Document:

Ohr Pharmaceutical, Inc. S-3 

Exhibit 4.4 

 

 

 

 

OHR
PHARMACEUTICAL, INC.

Issuer

 

AND

 

[_______________________________]

Trustee

 

 

INDENTURE

 

Dated
as of [_____________________]

 

Senior
Debt Securities

 

    	 

    	 

    

CROSS-REFERENCE
TABLE (1)

 

	Section
    of Trust Indenture Act of 1939, as Amended	Section
                                         of Indenture

         

	310(a)	7.09
	310(b)	7.08
	 	7.10
	310(c)	Inapplicable
	311(a)	7.13(a)
	311(b)	7.13(b)
	311(c)	Inapplicable
	312(a)	5.02(a)
	312(b)	5.02(b)
	312(c)	5.02(c)
	313(a)	5.04(a)
	313(b)	5.04(a)
	313(c)	5.04(a)
	 	5.04(b)
	313(d)	5.04(b)
	314(a)	5.03
	314(b)	Inapplicable
	314(c)	13.06
	314(d)	Inapplicable
	314(e)	13.06
	314(f)	Inapplicable
	315(a)	7.01(a)
	 	7.02
	315(b)	6.07
	315(c)	7.01
	315(d)	7.01(b)
	 	7.01(c)
	315(e)	6.07
	316(a)	6.06
	 	8.04
	316(b)	6.04
	316(c)	8.01
	317(a)	6.02
	317(b)	4.03
	318(a)	13.08

 

		(1)	This
                                         Cross-Reference Table does not constitute part of the Indenture and shall not have any
                                         bearing on the interpretation of any of its terms or provisions.

 

    	 

    	 

    

TABLE
OF CONTENTS (2)

Page

	Article
    I    DEFINITIONS	1
	Section
    1.01.   Definitions of Terms.	1
	Article
    II    ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	Section
    2.01.   Designation and Terms of Securities.	5
	Section
    2.02.   Form of Securities and Trustee’s Certificate.	7
	Section
    2.03.   Denominations: Provisions for Payment.	7
	Section
    2.04.   Execution and Authentications.	9
	Section
    2.05.   Registration of Transfer and Exchange.	10
	Section
    2.06.   Temporary Securities.	11
	Section
    2.07.   Mutilated, Destroyed, Lost or Stolen Securities.	12
	Section
    2.08.   Cancellation.	12
	Section
    2.09.   Benefits of Indenture.	13
	Section
    2.10.   Authenticating Agent.	13
	Section
    2.11.   Global Securities	14
	Article
    III    REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	15
	Section
    3.01.   Redemption.	15
	Section
    3.02.   Notice of Redemption.	15
	Section
    3.03.   Payment Upon Redemption.	16
	Section
    3.04.   Sinking Fund.	17
	Section
    3.05.   Satisfaction of Sinking Fund Payments with Securities.	17
	Section
    3.06.   Redemption of Securities for Sinking Fund.	17
	Article
    IV    COVENANTS	18
	Section
    4.01.   Payment of Principal, Premium and Interest.	18
	Section
    4.02.   Maintenance of Office or Agency.	18
	Section
    4.03.   Paying Agents.	18
	Section
    4.04.   Appointment to Fill Vacancy in Office of Trustee.	20
	Section
    4.05.   Compliance with Consolidation Provisions.	20
	Article
    V    SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	20
	Section
    5.01.   Company to Furnish Trustee Names and Addresses of Securityholders.	20
	Section
    5.02.   Preservation Of Information; Communications With Securityholders.	20
	Section
    5.03.   Reports by the Company.	21
	Section
    5.04.   Reports by the Trustee.	21

    	i

    	 

    

	Article
    VI    REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	22
	Section
    6.01.   Events of Default.	22
	Section
    6.02.   Collection of Indebtedness and Suits for Enforcement by Trustee.	24
	Section
    6.03.   Application of Moneys Collected.	25
	Section
    6.04.   Limitation on Suits.	26
	Section
    6.05.   Rights and Remedies Cumulative; Delay or Omission Not Waiver.	26
	Section
    6.06.   Control by Securityholders.	27
	Section
    6.07.   Undertaking to Pay Costs.	28
	Article
    VII    CONCERNING THE TRUSTEE	28
	Section
    7.01.   Certain Duties and Responsibilities of Trustee.	28
	Section
    7.02.   Certain Rights of Trustee.	29
	Section
    7.03.   Trustee Not Responsible for Recitals or Issuance of Securities.	31
	Section
    7.04.   May Hold Securities.	31
	Section
    7.05.   Moneys Held in Trust.	31
	Section
    7.06.   Compensation and Reimbursement.	31
	Section
    7.07.   Reliance on Officers’ Certificate.	32
	Section
    7.08.   Disqualification; Conflicting Interests.	32
	Section
    7.09.   Corporate Trustee Required; Eligibility.	32
	Section
    7.10.   Resignation and Removal; Appointment of Successor.	33
	Section
    7.11.   Acceptance of Appointment By Successor.	34
	Section
    7.12.   Merger, Conversion, Consolidation or Succession to Business.	36
	Section
    7.13.   Preferential Collection of Claims Against the Company.	36
	Article
    VIII    CONCERNING THE SECURITYHOLDERS	36
	Section
    8.01.   Evidence of Action by Securityholders.	36
	Section
    8.02.   Proof of Execution by Securityholders.	37
	Section
    8.03.   Who May be Deemed Owners.	37
	Section
    8.04.   Certain Securities Owned by Company Disregarded.	37
	Section
    8.05.   Actions Binding on Future Securityholders.	38
	Section
    8.06.   Purposes for Which Meetings May Be Called.	38
	Section
    8.07.   Call Notice and Place of Meetings.	38
	Section
    8.08.   Persons Entitled To Vote at Meetings.	39
	Section
    8.09.   Quorum; Action.	39
	Section
    8.10.   Determination of Voting Rights; Conduct and Adjournment of Meetings.	40
	Section
    8.11.   Counting Votes and Recording Action of Meetings.	41
	Article
    IX    SUPPLEMENTAL INDENTURES	41
	Section
    9.01.   Supplemental Indentures Without the Consent of Securityholders.	41
	Section
    9.02.   Supplemental Indentures With Consent of Securityholders.	42

    	ii

    	 

    

	Section
    9.03.   Effect of Supplemental Indentures.	43
	Section
    9.04.   Securities Affected by Supplemental Indentures.	43
	Section
    9.05.   Execution of Supplemental Indentures.	43
	Article
    X    SUCCESSOR ENTITY	44
	Section
    10.01.   Company May Consolidate, Etc.	44
	Section
    10.02.   Successor Entity Substituted.	44
	Section
    10.03.   Evidence of Consolidation, Etc. to Trustee.	45
	Article
    XI    SATISFACTION AND DISCHARGE	45
	Section
    11.01.   Satisfaction and Discharge of Indenture.	45
	Section
    11.02.   Discharge of Obligations.	46
	Section
    11.03.   Deposited Moneys to be Held in Trust.	46
	Section
    11.04.   Payment of Moneys Held by Paying Agents.	46
	Section
    11.05.   Repayment to Company.	46
	Article
    XII    IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	47
	Section
    12.01.   No Recourse.	47
	Article
    XIII    MISCELLANEOUS PROVISIONS	47
	Section
    13.01.   Effect on Successors and Assigns.	47
	Section
    13.02.   Actions by Successor.	48
	Section
    13.03.   Surrender of Company Powers.	48
	Section
    13.04.   Notices.	48
	Section
    13.05.   Governing Law.	48
	Section
    13.06.   Treatment of Securities as Debt.	48
	Section
    13.07.   Compliance Certificates and Opinions.	49
	Section
    13.08.   Payments on Business Days.	49
	Section
    13.09.   Conflict with Trust Indenture Act.	49
	Section
    13.10.   Counterparts.	49
	Section
    13.11.   Separability.	50
	Section
    13.12.   Assignment.	50

 

		(2)	This
                                         Table of Contents does not constitute part of the Indenture and shall not have any bearing
                                         on the interpretation of any of its terms and provisions.

 

    	iii

    	 

    

INDENTURE,
dated as of [_____________________], by and between Ohr Pharmaceutical, Inc., a Delaware corporation (the “Company”),
and [_____________________], as trustee (the “Trustee”):

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal
amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons,
to be authenticated by the certificate of the Trustee;

WHEREAS,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and

WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

NOW,
THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted
and agreed as follows for the equal and ratable benefit of the holders of Securities:

Article
I

DEFINITIONS

Section
1.01.          Definitions
of Terms.

The
terms defined in this Section (except as in this Indenture otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this
Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust
Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except
as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms
in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.

“Authenticating
Agent” means an authenticating agent with respect to all or any of the series of Securities appointed with respect to all
or any series of the Securities by the Trustee pursuant to Section 2.10.

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

“Board
of Directors” means the Board of Directors of the Company or any duly authorized committee of such Board.

    	

    	 

    

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors and to be in full force and effect on the date of such certification.

“Business
Day” means, with respect to any series of Securities, any day other than a day on which Federal or State banking institutions
in the Borough of Manhattan, the City and State of New York, are authorized or obligated by law, executive order or regulation
to close.

“Certificate”
means a certificate signed by the principal executive officer, the principal financial officer or the principal accounting officer
of the Company. The Certificate need not comply with the provisions of Section 13.07.

“Commission”
means the Securities and Exchange Commission.

“Company”
means the corporation named as the “Company” in the first paragraph of this instrument until a successor corporation
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean
such successor corporation.

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at [____________________], except that whenever a provision herein refers
to an office or agency of the Trustee in the Borough of Manhattan, the City and State of New York, such office is located, at
the date hereof, at [____________________].

“Custodian”
means any receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.

“Default”
means an event which is, or after notice or lapse of time, or both, would constitute an Event of Default.

“Depositary”
means, with respect to Securities of any series, for which the Company shall determine that such Securities will be issued as
a Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a
clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by
the Company pursuant to either Section 2.01 or Section 2.11.

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for
the period of time, if any, therein designated.

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

“Global
Security” means, with respect to any series of Securities, a Security executed by the Company and delivered by the Trustee
to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture, which shall be registered
in the name of the Depositary or its nominee.

    	2

    	 

    

“Governmental
Obligations” means securities that are (i) direct obligations of the United States of America for the payment of which its
full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America that, in either case, are non-callable at the option of the issuer thereof, and shall also include a
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with
respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation
held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest
on the Governmental Obligation evidenced by such depositary receipt.

“herein,”
“hereof” and “hereunder,” and other words of similar import, refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision.

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof.

“Interest
Payment Date,” when used with respect to any installment of interest on a Security of a particular series, means the date
specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the
fixed date on which an installment of interest with respect to Securities of that series is due and payable.

“Officers’
Certificate” means a certificate signed by the President or a Vice President and by the Chief Financial Officer, the Treasurer
or an Assistant Treasurer or the Controller or an Assistant Controller or the Secretary or an Assistant Secretary of the Company
that is delivered to the Trustee in accordance with the terms hereof. Certificate shall include the statements provided for in
Section 13.07, if and to the extent required by the provisions thereof.

“Opinion
of Counsel” means a written opinion of counsel, who may be counsel to the Company (and may include directors or employees
of the Company) and which opinion is acceptable to the Trustee which acceptance shall not be unreasonably withheld.

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been
made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

    	3

    	 

    

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

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 2.07 in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security.

“Responsible
Officer,” when used with respect to the Trustee, means any officer of the Trustee, including any vice president, assistant
vice president, secretary, assistant secretary, the treasurer, any assistant treasurer, the managing director or any other officer
of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

“Securities”
means the debt Securities authenticated and delivered under this Indenture.

“Security
Register” has the meaning specified in Section 2.05.

“Security
Registrar” has the meaning specified in Section 2.05.

“Securityholder,”
“holder of Securities,” “registered holder,” or other similar term, means the Person or Persons in whose
name or names a particular Security shall be registered in the Security Register.

“Subsidiary”
means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time
be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its
Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership
or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one
or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall
have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean such successor Trustee. The term “Trustee” as used with
respect to a particular series of the Securities shall mean the trustee with respect to that series.

    	4

    	 

    

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, subject to the provisions of Sections 9.01, 9.02, and
10.01, as in effect at the date of execution of this instrument; provided, however, that in the event the Trust Indenture Act
is amended after such date, Trust Indenture Act means, to the extent required by such amendment, the Trust Indenture Act of 1939,
as so amended, or any successor statute.

“Voting
Stock,” as applied to any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.

Article
II

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

Section
2.01.          Designation
and Terms of Securities.

		(a)	The
                                         aggregate principal amount of Securities that may be authenticated and delivered under
                                         this Indenture is unlimited. The Securities may be issued in one or more series up to
                                         the aggregate principal amount of Securities of that series from time to time authorized
                                         by or pursuant to a Board Resolution of the Company or pursuant to one or more indentures
                                         supplemental hereto. Prior to the initial issuance of Securities of a given series, there
                                         shall be established in or pursuant to a Board Resolution of the Company, and set forth
                                         in an Officers’ Certificate of the Company, or established in one or more indentures
                                         supplemental hereto:

		(1)	the
                                         title of the Security of the series (which shall distinguish the Securities of the series
                                         from all other Securities);

		(2)	the
                                         aggregate principal amount of the Securities of such series initially to be issued and
                                         any limit upon the aggregate principal amount of the Securities of that series that may
                                         be authenticated and delivered under this Indenture (except for Securities authenticated
                                         and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
                                         Securities of that series);

		(3)	the
                                         currency or units based on or relating to currencies in which debt securities of such
                                         series are denominated and the currency or units in which principal or interest or both
                                         will or may be payable;

    	5

    	 

    

		(4)	the
                                         date or dates on which the principal of the Securities of the series is payable and the
                                         place(s) of payment;

		(5)	the
                                         rate or rates at which the Securities of the series shall bear interest or the manner
                                         of calculation of such rate or rates, if any;

		(6)	the
                                         date or dates from which such interest shall accrue, the Interest Payment Dates on which
                                         such interest will be payable or the manner of determination of such Interest Payment
                                         Dates, the place(s) of payment, and the record date for the determination of holders
                                         to whom interest is payable on any such Interest Payment Dates or the method for determining
                                         such dates;

		(7)	the
                                         right, if any, to extend the interest payment periods or to defer the payment of interest
                                         and the duration of such extension;

		(8)	the
                                         period or periods within which, the price or prices at which and the terms and conditions
                                         upon which, Securities of the series may be redeemed, in whole or in part, at the option
                                         of the Company;

		(9)	the
                                         obligation, if any, of the Company to redeem or purchase Securities of the series pursuant
                                         to any sinking fund or analogous provisions (including payments made in cash in satisfaction
                                         of future sinking fund obligations) or at the option of a holder thereof and the period
                                         or periods within which, the price or prices at which, and the terms and conditions upon
                                         which, Securities of the series shall be redeemed or purchased, in whole or in part,
                                         pursuant to such obligation;

		(10)	whether
                                         or not the debt securities will be secured or unsecured, and the terms of any secured
                                         debt;

		(11)	the
                                         form of the Securities of the series including the form of the Certificate of Authentication
                                         for such series;

		(12)	if
                                         other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple
                                         thereof, the denominations in which the Securities of the series shall be issuable;

		(13)	any
                                         and all other terms with respect to such series (which terms shall not be inconsistent
                                         with the terms of this Indenture, as amended by any supplemental indenture) including
                                         any terms which may be required by or advisable under United States laws or regulations
                                         or advisable in connection with the marketing of Securities of that series;

		(14)	whether
                                         the Securities are issuable as a Global Security and, in such case, the identity of the
                                         Depositary for such series;

    	6

    	 

    

		(15)	whether
                                         the Securities will be convertible into shares of common stock or other securities of
                                         the Company and, if so, the terms and conditions upon which such Securities will be so
                                         convertible, including the conversion price and the conversion period;

		(16)	if
                                         other than the principal amount thereof, the portion of the principal amount of Securities
                                         of the series which shall be payable upon declaration of acceleration of the maturity
                                         thereof pursuant to Section 6.01; and

		(17)	any
                                         additional or different Events of Default or restrictive covenants provided for with
                                         respect to the Securities of the series.

All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided
in or pursuant to any such Board Resolution or in any indentures supplemental hereto.

If
any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Officers’ Certificate of the Company setting forth the terms of the series.

Securities
of any particular series may be issued at various times, with different dates on which the principal or any installment of principal
is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with different redemption dates.

Section
2.02.          Form
of Securities and Trustee’s Certificate.

The
Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially
of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution of the
Company and as set forth in an Officers’ Certificate of the Company and the and may have such letters, numbers or other
marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company
may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which Securities
of that series may be listed, or to conform to usage.

Section
2.03.          Denominations:
Provisions for Payment.

The
Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(12). The Securities of a particular series shall bear interest payable on the dates
and at the rate specified with respect to that series. The principal of and the interest on the

    	7

    	 

    

Securities
of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or
currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency
of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be
dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of
twelve 30-day months.

The
interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date
for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities)
is registered at the close of business on the regular record date for such interest installment. In the event that any Security
of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date
with respect to any Interest Payment Date and prior to such

Interest
Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03.

Any
interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities
of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder
on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company,
at its election, as provided in clause (1) or clause (2) below:

		(1)	The
                                         Company may make payment of any Defaulted Interest on Securities to the Persons in whose
                                         names such Securities (or their respective Predecessor Securities) are registered at
                                         the close of business 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 such Security
                                         and the date of the proposed payment, and at the same time the Company shall deposit
                                         with the Trustee an amount of money equal to the aggregate amount proposed to be paid
                                         in respect of such Defaulted Interest or shall make arrangements satisfactory to the
                                         Trustee for such deposit 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 Trustee shall fix a special record date for
                                         the payment of such Defaulted Interest which shall not be more than 15 nor less than
                                         10 days prior to the date of the proposed payment and not less than 10 days after the
                                         receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly
                                         notify the Company of such special record date and, 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 mailed, first class postage prepaid, to each Securityholder
                                         at his or her address as it appears in the Security Register, not less than 10 days

    	8

    	 

    

prior
to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having
been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered on such special record date.

		(2)	The
                                         Company may make payment of any Defaulted Interest on any Securities in any other lawful
                                         manner not inconsistent with the requirements of any securities exchange on which such
                                         Securities may be listed, and upon such notice as may be required by such exchange, 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.

Unless
otherwise set forth in a Board Resolution of the Company or one or more indentures supplemental hereto establishing the terms
of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section
with respect to a series of Securities with respect to any Interest Payment Date for such series shall mean either the fifteenth
day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section
2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the last day of the month immediately preceding
the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest
Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

Subject
to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that
were carried by such other Security.

Section
2.04.          Execution
and Authentications.

The
Securities shall be signed on behalf of the Company by its President, or one of its Vice Presidents, or its Treasurer, or one
of its Assistant Treasurers, or its Secretary, or one of its Assistant Secretaries, under its corporate seal attested by its Secretary
or one of its Assistant Secretaries. Signatures may be in the form of a manual or facsimile signature. The Company may use the
facsimile signature of any Person who shall have been a President or Vice President thereof, or of any Person who shall have been
a Treasurer or Assistant Treasurer thereof, or of any Person who shall have been a Secretary or Assistant Secretary thereof, notwithstanding
the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to
be the President or a Vice President, the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary, of the
Company. The seal of the Company may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted or otherwise
reproduced on the Securities. The Securities may contain such notations, legends or endorsements required by law, stock exchange
rule or usage. Each Security shall be dated the date of its authentication.

    	9

    	 

    

A
Security shall not be valid or obligatory for any purpose and shall not be entitled to any benefit under this Indenture, in each
case, until authenticated with a certificate of authentication manually signed by an authorized signatory of the Trustee, or by
an Authenticating Agent. Such certificate shall be conclusive evidence, and the only evidence, that the Security so authenticated
has been duly authenticated and delivered hereunder and that the Security is entitled to the benefits of this Indenture. At any
time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication
and delivery of such Securities, signed by its President or any Vice President and its Secretary or any Assistant Secretary, and
the Trustee in accordance with such written order shall authenticate and deliver such Securities.

In
authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of
Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.

The
Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee.

Section
2.05.          Registration
of Transfer and Exchange.

		(a)	Securities
                                         of any series may be exchanged upon presentation thereof at the office or agency of the
                                         Company designated for such purpose in the Borough of Manhattan, the City and State of
                                         New York, for other Securities of such series of authorized denominations, and for a
                                         like aggregate principal amount, upon payment of a sum sufficient to cover any tax or
                                         other governmental charge in relation thereto, all as provided in this Section. In respect
                                         of any Securities so surrendered for exchange, the Company shall execute, the Trustee
                                         shall authenticate and such office or agency shall deliver in exchange therefor the Security
                                         or Securities of the same series that the Securityholder making the exchange shall be
                                         entitled to receive, bearing numbers not contemporaneously outstanding.

		(b)	The
                                         Company shall keep, or cause to be kept, at its office or agency designated for such
                                         purpose in the Borough of Manhattan, the City and State of New York, or such other location
                                         designated by the Company a register or registers (herein referred to as the “Security
                                         Register”) in which, subject to such reasonable regulations as it may prescribe,
                                         the Company shall register the Securities and the transfers of Securities as in this
                                         Article provided and which at all reasonable times shall be open for inspection by the
                                         Trustee. The registrar for the purpose of registering Securities and transfer of Securities
                                         as herein provided shall be appointed as authorized by Board Resolution (the “Security
                                         Registrar”).

    	10

    	 

    

Upon
surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security
or Securities of the same series as the Security presented for a like aggregate principal amount.

All
Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied
(if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory
to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney
in writing.

		(c)	No
                                         service charge shall be made for any exchange or registration of transfer of Securities,
                                         or issue of new Securities in case of partial redemption of any series, but the Company
                                         may require payment of a sum sufficient to cover any tax or other governmental charge
                                         in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and
                                         Section 9.04 not involving any transfer.

		(d)	The
                                         Company shall not be required (i) to issue, exchange or register the transfer of any
                                         Securities during a period beginning at the opening of business 15 days before the day
                                         of the mailing of a notice of redemption of less than all the Outstanding Securities
                                         of the same series and ending at the close of business on the day of such mailing, nor
                                         (ii) to register the transfer of or exchange any Securities of any series or portions
                                         thereof called for redemption. The provisions of this Section 2.05 are, with respect
                                         to any Global Security, subject to Section 2.11 hereof.

Section
2.06.          Temporary
Securities.

Pending
the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of
any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will
execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may
be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the
purpose in the Borough of Manhattan, the City and State of New York, and the Trustee shall authenticate and such office or agency
shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series,
unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company.
Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series authenticated and delivered hereunder.

    	11

    	 

    

Section
2.07.          Mutilated,
Destroyed, Lost or Stolen Securities.

In
case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the
next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate
and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution
for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the
applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required
by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the
Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and
of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request
or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith. In case any Security that has matured or is about to mature
shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize
the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment
shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case
of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of
such Security and of the ownership thereof.

Every
replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing
provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall
preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their
surrender.

Section
2.08.          Cancellation.

All
Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the
Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled
by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the
provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company
canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance
with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any
of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented
by such Securities unless and until the same are delivered to the Trustee for cancellation.

    	12

    	 

    

Section
2.09.          Benefits
of Indenture.

Nothing
in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture,
or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the Securities.

Section
2.10.          Authenticating
Agent.

So
long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series
of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf
of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall
be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable
to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by
it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust
business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination
by Federal or State authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions,
it shall resign immediately.

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee
may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any
Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties
of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

    

    	13

    	 

    

SECTION
2.11.      Global Securities

		(a)	If
                                         the Company shall establish pursuant to Section 2.01 that some or all of the Securities
                                         of a particular series are to be issued as a Global Security, then the Company shall
                                         execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver,
                                         a Global Security that (i) shall represent, and shall be denominated in an amount equal
                                         to the aggregate principal amount of, the Outstanding Securities of such series which
                                         are to be issued as a Global Security, (ii) shall be registered in the name of the Depositary
                                         or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant
                                         to the Depositary’s instruction and (iv) shall bear a legend substantially to the
                                         following effect: “Except as otherwise provided in Section 2.11 of the Indenture,
                                         this Security may be transferred, in whole but not in part, only to another nominee of
                                         the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

		(b)	Notwithstanding
                                         the provisions of Section 2.05, the Global Security of a series may be transferred, in
                                         whole but not in part and in the manner provided in Section 2.05, only to another nominee
                                         of the Depositary for such series, or to a successor Depositary for such series selected
                                         or approved by the Company or to a nominee of such successor Depositary.

		(c)	If
                                         at any time the Depositary for a series of the Securities notifies the Company that it
                                         is unwilling or unable to continue as Depositary for such series or if at any time the
                                         Depositary for such series shall no longer be registered or in good standing under the
                                         Exchange Act, or other applicable statute or regulation, and a successor Depositary for
                                         such series is not appointed by the Company within 90 days after the Company receives
                                         such notice or becomes aware of such condition, as the case may be, this Section 2.11
                                         shall no longer be applicable to the Securities of such series and the Company will execute,
                                         and subject to Section 2.05, the Trustee will authenticate and deliver the Securities
                                         of such series in definitive registered form without coupons, in authorized denominations,
                                         and in an aggregate principal amount equal to the principal amount of the Global Security
                                         of such series in exchange for such Global Security. In addition, the Company may at
                                         any time determine that the Securities of any series shall no longer be represented by
                                         a Global Security and that the provisions of this Section 2.11 shall no longer apply
                                         to the Securities of such series. In such event the Company will execute and subject
                                         to Section 2.05, the Trustee, upon receipt of an Officers’ Certificate evidencing
                                         such determination by the Company, will authenticate and deliver the Securities of such
                                         series in definitive registered form without coupons, in authorized denominations, and
                                         in an aggregate principal amount equal to the principal amount of the Global Security
                                         of such series in exchange for such Global Security. Upon the exchange of the Global
                                         Security for such Securities in definitive registered form without coupons, in authorized
                                         denominations, the Global Security shall be canceled by the Trustee. Such Securities
                                         in definitive registered form issued
in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized
denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities
are so registered.

    	14

    	 

    

Article
III

REDEMPTION OF SECURITIES AND SINKING

FUND PROVISIONS

Section
3.01.          Redemption.

The
Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established
for such series pursuant to Section 2.01 hereof.

Section
3.02.          Notice
of Redemption.

		(a)	In
                                         case the Company shall desire to exercise such right to redeem all or, as the case may
                                         be, a portion of the Securities of any series in accordance with the right reserved so
                                         to do, the Company shall, or shall cause the Trustee to, give notice of such redemption
                                         to holders of the Securities of such series to be redeemed by mailing, first class postage
                                         prepaid, a notice of such redemption not less than 30 days and not more than 90 days
                                         before the date fixed for redemption of that series to such holders at their last addresses
                                         as they shall appear upon the Security Register unless a shorter period is specified
                                         in the Securities to be redeemed. Any notice that is mailed in the manner herein provided
                                         shall be conclusively presumed to have been duly given, whether or not the registered
                                         holder receives the notice. In any case, failure duly to give such notice to the holder
                                         of any Security of any series designated for redemption in whole or in part, or any defect
                                         in the notice, shall not affect the validity of the proceedings for the redemption of
                                         any other Securities of such series or any other series. In the case of any redemption
                                         of Securities prior to the expiration of any restriction on such redemption provided
                                         in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish
                                         the Trustee with an Officers’ Certificate evidencing compliance with any such restriction.

Each
such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that
series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be
made at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, upon presentation
and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said
notice, that from and after said date interest will cease to accrue and that the redemption is for a sinking fund, if such is
the case. If less than all
the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in whole
or in part shall specify the particular Securities to be so redeemed. In case any Security is to be redeemed in part only, the
notice that relates to such Security 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 Security, a new Security or Securities of such series in principal amount
equal to the unredeemed portion thereof will be issued.

    	15

    	 

    

		(b)	If
                                         less than all the Securities of a series are to be redeemed, the Company shall give the
                                         Trustee at least 30 days’ notice in advance of the date fixed for redemption as
                                         to the aggregate principal amount of Securities of the series to be redeemed, and thereupon
                                         the Trustee shall select, by lot or in such other manner as it shall deem appropriate
                                         and fair in its discretion and that may provide for the selection of a portion or portions
                                         (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the
                                         principal amount of such Securities of a denomination larger than $1,000, the Securities
                                         to be redeemed and shall thereafter promptly notify the Company in writing of the numbers
                                         of the Securities to be redeemed, in whole or in part. The Company may, if and whenever
                                         it shall so elect, by delivery of instructions signed on its behalf by its President
                                         or any Vice President, instruct the Trustee or any paying agent to call all or any part
                                         of the Securities of a particular series for redemption and to give notice of redemption
                                         in the manner set forth in this Section, such notice to be in the name of the Company
                                         or its own name as the Trustee or such paying agent may deem advisable. In any case in
                                         which notice of redemption is to be given by the Trustee or any such paying agent, the
                                         Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee
                                         or such paying agent, as the case may be, such Security Register, transfer books or other
                                         records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or
                                         such paying agent to give any notice by mail that may be required under the provisions
                                         of this Section.

Section
3.03.          Payment
Upon Redemption.

		(a)	If
                                         the giving of notice of redemption shall have been completed as above provided, the Securities
                                         or portions of Securities of the series to be redeemed specified in such notice shall
                                         become due and payable on the date and at the place stated in such notice at the applicable
                                         redemption price, together with interest accrued to the date fixed for redemption and
                                         interest on such Securities or portions of Securities shall cease to accrue on and after
                                         the date fixed for redemption, unless the Company shall default in the payment of such
                                         redemption price and accrued interest with respect to any such Security or portion thereof.
                                         On presentation and surrender of such Securities on or after the date fixed for redemption
                                         at the place of payment specified in the notice, said Securities shall be paid and redeemed
                                         at the applicable redemption price for such series, together with interest accrued thereon
                                         to the date fixed for redemption (but if the date fixed for redemption is an interest
                                         payment date, the interest installment payable on such date shall be payable to
the registered holder at the close of business on the applicable record date pursuant to Section 2.03).

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		(b)	Upon
                                         presentation of any Security of such series that is to be redeemed in part only, the
                                         Company shall execute and the Trustee shall authenticate and the office or agency where
                                         the Security is presented shall deliver to the holder thereof, at the expense of the
                                         Company, a new Security of the same series of authorized denominations in principal amount
                                         equal to the unredeemed portion of the Security so presented.

Section
3.04.          Sinking
Fund.

The
provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series,
except as otherwise specified as contemplated by Section 2.01 for Securities of such series.

The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series
is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

Section
3.05.          Satisfaction
of Sinking Fund Payments with Securities.

The
Company (i) may deliver Outstanding Securities of a series (other than any Securities previously called for redemption) and (ii)
may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms
of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required
to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities
have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption
price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly.

Section
3.06.          Redemption
of Securities for Sinking Fund.

Not
less than 45 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee
an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the
terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 3.05 and the basis for such credit and will, together with such Officers’ Certificate, deliver to the
Trustee any Securities to be so delivered. Not less than 30
days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and
at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Section 3.03.

    	17

    	 

    

Article
IV

COVENANTS

Section
4.01.          Payment
of Principal, Premium and Interest.

The
Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided herein and established with respect to such Securities.

Section
4.02.          Maintenance
of Office or Agency.

So
long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the Borough of
Manhattan, the City and State of New York, with respect to each such series and at such other location or locations as may be
designated as provided in this Section 4.02, where (i) Securities of that series may be presented or surrendered for payment,
(ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii)
notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served,
such designation to continue with respect to such office or agency until the Company shall, by written notice signed by its President
or a Vice President and delivered to the trustee, designate some other office or agency for such purposes or any of them. 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, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.

Section
4.03.          Paying
Agents.

		(a)	If
                                         the Company shall appoint one or more paying agents for all or any series of the Securities,
                                         other than the Trustee, the Company will cause each such paying agent to execute and
                                         deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
                                         subject to the provisions of this Section:

		(1)	that
                                         it will hold all sums held by it as such agent for the payment of the principal of (and
                                         premium, if any) or interest on the Securities of that series (whether such sums have
                                         been paid to it by the Company or by any
other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;

    	18

    	 

    

		(2)	that
                                         it will give the Trustee notice of any failure by the Company (or by any other obligor
                                         of such Securities) to make any payment of the principal of (and premium, if any) or
                                         interest on the Securities of that series when the same shall be due and payable;

		(3)	that
                                         it will, at any time during the continuance of any failure referred to in the preceding
                                         paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the
                                         Trustee all sums so held in trust by such paying agent; and

		(4)	that
                                         it will perform all other duties of paying agent as set forth in this Indenture.

		(b)	If
                                         the Company shall act as its own paying agent with respect to any series of the Securities,
                                         it will on or before each due date of the principal of (and premium, if any) or interest
                                         on Securities of that series, set aside, segregate and hold in trust for the benefit
                                         of the Persons entitled thereto a sum sufficient with monies held by all other paying
                                         agents to pay such principal (and premium, if any) or interest so becoming due on Securities
                                         of that series until such sums shall be paid to such Persons or otherwise disposed of
                                         as herein provided and will promptly notify the Trustee of such action, or any failure
                                         (by it or any other obligor on such Securities) to take such action. Whenever the Company
                                         shall have one or more paying agents for any series of Securities, it will, prior to
                                         each due date of the principal of (and premium, if any) or interest on any Securities
                                         of that series, deposit with the paying agent a sum sufficient to pay the principal (an
                                         premium, if any) or interest so becoming due, such sum to be held in trust for the benefit
                                         of the Persons entitled to such principal, premium or interest, and (unless such paying
                                         agent is the Trustee) the Company will promptly notify the Trustee of this action or
                                         failure so to act.

