Document:

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                                  EXHIBIT 10.35

                      TRUSTAR/sm/ DIRECTED TRUST AGREEMENT

This Agreement is made by and between the undersigned Employer and Delaware
Charter Guarantee & Trust Company, a Delaware corporation conducting business
under the trade name of Trustar/sm/ Retirement Services. The Employer has
adopted the Plan (as defined in Section .01 hereof) for the benefit of its
employees. Any change to the name of the Plan shall not affect this Agreement.

The Employer and the Trustee mutually agree as follows:

SECTION .01 - DEFINITIONS.

For the purposes of this Agreement, capitalized terms in this Agreement shall
have the meaning set out in this Section unless otherwise clearly required by
context.

"81-100 trust" shall mean the group trust that meets the requirements of Revenue
Ruling 81-100.

"Account" shall mean, with regard to each Member, the portion of the Trust Fund
that is attributable to that Member.

"Annuity Contract" shall mean an individual or group annuity contract issued by
an insurer to the Trustee for the purpose of funding annuity benefits under the
Plan.

"Beneficiary" shall mean the person or persons named by a Member to receive any
benefits under the Plan when the Member dies.

"Contributions" shall mean (i) the amounts described in the Plan Documents
allowable as contributions to the Plan (ii) that are forwarded to the Trustee to
be held and invested in the Trust as set forth herein.

"Employer" shall mean the employer identified in Exhibit A attached to this
Trust.

"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as
amended, or the corresponding provisions of any successor law.

"IRC" shall mean the Internal Revenue Code of 1986, as amended, or the
corresponding

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provisions of any successor law.
"Insurer" shall mean an insurance company that issues a policy or contract with
regard to the Plan and which policy or contract is held in the Trust in the
event that any such policy or contract is issued.

"Investment Manager" shall mean an investment manager, as defined in
Section 3(38) of ERISA, that has been retained to provide investment advice or
management with regard to the Plan. The employer shall give the Trustee notice
of the identity of each Investment Manager and of any new or terminating
Investment Managers.

"Member" shall mean a participant in the Plan with respect to whom there is an
Account, as defined in this Agreement. For the purposes of the operation of this
Trust only, the term Member shall also include a person who has an interest in
the Trust as the result of an assignment under a Qualified Domestic Relations
Order (as defined ERISA Section 206(d) and IRC Section 414(p)).

"Named Fiduciary" shall mean the person or other entity designated as such in
the Plan Documents. The Employer shall give the Trustee notice of the identity
of each Named Fiduciary and of any new or terminating Named Fiduciaries. The
Trustee shall not be designated as a Named Fiduciary and any attempt to do so
shall be void and of no effect.

"Plan" shall mean the employee pension benefit plan (as defined in ERISA
Section 3(2)(A)) identified in Exhibit A.

"Plan Administrator" shall mean the person or other entity designated as such in
the Plan Documents. The Employer shall give the Trustee notice of the identity
of the Plan Administrator and of any replacement of the Plan Administrator. The
Trustee shall not be designated as Plan Administrator and any attempt to do so
shall be void and of no effect.

"Plan Documents" shall mean the documents under which the Plan is established
and maintained.

"Plan Year" shall mean the plan year defined in the Plan Documents. The Employer
shall give the Trustee Notice of such definition and any changes to it.

"Successor Trustee" shall mean a trustee appointed by the Employer under
Section .03 of this Agreement to succeed the Trustee.

"Trust" shall mean the directed trust established as set forth in this document.

"Trust Fund" shall mean the Trust Fund described in Section .02.

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"Trustee" shall mean Delaware Charter Guarantee & Trust Company, a Delaware
corporation conducting business under the trade name of Trustar/sm/ Retirement
Services.

SECTION .02 - THE TRUST AND TRUST FUND.

By signing this Agreement, the Employer establishes the Trust to hold and
distribute the Trust Fund in accordance with the provisions of the Plan
Documents. Except to the extent that ERISA applies, the laws of the State of
Delaware shall govern, control, and determine all questions arising with respect
to a Trustee acting pursuant to the provisions of this Agreement, including the
validity of its provisions. This Agreement shall be interpreted in a manner
consistent with the intent to satisfy the relevant provisions of IRC
Section 401(a) and such other provisions of the IRC that apply to the Plan.

The Trust Fund consists of the assets held at any time, and from time to time,
by the Trustee under the Trust (including assets held by an 81-100 trust which
may be maintained or administered by an Investment Manager, or assets held by a
custodian, transfer agent, broker/dealer, or other entity subject to a proper
arrangement with the Trustee) and shall consist of contributions received by the
Trustee and all manner of investments, and the proceeds thereof, attributable to
those contributions. The Trust Fund shall include only those assets that the
Trustee accepts and which are actually received by the Trustee. The Trust Fund
shall be valued at current fair market value as of the last day of the Plan Year
and, at the discretion of the Trustee, may be valued more frequently. The
valuation shall take into consideration investment earnings credited, expenses
charged, payments made, and changes in the values of the assets held in the
Trust Fund. The Account of a Member shall be credited with its share of the
gains and losses of the Trust Fund. That part of a Member's Account invested in
a funding arrangement or other investment vehicle which establishes an account
or accounts for such Member thereunder shall be credited with the gains or
losses from such account or accounts. That part of a Member's Account, which is
invested in other funding arrangements or other investment vehicles shall be
credited with a proportionate share of the gains or losses of such investments.
The share shall be determined by multiplying the gain or loss of the investment
by the ratio of (i) the part of the Member's Account invested in such funding
arrangement or other investment vehicle to (ii) the total of the Trust Fund
invested in such funding arrangement or other investment vehicle.

The corpus or income of the Trust Fund shall not be used for, or diverted to,
purposes other than for the exclusive benefit of the Members, retired Members,
or their Beneficiaries.

SECTION .03 - THE TRUSTEE.

