall be registered in the Securities Register as the owner of such Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and none of the Trustees and the
Securities Registrar shall be bound by any notice to the contrary. 
  
 SECTION 5.10. Cancellation. 
  
 All Preferred
Securities Certificates surrendered for registration of transfer or exchange or for payment shall, if surrendered to any Person other than the Property Trustee, be delivered to the Property Trustee, and any such Preferred Securities Certificates and
Preferred Securities Certificates surrendered directly to the Property Trustee for any such purpose shall be promptly canceled by it. The Administrative Trustees may at any time deliver to the Property Trustee for cancellation any Preferred
Securities Certificates previously delivered hereunder that the Administrative Trustees may have acquired in any manner whatsoever, and all Preferred Securities Certificates so delivered shall be promptly canceled by the Property Trustee. No
Preferred Securities Certificates shall be executed and delivered in lieu of or in exchange for any Preferred Securities Certificates canceled as provided in this Section 5.10, except as expressly permitted by this Trust Agreement. All
canceled Preferred Securities Certificates shall be retained by the Property Trustee in accordance with its customary practices. 
  

					
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 SECTION 5.11. Ownership of Common Securities by Depositor. 
  
 (a) On the Closing Date, the Depositor shall acquire, and thereafter shall
retain, beneficial and record ownership of the Common Securities. Neither the Depositor nor any successor Holder of the Common Securities may transfer less than all the Common Securities, and the Depositor or any such successor Holder may transfer
the Common Securities only (i) in connection with a consolidation or merger of the Depositor into another Person, or any conveyance, transfer or lease by the Depositor of its properties and assets substantially as an entirety to any Person (in which
event such Common Securities will be transferred to such surviving entity, transferee or lessee, as the case may be), pursuant to Section 8.1 of the Indenture or (ii) to the Depositor or an Affiliate of the Depositor, in each such case in compliance
with applicable law (including the Securities Act, and applicable state securities and blue sky laws). To the fullest extent permitted by law, any attempted transfer of the Common Securities other than as set forth in the immediately preceding
sentence shall be void. The Administrative Trustees shall cause each Common Securities Certificate issued to the Depositor to contain a legend stating substantially “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW
AND SECTION 5.11 OF THE TRUST AGREEMENT.” 
  
 (b) Any Holder
of the Common Securities shall be liable for the debts and obligations of the Trust in the manner and to the extent set forth with respect to the Depositor and agrees that it shall be subject to all liabilities to which the Depositor may be subject
and, prior to becoming such a Holder, shall deliver to the Administrative Trustees an instrument of assumption satisfactory to such Trustees. 
  
 SECTION 5.12. Restricted Legends. 
  
 (a) Each Preferred Security Certificate shall bear a legend in substantially the following form: 
  
 “[IF THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE
BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
  
 UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO ESS STATUTORY TRUST III OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & 

  

					
	 	  	31	  	 

 
CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
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.] 
  
 THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 
  
 THE
HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, OR (II) TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
  
 THE PREFERRED
SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A
BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE
DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO
HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES. 
  
 THE
HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND 

  

					
	 	  	32	  	 

 
WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES
OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE
OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE.” 
  
 (b) The above legend shall not be removed from any of the Preferred Securities Certificates unless there is delivered to the
Property Trustee and the Depositor satisfactory evidence, which may include an opinion of counsel, as may be reasonably required to ensure that any future transfers thereof may be made without restriction under the provisions of the Securities Act
and other applicable law. Upon provision of such satisfactory evidence, one or more of the Administrative Trustees on behalf of the Trust shall execute and deliver to the Property Trustee, and the Property Trustee shall deliver, at the written
direction of the Administrative Trustees and the Depositor, Preferred Securities Certificates that do not bear the legend. 
  
 SECTION 5.13. Form of Certificate of Authentication. 
  
 The Property Trustee’s certificate of authentication shall be in substantially the following form: 
  
 This is one of the Preferred Securities referred to in the
within-mentioned Trust Agreement. 
  

									
	 Dated:
	 	 	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
not in its individual capacity, but solely as Property
Trustee
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Authorized signatory

  

					
	 	  	33	  	 

  
 ARTICLE VI. 
  
 MEETINGS; VOTING; ACTS
OF HOLDERS 
  
 SECTION 6.1.
Notice of Meetings. 
  
 Notice of all meetings of the
Holders of the Preferred Securities, stating the time, place and purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.8 to each Holder of Preferred Securities, at such Holder’s registered address, at
least fifteen (15) days and not more than ninety (90) days before the meeting. At any such meeting, any business properly before the meeting may be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held
as adjourned without further notice. 
  
 SECTION 6.2. Meetings
of Holders of the Preferred Securities. 
  
 (a) No annual
meeting of Holders is required to be held. The Property Trustee, however, shall call a meeting of the Holders of the Preferred Securities to vote on any matter upon the written request of the Holders of at least twenty five percent (25%) in
aggregate Liquidation Amount of the Outstanding Preferred Securities and the Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of the Holders of the Preferred Securities to vote on any matters as to
which such Holders are entitled to vote. 
  
 (b) The Holders of at
least a Majority in Liquidation Amount of the Preferred Securities, present in person or by proxy, shall constitute a quorum at any meeting of the Holders of the Preferred Securities. 
  
 (c) If a quorum is present at a meeting, an affirmative vote by the Holders present, in person or by proxy, holding
Preferred Securities representing at least a Majority in Liquidation Amount of the Preferred Securities held by the Holders present, either in person or by proxy, at such meeting shall constitute the action of the Holders of the Preferred
Securities, unless this Trust Agreement requires a lesser or greater number of affirmative votes. 
  
 SECTION 6.3. Voting Rights. 
  
 Holders shall be entitled to one vote for each $10,000 of Liquidation Amount represented by their Outstanding Trust Securities in respect of any matter as
to which such Holders are entitled to vote. 
  
 SECTION 6.4.
Proxies, Etc. 
  
 At any meeting of Holders, any Holder
entitled to vote thereat may vote by proxy, provided, that no proxy shall be voted at any meeting unless it shall have been placed on file with the Administrative Trustees, or with such other officer or agent of the Trust as the
Administrative Trustees may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the
Property Trustee. Only Holders of record shall be entitled to vote. When Trust Securities are held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if 

  

					
	 	  	34	  	 

 
more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be
cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall
rest on the challenger. No proxy shall be valid more than three years after its date of execution. 
  
 SECTION 6.5. Holder Action by Written Consent. 
  
 Any action that may be taken by Holders at a meeting may be taken without a meeting and without prior notice if Holders holding at least a Majority in
Liquidation Amount of all Preferred Securities entitled to vote in respect of such action (or such lesser or greater proportion thereof as shall be required by any other provision of this Trust Agreement) shall consent to the action in writing;
provided, that notice of such action is promptly provided to the Holders of Preferred Securities that did not consent to such action. Any action that may be taken by the Holders of all the Common Securities may be taken without a meeting and
without prior notice if such Holders shall consent to the action in writing. 
  
 SECTION 6.6. Record Date for Voting and Other Purposes. 
  
 Except as provided in Section 6.10(a), for the purposes of determining the Holders who are entitled to notice of and to vote at any meeting or to act by written consent, or to participate in any distribution on
the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action, the Administrative Trustees may from time to time fix a date, not more than ninety (90) days prior
to the date of any meeting of Holders or the payment of a Distribution or other action, as the case may be, as a record date for the determination of the identity of the Holders of record for such purposes. 
  
 SECTION 6.7. Acts of Holders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or
other action provided or permitted by this Trust Agreement to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent thereof duly
appointed in writing; and, except as otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered to an Administrative Trustee. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Trust Agreement and conclusive in favor of the Trustees, if made in the manner provided in this Section 6.7. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by
a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer
acting in a capacity other than such signer’s 

  

					
	 	  	35	  	 

 
individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that any Trustee receiving the same deems sufficient. 
  
 (c) The ownership of Trust Securities shall be proved by the Securities Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or
other Act of the Holder of any Trust Security shall bind every future Holder of the same Trust Security and the Holder of every Trust Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustees, the Administrative Trustees or the Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. 
  
 (e) Without limiting the foregoing, a Holder entitled hereunder to take any
action hereunder with regard to any particular Trust Security may do so with regard to all or any part of the Liquidation Amount of such Trust Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with
regard to all or any part of such Liquidation Amount. 
  
 (f) If
any dispute shall arise among the Holders or the Trustees with respect to the authenticity, validity or binding nature of any request, demand, authorization, direction, notice, consent, waiver or other Act of such Holder or Trustee under this
Article VI, then the determination of such matter by the Property Trustee shall be conclusive with respect to such matter. 
  
 SECTION 6.8. Inspection of Records. 
  
 Upon reasonable written notice to the Administrative Trustees and the Property Trustee, the records of the Trust shall be open to inspection by any Holder
during normal business hours for any purpose reasonably related to such Holder’s interest as a Holder. 
  
 SECTION 6.9. Limitations on Voting Rights. 
  
 (a) Except as expressly provided in this Trust Agreement and in the Indenture and as otherwise required by law, no Holder of Preferred Securities shall
have any right to vote or in any manner otherwise control the administration, operation and management of the Trust or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Securities
Certificates, be construed so as to constitute the Holders from time to time as partners or members of an association. 
  
 (b) So long as any Notes are held by the Property Trustee on behalf of the Trust, the Property Trustee shall not (i) direct the time, method and place of
conducting any proceeding for any remedy available to the Note Trustee, or exercise any trust or power conferred on the Property Trustee with respect to the Notes, (ii) waive any past default that may be waived under Section 5.13 of the Indenture or
waive compliance with any covenant or condition under Section 10.7 of the Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all the Notes shall be due and payable or (iv) consent to any amendment,
modification or 

  

					
	 	  	36	  	 

 
termination of the Indenture or the Notes, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of at
least a Majority in Liquidation Amount of the Preferred Securities; provided, that where a consent under the Indenture would require the consent of each holder of Notes (or each Holder of Preferred Securities) affected thereby, no such
consent shall be given by the Property Trustee without the prior written consent of each Holder of Preferred Securities. The Property Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of the Preferred
Securities, except by a subsequent vote of the Holders of the Preferred Securities. In addition to obtaining the foregoing approvals of the Holders of the Preferred Securities, prior to taking any of the foregoing actions, the Property Trustee
shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced in such matters to the effect that such action shall not cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States
federal income tax purposes. 
  
 (c) If any proposed amendment to
the Trust Agreement provides for, or the Trustees otherwise propose to effect, (i) any action that would adversely affect in any material respect the powers, preferences or special rights of the Preferred Securities, whether by way of amendment to
the Trust Agreement or otherwise or (ii) the dissolution, winding-up or termination of the Trust, other than pursuant to the terms of this Trust Agreement, then the Holders of Outstanding Preferred Securities as a class will be entitled to vote on
such amendment or proposal and such amendment or proposal shall not be effective except with the approval of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities. Notwithstanding any other provision of this Trust
Agreement, no amendment to this Trust Agreement may be made if, as a result of such amendment, it would cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes.

  
 SECTION 6.10. Acceleration of Maturity; Rescission of
Annulment; Waivers of Past Defaults. 
  
 (a) For so long as
any Preferred Securities remain Outstanding, if, upon a Note Event of Default, the Note Trustee fails or the holders of not less than twenty five percent (25%) in principal amount of the outstanding Notes fail to declare the principal of all of the
Notes to be immediately due and payable, the Holders of at least twenty five percent (25%) in Liquidation Amount of the Preferred Securities then Outstanding shall have the right to make such declaration by a notice in writing to the Property
Trustee, the Depositor and the Note Trustee. At any time after a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Note Trustee as provided in
the Indenture, the Holders of at least a Majority in Liquidation Amount of the Preferred Securities, by written notice to the Property Trustee, the Depositor and the Note Trustee, may rescind and annul such declaration and its consequences if:

  
 (i) the Depositor has paid or deposited with
the Note Trustee a sum sufficient to pay: 
  
 (A)
all overdue installments of interest on all of the Notes; 
  
 (B) any accrued Additional Interest on all of the Notes; 
  

					
	 	  	37	  	 

 (C) the principal of and any premium, if any, on any Notes that have become due otherwise
than by such declaration of acceleration and interest and Additional Interest thereon at the rate borne by the Notes; and 
  
 (D) all sums paid or advanced by the Note Trustee under the Indenture and the reasonable compensation, expenses, disbursements and
advances of the Note Trustee, the Property Trustee and their agents and counsel; and 
  
 (ii) all Note Events of Default, other than the non-payment of the principal of the Notes that has become due solely by such acceleration,
have been cured or waived as provided in Section 5.13 of the Indenture. 
  
 Upon receipt by the Property Trustee of written notice requesting such an acceleration, or rescission and annulment thereof, by Holders of any part of the Preferred Securities, a record date shall be established for determining Holders of
Outstanding Preferred Securities entitled to join in such notice, which record date shall be at the close of business on the day the Property Trustee receives such notice. The Holders on such record date, or their duly designated proxies, and only
such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date; provided, that, unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have
become effective by virtue of the requisite percentage having joined in such notice prior to the day that is ninety (90) days after such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such ninety (90)-day period, a new written notice
of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice that has been canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall be
established pursuant to the provisions of this Section 6.10(a). 
  
 (b) For so long as any Preferred Securities remain Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust Agreement and the Indenture, upon a Note Event of Default specified in paragraph (a) or (b) of
Section 5.1 of the Indenture, any Holder of Preferred Securities shall have the right to institute a proceeding directly against the Depositor, pursuant to Section 5.8 of the Indenture, for enforcement of payment to such Holder of any amounts
payable in respect of Notes having an aggregate principal amount equal to the aggregate Liquidation Amount of the Preferred Securities of such Holder. Except as set forth in Section 6.1 Of a) and this Section 6.10(b), the Holders of
Preferred Securities shall have no right to exercise directly any right or remedy available to the holders of, or in respect of, the Notes. 
  
 (c) Notwithstanding paragraphs (a) and (b) of this Section 6.10, the Holders of at least a Majority in Liquidation Amount of the Preferred
Securities may, on behalf of the Holders of all the Preferred Securities, waive any Note Event of Default, except any Note Event of Default arising from the failure to pay any principal of or any premium, if any, or interest (including any
Additional Interest) on the Notes (unless such Note Event of Default has been cured and a sum sufficient to pay all matured installments of interest and all principal and premium, if any, on all Notes due otherwise than by acceleration has been
deposited with the Note Trustee) or a Note Event of Default in respect of a covenant or provision that under the 

  

					
	 	  	38	  	 

 
Indenture cannot be modified or amended without the consent of the holder of each outstanding Note. Upon any such waiver, such Note Event of Default shall
cease to exist and any Note Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture; but no such waiver shall affect any subsequent Note Event of Default or impair any right consequent thereon.

  
 (d) Notwithstanding paragraphs (a) and (b) of this Section
6.10, the Holders of at least a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of
Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Event of Default or impair any right
consequent thereon. 
  
 (e) The Holders of a Majority in
Liquidation Amount of the Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee in respect of this Trust Agreement or the Notes or exercising any
trust or power conferred upon the Property Trustee under this Trust Agreement; provided, that, subject to Sections 8.5 and 8.7, the Property Trustee shall have the right to decline to follow any such direction if the Property
Trustee being advised by counsel determines that the action so directed may not lawfully be taken, or if the Property Trustee in good faith shall, by an officer or officers of the Property Trustee, determine that the proceedings so directed would be
illegal or involve it in personal liability or be unduly prejudicial to the rights of Holders not party to such direction, and provided, further, that nothing in this Trust Agreement shall impair the right of the Property Trustee to take any
action deemed proper by the Property Trustee and which is not inconsistent with such direction. 
  
 ARTICLE VII. 
  
 REPRESENTATIONS AND WARRANTIES 
  
 SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee. 
  
