Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
 DIGITAL REALTY TRUST, L.P.,

 DIGITAL REALTY TRUST, INC., AS GUARANTOR, 

AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

AS TRUSTEE 
  

 

SUPPLEMENTAL INDENTURE NO. 2 

DATED AS OF AUGUST 7, 2017 

TO INDENTURE DATED JUNE 23, 2015 

 
  

$350,000,000 
 2.750%
NOTES DUE 2023 
 $1,000,000,000 

3.700% NOTES DUE 2027 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	PAGE	 
		
	 ARTICLE I RELATION TO BASE INDENTURE; DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	Relation to Base Indenture	  	 	1	 
	 Section 1.2
	 	Definitions	  	 	2	 
		
	 ARTICLE II TERMS OF THE SECURITIES
	  	 	8	 
	 Section 2.1
	 	Title of the Securities	  	 	8	 
	 Section 2.2
	 	Price	  	 	8	 
	 Section 2.3
	 	Limitation on Initial Aggregate Principal Amount; Further Issuances	  	 	9	 
	 Section 2.4
	 	Interest and Interest Rates; Stated Maturity of Notes	  	 	9	 
	 Section 2.5
	 	Method of Payment	  	 	9	 
	 Section 2.6
	 	Currency	  	 	10	 
	 Section 2.7
	 	Additional Notes	  	 	11	 
	 Section 2.8
	 	Redemption	  	 	11	 
	 Section 2.9
	 	No Sinking Fund	  	 	11	 
	 Section 2.10
	 	Registrar and Paying Agent	  	 	11	 
		
	 ARTICLE III FORM OF THE SECURITIES
	  	 	11	 
	 Section 3.1
	 	Global Form	  	 	11	 
	 Section 3.2
	 	Transfer and Exchange	  	 	12	 
	 Section 3.3
	 	General Provisions Relating to Transfers and Exchanges	  	 	15	 
		
	 ARTICLE IV REDEMPTION OF NOTES
	  	 	17	 
	 Section 4.1
	 	Optional Redemption of Notes	  	 	17	 
	 Section 4.2
	 	Notice of Optional Redemption, Selection of Notes	  	 	17	 
	 Section 4.3
	 	Payment of Notes Called for Redemption by the Company	  	 	19	 
	 Section 4.4
	 	Special Mandatory Redemption	  	 	19	 
		
	 ARTICLE V GUARANTEE
	  	 	20	 
	 Section 5.1
	 	Note Guarantee	  	 	20	 
	 Section 5.2
	 	Execution and Delivery of Note Guarantee	  	 	21	 
	 Section 5.3
	 	Limitation of Guarantor’s Liability; Certain Bankruptcy Events	  	 	21	 
	 Section 5.4
	 	Application of Certain Terms and Provisions to the Guarantor	  	 	22	 
		
	 ARTICLE VI ADDITIONAL COVENANTS
	  	 	22	 
	 Section 6.1
	 	Maintenance of Office or Agency	  	 	22	 
	 Section 6.2
	 	Appointments to Fill Vacancies in Trustee’s Office	  	 	23	 
	 Section 6.3
	 	Reports	  	 	23	 
	 Section 6.4
	 	Limitations on Incurrence of Debt	  	 	24	 
	 Section 6.5
	 	Maintenance of Properties	  	 	25	 
	 Section 6.6
	 	Insurance	  	 	26	 
		
	 ARTICLE VII DEFAULTS AND REMEDIES
	  	 	26	 
	 Section 7.1
	 	Events of Default	  	 	26	 
	 Section 7.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	28	 

  
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	 ARTICLE VIII AMENDMENTS AND WAIVERS
	  	 	28	 
	 Section 8.1
	 	Without Consent of Holders	  	 	28	 
	 Section 8.2
	 	With Consent of Holders	  	 	29	 
		
	 ARTICLE IX MEETINGS OF HOLDERS OF NOTES
	  	 	31	 
	 Section 9.1
	 	Purposes for Which Meetings May Be Called	  	 	31	 
	 Section 9.2
	 	Call, Notice and Place of Meetings	  	 	31	 
	 Section 9.3
	 	Persons Entitled to Vote at Meetings	  	 	31	 
	 Section 9.4
	 	Quorum; Action	  	 	32	 
	 Section 9.5
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	32	 
	 Section 9.6
	 	Counting Votes and Recording Action of Meetings	  	 	33	 
		
	 ARTICLE X MISCELLANEOUS PROVISIONS
	  	 	33	 
	 Section 10.1
	 	Evidence of Compliance with Conditions Precedent, Certificates to Trustee	  	 	33	 
	 Section 10.2
	 	No Recourse Against Others	  	 	34	 
	 Section 10.3
	 	Trust Indenture Act Controls	  	 	34	 
	 Section 10.4
	 	Governing Law and Waiver of Jury Trial	  	 	34	 
	 Section 10.5
	 	Counterparts	  	 	35	 
	 Section 10.6
	 	Successors	  	 	35	 
	 Section 10.7
	 	Severability	  	 	35	 
	 Section 10.8
	 	Table of Contents, Headings, Etc.	  	 	35	 
	 Section 10.9
	 	Ratifications	  	 	35	 
	 Section 10.10 
	 	Effectiveness	  	 	36	 
	 Section 10.11
	 	The Trustee	  	 	36	 

  
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 THIS SUPPLEMENTAL INDENTURE NO. 2 is entered into as of August 7, 2017 (the “Second
Supplemental Indenture”), among Digital Realty Trust, L.P., a Maryland limited partnership (the “Company”), Digital Realty Trust, Inc., a Maryland corporation (the “Guarantor”), and Wells Fargo Bank, National Association, as
trustee (the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company has delivered to the Trustee an Indenture, dated as of June 23, 2015 (the “Base Indenture”), providing for
the issuance by the Company from time to time of Securities in one or more Series; 
 WHEREAS, Section 2.2 of the Base Indenture
provides for various matters with respect to any Series of Securities issued under the Base Indenture to be established in an indenture supplemental to the Base Indenture; 

WHEREAS, each of the Company and the Guarantor desires to execute this Second Supplemental Indenture to establish the form and to provide for
(i) the issuance of a Series of its senior notes designated as its 2.750% Notes due 2023 (the “2023 Notes”), in an initial aggregate principal amount of $350,000,000 and (ii) the issuance of a Series of its senior notes
designated as its 3.700% Notes due 2027 (the “2027 Notes” and, together with the 2023 Notes, the “Notes”), in an initial aggregate principal amount of $1,000,000,000; 

WHEREAS, the Board of Directors of the Guarantor, the general partner of the Company, has duly adopted resolutions authorizing the Company and
the Guarantor to execute and deliver this Second Supplemental Indenture; and 
 WHEREAS, all of the other conditions and requirements
necessary to make this Second Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

NOW, THEREFORE, for and in consideration of the premises and the purchase of each Series of Securities provided for herein by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such Series, as follows: 

ARTICLE I 
 RELATION TO
BASE INDENTURE; DEFINITIONS 
 Section 1.1    Relation to Base Indenture. 

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

 Section 1.2    Definitions. 

For all purposes of this Second Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

 (1) Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base
Indenture; and 
 (2) All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding
Articles and Sections of this Second Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

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

“Additional Notes” means additional Notes of a Series (other than the Initial Notes of such Series) issued under the Indenture in
accordance with Sections 2.3, 2.7 and 6.4 hereof, as part of the same series as the Initial Notes of such Series. 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository, Euroclear and Clearstream that apply to such transfer or exchange. 

“Authentication Order” means a written order of the Company to the Trustee to authenticate and deliver the Notes of any Series,
signed by two Officers or by an Officer and either an Assistant Treasurer of the Guarantor or any Assistant Secretary of the Guarantor. 

“Bankruptcy Code” means the United States Bankruptcy Code, Title 11 of the United States Code, as amended. 

“Benefited Party” shall have the meaning ascribed thereto in Section 5.1. 

“Capitalization Rate” means 8.25%. 

“Clearstream” means Clearstream Banking, Société Anonyme. 

“Consolidated EBITDA” means, for any period of time, without duplication, consolidated net income (loss) of the Company and its
Consolidated Subsidiaries plus amounts which have been deducted and minus amounts which have been added for, without duplication, (a) Interest Expense, (b) depreciation and amortization and other
non-cash items deducted in 

  
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arriving at net income (loss), (c) provision for taxes based on income or profits, (d) non-recurring or other unusual items, as determined by the
Company in good faith (including, without limitation, all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless
of whether such transaction is completed)), (e) extraordinary items, (f) noncontrolling interests, (g) the income or expense attributable to transactions involving derivative instruments that do not qualify for hedge accounting in
accordance with GAAP, and (h) gains or losses on dispositions of depreciable real estate investments, property valuation losses and impairment charges; provided, however, that in no event will Consolidated EBITDA include (x) net
income (loss) (whether pursuant to the equity method of accounting or otherwise) on account of any of the Company’s or its Consolidated Subsidiaries’ unconsolidated subsidiaries and other partially owned entities or (y) net income
(loss) generated from the Company’s or its Consolidated Subsidiaries’ real property under construction or Redevelopment Properties; provided, further, that all amounts for such period shall be reasonably determined by the Company in
accordance with GAAP to the extent GAAP is applicable. Consolidated EBITDA will be adjusted, without duplication, to give pro forma effect: (i) in the case of any assets having been placed in service or removed from service from the beginning
of the period to the date of determination, to include or exclude, as the case may be, any Consolidated EBITDA earned or eliminated as a result of the placement of the assets in service or removal of the assets from service as if the placement of
the assets in service or removal of the assets from service occurred at the beginning of the period; and (ii) in the case of any acquisition or disposition of any asset or group of assets from the beginning of the period to the date of
determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or exclude, as the case may be, any Consolidated EBITDA earned or eliminated as a result of the acquisition or disposition of those assets as if
the acquisition or disposition occurred at the beginning of the period. 
 “Consolidated Financial Statements” means, with respect
to any person, collectively, the consolidated financial statements and notes to those financial statements, of that person and its Consolidated Subsidiaries prepared in accordance with GAAP. 

“Consolidated Subsidiary” means each Subsidiary of Digital Realty Trust, L.P. that is consolidated in the Consolidated Financial
Statements of Digital Realty Trust, L.P. 
 “Defaulted Interest” shall have the meaning ascribed thereto in Section 2.5. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 3.2 hereof, substantially in the form of Exhibit A hereto, with respect to the 2023 Notes, or substantially in the form of Exhibit B hereto, with respect to the 2027 Notes, except that such Note shall not bear the Global
Note legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

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

“DFT Merger” means the mergers of the DFT Parties with and into the Company’s wholly owned subsidiaries pursuant to the DFT
Merger Agreement. 

  
 3 

 “DFT Merger Agreement” means that certain Agreement and Plan of Merger, dated
June 8, 2017, by and among the Company, the Guarantor and the DFT Parties, among others. 
 “DFT Parties” means DuPont
Fabros Technology, Inc., a Maryland corporation, and DuPont Fabros Technology, L.P., a Maryland limited partnership  

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

“Event of Default” shall have the meaning ascribed thereto in Section 7.1. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. 

“Global Note” means, individually and collectively, each of the Notes of a Series in the form of a Global Security issued to the
Depository or its nominee, substantially in the form of Exhibit A, with respect to the 2023 Notes, or substantially in the form of Exhibit B hereto, with respect to the 2027 Notes. 

“Guarantee Obligations” shall have the meaning ascribed thereto in Section 5.1. 

“Holders” shall have the meaning ascribed thereto in Section 2.4. 

“Incur” means, with respect to any Indebtedness or other obligation of any person, to create, assume, guarantee or otherwise become
liable in respect of the Indebtedness or other obligation, and “Incurrence” and “Incurred” have meanings correlative to the foregoing. Indebtedness or other obligation of the Company or any Subsidiary of the Company will be
deemed to be Incurred by the Company or such Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. Indebtedness or other obligation of a Subsidiary of the Company existing
prior to the time it became a Subsidiary of the Company will be deemed to be Incurred upon such Subsidiary becoming a Subsidiary of the Company; and Indebtedness or other obligation of a person existing prior to a merger or consolidation of such
person with the Company or any Subsidiary of the Company in which such person is the successor to the Company or such Subsidiary will be deemed to be Incurred upon the consummation of such merger or consolidation. Any issuance or transfer of capital
stock that results in Indebtedness constituting Intercompany Indebtedness being held by a person other than the Company, the Guarantor or any Consolidated Subsidiary or any sale or other transfer of any Indebtedness constituting Intercompany
Indebtedness to a person that is not the Company, the Guarantor or any Consolidated Subsidiary, will be deemed, in each case, to be an Incurrence of Indebtedness that is not Intercompany Indebtedness at the time of such issuance, transfer or sale,
as the case may be. 
 “Indebtedness” of the Company, the Guarantor or any Consolidated Subsidiary means, without duplication, any
of the Company’s indebtedness or that of any Consolidated Subsidiary, whether or not contingent, in respect of: (a) borrowed money evidenced by bonds, notes, debentures or similar instruments whether or not such indebtedness is secured by
any lien existing on property owned by the Company or any Consolidated Subsidiary; (b) indebtedness for borrowed money of a person other than the Company, the Guarantor or a Consolidated Subsidiary which is secured by any lien on property owned
by the Company, the Guarantor or 

  
 4 

 
any Consolidated Subsidiary, to the extent of the lesser of (i) the amount of indebtedness so secured, and (ii) the fair market value of the property subject to such lien; (c) the
reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that
constitutes an accrued expense or trade payable; or (d) any lease of property by the Company, the Guarantor or any Consolidated Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in
accordance with GAAP. Indebtedness also includes, to the extent not otherwise included, any obligation by the Company, the Guarantor or any Consolidated 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 Consolidated Subsidiary) of the type described in clauses (a)-(d) of this definition. 

“Indenture” means the Base Indenture, as supplemented by the Second Supplemental Indenture, and as further supplemented, amended or
restated. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means (i) with respect to the 2023 Notes, the first $350,000,000 aggregate principal amount of Notes issued
under this Second Supplemental Indenture on the date hereof, and (ii) with respect to the 2027 Notes, the first $1,000,000,000 aggregate principal amount of Notes issued under this Second Supplemental Indenture on the date hereof. 

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

“Interest Expense” means, for any period of time, consolidated interest expense for such period of time, whether paid, accrued or
capitalized, without deduction of consolidated interest income, of the Company and the Consolidated Subsidiaries, including, without limitation or duplication, or, to the extent not so included, with the addition of (a) the portion of any
rental obligation in respect of any capital lease obligation allocable to interest expense in accordance with GAAP and (b) the amortization of Indebtedness discounts, but excluding prepayment penalties, in all cases as reflected in the
applicable Consolidated Financial Statements. 
 “Interest Payment Date” shall have the meaning ascribed thereto in
Section 2.4. 
 “Make-Whole Premium” means, (i) with respect to any 2023 Note redeemed before January 1, 2023, the
excess, if any, of (a) the aggregate present value as of the date of such redemption of each dollar of principal of the Note being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption) that would
have been payable in respect of such dollar if such redemption had been made on January 1, 2023, determined by discounting, on a semiannual 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 

  
 5 

 
redemption had been made on January 1, 2023; over (b) the principal amount of such Note, and (ii) with respect to any 2027 Note redeemed before May 15, 2027, the excess, if
any, of (a) the aggregate present value as of the date of such redemption of each dollar of principal of the Note being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been
payable in respect of such dollar if such redemption had been made on May 15, 2027, determined by discounting, on a semiannual 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 been made on May 15, 2027; over (b) the principal amount of such Note.. 

“Note Guarantee” means the Guarantee by the Guarantor of the Company’s obligations under this Indenture and the Notes of a
Series, executed pursuant to the provisions of this Second Supplemental Indenture. 
 “Notes” has the meaning assigned to it in
the preamble to the Indenture. The Initial Notes of each Series and the Additional Notes of each Series shall be treated as a single class of such Series for all purposes under the Indenture, and unless the context otherwise requires, all references
to the Notes shall include the Initial Notes of such Series and any Additional Notes of such Series. 
 “Participant” means, with
respect to the Depository, Euroclear or Clearstream, a Person who has an account with the Depository, Euroclear or Clearstream, respectively (and with respect to the Depository Trust Company, shall include Euroclear and Clearstream). 

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

“Prospectus” means the base prospectus, dated July 28, 2017, included as part of a registration statement on Form S-3 under the Securities Act, filed by the Company and the Guarantor with the SEC on July 28, 2017 (Registration Nos. 333-219562 and 333-219562-01), as supplemented by a prospectus supplement, dated August 2, 2017, filed by the Company and the Guarantor with the SEC pursuant to Rule 424(b) under the Securities Act. 

“Record Date” shall have the meaning ascribed thereto in Section 2.4. 

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

“Redemption Price” shall have the meaning ascribed thereto in Section 4.1. 

“Redevelopment Property” means a property owned by the Company or a Consolidated Subsidiary (a) where the commenced leased
square footage is less than 60% of the sum of net rentable square feet and redevelopment space, with reasonable adjustments to leased square footage determined in good faith by the Company, including adjustments for available power, required support
space and common area and (b) that the Company reasonably characterizes as held in whole or in part for redevelopment. 

  
 6 

 “Reinvestment Rate” means (i) with respect to the 2023 Notes, 0.15 percent
(0.15%), and (ii) with respect to the 2027 Notes, 0.25 percent (0.25%), in each case plus the arithmetic mean of the yields under the respective headings “This Week” and “Last Week” published in the most recent Federal
Reserve Statistical Release H.15 (519) that has become publicly available prior to the date of determining the make-whole premium (or if such statistical release is no longer published, any such other reasonably comparable index which shall be
designated by the Company) under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the then remaining maturity of the Notes (assuming the Notes matured on January 1, 2023, with
respect to the 2023 Notes, or May 15, 2027, with respect to the 2027 Notes). If no maturity exactly corresponds to such maturity of the Notes, the applicable Reinvestment Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields for the two published maturities most closely corresponding to such maturity of the Notes. 

“Secured Debt” means, as of any date, that portion of Total Outstanding Debt as of that date that is secured by a mortgage, trust
deed, deed of trust, deeds to secure Indebtedness, pledge, security interest, assignment for collateral purposes, deposit arrangement, or other security agreement, excluding any right of setoff but including, without limitation, any conditional sale
or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and any other like agreement granting or conveying a security interest. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect
from time to time. 
 “Significant Subsidiary” shall have the meaning ascribed thereto in Section 7.1. 

“Special Mandatory Redemption Date” means the earlier to occur of (1) January 14, 2018, if the DFT Merger has not been
consummated on or prior to December 15, 2017, or (2) the 30th day (or if such day is not a business day, the first business day thereafter) following the termination of the DFT Merger Agreement for any reason. 

“Total Assets” as of any date means the sum, without duplication, of (a) Consolidated EBITDA for the most recent quarterly
period covered in the Company’s annual or quarterly report most recently furnished to Holders or filed with the SEC, as the case may be and in accordance with Section 6.3 hereof, prior to such time, annualized (i.e., multiplied by four
(4)), capitalized at the Capitalization Rate, (b) the undepreciated cost basis of the real property of the Company and the Consolidated Subsidiaries under construction and Redevelopment Property as of the end of the quarterly period used for
purposes of clause (a) above, in each case as determined by the Company in good faith, and (c) for all assets of the Company and the Consolidated Subsidiaries other than the assets referred to in (a) and (b) above, the undepreciated
book value as determined in accordance with GAAP (but excluding accounts receivable and intangible assets). 

  
 7 

 “Total Outstanding Debt” means, as of any date, the sum, without duplication, of
(a) the aggregate principal amount of all outstanding Indebtedness of the Company as of that date, excluding Intercompany Indebtedness, and (b) the aggregate principal amount of all outstanding Indebtedness of the Consolidated Subsidiaries
as of that date, excluding Intercompany Indebtedness. 
 “Total Unencumbered Assets” means, as of any time, the sum of
(a) Unencumbered Consolidated EBITDA for the most recent quarterly period covered in the Company’s annual or quarterly report most recently furnished to Holders or filed with the SEC, as the case may be and in accordance with
Section 6.3 hereof, prior to such time, annualized (i.e., multiplied by four (4)), capitalized at the Capitalization Rate, and (b) to the extent not subject to any Secured Debt, the value of the assets described in clauses (b) and (c)
of the definition of Total Assets; provided, however, that all investments by the Guarantor, the Company or any of their respective Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability
companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included. 

“Unencumbered Consolidated EBITDA” means, for any quarter, Consolidated EBITDA for the most recent quarterly period covered in the
Company’s annual or quarterly report most recently furnished to Holders or filed with the SEC, as the case may be and in accordance with Section 6.3 hereof, prior to the time of determination, less any portion thereof attributable to any
properties or assets subject to any Secured Debt, as determined in good faith by the Company. 
 “Uniform Fraudulent Conveyance
Act” means any applicable federal, provincial or state fraudulent conveyance legislation and any successor legislation. 

“Uniform Fraudulent Transfer Act” means any applicable federal, provincial or state fraudulent transfer legislation and any
successor legislation. 
 “Unsecured Debt” means that portion of Total Outstanding Debt that is not Secured Debt. 

ARTICLE II 
 TERMS OF
THE SECURITIES 
 Section 2.1    Title of the Securities. 

There shall be (a) a Series of Securities designated the “2.750% Senior Notes due 2023” and (b) a Series of Securities
designated the “3.700% Senior Notes due 2027.” 
 Section 2.2    Price. 

The Initial Notes shall be issued at a public offering price of (a) 99.930% of the principal amount thereof, with respect to the 2023 Notes,
and (b) 99.924% of the principal amount thereof, with respect to the 2027 Notes, in each case other than any offering discounts pursuant to the initial offering and resale of the Notes of such Series. 

  
 8 

 Section 2.3    Limitation on Initial Aggregate Principal Amount; Further Issuances.

 The aggregate principal amount of the 2023 Notes initially shall be limited to $350,000,000 and the aggregate principal amount of the
2027 Notes initially shall be limited to $1,000,000,000. The Company may, without notice to or consent of the Holders, issue Additional Notes of a Series from time to time in the future in an unlimited principal amount, subject to compliance with
the terms of the Indenture. 
 Nothing contained in this Section 2.3 or elsewhere in this Second Supplemental
Indenture, or in the Notes, is intended to or shall limit execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 2.7, 2.8, 2.11, 3.6 or 9.6 of the Base Indenture. 

Section 2.4    Interest and Interest Rates; Stated Maturity of Notes. 

(a)    The Notes shall bear interest at 2.750% per annum, with respect to the 2023 Notes, and 3.700% per
annum, with respect to the 2027 Notes, from and including August 7, 2017 or the immediately preceding Interest Payment Date to which interest has been paid on any Notes of a Series or August 7, 2017, if no interest has been paid,
from the date of issuance of such Notes, payable semi-annually in arrears on (i) February 1 and August 1 of each year, commencing February 1, 2018, with respect to the 2023 Notes, or
(ii) February 15 and August 15 of each year, commencing February 15, 2018, with respect to the 2027 Notes (each, an “Interest Payment Date”), to the persons (the “Holders”) in whose
name the applicable Notes are registered at the close of business on the January 15 or July 15, with respect to the 2023 Notes, or the February 1 or August 1, with respect to the 2027 Notes (regardless
of whether such day is a Business Day) immediately preceding the applicable Interest Payment Date, as the case may be (each, a “Record Date”). Interest on the Notes shall be computed on the basis of a
360-day year consisting of twelve 30-day months. 

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

(c)    The Stated Maturity of the 2023 Notes shall be February 1, 2023. The Stated Maturity of the
2027 Notes shall be August 15, 2027. 
 Section 2.5    Method of Payment. 

Interest shall be payable at the office of the Company maintained by the Company for such purposes, which shall initially be an office or
agency of the Trustee. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of the person entitled thereto; provided, however, that a Holder of any Notes in certificated form in the
aggregate principal amount of more than $2,000,000 may specify by written notice to the Company that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice (which account shall be within
the United States), or (ii) 

  
 9 

 
on any Global Note by wire transfer of immediately available funds to the account of the Depository or its nominee. Any interest on any Note which is payable, but is not punctually paid or duly
provided for, on any February 1 or August 1, in the case of the 2023 Notes, or February 15 or August 15, in the case of the 2027 Notes (herein called “Defaulted Interest”) shall forthwith cease to be payable to the
Holder registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

(i)    The Company may elect to make payment of any Defaulted Interest to the persons in whose names the
Notes are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date),
and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to
the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of
such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment, and not less than ten (10) calendar days after
the receipt by the Trustee of the notice of the proposed payment (unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee in writing of such special record date and the Trustee, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent by electronic transmission or mailed, first-class postage prepaid, to each Holder at its address as it
appears in the register, not less than ten (10) calendar days prior to such special record date (unless, the Trustee shall consent to an earlier date). Notice of the proposed payment of such Defaulted Interest and the special record date
therefor having been so mailed, such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following
clause (ii) of this Section 2.5. 
 (ii)    The Company may make payment of any
Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by
such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.6    Currency. 

Principal and interest on the Notes shall be payable in United States Dollars. 

  
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 Section 2.7    Additional Notes. 

The Company will be entitled, upon delivery of an Officers’ Certificate, Opinion of Counsel and Authentication Order and without the
consent of the Holders of the Notes, subject to its compliance with Section 6.4, to issue Additional Notes of a Series under the Indenture that will have identical terms to the Initial Notes of such Series issued on the date of the Indenture
other than with respect to the date of issuance and issue price. 
 With respect to any Additional Notes, the Company will set forth in a
resolution of its Board of Directors and an Officers’ Certificate, a copy of each of which will be delivered to the Trustee, the following information: 

(i)    the aggregate principal amount of such Additional Notes of such Series to be authenticated and
delivered pursuant to the Indenture; and 
 (ii)    the issue price, the issue date and the CUSIP number
of such Additional Notes of such Series. 
 Section 2.8    Redemption. 

The Notes may be redeemed at the option of the Company prior to the Stated Maturity as provided in Article IV hereof. 

Section 2.9    No Sinking Fund. 

The provisions of Article XI of the Base Indenture shall not be applicable to the Notes. 

Section 2.10    Registrar and Paying Agent. 

The Trustee shall initially serve as Registrar and Paying Agent for the Notes. 

ARTICLE III 
 FORM OF
THE SECURITIES 
 Section 3.1    Global Form. 

The Notes shall initially be issued in the form of one or more permanent Global Notes. The Notes shall not be issuable in definitive form
except as provided in Section 3.2(a) of this Second Supplemental Indenture. The Notes and the Trustee’s certificate of authentication shall be substantially in the form attached as Exhibit A hereto, with respect to the 2023 Notes,
or Exhibit B hereto, with respect to the 2027 Notes. The Company shall execute and the Trustee shall, in accordance with Section 2.3 of the Base Indenture, authenticate and hold each Global Note as custodian for the Depository. Each
Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal

  
 11 

 
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee. The terms and provisions contained in the form of Note
attached as Exhibit A and Exhibit B hereto shall constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Second Supplemental
Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Section 3.2    Transfer and Exchange.

 (a)    Transfer and Exchange of Global Notes. A Global Note may not be transferred except
as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or to another nominee of the Depository, or by the Depository or any such nominee to a successor Depository or a nominee of such successor
Depository. All Global Notes will be exchanged by the Company for Definitive Notes if: 
 (i)    the
Company delivers to the Trustee written notice from the Depository that it is unwilling or unable to continue to act as Depository or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor
Depository is not appointed by the Company within 90 days after the date of such notice from the Depository; or 

(ii)    the Company in its sole discretion determines that the Global Notes (in whole but not in part)
should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. 
 Upon the occurrence of either of
the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depository shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of
the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 3.2 or Section 2.8 and 2.11 of the Base Indenture, shall be authenticated and
delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 3.2(a), however, beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 3.2(c) or (d) hereof. 
 (b)    Legend. Any Global Note issued under
this Second Supplemental Indenture shall bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE
DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY 

  
 12 

 
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE SECOND SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2 OF THE SECOND SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL
NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (c) Transfer and Exchange of Beneficial
Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depository, in accordance with the provisions of the Indenture and the Applicable Procedures. Transfers of
beneficial interests in the Global Notes will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 3.2(c)(1). 

  
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 (2) All Other Transfers of Beneficial Interests in Global Notes. In
connection with all transfers of beneficial interests that are not subject to Section 3.2(c)(1) above, the transferor of such beneficial interest must deliver to the Registrar both: 

(i) a written order from a Participant or an Indirect Participant given to the Depository in accordance with the Applicable
Procedures directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase. 
 Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes
contained in the Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.2(g) hereof. 

(d) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any holder of a beneficial
interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions
set forth in Section 3.2(c)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.2(g) hereof, and the Company will execute and the Trustee will
authenticate and deliver to the person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.2(d) will be registered in
such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depository and the Participant or Indirect Participant. The Trustee
will deliver such Definitive Notes to the persons in whose names such Notes are so registered. 
 (e) Transfer and
Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a person who takes delivery thereof in
the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount
of one of the Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to the
previous paragraph at a time when a Global Note has not yet been issued, the 

  
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Company will issue and, upon receipt of an Authentication Order in accordance with Section 3.2 hereof, the Trustee will authenticate one or more Global Notes in an aggregate principal amount
equal to the principal amount of Definitive Notes so transferred. 
 (f) Transfer and Exchange of Definitive Notes for
Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 3.2(f), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such
registration of transfer or exchange, the requesting Holder will present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such
Holder or by his attorney, duly authorized in writing. A Holder of Definitive Notes may transfer such Notes to a person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar
shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 
 (g) Cancellation and/or
Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred
to a person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made
on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a person who will take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

Section 3.3    General Provisions Relating to Transfers and Exchanges. 

(a) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 3.2 hereof or at the Registrar’s request. 

(b) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 9.6 of the Base Indenture and Section 4.3 hereof). 

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

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

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

(i) to issue, register the transfer of or to exchange any Note during a period beginning at the opening of business fifteen
(15) days before any selection of Notes for redemption under Article IV hereof and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so
redeemed; or 
 (ii) to register the transfer of or to exchange any Note so selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part; or 
 (iii) to register the transfer of or to exchange a
Note between a Record Date and the next succeeding Interest Payment Date. 
 (f) Prior to due presentment for the
registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(g) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.3 of
the Base Indenture. 
 (h) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar
pursuant to this Section 3.3 to effect a registration of transfer or exchange may be submitted by facsimile. 
 (i) The
transferor of any Note shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations
under Internal Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

(j) In connection with any proposed transfer outside the book entry system, there shall be provided to the Trustee all
information necessary to allow the Trustee to 

  
 16 

 
comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on the
information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 
 ARTICLE IV 

REDEMPTION OF NOTES 
 The
provisions of Article III of the Base Indenture, as amended by the provisions of this Second Supplemental Indenture, shall apply to the Notes. 

Section 4.1    Optional Redemption of Notes. 

The Company may redeem on any one or more occasions some or all of the Notes of a Series before they mature. The redemption price (the
“Redemption Price”) will equal the sum of (1) an amount equal to 100% of the principal amount of the Notes of such Series being redeemed plus accrued and unpaid interest up to, but not including, the Redemption Date and (2) a
Make-Whole Premium; provided that, the Company will not redeem the Notes of a Series on any date if the principal amount of the Notes of such Series has been accelerated, and such an acceleration has not been rescinded or cured on or prior to
such date (except in the case of an acceleration resulting from a default by the Company in the payment of the Redemption Price with respect to the Notes of such Series to be redeemed). Notwithstanding the foregoing, if the 2023 Notes are redeemed
on or after January 1, 2023 or if the 2027 Notes are redeemed on or after May 15, 2027, the Redemption Price will not include a Make-Whole Premium; provided further that if the Redemption Date falls after a Record Date and on or
prior to the corresponding interest payment date, the Company will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the Holder of record at the close of business on the corresponding Record Date (instead
of the Holder surrendering its Notes for redemption) and the Redemption Price shall not include accrued and unpaid interest up to, but not including, the Redemption Date. 

Section 4.2    Notice of Optional Redemption, Selection of Notes. 

(a) In case the Company shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes of a
Series pursuant to Section 4.1, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable to the Trustee)
to the date the notice of redemption is to be sent, the Trustee in the name of and at the expense of the Company, shall mail or cause to be mailed, or sent by electronic transmission a notice of such redemption not fewer than thirty
(30) calendar days nor more than sixty (60) calendar days prior to the Redemption Date to each Holder of Notes of such Series so to be redeemed in whole or in part at its last address as the same appears on the Register; provided
that if the Company makes such request of the Trustee, it shall, together with such request, also give written notice of the Redemption Date to the Trustee, provided further that the text of the notice shall be prepared by the Company. Such
mailing shall be by first class mail or sent by electronic transmission. The notice, if sent in the manner herein provided, shall be conclusively presumed to have been duly 

  
 17 

 
given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole
or in part shall not affect the validity of the proceedings for the redemption of any other Note. Concurrently with the sending of any such notice of redemption, the Company shall issue a press release announcing such redemption, the form and
content of which press release shall be determined by the Company in its sole discretion. The failure to issue any such press release or any defect therein shall not affect the validity of the redemption notice or any of the proceedings for the
redemption of any Note of a Series called for redemption. 
 (b) Each such notice of redemption shall specify: (i) the
aggregate principal amount of Notes of such Series to be redeemed, (ii) the CUSIP number or numbers of the Notes of such Series being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which
Notes of such Series are to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will
be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof to be redeemed will cease to accrue. If fewer than all the Notes of a Series are to be redeemed, the notice of redemption shall identify
the Notes of such Series to be redeemed (including CUSIP numbers, if any). In case any Note of a Series is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state
that, on and after the Redemption Date, upon surrender of such Note, a new Note or Note in principal amount equal to the unredeemed portion thereof will be issued. 

(c) On or prior to the Redemption Date specified in the notice of redemption given as provided in this Section 4.2, the
Company will deposit with the Paying Agent (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.5 of the Base Indenture) an amount of money in immediately available funds
sufficient to redeem on the Redemption Date all the Notes of such Series (or portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on the Redemption Date, it must be received by
the Paying Agent, by 11:00 a.m., New York City time, on such date. The Company shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 4.2 in excess of amounts required
hereunder to pay the Redemption Price. 
 (d) If less than all of the outstanding Notes of a Series are to be redeemed, the
Trustee shall select the Notes of such Series or portions thereof of the Global Notes or the Notes in certificated form to be redeemed (in principal amounts of $2,000 and multiples of $1,000 in excess thereof) by lot, on a pro rata basis or by
another method the Trustee deems fair and appropriate in accordance with the Applicable Procedures. The Notes of such Series (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof. 

  
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 Section 4.3    Payment of Notes Called for Redemption by the Company. 

(a) If notice of redemption has been given as provided in Section 4.2, the Notes or portion of Notes of a Series with
respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless the Company shall default in the payment of such Notes at the
Redemption Price, interest on the Notes or portion of Notes of a Series so called for redemption shall cease to accrue on and after the Redemption Date and, on and after the Redemption Date (unless the Company shall default in the payment of the
Redemption Price) such Notes shall cease to be entitled to any benefit or security under the Indenture, and the Holders thereof shall have no right in respect of such Notes except the right to receive the Redemption Price thereof. On presentation
and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Company at the Redemption Price, together with interest accrued thereon to, but excluding,
the Redemption Date. 
 (b) Upon presentation of any Note redeemed in part only, the Company shall execute and the Trustee
shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented. 

Section 4.4    Special Mandatory Redemption. 