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The Trustee accepts this appointment by executing this Agreement. The Trustee
represents and warrants that it is duly qualified to act in a fiduciary
capacity, as Trustee, in accordance with the terms and conditions of this Trust.

The Employer may remove the Trustee upon thirty (30) days prior notice. The
Trustee may resign at any time upon thirty (30) days notice to the Employer, or,
with the consent of the Employer, the Trustee may resign with less than thirty
(30) days prior notice. Upon such removal or resignation of the Trustee, the
Employer shall appoint a Successor Trustee who shall have the same powers and
duties as those conferred upon the Trustee hereunder. The Successor Trustee must
accept such appointment in writing for the appointment to become valid, at which
point only will the Trustee's appointment as such be considered to have
terminated and the Successor Trustee shall become the Trustee under this
Agreement.

If the Successor Trustee fails to accept the appointment, or if the Employer
fails to appoint a Successor Trustee within thirty (30) days of the resignation
or removal of the Trustee, then the Employer shall appoint the President, or
such other officer of the Employer who is eligible, Successor Trustee and such
person shall be deemed to have filed his or her acceptance of appointment as the
Successor Trustee.

When appointment has been accepted, or deemed accepted, by a Successor Trustee,
the removed or resigning Trustee must assign, transfer, pay over, and deliver to
the Successor Trustee all of the Trust Fund, less any unpaid fees or expenses,
and such relevant records as the Trustee may possess. No Successor Trustee shall
be obliged to examine the accounts, records, and acts of any previous Trustee or
Trustees, and such Successor Trustee in no way or manner shall be responsible
for any action or omission to act on the part of any previous Trustee.

The Employer shall notify the Insurer of any change of Trustee.

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SECTION .04 - DUTIES OF THE TRUSTEE.

The Trustee shall accept Contributions forwarded to the Trustee to be held in
the Trust and shall hold the Trust Fund and administer it according to the
provisions of this Agreement. The Trustee has no duty to demand or require that
Contributions be made to the Trust, nor shall the Trustee be liable to determine
the amount of any Contributions to the Trust or the adequacy of such
Contributions to meet or discharge any liabilities of the Employer or the Plan.

The Plan Administrator administers the Plan. The Trustee is not responsible for
any aspect of its administration. A Named Fiduciary may appoint an Investment
Manager to manage, including the power to acquire and dispose of, any assets of
the Plan. The Trustee is not responsible for any aspect of an Investments
Manager's advice, control or management. The Trustee is not required to look
into any action taken by the Employer, the Plan Administrator, a Named
Fiduciary, a Member, or an Investment Manager, and will be fully protected in
taking, permitting, or omitting any action on the basis of their instructions or
direction. Any instructions, notice, or direction by the Employer, the Plan
Administrator, a Named Fiduciary, a Member, or an Investment Manager, given in
accordance with the provisions of the Plan Documents shall be given or made as
described in this Agreement; any attempted instruction, direction, or notice
made in any other format shall be void and of no effect and the Trustee shall
not act on such. The Employer will indemnify the Trustee by satisfying any
liabilities the Trustee may incur in acting according to the Trust provisions
upon written instruction, direction, or notice from the Employer, the Plan
Administrator, a Named Fiduciary, Member, or an Investment Manager.

SECTION .05 - DIRECTED POWERS OF THE TRUSTEE.

The Trustee shall have the following powers with respect to the Trust Fund as
appropriate under this Agreement and subject to written direction, notice or
instruction by the Plan Administrator, Named Fiduciary, Investment Manager, or
Member, as appropriate under the Plan Documents. In no event shall the Trustee
be required to review such directions or instructions, and the Employer shall
indemnify and protect the Trustee from any claims resulting from following such
directions. The Trustee shall have the power:

a)   to receive and hold Contributions forwarded to it under this Agreement and
     to invest the Trust Fund in one or more of the following as directed by the
     Plan Administrator, a Named Fiduciary, a Member, or an Investment Manager:

     1)   81-100 trust; provided, however, that as long as the Trustee holds any
          units in an 81-100 trust hereunder, the instruments establishing and
          or amending

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          any such 81-100 trust shall be adopted and made part of this Trust as
          though fully set forth herein;

     2)   Custodial arrangements;

     3)   Loans to Members, provided such loans are duly authorized by the Plan
          Documents and that such authorization meets the requirements of both
          ERISA and the IRC;

     4)   Cash or other short-term investments including money market funds;

     5)   Common or preferred stock of the Employer or an affiliate of the
          Employer, provided the securities are qualifying employer securities,
          as defined in ERISA Section 407, and are regularly traded on a
          national securities exchange ("Qualifying Employer Securities");

     6)   Annuity Contracts with the Insurer which provide for either guaranteed
          benefits or the investment of Plan assets in one or more separate
          accounts maintained by the Insurer, or both;

     7)   Exchange traded debt and equity securities, mutual fund shares; and

     8)   Such assets, securities, or investment options as may be necessary to
          effectuate the purpose of this Trust.

b)   to sell, exchange, convey, transfer, or otherwise dispose of any property
     held by it, by private contract or at public auction;

c)   to vote on all matters as directed by the Employer or the Member pertaining
     to all securities and mutual fund shares held in the Trust Fund (other than
     Qualifying Employer Securities). The Trustee shall vote any securities and
     mutual fund shares that may be held by it solely as directed by the
     Employer or the Member in accordance with this Trust Agreement. If the
     Trustee receives timely directions on how to vote securities or mutual fund
     shares with regard to fewer than all of the securities or mutual fund
     shares subject to the vote, the Trustee shall vote such undirected
     securities or mutual fund shares in the same proportion as those for which
     it has received timely direction. The Trustee shall be under no duty to
     investigate any matter relating to a vote and shall have no power or
     authority to vote other than as set forth in this agreement;

