Document:

EXHIBIT
10.1

 

SECOND AMENDMENT TO

SENIOR REVOLVER LOAN AGREEMENT

THIS SECOND AMENDMENT
TO SENIOR REVOLVER LOAN AGREEMENT, dated effective as of June 30, 2020 (the "Second Amendment"), is entered into
by and among EMPIRE LOUISIANA LLC, a Delaware limited liability company (the "Original Borrower" or "EL")
and EMPIRE NORTH DAKOTA LLC, a Delaware limited liability company ("END", together with the Original Borrower
are sometimes referred to herein collectively as the "Borrower") and CROSSFIRST BANK, a Kansas state-chartered
bank (the "Bank").

RECITALS:

 

A.     The
Original Borrower and the Bank are parties to that certain Senior Revolver Loan Agreement dated as of September 20, 2018, as amended
by that certain First Amendment thereto dated as of March 27, 2019 (collectively, the "Existing Loan Agreement"),
pursuant to which the Bank extended and modified a revolving credit facility in favor of the Borrower in the increased maximum
principal amount of $20,000,000.00 (subject to the Revolver Commitment Amount (initially $9,000,000.00), the Collateral Borrowing
Base calculation provisions hereof and the QCR until the Revolver Final Maturity Date (currently March 27, 2021) (the "Revolver
Commitment").

B.       Borrower
has requested the Bank to (i) increase the Revolver Commitment Amount to $8,700,000.00 until the existing Revolver Final Maturity
Date (March 27, 2021), (ii) originate a $300,000.00 Letter of Credit from the increased Revolver Commitment Amount, (iii) waive
the QCR payment due June 30, 2020, (iv) increase the QCR to $180,000.00, effective September 30, 2020, (v) waive certain non-compliance
with the Maximum Leverage Ratio covenant and make certain other amendments and modifications,

C.       The
Bank has agreed to make the amendments and modifications requested by Borrower on the terms, provisions, conditions and limitations
set forth in the Existing Loan Agreement, as amended by the provisions of this Second Amendment.

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, receipt of
which is acknowledged by the parties hereto, the parties agree as follows:

1.              
Definitions. Capitalized terms used herein and not otherwise defined shall have the meaning given in the Existing
Loan Agreement. In addition, the following terms are added to Article I of the Existing Loan Agreement or amended to read as follows:

"Revolver Commitment Amount"
shall be the maximum outstanding principal amount plus Letter of Credit Exposure the Bank agrees from time to time to make available
under the Revolver Commitment Amount (initially stipulated to be equal to $8,700,000.00), subject to the Collateral Borrowing Base
calculations and the QCR.

 

 

 

    

     

    

 

2.             
Revolver Commitment. The Revolver Commitment is hereby continued in the maximum principal amount of $20,000,000.00,
to the existing Revolver Final Maturity Date, subject to the Revolver Commitment Amount, the Collateral Borrowing Base limitations
and QCR described below. All of the Indebtedness created pursuant thereto is evidenced by that certain replacement Promissory Note
(Revolver Note) dated as of March 27, 2019, from the Borrower payable to the order of the Bank in the maximum principal amount
of $20,000,000.00. The Revolver Commitment Amount and the Collateral Borrowing Base are stipulated to be set at $8,700,000.00 as
of the effective date of this Second Amendment, which increase shall be in accordance with and satisfy the spring 2020 Collateral
Borrowing Base Redetermination under Section 4.2 of the Existing Loan Agreement.

3.              
Loan Origination Fee. The following replaces Section 2.4 of the Existing Loan Agreement in its entirety:

2.4       Loan
Origination Fee. Borrower shall pay to Bank a fully earned and non-refundable loan origination fee equal to $3,000.00 (one
hundred basis points (1.00%) on the $300,000.00 increase in the Revolver Commitment Amount).

4.             
Waiver of QCR Payment. The Borrower has requested and the Bank has agreed to waive the Borrower's QCR payment in
the amount of $150,000.00, due June 30, 2020. The waiver contained in this Section 4 is limited to the foregoing financial period
and shall in no way be interpreted as a requirement or agreement by the Bank to make any similar accommodation or amendment in
the future.

