Document:

Exhibit 4.1

  

   

  

  
    Essex Portfolio, L.P., as Issuer

    

    

    Essex Property Trust, Inc., as Guarantor

    

    

    U.S. Bank National Association, as Trustee

    

    

    
      

     

    

    INDENTURE

    

    

    Dated as of

    August 7, 2019

    

    

    
      

     

    

    3.000% Senior Notes due 2030

    

    

    
      

      
        

      

    

    
    
      TABLE OF CONTENTS

    

    

    

    	 	

          	
            Page

          
	 	 	 
	
            ARTICLE 1 DEFINITIONS

          	
            1

          
	 	
            Section 1.01.

          	
            Definitions

          	
            1

          
	 	 	 	 
	
            ARTICLE 2 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

          	
            9

          
	 	
            Section 2.01.

          	
            Designation Amount and Issue of Notes

          	
            9

          
	 	
            Section 2.02.

          	
            Form of Notes

          	
            9

          
	 	
            Section 2.03.

          	
            Date and Denomination of Notes; Payments of Interest

          	
            10

          
	 	
            Section 2.04.

          	
            Execution of Notes

          	
            12

          
	 	
            Section 2.05.

          	
            Note Registrar and Paying Agent

          	
            12

          
	 	
            Section 2.06.

          	
            Exchange and Registration of Transfer of Notes

          	
            13

          
	 	
            Section 2.07.

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	
            18

          
	 	
            Section 2.08.

          	
            Temporary Notes

          	
            19

          
	 	
            Section 2.09.

          	
            Cancellation of Notes

          	
            19

          
	 	
            Section 2.10.

          	
            CUSIP Numbers

          	
            19

          
	 	
            Section 2.11.

          	
            Issuance of Additional Notes

          	
            19

          
	 	 	 	 
	
            ARTICLE 3 REDEMPTION OF NOTES

          	
            20

          
	 	
            Section 3.01.

          	
            Optional Redemption of Notes

          	
            20

          
	 	
            Section 3.02.

          	
            Notice of Optional Redemption; Selection of Notes

          	
            21

          
	 	
            Section 3.03.

          	
            Payment of Notes Called for Redemption by the Issuer

          	
            22

          
	 	
            Section 3.04.

          	
            Sinking Fund

          	
            22

          
	 	 	 	 
	
            ARTICLE 4 PARTICULAR COVENANTS OF THE ISSUER

          	
            22

          
	 	
            Section 4.01.

          	
            Payment of Principal, Premium and Interest

          	
            22

          
	 	
            Section 4.02.

          	
            Maintenance of Office or Agency

          	
            23

          
	 	
            Section 4.03.

          	
            Appointments to Fill Vacancies in Trustee’s Office

          	
            23

          
	 	
            Section 4.04.

          	
            Provisions as to Paying Agent

          	
            23

          
	 	
            Section 4.05.

          	
            Existence

          	
            24

          
	 	
            Section 4.06.

          	
            Reports

          	
            25

          
	 	
            Section 4.07.

          	
            Stay, Extension and Usury Laws

          	
            25

          
	 	
            Section 4.08.

          	
            Compliance Certificate

          	
            25

          
	 	
            Section 4.09.

          	
            Limitations on Incurrence of Debt

          	
            26

          
	 	
            Section 4.10.

          	
            Insurance

          	
            27

          
	 	 	 	 
	
            ARTICLE 5 NOTEHOLDERS’ LISTS AND REPORTS BY  THE ISSUER AND THE TRUSTEE

          	
            27

          
	 	
            Section 5.01.

          	
            Noteholders’ Lists

          	
            27

          
	 	
            Section 5.02.

          	
            Preservation and Disclosure of Lists

          	
            28

          
	 	
            Section 5.03.

          	
            Reports by Trustee

          	
            28

          

    

    

    
      

      i

      
        

      

    

    
      TABLE OF CONTENTS

      

      

      (continued)

      

    

    	 	Page
	 	 
	
            ARTICLE 6 REMEDIES OF THE TRUSTEE AND NOTEHOLDERS ON AN EVENT OF DEFAULT

          	
            28

          
	 	
            Section 6.01.

          	
            Events of Default

          	
            28

          
	 	
            Section 6.02.

          	
            Payments of Notes on Default; Suit Therefor

          	
            31

          
	 	
            Section 6.03.

          	
            Application of Monies Collected by Trustee

          	
            32

          
	 	
            Section 6.04.

          	
            Proceedings by Noteholders

          	
            33

          
	 	
            Section 6.05.

          	
            Proceedings by Trustee

          	
            33

          
	 	
            Section 6.06.

          	
            Remedies Cumulative and Continuing

          	
            34

          
	 	
            Section 6.07.

          	
            Direction of Proceedings and Waiver of Defaults by Majority of Noteholders

          	
            34

          
	 	
            Section 6.08.

          	
            Notice of Defaults

          	
            34

          
	 	
            Section 6.09.

          	
            Undertaking to Pay Costs

          	
            35

          
	 	 	 	 
	
            ARTICLE 7 THE TRUSTEE

          	
            35

          
	 	
            Section 7.01.

          	
            Duties and Responsibilities of Trustee

          	
            35

          
	 	
            Section 7.02.

          	
            Reliance on Documents, Opinions, etc

          	
            37

          
	 	
            Section 7.03.

          	
            No Responsibility for Recitals, etc

          	
            38

          
	 	
            Section 7.04.

          	
            Trustee, Paying Agents or Registrar May Own Notes

          	
            38

          
	 	
            Section 7.05.

          	
            Monies to Be Held in Trust

          	
            38

          
	 	
            Section 7.06.

          	
            Compensation and Expenses of Trustee

          	
            38

          
	 	
            Section 7.07.

          	
            Officers’ Certificate as Evidence

          	
            39

          
	 	
            Section 7.08.

          	
            Conflicting Interests of Trustee

          	
            39

          
	 	
            Section 7.09.

          	
            Eligibility of Trustee

          	
            39

          
	 	
            Section 7.10.

          	
            Resignation or Removal of Trustee

          	
            40

          
	 	
            Section 7.11.

          	
            Acceptance by Successor Trustee

          	
            41

          
	 	
            Section 7.12.

          	
            Succession by Merger

          	
            42

          
	 	
            Section 7.13.

          	
            Preferential Collection of Claims

          	
            42

          
	 	 	 	 
	
            ARTICLE 8 THE NOTEHOLDERS

          	
            42

          
	 	
            Section 8.01.

          	
            Action by Noteholders

          	
            42

          
	 	
            Section 8.02.

          	
            Proof of Execution by Noteholders

          	
            43

          
	 	
            Section 8.03.

          	
            Absolute Owners

          	
            43

          
	 	
            Section 8.04.

          	
            Issuer-owned Notes Disregarded

          	
            43

          
	 	
            Section 8.05.

          	
            Revocation of Consents; Future Holders Bound

          	
            44

          
	 	 	 	 
	
            ARTICLE 9 SUPPLEMENTAL INDENTURES

          	
            44

          
	 	
            Section 9.01.

          	
            Supplemental Indentures Without Consent of Noteholders

          	
            44

          
	 	
            Section 9.02.

          	
            Supplemental Indenture With Consent of Noteholders

          	
            45

          
	 	
            Section 9.03.

          	
            Effect of Supplemental Indenture

          	
            46

          
	 	
            Section 9.04.

          	
            Notation on Notes

          	
            46

          

    

    

    
      

      ii

      
        

      

    

    
      TABLE OF CONTENTS

      

      

      (continued)

    

    

    

    	 	 	 	
            Page

          
	 	 	 	 
	 	
            Section 9.05.

          	
            Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee

          	
            46

          
	 	 	 	 
	
            ARTICLE 10 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

          	
            47

          
	 	
            Section 10.01.

          	
            Issuer May Consolidate on Certain Terms

          	
            47

          
	 	
            Section 10.02.

          	
            Issuer Successor to Be Substituted

          	
            47

          
	 	
            Section 10.03.

          	
            Guarantor May Consolidate on Certain Terms

          	
            48

          
	 	
            Section 10.04.

          	
            Guarantor Successor to Be Substituted

          	
            48

          
	 	 	 	 
	
            ARTICLE 11 SATISFACTION AND DISCHARGE OF INDENTURE

          	
            49

          
	 	
            Section 11.01.

          	
            Discharge of Indenture

          	
            49

          
	 	
            Section 11.02.

          	
            Deposited Monies to Be Held in Trust by Trustee

          	
            49

          
	 	
            Section 11.03.

          	
            Paying Agent Application of Monies Held

          	
            50

          
	 	
            Section 11.04.

          	
            Return of Unclaimed Monies

          	
            50

          
	 	
            Section 11.05.

          	
            Reinstatement

          	
            50

          
	 	 	 	 
	
            ARTICLE 12 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

          	
            50

          
	 	
            Section 12.01.

          	
            Option to Effect Legal Defeasance or Covenant Defeasance

          	
            50

          
	 	
            Section 12.02.

          	
            Legal Defeasance and Discharge

          	
            50

          
	 	
            Section 12.03.

          	
            Covenant Defeasance

          	
            51

          
	 	
            Section 12.04.

          	
            Conditions to Legal or Covenant Defeasance

          	
            52

          
	 	
            Section 12.05.

          	
            Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions

          	
            53

          
	 	
            Section 12.06.

          	
            Repayment to Issuer

          	
            53

          
	 	
            Section 12.07.

          	
            Reinstatement

          	
            54

          
	 	 	 	 
	
            ARTICLE 13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

          	
            54

          
	 	
            Section 13.01.

          	
            Indenture and Notes Solely Corporate Obligations

          	
            54

          
	 	 	 	 
	
            ARTICLE 14 MEETINGS OF HOLDERS OF NOTES

          	
            55

          
	 	
            Section 14.01.

          	
            Purposes for Which Meetings May Be Called

          	
            55

          
	 	
            Section 14.02.

          	
            Call, Notice and Place of Meetings

          	
            55

          
	 	
            Section 14.03.

          	
            Persons Entitled to Vote at Meetings

          	
            55

          
	 	
            Section 14.04.

          	
            Quorum; Action

          	
            55

          
	 	
            Section 14.05.

          	
            Determination of Voting Rights; Conduct and Adjournment of Meetings

          	
            56

          
	 	
            Section 14.06.

          	
            Counting Votes and Recording Action of Meetings

          	
            57

          

    

    

    
      

      iii

      
        

      

    

    
      
        TABLE OF CONTENTS

        

        

        (continued)

      

    

    

    

    	 	Page
	 	 
	
            ARTICLE 15 GUARANTEE

          	
            57

          
	 	
            Section 15.01.

          	
            Guarantee

          	
            57

          
	 	
            Section 15.02.

          	
            Execution and Delivery of Guarantee

          	
            59

          
	 	
            Section 15.03.

          	
            Limitation of Guarantor’s Liability; Certain Bankruptcy Events

          	
            59

          
	 	
            Section 15.04.

          	
            Application of Certain Terms and Provisions to the Guarantor

          	
            59

          
	 	 	 	 
	
            ARTICLE 16 MISCELLANEOUS PROVISIONS

          	
            60

          
	 	
            Section 16.01.

          	
            Provisions Binding on Issuer’s and Guarantor’s Successors

          	
            60

          
	 	
            Section 16.02.

          	
            Official Acts by Successor Corporation

          	
            60

          
	 	
            Section 16.03.

          	
            Addresses for Notices, etc

          	
            60

          
	 	
            Section 16.04.

          	
            Governing Law and Jurisdiction

          	
            61

          
	 	
            Section 16.05.

          	
            Waiver of Jury Trial

          	
            62

          
	 	
            Section 16.06.

          	
            Evidence of Compliance with Conditions Precedent, Certificates to Trustee

          	
            62

          
	 	
            Section 16.07.

          	
            Legal Holidays

          	
            62

          
	 	
            Section 16.08.

          	
            Trust Indenture Act

          	
            62

          
	 	
            Section 16.09.

          	
            No Security Interest Created

          	
            62

          
	 	
            Section 16.10.

          	
            Benefits of Indenture

          	
            63

          
	 	
            Section 16.11.

          	
            Table of Contents, Headings, etc

          	
            63

          
	 	
            Section 16.12.

          	
            Authenticating Agent

          	
            63

          
	 	
            Section 16.13.

          	
            Execution in Counterparts

          	
            64

          
	 	
            Section 16.14.

          	
            Severability

          	
            64

          
	 	
            Section 16.15.

          	
            USA Patriot Act

          	
            64

          

    

    

    
      

      iv

      
        

      

    

    CROSS REFERENCE TABLE*

    

    

    	
            Trust Indenture Act Section

          	 	
            Indenture Section

          
	
            310(a)(1)

          	 	 	
            7.09

          
	 	
            (a)(2)

          	 	 	
            7.09

          
	 	
            (a)(3)

          	 	 	
            N.A.

          
	 	
            (a)(4)

          	 	 	
            N.A.

          
	 	
            (a)(5)

          	 	 	
            N.A.

          
	 	
            (b)

          	 	 	
            7.08, 7.10

          
	
            311(a)

          	 	 	
            7.13

          
	 	
            (b)

          	 	 	
            7.13

          
	
            312(a)

          	 	 	
            5.01, 5.02

          
	 	
            (b)

          	 	 	
            5.02

          
	 	
            (c)

          	 	 	
            5.02

          
	
            313(a)

          	 	 	
            5.03

          
	 	
            (b)

          	 	 	
            5.03

          
	 	
            (c)

          	 	 	
            5.03

          
	 	
            (d)

          	 	 	
            5.03

          
	
            314(a)

          	 	 	
            4.06, 4.08

          
	 	
            (b)

          	 	 	
            N.A.

          
	 	
            (c)(1)

          	 	 	
            16.06

          
	 	
            (c)(2)

          	 	 	
            16.06

          
	 	
            (c)(3)

          	 	 	
            N.A.

          
	 	
            (d)

          	 	 	
            N.A.

          
	 	
            (e)

          	 	 	
            16.06

          
	 	
            (f)

          	 	 	
            N.A.

          
	
            315(a)

          	 	 	
            7.01

          
	 	
            (b)

          	 	 	
            6.08

          
	 	
            (c)

          	 	 	
            7.01

          
	 	
            (d)

          	 	 	
            7.01

          
	 	
            (e)

          	 	 	
            6.09

          
	
            316(a)(1)(A)

          	 	 	
            6.07

          
	 	
            (a)(1)(B)

          	 	 	
            6.07

          
	 	
            (a)(2)

          	 	 	
            N.A.

          
	 	
            (b)

          	 	 	
            N.A.

          
	 	
            (c)

          	 	 	
            N.A.

          
	
            317(a)(1)

          	 	 	
            6.02

          
	 	
            (a)(2)

          	 	 	
            6.02

          
	 	
            (b)

          	 	 	
            11.03

          
	
            318(a)

          	 	 	
            16.08

          

    

    

    
      

    N.A. means not applicable.

    * This Cross-Reference Table is not part of the Indenture.

    

    

    
      

      v

      
        

      

    

    
    INDENTURE

     

    

    INDENTURE dated as of August 7, 2019 among Essex Portfolio, L.P., a California limited partnership (hereinafter called the “Issuer”), Essex Property Trust,
      Inc., a Maryland corporation (hereinafter called the “Guarantor” or, in its capacity as the sole general partner of the Issuer, the “General Partner”), each having its
      principal office at Essex Portfolio, L.P., 1100 Park Place, Suite 200, San Mateo, California 94403, and U.S. Bank National Association, as trustee hereunder (hereinafter called the “Trustee”). Each party agrees
      as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of the Issuer’s 3.000% Senior Notes due 2030 (hereinafter called the “Notes”) guaranteed by the Guarantor.

     

    

    ARTICLE 1

    DEFINITIONS

     

    

    Section 1.01.       Definitions. The terms defined in this Section 1.01 (except as herein
      otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this
      Indenture that are defined in the Trust Indenture Act (as defined below) or which are by reference therein defined in the Securities Act (as defined below) (except as herein otherwise expressly provided or unless the context otherwise requires) shall
      have the respective meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of the execution of this Indenture.

     

    

    Except as otherwise expressly provided in or pursuant to this Indenture or unless the context otherwise requires, for all purposes of this Indenture and any indenture supplemental hereto:

     

    

    (1)          the terms defined in this Article include the plural as well as the singular;

     

    

    (2)          all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

     

    

    (3)          the words “herein”, “hereof”, “hereto” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section
      or other subdivision;

     

    

    (4)          references herein to the Articles, Sections and other subdivisions shall be to the Articles, Sections and other subdivisions of this Indenture;

     

    

    (5)          the word “or” is used inclusively (for example, the phrase “A or B” means “A or B or both”, not “either A or B but not both”);

     

    

    (6)          provisions apply to successive events and transactions;

     

    

    (7)          the term “merger” includes a statutory share exchange and the terms “merge” and “merged” have correlative meanings;

     

    

    (8)          the masculine gender includes the feminine and the neuter; and

    

    

    
      

      1

      
        

      

    

    
    (9)          references to agreements and other instruments include subsequent amendments and supplements thereto.

     

    

    “Acquired Debt” means Debt of a Person (i) existing at the time such Person becomes a Subsidiary of the Issuer 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 such 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 such a Subsidiary, as applicable.

     

    

    “Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.04 and 2.11 hereof, as part
      of the same series as the Initial Notes.

     

    

    “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.

     

    

    “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
      common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and
      policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
      have meanings correlative to the foregoing.

     

    

    “Agent” means any Note Registrar, co-registrar, Paying Agent, additional paying agent or authentication agent.

     

    

    “Annual Debt Service Charge” for any period means the maximum amount which is payable during such period for interest on, and original issue
      discount of, Debt of the Issuer and its Subsidiaries and the amount of any dividends which are payable during such period in respect of any Disqualified Stock.

     

    

    “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and
      procedures of the Depositary.

     

    

    “Authentication Order” has the meaning specified in Section 2.01.

     

    

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

     

    

    “Benefited Party” has the meaning specified in Section 15.01.

     

    

    “Board of Directors” means the board of directors of the General Partner or a committee of such board duly authorized to act for it hereunder.

    

    

    
      

      2

      
        

      

    

    “Business Day” means, with respect to any Note, any day, other than a Saturday, Sunday or any other day on which banking institutions in New
      York, New York are authorized or obligated by law or executive order to close.

     

    

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

     

    

    “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time
      after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

     

    

    “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 (assuming the Notes to be redeemed matured on the Par Call Date) 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 (assuming such Notes to be redeemed matured on the Par Call Date).

     

    

    “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 six such Reference Treasury Dealer Quotations, the average of all such Quotations.

     

    

    “Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Issuer and its Subsidiaries plus amounts
      which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest on Debt of the Issuer and its Subsidiaries, (ii) provision for taxes of the Issuer and its Subsidiaries based on income, (iii)
      amortization of debt discount and other deferred financing costs, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in
      determining Earnings from Operations for such period and (vi) amortization of deferred charges.

     

    

    “Corporate Trust Office” or other similar term, means the designated office of the Trustee at which, at any particular time, its corporate
      trust business as it relates to this Indenture shall be administered, which office is, at the date as of which this Indenture is dated, located at the address set forth in Section 16.03.

     

    

    “Covenant Defeasance” has the meaning specified in Section 12.03.

     

    

    “CUSIP” means the Committee on Uniform Securities Identification Procedures.

     

    

    “Custodian” means U.S. Bank National Association, as custodian with respect to the Notes in global form, or any successor entity thereto.

    

    

    
      

      3

      
        

      

    

    “Debt” means, without duplication, any indebtedness of the Issuer and its Subsidiaries, whether or not contingent, in respect of (i) borrowed
      money or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness for borrowed money secured by any Encumbrance existing on property owned by the Issuer or any of its Subsidiaries, (iii) the reimbursement obligations,
      contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Issuer or any of its Subsidiaries otherwise
      reflected as Debt hereunder) 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 Issuer or any of its Subsidiaries with respect to redemption, repayment or other repurchase of any Disqualified Stock, (v) any lease of property
      by the Issuer or any of its Subsidiaries as lessee which is reflected on the consolidated balance sheet of the Issuer and its Subsidiaries as a financing lease in accordance with GAAP, or (vi) interest rate swaps, caps or similar agreements and
      foreign exchange contracts, currency swaps or similar agreements, 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 consolidated
      balance sheet of the Issuer and its Subsidiaries in accordance with GAAP, and also includes, to the extent not otherwise included, any obligation by the Issuer or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise
      (other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the Issuer or any of its Subsidiaries) (it being understood that Debt shall be deemed to be incurred by the Issuer or any of its
      Subsidiaries whenever the Issuer or any of its Subsidiaries shall create, assume, guarantee or otherwise become liable in respect thereof).  In the case of items of indebtedness under clause (v) above, “Debt” excludes operating lease liabilities on
      the Issuer’s consolidated balance sheet in accordance with GAAP.

     

    

    “Default” means any event which, after notice or the lapse of time, or both, would become, an Event of Default.

     

    

    “Defaulted Interest” has the meaning specified in Section 2.03.

     

    

    “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof,
      substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

     

    

    “Depositary” means the clearing agency registered under the Exchange Act that is designated to act as the Depositary for the Global Notes. DTC
      shall be the initial Depositary, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such
      successor.

     

    

    “Disqualified Stock” means any Capital Stock of the Issuer or any of its Subsidiaries 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 (other than
      Capital Stock which is redeemable solely in exchange for common stock), (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 (other than
      Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock), in each case on or prior to the maturity of the Notes.

    

    

    
      

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    “DTC” means The Depository Trust Company.

     

    

    “Earnings from Operations” for any period means net earnings excluding gains and losses on sales of investments, extraordinary items, and
      property valuation gains and losses, as reflected in the financial statements of the Issuer and any of its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.

     

    

    “Encumbrance” means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.

     

    

    “Event of Default” means any event specified in Section 6.01 as an Event of Default.

     

    

    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from
      time to time.

     

    

    “GAAP” means generally accepted accounting principles, as in effect from time to time, as used in the United States of America applied on a
      consistent basis.

     

    

    “General Partner” means the corporation named as the “General Partner” in the first paragraph of this
      Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns.

     

    

    “Global Note Legend” means the legend set forth in Section 2.06(f) hereof, which is required to be placed on all Global Notes issued under this
      Indenture.

     

    

    “Global Notes” means, individually and collectively, each of the Global Notes deposited with or on behalf of and registered in the name of the
      Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with this
      Indenture.

     

    

    “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the
      United States pledges its full faith and credit.

     

    

    “Guarantee” means the full and unconditional guarantee provided by the Guarantor in respect of the Notes as made applicable to the Notes in
      accordance with the provisions of Section 15.01 hereof.