 The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself, hereby represents and warrants for the benefit of the
Depositor and the Holders that: 
  
 (a) the
Property Trustee is a national banking association, duly organized and validly existing under the laws of the United States of America; 
  
 (b) the Property Trustee has full corporate power, authority and legal right to execute, deliver and perform its obligations under this
Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
  
 (c) the Delaware Trustee is a national banking association, duly formed and validly existing under the laws of the United States;

  

					
	 	  	39	  	 

 (d) the Delaware Trustee has full corporate power, authority and legal right to execute,
deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
  
 (e) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and the
Delaware Trustee and constitutes the legal, valid and binding agreement of each of the Property Trustee and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws affecting creditors’ rights generally and to general principles of equity; 
  
 (f) the execution, delivery and performance of this Trust Agreement have been duly authorized by all necessary corporate or other action
on the part of the Property Trustee and the Delaware Trustee and do not require any approval of stockholders of the Property Trustee and the Delaware Trustee and such execution, delivery and performance will not (i) violate the respective Articles
of Association or By-laws of the Property Trustee or the Delaware Trustee, (ii) violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the imposition of any lien on any properties included in
the Trust Property pursuant to the provisions of any indenture, mortgage, credit agreement, license or other agreement or instrument to which the Property Trustee or the Delaware Trustee is a party or by which it is bound, or (iii) violate any
applicable law, governmental rule or regulation of the United States or the State of Delaware, as the case may be, governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee or any order, judgment or decree
applicable to the Property Trustee or the Delaware Trustee; 
  
 (g) neither the authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of any of the transactions by the Property Trustee or the Delaware
Trustee contemplated herein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental authority or agency under any existing law of the United States or the
State of Delaware governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee, as the case may be; and 
  
 (h) to the best of each of the Property Trustee’s and the Delaware Trustee’s knowledge, there are no proceedings pending or
threatened against or affecting the Property Trustee or the Delaware Trustee in any court or before any governmental authority, agency or arbitration board or tribunal that, individually or in the aggregate, would materially and adversely affect the
Trust or would question the right, power and authority of the Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its obligations as one of the Trustees under this Trust Agreement. 
  

					
	 	  	40	  	 

 SECTION 7.2. Representations and Warranties of Depositor. 
  
 The Depositor hereby represents and warrants for the benefit of the Holders
that: 
  
 (a) the Depositor is a limited
partnership duly formed, validly existing and in good standing under the laws of its state of formation; 
  
 (b) the Depositor has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust
Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
  
 (c) this Trust Agreement has been duly authorized, executed and delivered by the Depositor and constitutes the legal, valid and binding
agreement of the Depositor enforceable against the Depositor in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity; 
  
 (d) the Securities Certificates issued at the Closing Date
on behalf of the Trust have been duly authorized and will have been duly and validly executed, issued and delivered by the applicable Trustees pursuant to the terms and provisions of, and in accordance with the requirements of, this Trust Agreement
and the Holders will be, as of such date, entitled to the benefits of this Trust Agreement; 
  
 (e) the execution, delivery and performance of this Trust Agreement have been duly authorized by all necessary corporate or other action
on the part of the Depositor and do not require any approval of equity holders of the Depositor and such execution, delivery and performance will not (i) violate the certificate of limited partnership or agreement of limited partnership (or other
organizational documents) of the Depositor or (ii) violate any applicable law, governmental rule or regulation governing the Depositor or any material portion of its property or any order, judgment or decree applicable to the Depositor or any
material portion of its property; 
  
 (f) neither
the authorization, execution or delivery by the Depositor of this Trust Agreement nor the consummation of any of the transactions by the Depositor contemplated herein requires the consent or approval of, the giving of notice to, the registration
with or the taking of any other action with respect to any governmental authority or agency under any existing law governing the Depositor or any material portion of its property, other than those that have been or will be timely made or obtained;
and 
  
 (g) there are no proceedings pending or,
to the best of the Depositor’s knowledge, threatened against or affecting the Depositor or any material portion of its property in any court or before any governmental authority, agency or arbitration board or tribunal that, individually or in
the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the Depositor, as the case may be, to enter into or perform its obligations under this Trust Agreement. 
  

					
	 	  	41	  	 

  
 ARTICLE VIII. 
  
 THE TRUSTEES 
  
 SECTION 8.1. Number of Trustees. 
  
 The number of Trustees shall be four (4); provided, that the Property
Trustee and the Delaware Trustee may be the same Person, in which case the number of Trustees shall be three (3). The number of Trustees may be increased or decreased by Act of the Holder of the Common Securities subject to Sections 8.2,
8.3, and 8.4 The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to perform the duties of a Trustee shall not operate to annul, dissolve or terminate the Trust. 
  
 SECTION 8.2. Property Trustee Required. 
  
 There shall at all times be a Property Trustee hereunder with respect to the
Trust Securities. The Property Trustee shall be a corporation organized and doing business under the laws of the United States or of any state thereof, authorized to exercise corporate trust powers, having a combined capital and surplus of at least
fifty million dollars ($50,000,000), subject to supervision or examination by federal or state authority and having an office within the United States. If any such Person publishes reports of condition at least annually pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of this Section 8.2, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. If at any time the Property Trustee shall cease to be eligible in accordance with the provisions of this Section 8.2, it shall resign immediately in the manner and with the effect hereinafter specified in this
Article VIII. 
  
 SECTION 8.3. Delaware Trustee
Required. 
  
 (a) If required by the Delaware Statutory Trust
Act, there shall at all times be a Delaware Trustee with respect to the Trust Securities. The Delaware Trustee shall either be (i) a natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity that
has its principal place of business in the State of Delaware, otherwise meets the requirements of applicable Delaware law and shall act through one or more persons authorized to bind such entity. If at any time the Delaware Trustee shall cease to be
eligible in accordance with the provisions of this Section 8.3, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VIII. The Delaware Trustee shall have the same rights, privileges and
immunities as the Property Trustee. 
  
 (b) The Delaware Trustee
shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities, of the Property Trustee or the Administrative Trustees set forth herein. The Delaware Trustee shall be one of the trustees of
the Trust for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act and for taking such actions as are required to be taken by a Delaware trustee under the Delaware Statutory Trust Act. The
duties (including fiduciary duties), liabilities and obligations of the Delaware Trustee shall be limited to (a) accepting legal 

  

					
	 	  	42	  	 

 
process served on the Trust in the State of Delaware and (b) the execution of any certificates required to be filed with the Secretary of State of the State
of Delaware that the Delaware Trustee is required to execute under Section 3811 of the Delaware Statutory Trust Act and there shall be no other duties (including fiduciary duties) or obligations, express or implied, at law or in equity, of the
Delaware Trustee. 
  
 SECTION 8.4. Appointment of
Administrative Trustees. 
  
 (a) There shall at all times be
one or more Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized
to bind that entity. Each of the individuals identified as an “Administrative Trustee” in the preamble of this Trust Agreement hereby accepts his or her appointment as such. 
  
 (b) Except where a requirement for action by a specific number of
Administrative Trustees is expressly set forth in this Trust Agreement, any act required or permitted to be taken by, and any power of the Administrative Trustees may be exercised by, or with the consent of, any one such Administrative Trustee.
Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 8.11, the Administrative Trustees in office, regardless of their
number (and notwithstanding any other provision of this Trust Agreement), shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement.

  
 SECTION 8.5. Duties and Responsibilities of the
Trustees. 
  
 (a) The rights, immunities, duties and
responsibilities of the Trustees shall be as provided by this Trust Agreement and there shall be no other duties (including fiduciary duties) or obligations, express or implied, at law or in equity, of the Trustees; provided, however, that if
an Event of Default known to the Property Trustee has occurred and is continuing, the Property Trustee shall, prior to the receipt of directions, if any, from the Holders of at least a Majority in Liquidation Amount of the Preferred Securities,
exercise such of the rights and powers vested in it by this Trust Agreement, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs. Notwithstanding the foregoing, no provision of this Trust Agreement shall require any of the Trustees to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its or their rights or powers, if it or they shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not herein
expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section 8.5. Nothing in this Trust
Agreement shall be construed to release any Administrative Trustee from liability for his or her own negligent action, negligent failure to act; or his or her own willful misconduct. To the extent that, at law or in equity, a Trustee has duties and
liabilities relating to the Trust or to the Holders, such Trustee shall not be liable to the Trust or to any Holder for such Trustee’s good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the
extent that they restrict the duties and liabilities of 

  

					
	 	  	43	  	 

 
the Trustees otherwise existing at law or in equity, are agreed by the Depositor and the Holders to replace such other duties and liabilities of the
Trustees. 
  
 (b) All payments made by the Property Trustee or a
Paying Agent in respect of the Trust Securities shall be made only from the revenue and proceeds from the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the Property Trustee
or a Paying Agent to make payments in accordance with the terms hereof. Each Holder, by its acceptance of a Trust Security, agrees that it will look solely to the revenue and proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that the Trustees are not personally liable to it for any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This Section 8.5(b) does
not limit the liability of the Trustees expressly set forth elsewhere in this Trust Agreement. 
  
 (c) No provisions of this Trust Agreement shall be construed to relieve the Property Trustee from liability with respect to matters that are within the authority of the Property Trustee under this Trust Agreement for
its own negligent action, negligent failure to act or willful misconduct, except that: 
  
 (i) the Property Trustee shall not be liable for any error or judgment made in good faith by an authorized officer of the Property
Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
  
 (ii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee hereunder or under the
Indenture, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; 
  
 (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Notes and the
Payment Account shall be to deal with such Property in a similar manner as the Property Trustee deals with similar property for its own account, subject to the protections and limitations on liability afforded to the Property Trustee under this
Trust Agreement; 
  
 (iv) the Property Trustee
shall not be liable for any interest on any money received by it except as it may otherwise agree in writing with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the
Payment Account maintained by the Property Trustee pursuant to Section 3.1 and except to the extent otherwise required by law; and 
  
 (v) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the Depositor with their
respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the default or misconduct of any other Trustee or the Depositor. 
  

					
	 	  	44	  	 

 SECTION 8.6. Notices of Defaults. 
  
 (a) Within ninety (90) days after the occurrence of a default actually known to the Property Trustee, the Property Trustee
shall transmit notice of such default to the Holders, the Administrative Trustees and the Depositor, unless such default shall have been cured or waived. For the purpose of this Section 8.6, the term “default” means any event
that is, or after notice or lapse of time or both would become, an Event of Default. 
  
 (b) The Property Trustee shall not be charged with knowledge of any Event of Default unless either (i) a Responsible Officer of the Property Trustee shall have actual knowledge or (ii) the Property Trustee shall have
received written notice thereof from the Depositor, an Administrative Trustee or a Holder. 
  
 (c) The Property Trustee shall notify all Holders of the Preferred Securities of any notice of default received with respect to the Notes. 
  
 SECTION 8.7. Certain Rights of Property Trustee.  
  
 Subject to the provisions of Section 8.5: 
  
 (a) the Property Trustee may conclusively rely and shall be protected in acting or refraining from acting in
good faith and in accordance with the terms hereof upon any resolution, Opinion of Counsel, certificate, written representation of a Holder or transferee, certificate of auditors or any other resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

  
 (b) if (i) in performing its duties under
this Trust Agreement the Property Trustee is required to decide between alternative courses of action, (ii) in construing any of the provisions of this Trust Agreement the Property Trustee finds a provision ambiguous or inconsistent with any other
provisions contained herein or (iii) the Property Trustee is unsure of the application of any provision of this Trust Agreement, then, except as to any matter as to which the Holders of the Preferred Securities are entitled to vote under the terms
of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting the Depositor’s written instruction as to the course of action to be taken and the Property Trustee shall take such action, or refrain from taking
such action, as the Property Trustee shall be instructed in writing to take, or to refrain from taking, by the Depositor; provided, that if the Property Trustee does not receive such instructions of the Depositor within ten (10) Business Days
after it has delivered such notice or such reasonably shorter period of time set forth in such notice, the Property Trustee may, but shall be under no duty to, take such action, or refrain from taking such action, as the Property Trustee shall deem
advisable and in the best interests of the Holders, in which event the Property Trustee shall have no liability except for its own negligence, bad faith or willful misconduct; 
  

					
	 	  	45	  	 

 (c) any direction or act of the Depositor contemplated by this Trust Agreement shall be
sufficiently evidenced by an Officers’ Certificate unless otherwise expressly provided herein; 
  
 (d) any direction or act of an Administrative Trustee contemplated by this Trust Agreement shall be sufficiently evidenced by a
certificate executed by such Administrative Trustee and setting forth such direction or act; 
  
 (e) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or
continuation statement or any filing under tax or securities laws) or any re-recording, re-filing or re-registration thereof; 
  
 (f) the Property Trustee may consult with counsel (which counsel may be counsel to the Property Trustee, the Depositor or any of its
Affiliates, and may include any of its employees) and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon and in
accordance with such advice; the Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
  
 (g) the Property Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any of the Holders pursuant to this Trust Agreement, unless such Holders shall have offered to the Property Trustee reasonable security or
indemnity against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction, including reasonable advances as may be requested by the
Property Trustee; provided, however, that nothing contained in this Section 8.7(g) shall be construed to relieve the Property Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers in
it vested by this Trust Agreement; provided, further, that nothing contained in this Section 8.7(g) shall prevent the Property Trustee from exercising its rights under Section 8.11 hereof; 
  
 (h) the Property Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other paper or
document, unless requested in writing to do so by one or more Holders, but the Property Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Property Trustee shall determine to make such
inquiry or investigation, it shall be entitled to examine the books, records and premises of the Depositor, personally or by agent or attorney; 
  
 (i) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through its agents, attorneys, custodians or nominees and the Property Trustee shall not be responsible for any negligence or misconduct on the part of any such agent, attorney, custodian or nominee appointed with due care by it hereunder;

  

					
	 	  	46	  	 

 (j) whenever in the administration of this Trust Agreement the Property Trustee shall
deem it desirable to receive instructions with respect to enforcing any remedy or right hereunder, the Property Trustee (i) may request instructions from the Holders (which instructions may only be given by the Holders of the same proportion in
Liquidation Amount of the Trust Securities as would be entitled to direct the Property Trustee under this Trust Agreement in respect of such remedy, right or action), (ii) may refrain from enforcing such remedy or right or taking such other action
until such instructions are received and (iii) shall be protected in acting in accordance with such instructions; 
  
 (k) except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any
action that is discretionary under the provisions of this Trust Agreement; 
  
 (l) without prejudice to any other rights available to the Property Trustee under applicable law, when the Property Trustee incurs expenses or renders services in connection with a Bankruptcy Event, such expenses
(including legal fees and expenses of its agents and counsel) and the compensation for such services are intended to constitute expenses of administration under any bankruptcy law or law relating to creditors rights generally; and 
  
 (m) whenever in the administration of this Trust Agreement
the Property Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence be herein specifically prescribed) may, in the absence of
bad faith on its part, request and rely on an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Depositor. 
  
 No provision of this Trust Agreement shall be deemed to impose any duty or obligation on any Trustee to perform any act or acts or exercise any right,
power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which such Person shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or to exercise
any such right, power, duty or obligation. 
  
 SECTION 8.8.
Delegation of Power. 
  
 Any Trustee may, by power of
attorney consistent with applicable law, delegate to any other natural person over the age of 21 its, his or her power for the purpose of executing any documents contemplated in Section 2.5. The Trustees shall have power to delegate from time
to time to such of their number or to the Depositor the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of this Trust Agreement. 
  
 SECTION 8.9. May Hold Securities. 
  
 Any Trustee or any other agent of any Trustee or the Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities
and except as provided in the 

  

					
	 	  	47	  	 

 
definition of the term “Outstanding” in Article I, may otherwise deal with the Trust with the same rights it would have if it were
not a Trustee or such other agent. 
  
 SECTION 8.10.
Compensation; Reimbursement; Indemnity. 
  
 The Depositor
agrees: 
  
 (a) to pay to the Trustees from time
to time such reasonable compensation for all services rendered by them hereunder as may be agreed by the Depositor and the Trustees from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust); 
  
 (b) to
reimburse the Trustees upon request for all reasonable expenses, disbursements and advances incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and
disbursements of their agents and counsel), except any such expense, disbursement or advance as may be attributable to their gross negligence, bad faith or willful misconduct; and 
  
 (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each Trustee, (ii)
any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee, representative or agent of any Trustee or any Affiliate of any Trustee and (iv) any employee or agent of the Trust (referred to herein as an “Indemnified
Person”) from and against any loss, damage, liability, tax (other than income, franchise or other taxes imposed on amounts paid pursuant to Section 8.10(a) or (b) hereof), penalty, expense or claim of any kind or nature
whatsoever incurred without negligence, bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the Trust hereunder, including the advancement of funds to cover the costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
  
 The Trust shall have no payment, reimbursement or indemnity obligations to the Trustees under this Section 8.10. The provisions of this Section
8.10 shall survive the termination of this Trust Agreement and the earlier removal or resignation of any Trustee. 
  