5.               
Quarterly Commitment Reduction. The following replaces Section 2.13 of the Existing Loan Agreement in its entirety:

2.13       Quarterly
Commitment Reduction (QCR). On the last day of each calendar quarter, commencing September 30, 2020, the Revolver Commitment
Amount shall automatically be reduced by $180,000.00 per quarter (the "QCR"), and Borrower shall make a principal
payment necessary to comply with the QCR. Such principal payment shall be in addition to the regularly scheduled interest payment.

 

6.              
Financial Statements and Reports. Subpart (a)(Quarterly Financial Statements) of Section (6.6) (Financial Statements
and Reports) of the Existing Loan Agreement is hereby amended and restated as follows:

6.6       Financial
Statements and Reports.

(a)            
Quarterly Financial Statements. As soon as practicable after the end of every fiscal quarter of the Borrower, other
than and except only for the 4th and final calendar quarter of each fiscal year, and in any event within forty five (45) days thereafter,
the Borrower shall furnish to the Bank the following internally prepared consolidated financial statements, on a sound accounting
basis in accordance with GAAP, consistently applied:

(i)       A
balance sheet of the Borrower at the end of such period,

 

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(ii)       A
statement of income of the Borrower for such period, with year-to-date earnings,

(iii)       A
statement of cash flow,

(iv)       An
equity statement, and

(v)       All
additional financial information reasonably requested by and in form and substance acceptable to the Bank,

setting forth in each case in comparative
form the figures for each quarter period, the year to date, trailing twelve months and the previous fiscal year, if applicable,
all in reasonable detail. The preparer of the reports (the President or Chief Financial Officer or Manager of Borrower) shall execute
and deliver to the Bank a quarterly compliance certification in the form of Exhibit A annexed hereto, within forty five
(45) days of each fiscal quarter end, including that he/she has obtained no knowledge of any Event of Default or Default as defined
herein, or, if any Event of Default or Default existed or exists, specifying the nature and period of existence thereof and that
each Borrower is in compliance with all covenants, warranties, and representations set forth herein, including the financial covenant
of Section 6.28. The consolidated financial statements referenced above, including, but not limited to, the balance sheets,
income statements and cash flow statements delivered by Borrower to Bank shall include consolidating statements which must tie
in to the 10-K and 10-Q statements currently required of Guarantor.

All remaining terms and provisions of
Section 6.6 of the Existing Loan Agreement shall remain unchanged and are in full force and effect.

7.              
Maximum Leverage Ratio. Borrower's non-compliance with Section 6.28 (Maximum Leverage Ratio) of the Existing Loan
Agreement for the fiscal period ended March 31, 2020, is hereby waived by the Bank. The waiver contained in this Section 7 is limited
to the foregoing financial period and shall in no way be interpreted as a requirement or agreement by the Bank to make any similar
accommodation or amendment in the future.

8.               
Guaranty Agreement. Borrower shall cause Guarantor to execute the Ratification of Guarantor attached hereto (the
"Guaranty Ratification").

9.             
Conditions Precedent. The Borrower shall execute and deliver, or cause to be executed and delivered, to the Bank,
each of the following as express conditions precedent to the effectiveness of the amendments and modifications contemplated by
this Second Amendment:

		(a)	This Second Amendment;

		(b)	Payment to the Bank of the fully earned and non-refundable one percent (1.00%) loan origination
fee in the amount of $3,000.00 concurrently herewith in immediately available funds (US Dollars);

 

 

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		(c)	Payment to the Bank of the fully earned and non-refundable two percent (2.00%) letter of credit
fee in the amount of $6,000.00 concurrently herewith in immediately available funds (US Dollars) pursuant to Section 2.6 of the
Existing Loan Agreement;

		(d)	Closing certificates from each of the Borrowers; and

		(e)	One executed original of the Guaranty Ratification, executed by the Guarantor.

10.         
     Fees and Expenses. Borrower shall promptly (in any event within ten (10) days of
receipt of an invoice therefor) reimburse the Bank for its reasonable legal fees and all filing and recording fees and other
costs and expenses reasonably incurred in connection with the negotiation, preparation and closing of the transactions
contemplated by this Second Amendment, including the reasonable attorney fees and costs and expenses of Bank's legal counsel
and any applicable mortgage taxes.