		(c)	Notwithstanding
                                         anything in this Section to the contrary, (i) the agreement to hold sums in trust as
                                         provided in this Section is subject to the provisions of Section 11.05, and (ii) the
                                         Company may at any time, for the purpose of obtaining the satisfaction and discharge
                                         of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to
                                         the Trustee all sums held in trust by the Company or such paying agent, such sums to
                                         be held by the Trustee upon the same terms and conditions as those upon which such sums
                                         were held by the Company or such paying agent; and, upon such payment by any paying agent
                                         to the Trustee, such paying agent shall be released from all further liability with respect
                                         to such money.

    

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SECTION 4.04.          Appointment
to Fill Vacancy in Office of Trustee.

The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section
7.10, a Trustee, so that there shall at all times be a Trustee hereunder.

Section
4.05.          Compliance
with Consolidation Provisions.

The
Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case
where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other
company unless the provisions of Article X hereof are complied with.

Article
V

SECURITYHOLDERS’ LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

Section
5.01.          Company
to Furnish Trustee Names and Addresses of Securityholders.

If
the Company is not the Security Register, the Company will furnish or use reasonable efforts to cause to be furnished to the Trustee
(a) on each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the
names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall
not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most
recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30
days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days
prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series
for which the Trustee shall be the Security Registrar.

Section
5.02.          Preservation
Of Information; Communications With Securityholders.

		(a)	The
                                         Trustee shall preserve, in as current a form as is reasonably practicable, all information
                                         as to the names and addresses of the holders of Securities contained in the most recent
                                         list furnished to it as provided in Section 5.01 and as to the names and addresses of
                                         holders of Securities received by the Trustee in its capacity as Security Registrar (if
                                         acting in such capacity) and shall otherwise comply with Section 312(a) of the Trust
                                         Indenture Act.

		(b)	The
                                         Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt
                                         of a new list so furnished.

		(c)	Securityholders
                                         may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders
                                         with respect to their rights under this Indenture or under the Securities.

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Section 5.03.         
Reports by the Company.

		(a)	The
                                         Company covenants and agrees to file with the Trustee, within 15 days after the Company
                                         is required to file the same with the Commission, copies of the annual reports and of
                                         the information, documents and other reports (or copies of such portions of any of the
                                         foregoing as the Commission may from time to time by rules and regulations prescribe)
                                         that the Company may be required to file with the Commission pursuant to Section 13 or
                                         Section 15(d) of the Exchange Act; or, if the Company is not required to file information,
                                         documents or reports pursuant to either of such sections, then to file with the Trustee
                                         and the Commission, in accordance with the rules and regulations prescribed from time
                                         to time by the Commission, such of the supplementary and periodic information, documents
                                         and reports that may be required pursuant to Section 13 of the Exchange Act, in respect
                                         of a security listed and registered on a national securities exchange as may be prescribed
                                         from time to time in such rules and regulations; provided, however, the Company shall
                                         not be required to deliver to the Trustee any materials for which the Company has sought
                                         and received confidential treatment by the Commission. The Company also shall comply
                                         with the other provisions of Section 314(a) of the Trust Indenture Act.

		(b)	The
                                         Company covenants and agrees to file with the Trustee and the Commission, in accordance
                                         with the rules and regulations prescribed from to time by the Commission, such additional
                                         information, documents and reports with respect to compliance by the Company with the
                                         conditions and covenants provided for in this Indenture as may be required from time
                                         to time by such rules and regulations.

		(c)	The
                                         Company covenants and agrees to transmit by mail, first class postage prepaid, or reputable
                                         over-night delivery service that provides for evidence of receipt, to the Securityholders,
                                         as their names and addresses appear upon the Security Register, within 30 days after
                                         the filing thereof with the Trustee, such summaries of any information, documents and
                                         reports required to be filed by the Company pursuant to subsections (a) and (b) of this
                                         Section as may be required by rules and regulations prescribed from time to time by the
                                         Commission.

Section
5.04.          Reports
by the Trustee.

		(a)	The
                                         Trustee shall transmit to holders as provided in Section 313 of the Trust Indenture Act
                                         such reports concerning the Trustee and its actions under this Indenture as may be required
                                         by Section 313 of the Trust Indenture Act at the times and in the manner provided by
                                         the Trust Indenture Act.

		(b)	A
                                         copy of each such report shall, at the time of such transmission to Securityholders,
                                         be filed by the Trustee with the Company, with each stock exchange upon which any Securities
                                         are listed (if so listed) and, if required by Section 313 of the Trust Indenture Act,
                                         also with the Commission. The Company agrees to notify the Trustee when any Securities
                                         become listed on any stock exchange.

    	21

    	 

    

Article
VI

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

Section
6.01.          Events
of Default.

		(a)	Whenever
                                         used herein with respect to Securities of a particular series, “Event of Default”
                                         means any one or more of the following events that has occurred and is continuing:

		(1)	the
                                         Company defaults in the payment of any installment of interest upon any of the Securities
                                         of that series, as and when the same shall become due and payable, and continuance of
                                         such default for a period of 90 days; provided, however, that a valid extension of an
                                         interest payment period by the Company in accordance with the terms of any indenture
                                         supplemental hereto shall not constitute a default in the payment of interest for this
                                         purpose;

		(2)	the
                                         Company defaults in the payment of the principal of (or premium, if any, on) any of the
                                         Securities of that series as and when the same shall become due and payable whether at
                                         maturity, upon redemption, by declaration or otherwise, or in any payment required by
                                         any sinking or analogous fund established with respect to that series; provided, however,
                                         that a valid extension of the maturity of such Securities in accordance with the terms
                                         of any indenture supplemental hereto shall not constitute a default in the payment of
                                         principal or premium, if any;

		(3)	the
                                         Company fails to observe or perform any other of its covenants or agreements with respect
                                         to that series contained in this Indenture or otherwise established with respect to that
                                         series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
                                         that has been expressly included in this Indenture solely for the benefit of one or more
                                         series of Securities other than such series) for a period of 90 days after the date on
                                         which written notice of such failure, requiring the same to be remedied and stating that
                                         such notice is a “Notice of Default” hereunder, shall have been given to
                                         the Company by the Trustee, by registered or certified mail, or to the Company and the
                                         Trustee by the holders of not less than a majority in principal amount of the Securities
                                         of that series at the time Outstanding; (4)the Company pursuant to or within the meaning
                                         of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an
                                         order for relief against it in an involuntary case, (iii) consents to the appointment
of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its
creditors; or (5)a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the
Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property, or (iii)
orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 consecutive days.

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		(b)	In
                                         each and every such case, unless the principal of all the Securities of that series shall
                                         have already become due and payable, either the Trustee or the holders of not less than
                                         a majority in aggregate principal amount of the Securities of that series then Outstanding
                                         hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders),
                                         may declare the principal (or, if any Securities of that series are discount securities,
                                         that portion of the principal amount as may be specified in the terms of that series
                                         pursuant to Section 2.01(a)(16)) of (and premium, if any, on) and accrued and unpaid
                                         interest, if any, on all the Securities of that series to be due and payable immediately,
                                         and upon any such declaration the same shall become and shall be immediately due and
                                         payable.

		(c)	At
                                         any time after the principal of the Securities of that series shall have been so declared
                                         due and payable, and before a judgment or decree for the payment of the moneys due shall
                                         have been obtained or entered as hereinafter provided, the holders of a majority in aggregate
                                         principal amount of the Securities of that series then Outstanding hereunder (or, by
                                         action at a meeting of holders of the Securities of such series in accordance with Section
                                         8.09, the holders of a majority in aggregate principal amount of the Securities of such
                                         series then Outstanding represented at such meeting), by written notice to the Company
                                         and the Trustee, may rescind and annul such declaration and its consequences if: (i)
                                         the Company has paid or deposited with the Trustee a sum sufficient to pay all matured
                                         installments of interest upon all the Securities of that series and the principal of
                                         (and premium, if any, on) any and all Securities of that series that shall have become
                                         due otherwise than by acceleration and (ii) any and all Events of Default under this
                                         Indenture with respect to such series, other than the nonpayment of principal of (and
                                         premium, if any, on) and accrued and unpaid interest, if any, on Securities of that series
                                         that shall have become due solely because of such acceleration, shall have been remedied,
                                         cured or waived as provided in Section 6.06. No such rescission and annulment shall extend
                                         to or shall affect any subsequent default or impair any right consequent thereon.

		(d)	In
                                         case the Trustee shall have proceeded to enforce any right with respect to Securities
                                         of that series under this Indenture and such proceedings shall have been discontinued
                                         or abandoned because of such rescission or annulment or for any other reason or shall
                                         have been determined adversely to the Trustee, then and in every such case, subject to
                                         any determination in such proceedings, the
Company, and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

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

		(a)	The
                                         Company covenants that (1) in case it shall default in the payment of any installment
                                         of interest on any of the Securities of a series, or any payment required by any sinking
                                         or analogous fund established with respect to that series as and when the same shall
                                         have become due and payable, and such default shall have continued for a period of 90
                                         Business Days, or (2) in case it shall default in the payment of the principal of (or
                                         premium, if any, on) any of the Securities of a series when the same shall have become
                                         due and payable, whether upon maturity of the Securities of a series or upon redemption
                                         or upon declaration or otherwise, then, upon demand of the Trustee, the Company will
                                         pay to the Trustee, for the benefit of the holders of the Securities of that series,
                                         the whole amount that then shall have been become due and payable on all such Securities
                                         for principal (and premium, if any) or interest, or both, as the case may be, with interest
                                         upon the overdue principal (and premium, if any) and (to the extent that payment of such
                                         interest is enforceable under applicable law) upon overdue installments of interest at
                                         the rate per annum expressed in the Securities of that series; and, in addition thereto,
                                         such further amount as shall be sufficient to cover the costs and expenses of collection,
                                         and the amount payable to the Trustee under Section 7.06.

		(b)	If
                                         the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in
                                         its own name and as trustee of an express trust, shall be entitled and empowered to institute
                                         any action or proceedings at law or in equity for the collection of the sums so due and
                                         unpaid, and may prosecute any such action or proceeding to judgment or final decree,
                                         and may enforce any such judgment or final decree against the Company or other obligor
                                         upon the Securities of that series and collect the moneys adjudged or decreed to be payable
                                         in the manner provided by law out of the property of the Company or other obligor upon
                                         the Securities of that series, wherever situated.

		(c)	In
                                         case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment,
                                         arrangement, composition or judicial proceedings affected the Company, or its creditors
                                         or property, the Trustee shall have power to intervene in such proceedings and take any
                                         action therein that may be permitted by the court and shall (except as may be otherwise
                                         provided by law) be entitled to file such proofs of claim and other papers and documents
                                         as may be necessary or advisable in order to have the claims of the Trustee and of the
                                         holders of Securities of such series allowed for the entire amount due and payable by
                                         the Company under this Indenture at the date of institution of such proceedings and for
                                         any additional amount that may become
due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable
on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and
any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of
such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments
directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06.

    	24

    	 

    

		(d)	All
                                         rights of action and of asserting claims under this Indenture, or under any of the terms
                                         established with respect to Securities of that series, may be enforced by the Trustee
                                         without the possession of any of such Securities, or the production thereof at any trial
                                         or other proceeding relative thereto, and any such suit or proceeding instituted by the
                                         Trustee shall be brought in its own name as trustee of an express trust, and any recovery
                                         of judgment shall, after provision for payment to the Trustee of any amounts due under
                                         Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

In
case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it
by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any
of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

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

Section
6.03.          Application
of Moneys Collected.

Any
moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in
the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal
(or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon the payment, if only
partially paid, and upon surrender thereof if fully paid:

FIRST:
To the payment of costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06; and

SECOND:
To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest,
in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any
kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively.

    	25

    	 

    

Section
6.04.          Limitation
on Suits.

No
holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute
any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event
of Default, as hereinbefore provided; (ii) the holders of not less than a majority in aggregate principal amount of the Securities
of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding
in its own name as trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity
as it may require against the costs, expenses and liabilities to be incurred therein or thereby; and (iv) the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding
and (v) during such 60 day period, the holders of a majority in principal amount of the Securities of that series (or such amount
as shall have acted at a meeting of the holders of Securities of such series pursuant to the provisions of this Indenture) do
not give the Trustee a direction inconsistent with the request; provided, however, that no one or more of such holders may use
this Indenture to prejudice the rights of another holder or to obtain preference or priority over another holder.

Notwithstanding
anything contained herein to the contrary, any other provisions of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for
the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without
the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker
and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders
of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture
to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority
over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement
of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

Section
6.05.          Rights
and Remedies Cumulative; Delay or Omission Not Waiver.

		(a)	Except
                                         as otherwise provided in Section 2.07, all powers and remedies given by this Article
                                         to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed
                                         cumulative and not exclusive of any other powers and remedies available to the Trustee
                                         or the holders of the Securities, by judicial proceedings or otherwise, to enforce the
                                         performance or observance of the covenants and agreements contained in this Indenture
                                         or otherwise established with respect to such Securities.

    	26

    	 

    

		(b)	No
                                         delay or omission of the Trustee or of any holder of any of the Securities to exercise
                                         any right or power accruing upon any Event of Default occurring and continuing as aforesaid
                                         shall impair any such right or power, or shall be construed to be a waiver of any such
                                         default or on acquiescence therein; and, subject to the provisions of Section 6.04, every
                                         power and remedy given by this Article or by law to the Trustee or the Securityholders
                                         may be exercised from time to time, and as often as shall be deemed expedient, by the
                                         Trustee or by the Securityholders.

Section
6.06.          Control
by Securityholders.

The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance
with Section 8.01, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that
such direction shall not be in conflict with any rule of law or with this Indenture or be unduly prejudicial to the rights of
holders of Securities of any other series at the time Outstanding determined in accordance with Section 8.01. Subject to the provisions
of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall,
by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability. The holders either (a) through the written consent of not less than a majority in aggregate principal amount of the
Securities of any series at the time Outstanding or (b) by action at a meeting of holders of the Securities of such series in
accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such series then
Outstanding represented at such meeting, may on behalf of the holders of all of the Securities of such series waive any past default
in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series
and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities
of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such
default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been
deposited with the Trustee (in accordance with Section 6.01(c)) and except in respect a provision hereof which, under Section
9.02, cannot be modified or amended without the consent of the holders of each Outstanding Security affected; provided however
that this Section shall not limit the right of holders of Securities of a series to rescind and annul any acceleration as set
forth in Section 6.01. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this
Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions
and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon. The provisions which otherwise would be automatically deemed to be contained in this Indenture pursuant to
Section 316(a)(1) of the Trust Indenture Act are hereby expressly excluded from this Indenture, except to the extent such provisions
are expressly included herein.

    	27

    	 

    

Section
6.07.          Undertaking
to Pay Costs.

All
parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal
amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the
payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates
expressed in such Security or established pursuant to this Indenture.

Article
VII

CONCERNING THE TRUSTEE

Section
7.01.          Certain
Duties and Responsibilities of Trustee.

		(a)	The
                                         Trustee, prior to the occurrence of an Event of Default with respect to the Securities
                                         of a series and after the curing of all Events of Default with respect to the Securities
                                         of that series that may have occurred, shall undertake to perform with respect to the
                                         Securities of such series such duties and only such duties as are specifically set forth
                                         in this Indenture, and no implied covenants shall be read into this Indenture against
                                         the Trustee. In case an Event of Default with respect to the Securities of a series has
                                         occurred (that has not been cured or waived), the Trustee shall exercise with respect
                                         to Securities of that series such of the rights and powers vested in it by this Indenture,
                                         and use the same degree of care and skill in their exercise, as a prudent man would exercise
                                         or use under the circumstances in the conduct of his own affairs.

		(b)	No
                                         provision of this Indenture shall be construed to relieve the Trustee from liability
                                         for its own negligent action, its own negligent failure to act, or its own willful misconduct,
                                         except that:

		(1)	prior
                                         to the occurrence of an Event of Default with respect to the Securities of a series and
                                         after the curing or waiving of all such Events of Default with respect to that series
                                         that may have occurred:

    	28

    	 

    

		(i)	the
                                         duties and obligations of the Trustee shall with respect to the Securities of such series
                                         be determined solely by the express provisions of this Indenture, and the Trustee shall
                                         not be liable with respect to the Securities of such series except for the performance
                                         of such duties and obligations as are specifically set forth in this Indenture, and no
                                         implied covenants or obligations shall be read into this Indenture against the Trustee;
                                         and

		(ii)	in
                                         the absence of bad faith on the part of the Trustee, the Trustee may with respect to
                                         the Securities of such series conclusively rely, as to the truth of the statements and
                                         the correctness of the opinions expressed therein, upon any certificates or opinions
                                         furnished to the Trustee and conforming to the requirements of this Indenture; but in
                                         the case of any such certificates or opinions that by any provision hereof are specifically
                                         required to be furnished to the Trustee, the Trustee shall be under a duty to examine
                                         the same to determine whether or not they conform to the requirement of this Indenture;

		(2)	the
                                         Trustee shall not be liable for any error of judgment made in good faith by a Responsible
                                         Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee,
                                         was negligent in ascertaining the pertinent facts;

		(3)	the
                                         Trustee shall not be liable with respect to any action taken or omitted to be taken by
                                         it in good faith in accordance with the direction of the holders of not less than a majority
                                         in principal amount of the Securities of any series at the time Outstanding relating
                                         to the time, method and place of conducting any proceeding for any remedy available to
                                         the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture
                                         with respect to the Securities of that series; and

		(4)	None
                                         of the provisions contained in this Indenture shall require the Trustee to expend or
                                         risk its own funds or otherwise incur personal financial liability in the performance
                                         of any of its duties or in the exercise of any of its rights or powers, if there is reasonable
                                         ground for believing that the repayment of such funds or liability is not reasonably
                                         assured to it under the terms of this Indenture or adequate indemnity against such risk
                                         is not reasonably assured to it.

Section
7.02.          Certain
Rights of Trustee.

Except
as otherwise provided in Section 7.01:

    	29

    	 

    

		(a)	The
                                         Trustee may rely and shall be protected in acting or refraining from acting upon any
                                         resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
                                         order, approval, bond, security or other paper or document believed by it to be genuine
                                         and to have been signed or presented by the proper party or parties;

		(b)	Any
                                         request, direction, order or demand of the Company mentioned herein shall be sufficiently
                                         evidenced by a Board Resolution or an instrument signed in the name of the Company, by
                                         the President or any Vice President and by the Secretary or an Assistant Secretary or
                                         the Treasurer or an Assistant Treasurer thereof (unless other evidence in respect thereof
                                         is specifically prescribed herein);

		(c)	The
                                         Trustee may consult with counsel and the written advice of such counsel or any Opinion
                                         of Counsel shall be full and complete authorization and protection in respect of any
                                         action taken or suffered or omitted hereunder in good faith and in reliance thereon;

		(d)	The
                                         Trustee shall be under no obligation to exercise any of the rights or powers vested in
                                         it by this Indenture at the request, order or direction of any of the Securityholders,
                                         pursuant to the provisions of this Indenture, unless such Securityholders shall have
                                         offered to the Trustee reasonable security or indemnity against the costs, expenses and
                                         liabilities that may be incurred therein or thereby; nothing contained herein shall,
                                         however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default
                                         with respect to a series of the Securities (that has not been cured or waived) to exercise
                                         with respect to Securities of that series such of the rights and powers vested in it
                                         by this Indenture, and to use the same degree of care and skill in their exercise, as
                                         a prudent man would exercise or use under the circumstances in the conduct of his own
                                         affairs;

		(e)	The
                                         Trustee shall not be liable for any action taken or omitted to be taken by it in good
                                         faith and believed by it to be authorized or within the discretion or rights or powers
                                         conferred upon it by this Indenture;

		(f)	The
                                         Trustee shall not be bound to make any investigation into the facts or matters stated
                                         in any resolution, certificate, statement, instrument, opinion, report, notice, request,
                                         consent, order, approval, bond, security, or other papers or documents, unless requested
                                         in writing so to do by the holders of not less than a majority in principal amount of
                                         the Outstanding Securities of the particular series affected thereby (determined as provided
                                         in Section 8.04); provided, however, that if the payment within a reasonable time to
                                         the Trustee of the costs, expenses or liabilities likely to be incurred by it in the
                                         making of such investigation is, in the opinion of the Trustee, not reasonably assured
                                         to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee
                                         may require reasonable indemnity against such costs, expenses or liabilities as a condition
                                         to so proceeding. The reasonable expense of every such examination shall be paid by the
                                         Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and

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		(g)	The
                                         Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
                                         either directly or by or through agents or attorneys and the Trustee shall not be responsible
                                         for any misconduct or negligence on the part of any agent or attorney appointed with
                                         due care by it hereunder.

Section
7.03.          Trustee
Not Responsible for Recitals or Issuance of Securities.

		(a)	The
                                         recitals contained herein and in the Securities shall be taken as the statements of the
                                         Company, and the Trustee assumes no responsibility for the correctness of the same.

		(b)	The
                                         Trustee makes no representations as to the validity or sufficiency of this Indenture
                                         or of the Securities.

		(c)	The
                                         Trustee shall not be accountable for the use or application by the Company of any of
                                         the Securities or of the proceeds of such Securities, or for the use or application of
                                         any moneys paid over by the Trustee in accordance with any provision of this Indenture
                                         or established pursuant to Section 2.01, or for the use or application of any moneys
                                         received by any paying agent other than the Trustee.

Section
7.04.          May
Hold Securities.

The
Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of
Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.

Section
7.05.          Moneys
Held in Trust.

Subject
to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held
in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree
with the Company to pay thereon.

Section
7.06.          Compensation
and Reimbursement.

		(a)	The
                                         Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled
                                         to, such reasonable compensation (which shall not be limited by any provision of law
                                         in regard to the compensation of a trustee of an express trust), as the Company, and
                                         the Trustee may from time to time agree in writing, for all services rendered by it in
                                         the execution of the trusts hereby created and in the exercise and performance of any
                                         of the powers and duties hereunder of the Trustee, and, except as otherwise expressly
                                         provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its
employ) except any such expense, disbursement or advance as may arise from its negligence or bad faith. The Company also covenants
to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability
or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance
or administration of this trust, including the costs and expenses of defending itself against any claim of liability in the premises.

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		(b)	The
                                         obligations of the Company under this Section to compensate and indemnify the Trustee
                                         and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute
                                         additional indebtedness hereunder. Such additional indebtedness shall be secured by a
                                         lien prior to that of the Securities upon all property and funds held or collected by
                                         the Trustee as such, except funds held in trust for the benefit of the holders of particular
                                         Securities.

Section
7.07.          Reliance
on Officers’ Certificate.

Except
as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem
it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or
bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered
to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant
to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith
thereof.

Section
7.08.          Disqualification;
Conflicting Interests.

If
the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture
Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

Section
7.09.          Corporate
Trustee Required; Eligibility.

There
shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized
and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia,
or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision
or examination by Federal, State, Territorial, or District of Columbia authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person
directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any
time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately
in the manner and with the effect specified in Section 7.10.

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Section
7.10.          Resignation
and Removal; Appointment of Successor.

		(a)	The
                                         Trustee or any successor hereafter appointed, may at any time resign with respect to
                                         the Securities of one or more series by giving written notice thereof to the Company
                                         and by transmitting notice of resignation by mail, first class postage prepaid, to the
                                         Securityholders of such series, as their names and addresses appear upon the Security
                                         Register. Upon receiving such notice of resignation, the Company shall promptly appoint
                                         a successor trustee with respect to Securities of such series by written instrument,
                                         in duplicate, executed by order of the Board of Directors, one copy of which instrument
                                         shall be delivered to the resigning Trustee and one copy to the successor trustee. If
                                         no successor trustee shall have been so appointed and have accepted appointment within
                                         30 days after the mailing of such notice of resignation, the resigning Trustee may petition
                                         any court of competent jurisdiction for the appointment of a successor trustee with respect
                                         to Securities of such series, or any Securityholder of that series who has been a bona
                                         fide holder of a Security or Securities for at least six months may on behalf of himself
                                         and all others similarly situated, petition any such court for the appointment of a successor
                                         trustee. Such court may thereupon after such notice, if any, as it may deem proper and
                                         prescribe, appoint a successor trustee.

		(b)	In
                                         case at any time any one of the following shall occur:

		(1)	the
                                         Trustee shall fail to comply with the provisions of Section 7.08 after written request
                                         therefor by the Company or by any Securityholder who has been a bona fide holder of a
                                         Security or Securities for at least six months; or

		(2)	the
                                         Trustee shall cease to be eligible in accordance with the provisions of Section 7.09
                                         and shall fail to resign after written request therefor by the Company or by any such
                                         Securityholder; or

		(3)	the
                                         Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent,
                                         or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its
                                         property shall be appointed or consented to, or any public officer shall take charge
                                         or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint
a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument
shall be delivered to the Trustee so removed and one copy to the successor trustee, or, unless the Trustee’s duty to resign
is stayed as provided herein, any Securityholder who has been a bona fide holder of a Security or Securities for at least six
months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem
proper and prescribe, remove the Trustee and appoint a successor trustee.

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		(c)	The
                                         holders of a majority in aggregate principal amount of the Securities of any series at
                                         the time Outstanding may at any time remove the Trustee with respect to such series by
                                         so notifying the Trustee and the Company and may appoint a successor Trustee for such
                                         series with the consent of the Company.

		(d)	Any
                                         resignation or removal of the Trustee and appointment of a successor trustee with respect
                                         to the Securities of a series pursuant to any of the provisions of this Section shall
                                         become effective upon acceptance of appointment by the successor trustee as provided
                                         in Section 7.11.

		(e)	Any
                                         successor trustee appointed pursuant to this Section may be appointed with respect to
                                         the Securities of one or more series or all of such series, and at any time there shall
                                         be only one Trustee with respect to the Securities of any particular series.

Section
7.11.          Acceptance
of Appointment By Successor.

		(a)	In
                                         case of the appointment hereunder of a successor trustee with respect to all Securities,
                                         every such successor trustee so appointed shall execute, acknowledge and deliver to the
                                         Company and to the retiring Trustee an instrument accepting such appointment, and thereupon
                                         the resignation or removal of the retiring Trustee shall become effective and such successor
                                         trustee, without any further act, deed or conveyance, shall become vested with all the
                                         rights, powers, trusts and duties of the retiring Trustee; but, on the request of the
                                         Company or the successor trustee, such retiring Trustee shall, upon payment of its charges,
                                         execute and deliver an instrument transferring to such successor trustee all the rights,
                                         powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver
                                         to such successor trustee all property and money held by such retiring Trustee hereunder.

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		(b)	In
                                         case of the appointment hereunder of a successor trustee with respect to the Securities
                                         of one or more (but not all) series, the Company, the retiring Trustee and each successor
                                         trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment
and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor trustee relates, (2) shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee,
and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee
shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery
of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor
trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and
obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee,
such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series
to which the appointment of such successor trustee relates.

		(c)	Upon
                                         request of any such successor trustee, the Company shall execute any and all instruments
                                         for more fully and certainly vesting in and confirming to such successor trustee all
                                         such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as
                                         the case may be.

		(d)	No
                                         successor trustee shall accept its appointment unless at the time of such acceptance
                                         such successor trustee shall be qualified and eligible under this Article.

		(e)	Upon
                                         acceptance of appointment by a successor trustee as provided in this Section, the Company
                                         shall transmit notice of the succession of such trustee hereunder by mail, first class
                                         postage prepaid, to the Securityholders, as their names and addresses appear upon the
                                         Security Register. If the Company fails to transmit such notice within ten days after
                                         acceptance of appointment by the successor trustee, the successor trustee shall cause
                                         such notice to be transmitted at the expense of the Company.

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Section
7.12.          Merger,
Conversion, Consolidation or Succession to Business.

Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified
under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities.

Section
7.13.          Preferential
Collection of Claims Against the Company.

The
Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section
311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein.

Article
VIII

CONCERNING THE SECURITYHOLDERS

Section
8.01.          Evidence
of Action by Securityholders.

Whenever
in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities
of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or
waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or
specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar
tenor executed by such holders of Securities of that series in Person or by agent or proxy appointed in writing.

If
the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent,
waiver or other action, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record
date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the
record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders
for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action,
and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that
no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six months after the record date.

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Section
8.02.          Proof
of Execution by Securityholders.

Subject
to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization)
or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following
manner:

		(a)	The
                                         fact and date of the execution by any such Person of any instrument may be proved in
                                         any reasonable manner acceptable to the Trustee.

		(b)	The
                                         ownership of Securities shall be proved by the Security Register of such Securities or
                                         by a certificate of the Security Registrar thereof.

		(c)	The
                                         Trustee may require such additional proof of any matter referred to in this Section as
                                         it shall deem necessary.

Section
8.03.          Who
May be Deemed Owners.

Prior
to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute
owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon
made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium,
if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee
nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

Section
8.04.          Certain
Securities Owned by Company Disregarded.

In
determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred
in any direction, consent of waiver under this Indenture, the Securities of that series that are owned by the Company or any other
obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually
knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding
for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right
so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

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Section
8.05.          Actions
Binding on Future Securityholders.

At
any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the
holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this
Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included
in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon
proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any such
action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners
of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with
such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

Section
8.06.          Purposes
for Which Meetings May Be Called.

A
meeting of holders of any series of Securities may be called at any time and from time to time pursuant to this Article to make,
give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture
to be made, given or taken by holders of such series of Securities.

Notwithstanding
anything contained in this Article VIII, the Trustee may, during the pendency of a Default or an Event of Default, call a meeting
of holders of any series of Securities in accordance with its standard practices.

Section
8.07.          Call
Notice and Place of Meetings.

		(a)	The
                                         Trustee may at any time call a meeting of holders of any series of Securities for any
                                         purpose specified in Section 8.06 hereof, to be held at such time and at such place in
                                         The City of New York or Boston, Massachusetts. Notice of every meeting of holders of
                                         any series of Securities, setting forth the time and the place of such meeting, in general
                                         terms the action proposed to be taken at such meeting and the percentage of the principal
                                         amount of the Outstanding Securities of such series which shall constitute a quorum at
                                         such meeting, shall be given, in the manner provided in Section 13.04 hereof, not less
                                         than 21 nor more than 180 days prior to the date fixed for the meeting to holders of
                                         Outstanding Securities of such series.

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		(b)	In
                                         case at any time the Company, pursuant to a Board Resolution, or the holders of at least
                                         10% in principal amount of the Outstanding Securities of any series shall have requested
                                         the Trustee to call a meeting of the holders of Securities of such series for any purpose
                                         specified in Section 8.06 hereof, by written request setting forth in reasonable detail
                                         the action proposed to be taken at the meeting, and the Trustee shall not have 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 or the holders of Securities of such series in the amount specified,
                                         as the case may be, may determine the time and the place in The City of New York or Boston,
                                         Massachusetts for such meeting and may call such meeting for such purposes by giving
                                         notice thereof as provided in paragraph (a) of this Section.

Section
8.08.          Persons
Entitled To Vote at Meetings.

To
be entitled to vote at any meeting of holders of Securities of a given series, a Person shall be (a) a holder of one or more Outstanding
Securities of such series or (b) a Person appointed by an instrument in writing as proxy for a holder or holders of one or more
Outstanding Securities of such series by such holder or holders. 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 and any representatives of the Company and its counsel.

Section
8.09.          Quorum;
Action.

The
Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of a given series shall constitute
a quorum with respect to a meeting of holders of Outstanding Securities of such series. In the absence of a quorum within 30 minutes
of the time appointed for any such meeting, the meeting shall, if convened at the request of holders of Securities of such series,
be dissolved. In any other case, the meeting may be adjourned for a period of not less than 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 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
8.07(a) hereof, except that such notice need be given only once and not less than five days prior to the date on which the meeting
is scheduled to be reconvened.

At
a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid, any resolution and all matters
(except as limited by the proviso to the first paragraph of Section 9.02 hereof) shall be effectively passed and decided if passed
or decided
by the Persons entitled to vote not less than a majority in aggregate principal amount of Outstanding Securities of a series represented
and voting at such meeting with respect to a meeting of holders of Outstanding Securities of such series.

    	39

    	 

    

Any
resolution passed or decisions taken at any meeting of holders of Securities duly held in accordance with this Section shall be
binding on all the holders of Securities of such series, whether or not present or represented at the meeting.

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

		(a)	Notwithstanding
                                         any other provisions of this Indenture, the Trustee may make such reasonable regulations
                                         as it may deem advisable for any meeting of holders of Securities in regard to proof
                                         of the holding of Securities 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 (which may be
                                         the Trustee) of the meeting, unless the meeting shall have been called by the Company
                                         or by holders of Securities of a given series as provided in Section 8.07(b) hereof,
                                         in which case the Company or the holders of Securities of such series 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 Securities of such series represented
                                         at the meeting.