 No Trustee may claim any Lien on any Trust Property whether before or after termination of the Trust as a result of any amount due pursuant to this
Section 8.10. 
  
 To the fullest extent permitted by law,
in no event shall the Property Trustee and the Delaware Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action. 
  
 In no event shall the Property Trustee and the Delaware Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not
limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, 

  

					
	 	  	48	  	 

 
governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Trust Agreement. 
  
 SECTION 8.11. Resignation and Removal; Appointment of Successor.

  
 (a) No resignation or removal of any Trustee and no
appointment of a successor Trustee pursuant to this Article VIII shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 8.12. 
  
 (b) A Trustee may resign at any time by giving written notice thereof to the
Depositor and, in the case of the Property Trustee and the Delaware Trustee, to the Holders. 
  
 (c) Unless an Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed (with or without cause) at any time by Act of the Holder of Common
Securities. If an Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed (with or without cause) at such time by Act of the Holders of at least a Majority in Liquidation
Amount of the Preferred Securities, delivered to the removed Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee may be removed (with or without cause) only by Act of the Holder of the Common Securities at any
time. 
  
 (d) If any Trustee shall resign, be removed or become
incapable of acting as Trustee, or if a vacancy shall occur in the office of any Trustee for any reason, at a time when no Event of Default shall have occurred and be continuing, the Holder of the Common Securities, by Act of the Holder of the
Common Securities, shall promptly appoint a successor Trustee or Trustees, and such successor Trustee and the retiring Trustee shall comply with the applicable requirements of Section 8.12. If the Property Trustee or the Delaware Trustee
shall resign, be removed or become incapable of continuing to act as the Property Trustee or the Delaware Trustee, as the case may be, at a time when an Event of Default shall have occurred and be continuing, the Holders of the Preferred Securities,
by Act of the Holders of a Majority in Liquidation Amount of the Preferred Securities, shall promptly appoint a successor Property Trustee or Delaware Trustee, and such successor Property Trustee or Delaware Trustee and the retiring Property Trustee
or Delaware Trustee shall comply with the applicable requirements of Section 8.12. If an Administrative Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time when an Event of Default shall have
occurred and be continuing, the Holder of the Common Securities by Act of the Holder of Common Securities shall promptly appoint a successor Administrative Trustee and such successor Administrative Trustee and the retiring Administrative Trustee
shall comply with the applicable requirements of Section 8.12. If no successor Trustee shall have been so appointed by the Holder of the Common Securities or Holders of the Preferred Securities, as the case may be, and accepted appointment in
the manner required by Section 8.12 within thirty (30) days after the giving of a notice of resignation by a Trustee, the removal of a Trustee, or a Trustee becoming incapable of acting as such Trustee, any Holder who has been a Holder of
Preferred Securities for at least six (6) months may, on behalf of himself and all others similarly situated, and any resigning Trustee may, in each case, at the expense of the Depositor, petition any court of competent jurisdiction for the
appointment of a successor Trustee. 
  

					
	 	  	49	  	 

 (e) Notwithstanding the foregoing or any other provision of this Trust Agreement, in the event any
Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Holder of Common Securities, incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by (i)
the unanimous act of the remaining Administrative Trustees if there are at least two of them or (ii) otherwise by the Holder of the Common Securities (with the successor in each case being a Person who satisfies the eligibility requirement for
Administrative Trustees or Delaware Trustee, as the case may be, set forth in Sections 8.3 and 8.4). 
  
 (f) Upon the appointment of a successor Delaware Trustee, such successor Delaware Trustee shall file a Certificate of Amendment to the Certificate of
Trust in accordance with Section 3810 of the Delaware Statutory Trust Act. 
  
 SECTION 8.12. Acceptance of Appointment by Successor. 
  
 (a) In case of the appointment hereunder of a successor Trustee, each successor Trustee shall execute and deliver to the Depositor and to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but,
on request of the Trust or any successor Trustee such retiring Trustee shall, upon payment of its charges, duly assign, transfer and deliver to such successor Trustee all Trust Property, all proceeds thereof and money held by such retiring Trustee
hereunder with respect to the Trust Securities and the Trust. 
  
 (b) Upon request of any such successor Trustee, the Trust (or the retiring Trustee if requested by the Depositor) shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all
such rights, powers and trusts referred to in the preceding paragraph. 
  
 (c) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article VIII. 
  
 SECTION 8.13. Merger, Conversion, Consolidation or Succession to Business. 
  
 Any Person into which the Property Trustee or the Delaware Trustee may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business
of such Trustee, shall be the successor of such Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided, that such Person shall be otherwise qualified and eligible
under this Article VIII. 
  
 SECTION 8.14. Not
Responsible for Recitals, Issuance of Securities, or Representations. 
  
 The recitals contained herein and in the Securities Certificates shall be taken as the statements of the Trust and the Depositor, and the Trustees do not assume any responsibility for 

  

					
	 	  	50	  	 

 
their correctness. The Trustees make no representations as to the title to, or value or condition of, the property of the Trust or any part thereof, nor as
to the validity or sufficiency of this Trust Agreement, the Notes or the Trust Securities. The Trustees shall not be accountable for the use or application by the Depositor of the proceeds of the Notes. It is expressly understood and agreed by the
parties hereto that insofar as any document, agreement or certificate is executed on behalf of the Trust by any Trustee (i) such document, agreement or certificate is executed and delivered by such Trustee, not in its individual capacity but solely
as Trustee under this Trust Agreement in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements made on the part of the Trust is made and intended not as representations,
warranties, covenants, undertakings and agreements by any Trustee in its individual capacity but is made and intended for the purpose of binding only the Trust and (iii) under no circumstances shall any Trustee in its individual capacity be
personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Trust Agreement or any other
document, agreement or certificate. 
  
 SECTION 8.15. Property
Trustee May File Proofs of Claim. 
  
 (a) In case of any
Bankruptcy Event (or event that with the passage of time would become a Bankruptcy Event) relative to the Trust or any other obligor upon the Trust Securities or the property of the Trust or of such other obligor or their creditors, the Property
Trustee (irrespective of whether any Distributions on the Trust Securities shall then be due and payable and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment of any past due Distributions) shall be
entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
  
 (i) to file and prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding; and 
  
 (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
  

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Holder to make
such payments to the Property Trustee and, in the event the Property Trustee shall consent to the making of such payments directly to the Holders, to pay to the Property Trustee first any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee. 
  
 (b) Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or compensation affecting the Trust Securities or the rights of any 

  

					
	 	  	51	  	 

 
Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 SECTION 8.16. Reports to the Property Trustee. 
  
 (a) The Depositor and the Administrative Trustees shall deliver to the
Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust
Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions
and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of
which they have knowledge. 
  
 (b) The Depositor shall furnish (i)
to the Property Trustee; (ii) to each Initial Purchaser or such other address as designated thereby; (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust; and (iv) Taberna Capital Management, LLC (at 450
Park Avenue, 23rd Floor, New York, New York 10022, or such other address as designated by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit G,
including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than sixty (60) days after the end of each of the first three fiscal quarters of each fiscal
year of the Depositor and not later than one hundred twenty (120) days after the end of each fiscal year of the Depositor. 
  
 The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

  
 ARTICLE IX. 
  
 TERMINATION, LIQUIDATION AND
MERGER 
  
 SECTION 9.1. Dissolution Upon
Expiration Date. 
  
 Unless earlier dissolved, the Trust shall
automatically dissolve on July 27, 2040 (the “Expiration Date”), and the Trust Property shall be liquidated in accordance with Section 9.4. 
  
 SECTION 9.2. Early Termination. 
  
 The first to occur of any of the following events is an “Early Termination Event”, upon the occurrence of
which the Trust shall be dissolved: 
  
 (a) the
occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the Depositor, in its capacity as the Holder of the Common Securities, unless the Depositor shall have transferred the Common Securities as provided by 

  

					
	 	  	52	  	 

 
Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities; 
  
 (b) the written direction to the Property Trustee from the
Holder of the Common Securities at any time to dissolve the Trust and, after satisfaction of any liabilities of the Trust as required by applicable law, to distribute the Notes to Holders in exchange for the Preferred Securities (which direction is
optional and wholly within the discretion of the Holder of the Common Securities); 
  
 (c) the redemption of all of the Preferred Securities in connection with the payment at maturity or redemption of all the Notes; and

  
 (d) the entry of an order for dissolution of
the Trust by a court of competent jurisdiction. 
  
 SECTION 9.3.
Termination. 
  
 The respective obligations and
responsibilities of the Trustees and the Trust shall terminate upon the latest to occur of the following: (a) the distribution by the Property Trustee to Holders of all amounts required to be distributed hereunder upon the liquidation of the Trust
pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to Section 4.2; (b) the satisfaction of any expenses owed by the Trust; and (c) the discharge of all administrative duties of the Administrative
Trustees, including the performance of any tax reporting obligations with respect to the Trust or the Holders. 
  
 SECTION 9.4. Liquidation. 
  
 (a) If an Early Termination Event specified in Section 9.2(a), (b) or (d) occurs or upon the Expiration Date, the Trust shall be
liquidated by the Property Trustee as expeditiously as the Property Trustee shall determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Holder a Like Amount of
Notes, subject to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee not less than thirty (30) nor more than sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s
address appearing in the Securities Register. All such notices of liquidation shall: 
  
 (i) state the Liquidation Date; 
  
 (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to
Section 9.4(d)) any Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Notes; and 
  
 (iii) provide such information with respect to the mechanics by which Holders may exchange Securities Certificates for Notes, or if
Section 9.4(d) applies, receive a Liquidation Distribution, as the Property Trustee shall deem appropriate. 
  

					
	 	  	53	  	 

 (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of
the Trust and distribution of the Notes to Holders, the Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall not be more
than forty five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such procedures as it shall deem appropriate to effect the distribution of Notes in exchange for
the Outstanding Securities Certificates. 
  
 (c) Except where
Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Notes will be issued to Holders of Securities
Certificates, upon surrender of such Certificates to the exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or
self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Notes bearing accrued and unpaid interest in an amount
equal to the accumulated and unpaid Distributions on such Securities Certificates until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Securities
Certificates with respect to such Notes) and (v) all rights of Holders holding Trust Securities will cease, except the right of such Holders to receive Notes upon surrender of Securities Certificates. 
  
 (d) Notwithstanding the other provisions of this Section 9.4, if
distribution of the Notes in the manner provided herein is determined by the Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound up by the Property Trustee in such manner as the
Property Trustee determines. In such event, Holders will be entitled to receive out of the assets of the Trust available for distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an
amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any such winding up the Liquidation
Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities
shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Securities will be entitled to receive Liquidation Distributions upon any such winding up pro rata (based upon Liquidation Amounts)
with Holders of all Trust Securities, except that, if an Event of Default has occurred and is continuing, the Preferred Securities shall have a priority over the Common Securities as provided in Section 4.3. 
  
 SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of
Trust. 
  
 The Trust may not merge with or into, consolidate,
amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to, any Person except pursuant to this Article IX. At the request of the Holders of the Common Securities, without the consent
of the Holders of the Preferred Securities, the Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets 

  

					
	 	  	54	  	 

 
substantially as an entirety to a trust organized as such under the laws of any State; provided, that: 
  
 (a) such successor entity either (i) expressly assumes all
of the obligations of the Trust under this Trust Agreement with respect to the Preferred Securities or (ii) substitutes for the Preferred Securities other securities having substantially the same terms as the Preferred Securities (such other
Securities, the “Successor Securities”) so long as the Successor Securities have the same priority as the Preferred Securities with respect to distributions and payments upon liquidation, redemption and otherwise; 
  
 (b) a trustee of such successor entity possessing
substantially the same powers and duties as the Property Trustee is appointed to hold the Notes; 
  
 (c) if the Preferred Securities or the Notes are rated, such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease does not cause the Preferred Securities or the Notes (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization that then assigns a rating to the Preferred Securities or the Notes;

  
 (d) the Preferred Securities are listed, or
any Successor Securities will be listed upon notice of issuance, on any national securities exchange or interdealer quotation system on which the Preferred Securities are then listed, if any; 
  
 (e) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect; 
  
 (f) such successor entity has a purpose substantially
identical to that of the Trust; 
  
 (g) prior to
such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor has received an Opinion of Counsel to the effect that (i) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does
not adversely affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect; (ii) following such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease, neither the Trust nor such successor entity will be required to register as an “investment company” under the Investment Company Act and (iii) following such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease, the Trust (or the successor entity) will continue to be classified as a grantor trust for U.S. federal income tax purposes; and 
  
 (h) the Depositor or its permitted transferee owns all of the common securities of such successor entity. 
  
 Notwithstanding the foregoing, the Trust shall not, except with the consent of Holders of all
of the Preferred Securities, consolidate, amalgamate, merge with or into, or be replaced by or 

  

					
	 	  	55	  	 

 
convey, transfer or lease its properties and assets substantially as an entirety to any other Person or permit any other entity to consolidate, amalgamate,
merge with or into, or replace, the Trust if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust or the successor entity to be taxable as a corporation or classified as other than a grantor
trust for United States federal income tax purposes or cause the Notes to be treated as other than indebtedness of the Depositor for United States federal income tax purposes. 
  
 ARTICLE X. 
  
 MISCELLANEOUS PROVISIONS 
  
 SECTION 10.1. Limitation of Rights of Holders. 
  
 Except as set forth in Section 9.2, the death, bankruptcy, termination, dissolution or incapacity of any Person having an interest, beneficial or
otherwise, in Trust Securities shall not operate to terminate this Trust Agreement, nor annul, dissolve or terminate the Trust nor entitle the legal representatives or heirs of such Person or any Holder for such Person, to claim an accounting, take
any action or bring any proceeding in any court for a partition or winding up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
  
 SECTION 10.2. Agreed Tax Treatment of Trust and Trust Securities.

  
 The parties hereto and, by its acceptance or acquisition of a
Trust Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, such Trust Security intend and agree to treat the Trust as a grantor trust for United States federal, state and local tax
purposes, and to treat the Trust Securities (including all payments and proceeds with respect to such Trust Securities) as undivided beneficial ownership interests in the Trust Property (and payments and proceeds therefrom, respectively) for United
States federal, state and local tax purposes and to treat the Notes as indebtedness of the Depositor for United States federal, state and local tax purposes. The provisions of this Trust Agreement shall be interpreted to further this intention and
agreement of the parties set forth in this Section 10.2. 
  
 SECTION 10.3. Amendment. 
  
 (a) This Trust
Agreement may be amended from time to time by the Property Trustee, the Administrative Trustees and the Holder of all the Common Securities, without the consent of any Holder of the Preferred Securities, (i) to cure any ambiguity, correct or
supplement any provision herein that may be defective or inconsistent with any other provision herein, or to make or amend any other provisions with respect to matters or questions arising under this Trust Agreement, which shall not be inconsistent
with the other provisions of this Trust Agreement, (ii) to modify, eliminate or add to any provisions of this Trust Agreement to such extent as shall be necessary to ensure that the Trust will neither be taxable as a corporation nor be classified as
other than a grantor trust for United States federal income tax purposes at all times that any Trust Securities are Outstanding or to ensure that the Notes are treated as indebtedness of the Depositor for United States federal income tax purposes,
or to ensure that the Trust will not be required to register as an “investment company” under the Investment Company 

  

					
	 	  	56	  	 

 
Act or (iii) to add to the covenants, restrictions or obligations of the Depositor; provided, that in the case of clauses (i), (ii) or (iii), such
action shall not adversely affect in any material respect the interests of any Holder. 
  
 (b) Except as provided in Section 10.3(c), any provision of this Trust Agreement may be amended by the Property Trustee, the Administrative Trustees and the Holder of all of the Common Securities and with (i)
the consent of Holders of at least a Majority in Liquidation Amount of the Preferred Securities and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Trustees in
accordance with such amendment will not cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes or affect the treatment of the Notes as indebtedness of the Depositor
for United States federal income tax purposes or affect the Trust’s exemption from status (or from any requirement to register) as an “investment company” under the Investment Company Act. 
  
