Document:

wy-ex102_6.htm

EXHIBIT 10.2

WEYERHAEUSER COMPANY

2013 LONG-TERM INCENTIVE PLAN

2022 RESTRICTED STOCK UNIT AWARD 

TERMS AND CONDITIONS 

Pursuant to your Grant Notice (the “Grant Notice”) and these Restricted Stock Unit Award Terms and Conditions, Weyerhaeuser Company has granted to you under its 2013 Long-Term Incentive Plan (the “Plan”) the number of restricted stock unit awards (“Awards”) indicated in your Grant Notice at the market value indicated in your Grant Notice (the “Grant”).  The Grant was made as of the date of the Compensation Committee action authorizing the Grant (the “Grant Date”).  You may decline this Grant by notifying the Compensation and Benefits Department at xmacctbened@weyerhaeuser.com within one month of the Grant Date.  If you decline this Grant, you will not be entitled to any award, benefit, or other compensation in lieu thereof.

Capitalized terms used but not defined in this document have the definitions given to such terms in the Plan.  Awards represent the Company’s unfunded and unsecured promise to issue shares of Company Common Stock to you at a future date, subject to the terms of this document and the Plan.  You have no rights to or under the Awards other than the rights of a general unsecured creditor of the Company.  In addition, the Awards have the following terms and conditions:

1.Vesting.  Subject to the provisions of Section 3 and the other provisions set forth herein, the Awards shall be vested in accordance with the following schedule:

 

		
	
Date

	
Percentage of Awards Vested

	
Prior to March 1, 2023
	
0%

	
March 1, 2023
	
25%

	
March 1, 2024
	
50%

	
March 1, 2025
	
75%

	
March 1, 2026
	
100%

The vesting of Awards as set forth herein is conditioned on your continued employment by the Company or a Related Company, except to the extent set forth in Section 3.  

150924349.1 

 

2.Settlement of Awards.  Upon each vesting of Awards in accordance with Section 1, one share of Company Common Stock shall be issued for each Award that vests on such date (the “Shares”), subject to the terms of the Plan and this document.  The Company will subtract from the vested Shares the whole number of Shares necessary to satisfy any required tax withholding obligations as described in Section 9, and transfer the balance of the vested Shares to you (known as “settlement”).  No fractional Shares shall be issued under the Grant.  The delivery of vested Shares shall occur as soon as practicable after the vesting date specified in Section 1, but in all events by a date which is within 30 days following such date, subject to Section 3.

3.Termination of Employment; Retirement; Death; Disability; Change in Control.  In the event of your Termination of Service, including by reason of Retirement, death or Disability or a Change in Control while Awards are outstanding, the following provisions will apply.  Within 30 days following each applicable settlement date specified below, one Share will be issued for each Award that is subject to settlement in accordance with the terms of the Plan and this document, subject to any tax withholding obligations as described in Section 9 and subject to Section 3(f).

(a)Retirement.  If you experience a voluntary Termination of Service at age 62 or older (such termination being referred to herein as “Retirement”) and if neither Section 3(d) nor clause (ii) in the second paragraph of Section 3(f) is applicable, the Awards will vest and be settled according to the following schedule:

i.  If your Retirement occurs on or after the one-year anniversary of the Grant Date, 100% of the Awards will continue to vest and be settled as provided in Sections 1 and 2 above. 

ii.  If your Retirement occurs before the one–year anniversary of the Grant Date, the number of Awards will be pro-rated based on the number of months you worked after the Grant Date as follows: (x) the original number of Awards indicated in the Grant Notice multiplied by (y) a fraction, the numerator of which is the number of months worked after the Grant Date (and before your Retirement) and the denominator of which is 12.  The remaining Awards will be forfeited, and no Shares will be issued or issuable with respect to such forfeited portion of the Awards.  The pro-rated portion of the Awards will continue to vest and be settled as provided in Sections 1 and 2 above. 

(b)Termination Due to Job Elimination.  If you experience a Termination of Service due to the elimination of your position with the Company or any Related Company, and if neither Section 3(d) nor clause (ii) in the second paragraph of Section 3(f) is applicable, the Awards will continue to vest for one year following your Termination of Service and the vested Awards will be settled as provided in Section 2.  The remaining unvested portion of the Awards as of the one-year anniversary of your termination date will be forfeited and no Shares will be issued or issuable or other compensation payable with respect to such forfeited portion of the Awards.  

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150924349.1 

 

(c)Termination for Other Reasons.  If you experience a Termination of Service before the Awards fully vest as provided in Section 1 and none of the other provisions of this Section 3 apply, any Awards that are not vested on the date of your Termination of Service will be immediately forfeited and no Shares will be issued or issuable or other compensation payable with respect to such forfeited portion of the Awards.

(d)Termination for Cause.  If your employment or service relationship is terminated for Cause (defined below), then notwithstanding anything to the contrary herein, including but not limited to, Section 3(a), any outstanding Awards will be immediately forfeited at the time the Company or Related Company first notifies you of your termination for Cause and no Shares will be issued or issuable or other compensation payable with respect to such forfeited Awards.  In addition, if your employment or service relationship is suspended pending an investigation of whether you will be terminated for Cause, settlement of all outstanding Awards may be suspended during such period of investigation to the extent permissible under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (“Section 409A”).  If, at the conclusion of such investigation, your employment or service relationship is terminated for Cause, all outstanding Awards shall be immediately forfeited as provided above and you shall be required to promptly repay to the Company any Shares relating to such Awards that were previously paid to you during the period of investigation. If any facts that would constitute termination for Cause are discovered after your Termination of Service, any outstanding Awards may be immediately terminated by the Compensation Committee.

 

“Cause” means: (i) willful and continued failure to perform substantially your duties with the Company or any Related Company after the Company or Related Company delivers to you written demand for substantial performance specifically identifying the manner in which you have not substantially performed your duties; (ii) conviction of a felony; or (iii) willfully engaging in illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company or any Related Company.

(e)Death or Disability.  In the event of your death or Disability while actively employed, all of the outstanding Awards will immediately vest.  Subject to Section 15, all Awards not already settled as provided in Section 2 above will be settled as of the date of your death or Disability.  In the event of your death, payment will be made to your estate.  “Disability” means a “disability” as defined in Treas. Reg. § 1.409A-3(i)(4) (or successor provisions).

(f)Change in Control.  If a Change in Control occurs, the Awards will vest and be settled as follows, subject to Section 15: 

(i) If and to the extent the Awards are not converted, assumed, substituted for or replaced by the successor entity to the Company, the then-outstanding Awards will immediately vest in full as of the effective date of the Change in Control and shall be settled in cash in an amount equal to the Fair Market Value of one share of Common Stock on the date of the Change in Control times the number of Shares.  The amount shall be accumulated with interest compounded annually from the date of the Change 

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150924349.1 

 

in Control until the settlement date at a rate of 120 percent of the Federal mid-term rate (as in effect under section 1274 of the Code for the month in which the Change in Control occurs).  Settlement will be made as provided in Section 2 that would apply absent this Section 3(f) or, if earlier, at the time of your separation from service as specified clause (ii) below. 

(ii) If and to the extent the Awards are converted, assumed, substituted for or replaced by the successor entity to the Company and you separate from service within two years following the effective date of a 409A Change in Control (defined below): 

(1) the Awards will immediately vest in full as of the date of your separation from service, provided that such separation is either an involuntary separation by the Company other than for Cause (as defined in Section 3(d)) or a voluntary separation by you for Good Reason (as defined below); and

(2) the Awards, to the extent vested (or, in the case of a retirement, that will vest following retirement), shall be settled as of the date of your separation from service.

(iii) For purposes of this Section 3(f), a “separation from service” by the Company includes a separation from service by any Related Company and any successor entity, and a “409A Change in Control” means a Change in Control that also qualifies as a “change in control event” for purposes of Treas. Reg. § 1.409A-3(i)(5).

“Good Reason” means, without your express written consent, the occurrence of any one or more of the following events:

i.  a material reduction in your authority, duties, or responsibilities existing immediately prior to the Change in Control;

ii.  within two years following a Change in Control, the Company’s requiring you to be based at a location that is at least 50 miles farther from your primary residence immediately prior to a Change in Control than is such residence from the Company’s headquarters immediately prior to a Change in Control, except for required travel on the Company’s business to an extent substantially consistent with your business obligations as of the Grant Date;

iii.  a material reduction by the Company of your base salary as in effect immediately prior to the Change in Control;

iv.  a material reduction in the benefits coverage in the aggregate provided to you immediately prior to the Change in Control; provided, however, that reductions in the level of benefits coverage will not be deemed to be “Good Reason” if your overall benefits coverage is substantially consistent with the average level of benefits coverage 

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150924349.1 

 

of other executives who have positions commensurate with your position at the acquiring company; or

v.  a material reduction in your level of participation, including your target-level opportunities, in any of the Company’s short- and/or long-term incentive compensation plans in which you participate as of the Grant Date (for this purpose a material reduction shall be deemed to have occurred if the aggregate “incentive opportunities” are reduced by 10% or more), or a material increase in the relative difficulty of the measures used to determine the payouts under such plans; provided, however, that reductions in the levels of participation or increase in relative difficulty of payout measures will not be deemed to be “Good Reason” if your reduced level of participation or difficulty of measures in each such program remains substantially consistent with the level of participation or difficulty of the measures of some or all other executives who have positions commensurate with your position at the acquiring company.  

In no event will your resignation be for Good Reason unless:  (A) an event set forth above has occurred and you provide the Company with written notice thereof within 30 days after you have knowledge of the occurrence or existence of such event, which notice specifically identifies the event that you believe constitutes Good Reason; (B) the Company fails to correct the event so identified in all material respects within 30 days after receipt of such notice; and (C) you resign within two years after the occurrence of such event and the 409A Change in Control.

4.Dividends.  Except as otherwise specifically provided in this document, you will not be entitled to any rights of a shareholder with respect to any outstanding Awards.  Notwithstanding the foregoing, if the Company declares and pays dividends on Common Stock during the time period when Awards are outstanding, you will be credited with additional amounts for each Award equal to the dividend that would have been paid with respect to such Award if it had been an actual share of Common Stock, which amount shall remain subject to any restrictions (and as determined by the Administrator may be reinvested in Awards or may be accrued as cash with or without interest) and shall vest and be paid concurrently with the vesting and payment of the Awards upon which such dividend equivalent amounts were paid.