		(c)	At
                                         any meeting, each holder of a Security of the series in respect of which such meeting
                                         is being held or proxy shall be entitled to one vote for each $1,000 principal amount
                                         of Securities of such series held or represented by him; provided, however, that no vote
                                         shall be cast or counted at any meeting in respect of any Security of such series 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 of a Security
                                         of such series or proxy.

		(d)	Any
                                         meeting of holders of Securities duly called pursuant to Section 8.07 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 Securities of the series in respect of
                                         which such meeting is being held represented at the meeting, and the meeting may be held
                                         as so adjourned without further notice.

          

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Section
8.11.          Counting Votes and Recording Action of Meetings.

The
vote upon any resolution submitted to any meeting of holders of Securities of a given series shall be by written ballots on which
shall be subscribed the signatures of the holders of Securities of such series or of their representatives by proxy and the principal
amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of
the meeting shall appoint two 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 duplicate of all votes cast at
the meeting. A record, at least in duplicate, of the proceedings of each meeting of holders of Securities of such series 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 8.07 hereof and, if applicable,
Section 8.09 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting
and one such copy shall be delivered to the Company 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
IX

SUPPLEMENTAL INDENTURES

Section
9.01.          Supplemental
Indentures Without the Consent of Securityholders.

In
addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes:

		(a)	cure
                                         any ambiguity, correct or supplement any provision herein which may be inconsistent with
                                         any other provision herein or which is otherwise defective, or make any other provisions
                                         with respect to matters or questions arising under this Indenture which the Company and
                                         the Trustee may deem necessary or desirable and which shall not be inconsistent with
                                         the provisions of this Indenture;

		(b)	to
                                         comply with Article X;

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

		(d)	to
                                         add to the covenants of the Company for the benefit of the holders of all or any Series
                                         of Securities (and if such covenants are to be for the benefit of less than all series
                                         of Securities, stating that such covenants are expressly being included
solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company;

    	41

    	 

    

		(e)	to
                                         add to, delete from, or revise the conditions, limitations, and restrictions on the authorized
                                         amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein
                                         set forth;

		(f)	to
                                         make any change that does not adversely affect the rights of any Securityholder in any
                                         material respect;

		(g)	to
                                         provide for the issuance of and establish the form and terms and conditions of the Securities
                                         of any series as provided in Section 2.01, to establish the form of any certifications
                                         required to be furnished pursuant to the terms of this Indenture or any series of Securities,
                                         or to add to the rights of the holders of any series of Securities; or

		(h)	comply
                                         with the requirements of the Commission in order to effect or maintain the qualification
                                         of this Indenture under the Trust Indenture Act.

The
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

Any
supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the
consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

Section
9.02.          Supplemental
Indentures With Consent of Securityholders.

With
the written consent of the holders of at least a majority in aggregate principal amount of the Outstanding Securities of any
series or by action at a meeting of holders of the Securities of such series in accordance with Section 8.09, by the holders
of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting,
the Company, when authorized by Board Resolutions, and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in
effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the
holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall,
without the consent of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of
any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any premium payable upon the redemption thereof, (ii) reduce the aforesaid percentage of
Securities, the holders of which are required to consent to any such supplemental indenture, or
any consent or waiver, (iii) reduce the principal amount of discount securities payable upon acceleration of the maturity of any
Securities of any series or (iv) make the principal of or premium or interest on any Security of a series payable in currency
or currency units other than that stated in the Securities of such series.

    	42

    	 

    

It
shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance
thereof.

Section
9.03.          Effect
of Supplemental Indentures.

Upon
the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations
of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of
the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

Section
9.04.          Securities
Affected by Supplemental Indentures.

Securities
of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided
such form meets the requirements of any exchange upon which such series may be listed, as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board
of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared
by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

Section
9.05.          Execution
of Supplemental Indentures.

Upon
the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture,
and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion
but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01,
may receive an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is
authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee under the provisions
of this Article to join in the execution thereof; provided, however, that such Opinion of Counsel need not be provided in connection
with the execution of a supplemental
indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

    	43

    	 

    

Promptly
after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Trustee shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register.
Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

Article
X

SUCCESSOR ENTITY

Section
10.01.      Company May Consolidate, Etc.

Nothing
contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into
any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or
its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition
of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation
(whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided,
however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is
not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal
of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according
to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture with
respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company
shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then
in effect) satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation,
or into which the Company shall have been merged, or by the entity which shall have acquired such property.

Section
10.02.      Successor Entity Substituted.

		(a)	In
                                         case of any such consolidation, merger, sale, conveyance, transfer or other disposition
                                         and upon the assumption by the successor entity by supplemental indenture, executed and
                                         delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual
                                         payment of the principal of, premium, if any, and interest on all of the Securities of
                                         all series Outstanding and the due and punctual performance of all of the covenants and
                                         conditions of this Indenture or established with respect to each series of the Securities
                                         pursuant to Section 2.01 to be performed by the Company with respect to each series, such
successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company
herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and
the Securities.

    	44

    	 

    

		(b)	In
                                         case of any such consolidation, merger, sale, conveyance, transfer or other disposition
                                         such changes in phraseology and form (but not in substance) may be made in the Securities
                                         thereafter to be issued as may be appropriate.

		(c)	Nothing
                                         contained in this Article shall require any action by the Company in the case of a consolidation
                                         or merger of any Person into the Company where the Company is the survivor of such transaction,
                                         or the acquisition by the Company, by purchase or otherwise, of all or any part of the
                                         property of any other Person (whether or not affiliated with the Company).

Section
10.03.      Evidence of Consolidation,
Etc. to Trustee.

The
Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel as conclusive evidence that any such consolidation,
merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article.

Article
XI

SATISFACTION AND DISCHARGE

Section
11.01.      Satisfaction and Discharge
of Indenture.

If
at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
(other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided
in Section 2.07) and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or
segregated and held in trust by the Company (and thereupon repaid to the Company or discharged from such trust, as provided in
Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall
have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit
or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations sufficient or
a combination thereof, sufficient (assuming that no tax liability will be imposed on the Trustee) in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay
at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including
principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the
case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series
by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions
of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as
the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the
Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging
this Indenture with respect to such series.

    	45

    	 

    

Section
11.02.      Discharge of Obligations.

If
at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not
become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee
as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities
of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest
due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also
pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such
moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this
Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07,
4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid. Thereafter, Sections
7.06 and 11.05 shall survive.

Section
11.03.      Deposited Moneys to be Held
in Trust.

Subject
to Section 11.05, all moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall
be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company
acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which
such moneys or Governmental Obligations have been deposited with the Trustee.

Section
11.04.      Payment of Moneys Held by Paying
Agents.

In
connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

Section
11.05.      Repayment to Company.

Any
moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment
of principal of or premium or interest on the Securities of a particular series that are not applied but remain unclaimed by the
holders of such Securities for two years after the date upon which the principal of (and premium, if any) or interest on such
Securities shall have respectively become due and payable, shall be repaid
to the Company or (if then held by the Company) shall be discharged from such trust in each case, promptly after the end of any
such two-year period or, at the request of the Company, on a later date specified by the Company; and thereupon the paying agent
and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the
holder of any of the Securities entitled to receive such payment shall thereafter, as an unsecured general creditor, look only
to the Company for the payment thereof.

    	46

    	 

    

Article
XII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

Section
12.01.      No Recourse.

No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future
as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor
or successor corporation, 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 this Indenture and the obligations issued hereunder are solely corporate
obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either
at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance
of such Securities.

Article
XIII

MISCELLANEOUS PROVISIONS

Section
13.01.      Effect on Successors and Assigns.

All
the covenants, stipulations, promises and agreements in this Indenture contained by or on behalf of the Company shall bind its
successors and assigns, whether so expressed or not.

   

    	47

    	 

    

Section
13.02.     Actions by Successor.

Any
act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or
officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or
officer of any corporation that shall at the time be the lawful successor of the Company.

Section
13.03.      Surrender of Company Powers.

The
Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any
of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to
any successor corporation.

Section
13.04.      Notices.

Except
as otherwise expressly provided herein any notice or demand that by any provision of this Indenture is required or permitted to
be given or served by the Trustee or by the holders of Securities to or on the Company may be given or served by being deposited
first class postage prepaid in a post-office letterbox addressed (until another address is filed in writing by the Company with
the Trustee), as follows: [___________________]. Any notice, election, request or demand by the Company or any Securityholder
to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing
at the Corporate Trust Office of the Trustee. Any notice or communication to a holder shall be mailed by first-class mail to his
address shown on the Security Register kept by the Security Registrar. Failure to mail a notice or communication to a holder or
any defect in such notice or communication shall not affect its sufficiency with respect to other holders. If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it is duly given as of the date it is mailed, whether
or not the addressee receives it, except that notice to the Trustee or the Company shall only be effective upon receipt thereof
by the Trustee or the Company, respectively. If the Company mails a notice or communication to holders of Securities, it shall
mail a copy to the Trustee at the same time.

Section
13.05.      Governing Law.

This
Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said State.

Section
13.06.      Treatment of Securities as
Debt.

It
is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions
of this Indenture shall be interpreted to further this intention.

 

    	48

    	 

    

SECTION 13.07.      Compliance
Certificates and Opinions.

		(a)	Upon
                                         any application or demand by the Company to the Trustee to take any action under any
                                         of the provisions of this Indenture, the Company, shall furnish to the Trustee an Officers’
                                         Certificate stating that all conditions precedent provided for in this 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,
                                         except that in the case of any such application or demand as to which the furnishing
                                         of such documents is specifically required by any provision of this Indenture relating
                                         to such particular application or demand, no additional certificate or opinion need be
                                         furnished.

		(b)	Each
                                         certificate or opinion provided for in this Indenture and delivered to the Trustee with
                                         respect to compliance with a condition or covenant in this 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 statements or opinions contained in such certificate or
                                         opinion are based; (3) a statement that, in the opinion of such Person, he has made such
                                         examination or investigation as is necessary to enable him 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.

Section
13.08.      Payments on Business Days.

Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and as set forth in an Officers’ Certificate, or established
in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any
Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium,
if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity
or redemption, and no interest shall accrue for the period after such nominal date.

Section
13.09.      Conflict with Trust Indenture
Act.

If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

Section
13.10.      Counterparts.

This
Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

    	49

    	 

    

SECTION 13.11.     
Separability.

In
case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

Section
13.12.      Assignment.

The
Company will have the right at all times to assign any of its rights or obligations under this Indenture to a direct or indirect
wholly-owned Subsidiary of the Company, provided that, in the event of any such assignment, the Company, will remain liable for
all such obligations. Subject to the foregoing, this Indenture is binding upon and inures to the benefit of the parties thereto
and their respective successors and assigns. This Indenture may not otherwise be assigned by the parties thereto.

    	50

    	 

    

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

 

OHR PHARMACEUTICAL,
INC.

 

 

By:_______________________________________

Name: 

Title: 

 

 

[________________________________],

As Trustee

 

 

By:_______________________________________

Name: 

Title:Exhibit 10.1

 

AGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

GREAT AJAX OPERATING PARTNERSHIP L.P.

 

 

 

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE
AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS IN THE OPINION OF COUNSEL
SATISFACTORY TO THE PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS.

 

 

 

Dated as of July 8, 2014

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I	DEFINED TERMS	1
	 	 	 	 
	ARTICLE II	ORGANIZATIONAL MATTERS	14
	 	 	 	 
	Section 2.1	 	Organization	14
	Section 2.2	 	Name	14
	Section 2.3	 	Registered Office And Agent; Principal Office	15
	Section 2.4	 	Term	15
	Section 2.5	 	Partnership Interests as Securities	15
	Section 2.6	 	Certificates Describing Partnership Units	15
	 	 	 	 
	ARTICLE III	PURPOSE	16
	 	 	 	 
	Section 3.1	 	Purpose And Business	16
	Section 3.2	 	Powers	16
	 	 	 	 
	ARTICLE IV	CAPITAL CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS	17
	 	 	 	 
	Section 4.1	 	Capital Contributions Of The Partners	17
	Section 4.2	 	Issuances Of Partnership Interests	17
	Section 4.3	 	No Preemptive Rights	18
	Section 4.4	 	Other Contribution Provisions	18
	Section 4.5	 	No Interest On Capital	19
	Section 4.6	 	LTIP Units	19
	Section 4.7	 	Conversion of LTIP Units	22
	 	 	 	 
	ARTICLE V	DISTRIBUTIONS	25
	 	 	 	 
	Section 5.1	 	Requirement And Characterization Of Distributions	25
	Section 5.2	 	Amounts Withheld	26
	Section 5.3	 	Distributions Upon Liquidation	26
	Section 5.4	 	Revisions To Reflect Issuance Of Partnership Interests	26
	 	 	 	 
	ARTICLE VI	ALLOCATIONS	26
	 	 	 	 
	Section 6.1	 	Allocations For Capital Account Purposes	26
	Section 6.2	 	Revisions to Allocations to Reflect Issuance of Partnership Interests or Certain DRO Obligations	29
	 	 	 	 
	ARTICLE VII	MANAGEMENT AND OPERATIONS OF BUSINESS	30
	 	 	 	 
	Section 7.1	 	Management	30
	Section 7.2	 	Certificate of Limited Partnership	33
	Section 7.3	 	Title to Partnership Assets	34
	Section 7.4	 	Reimbursement of the General Partner and the Parent	34
	Section 7.5	 	Outside Activities of the General Partner; Relationship of Shares to Partnership Units; Funding Debt	37
	Section 7.6	 	Transactions With Affiliates	39
	Section 7.7	 	Indemnification	40

 

    	i

    	 

    

 

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	Section 7.8	 	Liability of the General Partner	42
	Section 7.9	 	Other Matters Concerning the General Partner	43
	Section 7.10	 	Reliance By Third Parties	43
	Section 7.11	 	Restrictions on General Partner’s Authority	44
	Section 7.12	 	Loans by Third Parties	44
	 	 	 	 
	ARTICLE VIII	RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS	44
	 	 	 	 
	Section 8.1	 	Limitation of Liability	44
	Section 8.2	 	Management of Business	45
	Section 8.3	 	Outside Activities of Limited Partners	45
	Section 8.4	 	Return of Capital	45
	Section 8.5	 	Rights of Limited Partners Relating to the Partnership	45
	Section 8.6	 	Redemption Right	47
	 	 	 	 
	ARTICLE IX	BOOKS, RECORDS, ACCOUNTING AND REPORTS	50
	 	 	 	 
	Section 9.1	 	Records and Accounting	50
	Section 9.2	 	Fiscal Year	50
	Section 9.3	 	Reports	50
	 	 	 	 
	ARTICLE X	TAX MATTERS	51
	 	 	 	 
	Section 10.1	 	Preparation of Tax Returns	51
	Section 10.2	 	Tax Elections	51
	Section 10.3	 	Tax Matters Partner	52
	Section 10.4	 	Organizational Expenses	53
	Section 10.5	 	Withholding	53
	 	 	 	 
	ARTICLE XI	TRANSFERS AND WITHDRAWALS	54
	 	 	 	 
	Section 11.1	 	Transfer	54
	Section 11.2	 	Transfers of Partnership Interests of General Partner	54
	Section 11.3	 	Limited Partners’ Rights to Transfer	55
	Section 11.4	 	Substituted Limited Partners	57
	Section 11.5	 	Assignees	57
	Section 11.6	 	General Provisions	58
	 	 	 	 
	ARTICLE XII	ADMISSION OF PARTNERS	60
	 	 	 	 
	Section 12.1	 	Admission of a Successor General Partner	60
	Section 12.2	 	Admission of Additional Limited Partners	60
	Section 12.3	 	Amendment of Agreement and Certificate of Limited Partnership	61
	Section 12.4	 	Limit on Number of Partners	61
	 	 	 	 
	ARTICLE XIII	DISSOLUTION AND LIQUIDATION	61
	 	 	 	 
	Section 13.1	 	Dissolution	61
	Section 13.2	 	Winding Up	62

 

    	ii

    	 

    

 

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	Section 13.3	 	Compliance With Timing Requirements of Regulations; Restoration of Deficit Capital Accounts	63
	Section 13.4	 	Rights of Limited Partners	65
	Section 13.5	 	Notice of Dissolution	65
	Section 13.6	 	Cancellation of Certificate of Limited Partnership	65
	Section 13.7	 	Reasonable Time for Winding Up	65
	Section 13.8	 	Waiver of Partition	65
	Section 13.9	 	Liability Of Liquidator	65
	 	 	 	 
	ARTICLE XIV	AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS	66
	 	 	 	 
	Section 14.1	 	Amendments	66
	Section 14.2	 	Meetings of the Partners	68
	 	 	 	 
	ARTICLE XV	GENERAL PROVISIONS	69
	 	 	 	 
	Section 15.1	 	Addresses and Notice	69
	Section 15.2	 	Titles and Captions	69
	Section 15.3	 	Pronouns And Plurals	69
	Section 15.4	 	Further Action	69
	Section 15.5	 	Binding Effect	69
	Section 15.6	 	Creditors	69
	Section 15.7	 	Waiver	69
	Section 15.8	 	Counterparts	70
	Section 15.9	 	Applicable Law	70
	Section 15.10	 	Invalidity Of Provisions	70
	Section 15.11	 	Power Of Attorney	70
	Section 15.12	 	Entire Agreement	71
	Section 15.13	 	No Rights As Stockholders	71
	Section 15.14	 	Limitation To Preserve REIT Status	71

 

	List of Exhibits:
	 
	Exhibit A — Partner Registry
	Exhibit B — Capital Account Maintenance
	Exhibit C — Special Allocation Rules
	Exhibit D — Notice of Redemption
	Exhibit E — Form of DRO Registry
	Exhibit F — Notice of Election by Partner to Convert LTIP Units into Class A Units
	Exhibit G — Notice of Election by Partnership to Force Conversion of LTIP Units into Class A Units

 

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AGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

GREAT AJAX OPERATING PARTNERSHIP L.P.

 

THIS AGREEMENT OF LIMITED
PARTNERSHIP, dated as of July 8, 2014 (the “Agreement”), is entered into by and among Great Ajax Operating
LLC, a Delaware limited liability company, as the General Partner, and the Persons whose names are set forth on the Partner Registry
(as hereinafter defined) as Limited Partners, together with any other Persons who become Partners in Great Ajax Operating Partnership
L.P. (the “Partnership”) as provided herein.

 

WHEREAS, on February 11,
2014, Great Ajax Operating LLC formed the Partnership as a limited partnership pursuant to Delaware law by the filing of the Certificate
of Limited Partnership with the Delaware Secretary of State.

 

NOW, THEREFORE, in consideration
of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

 

DEFINED
TERMS

 

The following definitions
shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

 

“Act”
means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time, and any successor to such statute.

 

“Additional Limited
Partner” means a Person admitted to the Partnership as a Limited Partner pursuant to Section 12.2 hereof and who
is shown as a Limited Partner on the Partner Registry.

 

“Adjusted Capital
Account” means the Capital Account maintained for each Partner as of the end of each Fiscal Year (i) increased by any
amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to
restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the
items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6).  The
foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d)
and shall be interpreted consistently therewith.

 

“Adjusted Capital
Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Adjusted Capital
Account as of the end of the relevant Fiscal Year.

 

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“Adjusted Property”
means any property the Carrying Value of which has been adjusted pursuant to Exhibit B.

 

“Adjustment Event”
has the meaning set forth in Section 4.6A(i).

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with
such Person, (ii) any Person owning or controlling 10% or more of the outstanding voting interests of such Person, (iii) any Person
of which such Person owns or controls 10% or more of the voting interests or (iv) any officer, director, general partner or trustee
of such Person or any Person referred to in clauses (i), (ii), and (iii) above.  For purposes of this definition, “control,”
when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Aggregate DRO
Amount” means the aggregate balances of the DRO Amounts, if any, of all DRO Partners, if any, as determined on the date
in question.

 

“Agreed Value”
means (i) in the case of any Contributed Property, the Section 704(c) Value of such property as of the time of its contribution
to the Partnership, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property
is subject when contributed as determined under Section 752 of the Code and the Regulations thereunder; and (ii) in the case of
any property distributed to a Partner by the Partnership, the Partnership’s Carrying Value of such property at the time such
property is distributed, reduced by any indebtedness either assumed by such Partner upon such distribution or to which such property
is subject at the time of distribution.

 

“Agreement”
means this Agreement of Limited Partnership, as it may be amended, supplemented or restated from time to time.

 

“Assignee”
means a Person to whom one or more Partnership Units have been transferred in a manner permitted under this Agreement, but who
has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5.

 

“Available Cash”
means, with respect to any period for which such calculation is being made:

 

(a)          all
cash revenues and funds received by the Partnership from whatever source (excluding the proceeds of any Capital Contribution, unless
otherwise determined by the General Partner in its sole and absolute discretion) plus the amount of any reduction (including, without
limitation, a reduction resulting because the General Partner determines such amounts are no longer necessary) in reserves of the
Partnership, which reserves are referred to in clause (b)(iv) below;

 

(b)          less
the sum of the following (except to the extent made with the proceeds of any Capital Contribution):

 

    	2

    	 

    

 

(i)          all
interest, principal and other debt-related payments made during such period by the Partnership,

 

(ii)          all
cash expenditures (including capital expenditures) made by the Partnership during such period,

 

(iii)          investments
in any entity (including loans made thereto) to the extent that such investments are permitted under this Agreement and are not
otherwise described in clauses (b)(i) or (ii), and

 

(iv)          the
amount of any increase in reserves established during such period which the General Partner determines is necessary or appropriate
in its sole and absolute discretion (including any reserves that may be necessary or appropriate to account for distributions required
with respect to Partnership Interests having a preference over other classes of Partnership Interests).

 

(c)          with
any other adjustments as determined by the General Partner, in its sole and absolute discretion.

 

Notwithstanding the foregoing,
after commencement of the dissolution and liquidation of the Partnership, Available Cash shall not include any cash received or
reductions in reserves and shall not take into account any disbursements made or reserves established.

 

“Book-Tax Disparities”
means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference
between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for U.S. federal income
tax purposes as of such date.  A Partner’s share of the Partnership’s Book-Tax Disparities in all of its
Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account balance
as maintained pursuant to Exhibit B and the hypothetical balance of such Partner’s Capital Account computed
as if it had been maintained strictly in accordance with U.S. federal income tax accounting principles.

 

“Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks in New York, NY are authorized or required by law
to close.

 

“Capital Account”
means the Capital Account maintained for a Partner pursuant to Exhibit B.  The initial Capital Account
balance for each Partner who is a Partner on the date hereof shall be the amount set forth opposite such Partner’s name on
the Partner Registry.

 

“Capital Account
Limitation” has the meaning set forth in Section 4.7B hereof.

 

“Capital Contribution”
means, with respect to any Partner, any cash and the Agreed Value of Contributed Property which such Partner contributes or is
deemed to contribute to the Partnership.

 

“Carrying Value”
means (i) with respect to a Contributed Property or Adjusted Property, the Section 704(c) Value of such property reduced (but not
below zero) by all Depreciation with respect to such Contributed Property or Adjusted Property, as the case may be,

 

    	3

    	 

    

 

charged to the Partners’
Capital Accounts and (ii) with respect to any other Partnership property, the adjusted basis of such property for U.S. federal
income tax purposes, all as of the time of determination.  The Carrying Value of any property shall be adjusted from
time to time in accordance with Exhibit B, and to reflect changes, additions (including capital improvements thereto)
or other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by
the General Partner.

 

“Cash Amount”
means an amount of cash equal to the Value on the Valuation Date of the Shares Amount.

 

“Certificate of
Limited Partnership” means the Certificate of Limited Partnership relating to the Partnership filed in the office of
the Delaware Secretary of State, as amended from time to time in accordance with the terms hereof and the Act.

 

“Charter”
means the charter of the Parent, within the meaning of Section 1-101(f) of the Maryland General Corporation Law.

 

“Class A Unit”
has the meaning set forth in Section 4.1B.

 

“Class A Unit
Distribution” has the meaning set forth in Section 4.6A hereof.

 

“Class A Unit
Economic Balance” has the meaning set forth in Section 6.1E hereof.

 

“Class A Unit
Transaction” has the meaning set forth in Section 4.7F hereof.

 

“Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the applicable Regulations
thereunder.  Any reference herein to a specific section or sections of the Code shall be deemed to include a reference
to any corresponding provision of future law.

 

“Consent”
means the consent or approval of a proposed action by a Partner given in accordance with Article XIV.

 

“Consent of the
Outside Limited Partners” means the Consent of Limited Partners (excluding for this purpose (i) any Limited Partner Interests
held by the General Partner or the Parent, (ii) any Person of which the General Partner or the Parent directly or indirectly owns
or controls more than fifty percent (50%) of the voting interests and (iii) any Person directly or indirectly owning or controlling
more than fifty percent (50%) of the outstanding voting interests of the General Partner or the Parent) holding Partnership Interests
representing more than fifty percent (50%) of the Percentage Interest of the Class A Units of all Limited Partners which are not
excluded pursuant to (i), (ii) and (iii) above.

 

“Constituent Person”
has the meaning set forth in Section 4.7F hereof.

 

“Contributed Property”
means each property or other asset contributed to the Partnership, in such form as may be permitted by the Act, but excluding cash
contributed or deemed contributed to the Partnership.  Once the Carrying Value of a Contributed Property is

 

    	4

    	 

    

 

adjusted pursuant to Exhibit
B, such property shall no longer constitute a Contributed Property for purposes of Exhibit B, but shall be
deemed an Adjusted Property for such purposes.

 

“Conversion Date”
has the meaning set forth in Section 4.7B hereof.

 

“Conversion Factor”
means 1.0; provided, however, that, if the Parent (i) declares or pays a dividend on its outstanding Shares in Shares or
makes a distribution to all holders of its outstanding Shares in Shares and does not make a corresponding distribution on Partnership
Units in Partnership Units, (ii) subdivides its outstanding Shares, or (iii) combines its outstanding Shares into a smaller number
of Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall
be the number of Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming
for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time) and the denominator
of which shall be the actual number of Shares (determined without the above assumption) issued and outstanding on the record date
for such dividend, distribution, subdivision or combination; and provided further that in the event that an entity other than an
Affiliate of the Parent shall become General Partner pursuant to any merger, consolidation or combination of the General Partner
or the Parent with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted
by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one Share is converted pursuant
to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination.  Any
adjustment to the Conversion Factor shall become effective immediately after the effective date of the event retroactive to the
record date, if any, for the event giving rise thereto, it being intended that (x) adjustments to the Conversion Factor are to
be made to avoid unintended dilution or anti-dilution as a result of transactions in which Shares are issued, redeemed or exchanged
without a corresponding issuance, redemption or exchange of Partnership Units and (y) if a Specified Redemption Date shall fall
between the record date and the effective date of any event of the type described above, that the Conversion Factor applicable
to such redemption shall be adjusted to take into account such event.

 

“Conversion Notice”
has the meaning set forth in Section 4.7B hereof.

 

“Conversion Right”
has the meaning set forth in Section 4.7A hereof.

 

“Convertible Funding
Debt” has the meaning set forth in Section 7.5F.

 

“Debt”
means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money or for the deferred
purchase price of property or services, (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement
obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations
by such Person, (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by
any lien on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even
though such Person has not assumed or become liable for the payment thereof, and (iv) obligations of such Person incurred in connection
with entering into a lease which, in accordance with generally accepted accounting principles, should be capitalized.

 

    	5

    	 

    

 

“Depreciation”
means, for each Fiscal Year, an amount equal to the U.S. federal income tax depreciation, amortization, or other cost recovery
deduction allowable with respect to an asset for such year, except that if the Carrying Value of an asset differs from its adjusted
basis for U.S. federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which
bears the same ratio to such beginning Carrying Value as the U.S. federal income tax depreciation, amortization, or other cost
recovery deduction for such year bears to such beginning adjusted tax basis; provided, however, that if the U.S federal
income tax depreciation, amortization, or other cost recovery deduction for such year is zero, Depreciation shall be determined
with reference to such beginning Carrying Value using any reasonable method selected by the General Partner.

 

“DRO Amount”
means the amount specified in the DRO Registry with respect to any DRO Partner, as such DRO Registry may be amended from time to
time.

 

“DRO Partner”
means a Partner who has agreed in writing to be a DRO Partner and has agreed and is obligated to make certain contributions, not
in excess of such DRO Partner’s DRO Amount, to the Partnership with respect to any deficit balance in such Partner’s
Capital Account upon the occurrence of certain events.  A DRO Partner who is obligated to make any such contribution
only upon liquidation of the Partnership shall be designated in the DRO Registry as a Part I DRO Partner and a DRO Partner who
is obligated to make any such contribution to the Partnership either upon liquidation of the Partnership or upon liquidation of
such DRO Partner’s Partnership Interest shall be designated in the DRO Registry as a Part II DRO Partner.

 

“DRO Registry”
means the DRO Registry maintained by the General Partner in the books and records of the Partnership containing substantially the
same information as would be necessary to complete the Form of DRO Registry attached hereto as Exhibit E.

 

“Economic Capital
Account Balances” has the meaning set forth in Section 6.1E hereof.

 

“Equity Incentive
Plan” means any equity incentive or compensation plan hereafter adopted by the Partnership or the Parent.

 

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

 

“Fiscal Year”
means the fiscal year of the Partnership, which shall be the calendar year as provided in Section 9.2.

 

“Forced Conversion”
has the meaning set forth in Section 4.7C hereof.

 

“Forced Conversion
Notice” has the meaning set forth in Section 4.7C hereof.

 

“Funding Debt”
means any Debt incurred for the purpose of providing funds to the Partnership by or on behalf of the Parent or any wholly owned
subsidiary of the Parent.

 

“General Partner”
means Great Ajax Operating LLC, a Delaware limited liability company, or its successor or permitted assignee, as general partner
of the Partnership.  The

 

    	6

    	 

    

 

General Partner shall always
be a single member, limited liability company, and the Parent or its successors or permitted assigns shall always be the sole member
of the General Partner.

 

“General Partner
Interest” means the Partnership Interest held by the General Partner, which Partnership Interest is an interest as a
general partner under the Act. The General Partner will not be required to make a Capital Contribution to the Partnership in exchange
for the General Partner Interest.  A General Partner Interest may be expressed as a number of Partnership Units.

 

“General Partner
Payment” has the meaning set forth in Section 15.14 hereof.

 

“IRS”
means the Internal Revenue Service, which administers the internal revenue laws of the United States.

 

“Immediate Family”
means, with respect to any natural Person, such natural Person’s spouse, parents, descendants, nephews, nieces, brothers,
and sisters.

 

“Incapacity”
or “Incapacitated” means, (i) as to any individual who is a Partner, death, total physical disability or entry
by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her Person or estate, (ii) as to any
corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation
of its charter, (iii) as to any partnership or limited liability company which is a Partner, the dissolution and commencement of
winding up of the partnership or limited liability company, (iv) as to any estate which is a Partner, the distribution by the fiduciary
of the estate’s entire interest in the Partnership, (v) as to any trustee of a trust which is a Partner, the termination
of the trust (but not the substitution of a new trustee) or (vi) as to any Partner, the bankruptcy of such Partner.  For
purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary
proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter
in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy,
insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers
a general assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting
or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described
in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for
the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization
or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within
120 days after the commencement thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee,
receiver or liquidator has not been vacated or stayed within 90 days of such appointment or (h) an appointment referred to in clause
(g) is not vacated within 90 days after the expiration of any such stay.

 

“Indemnitee”
means (i) any Person made a party to a proceeding by reason of its status as (A) the General Partner, (B) a Limited Partner, or
(C) a director, officer or employee of the Partnership, the General Partner or the Parent and (ii) such other Persons (including
Affiliates of the General Partner, the Parent, a Limited Partner or the Partnership) as the General Partner may

 

    	7

    	 

    

 

designate from time to time
(whether before or after the event giving rise to potential liability), in its sole and absolute discretion.

 

“Limited Partner”
means any Person named as a Limited Partner in the Partner Registry or any Substituted Limited Partner or Additional Limited Partner,
in such Person’s capacity as a Limited Partner in the Partnership.

 

“Limited Partner
Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a fractional part of the
Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest
may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement.  A Limited Partner Interest may be expressed as a number of Partnership Units.

 

“Liquidating Event”
has the meaning set forth in Section 13.1.

 

“Liquidating Gains”
has the meaning set forth in Section 6.1E hereof.

 

“Liquidator”
has the meaning set forth in Section 13.2A.

 

“LTIP Units”
means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated
in Section 4.6 hereof and elsewhere in this Agreement in respect of holders of LTIP Units.  The allocation of
LTIP Units among the Partners shall be set forth in the Partner Registry, as it may be amended or restated from time to time.

 

“LTIP Unitholder”
means a Partner that holds LTIP Units.

 

“LV Safe Harbor,”
“LV Safe Harbor Election,” and “LV Safe Harbor Interest” each has the meaning set forth in
Section 10.2B hereof.

 

“Management Agreement”
means the Management Agreement, dated July 8, 2014, between the Parent, the Partnership and the Manager, as it may be amended from
time to time in accordance with its terms.

 

“Manager”
means Thetis Asset Management LLC, a Delaware limited liability company or its successor or assignee.

 

“Net Income”
means, for any taxable period, the excess, if any, of the Partnership’s items of income and gain for such taxable period
over the Partnership’s items of loss and deduction for such taxable period.  The items included in the calculation
of Net Income shall be determined in accordance with Exhibit B.  If an item of income, gain, loss or deduction
that has been included in the initial computation of Net Income is subjected to the special allocation rules in Exhibit C,
Net Income or the resulting Net Loss, whichever the case may be, shall be recomputed without regard to such item.