If (1) the DFT Merger has not been consummated on or prior to December 15, 2017 or (2) the DFT Merger Agreement is terminated at
any time prior to such date ((1) and (2) each a “Special Mandatory Redemption Event”), the Company shall be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a Redemption Price (the “Special
Mandatory Redemption Price”) equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, if any, up to, but not including, the Special Mandatory Redemption Date. Notwithstanding the foregoing, installments of interest
on any series of Notes that are due and payable on Interest Payment Dates falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the
relevant Record Dates. 
 Notwithstanding any other provision of this Article IV, in the event of the occurrence of a Special Mandatory
Redemption Event, the Company shall cause a notice of special mandatory redemption (“Special Mandatory Redemption Notice”) to be sent, with a copy to the Trustee, within five Business Days after the occurrence of the Special Mandatory
Redemption Event to each Holder at its registered address. If funds sufficient to pay the Special Mandatory Redemption Price of the Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or
before such Special Mandatory Redemption Date, the Notes will cease to bear interest on and after such Special Mandatory Redemption Date. 

Upon the occurrence of the closing of the DFT Merger, the foregoing provisions regarding the Special Mandatory Redemption will cease to apply.

  
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 ARTICLE V 

GUARANTEE 
 This Article V
shall replace Article XII of the Base Indenture with respect to the Notes only. 
 Section 5.1    Note Guarantee. 

By its execution hereof, the Guarantor acknowledges and agrees that the Notes shall be entitled to the benefits of a Guarantee. Accordingly,
subject to the provisions of this Article, the Guarantor hereby unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and its successors and assigns that: (i) the principal of (including the Redemption
Price upon redemption pursuant to Article IV), premium, if any, and interest, if any, on the Notes shall be duly and punctually paid in full when due, whether at the Stated Maturity, upon acceleration, upon redemption or otherwise, and interest on
overdue principal, premium, if any, and (to the extent permitted by law) interest on any interest, if any, on the Notes and all other obligations of the Company to the Holders or the Trustee hereunder or under the Notes (including fees, expenses or
other) shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal, whether at the Stated Maturity, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations
set forth in this Article (collectively, the “Guarantee Obligations”). 
 Subject to the provisions of this Article, the Guarantor
hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the
Notes with respect to any thereof, the entry of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor
hereby waives and relinquishes: (a) any right to require the Trustee, the Holders or the Company (each, a “Benefited Party”) to proceed against the Company or any other person or to proceed against or exhaust any security held by a
Benefited Party at any time or to pursue any other remedy in any secured party’s power before proceeding against the Guarantor; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any other
person or persons or the failure of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other person or persons; (c) demand, protest and notice of any kind (except as
expressly required by the Indenture), including but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part
of the Guarantor, the Company, any Benefited Party, any creditor of the Guarantor or the Company or on the part of any other person whomsoever in connection with any obligations the performance of which are hereby guaranteed; (d) any defense
based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which provides that the obligation of a
surety must be neither larger in 

  
 20 

 
amount nor in other respects more burdensome than that of the principal; (f) any defense arising because of a Benefited Party’s election, in any proceeding instituted under the
Bankruptcy Law, of the application of Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code. The Guarantor hereby covenants that,
except as otherwise provided therein, the Guarantee shall not be discharged except by payment in full of all Guarantee Obligations, including the principal, premium, if any, and interest on the Notes and all other costs provided for under the
Indenture. 
 If any Holder or the Trustee is required by any court or otherwise to return to either the Company or the Guarantor, or any
trustee or similar official acting in relation to either the Company or the Guarantor, any amount paid by the Company or the Guarantor to the Trustee or such Holder, the Note Guarantee, to the extent theretofore discharged, shall be reinstated in
full force and effect. The Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of all such obligations guaranteed hereby. The
Guarantor agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI of the Base Indenture for the
purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article VI of the Base
Indenture, such Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose of the Guarantee. 

Section 5.2    Execution and Delivery of Note Guarantee. 

(a) To evidence the Guarantee set forth in Section 5.1 hereof, the Guarantor agrees that a Notation of Guarantee
substantially in the form included in Exhibit C hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that this Second Supplemental Indenture shall be executed on behalf of the Guarantor by an Officer of the
Guarantor. 
 (b) The Guarantor agrees that the Guarantee set forth in this Article V shall remain in full force and effect
and apply to all the Notes notwithstanding any failure to endorse on each Note a notation of the Guarantee. 
 (c) If an
Officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee authenticates the Note on which the Guarantee is endorsed, the Guarantee shall be valid nevertheless. 

(d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Guarantee set forth in this Second Supplemental Indenture on behalf of the Guarantor. 
 Section 5.3    Limitation of
Guarantor’s Liability; Certain Bankruptcy Events. 
 (a) The Guarantor, and by its acceptance hereof each Holder,
hereby confirms that it is the intention of all such parties that the Guarantee Obligations of the Guarantor pursuant to its Note Guarantee not constitute a fraudulent transfer or conveyance for 

  
 21 

 
purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing intention, the Holders
and the Guarantor hereby irrevocably agree that the Guarantee Obligations of the Guarantor under this Article V shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the Guarantor,
result in the Guarantee Obligations of the Guarantor under the Note Guarantee not constituting a fraudulent transfer or conveyance. 

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

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

(a) For purposes of any provision of the Indenture which provides for the delivery by the Guarantor of an Officers’
Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.2 hereof shall apply to the Guarantor as if references therein to the Company or the Guarantor, as applicable, were references to the Guarantor. 

(b) Any notice or demand which by any provision of the Indenture is required or permitted to be given or served by the Trustee
or by the Holders of Notes to or on the Guarantor may be given or served as described in Section 10.2 of the Base Indenture as if references therein to the Company were references to the Guarantor. 

(c) Upon any demand, request or application by the Guarantor to the Trustee to take any action under the Indenture, the
Guarantor shall furnish to the Trustee such certificates and opinions as are required in Section 10.1 hereof as if all references therein to the Company were references to the Guarantor. 

ARTICLE VI 
 ADDITIONAL
COVENANTS 
 The following additional covenants shall apply with respect to the Notes so long as any of the Notes of a Series remain
outstanding: 
 Section 6.1    Maintenance of Office or Agency. 

The Company will maintain an office or agency in the United States where the Notes may be surrendered for registration of transfer or exchange
or for presentation for payment or redemption and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served. As of the date of the Indenture, such office shall be the Corporate Trust Office and, at any
other time, at such other address as the Trustee may designate from time 

  
 22 

 
to time by notice to the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed
by the Trustee. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office. 
 The Company may also from time to time designate co-registrars and one or
more offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency. 
 The Company hereby initially designates the Trustee as
Paying Agent, Registrar and the Corporate Trust Office shall be considered as one such office or agency of the Company for each of the aforesaid purposes. 

Section 6.2    Appointments to Fill Vacancies in Trustee’s Office. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, upon the terms and conditions and otherwise
as provided in Section 7.8 of the Base Indenture, a Trustee, so that there shall at all times be a Trustee hereunder. 
 Section
6.3    Reports. 
 (a) Whether or not required by the rules and regulations of the SEC, so long as
any Notes are outstanding, the Company will furnish to the Holders of Notes or cause the Trustee to furnish to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations: 

(i) all quarterly and annual reports that would be required to be filed with the SEC on Forms
10-Q and 10-K if the Company were required to file such reports; and 

(ii) all current reports that would be required to be filed with the SEC on Form 8-K if
the Company were required to file such reports. 
 All such reports will be prepared in all material respects in accordance with all of the rules and
regulations applicable to such reports. Each annual report on Form 10-K will include a report on the Company’s Consolidated Financial Statements by its independent registered public accounting firm. In
addition, the Company shall file a copy of each of the reports referred to above with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a
filing) and will make the reports available on the Company’s website within those time periods. Delivery of reports, information and documents to the Trustee under Section 6.3 is for informational purposes only and the information and the
Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including the Company’s compliance with any of their covenants thereunder
(as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 

  
 23 

 (b) If the Company is no longer subject to the periodic reporting requirements of
the Exchange Act for any reason, the Company will nevertheless continue filing the reports specified in the preceding paragraph with the SEC within the time periods specified above unless the SEC will not accept such a filing. The Company will not
take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will make the reports referred to in the preceding
paragraph available on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 
 Section
6.4    Limitations on Incurrence of Debt. 
 (a) The Company will not, and will not permit any of its
Subsidiaries to, Incur any Indebtedness, other than Intercompany Indebtedness and guarantees of Indebtedness Incurred by the Company or any of its Subsidiaries in compliance with the Indenture, if, immediately after giving effect to the Incurrence
of such Indebtedness and the application of the proceeds thereof, Total Outstanding Debt would be greater than 60% of Total Assets as of the end of the fiscal quarter covered in the Company’s annual or quarterly report most recently furnished
to Holders of the Notes or filed with the SEC, as the case may be. 
 (b) The Company will not, and will not permit any of
its Subsidiaries to, Incur any Secured Debt, other than guarantees of Secured Debt Incurred by the Company or any of its Subsidiaries in compliance with the Indenture, if, immediately after giving effect to the Incurrence of such Secured Debt and
the application of the proceeds thereof, the aggregate principal amount of Secured Debt would be greater than 40% of Total Assets as of the end of the fiscal quarter covered in the Company’s annual or quarterly report most recently furnished to
Holders of the Notes or filed with the SEC, as the case may be. 
 (c) The Company and its Subsidiaries will at all times
maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of Unsecured Debt. 

(d) The Company will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness other than Intercompany
Indebtedness and guarantees of Indebtedness Incurred by the Company or any of its Subsidiaries in compliance with the Indenture, if the ratio of Consolidated EBITDA to Interest Expense for the most recent quarterly period covered in the
Company’s annual or quarterly report most recently furnished to holders of the Notes or filed with the SEC, as the case may be and in accordance with Section 6.3 hereof, prior to such time, annualized (i.e., multiplied by four (4)) prior
to the date on which such additional Indebtedness is to be Incurred shall have been less than 1.50:1.00 on a pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that: 

(i) such Indebtedness and any other Indebtedness Incurred by the Company and its Subsidiaries since the first day of such
quarterly period and the application of the proceeds therefrom, including to refinance other Indebtedness, had occurred at the beginning of such period; 

  
 24 

 (ii) the repayment or retirement of any Indebtedness (other than Indebtedness
repaid or retired with the proceeds of any other Indebtedness, which repayment or retirement shall be calculated pursuant to the preceding clause (i)) by the Company and its Subsidiaries since the first day of such quarterly period had been repaid
or retired at the beginning of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be computed based upon the average daily balance of such Indebtedness during such period); 

(iii) in the case of Acquired Indebtedness or Indebtedness Incurred in connection with any acquisition since the first day of
such quarterly period, the related acquisition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and 

(iv) in the case of any acquisition or disposition of any asset or group of assets or the placement of any assets in service or
removal of any assets from service by the Company or any of its Subsidiaries from the first day of such quarterly period to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, the acquisition,
disposition, placement in service or removal from service had occurred as of the first day of such period, with appropriate adjustments to Interest Expense with respect to the acquisition, disposition, placement in service or removal from service
being included in that pro forma calculation. 
 Section 6.5    Maintenance of Properties. 

The Company shall cause all of its material properties used or useful in the conduct of its business or the business of any Subsidiary to be
maintained and kept in good condition, repair and working order, casualty and condemnation excepted (and the Company may take out of service for a period of time, any of its properties that have been condemned or suffered any loss due to casualty in
order to make such repairs, betterments and improvements), all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided,
however, notwithstanding anything herein to the contrary, (i) the Company may discontinue the maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business
or the business of any Consolidated Subsidiary and not disadvantageous in any material respect to the Holders, and (ii) the Company and its Subsidiaries may sell or otherwise dispose of any of their properties for value in the ordinary course
of business. 

  
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 Section 6.6    Insurance. 

The Company shall cause each of its properties and each of the properties of its Subsidiaries to be insured against loss of damage with
insurers of recognized responsibility, in commercially reasonable amounts and types as determined by the Company and with insurers of recognized responsibility. 

ARTICLE VII 
 DEFAULTS
AND REMEDIES 
 Sections 7.1 and 7.2 hereof shall replace Sections 6.1 and 6.2 of the Base Indenture with respect to the Notes only.

 Section 7.1    Events of Default. 

“Event of Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (a) default for thirty (30) days in the payment of any installment of interest under the Notes of
such Series; or 
 (b) default in the payment of the principal amount or Redemption Price due with respect to the Notes of
such Series, when the same becomes due and payable; or 
 (c) each of the Company and the Guarantor fails to comply with any
of its other agreements contained in the Notes or the Indenture with respect to such Series upon receipt by the Company of notice of such default by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes of such
Series then outstanding and the Company or the Guarantor, as applicable, fails to cure (or obtain a waiver of) such default within sixty (60) days after the Company receives such notice; or 

(d) failure to pay any Indebtedness that is (a) of the Company, the Guarantor or any Subsidiary in which the Company has
invested at least $75,000,000 in capital (a “Significant Subsidiary”) or any entity in which the Company is the general partner, and (b) in an outstanding principal amount in excess of $75,000,000 at final maturity or upon
acceleration after the expiration of any applicable grace period, which Indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within sixty (60) days after written notice to the Company from the
Trustee (or to the Company and the Trustee from Holders of at least 25% in principal amount of the outstanding Notes of such Series); or 

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

(i) commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Company,
the Guarantor or a 

  
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Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or
any substantial part of the property of the Company, the Guarantor or a Significant Subsidiary; or 
 (ii) consents to any
such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Company, the Guarantor or a Significant Subsidiary; or 

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

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

(f) an involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any Significant Subsidiary
seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor or a Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or a Significant Subsidiary, and such involuntary case
or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; 
 (g) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that 
 (i) is for relief against the Company, the
Guarantor or any of Significant Subsidiary in an involuntary case or proceeding; 
 (ii) appoints a trustee, receiver,
liquidator, custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or a Significant Subsidiary; or 

(iii) orders the liquidation of the Company, the Guarantor or a Significant Subsidiary; 

and, in each case in this clause (g), the order or decree remains unstayed and in effect for thirty (30) calendar days; or 

(h) failure to comply with the provisions of Section 4.4 of this Second Supplemental Indenture. 

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. 

  
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 Section 7.2    Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to the Notes of a particular Series at the time outstanding occurs and is continuing (other than an Event
of Default referred to in Section 7.1(e), 7.1(f) or 7.1(g)), then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes of such Series may declare the principal amount of and
accrued and unpaid interest, if any, on all of the outstanding Notes 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 specified
amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 7.1(e), 7.1(f) or 7.1(g) shall occur, the principal amount (or specified amount) of and accrued and
unpaid interest, if any, on all outstanding Notes of such Series shall automatically 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 the principal amount of and premium, if any, and interest on the Notes of such Series shall have been so declared due and
payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes of such Series then outstanding on behalf of
the Holders of all of the Notes of such Series then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to
Section 6.13 of the Base Indenture, if: (a) all Events of Default, other than the nonpayment of the principal amount and any accrued and unpaid interest that have become due solely because of such acceleration, have been cured or waived;
and (b) the Company or the Guarantor has deposited with the Trustee all required payments of the principal of and interest on, the Notes of such Series, plus the reasonable compensation and reimbursement for the Trustee’s expenses,
disbursements and advances pursuant to Section 7.7 of the Base Indenture. No such rescission and annulment shall extend to or shall affect any subsequent default or Event of Default, or shall impair any right consequent thereon. The Company
shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 4.3 of the Base Indenture. 

ARTICLE VIII 

AMENDMENTS AND WAIVERS 

Sections 8.1 and 8.2 hereof shall replace Sections 9.1 and 9.2 of the Base Indenture with respect to the Notes only. 

Section 8.1    Without Consent of Holders. 

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

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

  
 28 

 (b) to evidence a successor to the Company as obligor or to the Guarantor as guarantor under the
Indenture with respect to such Series of Notes; 
 (c) to make any change that does not adversely affect the interests of the Holders of any
Notes then outstanding; 
 (d) to provide for the issuance of Additional Notes in accordance with the limitations set forth in the
Indenture; 
 (e) to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under
the Indenture by more than one Trustee; 
 (f) to comply with the requirements of the SEC in order to effect or maintain the qualification
of the Indenture under the TIA; 
 (g) to reflect the release of the Guarantor as guarantor, in accordance with the Indenture; 

(h) to secure the Notes; 
 (i)
to add guarantors with respect to either series of the Notes; and 
 (j) to conform the text of the Indenture, the Guarantee or the Notes to
any provision of the description thereof set forth in the Prospectus to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the Indenture, such Note Guarantee or the Notes (as certified in an
Officers’ Certificate). 
 Upon the written request of the Company, accompanied by a copy of the resolutions of the Board of Directors
certified by the Guarantor’s Secretary or Assistant Secretary authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Company and the Guarantor in the execution of any such supplemental
indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 8.1 may be executed by the Company, the Guarantor and the Trustee
without the consent of the Holders of any of the Notes of a Series at the time outstanding, notwithstanding any of the provisions of Section 8.2. 

Section 8.2    With Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Notes of a Series at the time outstanding, the
Company, the Guarantor and the Trustee 

  
 29 

 
may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture with respect to a particular Series of Notes or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes of such Series; provided that no such supplemental indenture shall,
without the consent of each Holder so affected: 
 (a) reduce the principal amount of the Notes 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 the Notes; 
 (c) reduce the principal of or premium, if any, on or change the Stated Maturity of the Notes;

 (d) waive a Default or Event of Default in the payment of the principal of or premium, if any, or interest on the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

(e) make the principal of or premium, if any, or interest on the Notes payable in any currency other than that stated in the
Notes; 
 (f) make any change in Section 6.8 of the Base Indenture, 6.13 of the Base Indenture or Section 8.2(f)
hereof (this sentence); 
 (g) waive a redemption payment with respect to the Notes; or 

(h) release the Guarantor other than as provided in the Indenture or modify the Guarantee in any manner adverse to the Holders.

 Upon the written request of the Company, accompanied by a copy of the resolutions of the Board of Directors certified by the
Guarantor’s Secretary or Assistant Secretary authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall join with the Company and the
Guarantor in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise, in which case the Trustee may in its discretion, but shall not
be obligated to, enter into such supplemental indenture. 
 It shall not be necessary for the consent of the Holders under this
Section 8.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

  
 30 

 ARTICLE IX 

MEETINGS OF HOLDERS OF NOTES 

Section 9.1    Purposes for Which Meetings May Be Called. 

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

Section 9.2    Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1 hereof, to be held at
such time and at such place in The City of New York, New York as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided in Section 10.2 of the Base Indenture, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(b) In case at any time the Company, the Guarantor or the Holders of at least 10% in principal amount of the outstanding Notes
of a particular Series shall have requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1 hereof, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and
the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the
Company, the Guarantor, if applicable, or the Holders in the amount above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving
notice thereof as provided in clause (a) of this Section. 
 Section 9.3    Persons Entitled to Vote at Meetings. 

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

  
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 Section 9.4    Quorum; Action. 

The persons entitled to vote a majority in principal amount of the outstanding Notes of a particular Series shall constitute a quorum for a
meeting of Holders of Notes of such Series; provided, however, that if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount
of the outstanding Notes of the applicable Series, the persons holding or representing the specified percentage in principal amount of the outstanding Notes of such Series will constitute a quorum. In the absence of a quorum within thirty
(30) minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders, be dissolved. In any other case the meeting may be adjourned for a period of not less than ten (10) days as determined by
the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than ten (10) days as determined by the
chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 9.2 hereof, except that such notice need be given only once not less than five
(5) days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding Notes which
shall constitute a quorum. 
 Except as limited by the proviso to Section 8.2 hereof, any resolution presented at a meeting or
adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding Notes of a particular Series; provided, however, that,
except as limited by the proviso to Section 8.2 hereof, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly provides may be made, given or taken by
the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes of such Series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by
the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes of such Series. 
 Any
resolution passed or decision taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on all the Holders, whether or not such Holders were present or represented at the meeting. 

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

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

(b) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have
been called by the Company or by Holders as provided in Section 9.2(b) hereof, in which case the Company, the Guarantor 

  
 32 

 
or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote
of the persons entitled to vote a majority in principal amount of the outstanding Notes of such Series represented at the meeting. 

(c) At any meeting, each Holder or proxy shall be entitled to one (1) vote for each $1,000 principal amount of
Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the
meeting shall have no right to vote, except as a Holder or proxy. 
 (d) Any meeting of Holders duly called pursuant to
Section 9.2 hereof at which a quorum is present may be adjourned from time to time by persons entitled to vote a majority in principal amount of the outstanding Notes of the applicable Series represented at the meeting; and the meeting may be
held as so adjourned without further notice. 
 Section 9.6    Counting Votes and Recording Action of Meetings. 

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

ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.1    Evidence of Compliance with Conditions Precedent, Certificates to Trustee. 

This Section 10.1 shall replace Sections 10.4 and 10.5 of the Base Indenture with respect to the Notes only. 

Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of the Indenture, the Company
shall furnish to the Trustee an Officers’ 

  
 33 

 
Certificate stating that all conditions precedent, if any, provided for in the Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that, in the
opinion of such counsel, all such conditions precedent have been complied with. 
 Each certificate or opinion provided for in the Indenture
and delivered to the Trustee with respect to compliance with a condition or covenant provided for in the Indenture shall include: (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a
brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based; (3) 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 (4) a statement as to whether or not, in the opinion of such person,
such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 

Section 10.2    No Recourse Against Others.  

This Section 10.2 shall replace Section 10.8 of the Base Indenture with respect to the Notes only. 

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

Section 10.3    Trust Indenture Act Controls. 

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

Section 10.4    Governing Law and Waiver of Jury Trial. 

THIS SECOND SUPPLEMENTAL INDENTURE AND THE NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE BASE INDENTURE, SECOND
SUPPLEMENTAL INDENTURE OR THE NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO 

  
 34 

 
CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE, AND EACH HOLDER OF A
NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, 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 THE INDENTURE, THE NOTES, THE GUARANTEE OR THE
TRANSACTION CONTEMPLATED HEREBY. 
 Section 10.5    Counterparts. 

This Second Supplemental 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 Second Supplemental Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 10.6    Successors.

 All agreements of the Company and the Guarantor in this Second Supplemental Indenture and the Notes shall bind their respective
successors. All agreements of the Trustee in this Second Supplemental Indenture shall bind its successor. 

Section 10.7    Severability. 

In case any provision in this Second Supplemental Indenture or in the Notes 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 10.8    Table of
Contents, Headings, Etc. 
 The Table of Contents and headings of the Articles and Sections of this Second Supplemental Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.9    Ratifications. 

The Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified and confirmed. The Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this Second Supplemental Indenture with respect to the Notes supersede any conflicting provisions included in the Base Indenture unless not permitted by
law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

  
 35 

 Section 10.10    Effectiveness. 

The provisions of this Second Supplemental Indenture shall become effective as of the date hereof. 

Section 10.11    The Trustee. 

The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or the due execution thereof by the Company. The recitals contained herein shall be taken as the
statements solely of the Company, and the Trustee assumes no responsibility for the correctness thereof. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship
listed in TIA Section 311(b), the Trustee shall be subject to the provisions of the TIA regarding the collection of the claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting interest within
the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture. 

[remainder of page intentionally left blank] 

  
 36 

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

			
	 DIGITAL REALTY TRUST, L.P.,
 as the
Company

	By:	 	Digital Realty Trust, Inc.
		 	Its Sole General Partner

  

			
	By:	 	 /s/ Andrew Power

		 	Name:   Andrew Power
		 	Title:     Chief Financial Officer

  

			
	 DIGITAL REALTY TRUST, INC.,
 as the
Guarantor

		
	By:	 	 /s/ Andrew Power

		 	Name:   Andrew Power
		 	Title:     Chief Financial Officer

 [Signature Page to Second Supplemental Indenture] 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Trustee

		
	By:	 	 /s/ Maddy Hughes

		 	Name:   Maddy Hughes
		 	Title:     Vice President

 [Signature Page to Second Supplemental Indenture] 

 EXHIBIT A 

DIGITAL REALTY TRUST, L.P. 
 THIS GLOBAL
NOTE IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE SECOND SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2 OF THE SECOND SUPPLEMENTAL
INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1 

 DIGITAL REALTY TRUST, L.P. 

2.750% NOTES DUE 2023 
 Certificate No.
[            ] 
 CUSIP No.:
[            ] 
 ISIN:
[            ] 

$[        ] 

Digital Realty Trust, L.P., a Maryland limited partnership (herein called the “Company”, which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] MILLION DOLLARS
($[        ])[, or such lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,] on February 1, 2023 at the office or agency of
the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay
interest semi-annually in arrears on February 1 and August 1 of each year, commencing February 1, 2018, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 2.750%, from February 1 or
August 1, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for, unless no interest has been paid or duly provided for on the Notes, in which case from August 7, 2017, until payment
of said principal sum has been made or duly provided for. The Company shall pay interest to Holders of record on the January 15 or July 15 preceding the applicable February 1 or August 1 interest payment date, respectively, in
accordance with the terms of the Indenture. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the person entitled thereto; provided, however, that a Holder of any Notes in certificated form in the
aggregate principal amount of more than $2,000,000 may specify by written notice to the Company that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or on any Global Notes by
wire transfer of immediately available funds to the account of the Depository or its nominee. 
 The Company promises to pay interest on overdue principal,
premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) interest at the rate of 1% per annum above the rate borne by the Notes. 

Reference is made to the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall
for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or a duly authorized authenticating agent under the Indenture. 

  
 A-2 

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

Dated: [            ], 20[    ] 

 

			
	DIGITAL REALTY TRUST, L.P.
	
	By: Digital Realty Trust, Inc., Its Sole General Partner

 
			
		 	
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [            ], 20[    ] 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-4 

 [FORM OF REVERSE SIDE OF NOTE] 

DIGITAL REALTY TRUST, L.P. 

2.750% NOTES DUE 2023 
 This Note is one of
a duly authorized issue of Securities of the Company, designated as its 2.750% Notes due 2023 (herein called the “Notes”), issued under and pursuant to an Indenture dated as of June 23, 2015 (herein called the “Base
Indenture”), among the Company, the Guarantor and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”), as supplemented by the Supplemental Indenture No. 2, dated as of August 7, 2017 (herein
called the “Second Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.

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

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the
rights of the Holders of the Notes, subject to exceptions set forth in Section 8.2 of the Second Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the
Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and the Holder of the Notes, the
obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein and in the
Indenture. 
 Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 The Notes are issuable in fully registered form, without coupons, in denominations of $2,000 principal
amount and any multiple of $1,000 in excess thereof. At the office or agency of the 

  
 A-5 

 
Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to
cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations. 

The Company shall have the right to redeem the Notes under certain circumstances as set forth in Section 4.1, Section 4.2 and Section 4.3 of
the Second Supplemental Indenture. 
 The Notes are not subject to redemption through the operation of any sinking fund. 

Except as expressly provided in Article V of the Second Supplemental Indenture, no recourse for the payment of the principal of (including the Redemption
Price (as defined in Section 4.1 of the Second Supplemental Indenture) upon redemption pursuant to Article IV of the Second Supplemental Indenture) or any premium, if any, or interest on this Note, or for any claim based hereon or
otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either
directly or through the Guarantor, the Company or any of the Company’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it
being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

  
 A-6 

 ASSIGNMENT FORM 

 

			
	 To assign this Note, fill in the form below:
	  	
		
	
(I) or (we) assign and transfer this Note to: 
	  	 
		  	 (Insert assignee’s legal name)

 

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

 

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

  

			
	 and irrevocably appoint  
	 	 
	 to transfer this Note on the books of the Company. The agent may substitute another to act for
him.

  

			
	 Date:
                    
	  	

  

			
	 Your Signature:  
	 	 
	 (Sign exactly as your name appears on the face of this
Note)

 Signature Guarantee*:
                     
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-7 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of

Exchange
	 	 Amount of

decrease in

principal amount 
at maturity of 
this Global Note
	 	 Amount of

increase in
 principal amount

at maturity of 
this Global Note
	 	 Principal amount 
at maturity of

this Global Note
 following such

decrease 
(or increase)
	 	 Signature of

authorized
 officer of Trustee

or Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-8 

 EXHIBIT B 

DIGITAL REALTY TRUST, L.P. 
 THIS GLOBAL
NOTE IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE SECOND SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2 OF THE SECOND SUPPLEMENTAL
INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 B-1 

 DIGITAL REALTY TRUST, L.P. 

3.700% NOTES DUE 2027 
 Certificate No.
[            ] 
 CUSIP No.:
[            ] 
 ISIN:
[            ] 

$[        ] 

Digital Realty Trust, L.P., a Maryland limited partnership (herein called the “Company”, which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [        ] MILLION DOLLARS
($[        ])[, or such lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,] on August 15, 2027 at the office or agency of the
Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay
interest semi-annually in arrears on February 15 and August 15 of each year, commencing February 15, 2018, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 3.700%, from
February 15 or August 15, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for, unless no interest has been paid or duly provided for on the Notes, in which case from August 7,
2017, until payment of said principal sum has been made or duly provided for. The Company shall pay interest to Holders of record on the February 1 or August 1 preceding the applicable February 15 or August 15 interest payment
date, respectively, in accordance with the terms of the Indenture. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the person entitled thereto; provided, however, that a Holder of any Notes in
certificated form in the aggregate principal amount of more than $2,000,000 may specify by written notice to the Company that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or
on any Global Notes by wire transfer of immediately available funds to the account of the Depository or its nominee. 
 The Company promises to pay interest
on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) interest at the rate of 1% per annum above the rate borne by the Notes. 

Reference is made to the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall
for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or a duly authorized authenticating agent under the Indenture. 

  
 B-2 

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

Dated: [            ], 20[    ] 

 

			
	DIGITAL REALTY TRUST, L.P.
	
	By: Digital Realty Trust, Inc., Its Sole General Partner

 
			
		 	
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [            ], 20[    ] 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 B-4 

 [FORM OF REVERSE SIDE OF NOTE] 

DIGITAL REALTY TRUST, L.P. 

3.700% NOTES DUE 2027 
 This Note is one of
a duly authorized issue of Securities of the Company, designated as its 3.700% Notes due 2027 (herein called the “Notes”), issued under and pursuant to an Indenture dated as of June 23, 2015 (herein called the “Base
Indenture”), among the Company, the Guarantor and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”), as supplemented by the Supplemental Indenture No. 2, dated as of August 7, 2017 (herein
called the “Second Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.

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

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the
rights of the Holders of the Notes, subject to exceptions set forth in Section 8.2 of the Second Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the
Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and the Holder of the Notes, the
obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein and in the
Indenture. 
 Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 The Notes are issuable in fully registered form, without coupons, in denominations of $2,000 principal
amount and any multiple of $1,000 in excess thereof. At the office or agency of the 

  
 B-5 

 
Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to
cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations. 

The Company shall have the right to redeem the Notes under certain circumstances as set forth in Section 4.1, Section 4.2 and Section 4.3 of
the Second Supplemental Indenture. 
 The Notes are not subject to redemption through the operation of any sinking fund. 

Except as expressly provided in Article V of the Second Supplemental Indenture, no recourse for the payment of the principal of (including the Redemption
Price (as defined in Section 4.1 of the Second Supplemental Indenture) upon redemption pursuant to Article IV of the Second Supplemental Indenture) or any premium, if any, or interest on this Note, or for any claim based hereon or
otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either
directly or through the Guarantor, the Company or any of the Company’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it
being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

  
 B-6 

 ASSIGNMENT FORM 

 

			
	To assign this Note, fill in the form below:	  	
		
	 (I) or (we) assign and transfer this Note to:
	  	 
		  	 (Insert assignee’s legal
name)

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

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

  

					
	 and irrevocably appoint 
	 	 

 to transfer this Note on the
books of the Company. The agent may substitute another to act for him. 

					
			
	
Date:                  
   
	  		  	

  

					
		 	Your Signature:	 	  

		 	    (Sign exactly as your name appears on the face of this Note)

Signature
Guarantee*:                                       
                    
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 B-7 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of
Exchange
	 	
Amount of
decrease in
principal amount
at maturity of

this Global Note
	 	 Amount of
increase in
principal amount

at maturity of 
this Global Note
	 	 Principal amount

at maturity of
this Global Note

following such
decrease 
(or increase)
	 	
Signature of
authorized
officer of Trustee
or 
Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 B-8 

 EXHIBIT C 

[FORM OF NOTATION OF GUARANTEE] 
 The Guarantor
listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the Indenture, dated June 23, 2015, among the Guarantor, the Company (defined below) and Wells Fargo Bank, National
Association, as trustee (the “Base Indenture”), as supplemented by the Supplemental Indenture No. 2, dated the date hereof (the “Second Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), has irrevocably and unconditionally guaranteed on a senior basis the Guarantee Obligations (as defined in Section 5.1 of the Second Supplemental Indenture), which include (i) the due and punctual payment of the
principal of, premium, if any, and interest, if any, on the [2.750% Notes due 2023][3.700% Notes due 2027] (the “Notes”) of Digital Realty Trust, L.P., a Maryland limited partnership (the “Company”), whether at maturity, by
acceleration, call for redemption or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law) interest on any interest on the Notes, and the due and punctual performance
of all other obligations of the Company, to the Holders of the Notes or the Trustee all in accordance with the terms set forth in Article V of the Second Supplemental Indenture, and (ii) in case of any extension of time of payment or renewal of
any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption or otherwise. 

The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article V of the Second Supplemental Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. 
 No past, present
or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such successor entity), as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture or
for any claim based on, in respect of, or by reason of, such obligations or their creation. 
 The Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a proceeding first against the Company, the benefit of discussion, protest or notice with respect to the Notes and all demands
whatsoever. 
 This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and
assigns until full and final payment of all of the Company’s obligations under the Notes and Indenture or until legally discharged in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and
the Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collectability. 

  
 C-1 

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

The obligations of the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance
under applicable law. 
 THE TERMS OF ARTICLE V OF THE SECOND SUPPLEMENTAL INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

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

  
 C-2 

 IN WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed. 

