Document:

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                                                                    Exhibit 4.1

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                      TANGER PROPERTIES LIMITED PARTNERSHIP
                                     ISSUER

                                       AND

                       TANGER FACTORY OUTLET CENTERS, INC.
                                    GUARANTOR

                                       TO

                     STATE STREET BANK AND TRUST COMPANY

                              --------------------

                          THIRD SUPPLEMENTAL INDENTURE
                          DATED AS OF FEBRUARY 15, 2001

                              --------------------

                    $100,000,000 9-1/8% SENIOR NOTES DUE 2008

                              --------------------

                             SUPPLEMENT TO INDENTURE
                        DATED AS OF MARCH 1, 1996, AMONG
              TANGER PROPERTIES LIMITED PARTNERSHIP (AS ISSUER),
            TANGER FACTORY OUTLET CENTERS, INC. (AS GUARANTOR) AND
               STATE STREET BANK AND TRUST COMPANY (AS TRUSTEE)

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      THIRD SUPPLEMENTAL INDENTURE, dated as of February 15, 2001, among TANGER
PROPERTIES LIMITED PARTNERSHIP, a limited partnership duly organized and
existing under the laws of North Carolina (hereinafter called the "Issuer"),
having its principal executive office located at 3200 Northline Avenue, Suite
360, Greensboro, North Carolina 27408, TANGER FACTORY OUTLET CENTERS, INC., a
corporation duly organized and existing under the laws of North Carolina
(hereinafter called the "Guarantor"), having its principal executive office
located at 3200 Northline Avenue, Suite 360, Greensboro, North Carolina 27408,
and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company
(hereinafter called the "Trustee"), having its Corporate Trust Office located at
2 Avenue de Lafayette, 6th Floor, Boston, Massachusetts 02111.

                                    RECITALS

      WHEREAS, the Issuer and the Guarantor executed and delivered the Indenture
(the "Original Indenture"), dated as of March 1, 1996, to the Trustee to issue
from time to time for its lawful purposes debt securities evidencing the
Issuer's senior unsecured indebtedness.

      WHEREAS, Section 301 of the Original Indenture provides that by means of a
supplemental indenture the Issuer may create one or more series of its debt
securities and establish the form, terms and provisions thereof.

      WHEREAS, the Issuer and the Guarantor intend by this Supplemental
Indenture to (i) create a series of Issuer's debt securities, in an aggregate
principal amount equal to $100,000,000, entitled "9-1/8% Senior Notes due 2008"
(the "Notes") and (ii) establish the form and the terms and provisions of the
Notes.

      WHEREAS, the Issuer and the Guarantor have approved the creation of the
Notes and the form, terms and provisions thereof.

      WHEREAS, the consent of Holders to the execution and delivery of this
Supplemental Indenture is not required, and all other actions required to be
taken under the Original Indenture with respect to this Supplemental Indenture
have been taken.

      NOW, THEREFORE IT IS AGREED:

                                   ARTICLE ONE

   DEFINITIONS, CREATION, FORM AND TERMS AND CONDITIONS OF THE DEBT SECURITIES

      Section 1.1 DEFINITIONS. Capitalized terms used but not otherwise defined
in this Supplemental Indenture shall have the meanings ascribed to them in the
Original Indenture. In addition, the following terms shall have the meanings set
forth below:

      "DEFAULT" means any event that is, or after notice or passage of time or
both would be, an Event of Default.

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      "DISINTERESTED DIRECTOR" means, with respect to any transaction or series
of transactions which a majority of the Disinterested Directors of the Issuer
are required to approve under the terms of the Indenture, a member of the Board
of Directors who does not have any material direct or indirect financial
interest in or with respect to such transaction or series of transactions.

      "DTC" means The Depository Trust Company.

      "GLOBAL NOTE" means a single fully-registered global note in book-entry
form, without coupons, substantially in the form of Exhibit A attached hereto,
which represents the Notes.

      "INDENTURE" means the Original Indenture as supplemented by this Third
Supplemental Indenture and as further amended, modified or supplemented with
respect to the Notes pursuant to the provisions of the Original Indenture.