5.No Rights as Shareholder until Vesting and Issuance of Shares.  You will not have any voting or any other rights as a shareholder of Common Stock with respect to the outstanding Awards.  Upon vesting of the Awards and issuance of shares of Common Stock, you will obtain full voting and other rights as a shareholder of the Company.

6.Securities Law Compliance.  Notwithstanding any other provision of this document, you may not sell the Shares acquired upon vesting and issuance of the Awards unless such Shares are registered under the Securities Act of 1933, as amended (the “Securities Act”), or, if such Shares are not then so registered, such sale is exempt from the registration requirements of the Securities Act.  The sale of such Shares must also comply with other applicable laws and 

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150924349.1 

 

regulations governing the Shares and you may not sell the Shares if the Company determines that such sale would not be in material compliance with such laws and regulations.

7.Non-Transferability of Awards.  Notwithstanding any other provision of this document, you may not sell, pledge, assign, hypothecate, transfer or dispose of the Awards in any manner prior to the distribution to you of Shares in respect of such Awards.  Awards shall not be subject to execution, attachment or other process.  Notwithstanding the foregoing, pursuant to Section 3(e), Shares may be issued to your estate in the event of your death.

8.Independent Tax Advice.  Determining the actual tax consequences of the receipt, vesting or disposition of the Awards or Shares may be complicated.  These tax consequences will depend, in part, on your specific situation and also may depend on the resolution of currently uncertain tax law and other variables not within the control of the Company.  You should consult a competent and independent tax advisor for a full understanding of the specific tax consequences to you of the receipt, vesting or disposition of Awards or Shares.  You are encouraged to consult with a competent tax advisor independent of the Company to obtain tax advice concerning the receipt, vesting or disposition of the Awards or Shares in light of your specific situation.

9.Taxes and Withholding.  You are ultimately liable and responsible for all taxes owed in connection with the Awards, including federal, state, local, or foreign taxes of any kind required by law, regardless of any action the Company takes with respect to any tax withholding obligations that arise in connection with the Awards.  The Company makes no representation or undertaking regarding your payment of taxes and the treatment of any tax withholding in connection with the Awards.  The Company does not commit and is under no obligation to structure the Awards to reduce or eliminate your tax liability. 

When an event occurs in connection with the Awards (e.g., vesting) that the Company determines results in any federal, state, local, or foreign tax withholding obligations, (“tax withholding obligations”), to the extent permitted by Section 409A and applicable law, the Company may retain without notice from Shares issuable under the Awards or from salary or other amounts payable to you, whole Shares or cash having a value sufficient to satisfy your tax withholding obligations, as set forth in the Plan; provided that such tax withholding obligations shall be satisfied by: first, retaining Shares issuable under the Awards; second, to the extent such Shares are insufficient, retaining any cash payable under the Awards; and third, to the extent the foregoing amounts are insufficient, retaining salary or other amounts payable to you.  

The Company may refuse to issue any Shares to you until your tax withholding obligations are satisfied. You should be aware that, in accordance with the Plan, a delay in satisfying your tax withholding obligations could cause a forfeiture of the Shares. 

10.Grant Not an Employment or Service Contract.  Nothing in the Plan or any Awards granted under the Plan will be deemed to constitute an employment contract or confer or be 

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150924349.1 

 

deemed to confer any right for you to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate your employment or other relationship at any time, with or without cause.

11.No Right to Damages.  You will have no right to bring a claim or to receive damages if any portion of the Grant is forfeited.  The loss of existing or potential profit in Awards will not constitute an element of damages in the event of your termination of service for any reason even if the termination is in violation of an obligation of the Company or a Related Company to you.

12.Binding Effect.  The terms and conditions of the Grant will inure to the benefit of the successors and assigns of the Company and be binding upon you and your heirs, executors, administrators, successors and assigns.

13.Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation.  (a) All Awards under the Plan are discretionary in nature and may be suspended or terminated by the Company at any time.  (b) Each Grant is a one-time benefit that does not create any contractual or other right to receive future grants of Awards.  (c) All determinations with respect to any such future grants, including but not limited to, the times when grants will be made, the number of Awards subject to each grant, the grant price, vesting and other terms applicable to the grant, and the time or times when each grant will be exercisable or settled, will be at the sole discretion of the Company.  (d) Your participation in the Plan is voluntary.  (e) The value of the Grant is an extraordinary item of compensation that is outside the scope of your employment contract, if any.  (f) The Grant is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.  (g) Except as may otherwise be explicitly provided in the terms and conditions of the Grant, the vesting of Awards ceases upon your Termination of Service for any reason and any unvested Awards will be forfeited.  (h) The future value of the Shares underlying the Awards is unknown and cannot be predicted with certainty.

14. Employee Data Privacy.  By accepting this Grant, you:  (a) authorize the Company and your employer, if different, and any agent of the Company administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its affiliates, and their respective agents in connection with administering the Plan, any information and data the Company requests (including personal data) in order to facilitate the grant of the Awards and the administration of the Plan; (b) agree that the Company (and your employer, if different, and any of their respective agents in connection with administering the Plan) may act as a data controller and/or data processor with respect to such information and data and waive to the maximum extent permissible by law any data privacy rights you may have with respect to such information and data; and (c) authorize the Company and its agents to store and transmit such information, including in electronic form, to its affiliates or agents in any country (including countries which may not provide for data protection equivalent to the United States).

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15. Compliance with Code Section 409A.  To the extent that the Company determines that the Awards are subject to or exempt from Code Section 409A, this document will be interpreted, operated and administered accordingly and subject to the terms of the Plan, including section 17.5 of the Plan.

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150924349.1Exhibit 4.2

 

IIP
OPERATING PARTNERSHIP, LP

 

INDENTURE

 

Dated as of                                  

 

TMI
TRUST COMPANY

 

as Trustee and Notice Agent

 

and

 

SECURITIES TRANSFER CORPORATION,

 

as Registrar

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I.

    DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	Section 1.1. Definitions	1
	Section 1.2. Other Definitions	5
	Section 1.3. Incorporation by Reference of Trust Indenture
    Act	5
	Section 1.4. Rules of Construction	6
	 	 
	ARTICLE II. 

    THE SECURITIES	6
	 	 
	Section 2.1. Issuable in Series	6
	Section 2.2. Establishment of Terms of Series of Securities	6
	Section 2.3. Execution and Authentication	10
	Section 2.4. Registrar and Paying Agent	11
	Section 2.5. Paying Agent to Hold Money in Trust	11
	Section 2.6. Securityholder Lists	12
	Section 2.7. Transfer and Exchange	12
	Section 2.8. Mutilated, Destroyed, Lost and Stolen
    Securities	12
	Section 2.9. Outstanding Securities	13
	Section 2.10. Treasury Securities	14
	Section 2.11. Temporary Securities	14
	Section 2.12. Cancellation	14
	Section 2.13. Defaulted Interest	15
	Section 2.14. Global Securities	15
	Section 2.15. CUSIP Numbers	16
	 	 
	ARTICLE III.

    REDEMPTION	17
	 	 
	Section 3.1. Notice to Trustee	17
	Section 3.2. Selection of Securities to be Redeemed	17
	Section 3.3. Notice of Redemption	17
	Section 3.4. Effect of Notice of Redemption	18
	Section 3.5. Deposit of Redemption Price	18
	Section 3.6. Securities Redeemed in Part	18
	 	 
	ARTICLE IV. 

    COVENANTS	19
	 	 
	Section 4.1. Payment of Principal and Interest	19
	Section 4.2. SEC Reports	19

 

    i

     

    

 

	Section 4.3. Compliance Certificate	19
	Section 4.4. Stay, Extension and Usury Laws	20
	 	 
	ARTICLE V. 

    SUCCESSORS	20
	 	 
	Section 5.1. When Company May Merge, Etc.	20
	Section 5.2. Successor Entity Substituted	21
	Section 5.3. General Partner May Consolidate on Certain
    Terms	21
	Section 5.4. General Partner Successor to Be Substituted	21
	 	 
	ARTICLE VI.

    DEFAULTS AND REMEDIES	22
	 	 
	Section 6.1. Events of Default	22
	Section 6.2. Acceleration of Maturity; Rescission and
    Annulment	23
	Section 6.3. Collection of Indebtedness and Suits for
    Enforcement by Trustee	23
	Section 6.4. Trustee May File Proofs of Claim	24
	Section 6.5. Trustee May Enforce Claims Without Possession
    of Securities	25
	Section 6.6. Application of Money Collected	25
	Section 6.7. Limitation on Suits	25
	Section 6.8. Unconditional Right of Holders to Receive
    Principal and Interest	26
	Section 6.9. Restoration of Rights and Remedies	26
	Section 6.10. Rights and Remedies Cumulative	26
	Section 6.11. Delay or Omission Not Waiver	26
	Section 6.12. Control by Holders	26
	Section 6.13. Waiver of Past Defaults	27
	Section 6.14. Undertaking for Costs	27
	 	 
	ARTICLE VII. 

    TRUSTEE	27
	 	 
	Section 7.1. Duties of Trustee	27
	Section 7.2. Rights of Trustee	28
	Section 7.3. Individual Rights of Trustee	30
	Section 7.4. Trustee’s Disclaimer	30
	Section 7.5. Notice of Defaults	31
	Section 7.6. Reports by Trustee to Holders	31
	Section 7.7. Compensation and Indemnity	31
	Section 7.8. Replacement of Trustee	32
	Section 7.9. Successor Trustee by Merger, Etc.	33
	Section 7.10. Eligibility; Disqualification	33
	Section 7.11. Preferential Collection of Claims Against
    Company	34
	 	 
	ARTICLE VIII. 

    SATISFACTION AND DISCHARGE; DEFEASANCE	34
	 	 
	Section 8.1. Satisfaction and Discharge of Indenture	34

 

    ii

     

    

 

	Section 8.2. Application of Trust Funds;
    Indemnification	35
	Section 8.3. Legal Defeasance of Securities of any
    Series	36
	Section 8.4. Covenant Defeasance	37
	Section 8.5. Repayment to Company	39
	 	 
	ARTICLE IX. 