Dated: [            ], 20[    ] 

 

			
	Digital Realty Trust, Inc.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3Exhibit

Exhibit 10.50 

Execution Copy

AGREEMENT OF LIMITED PARTNERSHIP
OF
BUILD-TO-CORE INDUSTRIAL PARTNERSHIP II LP

	
			
	 
	 
	 

	 

TABLE OF CONTENTS
	
					
	 
	 
	 
	Page

	Article 1. AFFIRMATION, NAME, PLACE OF BUSINESS, TERM, AND PARTNERS
	2

	 
	1.1
	

	Formation of Partnership; Certificate of Limited Partnership
	2

	 
	1.2
	

	Name and Offices
	2

	 
	1.3
	

	Term
	2

	 
	1.4
	

	Registered Office and Agent
	2

	 
	1.5
	

	Certificate of Limited Partnership
	2

	 
	1.6
	

	Partners
	2

	Article 2. PURPOSES AND OBJECTIVES
	3

	 
	2.1
	

	Purposes
	3

	 
	2.2
	

	Overview
	3

	 
	2.3
	

	Financing
	3

	Article 3. EXECUTIVE COMMITTEE
	4

	 
	3.1
	

	Composition
	4

	 
	3.2
	

	Role of Executive Committee
	4

	 
	3.3
	

	Meetings
	5

	Article 4. INVESTMENTS; CAPITAL CONTRIBUTIONS
	5

	 
	4.1
	

	Identification Period; Investment Period; Process for Investments; Diligence; Recommendation and Approval
	6

	 
	4.2
	

	Percentage Interests; Interests
	6

	 
	4.3
	

	Capital Contributions
	7

	 
	4.4
	

	Treatment of Defaulting Partner
	9

	 
	4.5
	

	Capital Accounts
	12

	 
	4.6
	

	No Interest on, or Right to Return of Capital Contributions or Capital Account
	12

	 
	4.7
	

	Cash Contributions
	12

	Article 5. DISTRIBUTIONS AND ALLOCATIONS
	12

	 
	5.1
	

	Defined Terms
	12

	 
	5.2
	

	Distributions
	12

	 
	5.3
	

	Carried Interest Amounts
	12

	 
	5.4
	

	Timing of Distributions
	12

	 
	5.5
	

	Allocations
	13

	 
	5.6
	

	No Violations
	13

	 
	5.7
	

	Withholding
	13

	Article 6. MANAGEMENT AND EXPENSES
	14

	 
	6.1
	

	Management
	14

	 
	6.2
	

	Restrictions on Authority of the General Partner
	16

	 
	6.3
	

	Duties and Obligations of the General Partner
	16

	 
	6.4
	

	Fees; Expenses
	21

	 
	6.5
	

	Permitted Other Activities
	22

	 
	6.6
	

	Presentation of Investments
	22

	 
	6.7
	

	Limitations on Liability; Indemnification
	22

	 
	6.8
	

	Designation of Tax Matters Partner
	24

	
			
	 
	i
	 

	 

	
					
	 
	6.9
	

	Prohibited Payments
	25

	 
	6.1
	

	QuadReal Limited Partner Matters
	25

	 
	6.11
	

	Partnership Tax Audit Procedures for Tax Years Ending after December 31, 2017
	25

	Article 7. WITHDRAWAL AND REMOVAL OF GENERAL PARTNER
	28

	 
	7.1
	

	Voluntary Withdrawal
	28

	 
	7.2
	

	Bankruptcy or Dissolution of the General Partner
	28

	 
	7.3
	

	Liability of Withdrawn General Partner
	28

	 
	7.4
	

	Removal of General Partner for Cause
	28

	Article 8. TRANSFER OF INTERESTS
	28

	 
	8.1
	

	Assignments
	28

	 
	8.2
	

	Admission of Assignees as Substituted Partners
	35

	Article 9. BUY-SELL; FORCED SALE; DISPUTE RESOLUTION
	36

	 
	9.1
	

	Buy-Sell
	36

	 
	9.2
	

	Forced Sale
	39

	 
	9.3
	

	Specific Performance
	44

	 
	9.4
	

	Dispute Resolution
	44

	Article 10. DISSOLUTION AND LIQUIDATION OF THE PARTNERSHIP
	44

	 
	10.1
	

	Events Causing Dissolution
	44

	 
	10.2
	

	Liquidation
	45

	Article 11. BOOKS AND RECORDS, ACCOUNTING, REPORTS, TAX ELECTIONS, ETC.
	46

	 
	11.1
	

	Books and Records
	46

	 
	11.2
	

	Accounting and Fiscal Year
	47

	 
	11.3
	

	Bank Accounts and Investment
	47

	 
	11.4
	

	Tax Depreciation and Elections
	48

	 
	11.5
	

	Interim Closing of the Books
	48

	 
	11.6
	

	Information from the Limited Partners and the Special Limited Partner
	48

	Article 12. MISCELLANEOUS
	48

	 
	12.1
	

	Remedies
	48

	 
	12.2
	

	Notice
	48

	 
	12.3
	

	Appointment of General Partner as Attorney-in-Fact
	48

	 
	12.4
	

	Amendments
	49

	 
	12.5
	

	Entire Agreement
	49

	 
	12.6
	

	Successors
	50

	 
	12.7
	

	Representations and Warranties of the General Partner
	50

	 
	12.8
	

	Representations and Warranties of the Limited Partners and the Special Limited Partner
	50

	 
	12.9
	

	Meaning of Certain Terms
	52

	 
	12.1
	

	Counterparts
	53

	 
	12.11
	

	Confidentiality
	53

	 
	12.12
	

	Applicable Law
	54

	 
	12.13
	

	Waiver of Jury Trial
	55

	 
	12.14
	

	Venue
	55

	 
	12.15
	

	Limitation on Benefits
	55

	
			
	 
	ii
	 

	 

Definitions
The following capitalized terms used in this Agreement are defined in the sections indicated below:

	
		
	Acceptance Notice
	Section 9.1(a)(ii)

	Acquisition Date
	Section 2.2(b)(i)

	Acquisition Sourcing Team
	Exhibit O

	Act
	Recitals

	Affiliate
	Section 12.9

	Agreement
	Introduction

	Allocable Share
	Section 8.1(c)(i)

	Allocation Policy
	Section 6.6(b)

	Applicable Information
	Section 12.11(b)(iii)

	Applicable Vehicles
	Section 6.6(b)

	Appraisal Date
	Section 6.3(e)(i)

	Appraisal Notice
	Section 6.3(e)(iii)

	Appraised Value
	Section 6.3(e)(vi)

	Appraisers
	Section 6.3(e)(iii)

	Approval of the Executive Committee
	Section 3.2

	Approved
	Section 3.2

	Approved Investment
	Section 4.1(b)

	Approved Partnership Budget
	Section 6.2(c)

	Arbitration Notice
	Section 9.4

	Benefit Plan Investor
	Section 12.8(k)

	BCG
	Recitals

	BCIG Limited Partner
	Recitals

	BCIG Partners
	Section 4.3(g)

	BTC Intermediate Portfolio Holdco
	Section 2.2(c)

	BTC Portfolio Holdco
	Section 2.2(c)

	Business Day
	Section 3.3(b)

	Buy-Sell
	Section 9.1(a)(i)

	Buy-Sell Closing Period
	Section 9.1(d)(i)

	Buy-Sell Deposit
	Section 9.1(c)

	Buy-Sell Notice
	Section 9.1(a)(i)

	Buy-Sell Price
	Section 9.1(a)(ii)

	Calculation Date
	Section 5.1(a)

	Capital Account
	Section 4.5

	Capital Call Funding Period
	Section 4.3(d)

	Capital Call Notice
	Section 4.3(d)

	Capital Commitment
	Section 4.3(e)

	Capital Contributions
	Section 4.3(b)

	Carried Interest Amounts
	Section 5.1(b)

	Carried Interest Distributions
	Section 5.1(c)

	
			
	 
	iii
	 

	 

	
		
	Cash Available for Distribution
	Section 5.1(d)

	Cause
	Section 7.4(a)

	Cause Notice
	Section 7.4(b)

	Certificate of Limited Partnership
	Recitals

	Closing Period
	Section 8.1(c)(ii)(A)

	Code
	Section 2.2(c)

	Confidential Information
	Section 12.11(a)

	Contributing Partner
	Section 4.4(b)

	Control
	Section 12.9

	Core Investment
	Section 2.2(b)(ii)

	CPR
	Section 7.4(b)

	Cumulative 8% Internal Rate of Return Amount
	Section 5.1(e)

	Cumulative 10% Internal Rate of Return Amount
	Section 5.1(f)

	Cure Date
	Section 4.4(c)

	Cure Period
	Section 4.4(f)

	Deadlock Event
	Section 3.2

	Default Date
	Section 4.4(c)

	Default Period
	Section 4.4(c)

	Defaulting Partner
	Section 4.4(a)

	Deposit
	Section 8.1(c)(iv)

	Development Investment
	Section 2.2(b)(iii)

	Disputed Issue
	Section 7.4(b)

	Due Care
	Section 6.3(a)

	EC Indemnitee
	Section 6.7(c)

	Effective Date
	Introduction

	Election Period
	Section 9.2(b)(i)

	Eligibility Requirements
	Section 8.1(b)

	Embargoed Person
	Section 12.8(m)

	ERISA
	Section 12.8(k)

	Executive Committee
	Section 3.1

	Executive Officer
	Section 7.4(a)(iv)

	Exemption
	Section 5.7(b)

	Failed Contribution
	Section 4.4(f)

	Final Adjustment
	Section 6.8(d)(ii)

	Fiscal Year
	Section 11.2

	Force Majeure Event
	Section 7.4(a)(ii)

	Forced Sale
	Section 9.2(a)(i)

	Forced Sale Notice
	Section 9.2(a)(ii)

	Formation Date
	Recitals

	General Partner
	Introduction

	General Partner Carried Interest Amount
	Section 5.1(g)

	General Partner Carried Interest Amount Deficiency
	Section 5.3(a)(ii)

	GP Appraiser
	Section 6.3(e)(ii)

	
			
	 
	iv
	 

	 

	
		
	GP Fees
	Section 6.4(a)

	GP Indemnitee
	Section 6.7(b)

	Guaranty
	Section 6.4(d)

	Guaranty Fee
	Section 6.4(d)

	Identification Period
	Section 4.1(a)

	ILT
	Section 6.1

	Indebtedness
	Section 2.2(b)(iv)

	Indemnitee
	Section 6.7(c)

	Independent Appraiser
	Section 6.3(e)(iii)

	Independent Appraiser Appointment Period
	Section 6.3(e)(iii)

	Industrial Opportunities
	Exhibit O

	Initial Budget Approval
	Section 6.3(b)(i)

	Initial Investment Brief
	Section 4.1(c)

	Initiator
	Section 9.2(a)(ii)

	Interest
	Section 4.2(b)

	Investment
	Section 2.2(b)(v)

	Investment Advisers Act
	Section 12.8(g)

	Investment Company Act
	Section 12.8(f)

	Investment Entity
	Section 2.2(c)

	Investment Markets
	Section 2.2(a)(i)

	Investment Memorandum
	Section 4.1(c)

	Investment Period
	Section 4.1(a)

	Investment Silo
	Section 2.2(a)(i)

	Investment Vehicle
	Exhibit O

	IPT
	Introduction

	IPT/BCG Affiliates
	Section 6.6(b)

	IPT Advisors
	Introduction

	IPT Advisors Group
	Introduction

	IPT Board
	Section 7.4(a)(vi)

	IPT Change of Control
	Section 7.4(a)(vi)

	IPT HoldCo
	Introduction

	IPT Limited Partner
	Introduction

	IPT OpCo
	Introduction

	IPT Partners
	Introduction

	IPT REIT Listing Transaction
	Section 7.4(a)(vi)

	IPT Representative
	Section 3.1

	IPT Sell-Down
	Section 8.1(e)

	IRS
	Section 6.8(b)

	Judicial Review
	Section 6.8(c)

	Key Persons
	Section 6.1

	Key Person Event
	Section 6.1

	Leverage Targets
	Section 2.3

	Limited Partner
	Introduction

	
			
	 
	v
	 

	 

	
		
	Limited Partner Capital Call
	Section 4.3(d)

	Limited Partner Funding Request
	Section 4.3(d)

	Limited Partners
	Introduction

	Losses
	Section 6.7(b)

	LP Appraiser
	Section 6.3(e)(iii)

	LP Appraiser Appointment Period
	Section 6.3(e)(iii)

	LP Appraiser Notice
	Section 6.3(e)(iii)

	LP Capital Contributions
	Section 5.1(h)

	LP Distributions
	Section 5.1(i)

	LP Indemnitee
	Section 6.7(c)

	Major Decision
	Section 6.2

	Marketing Period
	Section 9.2(b)(iii)

	Material Adverse Effect
	Section 7.4(a)(i)

	Non-Transfer Option
	Section 8.1(d)(ii)

	OFAC
	Section 12.8(l)

	Offer
	Section 8.1(c)(i)

	Offer Period
	Section 8.1(c)(i)

	Offer Price
	Section 8.1(c)(i)

	Offered Price
	Section 9.1(a)(ii)

	Offeree Partners
	Section 8.1(c)(i)

	Offering Partner
	Section 8.1(c)(i)

	Operating Agreement
	Section 2.2(c)

	Oversight Party
	Section 7.4(b)

	Partner
	Introduction

	Partners
	Introduction

	Partnership
	Introduction

	Partnership Expenses
	Section 6.4(c)

	Partnership Leverage Target
	Section 2.3

	Partnership Tax Audit Rules
	Section 5.7(a)

	PBSA
	Section 12.11(b)(i)

	Percentage Interests
	Section 4.2(a)

	Person
	Section 12.9

	Pipeline Investment
	Section 6.6(a)

	Pipeline Screening Notice
	Section 6.6(a)

	Portfolio
	Section 2.2(a)(i)

	Portfolio Appraisal
	Section 6.3(e)(ii)

	Portfolio Value
	Section 6.3(e)(iv)

	Post-Stabilization Leverage Target
	Section 2.3

	Pre-Stabilization Leverage Target
	Section 2.3

	Preservation Costs
	Section 4.3(c)(v)

	Proposed Investments
	Section 4.1(b)

	Proposed Portfolio Price
	Section 9.2(a)(ii)

	Proposed Purchase Price
	Section 9.2(b)(iv)(A)

	
			
	 
	vi
	 

	 

	
		
	Purchasing Partner
	Section 9.1(a)(ii)

	QFPF Certification
	Section 5.7(d)(i)

	QuadReal
	Section 12.11(b)(iii)

	QuadReal College
	Introduction

	QuadReal Hydro
	Introduction

	QuadReal International Real Estate
	Recitals

	QuadReal Limited Partner
	Introduction

	QuadReal Municipal
	Introduction

	QuadReal Parties
	Section 12.11(b)(iv)

	QuadReal Public Service
	Introduction

	QuadReal Representative
	Section 3.1

	QuadReal Teachers
	Introduction

	QuadReal US
	Recitals

	QuadReal WCB
	Introduction

	QuadReal WCBAF
	Introduction

	Qualified Appraiser
	Section 6.3(e)(i)

	Qualified Institutional Transferee
	Section 8.1(b)(v)

	Recipients
	Section 9.2(a)(ii)

	Redemption
	Section 5.3(b)(i)

	Redemption Closing Date
	Section 5.3(b)(iii)

	Redemption Note
	Section 5.3(b)(ii)

	Redemption Price
	Section 5.3(b)(i)

	Redemption Price Deficiency
	Section 5.3(b)(ii)

	Regulated Company
	Section 2.2(h)

	Regulated Share
	Section 2.2(h)

	REIT
	Section 6.3(a)(xxv)

	Removal Date Value
	Section 7.4(c)

	Representative
	Section 3.1

	Requesting Partner
	Section 7.4(b)

	Required Representation
	Section 8.1(c)(ii)(A)

	Responding Partner
	Section 9.1(a)(i)

	Response Period
	Section 9.1(a)(ii)

	Reviewed Year Partners
	Section 6.11(h)

	ROFO Acceptance Notice
	Section 8.1(c)(i)

	ROFO Closing Period
	Section 9.2(b)(ii)

	ROFO Deposit
	Section 9.2(b)(ii)

	ROFO Election
	Section 9.2(b)(i)

	ROFO Price
	Section 9.2(a)(ii)

	ROFO Sale
	Section 9.2(b)(i)

	ROFR Closing Period
	Section 9.2(b)(iv)(B)

	ROFR Election
	Section 9.2(b)(iv)(A)

	ROFR Exercise Period
	Section 9.2(b)(iv)(A)

	ROFR Notice
	Section 9.2(b)(iv)(A)

	
			
	 
	vii
	 

	 

	
		
	ROFR Price
	Section 9.2(b)(iv)(A)

	ROFR Sale
	Section 9.2(b)(iv)(A)

	SEC
	Section 9.1(a)(iii)

	Securities Act
	Section 12.8(d)

	Sell-Down Transferee
	Section 8.1(e)

	Selling Partner
	Section 9.1(a)(ii)

	Senior Preferred Equity Contributions
	Section 4.4(b)(ii)

	Senior Preferred Return
	Section 4.4(b)(ii)

	Special Limited Partner
	Introduction

	Special Limited Partner Carried Interest Amount
	Section 5.1(j)

	Stabilization
	Section 2.3

	Strategic Land Investment
	Section 6.2(a)

	Subsidiary REIT
	Section 6.3(a)(xxv)

	Substitute General Partner List
	Section 7.4(d)

	Supporting Materials
	Section 6.3(b)(i)

	Tag Along Notice
	Section 8.1(d)(i)

	Tag Along Offer Terms
	Section 8.1(d)(i)

	Tag Along Option
	Section 8.1(d)(ii)

	Tag Along Purchaser
	Section 8.1(d)(i)

	Tag Along Transfer
	Section 8.1(d)

	Tax Audit
	Section 6.8(c)

	Tax Matters Partner
	Section 6.8(a)

	Tax Representative
	Section 6.11(b)

	Term
	Section 1.3

	Transfer
	Section 8.1(a)

	Transferee
	Section 8.1(a)

	Treaty
	Section 5.7(d)(ii)

	Trigger Date
	Section 8.1(b)

	Triggering Partner
	Section 9.1(a)(i)

	Unfunded Amount
	Section 4.4(a)

	Unrelated Third Party
	Section 12.9

	Value-Add Investment
	Section 2.2(b)(vi)

	Willful Bad Acts
	Section 7.4(a)(v)

	
			
	 
	viii
	 

	 

AGREEMENT OF LIMITED PARTNERSHIP
OF
BUILD-TO-CORE INDUSTRIAL PARTNERSHIP II LP
THIS AGREEMENT OF LIMITED PARTNERSHIP (this “Agreement”) of Build-To-Core Industrial Partnership II LP, a Delaware limited partnership (the “Partnership”) is made and entered into as of May 19, 2017 (the “Effective Date”), by and among: (a) IPT BTC II GP LLC, a Delaware limited liability company, as general partner (the “General Partner”), which is a subsidiary of IPT Real Estate Holdco LLC, a Delaware limited liability company (“IPT HoldCo”), which in turn is a subsidiary of Industrial Property Operating Partnership LP (“IPT OpCo”), which in turn is a subsidiary of Industrial Property Trust Inc. (“IPT”); (b) IPT BTC II LP LLC, a Delaware limited liability company, which is a subsidiary of IPT HoldCo, which in turn is a subsidiary of IPT OpCo, which in turn is a subsidiary of IPT, as a limited partner (the “IPT Limited Partner” and, together with the General Partner, collectively, the “IPT Partners”); (c) Industrial Property Advisors Sub IV LLC, a Delaware limited liability company (the “Special Limited Partner”), which is a subsidiary of Industrial Property Advisors LLC (“IPT Advisors”), which in turn is a subsidiary of Industrial Property Advisors Group LLC (“IPT Advisors Group”), as a limited partner; (d) BCG BTC II Investors LLC, a Delaware limited liability company (the “BCIG Limited Partner”), an Affiliate of Black Creek Group LLC, a Colorado limited liability company (“BCG”); (e) bcIMC (WCBAF) Realpool Global Investment Corporation, a Canadian corporation, as a limited partner (“QuadReal WCBAF”); (f) bcIMC (College) US Realty Inc., a Canadian corporation, as a limited partner (“QuadReal College”); (g) bcIMC (Municipal) US Realty Inc., a Canadian corporation, as a limited partner (“QuadReal Municipal”); (h) bcIMC (Public Service) US Realty Inc., a Canadian corporation, as a limited partner (“QuadReal Public Service”); (i) bcIMC (Teachers) US Realty Inc., a Canadian corporation, as a limited partner (“QuadReal Teachers”); (j) bcIMC (WCB) US Realty Inc., a Canadian corporation, as a limited partner (“QuadReal WCB”); (k) bcIMC (Hydro) US Realty Inc., a Canadian corporation, as a limited partner (“QuadReal Hydro”); and (i) QuadReal US Holdings Inc., a Canadian corporation, as a limited partner (“QuadReal US” and, together with QuadReal WCBAF, QuadReal College, QuadReal Municipal, QuadReal Public Service, QuadReal Teachers, QuadReal WCB and QuadReal Hydro, collectively, the “QuadReal Limited Partner”).  QuadReal WCBAF, QuadReal College, QuadReal Municipal, QuadReal Public Service, QuadReal Teachers, QuadReal WCB, QuadReal Hydro, QuadReal US, the IPT Limited Partner and the BCIG Limited Partner shall each be referred to herein individually as a “Limited Partner” and collectively as the “Limited Partners” and the Limited Partners, the Special Limited Partner and the General Partner, each shall be referred to herein individually as a “Partner” and collectively as the “Partners.”
RECITALS
WHEREAS, on May 18, 2017 (the “Formation Date”), the General Partner executed a Certificate of Limited Partnership (the “Certificate of Limited Partnership”) forming the Partnership as a limited partnership under the Delaware Revised Uniform Limited Partnership Act (6 Del. C. §§ 17-101 et seq.) (as amended from time to time, the “Act”) and filed such certificate among the partnership records of the State of Delaware on the Formation Date; and
WHEREAS, the parties hereto hereby agree to become Partners upon the terms and conditions set forth herein.
NOW, THEREFORE, for and in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged hereby, the Partners agree as follows:

	
			
	 
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Article 1. 
 
AFFIRMATION, NAME, PLACE OF BUSINESS, TERM, AND PARTNERS

1.1    Formation of Partnership; Certificate of Limited Partnership.  The Partners hereby: 
(a)    ratify the formation of the Partnership as a limited partnership pursuant to the Act and ratify the filing of the Certificate of Limited Partnership with the Secretary of State of the State of Delaware on the Formation Date;
(b)    confirm and agree to their status as partners of the Partnership; and
(c)    execute this Agreement for the purposes of organizing the Partnership and establishing the rights, duties and relationship of the Partners.

1.2    Name and Offices.  The name of the Partnership is and shall be “Build-To-Core Industrial Partnership II LP”.  The principal offices of the Partnership shall be located at 518 17th Street, 17th Floor, Denver, Colorado 80202, or at such other place or places as the General Partner may from time to time determine; provided, that the General Partner shall give the other Partners notification thereof not later than thirty (30) days after the effective date of such change of address and, if required, shall amend the Certificate of Limited Partnership in accordance with the requirements of the Act.

1.3    Term.  The term of the Partnership (the “Term”) commenced as of the date that the Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware and shall continue until May 19, 2027 or such other date as may be established by Approval of the Executive Committee.  Upon expiration of the Term, the Partnership shall be dissolved and its affairs wound up in accordance with Article 10 hereof unless otherwise approved by unanimous written consent of the Partners.

1.4    Registered Office and Agent.  The address of the registered agent for service of process on the Partnership in the State of Delaware is 1209 Orange Street, Wilmington, Delaware 19801, and the Partnership’s registered agent at such address is The Corporation Trust Company.  The General Partner may, from time to time, appoint a new registered agent for the Partnership.

1.5    Certificate of Limited Partnership.  The General Partner, in accordance with the Act, promptly shall file with the Secretary of State of the State of Delaware any amendment to the Certificate of Limited Partnership required by the Act.  If the laws of any jurisdiction in which the Partnership transacts business so require, the General Partner also shall file with the appropriate office in that jurisdiction a copy of the Certificate of Limited Partnership and any other documents necessary for the Partnership to qualify to transact business in such jurisdiction.  The General Partner further agrees to execute, acknowledge and cause to be filed, in the place or places and in the manner prescribed by law, any amendments to the Certificate of Limited Partnership as may be required, either by the Act, by the laws of a jurisdiction in which the Partnership transacts business or by this Agreement, to reflect changes in the information contained therein or otherwise to comply with the requirements of law for the continuation, preservation and operation of the Partnership as a limited partnership under the Act, and the Limited Partners and the Special Limited Partner shall join in the execution and delivery of such certificates or documents, as reasonably necessary to comply with the Act or other applicable law.

1.6    Partners.
(a)    The names and addresses of the Partners, together with their respective Capital Commitments and Percentage Interests, each as of the date hereof, are set forth on Schedule 1.
(b)    No Person owning an interest equal to or greater than ten percent (10%) in the General Partner and no Key Person shall be (i) designated by the U.S. Treasury Department’s Office of Foreign Assets Control 

	
			
	 
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as a “specially designated or blocked person” or (ii) described in Section 1 of U.S. Executive Order 13224 issued on September 23, 2001.
(c)    Except as otherwise provided herein, the Limited Partners and the Special Limited Partner shall be the sole limited partners of the Partnership.  Notwithstanding the foregoing, as used in this Agreement, the term “Limited Partners” shall not include the Special Limited Partner, except as expressly permitted by the terms of this Agreement.
(d)    Notwithstanding any provision to the contrary contained in this Agreement or in any agreement, document or instrument contemplated hereby, (i) no Representative is or shall at any time be admitted as or otherwise be a general partner of the Partnership, whether by agreement, estoppel or otherwise, (ii) neither the Limited Partners nor the Special Limited Partner is or shall at any time be admitted as or otherwise be a general partner of the Partnership, whether by agreement, estoppel or otherwise except as expressly provided in Sections 6.3(a) and 8.1(h) and (iii) as used in this Agreement, the term “General Partner” shall not include any Representative, any Limited Partner or the Special Limited Partner, except, in each case, as expressly permitted by the terms of this Agreement.  In the event that any provision of this Agreement or any other agreement, document or instrument contemplated hereby is inconsistent with or contrary to the terms of this Section 1.6(d), the terms of this Section 1.6(d) shall control.

ARTICLE 2.     
 
PURPOSES AND OBJECTIVES

2.1    Purposes.  The purposes of the Partnership are to acquire, entitle, develop, own, use, operate, manage, finance, sell, lease, sublease, exchange or otherwise dispose of selected industrial- type properties in the United States (indirectly, through the Investment Entities) and engage in any other activities related or incidental thereto, in each case in accordance with this Agreement.

2.2    Overview.  The Partners have set forth the objectives of the Partnership in Exhibit I, which is incorporated by reference and attached hereto; all references herein to Section 2.2 shall be referred to Exhibit I.

2.3    Financing.  The Partnership will generally seek: (a) short-term, floating and fixed- rate financing with an Investment loan-to-value ratio of up to fifty-five percent (55%) of the total cost for each Development Investment and each Value-Add Investment prior to Stabilization of such Development Investment or Value-Add Investment, which financing shall be fully prepayable through and at Stabilization of such Development Investment or Value-Add Investment (the “Pre-Stabilization Leverage Target”); (b) fixed-rate, cross-collateralized or single asset financing with an Investment loan-to-value ratio of up to fifty-five percent (55%) of the total value for each Core Investment, each Value-Add Investment and each Development Investment following Stabilization of such Value-Add Investment or Development Investment, which financing shall be subject to customary prepayment, release and substitution provisions (the “Post-Stabilization Leverage Target”); and/or (c) Partnership-level financing which, together with all other financing of the Partnership and the Investment Entities, does not exceed a Portfolio loan-to-value ratio of fifty-five percent (55%), which may be unsecured or which may include a secured revolving credit facility in the name of the Partnership, which may be cross-collateralized by all of the Properties owned by the Investment Entities (the “Partnership Leverage Target” and, together with the Pre-Stabilization Leverage Target and the Post-Stabilization Leverage Target, the “Leverage Targets”); in each case, it being acknowledged and agreed that any such financing is subject to the Approval of the Executive Committee to the extent required by Section 6.2 of this Agreement.  As used in this Agreement, “Stabilization” shall mean, with respect to any Investment, the first date on which (A) seventy-five percent (75%) of the rentable space of such Investment has been leased to tenants under leases for which the lease commencement date has occurred, such tenants have taken occupancy of their premises and have commenced base rent payments, and (B) the weighted average lease term of the leases with respect to such Investment is greater than two (2) years (assuming, in the determination of the weighted average lease term, that any existing tenant termination right is exercised as of the first date such termination would be effective, and no existing tenant option to extend its lease term is exercised).  For the avoidance of doubt, the test for Stabilization need only be met once for each Investment to be deemed to have achieved Stabilization for the remainder of the Term.  Consistent with Section 2.2(i), except as otherwise approved by the QuadReal Limited Partner, at no time shall any financing result in or be permitted where 

	
			
	 
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the QuadReal Limited Partner is required to provide security for such financing and/or provide any collateral, covenants, guarantees, security or assignments in respect thereof or otherwise incur any debt obligation. 

ARTICLE 3.     
 
EXECUTIVE COMMITTEE

3.1    Composition.  The Partnership shall have an executive committee of the Partnership (the “Executive Committee”) selected by the Partners as provided herein.  At all times during the Term, the Executive Committee shall be comprised of two (2) members (each member, a “Representative”) consisting of: (a) one (1) Representative appointed by the IPT Limited Partner (the “IPT Representative”); and (b) one (1) Representative appointed by QuadReal US (the “QuadReal Representative”); provided that, following an IPT Sell-Down, the Executive Committee shall be comprised of three (3) members consisting of: (a) the IPT Representative; (b) the QuadReal Representative; and (c) one (1) Representative appointed by the Sell-Down Transferee.  As of the date hereof, the Representatives shall be: (i) either Dwight Merriman or Tom McGonagle, appointed by the IPT Limited Partner; and (ii) Timothy Works, appointed by QuadReal US.  For purposes of clarity, (i) with respect to the QuadReal Representative, the consent of either Timothy Works or any additional representative appointed by QuadReal US pursuant to this Section 3.1 with respect to any matter requiring the Approval of the Executive Committee hereunder shall be deemed to be the consent of the QuadReal Representative with respect to such matter and any Partner’s or Representative’s obligation to provide notice to or solicit the consent of the QuadReal Representative hereunder shall be deemed satisfied to the extent such Partner or Representative provides notice to or solicits the consent of either Timothy Works or any additional representative appointed by QuadReal US pursuant to this Section 3.1, and (ii) with respect to the IPT Representative, the consent of either Dwight Merriman, Tom McGonagle or any additional representative appointed by the IPT Limited Partner pursuant to this Section 3.1 with respect to any matter requiring the Approval of the Executive Committee hereunder shall be deemed to be the consent of the IPT Representative with respect to such matter and any Partner’s or Representative’s obligation to provide notice to or solicit the consent of the IPT Representative hereunder shall be deemed satisfied to the extent such Partner or Representative provides notice to or solicits the consent of either Dwight Merriman, Tom McGonagle or any additional representative appointed by the IPT Limited Partner pursuant to this Section 3.1.  To the fullest extent permitted by law, each Representative shall be entitled to consider only such interests and factors as it desires, including the Partners’ respective interests, and shall have no fiduciary duty or other duty or obligation to give any consideration to any interest of, or factors affecting, any other Person.  In the event of the resignation or death of a Representative, the Partner that so appointed such Representative shall designate a successor to such Representative within thirty (30) days after such resignation or death by written notice to all of the Partners.  Any Partner also shall have the right to replace or supplement the list of individuals appointed to serve as its Representative by giving written notice of the removal, replacement or supplement of such Representative to all of the Partners, and, in the case of removal of its last Representative, together with its appointment of a replacement therefor.  For the avoidance of doubt, a Partner may appoint more than one individual to serve as its Representative, but only one such individual may act as the Representative of such Partner with respect to any particular matter before the Executive Committee.  Representatives shall be entitled to reimbursement from the Partnership for their reasonable travel expenses and other reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Executive Committee (provided, however, that with respect to any particular meeting of the Executive Committee, the Partnership shall only be obligated to reimburse the expenses of one (1) individual for the QuadReal Representative and one (1) individual for the IPT Representative in connection with such meeting), but shall not be entitled to any fees, remuneration or other reimbursements from the Partnership or any of the Partners.  Each Representative shall be bound by Section 12.11 of this Agreement.

3.2    Role of Executive Committee.  Subject to Section 4.4(e), the unanimous consent of the Representatives constituting a quorum (the “Approval of the Executive Committee” or “Approval”, and any matter upon receiving the Approval of the Executive Committee, “Approved”) shall be required with respect to any Proposed Investment, all Major Decisions, as more specifically set forth in Section 6.2, and such other matters as are prescribed herein as requiring the Approval of the Executive Committee; provided, notwithstanding anything to the contrary contained herein, that the General Partner shall be entitled to take any action that the General Partner determines to be reasonably necessary to prevent imminent and material damage or to prevent impending health, life or safety emergencies without the Approval of the Executive Committee.  Any Major Decision requiring the Approval of the Executive 

	
			
	 
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Committee that is proposed by any Representative but is not Approved or deemed Approved shall constitute a “Deadlock Event”.

3.3    Meetings.
(a)    General.  Any Executive Committee meetings held in person shall be held in the Denver, Colorado metropolitan area except as otherwise Approved by the Executive Committee (either in advance of or at such meeting); provided, however, in the case of meetings held by telephone conference or similar means pursuant to Section 3.3(e), no Representative need be in the Denver, Colorado metropolitan area.
(b)    Nature of Meetings.  The General Partner shall give written notice to each Representative of each meeting, including the time, place and purpose of such meeting.  Notice of each such meeting shall be sent by overnight delivery, personal delivery, or electronic communication to each Limited Partner and each Representative, addressed to him or her at the last address provided by the Representative or Limited Partner to the General Partner for such purpose, at least five (5) “Business Days” (which shall mean days upon which banks in New York, New York and Vancouver, Canada are open for normal business) before the day on which such meeting is to be held, except as otherwise provided herein.  Such notice need not be given to any Representative who in fact attends such meeting.  A written waiver of notice delivered to the General Partner, whether before or after the time of the meeting stated therein, shall be deemed equivalent to notice.  Any Limited Partner with representation on the Executive Committee shall also have the right to call a meeting of the Executive Committee to discuss a Major Decision, by giving notice of such meeting to each Representative in accordance with the provisions of this Section 3.3 that apply to the General Partner.
(c)    Quorum.  Except as set forth below, at all meetings of the Executive Committee at which a Major Decision is to be considered, the presence of the QuadReal Representative and the IPT Representative shall constitute a quorum for the transaction of business.  At any duly called meeting of the Executive Committee at which a Major Decision is to be considered, if a quorum shall not be present solely as a result of the failure of any Representative to attend or as a result of the failure of any Partner to appoint its Representative, after the death, removal or resignation of its Representative, the Partner that called such meeting may call a second meeting to consider such matter on twenty-four (24) hours’ notice and if the Representative that was not present fails to attend such second meeting or is not appointed, such meeting may nevertheless take place and the Representative that was not present shall be deemed to have voted in favor of any such Major Decision proposed at such subsequently held meeting.
(d)    Action Without a Meeting.  Any action of the Executive Committee may be taken without a meeting of the Executive Committee, without prior notice and without a vote, if a consent in writing or by electronic transmission (including email confirmation or approval), setting forth the action to be so taken, shall be provided by all of the Representatives.  Any Representative shall be entitled to require the General Partner to circulate a written consent to the Executive Committee in lieu of meeting.  In the event the General Partner promptly delivers any written consent requested by any Representative in accordance with the immediately preceding sentence and such requesting Representative fails to return such written consent within the time periods prescribed for any such meeting as set forth above, such requesting Representative shall be deemed to have voted in favor of any such Major Decision described in such written consent.
(e)    Telephone Participation.  Any Representative may participate in any meeting of the Executive Committee by means of conference telephone or similar communications equipment by means of which all Persons participating in the meeting may talk with and hear one another.
(f)    Rules.  The Executive Committee may adopt by Approval such other rules of procedure governing its meetings, communications and actions as it deems necessary, appropriate or helpful.

ARTICLE 4.     
 