     

    

    “Guarantee Obligations” has the meaning specified in Section 15.01.

     

    

    “Guarantor” means the corporation named as the “Guarantor” in the first paragraph of this Indenture,
      and, subject to the provisions of Article 10, shall include its successors and assigns.

    

    

    
      

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    “Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

     

    

    “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

     

    

    “Initial Notes” means the first $400,000,000 of aggregate principal amount of Notes issued under this Indenture on the date hereof.

     

      

    “interest” means, when used with reference to the Notes, any interest payable under the terms of the Notes.

     

    

    “Issuer” means the limited partnership named as the “Issuer” in the first paragraph of this Indenture,
      and, subject to the provisions of Article 10, shall include its successors and assigns.

     

    

    “Legal Defeasance” has the meaning specified in Section 12.02.

     

    

    “Maturity Date” means January 15, 2030.

     

    

    “Note” or “Notes” means any Note or Notes, as the case may be, authenticated and delivered under this
      Indenture, including the Initial Notes, any Additional Notes and any Global Note.

     

    

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

     

    

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

      

    

    “Noteholder” or “Holder” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular Note is registered on the Note Registrar’s books.

     

    

    “Officer” means any person holding any of the following positions with the General Partner or the Issuer: the Chairman of the Board, the Chief
      Executive Officer, the President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), the Chief Financial Officer, the
      Treasurer and the Secretary.

     

    

    “Officers’ Certificate,” when used with respect to the Issuer, means a certificate signed by any two Officers or by one such Officer and any
      Assistant Treasurer or Assistant Secretary of the General Partner or the Issuer.

     

    

    “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Issuer, or other counsel
      reasonably acceptable to the Trustee.

     

    

    “outstanding,” when used with reference to Notes and subject to the provisions of Section 8.04, means, as of any particular time, all Notes
      authenticated and delivered by the Trustee under this Indenture, except:

    

    

    
      

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    (1)          Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

     

    

    (2)         Notes, or portions thereof, (i) for the redemption of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent
      (other than the Issuer or the Guarantor) or (ii) which shall have been otherwise discharged in accordance with Article 11;

      

    

    (3)         Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07; and

     

    

    (4)          Notes paid or redeemed pursuant to Article 3.

     

    

    “Par Call Date” means October 15, 2029.

     

    

    “Participant” means, with respect to the Depositary, a Person who has an account with the Depositary.

     

    

    “Paying Agent” has the meaning specified in Section 2.05.

     

    

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

     

    

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

     

    

    “premium” means any premium payable under the terms of the Notes.

     

    

    “Prospectus” means collectively the prospectus supplement dated July 29, 2019 relating to the Notes and the related prospectus dated September
      28, 2018, including the documents incorporated or deemed to be incorporated by reference therein.

     

    

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

     

    

    “Record Date” has the meaning specified in Section 2.03.

     

    

    “Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 3.01 hereof,
      the date fixed for such redemption in accordance with the provisions of Section 3.01 hereof.

     

    

    “Redemption Price” has the meaning provided in Section 3.01 hereof.

     

    

    “Reference Treasury Dealer” means each of (1) Wells Fargo Securities, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, and their
      respective successors or their respective affiliates who are Primary Treasury Dealers (as defined below), (2) a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. and its successors and (3) two other Primary Treasury Dealers selected
      by the Issuer; provided, however, that if any of the Reference Treasury Dealers ceases to be a primary U.S. Government securities dealer (“Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer.

    

    

    
      

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    “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
      determined by the Issuer, 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.

     

    

    “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee with
      direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s knowledge of or familiarity with the
      particular subject.

     

    

    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to
      time.

     

    

    “Significant Subsidiary” means any Subsidiary of the Issuer in which
      the Issuer has invested at least $50,000,000 in capital.

     

    

    “Stated Maturity,” with respect to any Note or any installment of principal thereof or interest thereon, means the date established by or
      pursuant to this Indenture or such Note as the fixed date on which the principal of such Note or such installment of principal or interest is due and payable.

     

    

    “Subsidiary” means, with respect to any Person, (i) any corporation, association or other business entity of which more than 50% of the total
      voting power of shares of capital stock or other equity interest entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or
      indirectly, by such Person or one or more of the other subsidiaries of that Person (or a combination thereof) and (ii) any partnership (a) the sole general partner or managing general partner of which is such Person or a subsidiary of such Person or
      (b) the only general partners of which are such Person or of one or more subsidiaries of such Person (or any combination thereof).

     

    

    “Total Assets” as of any date means the sum of (without duplication) (i) Undepreciated Real Estate Assets and (ii) all other assets (excluding
      accounts receivable, intangibles and operating lease assets) of the Issuer and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP.

    “Total Unencumbered Assets” means the sum of (without duplication) (i) those Undepreciated Real Estate Assets which are not subject to an
      Encumbrance securing Debt and (ii) all other assets (excluding accounts receivable, intangibles and unconsolidated equity interests in funds and joint ventures) of the Issuer and its Subsidiaries not subject to an Encumbrance securing Debt, all
      determined on a consolidated basis in accordance with GAAP.

    

    

    
      

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    “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of this Indenture; provided that if the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the
      Trust Indenture Act of 1939 as so amended.

     

    

    “Trustee” means U.S. Bank National Association, and its successors and any corporation resulting from or surviving any consolidation or merger
      to which it or its successors may be a party and any successor trustee at the time serving as successor trustee hereunder.

     

    

    “Undepreciated Real Estate Assets” means, as of any date, the cost (original cost plus capital improvements) of real estate assets of the
      Issuer and its Subsidiaries on such date, right of use assets associated with financing leases in accordance with GAAP, before depreciation and amortization, all determined on a consolidated basis in accordance with GAAP; provided, however, that Undepreciated Real Estate Assets shall not include right of use assets associated with operating leases in accordance with GAAP.

     

    

    “Unsecured Debt” means Debt of the Issuer or any of its Subsidiaries which is not secured by an Encumbrance on any property or assets of the
      Issuer or any of its Subsidiaries.

     

    

    “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
      of 2001 (Patriot Act), Pub. L. 107-56 and all other United States laws and regulations relating to money-laundering and terrorist activities.

     

    

    ARTICLE 2

    ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND 

    EXCHANGE OF NOTES

     

    

    Section 2.01.     Designation Amount and Issue of Notes. The Notes shall be designated as “3.000% Senior Notes due 2030.” Upon the execution of this Indenture, and from time to time thereafter, Notes may be executed by the Issuer and delivered to the Trustee for authentication, and the Trustee shall
      thereupon authenticate and deliver Notes upon a written order of the Issuer (an “Authentication Order”), such order signed by two Officers or by an Officer and either an Assistant Treasurer of the General
      Partner or the Issuer or any Assistant Secretary of the General Partner or the Issuer, without any further action by the Issuer hereunder.

     

    

    The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited, provided that upon initial issuance the
      principal amount of Notes outstanding shall not exceed $400,000,000, except as provided in Sections 2.07 and 2.08. The Issuer may, without the consent of the Holders of Notes, issue Additional Notes from time to time in the future in an unlimited
      principal amount, subject to compliance with the terms of this Indenture, including Section 2.11.

     

      

    Section 2.02.      Form of Notes. Notes issued in global form will be substantially in the
      form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A
      hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall
      provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as
      appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the
      Custodian, at the direction of the Trustee. The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the
      Issuer and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

    

    

    
      

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    Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends, endorsements or changes as the officers executing the same may approve
      (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required by the Custodian, the Depositary or as may be required for the Notes to be tradable on any market
      existing or developed for trading of securities or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on
      which the Notes may be listed, or to conform to usage, or to indicate any special limitations or restrictions to which any particular Notes are subject.

     

    

    So long as the Notes are eligible for book-entry settlement with the Depositary, or unless otherwise required by law, or otherwise contemplated by Section 2.06(a), all of the Notes
      will be represented by one or more Global Notes. The transfer and exchange of beneficial interests in any such Global Note shall be effected through the Depositary in accordance with this Indenture and the Applicable Procedures of the Depositary.
      Except as provided in Section 2.06(a), beneficial owners of a Global Note shall not be entitled to have certificates registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will
      not be considered Holders of such Global Note.

     

    

    Section 2.03.     Date and Denomination of Notes; Payments of Interest. The Notes shall be
      issuable in registered form without coupons in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date
      specified on the face of the form of Note attached as Exhibit A hereto. Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

     

    

    The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at 5:00 p.m., New York City time, on any Record Date with respect to any
        interest payment date shall be entitled to receive the interest payable on such interest payment date. Interest shall be payable at the office of the Issuer maintained by the Issuer for such purposes in The City of New York, which shall initially
        be an office or agency of the Trustee. The Issuer shall pay interest (i) on any Definitive Note by check mailed to the address of the Person entitled thereto as it appears in the Note Register; provided, however, that a Holder of any Definitive Note may specify by written notice to the Issuer that
        it pay interest by wire transfer of immediately available funds to the account specified by the Noteholder in such notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.
        If a payment date is not a Business Day, payment shall be made on the next succeeding Business Day, and no additional interest shall accrue thereon. The term “Record Date” with respect to any interest payment date shall mean the January 1 or July 1 (whether or not a Business Day) preceding the applicable January

      15 or July 15 interest payment date, respectively.

    

    

    
      

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    No other payment or adjustment will be made for accrued interest on an exchanged Note.

     

    

    Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any interest payment date (herein called “Defaulted
        Interest”) shall forthwith cease to be payable to the Noteholder registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the Issuer, at its election in each case, as provided in clause (1) or (2) below:

     

    

    (1)         The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
      Predecessor Notes) are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of
      Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier
      date), and at the same time the Issuer shall deposit with the Trustee an amount of monies equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or
      prior to the date of the proposed payment, such monies when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the
      payment of such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment, and not less than ten (10) calendar days after the receipt by the Trustee
      of the notice of the proposed payment (unless, the Trustee shall consent to an earlier date). The Trustee shall promptly notify the Issuer of such special record date and, in the name and at the expense of the Issuer, shall cause notice of the
      proposed payment of such Defaulted Interest and the special record date therefor to be mailed (or sent by electronic transmission), first-class postage prepaid, to each Holder at its address as it appears in the Note
        Register, not less than ten (10) calendar days prior to such special record date (unless, the Trustee shall consent to an earlier date). Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so
        mailed, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to
        the following clause (b) of this Section 2.03.

     

      

    (2)         The Issuer may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange or automated
      quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant
      to this clause, such manner of payment shall be deemed practicable by the Trustee.

    

    

    
      

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    Section 2.04.       Execution of Notes. The Notes
      shall be signed in the name and on behalf of the Issuer by the General Partner by the manual or facsimile signature of an Officer. The Trustee will, upon receipt of an Authentication Order, authenticate Notes for issue under this Indenture, including
      any Additional Notes. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in
      Sections 2.07 and 2.08 hereof.

     

    

    Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed manually
      by the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 16.12), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an
      authenticating agent) upon any Note executed by the Issuer shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

     

    

    In case any Officer who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or
      disposed of by the Issuer, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed such Notes had not ceased to be such Officer, and any Note may be signed on behalf of the Issuer by such persons as,
      at the actual date of the execution of such Note, shall be the proper Officers, although at the date of the execution of this Indenture any such person was not such an Officer.

     

      

    Section 2.05.       Note Registrar and Paying Agent. The

      Issuer will maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Note Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Note Registrar will keep a register of the Notes and of their transfer and exchange (the “Note Register”). The Issuer may appoint one or more
      co-registrars and one or more additional paying agents. The term “Note Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Note Registrar without notice to
      any Holder. The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Note Registrar or Paying Agent, the Trustee shall act as such.
      The Issuer or any of its Subsidiaries may act as Paying Agent or Note Registrar.

     

    

    The Issuer initially appoints DTC to act as Depositary with respect to the Global Notes.

     

    

    The Issuer initially appoints the Trustee to act as the Note Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

     

    

    The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held
      by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer (or any other obligor upon the Notes) in making any such payment. While any such default continues,
      the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
      Issuer, Guarantor or a Subsidiary of the Issuer) will have no further liability for the money. If the Issuer, Guarantor or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the
      Holders or the Trustee all money held by it as Paying Agent and shall promptly notify the Trustee of any failure to take such action and of any failure by the Issuer (or any other obligor under the Notes) to make any payment of the principal of or
      interest on the Notes when the same shall become due and payable. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes.

    

    

    
      

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    Section 2.06.        Exchange and Registration of Transfer of Notes.

     

    

    (a)          Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
      by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Issuer
      for Definitive Notes if:

     

    

    (1)         the Issuer delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it has ceased to be a clearing
      agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary;

     

    

    (2)          the Issuer in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to
      such effect to the Trustee; or

     

    

    (3)          the Depositary so requests and there has occurred and is continuing a Default or Event of Default with respect to the Notes.

     

    

    Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary in accordance with the Applicable Procedures shall instruct the Note
      Registrar. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.08 hereof. Except as provided this Section 2.06(a), every Note authenticated and delivered in exchange for, or in lieu of, a Global
      Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.08 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. Any Note that is registered in the name of a Person other than the Depositary
      or a nominee thereof shall not be a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a). However, beneficial interests in a Global Note may be transferred and exchanged as provided in
      Section 2.06(b) or (c) hereof.

     

    

    (b)         Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures of the Depositary. Transfers of beneficial interests in the
        Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable:

    

    

    
      

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    (1)         Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to
      Persons who take delivery thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the Note Registrar to effect the transfers described in this Section 2.06(b)(1).

     

    

    (2)         All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of
      beneficial interests in the Global Notes that are not subject to Section 2.06(b)(1) above, any such transfer or exchange must comply with the Applicable Procedures and Section 2.06(c) below if applicable and the transferor of such beneficial interest
      must deliver to the Note Registrar either:

     

    

    (A)         both:

     

    

    (i)          a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
      Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and

     

    

    (ii)         instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or

     

    

    (B)         both:

     

    

    (i)          a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause
      to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and

     

    

    (ii)         instructions given by the Depositary to the Note Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to
      effect the transfer or exchange referred to in (i) above.

     

    

    Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under
      the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof.

    

    

    (c)          Transfer or Exchange of Beneficial Interests for Definitive Notes. If any holder of a beneficial interest in a Global Note proposes to exchange
      such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2)(B) hereof, the
      Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and the Trustee will authenticate and deliver to the Persons as specified below
      a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for or upon transfer of a beneficial interest in a Global Note pursuant to this Section 2.06(c) will be registered in such name or names and in such
      authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Note Registrar from the Depositary or Participant or Indirect Participant through the Depositary. The Trustee will deliver such
      Definitive Notes to the Persons in whose names such Notes are so registered.

    

    

    
      

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    (d)          Transfer and Exchange of Definitive Notes for Beneficial Interests. Upon request by a Holder of Definitive Notes and such Holder’s compliance
      with the provisions of this Section 2.06(d), the Note Registrar will register the transfer or exchange of Definitive Notes for a beneficial interest in a Global Note as provided herein. Prior to such registration of transfer or exchange, the
      requesting Holder must present or surrender to the Note Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Note Registrar duly executed by such Holder or by its attorney, duly
      authorized in writing. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note in accordance with the Applicable Procedures or transfer such Definitive Notes to a Person who takes delivery thereof in the form
      of a beneficial interest in a Global Note in accordance with the Applicable Procedures at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be
      increased the aggregate principal amount of a Global Note.

     

    

    (e)          Transfer of Definitive Notes for Definitive Notes. If Definitive Notes have been issued in accordance with Section 2.06(a), upon request by a
      Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Note Registrar will register the transfer of Definitive Notes to a Person who takes delivery thereof in the form of Definitive Notes as provided
      herein. Prior to such registration of transfer, the requesting Holder must present or surrender to the Note Registrar the Definitive Notes to be transferred duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the
      Note Registrar duly executed by such Holder or by its attorney, duly authorized in writing. Upon receipt of such a request to register such a transfer and such other documents, the Note Registrar shall register the Definitive Notes being transferred
      pursuant to the instructions from the Holder thereof.

     

    

    (f)           Legends. Each Global Note will bear a legend in substantially the following form:

     

    

    “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
      PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
      INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

    

    

    
      

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    UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
      OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.”

     

    

    (g)         Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for
      Definitive Notes or a particular Global Note has been redeemed or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.09 hereof. At any time prior to such
      cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes
      represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being
      exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the
      Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

     

    

    (h)          General Provisions Relating to Transfers and Exchanges.

     

      

    (1)         To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an
      Authentication Order in accordance with Section 2.04 hereof or at the Note Registrar’s request.

     

    

    (2)        No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange,
      but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
      pursuant to Sections 2.08, 3.03 and 9.04 hereof).

    

    

    
      

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    (3)          The Note Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion
      of any Note being redeemed in part.

     

    

    (4)         All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the
      Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

     

    

    (5)          Neither the Note Registrar nor the Issuer will be required:

     

    

    (A)        to issue, register the transfer of or to exchange any Note during a period beginning at the opening of business 15 days before any selection of Notes for redemption
      under Article 3 hereof and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so redeemed; or

     

    

    (B)        to register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

     

    

    (6)         Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is
      registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.

     

    

    (7)          The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.04 hereof.

     

    

    (8)         All certifications, certificates and Opinions of Counsel required to be submitted to the Note Registrar pursuant to this Section 2.06 to effect a registration of
      transfer or exchange may be submitted by facsimile.

     

    

    (9)          The Trustee shall have no responsibility or obligation to any Participants, Indirect Participants or any other Person with respect to the accuracy of the books or
      records, or the acts or omissions, of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any Participants, Indirect Participants or other
      Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Noteholders and all payments to be made to
      Noteholders under the Notes shall be given or made only to or upon the order of the registered Noteholders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be
      exercised only through the Depositary subject to the customary procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its Participants.

    

    

    
      

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    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
      law with respect to any transfer of any interest in any Note (including any transfers between or among Participants in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required
      by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

     

    

    Section 2.07.      Mutilated, Destroyed, Lost or Stolen Notes.
      In case any Note shall become mutilated or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and make
      available for delivery, a new Note, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case, the applicant for
      a substituted Note shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or
      connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction,
      loss or theft of such Note and of the ownership thereof.

     

    

    Following receipt by the Trustee or such authenticating agent, as the case may be, of satisfactory security or indemnity and evidence, as described in the preceding paragraph, the Trustee or such
      authenticating agent may authenticate any such substituted Note and make available for delivery such Note. Upon the issuance of any substituted Note, the Issuer may require the payment by the Holder of a sum sufficient to cover any tax, assessment or
      other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note which has matured or is about to mature or has been called for redemption, as the case may be, shall become mutilated or be
      destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Note, pay or authorize the payment of such Note, as the case may be, if the applicant for such payment shall furnish to the Issuer, to the Trustee and, if applicable, to such
      authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with such payment, and, in every case of destruction, loss or theft, the
      applicant shall also furnish to the Issuer, the Trustee and, if applicable, any Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

     

    

    Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of
      the Issuer, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and
      all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment or exchange or redemption of
      mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment or redemption of negotiable
      instruments or other securities without their surrender.

    

    

    
      

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    Section 2.08.       Temporary Notes. Pending the
      preparation of Notes in definitive form for issuance and delivery when provided for hereunder, the Issuer may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon the written request of the Issuer, authenticate and
      deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Notes in definitive form, but with such omissions, insertions and variations as may be
      appropriate for temporary Notes, all as may be determined by the Issuer. Every such temporary Note shall be executed by the Issuer and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same
      manner, and with the same effect, as the Notes in definitive form. Without unreasonable delay, the Issuer will execute and deliver to the Trustee or such authenticating agent Notes in definitive form for issuance and delivery when provided for
      hereunder and thereupon any or all temporary Notes may be surrendered in exchange therefor, at each office or agency maintained by the Issuer pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and make available
      for delivery in exchange for such temporary Notes an equal aggregate principal amount of Notes in definitive form. Such exchange shall be made by the Issuer at its own expense and without any charge therefor. Until so exchanged, the temporary Notes
      shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Notes in definitive form authenticated and delivered hereunder. Temporary Notes may be in global form.

     

    

    Section 2.09.       Cancellation of Notes. The
      Issuer at any time permitted hereunder may deliver Notes to the Trustee for cancellation.  All Notes surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Issuer or any Paying Agent,
      which shall initially be the Trustee, or any Note Registrar, be surrendered to the Trustee and promptly canceled by it or, if surrendered to the Trustee, shall be promptly canceled by it and no Notes shall be issued in lieu thereof except as
      expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of such canceled Notes in accordance with its customary procedures, with copies of such cancelled Notes and related documentation provided to the Issuer. If the
      Issuer shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation.

     

    

    Section 2.10.       CUSIP Numbers. The Issuer in
      issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to
      Noteholders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that
      reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee of any change in the “CUSIP”
      numbers.

     

    

    Section 2.11.      Issuance of Additional Notes. The
      Issuer will be entitled, upon delivery of an Officers’ Certificate, Opinion of Counsel and Authentication Order, subject to its compliance with Section 4.09, to issue Additional Notes under the Indenture that will have identical terms to and the same
      CUSIP number as the Initial Notes issued on the date of this Indenture other than with respect to the date of issuance, public offering price, interest accrued prior to the issue date of the Additional Notes and, if applicable, the initial interest
      payment date; provided that such Additional Notes must be part of the same issue as and fungible with the Initial Notes for United States federal income tax purposes and provided further that no such Additional Notes may be issued if the Issuer has
      effected satisfaction and discharge with respect to the Notes pursuant to Article 11 or effected legal defeasance or covenant defeasance with respect to the Notes pursuant to Article 12. The Initial Notes and any such Additional Notes will constitute
      a single series of debt securities, and in circumstances in which this Indenture provides for the Holders of Notes to vote or take any action, the Holders of Initial Notes and the Holders of any such Additional Notes will vote or take the action as a
      single class.

    

    

    
      

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    With respect to any Additional Notes, the Issuer will set forth in a resolution of its Board of Directors and an Officers’ Certificate, a copy of each of which will be delivered to the Trustee, the
      following information:

     

    

    (1)          the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

     

    

    (2)          the issue price, the issue date and the CUSIP number of such Additional Notes (which CUSIP number shall be the same as the CUSIP number for the Initial Notes).

     

    

    ARTICLE 3

    REDEMPTION OF NOTES

     

    

    Section 3.01.        Optional Redemption of Notes.