    AMENDMENTS AND WAIVERS	39
	 	 
	Section 9.1. Without Consent of Holders	39
	Section 9.2. With Consent of Holders	40
	Section 9.3. Limitations	41
	Section 9.4. Compliance with Trust Indenture Act	41
	Section 9.5. Revocation and Effect of Consents	42
	Section 9.6. Notation on or Exchange of Securities	42
	Section 9.7. Trustee Protected	42
	 	 
	ARTICLE X. 

    MISCELLANEOUS	43
	 	 
	Section 10.1. Trust Indenture Act Controls	43
	Section 10.2. Notices	43
	Section 10.3. Communication by Holders with Other Holders	44
	Section 10.4. Certificate and Opinion as to Conditions
    Precedent	44
	Section 10.5. Statements Required in Certificate or
    Opinion	44
	Section 10.6. Rules by Trustee and Agents	45
	Section 10.7. Legal Holidays	45
	Section 10.8. No Recourse Against Others	45
	Section 10.9. Counterparts.	45
	Section 10.10. Governing Law; Waiver of Jury Trial;
    Consent to Jurisdiction	46
	Section 10.11. No Adverse Interpretation of Other Agreements	47
	Section 10.12. Successors	47
	Section 10.13. Severability	47
	Section 10.14. Table of Contents, Headings, Etc.	47
	Section 10.15. Securities in a Foreign Currency	47
	Section 10.16. Judgment Currency	48
	Section 10.17. USA Patriot Act	48
	Section 10.18. Force Majeure	48
	 	 
	ARTICLE XI. 

    SINKING FUNDS	49
	 	 
	Section 11.1. Applicability of Article	49
	Section 11.2. Satisfaction of Sinking Fund Payments
    with Securities	49
	Section 11.3. Redemption of Securities for Sinking
    Fund	50

 

    iii

     

    

 

	ARTICLE XII. 

    GUARANTEE	50
	 	 
	Section 12.1. Unconditional Guarantee	50
	Section 12.2. Execution and Delivery of Notation of
    Guarantee.	52
	Section 12.3. Limitation on Guarantors’ Liability	52
	Section 12.4. Release of Guarantors from Guarantee	52

 

EXHIBITS

 

Exhibit A Form of Notation of Guarantee

 

    iv

     

    

 

IIP OPERATING PARTNERSHIP,
LP

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of                                  

 

	§ 310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)       	 	7.10
	§ 311(a)	 	7.11
	(b)       	 	7.11
	(c)       	 	Not Applicable
	§ 312(a)	 	2.6
	(b)       	 	10.3
	(c)       	 	10.3
	§ 313(a)	 	7.6
	(b)(1)	 	7.6
	(b)(2)	 	7.6
	(c)(1)	 	7.6
	(c)(2)	 	7.6
	(c)(3)	 	7.6
	(d)       	 	7.6
	§ 314(a)	 	4.2, 10.5
	(b)       	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not Applicable
	(d)       	 	Not Applicable
	(e)       	 	10.5
	(f)       	 	Not Applicable
	§ 315(a)	 	7.1
	(b)       	 	7.5
	(c)       	 	7.1
	(d)       	 	7.1
	(e)       	 	6.14
	§ 316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)       	 	6.8
	(c)       	 	9.5
	§ 317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)       	 	2.5
	§ 318(a)	 	10.1

 

Note: This reconciliation and tie shall not, for
any purpose, be deemed to be part of the Indenture.

 

    v

     

    

 

 

Indenture, dated as of                        ,        , among IIP OPERATING PARTNERSHIP, LP, a Delaware limited partnership (the “Company”), the Guarantors (as defined
herein) party hereto, TMI TRUST COMPANY, a corporation duly organized and existing under the laws of the State of Florida, as trustee
(the “Trustee”) and notice agent, and Securities Transfer Corporation (“STC”), a corporation duly
organized and existing under the laws of the State of Texas, as registrar.

 

Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1. Definitions.

 

“Additional Amounts”
means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be
paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

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

 

“Agent” means
any Registrar, Paying Agent or Notice Agent.

 

“Board of Directors”
means the board of directors of the General Partner or any duly authorized committee thereof.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the General Partner to have been adopted by the
Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate
and delivered to the Trustee.

 

“Business Day”
means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series,
any day except a Saturday, Sunday, a day on which banking institutions in the state in which the Corporate Trust Office is located or
a legal holiday in The City of New York (or in connection with any payment, the place of payment) on which banking institutions are authorized
or required by law, regulation or executive order to close.

 

“Capital Stock”
means (a) in the case of a corporation, corporate stock; (b) in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents (however designated and whether or not voting) of corporate stock, including
each class of common stock and preferred stock of such person; and (c) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited).

 

    1

     

    

 

“Company” means
the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company Order”
means a written order signed in the name of the Company by the General Partner by an Officer.

 

“Corporate Trust
Office” means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture
shall be principally administered, which office at the date of the Indenture is located at the address set forth in Section 10.2,
or such other address as the Trustee may designate from time to time by notice to the Holders and the Company.

 

“CUSIP” means
the Committee on Uniform Security Identification Procedures and will be used pursuant to Section 2.15.

 

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

 

“Depositary”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global
Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered
under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to
the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount Security”
means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.2.

 

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

 

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

 

“Foreign Currency”
means any currency or currency unit issued by a government other than the government of the United States of America, including the
Euro.

 

“Foreign Government
Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations
of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means
accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

 

    2

     

    

 

“General Partner”
means Innovative Industrial Properties, Inc., in its capacity as general partner of the Company, and, subject to the provision
in Article V, its successors and assigns.

 

“Global Security”
or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to
Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee,
and registered in the name of such Depositary or nominee.

 

“Guarantor”
means each person that executes this Indenture as a guarantor and its respective successors and assigns, in each case until the Guarantee
of such person has been released in accordance with the provisions of this Indenture; provided, however, that such person shall
be a Guarantor only with respect to a Series of Securities for which such person has executed a Notation of Guarantee with respect
to such Series.

 

“Holder” or
“Securityholder” means a person in whose name a Security is registered.

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of
Securities established as contemplated hereunder.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Notation of Guarantee”
means a notation, substantially in the form of Exhibit A, executed by a Guarantor and affixed to each Security of any
Series to which the Guarantee of such Guarantor under Article XII of this Indenture applies.

 

“Officer” means
the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel or any Assistant General Counsel, the Treasurer
or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the General Partner or any Guarantor,
as the case may be.

 

“Officer’s
Certificate” means a certificate signed by any Officer which complies with Section 10.4.

 

“Opinion of Counsel”
means a written opinion of legal counsel which complies with Section 10.4. The counsel may be an employee of or counsel
to the Company or the General Partner. The opinion may contain customary limitations, conditions and exceptions.

 

    3

     

    

 

“person” means
any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect
of, the Security.

 

“Responsible Officer”
means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture and also
means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter relating to this Indenture
is referred because of his or her knowledge of and familiarity with a particular subject.

 

“SEC” means
the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture,
provided, however that, if at any time there is more than one person acting as Trustee under this Indenture, “Securities,”
with respect to any such person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities
of any Series as to which such person is not Trustee.

 

“Series” or
“Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2 hereof.

 

“Stated Maturity”
when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such
Security or interest is due and payable.

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power
of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof

 

“TIA” means
the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required
by any such amendment, the Trust Indenture Act as so amended.

 

“Trustee” means
the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person
who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect
to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

“U.S. Government
Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America for the payment
of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall
also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or
a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder
of a depositary receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government
Obligation evidenced by such depositary receipt.

 

    4

     

    

 

Section 1.2. Other Definitions.

 

	TERM	 	DEFINED IN SECTION	 
	“Bankruptcy Law”	 	 	6.1	 
	“Custodian”	 	 	6.1	 
	“Guarantee”	 	 	12.1	(b)
	“Event of Default”	 	 	6.1	 
	“Judgment Currency”	 	 	10.16	 
	“Legal Holiday”	 	 	10.7	 
	“mandatory sinking fund payment”	 	 	11.1	 
	“New York Banking Day”	 	 	10.16	 
	“Notice Agent”	 	 	2.4	 
	“optional sinking fund payment”	 	 	11.1	 
	“Paying Agent”	 	 	2.4	 
	“Registrar”	 	 	2.4	 
	“Required Currency”	 	 	10.16	 
	“successor person”	 	 	5.1	 
	“USA Patriot Act”	 	 	10.17	 

 

Section 1.3. Incorporation by Reference
of Trust Indenture Act.

 

Whenever this Indenture refers
to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

 

		·	“Commission” means the SEC.

 

		·	“indenture securities” means the Securities.

 

		·	“indenture security holder” means a Securityholder.

 

		·	“indenture to be qualified” means this Indenture.

 

		·	“indenture trustee” or “institutional trustee”
means the Trustee.

 

		·	“obligor” on the indenture securities means the Company
and any successor obligor upon the Securities.

 

    5

     

    

 

All other terms used in this
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise
defined herein are used herein as so defined.

 

Section 1.4. Rules of Construction,

 

Unless the context otherwise
requires:

 

		a.	a term has the meaning assigned to it;

 

		b.	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

		c.	“or” is not exclusive;

 

		d.	words in the singular include the plural, and in the plural include the singular; and

 

		e.	provisions apply to successive events and transactions.

 

ARTICLE II.

THE SECURITIES

 

Section 2.1. Issuable in Series

 

The aggregate principal amount
of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series.
All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution,
a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted under
a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate
or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide
for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are
to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities
shall be equally and ratably entitled to the benefits of the Indenture.

 

Section 2.2. Establishment of Terms of
Series of Securities.

