Document:

EX-10.6

 Exhibit 10.6 

GUARANTY OF RECOURSE OBLIGATIONS OF BORROWER 

This GUARANTY OF RECOURSE OBLIGATIONS OF BORROWER (this “Guaranty”) is made as of November 3, 2014. 

FOR VALUE RECEIVED, and to induce U.S. BANK NATIONAL ASSOCIATION, as Trustee for the registered holders of WFRBS Commercial Mortgage
Trust 2013-C16, Commercial Mortgage Pass-Through Certificates, Series 2013-C16, having its principal place of business at c/o Wells Fargo Bank, N.A., 1901 Harrison Street, 2nd Floor, Oakland, California 94612 (“Lender”), to permit
SST II 5012 New Bern AVE, LLC, a Delaware limited liability company, SST II 150 Airport BLVD, LLC, a Delaware limited liability company, SST II 338 Jesse ST, LLC, a Delaware limited liability company, SST II 120 Centrewest CT, LLC, a Delaware
limited liability company, and SST II 4630 Dick Pond RD, LLC, a Delaware limited liability company (collectively, “Borrower”), to assume a loan in the original principal sum of Twelve Million Eight Hundred Thousand and No/100
Dollars ($12,800,000.00) (the “Loan”), pursuant to that certain Loan Agreement dated as of August 30, 2013 made by Flagship Properties III, LLC, a Delaware limited liability company (“Original Borrower”) and
Lender’s predecessor in interest (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, including all amendments made pursuant to the Assumption Agreement, as defined below, the “Loan
Agreement”) which Loan is evidenced by that certain promissory note in the original maximum principal amount of Twelve Million Eight Hundred Thousand and No/100 Dollars ($12,800,000.00) (as assumed by Borrower and otherwise modified
pursuant to the Assumption Agreement (as hereinafter defined), the “Note”) and secured by one or more Security Instruments (as defined in the Loan Agreement) and by certain other Loan Documents (as defined in the Note), the
undersigned, SMARTSTOP SELF STORAGE, INC., a Maryland corporation, f/k/a Strategic Storage Trust, Inc. (“SSS Guarantor”), and STRATEGIC STORAGE TRUST II, INC., a Maryland corporation (“SST II Guarantor” and,
together with SSS Guarantor, sometimes hereinafter individually and collectively referred to as “Guarantor”), jointly and severally, hereby absolutely and unconditionally guarantees to Lender the prompt and unconditional payment of
the Guaranteed Recourse Obligations of Borrower (hereinafter defined). 
 Lender has consented to Borrower’s assumption of the Loan
pursuant to that certain Assumption Agreement of even date herewith among Lender, Borrower and Original Borrower (the “Assumption Agreement”). 

Capitalized terms used herein and not specifically defined herein shall have the respective meanings ascribed to those terms in the Loan
Agreement. 
 It is expressly understood and agreed that this is a continuing guaranty and that the obligations of Guarantor hereunder are
and shall be absolute under any and all circumstances, without regard to the validity, regularity or enforceability of the Note, the Loan Agreement, the Security Instruments, or the other Loan Documents, a true copy of each of said documents
Guarantor hereby acknowledges having received and reviewed. 
 The term “Debt” as used in this Guaranty shall mean the
principal sum evidenced by the Note and secured by the Security Instruments, or so much thereof as may be outstanding from 

 
time to time, together with interest thereon at the rate of interest specified in the Note and all other sums other than principal or interest which may or shall become due and payable pursuant
to the provisions of the Note, the Loan Agreement, any Security Instrument or the other Loan Documents. 
 The term “Guaranteed
Recourse Obligations of Borrower” as used in this Guaranty shall mean all obligations and liabilities of Borrower for which Borrower shall be personally liable pursuant to Section 11.22 of the Loan Agreement. 

The term “Losses” includes any and all claims, suits, liabilities (including, without limitation, strict liabilities),
actions, proceedings, obligations, debts, damages, losses, costs, expenses, diminutions in value, fines, penalties, charges, fees, expenses, judgments, awards, amounts paid in settlement, punitive damages, foreseeable and unforeseeable consequential
damages, of whatever kind or nature (including but not limited to attorneys’ fees and other costs of defense). 
 Any indebtedness of
Borrower to any Guarantor now or hereafter existing (including, but not limited to, any rights to subrogation any Guarantor may have as a result of any payment by Guarantor under this Guaranty), together with any interest thereon, shall be, and such
indebtedness is, hereby deferred, postponed and subordinated to the prior payment in full of the Debt. Until payment in full of the Debt (and including interest accruing on the Note after the commencement of a proceeding by or against Borrower under
the Bankruptcy Reform Act of 1978, as amended, 11 U.S.C. Sections 101 et seq., and the regulations adopted and promulgated pursuant thereto (collectively, the “Bankruptcy Code”) which interest the parties agree shall remain a
claim that is prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code generally), Guarantor agrees not to accept any payment or satisfaction of any kind of indebtedness
of Borrower to Guarantor and hereby assigns such indebtedness to Lender, including the right to file proof of claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code, including the right to vote on any plan of
reorganization. Further, if Guarantor shall comprise more than one person, firm or corporation, Guarantor agrees that until such payment in full of the Debt, (a) no one of them shall accept payment from the others by way of contribution on
account of any payment made hereunder by such party to Lender, (b) no one of them will take any action to exercise or enforce any rights to such contribution, and (c) if any of Guarantor should receive any payment, satisfaction or security
for any indebtedness of Borrower to any of Guarantor or for any contribution by the others of Guarantor for payment made hereunder by the recipient to Lender, the same shall be delivered to Lender in the form received, endorsed or assigned as may be
appropriate for application on account of, or as security for, the Debt and until so delivered, shall be held in trust for Lender as security for the Debt. 

Guarantor agrees that, with or without notice or demand, Guarantor will reimburse Lender, to the extent that such reimbursement is not made by
Borrower, for all expenses (including, without limitation, counsel fees) incurred by Lender for or in connection with the collection of the Guaranteed Recourse Obligations of Borrower or any portion thereof or with the enforcement of this Guaranty.

  
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 All moneys available to Lender for application in payment or reduction of the Debt may be applied
by Lender in such manner and in such amounts and at such time or times and in such order and priority as Lender may see fit to the payment or reduction of such portion of the Debt as Lender may elect. 