 (c) Notwithstanding any other provision of this Trust Agreement, without the
consent of each Holder, this Trust Agreement may not be amended to (i) change the accrual rate, amount, currency or timing of any Distribution on or the redemption price of the Trust Securities or otherwise adversely affect the amount of any
Distribution or other payment required to be made in respect of the Trust Securities as of a specified date, (ii) restrict or impair the right of a Holder to institute suit for the enforcement of any such payment on or after such date, (iii) reduce
the percentage of aggregate Liquidation Amount of Outstanding Preferred Securities, the consent of whose Holders is required for any such amendment, or the consent of whose Holders is required for any waiver of compliance with any provision of this
Trust Agreement or of defaults hereunder and their consequences provided for in this Trust Agreement; (iv) impair or adversely affect the rights and interests of the Holders in the Trust Property, or permit the creation of any Lien on any portion of
the Trust Property; or (v) modify the definition of “Outstanding,” this Section 10.3(c), Sections 4.1, 4.2, 4.3, 6.10(e) or Article IX. 
  
 (d) Notwithstanding any other provision of this Trust Agreement, no Trustee shall enter into or consent to any amendment to
this Trust Agreement that would cause the Trust to be taxable as a corporation or to be classified as other than a grantor trust for United States federal income tax purposes or that would cause the Notes to fail or cease to be treated as
indebtedness of the Depositor for United States federal income tax purposes or that would cause the Trust to fail or cease to qualify for the exemption from status (or from any requirement to register) as an “investment company” under the
Investment Company Act. 
  
 (e) If any amendment to this Trust
Agreement is made, the Administrative Trustees or the Property Trustee shall promptly provide to the Depositor and the Note Trustee a copy of such amendment. 
  
 (f) No Trustee shall be required to enter into any amendment to this Trust Agreement that affects its own rights, duties or immunities under this Trust
Agreement. The Trustees shall be entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with this Trust Agreement and all conditions precedent herein provided
for relating to such action have been met. 
  

					
	 	  	57	  	 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Trust Agreement as of the
day and year first above written. 
  

			
	EXTRA SPACE STORAGE LP,
as Depositor
		
	By:	 	ESS Holdings Business Trust I
	 Its:
	 	 General Partner

		
	By:	 	/s/    CHARLES L. ALLEN        
	 Name:
	 	Charles L. Allen
	 Title:
	 	Trustee

  

									
	JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, as Property Trustee	 	 	 	CHASE BANK USA, NATIONAL ASSOCIATION, as
Delaware Trustee
					
	By:	 	 	 	 	 	By:	 	 
	 Name:
	 	 	 	 	 	 Name:
	 	 
	 Title:
	 	 	 	 	 	 Title:
	 	 

  

									
					
	 	 	/s/    DAVID L. RASMUSSEN        	 	 	 	 	 	/s/    CHARLES L. ALLEN        
	 	 	Administrative Trustee	 	 	 	 	 	Administrative Trustee
	 Name:
	 	David L. Rasmussen	 	 	 	 Name:
	 	Charles L. Allen

  

					
	 	  	 	  	 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Trust Agreement as of the
day and year first above written. 
  

			
	EXTRA SPACE STORAGE LP,
as Depositor
		
	By:	 	ESS Holdings Business Trust I
	 Its:
	 	 General Partner

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	Trustee

  

									
	JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, as Property Trustee	 	 	 	CHASE BANK USA, NATIONAL ASSOCIATION, as
Delaware Trustee
					
	By:	 	/s/    SHELLY A. STERLING        	 	 	 	By:	 	/s/    SARIKA M. SHETH        
	 Name:
	 	Shelly A. Sterling	 	 	 	 Name:
	 	Sarika M. Sheth
	 Title:
	 	Vice President	 	 	 	 Title:
	 	Trust Officer

  

									
					
	 	 	 	 	 	 	 	 	 
	 	 	Administrative Trustee	 	 	 	 	 	Administrative Trustee
	 Name:
	 	 	 	 	 	 Name:
	 	 

  

					
	 	  	 	  	 

 Exhibit A 
  
 CERTIFICATE OF TRUST 
  
 OF 
  
 ESS STATUTORY TRUST III 
  
 This Certificate of Trust of ESS Statutory Trust III (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustees, to form a statutory trust under the Delaware
Statutory Trust Act (12 Del. C. §3801 et seq.) (the “Act”). 
  
 1. Name. The name of the statutory trust formed by this Certificate of Trust is: ESS Statutory Trust III. 
  
 2. Delaware Trustee. The name and business address of the trustee of
the Trust with its principal place of business in the State of Delaware are Chase Bank USA, National Association, c/o JPMorgan Chase Bank, National Association, 500 Stanton Christiana Road, Building 4 (3rd Floor), Newark, Delaware 19713, Attention: Worldwide Securities Services. 
  
 3. Effective Date. This Certificate of Trust shall be effective upon its filing with the Secretary of State of the
State of Delaware. 
  
 IN WITNESS WHEREOF, the undersigned have
duly executed this Certificate of Trust in accordance with Section 3811 (a)(1) of the Act. 
  

			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
not in its individual capacity, but solely as Property
Trustee
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	CHASE BANK USA, NATIONAL ASSOCIATION, not in
its individual capacity, but solely as Delaware Trustee
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

					
	 	  	A-1	  	 

 Exhibit B 
  
 [FORM OF COMMON SECURITIES CERTIFICATE] 
  
 THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE 
 SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR 
 ANY OTHER APPLICABLE
SECURITIES LAWS AND MAY NOT BE OFFERED, 
 SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN 
 EXEMPTION FROM REGISTRATION. THIS CERTIFICATE IS NOT 
 TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND 
 SECTION 5.11 OF THE TRUST AGREEMENT

  

			
	Certificate Number	 	Number of Common Securities: 1,238
		
	 C-             
	 	 

  
 Certificate
Evidencing Common Securities 
  
 of 
  
 ESS STATUTORY TRUST III 
  
 Common Securities 
  
 (liquidation amount $1,000 per Common Security) 
  
 ESS Statutory Trust III, a statutory trust created under the laws of the State of Delaware
(the “Trust”), hereby certifies that Extra Space Storage LP, a Delaware limited partnership (the “Holder”) is the registered owner of 1,238 common securities of the Trust representing undivided common
beneficial interests in the assets of the Trust and designated the ESS Statutory Trust III Common Securities (liquidation amount $1,000 per Common Security) (the “Common Securities”). Except in accordance with Section
5.11 of the Trust Agreement (as defined below), the Common Securities are not transferable and, to the fullest extent permitted by law, any attempted transfer hereof other than in accordance therewith shall be void. The designations, rights,
privileges, restrictions, preferences and other terms and provisions of the Common Securities are set forth in, and this certificate and the Common Securities represented hereby are issued and shall in all respects be subject to the terms and
provisions of, the Amended and Restated Trust Agreement of the Trust, dated as of July 27, 2005 as the same may be amended from time to time (the “Trust Agreement”), among Extra Space Storage LP, as Depositor, JPMorgan Chase
Bank, National Association, as Property Trustee, Chase Bank USA, National Association, as Delaware Trustee, the Administrative Trustees named therein and the Holders, from time to time, of Trust Securities. The Trust will furnish a copy of the Trust
Agreement to the Holder without charge upon written request to the Trust at its principal place of business or registered office. 
  

					
	 	  	B-1	  	 

 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder.

  
 This Common Securities Certificate shall be governed by and construed in
accordance with the laws of the State of Delaware. 
  
 Terms used but not defined
herein have the meanings set forth in the Trust Agreement. 
  
 IN WITNESS WHEREOF,
one of the Administrative Trustees of the Trust has executed on behalf of the Trust this certificate this      day of
                                , 200  . 
  

			
	ESS STATUTORY TRUST III
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	Administrative Trustee

  

					
	 	  	B-2	  	 

  
 Exhibit C 
  
 [FORM OF PREFERRED SECURITIES CERTIFICATE] 
  
 “[IF THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR
PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS
A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
  
 UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO ESS STATUTORY TRUST III OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
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.] 
  
 THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 
  
 THE HOLDER OF THE
PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, OR (II) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE. 
  
 THE PREFERRED SECURITIES WILL BE ISSUED AND MAY BE
TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN 

  

					
	 	  	C-1	  	 

 
$100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE
LIQUIDATION AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE
HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN SUCH PREFERRED SECURITIES. 
  
 THE HOLDER OF THIS SECURITY, OR ANY
INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY
PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL
BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON
BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE. 
  
 THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION
(THE “FDIC”). 
  

					
	 	  	C-2	  	 

			
	Certificate Number: P-    	 	                      Aggregate Liquidation Amount
 Preferred Securities

  
 CUSIP NO.

  

  
 Certificate Evidencing Preferred Securities 
  
 of 
  
 ESS STATUTORY TRUST III 
  
 Preferred Securities 
 (liquidation amount $1,000 per Preferred Security)

  
 ESS Statutory Trust III, a statutory trust created under the laws of the
State of Delaware (the “Trust”), hereby certifies that                             
(the “Holder”) is the registered owner of                      Preferred Securities [if the Preferred Security
is a Global Security, then insert – or such other number of Preferred Securities represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Trust
Agreement (as defined below)] of the Trust representing an undivided preferred beneficial interest in the assets of the Trust and designated the ESS Statutory Trust III Preferred Securities, (liquidation amount $1,000 per Preferred Security) (the
“Preferred Securities”). Subject to the terms of the Trust Agreement (as defined below), the Preferred Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of
this certificate duly endorsed and in proper form for transfer as provided in Section 5.7 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the
Preferred Securities are set forth in, and this certificate and the Preferred Securities represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust, dated
as of July 27, 2005 as the same may be amended from time to time (the “Trust Agreement”), among Extra Space Storage LP, as Depositor, JPMorgan Chase Bank, National Association, as Property Trustee, Chase Bank USA, National
Association, as Delaware Trustee, the Administrative Trustees named therein and the Holders, from time to time, of Trust Securities. The Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the
Property Trustee at its Corporate Trust Office. 
  
 Upon receipt of this
certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
  
 This Preferred Securities Certificate shall be governed by and construed in accordance with the laws of the State of Delaware. 
  

					
	 	  	C-3	  	 

 All capitalized terms used but not defined in this Preferred Securities Certificate are used with the meanings specified
in the Trust Agreement, including the Schedules and Exhibits thereto. 
  
 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed on behalf of the Trust this certificate this      day of
                    , 2005. 
  

			
	 ESS STATUTORY TRUST III

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	Administrative Trustee

  
 This is one of
the Preferred Securities referred to in the within-mentioned Trust Agreement. 
  

									
	 Dated:
	 	 	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
not in its individual capacity, but solely as
Property
Trustee
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Authorized signatory

  

					
	 	  	C-4	  	 

 [FORM OF REVERSE OF SECURITY] 
  
 The Trust promises to pay Distributions from July 27, 2005, or from the most recent Distribution Date to which Distributions
have been paid or duly provided for, quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing on October 30, 2005, at a fixed rate equal to 6.91% per annum through the interest payment date on July 30, 2010, and
thereafter at a variable rate equal to LIBOR plus 2.40% per annum of the Liquidation Amount of the Preferred Securities represented by this Preferred Securities Certificate, together with any Additional Interest Amounts, in respect to such period.

  
 Distributions on the Trust Securities shall be made by the
Paying Agent from the Payment Account and shall be payable on each Distribution Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
  
 Distributions on the Securities must be paid on the dates payable to the
extent that the Trust has funds available for the payment of such Distributions in the Payment Account of the Trust. The Trust’s funds available for Distribution to the Holders of the Preferred Securities will be limited to payments received
from the Depositor. 
  
 During an Event of Default, the Depositor
shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Depositor’s capital stock (for the avoidance of doubt, the term “capital stock”
when used herein shall mean any ownership interest in the Depositor including, without limitations, any equity of partnership unit of the Company) or (ii) make any payment of principal of or any interest or premium, if any, on or repay, repurchase
or redeem any debt securities of the Depositor that rank pari passu in all respects with or junior in interest to the Notes (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Depositor in
connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, (2) a dividend reinvestment or stockholder stock purchase plan or (3)
the issuance of capital stock of the Depositor (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to such Event of Default, (b) as a result of an exchange or
conversion of any class or series of the Depositor’s capital stock (or any capital stock of a Subsidiary (as defined in the Indenture) of the Depositor) for any class or series of the Depositor’s capital stock or of any class or series of
the Depositor’s indebtedness for any class or series of the Depositor’s capital stock, (c) the purchase of fractional interests in shares of the Depositor’s capital stock pursuant to the conversion or exchange provisions of such
capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any rights plan, the issuance of rights, stock or other property under any rights plan, or the redemption or repurchase of rights
pursuant thereto or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is
being paid or ranks pari passu with or junior to such stock). 
  
 On each Note Redemption Date, on the stated maturity (or any date of principal repayment upon early maturity) of the Notes and on each other date on (or in respect of) which 

  

					
	 	  	C-5	  	 

 
any principal on the Notes is repaid, the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. Under the Indenture,
the Notes may be redeemed by the Depositor on any Interest Payment Date, at the Depositor’s option, on or after July 30, 2010 in whole or in part from time to time at the Optional Note Redemption Price of the principal amount thereof or the
redeemed portion thereof, as applicable, together, in the case of any such redemption, with accrued interest, including any Additional Interest, to but excluding the date fixed for redemption. The Notes may also be redeemed by the Depositor, at its
option, at any time, in whole but not in part, upon the occurrence of an Investment Company Event or a Tax Event at the Special Note Redemption Price, provided that such Investment Company Event or a Tax Event is continuing on the Redemption
Date. 
  
 The Trust Securities redeemed on each Redemption Date
shall be redeemed at the Redemption Price with the proceeds from the contemporaneous redemption or payment at maturity of Notes. Redemptions of the Trust Securities (or portion thereof) shall be made and the Redemption Price shall be payable on each
Redemption Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. 
  
 Payments of Distributions (including any Additional Interest Amounts), the Redemption Price, Liquidation Amount or any other amounts in respect of the
Preferred Securities shall be made by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing at least ten (10) Business Days prior to the date for payment by the Person entitled
thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Security Register. If
any Preferred Securities are held by a Depositary, such Distributions shall be made to the Depositary in immediately available funds. 
  
 The indebtedness evidenced by the Notes is, to the extent provided in the Indenture, subordinate and junior in right of payment to the prior payment in
full of all Senior Debt (as defined in the Indenture), and this Security is issued subject to the provisions of the Indenture with respect thereto. 
  

					
	 	  	C-6	  	 

 ASSIGNMENT 
  

FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred Securities Certificate to: 
  
 (Insert assignee’s social security or tax identification number)

  
 (Insert address and zip code of assignee) 
  
 and irrevocably appoints 
  
 agent to transfer this Preferred Securities Certificate on the books of the Trust. The agent may substitute another to act for him or her.

  
 Date:
                                        

  
 Signature:
                                        
                                        
                                        
                                        
         
  
 (Sign exactly as your name appears on the other side of this Preferred Securities Certificate) 
  
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program),
pursuant to S.E.C. Rule 17Ad-15. 
  

					
	 	  	C-7	  	 

 Exhibit D 
  
 Junior Subordinated Indenture 
  

					
	 	  	D-1	  	 

 Exhibit E 
  
 Form of Transferor Certificate 
  
                     , [    ]

  
 JPMorgan Chase Bank, National Association 
 600 Travis, 50th Floor 
 Houston, Texas 77002 
 Attention: Worldwide Securities Services 
  
 Extra Space Storage LP 
 ESS Statutory Trust III 
 2795 East Cottonwood Parkway, Suite 400 
 Salt Lake City, UT 84121 
  

	 	Re:	Purchase of $                     stated liquidation amount of

 Preferred Securities (the “Preferred Securities”) of ESS Statutory Trust III 
  
 Ladies and Gentlemen: 
  
 In connection with our purchase of the Preferred Securities we confirm that: 
  
 1. We understand that the Preferred Securities (the “Preferred
Securities”) of ESS Statutory Trust III (the “Trust”) and the Unsecured Junior Subordinated Notes due 2035 (the “Subordinated Notes”) of Extra Space Storage LP (the “Company”) (the entire amount of the Trust’s
outstanding Preferred Securities and the Subordinated Notes together being referred to herein as the “Offered Securities”), have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not
be offered or sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing the Offered Securities that, if we decide to offer, sell or otherwise transfer any such
Offered Securities, (i) such offer, sale or transfer will be made only (a) to the Trust, (b) to a person we reasonably believe is a “Qualified Purchaser” (a “QP”) (as defined in Section 2(a)(51) of the Investment Company Act of
1940, as amended). We understand that the certificates for any Offered Security that we receive will bear a legend substantially to the effect of the foregoing. 
  