     

    

    (a)          The Issuer shall have the right to redeem the Notes at its option and in its sole discretion, at any time in whole or from time to time in part, for cash, at a redemption price with
      respect to the Notes to be redeemed on any Redemption Date (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of such Notes to be redeemed and (ii) as determined by the Quotation
      Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the principal amount of the Notes to be redeemed that would be due if such Notes to be redeemed matured on the Par Call Date but for redemption
      thereof on such Redemption Date (not including any portion of such payments of interest accrued as of such Redemption Date) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
      Adjusted Treasury Rate plus twenty (20) basis points (0.20% or twenty one-hundredths of one percent), plus, in each case, accrued and unpaid interest on the principal amount of such Notes to be redeemed to, but excluding, such Redemption Date; provided, however, that if such Redemption Date falls after the Record Date immediately preceding an interest payment date and on or prior to such interest payment date,
      the Issuer will pay the full amount of such accrued and unpaid interest and premium, if any, on such interest payment date to the Holder of record at the close of business on such Record Date (instead of the Holder surrendering its Notes for
      redemption). Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal
      amount of such Notes to be redeemed to the Redemption Date for such redemption.

    

    

    
      

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    (b)          The Issuer shall not redeem the Notes pursuant to Section 3.01(a) on any date if the principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded
      or cured on or prior to such date (except in the case of an acceleration resulting from a default by the Issuer in the payment of the Redemption Price with respect to the Notes to be redeemed).

     

    

    Section 3.02.       Notice of Optional Redemption; Selection of Notes. In case the Issuer
      shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to Section 3.01, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five (5) Business
      Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of redemption is to be mailed (or sent by electronic transmission), the Trustee in the name of and at the expense of the Issuer, shall mail (or
      send by electronic transmission) or cause to be mailed (or sent by electronic transmission) a notice of such redemption not fewer than fifteen (15) calendar days nor more than sixty (60) calendar days prior to the Redemption Date to each Holder of
      Notes so to be redeemed in whole or in part at its last address as the same appears on the Note Register; provided that if the Issuer makes such request of the Trustee, it shall, together with such request, also give written notice of the Redemption
      Date to the Trustee; provided further that the text of the notice shall be prepared by the Issuer. Such mailing shall be by first class mail (unless sent by electronic transmission). The notice, if mailed in the manner herein provided, shall be
      conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part
      shall not affect the validity of the proceedings for the redemption of any other Note.

     

    

    Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers, if any, of the Notes being redeemed, (iii) the Redemption
      Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes and (vi) that interest accrued and
      unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed,
      the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and
      shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof will be issued.

     

    

    Whenever any Notes are to be redeemed, the Issuer will give the Trustee written notice of the Redemption Date, together with an Officers’ Certificate as to the aggregate principal amount of Notes to
      be redeemed not fewer than forty-five (45) calendar days (or such shorter period of time as may be acceptable to the Trustee) prior to the Redemption Date.

     

    

    On or prior to the Redemption Date specified in the notice of redemption given as provided in this Section 3.02, the Issuer will deposit with the Paying Agent (or, if the Issuer or the Guarantor is
      acting as Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) an amount of monies in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at
      the appropriate Redemption Price; provided that if such payment is made on the Redemption Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date. The Issuer shall be
      entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 3.02 in excess of amounts required hereunder to pay the Redemption Price.

    

    

    
      

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    If less than all of the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Note or the Definitive Notes to be redeemed on a pro rata basis or
      such other method the Trustee deems fair and appropriate or is required by the Depositary, provided that the unredeemed portion of any Note to be redeemed in part shall remain in a denomination authorized hereunder. The Notes (or portions thereof) so
      selected for redemption shall be deemed duly selected for redemption for all purposes hereof.

     

    

    Section 3.03.       Payment of Notes Called for Redemption by the Issuer. If notice of
      redemption has been given as provided in Section 3.02, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the
      Redemption Price, and so long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then (a) such Notes will cease to be outstanding on and after the Redemption Date, (b) interest
      on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date, (c) except as provided in Section 7.05 and Section 11.02, such Notes will cease to be entitled to any benefit or security under this
      Indenture, and (d) the Holders of the Notes shall have no right in respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said
      Notes or the specified portions thereof shall be paid and redeemed by the Issuer at the Redemption Price.

     

    

    Upon presentation of any Note redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Issuer, a
      new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented.

     

    

    Section 3.04.        Sinking Fund. There shall be no sinking fund provided for the Notes.

     

    

    ARTICLE 4

    PARTICULAR COVENANTS OF THE ISSUER

     

    

    Section 4.01.       Payment of Principal, Premium and Interest. The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid when due the principal of (including the Redemption Price upon redemption pursuant to Article 3), and premium, if any, and interest on each
      of the Notes at the places, at the respective times and in the manner provided herein and in the Notes; provided that, the Issuer or Paying Agent may withhold from payments of interest and upon redemption
      pursuant to Article 3, maturity or otherwise any amounts the Issuer or Paying Agent is required to withhold by law, including amounts required to be withheld in accordance with applicable tax laws. If any withholding tax is required to be imposed on
      any payment by the Issuer to a Holder under the Notes, such tax shall reduce the amount otherwise payable to such Holder, and any amounts so withheld shall be treated as having been paid to such Holder for all purposes of this Indenture. Failure of a
      Holder or a beneficial owner of a Note to provide the Issuer or Paying Agent or Depositary with appropriate tax certificates (including on an Internal Revenue Service Form W-9 or an applicable Internal Revenue Service Form W-8) may result in amounts
      being withheld from a payment to such Holder or for the account of such a beneficial owner. Notwithstanding anything to the contrary herein, in no event shall the consent of the Holders or any beneficial owner be required for any required
      withholding.

    

    

    
      

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    Section 4.02.     Maintenance of Office or Agency. The

      Issuer will maintain an office or agency, where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or redemption and where notices and demands to or upon the Issuer and the Guarantor in respect of
      the Notes, the Guarantees and this Indenture may be served. As of the date of this Indenture, such office shall be the Corporate Trust Office and, at any other time, at such other address as the Trustee may designate from time to time by notice to
      the Issuer. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee. If at any time the Issuer shall fail to maintain any such
      required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office.

     

    

    The Issuer may also from time to time designate co-registrars and one or more offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
      time rescind such designations; provided, however that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes. The Issuer will give prompt written notice to the
      Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

     

    

    The Issuer hereby initially designates the Trustee as Paying Agent, Note Registrar and Custodian, and the Corporate Trust Office shall be considered as one such office or agency of the Issuer for
      each of the aforesaid purposes.

     

    

    So long as the Trustee is the Note Registrar, the Trustee agrees to mail (or send by electronic transmission), or cause to be mailed, the notices set forth in Section 7.10 and the third paragraph of
      Section 7.11. If co-registrars have been appointed in accordance with this Section, the Trustee shall mail such notices only to the Issuer and the Holders of Notes it can identify from its records.

     

    

    Section 4.03.      Appointments to Fill Vacancies in Trustee’s Office. The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, upon the terms and conditions and otherwise as provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee
      hereunder.

     

    

    Section 4.04.        Provisions as to Paying Agent.

     

    

    (a)         If the Issuer shall appoint a Paying Agent other than the Trustee, or if the Trustee shall appoint such a Paying Agent, the Issuer will cause such Paying Agent to execute and deliver to
      the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:

    

    

    
      

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    (1)         that it will hold all sums held by it as such agent for the payment of the principal of and premium, if any, or interest on the Notes (whether such sums have been paid
      to it by the Issuer, the Guarantor or by any other obligor on the Notes) in trust for the benefit of the Holders of the Notes;

      

    

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

     

    

    (3)         that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust.

     

    

    The Issuer shall, on or before each due date of the principal of, premium, if any, or interest on the Notes, deposit with the Paying Agent a sum (in funds which are immediately available on the due
      date for such payment) sufficient to pay such principal, premium, if any, or interest and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such action; provided

      that if such deposit is made on the due date, such deposit shall be received by the Paying Agent by 11:00 a.m. New York City time, on such date.

     

    

    (b)         If the Issuer or the Guarantor shall act as Paying Agent, it will, on or before each due date of the principal of, premium, if any, or interest on the Notes, set aside, segregate and hold
      in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal, premium, if any, and interest so becoming due and will promptly notify the Trustee of any failure to take such action and of any failure by the Issuer (or
      any other obligor under the Notes) to make any payment of the principal of, premium, if any, or interest on the Notes when the same shall become due and payable.

     

    

    (c)          Anything in this Section 4.04 to the contrary notwithstanding, the Issuer may, at any time, for the purpose of
        obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Issuer or the Guarantor or any Paying Agent hereunder as required by this Section 4.04, such
        sums to be held by the Trustee upon the trusts herein contained and upon such payment by the Issuer, the Guarantor or any Paying Agent to the Trustee, the Issuer, the Guarantor or such Paying Agent shall be released from all further liability with
        respect to such sums.

        

      

    (d)          Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this
        Section 4.04 is subject to Section 11.02 and Section 11.03.

     

      

    The Trustee shall not be responsible for the actions of any other Paying Agents (including the Issuer or Guarantor if acting as Paying Agent) and shall have no control of any funds held by such other
      Paying Agents.

     

    

    Section 4.05.      Existence. Subject to Article 10, each of the Issuer and the Guarantor will
      do or cause to be done all things necessary to preserve and keep in full force and effect its existence and rights (charter and statutory); provided that neither the Issuer nor the Guarantor shall be required to preserve any such right if the Issuer
      or the Guarantor, as applicable, shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or the Guarantor, as applicable, and that the loss thereof is not disadvantageous in any material
      respect to the Noteholders.

    

    

    
      

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    Section 4.06.       Reports. Whether or not subject to Section 13 or 15(d) of the Exchange Act
      and for so long as any Notes are outstanding, within fifteen (15) days of the date on which such filing is made with the Commission (or would have been required to have been made with the Commission), each of the Issuer and the Guarantor will furnish
      to the Trustee:

     

    

    (1)         all quarterly and annual reports that are or would be required to be filed by them with the Commission on Forms 10-Q and 10-K; and

     

    

    (2)          all current reports that are or would be required to be filed by them with the Commission on Form 8-K.

     

    

    Notwithstanding the foregoing, during any period in which the Issuer is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Issuer may satisfy its obligation to
      furnish the reports described above by furnishing reports for the Guarantor.

     

    

    Each of the Issuer and the Guarantor shall comply with the provisions of Section 314(a)(1) of the Trust Indenture Act.

     

    

    Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
      contained therein or determinable from information contained therein, including the Issuer’s or Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

     

    

    Section 4.07.       Stay, Extension and Usury Laws. The

      Issuer and the Guarantor each covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law
      which would prohibit or forgive the Issuer from paying all or any portion of the principal, premium, if any, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants
      or the performance of this Indenture, the Notes or the Guarantees endorsed on the Notes and the Issuer and the Guarantor each (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that
      it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

     

    

    Section 4.08.       Compliance Certificate. Within
      one hundred twenty (120) calendar days after the end of each fiscal year of the Issuer, the Issuer and the Guarantor shall deliver to the Trustee a certificate signed by any of the principal executive officer, principal financial officer or principal
      accounting officer of the Issuer (or its General Partner) and the Guarantor, as the case may be, stating whether or not the signer has knowledge of any Default under this Indenture that has occurred and is continuing, and, if so, specifying each
      Default under this Indenture that has occurred and is continuing and the nature and the status thereof. The certificate shall state if the determination as to whether any Default has occurred and is continuing for purposes of such certificate has
      been made with regard to any period of grace or requirement of notice under this Indenture.

    

    

    
      

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    The Issuer will deliver to the Trustee, promptly upon becoming aware of (i) any default in the performance or observance of any covenant, agreement or condition contained in this Indenture, or (ii)
      any Event of Default, an Officers’ Certificate specifying with particularity such default or Event of Default and further stating what action the Issuer has taken, is taking or proposes to take with respect thereto.

     

    

    Any notice required to be given under this Section 4.08 shall be delivered to a Responsible Officer of the Trustee at its Corporate Trust Office.

     

    

    Section 4.09.        Limitations on Incurrence of Debt.

     

    

    (a)          Limitation on Total Outstanding Debt. The Issuer will not, and will not cause or permit any of its
      Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of
      all outstanding Debt of the Issuer and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) is greater than sixty five percent (65%) of the sum of (without duplication) (i) Total Assets as of the last day of the then most
      recently ended fiscal quarter for which financial statements are available and (ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate 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) in each case, by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the
        proceeds obtained from the incurrence of such additional Debt, determined on a consolidated basis in accordance with GAAP.

     

    

    (b)          Limitation on Secured Debt. The Issuer will not, and will not cause or permit any of its Subsidiaries to, incur any Debt (including, without
      limitation, Acquired Debt) secured by any Encumbrance on any property or assets of the Issuer or any of its Subsidiaries, whether owned on the date of this Indenture or thereafter acquired, if, immediately after giving effect to the incurrence of
      such Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with GAAP) of all outstanding Debt of the Issuer and its Subsidiaries which is secured by
      any Encumbrance on any property or assets of the Issuer or any of its Subsidiaries is greater than forty percent (40%) of the sum of (without duplication) (i) Total Assets as of the last day of the then most recently ended fiscal quarter for which
      financial statements are available and (ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate 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 Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt, determined on a
      consolidated basis in accordance with GAAP.

    

    

    
      

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    (c)          Ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge. The Issuer will not, and will not cause or permit any
      of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the period consisting of 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 1.5:1.0 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and
      calculated on the assumption that (i) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Issuer or any of its Subsidiaries since the first day of such four quarter period had been incurred, and the application
      of the proceeds therefrom (including to repay or retire other Debt) had occurred, on the first day of such period, (ii) the repayment or retirement of any other Debt of the Issuer or any of its Subsidiaries since the first day of such four quarter
      period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such
      Debt during such period), and (iii) in the case of any acquisition or disposition by the Issuer or any of its Subsidiaries of any asset or group of assets, in any such case with a fair market value (determined in good faith by the Guarantor’s Board
      of Directors) in excess of $1,000,000, since the first day of such four quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition 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 pro forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the
      relevant four quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average rate which would have been in
      effect during the entire such four quarter period had been the applicable rate for the entire such period.

     

    

    (d)         Maintenance of Unencumbered Total Asset Value. The Issuer, together with its Subsidiaries, will have at all times Total Unencumbered Assets of
      not less than one hundred and fifty percent (150%) of the aggregate principal amount of all outstanding Unsecured Debt of the Issuer and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.

     

    

    Section 4.10.       Insurance. The Issuer 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.

     

    

    ARTICLE 5

    NOTEHOLDERS’ LISTS AND REPORTS BY

    THE ISSUER AND THE TRUSTEE

     

    

    Section 5.01.       Noteholders’ Lists. The Issuer
      covenants and agrees that it will furnish or cause to be furnished to the Trustee, semiannually, at least five Business Days before each January 15 and July 15 of each year beginning with January 15, 2020, and at such other times as the Trustee may
      reasonably request in writing, within thirty (30) calendar days after receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it
      hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of Notes as of a date not more than fifteen (15) calendar days (or such other date as the Trustee may reasonably request in order to so
      provide any such notices) prior to the time such information is furnished, except that no such list need be furnished by the Issuer to the Trustee so long as the Trustee is acting as the sole Note Registrar.

    

    

    
      

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    Section 5.02.        Preservation and Disclosure of Lists.

     

    

    (a)          The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders of Notes contained in the most recent list
      furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar or co-registrar in respect of the Notes, if so acting. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon
      receipt of a new list so furnished.

     

    

    (b)          The rights of Noteholders to communicate with other Holders of Notes with respect to their rights under this Indenture or under the Notes, and the corresponding rights and duties of the
      Trustee, shall be as provided by the Trust Indenture Act.

     

    

    (c)          Every Noteholder agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of
      information as to names and addresses of Holders of Notes made pursuant to the Trust Indenture Act.

     

      

    Section 5.03.        Reports by Trustee.

     

    

    (a)          On or before May 15th of each year beginning with May 15, 2020, the Trustee shall transmit to Holders of Notes such reports dated as of May 15th of the year in which such reports are
      made concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. In the event that no events have occurred under the applicable sections
      of the Trust Indenture Act, the Trustee shall be under no duty or obligation to provide such reports.

     

    

    (b)          A copy of such report shall, at the time of such transmission to Holders of Notes, be filed by the Trustee with each stock exchange and automated quotation system, if any, upon which the
      Notes are listed, with the Issuer, and with the Commission. The Issuer will promptly notify the Trustee in writing if the Notes are listed on any stock exchange or automated quotation system or delisted therefrom.

     

    

    ARTICLE 6

    REMEDIES OF THE TRUSTEE AND NOTEHOLDERS

    ON AN EVENT OF DEFAULT

     

    

    Section 6.01.       Events of Default. In case one
      or more of the following (each an “Event of Default”) (whatever the reason for such Event of Default and whether 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) shall have occurred and be continuing:

     

    

    (a)          default for thirty (30) days in the payment of any installment of interest under the Notes; or

    

    

    
      

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    (b)          default in the payment of the principal amount or Redemption Price due with respect to the Notes, when the same becomes due and payable; or

     

    

    (c)          the Issuer or the Guarantor fails to comply with any of its other agreements contained in the Notes or this Indenture upon receipt by the Issuer or the Guarantor of notice of such
      default by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes then outstanding and the Issuer or the Guarantor fails to cure (or obtain a waiver of) such default within sixty (60) days after receiving such
      notice; or

     

    

    (d)          failure to pay any recourse indebtedness for monies borrowed or guaranteed by the Issuer or the Guarantor in an outstanding principal amount in excess of $50,000,000 at final maturity or
      upon acceleration after the expiration of any applicable grace period, which indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within thirty (30) days after written notice to the Issuer from the
      Trustee (or to the Issuer and the Trustee from Holders of at least 25% in principal amount of the outstanding Notes); or

     

    

    (e)          the Issuer, the Guarantor or any Significant Subsidiary pursuant to or under or within meaning of any Bankruptcy Law:

     

    

    (i)          commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Issuer, the Guarantor or a Significant Subsidiary or
      its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantor or a
      Significant Subsidiary; or

     

    

    (ii)          consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the
      Issuer, the Guarantor or a Significant Subsidiary; or

     

    

    (iii)         consents to the appointment of a custodian of it or for all or substantially all of its property; or

     

    

    (iv)         makes a general assignment for the benefit of creditors; or

     

    

    (f)           an involuntary case or other proceeding shall be commenced against the Issuer, the Guarantor or any of the Issuer’s Significant Subsidiaries seeking liquidation, reorganization or other
      relief with respect to the Issuer, the Guarantor or a Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or
      other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantor or a Significant Subsidiary, and such involuntary case or other proceeding shall remain undismissed
      and unstayed for a period of sixty (60) calendar days; or

     

    

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

     

    

    
      

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    (i)          is for relief against the Issuer, the Guarantor or any of the Issuer’s Significant Subsidiaries in an involuntary case or proceeding; or

     

    

    (ii)         appoints a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the
      property of the Issuer, the Guarantor or a Significant Subsidiary; or

     

    

    (iii)         orders the liquidation of the Issuer, the Guarantor or a Significant Subsidiary; and, in each case in this clause (g), the order or decree remains unstayed and in
      effect for sixty (60) calendar days;

     

    

    then, and in each and every such case (other than an Event of Default specified in Section 6.01(e), 6.01(f) and 6.01(g) with respect to the Issuer or the Guarantor), unless the principal of all of the Notes shall have
      already become due and payable, either the Trustee or the Holders of at least twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding, by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by
      Noteholders), may declare the principal amount of and premium, if any, and interest accrued and unpaid on all the Notes to be immediately due and payable, and upon any such declaration the same shall be immediately due and payable.

     

    

    If an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) occurs with respect to the Issuer or the Guarantor, the principal amount of and premium, if any, and interest accrued and
      unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action.

     

    

    If, at any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the
      monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the Notes then outstanding, by written notice to the Issuer
      and to the Trustee, may waive all defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.07, if: (a) all Events of Default, other than the nonpayment of the principal amount and
      any accrued and unpaid interest that have become due solely because of such acceleration, have been cured or waived and (b) the Issuer or the Guarantor has deposited with the Trustee all required payments of the principal of and interest on the Notes
      and paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances pursuant to Section 7.06. No such rescission and annulment shall extend to or shall affect any subsequent Default or Event of
      Default, or shall impair any right consequent thereon. The Issuer shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 4.08.

     

    

    In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such waiver or rescission and annulment or
      for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Issuer, the Guarantor, the Holders of Notes, and the Trustee shall be restored respectively to their several positions and rights hereunder,
      and all rights, remedies and powers of the Issuer, the Guarantor, the Holders of Notes, and the Trustee shall continue as though no such proceeding had been taken.

    

    

    
      

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    Section 6.02.       Payments of Notes on Default; Suit Therefor. The Issuer covenants that in the case of an Event of Default pursuant to Section 6.01(a) or 6.01(b), upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, (i) the whole
      amount that then shall be due and payable on all such Notes for principal and premium, if any, or interest, as the case may be, with interest upon the overdue principal and premium, if any, and (to the extent that payment of such interest is
      enforceable under applicable law) upon the overdue installments of accrued and unpaid interest at the rate borne by the Notes from the required payment date and, (ii) in addition thereto, any amounts due the Trustee under Section 7.06. Until such
      demand by the Trustee, the Issuer may pay the principal of and premium, if any, and interest on the Notes to the registered Holders, whether or not the Notes are overdue.

     

    

    In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions
      or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Issuer, the Guarantor or
      any other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer or any other obligor on the Notes wherever situated the monies adjudged or decreed to be payable.

     

    

    In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Issuer, Guarantor or any other obligor on the Notes under any Bankruptcy Law, or any other applicable
      law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer, Guarantor or such other obligor, the property of the
      Issuer, Guarantor or such other obligor, or in the case of any other judicial proceedings relative to the Issuer, Guarantor or such other obligor upon the Notes, or to the creditors or property of the Issuer, Guarantor or such other obligor, the
      Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this
      Section 6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal, premium, if any, accrued and unpaid interest in respect of the Notes, and, in case
      of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and of the Noteholders allowed in such judicial proceedings relative to the Issuer,
      Guarantor or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the
        same after the deduction of any amounts due the Trustee under Section 7.06, and to take any other action with respect to such claims, including participating as a member of any official committee of creditors, as it reasonably deems necessary or
        advisable, unless prohibited by law or applicable regulations, and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Noteholders to make such payments to
        the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to the Noteholders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including counsel
        fees and expenses incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment
        of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property which the Holders of the Notes may be entitled to receive in such proceedings, whether in liquidation
        or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of reorganization,
        arrangement, adjustment or composition affecting the Notes or the Guarantees or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of Notes in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders of Notes, vote for the election of a trustee in bankruptcy or similar official and may be a member of
        the creditors’ committee.