 

At or prior to the issuance
of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1
and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2
through 2.2.30) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution,
supplemental indenture hereto or Officer’s Certificate:

 

Section 2.2.1.
the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking
(including the terms of any subordination provisions) of the Series;

 

Section 2.2.2.
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

    6

     

    

 

Section 2.2.3.
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6) and whether additional
Securities of that Series may be issued without the consent of Holders of outstanding Securities of that Series or any other
Series; provided, that in the event that additional Securities of such Series may be so issued, the terms thereof shall indicate
whether any such additional Securities shall have the same terms as the prior Securities of such Series or whether the Issuer may
establish additional or different terms with respect to such additional Securities;

 

Section 2.2.4.
the date or dates on which the principal of the Securities of the Series is payable;

 

Section 2.2.5.
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable, any regular record date for the interest payable on any interest payment date and the basis upon which
interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

Section 2.2.6.
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer,
mail or other means;

 

Section 2.2.7.
if applicable, the period or periods within which the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company;

 

Section 2.2.8.
the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

Section 2.2.9.
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the
option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

 

    7

     

    

 

Section 2.2.10.
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable;

 

Section 2.2.11.
the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

Section 2.2.12.
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

Section 2.2.13.
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination
is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

Section 2.2.14.
the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made;

 

Section 2.2.15.
if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

Section 2.2.16.
the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;

 

Section 2.2.17.
the provisions, if any, relating to any security provided for the Securities of the Series or the Guarantees;

 

Section 2.2.18.
any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the
right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

Section 2.2.19.
any addition to, deletion of or change in the covenants and terms set forth in Articles IV, V or IX which applies
to Securities of the Series;

 

Section 2.2.20.
any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series if other than those appointed herein;

 

    8

     

    

 

Section 2.2.21.
the provisions, if any, relating to conversion or exchange of any Securities of such Series, including, if applicable, the conversion
or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option
of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and
provisions affecting conversion or exchange if such Series of Securities are redeemed;

 

Section 2.2.22.
any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such
Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of
Securities of that Series;

 

Section 2.2.23.
whether the Securities of such Series are entitled to the benefits of the Guarantee of any Guarantor pursuant to this Indenture,
whether any such Guarantee shall be made on a senior or subordinated basis and, if applicable, a description of the subordination terms
of any such Guarantee;

 

Section 2.2.24.
if a person other than TMI Trust Company is to act as Trustee for the Securities of that Series, the name and location of the designated
corporate trust office of such Trustee;

 

Section 2.2.25.
the securities exchanges, if any, on which the Securities of the Series may be listed;

 

Section 2.2.26.
if the Securities of that Series do not bear interest, the applicable dates for purposes of Section 2.6;

 

Section 2.2.27.
if Securities of the Series are to be issuable initially in the form of a temporary Global Security, the circumstances under which
the temporary Global Security can be exchanged for definitive Securities;

 

Section 2.2.28.
whether Securities of that Series are to be issuable in bearer form and any additions or changes to any of the provisions of this
Indenture as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to
principal, and with or without interest coupons;

 

Section 2.2.29.
the applicability, if any, of Sections 8.3 and/or 8.4 to the Securities of the Series and any provisions in modification
of, in addition to or in lieu of any of the provisions of Article VIII; and

 

Section 2.2.30.
any change in the right of the Trustee or the right of the requisite Holders of Securities to declare the principal amount thereof due
and payable.

 

All Securities of any particular
Series shall be substantially identical except as to denomination and the date from which interest, if any, shall accrue, and except
as may otherwise be provided in or pursuant to such Board Resolutions and set forth in such Officer’s Certificate relating thereto
or provided in or pursuant to any supplemental indenture hereto. All Securities of any one Series need not be issued at the same
time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution,
supplemental indenture hereto or Officer’s Certificate referred to above.

 

    9

     

    

 

Section 2.3. Execution and Authentication.

 

Any Officer shall sign the
Securities for the Company by manual, facsimile or other electronic (including .pdf) signature (including any electronic signature covered
by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable
law, e.g., www.docusign.com).

 

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

 

A Security shall not be valid
until authenticated by the manual signature of an authorized signatory of the Trustee or an authenticating agent. The signature shall
be conclusive evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at any time,
and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental
indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date
of its authentication.

 

The aggregate principal amount
of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2,
except as provided in Section 2.8.

 

Prior to the issuance of Securities
of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the
Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or
of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an
Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the
right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines
that such action may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would expose the
Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

    10

     

    

  

Section 2.4. Registrar and Paying Agent.

 

The Company shall maintain,
with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2,
an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”),
where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and
where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered
(“Notice Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer
and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address,
of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying
Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands; provided, that the Corporate Trust Office of the Trustee shall
not be a place of service of legal process on the Company.

 

The Company may also from
time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind
such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of
any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and
of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice
Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.

 

The Company hereby appoints
the Trustee as the initial Paying Agent and Notice Agent for each Series unless another Paying Agent or Notice Agent, as the case
may be, is appointed.1 The Company hereby appoints STC as the initial Registrar for each Series unless another Registrar
is appointed.

 

Section 2.5. Paying Agent to Hold Money
in Trust.

 

The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders
of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the
Series of Securities, and will notify the Trustee in writing of any default by the Company in making any such payment. While any
such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts
as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities
all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee
shall serve as Paying Agent for the Securities.

 

 

1
This may happen in the case of resignation or removal of the Trustee/agent.

 

    11

     

    

 

Section 2.6. Securityholder Lists.

 

The Registrar shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of
each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in
writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders
of each Series of Securities.

 

Section 2.7. Transfer and Exchange.

 

Where Securities of a Series are
presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of
Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions
are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6
or 9.6).

 

Neither the Company nor the
Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning
at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series selected
for redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange
Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.

 

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

 

Section 2.8. Mutilated, Destroyed, Lost
and Stolen Securities.

 

If any mutilated Security
is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

    12

     

    

 

If there shall be delivered
to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such
security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt
of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security,
a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security following delivery of the documents and security or indemnity required in the preceding paragraph.

 

Upon the issuance of any new
Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any
Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly
issued hereunder.

 

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

 

Section 2.9. Outstanding Securities.

 

The Securities outstanding
at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described
in this Section as not outstanding, including those paid in accordance with the third-to-last paragraph of Section 2.8.

 

If a Security is replaced
pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser.

 

If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money
sufficient to pay such Securities payable on that date as provided in this Indenture, then on and after that date such Securities of the
Series cease to be outstanding and interest on them ceases to accrue.

 

The Company may purchase or
otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to
be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

    13

     

    

 

In determining whether the
Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall
be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration
of the Maturity thereof pursuant to Section 6.2.

 

Section 2.10. Treasury Securities.

 

In determining whether the
Holders of the requisite principal amount of outstanding Securities of a Series have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Securities of a Series owned by the Company, any Guarantor, or any other obligor upon the Securities
of such Series or any Affiliate of the Company or any Guarantor or any of the other obligors shall be disregarded, except that for
the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded.

 

Section 2.11. Temporary Securities.

 

Until definitive Securities
are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary
Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate
for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall
authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Any temporary Global Security
and any permanent Global Security shall, unless otherwise provided therein, be delivered to the Depositary designated pursuant to Section 2.2
or shall be held by the Custodian on behalf of such Depositary.

 

Section 2.12. Cancellation.

 

The Company at any time may
deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered
to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall dispose of such canceled Securities in accordance with its then customary procedures (subject
to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company
upon written request of the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the
Trustee for cancellation.

 

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Section 2.13. Defaulted Interest.

 

If the Company defaults in
a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest
payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The
Company shall fix the record date and payment date. At least ten days before the special record date, the Company shall send to the Trustee
and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest
to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14. Global Securities.

 

Section 2.14.1.
Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether
the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for
such Global Security or Securities.

 

Section 2.14.2.
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and
in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered
in the names of Holders other than the Depositary for such Security or its nominee only if (a) such Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing
agency under the Exchange Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an Officer’s
Certificate stating that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal
amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided
in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such
Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

Section 2.14.3.
Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR
ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

 

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In addition, so
long as The Depository Trust Company (“DTC”) is the Depositary, each Global Security registered in the name of DTC
or its nominee shall bear a legend in substantially the following form:

 

“UNLESS THIS
GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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.”

 

Section 2.14.4.
Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

Section 2.14.5.
Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

Section 2.14.6.
Consents, Declaration and Directions. The Company, the Trustee and any Agent shall be entitled to conclusively treat a person as
the absolute owner of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be
specified in a written statement of the Depositary or by the applicable procedures of the Depositary with respect to such Global Security,
for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15. CUSIP Numbers.

 

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

 

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ARTICLE III.

REDEMPTION

 

Section 3.1. Notice to Trustee.

 

The Company may, with respect
to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay
the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for
in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity
thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing
of the redemption date and the principal amount of the Series of Securities to be redeemed. The Company shall give the written notice
at least 15 days before the redemption date (or such shorter period as may be acceptable to the Trustee).

 

Section 3.2. Selection of Securities to
be Redeemed.

 

Unless otherwise indicated
for a particular Series by a Board Resolution, supplemental indenture hereto or Officer’s Certificate, if less than all the
Securities of a Series are to be redeemed, in the case of certificated Securities, the Trustee shall select the Securities of the
Series to be redeemed in any manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise
required by law or applicable stock exchange requirements (as certified by the Company to the Trustee), or, in the case of Global Securities,
to the applicable rules and procedures of the Depositary. In the case of certificated Securities, the Trustee shall make the selection
from Securities of the Series outstanding not previously called for redemption. The Trustee (in the case of certificated Securities)
or the Depositary (in the case of Global Securities) may select for redemption portions of the principal of Securities of the Series that
have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in minimum amounts of $1,000
or whole multiples of $1,000 thereof or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10,
the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that
apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

Section 3.3. Notice of Redemption.

 

Unless otherwise indicated
for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 15 days
but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first class mail or electronically,
in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed, with a
copy to the Trustee.

 

The notice shall identify
the Securities of the Series to be redeemed and shall state:

 

		a.	the redemption date;

 

		b.	the redemption price;

 

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		c.	the name and address of the Paying Agent;

 

		d.	if any Securities are being redeemed in part, the portion of the principal amount of such Securities to
be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount
equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original
Security;

 

		e.	that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

 

		f.	that interest on Securities of the Series called for redemption ceases to accrue on and after the
redemption date;

 

		g.	the CUSIP number, if any; and

 

		h.	any other information as may be required by the terms of the particular Series or the Securities
of a Series being redeemed.

 

At the Company’s written
request, the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided, however, that
the Company has delivered to the Trustee, at least five days (unless a shorter time shall be acceptable to the Trustee) prior to the notice
date, such notice and an Officer’s Certificate authorizing and directing the Trustee to give such notice and setting forth the information
to be stated in such notice in the form of such notice.

 

Section 3.4. Effect of Notice of Redemption.

