Document:

EX-10.01

 Exhibit 10.01 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”), is made as of January 1, 2013 by and between Entercom Communications Corp. (hereinafter referred to as the “Company” or “we”) and Andrew P. Sutor, IV (hereinafter referred to as
“Employee” or “you”). 
 1. Employment. The Company agrees to employ Employee as Senior
Vice President and General Counsel. 
 2. Salary and Benefits. You will be paid a salary as follows: 

a. For the period from the date of this Agreement through December 31, 2013 you will be paid a semi-monthly salary of $10,416.67
(annual rate of $250,000). 
 b. Commencing January 1, 2014 and each January 1, thereafter, your salary shall be
increased based on your individual performance and Company policy in effect at the time. 
 Such salary and any other
compensation to be paid to you hereunder will be subject to all payroll deductions or withholding authorized by you or required by federal, state or local laws or regulations. In addition, you will be eligible to participate in the Company’s
401(k) Plan and you will be provided with coverage under the Company’s employee benefit insurance plans and any other benefits generally available to officers of the Company on the same terms as generally offered to officers of the Company.

 3. Annual Incentive Bonus. You will be eligible for annual equity and cash bonuses with a target
amount of $50,000 for the cash portion. The actual amount of such bonuses will be determined in the sole discretion of the Compensation Committee of the Board of Directors based on a review of the Company’s performance and your performance
during the fiscal year then ended. Notwithstanding the forgoing, you must work through the end of the fiscal year in question to be eligible for the bonus for that year. The amount of the bonus will be determined and paid as soon as reasonably
practicable following the receipt of the Company’s financial statements for the fiscal year in question, but in no event later than two and one-half (2
 1/2) months following the end of the fiscal year for which such bonus is earned. 
 4.
Duties. As Senior Vice President and General Counsel you will be responsible for the general management and supervision of the legal affairs of the Company and discharge such other duties as may from time to time be assigned by
the Board of Directors, the CFO, the CEO or the President of the Company. You agree that you will devote your full time and best efforts to the Company’s business and will not accept any outside employment without the prior written consent of
the Company. 
 5. “At Will” Employment. It is expressly agreed that Employee’s employment shall be an
employment “at will” and shall be subject to termination at any time with or without cause and with or without notice at the option of either Employee or the Company. 
 6. Termination. 
 a. The Company may terminate this Agreement
at any time for Cause and without further obligation hereunder. 
 b. The Company may terminate this Agreement at any time for
its convenience and without Cause. In addition, the following termination shall be deemed a termination by the Company without Cause. 

  
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 c. In the event of a termination of this Agreement by the company
without Cause, subject to the conditions set forth below, the Company shall be obligated to pay to you on the sixtieth (60th) day after your termination, a one-time payment equal to six (6) month of your then current salary. Such payment
is expressly conditioned on: (I) your signing a release in form satisfactory to the Company releasing the Company and all of its officers, directors, employees and agents from any and all claims or liabilities arising out of your employment
and/or the termination of employment and such release becoming effective prior to the sixtieth (60th) day following the date of your termination of employment, and (II) your full compliance with the restrictive covenants contained in Section 7 hereof. Any payments made under this
Section 6.c incident to a termination of employment shall be in lieu of and in satisfaction of all claims for severance, or other compensation which may otherwise arise upon termination of employment with the Company except for salary
earned through the date of termination and payment of earned but unused vacation in accordance with Company policy then in existence. 
 7.
Restrictive Covenants. You agree to the following restrictive covenants: 
 a.
Non-Solicitation. It is understood and agreed that for the one year period following any termination of your employment with the Company you will not, without the express prior written permission of the Company, employ under your
direct supervision, offer to employ, counsel a third party to employ, or participate in any manner in the recommendation, recruitment or solicitation of the employment of any person who was an employee of the Company on the date of the termination
of your employment or at any time within the 90 days prior thereto. 
 b. You agree that a material portion of the covenants of
the Company contained in this Agreement and of the compensation, including any bonuses set forth herein, benefits and training that you will receive hereunder are consideration for the restrictions contained in this Section 7. In the
event you violate the restrictive covenants set forth in this Section 7, it is agreed that the time period for which the restrictive covenant so violated is applicable shall be extended for a period of one (1) year from the date you
cease such violation. You acknowledge that any violation of the provisions set forth in this Section 7 may cause irreparable harm to the Company. You, therefore, expressly agree that the Company, in addition to any other rights or
remedies which it may possess, shall be entitled to injunctive and other equitable relief to prevent a breach of these restrictions. 
 8.
Confidentiality and Intellectual Property Rights. Your position involves a close and confidential relationship in which you will be privy to proprietary information of the Company, including without limitation strategic
planning, acquisition and investment analysis, research, consulting reports, computer programs and sales, technical, legal, financial and programming practices and data, all of which you agree will be held in the strictest confidence at all times.
All copyright, trademark and/or other intellectual property rights of any kind developed during the term of this Agreement and relating to or useful in the Company’s business, or to your duties hereunder (“Works”) shall be
deemed a “work for hire” and shall be and remain the sole and exclusive property of the Company, and you shall, to the extent deemed necessary or desirable by the Company, cooperate and assist the Company in perfecting, filing and
recording any such rights. To the extent that any Works are not deemed “work for hire”, Employee hereby assigns all of the Employee’s rights in such Works to the Company and waives any and all moral rights the Employee may have
in such Works. Employee’s obligations under this Section 8 shall survive the expiration or termination of this Agreement. 
 9.
No Restrictions. In making this Agreement you represent and warrant that you are free to enter into and perform this Agreement and are not and will not be under any disability, restriction or prohibition, contractual or
otherwise, with respect to (a) your right to execute this Agreement; (b) your right to make the covenants contained herein; and (c) your right to fully perform each and every term and obligation hereunder. You further agree not to do
or attempt to do, or suffer to be done, during or after the term hereof, any act in derogation of or inconsistent with the obligations under this Agreement. 