Guarantor hereby waives notice of the acceptance hereof, presentment, demand for payment, protest, notice of protest, or any and all notice of
non-payment, non-performance or non-observance, or other proof, or notice or demand, whereby to charge Guarantor therefor. 
 Guarantor
further agrees that the validity of this Guaranty and the obligations of Guarantor hereunder shall in no way be terminated, affected or impaired (a) by reason of the assertion by Lender of any rights or remedies which it may have under or with
respect to either the Note, any Security Instrument, or the other Loan Documents, against any person obligated thereunder or against the owner of the Property, or (b) by reason of any failure to file or record any of such instruments or to take
or perfect any security intended to be provided thereby, or (c) by reason of the release or exchange of any property covered by any Security Instrument or other collateral for the Loan, or (d) by reason of Lender’s failure to
exercise, or delay in exercising, any such right or remedy or any right or remedy Lender may have hereunder or in respect to this Guaranty, or (e) by reason of the commencement of a case under the Bankruptcy Code by or against any person
obligated under the Note, any Security Instrument or the other Loan Documents, or the death of any Guarantor, or (f) by reason of any payment made on the Debt or any other indebtedness arising under the Note, any Security Instrument or the
other Loan Documents, whether made by Borrower or Guarantor or any other person, which is required to be refunded pursuant to any bankruptcy or insolvency law; it being understood that no payment so refunded shall be considered as a payment of any
portion of the Debt, nor shall it have the effect of reducing the liability of Guarantor hereunder. It is further understood, that if Borrower shall have taken advantage of, or be subject to the protection of, any provision in the Bankruptcy Code,
the effect of which is to prevent or delay Lender from taking any remedial action against Borrower, including the exercise of any option Lender has to declare the Debt due and payable on the happening of any default or event by which under the terms
of the Note, any Security Instrument or the other Loan Documents, the Debt shall become due and payable, Lender may, as against Guarantor, nevertheless, declare the Debt due and payable and enforce any or all of its rights and remedies against
Guarantor provided for herein. 
 To the fullest extent permitted by law, and in addition to, and not in limitation of, any other waivers
set forth herein, Guarantor hereby intentionally, irrevocably, unconditionally and freely waives, relinquishes and agrees not to assert or take advantage of any defense, or make any claim or counterclaim, based upon: 

(a) The incapacity, lack of authority, death or disability of Borrower or any or other person. 

(b) Lack of notice of default, demand of performance or notice of acceleration to Borrower or any other party with respect to the Loan or the
obligations guaranteed under this Guaranty unless such notice of default or acceleration is expressly required pursuant to the Loan Documents. 

  
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 (c) The consideration for this Guaranty. 

(d) The application by Borrower of the proceeds of the Loan for purposes other than the purposes represented by Borrow to Lender or intended
or understood by lender or Guarantor. 
 (e) Lender’s election, in any proceeding instituted under the Federal Bankruptcy Code, of the
application of Section 1111(b)(2) of the Federal Bankruptcy Code or any successor statute. 
 (f) Any borrowing or any grant of
security interest under Section 364 of the Federal Bankruptcy Code. 
 (g) An election of remedies by Lender, even though that election
of remedies, such as a non judicial foreclosure (or Uniform Commercial Code sale) with respect to security (whether such security is real property or personal property), for a guaranteed obligation, has or may have destroyed the Guarantor’s
rights of subrogation and reimbursement against any other person including, without limitation, Borrower. 
 (h) Any right to a fair value
hearing with respect to the Property under applicable law or otherwise to determine the size of any deficiency under the Loan following a foreclosure sale with respect to the Property. 

(i) All rights and defenses that Guarantor may have because Borrower’s debt is secured by real property. This means, among other things:

 (1) Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by
Borrower. 
 (2) If Lender forecloses on any real property collateral pledged by Borrower: 

(x) The amount of the Debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if
the collateral is worth more than the sale price. 
 (y) Lender may collect from Guarantor even if Lender, by foreclosing on
the real property collateral, has destroyed any right any Guarantor may have to collect from Borrower. 
 This is an unconditional and irrevocable waiver of
any rights, claims and defenses Guarantor may have because Borrower’s debt is secured by real property. 
 (j) Any defense based upon
any statute or rule of law which provides that the obligation of surety must be neither larger in amount nor in other respects more burdensome than that of the principal. 

  
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 (k) Any duty on the part of Lender to disclose to Guarantor any facts lender may now or hereafter
know about Borrower, regardless of whether Lender has reason to believe that any such facts materially increase the risk beyond that which Guarantor intends to assume or has reason to believe that such facts are unknown to Guarantor, or has a
reasonable opportunity to communicate such facts to Guarantor, since Guarantor acknowledges that Guarantor is fully responsible for being and keeping informed of the financial condition of Borrower and of all circumstances bearing on the risk on
nonperformance of any obligations hereby guaranteed. 
 Guarantor expressly waives: (i) any right to be discharged or released in whole
or in part by reason of any sale or assignment by Borrower of any collateral, or any portion thereof, whether or not consented to by Lender and whether or not Lender has any dealings with the transferee; and (ii) if and only to the extent
applicable, any rights of Guarantor pursuant to Chapter 26 of the North Carolina General Statutes including North Carolina General Statute §26-7 or any similar or subsequent law. 

Guarantor further covenants that this Guaranty shall remain and continue in full force and effect as to any modification, extension or renewal
of the Note, the Loan Agreement, any Security Instrument, or any of the other Loan Documents, that Lender shall not be under a duty to protect, secure or insure any security or lien provided by the Security Instrument or other such collateral, and
that other indulgences or forbearance may be granted under any or all of such documents, all of which may be made, done or suffered without notice to, or further consent of, Guarantor. 

The obligations and liabilities of Guarantor under this Guaranty shall survive notwithstanding any termination, satisfaction, assignment,
entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure of the Security Instrument. 

This is a guaranty of payment and not of collection and upon any Event of Default of Borrower under the Note, any Security Instrument or the
other Loan Documents, or any default of Guarantor hereunder, Lender may, at its option, proceed directly and at once, without notice, against Guarantor to collect and recover the full amount of the liability hereunder or any portion thereof, without
proceeding against Borrower or any other person, or foreclosing upon, selling, or otherwise disposing of or collecting or applying against any of the Property or other collateral for the Loan. Guarantor hereby waives the pleading of any statute of
limitations as a defense to the obligation hereunder. 
 All of the terms and provisions of this Guaranty are recourse obligations of
Guarantor and not restricted by any limitation on personal liability; provided, however, that this Guaranty shall not apply to and may not be enforced against, any member, officer, director, manager, agent, employee, shareholder, or partner of
Guarantor or any member, officer, director, manager, agent, employee, shareholder or partner of any such person or entity provided further that the foregoing shall not, and shall not be deemed to, relieve or release, in whole or in part, any such
person or entity encompassed by the foregoing from liability under applicable law for its fraud, criminal acts, or malfeasance. 