 

Once notice of redemption
is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption
date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate
for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the
redemption price plus accrued interest, if any, to the redemption date.

 

Section 3.5. Deposit of Redemption Price.

 

On or before 11:00 a.m.,
New York City time, one Business Day prior to the redemption date, the Company shall deposit with the Paying Agent money sufficient to
pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6. Securities Redeemed in Part.

 

In connection with any Security
held in physical form, upon surrender of a Security that is redeemed in part, the Company shall execute and, upon receipt of a Company
Order in accordance with Section 2.3 and the other deliverables required hereunder from the Company, the Trustee shall authenticate
for the Holder at the expense of the Company a new Security of the same Series and the same Maturity equal in principal amount to
the unredeemed portion of the Security surrendered; provided that each new Security will be issued in a minimum principal amount
of $1,000 or an integral multiple of $1,000 in excess thereof. In the case of any Security held in global form, the records of the Trustee
and/or Registrar shall reflect that the Security has been redeemed in part.

 

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ARTICLE IV.

COVENANTS

 

Section 4.1. Payment of Principal and Interest.

 

The Company covenants and
agrees for the benefit of the Holders of each Series of Securities that it shall duly and punctually pay or cause to be paid when
due the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this
Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying
Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms
of such Securities and this Indenture.

 

Section 4.2. SEC Reports.

 

The General Partner shall,
so long as any Securities are outstanding, deliver to the Trustee within 15 days after it files them with the SEC copies of the annual
reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and
regulations prescribe) which the General Partner is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act. The General Partner shall also comply with the other provisions of TIA Section 314(a). Reports, information and documents filed
with the SEC via the EDGAR system (or its successor) will be deemed to be delivered to the Trustee as of the time of such filing for purposes
of this Section 4.2; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or
not such information, documents or reports have been filed via EDGAR.

 

Delivery of reports, information
and documents to the Trustee under this Section 4.2 is for informational purposes only and the Trustee’s receipt of
the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officer’s Certificates). The Trustee shall have no responsibility for the filing, timeliness or content of any
reports, information or documents. The Trustee shall have no obligation to determine whether or not such reports, information or documents
have been filed pursuant to the SEC’s EDGAR filing system (or its successor) or postings to any website have occurred, and the Trustee
shall have no duty to participate in or monitor any conference calls.

 

Section 4.3. Compliance Certificate.

 

The Company and each Guarantor
(to the extent that such Guarantor is so required under the TIA) shall, so long as any Securities are outstanding, deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate stating that a review of the activities
of the General Partner, the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officer with a view to determining whether the Company and any Guarantor has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to such Officer signing such certificate, that to the best of such Officer’s knowledge the
Company and any Guarantor has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in
default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which such Officer may have knowledge and the nature and status thereof).

 

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The Company will, so long
as any of the Securities are outstanding, deliver to the Trustee, promptly upon becoming aware of any Default or Event of Default, an
Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with
respect thereto.

 

Section 4.4. Stay, Extension and Usury
Laws.

 

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

 

ARTICLE V.

SUCCESSORS

 

Section 5.1. When Company May Merge,
Etc.

 

The Company shall not consolidate
with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor
person”) unless:

 

		a.	the Company is the surviving entity or the successor person (if other than the Company) is a corporation,
partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes
the Company’s obligations on the Securities and under this Indenture; and

 

		b.	immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred
and be continuing.

 

The Company shall deliver
to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion
of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above,
any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s
Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

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Section 5.2. Successor Entity Substituted.

 

Upon any consolidation or
merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with
Section 5.1, the successor entity formed by such consolidation or into or with which the Company is merged or to which such
sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor entity had has been named as the Company herein; provided,
however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released
from all obligations and covenants under this Indenture and the Securities.

 

Section 5.3. General Partner May Consolidate
on Certain Terms.

 

Nothing contained in this
Indenture or in the Securities shall prevent any consolidation or merger of the General Partner with or into any other person or persons
(whether or not affiliated with the General Partner), or successive consolidations or mergers in which either the General Partner will
be the continuing entity or the General Partner or its successor or successors shall be a party or parties, or shall prevent any sale,
conveyance, transfer or lease of all or substantially all of the property of the General Partner, to any other person (whether or not
affiliated with the General Partner); provided, however, that the following conditions are met:

 

		a.	the General Partner shall be the continuing entity, or the successor entity (if other than the General
Partner) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall expressly assume
the obligations of the General Partner under the Guarantee and the due and punctual performance and observance of all of the covenants
and conditions in this Indenture; and

 

		b.	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred
and be continuing.

 

The General Partner shall
deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and
an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above,
any Subsidiary of the General Partner may consolidate with, merge into or transfer all or part of its properties to the General Partner.
Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.4. General Partner Successor
to Be Substituted.

 

Upon any consolidation or
merger or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the General Partner to any
person in accordance with Section 5.3, the successor person formed by such consolidation or into which the General Partner
is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every
right and power of, the General Partner under this Indenture with the same effect as if such successor person had been named as the General
Partner herein, and thereafter, the predecessor person shall be released from all obligations and covenants under this Indenture; provided,
however, that the predecessor Guarantor shall not be relieved from the obligation, if any, to guarantee the payment of the principal
of and interest on the Securities except in the case of a sale of all or substantially all of the General Partner’s assets in a
transaction that is subject to, and that complies with the provisions of, Section 5.3 hereof.

 

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ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1. Events of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of
said Event of Default:

 

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

 

		b.	default in the payment of principal of any Security of that Series at its Maturity; or

 

		c.	default in the performance or breach of any covenant or warranty of the Company in the Securities of that
Series or this Indenture (other than defaults pursuant to paragraph (a) or (b) above or pursuant to
a covenant or warranty that has been included in this Indenture solely for the benefit of a Series of Securities other than that
Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to
the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in principal amount of the outstanding
Securities of that Series 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

 

		d.	the Company or any Guarantor pursuant to or within the meaning of any Bankruptcy Law:

 

		i.	commences a voluntary case,

 

		ii.	consents to the entry of an order for relief against it in an involuntary case,

 

		iii.	consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

		iv.	makes a general assignment for the benefit of its creditors, or

 

		v.	generally is unable to pay its debts as the same become due; or

 

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		e.	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

		i.	is for relief against the Company or any Guarantor in an involuntary case,

 

		ii.	appoints a Custodian of the Company, any Guarantor or for all or substantially all of its property, or

 

		iii.	orders the liquidation of the Company or any Guarantor, and the order or decree remains unstayed and in
effect for 60 days; or

 

		f.	any other Event of Default provided with respect to Securities of that Series, which is specified in a
Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

The term “Bankruptcy
Law” means title 11, U.S. Code or any similar federal or state law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.2. Acceleration of Maturity;
Rescission and Annulment.

 

If an Event of Default with
respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to
in Section 6.1(d) or (e)), then in every such case the Trustee or the Holders of not less than 25% in principal
amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are
Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid
interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal amount (or such specified amount) and accrued and
unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or
(e), shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities
shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration
of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities
of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences, including
any related payment default that resulted from such acceleration, if all Events of Default with respect to Securities of that Series,
other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section 6.13.

 

No such rescission shall affect
any subsequent Default or impair any right consequent thereon.

 

Section 6.3. Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Company covenants that
if:

 

		a.	default is made in the payment of any interest on any Security when such interest becomes due and payable
and such default continues for a period of 30 days, or

 

		b.	default is made in the payment of principal of any Security at the Maturity thereof, or

 

		c.	default is made in the deposit of any sinking fund payment when and as due by the terms of a
                                                            Security, 

 

then, the Company and the Guarantors shall, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

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If the Company or the Guarantors
fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company, any Guarantor or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company, any Guarantor or any other obligor upon such Securities,
wherever situated.

 

If an Event of Default with
respect to any Securities of any Series occurs and is continuing, the Trustee may proceed to protect and enforce its rights and the
rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4. Trustee May File Proofs
of Claim.

 

In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or
interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

		a.	to file and prove a claim for the whole amount of principal or, if the Securities of such Series are
Discount Securities, such amounts as may be due and payable with respect to such Securities pursuant to an acceleration in accordance
with Section 6.2, and interest owing and unpaid in respect of the Securities and to file such other papers or documents as
may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

		b.	to collect and receive any moneys 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 judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that such payments shall be made directly to
the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

 

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Section 6.5. Trustee May Enforce Claims
Without Possession of Securities.

 

All rights of action and claims
under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or
the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.

 

Section 6.6. Application of Money Collected.

 

Any money or property collected
by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First: To the payment of all
amounts due the Trustee (acting in any capacity hereunder) and Agents under Section 7.7; and

 

Second: To the payment of
the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for
principal and interest, respectively; and

 

Third: To the Company or the
Guarantors, as applicable.

 

Section 6.7. Limitation on Suits.

 

No Holder of any Security
of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any remedy hereunder, unless

 

		a.	such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect
to the Securities of that Series;

 

		b.	the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

		c.	such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to the
Trustee against the costs, claims, expenses and liabilities which might be incurred by the Trustee in compliance with such request;

 

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

 

		e.	no direction inconsistent with such written request has been given to the Trustee during such 60-day period
by the Holders of a majority in principal amount of the outstanding Securities of that Series;

 

it being understood, intended and expressly covenanted
by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under
this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series (it
being expressly understood that the Trustee shall not have an affirmative duty to ascertain whether such action is prejudicial).

 

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Section 6.8. Unconditional Right of Holders
to Receive Principal and Interest.

 

Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment
of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in
such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and
such rights shall not be impaired without the consent of such Holder.

 

Section 6.9. Restoration of Rights and
Remedies.

 

If the Trustee or any Holder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted.

 

Section 6.10. Rights and Remedies Cumulative.

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11. Delay or Omission Not Waiver.

 

No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or
by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or
by the Holders, as the case may be.

 

Section 6.12. Control by Holders.

 

The Holders of a majority
in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the
Securities of such Series, provided that

 

		a.	such direction shall not be in conflict with any rule of law or with this Indenture,

 

		b.	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction,

 

		c.	the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith
shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability,
the direction is in conflict with any law or this Indenture, or the direction would be unduly prejudicial to the Holders of such Series not
joining therein provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction (it being expressly understood that the Trustee shall not have an affirmative duty to ascertain whether such action
is prejudicial), and

 

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		d.	prior to taking any action as directed under this Section 6.12, the Trustee shall receive
indemnity or security satisfactory to it against the costs, claims, expenses and liabilities which might be incurred by it in compliance
with such request or direction.