     1.   if any securities and mutual fund shares are held in an alternate

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          arrangement (other than a self-directed brokerage account), including
          an 81-100 trust, a sub-trust, ancillary trust or in a custodial
          arrangement, to inform the trustee or custodian of such alternate
          arrangement of the voting directions the Trustee has received with
          regard to securities or mutual fund shares held in such alternate
          arrangement and to identify the securities or mutual fund shares with
          respect to which the Trustee has received partial or no direction or
          instruction. Those securities shall then be voted in accordance with
          the documents governing the 81-100 trust, sub-trust, ancillary trust
          or custodial arrangement. Nothing in this agreement shall be held as
          changing or affecting such other trusts or agreements. The Trustee
          shall have no power or authority to act otherwise than as set out in
          this paragraph with regard to votes on the securities and mutual fund
          shares described in this paragraph;

     2.   to vote and tender Qualifying Employer Securities held hereunder in
          the manner described in the Plan, or if Qualifying Employer Securities
          are held in a sub-trust or ancillary trust to inform the trustee of
          the voting directions the Trustee has received and to identify the
          Qualifying Employer Securities with respect to which the Trustee has
          received no direction or instruction;

     3.   to vote and tender securities and mutual fund shares held in a
          self-directed brokerage account in the manner described in the Plan
          and any applicable brokerage account agreements;

g)   to open such brokerage accounts with a broker/dealer on behalf of the
     Trust, as may be necessary to effect transactions in securities held in the
     Trust Fund.

SECTION .06 - COMPLEMENTARY POWERS OF THE TRUSTEE.

In exercising its powers under Section .05 of this Agreement and discharging its
duties generally under this Agreement, the Trustee shall have the following
powers with respect to the Trust Fund:

a)   to employ, and pay reasonable compensation to, agents, brokers,
     broker/dealers, attorneys, accountants, custodians, sub-trustees, ancillary
     trustees, or other persons, whose advice or services the Trustee may deem
     necessary in carrying out its duties and powers under this Agreement;

b)   to make, execute, acknowledge, and deliver any instruments that may be
     necessary to carry out the powers granted it including, custodial, 81-100
     trust, sub-trust or ancillary trust agreements;

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c)   to consult with legal counsel, including the Employer's counsel, with
     respect to the meaning or construction of, or the Trustee's obligations or
     duties under, the Plan Documents, and Trust, or with respect to any action
     or proceeding or any question of law. The Trustee shall be fully protected
     with respect to any action it takes in good faith pursuant to the advice of
     such counsel;

d)   to enforce any right, obligation, or claim and, in its absolute discretion,
     to protect in any way the interest of the Trust Fund and, if the Trustee
     considers such action for the best interests of the Trust Fund, to abstain
     from the enforcement of any right, obligation, or claim and to abandon any
     property which it has held;

e)   to institute, maintain, or defend any litigation necessary in connection
     with the administration of the Trust, provided the Trustee shall be under
     no duty or obligation to do so unless it shall be indemnified to its
     satisfaction against all expenses and liabilities which it may sustain or
     be paid reasonable compensation for its own extraordinary services in
     connection therewith;

f)   to hold assets in the Trustee's name or in the name of a nominee and to
     cause assets to be held by such custodian, 81-100 trust, sub-trustee or
     ancillary trustee, transfer agent, broker/dealer, or other party as
     appropriate to carrying out the Trustee's duties under this Agreement;

g)   to do all things necessary, in the Trustee's judgement, for the proper
     performance of the Trustee's duties under this Agreement;

h)   to assume, until advised to the contrary, that the Trust is qualified under
     IRC Section 401(a);

i)   to terminate the Plan's participation in an 81-100 trust, sub-trust or
     ancillary trust, or custodial arrangement if such trust or arrangement
     limits participation to qualified plans and the Trustee learns of a
     determination by the Internal Revenue Service or a court of competent
     jurisdiction that the Plan is no longer qualified or that continued
     participation in the 81-100 trust, sub-trust or ancillary trust or
     custodial arrangement would have adverse tax consequences for the Plan; and

j)   to make appropriate custodial arrangements with a benefits paying agent for
     the payment of benefits under the Plan.

SECTION .07 - EXPENSES.

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The Trustee shall be reimbursed by the Employer for all expenses incurred by the
Trustee in exercising its powers and carrying out its duties under this
Agreement and for such reasonable compensation for the Trustee as may be agreed
upon in writing from time to time by the Employer and the Trustee. If, and to
the extent, the Employer does not timely pay such expenses and compensation,
they shall be paid from the Trust Fund, either as directed by the Employer, Plan
Administrator, a Named Fiduciary, or Investment Manager, as appropriate in
accordance with the Plan Documents or pro rata with respect to each of the
investments of each Member's Account and, within the Member's Account, pro rata
with regard to the securities, Mutual fund shares or other investments
attributable to that Member's Account including investments in 81-100 trusts,
sub-trusts or ancillary trusts, or custodial arrangements. The Trustee may also
pay other expenses of the Plan, as directed by the Plan Administrator, a Named
Fiduciary, or Investment Manager, as appropriate in accordance with the Plan,
from the Trust fund in the same manner as described above. The Trustee is hereby
authorized to collect expenses and compensation as described above.

SECTION .08 - ACCOUNTING.

The Trustee or its designee shall maintain true and accurate records and
accounts reflecting all receipts and disbursements of the Trust Fund and
containing a description of all Trust Fund assets held hereunder. These records
will be open, at the Trustee's regular place of business, to inspection and
audit by the Employer, the Plan Administrator, Investment Manager, and a Named
Fiduciary at all reasonable times.

Writing (handwriting, typing, printing), photostating, photographing,
microfilming, magnetic impulse, mechanical or electrical recording, or other
forms of data compilation shall be acceptable means of keeping records.

The Trustee or its designee shall file all reports, returns, and information
required to be filed by Trustees under ERISA and the IRC and regulations and
rulings issued under ERISA and the IRC.