2. We are a “Qualified Purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended, and are
purchasing for our own account or for the account of such a “Qualified Purchaser,” and we have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the
Offered Securities, and we and any account for which we are acting are each able to bear the economic risks of our or its investment. 
  
 3. We are acquiring the Offered Securities purchased by us for our own account (or for one or more accounts as to each of which we exercise sole
investment discretion and have authority to make, and do make, the statements contained in this letter) and not with a 

  

					
	 	  	E-1	  	 

 
view to any distribution of the Offered Securities, subject, nevertheless, to the understanding that the disposition of our property will at all times be and
remain within our control. 
  
 4. In the event that we purchase
any Preferred Securities or any Subordinated Notes, we will acquire such Preferred Securities having an aggregate stated liquidation amount of not less than $100,000 or such Subordinated Notes having an aggregate principal amount not less than
$100,000, for our own account and for each separate account for which we are acting. 
  
 5. We acknowledge that we are not a fiduciary of (i) an employee benefit, individual retirement account or other plan or arrangement subject to Title I of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (each a “Plan”); or (ii) an entity whose underlying assets include “plan assets” by reason of any Plan’s
investment in the entity, and are not purchasing any of the Offered Securities on behalf of or with “plan assets” by reason of any Plan’s investment in the entity. 
  
 6. We acknowledge that the Trust and the Company and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations, warranties and agreements and agree that if any of the acknowledgments, representations, warranties and agreements deemed to have been made by our purchase of any of the Offered Securities are no longer accurate, we
shall promptly notify the Company. If we are acquiring any Offered Securities as a fiduciary or agent for one or more investor accounts, we represent that we have sole discretion with respect to each such investor account and that we have full power
to make the foregoing acknowledgments, representations and agreement on behalf of each such investor account. 
  

			
	 (Name of Purchaser)

		
	By:	 	 
	 Date:
	 	 

  
 Upon transfer,
the Preferred Securities (having a stated liquidation amount of $                            ) would
be registered in the name of the new beneficial owner as follows. 
  
 Name:

  
 Address:
                                        
                     
  
 Taxpayer ID Number:                      
  

					
	 	  	E-2	  	 

 Exhibit G 
  
 General Partner’s Financial Certificate 
  
 The undersigned, the [General Partner, Chairman/Vice Chairman/Chief Executive Officer/President/Vice President/Chief Financial Officer/Treasurer/Assistant
Treasurer], hereby certifies pursuant to Section 8.16(b) of the Amended and Restated Trust Agreement, dated as of July 27, 2005 (the “Trust Agreement”), among Extra Space Storage LP (the “Company”), JPMorgan Chase Bank, National
Association, as property trustee, Chase Bank USA, National Association, as Delaware trustee, and the administrative trustees named therein, that, as of [date], [20    ]: 
  
 [FOR FISCAL YEAR END: Attached hereto are the audited consolidated financial statements
(including the balance sheet, income statement and statement of cash flows, and notes thereto, together with the report of the independent accountants thereon) of the Depositor Parent and its consolidated subsidiaries for the three years ended
                    , 20    ].] 
  
 [FOR FISCAL QUARTER END: Attached hereto are the unaudited consolidated and consolidating financial statements (including the balance sheet
and income statement) of the Depositor Parent and its consolidated subsidiaries for the fiscal quarter ended [date], 20    .] 
  
 The financial statements fairly present in all material respects, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial
position of the Depositor Parent and its consolidated subsidiaries, and the results of operations and changes in financial condition as of the date, and for the [quarter] [annual] period ended [date], 20    ,
and such financial statements have been prepared in accordance with GAAP consistently applied throughout the period involved (expect as otherwise noted therein). 
  
 IN WITNESS WHEREOF, the undersigned has executed this General Partner’s Financial Certificate as of this
         day of                     , 20    . 
  

			
	 Extra Space Storage LP

		
	 By:
	 	 ESS Holdings Business Trust I

	 Its:
	 	General Partner
		
	By:	 	 
	 Name:
	 	 
	
	 Extra Space Storage LP

	 2795 East Cottonwood Parkway, Suite 400

	 Salt Lake City, UT 84121

	 801-365-4537

  

					
	 	  	G-1	  	 

 Schedule A 
  
 DETERMINATION OF LIBOR 
  
 With respect to the Trust Securities, the London interbank offered rate (“LIBOR”) shall be determined by the Calculation Agent in
accordance with the following provisions (in each case rounded to the nearest .000001%): 
  
 (1) Subsequent to expiration of the Fixed Rate Period, on the second LIBOR Business Day (as defined below) prior to a Distribution Date (each such day, a “LIBOR Determination Date”), LIBOR for any
given security shall for the following interest payment period equal the rate, as obtained by the Calculation Agent from Bloomberg Financial Markets Commodities News, for three-month Eurodollar deposits that appears on Dow Jones Telerate Page 3750
(as defined in the International Swaps and Derivatives Association, Inc. 1991 Interest Rate and Currency Exchange Definitions), or such other page as may replace such Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date.

  
 (2) If, on any LIBOR Determination Date, such rate does not
appear on Dow Jones Telerate Page 3750 or such other page as may replace such Page 3750, the Calculation Agent shall determine the arithmetic mean of the offered quotations of the Reference Banks (as defined below) to leading banks in the London
interbank market for three-month Eurodollar deposits in an amount determined by the Calculation Agent by reference to requests for quotations as of approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by the Calculation Agent
to the Reference Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide such quotations, LIBOR shall equal such arithmetic mean of such quotations. If, on any LIBOR Determination Date, only one or none of the
Reference Banks provide such quotations, LIBOR shall be deemed to be the arithmetic mean of the offered quotations that leading banks in the City of New York selected by the Calculation Agent are quoting on the relevant LIBOR Determination Date for
three-month Eurodollar deposits in an amount determined by the Calculation Agent by reference to the principal London offices of leading banks in the London interbank market; provided, that if the Calculation Agent is required but is unable
to determine a rate in accordance with at least one of the procedures provided above, LIBOR shall be LIBOR as determined on the previous LIBOR Determination Date. 
  
 (3) As used herein: “Reference Banks” means four major banks in the London interbank market selected by the
Calculation Agent; and “LIBOR Business Day” means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London.Purchase Agreement, dated as of July 27, 2005 - Bear, Stearns & Co. Inc.

 Exhibit 10.1 

  
 PURCHASE AGREEMENT 
  
 among 
  
 Extra Space Storage LP 
  
 ESS Statutory Trust III, 
  
 and 
  
 Bear, Stearns & Co. Inc. 
  

  
 Dated as of July 27, 2005 
  

  

  
  

  
 PURCHASE AGREEMENT

 ($25,000,000 Trust Preferred Securities) 
  
 THIS PURCHASE AGREEMENT, dated as of July 27, 2005, (this “Purchase Agreement”), is entered into among Extra Space Storage LP, a
Delaware limited partnership (the “Company”), ESS Statutory Trust III, a Delaware statutory trust (the “Trust”, and together with the Company, the “Sellers”), Bear, Stearns & Co. Inc.
(“Bear”) or its assignee (the “Purchaser”). 
  
 WITNESSETH: 
  
 WHEREAS, the Sellers propose to issue and
sell 40,000 Preferred Securities of the Trust, having a stated liquidation amount of $1,000 per security (the “Preferred Securities”); 
  

WHEREAS, the entire proceeds from the sale of the Preferred Securities will be combined with the entire proceeds from the sale by the Trust to the
Company of its common securities (the “Common Securities”), and will be used by the Trust to purchase $41,238,000 in principal amount of the unsecured junior subordinated notes of the Company (the “Junior Subordinated
Notes”); 
  
 WHEREAS, the Preferred Securities and
the Common Securities for the Trust will be issued pursuant to the Amended and Restated Trust Agreement (the “Trust Agreement”), dated as of the Closing Date, among the Company, as depositor, JPMorgan Chase Bank, National
Association, a national banking association, as property trustee (in such capacity, the “Property Trustee”), Chase Bank USA, National Association, a national banking association, as Delaware trustee (in such capacity, the
“Delaware Trustee”), the Administrative Trustees named therein (in such capacities, the “Administrative Trustees”) and the holders from time to time of undivided beneficial interests in the assets of the
Trust; and 
  
 WHEREAS, the Junior Subordinated Notes will be
issued pursuant to a Junior Subordinated Indenture, dated as of the Closing Date (the “Indenture”), between the Company and JPMorgan Chase Bank, National Association, a national banking association, as indenture trustee (in such
capacity, the “Indenture Trustee”). 
  
 NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms and conditions herein set forth, the parties hereto agree as follows: 
  
 1. Definitions. The Preferred Securities, the Common Securities and the Junior Subordinated
Notes are collectively referred to herein as the “Securities.” This Purchase Agreement, the Indenture, the Trust Agreement and the Securities are collectively referred to herein as the “Operative Documents.” All
other capitalized terms used but not defined in this Purchase Agreement shall have the respective meanings ascribed thereto in the Indenture. 
  

					
	 	  	2	  	 

 2. Purchase and Sale of the Preferred Securities. 
  
 (a) The Sellers agree to sell to the Purchaser, and the
Purchaser agrees to purchase the preferred securities for an aggregate amount equal to $25,000,000 (the “Purchase Price”). The Purchaser shall be responsible for the rating agency costs and expenses. The Trust shall use the Purchase
Price, together with the proceeds from the sale of the Common Securities, to purchase the Junior Subordinated Notes from the Company. 
  
 (b) Delivery or transfer of, and payment for, the Preferred Securities shall be made at 11:00 A.M. Eastern Standard time (11:00 A.M. New
York time), on July 27, 2005, (such date and time of delivery and payment for the Preferred Securities being herein called the “Closing Date”). The Preferred Securities shall be transferred and delivered to the Purchaser against the
payment of the Purchase Price to the Sellers made by wire transfer in immediately available funds on the Closing Date to a U.S. account designated in writing by the Company at least two business days prior to the Closing Date. 
  
 (c) Delivery of the Preferred Securities shall be made at
such location, and in such names and denominations, as the Purchaser shall designate in writing at least two business days in advance of the Closing Date. The Company and the Trust agree to have the Preferred Securities available for inspection and
checking by the Purchaser not later than 2:00 P.M., Eastern Standard time, on the business day prior to the Closing Date. The closing for the purchase and sale of the Preferred Securities shall occur at the offices of DLA Piper Rudnick Gray Cary US
LLP, 1221 S. Mopac Expressway, Suite 400, Austin, Texas 78746 or such other place as the parties hereto shall agree. 
  
 3. Conditions. The obligations of the parties under this Purchase Agreement are subject to the following conditions:

  
 (a) The representations and warranties
contained herein shall be accurate as of the date of delivery of the Preferred Securities. 
  
 (b) Latham & Watkins LLP and Nelson Christensen & Helsten, P.C., special counsel for the Company and the Trust (collectively, the
“Company Counsel”), shall each have delivered an opinion, dated the Closing Date, addressed to the Purchaser in substantially the form set out in Annex A-I and Annex A-II hereto, respectively, and the Company
shall have furnished to the Purchaser the opinion of the Company’s General Counsel or a certificate signed by the Company’s general partner, dated the Closing Date, addressed to the Purchaser, in substantially the form set out in Annex
A-III hereto. In rendering their opinions, the Company Counsel may rely as to factual matters upon certificates or other documents furnished by officers, directors, partners and trustees of the Company and the Trust and by government officials
(provided, however, that copies of any such certificates or documents are delivered to the Purchaser) and by and upon such other documents as such counsel may, in their reasonable opinions, deem appropriate as a basis for the Company Counsel’s
opinion. The Company Counsel may specify the jurisdictions in which they are admitted to practice and that they are not admitted to practice in any other jurisdiction and are not experts in the law of any other jurisdiction. If the Company Counsel

  

					
	 	  	3	  	 

 
are not admitted to practice in the State of New York, the opinions of the Company Counsel may assume, for purposes of the opinions, that the laws of the
State of New York are substantively identical, in all respects material to the opinions, to the internal laws of the state in which such counsel are admitted to practice. Such Company Counsel opinions shall not state that they are to be governed or
qualified by, or that they are otherwise subject to, any treatise, written policy or other document relating to legal opinions, including, without limitation, the Legal Opinion Accord of the ABA Section of Business Law (1991). 
  
 (c) The Purchaser and the Sellers shall have been furnished
the opinion of DLA Piper Rudnick Gray Cary US LLP, special tax counsel for the Purchaser, dated the Closing Date, addressed to the Purchaser and JPMorgan Chase Bank, National Association, in substantially the form set out in Annex B hereto.

  
 (d) The Purchaser shall have received the
opinion of Richards, Layton & Finger, P.A., special Delaware counsel for the Delaware Trustee, dated the Closing Date, addressed to the Purchaser, JPMorgan Chase Bank, National Association, the Delaware Trustee and the Company, in substantially
the form set out in Annex C hereto. 
  
 (e) The Purchaser shall have received the opinion of Gardere Wynne Sewell LLP, special counsel for the Property Trustee and the Indenture Trustee, dated the Closing Date, addressed to the Purchaser, in substantially the form set out in
Annex D hereto. 
  
 (f) The Purchaser
shall have received the opinion of Richards, Layton & Finger, P.A., special Delaware counsel for the Delaware Trustee, dated the Closing Date, addressed to the Purchaser and JPMorgan Chase Bank, National Association, in substantially the form
set out in Annex E hereto. 
  
 (g) The
Company shall have furnished to the Purchaser a certificate of the Company, signed by the general partner of the Company, and the Trust shall have furnished to the Purchaser a certificate of the Trust, signed by an Administrative Trustee of the
Trust, in each case dated the Closing Date, and, in the case of the Company, as to (i) and (ii) below and, in the case of the Trust, as to (i) below. 
  
 (i) the representations and warranties in this Purchase Agreement are true and correct in all material respects on and as of the Closing
Date with the same effect as if made on the Closing Date, and the Company and the Trust have in all material respects complied with all the agreements and satisfied all the conditions on either of their part to be performed or satisfied at or prior
to the Closing Date; and 
  
 (ii) since the date
of the latest Financial Statements (as defined below), there has been no material adverse change in the condition (financial or other), earnings, business or assets of the Company and its subsidiaries, whether or not arising from transactions
occurring in the ordinary course of business (a “Material Adverse Change”). 
  

					
	 	  	4	  	 

 (h) Subsequent to the execution of this Purchase Agreement, there shall not have been any
change, or any development involving a prospective change, in or affecting the condition (financial or other), earnings, business or assets of the Company and its subsidiaries, whether or not occurring in the ordinary course of business, the effect
of which is, in the Purchaser’s reasonable judgment, so material and adverse as to make it impractical or inadvisable to proceed with the purchase of the Preferred Securities. 
  
 (i) Prior to the Closing Date, the Company and the Trust shall have furnished to the Purchaser and its
counsel such further information, certificates and documents as the Purchaser or its counsel may reasonably request. 
  
 If any of the conditions specified in this Section 3 shall not have been fulfilled when and as provided in this Purchase Agreement, or if any of
the opinions, certificates and documents mentioned above or elsewhere in this Purchase Agreement shall not be reasonably satisfactory in form and substance to the Purchaser or its counsel, this Purchase Agreement and all the Purchaser’s
obligations hereunder may be canceled at, or at any time prior to, the Closing Date by the Purchaser. Notice of such cancellation shall be given to the Company and the Trust in writing or by telephone or facsimile confirmed in writing. 

 
 Each certificate signed by any trustee of the Trust or any officer or
partner of the Company and delivered to the Purchaser or the Purchaser’s counsel in connection with the Operative Documents and the transactions contemplated hereby and thereby shall be deemed to be a representation and warranty of the Trust
and/or the Company, as the case may be, and not by such trustee, officer or partner in any individual capacity. 
  
 4. Representations and Warranties of the Company and the Trust. The Company and the Trust jointly and severally represent
and warrant to, and agree with the Purchaser, as follows: 
  
 (a) Neither the Company nor the Trust, nor any of their “Affiliates” (as defined in Rule 501(b) of Regulation D (“Regulation D”) under the Securities Act (as defined below)), nor any person
acting on its or their behalf, has, directly or indirectly, made offers or sales of any security, or solicited offers to buy any security, under circumstances that would require the registration of any of the Securities under the Securities Act of
1933, as amended (the “Securities Act”). 
  