    

    

    
      

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    All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at
      any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the
      reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes.

     

    

    In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to
      represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings.

     

    

    Section 6.03.       Application of Monies Collected by Trustee. Any monies or property collected by the Trustee pursuant to this Article 6, shall be applied, in the following order, at the date or dates fixed by the Trustee for the distribution of such monies or property, upon presentation of
      the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

     

    

    FIRST: To the payment of all amounts due the Trustee under Section 7.06;

     

    

    SECOND: In case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of accrued and unpaid interest, if any, on the Notes in default in the order of the
      maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) as provided in Section 6.02 upon the overdue installments of interest, such payments to be made ratably to the Persons
      entitled thereto;

     

    

    THIRD: In case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount then owing and unpaid upon the Notes for
      principal and premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of accrued and unpaid interest, as provided in
      Section 6.02, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal and premium, if any, and interest without preference or priority of principal and
      premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal and premium,
      if any, and accrued and unpaid interest; and

    

    

    
      

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    FOURTH: To the payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto.

     

      

    Section 6.04.      Proceedings by Noteholders. No
      Holder of any Note shall have any right by virtue of or by reference to any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a
      receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, except in the case of a default in the payment of principal, premium, if any, or interest on the Notes, unless (a) such Holder previously shall
      have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, (b) the Holders of at least twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding shall have
      made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable security or indemnity as it may require against the costs, liabilities or
      expenses to be incurred therein or thereby, (c) the Trustee for sixty (60) calendar days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding and (d) no
      direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.07; it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder
      and the Trustee, that no one or more Holders of Notes shall have any right in any manner whatever by virtue of or by reference to any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of Notes, or to obtain or
      seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes (except as otherwise
      provided herein). For the protection and enforcement of this Section 6.04, each and every Noteholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

     

    

    Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder of any Note to receive payment of the principal of (including the Redemption Price upon
      redemption pursuant to Article 3) and premium, if any, and accrued interest on such Note, on or after the respective due dates expressed in such Note or in the event of redemption, or to institute suit for the enforcement of any such payment on or
      after such respective dates against the Issuer or the Guarantor shall not be impaired or affected without the consent of such Holder.

     

    

    Section 6.05.      Proceedings by Trustee. In case
      of an Event of Default, the Trustee may, in its discretion, proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit
      in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce
      any other legal or equitable right vested in the Trustee by this Indenture or by law.

    

    

    
      

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    Section 6.06.      Remedies Cumulative and Continuing. All

      powers and remedies given by this Article 6 to the Trustee or to the Noteholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders
      of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any
      right or power accruing upon any Default or Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such Default or any acquiescence therein, and, subject to the
      provisions of Section 6.04, every power and remedy given by this Article 6 or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders.

     

    

    Section 6.07.      Direction of Proceedings and Waiver of Defaults by Majority of Noteholders. The Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy
      available to the Trustee or exercising any trust or power conferred on the Trustee; provided that (a) such direction shall not be in conflict with any rule of law or with this Indenture, (b) the Trustee may
      take any other action which is not inconsistent with such direction, (c) the Trustee may decline to take any action that would benefit some Noteholders to the detriment of other Noteholders or otherwise be unduly prejudicial to the Noteholders not
      joining therein and (d) the Trustee may decline to take any action that would involve the Trustee in personal liability. Prior to taking any such action hereunder, the Trustee shall be entitled to indemnification reasonably satisfactory to it in its
      sole discretion against all losses and expenses caused by taking or not taking such action.

     

    

    The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past Default or Event of Default hereunder
      and its consequences except (i) a default in the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3), premium, if any, or interest on the Notes or (ii) a
      default in respect of a covenant or provisions hereof which under Article 9 cannot be modified or amended without the consent of the Holders of all Notes then outstanding or each Note affected thereby.

     

    

    Upon any such waiver, the Issuer, the Guarantor, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any
      subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.07, said Default or Event of Default shall for all
      purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

     

    

    Section 6.08.       Notice of Defaults. The Trustee
      shall, within ninety (90) calendar days after a Responsible Officer of the Trustee has knowledge of the occurrence of a Default, mail (or send by electronic transmission) to all Noteholders, as the names and addresses of such Holders appear upon the
      Note Register, notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that except in the case of default in the
      payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3), or interest on any of the Notes, the Trustee shall be protected in withholding such notice if and so long as a trust committee of directors and/or
      Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Noteholders.

    

    

    
      

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    Section 6.09.       Undertaking to Pay Costs. All
      parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in
      any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including
      reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the
      provisions of this Section 6.09 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than ten percent in principal
      amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of (including the Redemption Price upon redemption pursuant to
      Article 3), or interest on any Note on or after the due date expressed in such Note.

     

    

    ARTICLE 7

    THE TRUSTEE

     

    

    Section 7.01.       Duties and Responsibilities of Trustee.
      The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this
      Indenture. In case an Event of Default has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
      prudent person would exercise or use under the circumstances in the conduct of its own affairs.

     

    

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

     

    

    (a)           prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default which may have occurred:

     

    

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

    

    

    
      

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

     

    

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

     

    

    (c)         the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the written direction of the Holders of not less than a
      majority in principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
      conferred upon the Trustee, under this Indenture;

     

    

    (d)          whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the
      provisions of this Section;

     

    

    (e)          except for (i) a default under Sections 6.01(a) or 6.01(b) hereof, which occurs while the Trustee is acting as Paying Agent, or (ii) any other event of which a Responsible Officer of the
      Trustee has “actual knowledge” and which event constitutes or, with the giving of notice or the passage of time or both, would constitute an Event of Default under this Indenture, the Trustee shall not be deemed to have notice of any Default or Event
      of Default unless specifically notified in writing of such event by the Issuer or a Holder; as used herein, the term “actual knowledge” means the actual fact or statement of knowing, without any duty to make any investigation with regard thereto.

     

    

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

     

    

    Except as explicitly specified otherwise herein, the Issuer will be responsible for making all calculations required under this Indenture and the Notes. The Issuer will make such calculations in good
      faith and, absent manifest error, the Issuer’s calculations will be final and binding on Holders of the Notes. The Issuer will provide a schedule of its calculations to the Trustee, and the Trustee is entitled to rely upon the accuracy of the
      Issuer’s calculations without independent verification. The Trustee will forward the Issuer’s calculations to any Holder of the Notes upon request.

    

    

    
      

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    Section 7.02.        Reliance on Documents, Opinions, etc. Except

      as otherwise provided in Section 7.01:

     

    

    (a)           the Trustee may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond,
      debenture, Note, coupon or other paper or document (whether in its original or facsimile form) believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

     

    

    (b)         any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein
      specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Issuer or the General Partner;

     

    

    (c)           the Trustee may consult with counsel of its own selection and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or
      omitted by it hereunder in good faith and in reliance on and in accordance with such advice or Opinion of Counsel;

     

    

    (d)          the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Noteholders pursuant to
      the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby;

     

    

    (e)          the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture or other paper or document, unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the outstanding Notes; provided that, if the payment within a
      reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms
      of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall be
      repaid by the Holders upon demand. The Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to
      examine the books, records and premises of the Issuer and the Guarantor, personally or by agent or attorney;

     

    

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

    

    

    
      

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

     

    

    (h)          the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable
      by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder;

     

    

    (i)           the Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified
      actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded;
      and

     

    

    (j)           any permissive right or authority granted to the Trustee shall not be construed as a mandatory duty.

     

    

    Section 7.03.     No Responsibility for Recitals, etc. The

      recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
      representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Issuer of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in
      conformity with the provisions of this Indenture.

     

      

    Section 7.04.       Trustee, Paying Agents or Registrar May Own Notes. The Trustee, any Paying Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the
      Issuer and the Guarantor with the same rights it would have if it were not Trustee, Paying Agent or Note Registrar.

     

    

    Section 7.05.       Monies to Be Held in Trust. Subject

      to the provisions of Section 11.02, all monies received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Monies held by the Trustee in trust hereunder need not be
      segregated from other funds except to the extent required by law. Except as otherwise provided herein, the Trustee shall be under no liability for interest on any monies received by it hereunder except as may be agreed in writing from time to time by
      the Issuer and the Trustee.

     

    

    Section 7.06.      Compensation and Expenses of Trustee. The

      Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to
      the compensation of a trustee of an express trust) as mutually agreed to from time to time in writing between the Issuer and the Trustee, and the Issuer will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and
      advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its counsel and of all Persons not regularly in its
      employ) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct, recklessness or bad faith. The Issuer also covenants to indemnify the Trustee and any predecessor Trustee (or any officer, director or
      employee of the Trustee), in any capacity under this Indenture and any authenticating agent for, and to hold them harmless against, any and all loss, liability, damage, claim or reasonable expense including taxes (other than taxes based on the income
      of the Trustee) incurred without negligence, willful misconduct, recklessness or bad faith on the part of the Trustee or such officers, directors, employees or authenticating agent, as the case may be, and arising out of or in connection with the
      acceptance or administration of this trust or in any other capacity hereunder, including the reasonable costs and expenses of defending themselves against any claim (whether asserted by the Issuer, any Holder or any other Person) of liability in the
      premises. The obligations of the Issuer under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall be secured by a lien prior to that of the Notes upon
      all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Notes. The obligation of the Issuer under this Section shall survive the satisfaction and discharge of this
      Indenture and any resignation or removal of the Trustee.

    

    

    
      

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    When the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) with respect to the Issuer,
      the expenses and the compensation for the services are intended to constitute reasonable expenses of administration under any bankruptcy, insolvency or similar laws.

     

    

    Section 7.07.       Officers’ Certificate as Evidence. Except

      as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such
      matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence, bad faith, recklessness or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established
      by an Officers’ Certificate delivered to the Trustee.

     

    

    Section 7.08.      Conflicting Interests of Trustee. If

      the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the
      Trust Indenture Act and this Indenture.

     

    

    Section 7.09.       Eligibility of Trustee. There
      shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000 (or if such Person is a member of a bank holding
      company system, its bank holding company shall have a combined capital and surplus of at least $50,000,000). If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining
      authority, then for the purposes of this Section the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall
      cease to be eligible in accordance with the provisions of this Section 7.09, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

    

    

    
      

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    Section 7.10.        Resignation or Removal of Trustee.

     

    

    (a)          The Trustee may at any time resign by giving written notice of such resignation to the Issuer and to the Holders of Notes. Upon receiving such notice of resignation, the Issuer shall
      promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor
      trustee shall have been so appointed and have accepted appointment thirty (30) calendar days after the mailing of such notice of resignation to the Noteholders, the resigning Trustee may, upon ten (10) Business Days’ notice to the Issuer and the
      Noteholders, appoint a successor identified in such notice or may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor trustee or any Noteholder who has been a bona fide holder of a Note or
      Notes for at least six months may, subject to the provisions of Section 6.09, on behalf of itself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if
      any, as it may deem proper and prescribe, appoint a successor trustee.

     

    

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

     

    

    (i)           the Trustee shall fail to comply with Section 7.08 after written request therefor by the Issuer or by any Noteholder who has been a bona fide holder of a Note or
      Notes for at least six months; or

     

    

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

     

    

    (iii)        the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any
      public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

     

    

    then, in any such case, the Issuer may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be
      delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.09, any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, on behalf of itself and all
      others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been
      appointed and have accepted appointment thirty (30) calendar days after the Issuer has removed the Trustee, the Trustee so removed may petition, at the expense of the Issuer, any court of competent jurisdiction for an appointment of a successor
      trustee and such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

    

    

    
      

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    (c)          The Trustee may be removed at any time by the Holders of a majority in principal amount of the outstanding Notes provided that such Holders have
      prior to such removal provided (i) to the Trustee an undertaking satisfactory to the Trustee to reimburse the Trustee for and hold the Trustee harmless from the costs of any proceedings arising from any petition by the Trustee pursuant to the
      penultimate sentence of this Section 7.10(c) and (ii) to the Issuer an undertaking satisfactory to the Issuer to reimburse the Issuer for and hold the Issuer harmless from any amount payable by the Issuer under Section 7.06 hereof in connection with
      such removal or proceedings to replace the Trustee following such removal. Upon such removal, the Issuer shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
      instrument shall be delivered to the removed Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment thirty (30) calendar days after the removal of the Trustee by the Holders
      as provided in this Section 7.10(c), any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, subject to the provisions of Section 6.09, on behalf of itself and all others similarly situated, petition any court
      of competent jurisdiction for the appointment of a successor trustee. If no successor Trustee shall have been appointed and have accepted appointment thirty (30) calendar days after the removal of the Trustee by the Holders as provided in this
      Section 7.10(c), the Trustee so removed may petition, at the expense of the Holders providing the undertaking to the Trustee referred to above in this Section 7.10(c), any court of competent jurisdiction for the
        appointment of a successor trustee. Such court may upon any such above-referenced petition, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

     

      

    (d)          Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 7.10 shall not become effective until acceptance of
      appointment by the successor trustee as provided in Section 7.11.

     

    

    (e)          Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee.

     

    

    Section 7.11.       Acceptance by Successor Trustee. Any

      successor trustee appointed as provided in Section 7.10 shall execute, acknowledge and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
      predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if
      originally named as trustee herein; but, nevertheless, on the written request of the Issuer or of the successor trustee, the trustee ceasing to act shall, upon payment of any amount then due it pursuant to the provisions of Section 7.06, execute and
      deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and
      certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property and funds held or collected by such trustee as such, except for funds held in
      trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06.

    

    

    
      

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    No successor trustee shall accept appointment as provided in this Section 7.11 unless, at the time of such acceptance, such successor trustee shall be qualified under the provisions of Section 7.08
      and be eligible under the provisions of Section 7.09.

     

    

    Upon acceptance of appointment by a successor trustee as provided in this Section 7.11, the Issuer (or the former trustee, at the written direction of the Issuer) shall mail (or send by electronic
      transmission) or cause to be mailed (or sent by electronic transmission) notice of the succession of such trustee hereunder to the Holders of Notes at their addresses as they shall appear on the Note Register. If the Issuer fails to mail such notice
      within ten (10) calendar days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Issuer.

     

    

    Section 7.12.       Succession by Merger. Any
      corporation into which the Trustee may be merged or exchanged or with which it may be consolidated, or any corporation resulting from any merger, exchange or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or
      substantially all of the corporate trust business of the Trustee (including any trust created by this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of
      the parties hereto, provided that in the case of any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, such corporation shall be qualified under the
      provisions of Section 7.08 and eligible under the provisions of Section 7.09.

     

    

    In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the
      Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been
      authenticated, any successor to the Trustee or any authenticating agent appointed by such successor trustee may authenticate such Notes in the name of the successor trustee; and in all such cases such certificates shall have the full force that is
      provided in the Notes or in this Indenture; provided that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall
      apply only to its successor or successors by merger, exchange or consolidation.

     

      

    Section 7.13.       Preferential Collection of Claims. If

      and when the Trustee shall be or become a creditor, directly or indirectly, secured or unsecured, of the Issuer, Guarantor (or any other obligor upon the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the
      collection of the claims against the Issuer, Guarantor (or any such other obligor).

     

    

    ARTICLE 8

    THE NOTEHOLDERS

     

    

    Section 8.01.      Action by Noteholders. Whenever
      in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of
      any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Noteholders in
      person or by agent or proxy appointed in writing, or (b) by the record of the Holders of Notes voting in favor thereof at any meeting of Noteholders, or (c) by a combination of such instrument or instruments and any such record of such a meeting of
      Noteholders. Whenever the Issuer or the Trustee solicits the taking of any action by the Holders of the Notes, the Issuer or the Trustee may fix in advance of such solicitation a date as the record date for determining Holders entitled to take such
      action. Such record date, if any, shall be not more than fifteen (15) calendar days prior to the date of commencement of solicitation of such action.

    

    

    
      

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    Section 8.02.       Proof of Execution by Noteholders. Subject

      to the provisions of Sections 7.01 and 7.02, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in
      such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the registry of such Notes or by a certificate of the Note Registrar.

     

    

    Section 8.03.      Absolute Owners. The Issuer, the
      Guarantor, the Trustee, any Paying Agent and any Note Registrar may deem the Person in whose name such Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be
      overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Issuer or any Note Registrar) for the purpose of receiving payment of or on account of the principal of (including the Redemption Price
      upon redemption pursuant to Article 3), premium, if any, and interest on such Note and for all other purposes; and neither the Issuer nor the Trustee nor any Paying Agent nor any Note Registrar shall be affected by any notice to the contrary. All
      such payments so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note.

     

    

    Section 8.04.       Issuer-owned Notes Disregarded. In

      determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture or whether a quorum is present at a meeting of the Holders of the Notes, Notes
      which are owned by the Issuer or any other obligor on the Notes or any Affiliate of the Issuer or any other obligor on the Notes shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action, only Notes which a Responsible Officer knows are so owned
      shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such
      Notes and that the pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of the Issuer or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be
      full protection to the Trustee. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Issuer to be owned or held by or for the account of any of
      the above described Persons, and, subject to Section 7.01, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for
      the purpose of any such determination.

    

    

    
      

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    Section 8.05.       Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Notes specified in this Indenture
      in connection with such action, any Holder of a Note which is shown by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon
      proof of holding as provided in Section 8.02, revoke such action so far as it concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and
      owners of such Note and of any Notes issued in exchange or substitution therefor, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor.

     

    

    ARTICLE 9

    SUPPLEMENTAL INDENTURES

     

    

    Section 9.01.     Supplemental Indentures Without Consent of Noteholders. The Issuer, when authorized by the resolutions of the Board of Directors, the Guarantor and the Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental without the
      consent of the Holders of the Notes hereto for one or more of the following purposes:

     

    

    (a)          to evidence a successor to the Issuer as obligor or to the Guarantor as guarantor under this Indenture;

     

    

    (b)          to add to the covenants of the Issuer or the Guarantor for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Issuer or the Guarantor in this
      Indenture or in the Notes;

     

    

    (c)          to add Events of Default for the benefit of the Holders of the Notes;

     

    

    (d)          to amend or supplement any provisions of this Indenture; provided that no amendment or supplement shall adversely affect the interests of the
      Holders of any Notes then outstanding in any material respect;

     

    

    (e)          to secure the Notes;

     

    

    (f)           to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under this Indenture by more than one Trustee;

     

    

    (g)          to comply with the Trust Indenture Act or the rules and regulations thereunder;

     

    

    (h)          to provide for rights of Holders of Notes if any consolidation, merger or sale of all or substantially all of property or assets of the Issuer and the Guarantor occurs;

     

    

    (i)           to cure any ambiguity, defect or inconsistency in this Indenture; provided that this action shall not adversely affect the interests of the
      Holders of the Notes in any material respect;

    

    

    
      

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    (j)           to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture;

     

    

    (k)          to supplement any of the provisions of this Indenture to the extent necessary to permit or facilitate defeasance and discharge of any of the Notes; provided

      that the action shall not adversely affect the interests of the Holders of the Notes in any material respect; or

     

    

    (l)           to conform the text of this Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in the Prospectus.

     

    

    Upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by the Issuer’s or the General Partner’s Secretary or Assistant Secretary
      authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Issuer and the Guarantor in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that
      may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own
      rights, duties or immunities under this Indenture or otherwise.

     

    

    Any supplemental indenture authorized by the provisions of this Section 9.01 may be executed by the Issuer, the Guarantor and the Trustee without the consent of the Holders of any of the Notes at the
      time outstanding, notwithstanding any of the provisions of Section 9.02.

     

    

    Section 9.02.       Supplemental Indenture With Consent of Noteholders. With the consent (evidenced as provided in Article 8) of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Issuer, when authorized by the resolutions of the Board of
      Directors, the Guarantor and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
      this Indenture or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided that no such supplemental indenture shall, without the consent of the Holder of each
      Note so affected:

     

    

    (a)          change the Stated Maturity of the principal of or any installment of interest on the Notes, reduce the principal amount of, or the rate or amount of interest on, or any premium payable
      on redemption of, the Notes, or adversely affect any right of repayment of the Holders of the Notes, change the place of payment, or the coin or currency, for payment of principal of or interest on any Note or impair the right to institute suit for
      the enforcement of any payment on or with respect to the Notes;

     

    

    (b)         reduce the percentage in principal amount of the outstanding Notes necessary to modify or amend this Indenture, to waive compliance with certain provisions of this Indenture or certain
      defaults and their consequences provided in this Indenture, or to reduce the requirements of quorum or change voting requirements set forth in this Indenture;

     

    

    (c)          modify or affect in any manner adverse to the Holders the terms and conditions of the obligations of the Issuer or the Guarantor in respect of the due and punctual payments of principal
      and interest; or

    

    

    
      

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    (d)         modify any of this Section 9.02 or Section 6.07 or any of the requirements thereof for waiver of certain past Defaults or certain covenants, except to increase the required percentage to
      effect the action or to provide that certain other provisions may not be modified or waived without the consent of the Holders of the Notes.

     

    

    Upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by the Issuer’s or the General Partner’s Secretary or Assistant Secretary
      authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Noteholders as aforesaid, the Trustee shall join with the Issuer and the Guarantor in the execution of such supplemental
      indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental
      indenture.

     

    

    It shall not be necessary for the consent of the Noteholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent
      shall approve the substance thereof.

     

    

    Section 9.03.       Effect of Supplemental Indenture. Any

      supplemental indenture executed pursuant to the provisions of this Article 9 shall comply with the Trust Indenture Act, as then in effect. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 9, this Indenture
      shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer, the Guarantor and the Holders of Notes
      shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
      conditions of this Indenture for any and all purposes.

     

    

    Section 9.04.       Notation on Notes. Notes
      authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 9 may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer
      or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any modification of this Indenture contained in any such supplemental indenture may, at the Issuer’s expense, be prepared and
      executed by the Issuer, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 16.12) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.

     

    

    Section 9.05.     Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee. Prior to entering into any supplemental indenture pursuant to this Article 9, the Trustee shall be provided with an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental
      indenture executed pursuant hereto complies with the requirements of this Article 9 and is otherwise authorized or permitted by this Indenture.