 

“Net Loss”
means, for any taxable period, the excess, if any, of the Partnership’s items of loss and deduction for such taxable period
over the Partnership’s items of income and gain for

 

    	8

    	 

    

 

such taxable period.  The
items included in the calculation of Net Loss shall be determined in accordance with Exhibit B.  If an
item of income, gain, loss or deduction that has been included in the initial computation of Net Loss is subjected to the special
allocation rules in Exhibit C, Net Loss or the resulting Net Income, whichever the case may be, shall be recomputed
without regard to such item.

 

“New Securities”
means (i) any rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase
Shares, excluding grants under any Equity Incentive Plan, or (ii) any Debt issued by the Parent that provides any of the rights
described in clause (i).

 

“Nonrecourse Built-in
Gain” means, with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or negative
pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to Section
2.1B of Exhibit C if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities
and for no other consideration.

 

“Nonrecourse Deductions”
has the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Fiscal Year shall
be determined in accordance with the rules of Regulations Section 1.704-2(c).

 

“Nonrecourse Liability”
has the meaning set forth in Regulations Section 1.752-1(a)(2).

 

“Notice of Redemption”
means a Notice of Redemption substantially in the form of Exhibit D.

 

“Operating Entity”
has the meaning set forth in Section 7.4F hereof.

 

“Parent”
means Great Ajax Corp., a Maryland corporation that intends to elect to be taxed as a REIT pursuant to the Code.

 

“Partner”
means the General Partner or a Limited Partner, and “Partners” means the General Partner and the Limited Partners.

 

“Partner Minimum
Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would
result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section
1.704-2(i)(3).

 

“Partner Nonrecourse
Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4).

 

“Partner Nonrecourse
Deductions” has the meaning set forth in Regulations Section 1.704-2(i), and the amount of Partner Nonrecourse Deductions
with respect to a Partner Nonrecourse Debt for a Fiscal Year shall be determined in accordance with the rules of Regulations Section
1.704-2(i)(2).

 

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“Partner Registry”
means the Partner Registry maintained by the General Partner in the books and records of the Partnership, which contains substantially
the same information as would be necessary to complete the form of the Partner Registry attached hereto as Exhibit A.

 

“Partnership”
has the meaning set forth in the recitals hereto.

 

“Partnership Interest”
means a Limited Partner Interest, a General Partner Interest or LTIP Units, and includes any and all benefits to which the holder
of such a partnership interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply
with the terms and provisions of this Agreement.  A Partnership Interest may be expressed as a number of Partnership
Units.

 

“Partnership Minimum
Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as
well as any net increase or decrease in Partnership Minimum Gain, for a Fiscal Year shall be determined in accordance with the
rules of Regulations Section 1.704-2(d).

 

“Partnership Record
Date” means the record date established by the General Partner either (i) for the distribution of Available Cash pursuant
to Section 5.1 hereof, which record date shall be the same as the record date established by the Parent for a distribution
to its stockholders of some or all of its portion of such distribution, or (ii) if applicable, for determining the Partners entitled
to vote on or Consent to any proposed action for which the Consent or approval of the Partners is sought pursuant to Section
14.2 hereof.

 

“Partnership Unit”
means a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to Section 4.1 and Section
4.2, and includes Class A Units, LTIP Units and any other classes or series of Partnership Units established after the date
hereof.  The number of Partnership Units outstanding and the Percentage Interests in the Partnership represented by such
Partnership Units are set forth in the Partner Registry.

 

“Percentage Interest”
means, as to a Partner holding a class of Partnership Interests, its interest in such class, determined by dividing the Partnership
Units of such class owned by such Partner by the total number of Partnership Units of such class then outstanding.  

 

“Person”
means a natural person, partnership (whether general or limited), trust, estate, association, corporation, limited liability company,
unincorporated organization, custodian, nominee or any other individual or entity in its own or any representative capacity.

 

“Publicly Traded”
means listed or admitted to trading on the New York Stock Exchange, the NYSE MKT LLC, the NASDAQ Stock Market, including any exchange
that is a part thereof, or any successor to any of the foregoing.

 

“Qualified Assets”
means any of the following assets: (i) interests, rights, options, warrants or convertible or exchangeable securities of the Partnership;
(ii) Debt issued by the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt; (iii) equity interests
in Qualified REIT Subsidiaries and limited liability companies (or other entities disregarded from their sole owner for U.S. federal
income tax purposes, including wholly owned grantor trusts) whose assets consist solely of Qualified Assets; (iv) up to a 1% equity
interest in

 

    	10

    	 

    

 

any partnership or limited
liability company at least 99% of the equity of which is owned, directly or indirectly, by the Partnership; (v) cash held for payment
of administrative expenses or pending distribution to security holders of the Parent or any wholly owned Subsidiary thereof or
pending contribution to the Partnership; and (vi) other tangible and intangible assets that, taken as a whole, are de minimis in
relation to the net assets of the Partnership and its Subsidiaries.

 

“Qualified REIT
Subsidiaries” means any Subsidiary of the Parent that is a “qualified REIT subsidiary” within the meaning
of Section 856(i) of the Code.

 

“Recapture Income”
means any gain recognized by the Partnership (computed without regard to any adjustment pursuant to Section 754 of the Code) upon
the disposition of any property or asset of the Partnership, which gain is characterized either as ordinary income or as “unrecaptured
Section 1250 gain” (as defined in Section 1(h)(6) of the Code) because it represents the recapture of depreciation deductions
previously taken with respect to such property or asset.

 

“Recourse Liabilities”
means the amount of liabilities owed by the Partnership (other than Nonrecourse Liabilities and liabilities to which Partner Nonrecourse
Deductions are attributable in accordance with Section 1.704-(2)(i) of the Regulations).

 

“Redeeming Partner”
has the meaning set forth in Section 8.6A.

 

“Redemption Amount”
means either the Cash Amount or the Shares Amount, as determined by the General Partner, in its sole and absolute discretion; provided,
however, that if the Shares are not Publicly Traded at the time a Redeeming Partner exercises its Redemption Right, the Redemption
Amount shall be paid only in the form of the Cash Amount unless the Redeeming Partner, in its sole and absolute discretion, consents
to payment of the Redemption Amount in the form of the Shares Amount.  A Redeeming Partner shall have no right, without
the General Partner’s consent, in its sole and absolute discretion, to receive the Redemption Amount in the form of the Shares
Amount.

 

“Redemption Right”
has the meaning set forth in Section 8.6A.

 

“Regulations”
means the Treasury Regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding
provisions of succeeding regulations).

 

“REIT”
means an entity that qualifies as a real estate investment trust under the Code.

 

“REIT Requirements”
has the meaning set forth in Section 5.1A.

 

“Residual Gain”
or “Residual Loss” means any item of gain or loss, as the case may be, of the Partnership recognized for U.S.
federal income tax purposes resulting from a sale, exchange or other disposition of Contributed Property or Adjusted Property,
to the extent such item of gain or loss is not allocated pursuant to Section 2.B(1) or 2.B(2)(a) of Exhibit C
to eliminate Book-Tax Disparities.

 

“Safe Harbors”
has the meaning set forth in Section 11.6F.

 

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“Securities Act”
means the Securities Act of 1933, as amended.

 

“Section 704(c)
Value” of any Contributed Property or Adjusted Property means the fair market value of such property at the time of contribution
or adjustment, as the case may be, as determined by the General Partner using such reasonable method of valuation as it may adopt;
provided, however, subject to Exhibit B, the General Partner shall, in its sole and absolute discretion, use
such method as it deems reasonable and appropriate to allocate the aggregate of the Section 704(c) Value of Contributed Properties
or Adjusted Properties in a single or integrated transaction among each separate property on a basis proportional to its fair market
values.

 

“Servicer”
means Gregory Funding LLC, an Oregon limited liability company.

 

“Servicing Agreement”
means the Servicing Agreement, dated July 8, 2014 among the Parent, the Partnership and Little Ajax II LLC, a Delaware limited
partnership (collectively as the “Owner”) and the Servicer, as it may be amended from time to time in accordance with
its terms.

 

“Share”
means a share of common stock (or other comparable equity interest) of the Parent (or the Successor Entity, as the case may be).  Shares
may be issued in one or more classes or series in accordance with the terms of the Charter.  Shares issued in lieu of
the Cash Amount by the Partnership or the Parent may be either registered or unregistered Shares at the option of the Parent.  If
there is more than one class or series of Shares, the term “Shares” shall, as the context requires, be deemed to refer
to the class or series of Shares that corresponds to the class or series of Partnership Interests for which the reference to Shares
is made.  When used with reference to Class A Units, the term “Shares” refers to shares of common stock (or
other comparable equity interest) of the Parent.

 

“Shares Amount”
means a number of Shares equal to the product of the number of Partnership Units offered for redemption by a Redeeming Partner
times the Conversion Factor; provided, however, that, if the Parent issues to holders of Shares securities, rights, options,
warrants or convertible or exchangeable securities entitling such holders to subscribe for or purchase Shares or any other securities
or property (collectively, the “rights”), then the Shares Amount shall also include such rights that a holder of that
number of Shares would be entitled to receive unless the Partnership issues corresponding rights to holders of Partnership Units.

 

“Specified Redemption
Date” means the tenth Business Day after the Valuation Date or such shorter period as the General Partner, in its sole
and absolute discretion, may determine; provided, however, that, if the Shares are not Publicly Traded, the Specified Redemption
Date means the thirtieth Business Day after receipt by the General Partner of a Notice of Redemption.

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, trust, partnership or joint venture, or other entity
of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned,
directly or indirectly, by such Person.

 

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“Substituted Limited
Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.4 and who
is shown as a Limited Partner in the Partner Registry.

 

“Successor Entity”
has the meaning set forth in the definition of “Conversion Factor” herein.

 

“Termination Transaction”
has the meaning set forth in Section 11.2B.

 

“Trademark License”
means the trademark license, dated July 8, 2014 between the Parent and Aspen Yo LLC, as it may be amended from time to time in
accordance with its terms.

 

“Unrealized Gain”
attributable to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the fair market
value of such property (as determined under Exhibit B) as of such date, over (ii) the Carrying Value of such property
(prior to any adjustment to be made pursuant to Exhibit B) as of such date.

 

“Unrealized Loss”
attributable to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the Carrying
Value of such property (prior to any adjustment to be made pursuant to Exhibit B) as of such date, over (ii) the
fair market value of such property (as determined under Exhibit B) as of such date.

 

“Unvested LTIP
Units” has the meaning set forth in Section 4.6C hereof.

 

“Valuation Date”
means the date of receipt by the General Partner of a Notice of Redemption or, if such date is not a Business Day, the first Business
Day thereafter.

 

“Value”
means, with respect to one Share of a class of outstanding Shares of the Parent that are Publicly Traded, the average of the daily
market price for the ten consecutive trading days immediately preceding the date with respect to which value must be determined.  The
market price for each such trading day shall be the closing price, regular way, on such day, or if no such sale takes place on
such day, the average of the closing bid and asked prices on such day.  If the outstanding Shares of the Parent are Publicly
Traded and the Shares Amount includes, in addition to the Shares, rights or interests that a holder of Shares has received or would
be entitled to receive, then the Value of such rights shall be determined by the Parent acting in good faith on the basis of such
quotations and other information as it considers, in its reasonable judgment, appropriate.  If the Shares of the Parent
are not Publicly Traded, the Value of the Shares Amount per Partnership Unit tendered for redemption (which will be the Cash Amount
per Partnership Unit offered for redemption payable pursuant to Section 8.6A) means the amount that a holder of one Partnership
Unit would receive if each of the assets of the Partnership were to be sold for its fair market value on the Specified Redemption
Date, the Partnership were to pay all of its outstanding liabilities, and the remaining proceeds were to be distributed to the
Partners in accordance with the terms of this Agreement.  Such Value shall be determined by the General Partner, acting
in good faith and based upon a commercially reasonable estimate of the amount that would be realized by the Partnership if each
asset of the Partnership (and each asset of each partnership, limited liability company, trust, joint venture or other entity in
which the Partnership owns a direct or indirect interest) were sold to an unrelated purchaser in an arms’ length transaction
where neither the purchaser nor the seller were under

 

    	13

    	 

    

 

economic compulsion to enter
into the transaction (without regard to any discount in value as a result of the Partnership’s minority interest in any property
or any illiquidity of the Partnership’s interest in any property).

 

“Vested LTIP Units”
has the meaning set forth in Section 4.6C hereof.

 

“Vesting Agreement”
means each or any, as the context implies, agreement or instrument entered into by a holder of LTIP Units upon acceptance of an
award of LTIP Units under an Equity Incentive Plan.

 

ARTICLE
II

 

ORGANIZATIONAL
MATTERS

 

Section 2.1         Organization

 

A.          Organization,
Status and Rights.  The Partnership is a limited partnership organized pursuant to the provisions of the Act and
upon the terms and conditions set forth in this Agreement.  The Partners hereby confirm and agree to their status as
partners of the Partnership and to continue the business of the Partnership on the terms set forth in this Agreement.  Except
as expressly provided herein, the rights and obligations of the Partners and the administration and termination of the Partnership
shall be governed by the Act.  The Partnership Interest of each Partner shall be personal property for all purposes.

 

B.          Qualification
of Partnership.  The Partners (i) agree that if the laws of any jurisdiction in which the Partnership transacts business
so require, the appropriate officers or other authorized representatives of the Partnership shall file, or shall cause to be filed,
with the appropriate office in that jurisdiction, any documents necessary for the Partnership to qualify to transact business under
such laws; and (ii) agree and obligate themselves to execute, acknowledge and cause to be filed for record, in the place or places
and manner prescribed by law, any amendments to the Certificate of Limited Partnership as may be required, either by the Act, by
the laws of any 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.

 

C.          Representations.  Each
Partner represents and warrants that such Partner is duly authorized to execute, deliver and perform its obligations under this
Agreement and that the Person, if any, executing this Agreement on behalf of such Partner is duly authorized to do so and that
this Agreement is binding on and enforceable against such Partner in accordance with its terms.

 

Section 2.2         Name

 

The name of the Partnership
shall be Great Ajax Operating Partnership L.P..  The Partnership’s business may be conducted under any other name
or names deemed advisable by the General Partner, including the name of any of the General Partner or any Affiliate thereof.  The
words “Limited Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in

 

    	14

    	 

    

 

the Partnership’s name
where necessary for the purposes of complying with the laws of any jurisdiction that so requires.  The General Partner
in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the
Limited Partners of such change in the next regular communication to the Limited Partners.

 

Section 2.3          Registered
Office And Agent; Principal Office

 

The address of the registered
office of the Partnership in the State of Delaware shall be located at Corporation Trust Center, 1209 Orange Street, City of Wilmington,
County of New Castle, Delaware 19801 and the registered agent for service of process on the Partnership in the State of Delaware
at such registered office shall be The Corporation Trust Company The principal office of the Partnership shall be 9400 SW Beaverton-Hillsdale
HWY, Suite 131, Beaverton, OR 97005, or such other place as the General Partner may from time to time designate by notice to the
Limited Partners.  The Partnership may maintain offices at such other place or places within or outside the State of
Delaware as the General Partner deems advisable.

 

Section 2.4          Term

 

The term of the Partnership
commenced on February 11, 2014, and shall continue until dissolved pursuant to the provisions of ARTICLE XIII or as
otherwise provided by law.

 

Section 2.5          Partnership
Interests as Securities

 

All Partnership Interests
shall be securities within the meaning of, and governed by, (i) Article 8 of the Delaware Uniform Commercial Code and (ii) Article
8 of the Uniform Commercial Code of any other applicable jurisdiction.

 

Section 2.6          Certificates
Describing Partnership Units

 

The General Partner shall
have the authority (but is not obligated) to issue certificates evidencing the Limited Partnership Interests in accordance with
Section 17-702(b) of the Act. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii)
shall not be negotiable and (iii) shall bear a legend to the following effect:

 

THIS CERTIFICATE IS NOT NEGOTIABLE.
THE PARTNERSHIP UNITS REPRESENTED BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH (A) THE PROVISIONS
OF THE FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF GREAT AJAX OPERATING PARTNERSHIP L.P., AS AMENDED, SUPPLEMENTED
OR RESTATED FROM TIME TO TIME AND (B) ANY APPLICABLE FEDERAL OR STATE SECURITIES OR BLUE SKY LAWS.

 

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ARTICLE
III

 

PURPOSE

 

Section 3.1          Purpose
And Business

 

The purpose and nature
of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership
organized pursuant to the Act; (ii) to enter into any corporation, partnership, joint venture, trust, limited liability company
or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged, directly or
indirectly, in any of the foregoing; and (iii) to do anything necessary or incidental to the foregoing; provided, however,
that any business shall be limited to and conducted in such a manner as to permit the Parent at all times to be classified as a
REIT, unless the Parent, in its sole and absolute discretion has chosen to cease to qualify as a REIT or has chosen not to attempt
to qualify as a REIT for any reason or reasons whether or not related to the business conducted by the Partnership.  In
connection with the foregoing, and without limiting the Parent’s right, in its sole and absolute discretion, to cease qualifying
as a REIT, the Partners acknowledge that the status of the Parent as a REIT inures to the benefit of all the Partners and not solely
to the General Partner, the Parent or their Affiliates.

 

Section 3.2          Powers

 

The Partnership is empowered
to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and
accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership, including,
without limitation, full power and authority, directly or through its ownership interest in other entities, to enter into, perform
and carry out contracts of any kind, borrow money and issue evidences of indebtedness, whether or not secured by mortgage, deed
of trust, pledge or other lien, acquire, own and service mortgage loans and other interests in real property, acquire, own, manage,
improve and develop real property, and lease, sell, transfer and dispose of mortgage loans, real property and other interests in
real property; provided, however, that the Partnership shall not take, or shall refrain from taking, any action which, in
the judgment of the General Partner, in its sole and absolute discretion, (i) could adversely affect the ability of the Parent
to qualify or continue to qualify as a REIT (unless the Parent has decided to terminate or revoke its election to be taxed as a
REIT), (ii) could subject the Parent to any taxes under Sections 857 or 4981 of the Code, or (iii) could violate any law or regulation
of any governmental body or agency having jurisdiction over the General Partner, the Parent or their securities, unless such action
(or inaction) shall have been specifically consented to by the General Partner in writing.

 

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ARTICLE
IV

 

CAPITAL
CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS

 

Section 4.1         Capital
Contributions Of The Partners

 

A.          Capital
Contributions.  Prior to or concurrently with the execution of this Agreement, the Partners have made the Capital
Contributions as set forth in the Partner Registry.  On the date hereof, the Partners own Partnership Units in the amounts
set forth in the Partner Registry and have Percentage Interests in the Partnership as set forth in the Partner Registry.  The
number of Partnership Units and Percentage Interest shall be adjusted in the Partner Registry from time to time by the General
Partner to the extent necessary to reflect accurately exchanges, redemptions, Capital Contributions, the issuance of additional
Partnership Units or similar events having an effect on a Partner’s Percentage Interest occurring after the date hereof and
in accordance with the terms of this Agreement.

 

B.          General
Partnership Interest.  Except for any Partnership Units designated as Limited Partner Interests by the General Partner,
the Partnership Units held by the General Partner shall be the General Partner Interest of the General Partner.

 

C.          Additional
Capital Contribution.  Except as provided in Section 7.5, 10.5, and 11.3 hereof, the Partners
shall have no obligation to make any additional Capital Contributions or provide any additional funding to the Partnership (whether
in the form of loans, repayments of loans or otherwise).  Except as otherwise set forth in Section 13.3 hereof,
no Partner shall have any obligation to restore any deficit that may exist in its Capital Account, either upon a liquidation of
the Partnership or otherwise.

 

Section 4.2         Issuances
Of Partnership Interests

 

A.          General.  The
General Partner is hereby authorized to cause the Partnership from time to time to issue to Partners (including the General Partner,
the Parent and their Affiliates) or other Persons (including, without limitation, in connection with the contribution of property
to the Partnership or any of its Subsidiaries) Partnership Units or other Partnership Interests in one or more classes, or in one
or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special
rights, powers and duties, including rights, powers and duties senior to one or more other classes of Partnership Interests, all
as shall be determined, subject to applicable Delaware law, by the General Partner in its sole and absolute discretion, including,
without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or
series of Partnership Interests, (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions,
(iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership, (iv)
the rights, if any, of each such class to vote on matters that require the vote or Consent of the Limited Partners, and (v) the
consideration, if any, to be received by the Partnership; provided, however, that no such Partnership Units or other Partnership
Interests shall be issued to the General Partner, the Parent or any direct or indirect Subsidiary of the Parent unless (a) the
Partnership Interests are issued in connection with the grant, award or issuance of Shares or other equity interests in the Parent
(including a transaction

 

    	17

    	 

    

 

described in Section 7.4F)
having designations, preferences and other rights such that the economic interests attributable to such Shares or other equity
interests are substantially similar to the designations, preferences and other rights (except voting rights) of the Partnership
Interests issued to the General Partner or the Parent in accordance with this Section 4.2A, and the General Partner or the
Parent contributes to the Partnership the proceeds from the issuance of Shares or equity received by the General Partner or the
Parent as required pursuant to Section 7.5D, (b) the General Partner or the Parent makes an additional Capital Contribution
to the Partnership, or (c) the additional Partnership Interests are issued to all Partners holding Partnership Interests in the
same class in proportion to their respective Percentage Interests in such class.  If the Partnership issues Partnership
Interests pursuant to this Section 4.2A, the General Partner shall make such revisions to this Agreement (including but
not limited to the revisions described in 5.4, 6.2 and 8.6) as it deems necessary to reflect the issuance
of such Partnership Interests.  The designation of any newly issued class or series of Partnership Interests may provide
a formula for treating such Partnership Interests solely for purposes of voting on or consenting to any matter that requires the
vote or Consent of the Limited Partners as set forth in one or more of Sections 7.1, 7.5A, 7.11,
13.1(i), 13.1(vi), 14.1A, 14.1C, 14.2A, and Section 14.2B of this Agreement as the equivalent
of a specified number (including any fraction thereof) of Class A Units.  Nothing in this Agreement shall prohibit the
General Partner from issuing Partnership Units for less than fair market value if the General Partner concludes in good faith that
such issuance is in the best interests of the Partnership.

 

B.          Classes
of Partnership Units.  The Partnership shall have two classes of Partnership Units, entitled “Class A Units”
and “LTIP Units,” and such additional classes of Partnership Units as may be created by the General Partner pursuant
to Section 4.2A and this Section 4.2B.  Class A Units or a class of Partnership Interests created pursuant
to Section 4.2A or this Section 4.2B, at the election of the General Partner, in its sole and absolute discretion,
may be issued to newly admitted Partners in exchange for the contribution by such Partners of cash, real estate partnership interests,
stock, notes or other assets or consideration; provided, however, that any Partnership Unit that is not specifically designated
by the General Partner as being of a particular class shall be deemed to be a Class A Unit.  The issuance and terms of
any LTIP Units shall be in accordance with Section 4.6.

 

Section 4.3         No
Preemptive Rights

 

Except to the extent expressly
granted by the Partnership pursuant to another agreement, no Person shall have any preemptive, preferential or other similar right
with respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance or sale of any Partnership Units
or other Partnership Interests.

 

Section 4.4         Other
Contribution Provisions

 

A.          General.  If
any Partner is admitted to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership,
such transaction shall be treated by the Partnership and the affected Partner (and set forth in the Partner Registry) as if the
Partnership had compensated such Partner in cash, and the Partner had made a Capital Contribution of such cash to the capital of
the Partnership.

 

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B.          Mergers.  To
the extent the Partnership acquires any property (or an indirect interest therein) by the merger of any other Person into the Partnership
or with or into a Subsidiary of the Partnership, Persons who receive Partnership Interests in exchange for their interest in the
Person merging into the Partnership or with or into a Subsidiary of the Partnership shall be deemed to have been admitted as Additional
Limited Partners pursuant to Section 12.2 and shall be deemed to have made Capital Contributions as provided in the applicable
merger agreement (or if not so provided, as determined by the General Partner in its sole and absolute discretion) and as set forth
in the Partner Registry.

 

Section 4.5         No
Interest On Capital

 

No Partner shall be entitled
to interest on its Capital Contributions or its Capital Account.

 

Section 4.6         LTIP
Units

 

A.          Issuance
of LTIP Units.  The General Partner may from time to time issue LTIP Units to Persons who provide services to the
Partnership or the Parent, for such consideration as the General Partner may determine to be appropriate, and admit such Persons
as Limited Partners.  Subject to the following provisions of this Section 4.6 and the special provisions of Section
4.7 and Section 6.1E, LTIP Units shall be treated as Class A Units, with all of the rights, privileges and obligations
attendant thereto.  For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be
treated as Class A Unit holders and LTIP Units shall be treated as Class A Units.  In particular, the Partnership shall
maintain at all times a one-to-one correspondence between LTIP Units and Class A Units for conversion, distribution and other purposes,
including, without limitation, complying with the following procedures:

 

(i)          If
an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units
to maintain a one-for-one conversion and economic equivalence ratio between Class A Units and LTIP Units.  The following
shall be “Adjustment Events”: (A) the Partnership makes a distribution on all outstanding Class A Units in Partnership
Units, (B) the Partnership subdivides the outstanding Class A Units into a greater number of units or combines the outstanding
Class A Units into a smaller number of units, or (C) the Partnership issues any Partnership Units in exchange for its outstanding
Class A Units by way of a reclassification or recapitalization of its Class A Units.  If more than one Adjustment Event
occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every Adjustment
Event as if all Adjustment Events occurred simultaneously.  For the avoidance of doubt, the following shall not be Adjustment
Events: (x) the issuance of Partnership Units in a financing, reorganization, acquisition or other similar business Class A Unit
Transaction, (y) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment
plan or (z) the issuance of any Partnership Units to the General Partner or the Parent in respect of a capital contribution to
the Partnership.  If the Partnership takes an action affecting the Class A Units other than actions specifically described
above as “Adjustment Events” and in the opinion of the General Partner such action would require an adjustment to the
LTIP Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such adjustment
to the LTIP Units, to the extent permitted by law and by any Equity Incentive Plan, in such manner and at such time as the General
Partner, in its sole discretion, may

 

    	19

    	 

    

 

determine to be appropriate
under the circumstances.  If an adjustment is made to the LTIP Units, as herein provided, the Partnership shall promptly
file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement
of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent
manifest error.  Promptly after filing of such certificate, the Partnership shall mail a notice to each LTIP Unitholder
setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment; and

 

(ii)          The
LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for that
purpose, be entitled to receive distributions in an amount per LTIP Unit equal to the distributions per Class A Unit (the “Class
A Unit Distribution”), paid to holders of Class A Units on such Partnership Record Date established by the General
Partner with respect to such distribution.  So long as any LTIP Units are outstanding, no distributions (whether in cash
or in kind) shall be authorized, declared or paid on Class A Units, unless equal distributions have been or contemporaneously are
authorized, declared and paid on the LTIP Units.

 

B.           Priority.  Subject
to the provisions of this Section 4.6 and the special provisions of Section 4.7 and Section 5.1C, the LTIP
Units shall rank pari passu with the Class A Units as to the payment of regular and special periodic or other distributions and
distribution of assets upon liquidation, dissolution or winding up.  As to the payment of distributions and as to distribution
of assets upon liquidation, dissolution or winding up, any class or series of Partnership Units which by its terms specifies that
it shall rank junior to, on a parity with, or senior to the Class A Units shall also rank junior to, or pari passu with, or senior
to, as the case may be, the LTIP Units.  Subject to the terms of any Vesting Agreement, an LTIP Unitholder shall be entitled
to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Class A Units are entitled
to transfer their Class A Units pursuant to Article XI.

 

C.           Special
Provisions.  LTIP Units shall be subject to the following special provisions:

 

(i)          Vesting
Agreements.  LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture
and additional restrictions on transfer pursuant to the terms of a Vesting Agreement.  The terms of any Vesting Agreement
may be modified by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed
by the relevant Vesting Agreement or by any Equity Incentive Plan, if applicable.  LTIP Units that have vested under
the terms of a Vesting Agreement are referred to as “Vested LTIP Units;” all other LTIP Units shall be
treated as “Unvested LTIP Units.”

 

(ii)          Forfeiture.  Unless
otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in
either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other
forfeiture of any LTIP Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture in
accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be
treated as cancelled and no longer outstanding for any purpose.  Unless otherwise specified in the Vesting

 

    	20

    	 

    

 

Agreement, no consideration
or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with
respect to a Partnership Record Date prior to the effective date of the forfeiture.  In connection with any repurchase
or forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all
of his or her LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section
6.1E hereof, calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any.

 

(iii)          Allocations.  LTIP
Unitholders shall be entitled to certain special allocations of gain under Section 6.1E hereof.

 

(iv)          Redemption.  The
Redemption Right provided to the holders of Class A Units under Section 8.6 hereof shall not apply with respect to LTIP
Units unless and until they are converted to Class A Units as provided in clause (v) below and Section 4.7 hereof.

 

(v)          Conversion
to Class A Units.  Vested LTIP Units are eligible to be converted into Class A Units in accordance with Section
4.7 hereof.

 

D.           Voting.  LTIP
Unitholders shall (a) have the same voting rights as the Limited Partners, with the LTIP Units voting as a single class with the
Class A Units and having one vote per LTIP Unit; and (b) have the additional voting rights that are expressly set forth below.  So
long as any LTIP Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders of a majority
of the LTIP Units outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as
a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this Agreement applicable to
LTIP Units so as to materially and adversely affect any right, privilege or voting power of the LTIP Units or the LTIP Unitholders
as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately the rights, privileges and voting
powers of all of Class A Units (including the Class A Units held by the General Partner or the Parent); but subject, in any event,
to the following provisions:

 

(i)          With
respect to any Class A Unit Transaction (as defined in Section 4.7F hereof), so long as the LTIP Units are treated in accordance
with Section 4.7F hereof, the consummation of such Class A Unit Transaction shall not be deemed to materially and adversely
affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such; and

 

(ii)          Any
creation or issuance of any Partnership Units or of any class or series of Partnership Interest in accordance with the terms of
this Agreement, including, without limitation, additional Class A Units or LTIP Units, whether ranking senior to, junior to, or
on a parity with the LTIP Units with respect to distributions and the distribution of assets upon liquidation, dissolution or winding
up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units
or the LTIP Unitholders as such.

 

    	21

    	 

    

 

The foregoing voting provisions
will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be effected,
all outstanding LTIP Units shall have been converted into Class A Units.

 

Section 4.7         Conversion
of LTIP Units.

 

A.          Conversion
Right.  An LTIP Unitholder shall have the right (the “Conversion Right”), at his or her
option, at any time to convert all or a portion of his or her Vested LTIP Units into Class A Units; provided, however, that
a holder may not exercise the Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than one thousand
Vested LTIP Units, all of the Vested LTIP Units held by such holder.  LTIP Unitholders shall not have the right to convert
Unvested LTIP Units into Class A Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder
is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units,
such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and
such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership subject to such
condition.  The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Class
A Units.  In all cases, the conversion of any LTIP Units into Class A Units shall be subject to the conditions and procedures
set forth in this Section 4.7.

 

B.          Exercise
by an LTIP Unitholder.  A holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid
and non-assessable Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4.6 hereof.  Notwithstanding
the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic
Capital Account Balance of such Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the
Class A Unit Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account
Limitation”).  In order to exercise his or her Conversion Right, an LTIP Unitholder shall deliver a notice
(a “Conversion Notice”) in the form attached as Exhibit F to this Agreement to the Partnership
(with a copy to the General Partner) not less than ten nor more than 60 days prior to a date (the “Conversion Date”)
specified in such Conversion Notice; provided, however, that if the General Partner has not given to the LTIP Unitholders
notice of a proposed or upcoming Class A Unit Transaction (as defined in Section 4.7F hereof) at least 30 days prior to
the effective date of such Class A Unit Transaction, then LTIP Unitholders shall have the right to deliver a Conversion Notice
until the earlier of (x) the tenth day after such notice from the General Partner of a Class A Unit Transaction or (y) the third
business day immediately preceding the effective date of such Class A Unit Transaction.  A Conversion Notice shall be
provided in the manner provided in Section 15.1 hereof.  Each LTIP Unitholder covenants and agrees with the Partnership
that all Vested LTIP Units to be converted pursuant to this Section 4.7B shall be free and clear of all liens and encumbrances.  Notwithstanding
anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 8.6 hereof
relating to those Class A Units that will be issued to such holder upon conversion of such LTIP Units into Class A Units in advance
of the Conversion Date; provided, however, that the redemption of such Class A Units by the Partnership shall in no event
take place until after the Conversion Date.  For clarity, it is noted that the objective of this paragraph is to put
an LTIP Unitholder in a position where, if he or she so wishes, the Class A Units into which his or her

 

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Vested LTIP Units will be
converted can be redeemed by the Partnership simultaneously with such conversion, with the further consequence that, if the General
Partner elects to cause the Parent to assume and perform the Partnership’s redemption obligation with respect to such Class
A Units under Section 8.6 hereof by delivering to such holder Shares rather than cash, then such holder can have such Shares
issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Class A Units.  The General
Partner and LTIP Unitholder shall reasonably cooperate with each other to coordinate the timing of the events described in the
foregoing sentence.