11.             
Ratification. The remaining terms, provisions and conditions set forth in the Existing Loan Agreement shall remain
in full force and effect as long as any Indebtedness of the Borrower is owing to the Bank and/or the Revolver Commitment remains
in effect. The Borrower adopts, restates, confirms and ratifies the warranties, covenants and representations set forth in the
Existing Loan Agreement (except the representations and warranties that specify a specific date or period of time) and further
represents to the Bank that, as of the date hereof, no Default or Event of Default exists under the Loan Agreement (including this
Second Amendment). All references to the "Loan Agreement" appearing in any of the Loan Documents shall hereafter be deemed
references to the Existing Loan Agreement as amended, modified and supplemented by this Second Amendment. In the event of any inconsistency
between the terms of this Second Amendment and the terms of the Existing Loan Agreement, the terms of this Second Amendment shall
control and govern, and the agreements shall be interpreted so as to carry out and give full effect to the intent of this Second
Amendment. Each Borrower and the Bank hereby adopt, ratify and confirm the Loan Agreement, as amended hereby, and acknowledge and
agree that the Loan Agreement and all other Loan Documents, are and remain in full force and effect. Borrower acknowledges and
agrees that its liabilities and obligations under the Loan Agreement and all other Loan Documents, including the Security Instruments,
are not impaired in any respect by this Second Amendment. Borrower further ratifies and confirms the mortgage liens and security
interests granted thereby pursuant to Article III of the Existing Loan Agreement and hereby grants and regrants such mortgage liens
and security interests in favor of the Bank.

12.         
     Reservation of Rights. Except as expressly waived hereby, the Bank retains and
reserves any and all rights and remedies available at law or in equity and pursuant to the Loan Agreement and any other Loan
Documents or Security Instruments executed in connection with the Loan Agreement, all of which shall remain in full force and
effect.

13.             
SUBMISSION TO JURISDICTION. BORROWER AND THE BANK HEREBY CONSENT TO THE JURISDICTION OF ANY OF THE LOCAL, STATE,
AND FEDERAL COURTS LOCATED WITHIN TULSA COUNTY, OKLAHOMA AND WAIVES ANY OBJECTION WHICH THE BORROWER MAY HAVE BASED ON IMPROPER
VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT.

 

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14.           
WAIVER OF JURY TRIAL. BORROWER FULLY, VOLUNTARILY AND EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION
OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THE LOAN AGREEMENT (INCLUDING THIS SECOND AMENDMENT), THE SECURITY INSTRUMENTS
OR UNDER ANY AMENDMENT, SUPPLEMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED (OR WHICH MAY IN THE FUTURE BE DELIVERED) IN CONNECTION
HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT. THE BORROWER AGREES THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

15.     
         Governing Law. The Loan Agreement (including the Second
Amendment) shall be deemed to have been made or incurred under the Laws of the State of Oklahoma and shall be construed and
enforced in accordance with and governed by the Laws of Oklahoma.

16.   
           Release. In consideration of the amendments
contained herein, Borrower hereby waives and releases Bank from any and all claims and defenses, known or unknown, as of the
effective date of this Second Amendment, with respect to the Loan Agreement (including this Second Amendment) and the Loan
Documents and the transactions contemplated thereby.

17.  
            Counterparts. This Second Amendment may be
executed in multiple counterparts, each of which, when so executed, shall constitute an original copy. Transmission by
facsimile or electronic transmission (e.g., pdf format) of an executed counterpart of this Second Amendment by any party
shall be deemed to constitute due and sufficient delivery of such counterpart and such facsimile or electronic transmission
shall be deemed to be an original counterpart of this Second Amendment.

18.             
Reaffirmation of Indebtedness. Borrower acknowledges the terms of this Second Amendment and ratifies and affirms
its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a
party, and agrees that each Loan Document to which it is a party remains in full force and effect.

[Signature Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Second Amendment to be duly executed and delivered in Tulsa, Oklahoma, in multiple counterparts
effective as of the day and year first above written.