INVESTMENTS; CAPITAL CONTRIBUTIONS

	
			
	 
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4.1    Identification Period; Investment Period; Process for Investments; Diligence; Recommendation and Approval.
(a)    The General Partner shall use commercially reasonable efforts to identify industrial-type properties that, in the reasonable opinion of the General Partner, meet the investment objectives set out in Section 2.2(a) for potential acquisition and/or development by the Partnership commencing on the Effective Date and continuing for a period ending on the earlier of (i) the fourth (4th) anniversary of the Effective Date, (ii) the date the QuadReal Representative rejects a third (3rd) Proposed Investment pursuant to Section 6.6(c), (iii) the date that 100% of the aggregate Capital Commitments of the Partners have been invested (including any amounts committed for investment and amounts reserved for Partnership Expenses) in Investments, or (iv) with respect to any Investment Silo, the date on which the targeted percentage of aggregate Capital Commitments has been invested in or reserved for Investments in such Investment Silo (such period, the “Identification Period”).  As used herein, the “Investment Period” shall mean a period commencing on the Effective Date and ending on the earlier of (x) the fifth (5th) anniversary of the Effective Date and (y) twelve (12) months after the expiration of the Identification Period.
(b)    The General Partner shall, from time to time during the Identification Period, recommend to the Executive Committee industrial-type properties for proposed investment by the Partnership and the business and legal structure therefor, including the structure of any proposed Indebtedness to finance such properties (“Proposed Investments”) in accordance with Section 6.6.  The Approval of the Executive Committee shall be required for the Partnership to invest in any Proposed Investment.  Each Proposed Investment which is Approved by the Executive Committee hereinafter is referred to as an “Approved Investment.”
(c)    Not less than three (3) Business Days prior to a meeting of the Executive Committee at which a Proposed Investment will be considered, the General Partner shall present a written initial investment brief (the “Initial Investment Brief”) to the Executive Committee for such Proposed Investment.  Such Initial Investment Brief shall include: (i) a property/transaction summary; (ii) a leasing status and rent roll; (iii) a location and market summary; (iv) cash flow projections and assumptions; (v) an estimate of the proposed Indebtedness to be incurred in connection with the Proposed Investment; (vi) the aggregate Capital Contributions expected to be required to acquire the Proposed Investment; (vii) any fees or other compensation to be received by the General Partner or its Affiliates from the Proposed Investment that are not otherwise provided for in this Agreement; and (viii) any other material terms of the Proposed Investment as reasonably determined by the General Partner.  Thereafter, but not less than three (3) Business Days prior to the applicable meeting of the Executive Committee, the General Partner shall present a written investment memorandum (the “Investment Memorandum”) to the Executive Committee containing the information previously provided in the Initial Investment Brief (updated if applicable) and a due diligence report on the Proposed Investment containing reasonably sufficient detail which should allow the Executive Committee to make an informed and reasoned decision as to whether to proceed with the acquisition or not.  From time to time, the Executive Committee by Approval may amend the criteria for the underwriting and due diligence process and the content and format for presentation to the Executive Committee of the Initial Investment Brief and the Investment Memoranda prepared by the General Partner. 
(d)    For the avoidance of doubt, and notwithstanding anything in this Section 4.1 or the balance of this Agreement to the contrary, (i) no Representative shall have any obligation to cast an affirmative vote to Approve any Proposed Investment at any time during the Term and (ii) the General Partner’s obligation to present potential Investments to the Partnership shall be limited to and shall terminate at the expiration of the Identification Period, without notice to or from, or act by, or on the part of, any party or as otherwise described in Section 6.6.

4.2    Percentage Interests; Interests.
(a)    Percentage Interests.  The Partners will fund Capital Contributions and pay their shares of expenses as required under this Agreement in proportion to their respective “Percentage Interests”, which for each Partner (other than the Special Limited Partner), shall equal the percentage determined by dividing such Partner’s Capital Contributions to the Partnership as of the date of determination by the aggregate Capital Contributions made by all of the Partners (other than the Special Limited Partner) to the Partnership as of such date (as may be adjusted pursuant to the terms hereof, including Section 4.4(b)(iii)).  Notwithstanding anything in this Agreement to the contrary, 

	
			
	 
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the Percentage Interest of the Special Limited Partner shall at all times be zero percent (0%), provided however, the Special Limited Partner shall be entitled to receive the amounts distributable to the Special Limited Partner pursuant to clause (z) of Sections 5.2(a)(v) and 5.2(a)(vi) of Exhibit J, and Section 5.3(b) of Exhibit J, and such entitlement shall be treated as a “Safe Harbor Partnership Interest” within the meaning of Section 3.02 of IRS Notice 2005-43, and consistent with Rev. Proc. 93-27, which initially has a zero liquidation value (as a result of the priority repayment of Capital Contributions pursuant to Section 5.2(a)(iii) of Exhibit J hereof).  The Percentage Interests of the Partners as of the date of this Agreement are set forth on Schedule 1 attached hereto, which may be revised from time to time by the General Partner (without the consent of the Limited Partners or the Special Limited Partner) to reflect the then applicable Percentage Interests of the Partners.  Except as otherwise provided under this Agreement, the respective Percentage Interests of the Partners also shall constitute the respective voting interests of the Partners for any votes of the Partners required or permitted under the Act or this Agreement with regard to any matter specifically requiring a vote of the Partners under this Agreement.
(b)    Interests.  As referred to herein, a Partner’s “Interest” means the entire interest of a Partner in the Partnership at any particular time, including, without limitation, the right of such Partner to any and all rights and benefits to which a Partner may be entitled as provided in this Agreement, together with the obligations of such Partner to comply with all the terms and provisions of this Agreement.  The General Partner, the Limited Partners and the Special Limited Partner are hereby issued their respective Interests.

4.3    Capital Contributions.
(a)    Intentionally omitted.  
(b)    Capital Contributions for Approved Investments.  During the Investment Period, the Partners shall be obligated to fund, pro rata based on their Percentage Interests: (i) any capital contributions (“Capital Contributions”) required in order to fund the closing of acquisitions or development costs in respect of Approved Investments that occur during the Investment Period; and (ii) with respect to any Approved Investment that is Approved by the Executive Committee during the Investment Period but not consummated as of the end of the Investment Period, the Partners shall make any Capital Contribution required in order to fund the closing of the acquisition or development costs in respect of such Approved Investment and pay any costs or expenses related to such Approved Investment. 
(c)    Additional Capital Contributions.  Except to the extent already included in Capital Contributions made pursuant to Section 4.3(b) above, the Partners shall be obligated to fund, pro rata based on their Percentage Interests, only the following Capital Contributions:
(i)    any Capital Contributions required (A) pursuant to the Approved Partnership Budget (or, in the absence of an Approved Partnership Budget, the prior year’s Approved Partnership Budget in effect, modified as described in Section 6.2(c); and (B) without duplication, in order to fund any capital contributions required to be made to an Investment Entity;
(ii)    any Capital Contributions that are Approved by the Executive Committee;
(iii)    any Capital Contributions required in order to fund the payment of any GP Fees to the General Partner pursuant to Section 6.4(a) for activities that have been Approved by the Executive Committee that are not specifically included in the Approved Partnership Budget;
(iv)    any Capital Contributions required in order to fund amounts paid or payable to lenders under guarantees or credit enhancement made or provided by the Partnership, the General Partner, any Limited Partner, or the Special Limited Partner (or any of their Affiliates) to such lenders pursuant to any guarantee or credit enhancement relating to any Indebtedness of the Partnership or the Investment Entities, which guarantee or credit enhancement is Approved by the Executive Committee pursuant to Section 6.2 (to the extent that, after taking into account any existing cash reserves of the Partnership and the Investment Entities, the Partnership has insufficient funds to pay the required amounts), but not to the extent that the events giving rise to such payments were caused 

	
			
	 
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by or resulted from any Willful Bad Act or gross negligence by the General Partner or any GP Indemnitee; provided, that to the extent any obligation under such guaranty or credit enhancement is caused by any Willful Bad Act or gross negligence by (A) the General Partner or any GP Indemnitee, such obligations shall be an obligation solely of the General Partner or such GP Indemnitee or (B) a Limited Partner or any LP Indemnitee, such obligations shall be an obligation solely of such Limited Partner or such LP Indemnitee;
(v)    any Capital Contributions required in order to fund such amounts which the General Partner reasonably and in good faith determines (after taking into account any existing cash reserves of the Partnership or the Investment Entities, as applicable) are necessary to fund the payment of debt service obligations with respect to any Indebtedness secured by any Investment or other assets of the Partnership or an Investment Entity (pursuant to a financing previously Approved by the Executive Committee and provided that the fair value of any such Investment or assets securing such Indebtedness is not less than one-hundred percent (100%) of the outstanding amount of such Indebtedness), real estate taxes, utility costs, insurance premiums, and/or other costs or expenses reasonably necessary to prevent imminent and material damage or to prevent impending health, life or safety emergencies (all such costs, collectively “Preservation Costs”);
(vi)    any Capital Contributions required in order to fund (A) a variance from the Approved Partnership Budget in the aggregate amount of all operating expenditures incurred by any Investment Entity in any calendar year; provided, that the aggregate amount of all Capital Contributions that can be made in any calendar year pursuant to this Section 4.3(c)(vi)(A) with respect to any Investment Entity shall not exceed, in the aggregate, the threshold described in Section 6.2(d)(x)(i); and (B) a variance from the Approved Partnership Budget in the aggregate amount of all capital expenditures incurred by any Investment Entity in any calendar year; provided, that the aggregate amount of all Capital Contributions that can be made in any calendar year pursuant to this Section 4.3(c)(vi)(B) with respect to any Investment Entity shall not exceed, in the aggregate, the threshold described in Section 6.2(d)(x)(ii), it being understood that, the General Partner shall have no obligation on behalf of the Partnership or otherwise, to cause an Investment Entity to continue to prosecute work or incur expenditures for which the Partners are not required to make or have not otherwise agreed to make Capital Contributions in respect of any such variances and the General Partner shall have no liability with respect to the incurrence of any such variances;
(vii)    any Capital Contributions required in order to fund the payment of the General Partner Carried Interest Amount Deficiency pursuant to Section 5.3(a)(ii); and
(viii)    any Capital Contributions required in order to fund the payment of the Redemption Price Deficiency pursuant to Section 5.3(b)(ii)(A).
(d)    Capital Call Notices.  With respect to each Capital Contribution to be made by the Partners pursuant to this Agreement, including following the Approval of an Approved Investment, the General Partner shall issue a written capital call notice (a “Capital Call Notice”) to each Partner (other than the Special Limited Partner) setting forth: (i) the total amount of equity to be contributed by the Partners to the Partnership; (ii) the amount that each Partner must contribute, which shall be the product of the Capital Contribution and such Partner’s Percentage Interest; and (iii) the date on which such Capital Contribution must be made, which date shall not be less than five (5) Business Days following the date of such notice (the “Capital Call Funding Period”); provided, however, that notwithstanding anything in this Agreement to the contrary, in the event that the General Partner fails to promptly (and in any event within three (3) Business Days) issue a Capital Call Notice pursuant to this Section 4.3(d) with respect to the funding of any Preservation Costs identified in a written request from the QuadReal Limited Partner (in either case, a “Limited Partner Funding Request”) that the General Partner issue such a Capital Call Notice, the QuadReal Limited Partner shall be entitled to issue a Capital Call Notice to each Partner (other than the Special Limited Partner) for the Preservation Costs identified in the Limited Partner Funding Request (a “Limited Partner Capital Call”) and in such event the Partners shall make such Capital Contribution set out in the Limited Partner Capital Call pro rata based on their Percentage Interests.  If the Capital Call Notice is issued with respect to an Approved Investment, the total amount of 

	
			
	 
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equity to be contributed by the Partners will include the amount of acquisition costs and other costs pursuant to Section 6.4(c) incurred with respect to such Approved Investment.  By the date specified by the General Partner (or, to the extent permitted pursuant to this Section 4.3(d), the QuadReal Limited Partner) in the applicable Capital Call Notice, each Partner shall be required to fund its Capital Contributions with respect thereto as required by this Agreement.  If any transaction for which Capital Contributions are funded is terminated, then so long as, and to the extent that, the Partnership no longer is liable in connection therewith, such Capital Contributions shall be returned to the Partners within ten (10) Business Days following the effective date of such termination less any costs or expenses incurred in connection with such terminated transaction.  The General Partner shall hold each Partner’s Capital Contribution in trust until all Partners have made their respective capital contributions or a Partner is deemed to be a Defaulting Partner pursuant to Section 4.4.
(e)    Maximum Capital Commitments.  Unless the Executive Committee has Approved a Major Decision to the contrary, under no circumstances will any Partner be obligated to (i) make Capital Contributions which, when aggregated with all its prior Capital Contributions, exceeds the amount set forth as its “Capital Commitment” on Schedule 1 (with respect to each Partner, the “Capital Commitment”) or (ii) make Capital Contributions after the expiration of the Investment Period in respect of any Proposed Investment not Approved by the Executive Committee on or before the expiration of the Investment Period.
(f)    BCIG Capital Commitment.  The Partners agree that the Capital Commitment of the BCIG Limited Partner shall be the amount set forth as its “Capital Commitment” on Schedule 1.  If the BCIG Limited Partner becomes a Defaulting Partner, the remedies available to the other Partners shall be limited to those set forth in Section 4.4.  Notwithstanding anything to the contrary contained in this Agreement, whenever the Limited Partners are required to fund Capital Contributions pro rata based on their respective Percentage Interests, the BCIG Limited Partner shall not be obligated to fund any portion of its share of such Capital Contribution in excess of its unfunded Capital Commitment, and the IPT Limited Partner shall fund such excess Capital Contribution.  In the event that the IPT Limited Partner funds such excess Capital Contribution, IPT Limited Partner shall be treated for all purposes as having made such Capital Contribution for its own account, and the Percentage Interests, Capital Commitments and Capital Contributions of the IPT Limited Partner and the BCIG Limited Partner set forth on Schedule 1 shall be updated accordingly.
(g)    IPT Limited Partner Co-Investment Right.  Notwithstanding anything to the contrary contained in this Agreement, in lieu of funding any Capital Contributions (or any portion thereof) pursuant to this Section 4.3, the IPT Limited Partner shall have the right to designate the BCIG Limited Partner or an Affiliate of the BCIG Limited Partner, subject to the consent of the BCIG Limited Partner or such Affiliate, to fund such Capital Contributions (or any portion thereof) on its behalf.  In any such event, (i) each such Affiliate of the BCIG Limited Partner that is not a Limited Partner shall be admitted as a Limited Partner of the Partnership in accordance with the terms of this Agreement (each admitted Affiliate of the BCIG Limited Partner, a “BCIG Partner”, and together with the BCIG Limited Partner, the “BCIG Partners”), (ii) the Percentage Interests, Capital Commitments and Capital Contributions of the IPT Limited Partner and the BCIG Limited Partners set forth on Schedule 1 shall be updated accordingly, and (iii) any such newly admitted BCIG Partner shall not have the right to appoint a Representative to the Executive Committee.

4.4    Treatment of Defaulting Partner.
(a)    Default.  If any Partner fails to fund any Capital Contribution required hereunder, within the period set forth in the applicable Capital Call Notice, such Partner shall be considered a “Defaulting Partner.” A Partner that has become a Defaulting Partner shall not be entitled to any additional period in which to cure the default and pay its required Capital Contribution.  The portion of such Capital Contribution that such Defaulting Partner was required to make and did not actually fund shall be referred to herein as the “Unfunded Amount.”
(b)    Remedies Generally.  If, and to the extent, a Defaulting Partner fails to fund any Capital Contribution required hereunder, each of the other Partners that has fully funded its required Capital Contribution that is not an Affiliate of the Defaulting Partner, but excluding the BCIG Partners in the event one of the IPT Partners is the Defaulting Partner (each, a “Contributing Partner”), shall have the right, without obligation, either to:

	
			
	 
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(i)    Require the General Partner (or the QuadReal Limited Partner, in the case of a Limited Partner Capital Call) to (and the General Partner (or the QuadReal Limited Partner, in the case of a Limited Partner Capital Call) shall) revoke or revise the Capital Call Notice, whereupon any Capital Contributions paid by the Contributing Partner pursuant to such Capital Call Notice shall be returned to it within ten (10) Business Days following such Partner’s election to revoke or revise the Capital Call Notice and shall be treated for all purposes of this Agreement as never having been made (and no default shall be deemed to have occurred), in which event the Executive Committee shall reconsider the needs of the Partnership for additional capital and the General Partner may issue a new Capital Call Notice following such reconsideration with the Approval of the Executive Committee.
(ii)    In addition to making its own Capital Contribution then due, fund the Unfunded Amount, or if there is more than one Contributing Partner who has elected to fund pursuant to this Section 4.4(b)(ii), its pro rata share thereof based on Percentage Interests of all such Contributing Partners, on the terms set forth below in this Section 4.4(b)(ii).  Any Unfunded Amount contributed to the Partnership by the Contributing Partner shall be deemed to be senior preferred equity (“Senior Preferred Equity Contributions”) and shall be entitled to an amount equal to a cumulative per annum return of twenty percent (20%), compounded annually to the extent not paid currently, on each dollar of a Contributing Partner’s Senior Preferred Equity Contributions, from the first day that such dollar is contributed to the Partnership pursuant to the terms of this Agreement until the date that such dollar of the Senior Preferred Equity Contribution is returned to that Contributing Partner pursuant to Section 5.2 (the “Senior Preferred Return”).  In the event a Contributing Partner elects to fund the Unfunded Amount pursuant to this Section 4.4(b)(ii), such Contributing Partner shall notify the other Partners in writing upon such election.  A Defaulting Partner may cause the Partnership to repay the Senior Preferred Equity Contributions, together with any accrued Senior Preferred Return, at any time, by contributing such amounts to the Partnership and directing the General Partner to distribute such amounts to the Contributing Partner(s) in accordance with Section 5.2(a)(i) and Section 5.2(a)(ii). 
(iii)    In addition to the foregoing, make an additional Capital Contribution to the Partnership equal to the Unfunded Amount, or if there is more than one Contributing Partner who has elected to fund pursuant to this Section 4.4(b)(iii), its pro rata share thereof based on Percentage Interests of all such Contributing Partners, whereupon (i) the Contributing Partner(s) shall be deemed to have made a Capital Contribution for all purposes hereunder (including in respect of Capital Accounts, Carried Interest Distributions and calculations under Section 5.3) in an amount equal to one hundred and fifty percent (150%) of the amount funded and (ii) the Percentage Interests of each Partner shall be recalculated at such time pursuant to Section 4.2 such that the dilution of the deemed Capital Contribution reduces only the Percentage Interest of the Defaulting Partner and increases only the Percentage Interest(s) of the Contributing Partner(s).  Further, in such event when any IPT Partner is the Defaulting Partner and to the extent such IPT Partner fails to cure the applicable default within ten (10) Business Days following receipt of written notice from the QuadReal Limited Partner, the QuadReal Limited Partner shall have the right to declare by written notice to the General Partner that each of the percentages set forth in Sections 5.2(a)(v)(y), 5.2(a)(v)(z), 5.2(a)(vi)(y) and 5.2(a)(vi)(z) shall be decreased to an amount (expressed as a percentage) equal to the product of (A) such percentage and (B) a fraction, the numerator of which is the IPT Partners’ aggregate Percentage Interests after adjustment pursuant to this Section 4.4(b)(iii) and the denominator of which is the IPT Partners’ aggregate Percentage Interests prior to adjustment pursuant to this Section 4.4(b)(iii), and following the adjustments pursuant to this Section 4.4(b)(iii), each of the percentages set forth in Sections 5.2(a)(v)(x) and 5.2(a)(vi)(x) shall be increased by a corresponding amount so that the total of the percentages set forth in Sections 5.2(a)(v) and 5.2(a)(vi) is always one hundred percent (100%).
For purposes of this Section 4.4(b), if more than one Contributing Partner elects to make a Senior Preferred Equity Contribution pursuant to clause (ii) above and/or to make an additional Capital Contribution pursuant to clause (iii) above, such Contributing Partners will fund their pro rata share, based on relative Percentage Interests, of such Senior 

	
			
	 
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Preferred Equity Contribution and/or Capital Contribution, as applicable, in an aggregate collective amount equal to the Unfunded Amount.  If only one Contributing Partner elects to make a Senior Preferred Equity Contribution or an additional Capital Contribution, the electing Contributing Partner shall fund the Senior Preferred Equity Contribution or Capital Contribution, as applicable, in the entire amount of the Unfunded Amount.
(c)    Default Date and Default Period.  Subject to Section 4.4(b)(i), the day that a Partner becomes a Defaulting Partner shall be referred to herein as the “Default Date”.  If any of the Contributing Partners elect the remedy set forth in Section 4.4(b)(ii), the Defaulting Partner shall be deemed to have cured the default at such time as the Contributing Partner(s) (or its Affiliate, as applicable) actually receive full repayment of their Senior Preferred Equity Contributions, including any accrued Senior Preferred Return earned thereon (the “Cure Date” being the date on which the Contributing Partner receives full repayment of the Senior Preferred Equity Contributions, including any accrued Senior Preferred Return earned thereon, and the period from the Default Date until the Cure Date (if applicable), the “Default Period”).  In addition to the specific remedies set forth in this Section 4.4, the Contributing Partner(s) shall have all rights and remedies available at law and in equity arising from a Defaulting Partner’s failure to contribute its Unfunded Amount.
(d)    Termination of Rights.  The following rights of a Defaulting Partner under this Agreement shall terminate on the Default Date and shall only be reinstated on the Cure Date, if applicable: 
(i)    With respect to any Defaulting Partner, (A) the right of first opportunity in connection with a Transfer by the Contributing Partner pursuant to Section 8.1(c), (B) the right to tag-along to a Transfer by the Contributing Partner pursuant to Section 8.1(d), (C) the right to deliver a Buy-Sell Notice pursuant to Section 9.1 and (D) the right to initiate a Forced Sale pursuant to Section 9.2;
(ii)    If each of (x) any QuadReal Limited Partner and (y) the Sell-Down Transferee (if applicable) is a Defaulting Partner, the General Partner shall have no further obligation to present to the Partnership potential investments pursuant to Section 6.6; and
(iii)    If either of the IPT Partners is a Defaulting Partner and the General Partner is an Affiliate of the IPT Limited Partner, the General Partner may be removed for Cause pursuant to Section 7.4(a)(viii); provided, however, removal for such Cause shall be permitted only during the Default Period.
(e)    Exclusion from the Executive Committee.  During the Default Period for a Defaulting Partner, any Representative appointed by such Defaulting Partner, or by any other Partner that is an Affiliate of such Defaulting Partner, shall no longer be entitled to participate in any way in the affairs of the Executive Committee and shall not be counted toward a quorum.
(f)    IPT Limited Partner and BCIG Partner Cure Rights. If either the IPT Limited Partner or a BCIG Limited Partner fails to fund a Capital Contribution (or any portion thereof) within the period required under the applicable Capital Call Notice (a “Failed Contribution”), but the IPT Limited Partner or a BCIG Limited Partner, as applicable, funds its Capital Contribution with respect to the applicable Capital Call Notice, such funding Limited Partner may elect, but shall not be obligated, to fund the non-funding Limited Partner’s Failed Contribution (or any portion thereof) on its behalf at any time during the ten (10) Business Days immediately following the end of the applicable Capital Call Funding Period (the “Cure Period”).  For all purposes under this Agreement, and notwithstanding Section 4.4(a) to the contrary, if a funding Limited Partner funds a Failed Contribution within the Cure Period, the non-funding Limited Partner shall not be a Defaulting Partner.  If a funding Limited Partner elects to fund all or any portion of a Failed Contribution within the Cure Period, such funding Limited Partner shall be treated for all purposes as having made such Capital Contribution for its own account, and the Percentage Interests, Capital Commitments and Capital Contributions of the IPT Limited Partner and the BCIG Limited Partner set forth on Schedule 1 shall be updated accordingly.

	
			
	 
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4.5    Capital Accounts.  The Capital Contributions of each Partner shall be credited to such Partner’s “Capital Account.” A Partner’s Capital Account also shall be credited with the amount of income and gain of the Partnership allocable to the Partner under Section 5.4 and Exhibit A attached hereto (including any income and gain exempt from tax), and shall be debited with (a) such Partner’s share of all Partnership distributions and (b) the amount of losses and deductions allocated to such Partner under Section 5.4 and Exhibit A attached hereto (including any income and gain exempt from tax).  Capital Accounts shall be maintained and adjusted in accordance with the provisions of Section 1.704-1(b)(2)(iv) of the Treasury Regulations and the more detailed rules set forth in Exhibit A attached hereto.  A Partner shall be considered to have only one Capital Account.  Any permitted transferee (pursuant to the terms hereof) of all or any portion of an Interest shall succeed to the portion of the Capital Account relating to the Interest transferred.

4.6    No Interest on, or Right to Return of Capital Contributions or Capital Account.  No Partner shall be entitled to receive any interest on its Capital Contributions or its outstanding Capital Account balance.  Except upon the dissolution and termination of the Partnership to the extent provided herein, or as otherwise specifically provided in this Agreement, no Partner shall have the right to demand or to receive the return of all or any part of its Capital Contribution or its Capital Account.

4.7    Cash Contributions.  All Capital Contributions to the Partnership by the Partners shall be in cash denominated in U.S. dollars.

ARTICLE 5.     
 
DISTRIBUTIONS AND ALLOCATIONS 

5.1    Defined Terms.  For purposes of Article 5, the Partners have set forth certain terms and definitions in Exhibit J, which is incorporated by reference and attached hereto; all references herein to Section 5.1 shall be referred to Section 5.1 in Exhibit J.

5.2    Distributions.  The Partners have set forth the terms of distribution in Exhibit J, which is incorporated by reference and attached hereto; all references herein to Section 5.2 shall be referred to Section 5.2 in Exhibit J.

5.3    Carried Interest Amounts.  The Partners have set forth the terms of the Carried Interest Amounts in Exhibit J, which is incorporated by reference and attached hereto; all references herein to Section 5.3 shall be referred to Section 5.3 in Exhibit J.

5.4    Timing of Distributions.
(a)    Quarterly Distributions.  For purposes of Section 5.2, Cash Available for Distribution (other than proceeds from a sale, exchange or other disposition of assets or from a refinancing or other borrowing) shall be distributed at least quarterly within sixty (60) days after the end of each fiscal quarter.  Cash Available for Distribution also may be distributed at such other time or times as the General Partner may decide in anticipation of the quarterly-end determination thereof, and any such distributions shall be subject to quarterly-end adjustment based on the amount of Cash Available for Distribution ultimately determined to be available for distribution with respect to such quarter.
(b)    Sales Proceeds and Refinancing Proceeds.  For purposes of Section 5.2 and subject to Section 5.4(d), Cash Available for Distribution derived from a sale, exchange or other disposition of assets (including condemnation proceeds) or from a refinancing or other borrowing shall be distributed within ten (10) Business Days following receipt of such proceeds by the Partnership.
(c)    Sale of All or Substantially All Assets.  Cash Available for Distribution derived from the sale of all or substantially all of the assets of the Partnership (or of all of the Investment Entities) will be distributed to the Partners as provided in Section 10.2(a).

	
			
	 
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(d)    Investment of Cash Available for Distribution.  Pending distribution, funds held by the Partnership that are required to be distributed pursuant to Section 5.2 may, in the General Partner’s discretion, be invested in cash (or cash equivalents), interest bearing accounts, money market funds or instruments or other liquid securities that are intended to provide for the preservation of capital.

5.5    Allocations.  All items of income, gain, deduction and loss of the Partnership shall be allocated among the Partners in accordance with the provisions of Exhibit A attached hereto.

5.6    No Violations.  Notwithstanding anything in this Agreement to the contrary, the Partnership shall make no distribution that violates the Act.

5.7    Withholding. 
(a)    Requirements.  The Partnership shall comply with withholding requirements under United States federal, state and local law and shall remit amounts withheld to, and file required forms with, the applicable jurisdictions.  To the extent the Partnership is required to withhold and pay over any amounts to any authority with respect to distributions or allocations to any Partner (including any taxes arising under Code §§6221 through 6241, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions and any similar provision of state or local tax laws (the “Partnership Tax Audit Rules”), the amount withheld shall be treated as a distribution to that Partner in the amount of the withholding.  In the event of any claimed over-withholding, provided that the Partnership has used commercially reasonable efforts to comply with such withholding requirements, Partners shall be limited to an action against the applicable jurisdiction, and not against the Partnership.  If the amount withheld or required to be withheld (including under the Partnership Tax Audit Rules) was not withheld from actual distributions, the Partnership may, at its option, (i) require the Partner to reimburse the Partnership for such withholding or (ii) reduce any subsequent distributions by the amount of such withholding.  Each Partner agrees to furnish the Partnership with any representations and forms as shall reasonably be requested by the Partnership to assist it in determining the extent of, and in fulfilling, its withholding obligations.  Each Partner will indemnify the General Partner and the Partnership against any losses and liabilities (including, without limitation, interest and penalties) related to any withholding obligations with respect to allocations or distributions made to it by the Partnership other than amounts resulting from the Partnership’s failure to timely pay over any amounts withheld or to timely file any returns.
(b)    Exemptions.  The Partnership will use commercially reasonable efforts to minimize or eliminate any withholding tax imposed by any jurisdiction on any amounts distributable by the Partnership to the Partners, including under Sections 1471 and 1472 of the Code, to the extent permissible pursuant to applicable law.  The General Partner shall use commercially reasonable efforts to assist each Partner to obtain any exemption, exclusion, credit or refund associated with the taxation (including, without limitation, withholding tax) of any amounts distributable to the Partner (“Exemption”) for which the Partnership or the Partner qualifies, in each case at such Partner’s expense.  In addition, the General Partner shall use commercially reasonable efforts to cooperate with and assist each Partner in obtaining available information for such Partner to make filings, applications or elections to obtain the Exemption at such Partner’s expense.  If, and to the extent, reasonably requested in writing by a Partner, and at the expense of the requesting Partner, the General Partner shall use commercially reasonable efforts to cause such filings, applications or elections to be prepared and filed on the Partner’s behalf with respect to Exemptions from withholding or other tax arising out of the Partner’s Interest.  
(c)    Withholding Notices.  The Partnership shall use commercially reasonable efforts to (i) give reasonable notice prior to remitting any withholding tax to any taxing authority on behalf of a Partner, and (ii) give such Partner the reasonable opportunity to provide such applicable forms, information returns or other documentation, in form and substance satisfactory to the General Partner in its reasonable discretion, to establish an exemption from withholding with respect to the Partner under the laws of the applicable taxing jurisdiction; provided, that such documentation shall be provided to the General Partner no later than two (2) Business Days prior to the date that withholding would otherwise be required.  Notwithstanding the foregoing, nothing herein shall prevent the Partnership from withholding on any distributions in respect of a Partner if the General Partner determines in its reasonable discretion that withholding is required under applicable law.

	
			
	 
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(d)    Tax Status of the QuadReal Limited Partner. 
(i)    Each of QuadReal College, QuadReal Municipal, QuadReal Public Service, QuadReal Teachers, QuadReal WCB and QuadReal Hydro will provide the General Partner with a duly-completed IRS Form W-8BEN-E certifying as to its eligibility for any available exemption from or reduction in withholding taxes, and will provide the General Partner with a signed affidavit in the form of Exhibit N hereto (the “QFPF Certification”).
(ii)    QuadReal WCBAF has informed the General Partner that it is generally exempt from U.S. federal income tax on U.S. source dividends (other than capital gain dividends taxable under Section 897(h)(1) of the Code) and interest by reason of being a company, organization or other arrangement.  described in either subsection 3(a) or subsection 3(b) of Article XXI (3) of the income tax treaty between the United States and Canada (the “Treaty”).
(iii)    QuadReal WCBAF will provide the General Partner with a duly- completed IRS Form W-8EXP and/or IRS Form W-8BEN-E certifying as to its eligibility for such exemption or reduced withholding, as the case may be.
(iv)    Under existing law and assuming QuadReal WCBAF provides the IRS forms (and any applicable renewals, updates, or successors to such forms under applicable law) described in the preceding clause (iii) on a timely basis, the General Partner does not intend to withhold from any distribution to QuadReal WCBAF where such distribution is made in respect of QuadReal WCBAF’s distributive share of U.S. source dividends or interest, other than withholding required as a result of the application of Section 897(h)(1) of the Code to any such distributions.
(e)    For the avoidance of doubt, any taxes, penalties and interest payable under the Partnership Tax Audit Rules by the Partnership or any fiscally transparent entity in which the Partnership owns an interest shall be treated as specifically attributable to the Partners of the Partnership, and the General Partner shall use commercially reasonable efforts to allocate the burden of (or any diminution in distributable proceeds resulting from) any such taxes, penalties or interest to those Partners to whom such amounts are specifically attributable (whether as a result of their status, actions, inactions or otherwise), as determined by the General Partner in its sole discretion.

ARTICLE 6.     
 
MANAGEMENT AND EXPENSES

6.1    Management.  (a)  The general day-to-day activities of the Partnership shall be conducted by the General Partner.  Subject to Section 6.2, the General Partner may appoint, contract or otherwise deal with any Person, including its Affiliates, that the General Partner deems reasonably necessary or appropriate for the conduct of the business and affairs of the Partnership.  During the Term, Dwight Merriman, Dave Fazekas and J.R. Wetzel shall be designated as the “Key Persons” and (i) shall devote substantially all of their business time to the day-to-day operations and affairs of Industrial Logistics Realty Trust Inc. (“ILT”) ,or DC Industrial Liquidating Trust, IPT and other industrial-related investments or vehicles sponsored by, advised by or affiliated with ILT, IPT, or Affiliates of the sponsor of ILT or IPT or BCG, and (ii) shall devote a sufficient amount of their time to the day-to-day operations of the Partnership necessary for the effective and efficient performance of the duties and obligations of the General Partner.  If any two (2) of the Key Persons cease to so devote such time (a “Key Person Event”), the IPT Partners may designate as a substitute Key Person, (x) once during the Term, any of Tom McGonagle, Evan Zucker or Scott Recknor (on a permanent or interim basis), or (y) any other individual who does so devote his/her time, subject to the approval of the QuadReal Limited Partner (which shall not be unreasonably withheld, conditioned or delayed if the proposed replacement has substantially similar or greater experience in acquiring and managing industrial properties in the United States as Dwight Merriman).  If the IPT Partners fail to designate a permitted or approved replacement Key Person within sixty (60) days after a Key Person Event, the Investment Period shall be deemed to have expired.