    

    

    
      

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    ARTICLE 10

    CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

     

    

    Section 10.01.     Issuer May Consolidate on Certain Terms.
      Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Issuer with or into any other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers in which
      either the Issuer will be the continuing entity or the Issuer or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Issuer, to any other
      Person (whether or not affiliated with the Issuer); provided, however, that the following conditions are met:

     

    

    (a)          the Issuer shall be the continuing entity, or the successor entity (if other than the Issuer) formed by or resulting from any consolidation or merger or which shall have received the
      transfer of assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume payment of the principal of and interest on all of the Notes and the
      due and punctual performance and observance of all of the covenants and conditions in this Indenture;

     

    

    (b)          immediately after giving effect to such transaction, no Default and no Event of Default shall have occurred and be continuing; and

     

    

    (c)         either the Issuer or the successor Person, in either case, shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
      merger, sale, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article 10 and that all conditions precedent herein provided for relating to
      such transaction have been complied with.

     

    

    No such consolidation, merger, sale, conveyance, transfer or lease shall be permitted by this Section 10.01 unless prior thereto the Issuer shall have delivered to the Trustee an Issuer’s Officers’
      Certificate and an Opinion of Counsel, each stating that the Issuer’s obligations hereunder shall remain in full force and effect thereafter.

     

    

    Section 10.02.     Issuer Successor to Be Substituted. Upon

      any consolidation by the Issuer with or merger of the Issuer into any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Issuer to any Person in accordance with Section 10.01, the
      successor Person formed by such consolidation or into which the Issuer is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this
      Indenture with the same effect as if such successor Person had been named as the Issuer herein, and thereafter, the predecessor Person shall be released and discharged from all obligations and covenants under this Indenture and the Notes.

    

    

    
      

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

     

    

    Section 10.03.   Guarantor May Consolidate on Certain Terms.
      Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Guarantor with or into any other Person or Persons (whether or not affiliated with the Guarantor), or successive consolidations or mergers in
      which either the Guarantor will be the continuing entity or the Guarantor or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the
      Guarantor, to any other Person (whether or not affiliated with the Guarantor); provided, however, that the following conditions are met:

     

    

    (a)          the Guarantor shall be the continuing entity, or the successor entity (if other than the Guarantor) formed by or resulting from any consolidation or merger or which shall have received
      the transfer of assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume the obligations of the Guarantor under the Guarantee and the due
      and punctual performance and observance of all of the covenants and conditions in this Indenture;

     

    

    (b)          immediately after giving effect to such transaction, no Default and no Event of Default shall have occurred and be continuing; and

     

    

    (c)        either the Guarantor or the successor Person, in either case, shall have delivered to the Trustee an Officers’ Certificate of the Guarantor and an Opinion of Counsel, each stating that
      such consolidation, sale, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article 10 and that all conditions precedent herein provided for relating to such transaction have been complied with.

     

    

    No such consolidation, merger, sale, conveyance, transfer or lease shall be permitted by this Section 10.03 unless prior thereto the Guarantor shall have delivered to the Trustee a Guarantor’s
      Officers’ Certificate and an Opinion of Counsel, each stating that the Guarantor’s obligations hereunder shall remain in full force and effect thereafter.

     

      

    Section 10.04.     Guarantor Successor to Be Substituted. Upon

      any consolidation or merger with or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Guarantor to any Person in accordance with Section 10.03, the successor Person formed by such consolidation or
      into which the Guarantor is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Indenture with the same effect as if such
      successor Person had been named as the Guarantor herein, and thereafter, except in the case of a lease, the predecessor Person shall be released and discharged from all obligations and covenants under this Indenture and the Guarantee.

    

    

    
      

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

     

    

    ARTICLE 11

    SATISFACTION AND DISCHARGE OF INDENTURE

     

    

    Section 11.01.    Discharge of Indenture. This
      Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for and except as further provided below), and the Trustee, on demand of and at the expense of
      the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) either: (1) all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which
      have been replaced or paid as provided in Section 2.07 and (ii) Notes for whose payment monies have theretofore been deposited in trust and thereafter repaid to the Issuer as provided in Section 11.04) have been delivered to the Trustee for
      cancellation; or (2) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable, whether at the Maturity Date, or otherwise, (ii) will become due and payable at their Stated Maturity within one year or
      (iii) are to be called for redemption on a Redemption Date within one year under irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the
      Issuer, in the case of clause (2) above, has irrevocably deposited or caused to be irrevocably deposited with the Trustee or a Paying Agent (other than the Issuer or any of its Affiliates), as applicable, as trust funds in trust cash in an amount
      sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable) or to the
      Maturity Date or Redemption Date, as the case may be; (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and (c) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
      each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

     

    

    Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer to the Trustee under Section 7.06 shall survive and, if monies shall have been deposited with the
      Trustee pursuant to sub clause (2) of clause (a) of this Section, the provisions of Sections 2.06, 2.07, 2.08, 2.09, 4.02, 4.03, 4.04, 4.07, 5.01, 5.03, 7.05, this Article 11, and, if the Notes will be paid on a Redemption Date, Article 3, shall
      survive and remain in full force and effect.

     

    

    Section 11.02.     Deposited Monies to Be Held in Trust by Trustee. Subject to Section 11.04, all monies deposited with the Trustee pursuant to Section 4.04, Section 11.01 and in accordance with Section 7.05 shall be held in trust for the sole benefit of the Noteholders, and such monies shall be
      applied by the Trustee to the payment, either directly or through any Paying Agent (including the Issuer if acting as its own Paying Agent), to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited
      with the Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest. The Trustee is not responsible to anyone for interest on any deposited funds except as agreed in writing.

    

    

    
      

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    Section 11.03.     Paying Agent Application of Monies Held.
      Subject to the provisions of Section 11.04, a Paying Agent shall hold in trust, for the benefit of the Noteholders, all monies deposited with it pursuant to Section 4.04 or Section 11.01 and shall apply the deposited monies in accordance with
      this Indenture and the Notes to the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) and interest on the Notes.

     

    

    Section 11.04.     Return of Unclaimed Monies. The
      Trustee and each Paying Agent shall pay to the Issuer upon request any monies held by them for the payment of principal, premium or interest that remains unclaimed for two years after a right to such monies have matured; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may, at the expense of the Issuer, either publish in a newspaper of general
      circulation in The City of New York, or cause to be mailed (or sent by electronic transmission) to each Holder entitled to such monies, notice that such monies remain unclaimed and that after a date specified therein, which shall be at least thirty
      (30) calendar days from the date of such mailing or publication, any unclaimed balance of such monies then remaining will be repaid to the Issuer. After payment to the Issuer, Holders entitled to monies must look to the Issuer for payment as general
      creditors unless an applicable abandoned property law designates another person, and the Trustee and each Paying Agent shall be relieved of all liability with respect to such monies.

     

    

    Section 11.05.     Reinstatement. If the Trustee or
      a Paying Agent is unable to apply any monies in accordance with Section 11.02 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under
      this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 until such time as the Trustee or the Paying Agent is permitted to apply all such monies in accordance with Section 11.02; provided that if the Issuer makes any payment of principal of or interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to
      receive such payment from the monies held by the Trustee or Paying Agent.

     

    

    ARTICLE 12

    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

     

    

    Section 12.01.     Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may at any time, at the option of the Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 12.02 or 12.03 hereof be applied to all
      outstanding Notes upon compliance with the conditions set forth below in this Article 12.

     

    

    Section 12.02.     Legal Defeasance and Discharge. Upon

      the Issuer’s exercise under Section 12.01 hereof of the option applicable to this Section 12.02, the Issuer and the Guarantor will, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, be deemed to have been discharged
      from their obligations with respect to all outstanding Notes and Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantor will be
      deemed to have paid and discharged the entire Debt represented by the outstanding Notes and Guarantees, which will thereafter be deemed to be “outstanding” only for the purposes of Section 12.05 hereof and the other Sections of this Indenture
      referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
      acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

    

    

    
      

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    (a)          the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on, such Notes when such payments are due from the trust
      referred to in Section 12.04 hereof;

     

    

    (b)          the Issuer’s obligations with respect to such Notes under Sections 2.06, 2.07, 2.08, 2.09, 4.02, 4.03, 4.04, 4.07, 5.01, 5.03, 7.06 and, if the Notes will be paid on a Redemption Date,
      Article 3;

     

    

    (c)          the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantor’s obligations in connection therewith; and

     

    

    (d)          this Article 12.

     

    

    Subject to compliance with this Article 12, the Issuer may exercise its option under this Section 12.02 notwithstanding the prior exercise of its option under Section 12.03 hereof.

     

    

    Section 12.03.     Covenant Defeasance. Upon the
      Issuer’s exercise under Section 12.01 hereof of the option applicable to this Section 12.03, the Issuer and the Guarantor will, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, be released from each of their
      obligations under the covenants contained in Section 4.05 to keep in full force and effect their respective rights (charter and statutory) (but, for the avoidance of doubt, they will not be released from their respective obligations to do or cause to
      be done all things necessary to preserve and keep in full force and effect their respective existences (except as provided under Article 10)) and contained in Sections 4.06, 4.09 and 4.10 with respect to the outstanding Notes on and after the date
      the conditions set forth in Section 12.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent
      or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed
      outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantee, the Issuer and the Guarantor may omit to comply with and will have no liability in respect of any term,
      condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
      document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01(c) hereof, but, except as specified above, the remainder of this Indenture and such Notes and Guarantee will be unaffected thereby.

    

    

    
      

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    Section 12.04.     Conditions to Legal or Covenant Defeasance. In order to exercise either
      Legal Defeasance or Covenant Defeasance under either Section 12.02 or 12.03 hereof:

     

    

    (a)          the Issuer must irrevocably deposit with the Trustee, in trust, for the sole benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof,
      in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the
      applicable Redemption Date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment or to a particular Redemption Date;

     

    

    (b)          in the case of an election under Section 12.02 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that:

     

    

    (1)          the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or

     

    

    (2)          since the date of this Indenture, there has been a change in the applicable federal income tax law,

     

    

    in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result
      of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

     

    

    (c)          in the case of an election under Section 12.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not
      recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
      Covenant Defeasance had not occurred;

     

    

    (d)          No Default or Event of Default (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating
      to other indebtedness being defeased, discharged or replaced), and the granting of liens to secure such borrowings) shall have occurred and be continuing on the date of such deposit and no Event of Default or event which with notice or lapse of time
      or both would become an Event of Default under Sections 6.01(e), 6.01(f) or 6.01(g) shall have occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit (it being understood that this
      condition to defeasance shall not be deemed satisfied until the expiration of such period);

     

    

    (e)          such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture
      and the agreements governing any other indebtedness being defeased, discharged or replaced) to which the Issuer or the Guarantor is a party or by which the Issuer or the Guarantor is bound;

    

    

    
      

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    (f)          the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer with both (i) the intent of preferring the Holders of Notes over the
      other creditors of the Issuer and (ii) the intent of hindering, delaying or defrauding any creditors of the Issuer or others;

     

    

    (g)           the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant
      Defeasance have been complied with;

     

    

    (h)          if the cash or Government Securities or combination thereof, as the case may be, deposited under Section 12.04(a) above are sufficient to pay the principal of and interest on the Notes
      provided the Notes are redeemed on a particular Redemption Date, the Issuer shall have given the Trustee irrevocable instructions to redeem the Notes on such date and to provide notice of such redemption to Holders as provided in or pursuant to this
      Indenture; and

     

    

    (i)           the Issuer must pay or cause to paid all amounts due to the Trustee and any Agent appointed hereunder.

     

    

    Section 12.05.    Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
        Provisions. Subject to Section 12.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 12.05, the “Trustee”) pursuant to Section 12.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment,
      either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but
      such money need not be segregated from other funds except to the extent required by law.

     

    

    The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 12.04
      hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

     

    

    Notwithstanding anything in this Article 12 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable Government
      Securities held by it as provided in Section 12.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion
      delivered under Section 12.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

      

    

    Section 12.06.     Repayment to Issuer. Any money and Government Securities deposited with the
      Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on, any Note under this Article 12 and remaining unclaimed for two years after such principal, premium, if any, or
      interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment
      thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money or Government Securities, and all liability of the Issuer as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying
      Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in a newspaper of general circulation in The City of New York, notice that payment from such money or Government Securities remains
      unclaimed and that, after a date specified therein, which will not be less than thirty (30) days from the date of such notification or publication, any unclaimed balance of such money or Government Securities then remaining will be repaid to the
      Issuer.

    

    

    
      

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    Section 12.07.     Reinstatement. If the Trustee or
      Paying Agent is unable to apply any cash or non-callable Government Securities in accordance with Section 12.02 or 12.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
      otherwise prohibiting such application, then the Issuer’s and the Guarantor’s obligations under this Indenture and the Notes and the Guarantee will be revived and reinstated as though no deposit had occurred pursuant to Section 12.02 or 12.03 hereof
      until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 12.02 or 12.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or
      interest on, any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or non-callable Government Securities held by the Trustee or Paying
      Agent.

     

    

    ARTICLE 13

    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

    OFFICERS AND DIRECTORS

     

    

    Section 13.01.    Indenture and Notes Solely Corporate Obligations. Except as otherwise expressly provided in Article 15, no recourse for the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) or, premium, if any, or interest on any Note, or for any
      claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer or the Guarantor in this Indenture or in any supplemental indenture or in any Note, or because of the creation of
      any indebtedness represented thereby, shall be had against any incorporator, stockholder, limited partner, member, manager, employee, agent, officer, director or Subsidiary, as such, past, present or future, of the General Partner, the Issuer, the
      Guarantor or any of the Issuer’s or Guarantor’s Subsidiaries or of any successor thereto, either directly or through the Issuer or Guarantor any of the Issuer’s or Guarantor’s Subsidiaries or any successor thereto, whether by virtue of any
      constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the
      execution of this Indenture and the issue of the Notes.

    

    

    
      

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    ARTICLE 14

    MEETINGS OF HOLDERS OF NOTES

     

    

    Section 14.01.     Purposes for Which Meetings May Be Called.
      A meeting of Holders of Notes may be called at any time and from time to time pursuant to this Article 14 to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other act provided by this Indenture to
      be made, given or taken by Holders of Notes.

     

    

    Section 14.02.      Call, Notice and Place of Meetings.

     

    

    (a)          The Trustee may at any time call a meeting of Holders of Notes for any purpose specified in Section 14.01, to be held at such time and at such place in The City of New York, New York as
      the Trustee shall determine. Notice of every meeting of Holders of Notes, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section
      16.03, not less than twenty-one (21) nor more than 180 days prior to the date fixed for the meeting.

     

    

    (b)          In case at any time the Issuer, the Guarantor or the Holders of at least 10% in principal amount of the outstanding Notes shall have requested the Trustee to call a meeting of the
      Holders of Notes for any purpose specified in Section 14.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the
      notice of such meeting within twenty-one (21) days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuer, the Guarantor, if applicable, or the Holders of Notes in the amount
      above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section.

     

    

    Section 14.03.     Persons Entitled to Vote at Meetings. To

      be entitled to vote at any meeting of Holders of Notes, a Person shall be (a) a Holder of one or more outstanding Notes, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such
      Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Notes shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any
      representatives of the Guarantor and its counsel and any representatives of the Issuer and its counsel.

     

    

    Section 14.04.     Quorum; Action. The Persons
      entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders of Notes; provided, however, that if any
      action is to be taken at the meeting with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which may be made, given or taken by the Holders of not less than a specified percentage in principal amount
      of the outstanding Notes, the Persons holding or representing the specified percentage in principal amount of the outstanding Notes will constitute a quorum. In the absence of a quorum within thirty (30) minutes after the time appointed for any such
      meeting, the meeting shall, if convened at the request of Holders of Notes, be dissolved. In any other case the meeting may be adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment
      of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the
      adjournment of such reconvened meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 14.02, except that such notice need be given only once not less than five days prior to the date on which the meeting is
      scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding Notes which shall constitute a quorum.

    

    

    
      

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    Except as limited by the proviso to Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the
      affirmative vote of the Holders of a majority in principal amount of the outstanding Notes; provided, however, that, except as limited by the proviso to Section 9.02,
      any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a
      majority, in principal amount of the outstanding Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such
        specified percentage in principal amount of the outstanding Notes.

     

      

    Any resolution passed or decision taken at any meeting of Holders of Notes duly held in accordance with this Section 14.04 shall be binding on all the Holders of Notes, whether or not such Holders
      were present or represented at the meeting.

     

    

    Section 14.05.     Determination of Voting Rights; Conduct and Adjournment of Meetings. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Notes in regard to proof of the holding of Notes
      and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of
      the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Notes shall be proved in the manner specified in Section 8.03 and the appointment of any proxy shall be proved in the manner
      specified in Section 8.01.

     

    

    (a)          The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Issuer or Guarantor or by Holders of Notes
      as provided in Section 14.02(b), in which case the Issuer, the Guarantor or the Holders of Notes calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
      shall be elected by vote of the Persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting.

     

    

    (b)         At any meeting, each Holder of a Note or proxy shall be entitled to one vote for each $1,000 principal amount of outstanding Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding.
      The chairman of the meeting shall have no right to vote, except as a Holder of a Note or proxy.

    

    

    
      

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    (c)         Any meeting of Holders of Notes duly called pursuant to Section 14.02 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal
      amount of the outstanding Notes represented at the meeting; and the meeting may be held as so adjourned without further notice.

     

    

    Section 14.06.      Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of Notes shall be by written ballots on which shall be subscribed the signatures of the Holders of Notes or of their representatives by proxy and the principal
      amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall
      make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Notes shall be prepared by the secretary
      of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of
      the meeting and showing that said notice was given as provided in Section 14.02 and, if applicable, Section 14.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall
      be delivered to the Issuer and the Guarantor, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the
      matters therein stated.

     

    

    ARTICLE 15

    GUARANTEE

     

    

    Section 15.01.     Guarantee. By its execution
      hereof, the Guarantor acknowledges and agrees that it receives substantial benefits from the Issuer and that the Guarantor is providing its Guarantee for good and valuable consideration, including, without limitation, such substantial benefits.
      Accordingly, subject to the provisions of this Article 15, the Guarantor hereby fully, absolutely, irrevocably and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and its successors and assigns that: (i)
      the principal of (including the Redemption Price upon redemption pursuant to Article 3), premium, if any, and interest on the Notes shall be duly and punctually paid in full when due, whether at the Maturity Date, upon acceleration, upon redemption
      or otherwise, and interest on overdue principal, premium, if any, and (to the extent permitted by law) interest on any overdue interest, if any, on the Notes and all other obligations of the Issuer to the Holders or the Trustee hereunder or under the
      Notes (including fees, expenses or other) shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same
      shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at the Maturity Date, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and (ii)
      above, to the limitations set forth in Section 15.03 hereof (collectively, the “Guarantee Obligations”).

    

    

    
      

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    Subject to the provisions of this Article 15, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes
      or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any thereof, the entry of any judgment against the Issuer, any action to enforce the same or any other circumstance
      which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby waives and relinquishes: (a) any right to require the Trustee, the Holders or the Issuer (each, a “Benefited

        Party”) to proceed against the Issuer or any other Person or to proceed against or exhaust any security held by a Benefited Party at any time or to pursue any other remedy in any Benefited Party’s power before proceeding against the
      Guarantor as this shall be a guaranty of payment and not of collection; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any other Person or Persons or the failure of a Benefited Party to file or
      enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other Person or Persons; (c) demand, protest and notice of any kind (except as expressly required by this Indenture), including but not limited to
      notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of the Guarantor, the Issuer, any Benefited Party, any creditor of the Guarantor or the Issuer or on the
      part of any other Person whomsoever in connection with any obligations the performance of which are hereby guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed
      against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (f) any
      defense arising because of a Benefited Party’s election, in any proceeding instituted under the Bankruptcy Law, of the application of Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a security
      interest under Section 364 of the Bankruptcy Code. The Guarantor hereby covenants that, except as otherwise provided therein, the Guarantee shall not be discharged except by payment in full of all Guarantee Obligations, including the principal,
      premium, if any, and interest on the Notes and all other costs provided for under this Indenture or as provided in Article 7.

     

    

    If any Holder or the Trustee is required by any court or otherwise to return to either the Issuer or the Guarantor, or any trustee or similar official acting in relation to either the Issuer or the
      Guarantor, any amount paid by the Issuer or the Guarantor to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. The Guarantor agrees that it shall not be entitled to any
      right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of all such obligations guaranteed hereby. The Guarantor agrees that, as between it, on the one hand, and the Holders of Notes and
      the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration
      in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article 6 hereof, such Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor
      for the purpose of the Guarantee.

    

    

    
      

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    Section 15.02.     Execution and Delivery of Guarantee. To

      evidence the Guarantee set forth in Section 15.01 hereof, the Guarantor agrees that a notation of the Guarantee substantially in the form included in Exhibit B hereto shall be endorsed on each Note authenticated and delivered by the Trustee
      and that this Indenture shall be executed on behalf of the Guarantor by an officer of the Guarantor.

     

    

    The Guarantor agrees that the Guarantee set forth in this Article 15 shall remain in full force and effect and apply to all the Notes notwithstanding any failure to endorse on each Note a notation of
      the Guarantee.

     

    

    If an officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee authenticates the Note on which the Guarantee is endorsed, the
      Guarantee shall be valid nevertheless.

     

    

    The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture and endorsed on such Note on behalf of
      the Guarantor.

     

    

    Section 15.03.      Limitation of Guarantor’s Liability; Certain Bankruptcy Events.

     

    

    (a)         The Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the Guarantee Obligations of the Guarantor pursuant to its
      Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing intention,
      the Holders and the Guarantor hereby irrevocably agree that the Guarantee Obligations of the Guarantor under this Article 15 shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the
      Guarantor, result in the Guarantee Obligations of the Guarantor under the Guarantee not constituting a fraudulent transfer or conveyance.

     

    

    (b)          The Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event of the insolvency, bankruptcy, dissolution, liquidation or
      reorganization of the Issuer, the Guarantor shall not file (or join in any filing of), or otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even temporarily) execution on the Guarantee and hereby
      waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy Law or otherwise.

     

      

    Section 15.04.     Application of Certain Terms and Provisions to the Guarantor. For purposes of any provision of this Indenture which provides for the delivery by the Guarantor of an Officers’ Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.01 hereof
      shall apply to the Guarantor as if references therein to the Issuer or the General Partner, as applicable, were references to the Guarantor. Upon any demand, request or application by the Guarantor to the Trustee to take any action under this
      Indenture, the Guarantor shall furnish to the Trustee such certificates and opinions as are required in Section 16.06 hereof as if all references therein to the Issuer were references to the Guarantor.

    

    

    
      

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    ARTICLE 16

    MISCELLANEOUS PROVISIONS

     

    

    Section 16.01.    Provisions Binding on Issuer’s and Guarantor’s Successors. All the covenants, stipulations, promises and agreements by the Issuer or Guarantor contained in this Indenture shall bind their respective successors and assigns whether so expressed or not.