	 	EMPIRE LOUISIANA LLC,
	 	a Delaware limited liability company
	 	 
	 	 
	 	By: 	/s/ Michael R. Morrisett
	 	 	Michael R. Morrisett, President

 

 

	 	EMPIRE NORTH DAKOTA LLC,
	 	a Delaware limited liability company
	 	 
	 	 
	 	By: 	/s/ Michael R. Morrisett
	 	 	Michael R. Morrisett, President
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	“Borrower”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page - Borrower

     

     

    

 

 

	 	CROSSFIRST BANK
	 	
	 	 
	 	By: 	/s/ Terry D. Blain
	 	 	Terry D. Blain,

	 	 	Senior Vice President/Energy Bank

	 	 	 
	 	 	 

                                     

	 	 	 
	 	 	“Bank”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page - BankExhibit 4.1

 

NOTE

 

[Face of Note]

 

CUSIP # 22966R AG1

 

2.000% Senior Note due 2031

 

	No.  1	$450,000,000

 

CUBESMART, L.P.

 

promises to pay to CEDE & CO. or its
registered assigns, the principal sum of FOUR HUNDRED FIFTY MILLION Dollars on February 15, 2031.

 

Interest Payment Dates: February 15 and August 15

 

Record Dates: February 1 and August 1

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH SUCCESSOR DEPOSITARY.

 

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

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this instrument to
be duly executed as of October 6, 2020.

 

		[SEAL]	CUBESMART, L.P.

 

	 	By:	CUBESMART,
	 	 	as General Partner
	 	 	 
	 	By:	/s/ Timothy M. Martin
	 	 	Name: Timothy M. Martin
	 	 	Title: Chief Financial Officer
and Treasurer

 

Attest:

 

	By:	/s/ Jeffrey P. Foster	 
	 	Name: Jeffrey P. Foster	 
	 	Title: Chief Legal Officer and Secretary	 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ George J. Rayzis
	 	 	Authorized Signatory

 

Date of Authentication: October 6, 2020

 

[Signature
Page to Note]

 

     

     

    

 

[Back of Note]

 

2.000% Senior Notes due 2031

 

Capitalized terms used herein have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1) Interest. The Notes will bear
interest from, and including, October 6, 2020, or from, and including, the most recent interest payment date to which interest
has been paid or duly provided for, to, but excluding, the applicable interest payment date or Maturity Date of the Notes, as applicable,
at a rate of 2.000% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing February
15, 2021. The Issuer will pay interest to the Person in whose name a Note is registered at the close of business on February 1
or August 1 next preceding the interest payment date. The Issuer will compute interest on the basis of a 360-day year consisting
of twelve 30-day months. If any interest payment date or Maturity Date falls on a day that is not a Business Day, the required
payment of principal or interest will be made on the next succeeding Business Day as if made on the date on which such payment
was due, and no interest will accrue on such payment for the period from and after such interest payment date or Maturity Date,
as the case may be, to the date of such payment on the next succeeding Business Day.

 

(2) Place of Payment for Principal,
Interest and Redemption Price.  The principal of, interest on and Redemption Price, if any, for the Notes will be payable at
the office or agency of the Issuer maintained for that purpose, pursuant to the Indenture, in the City of New York, which initially
shall be the corporate trust office of the Trustee; provided, however, that at the option of the Issuer, such payment of the principal
of, interest on and, Redemption Price, if any, for the Notes may be made by check mailed to the person entitled thereto as provided
in the Indenture.

 

(3) Paying Agent and Security Registrar.
Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Security Registrar. The
Issuer may change any Paying Agent or Security Registrar without notice to any Holder. The Issuer or any of its Subsidiaries may
act in any such capacity.

 

(4) Sinking Funds. The Notes are
not subject to repayment at the option of the Holder thereof. In addition, the Notes are not entitled to the benefit of, and are
not subject to, any sinking fund.

 

(5) Indenture. The Issuer issued
the Notes under an indenture, dated as of September 16, 2011 (the “Base Indenture”), as amended by the Eighth
Supplemental Indenture, dated as of October 6, 2020 (the “Eighth Supplemental Indenture” and, together with
the Base Indenture, and as the Base Indenture and the Eighth Supplemental Indenture may be further amended and supplemented from
time to time, the “Indenture”), among the Issuer, the Parent Guarantor named therein and the Trustee. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act
of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred
to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured senior obligations
of the Issuer and are guaranteed as provided in the Base Indenture by the Parent Guarantor.