  
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 10. Miscellaneous. This Agreement constitutes the entire agreement and understanding
between you and the Company concerning the compensation to be paid to you and all of the terms and conditions of your employment and supersedes all prior agreements concerning same, whether written or oral, except as specifically set forth herein.
Each party agrees to pay reasonable attorney’s fees and costs incurred by the other if the other party is successful in enforcing its rights under this Agreement in any court action, arbitration or other proceeding. This Agreement may not be
modified or amended except by written instrument duly executed by each of the parties. A waiver by either party of any term or condition of this Agreement or the breach thereof shall not be deemed to constitute a waiver of any other term or
condition of this Agreement or of any subsequent breach of any term or condition hereof. 
 11. Section 409A.

 (a) Notwithstanding any provision to the contrary in the Agreement, in order to be eligible to receive any termination
benefits under this Agreement that are deemed deferred compensation subject to Section 409A of the Code, your termination of employment must constitute a “separation from service” within the meaning of Treas. Reg.
Section 1.409A-1(h) (a “Separation from Service”). 
 (b) Notwithstanding anything herein to the contrary, if you
are deemed at the time of your termination of employment with the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), then to the
extent delayed commencement of any portion of the termination benefits to which you are entitled under the Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of your
termination benefits shall not be provided to you prior to the earlier of (i) the expiration of the six-month period measured from the date of the your Separation from Service with the Company or (ii) the date of your death. Upon the
earlier of such dates, all payments deferred pursuant to this Section shall be paid in a lump sum to you, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether you are a
“specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of your Separation from Service shall made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance
thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and any successor provision thereto). Notwithstanding the foregoing or any other provisions of the Agreement, you and the Company agree that, for purposes of the
limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under the Agreement shall be treated as a right to receive a series separate and distinct payments of compensation for purposes of
applying the Section 409A of the Code. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, intending to be legally bound hereby, the parties have affixed their
hands and seals as of the date first written above. 
  

							
		 	 /s/ Andrew P. Sutor, IV

		 	 Andrew P. Sutor, IV

		
		 	 Date: 2/4/2013

		
		 	 Entercom Communications Corp.