 (b) Neither the Company nor the Trust, nor any of their Affiliates, nor any person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of
Regulation D) in connection with any offer or sale of any of the Securities. 
  
 (c) The Securities (i) are not and have not been listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or quoted
on a U.S. automated inter-dealer quotation system and (ii) assuming the Purchaser is a “Qualified Purchaser” as such term is defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (the “Investment 

  

					
	 	  	5	  	 

 
Company Act”), are not of an open-end investment company, unit investment trust or face-amount certificate company that are, or are required to
be, registered under Section 8 of the Investment Company Act, and the Securities otherwise satisfy the eligibility requirements of Rule 144A(d)(3) promulgated pursuant to the Securities Act (“Rule 144A(d)(3)”). 
  
 (d) Neither the Company nor the Trust, nor any of their
Affiliates, nor any person acting on its or their behalf, has engaged, or will engage, in any “directed selling efforts” within the meaning of Regulation S under the Securities Act with respect to the Securities. 
  
 (e) Assuming the Purchaser is a “Qualified
Purchaser” as such term is defined in Section 2(a)(51) of the Investment Company Act, neither the Company nor the Trust is, and, immediately following consummation of the transactions contemplated hereby and the application of the net proceeds
therefrom, will not be, an “investment company” or an entity “controlled” by an “investment company,” in each case within the meaning of section 3(a) of the Investment Company Act. 
  
 (f) Neither the Company nor the Trust has paid or agreed to
pay to any person any compensation for soliciting another to purchase any of the Securities, except for the Preferred Securities Commission and/or the sales commission in the aggregate amount of $1,200,000, which the Company has agreed to pay as set
forth in the Flow of Funds Memorandum of even date herewith. 
  
 (g) The Trust has been duly created and is validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. §3801, et seq. (the “Statutory Trust Act”)
with all requisite power and authority to own property and to conduct the business it transacts and proposes to transact and to enter into and perform its obligations under the Operative Documents to which it is a party. The Trust is duly
qualified to transact business as a foreign entity and is in good standing in each jurisdiction in which such qualification is necessary, except where the failure to so qualify or be in good standing would not have a material adverse effect on the
condition (financial or otherwise), earnings, business or assets of the Trust, whether or not occurring in the ordinary course of business. The Trust is not a party to or otherwise bound by any agreement other than the Operative Documents.

  
 (h) The Trust Agreement has been duly
authorized by the Company and, on the Closing Date specified in Section 2(b), will have been duly executed and delivered by the Company and the Administrative Trustees of the Trust, and, assuming due authorization, execution and delivery by
the Property Trustee and the Delaware Trustee, will be a legal, valid and binding obligation of the Company and the Administrative Trustees, enforceable against them in accordance with its terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights generally and to general principles of equity. Each of the Administrative Trustees of the Trust is an employee of the Company and has been duly authorized by the Company to execute and deliver the Trust
Agreement. 
  
 (i) The Indenture has been duly
authorized by the Company and, on the Closing Date, will have been duly executed and delivered by the Company, and, assuming 

  

					
	 	  	6	  	 

 
due authorization, execution and delivery by the Indenture Trustee, will be a legal, valid and binding obligation of the Company enforceable against it in
accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity. 
  
 (j) The Preferred Securities and the Common Securities have been duly authorized by the Trust and, when
issued and delivered against payment therefor on the Closing Date in accordance with this Purchase Agreement, in the case of the Preferred Securities, and in accordance with the Common Securities Subscription Agreement, in the case of the Common
Securities, will be validly issued, fully paid and non-assessable and will represent undivided beneficial interests in the assets of the Trust entitled to the benefits of the Trust Agreement, enforceable against the Trust in accordance with their
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to genera] principles of equity. The issuance of the Securities is not subject to any preemptive or other similar rights. On the
Closing Date, all of the issued and outstanding Common Securities will be directly or indirectly owned by the Company free and clear of any pledge, security interest, claim, lien or other encumbrance of any kind (each, a “Lien”).

  
 (k) The Junior Subordinated Notes have been
duly authorized by the Company and, on the Closing Date, will have been duly executed and delivered to the Indenture Trustee for authentication in accordance with the Indenture and, when authenticated in the manner provided for in the Indenture and
delivered to the Trust against payment therefor in accordance with the junior Subordinated Note Purchase Agreement, will constitute legal, valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable against
the Company in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity. 
  
 (l) This Purchase Agreement has been duly authorized, executed and delivered by the Company and the Trust.

  
 (m) Neither the issue and sale of the Common
Securities, the Preferred Securities or the Junior Subordinated Notes, nor the purchase of the Junior Subordinated Notes by the Trust, nor the execution and delivery of and compliance with the Operative Documents by the Company or the Trust, nor the
consummation of the transactions contemplated herein or therein, (i) will conflict with or constitute a violation or breach of (A) the Trust Agreement or the charter or bylaws or other organizational documents of the Company or any subsidiary of the
Company or (B) any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, governmental authority, agency or instrumentality or court, domestic or foreign, having jurisdiction over the Trust or the Company or
any of its subsidiaries or their respective properties or assets (collectively, the “Governmental Entities”), or (ii) will conflict with or constitute a violation or breach of, or a default or Repayment Event (as defined below)
under, or result in the creation or imposition of any Lien upon any property or assets of the Trust, the Company or any of the Company’s subsidiaries pursuant to, any contract, indenture, mortgage, loan agreement, note, lease or other agreement
or instrument to which (A) the Trust, the Company or any of its subsidiaries 

  

					
	 	  	7	  	 

 
is a party or by which it or any of them may be bound, or (B) to which any of the property or assets of any of them is subject, or any judgment, order or
decree of any court, Governmental Entity or arbitrator, except, in the case of this clause (ii) and clause (i)(B) above, for such conflicts, breaches, violations, defaults, Repayment Events (as defined below) or Liens which (X) would not, singly or
in the aggregate, adversely affect the consummation of the transactions contemplated by the Operative Documents and (Y) would not, singly or in the aggregate, have a material adverse effect on the condition (financial or otherwise), earnings,
business, liabilities and assets of the Company and its subsidiaries taken as a whole, whether or not occurring in the ordinary course of business (a “Material Adverse Effect”). As used herein, a “Repayment Event”
means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of
such indebtedness by the Trust or the Company or any of its subsidiaries prior to its scheduled maturity. 
  
 (n) The Company has been duly formed and is validly existing as a partnership in good standing under the laws of Delaware, with all
requisite power and authority to own, lease and operate its properties and conduct the business it transacts and proposes to transact, and is duly qualified to transact business and is in good standing in each jurisdiction where the nature of its
activities requires such qualification, except where the failure of the Company to be so qualified would not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (o) The Company has no subsidiaries that are material to its business, financial condition or earnings other
than those subsidiaries listed in Schedule A attached hereto (collectively, the “Significant Subsidiaries”). Each Significant Subsidiary has been duly formed and is validly existing and in good standing under the laws of the
jurisdiction in which it is chartered or organized, with all requisite power and authority to own, lease and operate its properties and conduct the business it transacts and proposes to transact. Each Significant Subsidiary is duly qualified to
transact business and is in good standing in each jurisdiction where the nature of its activities requires such qualification, except where the failure to be so qualified would not, singly or in the aggregate, have a Material Adverse Effect.

  
 (p) Each of the Trust, the Company and each
of the Company’s subsidiaries hold all necessary approvals, authorizations, orders, licenses, consents, registrations, qualifications, certificates and permits (collectively, the “Governmental Licenses”) of and from
Governmental Entities necessary to conduct their respective businesses as now being conducted, and neither the Trust, the Company nor any of the Company’s subsidiaries has received any notice of proceedings relating to the revocation or
modification of any such Government License, except where the failure to be so licensed or approved or the receipt of an unfavorable decision, ruling or finding, would not, singly or in the aggregate, have a Material Adverse Effect; all of the
Governmental Licenses are valid and in full force and effect, except where the invalidity or the failure of such Governmental Licenses to be in full force and effect, would not, singly or in the aggregate, have a Material Adverse Effect; and the
Company and its subsidiaries are in compliance with all applicable laws, rules, 

  

					
	 	  	8	  	 

 
regulations, judgments, orders, decrees and consents, except where the failure to be in compliance would not, singly or in the aggregate, have a Material
Adverse Effect. 
  
 (q) All of the issued and
outstanding shares of capital stock or other ownership interest, as the case may be, of the Company and each of its subsidiaries are validly issued, fully paid and non-assessable; all of the issued and outstanding capital stock or other ownership
interests of each subsidiary of the Company is owned by the Company, directly or through subsidiaries, free and clear of any Lien, claim or equitable right; and none of the issued and outstanding capital stock or other ownership interests of the
Company or any subsidiary was issued in violation of any preemptive or similar rights arising by operation of law, under the charter or by-laws or other organizational documents of such entity or under any agreement to which the Company or any of
its subsidiaries is a party. 
  
 (r) Neither the
Company nor any of its subsidiaries is (i) in violation of its respective charter or by-laws or similar organizational documents or (ii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any
contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to which the Company or any such subsidiary is a party or by which it or any of them may be bound or to which any of the property or assets of any of them is
subject, except, in the case of clause (ii), where such violation or default would not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (s) There is no action, suit or proceeding before or by any Governmental Entity, arbitrator or court, domestic or foreign, now pending or,
to the knowledge of the general partner of the Company or the administrative trustees of the Trust, threatened against or affecting the Trust or the Company or any of the Company’s subsidiaries, except for such actions, suits or proceedings
that, if adversely determined, would not, singly or in the aggregate, adversely affect the consummation of the transactions contemplated by the Operative Documents or have a Material Adverse Effect. 
  
 (t) The accountants of Extra Space Storage, Inc. (the
“Parent”), a Maryland corporation, who audited and reviewed the Financial Statements (as defined below) are independent public accountants of Parent within the meaning of the Securities Act, and the rules and regulations of the Securities
and Exchange Commission (the “Commission”) thereunder. 
  
 (u) The audited consolidated financial statements (including the notes thereto) and schedules of Parent, and its consolidated subsidiaries for the fiscal year ended December 31, 2004, and interim Financial Statements
dated March 31, 2005 (the “Financial Statements”) provided to the Purchaser are the most recent available consolidated financial statements of Parent and its consolidated subsidiaries, respectively, and fairly present in all
material respects, in accordance with U.S. generally accepted accounting principles, the financial position of Parent and its consolidated subsidiaries, and the results of operations and changes in financial condition as of the dates and for the
periods therein specified. Such consolidated financial statements and schedules have been prepared in accordance with U.S. 

  

					
	 	  	9	  	 

 
generally accepted accounting principles (“GAAP”) consistently applied throughout the periods involved (except as otherwise noted therein).

  
 (v) None of the Trust, the Company nor any of
its subsidiaries has any liability, whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due, including any liability
for taxes (and there is no past or present fact, situation, circumstance, condition or other basis for any present or future action, suit, proceeding, hearing, charge, complaint, claim or demand against the Company or its subsidiaries that could
give rise to any such liability), except for (i) liabilities set forth in the Financial Statements, (ii) normal fluctuations in the amount of the liabilities referred to in clause (i) above occurring in the ordinary course of business of the Trust,
the Company and all of its subsidiaries since the date of the most recent balance sheet included in such Financial Statements and (iii) liabilities that would not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (w) Since the date of the Financial Statements, there has
not been any Material Adverse Change. 
  
 (x) The
documents of Parent filed with the Commission in accordance with the Exchange Act, from and including the commencement of the fiscal year covered by the Company’s most recent Annual Report on Form 10-K, at the time they were or hereafter are
filed by Parent with the Commission (collectively, the “1934 Act Reports”), complied and will comply in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission thereunder (the
“1934 Act Regulations”), and, at the date of this Purchase Agreement and on the Closing Date, do not and will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and other than such instruments, agreements, contracts and other documents as are filed as exhibits to Parent’s Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, there are no instruments, agreements, contracts or documents of a character described in Item 601 of Regulation S-K promulgated by the Commission to which Parent or
any of its subsidiaries is a party. Parent is in compliance with all currently applicable requirements of the Exchange Act that were added by the Sarbanes-Oxley Act of 2002, except where such noncompliance would not, singly or in the aggregate, have
a Material Adverse Effect. 
  
 (y) No labor
dispute with the employees of the Trust, the Company or any of its subsidiaries exists or, to the knowledge of the administrative trustees of the Trust or the general partner of the Company, is imminent, except those which would not, singly or in
the aggregate, have a Material Adverse Effect. 
  
 (z) No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Governmental Entity, other than those that have been obtained or will be timely made or obtained, is necessary or
required for the performance by the Trust or the Company of their respective obligations under the Operative 

  

					
	 	  	10	  	 

 
Documents, as applicable, or the consummation by the Trust and the Company of the transactions contemplated by the Operative Documents. 
  
 (aa) Each of the Trust, the Company and each subsidiary of
the Company has good and marketable title to all of its respective real and personal properties, in each case free and clear of all Liens and defects, except for those defects in title and Liens that would not, singly or in the aggregate, have a
Material Adverse Effect; and all of the leases and subleases under which the Trust, the Company or any subsidiary of the Company holds properties are in full force and effect, except where the failure of such leases and subleases to be in full force
and effect would not, singly or in the aggregate, have a Material Adverse Effect, and none of the Trust, the Company or any subsidiary of the Company has any notice of any claim of any sort that has been asserted by anyone adverse to the rights of
the Trust, the Company or any subsidiary of the Company under any such leases or subleases, or affecting or questioning the rights of such entity to the continued possession of the leased or subleased premises under any such lease or sublease,
except for such claims that would not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (bb) [Intentionally Omitted] 
  
 (cc) Commencing with its taxable year ended December 31, 2004, Parent has been, and upon the completion of the transactions contemplated
hereby, Parent will continue to be, organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a “REIT”) under Sections 856 through 860 of the Internal Revenue Code
of 1986, as amended (the “Code”), and Parent’s proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under Sections 856 through 860 of the Code, and no actions
have been taken (or not taken which are required to be taken) which would reasonably be expected to cause such qualification to be lost. Parent expects to continue to be organized and to operate in a manner so as to qualify as a REIT in the taxable
year ending December 31, 2004 and succeeding taxable years. 
  
 (dd) The Company and each of the Significant Subsidiaries have timely and duly filed all Tax Returns required to be filed by them, and all such Tax Returns are true, correct and complete, except for such failures to
timely file or inaccuracies that would not, singly or in the aggregate, have a Material Adverse Effect. The Company and each of the Significant Subsidiaries have timely and duly paid in full all material Taxes required to be paid by them (whether or
not such amounts are shown as due on any Tax Return). There are no federal, state, or other Tax audits or deficiency assessments proposed or pending with respect to the Company or any of the Significant Subsidiaries, and no such audits or
assessments are, to the knowledge of the general partner of the Company or the administrative trustees of the Trust, threatened, except for such audits or assessments that would not, singly or in the aggregate, have a Material Adverse Effect. As
used herein, the terms “Tax” or “Taxes” mean (i) all federal, state, local, and foreign taxes, and other assessments of a similar nature (whether imposed directly or through withholding), including any interest,
additions to tax, or penalties applicable thereto, imposed by any Governmental Entity, and (ii) all liabilities in respect of such amounts arising as a result of being a member of any affiliated, 

  

					
	 	  	11	  	 

 
consolidated, combined, unitary or similar group, as a successor to another person or by contract. As used herein, the term “Tax Returns”
means all federal, state, local, and foreign Tax returns, declarations, statements, reports, schedules, forms, and information returns and any amendments thereto filed or required to be filed with any Governmental Entity. 
  
 (ee) To the knowledge of the administrative trustees of the
Trust and the general partner of the Company, there are no rulemaking or similar proceedings before the United States Internal Revenue Service or comparable federal, state, local or foreign government bodies which involve or affect the Company or
any subsidiary, which, if the subject of an action unfavorable to the Company or any subsidiary, could result in a Material Adverse Effect. 
  
 (ff) The books, records and accounts of the Company and its subsidiaries accurately and fairly reflect, in all material respects, the
transactions in, and dispositions of, the assets of, and the results of operations of, the Company and its subsidiaries. The Company and each of its subsidiaries maintains a system of internal accounting controls sufficient to provide reasonable
assurances that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and to maintain
asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences. 
  