	
			
	 
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(a)    General Authority Vested in General Partner.  Subject to the restrictions and limitations set out in this Agreement (including the rights of the Executive Committee as described in Section 6.2 with respect to Major Decisions) and in the non-waivable provisions of the Act, the General Partner (x) shall have the exclusive right and power to manage the Partnership on a day-to-day basis, conduct the business and affairs of the Partnership, and to do all things necessary or desirable to carry on the business of the Partnership in accordance with the provisions of this Agreement and applicable law (with the provisions of this Agreement controlling over applicable law to the fullest extent permitted at law), and (y) is hereby authorized to take any action of any kind and to do anything and everything it reasonably deems necessary or appropriate in accordance therewith, including, without limitation, to undertake any of the following on behalf of the Partnership:
(i)    execute, deliver and perform any and all agreements, contracts, documents, certifications and instruments necessary or convenient in connection with the acquisition, development, financing, management, maintenance, operation, sale, exchange, leasing or other disposition of the Partnership’s properties and assets;
(ii)    borrow money and issue evidences of indebtedness necessary, convenient, or incidental to the accomplishment of the purposes of the Partnership; provided, however, that in connection with the borrowing of money on a nonrecourse basis, no lender shall be granted or acquire, at any time as a result of making such a loan, any direct or indirect interest in the profits, capital or property of the Partnership other than as a secured creditor;
(iii)    engage in any kind of activity and perform and carry out contracts of any kind necessary to, or in connection with, or incidental to the accomplishment of, the purposes and objectives of the Partnership, as may be lawfully carried on or performed by a limited partnership under the laws of the State of Delaware, and in each state where the Partnership has been qualified to do business; and
(iv)    take such actions (including, without limitation, amending this Agreement) or decline to take such actions as the General Partner determines in its sole discretion are advisable or necessary, based upon advice of counsel to the Partnership, (A) to preserve the tax status of the Partnership as a partnership for Federal income tax purposes or (B) to conform this Agreement to either (I) the Act, or (II) provisions of the Code or the Treasury Regulations relating to taxation of partners and partnerships and real estate investment trusts, including, without limitation, any changes thereto.
(b)    Role of Limited Partners and the Special Limited Partner.  Except to the extent provided in this Agreement, neither the Limited Partners nor the Special Limited Partner shall participate in or have any control whatsoever over the Partnership’s business or have any authority or right to act for or bind the Partnership.  The authority to conduct the business of the Partnership shall be exercised only by the General Partner.  Each Limited Partner and the Special Limited Partner hereby consents to the exercise by the General Partner of the powers conferred on it by this Agreement, subject to the restrictions and limitations set forth in this Agreement or the Act.
(c)    Reliance Upon Certificate.  Any Person dealing with the Partnership or the General Partner may rely upon a certificate signed on behalf of the General Partner, thereunto duly authorized, as to:
(i)    the identity of the General Partner, the Limited Partners, or the Special Limited Partner;
(ii)    the existence or non-existence of any fact or facts which constitute a condition precedent to the acts by the General Partner or in any other manner germane to the affairs of the Partnership;
(iii)    the Persons who are authorized to execute and deliver any instrument or document of the Partnership; and

	
			
	 
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(iv)    any act or failure to act by the Partnership or as to any other matter whatsoever involving the Partnership or any Partner.

6.2    Restrictions on Authority of the General Partner.  The Partners have set forth certain restrictions on the authority of the General Partner in Exhibit K, which is incorporated by reference and attached hereto; all references herein to Section 6.2 shall be referred to Exhibit K.

6.3    Duties and Obligations of the General Partner.
(a)    Duties.  The General Partner shall act in good faith to take all action which may be reasonably necessary or appropriate for the acquisition, development, maintenance, preservation, management and operation of the properties and assets of the Partnership in accordance with the provisions of this Agreement and applicable laws and regulations with the skill, care, prudence and diligence that a competent and prudent real estate professional in a similar position would use under similar circumstances, consistent with then prevailing standards of general partners performing similar duties in relation to properties and assets comparable to the properties and assets of the Partnership (all of the foregoing being referred to as the General Partner’s duty of “Due Care”), it being understood and agreed, however, that the General Partner may contract with Unrelated Third Parties (including the Special Limited Partner) or its Affiliates for the direct performance of the general day-to-day management and operational services for the Partnership, certain of the costs of which shall be paid by the General Partner pursuant to Section 6.4(b); provided, that the General Partner shall not be required to perform any other services outside of the scope of this Agreement unless the expense related thereto is included in an Approved Partnership Budget.  The General Partner shall also be permitted to admit and appoint an Affiliate of the BCIG Limited Partner as an additional Partner and as a co-general partner and share or bifurcate the obligations and services of the General Partner hereunder including by creating a managing general partner and an administrative general partner; in which event such co-general partners shall be obligated collectively to perform and discharge all obligations and duties of the General Partner set forth in this Agreement, exercising Due Care, and any breach or default hereunder or any Cause event by either such co-general partner shall be deemed to be a breach, default or Cause event by both such co-general partners.  The standard of Due Care shall apply to all duties, obligations, liabilities, powers and authority of the General Partner.  The express reference in any provision of this Agreement to the standard of Due Care shall not be construed to mean that the standard of Due Care does not apply to any and all other duties, obligations, liabilities, powers and authority of the General Partner.  The General Partner’s specific duties shall include the following:
(i)    identifying potential Core Investments, Development Investments and Value-Add Investments in the applicable Investment Markets;
(ii)    negotiating, entering into, monitoring and enforcing, development agreements, architectural and construction contracts on behalf of the Investment Entities; 
(iii)    conducting due diligence in respect of any Proposed Investment with respect to matters including, without limitation, financial condition, entitlements, environmental, physical condition, survey and title;
(iv)    establishing and maintaining development budgets and completion schedules for Development Investments;
(v)    using commercially reasonable efforts to maximize Cash Available for Distribution in a manner consistent with the General Partner’s rights and obligations under this Agreement;
(vi)    keeping the Executive Committee informed on a regular basis of the material financial, operational and physical condition of the Investments;
(vii)    overseeing and participating as required with development accounting, construction draw management and other accounting functions for Development Investments on behalf of the Partnership;

	
			
	 
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(viii)    preparing annual budgets and annual business plans for the Partnership;
(ix)    overseeing third-party property management arrangements, leasing and project or construction management activities (where applicable) for the Investments and selecting property managers, leasing agents and construction managers (where applicable) on behalf of the Investment Entities;
(x)    monitoring and supervising the performance by the Partnership and each Investment Entity of its respective obligations pursuant to all contracts to which the Partnership or any Investment Entity is a party or bound by and negotiating change orders in connection with any Development Investments;
(xi)    overseeing and participating as required with negotiating, entering into, monitoring and enforcing, leases on behalf of the Investment Entities;
(xii)    coordinating annual valuations of the Partnership’s Investments in accordance with Section 11.1(c);
(xiii)    if the Executive Committee has Approved the acquisition of an Investment, using commercially reasonable efforts to consummate such acquisition, including negotiating the terms of, and supervising the preparation and review of, all documents necessary for such transaction;
(xiv)    monitoring market conditions and advising the Executive Committee at such times as it believes it is appropriate to dispose of an Investment or a portion thereof;
(xv)    if the Executive Committee has Approved the disposal of an Investment, (A) preparing market analysis to assist in determining the asking price, preparing a confidential memorandum concerning the Investment to be disposed of and coordinating the marketing of the Investment; and (B) once a purchaser has been identified, using commercially reasonable efforts to consummate such disposal, including negotiating the terms of, and supervising the preparation and review of, all documents necessary for such transaction; 
(xvi)    preparing and submitting proposals for any expansion, redevelopment, or renovation of any Investment when and as it deems reasonably appropriate;
(xvii)    overseeing Unrelated Third Party development and construction management activities (where applicable);
(xviii)    performing quarterly and annual reporting pursuant to Section 11.1 for the Partnership and the Investment Entities and coordinating the auditing of the annual consolidated financial statement of the Partnership and the Investment Entities;
(xix)    monitoring market conditions and advising the Executive Committee at such times as it believes it is appropriate to finance or refinance an Investment Entity or Investment or a portion thereof when and as it deems reasonably appropriate;
(xx)    if the Executive Committee has Approved a financing or refinancing, identifying potential sources of financing and using commercially reasonable efforts to consummate such financing, including negotiating the terms of, and supervising the preparation and review of, all documents necessary for such transaction and thereafter taking commercially reasonable steps to comply with the terms of such financing;
(xxi)    performing cash management in accordance with Section 11.3 and distributing Cash Available for Distribution pursuant to the terms of this Agreement;

	
			
	 
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(xxii)    using commercially reasonable efforts to obtain and maintain all operating licenses and permits, and apply for any entitlements or zoning variations on behalf of the Partnership or the Investment Entities which are necessary or advisable for the conduct of the business of the Partnership;
(xxiii)    executing and delivering any certificates, instruments or other agreements in connection with the issuance of any legal opinion;
(xxiv)    performing any and all such other services of a general asset management nature, exercising Due Care; and
(xxv)    using reasonable best efforts to enable each subsidiary of the Partnership that is intended to qualify as a “real estate investment trust” (“REIT”) for U.S. federal income tax purposes within the meaning of section 856 of the Code (each a “Subsidiary REIT”) to qualify as a REIT. 
(b)    Partnership Budget.
(i)    No later than November 1 of each year, the General Partner shall prepare and submit to the Executive Committee, for its consideration and approval as a Major Decision pursuant to Section 6.2(c), a draft annual budget consistent with the provisions of this Agreement for the Partnership for the forthcoming calendar year relating to Investments owned by Investment Entities as of September 30 of the current year (other than those for which existing approved budgets are not yet in place pursuant to Section 6.3(b)(ii) below), as well as for due diligence, engineering, entitlement and similar pursuit costs for potential investments, together with all assumptions, supporting materials, financial and other information and explanations about the operations of the Partnership and the Investment Entities reasonably necessary to allow the Executive Committee to make an informed decision about the draft budget, including historical and expected operating revenues and expenses and historical and expected capital expenditures and projected operating income and expenses and capital expenditures for any Investments and Approved Investments (collectively, the “Supporting Materials”).  The General Partner shall provide any additional information reasonably requested by any Representative in connection with the budget review process promptly following such request and the Executive Committee shall have reasonable access during normal business hours of the General Partner to the General Partner’s management personnel to obtain and discuss such information.  No less than fifteen (15) Business Days after delivery of the draft annual budget described above (or such other date Approved by the Executive Committee), the General Partner shall call a meeting of the Executive Committee for the purpose of considering and approving such draft annual budget (the “Initial Budget Approval”).  Within ten (10) Business Days after the Initial Budget Approval, the General Partner shall prepare and submit to the Executive Committee, for its consideration and approval as a Major Decision pursuant to Section 6.2(c), a full Partnership budget by adding the initial budget approval partnership level expenses such as general and administrative expenses and GP Fees and shall set a date for a meeting of the Executive Committee for the purpose of considering and approving such draft annual budget, with the objective of finalizing the Approved Partnership Budget no later than December 31.  The General Partner shall consider in good faith, but without any obligation to make, any suggested changes and adjustments to the draft annual budget proposed by any Representative (other than changes that are inconsistent with the manner in which GP Fees are computed in accordance with Exhibit D), and if any changes are made by the General Partner to the draft annual budget prior to its approval, the General Partner shall submit a revised annual budget to the Executive Committee for its consideration and approval as a Major Decision pursuant to Section 6.2(c), together with any new, additional or updated Supporting Materials (not previously provided) that are reasonably necessary for the Executive Committee to make an informed decision about the revised draft annual budget.  If the Executive Committee rejects the draft annual budget for any calendar year that is submitted to it for approval as a Major Decision pursuant to Section 6.2(c), then not later than fifteen (15) Business Days after such rejection, the General Partner shall prepare and submit to the Executive Committee, for its consideration and approval as a Major Decision pursuant to Section 6.2(c), either the same or a revised draft of the annual budget for such 

	
			
	 
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year, incorporating any such changes the General Partner elects to make based upon its good faith consideration of any feedback and comments provided on the prior draft annual budget by a Representative to the General Partner (other than changes that are inconsistent with the manner in which GP Fees are computed in accordance with Exhibit D).  Upon the Approval of the full draft budget by the Executive Committee pursuant to Section 6.2(c), such budget shall become the Approved Partnership Budget for all purposes under this Agreement and shall supersede any prior Approved Partnership Budget; provided, however, if the Representatives are unable to agree on an annual budget, the prior year’s Approved Partnership Budget shall continue in effect (save and except in respect of non-recurring line items), adjusted by uncontrollable costs (such as, insurance, taxes and utilities), inflation and the requirements of tenant leases entered into by the Investment Entities.  The failure of the Executive Committee to Approve two (2) consecutive annual budgets within the time periods set forth in this Section 6.3(b)(i) shall be deemed to be a Deadlock Event.
(ii)    The General Partner shall be authorized to make the expenditures and incur the obligations set forth in, and otherwise implement, the then Approved Partnership Budget.
(c)    Filings.  The General Partner shall take such action as may be necessary or appropriate in order to form or qualify the Partnership under the laws of any jurisdiction in which the Partnership is doing business or owns property or in which such formation or qualification is necessary in order to protect the limited liability of each Limited Partner and the Special Limited Partner or in order to continue in effect such formation or qualification.  If required by law, the General Partner shall file or cause to be filed for recordation in the office of the appropriate authorities of the State of Delaware, and in the proper office or offices in each other jurisdiction in which the Partnership is formed or qualified, such certificates (including, without limitation, limited partnership and fictitious name certificates) and other documents as are required by the applicable statutes, rules or regulations of any such jurisdiction or as are necessary to reflect the identity of the Partners and the amounts of their respective Capital Contributions.
(d)    Partnership Tax Returns.  The General Partner shall prepare or cause to be prepared and shall file on or before the due date (including any extensions thereof) any Federal, state or local tax returns required to be filed by the Partnership.
(e)    Appraisals.
(i)    The General Partner shall cause a nationally recognized MAI appraiser with experience in appraising the value of real estate having a similar character to and in a similar geographic location as the Investments (a “Qualified Appraiser”) to value (A) each Development Investment within the calendar year following the date of completion of each such Development Investment and annually thereafter, and (B) each Value-Add Investment and Core Investment within the calendar year following the date of the acquisition of each such Value-Add Investment and Core Investment and annually thereafter, in each case at the expense of the Partnership.  Following the date that any Carried Interest Distributions are distributed to the General Partner or the Special Limited Partner, the General Partner shall cause a Qualified Appraiser to value 25% of the entire Portfolio each calendar quarter, such that each Investment is appraised at least one time per calendar year, in each case at the expense of the Partnership.  The General Partner shall direct the appointed Qualified Appraiser to finalize each such appraisal no later than the last day of the calendar year or calendar quarter, as applicable, in which such appraisal is being conducted (the “Appraisal Date”), and to reflect an effective date of such valuation as of December 31 of such calendar year or the last day of such applicable calendar quarter, as applicable; provided, that the General Partner shall have no liability with respect to the failure of such Qualified Appraiser to finalize any such appraisal by the Appraisal Date.  The General Partner shall deliver to the QuadReal Limited Partner any appraisal commissioned pursuant to this Section 6.3(e)(i) upon the written request of the QuadReal Limited Partner.
(ii)    In addition, no more than 180 days prior to the Calculation Date, the General Partner shall value the entire Portfolio (the “Portfolio Appraisal”) by either (A) aggregating the values of 

	
			
	 
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the last annual appraisals commissioned pursuant to Section 6.3(e)(i) or (B) commissioning a Qualified Appraiser to value the entire Portfolio (by aggregating the value of each Investment) and, in either case, subject to clause (iii) below, such Portfolio Appraisal shall be binding on the Partnership and the Partners absent manifest error or fraud.  The Portfolio Appraisal performed pursuant to this Section 6.3(e)(ii) shall be deemed to have been performed by the “GP Appraiser”.  The Portfolio Appraisal shall be used to determine the Appraised Value of the Portfolio (including, without limitation, the Carried Interest Distributions) in accordance with Section 5.3.
(iii)    Within ten (10) Business Days following the receipt of the Portfolio Appraisal, the QuadReal Limited Partner shall provide written notice (the “Appraisal Notice”) to the General Partner electing to (x) agree to the Portfolio Appraisal or (y) reject the Portfolio Appraisal.  In the event the QuadReal Limited Partner rejects the Portfolio Appraisal, the QuadReal Limited Partner shall select, approve and appoint a Qualified Appraiser to value the entire Portfolio (by aggregating the value of each Investment) as of the effective date of the General Partner’s proposed Portfolio Appraisal (the “LP Appraiser”) within five (5) Business Days following the General Partner’s receipt of the Appraisal Notice (the “LP Appraiser Appointment Period”) by providing notice to the General Partner of such appointment (the “LP Appraiser Notice”).  If the QuadReal Limited Partner fails to appoint the LP Appraiser within the LP Appraiser Appointment Period, the Portfolio Appraisal shall be conclusive on the Partners.  If both the GP Appraiser and the LP Appraiser are appointed, then the GP Appraiser and the LP Appraiser shall thereafter appoint a third (3rd) Qualified Appraiser (the “Independent Appraiser” and, together with the GP Appraiser and the LP Appraiser, collectively, the “Appraisers”) and give notice thereof to the Partners within ten (10) days following the General Partner’s receipt of the LP Appraiser Notice (the “Independent Appraiser Appointment Period”).  If the GP Appraiser and the LP Appraiser fail to appoint the Independent Appraiser within the Independent Appraiser Appointment Period, any Partner (other than the Special Limited Partner) may petition a court of competent jurisdiction to appoint the Independent Appraiser.
(iv)    Each of the Appraisers shall promptly fix a time for the completion of the Portfolio Appraisal, which shall not be later than thirty (30) days from the appointment of the Independent Appraiser.  The Appraisers shall determine the Portfolio Value as of the effective date of the General Partner’s proposed Portfolio Appraisal by determining the fair market value of the assets to be appraised (other than cash in Partnership accounts), such being the fairest price estimated in the terms of money which the Partnership could obtain if such assets were sold, for all cash, in the open market allowing a reasonable time to find a purchaser who purchases such assets with knowledge of the business of the Partnership and such assets.  If the Appraisers are not able to agree upon a single Portfolio Value as of the effective date of the General Partner’s proposed Portfolio Appraisal, each shall render its own Portfolio Value as of the effective date of the General Partner’s proposed Portfolio Appraisal.  Upon submission of the appraisals setting forth the opinions as to the Portfolio Value, if the highest value submitted by the Appraisers is not more than 105% of the lowest value submitted by the Appraisers, then the average of the values proposed by the Appraisers shall constitute the “Portfolio Value”; provided, that if the highest value submitted by the Appraisers is more than 105% of the lowest value submitted by the Appraisers, then the average of the two appraisals closest in value shall constitute the “Portfolio Value”.
(v)    If the GP Appraiser, the LP Appraiser and the Independent Appraiser are appointed, the General Partner shall pay for the services of the GP Appraiser, the QuadReal Limited Partner and/or the Sell-Down Transferee (if applicable) shall pay for the services of the LP Appraiser and the cost of the services of the Independent Appraiser shall be paid by the Partners pro rata in accordance with their Percentage Interests.  The costs of the services of the Partnership’s accountants, if applicable, shall be paid by the Partnership.
(vi)    As used herein, “Appraised Value” of an asset or assets means, as the context so provides, the value of such asset(s) as determined by appraisal.  For any Investment which has been acquired by the Partnership but has not yet been appraised by a Qualified Appraiser, the acquisition 

	
			
	 
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and development cost paid by the Partnership for the Partnership’s interest in such Investment shall, for all purposes of this Agreement, be deemed to be its value established pursuant to this Section 6.3(e) until such time as such Investment is appraised in accordance with this Section 6.3.
(f)    Limitations on Liability of General Partner.  The General Partner shall have no liability hereunder, and shall not be in breach of its obligations hereunder, if the General Partner is unable to take any action or perform any duty which would otherwise be required hereunder to the extent that (i) such inability to act was caused by the action or failure to act of the Limited Partners that are not Affiliates of the General Partner, (ii) such inability to act resulted from a lack of available funds (provided the General Partner has issued Capital Call Notices for such funds in accordance with Article 4), (iii) such action or omission would have been reasonably expected to violate any law, or (iv) such action or omission was based on the advice of reputable counsel or other consultant with knowledge of such matter selected by the General Partner with Due Care.

6.4    Fees; Expenses.
(a)    Fees.  The Partnership shall pay to the General Partner the fees (the “GP Fees”) as compensation for providing services in managing the activities of the Partnership specifically enumerated in Section 6.3(a) (or where applicable providing such services to the Investment Entities) pursuant to and as and when set forth on Exhibit D attached hereto; provided, however, the General Partner may direct the Partnership to pay directly any of such GP Fees directly to any Unrelated Third Party (including the Special Limited Partner or Affiliate).
(b)    General Partner Expenses.  Subject to Section 6.4(c), the General Partner shall be responsible for all the overhead expenses of performing the duties as described in Section 6.3(a), including without limitation, compensation for its employees, rent, utilities and other general internal expenses.  Each Partner shall bear its own costs of forming the Partnership, including without limitation, legal fees incurred in connection with the preparation and negotiation this Agreement and related documents.
(c)    Expenses of the Partnership.  The Partnership (or the Investment Entities, as applicable) shall bear all expenses in any Fiscal Year (other than those expressly related to the duties of the General Partner for which it receives the GP Fees pursuant to Section 6.4(a) above), including Unrelated Third Party expenses relating to the performance of those duties described in clauses (xii), (xviii) and (xxv) of Section 6.3(a), Section 6.3(d), Section 6.3(e), Section 6.8 and expenses associated with any transactions outside the Partnership’s (or the Investment Entities’) general day-to-day operations, such as due diligence and other pursuit costs, any acquisitions, development activities, financing transactions, sales of assets, mergers, acquisitions and the like (such as accounting, engineering, consulting, environmental consulting, entitlement, brokerage, financing, legal costs and expenses), and including, without limitation, construction, repairs, replacements, the preparation of financial statements, property-level audits, annual valuations, tax returns and K-1s and tax compliance activities for the Investment Entities (collectively, “Partnership Expenses”); provided, however, that a reasonable allocation of the internal time of employees of the General Partner or its Affiliates for legal services, coordinating annual valuations, tax and REIT compliance activities, financing activities and the preparation of reporting packages or reconciliations, in each case in respect of the Investment Entities or the Investments, shall be deemed to be Partnership Expenses to the extent such expenses are included in the Approved Partnership Budget or otherwise Approved by the Executive Committee, it being understood that the General Partner shall have no obligation to oversee or provide the foregoing activities unless there exists an Approved Partnership Budget for the internal time of employees of the General Partner or its Affiliates performing the same.  Notwithstanding the foregoing, any costs or expenses incurred by the Partnership or a Subsidiary REIT in connection with establishing and maintaining the REIT status of such entity shall be borne entirely by the QuadReal Limited Partner, except to the extent the Sell-Down Transferee requires similar REIT services and structural considerations, in which case, such costs and expenses shall be borne by the Partnership.
(d)    To the extent that any financing is obtained by the Partnership, any subsidiary or any Investment Entity, the General Partner shall have the right, in its sole and absolute discretion, but not an obligation, to provide (or cause one or more of its Affiliates to provide), any guaranties, indemnities or other credit enhancement as may be required by the lender providing such financing (each, a “Guaranty”); provided, that any such Guaranty shall be Approved by the Executive Committee in accordance with Section 6.2 (after taking into account the Partners’ 

	
			
	 
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obligations pursuant to Section 4.3(c)(iv) and any limitation on the deductibility of interest).  In the event the General Partner or any of its Affiliates (but not the QuadReal Limited Partner or the Sell-Down Transferee) provides a Guaranty, the General Partner shall be entitled to an annual guarantee fee from the Partnership as set forth on Exhibit D (a “Guaranty Fee”), paid by January 15 of each year and shall be payable in arrears based the applicable averages as of December 31 of the prior year.  In the event the Partnership does not pay all or any portion of any Guaranty Fee, such unpaid Guaranty Fee or portion thereof shall accrue interest at a rate of five percent (5%) per annum until paid.  Under no circumstances shall any Partner or any of their respective Affiliates have any obligation to provide any Guaranty.

6.5    Permitted Other Activities.
Subject to Section 6.6, any Partner may engage independently or with others in other business ventures of every nature and description.  Except as otherwise expressly provided herein, nothing in this Agreement shall be deemed to prohibit any Affiliate of a Partner from dealing, or otherwise engaging in business, with Persons transacting business with the Partnership or an Investment Entity or from providing services relating to the purchase, sale, financing, management, development, operation, leasing or disposition of industrial-type facilities and receiving compensation therefor, even if competitive with the business of the Partnership or the Investment Entities.  Except to the extent provided for under this Agreement, no Partner shall have any right by virtue of this Agreement or the relationship created hereby in or to such other ventures or activities or to the income or proceeds derived therefrom, even if competitive with the business of the Partnership hereunder or any of the Investment Entities.

6.6    Presentation of Investments.
The Partners have set forth certain terms relating to the presentation of Investments in Exhibit L, which is incorporated by reference and attached hereto; all references herein to Section 6.6 shall be referred to Exhibit L.

6.7    Limitations on Liability; Indemnification.
(a)    Extent of Liability.  Except as otherwise described in the Act, neither the Limited Partners nor the Special Limited Partner shall be liable for any debts, liabilities, contracts or any other obligations of the Partnership.  Except as otherwise described in the Act or this Agreement, each of the Limited Partners and the Special Limited Partner has no liability in excess its share of the Partnership’s assets and undistributed profits.  Neither the Limited Partners nor the Special Limited Partner shall be required to lend any funds to the Partnership or to pay to the Partnership, any Partner or any creditor of the Partnership any portion or all of any negative balance of such Limited Partner’s or Special Limited Partner’s Capital Account.  No Representative shall be liable for any losses sustained or liabilities incurred as a result of any act or omission of such Representative. 
(b)    Indemnification by the Partnership of the General Partner.  The Partnership shall indemnify and hold harmless the General Partner and its Affiliates and their respective partners, officers, directors, employees, representatives, agents and Controlling Persons (individually, in each case, a “GP Indemnitee”) to the fullest extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities (joint or several), expenses of any nature (including reasonable attorneys’ fees and disbursements), judgments, fines, penalties, interest, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, including, without limitation, any of the foregoing relating to any guaranties of Indebtedness of the Partnership or the Investment Entities (“Losses”), in which the GP Indemnitee may be involved or threatened to be involved as a party or otherwise, arising out of or incidental or relating to the business or activities of the Partnership or relating to this Agreement, except to the extent that such Losses were caused by, as to the General Partner or any GP Indemnitee, (i) Willful Bad Acts or (ii) gross negligence.  The termination of any action, suit or proceeding other than by a settlement or judgment on the merits or a conviction (for example, termination by a plea of nolo contendere or its equivalent) shall not, in and of itself, create a presumption that the General Partner’s conduct did constitute Willful Bad Acts or gross negligence.  Each of the Limited Partners and the Special Limited Partner shall be solely responsible to the Partnership for any Losses relating to any guaranties of Indebtedness of the Partnership or the Investment Entities to the extent that such Limited Partner or the Special Limited Partner, as applicable, or any of its Affiliates causes recourse liability for any GP Indemnitee in respect of such guaranties arising out of such Limited Partner’s or the Special Limited Partner’s (i) Willful Bad Acts or (ii) gross negligence.

	
			
	 
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(c)    Indemnification by the General Partner.  The General Partner shall indemnify and hold harmless the Partnership (or, without duplication, the Limited Partners, the Special Limited Partner and the Investment Entities) and each of their respective officers, directors, employees, representatives, agents, Controlling Persons and Affiliates (individually, in each case, an “LP Indemnitee”) and the Representatives (and the equivalent members of the boards of the Investment Entities) (each an “EC Indemnitee” and, collectively with the LP Indemnitees and the GP Indemnitees, the “Indemnitees”) to the fullest extent permitted by law from and against any and all Losses to the extent caused by the Willful Bad Acts or gross negligence by the General Partner or any GP Indemnitee.
(d)    Indemnification of the LP Indemnitees and the EC Indemnitees by the Partnership.  To the extent that Section 6.7(c) (i) is not applicable, or (ii) if applicable, is not sufficient to cover all Losses to the extent caused by the Willful Bad Acts or gross negligence by the General Partner or any GP Indemnitee, the Partnership shall indemnify and hold harmless the LP Indemnitees and EC Indemnitees to the fullest extent permitted by law from and against any and all Losses arising out of their role as limited partners of the Partnership or Representatives, respectively, except to the extent such Losses are a result of the Willful Bad Acts of any such LP Indemnitee or EC Indemnitee.
(e)    Defense Costs.  Expenses incurred by any of the Indemnitees in defending any claim, demand, action, suit or proceeding subject to Sections 6.7(b) and (d), from time to time, upon request by the Indemnitee shall be advanced by the Partnership prior to the settlement or judgment of such claim, demand, action, suit or proceeding upon receipt by the Partnership of an undertaking by or on behalf of the Indemnitee to repay such amount promptly, with interest calculated at the rate equal to two (2) percentage points above the “Federal Short-Term Rate” as defined in Section 1274(d)(1)(c)(i) of the Code, as amended (or any successor to such section) or the maximum rate permitted under applicable law, whichever is less, calculated upon the outstanding principal balance of such amount, if it shall be determined in a judicial proceeding or a binding arbitration that such Indemnitee is not entitled to be indemnified pursuant to this Agreement. 
(f)    Priority.  The payment by the Partnership of any amounts pursuant to Sections 6.7(b) and (d) shall be first made from any existing cash reserves of the Partnership or the Investment Entities, as applicable.
(g)    Non-Exclusive Rights.  The rights provided by Sections 6.7(b), (c) and (d), shall be in addition to any other rights to which an Indemnitee may be entitled under any agreement in writing or as a matter of law or equity shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee, and shall survive the termination of this Agreement.
(h)    Insurance.  The General Partner shall cause the Investment Entities to be covered by such property, casualty, general liability and environmental insurance in connection with the business or activities of the Partnership hereunder and the Investment Entities exercising Due Care.  Each insurance policy shall name as additional insureds the Partnership, the General Partner, the Representatives and such other Persons as the General Partner shall determine.  The cost of any such insurance shall be an expense of the Partnership for purposes of Section 6.4.  Notwithstanding the foregoing, fidelity bonds or insurance, or errors and omissions insurance, or other insurance not falling within the first sentence hereof, shall be obtained and maintained on behalf of the General Partner at the General Partner’s expense unless otherwise Approved by the Executive Committee.
(i)    No Disqualification.  An Indemnitee shall not be denied indemnification in whole or in part under this Section 6.7 or otherwise by reason of the fact that the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.
(j)    No Third Party Rights.  The provisions of this Section 6.7 are for the benefit of the Indemnitees and shall not be deemed to create any rights for the benefit of any other Persons.
(k)    Third Party Opinions.  In discharging its obligations under this Agreement, the General Partner may obtain an opinion, appraisal or examination by independent counsel, appraiser, accountant or other expert, if appropriate, upon which the General Partner and the Representatives shall be entitled to rely, to the extent reasonable, for matters within the expertise of the Person providing or rendering the same.

	
			
	 
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(l)    Special Limited Partner and BCIG Partner Indemnitees.  Notwithstanding any provision herein to the contrary, the Partners hereby acknowledge that the Special Limited Partner and the BCIG Partners are Affiliates of the advisor of IPT, and the rights and obligations contained in this Section 6.7 (other than the rights and obligations contained in the final sentence of Section 6.7(b)) with respect to the Special Limited Partner and the BCIG Partners and each of their respective officers, directors, employees, representatives, agents, Controlling Persons and Affiliates and, to the extent applicable, Representatives (other than the QuadReal Representative) shall be subject to and limited by Article XIII of the Articles of Amendment and Restatement of IPT.

6.8    Designation of Tax Matters Partner.
(a)    Designation.  This Section 6.8 shall apply for the tax years ending on or before December 31, 2017. The General Partner shall designate a Person (which may be the General Partner) to act as the “Tax Matters Partner” of the Partnership, as provided in Treasury Regulations pursuant to Section 6231 of the Code, as in effect for taxable years beginning before December 31, 2017.
(b)    Information to be Supplied to IRS.  To the extent and in the manner provided by applicable Code sections and Treasury Regulations thereunder, the Tax Matters Partner shall furnish the name, address, profits interest and taxpayer identification number of each Partner (or assignee) to the Internal Revenue Service (the “IRS”).
(c)    IRS Proceedings.  To the extent and in the manner provided by applicable Code sections and Treasury Regulations thereunder, the Tax Matters Partner shall use commercially reasonable efforts to keep each Partner informed of administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to herein as a “Tax Audit” and such judicial proceedings being referred to herein as “Judicial Review”).  In addition, upon receipt by the Tax Matters Partner of any written notice, request, inquiry or statement of a material nature from the IRS in connection with an examination of the Partnership involving a potential income tax liability for any of the Partners, the Tax Matters Partner shall promptly send each Partner a copy of the documents so received.  If the Tax Matters Partner intends to respond in writing to any such documents received from the IRS, the Tax Matters Partner shall use commercially reasonable efforts to provide a copy of its proposed response to all other Partners before such response is to be submitted to the IRS and shall consider in good faith any comments received from other Partners with respect to such proposed response.
(d)    Authorized Actions of Tax Matters Partner.  The Tax Matters Partner is authorized:
(i)    with the Approval of the Executive Committee, to enter into any settlement with the IRS with respect to any Tax Audit or Judicial Review, and in the settlement agreement the Tax Matters Partner may expressly state that such agreement shall bind all Partners except that such settlement agreement shall not bind any Partner (A) who (within the time prescribed pursuant to the Code and Treasury Regulations thereunder) files a statement with the IRS providing that the Tax Matters Partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (B) who is a “notice partner” (as defined in Section 6231 of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2));
(ii)    if a notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a “Final Adjustment”) is mailed to the Tax Matters Partner, with the Approval of the Executive Committee, to seek Judicial Review of such Final Adjustment, including the filing of a petition for readjustment with the Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is located;
(iii)    with the Approval of the Executive Committee, to file a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for Judicial Review with respect to such request; 

	
			
	 
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(iv)    with the Approval of the Executive Committee, to enter into an agreement with the IRS to extend the period for assessing any tax which is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected by such item; and
(v)    with the Approval of the Executive Committee, to take any other action on behalf of the Partners or the Partnership in connection with any Tax Audit or Judicial Review proceeding to the extent permitted by applicable law or regulations or this Agreement.
(e)    Indemnification of Tax Matters Partner.  Notwithstanding any other provision of this Agreement (but subject to Section 6.7 of this Agreement), the Partnership shall indemnify, and reimburse, to the fullest extent permitted by law, the Tax Matters Partner for all Losses incurred in connection with any Tax Audit or Judicial Review proceeding with respect to the tax liability of the Partners, except to the extent the Tax Matters Partner’s conduct constituted a Willful Bad Act or gross negligence.
(f)    Discretion of Tax Matters Partner.  Except as expressly set forth herein, the taking of any action and the incurring of any expense by the Tax Matters Partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole discretion of the Tax Matters Partner and the provisions on limitations of liability of the General Partner and indemnification set forth in Section 6.7 of this Agreement shall be fully applicable to the Tax Matters Partner in its capacity as such.

6.9    Prohibited Payments.  The General Partner shall not knowingly (a) make any payment or transfer anything of value with the intent, or which has the purpose or effect of, engaging in commercial bribery, or acceptance of or acquiescence in kickbacks or other unlawful or improper means of obtaining or retaining business and not promise, offer, or (b) give to a government official, directly or indirectly, any money or anything else of value, for the government official himself or herself or another Person, in order to influence that government official to act or refrain from acting in the exercise of his or her official duties, in both cases, in relation to the business of the Partnership or the Investment Entities.

6.10    QuadReal Limited Partner Matters.  
(a)    Appointment of QuadReal US.  Each party constituting the QuadReal Limited Partner hereby appoints QuadReal US to be its representative for all purposes under this Agreement and QuadReal US hereby accepts such appointment.  All approvals, consents, votes, decisions, or other actions permitted to be undertaken by the QuadReal Limited Partner under this Agreement shall be delegated to QuadReal US on behalf of the other parties constituting the QuadReal Limited Partner.  The QuadReal Limited Partner hereby represents and warrants that QuadReal US is authorized to make all decisions, give all consents, cast all votes and otherwise act for the QuadReal Limited Partner and any approvals, consents, votes, decisions or other actions of QuadReal US shall be binding on all parties constituting the QuadReal Limited Partner as if made by such parties.  The General Partner shall be permitted to rely on any representation or decision made by QuadReal US on behalf of the QuadReal Limited Partner, notwithstanding anything conflicting or to the contrary put forth by any party constituting the QuadReal Limited Partner or any of its Affiliates.  All parties constituting the QuadReal Limited Partner, acting together, shall have the right to change the identity of such representative to any Person that is an Affiliate of QuadReal US and shall provide written notice to the General Partner in advance of any such change.
(b)    QuadReal Limited Partner Action.  Any notice, approval, consent, demand or other communication required or permitted to be given or made by the QuadReal Limited Partner under this Agreement, whether or not expressly so stated, may be given or made on behalf of the QuadReal Limited Partner by the QuadReal Representative or QuadReal US’s counsel with the same force and effect as if given or made by the QuadReal Limited Partner itself.