  
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 Each reference herein to Lender shall be deemed to include its successors and assigns, to whose
favor the provisions of this Guaranty shall also inure. Each reference herein to any Guarantor shall be deemed to include the heirs, executors, administrators, legal representatives, successors and assigns of such Guarantor, all of whom shall be
bound by the provisions of this Guaranty. 
 If Guarantor is a partnership, the agreements herein contained shall remain in force and
applicable, notwithstanding any changes in the individuals comprising the partnership, and the term “Guarantor,” as used herein, shall include any alternate or successor partnership, but any predecessor partnership and their partners shall
not thereby be released from any liability. If Guarantor is a corporation or limited liability company, the agreements contained herein shall remain in full force and applicable notwithstanding any changes in the shareholders or members comprising,
or the officers and directors or managers relating to, the corporation or limited liability company, and the term “Guarantor” as used herein, shall include any alternative or successor corporation or limited liability company, but any
predecessor corporation or limited liability company shall not be relieved of liability hereunder. 
 Until the Loan is paid in full, both
parties comprising Guarantor shall jointly maintain at all times an aggregate Net Worth (exclusive of (i) any direct or indirect interest in the Property and (ii) the Preferred Equity Investment (as defined in the Preferred Partner
Agreement)) at least equal to $6,000,000.00 and, within ten (10) Business Days following Lender’s request, Guarantor shall demonstrate in writing and to Lender’s reasonable satisfaction, compliance with the foregoing provisions. For
purposes of this paragraph, the term “Net Worth” shall mean, as of a given date, Guarantor’s equity calculated in conformance with generally accepted accounting principles by subtracting total liabilities from total tangible assets.
Notwithstanding the foregoing, from and after the date that SSS Guarantor is released from its obligations under this Guaranty, as further described below, the aggregate Net Worth requirement set forth above shall be the sole obligation of SST II
Guarantor. 
 Until the Loan is paid in full, both parties comprising Guarantor shall jointly maintain at all times an aggregate Liquidity
(exclusive of (i) any direct or indirect interest in the Property and (ii) the Preferred Equity Investment) at least equal to $2,000,000.00 and, within ten (10) Business Days following Lender’s request, Guarantor shall
demonstrate in writing and to Lender’s reasonable satisfaction, compliance with the foregoing provisions. For purposes of this paragraph, “Liquidity” means cash and unencumbered, marketable securities. Notwithstanding the foregoing,
from and after the date that SSS Guarantor is released from its obligations under this Guaranty, as further described below, the aggregate Liquidity requirement set forth above shall be the sole obligation of SST II Guarantor. 

“Preferred Partner Agreement” means that certain Preferred Partner Agreement of even date herewith between Lender and SSTI
Preferred Investor, LLC, a Delaware limited liability company (“Preferred Partner”). 
 SSS Guarantor shall be released
from its obligations under this Guaranty upon the satisfaction of each of the following conditions: 

  
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	 	(a)	Lender shall have received a written request for such release, which request shall include (i) evidence reasonably satisfactory to Lender that SST II Guarantor alone satisfies the aforementioned Net Worth and
Liquidity requirements, and (ii) a written certification from Guarantor that no Event of Default has occurred; 

  

	 	(b)	Lender shall have verified to its reasonable satisfaction that SST II Guarantor alone satisfies the aforementioned Net Worth and Liquidity requirements; 

 

	 	(c)	With respect to the Preferred Equity Investment, Lender shall have received evidence satisfactory to Lender that: (i) the entire Preferred Equity Investment shall have been repaid and redeemed in full,
(ii) Preferred Partner shall have no further rights with respect to the Preferred Equity Investment under the Preferred Equity Documents (as defined in the Preferred Partner Agreement), including, without limitation, future rights to make any
Preferred Equity Investment, and (iii) the OP (as defined in the Preferred Partner Agreement) shall have no further obligations with respect to the Preferred Equity Investment. Without limiting the generality of the foregoing, Preferred Partner
and each Guarantor shall deliver a written certification with respect to the foregoing; and 

  

	 	(d)	Lender shall have confirmed the foregoing in writing to Guarantor, which confirmation Lender agrees to provide within thirty (30) days after Lender’s receipt of the items described in clauses (a) and
(c) above and such additional information as Lender may reasonably require to confirm that SST II Guarantor alone satisfies the aforementioned Net Worth and Liquidity requirements and with respect to the items described in clause
(c) above. 

 Guarantor hereby represents, warrants and covenants to Lender, understanding that Lender is relying thereon
in consenting to the assumption of the Loan and accepting this Guaranty in connection therewith, as follows: 
 (i) Guarantor
(and its representative, executing below, if any) has full power, authority and legal right to execute this Guaranty and to perform all its obligations under this Guaranty and the person executing this Guaranty on behalf of Guarantor has been duly
authorized and empowered to do so; 
 (ii) Guarantor is not currently a debtor in any bankruptcy, reorganization, insolvency
or similar proceeding; 
 (iii) As of the date hereof, no material adverse change in the financial condition of Guarantor has
occurred since the respective date of the most recent financial statements furnished to Lender relating to Guarantor; 
 (iv)
As of the date hereof, the financial statements of Guarantor (and those of its members, general partners or controlling stockholder, as the case may be, if any) most recently furnished to Lender reflect in each case a positive net worth; 

  
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 (v) Guarantor is not presently insolvent and this Guaranty will not render the
Guarantor insolvent. As used herein, ‘insolvent’ means the sum total of all of Guarantor’s liabilities (whether secured or unsecured, contingent or fixed, or liquidated or unliquidated) is in excess of the value of all of
Guarantor’s non-exempt assets, i.e., all of the assets of the Guarantor that are available to satisfy claims of creditors; 

(vi) After Borrower’s assumption of the Loan and the execution and delivery of this Guaranty, Guarantor will have
sufficient assets to pay all of Guarantor’s outstanding debts as they become due; 
 (vii) All balance sheets, net worth
statements and other financial data which have heretofore been given or may hereafter be given to Lender with respect to Guarantor did or will at the time of such delivery fairly and accurately present the financial condition of Guarantor. Guarantor
further represents, warrants and covenants that, throughout the term of the Loan, Guarantor shall not reduce or deplete its net worth or liquidity in an effort to avoid its obligations (or contingent obligations) under this Guaranty; 

(viii) Guarantor acknowledges, agrees and confirms to Lender that Guarantor has been provided full opportunity to review this
Agreement, the Loan Documents and the Assumption Agreement prior to the execution hereof and including, to the extent desired by Guarantor, review and consultation with legal counsel of such Guarantor’s choice; 

(ix) Guarantor’s execution, delivery and performance of this Guaranty will not (i) violate Guarantor’s
organizational documents if Guarantor is not an individual, (ii) result in a breach of, or conflict with, or result in the acceleration of, any obligation under any guaranty, indenture, credit facility or other instrument to which Guarantor or
any of its assets may be subject, or (iii) violate any order, judgment or decree to which Guarantor or any of its assets is subject; 

(x) No action, suit, proceeding or investigation, judicial, administrative or otherwise (including without limitation any
reorganization, bankruptcy, insolvency or similar proceeding), currently is pending or, to the knowledge of Guarantor, threatened against Guarantor which, either in any one instance or in the aggregate, may have a material, adverse effect on
Guarantor’s ability to perform its obligations under this Guaranty; and 
 (xi) Guarantor owns a direct or indirect
interest in Borrower and will derive substantial benefit from the Loan to Borrower. 
 All understandings, representations and agreements
heretofore had with respect to this Guaranty are merged into this Guaranty which alone fully and completely expresses the agreement of Guarantor and Lender. 