      "RESTRICTED SUBSIDIARY" means any Subsidiary of the Issuer, unless such
Subsidiary is an Unrestricted Subsidiary or is designated as an Unrestricted
Subsidiary pursuant to the terms of the Indenture.

      "UNRESTRICTED SUBSIDIARY" means (1) any Subsidiary that at the time of
determination shall be an Unrestricted Subsidiary (as designated by the Board of
Directors, as provided below) and (2) any Subsidiary of an Unrestricted
Subsidiary. The Board of Directors may designate any Subsidiary (including any
newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary so
long as (a) neither the Issuer nor any Restricted Subsidiary is directly or
indirectly liable for any Indebtedness of such Subsidiary, (b) no default with
respect to any Indebtedness of such Subsidiary would permit (upon notice, lapse
of time or otherwise) any holder of any other Indebtedness of the Issuer or any
other Subsidiary to declare a default on such other Indebtedness or cause the
payment thereof to be accelerated or payable prior to its stated maturity, (c)
neither the Issuer nor any Restricted Subsidiary has a contract, agreement,
arrangement, understanding or obligation of any kind, whether written or oral,
with such Subsidiary other than those that might be obtained at the time from
persons who are not Affiliates of the Issuer and (d) neither the Issuer nor any
Restricted Subsidiary has any obligation (1) to subscribe for additional shares
of Capital Stock or other equity interest in such Subsidiary or (2) to maintain
or preserve such Subsidiary's financial condition or to cause such Subsidiary to
achieve certain levels of operating results. Any such designation by the Board
of Directors shall be evidenced to the Trustee by filing a Board Resolution with
the Trustee giving effect to such designation. The Board of Directors may
designate any Unrestricted Subsidiary as a Restricted Subsidiary if, immediately
after giving effect to such designation, there would be no Default under the
Indenture, and the Issuer could incur $1.00 of additional Indebtedness (other
than Permitted Indebtedness) pursuant to Section 1010 of the Original Indenture.

      Section 1.2 CREATION OF NOTES. In accordance with Section 301 of the
Original Indenture, the Issuer hereby creates the Notes as a separate series of
its debt securities, entitled "9-1/8% Senior Notes due 2008", issued pursuant to
the Indenture. The Notes shall initially be limited to an aggregate principal
amount equal to $100,000,000, subject to the exceptions set forth in Section
301(2) of the Original Indenture.

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      Section 1.3 FORM OF NOTES. The Notes will be issued as Registered
Securities and represented by a single Global Note, without coupons, registered
in the name of DTC or its nominee, as the case may be, subject to the provisions
of the seventh paragraph of Section 305 of the Original Indenture. So long as
DTC, or its nominee, is the registered owner of the Global Note, DTC or its
nominee, as the case may be, will be considered the sole Holder of the Notes
represented by the Global Note for all purposes under the Indenture.

      Section 1.4 TERMS AND PROVISIONS OF NOTES. The Notes shall be governed by
all of the terms and provisions of the Original Indenture, as supplemented by
this Third Supplemental Indenture, and in particular, the following provisions
shall be terms of the Notes:

      (a) PAYMENT OF PRINCIPAL AND INTEREST. Principal and interest payments in
respect of the Global Note will be made by the Issuer in immediately available
funds to DTC or its nominee, as the case may be, as the Holder of the Global
Note.

      (b) APPLICABILITY OF GUARANTEE. The Notes will be Guaranteed Securities
pursuant to the Original Indenture, and the Guarantee endorsed on the Global
Note and the provisions set forth in Article Sixteen, Section 1601 of the
Original Indenture shall be applicable to the Notes.