6.11    Partnership Tax Audit Procedures for Tax Years Ending after December 31, 2017.  This Section 6.11 shall apply for tax years ending after December 31, 2017.

	
			
	 
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(a)    Bipartisan Budget Act of 2015.  For purposes of this Section 6.11, unless otherwise specified, all references to provisions of the Code shall be to such provisions as enacted by the Partnership Tax Audit Rules as such provisions may subsequently be modified.
(b)    Partnership Representative.  The General Partner shall be the Company’s designated “partnership representative” within the meaning of Code Section 6223 (the “Tax Representative”) with sole authority to act on behalf of the Partnership for purposes of Subchapter C of Chapter 63 of the Code and any comparable provisions of state or local income tax laws.  The General Partner may designate another person to act as the partnership representative, and if such a person is so designated, all references to the “Tax Representative” in this Section 6.11 are to that person.
(c)    Preference For Opt-Out.  If the Partnership qualifies to elect pursuant to Code Section 6221(b) (or successor provision) to have Subchapter C of Chapter 63 of the Code not apply to any federal income tax audits and other proceedings, the Tax Representative shall cause the Company to make such election.
(d)    Notification.  The Tax Representative shall promptly, within fifteen days, notify the Partners and the Executive Committee if the Partnership receives any notification or Information Document Request from the IRS indicating that the Partnership is being audited.  If any “partnership adjustment” (as defined in Code Section 6241(2)) is determined with respect to the Partnership, the Tax Representative shall promptly notify the Executive Committee upon the receipt of a notice of final partnership adjustment, and shall take such actions as directed by the Executive Committee in writing within 10 Business Days after the receipt of such notice, including whether to file a petition in Tax Court, cause the Partnership to pay the amount of any such adjustment under Code Section 6225, or make the election under Code Section 6226.
(e)    Capital Reserve.  In the event of an IRS, or equivalent state or local, audit, the Tax Representative may cause the Partnership to engage professionals, experts, and other assistants, to cause appraisals and studies to be conducted on behalf of the Partnership, and to incur reasonable expenses in connection with the defense of the audit. The Partnership shall reserve sufficient capital, and if necessary the Partners may be required to contribute in accordance with their respective Percentage Interests additional capital in a capital call, to defend a Partnership audit. Any such contribution required under this section shall not be subject to any other limitations on required contributions set out in this Agreement including the limitation described in Section 4.3(e), however, in the event that a Partner fails to contribute capital necessary to defend an audit under this section such a Partner shall be treated as a Defaulting Partner under Section 4.4.
(f)    Litigation.  The Tax Representative shall be authorized to engage in any litigation deemed necessary by the Tax Representative in order to defend any audit or proposed assessment by the IRS, or an equivalent state or local tax authority, against the Partnership.  The Tax Representative may engage in such litigation only with the consent of the Executive Committee, but shall not require the consent of any other Partner prior to initiating such litigation. The Partnership shall reserve sufficient capital, and if necessary the Partners may be required to contribute additional capital in a capital call, as set out in subsection (e) above, to pursue such litigation.
(g)    Settlement.  With the approval of the Executive Committee, the Tax Representative may cause the Partnership to pay the assessment of the imputed underpayment under Section 6225(a)(l) of the Code, or to enter into a settlement agreement regarding that same assessment. In that event, the Executive Committee will reasonably and equitably determine each Partner's and former Partner's share of the imputed underpayment, taking into account the Partner’s or former Partner’s adjusted distributive share in the year or years subject to review in the settled audit and adjustments that may have been made in computing the imputed underpayment. The determination by the Executive Committee will be binding on the Partnership and on each Partner, provided that the determination is made in good faith for a purpose reasonably believed by them to be in, or not opposed to, the best interests of the Partnership unless the determination was the result of actual fraud or willful misconduct or resulted in any improper personal benefit. Each Partner’s and former Partner's share of the imputed underpayment, as reasonably and equitably determined by the Executive Committee, will be treated like a withholding tax under Section 5.7(a) hereof.  The obligations of Partners under this paragraph and that this Section 6.11 also will extend to former Partners and to unadmitted assignees of a Partnership Interest who may be considered current or former tax partners of the Partnership.

	
			
	 
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(h)    Code Section 6226 Election. With the approval of the Executive Committee, the Tax Representative may elect under Code Section 6226 and its related Treasury Regulations to cause any Partners affected by an IRS adjustment in an audited tax year or years (the “Reviewed Year Partners”) to take into account the adjustments made by the IRS and to pay any tax, interest, and penalties due as a result of those adjustments. In this case, the Reviewed Year Partners will take into account the adjustments made by the IRS and pay any tax, penalties and interest due as a result of those adjustments.  All Reviewed Year Partners will reasonably cooperate with the Tax Representative and will provide to the Tax Representative all Partner information necessary to make this election.
(i)    Successor Tax Representative.  The Tax Representative may resign from its position as such upon thirty (30) days prior written notice to the General Partner, and the General Partner or the Executive Committee may remove the Tax Representative at any time. In that event, the General Partner will designate another person to be Tax Representative.
(j)    Code Section 6227 Adjustments.  The Tax Representative will notify all Partners before filing, pursuant to Section 6227 of the Code, a request for administrative adjustment of partnership items for any Partnership taxable year. The Tax Representative will file the request for administrative adjustment on behalf of the Partnership if the Executive Committee approves the request for administrative adjustment.
(k)     Partnership Adjustment after Withdrawal, Removal, Resignation, or Sale of Partnership Interest.  In the event that the Partnership has different Partners, in any class, at the conclusion of an audit subject to this Section 6.11, and the Partnership must pay an entity level tax in settlement or as a result of an assessment to any taxing authority, the General Partner, if so authorized by the Executive Committee, may, at its discretion, make a claim against any former Partners who were Partners in the Partnership at any time during the adjusted year(s).  The General Partner may claim against said former Partners any amount up to the former Partner’s pro rata share (based on percentage ownership of the Partnership, prorated by the number of days that Partner owned a Partnership Interest during the reviewed year) of the Partnership assessment or settlement for the adjusted year(s). To the extent that the General Partner recoups such claims from former Partners, the current Partners’ contributions for the reviewed year assessment or settlement shall be reduced proportionally to the amount collected from the former Partners. This provision shall survive the withdrawal, removal, resignation or sale of any Partnership Interest as to the withdrawn, resigned, removed, or former Partner. Failure to make such a contribution, after (30) thirty written notice of such claim by the General Partner, by the former Partner shall be considered a breach of this Agreement.
(l)    Partnership Adjustment after Liquidation.  In the event that the Partnership winds up and liquidates prior to the conclusion of the audit under subject to this Section 6.11, then the Tax Representative may make one or more written capital calls on the Partners for such funds as may be necessary to fund the audit defense under this section.  These capital calls will be made on the Partners and former Partners in accordance with their distributive shares in the reviewed year(s), as determined equitably and in good faith by the General Partner.  A Partner or former Partner will be obligated to satisfy a capital call in immediately available funds within ten (10) Business Days of notice.  The General Partner, at its option, may seek reimbursement of all audit expenses and all litigation expenses related to the determination of the correct tax liability of the Partnership from the Partners and former Partners.  The General Partner will allocate these expenses equitably among the Partners in seeking reimbursement.  This allocation will consider the adjustment to the distributive share of the Partner or the former Partner in the reviewed year and the contribution of that adjustment to the imputed underpayment of the Partnership.  After determining the Partners' and former Partners' shares of these expenses, the General Partner will promptly invoice each Partner and former Partner during the reviewed year for that Partner or former Partner's equitable share of these expenses.  This invoice will be payable on demand.  The Partnership will retain its records with respect to each Fiscal Year until the expiration of the period within which additional federal or state income tax may be assessed for the year.
(m)    Tax Representative Indemnity.  The Partnership will indemnify and will hold harmless the Tax Representative from and against any and all Tax Representative expenses related to a defense of a tax claim under this Section 6.11.  The Tax Representative will properly report these expenses in writing to the General Partner and will provide reasonable documentation of these expenses to the General Partner, in accordance with policies adopted by the General Partner, prior to receiving reimbursement.  The Tax Representative will comply with all policies of the Partnership with respect to incurring and documenting expenses.

	
			
	 
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(n)    Code Section 6227 Adjustment.  If any subsidiary of the Partnership (i) pays any partnership adjustment under Code Section 6225; (ii) or otherwise requires the Partnership to file an amended tax return and pay associated taxes to reduce the amount of a partnership adjustment imposed on the subsidiary, or (iii) makes an election under Code Section 6226, the Tax Representative shall cause the Partnership to make the administrative adjustment request provided for in Code Section 6227 consistent with the principles and limitations set forth in Section 6.11(d) above for partnership adjustments of the Partnership, and the Partners shall take such actions reasonably requested by the Tax Representative in furtherance of such administrative adjustment request.
(o)    Surviving Obligations.  The obligations of each Partner or former Partner under this Section 6.11 shall survive the transfer or redemption by such Partner of its Partnership Interest and the termination of this Agreement or the dissolution of the Partnership.

ARTICLE 7.     
 
WITHDRAWAL AND REMOVAL OF GENERAL PARTNER

7.1    Voluntary Withdrawal.  Except as otherwise provided in Article 8, the General Partner shall not have the right to retire or withdraw voluntarily from the Partnership, and any withdrawal in violation hereof shall constitute a breach of this Agreement and shall be subject to the provisions of Section 7.3.  Notwithstanding the foregoing, the IPT Limited Partner shall have the right to appoint a substitute general partner which shall be an Affiliate of IPT or an Affiliate of BCG or an entity sponsored or advised by an Affiliate of BCG, and which shall be admitted immediately prior to the withdrawal of the General Partner and shall continue the business of the Partnership without dissolution; provided however, that (i) the withdrawing General Partner shall not be released from any obligations hereunder arising prior to such withdrawal, and (ii) such substitute general partner shall assume all rights and obligations of the withdrawing General Partner from and after such withdrawal.  For the avoidance of doubt, this Section 7.1 shall be subject to the Key Person requirements in Section 6.1.  Prior to any such voluntary withdrawal from the Partnership and appointment of a substitute general partner, the General Partner shall give the Limited Partners and the Special Limited Partner notice of its intention to withdraw at least ninety (90) days in advance of such withdrawal.

7.2    Bankruptcy or Dissolution of the General Partner.  In the event of the bankruptcy of the General Partner or other events that cause the General Partner to cease to be a general partner under Sections 17-402(a)(6), (7), (8), (9), (10), (11) or (12) of the Act, the General Partner shall cease to be the general partner of the Partnership and its Interest shall terminate; provided, however, that such termination shall not affect any rights or liabilities of the General Partner which matured prior to such event, or the value, if any, at the time of such event of the Interest of the General Partner.

7.3    Liability of Withdrawn General Partner.  If the General Partner shall cease to be general partner of the Partnership, it shall be and remain liable for all obligations and liabilities incurred by it as general partner prior to the time such withdrawal shall have become effective, but it shall be free of any obligation or liability incurred on account of the activities of the Partnership from and after the time such withdrawal shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

7.4    Removal of General Partner for Cause.  The Partners have set forth certain terms relating to the Removal of the General Partner in Exhibit M, which is incorporated by reference and attached hereto; all references herein to Section 7.4 shall be referred to Exhibit M.

ARTICLE 8.     
 
TRANSFER OF INTERESTS

8.1    Assignments.

	
			
	 
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(a)    Restriction of Assignments.  No Partner shall, directly or indirectly, sell, assign, pledge, hypothecate, transfer by gift, exchange or otherwise dispose of or encumber its Interests by operation of law or otherwise (all of the foregoing being referred to hereinafter as a “Transfer”, but excluding from the definition of Transfer any IPT REIT Listing Transaction), except in accordance with this Section 8.1.  Any assignment and the rights of the assignee with respect to the assigned Interest in connection with a Transfer permitted by this Agreement shall be subject to Section 8.2.  Any Transfer made in contravention of this Agreement shall be null and void and the transferee shall receive no right, title or interest in or to any Interests as a result of such Transfer made in violation of this Agreement.  In addition, any Transfer otherwise permitted by this Agreement shall be null and void unless (i) the permitted transferee (the “Transferee”) agrees to adopt and be bound by the terms of this Agreement and other relevant documents as if the Transferee had been an original party hereto and (ii) the Transfer would not result in any violation of the ownership limitations set forth in the organizational documents of each Investment Entity intended to preserve the qualification of such Investment Entity as a real estate investment trust for U.S. federal income tax purposes within the meaning of Section 856 of the Code.  The parties acknowledge that a transfer or issuance of any interests in IPT, IPT HoldCo, IPT OpCo, IPT Advisors Group, or IPT Advisors or any BCIG Partner shall not constitute a Transfer for the purposes of this Agreement; provided, that such a transfer may still constitute an IPT Change of Control pursuant to Section 7.4(a)(vi).
(b)    Permitted Assignments.  Subject to the General Partner’s obligations pursuant to Section 2.2(e), (x) at any time, each Limited Partner and the Special Limited Partner may Transfer all (but not part) of its Interest to an Affiliate of such Limited Partner or the Special Limited Partner, as applicable, or (y) from and after the date on which Stabilization has been obtained in respect of the Partnership’s last acquired Development Investment (the “Trigger Date”), but subject to Sections 8.1(c) and (d), a Limited Partner may Transfer all (but not part) of its Interest to any Unrelated Third Party; provided, however, that any Transfer shall be subject, in all events, to the following limitations:
(i)    no Transfer of any Interest may be made if, in the opinion of legal counsel to the Partnership, such assignment would require filing of a registration statement under the Securities Act or would otherwise violate any Federal or state securities or Blue Sky laws (including any investment suitability standards) or regulations applicable to the Partnership or the Interests;
(ii)    no Transfer on any date of an Interest may be made if, in the opinion of legal counsel for the Partnership, it would be effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code;
(iii)    no Transfer of any Interest may be made if, in the opinion of legal counsel for the Partnership, it likely would cause any Investment Entity to no longer qualify as a real estate investment trust or would subject any Investment Entity to any additional taxes under Section 857 or Section 4981 of the Code;
(iv)    no Transfer of any Interest may be made to a Transferee unless the Transferee is an Accredited Investor, as that term is defined in Rule 501 of Regulation D of the Securities Act, as certified to the satisfaction of the Partnership;
(v)    no Transfer of any Interest may be made to a Transferee unless the Transferee is (A) a real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that any such Person referred to in this clause (A) satisfies the Eligibility Requirements, (B) an investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act, provided that any such Person referred to in this clause (B) satisfies the Eligibility Requirements, (C) an institution substantially similar to any of the Persons described in clause (A) or (B) above that satisfies the Eligibility Requirements, or (D) an investment fund, limited liability company, limited partnership or general partnership where either (I) a nationally-recognized manager of investment funds that (x) invests in debt or equity interests relating to commercial real estate, (y) invests through 

	
			
	 
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a fund with committed capital of at least One Billion Dollars ($1,000,000,000), and (z) is not the subject of a bankruptcy proceeding or (II) an entity that is otherwise a Qualified Institutional Transferee under clauses (A), (B) or (C) above acts as the general partner, managing member or fund manager and at least fifty percent (50%) of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more Persons that are otherwise Qualified Institutional Transferees under clauses (A), (B) or (C) above (each of the foregoing, a “Qualified Institutional Transferee”);
(vi)    no Transfer of any Interest held by the IPT Limited Partner may be made to a Transferee unless the General Partner concurrently Transfers its Interest to such Transferee (or to such Transferee’s Affiliate or designee); and
(vii)    no Transfer of any Interest may be made to a governmental or sovereign entity of British Columbia.
As used herein, “Eligibility Requirements” shall mean with respect to any Person, that (x) such Person has total assets (in name, under management or advisement and/or pursuant to undrawn, binding, irrevocable capital commitments) in excess of One Billion Dollars ($1,000,000,000) and (except with respect to a pension advisory firm, registered investment advisor or asset manager) capital/statutory surplus, shareholder’s equity and/or undrawn, binding, irrevocable capital commitments of at least Two Hundred Fifty Thousand Dollars ($250,000,000) and (y) such Person is regularly engaged in the business of making or owning (or, in the case of a pension advisory firm, registered investment advisor, asset manager or similar fiduciary, regularly engaged in managing investments in) debt or equity interests relating to commercial real estate.
In addition, subject to Sections 8.1(c) and (d), at any time following the Trigger Date, upon receipt of prior written approval thereof by the QuadReal Limited Partner (such approval not to be unreasonably withheld, conditioned or delayed, provided, that it shall be deemed reasonable to take into consideration factors other than financial capability), the General Partner may, on its own behalf and on behalf of the IPT Limited Partner, Transfer all of the Interests held by the General Partner and the IPT Limited Partner in the Partnership to a Qualified Institutional Transferee, in which event the provisions of Article 7 shall apply governing substitution of the General Partner and transition of its duties and responsibilities to a substitute general partner of the Partnership.
(c)    Rights of First Opportunity.
(i)    If any Partner (other than the Special Limited Partner) should desire to Transfer its Interest (which may be Transferred in whole but not in part) other than a Transfer to an Affiliate of such Partner or a Transfer pursuant to Section 8.1(e) or a Transfer pursuant to Section 8.1(h), such Partner (the “Offering Partner”) first shall submit to all of the other Partners (other than the Special Limited Partner) (the “Offeree Partners”) a binding written offer (the “Offer”) to sell such Interest to the Offeree Partners; provided, that a copy of any Offer shall also be delivered to the Special Limited Partner.  The Offer shall include the price of the Interest (the “Offer Price”) and any other terms of the proposed Transfer and shall continue to be a binding offer to sell until the earlier of (i) the date the Offer is expressly rejected by all the Offeree Partners or (ii) the expiration of a period of thirty (30) days after receipt of the Offer by the Offeree Partners (the “Offer Period”).  If the Offeree Partner(s) desire to accept the Offer, the Offeree Partner(s) shall notify the Offering Partner in writing prior to the expiration of the Offer Period, which notice shall be irrevocable (a “ROFO Acceptance Notice”).  If any IPT Partner is an Offeree Partner, and it rejects the Offer, then, at any time for ten (10) Business Days immediately following the expiration of the Offer Period, the BCIG Limited Partner may elect to acquire the Interest offered to such IPT Partner pursuant to such Offer by delivering the Offering Partner a ROFO Acceptance Notice specifying such election.  If more than one Offeree Partner shall have accepted the Offer within the Offer Period, then the Interests shall be allocated among such Offeree Partners as they may agree or, if they fail to agree, then in proportion to their respective Allocable Share at the time of such purchase.  As used herein, “Allocable Share” shall mean with respect to any Partner, a fraction, (x) the numerator of which is such Partner’s 

	
			
	 
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Percentage Interest and (y) the denominator of which is the sum of the applicable Partners’ aggregate Percentage Interests.
(ii)    Closing.
		
	(A)
	Closing Date.  The closing of the sale of Interests to the Offeree Partner(s) pursuant to this Section 8.1(c) shall be held on the date mutually selected by the Offeree Partner(s) that is no later than sixty (60) days after the delivery of the last ROFO Acceptance Notice (the “Closing Period”).  The closing shall be completed through a customary closing escrow, and the Offer Price shall be paid by wire transfer of immediately available federal funds.  The closing of the sale of Interests to the Offeree Partner(s) pursuant to this Section 8.1(c) shall be on an “as is” and “where is” basis with no representations or warranties other than a representation from the Offering Partner that (A) it owns the Interest being transferred free and clear of all liens, claims and encumbrances other than permitted liens, claims or encumbrances that were deducted in determining the applicable price of the Interest and liens, claims and encumbrances securing indebtedness of the Partnership or an Investment Entity, (B) it has full right and authority to sell such Interest and that the sale has been duly authorized, (C) the assignment document has been duly authorized, executed and delivered, (D) the consummation of the transactions contemplated thereby will not violate the terms of any agreement to which the Offering Partner is a party, or any order, judgment, or decree applicable to the Offering Partner and (E) no consent, approval, or authorization of or designation, declaration, or filing with any governmental authority or other Person is required on the part of the Offering Partner in connection with the consummation of the transactions contemplated hereby or, if required, has been obtained (clauses (A) - (E), the “Required Representations”).

		
	(B)
	Required Documents.  Prior to or at the closing of the sale of Interests to the Offeree Partner(s) pursuant to this Section 8.1(c), the Offering Partner shall supply to the Offeree Partner(s) all documents customarily required (or reasonably required by the Offeree Partner(s)) to make a good and sufficient conveyance of such Interest to the Offeree Partner(s), which documents shall be in form and substance reasonably satisfactory to the Offeree Partner(s) and the Offering Partner.

		
	(C)
	Conditions Precedent to Closing.  The obligation of the Offeree Partner(s) to pay the purchase price in connection with a sale of Interests pursuant to this Section 8.1(c) shall be conditioned upon the Interest being transferred free and clear of all liens, claims and encumbrances, other than permitted liens, claims and encumbrances that were waived by the Offeree Partner(s) and deducted in determining the applicable price of the Interest and permitted liens, claims and encumbrances securing indebtedness of the Partnership or the Investment Entities.  This condition is for the sole benefit of the Offeree Partner(s) and may be waived by the Offeree Partner(s) in whole or in part in each of their sole discretion.

		
	(D)
	Brokerage.  No brokerage fees or commissions shall be payable by the Partnership in connection with any purchase pursuant to this Section 8.1(c), and each Partner shall indemnify and hold harmless the Partnership and the other Partners from and against any such claims made based upon 

	
			
	 
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the actions of such Partner, including any fees and expenses in defending any such claims. 
(iii)    In connection with any sale made pursuant to this Section 8.1(c):
		
	(A)
	the Offeree Partner(s) shall pay all fees and costs customarily paid by purchasers of companies that own and operate real property in each jurisdiction where the Investments are located (which may include title fees, recording costs, recording and transfer taxes, as applicable);

		
	(B)
	the Offering Partner shall pay all fees and costs customarily paid by sellers of companies that own and operate real property in each jurisdiction in which the Investments are located (which may include title fees, recording costs, recording and transfer taxes, as applicable);

		
	(C)
	the Offering Partner and the Offeree Partner(s) each shall pay its own legal fees; and

		
	(D)
	the Offeree Partner(s) and the Offering Partner shall adjust the purchase price to reflect all adjustments customarily made in connection with the sale of companies that own and operate real estate in each jurisdiction in which the Investments are located (which may include the proration and apportionment of any revenues and expenses of the Investments).

In the event of a dispute with respect to any of the adjustments and prorations to be made pursuant to this Section 8.1(c)(iii), each of the purchasing Offeree Partner(s) and the Offering Partner shall submit to an arbitration pursuant to Section 9.4 of this Agreement.  The arbitrator shall be limited to awarding only one or the other of the two adjustment proposals submitted.  The decision of the arbitrator shall be final and binding on the purchasing Offeree Partner(s) and the Offering Partner.
(iv)    Within three (3) Business Days after the Offering Partner’s receipt of a ROFO Acceptance Notice, the Offeree Partner(s) shall deposit in immediately available funds to a national title insurance company reasonably acceptable to the Offering Partner an amount equal to five percent (5%) of the price of the offered Interest (the “Deposit”).  The Deposit shall be applied against the Offer Price at closing and shall be nonrefundable to the Offeree Partner(s) (except in the event of a material default of the Offering Partner in performing its closing obligations pursuant to Section 8.1(c)(ii)).
(v)    At the expiration of the Offer Period, if none of the Offeree Partner(s) have accepted the Offer, the Offering Partner may Transfer the Interest (in whole, but not in part) subject to the Offer to any Transferee (but subject to the Offeree Partner(s)’ continuing rights to participate in a Tag Along Transfer) for a period of one hundred and twenty (120) days after the Offer Period.  If no such sale is made by the Offering Partner within such one hundred and twenty (120) day period, the restrictions set forth in this Section 8.1(c) thereafter shall continue to apply to the offered Interest, and no Interests thereafter shall be subject to a Transfer by the Offering Partner without again first complying with all the provisions of this Agreement. 
(vi)    Termination of Obligations.  Upon the effective date of any transfer of an Interest pursuant to Section 8.1(c), the Offering Partner’s rights and obligations under this Agreement shall terminate with respect to such transferred Interest, except as to indemnity rights of such Partner under this Agreement attributable to acts or events occurring prior to the effective date of such transfer and except for liabilities and obligations of such Partner arising out of such Partner’s breach of this Agreement.

	
			
	 
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(vii)    Offeree Partner(s) Failure to Close Offer.  If the Offeree Partner(s) have timely and properly delivered a ROFO Acceptance Notice, but thereafter the sale contemplated thereby fails to close within the Closing Period as a result of a default of the Offeree Partner(s) (which default is not cured within ten (10) days following the occurrence thereof), then the Offeree Partner(s) shall be in material default hereunder and the Offering Partner shall have the right to retain the Deposit and the Offeree Partner(s) shall reimburse the Offering Partner for the reasonable third-party, out-of-pocket costs actually incurred and paid by the Offering Partner in connection with the exercise of the Offer.  Thereafter, the Offering Partner (1) may pursue any other sale of its Interest to an Unrelated Third Party for a cash price and such other terms and conditions as are determined by the Offering Partner in its sole discretion (without regard to the Offer Price) for an unrestricted period and without any obligation to give any notices of such sale (including any Offer, it being agreed that this Section 8.1(c) shall no longer be applicable to such sale) or (2) may elect to purchase the Interests of the Offeree Partner(s) at the Offer Price.  Further, thereafter, the Offeree Partner(s) shall not under any circumstance be entitled to (x) issue a ROFO Acceptance Notice, (y) initiate a Buy-Sell pursuant to Section 9.1 or (z) initiate a Forced Sale pursuant to Section 9.2(a).
(viii)    Offering Partner Failure to Close Offer.  If the Offeree Partner(s) have timely and properly delivered a ROFO Acceptance Notice, but thereafter the sale contemplated thereby fails to close within the Closing Period as a result of a default of the Offering Partner (which default is not cured within ten (10) days following the occurrence thereof), then the Offering Partner shall be in material default hereunder and the Offeree Partner(s) shall have the right to either (1) seek specific performance from the Offering Partner in respect of such sale or (2) elect not to close, in which event the Offering Partner shall return the Deposit to the Offeree Partner(s), the Offering Partner shall pay to the Offeree Partner(s) an amount equal to the Deposit, and the Offering Partner shall reimburse the Offeree Partner(s) for the reasonable third-party, out-of-pocket costs actually incurred and paid by the Offeree Partner(s) in connection with exercising the relevant Offer.  Further, thereafter, the Offering Partner shall not under any circumstance be entitled to (x) issue a ROFO Acceptance Notice, (y) initiate a Buy-Sell pursuant to Section 9.1 or (z) initiate a Forced Sale pursuant to Section 9.2(a).
(ix)    Release of Offering Partner.  Notwithstanding any provision herein to the contrary, it shall be a requirement of any offer and the closing of any acquisition of an Interest pursuant to an Offer to use commercially reasonable efforts to obtain a release of the Offering Partner and the Offering Partner’s Affiliates from any personal liability arising out of any and all written documents (e.g., a guaranty) with respect to any and all Partnership or Investment Entity indebtedness or obligations, including without limitation, all loans secured by any Investment (and in the event that such release is not possible in spite of commercially reasonable efforts, a creditworthy entity reasonably acceptable to the Offering Partner shall indemnify the Offering Partner and its Affiliates for any claims against the Offering Partner under any such written documents on such terms and conditions to be agreed to by the Offering Partner in its reasonable discretion until such indebtedness or obligations are released).
(d)    Tag-Along Right.  Subject to the foregoing, after the expiration of the Offer Period, if none of the Offeree Partners have accepted the Offer and the Offering Partner should desire to Transfer its Interest (which may be Transferred in whole but not in part) to a Transferee, other than a Transfer to an Affiliate of such Partner or pursuant to Section 8.1(e) or (h), if the Offering Partner wishes to Transfer its Interest to any Person (other than an Affiliate of such Offering Partner or pursuant to Section 8.1(e) or (h)) (a “Tag Along Transfer”), the Offering Partner shall comply with the requirements of this Section 8.1(d).
(i)    Prior to undertaking a Tag Along Transfer, the Offering Partner shall provide written notice to the Offeree Partners and the Special Limited Partner (the “Tag Along Notice”), which notice shall set forth (A) all of the material terms and conditions, including consideration pursuant to which it proposes to make such Tag Along Transfer (the “Tag Along Offer Terms”) and (B) the identity of, and information concerning, the Person (the “Tag Along Purchaser”) to whom it proposes to make such Tag Along Transfer.

	
			
	 
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(ii)    Within ten (10) Business Days after delivery of an effective Tag Along Notice (the “Tag Along Offer Period”), each Offeree Partner shall give written notice to the Offering Partner that (A) such Offeree Partner elects to transfer its Interest to the Tag Along Purchaser on the Tag Along Offer Terms (the “Tag Along Option”) or (B) such Offeree Partner elects not to transfer its Interest to the Tag Along Purchaser (the “Non-Transfer Option”).  An Offeree Partner shall be conclusively deemed to have elected the Non-Transfer Option if it fails to give written notice of its election of either of the above- described options within such ten (10) Business Day period.  Notwithstanding the foregoing, if the Tag Along Notice is delivered simultaneously with or within twenty (20) days after an Offer is distributed to the Partners pursuant to Section 8.1(c), the time periods for notices and responses under Section 8.1(c) shall govern, as applicable.
(iii)    If an Offeree Partner elects or is deemed to have elected the Non- Transfer Option, the Offering Partner shall be permitted to make the Tag Along Transfer without such Offeree Partner, so long as such Tag Along Transfer takes place within one hundred and twenty (120) days of the Tag Along Notice and is otherwise in accordance with Section 8.1.
(iv)    If an Offeree Partner elects the Tag Along Option, the Offering Partner shall not make the Tag Along Transfer to the Tag Along Purchaser unless such Tag Along Purchaser acquires, simultaneously with its acquisition of the Offering Partner’s Interest, the Interest of such Offeree Partner at a purchase price equal to (i) the purchase price for the Offering Partner’s Interest divided by the Offering Partner’s Percentage Interest multiplied by (ii) the Offeree Partner’s Percentage Interest.  Notwithstanding the foregoing, the aggregate reasonable and customary expenses of the Partners incurred in connection with the transfer of their Interests (including, without limitation, any reasonable attorneys’ fees and expenses and any brokerage fees) shall be paid (or reimbursed) out of the aggregate purchase price paid to the transferring Partners.
(v)    If an Offeree Partner shall exercise the Tag Along Option, such Offeree Partner shall take all actions reasonably necessary to cause its Interest to be transferred to the Tag Along Purchaser, such actions to include, without limitation, executing a contract of sale if requested to do so by the Tag Along Purchaser (which contract shall be commercially reasonable and no more onerous to such Offeree Partner than the contract of sale executed by the Offering Partner) and complying with the terms thereof.
(e)    IPT Sell-Down.  Notwithstanding anything to the contrary in this Agreement, the IPT Limited Partner may Transfer a portion of its Interest at any time (the “IPT Sell-Down”) to one real estate investor approved in writing by the QuadReal Limited Partner (such approval not to be unreasonably withheld) (the “Sell-Down Transferee”); provided, that the IPT Limited Partner shall maintain at least a ten percent (10%) Percentage Interest in the Partnership immediately following any such IPT Sell-Down.
(f)    Successors to a Limited Partner or the Special Limited Partner.  If a Limited Partner or the Special Limited Partner becomes bankrupt, the trustee or receiver of the estate, shall have all of the rights of such Limited Partner or the Special Limited Partner, as applicable, solely for the purpose of settling or managing the estate and such power as such Limited Partner or the Special Limited Partner, as applicable, possessed to assign all or any part of the Interest and to join with the assignee thereof in satisfying conditions precedent to such assignee becoming a substituted Limited Partner or Special Limited Partner, as applicable.  The bankruptcy of a Limited Partner or the Special Limited Partner in and of itself shall not dissolve the Partnership or cause any successor to such Limited Partner or the Special Limited Partner, as applicable, to become a substituted Limited Partner or Special Limited Partner, as applicable, of such Limited Partner or the Special Limited Partner.
(g)    Recognition of Assignment.  The Partnership will not recognize for any purpose any assignment of any Interest unless (i) there shall have been filed with the Partnership a duly executed and acknowledged counterpart of the instrument making such assignment signed by both the assignor and the assignee and such instrument evidences, inter alia, the written acceptance by the assignee of all of the terms and provisions of this Agreement and represents that such assignment was made in accordance with all applicable laws and regulations (including investment 

	
			
	 
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suitability standards) and (ii) the General Partner (or any replacement therefor) has determined that such an assignment is permitted under this Article 8.  Irrespective of whether or not any successor to a Partner or a purported assignee of a Partner’s Interest hereunder provides the aforesaid instruments, any such Person shall be bound by the terms and provisions of this Agreement.  As a condition to any voluntary assignment of an Interest, the General Partner (or any replacement therefor) may require that the assignor or the assignee of the Interest or their respective representatives provide to the Partnership information that is reasonably requested by counsel to the Partnership to enable such counsel to determine that such assignment is not prohibited by this Article 8.
(h)    BCIG Partner Acquisition of IPT Partner Interests.  At any time, notwithstanding any provisions in this Agreement to the contrary and not subject to Sections 8.1(c) and (d), the IPT Partners may Transfer all or any portion of their respective Interests to one or more Affiliates of BCG; provided, that (i) if the General Partner (so long as the General Partner is an IPT Partner) Transfers all but not less than all of its Interest to one or more Affiliates of BCG, such transferee shall become a substitute General Partner hereunder and assume all of the rights and obligations of the General Partner hereunder accruing on and after the date of such Transfer, and in such event the provisions of Article 7 shall apply governing substitution of the General Partner and transition of its duties and responsibilities to a substitute general partner of the Partnership, and (ii) if the IPT Limited Partner Transfers all, but not less than all, of its Interest to one or more Affiliates of BCG, such transferee shall, from and after the date of such Transfer, assume the rights and obligations of IPT Limited Partner hereunder, including the right to appoint a Representative to the Executive Committee pursuant to Section 3.1 and the IPT Limited Partner’s rights set forth in Sections 9.1 and 9.2.
(i)    Continued Obligations.  In no event shall a permitted Transfer be deemed to relieve the Partners who transfer their Interests from their obligations and liabilities under this Agreement, including, without limitation, their obligations with respect to Capital Contributions, except obligations arising after the permitted Transferee becomes a substituted Partner in accordance with Section 8.2.