Notices or other communications given hereunder shall be in writing and shall deemed to have been properly given (i) upon delivery, if
delivered by hand with receipt acknowledged (or 

  
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delivery refused) by the recipient thereof, (ii) one (1) business day after having been deposited for overnight delivery with any reputable overnight courier service, and
(iii) three (3) business days after having been mailed, by registered U.S. mail, Return Receipt Requested, first class postage prepaid, to the party at its respective address below or at such other address for such party as such party may
designate by notice given as provided hereunder: 
  

					
		 	To Guarantor:	  	SmartStop Self Storage, Inc.
		 		  	Strategic Storage Trust II, Inc.
		 		  	111 Corporate Drive, Suite 120
		 		  	Ladera Ranch, California 92694
		 		  	Attention: H. Michael Schwartz
			
		 	with a copy to:	  	Mastrogiovanni Mersky & Flynn, P.C.
		 		  	2001 Bryan Street, Suite 1250
		 		  	Dallas, TX 75201
		 		  	Attention: Charles Mersky, Esq
			
		 	To Lender:	  	 U.S. Bank, National Association, as Trustee for the registered

holders of WFRBS Commercial Mortgage Trust 2013-C16,
 Commercial
Mortgage Pass-Through Certificates, Series 2013-C16

		 		  	c/o Wells Fargo Bank, N.A.
		 		  	Commercial Mortgage Servicing
		 		  	1901 Harrison Street, 2nd Floor
		 		  	Oakland, California 94612

 THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, AND DELIVERED TO LENDER BY GUARANTOR IN THE STATE OF
NEW YORK, AND THE PROCEEDS OF THE LOAN WERE PREVIOUSLY DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS,
INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND
ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE SECURITY INSTRUMENTS, THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE, COMMONWEALTH OR DISTRICT, AS
APPLICABLE, IN WHICH THE RELATED PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF 

  
 -9- 

 
SUCH STATE, COMMONWEALTH OR DISTRICT, AS APPLICABLE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF THIS GUARANTY AND ALL LOAN DOCUMENTS AND ALL OF
THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY, THE LOAN AGREEMENT,
THE NOTE, OR ANY OTHER LOAN DOCUMENTS AND THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY AT LENDER’S OPTION BE
INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR DOES HEREBY DESIGNATE AND APPOINT: 

The Corporation Trust Company 

Corporation Trust Center 

1209 Orange Street 

Wilmington, DE 19801 
 AS ITS
AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND GUARANTOR AGREES THAT SERVICE OF PROCESS UPON
SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED. IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR, IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE
STATE OF NEW YORK. GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK,
NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON’ AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK
OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR LOCATED IN NEW YORK, NEW YORK. 

  
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 GUARANTOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THE NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THE NOTE, THE NOTE, THE LOAN AGREEMENT, THE SECURITY
INSTRUMENT, THIS GUARANTY OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER OR BORROWER OR GUARANTOR, RESPECTIVELY, AND THEIR RESPECTIVE OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH. 

This Guaranty may be executed in one or more counterparts, each of which counterparts shall be an original and all of which together shall
constitute a single agreement of Guaranty. The failure of any party hereto to execute this Guaranty, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

This Guaranty may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the
part of Lender or Borrower, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

THE PARTIES ACKNOWLEDGE THAT THE WRITTEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

All understandings, representations and agreements heretofore had with respect to this Guaranty are merged into this Guaranty which alone
fully and completely expresses the agreement of Guarantor and Lender. 
 [signature page follows] 

  
 -11- 

 The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a
personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may
decrease the amount of any deficiency owing in connection with the transaction. IF AND ONLY TO THE EXTENT APPLICABLE, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE
SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE MORTGAGED PROPERTY. 
 IN WITNESS WHEREOF, Guarantor has duly
executed this Guaranty as of the date first above set forth. 
  

			
	SMARTSTOP SELF STORAGE, INC., a Maryland corporation, f/k/a Strategic Storage Trust, Inc.
		
	By:	 	 /s/ H. Michael Schwartz

	Name: H. Michael Schwartz
	Title: President
	
	 STRATEGIC STORAGE TRUST II, INC.,
 a
Maryland corporation

		
	By:	 	 /s/ H. Michael Schwartz

	Name: H. Michael Schwartz
	Title: President

  
 -12-EX-4.1

 Exhibit 4.1 

Execution Copy 
  

 
 Twenty-Fourth Supplemental
Indenture 
 Dated as of November 6, 2014 

Supplement to the Amended and Restated Indenture 

Dated as of April 22, 2005 
  

 
 PACIFIC GAS
AND ELECTRIC COMPANY 
 Issuer 

and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A. 
 Trustee 
  

 

									
	TABLE OF CONTENTS	  	
	 	 	 	  	 	  	 	  	Page
		
	ARTICLE I          DEFINITIONS	  	2
		
	ARTICLE II         ESTABLISHMENT OF THE 4.30% SENIOR NOTES	  	4
					
		 	        SECTION 201	  		  	Establishment and Designation of the 4.30% Senior Notes	  	4
		 	        SECTION 202	  		  	Form of the 4.30% Senior Notes	  	4
		 	        SECTION 203	  		  	Principal Amount of the 4.30% Senior Notes	  	4
		 	        SECTION 204	  		  	Interest Rates; Stated Maturity of the 4.30% Senior Notes; Minimum Denomination	  	4
		 	        SECTION 205	  		  	No Sinking Fund	  	4
		 	        SECTION 206	  		  	Paying Agent and Bond Registrar	  	5
		 	        SECTION 207	  		  	Global Securities; Appointment of Depositary for Global Securities	  	5
		 	        SECTION 208	  		  	Other Terms of the 4.30% Senior Notes	  	5
		
	ARTICLE III       OPTIONAL REDEMPTION BY COMPANY	  	5
					
		 	        SECTION 301	  		  	Optional Redemption of 4.30% Senior Notes	  	5
		 	        SECTION 302	  		  	Calculation of Redemption Price	  	6
		 	        SECTION 303	  		  	Notice of Redemption	  	6
		
	ARTICLE IV       MISCELLANEOUS	  	6
					
		 	        SECTION 401	  		  	Application of Twenty-Fourth Supplemental Indenture	  	6
		 	        SECTION 402	  		  	Effective Date of Twenty-Fourth Supplemental Indenture	  	7
		 	        SECTION 403	  		  	Counterparts	  	7
		