 

C.          Forced
Conversion.  The Partnership, at any time at the election of the General Partner, may cause any number of Vested
LTIP Units held by an LTIP Unitholder to be converted (a “Forced Conversion”) into an equal number of
Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4.6 hereof; provided, however,
that the Partnership may not cause Forced Conversion of any LTIP Units that would not at the time be eligible for conversion at
the option of such LTIP Unitholder pursuant to Section 4.7B hereof.  In order to exercise its right of Forced
Conversion, the Partnership shall deliver a notice (a “Forced Conversion Notice”) in the form attached
as Exhibit G to this Agreement to the applicable LTIP Unitholder not less than ten nor more than 60 days prior to
the Conversion Date specified in such Forced Conversion Notice.  A Forced Conversion Notice shall be provided in the
manner provided in Section 15.1 hereof.

 

D.          Completion
of Conversion.  A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the
Partnership has given a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion
Date without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books
and records of the Partnership with the issuance as of the opening of business on the next day of the number of Class A Units issuable
upon such conversion.  After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such LTIP Unitholder,
upon his or her written request, a certificate of the General Partner certifying the number of Class A Units and remaining LTIP
Units, if any, held by such person immediately after such conversion.  The Assignee of any Limited Partner pursuant to
Article XI hereof may exercise the rights of such Limited Partner pursuant to this Section 4.7 and such Limited
Partner shall be bound by the exercise of such rights by the Assignee.

 

E.          Impact
of Conversions for Purposes of Section 6.1E.  For purposes of making future allocations under Section 6.1E
hereof and applying the Capital Account Limitation, the portion of the Economic Capital Account Balance of the applicable LTIP
Unitholder that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product
of the number of LTIP Units converted and the Class A Unit Economic Balance.

 

F.          Class
A Unit Transactions.  If the Partnership, the General Partner or the Parent shall be a party to any Class A Unit
Transaction, as defined below (including without limitation a merger, consolidation, unit exchange, self tender offer for all or
substantially all Class A Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s
assets, but excluding any Class A Unit Transaction that constitutes an Adjustment Event) in each case as a result of which Class
A Units shall be exchanged for or converted into the right, or the holders of such Class A Units shall otherwise be entitled, to
receive cash,

 

    	23

    	 

    

 

securities or other property
or any combination thereof (each of the foregoing being referred to herein as a “Class A Unit Transaction”),
then the General Partner shall, immediately prior to the Class A Unit Transaction, exercise its right to cause a Forced Conversion
with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in
connection with the Class A Unit Transaction or that would occur in connection with the Class A Unit Transaction if the assets
of the Partnership were sold at the Class A Unit Transaction price or, if applicable, at a value determined by the General Partner
in good faith using the value attributed to the Partnership Units in the context of the Class A Unit Transaction (in which case
the Conversion Date shall be the effective date of the Class A Unit Transaction).  In anticipation of such Forced Conversion
and the consummation of the Class A Unit Transaction, the Partnership shall use commercially reasonable efforts to cause each LTIP
Unitholder to be afforded the right to receive in connection with such Class A Unit Transaction in consideration for the Class
A Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities and other property (or
any combination thereof) receivable upon the consummation of such Class A Unit Transaction by a holder of the same number of Class
A Units, assuming such holder of Class A Units is not a Person with which the Partnership consolidated or into which the Partnership
merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent
Person”), or an affiliate of a Constituent Person.  In the event that holders of Class A Units have the
opportunity to elect the form or type of consideration to be received upon consummation of the Class A Unit Transaction, prior
to such Class A Unit Transaction the General Partner shall give prompt written notice to each LTIP Unitholder of such election,
and shall use commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the General
Partner, the form or type of consideration to be received upon conversion of each LTIP Unit held by such holder into Class A Units
in connection with such Class A Unit Transaction.  If an LTIP Unitholder fails to make such an election, such holder
(and any of its transferees) shall receive upon conversion of each LTIP Unit held him or her (or by any of his or her transferees)
the same kind and amount of consideration that a holder of a Class A Unit would receive if such Class A Unit holder failed to make
such an election.  Subject to the rights of the Partnership and the General Partner under any Vesting Agreement and any
Equity Incentive Plan, the Partnership shall use commercially reasonable effort to cause the terms of any Class A Unit Transaction
to be consistent with the provisions of this Section 4.7F and to enter into an agreement with the successor or purchasing
entity, as the case may be, for the benefit of any LTIP Unitholders whose LTIP Units will not be converted into Class A Units in
connection with the Class A Unit Transaction that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding
after such Class A Unit Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the
circumstances to the Class A Units and (ii) preserve as far as reasonably possible under the circumstances the distribution, special
allocation, conversion, and other rights set forth in this Agreement for the benefit of the LTIP Unitholders.

 

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ARTICLE
V

 

DISTRIBUTIONS

 

Section 5.1         Requirement
And Characterization Of Distributions

 

A.          General.  The
General Partner shall distribute at least quarterly an amount equal to 100% of the Available Cash of the Partnership with respect
to such quarter or shorter period to the Partners in accordance with the terms established for the class or classes of Partnership
Interests held by such Partners who are Partners on the respective Partnership Record Date with respect to such quarter or shorter
period as provided in Section 5.1B and Section 5.1C in accordance with the respective terms established for each
class of Partnership Interest.  Notwithstanding anything to the contrary contained herein, in no event may a Partner
receive a distribution of Available Cash with respect to a Partnership Unit for a quarter or shorter period if such Partner is
entitled to receive a distribution with respect to a Share for which such Partnership Unit has been redeemed or exchanged.  Unless
otherwise expressly provided for herein, or in the terms established for a new class or series of Partnership Interests created
in accordance with ARTICLE VI hereof, no Partnership Interest shall be entitled to a distribution in preference to any other
Partnership Interest.  The General Partner shall make such reasonable efforts, as determined by it in its sole and absolute
discretion and consistent with the qualification of the Parent as a REIT, to distribute Available Cash (a) to Limited Partners
so as to preclude any such distribution or portion thereof from being treated as part of a sale of property to the Partnership
by a Limited Partner under Section 707 of the Code or the Regulations thereunder; provided, however, that none of the General
Partner, the Parent, and the Partnership shall have liability to a Limited Partner under any circumstances as a result of any distribution
to a Limited Partner being so treated, and (b) to the Parent in an amount sufficient to enable the Parent to make distributions
to its stockholders that will enable the Parent to (1) satisfy the requirements for qualification as a REIT under the Code and
the Regulations (the “REIT Requirements”), and (2) avoid any U.S. federal income or excise tax liability.

 

B.          Method.  (i)
Each holder of Partnership Interests that is entitled to any preference in distribution shall be entitled to a distribution in
accordance with the rights of any such class of Partnership Interests (and, within such class, pro rata in proportion to the respective
Percentage Interests on such Partnership Record Date); and

 

(ii)          To
the extent there is Available Cash remaining after the payment of any preference in distribution in accordance with the foregoing
clause (i), with respect to Partnership Interests that are not entitled to any preference in distribution or with respect to which
distributions are not limited to any preference in distribution, such Available Cash shall be distributed pro rata to each such
class in accordance with the terms of such class (and, within each such class, pro rata in proportion to the respective Percentage
Interests on such Partnership Record Date).

 

C.          Distributions
With Respect to LTIP Units.  In accordance with Section 4.6A, LTIP Unitholders shall be entitled to receive
distributions in an amount per LTIP Unit equal to the Class A Unit Distribution.

 

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Section 5.2          Amounts
Withheld

 

All amounts withheld pursuant
to the Code or any provisions of any state or local tax law and Section 10.5 with respect to any allocation, payment or
distribution to the General Partner, the Limited Partners or Assignees shall be treated as amounts distributed to the General Partner,
Limited Partners or Assignees, as the case may be, pursuant to Section 5.1 for all purposes under this Agreement.

 

Section 5.3          Distributions
Upon Liquidation

 

Proceeds from a Liquidating
Event shall be distributed to the Partners in accordance with Section 13.2.

 

Section 5.4          Revisions
To Reflect Issuance Of Partnership Interests

 

If the Partnership issues
Partnership Interests pursuant to ARTICLE IV hereof, the General Partner shall make such revisions to this ARTICLE V
and the Partner Registry in the books and records of the Partnership as it deems necessary to reflect the issuance of such additional
Partnership Interests without the consent or approval of any other Partner.

 

ARTICLE
VI

 

ALLOCATIONS

 

Section 6.1          Allocations
For Capital Account Purposes

 

For purposes of maintaining
the Capital Accounts and in determining the rights of the Partners among themselves, the Partnership’s items of income, gain,
loss and deduction (computed in accordance with Exhibit B) shall be allocated among the Partners in each taxable
year (or portion thereof) as provided herein below.

 

A.          Net
Income.  After giving effect to the special allocations set forth in Section 1 of Exhibit C,
Net Income shall be allocated:

 

(1)          first,
to the General Partner until the cumulative Net Income allocated under this clause (1) equals the cumulative Net Losses allocated
to the General Partner under Section 6.1B(6);

 

(2)          second,
to each DRO Partner until the cumulative Net Income allocated such DRO Partner under this clause (2) equals the cumulative Net
Losses allocated such DRO Partner under Section 6.1B(5) (and among the DRO Partners, pro rata in proportion to their respective
percentages of the cumulative Net Losses allocated to all DRO Partners pursuant to Section 6.1B(5) hereof);

 

(3)          third,
to the General Partner until the cumulative Net Income allocated under this clause (3) equals the cumulative Net Losses allocated
the General Partner under Section 6.1B(4);

 

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(4)          fourth,
to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income
allocated under this clause (4) equals the cumulative Net Losses allocated to such Partners under Section 6.1B(3);

 

(5)          fifth,
to the holders of any Partnership Interests that are entitled to any preference in distribution in accordance with the rights of
any such class of Partnership Interests until each such Partnership Interest has been allocated, on a cumulative basis pursuant
to this clause (5), Net Income equal to the amount of distributions payable that are attributable to the preference of such class
of Partnership Interests whether or not paid (and, within such class, pro rata in proportion to the respective Percentage Interests
as of the last day of the period for which such allocation is being made); and

 

(6)          finally,
with respect to Partnership Interests that are not entitled to any preference in distribution or with respect to which distributions
are not limited to any preference in distribution, pro rata to each such class in accordance with the terms of such class (and,
within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such
allocation is being made).

 

B.          Net
Losses.  After giving effect to the special allocations set forth in Section 1 of Exhibit C,
Net Losses shall be allocated:

 

(1)          first,
to the holders of Partnership Interests, in proportion to, and to the extent that, their share of the Net Income previously allocated
pursuant to Section 6.1A(6) exceeds, on a cumulative basis, the sum of (a) distributions with respect to such Partnership
Interests pursuant to clause (ii) of Section 5.1B and (b) Net Losses allocated under this clause (1);

 

(2)          second,
with respect to classes of Partnership Interests that are not entitled to any preference in distribution upon liquidation, pro
rata to each such class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective
Percentage Interests as of the last day of the period for which such allocation is being made); provided, however, that
Net Losses shall not be allocated to any Partner pursuant to this Section 6.1B(2) to the extent that such allocation would
cause such Partner to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined
in each case (i) by not including in the Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute
to the Partnership with respect to any deficit in its Capital Account pursuant to Section 13.3 and (ii) in the case of a
Partner who also holds classes of Partnership Interests that are entitled to any preferences in distribution upon liquidation,
by subtracting from such Partners’ Adjusted Capital Account the amount of such preferred distribution to be made upon liquidation)
at the end of such taxable year (or portion thereof);

 

(3)          third,
with respect to classes of Partnership Interests that are entitled to any preference in distribution upon liquidation, in reverse
order of the priorities of each such class (and within each such class, pro rata in proportion to their respective Percentage Interests
as of the last day of the period for which such allocation is being made); provided, however, that Net Losses shall not
be allocated to any Partner pursuant to this Section 6.1B(3) to the extent that such allocation would cause such Partner
to have an Adjusted Capital Account Deficit (or

 

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increase any existing Adjusted
Capital Account Deficit) (determined in each case by not including in the Partners’ Adjusted Capital Accounts any amount
that a Partner is obligated to contribute to the Partnership with respect to any deficit in its Capital Account pursuant to Section
13.3) at the end of such taxable year (or portion thereof);

 

(4)          fourth,
to the General Partner in an amount equal to the excess of (a) the amount of the Partnership’s Recourse Liabilities over
(b) the Aggregate DRO Amount;

 

(5)          fifth,
to and among the DRO Partners, in proportion to their respective DRO Amounts, until such time as the DRO Partners as a group have
been allocated cumulative Net Losses pursuant to this clause (5) equal to the Aggregate DRO Amount; and

 

(6)          thereafter,
to the General Partner.

 

C.          Allocation
of Nonrecourse Debt.  For purposes of Regulation Section 1.752-3(a), the Partners agree that Nonrecourse Liabilities
of the Partnership in excess of the sum of (i) the amount of Partnership Minimum Gain and (ii) the total amount of Nonrecourse
Built-in Gain shall be allocated by the General Partner by taking into account facts and circumstances relating to each Partner’s
respective interest in the profits of the Partnership.  For this purpose, the General Partner shall have the sole and
absolute discretion in any Fiscal Year to allocate such excess Nonrecourse Liabilities among the Partners in any manner permitted
under Code Section 752 and the Regulations thereunder.

 

D.          Recapture
Income.  Any gain allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall,
to the extent possible after taking into account other required allocations of gain pursuant to Exhibit C, be characterized
as Recapture Income in the same proportions and to the same extent as such Partners have been allocated any deductions directly
or indirectly giving rise to the treatment of such gains as Recapture Income.

 

E.          Special
Allocations Regarding LTIP Units.  Notwithstanding the provisions of Section 6.1A, Liquidating Gains shall
first be allocated to the LTIP Unitholders until their Economic Capital Account Balances, to the extent attributable to their ownership
of LTIP Units, are equal to (i) the Class A Unit Economic Balance, multiplied by (ii) the number of their LTIP Units.  For
this purpose, “Liquidating Gains” means net gains that are or would be realized in connection with the
actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital
gain realized in connection with an adjustment to the value of Partnership assets under Section 704(b) of the Code made pursuant
to Section 1.D of Exhibit B of the Partnership Agreement.  The “Economic Capital Account
Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their
ownership of LTIP Units.  Similarly, the “Class A Unit Economic Balance” shall mean (i) the
Capital Account balance of the Parent, plus the amount of the Parent’s share of any Partner Minimum Gain or Partnership Minimum
Gain, in either case to the extent attributable to the Parent’s ownership of Class A Units and computed on a hypothetical
basis after taking into account all allocations through the date on which any allocation is made under this Section 6.1E,
but prior to the realization of any Liquidating Gains, divided by (ii) the number of the Parent’s Class A Units.  Any
such allocations shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this
Section 6.1E.

 

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The parties agree that the
intent of this Section 6.1E is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent
to the Capital Account balance associated with the Parent’s Class A Units (on a per-Unit basis), provided that Liquidating
Gains are of a sufficient magnitude to do so upon a sale of all or substantially all of the assets of the Partnership, or upon
an adjustment to the Partners’ Capital Accounts pursuant to Section 1.D of Exhibit B.  To
the extent the LTIP Unitholders receive a distribution in excess of their Capital Accounts, such distribution will be a guaranteed
payment under Section 707(c) of the Code.

 

F.          Special
Allocations in Connection with Liquidity Event.  The Partners intend that the allocation of Net Profits, Net Losses
and other items of income, gain, loss, deduction and credit required to be allocated to the Capital Accounts of the Partners pursuant
to this Agreement will result in final Capital Account balances that will permit the amount each Partner is entitled to receive
upon “liquidation” of the Partnership (within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations)
to equal the amount such Partner would have received if such amount was distributable solely pursuant to the priorities set forth
in ARTICLE V and Section 13.2A(1) - (4) (and, for the avoidance of doubt, taking into account any applicable DRO
Amounts).  Accordingly, notwithstanding the provisions of Section 6.1A, in the taxable year of the event precipitating
a Liquidity Event and thereafter, appropriate adjustments to allocations of Net Profits and Net Losses to the Partners shall be
made to achieve such result.  

 

Section 6.2         Revisions
to Allocations to Reflect Issuance of Partnership Interests or Certain DRO Obligations

 

A.          Issuances
of Partnership Interests.  If the Partnership issues Partnership Interests pursuant to ARTICLE IV hereof,
the General Partner shall make such revisions to this ARTICLE VI and the Partner Registry in the books and records of the
Partnership as it deems necessary to reflect the terms of the issuance of such Partnership Interests, including making preferential
allocations to classes of Partnership Interests that are entitled thereto.  Such revisions shall not require the consent
or approval of any other Partner.

 

B.          Certain
DRO Obligations.  If a DRO Partner has agreed and is obligated to restore the deficit balance in such Partner’s
Capital Account upon the occurrence of certain events, and such obligation is inconsistent with the allocation of Net Losses that
otherwise would apply to such Partner as a DRO Partner pursuant to this ARTICLE VI (for example, because the DRO Partner
has agreed to bear Net Losses in a manner pari passu with the General Partner), the General Partner shall make such revisions
to this ARTICLE VI as it deems necessary to reflect the terms of such obligation, including with respect to the order of
allocation of Net Losses with respect to such Partner.  Such revisions shall not require the consent or approval of any
other Partner.

 

    	29

    	 

    

 

ARTICLE
VII

 

MANAGEMENT
AND OPERATIONS OF BUSINESS

 

Section 7.1          Management

 

A.          Powers
of General Partner.  Except as otherwise expressly provided in this Agreement, all management powers over the business
and affairs of the Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner shall have any
right to participate in or exercise control or management power over the business and affairs of the Partnership.  The
General Partner may not be removed by the Limited Partners with or without cause.  In addition to the powers now or hereafter
granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other
provision of this Agreement, the General Partner, subject to Section 7.11, shall have full power and authority to do all
things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section
3.2 and to effectuate the purposes set forth in Section 3.1, including, without limitation:

 

(1)          the
making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and borrowing
money to permit the Partnership to make distributions to its Partners in such amounts as are required under Section 5.1A
or will permit the Parent (so long as the Parent qualifies as a REIT) to avoid the payment of any U.S. federal income tax (including,
for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its stockholders sufficient
to permit the Parent to qualify and maintain its qualification as a REIT), the assumption or guarantee of, or other contracting
for, indebtedness and other liabilities including, without limitation, the assumption or guarantee of the debt of the Parent, its
Subsidiaries or the Partnership’s Subsidiaries, the issuance of evidences of indebtedness (including the securing of same
by mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations
the General Partner deems necessary for the conduct of the activities of the Partnership;

 

(2)          the
making of tax, regulatory and other filings and applications, or rendering of periodic or other reports to governmental or other
agencies having jurisdiction over the business or assets of the Partnership, and to communicate and otherwise deal with such governmental
or other agencies;

 

(3)          the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership
(including acquisition of any new assets, the exercise or grant of any conversion, option, privilege or subscription right or other
right available in connection with any assets at any time held by the Partnership) or the merger or other combination of the Partnership
or any Subsidiary of the Partnership with or into another entity on such terms as the General Partner deems proper;

 

(4)          the
use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of
this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the
Parent, the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to

 

    	30

    	 

    

 

other Persons (including,
without limitation, the Parent, the General Partner and their Subsidiaries and the Partnership’s Subsidiaries) and the repayment
of obligations of the Partnership and its Subsidiaries and any other Person in which the Partnership has an equity investment and
the making of capital contributions to its Subsidiaries;

 

(5)          the
acquisition, ownership, financing, including through securitizations, servicing and disposition of mortgage loans and other interests
in real property;

 

(6)          the
management, operation, leasing, landscaping, repair, alteration, demolition, improvement and disposition of any real property or
improvements owned by the Partnership or any Subsidiary of the Partnership or any Person in which the Partnership has made a direct
or indirect equity investment;

 

(7)          the
negotiation, execution, and performance of any contracts, conveyances or other instruments that the General Partner considers useful
or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under
this Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, other professional
advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets;

 

(8)          the
distribution of Partnership cash or other Partnership assets in accordance with this Agreement;

 

(9)          the
holding, managing, investing and reinvesting of cash and other assets of the Partnership;

 

(10)        the
hedging of liabilities of the Partnership;

 

(11)        the
collection and receipt of revenues and income of the Partnership;

 

(12)        the
selection, designation of powers, authority and duties and the dismissal of employees of the Partnership (including, without limitation,
employees having titles such as “president,” “vice president,” “secretary” and “treasurer”)
and agents, outside attorneys, accountants, consultants and contractors of the Partnership and the determination of their compensation
and other terms of employment or hiring;

 

(13)        the
maintenance of such insurance for the benefit of the Partnership and the Partners (including, without limitation, the Parent and
the General Partner) as it deems necessary or appropriate;

 

(14)        the
formation of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates of the Partnership
or third parties) in, and the contribution of property to, any further limited or general partnerships, joint ventures, limited
liability companies or other relationships that it deems desirable (including, without limitation, the acquisition of interests
in, and the contributions of funds or property to, or making of loans to, its Subsidiaries and any other Person in which it has
an equity investment from time to time, or the incurrence of indebtedness on behalf of such Persons or the guarantee of the obligations
of such Persons); provided, however, that as long as the Parent has determined to qualify or

 

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continue to qualify as a
REIT, the Partnership may not engage in any such formation, acquisition or contribution that would cause the Parent to fail to
qualify as a REIT;

 

(15)        the
control of any matters affecting the rights and obligations of the Partnership, including the settlement, compromise, submission
to arbitration or any other form of dispute resolution or abandonment of any claim, cause of action, liability, debt or damages
due or owing to or from the Partnership, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations
or other forms of dispute resolution, the representation of the Partnership in all suits or legal proceedings, administrative proceedings,
arbitrations or other forms of dispute resolution, the incurring of legal expense and the indemnification of any Person against
liabilities and contingencies to the extent permitted by law;

 

(16)        the
determination of the fair market value of any Partnership property distributed in kind, using such reasonable method of valuation
as the General Partner may adopt;

 

(17)        the
exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right,
including the right to vote, appurtenant to any assets or investment held by the Partnership;

 

(18)        the
exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary
of the Partnership or any other Person in which the Partnership has a direct or indirect interest, individually or jointly with
any such Subsidiary or other Person;

 

(19)        the
exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the Partnership
does not have any interest pursuant to contractual or other arrangements with such Person;

 

(20)        the
making, executing and delivering of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security
agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or other legal instruments or agreements
in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General
Partner enumerated in this Agreement;

 

(21)        the
distribution of cash to acquire Partnership Units held by a Limited Partner in connection with a Limited Partner’s exercise
of its Redemption Right under Section 8.6;

 

(22)        the
determination regarding whether a payment to a Partner who exercises its Redemption Right under Section 8.6 that is assumed
by the Parent will be paid in the form of the Cash Amount or the Shares Amount, except as such determination may be limited by
Section 8.6.

 

(23)        the
acquisition of Partnership Interests in exchange for cash, debt instruments and other property;

 

(24)        the
maintenance of the Partner Registry in the books and records of the Partnership to reflect the Capital Contributions and Percentage
Interests of the Partners as the

 

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same are adjusted from time
to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission
of any Additional Limited Partner or any Substituted Limited Partner or otherwise; and

 

(25)        the
registration of any class of securities of the Partnership under the Securities Act or the Exchange Act, and the listing of any
debt securities of the Partnership on any exchange.

 

B.          No
Approval by Limited Partners.  Except as provided in Section 7.11, each of the Limited Partners agrees that
the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of
the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provision of this Agreement,
the Act or any applicable law, rule or regulation, to the full extent permitted under the Act or other applicable law.  The
execution, delivery or performance by the General Partner or the Partnership of any agreement authorized or permitted under this
Agreement shall be in the sole and absolute discretion of the General Partner without consideration of any other obligation or
duty, fiduciary or otherwise, of the Partnership or the Limited Partners and shall not constitute a breach by the General Partner
of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement
or of any duty stated or implied by law or equity.  The Limited Partners acknowledge that the General Partner is acting
for the benefit of the Partnership, the Limited Partners and the stockholders of the Parent collectively.

 

C.          Insurance.  At
all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, liability
and other insurance on the properties of the Partnership and its Subsidiaries, (ii) liability insurance for the Indemnitees hereunder,
and (iii) such other insurance as the General Partner, in its sole and absolute discretion, determines to be necessary.

 

D.          Working
Capital and Other Reserves.  At all times from and after the date hereof, the General Partner may cause the Partnership
to establish and maintain working capital reserves in such amounts as the General Partner, in its sole and absolute discretion,
deems appropriate and reasonable from time to time, including upon liquidation of the Partnership under Article XIII.

 

Section 7.2          Certificate
of Limited Partnership

 

To the extent that such
action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments
to and restatements of the Certificate of Limited Partnership and do all the things to maintain the Partnership as a limited partnership
(or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and each other
state, the District of Columbia or other jurisdiction in which the Partnership may elect to do business or own property.  Subject
to the terms of Section 8.5A(4), the General Partner shall not be required, before or after filing, to deliver or mail a
copy of the Certificate of Limited Partnership or any amendment thereto to any Limited Partner.  The General Partner
shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or
appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the
limited partners

 

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have limited liability) in
the State of Delaware and any other state, the District of Columbia or other jurisdiction in which the Partnership may elect to
do business or own property.

 

Section 7.3          Title
to Partnership Assets

 

Title to Partnership assets,
whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity,
and no Partners, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof.  Title
to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees,
as the General Partner may determine, in its sole and absolute discretion, including Affiliates of the General Partner.  The
General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General
Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the
Partnership in accordance with the provisions of this Agreement.  All Partnership assets shall be recorded as the property
of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held.

 

Section 7.4          Reimbursement
of the General Partner and the Parent

 

A.          No
Compensation.  Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions
of Articles V and VI regarding distributions, payments and allocations to which it may be entitled),
the General Partner shall not receive payments from the Partnership or otherwise be compensated for its services as the general
partner of the Partnership.

 

B.          Responsibility
for Partnership and General Partner and Parent Expenses.  The Partnership shall be responsible for and shall pay
all expenses relating to the Partnership’s organization, the ownership of its assets and its operations.  The Partnership
shall also be responsible for the administrative and operating costs and expenses incurred by the General Partner and the Parent,
including, but not limited to, all expenses relating to the General Partner’s and the Parent’s (i) continued existence
and subsidiary operations, (ii) offerings and registration of securities, (iii) preparation and filing of any periodic or other
reports and communications to stockholders or required under U.S. federal, state or local laws and regulations, (iv) compliance
with laws, rules and regulations promulgated by any regulatory body, (v) operating or administrative costs incurred in the ordinary
course of business on behalf of the Partnership; (vi) compensation of officers and employees, including, without limitation, payments
under future compensation plans, of the Parent, or the Partnership may provide for stock units, or phantom stock, pursuant to which
employees, if any, of the Parent or the Partnership will receive payments based upon dividends on or the value of REIT Shares,
(vii) director fees and expenses of the Parent, (viii) any expenses (other than the purchase price) incurred by the General Partner
in connection with the redemption or other repurchase of its Shares, and (ix) all costs and expenses of the General Partner in
connection with its operation as a REIT; provided, however such costs and expenses shall not include any administrative
or operating costs of the General Partner or the Parent attributable to assets owned by the General Partner or the Parent directly
and not through the Partnership or its subsidiaries; provided, further, such costs shall not include any costs that are the responsibility
of the Manager under the Management Agreement.  The General Partner and the Parent, at the General Partner’s sole
and absolute discretion, shall be

 

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reimbursed on a monthly basis,
or such other basis as the General Partner may determine in its sole and absolute discretion, for all expenses the Parent or the
General Partner incurs relating to or resulting from the ownership and operation of, or for the benefit of, the Partnership (including,
without limitation, expenses related to the operations of the General Partner and the Parent and to the management and administration
of any Subsidiaries of the General Partner, the Parent or the Partnership or Affiliates of the Partnership, such as auditing expenses
and filing fees); provided, however, that (i) the amount of any such reimbursement shall be reduced by (x) any interest
earned by the General Partner or the Parent with respect to bank accounts or other instruments or accounts held by it on behalf
of the Partnership as permitted in Section 7.5A (which interest is considered to belong to the Partnership and shall be
paid over to the Partnership to the extent not applied to reimburse the General Partner or the Parent for expenses hereunder);
and (y) any amount derived by the General Partner from any investments permitted in Section 7.5A; (ii) the Partnership shall
not be responsible for any taxes that the General Partner or the Parent would not have been required to pay if the Parent qualified
as a REIT for U.S. federal income tax purposes or any taxes imposed on the General Partner or the Parent by reason of the Parent’s
failure to distribute to its stockholders an amount equal to its taxable income; (iii) the Partnership shall not be responsible
for expenses or liabilities incurred by the General Partner in connection with any business or assets of the General Partner other
than its ownership of Partnership Interests or operation of the business of the Partnership or ownership of interests in Qualified
Assets to the extent permitted in Section 7.5A; and (iv) the Partnership shall not be responsible for any expenses or liabilities
of the General Partner that are excluded from the scope of the indemnification provisions of Section 7.7A by reason of the
provisions of clause (i), (ii) or (iii) thereof.  The General Partner shall determine in good faith the amount of expenses
incurred by it or the Parent related to the ownership of Partnership Interests or operation of, or for the benefit of, the Partnership.  If
certain expenses are incurred that are related both to the ownership of Partnership Interests or operation of, or for the benefit
of, the Partnership and to the ownership of other assets (other than Qualified Assets as permitted under Section 7.5A) or
the operation of other businesses, such expenses will be allocated to the Partnership and such other entities (including the General
Partner and the Parent) owning such other assets or businesses in such a manner as the General Partner in its sole and absolute
discretion deems fair and reasonable.  Such reimbursements shall be in addition to any reimbursement to the General Partner
and the Parent pursuant to Section 10.3C and as a result of indemnification pursuant to Section 7.7.  All
payments and reimbursements hereunder shall be characterized for U.S federal income tax purposes as expenses of the Partnership
incurred on its behalf, and not as expenses of the General Partner or the Parent.

 

C.          Partnership
Interest Issuance Expenses.  The General Partner and the Parent shall also be reimbursed for all expenses they incur
relating to any issuance of Partnership Interests, Shares, Debt of the Partnership, Funding Debt of the General Partner or the
Parent or rights, options, warrants or convertible or exchangeable securities pursuant to Article IV (including, without
limitation, all costs, expenses, damages and other payments resulting from or arising in connection with litigation related to
any of the foregoing), all of which expenses are considered by the Partners to constitute expenses of, and for the benefit of,
the Partnership.

 

D.          Purchases
of Shares by the Parent.  If the Parent exercises its rights under the Charter to purchase Shares or otherwise elects
or is required to purchase from its stockholders Shares in connection with a share repurchase or similar program or otherwise,
or for the purpose

 

    	35

    	 

    

 

of delivering such Shares
to satisfy an obligation under any dividend reinvestment or equity purchase program adopted by the Parent, any employee equity
purchase plan adopted by the Parent or any similar obligation or arrangement undertaken by the Parent in the future, the purchase
price paid by the Parent for those Shares and any other expenses incurred by the Parent in connection with such purchase shall
be considered expenses of the Partnership and shall be reimbursable to the Parent, subject to the conditions that: (i) if those
Shares subsequently are to be sold by the Parent, the Parent shall pay to the Partnership any proceeds received by the Parent for
those Shares (provided, however, that a transfer of Shares for Partnership Units pursuant to Section 8.6 would not
be considered a sale for such purposes); and (ii) if such Shares are required to be cancelled pursuant to applicable law or are
not retransferred by the Parent within 30 days after the purchase thereof, the General Partner shall cause the Partnership to cancel
a number of Partnership Units (rounded to the nearest whole Partnership Unit) held by the Parent equal to the product attained
by multiplying the number of those Shares by a fraction, the numerator of which is one and the denominator of which is the Conversion
Factor.

 

E.          Reimbursement
not a Distribution.  Except as set forth in the succeeding sentence, if and to the extent any reimbursement made
pursuant to this Section 7.4 is determined for U.S. federal income tax purposes not to constitute a payment of expenses
of the Partnership, the amount so determined shall constitute a guaranteed payment with respect to capital within the meaning of
Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners and shall not be treated
as a distribution for purposes of computing the Partners’ Capital Accounts.  Amounts deemed paid by the Partnership
to the General Partner in connection with redemption of Partnership Units pursuant to clause (ii) of subparagraph (D) above shall
be treated as a distribution for purposes of computing the Partner’s Capital Accounts.