 

Section 6.13. Waiver of Past Defaults.

 

The Holders of not less than
a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of
such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its
consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however,
that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and
its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.14. Undertaking for Costs.

 

All parties to this Indenture
agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding
Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption,
on the redemption date).

 

ARTICLE VII.

TRUSTEE

 

Section 7.1. Duties of Trustee.

 

		a.	If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.

 

		b.	Except during the continuance of an Event of Default:

 

		i.	The Trustee need perform only those duties that are specifically set forth in this Indenture and no others,
and no implied covenants or obligations shall be read into this Indenture against the Trustee.

 

		ii.	In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee
and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel
which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s
Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture (but need not
confirm or investigate the accuracy of calculations or other facts stated therein). Whenever in the administration of this Indenture the
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the
Trustee may require and conclusively rely upon an Officer’s Certificate and/or an Opinion of Counsel.

 

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		c.	The Trustee may not be relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that:

 

		i.	This paragraph does not limit the effect of paragraph (b) of this Section.

 

		ii.	The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

 

		iii.	The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it
with respect to Securities of any Series in good faith in accordance with the direction of the Company or the Holders of a majority
in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect
to the Securities of such Series in accordance with Section 6.12.

 

		d.	Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a),
(b) and (c) of this Section.

 

		e.	The Trustee may refuse to perform any duty or exercise any right or power unless it receives security
or indemnity satisfactory to it against the losses, costs, claims, expenses and liabilities which might be incurred by it in performing
such duty or exercising such right or power (including, but in no way limited to, the fees and disbursements of agents and attorneys).

 

		f.	The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree
in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required
by law.

 

		g.	No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers. The Trustee
shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder.

 

		h.	The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and
immunities as are set forth in paragraphs (e), (f) and (g) of this Section, each with respect to the
Trustee.

 

Section 7.2. Rights of Trustee.

 

		a.	The Trustee shall be entitled to conclusively rely on and shall be protected in acting or refraining from
acting upon any document (whether in its original, facsimile or electronic (including .pdf) form) reasonably believed by it to be genuine
and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

 

		b.	Before the Trustee acts or refrains from acting, it may require and shall be entitled to receive an Officer’s
Certificate and an Opinion of Counsel, or both, which shall conform to the provisions of Sections 10.4 and  10.5. The Trustee
shall be protected and shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate and Opinion of Counsel.

 

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		c.	The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any
agent appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any
act or omission by any Depositary.

 

		d.	The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes
to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct
or negligence.

 

		e.	The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by
it hereunder without willful misconduct or negligence, and in reliance on the advice or opinion of such counsel.

 

		f.	The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be compensated, reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities hereunder (including, but not limited to, as Registrar and Paying Agent), each Agent, and each agent, custodian and
other person employed to act hereunder; provided however, that (i) an Agent shall only be liable to extent of its gross negligence
or willful misconduct; and (ii) in and during an Event of Default, only the Trustee, and not any Agent, shall be subject to the prudent
person standard.

 

		g.	The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered, and, if requested, provided
to the Trustee security or indemnity satisfactory to it against the losses, costs, claims, expenses and liabilities which might be incurred
by it in compliance with such request or direction.

 

		h.	The 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, bond, debenture, note, other evidence
of indebtedness or other paper or document, but the Trustee may make such further inquiry or investigation into such facts or matters
as it may see fit.

 

		i.	The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible
Officer of the Trustee has written notice from the Company or a Holder of any event which is in fact such a default is actually received
by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of
a particular Series and this Indenture and states that such Notice is a Notice of Default or Event of Default.

 

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		j.	Any permissive right or authority granted to the Trustee shall not be construed as a mandatory duty.

 

		k.	The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s
Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded.

 

		l.	In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action arising in connection with the Indenture.

 

		m.	The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts
and powers or otherwise in respect of the Indenture.

 

		n.	Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced
by the Securities.

 

		o.	The Trustee is not responsible for monitoring the performance by any third party of their duties or for
their failure to perform.

 

		p.	Nothing herein shall be construed to impose an obligation on the part of the Trustee to monitor, calculate
or recalculate, evaluate or verify any report, certificate or information received from the Company or any other person (unless and except
to the extent expressly set forth herein), or to monitor, verify or independently determine compliance by the Company with the terms hereof.

 

Section 7.3. Individual Rights of Trustee.

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to
Sections 7.10 and 7.11.

 

Section 7.4. Trustee’s Disclaimer.

 

The Trustee makes no representation
as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds
from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

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Section 7.5. Notice of Defaults.

 

If a Default or Event of Default
occurs and is continuing with respect to the Securities of any Series and a Responsible Officer of the Trustee has written notice
from the Company or a Holder stating that such notice is a Notice of Default or Event of Default, the Trustee shall deliver to each Securityholder
of the Securities of that Series, in the manner set forth in Section 10.2, notice of a Default or Event of Default within
90 days after it occurs or, if later, after a Responsible Officer of the Trustee has written notice of such Default or Event of Default.
Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee
may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of Securityholders
of that Series.

 

Section 7.6. Reports by Trustee to Holders.

 

Within 60 days after
May 15 of each year, the Trustee shall transmit to all Securityholders, as their names and addresses appear on the register kept
by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA Section 313.

 

A copy of each report at the
time of its delivery to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which
the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are
listed or de-listed on any national securities exchange and of any delisting thereof.

 

Section 7.7. Compensation and Indemnity.

 

The Company shall pay to the
Trustee (acting in any capacity hereunder) from time to time compensation for its services as the Company and the Trustee shall from time
to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee and Agents upon request for all reasonable disbursements, out-of-pocket expenses and advances
incurred or made by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents
and counsel.

 

The Company shall indemnify,
defend and hold harmless each of the Trustee (acting in any capacity hereunder) the Agents, and any predecessor Trustee (including the
cost of defending itself) (an “Indemnified Party”) from and against any cost, claim, obligation, expense, losses, damages,
injuries, penalties, or liability, including taxes demanded, asserted, claimed or incurred by it, whether asserted by any Holder, the
Company, or otherwise, and including without limitation all reasonable costs required to be associated with claims for damages to persons
or property, and reasonable attorneys' and consultants' fees and expenses and court costs, the costs and expenses of enforcing this Indenture
(including this the indemnification provided herein), and of defending itself against any claims, except as set forth in the next paragraph
in the performance of its duties under this Indenture as Trustee or Agent. An Indemnified Party shall notify the Company promptly of any
claim for which it may seek indemnity. Failure by the such Indemnified Party to so notify the Company shall not relieve the Company of
its obligations under this Section 7.7. The Company may defend the claim and such Indemnified Party shall cooperate in the
defense; provided that: (i) counsel appointed by the Company is reasonably acceptable to such Indemnified Party, (ii) there
is no conflict of interest between one or more of the Indemnified Parties, on the one hand, and the Company, on the other hand, in the
conduct of the response to a threatened claim or in the conduct of the defense of an actual claim that would make it inappropriate for
the Company to assume such defense, in which event the Company shall be liable for the reasonable legal expenses of each counsel whose
appointment is necessary to resolve such conflict and (iii) the Company shall not enter into any settlement with respect to such
claim or action without the Indemnified Parties’ prior written consent (which such consent shall not be unreasonably withheld or
delayed). An Indemnified Party may have separate counsel of its selection and the Company shall pay the reasonable fees and expenses of
such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.
This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee (acting in any capacity hereunder)
or Agent.

 

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The Company need not reimburse
any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent
(i) of the Trustee through willful misconduct or negligence, as determined by a final non-appealable order of a court of competent
jurisdiction; (ii) of an Agent through willful misconduct or gross negligence, as determined by a final non-appealable order of a
court of competent jurisdiction.

 

To secure the Company’s
payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property
held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

 

When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and
the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions of this Section shall
survive the termination of this Indenture and the earlier resignation or removal of the Trustee.

 

Section 7.8. Replacement of Trustee.

 

A resignation or removal of
the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section.

 

The Trustee may resign with
respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed
resignation and the retiring or resigning Trustee shall have no liability or responsibility for the action or inaction of any successor
Trustee. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that
Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more
Series if:

 

		a.	the Trustee fails to comply with Section 7.10;

 

		b.	the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law;

 

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		c.	a Custodian or public officer takes charge of the Trustee or its property; or

 

		d.	the Trustee becomes incapable of acting.

 

If the Trustee resigns or
is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within
one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may
appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee with
respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable
Series may, at the Company’s sole cost and expense, petition any court of competent jurisdiction for the appointment of a successor
Trustee. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately
after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided
for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee
under this Indenture. A successor Trustee shall deliver a notice of its succession to each Securityholder of each such Series. Notwithstanding
replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof
shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted
to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement.

 

Section 7.9. Successor Trustee by Merger,
Etc.

 

If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or banking
association, the successor corporation or banking association without any further act shall be the successor Trustee, subject to Section 7.10.

 

Section 7.10. Eligibility; Disqualification.

 

This Indenture shall always
have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always have a combined
capital and surplus as required under Section 310(a)(2) of the TIA and as set forth in the Trustee’s most recent published
annual report of condition. The Trustee shall comply with TIA Section 310(b). In determining whether the Trustee has a conflicting
interest as defined in Section 310(b) of the TIA with respect to the Securities of any Series, there shall be excluded Securities
of any particular Series of Securities other than that Series.

 

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Section 7.11. Preferential Collection of
Claims Against Company.

 

The Trustee is subject to
TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed
shall be subject to TIA Section 311(a) to the extent indicated.

 

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1. Satisfaction and Discharge
of Indenture.

 

This Indenture shall upon
Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities of
such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when

 

		a.	either

 

		i.	all Securities of such Series theretofore authenticated and delivered (other than Securities that
have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

		ii.	all such Securities of such Series not theretofore delivered to the Trustee for cancellation:

 

		1.	have become due and payable by reason of sending a notice of redemption or otherwise, or

 

		2.	will become due and payable at their Stated Maturity within one year, or

 

		3.	have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

		4.	are deemed paid and discharged pursuant to Section 8.3, as applicable

 

and the Company, in the case
of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount
of money or U.S. Government Obligations sufficient for the purpose of paying and discharging the entire indebtedness on such Securities
not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities
which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may
be;

 

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		b.	the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

		c.	the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied
with.