The Trustee or its designee shall file with the Employer an accounting of its
transactions as soon as practical after the first day of each Plan Year or any
other date specified. Any such report or accounting is open to inspection by a
Member for a period of sixty (60) days following the date it is filed. At the
end of the sixty-day period, the Trustee is released and discharged as to any
matters set forth in the report or account, except with respect to any act or
omission as to which a Member, the Employer, the Plan Administrator, or the
Named Fiduciary has filed a written objection within the sixty-day period.

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In preparing its reports, the Trustee shall be permitted to rely upon, and deem
accurate without the need for independent verification, reports furnished to the
Employer, Plan Administrator, or Trustee by the Insurer, any Investment Manager,
and any investment fund or custodian.

SECTION .09 - AMENDMENT.

The Employer and the Trustee jointly reserve the right to amend this Agreement
by written instrument executed by both parties at any time upon terms mutually
acceptable, and effective as agreed by the Employer and the Trustee.

The Trustee may amend this Agreement (including any Exhibits) at any time by
written instrument, provided that such amendment is, in the Trustee's opinion,
required by applicable law or regulations. Copies of the amended Agreement shall
be sent to the Employer by the Trustee or its designee no less than 60 days
prior to the effective date of such change set out in the amended Agreement
(which shall be effective irrespective of when or whether such copy is received
by the Employer).

No amendment described in this Section .09 shall permit any part of the corpus
or income of the Trust Fund to be used for, or diverted to, purposes other than
for the exclusive benefit of Members, retired Members or their Beneficiaries.

SECTION .10 - TERMINATION.

The Employer reserves the right to terminate this Agreement by a written
instrument delivered to the Trustee. This Agreement shall automatically
terminate upon the dissolution or liquidation of the Employer unless a successor
corporation or business organization agrees in writing to assume the obligations
of the Plan and this Trust.

Any Annuity Contract held in the Trust Fund at the time this Trust is terminated
shall be transferred to the Employer and the remainder of the assets of the
Trust Fund shall be transferred to the person or institution authorized in
writing by the Employer to receive such assets.

If the Employer does not direct the transfer of the remainder of the assets of
the Trust Fund to a person or institution authorized in writing by the Employer
to receive such assets or the Trustee is not informed of the identity of any
such person, the Trustee shall seek appointment of an appropriate recipient. The
Trustee shall be paid all expenses incurred in doing so.

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In the event of the termination of the Trust on account of termination of the
Plan, the assets of the Trust Fund shall be applied to provide the benefits
specified in the Plan upon termination of the Plan.

SECTION .11 - INSURER.

With regard to any portion of the assets of the Trust Fund consisting of Annuity
Contracts issued by an Insurer, such Insurer shall in no event be deemed to be a
party to this Trust or to be responsible for its validity. The obligations and
responsibilities of the Insurer shall be measured and determined solely by the
terms of the Annuity Contract and it shall not be required to do any act not
provided in, or any act contrary to, the provisions of such Annuity Contract.

The Insurer shall not be required to look into the terms of this Agreement or
question any action of the Trustee, nor shall it be responsible to see that any
action of the Trustee is authorized. The Insurer shall act only upon the
direction of the Trustee and shall be fully discharged from any and all
liability for any amount paid to the Trustee or paid in accordance with the
direction of the Trustee or for any change made, or action taken, upon such
direction and shall not be obligated to see that any money paid by it to the
Trustee or to any person shall be properly distributed or applied. Any
instrument executed by the Trustee may be treated as conclusive. The Insurer
shall be without liability in taking, permitting, or omitting any action on the
faith of any such instrument and shall incur no liability or responsibility for
doing so.

Notices, proposed contract amendments, rate or fee changes, or other
communications regarding any Annuity Contracts that may be held hereunder will
be sent directly to either the Employer or the Trustee. The Trustee shall not
take any action with respect to any such notice, proposed amendment, change, or
other communication unless the Trustee receives appropriate written direction
from the Employer. Any rights of a contractholder under any such Annuity
Contract, including rights to discontinue, amend, or otherwise modify the
Annuity Contract shall be exercised only upon the specific written direction of
the Employer.

SECTION .12 - LIMITATION ON RIGHTS AND REMEDIES.

In any action or proceeding involving the Trust Fund, or the administration of
the Trust Fund, only the Trustee and the Employer shall be the necessary
parties. Unless otherwise ordered by the court entertaining jurisdiction
thereover, no other person having or claiming to have an interest in the Trust
Fund shall be entitled to any notice or service of process. Any final judgment
entered in such an action or proceeding shall be conclusive upon all persons
claiming under this Agreement.

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SECTION .13 - LIMITATION OF TRUSTEE'S LIABILITY.

a)   Any direction, instruction, or notice by the Trustee or to the Trustee by a
     Member, the Employer, the Plan Administrator, the Investment Manager, a
     Named Fiduciary, the Insurer, or other person pursuant to any of the
     provisions of this Plan and Trust shall be in writing and delivered by
     regular mail, and shall be effective only upon actual receipt. The Employer
     and the Trustee may agree in writing that any such direction, instruction,
     or notice may be given by alternative methods, including facsimile
     transmission, telephone, or electronic transmission to any e-mail address
     or fax or telephone number and shall, with regard to such alternate means
     of giving any such direction, instruction, or notice, provide for the use
     of identifying numbers or procedures that must be followed with regard to
     the giving of any such direction, instruction, or notice. The Employer
     shall inform the Plan Administrator, Named Fiduciary, Members, and any
     Investment Manager of such agreed upon alternative methods. The Trustee
     shall not be under any duty or obligation to act on any notice,
     instruction, or direction received in a form other than those agreed upon
     between the Employer and the Trustee. The Trustee may absolutely rely upon
     any and all such directions, instructions, or notices reasonably believed
     by it to be genuine and shall be fully protected in acting in accordance
     therewith. The Employer agrees to indemnify and hold the Trustee harmless
     against any loss, cost, claim damage, expense, and liability (including
     attorney's fees) and other costs it may incur in acting upon such notice,
     instructions, or directions. Except for the Trustee's own negligence, the
     Trustee shall incur no liability for any act or failure to act pursuant to
     this Agreement, unless a higher standard of care is imposed by ERISA.