      (c) ADDITIONAL COVENANTS. In addition to the covenants set forth in the
Original Indenture, the Issuer and the Guarantor hereby further covenant as
follows:

            (i) LIMITATION ON CONSOLIDATION, MERGER, ETC. The Issuer will not
            consolidate with or merge with or into any corporation or
            partnership or sell, convey, transfer, lease or otherwise dispose of
            all or substantially all of its assets to any corporation or
            partnership unless, after giving pro forma effect to the
            consolidation, merger, sale, conveyance, transfer, lease or other
            disposition, the Issuer or successor entity could incur at least
            $1.00 of Indebtedness (other than Permitted Indebtedness) pursuant
            to Section 1010 of the Original Indenture.

            (ii) LIMITATION ON INCURRENCE OF INDEBTEDNESS. The Issuer will not
            permit any Restricted Subsidiary to incur any Indebtedness other
            than Permitted Indebtedness.

            (iii) LIMITATION ON DISTRIBUTIONS. The Issuer will not make any
            distribution, by reduction of capital or otherwise (other than
            distributions payable in securities evidencing interests in the
            Issuer's capital for the purpose of acquiring interests in real
            property or otherwise) unless, immediately after giving pro forma
            effect to such distribution, the Issuer could incur at least $1.00
            of Indebtedness (other than Permitted Indebtedness) pursuant to
            Section 1010 of the Original Indenture; provided, however, that the
            foregoing limitation shall not apply to any distribution or other
            action which is necessary to maintain the Guarantor's status as a
            REIT under the Code, if the aggregate principal amount of all
            outstanding Indebtedness of the Guarantor and the Issuer on a
            consolidated basis at such time is less than 60% of Adjusted Total
            Assets.

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            Notwithstanding the foregoing, the Issuer will not be prohibited
            from making the payment of any distribution within 30 days of the
            declaration thereof if at such date of declaration such payment
            would have complied with the provisions of the immediately preceding
            paragraph.

            (iv) LIMITATION ON TRANSACTIONS WITH AFFILIATES. The Issuer will
            not, and will not permit any Subsidiary to, directly or indirectly,
            enter into any transaction, or series of transactions, with an
            Affiliate unless (1) such transaction, or series of transactions, is
            on terms that are no less favorable than those available in an
            arm's-length transaction with unrelated third parties, (2) with
            respect to any transaction, or series of transactions, with total
            consideration equal to or greater than $5.0 million, the Issuer
            shall have delivered an officers' certificate certifying that such
            transaction, or series of transactions, complies with clause (1)
            above and such transaction, or series of transactions, has been
            approved by a majority of the Disinterested Directors, or in the
            case of transactions included in this clause (2) for which there are
            no Disinterested Directors, the Issuer shall have obtained a written
            opinion from a nationally recognized investment banking, appraisal
            or other appropriate expert firm to the effect that such
            transaction, or series of transactions, is fair to the Issuer or
            Subsidiary from a financial point of view and (3) with respect to
            any transaction or series of transactions with total consideration
            in excess of $15.0 million, the Issuer shall obtain a written
            opinion from a nationally recognized investment banking, appraisal
            or other appropriate expert firm as described above.

            (v) LIMITATION ON DIVIDENDS AND OTHER PAYMENT RESTRICTIONS AFFECTING
            RESTRICTED SUBSIDIARIES. The Issuer will not, and will not permit
            any Restricted Subsidiary to, create or allow to exist any
            encumbrance that would restrict the ability of a Restricted
            Subsidiary to (1) pay dividends on Capital Stock, (2) pay
            Indebtedness owed to the Issuer or any Subsidiary, (3) make loans or
            advances to the Issuer or any Subsidiary, (4) transfer any property
            or assets to the Issuer or any Subsidiary, or (5) guarantee any
            Indebtedness of the Issuer or any Subsidiary.

            (vi) LIMITATION ON SALE OF CAPITAL STOCK OF RESTRICTED SUBSIDIARIES.
            The Issuer will not permit any Restricted Subsidiary to issue any
            Capital Stock (other than to the Issuer or a Restricted Subsidiary)
            and shall not permit any Person (other than the Issuer or a
            Subsidiary) to own any Capital Stock of any Restricted Subsidiary;
            PROVIDED, HOWEVER, that the foregoing shall not prohibit the
            issuance or sale of all, but not less than all, of the issued and
            outstanding Capital Stock of any Subsidiary owned by the Issuer or
            any Subsidiary in accordance with the other provisions of the
            Indenture.