 

(6) Optional Redemption. The Notes
may be redeemed, at the Issuer’s option in whole or, from time to time, in in part, prior to the Maturity Date as follows:

 

(a)  If
the Notes are redeemed before November 15, 2030 (the “Par Call Date”), the Notes will be redeemed at a Redemption Price
equal to the greater of:

 

(i) 100%
of the principal amount of the Notes then outstanding to be redeemed, plus accrued and unpaid interest thereon to, but not including,
the Redemption Date; and

 

(ii) the sum, as set forth in
an Officers’ Certificate delivered to the Trustee, of the present values of the remaining scheduled payments of principal
of, and interest on, the Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption
Date), assuming such Notes matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points, plus accrued and unpaid interest
thereon to, but not including, the Redemption Date.

 

(b)  If
the Notes are redeemed on or after the Par Call Date, the Notes will be redeemed at a Redemption Price equal to 100% of the principal
amount of the Notes then outstanding being redeemed, plus accrued and unpaid interest on the principal amount of the Notes being
redeemed to, but not including, the Redemption Date.

 

     

     

    

 

(c)  If
any Redemption Date falls on a day that is not a Business Day, the required payment of Redemption Price on the Notes to be redeemed
will be made on the next succeeding Business Day as if made on the date on which such payment was due, and no interest will accrue
on such payment for the period from and after such Redemption Date, as the case may be, to the date of such payment on the next
succeeding Business Day; provided, however, that with respect to a Redemption Date, if the next such succeeding Business Day falls
on a day in the next succeeding calendar year with respect to a Redemption Date, the required payment of Redemption Price on the
Notes to be redeemed shall be made on the Business Day immediately preceding such Redemption Date on which payment was due.

 

(d)  If
notice has been given in the manner provided in Section 1104 of the Indenture and funds for the redemption of the Note or any part
thereof called for redemption will have been made available on the Redemption Date, the Notes to be redeemed, or such part thereof,
will cease to accrue interest from and after the Redemption Date referred to in such notice and the only right of the Holder will
be to receive payment of the Redemption Price.

 

(7) Notice of Redemption. Notice
of redemption shall be given in the manner provided in Section 106 and Section 1104 of the Indenture not later than 15 days and
not earlier than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed.

 

All notices of redemption shall state:

 

(1) the Redemption
Date;

 

(2) the Redemption
Price, if then determinable, and otherwise the method of its determination;

 

(3) if less than all Notes then
outstanding are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of
the particular Notes to be redeemed, including the Identifying Number of such Notes;

 

(4) in case any Note is to be
redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption Date, upon surrender
of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount
thereof remaining unredeemed;

 

(5) that on the Redemption Date
the Redemption Price shall become due and payable upon each such Note or portion thereof, and that interest or original issue discount
thereon, if any, shall cease to accrue on and after said date; and

 

(6) the place or places where
such Notes are to be surrendered for payment of the Redemption Price.

 

Notice of redemption of Notes to be redeemed
at the election of the Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee for such Notes in
the name and at the expense of the Issuer.

 

(8) Denominations, Transfer and Exchange.
The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Security Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part. The Issuer shall not be required (i) to issue, register the transfer of or exchange the Notes during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of the Notes selected for redemption
under Section 1104 of the Indenture and ending at the close of business on the day of the mailing of the relevant notice of redemption,
or (ii) to register the transfer of or exchange any Notes so selected for redemption as a whole or in part, except the unredeemed
portion of any Notes being redeemed in part. 

 

(9) Persons Deemed Owners. Prior
to due presentment of a Note for registration of transfer, the Issuer, the Guarantors, the Trustee for such Note and any agent
of the Issuer, any of the Guarantors or such Trustee may treat the Person in whose name any such Note is registered as the owner
of such Note for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 307 of the Indenture)
interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer,
the Guarantors, such Trustee or any agent of the Issuer, any of the Guarantors or such Trustee shall be affected by notice to the
contrary.

 

     

     

    

 

None of the Issuer, the Guarantors, the
Trustee, any Paying Agent or the Security Registrar shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.