     

    

    Section 16.02.     Official Acts by Successor Corporation. Any

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

     

    

    Section 16.03.     Addresses for Notices, etc. Any
      notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Notes on the Issuer or Guarantor shall be in writing and shall be deemed to have been sufficiently given or
      made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box, or sent by overnight courier, or sent by .pdf transmission (receipt of which has been confirmed via return
      email) addressed as follows:

     

    

    To Issuer:

    

    

    Essex Portfolio, L.P.

    1100 Park Place, Suite 200

    San Mateo, California 94403

    Email: akleiman@essex.com

    Attention: Angela Kleiman, Chief Financial Officer

    

    

    To Guarantor:

    

    

    Essex Property Trust, Inc.

    1100 Park Place, Suite 200

    San Mateo, California 94403

    Email: akleiman@essex.com

    Attention: Angela Kleiman, Chief Financial Officer

    

    

    Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited, postage
      prepaid, by registered or certified mail in a post office letter box, or sent by overnight courier, or sent by telecopier transmission addressed as follows:

     

    

    U.S. Bank National Association

    Global Corporate Trust Services

    One California Street, Suite 1000

    San Francisco, California 94111

    Fax: (415) 677-3769

    Attention: David Jason (Essex Portfolio)

    

    

    
      

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    The Issuer, any Guarantor or the Trustee, by written notice to the others, may designate additional or different addresses for subsequent notices or communications.

     

    

    Any notice or communication mailed to a Noteholder shall be mailed by first class mail, postage prepaid, at such Noteholder’s address as it appears on the Note Register and shall be sufficiently
      given to such Noteholder if so mailed within the time prescribed.  Any notice or communication will also be so mailed to any Person in the Trust Indenture Act, to the extent required by the Trust Indenture Act.

     

    

    Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner
      provided above, it is duly given, whether or not the addressee receives it.

     

    

    Section 16.04.    Governing Law and Jurisdiction. This

      Indenture, the Notes and the Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York, as applied to contracts made and performed within the State of New York, including, without limitation, Sections 5-1401
      and 5-1402 of the New York General Obligations Law and Rule 327(b) of the New York Civil Practice Laws and Rules, and without regard to conflict of law principles that would result in the application of any laws other than the laws of the State of
      New York.

     

    

    Each party hereto irrevocably and unconditionally submits to the jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan, New York County and of the United
      States District Court of the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any jurisdiction thereof, in any action or proceeding arising out of or relating to this Indenture or the Guarantee, or for
      recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent
      permitted by law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
      Nothing in this Indenture shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Indenture against any party hereto or its properties in the courts of any jurisdiction.

     

    

    Each party hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any
      suit, action or proceeding arising out of or relating to this Indenture in any court referred to in this section. Each party hereto irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
      such action or proceeding in any such court. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 16.03 hereof, such service to be effective upon receipt. Nothing in this Indenture will affect the
      right of any party hereto to serve process in any other manner permitted by law.

    

    

    
      

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    Section 16.05.   Waiver of Jury Trial. All parties hereto hereby irrevocably waive all rights
      to trial by jury in any action, proceeding or counterclaim (whether based in contract, tort or otherwise) arising out of or relating to this Indenture, the Guarantee or the transactions contemplated hereby or thereby.

     

    

    Section 16.06.     Evidence of Compliance with Conditions Precedent, Certificates to Trustee. Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’ Certificate stating that all
      conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and, if requested by the Trustee, an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
      have been complied with.

     

    

    Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include: (1) a
      statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate
      or opinion is based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has
      been complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of
        public officials.

     

      

    Section 16.07.     Legal Holidays. In any case in
      which any interest payment date, Redemption Date, Stated Maturity or Maturity of any Note or any installment of principal or interest thereon will not be a Business Day, then payment of such interest on or principal of the Notes need not be made on
      such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such interest payment date, Redemption Date, Stated Maturity or Maturity Date, and no interest shall accrue on the amount so payable for the
      period from and after such interest payment date, Redemption Date, Stated Maturity or Maturity Date, to such next succeeding Business Day.

     

    

    Section 16.08.     Trust Indenture Act. This
      Indenture is hereby made subject to, and shall be governed by, the provisions of the Trust Indenture Act required to be part of and to govern indentures qualified under the Trust Indenture Act. If any provision hereof limits, qualifies or conflicts
      with another provision hereof which is required to be included in an indenture qualified under the Trust Indenture Act, such required provision shall control.  If any provision of this Indenture modifies or excludes any provision of the Trust
      Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

     

    

    Section 16.09.     No Security Interest Created. Nothing

      in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction in which property
      of the Issuer or its Subsidiaries is located.

    

    

    
      

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    Section 16.10.    Benefits of Indenture. Nothing in
      this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Note Registrar and their successors hereunder and the Holders of Notes any benefit or any
      legal or equitable right, remedy or claim under this Indenture.

     

    

    Section 16.11.     Table of Contents, Headings, etc. The

      table of contents and the titles and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or
      provisions hereof.

     

    

    Section 16.12.     Authenticating Agent. The Trustee
      may appoint an authenticating agent that shall be authorized to act on its behalf, and subject to its direction, in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes
      hereunder, including under Sections 2.04, 2.06, 2.07, 2.08 and 3.03, as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all
      purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by
      an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to
      Section 7.09.

     

    

    Any corporation into which any authenticating agent may be merged or exchanged or with which it may be consolidated, or any corporation resulting from any merger, consolidation or exchange to which
      any authenticating agent shall be a party, or any corporation succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation is otherwise eligible
      under this Section 16.12, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation.

     

    

    Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of any authenticating agent
      by giving written notice of termination to such authenticating agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this
      Section, the Trustee shall either promptly appoint a successor authenticating agent or itself assume the duties and obligations of the former authenticating agent under this Indenture and, upon such appointment of a successor authenticating agent, if
      made, shall give written notice of such appointment of a successor authenticating agent to the Issuer and shall mail notice of such appointment of a successor authenticating agent to all Holders of Notes as the names
        and addresses of such Holders appear on the Note Register.

    

    

    
      

      63

      
        

      

    

    The Issuer agrees to pay to the authenticating agent from time to time such reasonable compensation for its services as shall be agreed upon in writing between the Issuer and the authenticating
      agent.

     

    

    The provisions of Sections 7.02, 7.03, 7.04 and 8.03 and this Section 16.12 shall be applicable to any authenticating agent.

     

    

    Section 16.13.     Execution in Counterparts. This
      Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

     

    

    Section 16.14.     Severability. In case any
      provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

     

      

    Section 16.15.     USA Patriot Act. The parties
      hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
      information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for
      the Trustee to satisfy the requirements of the USA Patriot Act.

     

    

    U.S. Bank National Association hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions herein above set forth.

    

    

    
      

      64

      
        

      

    

    IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed.

     

    

    	 	
            ESSEX PORTFOLIO, L.P.

          
	 	 	 	 
	 	
            By:

          	
            Essex Property Trust, Inc.

          
	 	 	
            Its Sole General Partner

          
	 	 	 	 
	 	
            By:

          	
            /s/ Anne Morrison

          
	 	 	
            Name:

          	
            Anne Morrison

          
	 	 	
            Title:

          	
            Deputy General Counsel, Group

          
	 	 	 	
            Vice President

          
	 	 	 	 
	 	
            ESSEX PROPERTY TRUST, INC.,

            as Guarantor

          
	 	 	 	 
	 	
            By:

          	
            /s/ Anne Morrison

          
	 	 	
            Name:

          	
            Anne Morrison

          
	 	 	
            Title:

          	
            Deputy General Counsel, Group

          
	 	 	 	
            Vice President

          
	 	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

            as Trustee

          
	 	 	 	 
	 	
            By:

          	
            /s/ David Jason

          	 
	 	 	
            Name:

          	
            David Jason

          	 
	 	 	
            Title:

          	
            Vice President

          	 

    

    

    Signature Page to Essex Portfolio, L.P. Indenture

    

    

    
      

      
        

      

    

    
    EXHIBIT A

    

    

    FORM OF NOTE

    

    

    [Include only for Global Notes]

    

    

    THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
      PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
      INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

    

    

    UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
      OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.

     

    

    
      

      A-1

      
        

      

    

    ESSEX PORTFOLIO, L.P.

    3.000% SENIOR NOTES DUE 2030

    

    

    No. [___]

    

    

    CUSIP No.: 29717P AU1

    

    

    ISIN: US29717PAU12

    $[___]

     

    

    Essex Portfolio, L.P., a California limited partnership (herein called the “Issuer,” which term includes any successor entity under the Indenture referred to
      on the reverse hereof), for value received hereby promises to pay to [Cede & Co.][holder of note in definitive form], or its registered assigns, the principal sum of [___] ($[__]), [or such other amount as
      is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,*] on January 15, 2030, at the office or agency of the Issuer maintained for that purpose in accordance with the terms of the Indenture, in such
      coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually on January 15 and July 15 of each year, commencing January 15, 2020 on
      said principal sum at said office or agency, in like coin or currency, at the rate per annum of 3.000%, from the January 15 or July 15, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for,
      unless no interest has been paid or duly provided for on the Notes, in which case from and including August 7, 2019 until payment of said principal sum has been made or duly provided for. The Issuer shall pay interest on any Definitive Note by check
      mailed to the address of the Person entitled thereto as it appears in the Note Register; provided, however, that a Holder of any Definitive Note may specify by written
      notice to the Issuer that it pay interest by wire transfer of immediately available funds to the account specified by the Noteholder in such notice, or on any Global Note by wire transfer of immediately available funds to the account of the
      Depositary or its nominee.

     

    

    The Issuer promises to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) interest at the rate per annum borne
      by the Notes.

     

    

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

     

    

    This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating
      agent under the Indenture.

    

    

    * This language should be included only if the Note is issued in
        global form.

     

      

    
      

      A-2

      
        

      

    

    IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

    

    

    Dated: _____________

    

    

    	 	
            ESSEX PORTFOLIO, L.P.

          
	 	 	 
	 	
            By:

          	
            Essex Property Trust, Inc.

          
	 	 	
            Its Sole General Partner

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      

      A-3

      
        

      

    

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    

    

    This is one of the Notes described in the within-named Indenture.

    

    

    Dated: _____________

    

    

    	 	
            U.S. Bank National Association, as Trustee

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Authorized Signatory

          

    

    

    
      

      A-4

      
        

      

    

    [FORM OF REVERSE SIDE OF NOTE]

    

    

    ESSEX PORTFOLIO, L.P.

    3.000% SENIOR NOTES DUE 2030

    

    

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 3.000% Senior Notes due 2030 (herein called the “Notes”), issued under
      and pursuant to an Indenture dated as of August 7, 2019 (herein called the “Indenture”), among the Issuer, the Guarantor and U.S. Bank National Association, as trustee (herein called the “Trustee”), to which Indenture and any indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee,
      the Issuer, the Guarantor and the Holders of the Notes. Defined terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.

     

    

    If an Event of Default (other than an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) with respect to the Issuer) occurs and is continuing, the principal of, premium, if any, and
      accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately
      due and payable. If an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) of the Indenture occurs with respect to the Issuer, the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately
      and automatically due and payable without necessity of further action.

     

    

    The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time
      outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the
      Notes, subject to exceptions set forth in Section 9.02 of the Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the
      Holders of all of the Notes, waive any past Default or Event of Default, subject to exceptions set forth in the Indenture.

     

    

    No reference herein to the Indenture and no provision of this Note, the Guarantee endorsed on this Note or of the Indenture shall impair, as among the Issuer and the Holder of the Notes, the
      obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, on and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein and in the Indenture
      prescribed.

     

    

    Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

     

    

    The Notes are issuable in fully registered form, without coupons, in minimum denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof. At the office or agency of
      the Issuer referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other governmental
      charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations.

    

    

    
      

      A-5

      
        

      

    

    The Issuer shall have the right to redeem the Notes under certain circumstances as set forth in Section 3.01, Section 3.02 and Section 3.03 of the Indenture.

     

    

    The Notes are not subject to redemption through the operation of any sinking fund.

     

    

    Except as expressly provided in Article 15 of the Indenture, no recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based hereon or otherwise in
      respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against
      any incorporator, stockholder, limited partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, either
      directly or through the Guarantor, the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
      expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note.

    

    

    
      

      A-6

      
        

      

    

    ASSIGNMENT FORM

    

    

    To assign this Note, fill in the form below:

    

    

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

          
	 
	 
	
            (Insert assignee’s legal name)

          
	 
	 
	
            (Insert assignee’s soc. sec. or tax I.D. no.)

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

          
	 
	 

    	
            and irrevocably appoint

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

          
	 

    	
            Date:

          	 	 
	 
	 
	 

    	
            Your Signature:

          	 	 

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

          
	 
	
            Signature Guarantee*:

          	 
	 

    
      
        	*	
                Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

              

      

    

    

    

    SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE *

    

    

    The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest
      in this Global Note, have been made:

     

    

    	
            Date of Exchange

          	 	
            Amount of

            decrease in

            Principal Amount

            at maturity of this

            Global Note

          	 	
            Amount of

            increase in

            Principal Amount

            at maturity of this

            Global Note

          	 	
            Principal Amount

            at maturity of this

            Global Note

            following such

            decrease (or

            increase)

          	 	
            Signature of

            authorized officer

            of Trustee or

            Custodian

          
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

     

    

    
      

    * This schedule should be included only if the Note is issued in global form.

    

    

    
      

      A-7

      
        

      

    

    
    EXHIBIT B

    

    

    FORM OF GUARANTEE

    

    

    The Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the Indenture, dated the date hereof, among the
      Guarantor, the Issuer (defined below) and U.S. Bank National Association, as trustee (the “Indenture”)), has fully, absolutely, irrevocably and unconditionally guaranteed on a senior basis the Guarantee
      Obligations (as defined in Section 15.01 of the Indenture), which include (i) the due and punctual payment of the principal of, premium, if any, and interest on the 3.000% Senior Notes due 2030 (the “Notes”) of
      Essex Portfolio, L.P., a California limited partnership (the “Issuer”), whether at maturity, by acceleration, call for redemption or otherwise, the due and punctual payment of interest on the overdue principal
      and premium, if any, and (to the extent permitted by law) interest on any overdue interest on the Notes, and the due and punctual performance of all other obligations of the Issuer, to the Holders of the Notes or the Trustee all in accordance with
      the terms set forth in Article 15 of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the
      terms of the extension or renewal, whether at maturity, by acceleration, call for redemption or otherwise.

     

    

    The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article 15 of the Indenture and reference is hereby made to such
      Indenture for the precise terms of this Guarantee.

     

    

    No past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such successor entity), as such, shall have any liability for any obligations of the
      Guarantor under this Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.

     

    

    The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, the
      benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever.

     

    

    This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final payment of all of the Issuer’s obligations under the
      Notes and Indenture or until legally discharged in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of any transfer or assignment of rights by
      any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of
      payment and performance and not of collectability.

     

    

    This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed by the Trustee or a duly authorized
      authenticating agent under the Indenture by the manual signature of one of its authorized officers.

    

    

    
      

      B-1

      
        

      

    

    The obligations of the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law.

     

    

    THE TERMS OF ARTICLE 15 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

     

    

    Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated.

    

    

    Signature Page Follows

     

    

    
      

      B-2

      
        

      

    

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

     

    

    Dated: _____________

    

    

    	 	
            ESSEX PROPERTY TRUST, INC.

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    B-1exhibit101formofpurchase

                                                                  EXHIBIT 10.1                        PURCHASE AND SALE AGREEMENT         THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into  as of the Effective Date (as hereinafter defined), by and between ABP [__] LLC, a Delaware limited  liability  company (“Seller”),  and BIG ACQUISITIONS LLC, an Illinois limited  liability  company  (“Buyer”).                                     RECITALS:   A.    Seller is the fee simple owner of the Land.  B.    Buyer desires to acquire said land, together with the improvements located thereon and certain       other property interests related thereto, from Seller for the purchase price of [__] Dollars       ($[__]) (the “Purchase Price”).  C.    Seller is willing to convey said property to Buyer for the Purchase Price, but only upon the       terms and conditions hereinafter set forth.                               OPERATIVE TERMS:         NOW, THEREFORE, for and in consideration of the foregoing recitals and the promises,  covenants, representations and warranties hereinafter set forth, the sum of One Hundred Dollars  ($100.00) and other good and valuable consideration in hand paid by Seller to Buyer and by Buyer to  Seller  upon  the  execution  of  this  Agreement,  the  receipt  and sufficiency  of  which  are  hereby  acknowledged by each of the parties hereto, the parties hereto hereby agree as follows:         1.    Recitals;  Definitions.  The  foregoing  recitals  are  true  and  correct  in  all  material respects.  Capitalized terms and phrases used but not otherwise defined in the body of this Agreement  shall have the meanings ascribed to such terms and phrases in Schedule A attached hereto.         2.    Purchase and Sale.  Seller agrees to convey, transfer and assign, and Buyer agrees to acquire, accept and assume, the Property, on the terms, conditions and provisions set forth in this  Agreement.           3.    Purchase Price.  The Purchase Price shall be due and payable as follows:              3.1   Deposit.  Buyer  shall  make  the Initial  Deposit with  Escrow  Agent  within  three (3) Business Days after the Effective Date.  In addition, no later than the Due Diligence Deadline  (provided that this Agreement is not sooner Terminated in accordance with the terms hereof), Buyer  shall also make the Secondary Deposit.  Notwithstanding any provision in this Agreement to the  contrary, if Buyer fails to timely make the Initial Deposit or the Secondary Deposit as provided herein,  Seller may Terminate this Agreement by notice to Buyer given no later than five (5) days following  the due date of the Initial Deposit or the Secondary Deposit, as the case may be, and any Deposit  previously paid by Buyer shall be promptly returned to Buyer.  Except as expressly otherwise set forth  herein, the Deposit shall be applied against the Purchase Price on the Closing Date and shall otherwise  be held and delivered by Escrow Agent in accordance with the provisions of Paragraph 15.    

 

               3.2   Remainder  of  Purchase  Price.  At  Closing,  Buyer  shall  pay  to  Seller  an  amount  equal  to  the  difference  between  (a) the  Purchase  Price  and  (b) the  Deposit  previously  or  simultaneously paid to Seller, subject to the adjustments set forth herein, in cash by wire transfer to  such account and bank as Seller shall designate in writing, to be confirmed received in Seller’s account  on or before 3:00 p.m. Eastern time on the Closing Date.            4.    Buyer’s Due Diligence and Inspection Rights; Termination Right.                  4.1   Inspection  of  Property.  Until  Closing,  and  subject  to  the  terms  of  Paragraph 4.2, Seller shall provide Buyer and Buyer’s Representatives access to the Real Property,  upon reasonable prior notice at reasonable times during business hours, with the right and license to  conduct Due Diligence with respect to the Property.                  4.2   Inspection Requirements.  Buyer’s rights to conduct Due Diligence shall be  subject to the following further requirements: (a) Due Diligence inspections of the Property may only  be performed during normal business hours and Buyer must provide Seller with at least 48 hours’  prior notice of its intent to perform Due Diligence inspections of the Property; (b) Seller shall have  the right to have a representative of Seller present during any entry upon the Property by Buyer or Buyer’s  Representatives; (c) there shall be no physical testing of the Property whatsoever, including, without  limitation, any invasive sampling, boring, testing, or analysis of soils, surface water or groundwater at  the Property; (d) Buyer shall immediately return the Property to the condition existing prior to any  inspection.  Prior to any entry upon the Land, Buyer shall provide to Seller, and shall cause any of  Buyer’s Representatives entering upon the Land to provide to Seller, evidence of insurance which  complies with the requirements of Schedule B attached hereto.  Notwithstanding any provision in this  Agreement to the contrary, except in connection with the issuance of a standard “zoning letter” with  respect to the Property or the preparation of a third-party zoning report, neither Buyer nor any Buyer’s  Representative shall contact any governmental official or representative regarding hazardous materials  on, or the environmental condition of, the Property, or the status of compliance of the Property with  zoning, building code or similar Laws, without Seller’s prior written consent thereto, which consent  Seller may withhold in its sole and absolute discretion.  In addition, Seller shall be entitled to at least  two (2) Business Days’ prior notice of the intended contact and to have a representative present when  Buyer  or  any  Buyer’s  Representative  has  any  such  contact  with  any  governmental  official  or  representative.                4.3   Title Examination.                    A.    Title Objections.  Seller shall order the Title Commitment within five (5)  Business Days after the Effective Date.  Buyer shall have until 10 days after delivery of the Title  Commitment to  notify  Seller  of  any  Title  Objections.   If  Buyer  fails  to  notify  Seller  of  any  Title  Objections  on  or  before  the  day  that  is  10  days  after  delivery  of  the  Title  Commitment  then,  notwithstanding any other provisions set forth herein, such failure to notify Seller shall constitute a  waiver of such  right to object  to such  matters existing  as of the  Effective  Date.  Any  such  Title  Objection so waived (or deemed waived) by Buyer shall be deemed to constitute a Permitted Title  Exception and the Closing shall occur as herein provided without any reduction of or credit against  the Purchase Price.               B.    Cure  of  Title  Matters.  At  Closing,  Seller  shall  Remove or  cause  to  be  Removed any Title Objections to the extent (and only to the extent) that the same constitute Required                                         2  

 