 

F.          Funding
for Certain Capital Transactions.  In the event that the Parent shall undertake to acquire (whether by merger, consolidation,
purchase or otherwise) the assets or equity interests of another Person and such acquisition shall require the payment of cash
by the Parent (whether to such Person or to any other selling party or parties in such transaction or to one or more creditors,
if any, of such Person or such selling party or parties), (i) the Partnership shall advance to the Parent the cash required to
consummate such acquisition if, and to the extent that, such cash is not to be obtained by the Parent through an issuance of Shares
described in Section 4.2 or pursuant to a transaction described in Section 7.5B, (ii) the Parent shall, upon consummation
of such acquisition, transfer to the Partnership (or cause to be transferred to the Partnership), in full and complete satisfaction
of such advance and as required by Section 7.5, the assets or equity interests of such Person acquired by the Parent in
such acquisition (or equity interests in Persons owning all of such assets or equity interests), and (iii) pursuant to and in accordance
with Section 4.2 and Section 7.5B, the Partnership shall issue to the Parent, Partnership Interests and/or rights,
options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights
that are substantially the same as those of any additional Shares, other equity securities, New Securities and/or Convertible Funding
Debt, as the case may be, issued by the Parent in connection with such acquisition (whether issued directly to participants in
the acquisition transaction or to third parties in order to obtain cash to complete the acquisition).  In addition to,
and without limiting, the foregoing, in the event that the Parent engages in a transaction in which (x) the Parent (or a wholly
owned direct or indirect Subsidiary of the Parent) merges with another entity (referred to as the “Parent Entity”)
that is organized in the “UPREIT format” (i.e., where the Parent Entity holds

 

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substantially all of its
assets and conducts substantially all of its operations through a partnership, limited liability company or other entity (referred
to as an “Operating Entity”)) and the Parent survives such merger, (y) such Operating Entity merges with
or is otherwise acquired by the Partnership in exchange in whole or in part for Partnership Interests, and (z) the Parent is required
or elects to pay part of the consideration in connection with such merger involving the Parent Entity in the form of cash and part
of the consideration in the form of Shares, the Partnership shall distribute to the Parent with respect to its existing Partnership
Interest an amount of cash sufficient to complete such transaction and the General Partner shall cause the Partnership to cancel
a number of Partnership Units (rounded to the nearest whole number) held by the Parent equal to the product attained by multiplying
the number of additional Shares of the Parent that the Parent would have issued to the Parent Entity or the owners of the Parent
Entity in such transaction if the entire consideration therefor were to have been paid in Shares by a fraction, the numerator of
which is one and the denominator of which is the Conversion Factor.

 

Section 7.5         Outside
Activities of the General Partner; Relationship of Shares to Partnership Units; Funding Debt

 

A.          General
Outside Activities. Without the Consent of the Outside Limited Partners, the assets of the General Partner shall be limited
to Partnership Interests and permitted debt obligations of the Partnership (as contemplated by Section 7.5F); provided,
however, that the General Partner shall be permitted to hold such bank accounts or similar instruments or accounts in its name
as it deems necessary to carry out its responsibilities and purposes as contemplated under this Agreement and its organizational
documents (provided that accounts held on behalf of the Partnership to permit the General Partner to carry out its responsibilities
under this Agreement shall be considered to belong to the Partnership and the interest earned thereon shall, subject to Section
7.4B, be applied for the benefit of the Partnership); and, provided further that, the General Partner shall be permitted to
acquire Qualified Assets.  The General Partner acknowledges that it is the intention of the Parent to conduct substantially
all of its activities through the Partnership.

 

B.          Repurchase
of Shares and Other Securities.  If the Parent exercises its rights under the Charter to purchase Shares or otherwise
elects to purchase from the holders thereof Shares, other equity securities of the Parent, New Securities or Convertible Funding
Debt, then the General Partner shall cause the Partnership to purchase from the Parent (i) in the case of a purchase of Shares,
that number of Partnership Units of the appropriate class equal to the product obtained by multiplying the number of Shares purchased
by the Parent times a fraction, the numerator of which is one and the denominator of which is the Conversion Factor, or (ii) in
the case of the purchase of any other securities on the same terms and for the same aggregate price that the Parent purchased such
securities.

 

C.          Forfeiture
of Shares.  If the Partnership or the Parent acquires Shares as a result of the forfeiture of such Shares under a
restricted or similar share, share bonus or similar share plan, then the General Partner shall cause the Partnership to cancel,
without payment of any consideration to the Parent, that number of Partnership Units of the appropriate class equal to the number
of Shares so acquired, and, if the Partnership acquired such Shares, it shall transfer such Shares to the Parent for cancellation.

 

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D.          Issuances
of Shares and Other Securities.  The Parent shall not grant, award or issue any additional Shares (other than Shares
issued pursuant to Section 8.6 hereof or pursuant to a dividend or distribution (including any stock split) of Shares to
all of its stockholders that results in an adjustment to the Conversion Factor pursuant to clause (i), (ii) or (iii) of the definition
thereof), other equity securities of the Parent, New Securities or Convertible Funding Debt unless (i) the General Partner shall
cause, pursuant to Section 4.2A hereof, the Partnership to issue to the Parent, Partnership Interests or rights, options,
warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights, all such
that the economic interests are substantially the same as those of such additional Shares, other equity securities, New Securities
or Convertible Funding Debt, as the case may be, and (ii) in exchange therefor, the Parent transfers or otherwise causes to be
transferred to the Partnership, as an additional Capital Contribution, the proceeds from the grant, award, or issuance of such
additional Shares, other equity securities, New Securities or Convertible Funding Debt, as the case may be, or from the exercise
of rights contained in such additional Shares, other equity securities, New Securities or Convertible Funding Debt, as the case
may be (or, in the case of an acquisition described in Section 7.4F in which all or a portion of the cash required to consummate
such acquisition is to be obtained by the Parent through an issuance of Shares described in Section 4.2, the Parent complies
with such Section 7.4F).  Without limiting the foregoing, the Parent is expressly authorized to issue additional
Shares, other equity securities, New Securities or Convertible Funding Debt, as the case may be, for less than fair market value,
and the General Partner is expressly authorized, pursuant to Section 4.2A hereof, to cause the Partnership to issue to the
Parent corresponding Partnership Interests, (for example, and not by way of limitation, the issuance of Shares and corresponding
Partnership Units pursuant to a stock purchase plan providing for purchases of Shares, either by employees or stockholders, at
a discount from fair market value or pursuant to employee stock options that have an exercise price that is less than the fair
market value of the Shares, either at the time of issuance or at the time of exercise) as long as (a) the General Partner concludes
in good faith that such issuance is in the interests of the General Partner, the Parent and the Partnership and (b) the Parent
transfers all proceeds (if any) from any such issuance or exercise to the Partnership as an additional Capital Contribution. For
avoidance of doubt, and without limiting the foregoing, to the extent that the Parent issues Shares to the Manager under the Management
Agreement, the General Partner shall cause the Partnership to issue simultaneously an equivalent number of Partnership Units to
the Parent for no additional consideration.

 

E.          Equity
Incentive Plan.  If at any time or from time to time, the Parent sells or otherwise issues Shares pursuant to any
Equity Incentive Plan, the Parent shall transfer or cause to be transferred the proceeds of the sale of such Shares, if any, to
the Partnership as an additional Capital Contribution in exchange for an amount of additional Partnership Units equal to the number
of Shares so sold divided by the Conversion Factor.

 

F.          Funding
Debt.  The General Partner or the Parent or any wholly owned Subsidiary of either of them may incur a Funding Debt
from a financial institution or other lender, including, without limitation, a Funding Debt that is convertible into Shares or
otherwise constitutes a class of New Securities (“Convertible Funding Debt”), subject to the condition
that the General Partner, the Parent or such Subsidiary, as the case may be, lend to the Partnership the net proceeds of such Funding
Debt; provided, however, that Convertible Funding Debt shall be issued in accordance with the provisions of Section 7.5D
above; and, provided

 

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further that the General
Partner, the Parent or such Subsidiary shall not be obligated to lend the net proceeds of any Funding Debt to the Partnership in
a manner that would be inconsistent with the Parent’s ability to qualify or remain qualified as a REIT.  If the
General Partner, the Parent or such Subsidiary enters into any Funding Debt, the loan to the Partnership shall be on comparable
terms and conditions, including interest rate, repayment schedule, costs and expenses and other financial terms, as are applicable
with respect to or incurred in connection with such Funding Debt.

 

G.          Capital
Contributions of the Parent.  The Capital Contributions by the Parent pursuant to Sections 7.5D and 7.5E
will be deemed to equal the cash contributed by the General Partner plus (a) in the case of cash contributions funded by an offering
of any equity interests in or other securities of the Parent, the offering costs attributable to the cash contributed to the Partnership
to the extent not reimbursed pursuant to Section 7.4C and (b) in the case of Partnership Units issued pursuant to Section
7.5E, an amount equal to the difference between the Value of the Shares sold pursuant to any Equity Incentive Plan and the
net proceeds of such sale.

 

Section 7.6          Transactions
With Affiliates

 

A.          Transactions
with Certain Affiliates.  Except as expressly permitted by this Agreement with respect to any non-arms’ length
transaction with an Affiliate or unless approved by a majority of the independent and disinterested members of the Parent Board
of Directors, the Partnership shall not, directly or indirectly, sell, transfer or convey any property to, or purchase any property
from, or borrow funds from, or lend funds to, any Partner or any Affiliate of the Partnership that is not also a Subsidiary of
the Partnership.

 

B.          Joint
Ventures.  The Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations,
business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such
conditions consistent with this Agreement and applicable law as the General Partner, in its sole and absolute discretion, believes
to be advisable.

 

C.          Management,
Services and Other Agreements.  The General Partner is expressly authorized to enter into, in the name and on behalf
of the Partnership, and thereafter to amend or revise (subject to approval by the Board of Directors of the Parent), (i) the Management
Agreement, (ii) the Services Agreement, (iii) the Trademark License and (iv) any other management, shared-services, servicing,
development or advisory agreement with a property and/or asset manager (including an Affiliate of the Partnership, the Parent or
the General Partner) for the servicing of mortgage loans and the provision of property management, asset management, leasing, development
and/or similar services with respect to the Partnership properties and any agreement for the provision of services of accountants,
legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, financial advisors and other professional
and administrative services with an Affiliate of any of the Partnership, the Parent or the General Partner, on such terms as the
General Partner, in its sole and absolute discretion, believes are advisable.  

 

D.          Conflict
Avoidance.  The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership,
a non-competition arrangement and other conflict

 

    	39

    	 

    

 

avoidance agreements with
various Affiliates of the Partnership, the Parent and General Partner on such terms as the General Partner, in its sole and absolute
discretion, believes are advisable.

 

E.          Benefit
Plans Sponsored by the Partnership.  The General Partner in its sole and absolute discretion and without the approval
of the Limited Partners, may propose and adopt on behalf of the Partnership employee benefit plans funded by the Partnership for
the benefit of employees of the General Partner, the Parent, the Partnership, Subsidiaries of the Partnership or any Affiliate
of any of them.

 

Section 7.7          Indemnification

 

A.          General.  The
Partnership shall indemnify each Indemnitee to the fullest extent provided by the Act from and against any and all losses, claims,
damages, liabilities, joint or several, expenses (including, without limitation, attorneys fees and other legal fees and expenses),
judgments, fines, settlements and other amounts, arising from or in connection with any and all claims, demands, actions, suits
or proceedings, whether civil, criminal, administrative or investigative, incurred by the Indemnitee and relating to the Partnership
or the General Partner or the Parent or the operation of, or the ownership of property by, the Indemnitee, Partnership or the General
Partner or the Parent as set forth in this Agreement in which any such Indemnitee may be involved, or is threatened to be involved,
as a party or otherwise, unless it is established by a final determination of a court of competent jurisdiction that: (i) the act
or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or
was the result of active and deliberate dishonesty, (ii) the Indemnitee actually received an improper personal benefit in money,
property or services or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act
or omission was unlawful.  Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee,
pursuant to a loan guarantee, contractual obligation for any indebtedness or other obligation or otherwise, for any indebtedness
of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership
or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered,
on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section
7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness.  The termination
of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite
standard of conduct set forth in this Section 7.7A.  The termination of any proceeding by conviction or upon a
plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create  a rebuttable
presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.7A with respect to the subject
matter of such proceeding.  Any indemnification pursuant to this Section 7.7 shall be made only out of the assets
of the Partnership, and any insurance proceeds from the liability policy covering the General Partner and any Indemnitee, and neither
the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership or otherwise
provide funds to enable the Partnership to fund its obligations under this Section 7.7.

 

B.          Reimbursement
of Expenses.  Reasonable expenses expected to be incurred by an Indemnitee shall be paid or reimbursed by the Partnership
in advance of the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative
or

 

    	40

    	 

    

 

investigative made or threatened
against an Indemnitee upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s
good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in Section 7.7A
has been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined
that the standard of conduct has not been met.

 

C.          No
Limitation of Rights.  The indemnification provided by this Section 7.7 shall be in addition to any other
rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as
a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity unless otherwise
provided in a written agreement pursuant to which such Indemnitee is indemnified.

 

D.          Insurance.  The
Partnership may purchase and maintain insurance on behalf of the Indemnitees and such other Persons as the General Partner shall
determine against any liability that may be asserted against or expenses that may be incurred by such Person in connection with
the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Indemnitee or
Person against such liability under the provisions of this Agreement.

 

E.          No
Personal Liability for Partners.  In no event may an Indemnitee subject any of the Partners to personal liability
by reason of the indemnification provisions set forth in this Agreement.

 

F.          Interested
Transactions.  An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7
because 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.

 

G.          Benefit.  The
provisions of this Section 7.7 are for the benefit of the Indemnitees, their employees, officers, directors, trustees, heirs,
successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons.  Any
amendment, modification or repeal of this Section 7.7, or any provision hereof, shall be prospective only and shall not
in any way affect the limitation on the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or related to matters occurring,
in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

H.          Indemnification
Payments Not Distributions.  If and to the extent any payments to the General Partner pursuant to this Section
7.7 constitute gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership),
such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated consistently
therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’
Capital Accounts.

 

I.          Exception
to Indemnification.  Notwithstanding anything to the contrary in this Agreement, the General Partner shall not be
entitled to indemnification hereunder for any loss,

 

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claim, damage, liability
or expense for which the General Partner is obligated to indemnify the Partnership under any other agreement between the General
Partner and the Partnership.

 

Section 7.8          Liability
of the General Partner

 

A.          General.  Notwithstanding
anything to the contrary set forth in this Agreement, the General Partner (which for the purposes of this Section 7.8 shall
include the directors and officers of the General Partner and the Parent) shall not be liable for monetary or other damages to
the Partnership, any Partners or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of
errors in judgment or mistakes of fact or law or of any act or omission unless the General Partner acted in bad faith and the act
or omission was material to the matter giving rise to the loss, liability or benefit not derived.

 

B.          Obligation
to Consider Interests of Parent.  The Limited Partners expressly acknowledge that the General Partner, in considering
whether to dispose of any of the Partnership assets, shall take into account the tax consequences to the Parent of any such disposition
and shall have no liability whatsoever to the Partnership or any Limited Partner for decisions that are based upon or influenced
by such tax consequences.

 

C.          No
Obligation to Consider Separate Interests of Limited Partners.  The Limited Partners expressly acknowledge that the
General Partner is acting on behalf of the Partnership, the Limited Partners, the Parent’s stockholders, and that, except
as set forth herein, the General Partner is under no obligation to consider the separate interests of the Limited Partners (including,
without limitation, the tax consequences to Limited Partners or Assignees) in deciding whether to cause the Partnership to take
(or decline to take) any actions, and that the General Partner shall not be liable for monetary or other damages for losses sustained,
liabilities incurred or benefits not derived by Limited Partners in connection with any decisions or actions made or taken or declined
to be made or taken, provided that the General Partner has acted pursuant to its authority under this Agreement.  Any
decisions or actions not taken by the General Partner in accordance with the terms of this Agreement shall not constitute a breach
of any duty owed to the Partnership or the Limited Partners by law or equity, fiduciary or otherwise.  In the event of
a conflict between the interests of the Limited Partners and the stockholders of the Parent, the General Partner and its Affiliates
(including the Parent) may endeavor in good faith to resolve any conflicts in a manner that is not adverse to either the stockholders
of the Parent or the Limited Partners; provided the Limited Partners acknowledge and agree that the General Partner and
its Affiliates may fulfill their duties to the Limited Partners by acting in the best interests of the stockholders of the Parent;
and the General Partner shall not be liable for monetary or other losses sustained, liabilities incurred or benefits not derived
by the Limited Partners in connection therewith.

 

D.          Actions
of Agents.  Subject to its obligations and duties as General Partner set forth in Section 7.1A, the General
Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder
either directly or by or through its agents.  The General Partner shall not be responsible for any misconduct or negligence
on the part of any such agent appointed by the General Partner in good faith.

 

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E.          Effect
of Amendment.  Notwithstanding any other provision contained herein, any amendment, modification or repeal of this
Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General
Partner’s liability to the Partnership and the Limited Partners under this Section 7.8 as in effect immediately prior
to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

F.          Limitations
of Fiduciary Duty.  Section 7.1B, Section 7.7E and this Section 7.8 and any other Section of
this Agreement limiting the liability of the General Partner and/or the directors and officers of the Parent shall constitute an
express limitation of any duties, fiduciary or otherwise, that they would owe the Partnership or the Limited Partners if such duty
would be imposed by any law, in equity or otherwise.

 

Section 7.9          Other
Matters Concerning the General Partner

 

A.          Reliance
on Documents.  The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document
believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties.

 

B.          Reliance
on Advisors.  The General Partner may consult with legal counsel, accountants, appraisers, management consultants,
investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon
the opinion of such Persons as to matters which the General Partner reasonably believes to be within such Person’s professional
or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion.

 

C.          Action
Through Agents.  The General Partner shall have the right, in respect of any of its powers or obligations hereunder,
to act through any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact.  Each such attorney
shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform
all and every act and duty that is permitted or required to be done by the General Partner hereunder.

 

D.          Actions
to Maintain REIT Status or Avoid Taxation of the Parent.  Notwithstanding any other provisions of this Agreement
or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from
acting on behalf of the Partnership undertaken in the good faith belief that such action or omission is necessary or advisable
in order (i) to protect the ability of the Parent to qualify as a REIT or (ii) to allow the Parent to avoid incurring any liability
for taxes under Sections 857 or 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of
the Limited Partners.

 

Section 7.10         Reliance
By Third Parties

 

Notwithstanding anything
to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner
has full power and authority,

 

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without consent or approval
of any other Partner or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership, to enter
into any contracts on behalf of the Partnership and to take any and all actions on behalf of the Partnership, and such Person shall
be entitled to deal with the General Partner as if the General Partner were the Partnership’s sole party in interest, both
legally and beneficially.  Each Limited Partner hereby waives any and all defenses or other remedies that may be available
against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing, in each
case except to the extent that such action imposes, or purports to impose, liability on the Limited Partner.  In no event
shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement
have been complied with or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives.  Each
and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives
shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the
execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person
executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf
of the Partnership, and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms
and provisions of this Agreement and is binding upon the Partnership.

 

Section 7.11          Restrictions
on General Partner’s Authority

 

The General Partner may
not take any action in contravention of an express prohibition or limitation of this Agreement without the written Consent of (i)
all Partners adversely affected or (ii) such lower percentage of the Partnership Interests held by Limited Partners as may be specifically
provided for under a provision of this Agreement or the Act.  The preceding sentence shall not apply to any limitation
or prohibition in this Agreement that expressly authorizes the General Partner to take action (either in its discretion or in specified
circumstances) so long as the General Partner acts within the scope of such authority.

 

Section 7.12          Loans
by Third Parties

 

The Partnership may incur
Debt, or enter into similar credit, guarantee, financing or refinancing arrangements for any purpose (including, without limitation,
in connection with any acquisition of property and any borrowings from, or guarantees of Debt of the General Partner or any of
its Affiliates) with any Person upon such terms as the General Partner determines appropriate.

 

ARTICLE
VIII

 

RIGHTS
AND OBLIGATIONS OF LIMITED PARTNERS

 

Section 8.1          Limitation
of Liability

 

The Limited Partners shall
have no liability under this Agreement except as expressly provided in this Agreement, including Section 10.5, or under
the Act.

 

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Section 8.2          Management
of Business

 

No Limited Partner or Assignee
(other than the General Partner, the Parent, any of their Affiliates, or any officer, director, employee, partner, agent or trustee
of the General Partner, the Parent, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the
operation, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in
the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership.  The transaction
of any such business by the General Partner, the Parent, any of their Affiliates or any officer, director, employee, partner, agent
or trustee of the General Partner, the Parent, the Partnership or any of their Affiliates, in their capacity as such, shall not
affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement.

 

Section 8.3          Outside
Activities of Limited Partners

 

Subject to Section 7.5
hereof, and subject to any agreements entered into pursuant to Section 7.6B hereof and to any other agreements entered into
by a Limited Partner or its Affiliates with the General Partner, the Partnership, the Parent or a Subsidiary, any Limited Partner
(other than the Parent) and any officer, director, employee, agent, trustee, Affiliate or stockholder of any Limited Partner shall
be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership,
including business interests and activities in direct or indirect competition with the Partnership.  Neither the Partnership
nor any Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee.  None
of the Limited Partners (other than the Parent) or any other Person shall have any rights by virtue of this Agreement or the partnership
relationship established hereby in any business ventures of any other Person (other than the General Partner or the Parent to the
extent expressly provided herein), and no Person (other than the General Partner and the Parent) shall have any obligation pursuant
to this Agreement to offer any interest in any such business venture to the Partnership, any Limited Partner or any such other
Person, even if such opportunity is of a character which, if presented to the Partnership, any Limited Partner or such other Person,
could be taken by such Person.

 

Section 8.4          Return
of Capital

 

Except pursuant to the
right of redemption set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal or return of its Capital
Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided
herein.  No Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the
return of Capital Contributions (except as permitted by Section 4.2A) or, except to the extent provided by Exhibit
C or as permitted by Sections 4.2A, 5.1B(i), 6.1A and 6.1B, or otherwise expressly provided
in this Agreement, as to profits, losses, distributions or credits.

 

Section 8.5          Rights
of Limited Partners Relating to the Partnership

 

A.          General.  In
addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5D, each Limited Partner
shall have the right, for a purpose

 

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reasonably related to such
Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of
such demand and at such Limited Partner’s own expense:

 

(1)          to
obtain a copy of the most recent annual and quarterly reports, if any, filed with the Securities and Exchange Commission by either
the Parent or the Partnership, if any, pursuant to the Exchange Act;

 

(2)          to
obtain a copy of the Partnership’s U.S. federal, state and local income tax returns for each Fiscal Year;

 

(3)          to
obtain a current list of the name and last known business, residence or mailing address of each Partner;

 

(4)          to
obtain a copy of this Agreement and the Certificate of Limited Partnership and all amendments thereto, together with executed copies
of all powers of attorney pursuant to which this Agreement, the Certificate of Limited Partnership and all amendments thereto have
been executed;

 

(5)          to
obtain true and full information regarding the amount of cash and a description and statement of the Agreed Value of any other
property or services contributed by each Partner and which each Partner has agreed to contribute in the future, and the date on
which each Partner became a Partner; and

 

(6)          other
information regarding the affairs of the Partnership as is just and reasonable.

 

B.          Notice
of Conversion Factor.  The Partnership shall notify each Limited Partner upon request (i) of the then current Conversion
Factor and (ii) of any changes to the Conversion Factor.

 

C.          Notice
of Extraordinary Transaction of the Parent.  The Parent shall not make any extraordinary distributions of cash or
property to its stockholders or effect a merger (including, without limitation, a triangular merger), consolidation or other combination
with or into another Person, a sale of all or substantially all of its assets or any other similar extraordinary transaction without
providing written notice to the Limited Partners of its intention to make such distribution or effect such merger, consolidation,
combination, sale or other extraordinary transaction at least 20 Business Days prior to the record date to determine stockholders
eligible to receive such distribution or to vote upon the approval of such merger, sale or other extraordinary transaction (or,
if no such record date is applicable, at least 20 Business Days before consummation of such merger, sale or other extraordinary
transaction), which notice shall describe in reasonable detail the action to be taken; provided, however, that the General
Partner, in its sole and absolute discretion, may shorten the required notice period of not less than 20 Business Days prior to
the record date to determine the stockholders eligible to vote upon a merger transaction (but not any of the other transactions
covered by this Section 8.5C) to a period of not less than ten calendar days (thereby continuing to afford the holders of
Partnership Units the opportunity to redeem Partnership Units under Section 8.6 on or prior to the record date for the stockholder
vote on the merger transaction) so long as (i) (A)the Parent will be the surviving entity in such merger

 

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transaction, (B) immediately
following the merger transaction, Persons who held voting securities of the Parent immediately prior to such merger transaction
will hold, solely by reason of the ownership of voting securities of the Parent immediately prior to the merger transaction, voting
securities of the Parent representing not less than 51% of the total combined voting power of all outstanding voting securities
of the Parent after such merger, and C) in the event that in connection with such merger transaction the Partnership will merge
with another entity, the Partnership will be the surviving entity in such merger or (ii) the Parent otherwise determines that it
is in the best interest of the Parent to shorten such required notice period to a period of not less than ten calendar days. This
provision for such notice shall not be deemed (i) to permit any transaction that otherwise is prohibited by this Agreement or requires
a Consent of the Partners or (ii) to require a Consent on the part of any one or more of the Limited Partners to a transaction
that does not otherwise require Consent under this Agreement.  Each Limited Partner agrees, as a condition to the receipt
of the notice pursuant hereto, to keep confidential the information set forth therein until such time as the Parent has made public
disclosure thereof and to use such information during such period of confidentiality solely for purposes of determining whether
to exercise the Redemption Right; provided, however, that a Limited Partner may disclose such information to its attorney,
accountant and/or financial advisor for purposes of obtaining advice with respect to such exercise so long as such attorney, accountant
and/or financial advisor agrees to receive and hold such information subject to this confidentiality requirement.

 

D.          Confidentiality.  Notwithstanding
any other provision of this Section 8.5, the General Partner and the Parent may keep confidential from the Limited Partners,
for such period of time as the General Partner determines in its sole and absolute discretion, any information that (i) the General
Partner reasonably believes to be in the nature of trade secrets or other information the disclosure of which the General Partner
in good faith believes is not in the best interests of the Partnership or could damage the Partnership or its business or (ii)
the Partnership or the Parent is required by law or by agreements with unaffiliated third parties to keep confidential, provided,
however, that this Section 8.5D shall not affect the notice requirements set forth in Section 8.5C above.

 

Section 8.6          Redemption
Right

 

A.          General.  (i)
Subject to Section 8.6C and Section 11.6E, at any time on or after 12 months following the date of the initial issuance
thereof (which, in the event of the transfer of a Class A Unit, shall be deemed to be the date that the Class A Unit was issued
to the original recipient thereof for purposes of this Section 8.6), the holder of a Class A Unit (if other than the Parent
or any Subsidiary of the Parent), including any LTIP Units that are converted into Class A Units, shall have the right (the “Redemption
Right”) to require the Partnership to redeem such Class A Unit, with such redemption to occur on the Specified Redemption
Date and at a redemption price equal to and in the form of the Cash Amount to be paid by the Partnership.  Any such Redemption
Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by
the holder of the Partnership Units who is exercising the Redemption Right (the “Redeeming Partner”).  A
Limited Partner may exercise the Redemption Right from time to time, without limitation as to frequency, with respect to part or
all of the Partnership Units that it owns, as selected by the Limited Partner, provided, however, that a Limited Partner
may not exercise the Redemption Right for fewer than 1,000 Partnership Units of a particular class unless such Redeeming Partner
then holds fewer than

 

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1,000 Partnership Units in
that class, in which event the Redeeming Partner must exercise the Redemption Right for all of the Partnership Units held by such
Redeeming Partner in that class, and provided further that, with respect to a Limited Partner which is an entity, such Limited
Partner may exercise the Redemption Right for fewer than 1,000 Partnership Units without regard to whether or not such Limited
Partner is exercising the Redemption Right for all of the Partnership Units held by such Limited Partner as long as such Limited
Partner is exercising the Redemption Right on behalf of one or more of its equity owners in respect of 100% of such equity owners’
interests in such Limited Partner.  

 

(ii)          The
Redeeming Partner shall have no right with respect to any Partnership Units so redeemed to receive any distributions paid in respect
of a Partnership Record Date for distributions in respect of Partnership Units after the Specified Redemption Date with respect
to such Partnership Units.

 

(iii)          The
Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 8.6, and such Limited
Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such
Limited Partner’s Assignee.  In connection with any exercise of such rights by such Assignee on behalf of such
Limited Partner, the Cash Amount shall be paid by the Partnership directly to such Assignee and not to such Limited Partner.

 

(iv)          If
the Parent provides notice to the Limited Partners, pursuant to Section 8.5C hereof, the Redemption Right shall be exercisable,
without regard to whether the Partnership Units have been outstanding for any specified period, during the period commencing on
the date on which the Parent provides such notice and ending on the record date to determine stockholders eligible to receive such
distribution or to vote upon the approval of such merger, sale or other extraordinary transaction (or, if no such record date is
applicable, at least 20 Business Days before the consummation of such merger, sale or other extraordinary transaction).  If
this subparagraph (iv) applies, the Specified Redemption Date is the date on which the Partnership and the General Partner receive
notice of exercise of the Redemption Right, rather than ten Business Days after receipt of the Notice of Redemption.

 

B.          Parent
Assumption of Redemption Right.  (i) If a Limited Partner has delivered a Notice of Redemption, the General Partner
may, in its sole and absolute discretion (subject to the limitations on ownership and transfer of Shares set forth in the Charter),
elect to cause the Parent to assume directly and satisfy a Redemption Right.  If such election is made by the General
Partner, the Partnership shall determine whether the Parent shall pay the Redemption Amount in the form of the Cash Amount or the
Shares Amount.  The Partnership’s decision regarding whether such payment shall be made in the form of the Cash
Amount or the Shares Amount shall be made by the General Partner, in its capacity as the general partner of the Partnership and
in its sole and absolute discretion.  Upon such payment by the Parent, the Parent shall acquire the Partnership Units
offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership
Units.  Unless the General Partner, in its sole and absolute discretion, shall exercise its right to cause the Parent
to assume directly and satisfy the Redemption Right, the Parent shall not have any obligation to the Redeeming Partner or to the
Partnership with respect to the Redeeming Partner’s exercise of the Redemption Right.  If the General Partner shall
exercise its right to cause the Parent to assume directly and

 

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satisfy the Redemption Right
in the manner described in the first sentence of this Section 8.6B and the Parent shall fully perform its obligations in
connection therewith, the Partnership shall have no right or obligation to pay any amount to the Redeeming Partner with respect
to such Redeeming Partner’s exercise of the Redemption Right, and each of the Redeeming Partner, the Partnership and the
Parent shall, for U.S. federal income tax purposes, treat the transaction between the Parent and the Redeeming Partner as a sale
of the Redeeming Partner’s Partnership Units to the Parent.  Nothing contained in this Section 8.6B shall
imply any right of the General Partner to require any Limited Partner to exercise the Redemption Right afforded to such Limited
Partner pursuant to Section 8.6A.

 

(ii)          If
the General Partner determines that the Parent shall pay the Redeeming Partner the Redemption Amount in the form of Shares, the
total number of Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner’s Partnership Units shall
be the applicable Shares Amount.  If this amount is not a whole number of Shares, the Redeeming Partner shall be paid
(i) that number of Shares which equals the nearest whole number less than such amount plus (ii) an amount of cash which the General
Partner determines, in its reasonable discretion, to represent the fair value of the remaining fractional Share which would otherwise
be payable to the Redeeming Partner.

 

(iii)          Each
Redeeming Partner agrees to execute such documents or provide such information or materials as the Parent may reasonably require
in connection with the issuance of Shares upon exercise of the Redemption Right.

 

C.          Exceptions
to Exercise of Redemption Right.  Notwithstanding the provisions of Section 8.6A and 8.6B, a Partner
shall not be entitled to exercise the Redemption Right pursuant to Section 8.6A if (but only as long as) the delivery of
Shares to such Partner on the Specified Redemption Date would (i) be prohibited under the restrictions on the ownership or transfer
of Shares in the Charter, (ii) be prohibited under applicable U.S. federal or state securities laws or regulations (in each case
regardless of whether the Parent would in fact assume and satisfy the Redemption Right), (iii) without limiting the foregoing,
result in the Shares being owned by fewer than 100 persons (determined without reference to rules of attribution), (iv) without
limiting the foregoing, result in the Parent being “closely held” within the meaning of Section 856(h) of the Code
or cause the Parent to own, actually or constructively, 10% or more of the ownership interests in a tenant of the Parent, the Partnership
or a Subsidiary of the Partnership’s real property within the meaning of Section 856(d)(2)(B) of the Code, and (v) without
limiting the foregoing, cause the acquisition of the Shares by the Redeeming Partner to be “integrated” with any other
distribution of Shares for purposes of complying with the registration provision of the Securities Act, as amended.  Notwithstanding
the foregoing, the Parent may, in its sole and absolute discretion, waive such prohibition set forth in this Section 8.6C.

 

D.          No
Liens on Partnership Units Delivered for Redemption.  Each Limited Partner covenants and agrees that all Partnership
Units delivered for redemption shall be delivered to the Partnership or the Parent, as the case may be, free and clear of all liens;
and, notwithstanding anything contained herein to the contrary, neither the Parent nor the Partnership shall be under any obligation
to acquire Partnership Units which are or may be subject to any liens.  Each Limited Partner further agrees that, if
any state or local property transfer tax is payable as a result

 

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of the transfer of its Partnership
Units to the Partnership or the Parent, such Limited Partner shall assume and pay such transfer tax.