			
		 	 By:
	 	 /s/ David J. Field

		 	 Title: 
	 	 CEO / President
	 	
		 	 Date: 
	 	 2/4/2013
	 	

  
 4EX-4.1

 Exhibit 4.1 
 [Face of Security] 
 FEDERAL REALTY INVESTMENT TRUST 

2.75% Note due 2023 
  

			
	CUSIP No. 313747 AT4	  	$275,000,000

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW
YORK, NEW YORK) (THE “DEPOSITORY”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

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

THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

 FEDERAL REALTY INVESTMENT TRUST, a Maryland real estate investment trust (herein referred to as the “Company,”
which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns the principal sum of Two Hundred Seventy Five Million
Dollars ($275,000,000) on June 1, 2023 (the “Stated Maturity Date”) or the date fixed for earlier redemption (the “Redemption Date,” and together with the Stated Maturity Date with respect to principal repayable on such
date, the “Maturity Date”), and to pay interest on the outstanding principal amount thereof from May 9, 2013 or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on
June 1 and December 1 in each year (each, an “Interest Payment Date”), commencing December 1, 2013, at the rate of 2.75% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be on May 15 or November 15 (whether or not a Business Day, as defined below), as the case may be, next preceding such Interest Payment Date at the office or agency of the Company maintained for
such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of 

 
funds to an account maintained by such Holder within the United States. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such
Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee
referred to on the reverse hereof, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 The principal of this Note payable on the Stated Maturity Date or the principal of, premium, if any, and, if
the Redemption Date is not an Interest Payment Date, interest on this Note payable on the Redemption Date will be paid against presentation of this Note at the office or agency of the Company maintained for that purpose in the Borough of Manhattan,
The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 
 Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, will include interest accrued from and including the next preceding Interest Payment Date in
respect of which interest has been paid or duly provided for (or from and including May 9, 2013, if no interest has been paid on this Note) to but excluding such Interest Payment Date or the Maturity Date, as the case may be. If any Interest
Payment Date or the Maturity Date falls on a day that is not a Business Day, principal, premium, if any, and/or interest payable with respect to such Interest Payment Date or Maturity Date, as the case may be, will be paid on the next succeeding
Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Maturity Date, as the case may be.
“Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York and the City of Charlotte, State of North Carolina, are not required or authorized by law or executive order to close. 

All payments of principal, premium, if any, and interest in respect of this Note will be made by the Company in immediately available
funds. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the Certificate of
Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

[This space intentionally left blank] 

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

Dated: May 9, 2013 
  

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	  

		 	Donald C. Wood
		 	Trustee
		
	By:	 	  

		 	James M. Taylor, Jr.
		 	Executive Vice President-Chief Financial Officer and Treasurer

  

	
	Attest:
	
	  

	Dawn M. Becker
	Executive Vice President-General Counsel and Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is the Note of the series designated therein referred to in the within-mentioned Indenture. 

Dated: May 9, 2013 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 [Reverse of Security] 

FEDERAL REALTY INVESTMENT TRUST 
 2.75% Note due 2023 
 This Note is one of a duly authorized issue of securities of
the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 1, 1998 (herein called the “Indenture”), between the Company and U.S. Bank National
Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Note is one of the duly authorized series of Securities designated as “2.75% Notes due 2023” (collectively, the “Notes”), and the aggregate principal amount of the Notes to be issued under such
series is initially limited to $275,000,000 (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes). The Company may, without the consent of the Holders of any Securities, create and issue
additional notes in the future having the same terms other than the date of original issuance, the issue price and the date on which interest begins to accrue so as to form a single series with the Notes. The Notes are the unsecured and
unsubordinated obligations of the Company and rank equally with all existing and future unsecured and unsubordinated indebtedness of the Company. All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them
in the Indenture. 
 If an Event of Default, as defined herein, shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 As used herein:

 “Event of Default” means any one of the following events (whatever the reason for such Event
of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(1) default in the payment of any interest upon or any Additional Amounts payable in respect of the Notes when such
interest or Additional Amounts becomes due and payable, and continuance of such default for a period of 30 days; 

(2) default in the payment of the principal of (or premium, if any, on) the Notes when it becomes due and payable at its
Maturity; 
 (3) default in the deposit of any sinking fund payment, when and as due by the terms of the Notes;

 (4) default in the performance, or a breach, of any covenant or agreement by
the Company under the Indenture (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this definition of Event of Default specifically dealt with), and continuance of such default or breach for a period
of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture; 
 (5) default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company (including obligations under leases required to be capitalized on the balance sheet of the
lessee under generally accepted accounting principles but not including any indebtedness or obligations for which recourse is limited to property purchased) in an aggregate principal amount in excess of $25,000,000 or under any mortgage, indenture
or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company (including such leases but not including such indebtedness or obligations for which recourse is limited to
property purchased) in an aggregate principal amount in excess of $25,000,000 by the Company, whether such indebtedness now exists or shall hereafter be created, which default shall have resulted in such indebtedness becoming or being declared due
and payable prior to the date on which it would otherwise have become due and payable or such obligations being accelerated, without such acceleration having been rescinded or annulled; 