            (d) COVENANT DEFEASANCE; WAIVER. The provisions of Sections 402(3)
and 1012 of the Original Indenture shall apply to the additional covenants set
forth in Section 1.4(c) hereof as if such covenants were referred to therein.

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                                   ARTICLE TWO

                                     TRUSTEE

      Section 2.1 TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or the due execution hereof by the Issuer. The recitals of fact
contained herein shall be taken as the statements solely of the Issuer, and the
Trustee assumes no responsibility for the correctness thereof.

                                  ARTICLE THREE

                            MISCELLANEOUS PROVISIONS

      Section 3.1 RATIFICATION OF ORIGINAL INDENTURE. This Supplemental
Indenture is executed and shall be construed as an indenture supplemental to the
Original Indenture, and as supplemented and modified hereby, the Original
Indenture is in all respects ratified and confirmed, and the Original Indenture
and this Supplemental Indenture shall be read, taken and construed as one and
the same instrument.

      Section 3.2 EFFECT OF HEADINGS. The Article and Section headings herein
are for convenience only and shall not affect the construction hereof.

      Section 3.3 SUCCESSORS AND ASSIGNS. All covenants and agreements in this
Supplemental Indenture by the Issuer and, with respect to the Guarantee, the
Guarantor shall bind their respective successors and assigns, whether so
expressed or not.

      Section 3.4 SEPARABILITY CLAUSE. In case any one or more of the provisions
contained in this Supplemental Indenture shall for any reason be held to be
invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

      Section 3.5 GOVERNING LAW. This Supplemental Indenture shall be governed
by, and construed in accordance with, the laws of the State of New York
applicable to agreements made and instruments entered into and, in each case,
performed in said state.

      Section 3.6 COUNTERPARTS. This Supplemental Indenture may be executed in
several counterparts, each of which shall be an original and all of which shall
constitute one and the same instrument.

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      IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental
Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, all as of the date first above written.

                            TANGER PROPERTIES LIMITED PARTNERSHIP

                                    By:  Tanger GP Trust, as General Partner

                                    By: /s/ Stanley K. Tanger
                                        ------------------------------------
                                        Name: Stanley K. Tanger
                                        Title: Chairman of the Board and
                                               Chief Executive Officer

Attest:

/s/ Virginia R. Summerell
---------------------------
Name: Virginia R. Summerell
Title: Secretary

                                    TANGER FACTORY OUTLET CENTERS, INC.
[SEAL]

                                    By: /s/ Stanley K. Tanger
                                        ------------------------------------
                                        Name: Stanley K. Tanger
                                        Title: Chairman of the Board and
                                               Chief Executive Officer
Attest:

/s/ Rochelle G. Simpson
Name: Rochelle G. Simpson
Title: Secretary

                                    STATE STREET BANK AND TRUST COMPANY,
                                    as Trustee

          [SEAL]

                                    By: /s/ Gary Dougherty
                                        --------------------------------
                                        Name: Gary Dougherty
                                        Title: Vice President
Attest:
/s/ Paul G. Grenier
Name: Paul G. Grenier
Title: Secretary<PAGE>
                                                                     Exhibit 4.2

                                  EXHIBIT A

                                [FACE OF NOTE]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO
A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY
DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

REGISTERED                                                  REGISTERED

NO. 001                                         PRINCIPAL AMOUNT

CUSIP NO. 875484AC1                            **$100,000,000**

                     TANGER PROPERTIES LIMITED PARTNERSHIP

                          9-1/8% Senior Note due 2008

      Tanger Properties Limited Partnership, a limited partnership duly
organized and existing under the laws of North Carolina (herein called the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or its
registered assigns, the principal sum of $100,000,000 (one hundred million
dollars) on February 15, 2008 (the "Maturity Date"), and to pay interest thereon
from and including February 15, 2001 or the most recent Interest Payment Date
(as defined below) to which interest has been paid or duly provided for, as the
case may be, semi-annually in arrears on August 15 and February 15 of each year
(each, an "Interest Payment Date"), commencing on February 15, at the rate of
9-1/8% per annum, until payment of said principal sum has been made or duly
provided for. Interest on this Note will be computed on the basis of a 360-day
year of twelve 30-day months.