   Removal Items.  In addition, Seller may elect (but shall not be obligated) to Remove or cause to be  Removed any other Title Objections, and, with respect thereto, Seller may notify Buyer on or before  the Title Cure Deadline whether Seller elects to Remove the same (and the failure to provide such  notice on or before the Title Cure Deadline shall be deemed to constitute an election of Seller not to  effect any such cure).                  C.    Buyer’s Right To Terminate.  If any such Title Objection is not so cured on  or before the Title Cure Deadline, then Buyer may Terminate this Agreement by notice to Seller within  five (5) Business Days after the Title Cure Deadline.  Failure of Buyer to respond within such period  shall be deemed an election by Buyer to waive such Title Objections and proceed to Closing.  Any  such Title Objection so waived (or deemed waived) by Buyer shall be deemed to constitute a Permitted  Title Exception and the Closing shall occur as herein provided without any reduction of or credit  against the Purchase Price.                D.    Pre-Closing “Gap” Defects.  Whether or not Buyer shall have furnished to  Seller any notice of Title Objections before the Due Diligence Deadline, Buyer may at or prior to  Closing notify Seller of any defects in title arising between the Due Diligence Deadline and the Closing  Date.  With respect to any Title Objections set forth in such notice, Buyer shall have the same rights  as those which apply to any notice of defects in title resulting from a notice of title defects by Buyer  on or before the Due Diligence Deadline and Seller shall have the same rights and obligations to cure  the same at or prior to Closing.  If necessary, the date for Closing shall be automatically extended (by  not more than 15 days) to allow Seller to cure such pre-closing “gap” defects.                  4.4   As-Is,  Where-Is,  With  All  Faults  Sale.  Buyer  shall  conduct  such  Due  Diligence as Buyer deems necessary or appropriate prior to the Due Diligence Deadline, and shall  independently confirm to its satisfaction all information that it considers material to its purchase of  the  Property  or the  Transaction.  Accordingly,  the Property  shall  be  sold,  and Buyer shall  accept  possession of the Property on the Closing Date, “AS IS, WHERE IS, WITH ALL FAULTS”, with  no right of setoff or reduction in the Purchase Price.  Without limiting the foregoing, except for Seller’s  Warranties, none of the Seller Parties have or shall be deemed to have made any verbal or written  representations, warranties, promises or guarantees (whether express, implied, statutory or otherwise)  to Buyer with respect to the Property; any matter set forth, contained or addressed in the Documents  (including, but not limited to, the accuracy and completeness thereof); or the results of Buyer’s Due  Diligence.  In addition, Buyer expressly understands and acknowledges that any documents made  available  to  Buyer  may  not  be  complete  in  all  respects  and  that  Seller  may  not  have  complete  information concerning the Property in Seller’s possession or control.  Buyer acknowledges that all  such information must be verified independently during Due Diligence.  In addition, Buyer expressly  understands and acknowledges that it is possible that unknown Liabilities may exist with respect to  the Property and that Buyer explicitly took that possibility into account in determining and agreeing  to the Purchase Price, and that a portion of such consideration, having been bargained for between  the parties with the knowledge of the possibility of such unknown Liabilities shall be given in exchange  for the existence of any and all such Liabilities.  In furtherance of the foregoing commitments, Buyer  shall execute and deliver to Seller at the Closing, an As Is Agreement as required by Paragraph 6.3.               4.5   Termination  Right.  Buyer  may,  at  any  time  prior  to  the  Due  Diligence  Deadline, Terminate this Agreement by notice to Seller if Buyer, in its sole and absolute discretion,  determines not to proceed with the Transaction or is not satisfied with any matters relating to the  Property.  If, at or prior to the Due Diligence Deadline, Buyer has not given Seller a termination notice                                         3  

 

   as aforesaid, then Buyer shall be deemed to have accepted the condition of the Property (subject to  Seller’s compliance with the representations, warranties and covenants of this Agreement, and the  conditions set forth in Paragraph 10) and shall thereafter have no right to Terminate this Agreement  on account of such Due Diligence termination right under this Paragraph 4 and, except as set forth in  Article 9 or Paragraphs 10.1.C. and 12.2 hereinbelow, Buyer shall not be entitled to the return of the  Deposit.   If  after  the  Due  Diligence  Deadline  Buyer  conducts  further  Due  Diligence,  Buyer  acknowledges and agrees that Buyer shall have no further right to terminate this Agreement with  respect to such further Due Diligence or otherwise in accordance with this Paragraph 4 after the Due  Diligence Deadline.               4.6   Underground  Storage  Tank.  Seller  has  informed  Buyer,  and  Buyer  acknowledges, that the Property includes [__] operational [__] gallon underground tank[s] used for  the storage of diesel fuel.  Buyer acknowledges, subject to Buyer’s right to perform Due Diligence  pursuant to this Agreement and to terminate this Agreement pursuant to the foregoing paragraph,  that it is a material factor in Seller’s acceptance of the Purchase Price that Buyer agree to accept said  tank with the Property.               4.7   Seller’s Termination of Related Contract.  Notwithstanding anything in this  Agreement to the contrary, (a) should Buyer elect to Terminate this Agreement pursuant to Paragraph  4.5 above, Seller shall have the right to terminate the Related Contract, at Seller’s option, by notice to  Buyer given in accordance with the Related Contract no later than five (5) days following receipt of  Buyer’s termination notice under this Agreement.  If Buyer elects to Terminate the Related Contract  pursuant to Section 4.5 thereof, Seller shall have the right to terminate this Agreement by notice to  Buyer given  no later than five  (5) days following  receipt of  Buyer’s termination notice under the  Related Contract and any Deposit previously paid by Buyer hereunder shall be promptly returned to  Buyer and neither party shall have any further obligation to the other under this Agreement (except  for those obligations which expressly survive the termination hereof).          5.    Seller’s Covenants.  Between the Effective Date and the Closing Date:               5.1   No Alteration of Title.  Seller shall not transfer or further alter or encumber  (which shall include entering into any new lease of all or part of the Real Property; permitting any new  sublease of all or part of the Real Property or consenting to any modification of any existing sublease  of all or part of the Real Property) in any way Seller’s title to the Property as it exists as of the Effective  Date without written notice to, and the prior written consent of, Buyer.  If Buyer fails to object in  writing  to  any  such  proposed  instrument  within  three  (3)  Business  Days  after  receipt  of  the  aforementioned notice, Buyer shall be deemed to have approved the proposed instrument.  Buyer’s  consent shall not be unreasonably withheld or delayed with respect to any such instrument that is  proposed prior to the Due Diligence Deadline.                 5.2   Status of Property.  Seller shall maintain and keep the Property in a manner  consistent with Seller’s past practices with respect to the Property, and shall maintain in force the  insurance coverage consistent with Seller’s insurance coverage practices as of the Effective Date.          6.    Closing.  The actual day of Closing shall be mutually agreed to by the parties.  If no  such selection is timely made, the Closing shall be held on the Closing Deadline.                                            4  

 

               6.1   Closing Mechanics.  Buyer and Seller shall conduct an escrow-style closing  through the Escrow Agent so that it will not be necessary for any party to attend the Closing.                 6.2   Seller’s Deliveries.  At Closing, Seller shall deliver or cause to be delivered  the following items:                 A.    Deed.  The Deed.                B.    Withholding and Tax Certificate.  A certificate with respect to Section 1445  of the Internal Revenue Code stating whether or not Seller is a foreign person as defined in said  Section 1445 and applicable regulations thereunder.                 C.    Affidavit of Title.  An Affidavit of Title with respect to liens and title matters  in substantially the form of Exhibit B.                D.    Closing  Statement.  A  Closing  Statement  Agreement  in  the  form  of  Exhibit C attached hereto and incorporated herein by this reference.  Seller and Buyer shall authorize  and instruct the Escrow Agent to file, as the “reporting person,” Internal Revenue Service Form 1099- B (“Proceeds from Real Estate, Broker, and Barter Exchange Transactions”), if and as required by  Section 6045(d) of the Code.               E.    Evidence of Authority.  If requested by the Title Company, evidence that  Seller has the requisite power and authority to execute and deliver, and perform under, this Agreement  and all Closing Documents.                F.    Transfer Tax Declarations.  To the extent applicable, duly completed real  estate state, county and local transfer tax declarations.                G.    Lease.  Tenant’s counterpart of the Lease.                H.    Assignment.  Seller’s counterpart of the Assignment.               I.    SNDA.  Tenant’s counterpart to the SNDA.               J.    Non-Disturbance  Agreement.  Tenant’s counterpart  to  the Non- Disturbance Agreement.               K.    Bring-Down Certificate.  A reaffirmation of Seller’s Warranties in the form  of Exhibit G attached hereto, to which shall be attached a current representation exception schedule  identifying all exceptions to Seller’s Warranties then applicable.               L.    Other  Instruments.  Such  other  instruments  or  documents  as  may  be  necessary to effect or carry out the purposes of this Agreement, subject to Seller’s prior approval  thereof, which approval shall not be unreasonably withheld or delayed.               M.    Certificate. The Certificate signed by Tenant.               N.    Memorandum of Lease. Tenant’s counterpart of the Memorandum of Lease.                                            5  

 

               6.3   Buyer’s  Deliveries.  At  the  Closing,  Buyer  shall  deliver  or  cause  to  be  delivered to Seller the following:               A.    Net  Purchase  Price.  The  net  Purchase  Price  due  at  Closing  under  this  Agreement.                 B.    As Is Agreement.  The As Is Agreement of Buyer in the form of Exhibit D  attached hereto.               C.    Bring-Down Certificate.  A reaffirmation of the representations, warranties  and covenants set forth in Paragraph 8.5 hereof in the form of Exhibit H attached hereto.                D.    Closing  Document  Counterparts.  Executed  counterparts  of  any  of  the  Closing Documents described in Paragraph 6.2 which are also to be signed by Buyer.               E.    SNDA.  Buyer’s, Master Tenant’s, Landlord’s and Lender’s counterparts to  the SNDA.               F.    Non-Disturbance  Agreement.  Buyer’s,  Master  Tenant’s,  Landlord’s  and  Lender’s counterparts to the Non-Disturbance Agreement.               G.    Landlord Agreement.  The Landlord Agreement, executed by Buyer, Master  Tenant and Landlord.               H.    Other Instruments.  Such other funds, instruments or documents as may be  necessary to effect or carry out the purposes of this Agreement, subject to Buyer’s prior approval  thereof, which approval shall not be unreasonably withheld or delayed.               I.    Lease. Landlord’s counterpart of the Lease.               J.    Memorandum  of  Lease. Landlord’s  counterpart  of  the  Memorandum  of  Lease.                K.    Leasehold  Policy  Requirements. Such  instruments  or  documents  as  the  Title Company may reasonably require of Titleholder, Master Tenant or Landlord in order to issue a  leasehold policy insuring Tenant’s interest under the Lease including, but not limited to, copies of the  lease  agreements  evidencing  the  interest  of  Master  Tenant  and  Landlord  in  the  Property  and  documents evidencing  the  legal  existence  and organizational power and authority  or Title  Holder  Master Tenant and Landlord to enter into such agreements.                6.4   Buyer’s Ability to Close.  Buyer covenants to Seller that Buyer shall, as of  the Closing Date, have sufficient immediately available funds (through financing sources or otherwise)  to pay the balance of the net Purchase Price required pursuant to the foregoing subparagraph 6.3(A).         7.    Prorations and Closing Costs.                  7.1   Prorations.  The parties acknowledge that there shall be no prorations of any  expense items with respect to the Property at Closing, all such items being addressed in the Lease.                                           6  

 

               7.2   Seller’s  Closing  Costs.  Seller  shall  pay  the  following:  (a) the  fees  and  expenses of Seller’s attorneys; (b) the costs (including recording costs) of any cure of title defects  required of Seller hereunder; and (c) all transfer, documentary, excise, recording or other taxes or  assessments imposed by virtue of the Transaction.                 7.3   Buyer’s Closing Costs.  Buyer shall pay the following: (a) all costs of Buyer’s  Due Diligence, (b) the fees and expenses of Buyer’s attorneys, (c) all costs related to any financing to  be obtained by Buyer; (d) all recording charges due on recordation of any Closing Documents, (e)  all  escrow agent fees (if any are charged in connection with this Transaction), and (f) the costs, expenses  and premiums for the Title Commitment and the Title Policy (including all examinations and reports  in connection therewith) and for any endorsements to the Title Policy, any reinsurance required by  Buyer, and any loan policy of title insurance.         8.    Representations and Warranties.               8.1   Seller’s Representations and Warranties.  Seller represents and warrants to  Buyer as follows:               A.    Organization, Power and Authority.  Seller is duly organized, validly existing  and in good standing under the Laws of the State of Delaware; is, to the extent required by Law, duly  qualified to do business in the State in which the Land is located; and has all necessary power to  execute and deliver this Agreement and perform all its obligations hereunder.  Seller has the full power  and authority to enter into and perform this Agreement and the execution, delivery and performance  of this Agreement by Seller (i) has been duly and validly authorized by all necessary action on the part  of Seller, (ii) does not conflict with or result in a violation of the organizational documents of Seller,  or any judgment, order or decree of any court or arbiter in any proceeding to which Seller is a party,  and, (iii) does not conflict with or constitute a material breach of, or constitute a material default under,  any contract, agreement or other instrument by which Seller is bound or to which it is a party.                  B.    No Other Agreements.  Seller has not entered into any currently effective  agreement (other than this Agreement) to sell or dispose of all or any portion of its interest in and to  the Property.  Except as set forth in the Sublease or disclosed in the Record Exceptions, Seller has  not  entered  into  any  options,  puts,  calls,  rights  of  first  offer,  opportunity  or  refusal,  or  other  preemptive rights to purchase or occupy the Property which are in effect as of the Effective Date.                C.    Possession.   As of the Effective Date, no party other than Seller, Tenant and  Subtenant is in possession or occupancy of the Real Property or any part thereof.                 D.    Foreign Entity.  Seller is not a “foreign person” as such phrase is defined in  Section 1445 of the United States Internal Revenue Code.                E.    Notice of Violations.  To Seller’s knowledge, Seller has received no written  notice (i) from any governmental authority that the Property is not in material compliance with all  applicable laws, except for such failures to comply, if any, which have been remedied; or (ii) from any  insurance company or underwriter of any defect that would adversely affect the insurability of the  Property or cause an increase in insurance premiums with respect to the Property.                                            7  

 

               F.    Condemnation.  To Seller’s knowledge, Seller has not received any written  notice of any (i) pending, contemplated, threatened or anticipated condemnation of any part of the  Real Property, or (ii) widening, change of grade or limitation on the use of streets abutting the Land.                G.    No  Bankruptcy.  Seller  has  not  (A) commenced  a  voluntary  case,  or,  to  Seller’s knowledge, had entered against it a petition, for relief under any federal bankruptcy act or any  similar petition, order or decree under any federal or state Law relative to bankruptcy, insolvency or  other relief for debtors, (B) caused, suffered or consented to the appointment of a receiver, trustee,  administrator,  conservator,  liquidator  or  similar  official  in  any  federal,  state  or  foreign  judicial  or  non-judicial proceeding, to hold, administer and/or liquidate all or substantially all of its assets, or  (C) made an assignment for the benefit of creditors.                H.    Pending  Actions  or  Proceedings.  There  are  no  actions  or  proceedings  pending or, to Seller’s knowledge, threatened against Seller or relating to the Property which, if decided  adversely, would impair Seller’s ability to perform its obligations under this Agreement or prevent the  use of the Land for the purposes for which Tenant currently uses it.                I.    Other Prohibitions.  Neither Seller nor, to Seller’s knowledge, any person  owning a direct interest in Seller (i) is included on any Government List; (ii) has been determined by  competent authority to be subject to the prohibitions contained in Presidential Executive Order No.  133224 (September 23, 2001) or in any enabling or implementing legislation or other Presidential  Executive Orders in respect thereof; (iii) has been previously indicted for or convicted of any felony  involving a crime or crimes of moral turpitude or for any offense under the criminal laws against  terrorists, the criminal laws against money laundering, the Bank Secrecy Act, as amended, the Money  Laundering Control Act of 1986, as amended, or the Uniting and Strengthening America by Providing  Appropriate Tools Required to Intercept and Obstruct Terrorists (USA PATRIOT ACT) Act of 2001,  Public Law 107-56 (October 26, 2001), as amended; or (iv) to Seller’s knowledge, is currently under  investigation by any governmental authority for alleged criminal activity.                 8.2   Seller’s Warranties Deemed Modified.  Because Buyer’s primary reliance  on the status of the matters addressed by Seller’s Warranties is Buyer’s own Due Diligence, to the  extent that Buyer knows prior to the Due Diligence Deadline that Seller’s Warranties are inaccurate,  untrue or incorrect in any way, such Seller’s Warranties shall be deemed modified to reflect Buyer’s  knowledge.  As used herein, “knows,” “knew” or “knowledge” means with respect to any statement  following such phrase that to the date hereof no information has come to the attention of any such  person or such person’s agents, which would cause such person or its agents to believe that such  statement is not true and correct.                8.3   Claims of Breach Prior To Closing.  If at or prior to the Closing, Seller  obtains actual knowledge that any Seller’s Warranty is untrue, inaccurate or incorrect in any material  respect,  Seller  shall  give  Buyer  notice  thereof  within  five  (5)  Business  Days  of  obtaining  such  knowledge (but, in any event, prior to the Closing).  If at or prior to the Closing Buyer or any Buyer’s  Representative obtains actual knowledge that any Seller’s Warranty is untrue, inaccurate or incorrect  in any material respect, Buyer shall give Seller notice thereof within five (5) Business Days of obtaining  such knowledge (but, in any event, prior to the Closing).  In either such event, Seller shall have the  right to cure such misrepresentation or breach and shall be entitled to a reasonable adjournment of  the Closing (not to exceed 15 days) to attempt such cure.  If any Seller’s Warranty is untrue, inaccurate  or  incorrect  in  any  material  respect  as  of  the  date  made,  and  Seller  is  unable  to  so  cure  such                                         8  

 

   misrepresentation  or  breach,  then  Buyer,  as  its  sole  remedy,  shall  elect  either  (a)  to  waive  such  misrepresentation or breach  and consummate the  Transaction  without any  reduction of or credit  against the Purchase Price, or (b) to Terminate this Agreement by notice given to Seller no later than  five (5) days after the end of such cure period, in which event the Deposit shall be returned to Buyer  and Seller shall reimburse to Buyer, within twenty (20) days after Seller’s receipt of documentation  thereof, the Buyer’s Transaction Costs.                8.4   Survival and Limits on Buyer’s Claims.  Seller’s Warranties shall survive the  Closing and not be merged therein for the Survival Period and Seller shall only be liable to Buyer  hereunder for a breach of Seller’s Warranties made herein or in any of the documents executed by  Seller at the Closing with respect to which a claim is made by Buyer against Seller in writing, specifying  in reasonable detail the circumstances giving rise to the alleged breach, within the Survival Period.   Anything in this Agreement to the contrary notwithstanding, the maximum aggregate liability of Seller  for breaches of Seller’s Warranties shall be subject to Seller’s Liability Limit.  Notwithstanding the  foregoing, however, if the Closing occurs, Buyer hereby expressly waives, relinquishes and releases  any right or remedy available to it at law, in equity, under this Agreement or otherwise to make a claim  against Seller for damages that Buyer may incur, or to rescind this Agreement and the Transaction, as  the result of any of Seller’s Warranties being untrue, inaccurate or incorrect if (a) Buyer knew that such  representation or warranty was untrue, inaccurate or incorrect at the time of the Closing (Buyer’s  remedy being as set forth in Paragraph 8.3), or (b) Buyer’s damages as a result of such representations  or warranties being untrue, inaccurate or incorrect are reasonably estimated to aggregate less than  $37,500.00.               8.5   Buyer’s Representations and Warranties.  Buyer represents and warrants  to Seller as follows:               A.    Organization,  Power  and  Authority.  Buyer  is  duly  organized,  validly  existing and in good standing under the Laws of the State of Delaware; is, to the extent required by  Law, duly qualified to do business in the State in which the Land is located; and has all necessary  power to execute and deliver this Agreement and perform all its obligations hereunder.  Buyer has the  full power and authority to enter into and perform this Agreement and the execution, delivery and  performance of this Agreement by Buyer (i) has been duly and validly authorized by all necessary  action on the part of Buyer, (ii) does not conflict with or result in a violation of the organizational  documents of Buyer, or any judgment, order or decree of any court or arbiter in any proceeding to  which Buyer is a party, and (iii) does not conflict with or constitute a material breach of, or constitute  a material default under, any contract, agreement or other instrument by which Buyer is bound or to  which it is a party.  There are no lawsuits pending against Buyer or, to Buyer’s knowledge, threatened,  the outcome of which could adversely affect Buyer’s ability to purchase the Property or otherwise  perform its obligations under this Agreement.               B.    Sophisticated Buyer.   Buyer is experienced in the ownership and operation  of properties like and in the locale of the Property, and has experience in the acquisition, ownership  and operation of properties similar to the Property.  Buyer warrants and represents that it has the  ability through its own employees, or through agents, independent contractors, consultants or other  experts with whom it has a relationship, to evaluate fully the material characteristics of the Property  and to assess fully all issues pertaining to title to the Real Property, the value of the Property, the rights  and  liabilities  of  Buyer  as  the  successor  to  Seller,  the  structural  integrity  and  soundness  of  all  improvements  and  structures  located  on  the  Real  Property,  the  environmental  condition  of  the                                         9  

 

   Property, and the compliance of the Property with all Laws.  Accordingly, Buyer acknowledges that,  except for Seller’s Warranties, Buyer has not and will not rely upon any warranty, representation,  statement of fact, or other information made by or furnished by or on behalf of Seller or any of its  affiliates.                 C.    Funds.   Buyer has sufficient funds in immediately available cash to pay the  Deposit.                D.    No Bankruptcy.  Buyer has not (A) commenced a voluntary case, or had  entered against it a petition, for relief under any federal bankruptcy act or any similar petition, order  or decree under any federal or state Law relative to bankruptcy, insolvency or other relief for debtors,  (B) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator,  liquidator or similar official in any federal, state or foreign judicial or non-judicial proceeding, to hold,  administer and/or liquidate all or substantially all of its assets, or (C) made an assignment for the  benefit of creditors.               E.    Other Prohibitions.  Neither Buyer nor any person controlling Buyer (i) is  included on any Government List; (ii) has been determined by competent authority to be subject to  the prohibitions contained in Presidential Executive Order No. 133224 (September 23, 2001) or in  any enabling or implementing legislation or other Presidential Executive Orders in respect thereof;  (iii) has been previously indicted for or convicted of any felony involving a crime or crimes of moral  turpitude or for any offense under the criminal laws against terrorists, the criminal laws against money  laundering,  the  Bank  Secrecy  Act,  as  amended,  the  Money  Laundering  Control  Act  of  1986,  as  amended, or the Uniting and Strengthening America by Providing Appropriate Tools Required to  Intercept and Obstruct Terrorists (USA PATRIOT ACT) Act of 2001, Public Law 107-56 (October  26,  2001),  as  amended;  or  (iv)  to Buyer’s  knowledge,  is  currently  under  investigation  by  any  governmental authority for alleged criminal activity.           9.    Casualty and Condemnation.                  9.1.  Minor  Damage.  In  the  event  of  loss  or  damage  to  the  Property  or  any  portion thereof which is not “major” (as hereinafter defined), then Seller shall have the following  option:               A.    Purchase Price Reduction.  If the loss or damage is a fire or other casualty  event, but not a condemnation event, reduce the Purchase Price by an amount equal to the cost (the  “Restoration  Cost”)  of  restoring  the  Property  to  a  condition  substantially  identical  to  that  of  the  Property prior to the event of damage, as determined by a general contractor licensed by the State of  [__] selected by Seller and reasonably approved by Buyer; or               B.    Assignment.  If  the  loss  or  damage  is  a  fire  or  other  casualty  event  or  a  condemnation event, assign to Buyer all of Seller’s right to any claims and proceeds Seller may have  with  respect  to  any  casualty  related  insurance  policies  (including,  without  limitation,   rental  loss  proceeds applicable to the period on and after the Closing) or condemnation awards relating to the  premises in question, and the Purchase Price shall be reduced by an amount equal to the uninsured  portion of the Restoration Cost (including, without limitation, the deductible amount under Seller’s  insurance policy); or                                           10  