b)   The Trustee is not liable for the acts or omissions of any Investment
     Manager, the Employer, the Plan Administrator, or the Insurer, nor is the
     Trustee under any obligation to invest or otherwise manage any asset of the
     Plan which is subject to the management of a properly appointed Investment
     Manager. The Employer, the Plan Administrator, the Trustee, and any
     properly appointed Investment Manager may execute a letter of agreement as
     a part of this Plan delineating the duties, responsibilities, fee
     structure, and liabilities of the Investment Manager with respect to any
     part of the Trust Fund under the control of the Investment Manager.

c)   The Trustee may assume that the Employer, the Plan Administrator, the
     Investment Manager, and the Insurer are appropriately discharging their
     duties under the Plan Documents and this Agreement unless and until it is
     notified to the contrary in writing by any person known to the Trustee to
     be a Member in the Plan, the Employer, or a governmental agency with
     jurisdiction. In the event the

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     Trustee receives said written notice, then the Trustee shall take any
     actions it deems appropriate, including, if the Trustee so desires,
     applying to a court of competent jurisdiction and/or Federal regulatory
     authorities for guidance with respect to disposition of the Trust Fund.

d)   The Trustee shall have no authority or discretion for the management and
     control of the Trust Fund beyond implementation of instructions, notice, or
     directions received by the Trustee in accordance with this Agreement, it
     being contemplated that all Plan assets will be under the control or
     direction of the Insurer or a properly appointed Investment Manager, or
     subject to Member, Employer, Plan Administrator, or Named Fiduciary
     direction. The Trustee shall not be responsible for reviewing reports
     provided by the Insurer or any Investment Manager. The Trustee will be
     under no duty of inquiry or review with regard to any direction,
     instruction, or notice that it may receive in accordance with this
     Agreement.

e)   The duties and responsibilities of the Trustee shall be limited to those
     set forth in this Agreement and nothing contained in this Agreement shall
     be deemed, either expressly or by implication, to impose any additional
     duties, powers, or responsibilities on the Trustee.

SECTION .14 - SECTION 404(c) COMPLIANCE.

The Trustee shall have no duty or responsibility to review any aspect of the
Plan or its administration relating to compliance with ERISA Section 404(c).

SECTION .15 - MISCELLANEOUS.

a)   Third Parties Dealing with Trustee. To the extent permitted by law, no
     person shall be obliged to see to the application of any money paid or
     property delivered to the Trustee, nor shall any such person be required to
     take cognizance of the provisions of this Agreement. In general, each
     person dealing with the Trustee may act upon any advice, request, or
     representation in writing by the Trustee, or the Trustee's duly authorized
     agent, and shall not be liable to any person in so doing.

b)   Certificate of Authority from Third Parties. The Trustee may require
     delivery to it of a copy of any certificate, notice, or other instrument or
     information believed by it to be necessary to perform its duties hereunder
     and may rely and act upon the basis of any such certificate, notice,
     instrument, or other information furnished to the Trustee which it believes
     to be reliable and to have been signed, made, or presented by the proper
     party or parties.

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c)   No Liability for Actions of Employer and Plan Administrator. To the extent
     permitted by law, the Trustee shall not be responsible for any act or
     omission of the Employer, the Plan Administrator, the Investment Manager,
     or the Named Fiduciary. The Trustee shall be under no duty to inquire into
     any rule, regulation, instruction, direction, or order purporting to have
     been issued by the Employer, the Plan Administrator, the Investment
     Manager, or Named Fiduciary.

d)   Other. Notwithstanding anything else in this Agreement, the Trustee has the
     right, but not the obligation, to seek guidance from a court of competent
     jurisdiction or Federal regulatory authorities with respect to the handling
     and disposition of the Trust Fund.

e)   Assignment or Alienation. No interest under this Trust may be alienated,
     anticipated, encumbered or assigned, voluntarily or involuntarily and any
     such attempted assignment, alienation, anticipation, or encumbrance shall
     be void and of no effect. Nothing in this Agreement, however, shall prevent
     an assignment or alienation that the Plan Administrator advises the Trustee
     is necessary to fulfil the requirements of a Qualified Domestic Relations
     Order, as defined in ERISA Section 206(d) and IRC Section 414(p).

f)   No Reversion. Except as may be specifically permitted by the Plan
     Documents, under no circumstances shall any asset held in the Trust Fund or
     any Contributions made to the Trust ever revert to or be used or enjoyed
     by, the Employer or used for any other purpose than the funding or
     provision of benefits to eligible Members or their Beneficiaries or the
     satisfaction of other lawful obligations of the Plan prior to the
     satisfaction of all liabilities under the Plan. The Trustee shall be under
     no obligation to return any asset of the Trust Fund to the Employer, unless
     the Trustee has received written certification from the Employer that all
     Plan liabilities have been satisfied and that the Plan has been terminated
     or written certification that the amount requested by the Employer is the
     result of a bona fide mistake of fact described in IRC Section 401(a)(2)
     and is in accord with the provisions of the Plan Documents. The Trustee may
     rely completely on such written certification.

g)   Construction. This Agreement shall be interpreted in a manner consistent
     with the requirements of IRC Section 401(a), so that the Trust remains tax
     exempt under IRC Section 501. If the terms of this Agreement conflict with
     relevant terms of ERISA, the IRC, or Delaware law, the requirements of
     those laws shall be deemed to be part of this Agreement and shall supersede
     any other provision in this Trust Document that is to the contrary. This
     Agreement shall be construed as though jointly drafted

<PAGE>

     by the Trustee and the Employer and according to the fair intent of the
     language as a whole and not for or against anyone. The term "including"
     shall be construed providing examples only and as being without limitation.

h)   Authority of Individuals. Each individual signing this Agreement represents
     and warrants that she or he has, individually or in concert with the other
     persons signing this Agreement on behalf of the same entity, the authority
     to sign this Agreement and thereby bind that entity to the terms and
     conditions of this Agreement.