      Interest on this Note on any Interest Payment Date will include the amount
of interest accrued from and including February 15, 2001 or the most recent
Interest Payment Date to which interest has been paid or duly provided for, as
the case may be, to but excluding the applicable Interest Payment Date or the
Maturity Date, as the case may be.

      The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will be paid to the Holder in whose name this Note (or one
or more predecessor Notes) is

<PAGE>

registered at the close of business on the "Regular Record Date" for such
payment, which will be 15 days (regardless of whether such day is a Business Day
(as defined below)) prior to such Interest Payment Date. Any interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and shall be paid to the Holder in whose
name this Note (or one or more predecessor Notes) is registered at the close of
business on a subsequent Special Record Date for the payment of such defaulted
interest (which shall be not more than 15 days and not less than 10 days prior
to the date of the payment of such defaulted interest) established by notice
given by mail by or on behalf of the Issuer to the Holders of the Notes not less
than 10 days prior to such Special Record Date.

      The principal of this Note payable on the Maturity Date will be paid by
the Issuer against presentation and surrender of this Note at the office or
agency of the Issuer maintained for that purpose in The City of New York. The
Issuer hereby initially designates the office of State Street Bank and Trust
Company, N.A., located at 61 Broadway, 15th Floor, New York, New York 10006, as
the office to be maintained by it where Notes may be presented for payment or
for registration of transfer or exchange and where notices or demands to or upon
the Issuer in respect of the Notes or the Indenture referred to on the reverse
hereof may be served.

      This Note will not be redeemable or repayable prior to the Maturity Date
and will not be subject to any sinking fund.

      If any Interest Payment Date or the Maturity Date falls on a day that is
not a Business Day, the required payment of interest or principal will be made
on the next Business Day with the same force and effect 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 the Maturity
Date, as the case may be, to the date of such payment on such next Business Day.
"Business Day" means any day other than a Saturday, Sunday or other day on which
banking institutions in The City of New York are authorized or obligated by law,
regulation or executive order to be closed.

      All payments of principal and interest in respect of this Note will be
made by the Issuer in immediately available funds in such coin or currency of
the United States of America as at the time of payment is legal tender for the
payment of public and private debts.

      Reference is made to the further provisions of this Note set forth on the
reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

      This Note shall not be entitled to the benefits of the Indenture or be
valid or become obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Trustee referred to on the
reverse hereof.

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      IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed manually or by facsimile, by a duly authorized officer of its sole
General Partner.

Dated: February 15, 2001

                                     TANGER PROPERTIES LIMITED PARTNERSHIP,
                                     as Issuer

                                          By: Tanger GP Trust
                                              (its sole general partner)

                                          By:
                                             ---------------------------------
                                               Name:
                                               Title:

Attest:

------------------------------
Name:
Title:

                   TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

                              STATE STREET BANK AND TRUST COMPANY,
                              as Trustee

                              By:
                                  -------------------------------
                                    Authorized Officer

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<PAGE>

[REVERSE OF NOTE]

                      TANGER PROPERTIES LIMITED PARTNERSHIP

                           9-1/8% Senior Note due 2008

      This Note is one of a duly authorized issue of debentures, notes, bonds,
or other evidences of indebtedness of the Issuer (hereinafter called the
"Securities") of the series hereinafter specified, all issued or to be issued
under and pursuant to an Indenture, dated as of March 1, 1996, as amended,
modified and supplemented from time to time (herein called the "Indenture"),
duly executed and delivered by the Issuer and the Guarantor to State Street Bank
and Trust Company, as Trustee (herein called the "Trustee," which term includes
any successor trustee under the Indenture with respect to the series of
Securities of which this Note is a part), to which Indenture and all indentures
supplemental thereto, including the Third Supplemental Indenture, dated as of
February 15, 2001, relating to the Notes reference is hereby made for a
description of the rights, limitations of rights, obligations, duties, and
immunities thereunder of the Trustee, the Issuer, the Guarantor and the Holders
of the Securities, and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Note is one of a series of Securities of
the Issuer designated as the "9-1/8% Senior Notes due 2008".