(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(a) is for relief against the Company or any Significant Subsidiary in an involuntary case, 

(b) appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all of either of its property, or

 (c) orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in
effect for 90 days; or 
 (7) the Company or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law: 
 (a) commences a voluntary case or proceeding, 

(b) consents to the entry of an order for relief against it in an involuntary case or proceeding, 

(c) consents to the appointment of a Custodian of it or for all or substantially all of its property, or 

(d) makes a general assignment for the benefit of its creditors. 

  
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 The defeasance and covenant defeasance provisions of the Indenture apply to the Notes. The
Notes will not be entitled to the benefits of any sinking fund. 
 The Notes are subject to redemption at any time, in whole or
in part, at the election of the Company, at a redemption price equal to (x) if the Notes are redeemed before 90 days prior to the Stated Maturity Date, the greater of (1) 100% of the principal amount of the Notes being redeemed, or
(2) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 20 basis points (twenty one-hundredths of one percent) plus,
in each case, accrued interest thereon to, but excluding, the Redemption Date or (y) if the Notes are redeemed on or after 90 days prior to the Stated Maturity Date, 100% of the principal amount of the Notes to be redeemed plus accrued and
unpaid interest to, but excluding, the Redemption Date; provided, however, that installments of interest on this Note whose Stated Maturity Date is on or prior to such Redemption Date will be payable to the Holder of this Note, or one or more
Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture. 
 As used herein: 
 “Adjusted Treasury Rate” means,
with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such Reference Treasury Dealer quotations, the average of all such Quotations. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means (1) Merrill Lynch, Pierce, Fenner & Smith Incorporated
and a Primary Treasury Dealer (as defined below) selected by Wells Fargo Securities, LLC, and their respective successors; provided, however, that if either of the 

  
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Reference Treasury Dealers ceases to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer,
and (2) any two other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Notice of any redemption will be given by mail to Holders of Securities, not less than 30 nor more than 60 days prior to the Redemption
Date, all as provided in the Indenture. 
 In the event of redemption of this Note in part only, a new Note or Notes for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the
Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore,
provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the Holders of Securities of such series,
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
(and premium, if any) and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

The Company will not, and will not permit any Subsidiary to, incur any Debt (as defined below) if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting
principles is greater than 60% of the sum of (without duplication) (i) Total Assets as of the end of the calendar quarter covered in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most
recently filed with the 

  
 7 

 
Securities and Exchange Commission (or, if such filing is not permitted under the Securities Exchange Act of 1934, with the Trustee) prior to the incurrence of such additional Debt and
(ii) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or
used to reduce Debt), by the Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt. 

In addition to the foregoing limitation on the incurrence of Debt, the Company will not, and will not permit any Subsidiary to, incur any
Debt secured by any mortgage, lien, charge, pledge, encumbrance or security interest of any kind upon any property of the Company or any Subsidiary if, immediately after giving effect to the incurrence of such Debt and the application of the
proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis which is secured by any mortgage, lien, charge, pledge, encumbrance or security interest on property of the Company
or any Subsidiary is greater than 40% of the sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most
recently filed with the Securities and Exchange Commission (or, if such filing is not permitted under the Securities Exchange Act of 1934, with the Trustee) prior to the incurrence of such additional Debt and (2) the purchase price of any real
estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or
any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt; provided, however, that for purposes of this limitation, the amount of obligations under capital
leases shown as a liability on the Company’s consolidated balance sheet shall be deducted from Debt and Total Assets. 

Furthermore, the Company will not, and will not permit any Subsidiary to, incur any Debt if the ratio of Consolidated Income Available
for Debt Service (as defined below) to the Annual Debt Service Charge (as defined below) for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5 to
1, on an unaudited pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that: (i) such Debt and any other Debt incurred by the Company and its Subsidiaries since the
first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had occurred at the beginning of such period; (ii) the repayment or retirement of any other Debt by the Company and its
Subsidiaries since the first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the
average daily balance of such Debt during such period); (iii) in the case of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first
day of such period with the appropriate adjustments with respect to such acquisition being included in such unaudited pro forma calculation; and (iv) in the case of any acquisition or disposition by the Company or its Subsidiaries of any asset
or group of assets since the first day of such four-quarter period, 

  
 8 

 
whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day of such period with the
appropriate adjustments with respect to such acquisition or disposition being included in such unaudited pro forma calculation. 