 

E.          Additional
Partnership Interests; Modification of Holding Period.  If the Partnership issues Partnership Interests to any Additional
Limited Partner pursuant to ARTICLE IV, the General Partner shall make such revisions to this Section 8.6 as it determines
are necessary to reflect the issuance of such Partnership Interests (including setting forth any restrictions on the exercise of
the Redemption Right with respect to such Partnership Interests which differ from those set forth in this Agreement), provided,
however, that no such revisions shall materially adversely affect the rights of any other Limited Partner to exercise its Redemption
Right without that Limited Partner’s prior written consent.  In addition, the General Partner may, with respect
to any holder or holders of Partnership Units, at any time and from time to time, as it shall determine in its sole and absolute
discretion, (i) reduce or waive the length of the period prior to which such holder or holders may not exercise the Redemption
Right or (ii) reduce or waive the length of the period between the exercise of the Redemption Right and the Specified Redemption
Date.

 

ARTICLE
IX

 

BOOKS,
RECORDS, ACCOUNTING AND REPORTS

 

Section 9.1          Records
and Accounting

 

The General Partner shall
keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the Partnership’s
business, including, without limitation, all books and records necessary to provide to the Limited Partners any information, lists
and copies of documents required to be provided pursuant to Section 9.3.  Any records maintained by or on behalf
of the Partnership in the regular course of its business may be kept on, or be in the form of, punch cards, magnetic tape, photographs,
micrographics or any other information storage device, or may be maintained electronically by a third party provider provided,
however, that the records so maintained are convertible into clearly legible written form within a reasonable period of time.  The
books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with
generally accepted accounting principles.

 

Section 9.2          Fiscal
Year

 

The fiscal year of the
Partnership shall be the calendar year.

 

Section 9.3          Reports

 

A.          Annual
Reports.  As soon as practicable, but in no event later than the date on which the Parent mails its annual report
to its stockholders, the General Partner shall cause to be mailed to each Limited Partner an annual report, as of the close of
the most recently ended Fiscal Year, containing financial statements of the Partnership, or of the Parent if such statements are
prepared on a consolidated basis with the Partnership, for such Fiscal Year, presented in accordance with generally accepted accounting
principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the Parent.

 

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B.          Quarterly
Reports.  The General Partner shall cause to be mailed to each Limited Partner a report containing unaudited financial
statements, as of the last day of such fiscal quarter, of the Partnership, or of the Parent if such statements are prepared on
a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulation, or as
the General Partner determines to be appropriate.

 

C.          The
General Partner shall have satisfied its obligations under Section 9.3A and Section 9.3B by posting or making available
the reports required by this Section 9.3 on the website maintained from time to time by the Partnership or the Parent, provided
that such reports are able to be printed or downloaded from such website.

 

ARTICLE
X

 

TAX
MATTERS

 

Section 10.1        Preparation
of Tax Returns

 

The General Partner shall
arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required
of the Partnership for U.S. federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety
(90) days of the close of each taxable year, the tax information reasonably required by Limited Partners for U.S. federal and state
income tax reporting purposes.

 

Section 10.2        Tax
Elections

 

A.          Except
as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available
election pursuant to the Code (including the election under Section 754 of the Code).  The General Partner shall have
the right to seek to revoke any such election upon the General Partner’s determination in its sole and absolute discretion
that such revocation is in the best interests of the Partners.

 

B.          Without
limiting the foregoing, the Partners, intending to be legally bound, hereby authorize the General Partner, on behalf of the Partnership,
to make an election (the “LV Safe Harbor Election”) to have the “liquidation value” safe
harbor provided in Proposed Treasury Regulation § 1.83-3(l) and the Proposed Revenue Procedure set forth in Internal Revenue
Service Notice 2005-43, as such safe harbor may be modified when such proposed guidance is issued in final form or as amended by
subsequently issued guidance (the “LV Safe Harbor”), apply to any interest in the Partnership transferred
to a service provider while the LV Safe Harbor Election remains effective, to the extent such interest meets the LV Safe Harbor
requirements (collectively, such interests are referred to as “LV Safe Harbor Interests”).  The
tax matters partner is authorized and directed to execute and file the LV Safe Harbor Election on behalf of the Partnership and
the Partners.  The Partnership and the Partners (including any person to whom an interest in the Partnership is transferred
in connection with the performance of services) hereby agree to comply with all requirements of the LV Safe Harbor (including forfeiture
allocations) with respect to all LV Safe Harbor Interests and to prepare and file all U.S. federal income tax returns reporting
the tax consequences of the issuance and vesting of LV Safe Harbor Interests consistent with such final LV Safe Harbor guidance.  The
Partnership is also

 

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authorized to take such actions
as are necessary to achieve, under the LV Safe Harbor, the effect that the election and compliance with all requirements of the
LV Safe Harbor referred to above would be intended to achieve under Proposed Treasury Regulation § 1.83-3, including amending
this Agreement.

 

Section 10.3        Tax
Matters Partner

 

A.          General.  The
General Partner shall be the “tax matters partner” of the Partnership for U.S. federal income tax purposes.  Pursuant
to Section 6223(c)(3) of the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect
to the Partnership, the tax matters partner shall furnish the IRS with the name, address, taxpayer identification number and profit
interest of each of the Limited Partners and any Assignees; provided, however, that such information is provided to the
Partnership by the Limited Partners.

 

B.          Powers.  The
tax matters partner is authorized, but not required:

 

(1)          to
enter into any settlement with the IRS with respect to any 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
as a “tax audit” and such judicial proceedings being referred to as “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 (i) who (within the time prescribed pursuant to the Code and Regulations) 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 (ii) who is a “notice partner” (as defined in Section 6231(a)(8) of the Code) or a member of a “notice
group” (as defined in Section 6223(b)(2) of the Code);

 

(2)          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, to seek judicial review
of such final adjustment, including the filing of a petition for readjustment with the Tax Court or the filing of a complaint for
refund with the United States Claims Court or the District Court of the United States for the district in which the Partnership’s
principal place of business is located;

 

(3)          to
intervene in any action brought by any other Partner for judicial review of a final adjustment;

 

(4)          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;

 

(5)          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;

 

(6)          to
take any other action on behalf of the Partners of the Partnership in connection with any tax audit or judicial review proceeding,
to the extent permitted by applicable law or regulations; and

 

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(7)          to
take any other action required by the Code and Regulations in connection with its role as tax matters partner.

 

The taking of any action
and the incurring of any expense by the tax matters partner in connection with any such audit or proceeding referred to in clause
(6) above, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and
the provisions relating to indemnification of the General Partner set forth in Section 7.7 shall be fully applicable to
the tax matters partner in its capacity as such.

 

C.          Reimbursement.  The
tax matters partner shall receive no compensation for its services.  All third party costs and expenses incurred by the
tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership.  Nothing
herein shall be construed to restrict the Partnership from engaging an accounting firm and/or law firm to assist the tax matters
partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable.

 

Section 10.4        Organizational
Expenses

 

The Partnership shall elect
to deduct expenses as provided in Section 709 of the Code.

 

Section 10.5        Withholding

 

Each Limited Partner hereby
authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any amount of U.S. federal,
state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect
to any cash or property distributable, allocable or otherwise transferred to such Limited Partner pursuant to this Agreement, including,
without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445, 1446 or
1471-1474 of the Code.  Any amount paid on behalf of or with respect to a Limited Partner shall constitute a loan by
the Partnership, to such Limited Partner, which loan shall be repaid by such Limited Partner within 15 days after notice from the
General Partner that such payment must be made unless (i) the Partnership withholds such payment from a distribution which would
otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such
payment may be satisfied out of the available funds of the Partnership which would, but for such payment, be distributed to the
Limited Partner.  Any amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been
distributed or otherwise paid to such Limited Partner.  Each Limited Partner hereby unconditionally and irrevocably grants
to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s
obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.5.  If a Limited
Partner fails to pay any amounts owed to the Partnership pursuant to this Section 10.5 when due, the General Partner may,
in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner,
and in such event shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all rights
and remedies of the Partnership as against such defaulting Limited Partner (including, without limitation, the right to receive
distributions).  Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate
loans at large United States money center commercial banks, as published

 

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from time to time in The
Wall Street Journal, plus four (4) percentage points (but not higher than the maximum rate that may be charged under law) from
the date such amount is due (i.e., 15 days after demand) until such amount is paid in full.  Each Limited Partner shall
take such actions as the Partnership or the General Partner shall request to perfect or enforce the security interest created hereunder.

 

ARTICLE
XI

 

TRANSFERS
AND WITHDRAWALS

 

Section 11.1        Transfer

 

A.          Definition.  The
term “transfer,” when used in this Article XI with respect to a Partnership Interest or a Partnership Unit,
shall be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partner
Interest to another Person or by which a Limited Partner purports to assign all or any part of its Limited Partner Interest to
another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition
by law or otherwise.  The term “transfer” when used in this Article XI does not include any redemption
or repurchase of Partnership Units by the Partnership from a Partner or acquisition of Partnership Units from a Limited Partner
by the Parent pursuant to Section 8.6 or otherwise.  No part of the interest of a Limited Partner shall be subject
to the claims of any creditor, any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily
alienated or encumbered except as may be specifically provided for in this Agreement.

 

B.          General.  No
Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article XI.  Any transfer or purported transfer of a Partnership Interest not made in accordance with
this Article XI shall be null and void.

 

Section 11.2        Transfers
of Partnership Interests of General Partner

 

A.          General.  Other
than to an Affiliate of the Parent, the General Partner may not transfer any of its Partnership Interests except in connection
with (i) a transaction permitted under Section 11.2B, (ii) any merger (including a triangular merger), consolidation or
other combination with or into another Person following the consummation of which the equity holders of the surviving entity are
substantially identical to the stockholders of Parent, or (iii) as otherwise expressly permitted under this Agreement, nor shall
the General Partner withdraw as General Partner except in connection with a transaction permitted under Section 11.2B or
any merger, consolidation, or other combination permitted under clause (ii) of this Section 11.2A.

 

B.          Termination
Transactions.  Neither the General Partner nor the Parent shall engage in any merger (including, without limitation,
a triangular merger), consolidation or other combination with or into another Person (other than any transaction permitted by Section
11.2A), sale of all or substantially all of its assets or any reclassification, recapitalization or change of outstanding Shares
(other than a change in par value, or from par value to no par value, or as a

 

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result of a subdivision or
combination as described in the definition of “Conversion Factor”) (“Termination Transaction”),

 

(i)          unless
the Consent of the Outside Limited Partners is obtained;

 

(ii)         following
such Termination Transaction, substantially all of the assets directly or indirectly owned by the surviving entity are owned directly
or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger,
consolidation or combination of assets with the Partnership; or

 

(iii)        
in connection with which all Partners either will receive, or will have the right to receive, for each Partnership Unit an amount
of cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities
or other property paid to a holder of Shares, if any, corresponding to such Unit in consideration of one such Share at any time
during the period from and after the date on which the Termination Transaction is consummated; provided, however, that,
if in connection with the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by
the holders of the percentage required for the approval of mergers under the organizational documents of the Parent, each holder
of Partnership Units shall receive, or shall have the right to receive without any right of Consent set forth above in this Section
11.2B, the greatest amount of cash, securities, or other property which such holder would have received had it exercised the
Redemption Right and received Shares in exchange for its Partnership Units immediately prior to the expiration of such purchase,
tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer.

 

C.          Creation
of New General Partner.  The General Partner shall not enter into an agreement or other arrangement providing for
or facilitating the creation of a General Partner other than the General Partner, unless the successor General Partner executes
and delivers a counterpart to this Agreement in which such General Partner agrees to be fully bound by all of the terms and conditions
contained herein that are applicable to a General Partner.

 

Section 11.3        Limited
Partners’ Rights to Transfer

 

A.          General.  Except
to the extent expressly permitted in Sections 11.3B and 11.3C or in connection with the exercise of a Redemption
Right pursuant to Section 8.6, a Limited Partner may not transfer all or portion of its Partnership Interest, or any of
such Limited Partner’s rights as a Limited Partner, without the prior written consent of the General Partner, which consent
may be withheld in the General Partner’s sole and absolute discretion.  Any transfer otherwise permitted under
Sections 11.3B and 11.3C shall be subject to the conditions set forth in Sections 11.3D and 11.3E,
and all permitted transfers shall be subject to Sections 11.5 and 11.6.

 

B.          Incapacitated
Limited Partner.  If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee,
guardian, conservator or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not
more rights than those enjoyed by other Limited Partner, for the purpose of settling or managing the estate and such power as the
Incapacitated Limited Partner possessed to transfer all or any part of its interest in

 

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the Partnership.  The
Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership.

 

C.          Permitted
Transfers.  A Limited Partner may transfer, with or without the consent of the General Partner, all or a portion
of its Partnership Interest (i) in the case of a Limited Partner who is an individual, to a member of his Immediate Family, any
trust formed for the benefit of himself and/or members of his Immediate Family, or any partnership, limited liability company,
joint venture, corporation or other business entity comprised only of himself and/or members of his Immediate Family and entities
the ownership interests in which are owned by or for the benefit of himself and/or members of his Immediate Family, (ii) in the
case of a Limited Partner which is a trust, to the beneficiaries of such trust, (iii) in the case of a Limited Partner which is
a partnership, limited liability company, joint venture, corporation or other business entity to which Units were transferred pursuant
to clause (i) above, to its partners, owners or stockholders, as the case may be, who are members of the Immediate Family of or
are actually the Person(s) who transferred Partnership Units to it pursuant to clause (i) above, (iv) in the case of a Limited
Partner which acquired Partnership Units as of the date hereof and which is a partnership, limited liability company, joint venture,
corporation or other business entity, to its partners, owners, stockholders or Affiliates thereof, as the case may be, or the Persons
owning the beneficial interests in any of its partners, owners or stockholders or Affiliates thereof (it being understood that
this clause (iv) will apply to all of each Person’s Interests whether the Partnership Units relating thereto were acquired
on the date hereof or hereafter), (v) in the case of a Limited Partner which is a partnership, limited liability company, joint
venture, corporation or other business entity other than any of the foregoing described in clause (iii) or (iv), in accordance
with the terms of any agreement between such Limited Partner and the Partnership pursuant to which such Partnership Interest was
issued, (vi) pursuant to a gift or other transfer without consideration, (vii) pursuant to applicable laws of descent or distribution,
(viii) to another Limited Partner and (ix) pursuant to a grant of security interest or other encumbrance effectuated in a bona
fide transaction or as a result of the exercise of remedies related thereto, subject to the provisions of Section 11.3E
hereof.  A trust or other entity will be considered formed “for the benefit” of a Partner’s Immediate
Family even though some other Person has a remainder interest under or with respect to such trust or other entity.

 

D.          No
Transfers Violating Securities Laws.  The General Partner may prohibit any transfer of Partnership Units by a Limited
Partner unless it receives a written opinion of legal counsel (which opinion and counsel shall be reasonably satisfactory to the
Partnership) to such Limited Partner to the effect that such transfer would not require filing of a registration statement under
the Securities Act or would not otherwise violate any U.S. federal or state securities laws or regulations applicable to the Partnership
or the Partnership Unit or, at the option of the Partnership, an opinion of legal counsel to the Partnership to the same effect.

 

E.          No
Transfers to Holders of Nonrecourse Liabilities.  No pledge or transfer of any Partnership Units may be made to a
lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender
to the Partnership whose loan otherwise constitutes a Nonrecourse Liability unless (i) the General Partner is provided prior written
notice thereof and (ii) the lender enters into an arrangement with the Partnership and the General Partner to exchange or redeem
for the Redemption Amount any Partnership Units in which a security interest is held simultaneously with the time at which such

 

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lender would be deemed to
be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code.

 

Section 11.4        Substituted
Limited Partners

 

A.          Consent
of General Partner.  No Limited Partners shall have the right to substitute a transferee as a Limited Partner in
its place.  The General Partner shall, however, have the right to consent to the admission of a transferee of the interest
of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld
by the General Partner in its sole and absolute discretion.  The General Partner’s failure or refusal to permit
a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the
Partnership, the General Partner or any Partner.  The General Partner hereby grants its consent to the admission as a
Substituted Limited Partner to any bona fide financial institution that loans money or otherwise extends credit to a holder of
Partnership Units and thereafter becomes the owner of such Partnership Units pursuant to the exercise by such financial institution
of its rights under a pledge of such Partnership Units granted in connection with such loan or extension of credit.

 

B.          Rights
of Substituted Partner.  A transferee who has been admitted as a Substituted Limited Partner in accordance with this
Article XI shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited
Partner under this Agreement.  The admission of any transferee as a Substituted Limited Partner shall be conditioned
upon the transferee executing and delivering to the Partnership an acceptance of all the terms and conditions of this Agreement
(including, without limitation, the provisions of Section 15.11) and such other documents or instruments as may be required
to effect the admission.

 

C.          Partner
Registry.  Upon the admission of a Substituted Limited Partner, the General Partner shall update the Partner Registry
in the books and records of the Partnership as it deems necessary to reflect such admission in the Partner Registry.

 

Section 11.5        Assignees

 

If the General Partner,
in its sole and absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 as
a Substituted Limited Partner, as described in Section 11.4, such transferee shall be considered an Assignee for purposes
of this Agreement.  An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest
under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses, gain,
loss and Recapture Income attributable to the Partnership Units assigned to such transferee, and shall have the rights granted
to the Limited Partners under Section 8.6, but shall not be deemed to be a holder of Partnership Units for any other purpose
under this Agreement, and shall not be entitled to vote such Partnership Units in any matter presented to the Limited Partners
for a vote (such Partnership Units being deemed to have been voted on such matter in the same proportion as all other Partnership
Units held by Limited Partners are voted).  If any such transferee desires to make a further assignment of any such Partnership
Units, such transferee shall be subject to all the provisions of this Article XI to the

 

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same extent and in the same
manner as any Limited Partner desiring to make an assignment of Partnership Units.

 

Section 11.6        General
Provisions

 

A.          Withdrawal
of Limited Partner.  No Limited Partner may withdraw from the Partnership other than as a result of a permitted transfer
of all of such Limited Partner’s Partnership Units in accordance with this Article XI or pursuant to redemption
of all of its Partnership Units under Section 8.6.

 

B.          Termination
of Status as Limited Partner.  Any Limited Partner who shall transfer all of its Partnership Units in a transfer
permitted pursuant to this Article XI or pursuant to redemption of all of its Partnership Units under Section 8.6
shall cease to be a Limited Partner.

 

C.          Timing
of Transfers.  Transfers pursuant to this Article XI may only be made upon three Business Days prior
notice to the General Partner, unless the General Partner otherwise agrees.

 

D.          Allocations.  If
any Partnership Interest is transferred during any quarterly segment of the Partnership’s fiscal year in compliance with
the provisions of this Article XI or redeemed or transferred pursuant to Section 8.6, Net Income, Net Losses,
each item thereof and all other items attributable to such interest for such fiscal year shall be divided and allocated between
the transferor Partner and the transferee Partner by taking into account their varying interests during the fiscal year in accordance
with Section 706(d) of the Code and corresponding Regulations, using the interim closing of the books method (unless the General
Partner, in its sole and absolute discretion, elects to adopt a daily, weekly, or a monthly proration period, in which event Net
Income, Net Losses, each item thereof and all other items attributable to such interest for such fiscal year shall be prorated
based upon the applicable method selected by the General Partner).  Solely for purposes of making such allocations, each
of such items for the calendar month in which the transfer or redemption occurs shall be allocated to the Person who is a Partner
as of midnight on the last day of said month.  All distributions of Available Cash attributable to any Partnership Unit
with respect to which the Partnership Record Date is before the date of such transfer, assignment or redemption shall be made to
the transferor Partner or the Redeeming Partner, as the case may be, and, in the case of a transfer or assignment other than a
redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be made to the transferee
Partner.

 

E.          Additional
Restrictions.  Notwithstanding anything to the contrary herein, and in addition to any other restrictions on transfer
herein contained, including, without limitation, the provisions of Article VII and this Article XI, in
no event may any transfer or assignment of a Partnership Interest by any Partner (including pursuant to Section 8.6) be
made without the express consent of the General Partner, in its sole and absolute discretion, (i) to any person or entity who lacks
the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion
of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components
of a Partnership Interest; (iv) if in the opinion of legal counsel to the Partnership there is a significant risk that such transfer
would cause a termination of the Partnership for U.S. federal or state income tax

 

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purposes (except as a result
of the redemption or exchange for Shares of all Partnership Units held by all Limited Partners other than the General Partner,
or any Subsidiary of either, or pursuant to a transaction expressly permitted under Section 11.2); (v) if in the opinion
of counsel to the Partnership, there is a significant risk that such transfer would cause the Partnership to be treated as an association
taxable as a corporation for U.S. federal income tax purposes; (vi) if such transfer requires the registration of such Partnership
Interest pursuant to any applicable U.S. federal or state securities laws; (vii) if such transfer is effectuated through an “established
securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section
7704 of the Code and Regulations Section 1.7704-1 or such transfer causes the Partnership to become a “publicly traded partnership,”
as such term is defined in Section 469(k)(2) or Section 7704(b) of the Code (provided, however, that, this clause (vii)
shall not be the basis for limiting or restricting in any manner the exercise of the Redemption Right under Section 8.6
unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect that, in the
absence of such limitation or restriction, there is a significant risk that the Partnership will be treated as a “publicly
traded partnership” and, by reason thereof, taxable as a corporation); (viii) if such transfer subjects the Partnership or
the activities of the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or
the Employee Retirement Income Security Act of 1974, each as amended; or (ix) if in the opinion of legal counsel for the Partnership,
there is a risk that such transfer would adversely affect the ability of the Parent to qualify or continue to qualify as a REIT
or subject the Parent to any additional taxes under Sections 857 or 4981 of the Code.

 

F.          Avoidance
of “Publicly Traded Partnership” Status.  The General Partner shall monitor the transfers of interests
in the Partnership to determine (i) if such interests are being traded on an “established securities market” or a “secondary
market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code and (ii) whether additional
transfers of interests would result in the Partnership being unable to qualify for at least one of the “safe harbors”
set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors
under which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)”
within the meaning of Section 7704 of the Code) (the “Safe Harbors”).  The General Partner
shall take all steps reasonably necessary or appropriate to prevent any trading of interests or any recognition by the Partnership
of transfers made on such markets and, except as otherwise provided herein, to insure that at least one of the Safe Harbors is
met; provided, however, that the foregoing shall not authorize the General Partner to limit or restrict in any manner the
right of any holder of a Partnership Unit to exercise the Redemption Right in accordance with the terms of Section 8.6 unless,
and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect that, in the absence
of such limitation or restriction, there is a significant risk that the Partnership will be treated as a “publicly traded
partnership” and, by reason thereof, taxable as a corporation.

 

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ARTICLE
XII

 

ADMISSION
OF PARTNERS

 

Section 12.1        Admission
of a Successor General Partner

 

A successor to all of the
General Partner’s General Partner Interest pursuant to Section 11.2 who is proposed to be admitted as a successor
General Partner shall be admitted to the Partnership as the General Partner, effective upon such transfer.  Any such
successor shall carry on the business of the Partnership without dissolution.  In such case, the admission shall be subject
to such successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions
of this Agreement and such other documents or instruments as may be required to effect the admission.

 

Section 12.2        Admission
of Additional Limited Partners

 

A.          General.  No
Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent shall be given
or withheld in the General Partner’s sole and absolute discretion.  A Person who makes a Capital Contribution to
the Partnership in accordance with this Agreement or who exercises an option to receive Partnership Units shall be admitted to
the Partnership as an Additional Limited Partner only with the consent of the General Partner and only upon furnishing to the General
Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement,
including, without limitation, the power of attorney granted in Section 15.11 and (ii) such other documents or instruments
as may be required in the discretion of the General Partner to effect such Person’s admission as an Additional Limited Partner.  The
admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person
is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission.

 

B.          Allocations
to Additional Limited Partners.  If any Additional Limited Partner is admitted to the Partnership on any day other
than the first day of a Fiscal Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners
and Assignees for such Fiscal Year shall be allocated among such Additional Limited Partner and all other Partners and Assignees
by taking into account their varying interests during the Fiscal Year in accordance with Section 706(d) of the Code, using the
interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects to adopt a daily,
weekly or monthly proration method, in which event Net Income, Net Losses, and each item thereof would be prorated based upon the
applicable period selected by the General Partner).  Solely for purposes of making such allocations, each of such items
for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Partners
and Assignees including such Additional Limited Partner.  All distributions of Available Cash with respect to which the
Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional
Limited Partner, and all distributions of Available Cash thereafter shall be made to all the Partners and Assignees including such
Additional Limited Partner.

 

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Section 12.3        Amendment
of Agreement and Certificate of Limited Partnership

 

For the admission to the
Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records
of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment to
the Partner Registry) and, if required by law, shall prepare and file an amendment to the Certificate of Limited Partnership and
may for this purpose exercise the power of attorney granted pursuant to Section 15.11 hereof.

 

Section 12.4        Limit
on Number of Partners

 

Unless otherwise permitted
by the General Partner in its sole and absolute discretion, no Person shall be admitted to the Partnership as an Additional Limited
Partner if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership
to become a reporting company under the Exchange Act.

 

ARTICLE
XIII

 

DISSOLUTION
AND LIQUIDATION

 

Section 13.1        Dissolution

 

The Partnership shall not
be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor
General Partner in accordance with the terms of this Agreement.  Upon the withdrawal of the General Partner, any successor
General Partner shall continue the business of the Partnership.  The Partnership shall dissolve, and its affairs shall
be wound up, upon the first to occur of any of the following (“Liquidating Events”):

 

(i)          an
event of withdrawal of the General Partner (other than an event of bankruptcy) unless within ninety (90) days after the withdrawal,
the written Consent of the Outside Limited Partners to continue the business of the Partnership and to the appointment, effective
as of the date of withdrawal, of a substitute General Partner is obtained;

 

(ii)         an
election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion;

 

(iii)        entry
of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;

 

(iv)        ninety
(90) days after the sale of all or substantially all of the assets and properties of the Partnership for cash or for marketable
securities;

 

(v)         the
redemption of all Partnership Units other than those held by the General Partner; or

 

(vi)        a
final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or
insolvent, or a final and non-appealable

 

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order for relief is entered
by a court with appropriate jurisdiction against the General Partner, in each case under any U.S. federal or state bankruptcy or
insolvency laws as now or hereafter in effect, unless prior to or at the time of the entry of such order or judgment, the written
Consent of the Outside Limited Partners is obtained to continue the business of the Partnership and to the appointment, effective
as of a date prior to the date of such order or judgment, of a substitute General Partner.

 

Section 13.2        Winding
Up

 

A.          General.  Upon
the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly
manner, liquidating its assets, and satisfying the claims of its creditors and Partners.  No Partner shall take any action
that is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership’s business and affairs.  The
General Partner (or, if there is no remaining General Partner, any Person elected by a majority in interest of the Limited Partners
(the “Liquidator”)) shall be responsible for overseeing the winding up and dissolution of the Partnership
and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated
as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined
by the General Partner, include equity or other securities of the General Partner or any other entity) shall be applied and distributed
in the following order:

 

(1)          First,
to the payment and discharge of all of the Partnership’s debts and liabilities to creditors other than the Partners;

 

(2)          Second,
to the payment and discharge of all of the Partnership’s debts and liabilities to the General Partner;

 

(3)          Third,
to the payment and discharge of all of the Partnership’s debts and liabilities to the Limited Partners;

 

(4)          Fourth,
to the holders of Partnership Interests that are entitled to any preference in distribution upon liquidation in accordance with
the rights of any such class or series of Partnership Interests (and, within each such class or series, to each holder thereof
pro rata based on its Percentage Interest in such class); and

 

(5)          The
balance, if any, to the Partners in accordance with their positive Capital Accounts, after giving effect to all contributions,
distributions, and allocations for all periods.

 

The General Partner shall
not receive any additional compensation for any services performed pursuant to this Article XIII.

 

B.          Deferred
Liquidation.  Notwithstanding the provisions of Section 13.2A which require liquidation of the assets of the
Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator
determines that an immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss
to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a

 

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reasonable time the liquidation
of any assets except those necessary to satisfy liabilities of the Partnership (including to those Partners as creditors) or distribute
to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2A, undivided
interests in such Partnership assets as the Liquidator deems not suitable for liquidation.  Any such distributions in
kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of
the Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator
deems reasonable and equitable and to any agreements governing the operation of such properties at such time.  The Liquidator
shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt.

 

Section 13.3        Compliance
With Timing Requirements of Regulations; Restoration of Deficit Capital Accounts

 

A.          Timing
of Distributions.  If the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g),
distributions shall be made under this Article XIII to the General Partner and Limited Partners who have positive Capital
Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2).  In the discretion of the General Partner, a
pro rata portion of the distributions that would otherwise be made to the General Partner and Limited Partners pursuant to this
Article XIII may be: (A) distributed to a trust established for the benefit of the General Partner and Limited Partners
for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership and paying any contingent or unforeseen
liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership (in
which case the assets of any such trust shall be distributed to the General Partner and Limited Partners from time to time, in
the reasonable discretion of the General Partner, in the same proportions as the amount distributed to such trust by the Partnership
would otherwise have been distributed to the General Partner and Limited Partners pursuant to this Agreement); or (B) withheld
to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of
any installment obligations owed to the Partnership; provided, however, that such withheld amounts shall be distributed
to the General Partner and Limited Partners as soon as practicable.

 

B.          Restoration
of Deficit Capital Accounts upon Liquidation of the Partnership.  If any Partner has a deficit balance in its Capital
Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during
which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership
with respect to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for
any purpose whatsoever, except as otherwise set forth in this Section 13.3B, or as otherwise expressly agreed in writing
by the affected Partner and the Partnership after the date hereof.  Notwithstanding the foregoing, (i) if the General
Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions, and allocations
for all Partnership years or portions thereof, including the year during which such liquidation occurs), the General Partner shall
contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero in compliance with Regulations
Section 1.704-1(b)(2)(ii)(b)(3); (ii) if a DRO Partner has a deficit balance in its Capital Account (after giving effect to all
contributions, distributions, and allocations for all Partnership Years or portions thereof, including the year during which such
liquidation occurs),

 

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such DRO Partner shall be
obligated to make a contribution to the Partnership with respect to any such deficit balance in such DRO Partner’s Capital
Account upon a liquidation of the Partnership in an amount equal to the lesser of such deficit balance or such DRO Partner’s
DRO Amount; and (iii) the first sentence of this Section 13.3B shall not apply with respect to any other Partner to the
extent, but only to such extent, that such Partner previously has agreed in writing, with the consent of the General Partner, to
undertake an express obligation to restore all or any portion of a deficit that may exist in its Capital Account upon a liquidation
of the Partnership.  No Limited Partner shall have any right to become a DRO Partner, to increase its DRO Amount, or
otherwise agree to restore any portion of any deficit that may exist in its Capital Account without the express written consent
of the General Partner, in its sole and absolute discretion.  Any contribution required of a Partner under this Section
13.3B shall be made on or before the later of (i) the end of the Partnership Year in which the interest is liquidated or (ii)
the ninetieth (90th) day following the date of such liquidation.  The proceeds of any contribution to the Partnership
made by a DRO Partner with respect to a deficit in such DRO Partner’s Capital Account balance shall be treated as a Capital
Contribution by such DRO Partner and the proceeds thereof shall be treated as assets of the Partnership to be applied as set forth
in Section 13.2A.

 

C.          Restoration
of Deficit Capital Accounts upon a Liquidation of a Partner’s Interest by Transfer.  If a DRO Partner’s
interest in the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (other than
in connection with a liquidation of the Partnership) which term shall include a redemption by the Partnership of such DRO Partner’s
interest upon exercise of the Redemption Right, and such DRO Partner is designated on Exhibit E as a Part II DRO
Partner, such DRO Partner shall be required to contribute cash to the Partnership equal to the lesser of (i) the amount required
to increase its Capital Account balance as of such date to zero, or (ii) such DRO Partner’s DRO Amount.  For this
purpose, (i) the DRO Partner’s deficit Capital Account balance shall be determined by taking into account all contributions,
distributions, and allocations for the portion of the Fiscal Year ending on the date of the liquidation or redemption, and (ii)
solely for purposes of determining such DRO Partner’s Capital Account balance, the General Partner shall redetermine the
Carrying Value of the Partnership’s assets on such date based upon the principles set forth in Sections 1.D(3) and
(4) of Exhibit B hereto, and shall take into account the DRO Partner’s allocable share of any Unrealized Gain
or Unrealized Loss resulting from such redetermination in determining the balance of its Capital Account.  The amount
of any payment required hereunder shall be due and payable within the time period specified in the second to last sentence of Section
13.3B.

 

D.          Effect
of the Death of a DRO Partner.  After the death of a DRO Partner who is an individual, the executor of the estate
of such DRO Partner may elect to reduce (or eliminate) the DRO Amount of such DRO Partner.  Such elections may be made
by such executor by delivering to the General Partner within 270 days of the death of such Limited Partner, a written notice setting
forth the maximum deficit balance in its Capital Account that such executor agrees to restore under this Section 13.3, if
any.  If such executor does not make a timely election pursuant to this Section 13.3 (whether or not the balance
in the applicable Capital Account is negative at such time), then the DRO Partner’s estate (and the beneficiaries thereof
who receive distributions of Partnership Interests therefrom) shall be deemed a DRO Partner with a DRO Amount in the same amount
as the deceased DRO Partner.  Any DRO Partner which itself is a partnership for U.S. federal income tax purposes may
likewise elect, after the date of its partner’s

 

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death to reduce (or eliminate)
its DRO Amount by delivering a similar notice to the General Partner within the time period specified above, and in the absence
of any such notice the DRO Amount of such DRO Partner shall not be reduced to reflect the death of any of its partners.