SECTION .16 - EXECUTION.

This Agreement shall be executed in counterparts, each of which shall be deemed
an original.

SECTION .17 - WAIVER.

It is understood and agreed that no failure or delay to exercise, nor any single
or partial exercise of, any right, power, or privilege given or arising under
this Agreement shall operate as a waiver of future rights to exercise any such
right, power, or privilege.

SECTION .18 - CHANGE IN PLAN TERMS.

Changes to the Plan Documents or the operation of the Plan shall not serve to
increase or decrease the responsibility, duties, or obligations of the Trustee
under this Agreement. The Trustee and the Employer may negotiate and make any
changes to this Agreement that appropriately reflect such changes. Absent such
negotiated changes, the Trustee shall be obligated to no more than continued
performance under this Agreement as if the changes to the Plan Documents had not
occurred.

IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective
as of the date both the Employer and the Trustee have both signed this
Agreement.

FOR THE EMPLOYER
(Name of Employer)

Name:  /s/ William J. Walljasper
       ------------------------------
Title: Vice President Human Resources

<PAGE>

Date: April 22, 2003

The undersigned hereby accepts appointment as Trustee hereunder and agrees to be
bound by the terms of this Agreement.

ACCEPTANCE OF THE TRUSTEE

Delaware Charter Guarantee & Trust Company, a Delaware corporation conducting
business under the trade name of Trustar/sm/ Retirement Services

Name:  /s/ Lori N. Richards
       ------------------------------
Title: Director of Finance

Dated: April 29, 2003

<PAGE>

                                    Exhibit A
                                    ---------

Name of Employer: __________________________________________

Name of Plan: ______________________________________________Form of Debt Security

 EXHIBIT 4.3 
  

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE OF A 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, UNLESS AND UNTIL IT IS
EXCHANGED FOR SECURITIES IN DEFINITIVE FORM AS AFORESAID, MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ITS NOMINEE TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE. 
  
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), 55 WATER STREET, NEW YORK, NEW YORK TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS 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, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

	CUSIP NO.:                         	 	 PRINCIPAL AMOUNT
 $                            

  
 PAN PACIFIC RETAIL
PROPERTIES, INC. 
             % UNSECURED NOTES DUE
             
  
 Pan Pacific Retail Properties, Inc., a Maryland corporation (the “Company,” which term shall include any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of              on             , and to pay interest
thereon from the date of issuance, or from the most recent date to which interest has been paid or duly provided for, semiannually in arrears on              and
             of each year (the “Interest Payment Dates”), commencing             , at the rate of
             % per annum, until the entire principal amount hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered in the security register applicable to this Note at the close of business on
             or              (the “Regular Record Dates”), as the case may be, immediately before the
Interest Payment Date regardless of whether the Regular Record Date is a Business Day. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may either be
paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given
to 

 Holders of Notes of this series (as defined below) not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
Interest will be computed on the basis of a 360-day year of twelve 30-day months. If any principal of or premium, if any, or interest on any of the Notes is not paid when due, then such overdue principal and, to the extent permitted by law, such
overdue premium or interest, as the case may be, shall bear interest, until paid or until such payment is duly provided for, at the rate of             % per annum. 
  
 Payments of principal, premium, if any, and interest in respect of this Note
will be made by the Company in Dollars by wire transfer of immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debt; provided that, in the
event that this Note is issued in definitive certificated form, the Holder hereof shall have given appropriate wire transfer instructions to the Company and, in the event that such wire transfer instructions shall not have been given to the Company
by the Holder of any Note issued in definitive certificated form, payments of interest on such Note may be made by mailing a check for such interest to the address of such Holder as it appears on the Security Register by transfer to an account
maintained by the payee located in the United States. The place where the principal of, premium, if any, and interest on this Note shall be payable, where this Note may be surrendered for the registration of transfer or exchange and where notices or
demands to or upon the Company in respect of the Notes and the Indenture may be served shall be the office or agency maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, which shall initially be the Corporate
Trust Office of the Trustee at 101 Barclay St., Floor 21 West, New York, New York 10286. 
  
 This Note is one of a duly authorized issue of Securities of the Company (herein called the “Notes”), issued as a series of Securities under an indenture dated as of April 6, 2001 (the
“Indenture”), between the Company and The Bank of New York, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture with respect to the Notes), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. This Note is one of the duly authorized series designated as the             % Unsecured Notes due
            ,” limited (subject to exceptions provided in the Indenture) in aggregate principal amount to
$            . All terms used in this Note which are defined in the Indenture and not defined herein shall have the meanings assigned to them in the Indenture. 
  
 The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Company on the Notes and (b) certain restrictive covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the
Indenture, which provisions apply to this Note. 
  
 In addition to
the covenants of the Company contained in the Indenture, the Company makes the following covenants with respect to, and for the benefit of the Holders of, the Notes: 
  
 Limitation on Incurrence of Total Debt.    The Company will not, and will not permit any
Subsidiary to, incur any Debt, other than Intercompany Debt, if, immediately after giving effect to the incurrence of such additional Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of all
outstanding Debt of the Company and its 

 Subsidiaries on a consolidated basis determined in accordance with GAAP is greater than 60% of the sum of (i) the
Company’s Total Assets as of the end of the latest fiscal quarter covered in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not
required under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with the Trustee) prior to the incurrence of such additional Debt and (ii) the increase, if any, in Total Assets from the end of such quarter including,
without limitation, any increase in Total Assets caused by the application of the proceeds of such additional Debt (such increase together with the Company’s Total Assets is referred to as the “Adjusted Total Assets”). 
  