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have
been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7,
2.8, 8.2 and 8.5 shall survive.

 

If the Company exercises the
satisfaction and discharge provisions in compliance with this Indenture with respect to Securities of a particular Series that are
entitled to the benefit of the Guarantee of any Guarantor, the Guarantee will terminate with respect to that Series of Securities.

 

Section 8.2. Application of Trust Funds;
Indemnification.

 

		a.	Subject to the provisions of Section 8.5, all money or U.S. Government Obligations deposited
with the Trustee pursuant to Section 8 1 all money and U.S. Government Obligations or Foreign Government Obligations deposited
with the Trustee pursuant to Sections 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Sections 8.3 or 8.4, shall be
held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled
thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory
sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 

		b.	The Company shall pay and shall indemnify the Trustee (and any Agent as applicable) against any tax, fee
or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3
or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 

		c.	The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government
Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the
opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification
thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision
shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

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Section 8.3. Legal Defeasance of Securities
of any Series.

 

Unless this Section 8.3
is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date
of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect and any Guarantee will terminate with respect to that Series of Securities
(and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments reasonably requested by the
Company acknowledging the same), except as to:

 

		a.	the rights of Holders of Securities of such Series to receive, from the trust funds described in
subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the
outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the
benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are
due and payable in accordance with the terms of this Indenture and the Securities of such Series;

 

		b.	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5;
and

 

		c.	the rights, powers, trust and immunities of the Trustee hereunder and the Company’s obligations
in connection therewith; provided that, the following conditions shall have been satisfied:

 

		i.	the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(g))
with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated
solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments
in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments
are due;

 

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		ii.	such deposit will not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit related to other indebtedness
of the Company or any Subsidiary) and the granting of liens to secure such borrowings);

 

		iii.	no Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit or during the period ending on the 91st day after such date;

 

		iv.	the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel
stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since
the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case stating that,
and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income,
gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income
tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge
had not occurred;

 

		v.	the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit
was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

		vi.	the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied
with.

 

Section 8.4. Covenant Defeasance.

 

Unless this Section 8.4
is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply
with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3,
4.4, 4.5 and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply
with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1)
and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s
Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event
of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

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		a.	With reference to this Section 8.4, the Company has deposited or caused to be irrevocably
deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following
payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the
case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the
case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government
Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants
or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal
of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such
installments of interest or principal and such sinking fund payments are due;

 

		b.	Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit related to other indebtedness
of the Company or any Subsidiary) and the granting of liens to secure such borrowings);

 

		c.	No Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit;

 

		d.	The Company shall have delivered to the Trustee an Opinion of Counsel stating that the Holders of the
Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and
covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such deposit and covenant defeasance had not occurred;

 

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	 	e.	The Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and
	 	 	 
	 	f.	The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5. Repayment to Company.

 

Subject to applicable abandoned
property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal
and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment
as general creditors unless an applicable abandoned property law designates another person.

 

Section 8.6 Reinstatement.

 

If the Trustee or the Paying
Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such
Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1;
provided, however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect
to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in
full to the Holders.

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1. Without Consent of Holders.

 

The Company, any Guarantors
and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

	 	a.	to cure any ambiguity, defect or inconsistency;

 

	 	b.	to comply with Article V;

 

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	 	c.	to provide
for uncertificated Securities in addition to or in place of certificated Securities;

 

	 	d.	to surrender any of the Company’s rights or powers under this Indenture;

 

	 	e.	to add covenants or events of default for the benefit of the holders of Securities of any Series;

 

	 	f.	to comply with the applicable procedures of the applicable Depositary;

 

	 	g.	to make any change that does not adversely affect the rights of any Securityholder;

 

	 	h.	to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

	 	i.	to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;

 

	 	j.	to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 

	 	k.	to reflect the release of any Guarantor in accordance with Article XII; or

 

	 	l.	to add Guarantors with respect to any or all of the Securities or to secure any or all of the Securities or the Guarantees.

 

Section 9.2. With Consent of Holders.

 

The Company, any Guarantors
and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount
of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with
a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the
Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount
of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer
or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities
with respect to such Series.

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver
under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby (with a copy to the Trustee),
a notice briefly describing the supplemental indenture or waiver.

 

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Any failure by the Company
to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture
or waiver.

 

Section 9.3. Limitations.

 

Without the consent of each
Securityholder affected, an amendment or waiver may not:

 

	 	a.	reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

	 	b.	reduce the rate of or extend the time for payment of interest (including default interest) on any Security;

 

	 	c.	reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

	 	d.	reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

	 	e.	waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 

	 	f.	make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

	 	g.	make any change in Section 6.8, 6.13 or 9.3 (this sentence);

 

	 	h.	waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option; or

 

	 	i.	if the Securities of that Series are entitled to the benefit of the Guarantee, release any Guarantor of such Series other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders.

 

Section 9.4. Compliance with Trust Indenture
Act.

 

Every amendment to this Indenture
or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then
in effect.

 

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Section 9.5. Revocation and Effect of Consents.

 

Until an amendment is set
forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by
the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture
or the date the waiver becomes effective.

 

Any amendment or waiver once
effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (h) of Section 9.3 or requires the consent of each Security Holder
affected, as set forth in a supplemental indenture or Officer’s Certificate in respect to a particular Series of Securities.
In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s Security.

 

The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall
be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.

 

Section 9.6. Notation on or Exchange of
Securities.

 

The Company or the Trustee
may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company
in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that
reflect the amendment or waiver.

 

Section 9.7. Trustee Protected.

 

The Trustee will execute and
deliver any amendment or supplemental indenture authorized pursuant to this Article IX; provided, however, that the
Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the
Trustee reasonably concludes adversely affects the Trustee’s rights, duties, liabilities, indemnities, or immunities. In executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 7.1) shall be fully protected
in relying upon, an Officer’s Certificate or an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s
Certificate or Opinion of Counsel, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

 

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ARTICLE X.

MISCELLANEOUS

 

Section 10.1. Trust Indenture Act Controls.

 

If any provision of this Indenture
limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required
or deemed provision shall control.

 

Section 10.2. Notices.

 

Any notice or communication
by the Company, any Guarantor or the Trustee to the other, or by a Holder to the Company, any Guarantor or the Trustee, is duly given
if in writing and delivered in person or mailed by first-class mail or overnight nationally recognized courier:

 

if to the Company or any Guarantor:

 

IIP Operating Partnership, LP

11440 West Bernardo Court, Suite 100

San Diego, CA 92127

Attention: General Counsel

 

with a copy to:

 

Foley & Lardner LLP

11988 El Camino Real, Suite 400

San Diego, CA 92130

Attention: Carolyn T. Long

 

if to the Trustee:

 

TMI Trust Company

1100 Abernathy Road, Suite 480

Atlanta, Georgia 30328

Attention: Debbie Schachel

 

If to the Registrar:

 

Securities Transfer Corporation

2901 North Dallas Parkway, Suite  380

Plano, Texas 75093

Attention: David Lopez

 

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

 

Any notice or communication
to a Securityholder shall be sent electronically or by first-class mail to his, her or its address shown on the register kept by the Registrar,
in accordance with the procedures of the Depositary. Any notice or communication to the Trustee or Agent shall be deemed received upon
actual receipt by the Trustee or Agent, as applicable.

 

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Failure to send a notice or
communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders
of that or any other Series.

 

If a notice or communication
is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives
it.

 

If the Company or any Guarantor
mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other
provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice
of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary
for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Section 10.3. Communication by Holders
with Other Holders.

 

Securityholders of any Series may
communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect
to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and
anyone else shall have the protection of TIA Section 312(c).

 

Section 10.4. Certificate and Opinion as
to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

	 	a.	an Officer’s Certificate stating that, in the opinion of the signers, all covenants and conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

	 	b.	an Opinion of Counsel stating that, in the opinion of such counsel, all such covenants and conditions precedent have been complied with.

 

Section 10.5. Statements Required in Certificate
or Opinion.

 

Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to
TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

 

	 	a.	a statement that the person making such certificate or opinion has read such covenant or condition;

 

	 	b.	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

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	 	c.	a statement that, in the opinion of such person, such person has made such examination or investigation as 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 or not, in the opinion of such person, such condition or covenant has been complied with.

 

Section 10.6. Rules by Trustee and
Agents.

 

The Trustee may make reasonable
rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable
requirements for its functions.

 

Section 10.7. Legal Holidays.

 

Unless otherwise provided
by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place
on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.8. No Recourse Against Others.

 

A director, officer, employee
or stockholder (past or present), as such, of the Company or any Guarantor shall not have any liability for any obligations of the Company
under the Securities, the Guarantee or this Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities.

 

Section 10.9. Counterparts.

 

This Indenture may be executed
in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and
of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the
parties hereto and may be used in lieu of the original Indenture for all purposes. The words “execution,” “signed,”
 “signature,” and words of like import in this Indenture shall include images of manually executed signatures transmitted by
facsimile, email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”)
and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing, and anything in
this Indenture to the contrary notwithstanding, (a) any Officer’s Certificate, Company Order, Opinion of Counsel, Security,
Guarantee endorsed on any Security, opinion of counsel, instrument, agreement or other document delivered pursuant to this Indenture may
be executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 2.3
or elsewhere in this Indenture to the execution, attestation or authentication of any Security, any Guarantee endorsed on any Security,
or any certificate of authentication appearing on or attached to any Security by means of a manual or facsimile signature shall be deemed
to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in
this Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Securities or any
Guarantees endorsed on any Securities. The Company agrees to assume all risks arising out of the use of using digital signatures, including
without limitation the risk of the Trustee acting on unauthorized instructions. The Trustee shall not have any duty to confirm that the
person sending any notice, instruction or other communication (a “Notice”) by electronic transmission (including by
e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures
believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures
and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall
be deemed original signatures for all purposes. Each other party assumes all risks arising out of the use of electronic signatures and
electronic methods to send Notices to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized Notice,
and the risk of interception or misuse by third parties.