	EXHIBIT A	  	

  
 i 

 TWENTY-FOURTH SUPPLEMENTAL INDENTURE, dated as of November 6, 2014 (this “Twenty-Fourth
Supplemental Indenture”), by and between PACIFIC GAS AND ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the State of California (the “Company” or the “Issuer”), and THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., a national banking association organized and existing under the laws of the United States of America (formerly known as The Bank of New York Trust Company, N.A.), as Trustee under the Base Indenture (as
hereinafter defined) (the “Trustee”). 
 RECITALS OF THE COMPANY 

A. The Company and the Trustee are parties to that certain Amended and Restated Indenture, dated as of April 22, 2005 (the “Base
Indenture”), as supplemented by the First Supplemental Indenture, dated as of March 13, 2007 (the “First Supplemental Indenture”), the Second Supplemental Indenture, dated as of December 4, 2007 (the “Second
Supplemental Indenture”), the Third Supplemental Indenture, dated as of March 3, 2008 (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of October 21, 2008 (the “Fourth Supplemental
Indenture”), the Fifth Supplemental Indenture, dated as of November 18, 2008 (the “Fifth Supplemental Indenture”), the Sixth Supplemental Indenture, dated as of March 6, 2009 (the “Sixth Supplemental Indenture”),
the Seventh Supplemental Indenture, dated as of June 11, 2009 (the “Seventh Supplemental Indenture”), the Eighth Supplemental Indenture, dated as of November 18, 2009 (the “Eighth Supplemental Indenture”), the Ninth
Supplemental Indenture, dated as of April 1, 2010 (the “Ninth Supplemental Indenture”), the Tenth Supplemental Indenture, dated as of September 15, 2010 (the “Tenth Supplemental Indenture”), the Eleventh Supplemental
Indenture, dated as of October 12, 2010 (the “Eleventh Supplemental Indenture”), the Twelfth Supplemental Indenture, dated as of November 18, 2010 (the “Twelfth Supplemental Indenture”), the Thirteenth Supplemental
Indenture, dated as of May 13, 2011 (the “Thirteenth Supplemental Indenture”), the Fourteenth Supplemental Indenture, dated as of September 12, 2011 (the “Fourteenth Supplemental Indenture”), the Fifteenth Supplemental
Indenture, dated as of November 22, 2011 (the “Fifteenth Supplemental Indenture”), the Sixteenth Supplemental Indenture, dated as of December 1, 2011 (the “Sixteenth Supplemental Indenture”), the Seventeenth
Supplemental Indenture, dated as of April 16, 2012 (the “Seventeenth Supplemental Indenture”), the Eighteenth Supplemental Indenture, dated as of August 16, 2012 (the “Eighteenth Supplemental Indenture”), the Nineteenth
Supplemental Indenture, dated as of June 14, 2013 (the “Nineteenth Supplemental Indenture”), the Twentieth Supplemental Indenture, dated as of November 12, 2013 (the “Twentieth Supplemental Indenture”), the Twenty-First
Supplemental Indenture, dated as of February 21, 2014 (the “Twenty-First Supplemental Indenture”), the Twenty-Second Supplemental Indenture, dated as of May 12, 2014 (the “Twenty-Second Supplemental Indenture”), the
Twenty-Third Supplemental Indenture, dated as of August 18, 2014 (the “Twenty-Third Supplemental Indenture”) and this Twenty-Fourth Supplemental Indenture (this “Twenty-Fourth Supplemental Indenture,” and together with the
Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental
Indenture, the Eighth Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture, the Eleventh Supplemental Indenture, the Twelfth Supplemental Indenture, the Thirteenth Supplemental Indenture, the Fourteenth
Supplemental Indenture, the Fifteenth Supplemental Indenture, the Sixteenth Supplemental Indenture, the Seventeenth 

 
Supplemental Indenture, the Eighteenth Supplemental Indenture, the Nineteenth Supplemental Indenture, the Twentieth Supplemental Indenture, the Twenty-First Supplemental Indenture, the
Twenty-Second Supplemental Indenture and the Twenty-Third Supplemental Indenture, the “Indenture”), which supplements, amends and restates that certain Indenture of Mortgage, dated as of March 11, 2004, as supplemented by the First
Supplemental Indenture thereto, dated as of March 23, 2004 and the Second Supplemental Indenture thereto, dated as of April 12, 2004, providing for the issuance by the Company of an unlimited number of series of Bonds (as defined in the
Base Indenture) from time to time. 
 B. Under the Base Indenture, the Company is authorized to establish one or more series of Bonds at any
time in accordance with and subject to the provisions of the Base Indenture, and the terms of such series of Bonds may be described by a supplemental indenture executed by the Company and the Trustee. 

C. The execution and delivery of this Twenty-Fourth Supplemental Indenture has been authorized by a Board Resolution (as defined in the Base
Indenture). 
 D. Concurrent with the execution hereof, the Company has caused its counsel to deliver to the Trustee an Opinion of Counsel
(as defined in the Base Indenture) pursuant to Section 13.03 of the Base Indenture, together with the documents required under Article V of the Base Indenture. 

E. The Company has done all things necessary to make this Twenty-Fourth Supplemental Indenture a valid agreement of the Company, in accordance
with its terms. 
 NOW, THEREFORE, the Company and the Trustee agree, for the benefit of each other and for the equal and proportionate
benefit of Holders of the 4.30% Senior Notes (as defined below) with respect to all provisions herein applicable to each such series of notes, as follows: 

ARTICLE I 
 DEFINITIONS 

Unless the context otherwise requires, capitalized terms used but not defined herein have the meaning set forth in the Indenture. The following
additional terms are hereby established for purposes of this Twenty-Fourth Supplemental Indenture and shall have the meanings set forth in this Twenty-Fourth Supplemental Indenture only for purposes of this Twenty-Fourth Supplemental Indenture: 

“4.30% Senior Notes” has the meaning set forth in Section 201 hereto. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date for any 4.30% Senior Note, the rate per annum 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.

  
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 “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 4.30% Senior Notes to be redeemed that would be used, 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 the 4.30% Senior Notes to be redeemed. 
 “Comparable
Treasury Price” means, with respect to any Redemption Date for any 4.30% Senior Note, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of the Reference
Treasury Dealer Quotations or (2) if the Company obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received. 

“Primary Treasury Dealer” means a primary U.S. Government Securities dealer in the United States. 

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

“Redemption Price” means the price at which 4.30% Senior Notes may be redeemed pursuant to Section 301(a) or
Section 301(b) hereto, as applicable. 
 “Reference Treasury Dealer” means (1) each of Barclays Capital Inc., BNP
Paribas Securities Corp., Morgan Stanley & Co. LLC and U.S. Bancorp Investments, Inc., and their respective successors, unless any of them ceases to be a Primary Treasury Dealer, in which case the Company shall substitute another Primary
Treasury Dealer; and (2) any other Primary Treasury Dealer 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 Company by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. For purposes of this definition only, “Business Day” means
any day that is not a day on which banking institutions in New York City are authorized or required by law or regulation to close. 