 (gg) The Company and the Significant Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts in all material respects as are customary in the
businesses in which they are engaged or propose to engage after giving effect to the transactions contemplated hereby including but not limited to, real or personal property owned or leased against theft, damage, destruction, act of vandalism and
all other risks customarily insured against. All policies of insurance and fidelity or surety bonds insuring the Company or any of the Significant Subsidiaries or the Company’s or Significant Subsidiaries’ respective businesses, assets,
employees, officers, partners and directors are in full force and effect, except where the failure of such policies to be in full force and effect would not, singly or in the aggregate, have a Material Adverse Effect. The Company and each of the
subsidiaries are in compliance with the terms of such policies and instruments, except where the failure to be in compliance would not, singly or in the aggregate, have a Material Adverse Effect. Neither the Company nor any Significant Subsidiary
has reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have
a Material Averse Effect. Within the past twelve months, neither the Company nor any Significant Subsidiary has been denied any insurance coverage which it has sought or for which it has applied. 
  
 (hh) Except as would not, singly or in the aggregate, have a
Material Adverse Effect, the Company and its subsidiaries or, to the knowledge of the administrative 

  

					
	 	  	12	  	 

 
engage, in any form of “general solicitation or general advertising” (within the meaning of Regulation D under the Securities Act) in connection
with any offer or sale of the Preferred Securities. 
  
 (e) The Purchaser understands and acknowledges that (i) no public market exists for any of the Securities and that it is unlikely that a public market will ever exist for the Securities, (ii) the Purchaser is purchasing the Securities for
its own account, for investment and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act or other applicable securities laws, subject to any requirement of law that the disposition
of its property be at all times within its control and subject to its ability to resell such Securities pursuant to an effective registration statement under the Securities Act or pursuant to an exemption therefrom or in a transaction not subject
thereto, and the Purchaser agrees to the legends and transfer restrictions applicable to the Securities contained in the Indenture, and (iii) the Purchaser has had the opportunity to ask questions of, and receive answers and request additional
information from, the Company and is aware that it may be required to bear the economic risk of an investment in the Securities. 
  
 (f) The Purchaser is a company with limited liability duly incorporated, validly existing and in good standing under the laws of the
jurisdiction in which it is organized with all requisite (i) power and authority to execute, deliver and perform the Operative Documents to which it is a party, to make the representations and warranties specified herein and therein and to
consummate the transactions contemplated herein and (ii) right and power to purchase the Securities. 
  
 (g) This Purchase Agreement has been duly authorized, executed and delivered by the Purchaser and no filing with, or authorization,
approval, consent, license, order registration, qualification or decree of, any governmental body, agency or court having jurisdiction over the Purchaser, other than those that have been made or obtained, is necessary or required for the performance
by the Purchaser of its obligations under this Purchase Agreement or to consummate the transactions contemplated herein. 
  
 (h) The Purchaser is a “Qualified Purchaser” as such term is defined in Section 2(a)(51) of the Investment Company Act.

  
 6. Covenants and Agreements of the
Company and the Trust. The Company and the Trust jointly and severally agree with the Purchaser as follows: 
  
 (a) During the period from the date of this Agreement to the Closing Date, the Company and the Trust shall use their reasonable efforts
and take all action reasonably necessary or appropriate to cause their representations and warranties contained in Section 4 hereof to be true as of the Closing Date, after giving effect to the transactions contemplated by this Purchase
Agreement, as if made on and as of the Closing Date. 
  
 (b) The Company and the Trust will arrange for the qualification of the Preferred Securities for sale under the laws of such jurisdictions as the Purchaser may designate in writing at least two business days prior to the Closing Date and
will maintain 

  

					
	 	  	13	  	 

 
such qualifications in effect so long as required for the sale of the Preferred Securities. The Company or the Trust, as the case may be, will promptly
advise the Purchaser of the receipt by the Company or the Trust, as the case may be, of any notification with respect to the suspension of the qualification of the Preferred Securities for sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose. 
  
 (c) Neither
the Company nor the Trust will, nor will either of them permit any of its Affiliates to, nor will either of them permit any person acting on its or their behalf (other than the Purchaser) to, resell any Preferred Securities that have been acquired
by any of them. 
  
 (d) Neither the Company nor
the Trust will, nor will either of them permit any of their Affiliates or any person acting on their behalf to, engage in any “directed selling efforts” within the meaning of Regulation S under the Securities Act with respect to the
Securities. 
  
 (e) Neither the Company nor the
Trust will, nor will either of them permit any of their Affiliates or any person acting on their behalf to, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require
the registration of any of the Securities under the Securities Act. 
  
 (f) Neither the Company nor the Trust will, nor will either of them permit any of its Affiliates or any person acting on their behalf to, engage in any form of “general solicitation or general advertising”
(within the meaning of Regulation D) in connection with any offer or sale of the any of the Securities. 
  
 (g) So long as any of the Securities are outstanding, (i) the Securities shall not be listed on a national securities exchange registered
under section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation system and (ii) neither the Company nor the Trust shall be an open-end investment company, unit investment trust or face-amount certificate company that is, or
is required to be, registered under section 8 of the Investment Company Act, and, the Securities shall otherwise satisfy the eligibility requirements of Rule 144A(d)(3). 
  
 (h) So long as any of the Securities are outstanding, each of the Company and the Trust shall furnish to (i)
the holders, and subsequent holders of the Preferred Securities, (ii) Taberna Capital Management, LLC (at 450 Park Avenue, 23rd Floor, New York, New York 10022, or such other address as designated by Taberna Capital Management, LLC) and (iii) any
beneficial owner of the Securities reasonably identified to the Company and the Trust (which identification may be made by either such beneficial owner or by Bear, Stearns & Co. Inc.), a duly completed and executed certificate in the form
attached hereto as Annex F, including the financial statements referenced in such Annex, which certificate and financial statements shall be so furnished by the Company and the Trust not later than sixty (60) days after the end of each of the
first three fiscal quarters of each fiscal year of the Company and not later than one hundred twenty (120) days after the end of each fiscal year of the Company. 
  

					
	 	  	14	  	 

 (i) So long as any of the Securities are outstanding, each of the Company and the Trust
will, during any period in which Parent is not subject to and in compliance with section 13 or 15(d) of the Exchange Act, provide to each holder of the Securities and to each prospective purchaser (as designated by such holder) of the Securities,
upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Securities Act. 
  
 (j) Neither the Company nor the Trust will, until one hundred eighty (180) days following the Closing Date, without the Purchaser’s
prior written consent, offer, sell, contract to sell, grant any option to purchase or otherwise dispose of, directly or indirectly, (i) any Preferred Securities or other securities substantially similar to the Preferred Securities other than as
contemplated by this Purchase Agreement or (ii) any other securities convertible into, or exercisable or exchangeable for, any Preferred Securities or other securities substantially similar to the Preferred Securities. 
  
 (k) Parent will use its reasonable efforts to meet the
requirements to qualify as a REIT under Sections 856 through 860 of the Code, for the taxable year ending December 31, 2005 and succeeding taxable years. 
  
 (l) The Company shall not identify the Purchaser or its affiliates in a press release or any other public statement without the consent of
Purchaser, except as required by law. 
  
 7.
Payment of Expenses. The Company, as depositor of the Trust, agrees to pay all costs and expenses incident to the performance of the obligations of the Company and the Trust under this Purchase Agreement, whether or not the
transactions contemplated herein are consummated or this Purchase Agreement is terminated, including all costs and expenses incident to (i) the authorization, issuance, sale and delivery of the Preferred Securities and any taxes payable in
connection therewith; (ii) the fees and expenses of qualifying the Preferred Securities under the securities laws of the several jurisdictions as provided in Section 6(b); (iii) the fees and expenses of the counsel, the accountants and any
other experts or advisors retained by the Company or the Trust; (iv) the fees and all reasonable expenses of the Property Trustee, the Delaware Trustee, the Indenture Trustee and any other trustee or paying agent appointed under the Operative
Documents, including the fees and disbursements of counsel for such trustees, which fees shall not exceed a $2,000 acceptance fee, $3,500 for the fees and expenses of Richards, Layton & Finger, P.A., special Delaware counsel retained by the
Delaware Trustee in connection with the Closing, and $4,000 in administrative fees annually; and (v) $20,000 for the fees and expenses of DLA Piper Rudnick Gray Cary US LLP, special counsel retained by the Purchaser. 
  
 If the sale of the Preferred Securities provided for in this
Purchase Agreement is not consummated because any condition set forth in Section 3 hereof to be satisfied by either the Company or the Trust is not satisfied, because this Purchase Agreement is terminated pursuant to Section 9 (other
than pursuant to Section 9(iii) or 9(v)) or because of any failure, refusal or inability on the part of the Company or the Trust to perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder
other 

  

					
	 	  	15	  	 

 
than by reason of a default by the Purchaser, the Company will reimburse the Purchaser upon demand for all reasonable out-of-pocket expenses (including the
fees and expenses of each of the Purchaser’s counsel specified in subparagraphs (iv) and (v) of the immediately preceding paragraph) that shall have been incurred by the Purchaser in connection with the proposed purchase and sale of the
Preferred Securities. The Company shall not in any event be liable to the Purchaser for the loss of anticipated profits from the transactions contemplated by this Purchase Agreement. 
  
 8. Indemnification. (a) The Sellers agree, jointly and severally, to indemnify and hold
harmless the Purchaser, Taberna Capital Management and their affiliates (the “Purchaser Indemnified Parties”) and the Purchaser Indemnified Parties’ respective directors, officers, employees and agents and each person, if any,
who controls the Purchaser Indemnified Parties within the meaning of the Securities Act or the Exchange Act against any out-of-pocket losses, claims, damages or liabilities, joint or several (collectively, “Losses”), to which the
Purchaser Indemnified Parties may become subject, under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or
are connected with the execution and delivery by Sellers, and the consummation thereby of the transactions contemplated by, this Purchase Agreement or any other Operative Document. Sellers agree, jointly and severally, to reimburse the Purchaser
Indemnified Parties for any legal or other expenses reasonably incurred by the Purchaser Indemnified Parties in connection with investigating or defending any such Losses or action arising out of or being connected with the execution and delivery by
the Sellers, and the consummation by the Sellers of the transactions contemplated by, this Purchase Agreement or the other Operative Documents. This indemnity agreement will be in addition to any liability that any of the Sellers may otherwise have.

  
 (b) The Company agrees to indemnify the Trust
against all Losses whatsoever due from the Trust under paragraph (a) above. 
  
 (c) Promptly after receipt by an Indemnified Party under this Section 8 of notice of the commencement of any action, such Indemnified Party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 8. promptly notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve the indemnifying party from liability under
paragraph (a) above unless and to the extent that such failure results in the forfeiture by the indemnifying party of material rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any
Indemnified Party other than the indemnification obligation provided in paragraph (a) above. Purchaser shall be entitled to appoint counsel to represent the Indemnified Party in any action for which indemnification is sought. An indemnifying party
may participate at its own expense in the defense of any such action; provided, that counsel to the indemnifying party shall not (except with the consent of the Indemnified Party) also be counsel to the Indemnified Party. In no event shall
the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all Indemnified Parties in connection with any one action or separate but similar or related
actions in the same jurisdiction arising 

  

					
	 	  	16	  	 

 
out of the same general allegations or circumstances. An indemnifying party will not, without the prior written consent of the Indemnified Parties, settle or
compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not the Indemnified Parties are actual or
potential parties to such claim, action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional release of each Indemnified Party from all liability arising out of such claim, action, suit or proceeding.

  
 (d) In no event shall any indemnifying party
or parties be liable for Losses in the nature of consequential damages, punitive damages, lost profits, damage to reputation or the like, but rather Losses indemnifiable hereunder shall be limited to out-of-pocket Losses and to an aggregate limit
equal to the Purchase Price. 
  
 9.
Termination; Representations and Indemnities to Survive. This Purchase Agreement shall be subject to termination in the reasonable discretion of the Purchaser, by notice given to the Company and the Trust prior to delivery of
and payment for the Preferred Securities, if prior to such time (i) a downgrading shall have occurred in the rating accorded the Company’s debt securities or preferred stock by any “nationally recognized statistical rating
organization,” as that term is used by the Commission in Rule 15c3-l(c)(2)(vi)(F) under the Exchange Act, or such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its
rating of the Company’s debt securities or preferred stock, (ii) the Trust shall be unable to sell and deliver to the Purchaser at least $25,000,000 stated liquidation value of Preferred Securities, (iii) a suspension or material limitation in
trading in securities generally shall have occurred on the New York Stock Exchange, (iv) a suspension or material limitation in trading in any of the Company’s securities shall have occurred on the exchange or quotation system upon which the
Company’ securities are traded, if any, or (v) there shall have occurred any outbreak or escalation of hostilities, or declaration by the United States of a national emergency or war or other calamity or crisis the effect of which on financial
markets is such as to make it, in the Purchaser’s reasonable judgment, impracticable or inadvisable to proceed with the offering or delivery of the Preferred Securities. The respective agreements, representations, warranties, indemnities and
other statements of the Company and the Trust or their respective officers, partners or trustees and of the Purchaser set forth in or made pursuant to this Purchase Agreement will remain in full force and effect, regardless of any investigation made
by or on behalf of the Purchaser, the Company or the Trust or any of the their respective officers, directors, partners, trustees or controlling persons, and will survive delivery of and payment for the Preferred Securities for a period of five (5)
years after the Closing Date. The provisions of Sections 7 and 8 shall survive the termination or cancellation of this Purchase Agreement. 
  
 10. Amendments. This Purchase Agreement may not be modified, amended, altered or supplemented, except upon the
execution and delivery of a written agreement by each of the parties hereto. 
  

					
	 	  	17	  	 

 11. Notices. 
  
 (a) Any communication shall be given by letter or facsimile, in the case of notices to the Trust, to it at:

  
 ESS Statutory Trust III 
 c/o Extra Space Storage LP 
 2795 East
Cottonwood Parkway, Suite 400 
 Salt Lake City, UT 84121 
 Facsimile: 801-562-5579 
 Attention: Dean Anderson 
  
 in the case of notices to the Company, to it at: 

 
 Extra Space Storage LP 
 2795 East Cottonwood Parkway, Suite 400 
 Salt Lake City, UT 84121 
 Facsimile: 801-562-5579 
 Attention: Dean Anderson 
  
 with a copy to: 
  
 Latham &
Watkins LLP 
 12636 High Bluff Drive, Suite 300 
 San Diego, CA 92130 
 Facsimile: 858-523-5450 
 Attention: Craig M. Garner 
  
 and in the case of notices to the Purchaser, to it at: 
  
 Bear, Stearns & Co. Inc. 
 383 Madison Avenue 
 New York, New York 10179 
 Facsimile: (212)272-5445 
 Attention: Tom
Dunstan 
  
 with a copy to: 
  
 DLA Piper Rudnick Gray Cary US LLP 
 1221 S. Mopac Expressway, Suite 400 
 Austin, TX 78746 
 Facsimile: (512)457-7001 
 Attention: David B. Jones 
  
 (b) Any such communication shall take effect, in the case of a letter, at the time of delivery and in the case of facsimile, at the time of dispatch. 
  

					
	 	  	18	  	 

 (c) Any communication not by facsimile shall be confirmed by letter but failure to send
or receive the letter of confirmation shall not invalidate the original communication. 
  
 12. Successors and Assigns. This Purchase Agreement will inure to the benefit of and be binding upon the parties
hereto and their respective successors and permitted assigns. Nothing expressed or mentioned in this Purchase Agreement is intended or shall be construed to give any person other than the parties hereto and the Affiliates, directors, officers,
partners, trustees, members, employees, agents and controlling persons referred to in Section 8 hereof and their successors, assigns, heirs and legal representatives, any right or obligation hereunder. None of the rights or obligations of the
Company or the Trust under this Purchase Agreement may be assigned, whether by operation of law or otherwise, without the Purchaser’s prior written consent, which consent shall not be unreasonably withheld or delayed, provided, however, that
without the consent of Purchaser, the Company may assign its interest in the Common Securities to a taxable REIT subsidiary within the meaning of Section 856(1) of the Code of Parent if the Company reasonably determines that such assignment is
necessary to enable Parent to qualify as a REIT under Sections 856 through 860 of the Code. The rights and obligations of the Purchaser under this Purchase Agreement may be assigned by the Purchaser without the Company’s or the Trust’s
consent; provided that the assignee assumes the agreements, representations, warranties, indemnities and other obligations of the Purchaser under this Purchase Agreement. 
  