 Limitation on Incurrence of Secured Debt.    The
Company will not, and will not permit any Subsidiary to, incur any Secured Debt (including, without limitation, Acquired Debt) other than Intercompany Debt, if, immediately after giving effect to the incurrence of such additional Secured Debt and
the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of all outstanding Secured Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with GAAP is greater than 40% of the
Company’s Adjusted Total Assets. 
  
 Debt Service
Coverage.    The Company will not, and will not permit any Subsidiary to, incur any Debt (including, without limitation, Acquired Debt) other than Intercompany Debt, if the ratio of Consolidated Income Available for Debt
Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis after
giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and calculated on the assumption that (i) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Company or any of its
Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period) had occurred on the first day of such period, (ii) the
repayment or retirement of any other Debt of the Company or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any
revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during such period), and (iii) in the case of any acquisition or disposition by the Company or any Subsidiary of any
asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale or otherwise, such acquisition or disposition had occurred on the first day of such
period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first
day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which
would have been in effect during the entire such four-quarter period had been the applicable rate for the entire such period. 
  
 Maintenance of Total Unencumbered Assets.    The Company will maintain at all times Total Unencumbered Assets of not less than
150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries, computed on a consolidated basis in accordance with GAAP. 

 Certain Definitions.    As used herein, the following terms will have the
meanings set forth below: 
  
 “Acquired
Debt” means Debt of a Person (i) existing at the time such Person is merged or consolidated with or into, or becomes a Subsidiary of, the Company or (ii) assumed by the Company or any of its Subsidiaries in connection with the acquisition
of assets from such Person. Acquired Debt shall be deemed to be incurred on the date the acquired Person is merged or consolidated with or into, or becomes a Subsidiary of, the Company or the date of the related acquisition, as the case may be.

  
 “Annual Debt Service Charge”
as of any date means the amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries. 
  
 “Consolidated Income Available for Debt Service” for any period means Consolidated Net Income plus, without duplication,
amounts which have been deducted in determining Consolidated Net Income during such period for (i) Consolidated Interest Expense, (ii) provisions for taxes of the Company and its Subsidiaries based on income, (iii) amortization (other than
amortization of debt discount) and depreciation, (iv) provisions for losses from sales or joint ventures, (v) provisions for impairment losses, (vi) increases in deferred taxes and other non-cash charges, (vii) charges resulting from a change in
accounting principles, and (viii) charges for early extinguishment of debt, and less, without duplication, amounts which have been added in determining Consolidated Net Income during such period for (a) provisions for gains from sales or joint
ventures, and (b) decreases in deferred taxes and other non-cash items. 
  
 “Consolidated Interest Expense” for any period, and without duplication, means all interest (including the interest component of rentals on capitalized leases, letter of credit fees, commitment fees
and other like financial charges) and all amortization of debt discount on all Debt (including, without limitation, payment-in-kind, zero coupon and other like securities) but excluding legal fees, title insurance charges, other out-of-pocket fees
and expenses incurred in connection with the issuance of Debt and the amortization of any such debt issuance costs that are capitalized, all determined for the Company and its Subsidiaries on a consolidated basis in accordance with GAAP. 

 
 “Consolidated Net Income” for any period
means the amount of consolidated net income (or loss) of the Company and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 
  
 “Debt” means any indebtedness of the Company or any Subsidiary, whether or not contingent,
in respect of (i) money borrowed or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance, trust deed, deed of trust, deed to secure debt, security agreement or any
security interest existing on property owned by the Company or any Subsidiary, (iii) letters of credit or amounts representing the balance deferred and unpaid of the purchase price of any property except any such balance that constitutes an accrued
expense or trade payable or (iv) any lease of property by the Company or any Subsidiary as lessee that is required to be reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with GAAP, in the case of items
of indebtedness under (i) through (iii) above to the extent that any such items (other than letters of credit) would appear as liabilities on the Company’s 

 
consolidated balance sheet in accordance with GAAP, and also includes, to the extent not otherwise included, any obligation of the Company or any Subsidiary
to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), indebtedness of another person (other than the Company or any Subsidiary) of the type referred to in (i),
(ii), (iii) or (iv) above (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof).

  
 “GAAP” means generally
accepted accounting principles, as in effect from time to time, as used in the United States, applied on a consistent basis. 
  
 “Intercompany Debt” means indebtedness owed by the Company or any Subsidiary solely to the Company or any Subsidiary.

  
 “Secured Debt” means Debt
secured by any mortgage, lien, charge, encumbrance, trust deed, deed of trust, deed to secure debt, security agreement, pledge, conditional sale or other title retention agreement, capitalized lease or other security interest or agreement granting
or conveying security title to or a security interest in real property or other tangible assets. 
  
 “Total Assets” as of any date means the sum of (i) Undepreciated Real Estate Assets and (ii) all other assets of the
Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles). 
  
 “Total Unencumbered Assets” as of any date means Total Assets minus the value of any properties of the Company and its
Subsidiaries that are encumbered by any mortgage, charge, pledge, lien, security interest, trust deed, deed of trust, deed to secure debt, security agreement or other encumbrance of any kind (other than those relating to Intercompany Debt),
including the value of any stock of any Subsidiary that is so encumbered, determined on a consolidated basis in accordance with GAAP. For purposes of this definition, the value of each property shall be equal to the purchase price or cost of each
such property and the value of any stock subject to any encumbrance shall be determined by reference to the value of the properties owned by the issuer of such stock as aforesaid. 
  
 “Undepreciated Real Estate Assets” as of any date means the amount of real estate assets of
the Company and its Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP. 
  
 “Unsecured Debt” means Debt of the Company or any Subsidiary that is not Secured Debt. 
  