“Remaining Scheduled Payments” means, with respect to each of the 4.30% Senior Notes that the Company is redeeming pursuant
to Section 301(a) hereto, the remaining scheduled payments of principal and interest that would be due after the applicable Redemption Date if such 4.30% Senior Notes were not redeemed. However, if the Redemption Date is not a scheduled
Interest Payment Date with respect to such 4.30% Senior Notes, the amount of the next succeeding scheduled interest payment on such 4.30% Senior Notes will be reduced by the amount of interest accrued on such 4.30% Senior Notes to the Redemption
Date. 
 “U.S. Government Securities” means securities which are (a) direct obligations of the United States of
America for the payment on which its full faith and credit is pledged or (b) 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 of the United States of America, and which in the case of (a) and (b) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository

  
 3 

 
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Security or a specific payment of interest on or principal of any such U.S. Government Security
held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any
amount received by the custodian in respect of the U.S. Government Security evidenced by such depository receipt. 
  

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

ARTICLE II 
 ESTABLISHMENT OF
THE 4.30% SENIOR NOTES 
 SECTION 201 Establishment and Designation of the 4.30% Senior Notes. 

Pursuant to the terms hereof and Section 3.01 of the Indenture, the Company hereby establishes a forty-seventh series of Bonds designated
as the “4.30% Senior Notes due March 15, 2045” (the “4.30% Senior Notes”). The 4.30% Senior Notes may be reopened, from time to time, for issuances of additional Bonds of such series, and any additional Bonds issued and
comprising 4.30% Senior Notes shall have identical terms as the 4.30% Senior Notes, except that the issue price, issue date and, in some cases, the first Interest Payment Date may differ. 

SECTION 202 Form of the 4.30% Senior Notes. 

The 4.30% Senior Notes shall be issued in the form of one or more Global Bonds in substantially the form set forth in Exhibit A hereto.

 SECTION 203 Principal Amount of the 4.30% Senior Notes. 

The 4.30% Senior Notes shall be issued in an initial aggregate principal amount of $500,000,000. 

SECTION 204 Interest Rates; Stated Maturity of the 4.30% Senior Notes; Minimum Denomination. 

The 4.30% Senior Notes shall bear interest at the rate of 4.30% per annum and shall have a Stated Maturity of March 15, 2045. 

The 4.30% Senior Notes are issuable in denominations of $1,000 and any integral multiple of $1,000 in excess thereof. 

SECTION 205 No Sinking Fund. 

No sinking fund is provided for the 4.30% Senior Notes. 

  
 4 

 SECTION 206 Paying Agent and Bond Registrar. 

The Trustee is hereby appointed as initial Paying Agent and initial Bond Registrar for the 4.30% Senior Notes. The Place of Payment of the
4.30% Senior Notes shall be the Corporate Trust Office of the Trustee. 
 SECTION 207 Global Securities; Appointment of Depositary for
Global Securities. 
 The 4.30% Senior Notes shall be issued in the form of one or more permanent Global Bonds as provided in
Section 3.13 of the Indenture and deposited with, or on behalf of, the Depositary, or with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee. 

The Company hereby initially appoints The Depository Trust Company (“DTC”) to act as the Depositary with respect to all 4.30% Senior
Notes, and the 4.30% Senior Notes shall initially be registered in the name of Cede & Co., as the nominee of DTC. 
 The Company
and DTC have executed a Blanket Letter of Representations, and the Trustee is hereby authorized in connection with any successor nominee for DTC or any successor Depositary, to enter into appropriate or comparable arrangements, if necessary, and
shall have the same rights with respect to its actions thereunder as it has with respect to its actions under the Indenture. 
 None of the
Company, the Trustee, any Paying Agent or any Bond Registrar will have any responsibility or liability for any aspect of Depositary records relating to, or payments made on account of, beneficial ownership interests in a Global Bond or for
maintaining, supervising or reviewing any Depositary records relating to such beneficial ownership interests, or for transfers of beneficial interests in the Bonds or any transactions between the Depositary and beneficial owners. 

SECTION 208 Other Terms of the 4.30% Senior Notes. 

The other terms of the 4.30% Senior Notes shall be as expressly set forth herein and in Exhibit A. 

ARTICLE III 
 OPTIONAL
REDEMPTION BY COMPANY 
 SECTION 301 Optional Redemption of 4.30% Senior Notes. 

(a) Subject to the terms and conditions of the Indenture, at any time prior to September 15, 2044 (the date that is six months prior to
the Maturity Date), the 4.30% Senior Notes are redeemable at the option of the Company in whole or in part at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the 4.30% Senior Notes to be redeemed; or 

  
 5 

 (ii) as determined by the Quotation Agent, the sum of the present values of the
Remaining Scheduled Payments of principal and interest on the 4.30% Senior Notes to be redeemed (not including any portion of payments of interest accrued as of the Redemption Date), calculated as if the Maturity Date of such 4.30% Senior Notes was
September 15, 2044 (the date that is six months prior to the Maturity Date), discounted to the Redemption Date on a semiannual basis at the Adjusted Treasury Rate, plus 20 basis points; 

plus, in either of the above cases, accrued and unpaid interest thereon to but not including the Redemption Date. 

(b) Subject to the terms and conditions of the Indenture, at any time on or after September 15, 2044 (the date that is six months prior
to the Maturity Date), the 4.30% Senior Notes are redeemable at the option of the Company in whole or in part at 100% of the principal amount of the 4.30% Senior Notes to be redeemed, plus accrued and unpaid interest thereon to but not including the
Redemption Date. 
 (c) The Redemption Price shall be calculated assuming a 360-day year consisting of twelve 30-day months. 

SECTION 302 Calculation of Redemption Price. The Company shall calculate the Redemption Price for the redemption of any 4.30%
Senior Notes pursuant to Section 301, and notify the Trustee of such Redemption Price before it sends the amount of the Redemption Price to the Trustee or any Paying Agent. 

SECTION 303 Notice of Redemption. Notice of any redemption pursuant to Section 301 shall be given to Holders of the 4.30%
Senior Notes not less than ten (10) days nor more than sixty (60) days prior to the Redemption Date in the manner set forth in Section 6.04 of the Indenture; provided, however, that such notice need not state the dollar amount of the
Redemption Price if such dollar amount has not been determined as of the date such notice is being given to the Holders of the 4.30% Senior Notes being redeemed. Notwithstanding Section 6.02 of the Indenture, if the Company elects to redeem
4.30% Senior Notes pursuant to Section 301 hereof, it shall give written notice to the Trustee of such Redemption Date and of the principal amount of the 4.30% Senior Notes to be redeemed at least twenty (20) days prior to the redemption
date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee). 
 ARTICLE IV 

MISCELLANEOUS 
 SECTION 401
Application of Twenty-Fourth Supplemental Indenture. 
 Except as provided in Section 401 hereof, each and every term and
condition contained in this Twenty-Fourth Supplemental Indenture that modifies, amends or supplements the terms and conditions of the Indenture shall apply only to the 4.30% Senior Notes established hereby, and not to any other series of Bonds
established under the Indenture. Except as specifically amended and supplemented by, or to the extent inconsistent with, this Twenty-Fourth Supplemental Indenture, the Indenture shall remain in full force and effect and is hereby ratified and
confirmed. 