      In case an Event of Default with respect to this Note shall have occurred
and be continuing, the principal hereof may be accelerated, and upon such
acceleration shall become due and payable, in the manner, with the effect, and
subject to the conditions, provided in the Indenture.

      The Issuer may, without the consent of the holders of any series of notes,
create and issue additional notes in the future having the same terms other than
the date of original issuance and the date on which interest begins to accrue so
as to form a single series with the Notes. No additional notes may be issued if
an Event of Default has occurred with respect to the Notes.

      The Indenture contains provisions for defeasance of (i) the entire
indebtedness of the Notes or (ii) certain covenants and Events of Default with
respect to the Notes, in each case upon compliance with certain conditions set
forth therein, which apply to the Notes.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the Guarantor and the rights of the Holders of the Securities at any
time by the Issuer, the Guarantor and the Trustee with the consent of the
Holders of not less than a majority of the aggregate principal amount of all
Securities issued under the Indenture at the time outstanding and affected
thereby. Furthermore, provisions in the Indenture permit the Holders of not less
than a majority of the aggregate principal amount, in certain instances, of the
Outstanding Securities of any series to waive, on behalf of all of the Holders
of Securities of such series, compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their

                                       4
<PAGE>

consequences. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and other Notes issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not such consent or waiver is made upon
this Note.

      No reference herein to the Indenture and no provision of this Note or the
Indenture shall alter or impair the obligation of the Issuer or the Guarantor,
which is absolute and unconditional, to pay the principal and interest on this
Note in the manner, at the respective times, at the rate and in the coin or
currency herein prescribed.

      This Note is issuable only in registered book-entry form without coupons,
in denominations of $1,000 and integral multiples thereof.

      The Notes may be exchanged for a like aggregate principal amount of Notes
of other authorized denominations at the office or agency of the Issuer in The
City of New York, in the manner and subject to the limitations provided herein
and in the Indenture, but without the payment of any service charge except for
any tax or other governmental charge imposed in connection therewith. Upon due
presentment for registration of transfer of the Notes at the office or agency of
the Issuer in The City of New York, one or more new Notes of authorized
denominations in an equal aggregate principal amount will be issued to the
transferee in exchange therefor, subject to the limitations provided herein and
in the Indenture, but without the payment of any service charge except for any
tax or other governmental charge imposed in connection therewith.

      Prior to due presentment of this Note for registration of transfer, the
Issuer, the Guarantor and the Trustee or any authorized agent of the Issuer, the
Guarantor or the Trustee may deem and treat the Person in whose name this Note
is registered as the absolute owner and Holder hereof (whether or not this Note
shall be overdue and notwithstanding any notation of ownership or other writing
hereon) for all purposes, and neither the Issuer, the Guarantor or the Trustee
nor any authorized agent of the Issuer, the Guarantor or the Trustee shall be
affected by any notice to the contrary.

      The Indenture and the Notes shall be governed by, and construed in
accordance with, the laws of the State of New York applicable to agreements made
or instruments entered into and, in each case, performed in said State.

      Capitalized terms used but not defined herein shall have the respective
meanings assigned to them in the Indenture.

                                       5
<PAGE>

                                    GUARANTEE
                                       OF
                       TANGER FACTORY OUTLET CENTERS, INC.

      For value received, Tanger Factory Outlet Centers, Inc., a North Carolina
corporation (herein called the "Guarantor"), hereby unconditionally guarantees
to the Holder of the Note upon which this Guarantee is endorsed the due and
punctual payment of the principal of and interest on said Note provided for
pursuant to the terms hereof, when and as the same shall become due and payable,
whether at maturity, upon acceleration, or otherwise, in accordance with the
terms of said Note and the Indenture. In case of the failure of the Issuer
punctually to pay any such principal and/or interest, the Guarantor hereby
agrees to cause any such payment to be made punctually when and as the same
shall become due and payable, whether at maturity, upon acceleration, or
otherwise, and as if such payment were made by the Issuer.