Furthermore, the Company and its Subsidiaries taken as a whole, will, at all times maintain an Unencumbered Total Asset Value (as defined
below) in an amount not less than 150% of the aggregate outstanding principal amount of the unsecured Debt of the Company and its Subsidiaries, taken as a whole. 
 As used herein, 
 “Acquired Debt” means Debt of a
Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person
becoming a Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 

“Annual Debt Service Charge” as of any date means the maximum amount which is payable in any period for
interest on, and original issue discount of, Debt of the Company and its Subsidiaries and the amount of dividends which are payable in respect of any Disqualified Stock (as defined below). 

“Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares,
interests, participations or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate stock), warrants or options to purchase any thereof. 

“Consolidated Income Available for Debt Service” for any period means Funds from Operations (as defined
below) of the Company and its Subsidiaries plus amounts which have been deducted for interest on Debt of the Company and its Subsidiaries. 
 “Debt” means any indebtedness of the Company, or any Subsidiary, whether or not contingent, in respect of (without duplication) (i) borrowed money evidenced by bonds, notes,
debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company or any Subsidiary, (iii) the reimbursement obligations,
contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense
or trade payable, or all conditional sale obligations or obligations under any title retention agreement, (iv) the principal amount of all obligations of the Company or any Subsidiary with respect to redemption, repayment or other repurchase of
any Disqualified Stock or (v) any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with generally

  
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accepted accounting principles to the extent, in the case of items of indebtedness under (i) through (iii) above, that any such items (other than letters of credit) would appear as a
liability on the Company’s consolidated balance sheet in accordance with generally accepted accounting principles, and also includes, to the extent not otherwise included, any obligation of the Company or any Subsidiary to be liable for, or to
pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business or for the purposes of guaranteeing the payment of all amounts due and owing pursuant to leases to which the Company is a party and has
assigned its interest, provided that such assignee of the Company is not in default of any amounts due and owing under such leases), Debt of another Person (other than the Company or any Subsidiary) (it being understood that Debt shall be
deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof). 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by the
terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock or (iii) is redeemable at the option of the holder thereof, in whole or in part, in each case on or prior to the
Stated Maturity of the Notes. 
 “Funds from Operations” for any period means income available
to common shareholders before depreciation and amortization of real estate assets and before extraordinary items less gain on sale of real estate. 
 “Total Assets” as of any date means the sum of (i) the Company’s and its Subsidiaries’ Undepreciated Real Estate Assets and (ii) all other assets of the Company and
its Subsidiaries determined in accordance with generally accepted accounting principles (but excluding goodwill). 
 “Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate assets of the Company and its Subsidiaries on such date, before
depreciation and amortization determined on a consolidated basis in accordance with generally accepted accounting principles. 
 “Unencumbered Total Asset Value” as of any date means the sum of (i) those Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest
and (ii) all other assets of the Company and each of its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles (but excluding intangibles and accounts receivable), in each case which are
unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however, that in determining Unencumbered Total Asset Value for purposes of the covenant relating to the maintenance of Unencumbered Total Asset Value, all
investments by the Company and any of the Company’s subsidiaries in unconsolidated 

  
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joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities accounted for financial reporting purposes using the equity
method of accounting in accordance with U.S. generally accepted accounting principles shall be excluded from Unencumbered Total Asset Value. 
 Furthermore, the Company will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance companies against such risks and in such amounts as is
customarily maintained by Persons engaged in similar businesses or as may be required by applicable law, and the Company will from time to time deliver to the Administrative Agent (as such term is defined in the Credit Agreement, dated as of
July 7, 2011, between the Company and the various financial institutions named therein, as amended), upon its request a detailed list, together with copies of all policies of the insurance then in effect, stating the names of the insurance
companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. 
 As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer of this Note is registrable in the Security Register of the Company upon surrender of this Note
for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees. 
 As provided in the Indenture and subject to certain limitations
therein and herein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same.

 The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any
integral multiple thereof. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior
to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this
Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The
Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State. 

  
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