8.2    Admission of Assignees as Substituted Partners.
(a)    Requirements for Admission.  No assignee of a Partner’s Interest, whether or not such assignment is permitted under Section 8.1, shall be entitled to become a substituted Partner unless:
(i)    the assignee shall have agreed in writing to be bound by and shall have accepted, adopted and approved in writing all of the terms and provisions of this Agreement, as the same may have been amended, and executed a power of attorney similar to the power of attorney granted in this Agreement; and
(ii)    the assignee shall pay or obligate itself to pay all reasonable expenses incurred in connection with his admission as a substituted Partner.
(b)    Effect of Assignment.  If a Partner assigns all of its Interest in accordance with the provisions of this Article 8, it shall cease to be a partner of the Partnership as of the date that such assignment is given effect by the Partnership in accordance with the terms of this Article 8.  A purported assignment of an Interest not in accordance with the provisions of this Article 8 shall not be given effect for any purpose.
(c)    Rights of Assignee.  Any Person who is a permitted assignee of any of the Interest of a Partner in accordance with the terms of this Article 8, but who does not become a substituted Partner shall be entitled to all the rights of an assignee of a limited partner interest under the Act, including the right to receive distributions from the Partnership and the share of net profits, gain, net losses, loss and any specially allocated items attributable to the Interests assigned to such Person, but shall not be deemed to be the owner of an Interest for any other purpose under this Agreement.  In the event any such Person desires to make a further assignment of any such Interests, such Person shall be subject to all the provisions of this Article 8 to the same extent and in the same manner as a Partner.
(d)    Notification of Assignment.  If a Partner assigns or exchanges all or any portion of its Interest, it must notify the Partnership of such assignment or exchange.  Such notification must be in writing and must be given within fifteen (15) days after the assignment or exchange.  Such notification must include the names and addresses of 

	
			
	 
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the transferor and transferee, the taxpayer identification numbers of the transferor and the transferee, the date of the assignment or exchange and any other information required by the Partnership.

ARTICLE 9.     
 
BUY-SELL; FORCED SALE; DISPUTE RESOLUTION

9.1    Buy-Sell.
(a)    Process.
(i)    At any time after the Trigger Date, any Limited Partner (which in the case of the IPT Limited Partner, shall be deemed to include the General Partner for all purposes of this Article 9) that is not a BCIG Partner, the Special Limited Partner or a Defaulting Partner (the “Triggering Partner”) may initiate the procedures of this Section 9.1 (the “Buy-Sell”) by delivery of a written notice (a “Buy-Sell Notice”) to the other Limited Partners (the “Responding Partners”) and the Special Limited Partner stating that the Triggering Partner desires to initiate the Buy-Sell.  In the event that more than one Limited Partner issues a Buy-Sell Notice in accordance with the terms of this Section 9.1, the Buy-Sell Notice complying with this Section 9.1(a) that is issued first (i.e., the Buy-Sell Notice received by the other applicable Limited Partners first as determined by the date and time of receipt) shall be effective, and the other Buy-Sell Notice(s) shall be deemed not to have been issued (and therefore be ineffective).
(ii)    The Buy-Sell Notice shall set forth the gross purchase price for the Portfolio proposed by the Triggering Partner (the “Offered Price”).  Until the date which is ninety (90) days after receipt of an Buy-Sell Notice (the “Response Period”), the Responding Partners may deliver a written notice which shall be irrevocable to the Triggering Partner after electing either to (A) accept the offer to sell its Interest (an “Acceptance Notice”) to the Triggering Partner for a price applicable to the Responding Partner’s Interest based on distributions that would be made pursuant to Section 10.2 (after giving effect to all applicable provisions of this Agreement, but after liquidating all reserves then existing and without establishing any additional reserves) if the Portfolio was sold on the date of the Buy-Sell Notice for the Offered Price and all liabilities and obligations of the Partnership and any Investment Entity (excluding contingent liabilities) were satisfied from the proceeds from such sale (upon such election to sell, a Responding Partner shall be deemed a “Selling Partner” and such applicable price shall be deemed the “Buy-Sell Price”) or (B) elect to buy the Interest of the Triggering Partner for a price applicable to the Triggering Partner’s Interest based on distributions that would be made pursuant to Section 10.2 (after giving effect to all applicable provisions of this Agreement, but after liquidating all reserves then existing and without establishing any additional reserves) if the Portfolio was sold on the date of the Buy-Sell Notice for the Offered Price and all liabilities and obligations of the Partnership and any Investment Entity (excluding contingent liabilities) were satisfied from the proceeds from such sale (upon such election to buy, a Responding Partner shall be deemed a “Purchasing Partner” and such applicable price shall be deemed the “Buy-Sell Price”); provided, that if one Responding Partner elects to buy the Interest of the Triggering Partner and the other Responding Partner elects to sell its Interest to the Triggering Partner, the Responding Partner electing to buy the Interest of the Triggering Partner shall also be required to buy the Interest of the other Responding Partner at the price applicable to such Responding Partner’s Interest (which shall be deemed the “Buy-Sell Price”).  A failure to respond during the Response Period shall be deemed to constitute an election to sell.  If more than one Purchasing Partner shall have elected to buy the Interest of the Triggering Partner, then the Interest of the Triggering Partner shall be allocated among such Purchasing Partners in proportion to their respective Allocable Share at the time of such purchase.
(iii)    Notwithstanding anything herein to the contrary, if IPT has commenced a bona fide, good faith IPT REIT Listing Transaction, the IPT Partners may, one-time only, delay (up to no more than ninety (90) days) any Buy-Sell triggered by any Limited Partner; provided, however, if 

	
			
	 
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IPT has filed an offering document with the Securities and Exchange Commission (the “SEC”), such ninety (90)-day period may be extended for up to three (3) additional separate one (1)-month periods as long as IPT is diligently responding to comments from the SEC at the time of each such extension.
(b)    Carried Interest Amounts.  In connection with a Buy-Sell, if the Carried Interest Amounts have not been previously paid or otherwise satisfied in accordance with Section 5.3, the Partnership shall (x) pay the General Partner Carried Interest Amount to the General Partner and (y) effect the Redemption and pay the Redemption Price to the Special Limited Partner, in each case, following the procedures set forth in Section 5.3, except that the date of the closing of the Buy-Sell shall be substituted for the Calculation Date, an amount equal to the Offered Price shall be substituted for the Appraised Value and the General Partner Carried Interest Amount and the Redemption Price shall be paid in cash to the General Partner and the Special Limited Partner, as applicable, at the closing of the Buy-Sell. 
(c)    Deposit.  Within three (3) Business Days after receipt of an Acceptance Notice, the Purchasing Partner(s) shall deposit in immediately available funds to a national title insurance company reasonably acceptable to the Selling Partner(s) an amount equal to five percent (5%) of the Purchasing Partner(s)’ Applicable Share of the Buy-Sell Price (the “Buy-Sell Deposit”).  The Buy-Sell Deposit shall be applied to the Buy-Sell Price at closing and shall be nonrefundable to the Purchasing Partner(s) (except in the event of a material default of the Selling Partner(s) in performing its closing obligations pursuant to Section 9.1(d)).
(d)    Closing.
(i)    Closing Date.  The closing of the sale of Interests to the Purchasing Partner(s) pursuant to this Section 9.1 shall be held on the date mutually selected by the Purchasing Partner(s) that is no later than sixty (60) days after the delivery of the Acceptance Notice (the “Buy-Sell Closing Period”).  The closing shall be completed through a customary closing escrow, and the Buy-Sell Price shall be paid by wire transfer of immediately available federal funds.  The closing of the sale of Interests to the Purchasing Partner(s) pursuant to this Section 9.1 shall be on an “as is” and “where is” basis with no representations or warranties other than the Required Representations.
(ii)    Required Documents.  Prior to or at the closing of any Buy-Sell, the Selling Partner(s) shall supply to the Purchasing Partner(s) all documents customarily required (or reasonably required by the Purchasing Partner(s)) to make a good and sufficient conveyance of such Interest to the Purchasing Partner(s), which documents shall be in form and substance reasonably satisfactory to the Purchasing Partner(s) and the Selling Partner(s).
(iii)    Conditions Precedent to Closing.  The obligation of the Purchasing Partner(s) to pay the purchase price in connection with a Buy-Sell shall be conditioned upon the Interest being transferred free and clear of all liens, claims and encumbrances, other than permitted liens, claims and encumbrances that were waived by the Purchasing Partner(s) and deducted in determining the applicable price of the Interest and permitted liens, claims and encumbrances securing indebtedness of the Partnership or the Investment Entities.  This condition is for the sole benefit of the Purchasing Partner(s) and may be waived by the Purchasing Partner(s) in whole or in part in each of their sole discretion.
(e)    Brokerage.  No brokerage fees or commissions shall be payable by the Partnership in connection with any purchase pursuant to this Section 9.1, and each Partner shall indemnify and hold harmless the Partnership and the other Partners from and against any such claims made based upon the actions of such Partner, including any fees and expenses in defending any such claims.
(f)    Adjustments and Closing Costs.  In connection with any sale made pursuant to this Section 9.1:

	
			
	 
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(i)    the Purchasing Partner(s) shall pay all fees and costs customarily paid by purchasers of companies that own and operate real property in each jurisdiction where the Investments are located (which may include title fees, recording costs, recording and transfer taxes, as applicable);
(ii)    the Selling Partner(s) shall pay all fees and costs customarily paid by sellers of companies that own and operate real property in each jurisdiction in which the Investments are located (which may include title fees, recording costs, recording and transfer taxes, as applicable);
(iii)    the Selling Partner(s) and Purchasing Partner(s) each shall pay its own legal fees; and
(iv)    the Purchasing Partner(s) and the Selling Partner(s) shall adjust the purchase price to reflect all adjustments customarily made in connection with the sale of companies that own and operate real estate in each jurisdiction in which the Investments are located (which may include the proration and apportionment of any revenues and expenses of the Investments).
In the event of a dispute with respect to any of the adjustments and prorations to be made pursuant to this Section 9.1(f), each of the Purchasing Partner(s) and the Selling Partner(s) shall submit to an shall submit to an arbitration pursuant to Section 9.4 of this Agreement.  The arbitrator shall be limited to awarding only one or the other of the two adjustment proposals submitted.  The decision of the arbitrator shall be final and binding on the Purchasing Partner(s) and the Selling Partner(s).
(g)    Termination of Obligations.  Upon the effective date of any transfer of an Interest pursuant to Section 9.1, the Selling Partner’s rights and obligations under this Agreement shall terminate with respect to such transferred Interest, except as to indemnity rights of such Partner under this Agreement attributable to acts or events occurring prior to the effective date of such transfer and except for liabilities and obligations of such Partner arising out of such Partner’s breach of this Agreement.
(h)    Purchasing Partner(s) Failure to Close Buy-Sell.  If the Purchasing Partner(s) have timely and properly delivered an Acceptance Notice, but thereafter the sale contemplated thereby fails to close within the Buy-Sell Closing Period as a result of a default of the Purchasing Partner(s) (which default is not cured within ten (10) days following the occurrence thereof), then the Purchasing Partner(s) shall be in material default hereunder and the Selling Partner(s) shall have the right to retain the Buy-Sell Deposit and the Purchasing Partner(s) shall reimburse the Selling Partner(s) for the reasonable third-party, out-of-pocket costs actually incurred and paid by the Selling Partner(s) in connection with the exercise of the relevant Buy-Sell.  Thereafter, the Selling Partner(s) (1) may pursue any other sale of its Interest to an Unrelated Third Party for a cash price and such other terms and conditions as are determined by the Selling Partner(s) in each of their sole discretion (without regard to the Offered Price) for an unrestricted period and without any obligation to give any notices of such sale (including any Buy-Sell Notice or Offer Notice, it being agreed that Section 8.1(c) or this Section 9.1 shall no longer be applicable to such sale) or (2) may elect to purchase the Interests of the Purchasing Partner(s) at the Offered Price.  Further, thereafter, the Purchasing Partner(s) shall not under any circumstances be entitled to (x) issue a Buy-Sell Notice, (y) have any rights to initiate a Buy-Sell pursuant to this Section 9.1 or (z) have any rights to initiate a Forced Sale pursuant to Section 9.2.
(i)    Selling Partner(s) Failure to Close Buy-Sell.  If the Purchasing Partner(s) have timely and properly delivered an Acceptance Notice, but thereafter the sale contemplated thereby fails to close within the Buy-Sell Closing Period as a result of a default of the Selling Partner(s) (which default is not cured within ten (10) days following the occurrence thereof), then the Selling Partner(s) shall be in material default hereunder and the Purchasing Partner(s) shall have the right to either (1) seek specific performance from the Selling Partner(s) in respect of such sale or (2) elect not to close, in which event the Selling Partner(s) shall return the Buy-Sell Deposit to the Purchasing Partner(s), the Selling Partner(s) shall pay to the Purchasing Partner(s) an amount equal to the Buy-Sell Deposit, and the Selling Partner(s) shall reimburse the Purchasing Partner(s) for the reasonable third-party, out-of-pocket costs actually incurred and paid by the Purchasing Partner(s) in connection with exercising the relevant Buy-Sell.  Further, thereafter, the Selling Partner(s) shall not under any circumstances be entitled to (x) issue a Buy-Sell Notice, (y) have any rights to initiate a Buy-Sell pursuant to this Section 9.1 or (z) have any rights to initiate a Forced Sale pursuant to Section 9.2.

	
			
	 
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(j)    Release of Selling Partner(s).  Notwithstanding any provision herein to the contrary, it shall be a requirement of any offer and the closing of any acquisition of an Interest pursuant to a Buy-Sell to use commercially reasonable efforts to obtain a release of the Selling Partner(s) and the Selling Partner(s)’ Affiliates from any personal liability arising out of any and all written documents (e.g., a guaranty) with respect to any and all Partnership or Investment Entity indebtedness or obligations, including without limitation, all loans secured by any Investment (and in the event that such release is not possible in spite of commercially reasonable efforts, a creditworthy entity reasonably acceptable to the Selling Partner(s) shall indemnify the Selling Partner(s) and their respective Affiliates for any claims against the Selling Partner(s) under any such written documents on such terms and conditions to be agreed to by the Selling Partner(s) in each of their reasonable discretion until such indebtedness or obligations are released).

9.2    Forced Sale.
(a)    Process.
(i)    Not more than twelve (12) months prior to the expiration of the Term, any Limited Partner except a BCIG Partner, the Special Limited Partner or a Defaulting Partner shall have the right to cause a sale (a “Forced Sale”) of the Portfolio and other assets of the Partnership and any Investment Entity to a Person that is not an Affiliate of such Limited Partner.  Notwithstanding anything in the foregoing to the contrary, no Forced Sale may be triggered while a Forced Sale or Buy-Sell has been triggered and the process relating to such Forced Sale or Buy-Sell is continuing.
(ii)    If pursuant to Section 9.2(a)(i), a Limited Partner has the right to trigger and effectuate a Forced Sale, then such Limited Partner (such triggering party, the “Initiator”) shall notify (the “Forced Sale Notice”) the other Partners of its desire to exercise its rights under this Section 9.2(a).  As used herein, “Recipients” means all Partners other than the Initiator and the Special Limited Partner.  The Forced Sale Notice shall include (A) a proposed sale price for the Portfolio in cash, free and clear of all liabilities secured by or otherwise relating to the Portfolio (the “Proposed Portfolio Price”) and (B) a statement setting forth the amount which would be distributed to the Initiator pursuant to Section 5.2 above (after giving effect to all applicable provisions of this Agreement, but after liquidating all reserves then existing and without establishing any additional reserves) if the Portfolio was sold on the date of such notice for a gross sales price equal to the Proposed Portfolio Price and all liabilities and obligations of the Partnership and any Investment Entity (excluding contingent liabilities) were satisfied from the proceeds from such sales price, any remaining proceeds were distributed to the Partners in accordance with Section 5.2 (the “ROFO Price”).  In the event that more than one Limited Partner issues a Forced Sale Notice in accordance with the terms of this Section 9.2(a)(ii), the Forced Sale Notice complying with this Section 9.2(a)(ii) that is issued first (i.e., the Forced Sale Notice received by the other Limited Partners first as determined by the date and time of receipt) shall be effective, and the other Forced Sale Notice(s) shall be deemed not to have been issued (and therefore be ineffective).
(iii)    The Partners shall execute such documents consenting to the sale of the Portfolio and other assets of the Partnership and the Investment Entities and authorizing the General Partner to execute on behalf of the Partnership and the Investment Entities all documents and instruments necessary to consummate the sale of the Portfolio and assets of the Partnership and the Investment Entities in accordance with the provisions of this Section 9.2.  Upon the sale of the Portfolio and assets of the Partnership and the Investment Entities, the Partnership shall be dissolved in accordance with Section 10.1.
(b)    Right of First Offer; Right of First Refusal.
(i)    ROFO Election.  Within forty-five (45) days after the Recipient(s)’ receipt of the Forced Sale Notice (the “Election Period”), the Recipient(s) shall have the right (but not the obligation) to elect to purchase, based on the Forced Sale Notice, all of the Interests of the Initiator (rather than a purchase of the Portfolio) for the ROFO Price and the other applicable terms set forth 

	
			
	 
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in the Forced Sale Notice (the “ROFO Sale”) by delivering written notice (the “ROFO Election”) to the Initiator of such election, which offer shall be irrevocable.  If more than one Recipient shall have elected to buy the Interests of the Initiator, then the Interest of the Initiator shall be allocated among such Recipients in proportion to their respective Allocable Share at the time of such purchase.  If the Recipient(s) fail to deliver a ROFO Election to the Initiator within the Election Period then the Recipient(s) shall conclusively be deemed to have elected to not purchase the Interest.
(ii)    ROFO Election Made.  If the Recipient(s) elect to purchase all of the Interests of the Initiator pursuant to Section 9.2(b)(i), then the Recipient(s) shall, concurrently with the delivery of their ROFO Election, pay to a title company or other agent reasonably designated by Initiator, in escrow, a cash deposit equal to five percent (5%) of the ROFO Price (the “ROFO Deposit”), which deposit shall be applied against the ROFO Price at closing and shall be nonrefundable to the Recipient(s) (except in the event of a material default of the Initiator in performing its closing obligations pursuant to Section 9.2(c)).  The closing of such ROFO Sale shall be held no later than sixty (60) days from the date the Recipient(s) deliver the ROFO Election (the “ROFO Closing Period”).  Such ROFO Sale shall be on an “as is” and “where is” basis with no representations or warranties other than the Required Representations.
(iii)    ROFO Election Not Made.  If the Recipient(s) do not timely or properly make a ROFO Election or deliver the ROFO Deposit in accordance with the terms hereof, (x) the Recipient(s) shall be deemed to have elected not to purchase the Interest to be sold pursuant to the applicable Forced Sale Notice, and (y) the Initiator shall be free to initiate and consummate the Forced Sale and, if directed by the Initiator, the General Partner shall market the Portfolio and other assets of the Partnership as promptly as practicable on such terms approved by the Initiator during the remainder of the Term (the “Marketing Period”) at a price, subject to the following paragraph, not less than ninety-eight percent (98%) of the Proposed Portfolio Price and on such other terms as set forth in the Forced Sale Notice.
(iv)    ROFR.
		
	(A)
	If (x) the Recipient(s) fail to timely and properly make a ROFO Election or deliver the ROFO Deposit, and (y) the Initiator subsequently, within the Marketing Period, executes a letter of intent (binding, subject to the Recipient(s)’ rights under this paragraph, or non-binding) for the acquisition of the applicable assets to be sold pursuant to the Forced Sale Notice, and (z) such letter of intent has a proposed cash purchase price of less than ninety-eight percent (98%) of the Proposed Portfolio Price, the Initiator shall not enter into a binding contract with the proposed purchaser or any of its Affiliates unless the Initiator shall provide written notice (the “ROFR Notice”) to the Recipient(s) of (1) the proposed cash purchase price (the “Proposed Purchase Price”) under such letter of intent, (2) a statement setting forth the amount which would be distributed to the Initiator pursuant to Section 5.2 above (after giving effect to all applicable provisions of this Agreement, but after liquidating all reserves then existing and without establishing any additional reserves) if all of the property to be sold as identified in the ROFR Notice were sold on the date of such notice for a gross sales price equal to the Proposed Purchase Price and all liabilities and obligations of the Partnership and any Investment Entity (excluding contingent liabilities) were satisfied from the proceeds from such sales price, and any remaining proceeds were distributed to the Partners in accordance with Section 5.2 (the “ROFR Price”) and (3) the other material economic terms of such sale set forth in such letter of intent.  Within twenty-one (21) days after receipt of the ROFR Notice (the “ROFR Exercise Period”), the Recipient shall have the right to offer to 

	
			
	 
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purchase all of the Interest of the Initiator to be sold at the ROFR Price and the other applicable terms set forth in the ROFR Notice (the “ROFR Sale”), by giving written notice of such election within the ROFR Exercise Period (the “ROFR Election”), which offer shall be irrevocable, and delivering to a title company or other agent reasonably designated by Initiator, in escrow, a cash deposit equal to five percent (5%) of the ROFR Price (the “ROFR Deposit”), which deposit shall be applied against the ROFR Price at closing and shall be nonrefundable to the Recipient(s) (except in the event of a material default of the Initiator in performing its closing obligations pursuant to Section 9.2(c)).
		
	(B)
	If the Recipient(s) have timely and properly made a ROFR Election and delivered the ROFR Deposit, the Initiator and the Recipient(s) (or their respective designees) shall consummate the ROFR Sale on an “as is” and “where is” basis with no representations or warranties (other than the Required Representations from the Initiator) within thirty (30) days after the date such Initiator’s acceptance is received by the Recipient(s) (the “ROFR Closing Period”).

		
	(C)
	If the Recipient(s) do not timely or properly make a ROFR Election or fail to deliver the ROFR Deposit in accordance with clause (A) above, (x) the Recipient(s) shall be deemed to have elected not to purchase the Interest to be sold pursuant to the applicable ROFR Notice and (y) the Initiator shall be free to, in accordance with Section 9.2(d) below, cause the Partnership to enter into the Forced Sale with the party executing the letter of intent (or any of its Affiliates or assigns), within sixty (60) days after the expiration of the ROFR Exercise Period at a price which is not less than the Proposed Purchase Price, and otherwise on such terms as set forth in the letter of intent.

(c)    Terms Applicable to a ROFO Sale/ROFR Sale.
(i)    Required Documents.  Prior to or at the closing of any ROFO Sale or ROFR Sale, the General Partner shall supply to the Recipient(s) all documents customarily required (or reasonably required by the Recipient(s)) to make a good and sufficient conveyance of such Interest to the Recipient(s), which documents shall be in form and substance reasonably satisfactory to the Recipient(s) and the Initiator.  All payments shall be by wire transfer of immediately available funds.
(ii)    Conditions Precedent to Closing.  The obligation of the Recipient(s) to pay the purchase price in connection with a ROFO Sale or ROFR Sale shall be conditioned upon the Interest being transferred free and clear of all liens, claims and encumbrances, other than permitted liens, claims and encumbrances that were waived by the Recipient(s) and deducted in determining the applicable price of the Interest and permitted liens, claims and encumbrances securing indebtedness of the Partnership or the Investment Entities.  This condition is for the sole benefit of the Recipient(s) and may be waived by the Recipient(s) in whole or in part in each of their sole discretion.
(iii)    Brokerage.  Except for brokers engaged by the Partnership in connection with a Forced Sale, no brokerage fees or commissions shall be payable by the Partnership in connection with any ROFO Sale or ROFR Sale, and each Partner shall indemnify and hold harmless the Partnership and the other Partners from and against any such claims made based upon the actions of such Partner, including any fees and expenses in defending any such claims.
(iv)    Adjustments and Closing Costs.  In connection with any ROFO Sale or ROFR Sale:

	
			
	 
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	(A)
	the Recipient(s) shall pay all fees and costs customarily paid by purchasers of companies that own and operate real property in each jurisdiction where the Investments are located (which may include title fees, recording costs, recording and transfer taxes, as applicable);

		
	(B)
	the Initiator shall pay all fees and costs customarily paid by sellers of companies that own and operate real property in each jurisdiction in which the Investments are located (which may include title fees, recording costs, recording and transfer taxes, as applicable);

		
	(C)
	the Initiator and the Recipient(s) each shall pay its own legal fees; and

		
	(D)
	the Recipient(s) and the Initiator shall adjust the purchase price to reflect all adjustments customarily made in connection with the sale of companies that own and operate real estate in each jurisdiction in which the Investments are located (which may include the proration and apportionment of any revenues and expenses of the Investments).

In the event of a dispute with respect to any of the adjustments and prorations to be made pursuant to this Section 9.2(c)(iv), each of the Initiator and the Recipient(s) shall submit to an shall submit to an arbitration pursuant to Section 9.4 of this Agreement.  The arbitrator shall be limited to awarding only one or the other of the two adjustment proposals submitted.  The decision of the arbitrator shall be final and binding on the Initiator and the Recipient(s).
(v)    Termination of Obligations.  Upon the effective date of any transfer of an Interest pursuant to Section 9.2(b) and this Section 9.2(c), the Initiator’s rights and obligations under this Agreement shall terminate with respect to such transferred Interest, except as to indemnity rights of such Partner under this Agreement attributable to acts or events occurring prior to the effective date of such transfer and except for liabilities and obligations of such Partner arising out of such Partner’s breach of this Agreement.
(vi)    Recipient Failure to Close ROFO Sale or ROFR Sale.  If the Recipient(s) have timely and properly delivered a ROFO Election or ROFR Election, as applicable, but thereafter the sale contemplated thereby fails to close within the ROFO Closing Period or ROFR Closing Period, as applicable, as a result of a default of the Recipient(s) (which default is not cured within ten (10) days following the occurrence thereof), then the Recipient(s) shall be in material default hereunder and the Initiator shall have the right to retain the ROFO Deposit or ROFR Deposit, as applicable and the Recipient(s) shall reimburse the Initiator for the reasonable third- party, out-of-pocket costs actually incurred and paid by the Initiator in connection with the exercise of the relevant ROFO Election or ROFR Election, as applicable.  Thereafter, the Initiator (1) may pursue and in accordance with Section 9.2(d) cause the consummation of the Forced Sale described in the Force Sale Notice or ROFR Notice, as applicable and/or any other sale to an Unrelated Third Party for a cash price and such other terms and conditions as are determined by the Initiator in its sole discretion (without regard to the Proposed Portfolio Price or the Proposed Purchase Price, as applicable) for an unrestricted period and without any obligation to give any notices of such sale (including any Forced Sale Notice, it being agreed that Section 9.2(b) and this Section 9.2(c) shall no longer be applicable to such sale) or (2) may elect to purchase the Interests of the Recipient(s) for a price equal to the amount that would be distributed to the Recipient(s) pursuant to Section 5.2 above (after giving effect to all applicable provisions of this Agreement, but after liquidating all reserves then existing and without establishing any additional reserves) if all of the property to be sold as identified in the ROFO Notice or ROFR Notice, as applicable, were sold on the date of such notice for a gross sales price equal to ninety-eight percent (98%) of the Proposed Portfolio Price or Proposed Purchase Price, as applicable, and all liabilities and obligations of the Partnership and any Investment Entity (excluding contingent liabilities) were satisfied from the proceeds from such sales price, any remaining proceeds were distributed to the Partners in accordance with Section 5.2.  Further, thereafter, the Recipient(s) shall 

	
			
	 
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(x) cease to have any rights to initiate a Buy-Sell pursuant to Section 9.1, (y) not under any circumstances be entitled to make a ROFO Election or ROFR Election and (z) cease to have any rights to initiate a Forced Sale pursuant to Section 9.2(a).
(vii)    Initiator Failure to Close ROFO Sale or ROFR Sale.  If the Recipient(s) have timely and properly delivered a ROFO Election or ROFR Election, but thereafter the sale contemplated thereby fails to close within the ROFO Closing Period or ROFR Closing Period, as applicable, as a result of a default of the Initiator (which default is not cured within ten (10) days following the occurrence thereof), then the Initiator shall be in material default hereunder and the Recipient(s) shall have the right to either (1) seek specific performance from the Initiator in respect of such sale, or (2) elect not to close, in which event the Initiator shall return the ROFO Deposit or ROFR Deposit, as applicable, to the Recipient(s), the Initiator shall pay to the Recipient(s) an amount equal to the ROFO Deposit or ROFR Deposit, as applicable, and the Initiator shall reimburse the Recipient(s) for the reasonable third-party, out-of-pocket costs actually incurred and paid by the Recipient(s) in connection with exercising the relevant ROFO Election or ROFR Election.  Further, thereafter, the Initiator shall (x) cease to have any rights to initiate a Buy-Sell pursuant to Section 9.1, (y) not under any circumstances be entitled to make a ROFO Election or ROFR Election and (z) cease to have any rights to initiate a Forced Sale pursuant to Section 9.2(a).
(viii)    Release of Initiator.  Notwithstanding any provision herein to the contrary, it shall be a requirement of any offer and the closing of any acquisition of an Interest pursuant to a ROFO Sale or a ROFR Sale to use commercially reasonable efforts to obtain a release of the Initiator and the Initiator’s Affiliates from any personal liability arising out of any and all written documents (e.g., a guaranty) with respect to any and all Partnership or Investment Entity indebtedness or obligations, including without limitation, all loans secured by any Investment (and in the event that such release is not possible in spite of commercially reasonable efforts, a creditworthy entity reasonably acceptable to the Initiator shall indemnify the Initiator and its Affiliates for any claims against the Initiator under any such written documents on such terms and conditions to be agreed to by the Initiator in its reasonable discretion until such indebtedness or obligations are released).
(ix)    Carried Interest Amounts.  In connection with a ROFO Sale or ROFR Sale, if the Carried Interest Amounts have not been previously paid or otherwise satisfied in accordance with Section 5.3, the Partnership shall (x) pay the General Partner Carried Interest Amount to the General Partner and (y) effect the Redemption and pay the Redemption Price to the Special Limited Partner, in each case, following the procedures set forth in Section 5.3, except that the date of the closing of the ROFO Sale or ROFR Sale, as applicable, shall be substituted for the Calculation Date, an amount equal to the Proposed Purchase Price or Proposed Portfolio Price shall be substituted for the Appraised Value and the General Partner Carried Interest Amount and the Redemption Price shall be paid in cash to the General Partner and the Special Limited Partner, as applicable, at the closing of the ROFO Sale or ROFR Sale.
(d)    Terms Applicable to Forced Sale.
(i)    Initiator Rights.  If the Initiator is the IPT Limited Partner, the Initiator shall, at all times and at its sole option, have the right to control the sale process in its sole discretion.  Such control shall include, without limitation, (A) the negotiation, determination and agreement on all terms of any letters of intent, confidentiality agreements, purchase and sale agreements and all other documents necessary to effect such sale, (B) the right to modify or enter into any purchase agreement without providing the Recipient(s) any additional rights hereunder; provided, that such modifications or purchase agreement do not materially change the terms in the Forced Sale Notice and that any liability of the Initiator and the Recipient(s) to the transferee shall not be disproportionately imposed upon the Recipient(s) (excluding disproportionate impacts solely due to having different ownership interests) and (C) the right, without further limitation, at any time or from time to time, to discontinue its pursuit of a Forced Sale (reserving the right to recommence the sales process at any time pursuant 

	
			
	 
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to the terms of this Section 9.2), and the Initiator shall not have any obligations or liability to the Recipient(s) by reason of such abandonment.  If the Initiator is the QuadReal Limited Partner, (I) the Initiator and the Recipient(s) shall co-control the sale process, (II) Initiator shall give reasonably prior notice to the Recipient(s) of any material actions proposed to be taken with respect to such sale process, (III) the Initiator shall provide the Recipient(s) with all communications made or received by a third party with respect to such sale process and (IV) the Initiator shall not take any action that the Recipient(s) determines, acting in good faith, would result in a reduction in the value of the Partnership, any Investment Entity or the Portfolio or would make the assets of the Partnership or the Investment Entities or the Portfolio less marketable.
(ii)    Required Documents.  At the closing of any Forced Sale, each Partner, the Partnership and any applicable Investment Entity shall execute and deliver such share powers, deeds, bills of sale, instruments of conveyance, assignments and other instruments as may reasonably be required, to give good and clear title to the relevant interests or asset(s) to be sold in connection with such sale.  With respect to a Forced Sale, the Initiator shall have the right to execute on behalf of the Partnership (or any Investment Entity) any and all contracts, agreements or certifications to effectuate such sale and in the event the Recipient(s) shall fail or refuse to execute any of such instruments in connection with a Forced Sale, the Initiator is hereby granted, without any further action or documents required, an irrevocable power of attorney, coupled with an interest, which shall be binding on the Recipient(s) as to all third parties, to execute and deliver on behalf of the Recipient(s) all such required instruments of transfer.  Such power of attorney shall survive and not be affected by the subsequent disability, incapacity, dissolution or termination of the Recipient(s).
(iii)    Additional Cooperation.  The Recipient(s) agree to cooperate with and assist the Initiator and its Affiliates in connection with the sale process.  Such cooperation shall include, without limitation, answering prospective purchaser’s questions regarding any asset or leases, and assisting with compiling and providing customary information and obtaining customary estoppel certificates in the form required by the prospective purchaser.  The Recipient(s) shall not be entitled to any additional compensation for performing the foregoing services and shall not be deemed to be appointed to act as a broker in respect thereof.
(iv)    Broker.  The General Partner shall have the right to enter into a brokerage agreement with a broker mutually acceptable to the Initiator and the Recipient(s).

9.3    Specific Performance.  It is expressly agreed that the remedy at law for breach of any of the obligations set forth in Section 8.1(c), Section 9.1 and Section 9.2 is inadequate in view of (i) the complexities and uncertainties in measuring the actual damages that would be sustained by reason of the failure of a party to comply fully with each of such obligations, and (ii) the uniqueness of each Partner’s business and assets and the relationship of the Partners.  Accordingly, unless expressly provided otherwise herein, each of the aforesaid obligations and restrictions shall be, and is hereby expressly made, enforceable by specific performance without the necessity to prove irreparable harm or to post a bond.

9.4    Dispute Resolution.  Notwithstanding anything to the contrary in this Agreement, if there is (x) a Disputed Issue at any time, (y) a Deadlock Event prior to the Trigger Date, in each case, with respect to the Partnership or an Investment Entity (as applicable) or (z) a dispute in connection with Section 8.1(c)(iii), Section 9.1(f) or Section 9.2(c)(iv), any Limited Partner may, by delivering written notice (an “Arbitration Notice”) to the other within thirty (30) days after the occurrence of such Disputed Issue, Deadlock Event or dispute in connection with Section 8.1(c)(ii), Section 9.1(f), or Section 9.2(c)(iv), trigger the provisions outlined in Exhibit F attached hereto.

ARTICLE 10.     
 