      The Guarantor hereby agrees that its obligations hereunder shall be as
principal and not merely as surety, and shall be absolute, irrevocable and
unconditional, irrespective of, and shall be unaffected by, any invalidity,
irregularity or unenforceability of said Note or the Indenture, any failure to
enforce the provisions of said Note or the Indenture, or any waiver,
modification, consent or indulgence granted with respect thereto by the Holder
of said Note or the Trustee, the recovery of any judgment against the Issuer or
any action to enforce the same, or any other circumstances which may otherwise
constitute a legal or equitable discharge of a surety or guarantor. The
Guarantor hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of merger, insolvency or bankruptcy of the
Issuer, any right to require a proceeding first against the Issuer, protest or
notice with respect to said Note or the indebtedness evidenced thereby and all
demands whatsoever, and covenants that this Guarantee will not be discharged
except by payment in full of the principal of and interest on said Note and the
complete performance of all other obligations contained in said Note and the
Indenture insofar as they relate to said Note.

      This Guarantee shall continue to be effective or be reinstated, as the
case may be, if at any time payment of said Note, in whole or in part, is
rescinded or must otherwise be restored to the Issuer or the Guarantor upon the
bankruptcy, liquidation or reorganization of the Issuer or otherwise.

      The Guarantor shall be subrogated to all rights of the Holder of said Note
against the Issuer in respect of any amounts paid to such Holder by the
Guarantor pursuant to the provisions of this Guarantee; PROVIDED, HOWEVER, that
the Guarantor shall not be entitled to enforce, or to receive any payments
arising out of or based upon, such right of subrogation until the principal of
and interest on said Note shall have been paid in full.

      The Guarantor hereby certifies and warrants that all acts, conditions and
things required to be done and performed and to have happened precedent to the
creation and issuance of this Guarantee and to constitute the same the valid
obligation of the Guarantor have been done and performed and have happened in
due compliance with all applicable laws.

                                       6
<PAGE>

      This Guarantee shall be governed by, and construed in accordance with, the
laws of the State of New York applicable to agreements entered into and, in each
case, performed in said State.

      IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly
executed by its duly authorized officer under its corporate seal.

                                    TANGER FACTORY OUTLET CENTERS, INC.,
                                    as Guarantor

                                    By:
                                        --------------------------------
                                        Name:
                                        Title:

Attest:

----------------------------------
Name:
Title:

                                       7
<PAGE>

                                        8
                                  ABBREVIATIONS

      The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

<TABLE>
<S>                                        <C>
TEN COM - as tenants in common             UNIF GIFT MIN ACT - ______ Custodian _____
                                                               (Cust)          (Minor)
TEN ENT - as tenants by the entireties

JT TEN  - as joint tenants with right of         under Uniform Gifts to Minors

          survivorship and not as tenants        Act_____________________

          in common                                       (State)
</TABLE>

      Additional abbreviations may also be used though not in the above list.

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto________________________________________________________________

_______________________________________________________________________________.

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

                        ---------------------------------

                        ---------------------------------

================================================================================

                 (Please print or Typewrite Name and Address
                    Including Postal Zip Code of Assignee)

--------------------------------------------------------------------------------

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints____________________________________________________________________

________________________________________________________________________________

to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:__________________________

Signature Guaranteed

----------------------------        -----------------------------

NOTICE: Signature must be           NOTICE: The signature to this
guaranteed by an eligible           assignment must correspond
Guarantor Institution               with the name as written upon
(banks, stockbrokers,               the face of the within Note
savings and loan associations       in every particular, without
and credit unions) with             alteration or enlargement or
membership in an approved           any change whatever.
signature guarantee medallion
program pursuant to Securities
and Exchange Commission
Rule 17Ad-15.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}]]