 The Notes may be redeemed at any time at the option of the Company, in whole
or from time to time in part, at a redemption price equal to the sum of (i) the principal amount of the Notes being redeemed plus accrued interest thereon to the redemption date and (ii) the Make-Whole Amount (as defined below), if any, with respect
to such Notes (the “Redemption Price”); provided that installments of interest on Notes which are payable on Interest Payment Dates falling on or prior to the relevant redemption dates shall be payable to the Holders of such Notes (or one
or more predecessor Notes) registered as such at the close of business on the relevant Regular Record Dates. 

 If notice has been given as provided in the Indenture and funds for the redemption of any Notes called
for redemption shall have been made available on the redemption date referred to in such notice, such Notes will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the Holders of the Notes
will be to receive payment of the Redemption Price. 
  
 Notice of
any optional redemption of any Notes will be given to Holders at their addresses, as shown in the security register for the Notes, not more than 60 nor less than 30 days prior to the date fixed for redemption. The notice of redemption will specify,
among other items, the Redemption Price and the principal amount of the Notes held by such Holder to be redeemed. 
  
 If less than all the Notes are to be redeemed at the option of the Company, the Company will notify the Trustee at least 45 days prior to giving notice of
redemption (or such shorter notice period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and their redemption date. The Trustee shall select, in such manner as it shall deem fair and appropriate, Notes
to be redeemed in whole or in part. 
  
 Certain Definitions:
As used herein, the following terms will have the meanings set forth below: 
  
 “Comparable Treasury Price” means with respect to any Redemption Date for the Notes (i) the average of four Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations. 
  
 “Make-Whole
Amount” means, in connection with any optional redemption of any Notes, the excess, if any, of (i) the aggregate present value as of the date of such redemption of each dollar of principal being redeemed and the amount of interest
(exclusive of interest accrued to the date of redemption) that would have been payable in respect of each such dollar if such redemption had not been made, determined by discounting, on a semi-annual basis, such principal and interest at the
Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption had not been made to the date of
redemption over (ii) the aggregate principal amount of the Notes being redeemed. For purposes of the Indenture, all references to “premium, if any” on the Notes shall be deemed to refer to the Make-Whole Amount, if any. 
  
 “Reference Treasury Dealer” means
            ,              and their respective successors; provided, however, that if any of the foregoing shall
cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 
  
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the comparable treasury issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

 “Reinvestment Rate” means .25% plus the arithmetic mean of the yields
under the heading “Week Ending” published in the most recent Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity of
the Notes, as of the payment date of the principal being redeemed. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the
immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating the
Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the Statistical Release (or successor release) is not published during the week preceding the calculation
date or does not contain the aforementioned yields, the Reinvestment Rate shall mean the rate per annum equal to the semi-annual equivalent yield to maturity of the comparable treasury issue, calculated using a price for the comparable treasury
issue (expressed as a percentage of its principal amount ) equal to the Comparable Treasury Price for such Redemption Date. 
  
 “Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which
is published weekly by the Federal Reserve System and which reports yields on actively traded U.S. government securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination under the
Indenture, then such other reasonably comparable index which shall be designated by the Company. 
  
 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner
and with the effect provided in the Indenture. 
  
 As provided in
and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of the Notes at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the
Holder of this Note for the enforcement of any payment of principal of, or premium, if any, or interest on, this Note on or after the respective due dates therefor. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding
Notes. The Indenture also contains provisions permitting the Holders of not less than a majority in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain
provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount of the 

 Outstanding Notes to waive, in certain circumstances, on behalf of all Holders of the Notes, certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, and premium, if any, and interest on, this Note at the times, places and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable
in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any Place of Payment for the Notes, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar for the Notes duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate
principal amount will be issued to the designated transferee or transferees. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of different authorized
denominations, as requested by the Holder surrendering the same. 
  
 The Notes of this series are issuable only in registered form without coupons in denominations of $1000 and any integral multiple thereof. No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
  
 No recourse shall be had for the payment of the principal of, or premium, if
any, or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future stockholder, employee, officer or
director, as such, of the Company or of any successor, either directly or through the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
  
 THE INDENTURE AND THE NOTES, INCLUDING THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes as a 

 convenience to the Holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP
numbers as printed on the Notes, and reliance may be placed only on the other identification numbers printed hereon. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  
 All terms used in this security which are defined in the Indenture shall have the meaning assigned to them in the Indenture. 
  
 The headings included in this Note are for convenience only and shall not affect the construction hereof. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  
  
  

	PAN PACIFIC RETAIL PROPERTIES, INC.
		
	 By:
	 	

	 	 	 [Name]
 [Title]

 Attest: 
  

		
	 By:
	 	

	 	 	 [Name]
 [Title]

  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 
  
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  
 THE BANK OF NEW YORK, as Trustee 
  

		
	 By:
	 	  

	 	 	Authorized Signatory

  
 Dated:
                         ,              
  

 ASSIGNMENT FORM 
  
 FOR VALUE RECEIVED, the undersigned hereby 
 sells, assigns and transfers to 
  
 PLEASE INSERT SOCIAL 
 SECURITY OR OTHER IDENTIFYING 
 NUMBER OF ASSIGNEE 
  

  

  

  
 (Please Print or Typewrite Name and Address 
 including Zip Code of Assignee) 
  
 the within Note of PAN PACIFIC RETAIL PROPERTIES, INC., and              
  

	 Dated:                                     
                                        
                                        
 
	 	 	 	 
	 hereby does irrevocably constitute and appoint
	 	 	 	 

  

  
 Attorney to transfer said Note on the books of the within-named Company with full power of substitution in the premises. 
  

	 Dated:                                     
                                 
	 	 	 	                                       
                                        
   

	 	 	 	 	  
                                       
                                        
   

  
 NOTICE: The signature to this
assignment must correspond with the name as it appears on the first page of the within Note in every particular, without alteration or enlargement or any change whatever. 
  

	Signature Guaranty	 	 
	 	

	 	 	 (Signature must be guaranteed by
 a
participant in a signature
 guarantee medallion program)

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