DISSOLUTION AND LIQUIDATION OF THE PARTNERSHIP

10.1    Events Causing Dissolution.

	
			
	 
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(a)    Events.  The Partnership shall be dissolved and its affairs wound up on the first to occur of the following events:
(i)    the bankruptcy of the Partnership;
(ii)    the withdrawal (whether or not in accordance with this Agreement) or removal of the General Partner or assignment of all of the general partner Interest of the General Partner, unless there is, at the time of the occurrence of such event, a remaining or substitute General Partner that continues the business of the Partnership pursuant to its obligation under Section 7.4(e) or the Partnership otherwise is continued pursuant to Section 7.4(e);
(iii)    the bankruptcy of the General Partner, unless there is, at the time of the occurrence of such event, a remaining or substitute General Partner that continues the business of the Partnership pursuant to its obligation under Section 7.4(e) or the Partnership otherwise is continued pursuant to Section 7.4(e);
(iv)    the occurrence of any event listed in Sections 17-402(a)(6), (7), (8), (9), (10), (11) or (12) of the Act where the General Partner shall cease to be a general partner unless there is, at the time of the occurrence of such event, a remaining or substitute General Partner that continues the business of the Partnership pursuant to its obligation under Section 7.4(e) or the Partnership otherwise is continued pursuant to Section 7.4(e); or
(v)    the sale or other disposition of all or substantially all of the property of the Partnership;
(vi)    at the time there is no limited partner, except that the Partnership is not dissolved and is not required to be wound up if (A) within ninety (90) days after the occurrence of the event that caused the last remaining limited partner to cease to be a limited partner, the General Partner and the personal representative of the last remaining limited partner agree, in writing, to continue the business of the Partnership and to the admission of such personal representative or its nominee or designee to the Partnership as a limited partner, effective as of the occurrence of the event that caused the last remaining limited partner to cease to be a limited partner or (B) within ninety (90) days after the occurrence of the event that caused the last remaining limited partner to cease to be a limited partner, a Person is admitted to the Partnership as a limited partner by the General Partner (and the General Partner is hereby authorized to effect such admission), effective as of the occurrence of the event that caused the last remaining limited partner to cease to be a limited partner; or
(vii)    the expiration of the Term.
Dissolution of the Partnership shall be effective on the day on which the event occurs giving rise to the dissolution.  The Partnership shall not terminate until the assets of the Partnership shall have been liquidated as provided in Section 10.2 and all proceeds therefrom have been collected.  Notwithstanding the dissolution of the Partnership, prior to the termination of the Partnership, as aforesaid, the business of the Partnership and the affairs of the Partners as such, shall continue to be governed by this Agreement.
(b)    No Liability for Return of Capital Contributions.  The Partners shall look solely to the assets of the Partnership for all distributions with respect to the Partnership and their Capital Contributions thereto, and shall have no recourse therefor (upon dissolution or otherwise) against the General Partner, the Limited Partners, or the Special Limited Partner.

10.2    Liquidation.
(a)    Liquidating Trustee.  Upon dissolution of the Partnership, the General Partner (or if the dissolution is caused by the occurrence of an event described in Section 10.1(a)(ii), (iii) or (iv)), then a Person that may 

	
			
	 
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be designated as “liquidating trustee” by the Limited Partners, which “liquidating trustee” shall have all of the powers of the General Partner under this Agreement for purposes of liquidating and winding up the affairs of the Partnership) (the term “General Partner” as used in this Section 10.2 shall be deemed to mean the “liquidating trustee” where appropriate) shall liquidate the assets of the Partnership and the proceeds of such liquidation shall be applied and distributed in accordance with the Act in the following order of priority:
(i)    to the payment of the expenses of the liquidation;
(ii)    in satisfaction of Partnership debt and all other liabilities of the Partnership (whether by payment or making reasonable provision for payment thereof) owing to creditors of the Partnership other than Partners (including former Partners) who are creditors;
(iii)    in satisfaction of any liabilities of the Partnership (whether by payment or making reasonable provision for payment thereof) owing to Partners (including former Partners) who are creditors of the Partnership; and
(iv)    to the Partners, in accordance with Section 5.2.
(b)    Deferred Liquidation.  Notwithstanding the foregoing, except in the case of sales pursuant to Article 9 hereof, if the General Partner determines that an immediate sale of all or part of the Partnership assets would cause undue loss to the Partners, the General Partner (with the Approval of the Executive Committee), in order to avoid such loss, after having given notification to the Limited Partners and the Special Limited Partner, to the extent not then prohibited by the limited partnership act of any jurisdiction in which the Partnership is then formed or qualified and applicable in the circumstances, may defer liquidation of and withhold from distribution for a reasonable time (subject to any time limits imposed by the Approval of the Executive Committee) any assets of the Partnership except those necessary to satisfy the Partnership’s debts and obligations, provided that the liquidation shall be carried out in conformity with the timing requirements of Section 1.704-1(b)(2)(ii)(b) of the Treasury Regulations.
(c)    In-Kind Distributions.  The Partnership shall not be permitted to make any in-kind distributions except if otherwise Approved by the Executive Committee.  At least ten (10) Business Days prior to any proposed in-kind distribution of assets, the General Partner shall notify the Limited Partners and the Special Limited Partner that it intends to make such a distribution, which notice shall specify the assets intended to be included within such distribution.  The valuation of any assets proposed to be distributed in-kind must be approved by Approval of the Executive Committee.
(d)    Completion of Winding Up.  The General Partner shall cause the liquidation and distribution of all the Partnership’s assets and shall cause the cancellation of the Partnership’s certificate of limited partnership upon completion of winding up the business of the Partnership.

ARTICLE 11.     
 
BOOKS AND RECORDS, ACCOUNTING, REPORTS, TAX ELECTIONS, ETC.

11.1    Books and Records.
(a)    Maintenance.  The books and records of the Partnership shall be maintained by the General Partner (or other Person appointed for such purpose by the General Partner) in accordance with applicable law at the principal office of the Partnership and shall be available for examination at such location by any Partner or such Partner’s duly authorized representatives at any and all reasonable times during normal business hours for any purpose.
(b)    Right to Inspect.  The Limited Partners and each of their respective duly authorized representatives shall have the right, at reasonable times and at their own expense, upon prior written notice to the General Partner (which notice shall be given a reasonable length of time in advance in light of the scope of such request, and in no event less than five (5) Business Days in advance), for any purpose, (i) to have true and full information 

	
			
	 
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regarding the status of the business and financial condition of the Partnership as is possessed by the General Partner; (ii) to inspect and copy the books of the Partnership and other reasonably available records and information as is possessed by the General Partner concerning the operation of the Partnership, including copies of the Federal, state and local income tax returns of the Partnership and any appraisal reports obtained by the Partnership; (iii) to have a current list of the name and last known business, residence or mailing address of each Partner mailed to the Limited Partners or their respective representatives; (iv) to have true and full information regarding the amount of cash and a description and statement of the value of any property or services contributed to the Partnership as of the date upon which each Partner became a Partner; and (v) to have a copy of this Agreement, the Certificate of Limited Partnership and all amendments or certificates of amendment, as the case may be, thereto, together with copies of any powers of attorney pursuant to which any such amendment or certificate of amendment has been executed.
(c)    Reports.
(i)    Quarterly Reports.  As soon as reasonably practical but in no event later than forty-five (45) days after the end of each of the first three (3) fiscal quarters, and as soon as reasonably practical but in no event later than sixty (60) days after the end of the last fiscal quarter of each Fiscal Year, the General Partner shall cause to be prepared and distributed to each Limited Partner a report summarizing, on both a consolidated and an entity-by-entity basis, the results of the Investments for that quarter and from inception of the Partnership through the end of that quarter.  Such reports for the Limited Partners shall include, on both a consolidated and an entity-by-entity basis, the amount of capital invested and other payments (which shall be shown separately) made by each Limited Partner pursuant to this Agreement and the amounts paid to each Limited Partner through the end of the quarter (showing both the return on, and the return of, capital), and such other information set forth on Exhibit H attached hereto.  The report issued following the last fiscal quarter of each calendar year, which report shall cover such year in its entirety, shall have been audited by an independent certified public accounting firm selected by the General Partner and Approved by the Executive Committee to the extent required by Section 6.2.
(ii)    Other Reports.  The General Partner shall cause to be prepared and distributed to each Limited Partner, the information set forth on Exhibit H attached hereto within the time periods specified therein (if applicable).
(d)    Schedules K-1.  The General Partner shall cause Schedules K-1 to IRS Form 1065 with respect to the Partnership to be prepared and delivered annually by April 1 to the Partners.

11.2    Accounting and Fiscal Year.  The books of the Partnership will be kept on the accrual basis of accounting and will be kept consistent with US generally accepted accounting principles.  The Partnership will report its operations for tax purposes using the accrual method.  The “Fiscal Year” of the Partnership shall end December 31 in each year.

11.3    Bank Accounts and Investment.
(a)    The bank accounts of the Partnership shall be maintained in such banking institutions as the General Partner shall reasonably determine (which institutions shall not be the General Partner or any of its Affiliates), and withdrawals shall be made only in the regular course of Partnership business in accordance with this Agreement on such signature or signatures as the General Partner may determine.  All deposits and other funds not needed in the operation of the business or not yet invested may be invested in U.S. government securities, securities issued or guaranteed by U.S. government agencies, securities issued or guaranteed by states or municipalities, certificates of deposit and time or demand deposits in commercial banks, savings and loan association deposits or bankers’ acceptances.  The funds of the Partnership shall not be commingled with the funds of any other Person (including the General Partner or any Affiliate of the General Partner).
(b)    The General Partner shall have no liability to the Partnership or any Partner for any loss sustained by the Partnership as a result of the bankruptcy, receivership, insolvency or other economic failure of any 

	
			
	 
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bank, savings and loan institution, other depository of funds or entity to or with which funds of the Partnership have been deposited or invested pursuant to Section 11.3(a), except to the extent that the choice of such entity was a result of a Willful Bad Act or the gross negligence of the General Partner.

11.4    Tax Depreciation and Elections.
(a)    Depreciation Method.  With respect to all depreciable assets of the Partnership, the General Partner shall elect to use such depreciation method for Federal tax purposes as it deems appropriate and in the best interests of the Partners generally.
(b)    Section 754 Election.  The General Partner may make an election under Section 754 of the Code and such other tax elections under Federal, state or local law as it may from time to time deem necessary or appropriate in its sole discretion. 

11.5    Interim Closing of the Books.  There shall be an interim closing of the books of account of the Partnership (i) at any time a taxable year of the Partnership ends pursuant to the Code, (ii) upon a closing of the Buy-Sell pursuant to Section 9.1, and (iii) at such other times as the General Partner shall determine are required by good accounting practice or may be appropriate under the circumstances.

11.6    Information from the Limited Partners and the Special Limited Partner.  Each Limited Partner and the Special Limited Partner shall, within fifteen (15) days of a written request by the General Partner, furnish to the General Partner such information or execute such forms or certificates as the General Partner shall reasonably require for the purpose of complying with Federal, state or other tax or legal requirements.

ARTICLE 12.     
 
MISCELLANEOUS

12.1    Remedies.  If any one or more of the provisions, covenants and/or agreements set forth in this Agreement shall have been breached by any party hereto, the party or parties entitled to the benefit of such covenants or agreements may avail themselves of the express remedies set forth in this Agreement or any other remedy available pursuant to law or equity with respect to such breaches.  No single or partial assertion or exercise of any such right, power or remedy of a party hereunder shall preclude any other or further assertion or exercise thereof.  Notwithstanding anything to the contrary in this Agreement (including, without limitation, the provisions of Sections 6.7 and 6.8), no Person shall be entitled to recover (or be indemnified for) any Losses which are special, punitive, indirect, or consequential in nature.

12.2    Notice.  All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person sent by personal delivery, recognized overnight delivery service, or sent by electronic mail (in which case, with a duplicate copy mailed or sent by personal delivery or overnight courier), addressed to such party at the address set forth on Schedule 1 or such other address as may hereafter be designated in writing by the addressee to the addressor.  All such notices, requests, consents and communications shall be deemed to have been received on the date of such delivery (or refusal thereof).

12.3    Appointment of General Partner as Attorney-in-Fact.
(a)    Power of Attorney.  The Limited Partners and the Special Limited Partner, including, without limitation, each substituted Partner, irrevocably constitute and appoint the General Partner (and the Tax Matters Partner, to the extent applicable) as its true and lawful attorney-in-fact with full power and authority in the name, place and stead of the Limited Partners and the Special Limited Partner to execute, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be necessary or appropriate to carry out the provisions of this Agreement.

	
			
	 
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(b)    Power Coupled With an Interest.  The appointment by the Limited Partners and the Special Limited Partner of the General Partner (and the Tax Matters Partner, to the extent applicable) and the aforesaid officers of the General Partner (and the Tax Matters Partner, to the extent applicable) as attorney-in-fact shall be deemed to be a power coupled with an interest, in recognition of the fact that each of the Partners under this Agreement will be relying upon the power of the General Partner to act as contemplated by this Agreement in any filing and other action by it on behalf of the Partnership, and shall survive, and not be affected by, the subsequent bankruptcy, death, incapacity, disability, adjudication of incompetence or insanity or dissolution of any Person hereby giving such power and the transfer or assignment of all or any part of the Interest of such Person; provided, however, that in the event of a permitted transfer by a Limited Partner or the Special Limited Partner of all of its Interest, the foregoing power of attorney of a transferor Partner shall survive such transfer only until such time as the transferee shall have been admitted to the Partnership as a substituted Partner and all required documents and instruments shall have been duly executed, filed and recorded to effect such substitution.

12.4    Amendments.
(a)    Agreement to be Bound.  Each Limited Partner, the Special Limited Partner, each substituted Partner, the General Partner and any successor General Partner, whether or not such Person becomes a signatory hereof, shall be deemed, solely by reason of having become a Partner, to have adopted and to have agreed to be bound by all the provisions of this Agreement.  Without limiting the foregoing, each Limited Partner, the Special Limited Partner, each substituted Partner and any successor General Partner shall take any action requested by the General Partner (including, without limitation, executing this Agreement or such other instrument or instruments as the General Partner reasonably shall determine) to reflect such Person’s adoption of, and agreement to be bound by all the provisions of, this Agreement.
(b)    Permitted Amendments.  In addition to the amendments otherwise authorized herein, amendments may only be made to this Agreement from time to time by the General Partner with the consent of the Limited Partners holding, in the aggregate, at least seventy-five percent (75%) of the Percentage Interests; provided, that any such amendment which would adversely impact the rights or obligations of (x) a specific Limited Partner (other than a Defaulting Partner) rather than the Limited Partners as a whole or (y) the Special Limited Partner, shall require the affirmative vote of such affected Limited Partner or the Special Limited Partner, as applicable; provided, further, that the General Partner shall have the right, acting in good faith, to unilaterally (and without the consent of any other Partner or Person) (i) amend this Agreement to make changes of a ministerial nature which do not materially or adversely affect the rights of the Limited Partners or the Special Limited Partner, (ii) amend this Agreement to reflect the withdrawal, removal, bankruptcy, assignment of all of the limited partner Interest of any Limited Partner or the Special Limited Partner, (iii) amend this Agreement to reflect the admission of the Sell-Down Transferee provided such admission complies with the terms of this Agreement and (iv) amend this Agreement pursuant to Section 12.4(c) below.
(c)    Amendment Upon Withdrawal of General Partner.  If this Agreement shall be amended to reflect the withdrawal, removal, bankruptcy, assignment of all of the general partner Interest of the General Partner, or any event described in Section 17-402(a)(6), (7), (8), (9), (10), (11) or (12) of the Act where the General Partner shall cease to be a general partner of the Partnership when the business of the Partnership is being continued, such amendment shall be signed by the withdrawing General Partner (and the General Partner hereby agrees to do so) and by the successor General Partner.
(d)    Required Filings.  In making any amendments, there shall be prepared and filed for recordation by the General Partner such documents and certificates as shall be required to be prepared and filed, no such filing being required solely by reason of this Agreement, under the Act and under the laws of the other jurisdictions under the laws of which the Partnership is then formed or qualified.

12.5    Entire Agreement.  This Agreement and the other writings referred to herein or delivered pursuant hereto which form a part hereof contain the entire agreement among the parties with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or understandings with respect thereto.

	
			
	 
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12.6    Successors.  This Agreement shall bind and inure to the benefit of each of the parties and the respective successors of each of the parties.

12.7    Representations and Warranties of the General Partner.
(a)    Authorization.  By executing this Agreement, the General Partner hereby represents and warrants to each of the other parties to this Agreement that it is (i) organized, validly existing and in good standing under the laws of the jurisdiction of its formation and (ii) authorized and qualified to enter into and to perform fully all of its obligations arising under this Agreement and the Person signing this Agreement on behalf of the General Partner has been duly authorized by such entity to do so.
(b)    Limited Liability Company.  The General Partner represents and warrants by executing this Agreement that it is a limited liability company organized and in good standing under the laws of the State of Delaware.
(c)    Survival.  The foregoing representations and warranties shall be true and correct in all respects on and as of the date of this Agreement and shall survive such date.

12.8    Representations and Warranties of the Limited Partners and the Special Limited Partner.  By executing this Agreement, each Limited Partner and the Special Limited Partner hereby represents and warrants to each of the other parties to this Agreement, solely with respect to itself (and not with respect to any other Limited Partner), as follows:
(a)    Authorization.  Such Partner is (i) organized, validly existing and in good standing under the laws of the jurisdiction of its formation and (ii) authorized and qualified to enter into and to perform fully all of its obligations arising under this Agreement and the Person signing this Agreement on behalf of such Partner has been duly authorized by such entity to do so.
(b)    Execution; Binding Obligation.  This Agreement is a valid and binding agreement, enforceable against such Partner in accordance with its terms.  Such Partner understands that, upon acceptance by the General Partner and except as explicitly provided for by law in certain jurisdictions outside the United States or this Agreement, such Partner is not entitled to cancel, terminate or revoke this Agreement or any of the powers conferred herein.  Such Partner hereby covenants and agrees on behalf of itself and its successors and assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish and deliver such other instruments, documents and statements and to take such other actions as the General Partner may reasonably determine to be necessary or appropriate to effectuate and carry out the purposes of this Agreement.
(c)    No Conflict.  The execution and delivery of and/or adherence to, as applicable, this Agreement by or on behalf of such Partner, the consummation of the transactions contemplated hereby and the performance of such Partner’s obligations under this Agreement will not conflict with, or result in any violation of or default under, any provision of any governing instrument applicable to such Partner, or any agreement or other instrument to which such Partner is a party or by which such Partner or any of its properties are bound, or any United States or non- United States permit, franchise, judgment, decree, statute, order, rule or regulation applicable to such Limited Partner or such Partner’s business or properties.
(d)    No Registration of Interests.  Such Partner understands that the Interests have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state or non-United States securities laws, and are being offered and sold in reliance upon United States federal, state and applicable non-United States exemptions from registration requirements for transactions not involving a public offering.  Such Partner recognizes that reliance upon such exemptions is based in part upon the representations of such Partner contained in this Agreement.  Such Partner represents and warrants that the Interests will be acquired by such Partner solely for the account of such Partner, for investment purposes only and not with a view to the distribution thereof.  Such Partner represents and warrants that such Partner (i) is a sophisticated investor with the knowledge and experience in business and financial matters to enable such Partner to evaluate the merits and risks of an investment in the Partnership, 

	
			
	 
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is able to bear the economic risk and lack of liquidity of an investment in the Partnership and is able to bear the risk of loss of its entire investment in the Partnership.
(e)    Regulation D under the Securities Act.  Such Partner is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act.
(f)    Investment Company Act Matters.  Such Partner understands that: (i) the Partnership does not intend to register as an investment company under the United States Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder (the “Investment Company Act”), and (ii) such Partner will not be afforded the protections provided to investors in registered investment companies under the Investment Company Act.  Such Partner was not formed or reformed (as interpreted under the Investment Company Act) for the specific purpose of making an investment in the Partnership, and, under the ownership attribution rules promulgated under Section 3(c)(1) of the Investment Company Act, no more than one Person will be deemed a beneficial owner of such Partner’s Interests.  Such Partner is a “qualified purchaser” as that term is defined under the Investment Company Act.
(g)    Acknowledgement of Risks; Restrictions on Transfer.  Such Partner recognizes that: (i) an investment in the Partnership involves certain risks, (ii) the Interests will be subject to certain restrictions on transferability as described in this Agreement and (iii) as a result of the foregoing, the marketability of the Interests will be severely limited.  Such Partner agrees that it will not transfer, sell, assign, pledge, encumber, mortgage, divide, hypothecate or otherwise dispose of all or any portion of the Interests in any manner that would violate this Agreement, the Securities Act or any United States federal or state or non-United States securities laws or subject the Partnership or the General Partner or any of its Affiliates to regulation under (or make materially more burdensome for such Person any regulatory requirement under) the Investment Company Act or the United States Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder (the “Investment Advisers Act”), the rules and regulations of the U.S. Securities and Exchange Commission or the laws and regulations of any United States federal, state or municipal authority or any non-United States governmental authority having jurisdiction thereover.
(h)    Additional Investment Risks.  Such Partner is aware that: (i) the Partnership has no financial or operating history, (ii) the General Partner or a Person selected by the General Partner (which may be a manager, member, shareholder, partner or Affiliate thereof) will receive substantial compensation in connection with the management of the Partnership, and (iii) no United States federal, state or local or non-United States agency, governmental authority or other Person has passed upon the Interests or made any finding or determination as to the fairness of this investment.
(i)    No Public Solicitation of the Limited Partners and the Special Limited Partner.  Such Partner confirms that it is not subscribing for any Interests as a result of any form of general solicitation or general advertising, including (i) any advertisement, article, notice or other communications published in any newspaper, magazine or similar media (including any internet site that is not password protected) or broadcast over television or radio or (ii) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.
(j)    Investment Advisers Act Matters.  Such Partner, as well as any direct or indirect beneficial owner of such Partner that would be identified as a “client” under Rule 205-3 under the Investment Advisers Act, is a “qualified client” within the meaning of the Investment Advisers Act and the rules and regulations promulgated thereunder.
(k)    Benefit Plan Investor Status of the Limited Partners and the Special Limited Partner.  Such Partner represents and warrants that such Partner is not (i) an “employee benefit plan” that is subject to Title I of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) an individual retirement account or annuity or other “plan” that is subject to Code §4975, or (iii) a fund of funds, an insurance company separate account or an insurance company general account or another entity or account (such as a group trust), in each case whose underlying assets are deemed under the U.S. Department of Labor regulation codified at 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA, to include “plan assets” of any “employee benefit plan” subject to ERISA or 

	
			
	 
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“plan” subject to Code §4975 (each of (i) through (iii), a “Benefit Plan Investor”).  Such Partner represents, warrants and covenants that it shall not become a Benefit Plan Investor for so long as it holds Interests.
(l)    Anti-Money Laundering and Anti-Boycott Matters.  Such Partner acknowledges that the Partnership seeks to comply with all applicable anti-money laundering and anti-boycott laws and regulations.  In furtherance of these efforts, such Partner represents, warrants and agrees that: (i) no part of the funds used by such Partner to acquire the Interests and/or to satisfy its Capital Contribution obligations with respect thereto has been, or shall be, directly derived from any activity that may contravene United States federal or state or non-United States laws or regulations, including anti-money laundering laws and regulations, (ii) no Capital Contribution or payment to the Partnership by such Partner and no distribution to such Partner shall cause the Partnership or the General Partner to be in violation of any applicable anti-money laundering laws or regulations including, without limitation, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) regulations and (iii) all Capital Contributions or payments to the Partnership by such Partner will be made through an account located in a jurisdiction that does not appear on the list of boycotting countries published by the U.S. Department of Treasury pursuant to Code §999(a)(3), in effect at the time of such contribution or payment.  Such Partner acknowledges and agrees that, notwithstanding anything to the contrary contained in this Agreement, to the extent required by any anti-money laundering law or regulation or by OFAC, the Partnership and the General Partner may prohibit additional capital contributions, restrict distributions or take any other reasonably necessary or advisable action with respect to the Interests, and such Partner shall have no claim, and shall not pursue any claim, against the Partnership, the General Partner or any other Person in connection therewith.
(m)    Such Partner represents and warrants that (a) it and each Person owning an interest equal to or greater than ten percent (10%) in such Partner is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by OFAC and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, and (ii) not a Person with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) no Embargoed Person (as hereinafter defined) is an Affiliate of or owns an interest equal to or greater than ten percent (10%) in such Partner, and (c) such Partner has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times.  The term “Embargoed Person” means any Person or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in such Person or government is prohibited by law or such Person or government is in violation of law.
(n)    REIT-Specific Representations and Warranties.  Such Partner represents and warrants that: (a) such Partner is not an individual for purposes of Section 542(a)(2) of the Code (determined after taking into account Section 856(h) of the Code) and (b) no Person who is treated as an individual under Section 542(a)(2) of the Code (determined after taking into account Section 856(h) of the Code) that is a direct or indirect owner of such Partner beneficially owns, or in the future will beneficially own, greater than 9.8% of such Partner.
(o)    Additional Representations for QuadReal WCBAF.  QuadReal WCBAF represents and warrants that (i) QuadReal WCBAF is an “accredited investor” as defined in Canadian National Instrument 45-106 Prospectus and Registration Exemptions and (ii) QuadReal WCBAF has not received any general advertising materials relating to the Interests.

12.9    Meaning of Certain Terms.  As used in this Agreement, the term “Person” means any individual, corporation, partnership, limited liability company, estate, trust or other legal entity any individual, partnership, corporation, trust or other legal entity; “Affiliate” or “Person Affiliated with” means, when used with reference to a specified Person, any Person that directly or indirectly through one or more intermediaries Controls or is Controlled by or is under common Control with the specified Person (provided, that for the purposes of this Agreement, (x) the Partnership and the Investment Entities shall be deemed not to be Affiliates of the General Partner or any of its Affiliates and (y) neither the Special Limited Partner nor the BCIG Partners shall be deemed to be an Affiliate of the General 

	
			
	 
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Partner, the IPT Limited Partner, or any of their respective Affiliates); the terms “Control”, “Controlled by”, and “under common Control with” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting equity interests, by contract or otherwise; and “Unrelated Third Party” means, when used with reference to a specified Person, a Person who is not an “Affiliate” of or “Person Affiliated with” the specified Person.

12.10    Counterparts.  This Agreement may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement.  This Agreement may be delivered by one or more parties by facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes.

12.11    Confidentiality.
(a)    Each Partner agrees to keep the terms of this Agreement and all materials, information and agreements exchanged between the Partners or received by the Partners in connection with this Agreement, including the terms hereof (collectively, the “Confidential Information”), confidential and not to disclose, deliver or otherwise make the same or any copy (or any draft thereof) available to any Person, except to the extent that (i) the disclosure or delivery of the Confidential Information is made to representatives, agents, employees, legal counsel, accountants, auditors, financial or other advisors, or other Persons, in each case, who need to know such information to perform any duty or function or as reasonably necessary for such Person to carry out its ongoing operations (including to potential investors (including in connection with the IPT Limited Partner’s right to exercise the IPT Sell-Down pursuant to Section 8.1(e)) and financing providers); (ii) the Confidential Information may generally become available to the public or become circulated to the public through no fault of the disclosing Partner; (iii) the Confidential Information was known on a non-confidential basis prior to its disclosure in connection with this Agreement; (iv) the information was independently developed without reference to the Confidential Information; or (v) the disclosure of the Confidential Information is required by applicable law or regulation (including, without limitation, United States securities laws); provided, that any Person to whom the Confidential Information is disclosed or delivered by a Partner pursuant to clause (i) above shall have been advised of the confidential nature of such information by the disclosing Partner and the disclosing Partner shall be responsible for any breach of this Section 12.10 by such Person.  Each Partner shall be entitled to make a public announcement regarding the consummation of the acquisition, disposition or financing of an Investment; provided, that such public announcement shall not include the name or any other information that may reveal the identity of the QuadReal Limited Partner or any Affiliate of the QuadReal Limited Partner, including its ultimate parent company, without the prior written consent of the QuadReal Limited Partner (except to the extent such disclosure is required by applicable law or regulation (including, without limitation, United States securities laws)).
(b)    QuadReal Specific Confidentiality Provisions. 
(i)    Notwithstanding Section 12.11(a), the General Partner agrees and acknowledges that each of QuadReal College, QuadReal Municipal, QuadReal Public Service, QuadReal Teachers, QuadReal WCB and QuadReal Hydro is subject to disclosure of information requirements under the Pension Benefits Standards Act (“PBSA”).  Each of QuadReal College, QuadReal Municipal, QuadReal Public Service, QuadReal Teachers, QuadReal WCB and QuadReal Hydro hereby agrees that if it is requested or required to disclose any Confidential Information to authorities to effect compliance with the PBSA or to any other party by written agreement, it shall notify the General Partner in advance of such disclosure and shall only disclose such Confidential Information to the extent required by law or any court of competent jurisdiction or by written agreement between QuadReal and such Limited Partner and its equity owners.
(ii)    Notwithstanding Section 12.11(a), in consideration of each of QuadReal College’s, QuadReal Municipal’s, QuadReal Public Service’s, QuadReal Teachers’, QuadReal WCB’s and QuadReal Hydro’s status as a British Columbia pension fund and its relationship with its equity owners, to the extent required by law or any court of competent jurisdiction or by written agreement with such equity owners of the foregoing Limited Partners, the General Partner hereby consents to 

	
			
	 
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the disclosure by each of QuadReal College, QuadReal Municipal, QuadReal Public Service, QuadReal Teachers, QuadReal WCB and QuadReal Hydro to its equity owners of the following information: (A) the name of the Partnership, (B) the date of the Partnership’s inception, (C) each of QuadReal College’s, QuadReal Municipal’s, QuadReal Public Service’s, QuadReal Teachers’, QuadReal WCB’s and QuadReal Hydro’s total capital contributions to the Partnership, and (D) the total distributions to each of QuadReal College, QuadReal Municipal, QuadReal Public Service, QuadReal Teachers, QuadReal WCB and QuadReal Hydro from the Partnership.  Except to the extent otherwise required pursuant to this Section 12.11(b)(ii), each of QuadReal College, QuadReal Municipal, QuadReal Public Service, QuadReal Teachers, QuadReal WCB and QuadReal Hydro shall remain subject to such confidentiality restrictions as set forth in this Section 12.11.
(iii)    Notwithstanding anything to the contrary contained in this Agreement, to the extent required by law or any court of competent jurisdiction or by written agreement between the Limited Partners and their respective equity owners, the General Partner hereby agrees that the QuadReal Limited Partner and British Columbia Investment Management Corporation (“QuadReal”) shall be permitted to disclose the Applicable Information (as defined below), including on their website.  For purposes of this Section 12.11(b)(iii), “Applicable Information” means: (A) the name and address of the Partnership; (B) the fact that the QuadReal Limited Partner is a Limited Partner in the Partnership; and (C) a brief description of the Partnership’s general investment strategy (which will be limited to the information set forth in Article 2 hereof); provided, that with respect to any such information that has been independently produced by the QuadReal Limited Partner, including based on information provided by the General Partner, the QuadReal Limited Partner agrees to include language stating, or otherwise disclosing, that such information has been independently prepared by the QuadReal Limited Partner.
(iv)    Notwithstanding Section 12.11(a), to the extent required by law or any court of competent jurisdiction or by written agreement between the QuadReal Limited Partners and their respective equity owners, the General Partner hereby agrees that the QuadReal Limited Partner may disclose any information it receives relating to the Partnership to QuadReal and its agents, contractors and any representatives thereof (collectively, the “QuadReal Parties”), in each case, only to the extent that any QuadReal Party reasonably needs to know such information in connection with the QuadReal Limited Partner’s investment in the Partnership; provided, that (A) the QuadReal Parties are informed of the confidential nature of the information and are subject to the confidentiality obligations set forth in Section 12.11(a), and (B) the QuadReal Limited Partner will be liable for any breach of the confidentiality obligations by the QuadReal Parties as if the QuadReal Limited Partner had itself breached such confidentiality obligations.
(v)    Notwithstanding anything in this Section 12.11(b) to the contrary, in the event that the QuadReal Limited Partner or any QuadReal Party becomes legally compelled to disclose (e.g., pursuant to a lawful subpoena) any Confidential Information, the QuadReal Limited Partner or such QuadReal Party shall use its best efforts to (A) provide the General Partner with prompt written notice of such disclosure prior to making the disclosure, so as to give the General Partner a meaningful opportunity to quash any legal process purporting to compel such disclosure (and the QuadReal Limited Partner or such QuadReal Party shall not frustrate any such act to quash any such legal process), (B) only provide that portion of the Confidential Information that is legally required, and (C) interpose a confidentiality defense based upon this Agreement in an effort to ensure that confidential treatment will be afforded to any disclosed Confidential Information.

12.12    Applicable Law.  Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement, the rights and obligations of the parties hereto, and any claims and disputes relating thereto shall be subjected to and governed by the Act and the other laws of the State of Delaware as applied to agreements among Delaware residents to be entered into and performed entirely within the State of Delaware, and such laws shall govern all aspects of this Agreement, including, without limitation, the limited partnership aspects of this Agreement.

	
			
	 
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12.13    Waiver of Jury Trial.  The parties hereby expressly waive the right to a trial by jury in any action or proceeding brought by or against any of them relating to this Agreement or the transactions contemplated hereby.

12.14    Venue.  Subject to Section 9.4, each of the parties hereby submits to the exclusive jurisdiction of any state or federal court sitting in Delaware in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the action or proceeding shall be heard and determined in such court.  Each party also agrees not to bring any action or proceeding arising out of or relating to this Agreement in any other court.  Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. 

12.15    Limitation on Benefits.  The covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, the parties hereto and their respective successors, heirs, executors, administrators, legal representatives and permitted assigns.
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

	
			
	 
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

GENERAL PARTNER

IPT BTC II GP LLC, a Delaware limited liability company

By: IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member

By: Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member

By: Industrial Property Trust Inc., a Maryland corporation, its general partner

By:    /s/ Thomas G. McGonagle    
Name: Thomas G. McGonagle 
Title: Chief Financial Officer 

IPT LIMITED PARTNER

IPT BTC II LP LLC, a Delaware limited liability company

By: IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member

By: Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member

By: Industrial Property Trust Inc., a Maryland corporation, its general partner

By:    /s/ Thomas G. McGonagle    
Name: Thomas G. McGonagle 
Title: Chief Financial Officer

SPECIAL LIMITED PARTNER

Industrial Property Advisors Sub IV LLC, a Delaware limited liability company

By: Industrial Property Advisors LLC, a Delaware limited liability company, its sole member

By: Industrial Property Advisors Group LLC, a Delaware limited liability company, its sole member 

By:/s/ Evan H. Zucker    
Name: Evan H. Zucker 
Title: Manager 

BCIG LIMITED PARTNER

BCG BTC II Investors LLC, a Delaware limited liability company

By: /s/ Evan H. Zucker    
Name: Evan H. Zucker
Title:   Manager

QUADREAL WCBAF
bcIMC (WCBAF) Realpool Global Investment Corporation, a Canadian corporation

By: /s/ Stephen Barnett    
Name:  Stephen Barnett
Title:     Sole Director

QUADREAL COLLEGE
bcIMC (College) US Realty Inc., a Canadian corporation

By: /s/ Stephen Barnett    
Name:  Stephen Barnett
Title:     Sole Director

QUADREAL MUNICIPAL
bcIMC (Municipal) US Realty Inc., a Canadian corporation

By: /s/ Stephen Barnett    
Name:  Stephen Barnett
Title:     Sole Director

QUADREAL PUBLIC SERVICE
bcIMC (Public Service) US Realty Inc., a Canadian corporation

By: /s/ Stephen Barnett    
Name:  Stephen Barnett
Title:     Sole Director

QUADREAL TEACHERS
bcIMC (Teachers) US Realty Inc., a Canadian corporation

By: /s/ Stephen Barnett    
Name:  Stephen Barnett
Title:     Sole Director

QUADREAL WCB
bcIMC (WCB) US Realty Inc., a Canadian corporation

By: /s/ Stephen Barnett    
Name:  Stephen Barnett
Title:     Sole Director

QUADREAL HYDRO
bcIMC (Hydro) US-Realty Inc., a Canadian corporation

By: /s/ Stephen Barnett    
Name:  Stephen Barnett
Title:     Sole Director

QUADREAL US
QuadReal US Holdings Inc., a Canadian corporation

By: /s/ Jonathan Dubois-Phillips    
Name:  Jonathan Dubois-Phillips
Title:    President, International Real Estate

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