  
 6 

 SECTION 402 Effective Date of Twenty-Fourth Supplemental Indenture. 

This Twenty-Fourth Supplemental Indenture shall be effective upon the execution and delivery hereof by each of the parties hereto. 

SECTION 403 Counterparts. 

This Twenty-Fourth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 

  
 7 

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

			
	PACIFIC GAS AND ELECTRIC COMPANY,
	as Issuer
		
	By:	 	  /s/ Nicholas M. Bijur

	Name:	 	 Nicholas M. Bijur
	Title:	 	 Vice President and Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	as Trustee
		
	By:	 	 /s/ Melonee Young

		 	Name: Melonee Young
		 	Title: Vice President

  
 Signature Page to
Twenty-Fourth Supplemental Indenture 

 EXHIBIT A 

FORM OF 4.30% SENIOR NOTES DUE MARCH 15, 2045 

THIS SENIOR NOTE IS A BOND AND A GLOBAL BOND 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 SENIOR NOTES IN DEFINITIVE FORM, THIS SENIOR NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER 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 SENIOR NOTE CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SENIOR NOTE CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE FOLLOWING SUMMARY OF TERMS IS SUBJECT TO THE
INFORMATION SET FORTH ON THE REVERSE HEREOF: 
  

					
	 PRINCIPAL AMOUNT :
 $500,000,000
	  	 ORIGINAL ISSUE DATE:
 November 6,
2014
	  	INTEREST RATE: 4.30% per annum
			
	MATURITY DATE:	  	INTEREST PAYMENT DATES:	  	THIS SENIOR NOTE IS A:
			
	March 15, 2045	  	March 15 and September 15, commencing March 15, 2015	  	 x  Global Book-Entry Bond

 ̈  Certificated Bond

			
	REGISTERED OWNER: Cede & Co., as nominee of The Depository Trust Company	  		  	

  
 A-1 

 PACIFIC GAS AND ELECTRIC COMPANY 

4.30% SENIOR NOTES DUE MARCH 15, 2045 

(Fixed Rate) 
  

			
	No. R-1	  	Principal Amount: $500,000,000
	CUSIP No: 694308 HL4	  	

 PACIFIC GAS AND ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the State of
California (herein called the “Company,” which term includes any successor Person pursuant to the applicable provisions of the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., as
nominee for The Depository Trust Company, or registered assigns, the Principal Amount stated above on the Maturity Date stated above, and to pay interest thereon from and including the Original Issue Date stated above or, in the case of a 4.30%
Senior Note due March 15, 2045 issued upon the registration of transfer or exchange, from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on the Interest Payment
Dates set forth above and on the Maturity Date stated above, commencing March 15, 2015 at the rate of 4.30% per annum until the principal hereof is paid or made available for payment. 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 Person in whose name this 4.30% Senior Note due March 15, 2045 (this “Senior Note,” and together with all other 4.30% Senior Notes due
March 15, 2045, the “Senior Notes”) (or one or more Predecessor Bonds) is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th day preceding such Interest Payment Date;
provided, however, that interest payable at the Maturity Date or on a Redemption Date will be paid to the Person to whom principal is payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Bonds) 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, notice whereof shall be given to Holders of Senior Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of the Indenture and any securities exchange, if any, on which the Senior Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in said Indenture. 

Payments of interest on this Senior Note will include interest accrued to but excluding the respective Interest Payment Dates. Interest
payments for this Senior Note shall be computed and paid on the basis of the 360-day year of twelve 30-day months and will accrue from November 6, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for. In the event that any date on which interest is payable on this Senior Note (other than the Maturity Date) is not a Business Day then payment of the interest payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or payment in respect of any such delay) with the same force and effect as if made on the date the payment was originally payable. If the Maturity Date falls on a day that is not a

  
 A-2 

 
Business Day, the payment of principal, premium, if any, and interest may be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after
maturity. 
 Payment of principal of, premium, if any, and interest on Senior Notes shall be made in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on the Senior Notes represented by a Global Bond shall be made by wire transfer of
immediately available funds to the Holder of such Global Bond, provided that, in the case of payments of principal and premium, if any, such Global Bond is first surrendered to the Paying Agent. If any of the Senior Notes are no longer represented
by a Global Bond, (i) payments of principal, premium, if any, and interest due on the Maturity Date or earlier redemption of such Senior Notes shall be made at the office of the Paying Agent upon surrender of such Senior Notes to the Paying
Agent, and (ii) payments of interest shall be made, at the option of the Company, subject to such surrender where applicable, (A) by check mailed to the address of the Person entitled thereto as such address shall appear in the Bond
Register or (B) by wire transfer to registered Holders of at least $10,000,000 in principal amount of Senior Notes at such place and to such account at a banking institution in the United States as such Holders may designate in writing to the
Trustee at least sixteen (16) days prior to the date for payment. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SENIOR
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 referred to on the reverse hereof by manual signature, this
Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
 Dated:
                    , 2014 
  

			
	PACIFIC GAS AND ELECTRIC COMPANY
		
	By:	 	  

		 	      Name: Kent M. Harvey
		 	       Title: Senior Vice President, Financial

                Services

		
	By:	 	  

		 	      Name: Nicholas M. Bijur
		 	      Title: Vice President and Treasurer

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Senior Note is one of the Bonds of the series designated as Bonds of the Forty-Seventh Series referred to in the within-mentioned
Indenture. 
 Dated:
                    , 2014 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., As Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-5 

 Reverse of Senior Note 

This 4.30% Senior Note due March 15, 2045 is one of a duly authorized issue of Bonds of the Company, issued and issuable in one or more
series under an Amended and Restated Indenture, dated as of April 22, 2005 (the “Base Indenture”), as heretofore supplemented and as further supplemented by a Seventh Supplemental Indenture, dated as of June 11, 2009, a Twentieth
Supplemental Indenture, dated as of November 12, 2013 and a Twenty-Fourth Supplemental Indenture, dated as of November 6, 2014 (as so supplemented, and together with all additional indentures supplemental thereto, and any constituent
instruments establishing the terms of particular Bonds, being herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A.), as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a description of the respective rights, limitations of rights, duties and immunities of the Company,
the Trustee and the Holders of Bonds thereunder and of the terms and conditions upon which Bonds are, and are to be, authenticated and delivered. This Senior Note is a Bond within the meaning of the Indenture and is one of the Bonds of the
forty-seventh series designated as the 4.30% Senior Notes due March 15, 2045 established by the Company under the Indenture. The acceptance of this Senior Note shall be deemed to constitute the consent and agreement by the Holder hereof to all
of the terms and provisions of the Indenture. 
 Subject to the terms and conditions of the Indenture, the Senior Notes are redeemable at
the option of the Company (“Optional Redemption”), in whole or in part, (a) at any time prior to September 15, 2044 (the date that is six months prior to the Maturity Date) at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the Senior Notes to be redeemed; or 