 

Section 13.4        Rights
of Limited Partners

 

Except as otherwise provided
in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of its Capital Contributions
and shall have no right or power to demand or receive property other than cash from the Partnership.  Except as otherwise
expressly provided in this Agreement, no Limited Partner shall have priority over any other Limited Partner as to the return of
its Capital Contributions, distributions, or allocations.

 

Section 13.5        Notice
of Dissolution

 

If a Liquidating Event
occurs or an event occurs that would, but for provisions of an election or objection by one or more Partners pursuant to Section
13.1, result in a dissolution of the Partnership, the General Partner shall, within 30 days thereafter, provide written notice
thereof to each of the Partners and to all other parties with whom the Partnership regularly conducts business (as determined in
the discretion of the General Partner).

 

Section 13.6        Cancellation
of Certificate of Limited Partnership

 

Upon the completion of
the liquidation of the Partnership cash and property as provided in Section 13.2, the Partnership shall be terminated and
the Certificate of Limited Partnership and all qualifications of the Partnership as a foreign limited partnership in jurisdictions
other than the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Partnership shall
be taken.

 

Section 13.7        Reasonable
Time for Winding Up

 

A reasonable time shall
be allowed for the orderly winding up of the business and affairs of the Partnership and the liquidation of its assets pursuant
to Section 13.2, to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall
remain in effect among the Partners during the period of liquidation.

 

Section 13.8        Waiver
of Partition

 

Each Partner hereby waives
any right to partition of the Partnership property.

 

Section 13.9        Liability
Of Liquidator

 

The Liquidator shall be
indemnified and held harmless by the Partnership in the same manner and to the same degree as an Indemnitee may be indemnified
pursuant to Section 7.7.

 

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ARTICLE
XIV

 

AMENDMENT
OF PARTNERSHIP AGREEMENT; MEETINGS

 

Section 14.1        Amendments

 

A.          General.  Amendments
to this Agreement may be proposed by the General Partner or by any Limited Partner holding Partnership Interests representing 25%
or more of the Percentage Interest of the Class A Units.  Following such proposal (except an amendment governed by Section
14.1B), the General Partner shall submit any proposed amendment to the Limited Partners.  The General Partner shall
seek the written Consent of the Partners as set forth in this Section 14.1 on the proposed amendment or shall call a meeting
to vote thereon and to transact any other business that it may deem appropriate.  For purposes of obtaining a written
Consent, the General Partner may require a response within a reasonable specified time, but not less than 15 days, any failure
to respond in such time period shall constitute a vote in favor of the recommendation of the General Partner.  A proposed
amendment shall be adopted and be effective as an amendment hereto if it is approved by the General Partner and, except as provided
in Sections 14.1B, 14.1C or 14.1D, it receives the Consent of the Partners holding Partnership Interests representing
more than fifty percent (50%) of the Percentage Interest of the Class A Units (including Class A Units held by the Parent).

 

B.          Amendments
Not Requiring Limited Partner Approval.  Notwithstanding Section 14.1A but subject to Section 14.1C,
the General Partner shall have the power, without the Consent of the Limited Partners, to amend this Agreement as may be required
to facilitate or implement any of the following purposes:

 

(1)          to
add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of
the General Partner for the benefit of the Limited Partners;

 

(2)          to
reflect the admission, substitution, termination, or withdrawal of Partners in accordance with this Agreement (which may be effected
through the replacement of the Partner Registry with an amended Partner Registry);

 

(3)          to
set forth the designations, rights, powers, duties, and preferences of the holders of any additional Partnership Interests issued
pursuant to Article  IV;

 

(4)          to
reflect a change that does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct
or supplement any provision in this Agreement not inconsistent with law or with other provisions of this Agreement, or make other
changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this
Agreement;

 

(5)          to
satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a U.S.
federal, state or local agency or contained in U.S. federal, state or local law;

 

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(6)          to
modify the method by which Partners’ Capital Accounts, or any debits or credits thereto, are computed, in each case in accordance
with Section 1.E of Exhibit B to this Agreement; and

 

(7)          to
include provisions in the Agreement that may be referenced in any rulings, regulations, notices, announcements, or other guidance
regarding the U.S. federal income tax treatment of compensatory partnership interests issued and made effective after the date
hereof or in connection with any elections that the General Partner determines to be necessary or advisable in respect of any such
guidance.  Any such amendment may include, without limitation, (a) a provision authorizing or directing the General Partner
to make any election under such guidance, (b) a covenant by the Partnership that all of the Partners must (I) comply with the such
guidance and (II) take all actions (or, as the case may be, not take any action) necessary, including providing the Partnership
with any required information, to permit the Partnership to comply with the requirements set forth or referred to in the Regulations
for such election or other related guidance from the IRS, and (c) an amendment to the capital account maintenance provisions and
the allocation provisions contained in Exhibit B or Exhibit C of this Agreement so that such provisions
comply with (I) the provisions of the Code and the Treasury Regulations as they apply to the issuance of compensatory partnership
interests and (II) the requirements of such guidance and any election made by the General Partner with respect thereto, including,
a provision requiring “forfeiture allocations” as appropriate.

 

The General Partner shall
notify the Limited Partners in writing when any action under this Section 14.1B is taken in the next regular communication
to the Limited Partners or within ninety (90) days of the date thereof, whichever is earlier.

 

C.          Amendments
Requiring Limited Partner Approval (Excluding the Parent).  Notwithstanding Sections 14.1A and 14.1B,
without the Consent of the Outside Limited Partners, the General Partner shall not amend this Section 14.1C, or Section
4.2A, Section 7.1A (second sentence only), Section 7.4, Section 7.5, Section 7.6, Section 7.7,
Section 7.8, Section 7.11, Section 8.5, Section 11.2, Section 13.1, the last sentence of Section
11.4A (provided, however, that no such amendment shall in any event adversely affect the rights of any lender who made
a loan or who extended credit and received in connection therewith a pledge of Partnership Units prior to the date such amendment
is adopted unless, and only to the extent such lender consents thereto), this Section 14.1C or Section 14.2.

 

D.          Other
Amendments Requiring Certain Limited Partner Approval.  Notwithstanding anything in this Section 14.1 to the
contrary, this Agreement shall not be amended with respect to any Partner adversely affected without the Consent of such Partner
adversely affected, or to any Assignee who is a bona fide financial institution that loans money or otherwise extends credit to
a holder of Partnership Units that is adversely affected, but in either case only if such amendment would (i) convert such Limited
Partner’s interest in the Partnership into a general partner’s interest, (ii) modify the limited liability of such
Limited Partner, (iii) amend Section 7.11, (iv) amend Article V or Article VI (except as permitted
pursuant to Sections 4.2, 5.4, 6.2 and 14.1B(3)), (v) amend Section 8.6 or any defined terms
set forth in Article I that relate to the Redemption Right (except as permitted in Section 8.6E), or (vi) amend
Sections 11.3 or 11.5, or add any additional restrictions to Section 11.6E or amend Section 14.1B(4)
or this Section 14.1D.

 

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E.          Amendment
and Restatement of Partner Registry Not an Amendment.  Notwithstanding anything in this Article XIV or
elsewhere in this Agreement to the contrary, any amendment and restatement of the Partner Registry by the General Partner to reflect
events or changes otherwise authorized or permitted by this Agreement shall not be deemed an amendment of this Agreement and may
be done at any time and from time to time, as determined by the General Partner without the Consent of the Limited Partners and
without any notice requirement.

 

Section 14.2        Meetings
of the Partners

 

A.          General.  Meetings
of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written request
by Limited Partners holding Partnership Interests representing 25% or more of the Percentage Interest of the Class A Units (including
Class A Units held by the Parent).  The call shall state the nature of the business to be transacted.  Notice
of any such meeting shall be given to all Partners not less than seven (7) days nor more than 30 days prior to the date of such
meeting.  Partners entitled to vote may vote in person or by proxy at such meeting.  Whenever the vote or Consent
of Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of Partners or may be
given in accordance with the procedure prescribed in Section 14.1A.  Except as otherwise expressly provided in
this Agreement, the Consent of holders of Partnership Interests representing a majority of the Percentage Interests of the Class
A Units shall control (including Class A Units held by the Parent).

 

B.          Actions
Without a Meeting.  Except as otherwise expressly provided by this Agreement, any action required or permitted to
be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is
signed by Partners holding Partnership Interests representing more than fifty percent (50%) (or such other percentage as is expressly
required by this Agreement) of the Percentage Interest of the Class A Units (including Class A Units held by the Parent).  Such
consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of Partners.  Such
consent shall be filed with the General Partner.  An action so taken shall be deemed to have been taken at a meeting
held on the date on which written consents from the Partners holding the required Percentage Interest of the Class A Units have
been filed with the General Partner.

 

C.          Proxy.  Each
Limited Partner may authorize any Person or Persons to act for him by proxy on all matters in which a Limited Partner is entitled
to participate, including waiving notice of any meeting, or voting or participating at a meeting.  Every proxy must be
signed by the Limited Partner or its attorney-in-fact.  No proxy shall be valid after the expiration of 11 months from
the date thereof unless otherwise provided in the proxy.  Every proxy shall be revocable at the pleasure of the Limited
Partner executing it, such revocation to be effective upon the Partnership’s receipt of written notice thereof.

 

D.          Conduct
of Meeting.  Each meeting of Partners shall be conducted by the General Partner or such other Person as the General
Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate.

 

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ARTICLE
XV

 

GENERAL
PROVISIONS

 

Section 15.1        Addresses
and Notice

 

Any notice, demand, request
or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall
be deemed given or made when delivered in person, when sent by first class United States mail or by other means of written communication
(including, but not limited to, via e-mail) to the Partner or Assignee at the address set forth in the Partner Registry or such
other address as the Partners shall notify the General Partner in writing.

 

Section 15.2        Titles
and Captions

 

All article or section
titles or captions in this Agreement are for convenience only.  They shall not be deemed part of this Agreement and in
no way define, limit, extend or describe the scope or intent of any provisions hereof.  Except as specifically provided
otherwise, references to “Articles” “Sections” and “Exhibits” are to Articles, Sections and
Exhibits of this Agreement.

 

Section 15.3        Pronouns
And Plurals

 

Whenever the context may
require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa.

 

Section 15.4        Further
Action

 

The parties shall execute
and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to
achieve the purposes of this Agreement.

 

Section 15.5        Binding
Effect

 

This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives
and permitted assigns.

 

Section 15.6        Creditors

 

Other than as expressly
set forth herein with regard to any Indemnitee, none of the provisions of this Agreement shall be for the benefit of, or shall
be enforceable by, any creditor of the Partnership.

 

Section 15.7        Waiver

 

No failure by any party
to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right
or remedy consequent upon a

 

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breach thereof shall constitute
waiver of any such breach or any other covenant, duty, agreement or condition.

 

Section 15.8        Counterparts

 

This Agreement may be executed
in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all
such parties are not signatories to the original or the same counterpart.  Each party shall become bound by this Agreement
immediately upon affixing its signature hereto.

 

Section 15.9        Applicable
Law

 

This Agreement shall be
construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of
conflicts of law.

 

Section 15.10       Invalidity
Of Provisions

 

If any provision of this
Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not be affected thereby.

 

Section 15.11       Power
Of Attorney

 

A.          General.  Each
Limited Partner and each Assignee who accepts Partnership Units (or any rights, benefits or privileges associated therewith) is
deemed to irrevocably constitute and appoint the General Partner, any Liquidator and authorized officers and attorneys-in-fact
of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact,
with full power and authority in its name, place and stead to:

 

(1)          execute,
swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents and other instruments
(including, without limitation, this Agreement and the Certificate of Limited Partnership and all amendments or restatements thereof)
that the General Partner or any Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification
of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) in the State
of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property, (b) all instruments that
the General Partner or any Liquidator deem appropriate or necessary to reflect any amendment, change, modification or restatement
of this Agreement in accordance with its terms, (c) all conveyances and other instruments or documents that the General Partner
or any Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the
terms of this Agreement, including, without limitation, a certificate of cancellation, (d) all instruments relating to the admission,
withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Article XI, XII
or XIII hereof or the Capital Contribution of any Partner and (e) all certificates, documents and other instruments relating
to the determination of the rights, preferences and privileges of Partnership Interests; and

 

(2)          execute,
swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary,
in the sole and absolute

 

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discretion of the General
Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which
is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the
sole and absolute discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement.

 

Nothing contained in this
Section 15.11 shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except in accordance
with Article XIV hereof or as may be otherwise expressly provided for in this Agreement.

 

B.          Irrevocable
Nature.  The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest,
in recognition of the fact that each of the Partners will be relying upon the power of the General Partner or any Liquidator to
act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and
not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the transfer of all or any portion of such
Limited Partner’s or Assignee’s Partnership Units and shall extend to such Limited Partner’s or Assignee’s
heirs, successors, assigns and personal representatives.  Each such Limited Partner or Assignee hereby agrees to be bound
by any representation made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney; and
each such Limited Partner or Assignee hereby waives any and all defenses which may be available to contest, negate or disaffirm
the action of the General Partner or any Liquidator, taken in good faith under such power of attorney.  Each Limited
Partner or Assignee shall execute and deliver to the General Partner or the Liquidator, within 15 days after receipt of the General
Partner’s or Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the
General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the purposes of the Partnership.

 

Section 15.12       Entire
Agreement

 

This Agreement contains
the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any prior written
oral understandings or agreements among them with respect thereto.

 

Section 15.13       No
Rights As Stockholders

 

Nothing contained in this
Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the
Parent, including, without limitation, any right to receive dividends or other distributions made to stockholders of the Parent,
or to vote or to consent or receive notice as stockholders in respect to any meeting of stockholders for the election of directors
of the Parent or any other matter.

 

Section 15.14       Limitation
To Preserve REIT Status

 

To the extent that any
amount paid or credited to the Parent or the General Partner or any of their officers, directors, employees or agents pursuant
to Section 7.4 or Section 7.7 would constitute gross income to the Parent for purposes of Section 856(c)(2) or 856(c)(3)
of the Code

 

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(a “General Partner
Payment”) then, notwithstanding any other provision of this Agreement, the amount of such General Partner Payment
for any Fiscal Year shall not exceed the lesser of:

 

(i)          an
amount equal to the excess, if any, of (a) 4% of the Parent’s total gross income (within the meaning of Section 856(c)(3)
of the Code but not including the amount of any General Partner Payments) for the Fiscal Year which is described in subsections
(A) though (H) of Section 856(c)(2) of the Code over (b) the amount of gross income (within the meaning of Section 856(c)(2) of
the Code) derived by the Parent from sources other than those described in subsections (A) through (H) of Section 856(c)(2) of
the Code (but not including the amount of any General Partner Payments); or

 

(ii)          an
amount equal to the excess, if any of (a) 24% of the Parent’s total gross income (but not including the amount of any General
Partner Payments) for the Fiscal Year which is described in subsections (A) through (I) of Section 856(c)(3) of the Code over (b)
the amount of gross income (within the meaning of Section 856(c)(3) of the Code but not including the amount of any General Partner
Payments) derived by the Parent from sources other than those described in subsections (A) through (I) of Section 856(c)(3) of
the Code;

 

provided, however,
that General Partner Payments in excess of the amounts set forth in subparagraphs (i) and (ii) above may be made if the Parent,
as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts would not adversely affect
the Parent’s ability to qualify as a REIT.  To the extent General Partner Payments may not be made in a given Fiscal
Year due to the foregoing limitations, such General Partner Payments shall carry over and be treated as arising in the following
year; provided, however, that such amounts shall not carry over for more than five (5) Fiscal Years, and if not paid within
such five (5) Fiscal Year period, shall expire; and provided further that (i) as General Partner Payments are made, such payments
shall be applied first to carry over amounts outstanding, if any, and (ii) with respect to carry over amounts for more than one
Fiscal Year, such payments shall be applied to the earliest Fiscal Year first.

 

[Remainder of page intentionally
left blank, signature page follows]

 

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

 

	 	GENERAL PARTNER:
	 	 
	 	Great Ajax Operating LLC

 

	 	 	By:	Great Ajax Corp., its sole member

 

	 	 	 	By:	/s/ Lawrence Mendelsohn
	 	 	 	 	Name:  Lawrence Mendelsohn
	 	 	 	 	Title:  Chairman and Chief Executive

Officer

 

	 	LIMITED PARTNERS:

 

	 	By: Great Ajax Operating LLC,
	 	as Attorney-in-Fact for the Limited Partners

 

	 	By:	Great Ajax Corp., its sole member

 

	 	By:	/s/ Lawrence Mendelsohn
	 	 	Name:  Lawrence Mendelsohn
	 	 	
        Title: Chairman and Chief Executive

        Officer

 

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EXHIBIT A

 

FORM OF PARTNER REGISTRY

 

	Name Of Partner	 	Class A 
Partnership Units	 	 	Initial Capital 
Account	 	 	Percentage 
Interest	 
	 	 	 	 	 	 	 	 	 	 
	GENERAL PARTNER:	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Great Ajax Operating LLC	 	 	—	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	LIMITED PARTNERS:	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Great Ajax Corp.	 	 	8,213,116	 	 	 	 	 	 	 	94.76672	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ithan Creek Master Investors Cayb USB VIII, Inc.	 	 	453,551	 	 	 	 	 	 	 	5.23328	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL CLASS A UNITS	 	 	8,666,667	 	 	 	 	 	 	 	100.00000	%

 

    	A-1

    	 

    

 

EXHIBIT B

 

CAPITAL ACCOUNT MAINTENANCE

 

1.            Capital
Accounts of the Partners

 

A.          The
Partnership shall maintain for each Partner a separate Capital Account in accordance with the rules of Regulations Section l.704-l(b)(2)(iv).  Such
Capital Account shall be increased by (i) the amount of all Capital Contributions and any other deemed contributions made by such
Partner to the Partnership pursuant to this Agreement and (ii) all items of Partnership income and gain (including income and gain
exempt from tax) computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1
of the Agreement and Exhibit C thereof, and decreased by (x) the amount of cash or Agreed Value of property actually
distributed or deemed to be distributed to such Partner pursuant to this Agreement and (y) all items of Partnership deduction and
loss computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1 of the
Agreement and Exhibit C thereof.

 

B.          For
purposes of computing the amount of any item of income, gain, deduction or loss to be reflected in the Partners’ Capital
Accounts, unless otherwise specified in this Agreement, the determination, recognition and classification of any such item shall
be the same as its determination, recognition and classification for U.S. federal income tax purposes determined in accordance
with Section 703(a) of the Code (for this purpose all items of income, gain, loss or deduction required to be stated separately
pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments:

 

(1)          Except
as otherwise provided in Regulations Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction
shall be made without regard to any adjustments to the adjusted bases of the assets of the Partnership pursuant to Sections 734(b)
and 743(b) of the Code, provided, however, that the amounts of any adjustments to the adjusted bases of the assets of the
Partnership made pursuant to Section 734 of the Code as a result of the distribution of property by the Partnership to a Partner
(to the extent that such adjustments have not previously been reflected in the Partners’ Capital Accounts) shall be reflected
in the Capital Accounts of the Partners in the manner and subject to the limitations prescribed in Regulations Section l.704-1(b)(2)(iv)(m)(4).

 

(2)          The
computation of all items of income, gain, and deduction shall be made without regard to the fact that items described in Sections
705(a)(l)(B) or 705(a)(2)(B) of the Code are not includible in gross income or are neither currently deductible nor capitalized
for U.S. federal income tax purposes.

 

(3)          Any
income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the adjusted
basis of such property as of such date of disposition were equal in amount to the Partnership’s Carrying Value with respect
to such property as of such date.

 

    	B-1

    	 

    

 

(4)          In
lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such fiscal year.

 

(5)          In
the event the Carrying Value of any Partnership asset is adjusted pursuant to Section 1.D hereof, the amount of any such
adjustment shall be taken into account as gain or loss from the disposition of such asset.

 

(6)          Any
items specially allocated under Section 2 of Exhibit C to the Agreement hereof shall not be taken into account.

 

C.          A
transferee (including any Assignee) of a Partnership Unit shall succeed to a pro rata portion of the Capital Account of the transferor
in accordance with Regulations Section 1.704-1(b)(2)(iv)(l).

 

D.          (1)          Consistent
with the provisions of Regulations Section 1.704-1(b)(2)(iv)(f), and as provided in Section 1.D(2), the Carrying Values
of all Partnership assets shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to
such Partnership property, as of the times of the adjustments provided in Section 1.D(2) hereof, as if such Unrealized Gain
or Unrealized Loss had been recognized on an actual sale of each such property and allocated pursuant to Section 6.1 of
the Agreement.

 

(2)          Such
adjustments shall be made as of the following times: (a) immediately prior to the acquisition of an additional interest in the
Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (b) immediately prior to
the distribution by the Partnership to a Partner of more than a de minimis amount of property as consideration for an interest
in the Partnership; (c) immediately prior to the liquidation of the Partnership within the meaning of Regulations Section 1.704-l(b)(2)(ii)(g);
(d) immediately prior to the grant of an interest in the Partnership (other than a de minimis interest) as consideration for the
provision of services to or for the benefit of the Partnership; (e) immediately prior to the issuance by the Partnership of a noncompensatory
option to acquire an interest in the Partnership (other than an option for a de minimis interest); and (f) at such other times
as are permitted by applicable Regulations and as determined in the discretion of the General Partner; provided, however,
that adjustments pursuant to clauses (a), (b), (d), (e) and (f) above shall be made only if the General Partner determines that
such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership or
to comply with applicable Regulations; provided further, however, that the issuance of any LTIP Unit shall be deemed to require
a revaluation pursuant to this Section 1.D.

 

(3)          In
accordance with Regulations Section 1.704-l(b)(2)(iv)(e), the Carrying Value of Partnership assets distributed in kind shall be
adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as of
the time any such asset is distributed.

 

(4)          In
determining Unrealized Gain or Unrealized Loss for purposes of this Exhibit B, the aggregate cash amount and fair
market value of all Partnership assets (including cash or cash equivalents) shall be determined by the General Partner using such
reasonable

 

    	B-2

    	 

    

 

method of valuation as it
may adopt, or in the case of a liquidating distribution pursuant to Article XIII of the Agreement, shall be determined
and allocated by the Liquidator using such reasonable methods of valuation as it may adopt.  The General Partner, or
the Liquidator, as the case may be, shall allocate such aggregate fair market value among the assets of the Partnership in such
manner as it determines in its sole and absolute discretion to arrive at a fair market value for individual properties.

 

E.          The
provisions of the Agreement (including this Exhibit B and the other Exhibits to the Agreement) relating to the maintenance
of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner
consistent with such Regulations.  In the event the General Partner shall determine that it is prudent to modify the
manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating
to liabilities which are secured by contributed or distributed property or which are assumed by the Partnership, the General Partner,
or the Limited Partners) are computed in order to comply with such Regulations, the General Partner may make such modification
without regard to Article XIV of the Agreement, provided that it is not likely to have a material effect on the amounts
distributable to any Person pursuant to Article XIII of the Agreement upon the dissolution of the Partnership.  The
General Partner also shall (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital
Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed
for book purposes, in accordance with Regulations Section l.704-l(b)(2)(iv)(q), and (ii) make any appropriate modifications in
the event unanticipated events might otherwise cause this Agreement not to comply with Regulations Section l.704-1(b).

 

2.            No
Interest

 

No interest shall be paid
by the Partnership on Capital Contributions or on balances in Partners’ Capital Accounts.

 

3.            No
Withdrawal

 

No Partner shall be entitled
to withdraw any part of its Capital Contribution or Capital Account or to receive any distribution from the Partnership, except
as provided in Article IV, V, VII and XIII of the Agreement.

 

    	B-3

    	 

    

 

EXHIBIT C

 

SPECIAL ALLOCATION RULES

 

1.            Special
Allocation Rules.

 

Notwithstanding any other
provision of the Agreement or this Exhibit C, the following special allocations shall be made in the following order:

 

A.          Minimum
Gain Chargeback.  Notwithstanding the provisions of Section 6.1 of the Agreement or any other provisions of
this Exhibit C, if there is a net decrease in Partnership Minimum Gain during any Fiscal Year, each Partner shall
be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal
to such Partner’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g).  Allocations
pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner
pursuant thereto.  The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f)(6).  This
Section 1.A is intended to comply with the minimum gain chargeback requirements in Regulations Section 1.704-2(f) and for
purposes of this Section 1.A only, each Partner’s Adjusted Capital Account Deficit shall be determined prior to any
other allocations pursuant to Section 6.1 of the Agreement or this Exhibit C with respect to such Fiscal Year
and without regard to any decrease in Partner Minimum Gain during such Fiscal Year.

 

B.          Partner
Minimum Gain Chargeback.  Notwithstanding any other provision of Section 6.1 of this Agreement or any other
provisions of this Exhibit C (except Section 1.A hereof), if there is a net decrease in Partner Minimum Gain
attributable to a Partner Nonrecourse Debt during any Fiscal Year, each Partner who has a share of the Partner Minimum Gain attributable
to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated
items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s
share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with
Regulations Section 1.704-2(i)(5).  Allocations pursuant to the previous sentence shall be made in proportion to the
respective amounts required to be allocated to each General Partner and Limited Partner pursuant thereto.  The items
to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4).  This Section 1.B
is intended to comply with the minimum gain chargeback requirement in such Section of the Regulations and shall be interpreted
consistently therewith.  Solely for purposes of this Section 1.B, each Partner’s Adjusted Capital Account
Deficit shall be determined prior to any other allocations pursuant to Section 6.1 of the Agreement or this Exhibit
C with respect to such Fiscal Year, other than allocations pursuant to Section 1.A hereof.

 

C.          Qualified
Income Offset.  In the event any Partner unexpectedly receives any adjustments, allocations or distributions described
in Regulations Sections 1.704-l(b)(2)(ii)(d)(4), l.704-1(b)(2)(ii)(d)(5), or 1.704-l(b)(2)(ii)(d)(6), and after giving effect to
the allocations required under Sections 1.A and 1.B hereof with respect to such Fiscal Year, such Partner has an
Adjusted Capital Account Deficit, items of Partnership income and gain (consisting of a pro rata portion of each item of Partnership
income, including gross income and gain for the Fiscal Year)

 

    	C-1

    	 

    

 

shall be specifically allocated
to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Regulations, its Adjusted Capital
Account Deficit created by such adjustments, allocations or distributions as quickly as possible.  This Section 1.C
is intended to constitute a “qualified income offset” under Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.

 

D.          Gross
Income Allocation.  In the event that any Partner has an Adjusted Capital Account Deficit at the end of any Fiscal
Year (after taking into account allocations to be made under the preceding paragraphs hereof with respect to such Fiscal Year),
each such Partner shall be specially allocated items of Partnership income and gain (consisting of a pro rata portion of each item
of Partnership income, including gross income and gain for the Fiscal Year) in an amount and manner sufficient to eliminate, to
the extent required by the Regulations, its Adjusted Capital Account Deficit.

 

E.          Nonrecourse
Deductions.  Except as may otherwise be expressly provided by the General Partner pursuant to Section 4.2
of the Agreement with respect to other classes of Partnership Units, Nonrecourse Deductions for any Fiscal Year shall be allocated
only to the Partners holding Class A Units in accordance with their respective Percentage Interests.  If the General
Partner determines in its good faith discretion that the Partnership’s Nonrecourse Deductions must be allocated in a different
ratio to satisfy the safe harbor requirements of the Regulations promulgated under Section 704(b) of the Code, the General Partner
is authorized, upon notice to the Limited Partners, to revise the prescribed ratio for such Fiscal Year to the numerically closest
ratio which would satisfy such requirements.

 

F.          Partner
Nonrecourse Deductions.  Any Partner Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the
Partner who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions
are attributable in accordance with Regulations Sections 1.704-2(b)(4) and 1.704-2(i).

 

G.          Adjustments
Pursuant to Code Section 734 and Section 743.  To the extent an adjustment to the adjusted tax basis of any Partnership
asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Regulations Section 1.704-l(b)(2)(iv)(m), to be
taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an
item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item
of gain or loss shall be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts
are required to be adjusted pursuant to such Section of the Regulations.

 

2.            Allocations
for Tax Purposes

 

A.          Except
as otherwise provided in this Section 2, for U.S. federal income tax purposes, each item of income, gain, loss and deduction
shall be allocated among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction
is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C.

 

    	C-2

    	 

    

 

B.          In
an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain,
loss, and deduction shall be allocated for U.S. federal income tax purposes among the Partners as follows:

 

(1)          (a)          In
the case of a Contributed Property, such items attributable thereto shall be allocated among the Partners consistent with the principles
of Section 704(c) of the Code to take into account the variation between the Section 704(c) Value of such property and its adjusted
basis at the time of contribution (taking into account Section 2.C of this Exhibit C); and

 

(b)          any
item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Partners in the same
manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement
and Section 1 of this Exhibit B.

 

(2)          (a)          In
the case of an Adjusted Property, such items shall

 

(i)          first,
be allocated among the Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account the
Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Exhibit B;

 

(ii)          second,
in the event such property was originally a Contributed Property, be allocated among the Partners in a manner consistent with Section
2.B(1) of this Exhibit C; and

 

(b)          any
item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner
its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section
1 of this Exhibit C.

 

(3)          all
other items of income, gain, loss and deduction shall be allocated among the Partners in the same manner as their correlative item
of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit
C.

 

C.          To
the extent Regulations promulgated pursuant to Section 704(c) of the Code permit a Partnership to utilize alternative methods to
eliminate the disparities between the Carrying Value of property and its adjusted basis, the General Partner shall have the authority
to elect the method to be used by the Partnership and such election shall be binding on all Partners.

 

    	C-3

    	 

    

 

EXHIBIT D

 

NOTICE OF REDEMPTION

 

The undersigned hereby
irrevocably (i) redeems                               Partnership
Units in Great Ajax Operating Partnership L.P. in accordance with the terms of the First Amended and Restated Agreement of Limited
Partnership of Great Ajax Operating Partnership L.P., as amended, and the Redemption Right referred to therein, (ii) surrenders
such Partnership Units and all right, title and interest therein and (iii) directs that the Cash Amount or Shares Amount (as determined
by the General Partner) deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if Shares
are to be delivered, such Shares be registered or placed in the name(s) and at the address(es) specified below.  The
undersigned hereby represents, warrants, and certifies that the undersigned (a) has marketable and unencumbered title to such Partnership
Units, free and clear of the rights of or interests of any other person or entity, (b) has the full right, power and authority
to redeem and surrender such Partnership Units as provided herein and (c) has obtained the consent or approval of all persons or
entities, if any, having the right to consult or approve such redemption and surrender.

 

	Dated:  	 	 	Name of Limited Partner:

 

	 	 
	 	(Signature of Limited Partner)
	 	 
	 	 
	 	(Street Address)
	 	 
	 	 
	 	(City)               (State)                     (Zip Code)
	 	 
	 	Signature Guaranteed by:
	 	 
	 	 
	 	 

 

IF SHARES ARE TO BE ISSUED, ISSUE TO:

 

	Name:  	 	 

 

	Social Security or tax identifying number:  	 	 

 

    	D-1

    	 

    

 

EXHIBIT E

 

FORM OF DRO REGISTRY

 

	 	 	DRO AMOUNT	 
	PART I DRO PARTNERS	 	 	 	 
	 	 	 	 	 
	PART II DRO PARTNERS	 	 	 	 

 

    	E-1

    	 

    

 

EXHIBIT F

 

NOTICE OF ELECTION BY PARTNER
TO CONVERT

LTIP UNITS INTO CLASS A
UNITS

 

The undersigned holder of LTIP Units hereby
irrevocably (i) elects to convert LTIP Units in Great Ajax Operating Partnership L.P. (the “Partnership”) into Class
A Units in accordance with the terms of the First Amended and Restated Agreement of Limited Partnership of the Partnership, as
amended; and (ii) directs that any cash in lieu of Class A Units that may be deliverable upon such conversion be delivered to the
address specified below.  The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title
to such LTIP Units, free and clear of the rights or interests of any other person or entity other than the Partnership; (b) has
the full right, power, and authority to cause the conversion of such LTIP Units as provided herein; and (c) has obtained the consent
to or approval of all persons or entities, if any, having the right to consent or approve such conversion.

 

 

	Dated:  	 	 	Name of Limited Partner:

 

	 	 
	 	(Signature of Limited Partner)
	 	 
	 	 
	 	(Street Address)
	 	 
	 	 
	 	(City)               (State)                     (Zip Code)
	 	 
	 	Signature Guaranteed by:
	 	 
	 	 
	 	 

 

    	F-1

    	 

    

 

EXHIBIT G

 

NOTICE OF ELECTION BY PARTNERSHIP
TO FORCE CONVERSION OF

LTIP UNITS INTO CLASS A
UNITS

 

Great Ajax Operating Partnership
L.P. (the “Partnership”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP Units
set forth below to be converted into Class A Units in accordance with the terms of the First Amended and Restated Agreement of
Limited Partnership of the Partnership, as amended.

 

Name of Holder:

 

Date of this Notice:

 

Number of LTIP Units to be Converted:

 

Please Print: Exact Name as Registered
with Partnership

 

    	G-1

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