 

(10) Amendment, Supplement and Waiver.
Subject to certain exceptions, the Indenture, the Guarantee or the Notes may be amended or supplemented with the consent of the
Holders of at least a majority in principal amount of the Notes then outstanding affected by such amendment or supplemental indenture
voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Guarantee
or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then Outstanding Securities
affected thereby voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Guarantee or the Notes
may be amended or supplemented to, among other things, cure any ambiguity, defect or inconsistency; to provide for uncertificated
Notes in addition to or in place of certificated Notes; to provide for the assumption to a successor of the Issuer’s obligations
to Holders of Notes; add additional Guarantees with respect to the Notes; secure the Notes; to make any other change that would
provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under the
Indenture of any such Holder; or to comply with requirements of the Commission in order to effect or maintain the qualification
of the applicable Indenture under the Trust Indenture Act.

 

(11) Defaults and Remedies. If any
Event of Default occurs and is continuing as more fully provided in the Base Indenture, the Trustee or the Holders of at least
25% in principal amount of the Notes then outstanding may declare the entire principal amount of the Notes to be due and payable.
Subject to certain limitations, the Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee
in its exercise of any trust or power. Subject to certain exceptions, the Holders of a majority in aggregate principal amount of
the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default
or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of
principal of, premium, if any, or interest on the Notes.

 

(12) No Recourse Against Others.
No trustee, officer, employee or stockholder of the Parent Guarantor or any of its Subsidiaries, as such, will have any liability
for any obligations of the Parent Guarantor or any of its Subsidiaries under the Notes or the Indenture based on, in respect of,
or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The
foregoing waiver and release are an integral part of the consideration for the issuance of the Notes.

 

(13) Authentication. No Note shall
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose unless there appears on such Note the
certificate of authentication manually executed by the Trustee for such Note or on its behalf pursuant to Section 614 of the Indenture,
and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated
and delivered hereunder.

 

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

 

The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to:

 

CubeSmart, L.P.

c/o CubeSmart

5 Old Lancaster Road

Malvern, PA 19355

Attention: Jeffrey Foster, Chief Legal Officer and Secretary

 

     

     

    

 

NOTATION OF GUARANTEE

 

For value received,
the undersigned Guarantor (which term includes any successor Person under the Indenture hereinafter referred to) has unconditionally
guaranteed to the extent set forth in, and subject to the provisions of, an indenture dated as of September 16, 2011 (the “
Base Indenture”), as amended by the Eighth Supplemental Indenture, dated as of October 6, 2020 (the “Eighth
Supplemental Indenture” and, together with the Base Indenture, and as the Base Indenture and the Eighth Supplemental
Indenture may be further amended and supplemented from time to time, the “Indenture”) among CubeSmart, L.P.
(the “Issuer”), the Parent Guarantor named therein and U.S. Bank National Association, as trustee (the “Trustee
 ”), providing for the issuance of 2.000% Senior Notes due 2031, the due and punctual payment of the principal of and interest
on the Notes to which this notation is affixed and all other amounts due and payable under the Indenture and the Notes to which
this notation is affixed by the Issuer.

 

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

 

	 	CUBESMART
	 	 	 
	 	By:	/s/ Timothy M. Martin
	 	 	Name: Timothy M. Martin
	 	 	Title: Chief Financial Officer and
Treasurer

 

     

     

    

 

Assignment Form

 

To assign this Note, fill in the form below:

 

(I) or (we) assign and transfer this Note to:    ______________________________________________________

(Insert assignee’s legal name)

 

 

(Insert assignee’s Soc. Sec. or Tax
I.D. No.)

 

 

__________________________________________________________________________________________

__________________________________________________________________________________________

__________________________________________________________________________________________

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

 

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

 

Date:                     

 

Your Signature: _____________________________________

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

 

     

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL SECURITY

 

The following exchanges of a part of this
Global Security for an interest in another Global Security or for a definitive security, or exchanges of a part of another Global
Security or definitive security for an interest in this Global Security, have been made:

 

	Date of exchange	
        Amount of

        decrease in

        principal amount

        of this Global

        Security
	
        Amount of increase

        in principal

        amount of this

        Global Security
	
        Principal amount

        of this Global

        Security following

        such decrease

        (or increase)
	
        Signature of

        authorized

        officer of Trustee

        or Custodian

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