 13. Applicable Law. THIS PURCHASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 
  
 14. Submission to Jurisdiction. ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY
HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS PURCHASE AGREEMENT MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN
EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS PURCHASE AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS
OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS PURCHASE AGREEMENT. 
  
 15. Counterparts and Facsimile. This Purchase Agreement may be executed by any one or more of the parties hereto in
any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. This Purchase Agreement may be executed by any one or more of the parties hereto by
facsimile. 
  

					
	 	  	19	  	 

 IN WITNESS WHEREOF, this Purchase Agreement has been entered into as of the date first written above.

  

			
	EXTRA SPACE STORAGE LP
		
	By:	 	ESS Holdings Business Trust I
	 Its:
	 	General Partner

  

			
		
	By:	 	/s/    CHARLES L. ALLEN        
	 Name:
	 	Charles L. Allen
	 Title:
	 	Trustee

  

			
	ESS STATUTORY TRUST III
		
	By:	 	Extra Space Storage LP, as Depositor
		
	By:	 	ESS Holdings Business Trust I

  

			
		
	By:	 	/s/    CHARLES L. ALLEN        
	 Name:
	 	Charles L. Allen
	 Title:
	 	Trustee

  

			
	Bear, Stearns & Co. Inc.
		
	By:	 	/s/    THOMAS S. DUNSTAN        
	 Name:
	 	Thomas S. Dunstan
	 Title:
	 	Senior Managing Director

  

					
	 	  	20	  	 

 Schedule A 
  

Extra Space Storage, LLC, a Delaware limited liability company 
 Extra
Space Properties One LLC, a Delaware limited liability company 
 Extra Space Properties Four LLC, a Delaware limited liability company 
 Extra Space Properties Seven LP, a Utah limited partnership 
 Extra Space
Properties Fourteen LLC, a Delaware limited liability company 
 Extra Space Management, Inc. a Utah limited partnership 
 ESS SUSA Holdings LLC, a Delaware limited liability company 
 Extra Space
Properties Fifty One LLC, a Delaware limited liability company 
 Extra Space Properties Fifty Two LLC, a Delaware limited liability company 
 Extra Space Properties Fifty Three LLC, a Delaware limited liability company 
 Extra Space Properties Sixty One LLC, a Delaware limited liability company 
 Extra Space Properties Sixty Two LLC, a Delaware limited liability
company 
 Extra Space Properties Sixty Three LLC, a Delaware limited liability company 
 Extra Space Properties Sixty Four LLC, a Delaware limited liability company 
 Extra Space Properties Sixty Five LLC, a
Delaware limited liability company 
  

					
	 	  	21	  	 

 ANNEX A-I 
  

Pursuant to Section 3(b)(i) of the Purchase Agreement, Latham & Watkins LLP, special counsel for the Company, shall deliver the following opinion:

  
 Insert Opinion 

 ANNEX A-II 
  

Pursuant to Section 3(b)(i) of the Purchase Agreement, Nelson Christensen & Helsten, P.C., special counsel for the Company, shall deliver the
following opinion: 
  
 Insert Opinion 
  

					
	 	  	A-II-1	  	 

  
 ANNEX A-III 

 
 Pursuant to Section 3(b)(ii) of the Purchase Agreement, General Counsel
for the Company shall deliver an opinion, or the Company shall provide a General Partner’s Certificate, to the effect that: 
  
 (i) to the knowledge of such [counsel/general partner], the issuance of the Preferred Securities and the Common Securities will be
free from any contractual preemptive rights; 
  
 (ii) to the knowledge of such [counsel/general partner], there is no action, suit or proceeding currently pending before or by any government, governmental instrumentality, arbitrator or court, domestic or foreign, that questions the
validity of the Operative Documents or the ability of the Trust or the Company to enter into, or to issue the Securities pursuant to, the Operative Documents; and 
  
 (iii) the execution and delivery by the Trust of the Operative Documents to which they are a party do not,
and the performance by the Trust under such Operative Documents will not (a) conflict with or violate any provision of the organizational documents of the Trust, or (b) to the knowledge of such [counsel/general partner], conflict with or
violate any judgment, order, writ, injunction or decree binding on the Trust, or (c) to the knowledge of such (counsel/general partner], conflict with or violate any material contract, indenture, mortgage, deed of trust, loan or credit
agreement, note, lease, franchise, license or any other agreement or instrument to which the Trust is a party or by which the Trust or any of its properties may be bound, or (d) to the knowledge of such [counsel/general partner], result in
the creation or imposition of any material lien, claim, charge, encumbrance or restriction upon any property or assets of the Trust. 
  
 In rendering such opinions, such [counsel/general partner] may (A) state that his opinion is limited to the internal laws of the State of Utah, (B)
rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers or trustees of the Company and the Trust and public officials and (C) take customary assumptions and exceptions as to enforceability and other matters.

  

 A-III-1 

  
 ANNEX B 
  
 Pursuant to Section 3(c) of the Purchase Agreement, DLA Piper Rudnick Gray
Cary US LLP, special tax counsel for the Purchaser, shall deliver an opinion to the effect that: 
  
 Insert Opinion 
  

 B-1 

  
 ANNEX C 
  
 Pursuant to Section 3(d) of the Purchase Agreement, Richards, Layton &
Finger, P.A., special Delaware counsel for the Delaware Trustee, shall deliver an opinion to the effect that: 
  
 (i) the Trust has been duly created and is validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act,
and all filings required under the laws of the State of Delaware with respect to the creation and valid existence of the Trust as a statutory trust have been made; 
  
 (ii) under the Delaware Statutory Trust Act and the Trust Agreement, the Trust has the trust power and
authority (A) to own property and conduct its business, all as described in the Trust Agreement, (B) to execute and deliver, and to perform its obligations under, each of the Purchase Agreement, the Common Securities Subscription Agreement, the
Junior Subordinated Note Purchase Agreement and the Preferred Securities and the Common Securities and (C) to purchase and hold the Junior Subordinated Notes; 
  

(iii) under the Delaware Statutory Trust Act, the certificate attached to the Trust Agreement as Exhibit C is an appropriate
form of certificate to evidence ownership of the Preferred Securities; the Preferred Securities have been duly authorized by the Trust Agreement and, when issued and delivered against payment of the consideration as set forth in the Purchase
Agreement, the Preferred Securities will be validly issued and (subject to the qualifications set forth in this paragraph) fully paid and nonassessable and will represent undivided beneficial interests in the assets of the Trust; the holders of the
Preferred Securities will be entitled to the benefits of the Trust Agreement and, as beneficial owners of the Trust, will be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized
under the General Corporation Law of the State of Delaware; and such counsel may note that the holders of the Preferred Securities may be obligated, pursuant to the Trust Agreement, to (A) provide indemnity and/or security in connection with and pay
taxes or governmental charges arising from transfers or exchanges of Preferred Securities certificates and the issuance of replacement Preferred Securities certificates and (B) provide security or indemnity in connection with requests of or
directions to the Property Trustee to exercise its rights and remedies under the Trust Agreement; 
  
 (iv) the Common Securities have been duly authorized by the Trust Agreement and, when issued and delivered by the Trust to the Company
against payment therefor as described in the Trust Agreement and the Common Securities Subscription Agreement, will be validly issued and fully paid and will represent undivided beneficial interests in the assets of the Trust entitled to the
benefits of the Trust Agreement; 
  

 C-1 

 (v) under the Delaware Statutory Trust Act and the Trust Agreement, the issuance of the
Preferred Securities and the Common Securities is not subject to preemptive or other similar rights; 
  
 (vi) under the Delaware Statutory Trust Act and the Trust Agreement, the execution and delivery by the Trust of the Purchase Agreement,
the Common Securities Subscription Agreement and the Junior Subordinated Note Purchase Agreement, and the performance by the Trust of its obligations thereunder, have been duly authorized by all necessary trust action on the part of the Trust;

  
 (vii) the Trust Agreement constitutes a
legal, valid and binding obligation of the Company and the Trustees, and is enforceable against the Company and the Trustees, in accordance with its terms subject, as to enforcement, to the effect upon the Trust Agreement of (i) bankruptcy,
insolvency, moratorium, receivership, reorganization, liquidation, fraudulent conveyance or transfer and other similar laws relating to or affecting the rights and remedies of creditors generally, (ii) principles of equity, including applicable law
relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), and (iii) the effect of applicable public policy on the enforceability of provisions relating to indemnification or contribution;

  
 (viii) the issuance and sale by the Trust of
the Preferred Securities and the Common Securities, the purchase by the Trust of the Junior Subordinated Notes, the execution, delivery and performance by the Trust of the Purchase Agreement, the Common Securities Subscription Agreement and the
Junior Subordinated Note Purchase Agreement, the consummation by the Trust of the transactions contemplated by the Purchase Agreement and compliance by the Trust with its obligations thereunder do not violate (i) any of the provisions of the
Certificate of Trust or the Amended and Restated Trust Agreement or (ii) any applicable Delaware law, rule or regulation; 
  
 (ix) no filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Delaware court or
Delaware Governmental Entity or Delaware agency is necessary or required solely in connection with the issuance and sale by the Trust of the Common Securities or the Preferred Securities, the purchase by the Trust of the Junior Subordinated Notes,
the execution, delivery and performance by the Trust of the Purchase Agreement, the Common Securities Subscription Agreement and the Junior Subordinated Note Purchase Agreement, the consummation by the Trust of the transactions contemplated by the
Purchase Agreement and compliance by the Trust with its obligations thereunder; and 
  
 (x) the holders of the Preferred Securities (other than those holders who reside or are domiciled in the State of Delaware) will have no
liability for income taxes imposed by the State of Delaware solely as a result of their participation in the Trust and the Trust will not be liable for any income tax imposed by the State of Delaware. 
  

 C-2 

 In rendering such opinions, such counsel may (A) state that its opinion is limited to the laws of the
State of Delaware, (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials and (C) take customary assumptions and exceptions as to enforceability and other matters.

  

 C-3 

  
 ANNEX D 
  
 Pursuant to Section 3(e) of the Purchase Agreement, Gardere Wynne Sewell LLP,
special counsel for the Property Trustee and the Indenture Trustee, shall deliver an opinion to the effect that: 
  
 (i) JPMorgan Chase Bank, National Association (the “Bank”) is a national banking association with trust powers, duly and validly
existing under the laws of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under the Indenture and to authenticate and deliver the Securities, and is duly eligible and qualified to act
as Trustee under the Indenture pursuant to Section 6.1 thereof and as Property Trustee under the Trust Agreement pursuant to Section 8.2 thereof; 
  
 (ii) Each Agreement has been duly authorized, executed and delivered by the Bank and constitutes the valid and binding obligation of the
Bank, enforceable against it in accordance with its terms except (A) as may be limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or
hereafter in effect relating to creditors’ rights generally, and by general equitable principles, regardless of whether considered in a proceeding in equity or at law and (B) that the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; 
  
 (iii) Neither the execution or delivery by the Bank of the Agreements, the authentication and delivery of the Securities by the Trustee
pursuant to the terms of the Agreements, respectively, nor the performance by the Bank of its obligations under the Agreements (A) requires the consent or approval of, the giving of notice to or the registration or filing with, any governmental
authority or agency under any existing law of the United States of America governing the banking or trust powers of the Bank or (B) violates or conflicts with the Articles of Association or By-laws of the Bank or any law or regulation of the State
of New York or the United States of America governing the banking or trust powers of the Bank; 
  
 (iv) the Securities have been authenticated and delivered by a duly authorized officer of the Bank. 
  
 In rendering such opinions, such counsel may (A) state that its opinion is
limited to the laws of the State of New York and the laws of the United States of America, (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of JPMorgan Chase Bank, National Association, the Company
and public officials, and (C) make customary assumptions and exceptions as to enforceability and other matters. 
  

 D-1 

  
 ANNEX E 
  
 Pursuant to Section 3(f) of the Purchase Agreement, Richards, Layton &
Finger, P.A., counsel for the Delaware Trustee, shall deliver an opinion to the effect that: 
  
 (i) Chase Bank USA, National Association is duly formed and validly existing as a national banking association under the federal laws of
the United States of America with trust powers and with its principal place of business in the State of Delaware; 
  
 (ii) Chase Bank USA, National Association has the corporate power and authority to execute, deliver and perform its obligations under, and
has taken all necessary corporate action to authorize the execution, delivery and performance of, the Trust Agreement and to consummate the transactions contemplated thereby; 
  
 (iii) The Trust Agreement has been duly authorized, executed and delivered by Chase Bank USA, National
Association and constitutes a legal, valid and binding obligation of Chase Bank USA, National Association, and is enforceable against Chase Bank USA, National Association, in accordance with its terms subject as to enforcement, to the effect upon
the Trust Agreement of (i) applicable bankruptcy, insolvency, reorganization, moratorium, receivership, fraudulent conveyance or transfer and similar laws relating to or affecting the rights and remedies of creditors generally, (ii) principles of
equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), and (iii) the effect of applicable public policy on the enforceability of provisions relating to
indemnification or contribution; 
  
 (iv) The
execution, delivery and performance by Chase Bank USA, National Association of the Trust Agreement do not conflict with or result in a violation of (A) articles of association or by-laws of Chase Bank USA, National Association or (B) any law or
regulation of the State of Delaware or the United States of America governing the trust powers of Chase Bank USA, National Association or, to our knowledge, without independent investigation, of any indenture, mortgage, bank credit agreement, note
or bond purchase agreement, long-term lease, license or other agreement or instrument to which Chase Bank USA, National Association is a party or by which it is bound or, to our knowledge, without independent investigation, of any judgment or order
applicable to Chase Bank USA, National Association; and 
  
 (v) No approval, authorization or other action by, or filing with, any Governmental Entity of the State of Delaware or the United States of America governing the trust powers of Chase Bank USA, National Association is
required in connection with the execution and delivery by Chase Bank USA, National Association of the Trust Agreement or the performance by Chase 

  

 E-1 

 
Bank USA, National Association of its obligations thereunder, except for the filing of the Certificate of Trust with the Secretary of State of the State of
Delaware, which Certificate of Trust has been filed with the Secretary of State of the State of Delaware. 
  
 In rendering such opinions, such counsel may (A) state that its opinion is limited to the laws of the State of Delaware and the federal laws of the United
States governing the trust powers of Chase Bank USA, National Association, (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials and (C) take customary assumptions
and exceptions. 
  

 E-2 

  
 ANNEX F 
  
 General Partner’s Financial Certificate 
  
 The undersigned, the trustee of the general partner of Extra Space Storage LP
(the “Company”), hereby certifies, pursuant to Section 6(h) of the Purchase Agreement, dated as of July 27, 2005, among the Company, ESS Statutory Trust III (the “Trust”), and Bear, Steams & Co. Inc., that, as of [date],
20    : 
  
 [FOR FISCAL YEAR END: Attached
hereto are the audited consolidated financial statements (including the balance sheet, income statement and statement of cash flows, and notes thereto, together with the report of the independent accountants thereon) of Parent and its consolidated
subsidiaries for the three years ended [date], 20    .] 
  
 [FOR FISCAL QUARTER END: Attached hereto are the unaudited consolidated and consolidating financial statements (including the balance sheet and income statement) of Parent and its consolidated subsidiaries for the year ended [date],
20    ] for the fiscal quarter ended [date], 20    .] 
  
 The financial statements fairly present in all material respects, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial position of the Company and its consolidated
subsidiaries, and the results of operations and changes in financial condition as of the date, and for the [         quarter interim] [annual] period ended [date], 20     ,
and such financial statements have been prepared in accordance with GAAP consistently applied throughout the period involved (expect as otherwise noted therein). 

 IN WITNESS WHEREOF, the undersigned has executed this General Partner’s Financial Certificate as of
this              day of
                            , 20    . 
  

			
	Extra Space Storage LP
	
	 By:  ESS Holdings Business Trust I
 Its:   General Partner

		
	 By:
	 	 
	 Name: 
	 	 
	
	 Extra Space Storage LP
 2795 East Cottonwood
Parkway, Suite 400
 Salt Lake City, UT 84121

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