(ii) as determined by the Quotation Agent, the sum of the present values of the Remaining Scheduled Payments of principal and
interest on the Senior Notes to be redeemed (not including any portion of payments of interest accrued as of the Redemption Date), calculated as if the Maturity Date of such Senior Notes was September 15, 2044 (the date that is six months prior
to the Maturity Date), discounted to the Redemption Date on a semi-annual basis at the Adjusted Treasury Rate, plus 20 basis points, 
 plus, in either of
the above cases, accrued and unpaid interest thereon to but not including the Redemption Date; and (b) at any time on or after September 15, 2044 (the date that is six months prior to the Maturity Date) at 100% of the principal amount of
the Senior Notes to be redeemed, plus accrued and unpaid interest thereon to but not including the Redemption Date. 
 Interest installments
whose Stated Maturity is on or prior to such Redemption Date will be payable to Holders of such Senior Notes, or one or more Predecessor Bonds, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture. 

  
 A-6 

 In the case of an Optional Redemption, notice of redemption will be in writing and mailed
first-class postage-prepaid not less than 10 days nor more than 60 days prior to the Redemption Date to each Holder of Senior Notes to be redeemed at the Holder’s registered address; provided, however, that such notice need not state the dollar
amount of the Redemption Price if such dollar amount has not been determined as of the date such notice is being given to the Holders of the Senior Notes being redeemed. If money sufficient to pay the Redemption Price of all Senior Notes (or
portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent or the Trustee on or prior to the Redemption Date, from and after such Redemption Date such Senior Notes or portions thereof shall cease to bear interest.
Senior Notes in denominations larger than $1,000 in principal amount may be redeemed in part but only in integral multiples of $1,000. 
 In
the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof. 

As provided in the Indenture and subject to certain limitations therein set forth, this Senior Note or any portion of the principal amount
hereof will be deemed to have been paid for all purposes of the Indenture and to be no longer Outstanding thereunder, and the Company’s entire indebtedness in respect thereof will be satisfied and discharged, if there has been irrevocably
deposited with the Trustee or any Paying Agent (other than the Company), in trust, money in an amount which will be sufficient and/or Eligible Obligations, the principal of and interest on which when due, without regard to any reinvestment thereof,
will provide moneys which, together with money, if any, deposited with or held by the Trustee or such Paying Agent, will be sufficient to pay when due the principal of and premium, if any, and interest on this Senior Note when due. 

If an Event of Default shall occur and be continuing, the Trustee or the Holders of not less than 33% in aggregate principal amount of the
Outstanding Bonds, considered as one class, may declare the principal amount of all Bonds then Outstanding to be due and payable immediately by notice in writing to the Company (and to the Trustee if given by Holders); provided, however, that with
respect to certain Events of Default relating to bankruptcy, insolvency and similar events, the principal amount of all Bonds then Outstanding shall be due and payable immediately without further action by the Trustee or the Holders. 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into one or more supplemental
indentures for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture with the consent of the Holders of not less than a majority in aggregate principal amount of the Bonds at the
time Outstanding, considered as one class; provided, however, that if there shall be Bonds of more than one series Outstanding under the Indenture and if a proposed supplemental indenture shall directly affect the rights of the Holders of Bonds of
one or more, but less than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Bonds of all series so directly affected, considered as one class, shall be required; and provided,
further, that if the Bonds of any series shall have been issued in more than one Tranche and if a proposed supplemental indenture shall directly affect the rights of the Holders of Bonds of one or more, but less than all, of such Tranches, then the
consent only of the 

  
 A-7 

 
Holders of a majority in aggregate principal amount of the Outstanding Bonds of all Tranches so directly affected, considered as one class, shall be required; and provided, further, that the
Indenture permits the Company and the Trustee to enter into one or more supplemental indentures for certain purposes without the consent of any Holders of Bonds. The Indenture also contains provisions permitting the Holders of a majority in
aggregate principal amount of Bonds, on behalf of the Holders of all such Bonds, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding
upon such Holder and upon all future Holders of this Senior Note and of any Senior Note 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
Senior Note. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Senior Note shall not have the right to
institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default,
the Holders of at least 33% in aggregate principal amount of the Bonds at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable
indemnity, and the Trustee shall not have received from the Holders of at least a majority in aggregate principal amount of Bonds at the time Outstanding a direction inconsistent with such written request, and shall have failed to institute any such
proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Senior Note for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this
Senior 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 any premium and interest on this Senior Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Senior Note is registrable in the Bond Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Senior Note are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee or the Bond Registrar, as the case may be, duly executed by the Holder hereof or such Holder’s attorney duly authorized in
writing, and thereupon one or more new Senior Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Senior Notes are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same. 

  
 A-8 

 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. 
 The
Company shall not be required to execute or to provide for the registration of the transfer of or the exchange of (A) any Senior Note of this series during a period of 15 days immediately preceding the date notice is to be given identifying the
serial numbers of the Senior Notes called for redemption, or (B) any Senior Note selected for redemption in whole or in part, except the unredeemed portion of any Senior Note being redeemed in part. 

Prior to due presentment of this Senior 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 Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 This Senior Note shall be governed by, and construed and enforced in accordance with, the laws of the State of California
without regard to the principles of conflicts of laws thereunder, except to the extent that the Trust Indenture Act shall be applicable. 

As provided in the Indenture, no recourse shall be had for the payment of the principal of, premium, if any, or interest with respect to this
Senior Note, or any part thereof, or for any claim based hereon or otherwise in respect hereof, or of the indebtedness represented hereby, or upon any obligation, covenant or agreement under the Indenture, against any incorporator, shareholder,
officer or director, as such, past, present or future, of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor corporation), whether by virtue of any constitutional
provision, statute or rule of law or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture and all the Bonds are solely corporate obligations and that any such personal liability is
hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of this Senior Note. 

All terms used in this Senior Note which are not defined herein shall have the meanings assigned to them in the Indenture. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Senior Note, fill in the form below: (I) or (we) assign and transfer this Senior Note to 

 
  

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

 
  
  

					
	Date:                     	 		 	
		 	Your signature:	 	  

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

							
			
		 	Tax Identification No.:	 	  

		
		 	SIGNATURE GUARANTEE:
			
		 	  
	 	
		
		 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Bond Registrar, which requirements include membership or participation in the Securities Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Bond Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

  
 A-10

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