 

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Section 10.10. Governing Law; Waiver of
Jury Trial; Consent to Jurisdiction.

 

THIS INDENTURE AND THE SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).

 

THE COMPANY, THE GUARANTORS,
THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Any legal suit, action or
proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts
of the United States of America located in the Borough of Manhattan, the City of New York or the courts of the State of New York in each
case located in the Borough of Manhattan, the City of New York (collectively, the “Specified Courts”), and each party
irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Solely as to the Company,
service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court)
to the Company’s address set forth above shall be effective service of process for any suit, action or other proceeding brought
in any such court. The Company, the Guarantors, the Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably
and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient
forum.

 

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Section 10.11. No Adverse Interpretation
of Other Agreements.

 

This Indenture may not be
used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or
debt agreement may not be used to interpret this Indenture.

 

Section 10.12. Successors.

 

All agreements of the Company
and the Guarantors in this Indenture and the Securities shall bind their respective successors. All agreements of the Trustee in this
Indenture shall bind its successor.

 

Section 10.13. Severability.

 

In case any provision in this
Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 10.14. Table of Contents, Headings,
Etc.

 

The Table of Contents, Cross
Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are
not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 10.15. Securities in a Foreign
Currency.

 

Unless otherwise specified
in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2
of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken
by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by
a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated
in more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the
purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance
of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s
Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such
conversion shall be made by the Company at the spot rate for the purchase of the designated currency as published in The Financial Times
in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available
in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. The provisions of this
paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency
other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

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All decisions and determinations
provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all
purposes and irrevocably binding upon the Trustee and all Holders.

 

Section 10.16. Judgment Currency.

 

The Company and each Guarantor
agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment
in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any
Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered,
unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking
Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments
in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or
not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that
such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be
payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of
recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required
Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this
Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal
holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.

 

Section 10.17. USA Patriot Act.

 

The parties hereto acknowledge
that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions,
is required to obtain, verify, and record information that identifies each person or legal entity that opens an account. The parties to
this Indenture agree that they will provide the Trustee with such information as the Trustee may reasonably request in order for the Trustee
to satisfy the requirements of the USA Patriot Act.

 

Section 10.18. Force Majeure.

 

In no event shall the Trustee
be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
pandemics, epidemics, recognized public emergencies, quarantine restrictions, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services hacking, cyber-attacks, or other use or
infiltration of the Trustee’s technological infrastructure exceeding authorized access; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

 

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ARTICLE
xI.

SINKING FUNDS

 

Section
11.1. Applicability of Article.

 

The provisions of this Article
shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities
pursuant to Section 2.2, except as otherwise permitted or required by any form of Security of such Series issued pursuant
to this Indenture.

 

The minimum amount of any
sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund
payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities
of any Series as provided for by the terms of the Securities of such Series.

 

Section
11.2. Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction
of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities
(1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities
previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking
fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to
the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional
sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have
not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect
thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in
order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption,
except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent
and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time
to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying
Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount
equal to the cash payment required to be released to the Company.

 

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Section
11.3. Redemption of Securities for Sinking Fund.

 

Not less than 45 days
(unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular
Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an
Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms
of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to
be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount
therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental
indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities
to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4,
3.5 and 3.6.

 

ARTICLE
xII.

GUARANTEE

 

Section
12.1. Unconditional Guarantee.

 

		a.	Notwithstanding any provision of this Article XII
to the contrary, the provisions of this Article XII shall be applicable only to, and inure solely to the benefit of, the
Securities of any Series designated, pursuant to Section 2.2.23, as entitled to the benefits of the Guarantee of each Guarantor
identified in such designation and that has executed a Notation of Guarantee with respect to such Series.

 

		b.	For value received, each Guarantor hereby jointly and severally,
fully, unconditionally and absolutely guarantees (the “Guarantee”) to the Holders and to the Trustee the due and punctual
payment of the principal of, premium, if any, and interest on each Series of Securities for which such Guarantor has executed a Notation
of Guarantee with respect to such Series and all other amounts due and payable under this Indenture and the Securities of such Series
by the Company, when and as such principal, premium, if any, interest, and such other amounts as shall become due and payable, whether
at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of such Securities
and this Indenture, subject to the limitations set forth in Section 12.3.

 

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		c.	Failing payment when due of any amount guaranteed pursuant to
the Guarantee, for whatever reason, each of the Guarantors will be jointly and severally obligated to pay the same immediately. Each
of the Guarantors hereby agrees that its obligations hereunder shall be full, unconditional and absolute, irrespective of the validity,
regularity or enforceability of the Securities, the Guarantee (including the Guarantee of any other Guarantor) or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of the Securities with respect to any provisions hereof
or thereof, the recovery of any judgment against the Company or any other Guarantor, or any action to enforce the same or any other circumstances
which might otherwise constitute a legal or equitable discharge or defense of any of the Guarantors. Each Guarantor hereby agrees that
in the event of a default in payment of the principal of or interest on the Securities entitled to the Guarantee of such Guarantor, whether
at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the
Trustee on behalf of the Holders or, subject to Section 6.7 by the Holders, on the terms and conditions set forth in this
Indenture, directly against such Guarantor to enforce the Guarantee without first proceeding against the Company or any other Guarantor.

 

		d.	Each Guarantor hereby (i) waives diligence, presentment,
demand of payment, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the Company or any of the Guarantors,
and all demands whatsoever and (ii) acknowledges that any agreement, instrument or document evidencing the Guarantee may be transferred
and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the
Guarantee without notice to it. Each Guarantor further agrees that if at any time all or any part of any payment theretofore applied
by any person to the Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency,
bankruptcy or reorganization of the Company or any of the Guarantors, the Guarantee shall, to the extent that such payment is or must
be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall continue
to be effective or be reinstated, as the case may be, as though such application had not been made.

 

		e.	Each Guarantor shall be subrogated to all rights of the Holders
and the Trustee against the Company in respect of any amounts paid by such Guarantor pursuant to the provisions of this Indenture; provided,
however, that such Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right
of subrogation until all of the Securities entitled to the Guarantee of such Guarantor and the Guarantee shall have been paid in full
or discharged.

 

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Section
12.2. Execution and Delivery of Notation of Guarantee.

 

To evidence the Guarantee
of a Guarantor of a Series of Securities, a Notation of Guarantee, executed by either manual or facsimile signature of an Officer of such
Guarantor, shall be affixed on each Security entitled to the benefits of the Guarantee of such Guarantor. If any Officer of any Guarantor
whose signature is on a Notation of Guarantee no longer holds that office at the time the Trustee authenticates a Security to which such
Notation of Guarantee is affixed or at any time thereafter, the Guarantee of such Security shall be valid nevertheless. The delivery of
any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee relating to such
Security set forth in the Indenture on behalf of the Guarantor. Notwithstanding the foregoing, each Guarantor hereby agrees that its Guarantee
shall remain in full force and effect notwithstanding the absence of a Notation of Guarantee being affixed to such Security.

 

Section
12.3. Limitation on Guarantors’ Liability.

 

Each Guarantor by its acceptance
hereof and each Holder of Security and the Trustee entitled to the benefits of the Guarantee hereby confirms that it is the intention
of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or conveyance
for purposes of any federal or state law. To effectuate the foregoing intention, each Holder of a Security and the Trustee entitled to
the benefits of the Guarantee and each Guarantor hereby irrevocably agrees that the obligations of each Guarantor under the Guarantee
shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and
to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor
under the Guarantee, not result in the obligations of such Guarantor under the Guarantee constituting a fraudulent conveyance or fraudulent
transfer under federal or state law.

 

Section
12.4. Release of Guarantors from Guarantee.

 

a.             Notwithstanding
any other provisions of this Indenture, the Guarantee of any Guarantor may be released upon the terms and subject to the conditions set
forth in Section 8.1, Section 8.3 and this Section 12.4. Provided that no Default shall have occurred
and shall be continuing under this Indenture, the Guarantee incurred by a Guarantor pursuant to this Article XII shall be
unconditionally released and discharged (i) automatically upon (A) any sale, exchange or transfer, whether by way of merger
or otherwise, to any person that is not an Affiliate of the Company, of all of the Company’s direct or indirect equity interests
in such Guarantor (provided such sale, exchange or transfer is not prohibited by this Indenture) or (B) the merger of such Guarantor
into the Company or any other Guarantor or the liquidation and dissolution of such Guarantor (in each case to the extent not prohibited
by this Indenture) or (ii) with respect to any Series of Securities, upon the occurrence of any other condition set forth in the
Board Resolution, supplemental indenture or Officer’s Certificate establishing the terms of such Series.

 

b.             Upon
receipt of a written request of the Company accompanied by an Officer’s Certificate and Opinion of Counsel stating that (i) any
Guarantor is entitled to be released from the Guarantee in accordance with the provisions of this Indenture and (ii) such release of
the Guarantor is authorized or permitted by the terms of this Indenture, the Trustee shall deliver instruments reasonably requested by
the Company or such Guarantor evidencing the release of such Guarantor from the Guarantee, such instruments to be prepared by the Company
or such Guarantor and delivered to the Trustee. Any Guarantor not so released shall remain liable for the full amount of principal of
and interest on the Securities entitled to the benefits of the Guarantee as provided in this Indenture, subject to the limitations of
Section 12.3.

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	 	IIP OPERATING PARTNERSHIP, LP, as the Company
	 	 
		By:	Innovative Industrial Properties, Inc., as its sole general partner
	 	 	 
	 	By: 	 
	 	Name:
	 	Title:
	 	 
	 	INNOVATIVE INDUSTRIAL PROPERTIES, INC., as Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	TMI TRUST COMPANY, as Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	SECURITIES TRANSFER CORPORATION, as Registrar
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page for Indenture]

 

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EXHIBIT A

 

[FORM OF]

 

NOTATION OF GUARANTEE

 

Each Guarantor signing below
has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture,
the due and punctual payment of the principal of, premium, if any, and interest on the Securities to which this notation is affixed and
all other amounts due and payable under the Indenture and the Securities to which this notation is affixed by the Company.

 

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

 

	 	[NAME OF GUARANTOR(S)]
	 	 
	 	By:	                       
	 	Name:
	 	Title:

 

    54

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