 

               C.    Neither of the Foregoing.  Elect neither to reduce the Purchase Price nor  assign insurance proceeds and/or condemnation awards pursuant to the foregoing subparagraphs A.  and B.    Seller shall make the elections required by this Paragraph 9.1 by written notice delivered to Buyer  within ten (10) days following the date on which the Restoration Cost is determined and, if Seller fails  to deliver its written election within such ten (10) day period, then Seller shall be deemed to have made  the  election  under  subparagraph  C.  above.   If  Seller  makes  an  election  under  the  foregoing  subparagraphs A. or B., then this Agreement shall remain in full force and effect and the parties shall  proceed to Closing as contemplated by this Agreement; provided that Seller shall reduce the Purchase  Price  and/or  assign  insurance  and/or  condemnation  proceeds  as  provided  in  the  foregoing  subparagraphs A. or B., as applicable.  However, if Seller makes (or is deemed to have made) the  election under subparagraph C. above, then Buyer shall have the right to Terminate this Agreement  by written notice delivered to Seller within five (5) days after receiving Seller’s election (or deemed  election), in which event Buyer shall receive a refund of the Deposit (unless such loss or damage is  caused by or contributed to by Buyer in which event Buyer shall not be entitled to a return of the  Deposit) and neither party shall have any further obligation to the other under this Agreement (except  for those obligations which expressly survive the termination hereof).                9.2.  Major  Damage.  In  the  event  of  a  “major”  loss  or  damage,  Buyer  may  terminate this Agreement by written notice to Seller, in which event the Deposit shall be returned to  Buyer unless such loss or damage is caused by or contributed to by Buyer in which event Buyer shall  not be entitled to a return of the Deposit.  If Buyer does not elect to Terminate this Agreement within  ten (10) days after Seller sends Buyer written notice of the occurrence of major loss or damage, then  Buyer shall be deemed to have elected to proceed with Closing.                 9.3.  Definition of “Major” Loss or Damage.  For purposes of the foregoing  Paragraphs 9.1 and 9.2, “major” loss or damage refers to the following:  (a) Any loss or damage to the  Property or any portion thereof such that the cost of restoring the premises in question to a condition  substantially identical to that of the premises in question prior to the event of damage would be, in  the opinion of an architect selected by Seller and reasonably approved by Buyer, equal to or greater  than Three Hundred Fifty Thousand and No/100 Dollars ($350,000.00), (b) Any loss that is not fully  covered  by  insurance,  and  (c)  with  respect  to  condemnation,  any  improvements  or  access  to  the  Property or more than ten percent (10%) of the Land is condemned or taken or threatened to be  condemned or taken.         10.   Other  Conditions  to  Closing.  The  obligations  of  Buyer  and  Seller  to  close  the  Transaction  shall  be  further  subject  to  the  satisfaction  at  or  prior  to  Closing  of  the  conditions  precedent set forth in this Paragraph 10.                  10.1  Conditions to Buyer’s Obligations.  The conditions precedent to Buyer’s  obligations at Closing referenced above are as follows, any or all of which may be waived by Buyer, at  its sole option:                A.    Representations.  Seller’s Warranties, subject to Paragraphs 8.2 and 8.3, shall  be true and correct in all material respects on and as of the Closing Date, except as modified in a  manner permitted by this Agreement, as if made on and as of such date except to the extent that they  expressly relate to an earlier date.                                         11  

 

                 B.    Seller  Compliance.  Seller  shall  have  performed  all  of  the  covenants,  undertakings and obligations under this Agreement to be performed or complied with by Seller at or  prior to the Closing.                C.    Title Policy.  At Closing, Seller shall have conveyed title to the Real Property  as will enable the Title Company to issue the Title Policy (or a specimen or proforma policy thereof  or  “marked”  Title  Commitment)  to  Buyer  subject  only  to  the  Permitted  Title  Exceptions  and  consistent with Paragraph 4.3 hereof.  If the condition set forth in this subparagraph C. has not been  satisfied as of the Closing Date, and has not been waived by Buyer as of such date, Buyer may, as its  sole and exclusive remedy, elect to Terminate this Agreement by notice to Seller and receive a return  of the Deposit.                  10.2  Conditions to Seller’s  Obligations.  The conditions precedent to Seller’s  obligations at Closing referenced above are as follows, any or all of which may be waived by Seller, at  its sole option:                A.    Representations.  Buyer’s warranties set forth in Paragraph 8.5 shall be true  and correct in all material respects on and as of the Closing Date, except as modified in a manner  permitted by the Agreement, as if made on and as of such date except to the extent that they expressly  relate to an earlier date.                B.    Buyer  Compliance.  Buyer  shall  have  performed  all  of  the  covenants,  undertakings and obligations to be performed or complied with by Buyer at or prior to the Closing.                10.3  Conclusive Waiver of Conditions.  By closing the Transaction, Seller and  Buyer shall be conclusively deemed to have waived the benefit of any remaining unfulfilled conditions  set forth in Paragraphs 10.1 and 10.2, respectively.            11.   Other Transaction Issues.                11.1  Brokers.  Each party represents to the other that such party has not incurred  any obligation to any broker or real estate agent with respect to the purchase or sale of the Property  or the lease of the Real Property.  Seller and Buyer each hereby (a) represent and warrant to the other  that it has not employed, retained or consulted any other broker, agent, or finder in carrying on a  negotiation in connection with this Agreement or the Transaction, and (b) indemnifies and agrees to  hold  the  other  harmless  from  and  against  any  and  all  claims,  demands,  causes  of  action,  debts,  liabilities, judgments and damages (including costs and reasonable attorneys’ fees actually incurred in  connection with the enforcement of this indemnity) which may be asserted or recovered against the  indemnified party on account of any brokerage fee, commission or other compensation arising by  reason of the indemnitor’s breach of this representation and warranty.               11.2  Confidentiality.  Buyer and Seller, for the benefit of each other, hereby agree  that they will not release or cause or permit to be released, and will use best efforts to prevent the  Buyer’s  Representatives  and  Seller’s  Representatives,  respectively,  from  releasing  or  causing  or  permitting the release of, any press notices, publicity (oral or written) or advertising promotion relating  to, or otherwise announce or disclose or cause or permit to be announced or disclosed, in any manner  whatsoever, the terms, conditions or substance of this Agreement or the Transaction.  The foregoing                                         12  

 

   shall  not  preclude  either  party  from  (a) discussing  the  substance  or  any  relevant  details  of  the  transactions contemplated in this Agreement with any of its representatives, employees, agents or  consultants, or the Title Company; (b) complying with any Laws applicable to such party, including,  without limitation, governmental regulatory, disclosure, tax and reporting requirements; (c) disclosing  the terms of the Transaction to the extent necessary in connection with any tax appeal either party  may pursue with respect to the Property; or (d) disclosing the terms of the Transaction to the extent  necessary  in  written  filings,  evidence  or  testimony  made  or  given  in  connection  with  any  court  proceedings either party may pursue in the event of the other party’s alleged default hereunder.  Buyer  and Seller shall indemnify and hold the other harmless from and against any and all Liabilities suffered  or incurred by the indemnified party and arising out of or in connection with a breach by Buyer or  Seller, as the case may be, of the provisions of this Paragraph.  The obligations of Buyer contained in  this  Paragraph  shall  survive  the  Closing  or  the  earlier  termination  of  this  Agreement;  provided,  however, that Buyer shall be permitted to announce the Transaction in a press release after Closing,  the substance of which release shall be subject to Seller’s prior review and approval, which approval  shall not be unreasonably withheld.                 11.3  Indemnity.  Buyer hereby agrees to indemnify, defend, and hold Seller and  each of the other Seller Parties free and harmless from and against any and all Liabilities (including  reasonable attorneys’ fees, expenses and disbursements) arising out of or resulting from the entry on  the Property and/or the conduct of any Due Diligence by Buyer or any of Buyer’s Representatives at  any time prior to the Closing; provided, however, that the foregoing indemnity shall not apply to any  Liabilities to the extent such Liabilities arise out of the negligence or intentional acts of Seller or the  mere discovery by Buyer of a pre-existing condition at the Property.  The foregoing indemnity shall  survive the Closing (and not be merged therein) or any earlier termination of this Agreement.               11.4  Tax  Appeals.  Seller  shall  have  the  right  to  continue  and  to  control  the  progress of and to make all decisions with respect to any contest of the real estate taxes and personal  property  taxes  for  the  Property  due  and  payable  during any Tax  Year prior  to  the  Closing  Tax  Year.  Subject to the terms and conditions of the Lease, the lessee under the Lease shall have the right  to continue and to control the progress of and to make all decisions with respect to any contest of the  real estate taxes and personal property taxes for the Property due and payable during the Closing Tax  Year, and Seller shall assign to the lessee at Closing all of its rights to continue any such appeal.  Buyer  and  Seller  agree  to cooperate  with  each  other  and  to  execute  any  and  all  documents  reasonably  requested  in  furtherance  of  the  foregoing,  at  no  out-of-pocket  cost  or  expense  to  Buyer.  The  provisions of this paragraph shall survive the Closing.          12.   Default at or Prior to Closing.                12.1  Buyer  Default.  Except  as  set  forth  hereinbelow,  if  Buyer  defaults  in  the  observance or performance of its covenants and obligations hereunder, or in the event of any breach  by Buyer of any of the representations and warranties set forth in Paragraph 8.5, and such default or  breach continues for five (5) Business Days after the date Seller gives notice demanding cure thereof,  or if Buyer defaults in the observance or performance of its covenants and obligations under the  Related Contract beyond any cure period afforded to Buyer pursuant to the terms thereof, Seller shall  be entitled, as its sole and exclusive remedy therefor, to Terminate this Agreement by notice to Buyer  of such termination and to receive payment of the Deposit as full liquidated damages for such default  or breach of Buyer, the parties hereto acknowledging the difficulty of ascertaining the actual damages  in the event of such a default or breach, that it is impossible more precisely to estimate the damages                                         13  

 

   to be suffered by Seller upon Buyer’s default or breach, that such forfeiture of the Deposit is intended  not as a penalty, but as full liquidated damages and that such amount constitutes a reasonable good  faith estimate of the potential damages arising therefrom, it being otherwise difficult or impossible to  estimate Seller’s actual damages which would be suffered by Seller in the event of default or breach  by  Buyer.   Except  with  respect  to  any  right,  obligation  or  liability  which  survives  Closing  or  termination of this Agreement, including any indemnification provisions set forth in this Agreement,  and except as set forth in Paragraph 14.17, Seller’s right to Terminate this Agreement and receive  payment of the Deposit as full liquidated damages, are Seller’s sole and exclusive remedies in the event  of default or breach hereunder by Buyer, and Seller hereby waives, relinquishes and releases any and  all other rights and remedies (except any that survive Closing or termination pursuant to the express  provisions of this Agreement), including, but not limited to: (A) any right to sue Buyer for damages  or to prove that Seller’s actual damages exceed the Deposit which is hereby provided Seller as full  liquidated damages, (B) any right to sue Buyer for specific performance, or (C) any other right or  remedy which Seller may otherwise have against Buyer, either at law, or equity or otherwise, including,  without limitation, the right to seek and/or receive consequential damages.                 12.2  Seller  Default.  If  Seller  defaults  in  the  observance  or  performance  of  its  covenants and obligations hereunder, and such default continues for five (5) Business Days after the  date Buyer gives notice demanding cure of such default, in either such event, Buyer shall be entitled,  as its sole and exclusive remedy therefor, to Terminate this Agreement by giving Seller notice of such  termination and to receive the Deposit from Escrow Agent, in which event Seller shall reimburse to  Buyer, within twenty (20) days after Seller’s receipt of reasonable documentation thereof, the Buyer’s  Transaction Costs.  Except with respect to any right, obligation or liability which survives Closing or  termination of this Agreement, including any indemnification provisions set forth in this Agreement,  Buyer’s right to so Terminate this Agreement and receive reimbursement of all Buyer’s Transaction  Costs as described in the foregoing sentence is Buyer’s sole and exclusive remedy hereunder in the  event of default hereunder by Seller, and Buyer hereby waives, relinquishes and releases any and all  other rights and remedies (except any that survive Closing or termination pursuant to the express  provisions of this Agreement), including, but not limited to: (A) any right to sue for damages (except  to compel Seller to make the reimbursement described in the foregoing sentence), (B) any right to sue  Seller for specific performance, or (C) any other right or remedy which Buyer may otherwise have  against Seller either at law, in equity or otherwise, including, without limitation, the right to seek and/or  receive consequential damages.         13.   Notices.  All notices, consents, approvals and other communications which may be  or are required to be given by either Seller or Buyer under this Agreement shall be properly given only  if made in writing and sent by (a) hand delivery; (b) a nationally recognized overnight delivery service  (such as Federal Express or UPS Next Day Air), with all delivery charges paid by the sender; or (c) by  email, provided that the sender also delivers the same notice in accordance with either of the foregoing  subparagraphs (a) or (b) no later than the next business day after such email is sent, in each instance  addressed to Buyer or Seller, as applicable, as set forth below.  Such notices shall be deemed given on  the date of delivery or rejection of delivery.  Said notice addresses are as follows (and Seller and Buyer  shall have the right to designate changes to their respective notice addresses, effective five (5) days  after giving notice thereof):                                          14  

 

   If to Seller:              ABP [__] LLC                             c/o BlueLinx Corporation                             1950 Spectrum Circle, Suite 300                             Marietta, Georgia  30067                             Attn: General Counsel                                                                  with a copy to:      ABP [__] LLC                             c/o BlueLinx Corporation                             1950 Spectrum Circle, Suite 300                             Marietta, Georgia  30067                             Attn: Shyam K. Reddy,                                   Chief Transformation Officer                             Email:  shyam.reddy@bluelinxco.com                               If to Buyer:               BIG Acquisitions LLC                             9450 W. Bryn Mawr, Suite 750                                           Rosemont, Illinois 60018                             Attention: Michael W. Brennan                             E-Mail: mbrennan@brennanllc.com                                     with a copy to:      Brennan Investment Group                             9450 W. Bryn Mawr, Suite 750                             Rosemont, Illinois 60018                             Attention: Samuel A. Mandarino                             E-Mail: smandarino@brennanllc.com                                     and with a copy to:                                                                                                                                                                 Attention:                                           E-Mail:                                                      14.   General Provisions.                  14.1  Execution  Necessary.  This  Agreement  shall  not  be  binding  upon  Seller  unless  fully  executed  and  delivered  by  a  proper  official  of  Seller,  and  no  action  taken  by  Seller’s  representatives shall be deemed an acceptance of this Agreement until this Agreement has been so  executed by Seller and delivered to Buyer.                14.2  Counterparts.  This Agreement may be executed in separate counterparts.  It  shall be fully executed when each party whose signature is required has signed at least one counterpart  even though no one counterpart contains the signatures of all of the parties to this Agreement.                14.3  Successors and Assigns.  This Agreement shall be binding upon the parties  hereto and their respective successors and assigns and inure to the benefit of the parties hereto and  their respective permitted successors and assigns.  Buyer shall not have the right to assign or delegate  any right, duty or obligation of Buyer under this Agreement to any other party without the prior                                         15  

 

   written  consent  of  Seller,  which  consent  Seller  may  grant  or  withhold  in  its  sole  and  absolute  discretion,  and  any  such  assignment  without  Seller’s  consent  shall  be  null  and  void ab  initio.   Notwithstanding the foregoing, Buyer shall have the right to assign this Agreement to (a) an affiliate  of Buyer which is under common control with Buyer or (b) an entity owned by a corporate services  company pursuant to a corporate services agreement with either (1) Buyer or (2) any entity under  common control with Buyer.  Any such assignee so consented to by Seller or otherwise permitted  pursuant to the terms of the foregoing sentence of this paragraph shall be designated by Buyer by the  delivery to Seller of a written assignment of this Agreement pursuant to which Buyer’s obligations  hereunder  are  expressly  assumed  by  such  assignee,  together  with  delivery  to  Seller  of  evidence  reasonably satisfactory to Seller of the valid legal existence of Buyer’s assignee, its qualification (if  necessary) to do business in the jurisdiction in which the Property is located and of the authority of  Buyer’s assignee to execute and deliver any and all documents required of Buyer under the terms of  this Agreement, which items shall be received by Seller not less than three (3) Business Days prior to  the Closing Date;  notwithstanding the foregoing, the exercise of such right by Buyer shall not relieve  Buyer of any  of its obligations and liabilities hereunder including obligations and liabilities which  survive the Closing or the termination of this Agreement, nor shall any such assignment alter, impair  or  relieve  such  assignee  from  the  waivers,  acknowledgements  and  agreements  of  Buyer  set  forth  herein, all of which are binding upon the assignee of Buyer.  In the event of any permitted assignment  by  Buyer,  any  assignee  shall  assume  any  and  all  obligations  and  liabilities  of  Buyer  under  this  Agreement but, notwithstanding such assumption, Buyer shall continue to be liable hereunder.                 14.4  Governing Law.  This Agreement shall be governed by the Laws of the state  in which the Land is located.               14.5  Entire Agreement.  This Agreement and all the exhibits referenced herein  and annexed hereto contain the entire agreement of the parties hereto with respect to the matters  contained herein, and no prior agreement or understanding pertaining to any of the matters connected  with this Transaction shall be effective for any purpose.  Neither this Agreement nor any provision  hereof may be waived, modified, amended, discharged or terminated except by an instrument signed  by the party against whom the enforcement of such waiver, modification, amendment, discharge or  termination is sought, and then only to the extent set forth in such instrument.                14.6  Time Is of the Essence.  TIME IS OF THE ESSENCE of the Transaction  and this Agreement.               14.7  Interpretation.  The titles, captions and paragraph headings are inserted for  convenience only and are in no way intended to interpret, define, limit or expand the scope or content  of this Agreement or any provision hereof.  If any party to this Agreement is made up of more than  one person or entity, then all such persons and entities shall be included jointly and severally, even  though the defined term for such party is used in the singular in this Agreement.  If any time period  under this Agreement ends on a day other than a Business Day, then the time period shall be extended  until the next Business Day.  This Agreement shall be construed without regard to any presumption  or other rule requiring construction against the party causing this Agreement to be drafted.  If any  words or phrases in this Agreement shall have been stricken out or otherwise eliminated, whether or  not any other words or phrases have been added, this Agreement shall be construed as if the words  or phrases so stricken out or otherwise eliminated were never included in this Agreement and no  implication or inference shall be drawn from the fact that said words or phrases were so stricken out  or otherwise eliminated.                                         16  

 

                 14.8  Survival.    The  covenants,  agreements,  indemnities,  representations  and  warranties contained herein shall not survive the Closing Date or any termination of this Agreement,  except as set forth in Paragraphs 8, 11, 13 and 14, each of which shall survive the Closing or any earlier  termination of this Agreement (limited, as applicable, as set forth therein).               14.9  Exclusive Application.  Nothing in this Agreement is intended or shall be  construed to confer upon or to give to any person, firm or corporation other than Buyer and Seller  hereto any right, remedy or claim under or by reason of this Agreement.  All terms and conditions of  this Agreement shall be for the sole and exclusive benefit of the parties hereto, and such benefit may  not be assigned by Buyer except as set forth in Paragraph 14.3.                14.10 Partial  Invalidity.  If  all  or  any  portion  of  any  of  the  provisions  of  this  Agreement  shall  be  declared  invalid  by  Laws  applicable  thereto,  then  the  performance  of  said  offending provision shall be excused by the parties hereto; provided, however, that, if the performance  of such excused provision materially affects any material aspect of this Transaction and the other party  does not upon demand enter into a modification or separate agreement which sets forth in valid  fashion  the  covenants  of  such  offending  provision  in  a  manner  which  counsel  to  both  parties  determine is valid, then the party hereto for whose benefit such excused provision was inserted in this  Agreement shall have the right, exercisable by notice given to the other party within ten (10) days after  such provision is so declared invalid, to Terminate this Agreement.                 14.11 Waiver Rights.  Buyer reserves the right to waive, in whole or in part, any  provision hereof which is for the benefit of Buyer.  Seller reserves the right to waive, in whole or in  part, any provision hereof that is for the benefit of Seller.                14.12 No  Implied  Waiver.  Except  as  otherwise  expressly  provided  in  this  Agreement, no waiver by Seller or Buyer of any provision hereof shall be deemed to have been made  unless expressed in writing and signed by such party, and no delay or omission in the exercise of any  right or remedy accruing to Seller or Buyer upon any breach under this Agreement shall impair such  right or remedy or be construed as a waiver of any such breach theretofore or thereafter occurring.   The waiver by Seller or Buyer of any breach of any term, covenant or condition herein stated shall not  be deemed to be a waiver of any other breach, or of a subsequent breach of the same or any other  term, covenant or condition herein contained.                 14.13 Rights Cumulative.  All rights, powers, options or remedies afforded to Seller  or Buyer either hereunder or by Law shall be cumulative and not alternative, and the exercise of one  right, power, option or remedy shall not bar other rights, powers, options or remedies allowed herein  or by Law, unless expressly provided to the contrary herein.               14.14 Attorneys’  Fees.  Should  either  party  employ  an  attorney  or  attorneys  to  enforce  any  of  the  provisions  hereof  or  to  protect  its  interest  in  any  manner  arising  under  this  Agreement, or to recover damages for breach of this Agreement, the non-prevailing party in any action  pursued in a court of competent jurisdiction (the finality of which is not legally contested) shall pay to  the prevailing party all reasonable costs, damages and expenses, including attorneys’ fees, expended or  incurred in connection therewith.                                            17  

 

               14.15 Waiver of Jury Trial.  EACH PARTY HEREBY WAIVES TRIAL BY JURY  IN ANY PROCEEDINGS BROUGHT BY THE OTHER PARTY IN CONNECTION WITH  ANY  MATTER  ARISING  OUT  OF  OR  IN  ANY  WAY  CONNECTED  WITH  THE  TRANSACTION,  THIS  AGREEMENT,  THE  PROPERTY  OR  THE  RELATIONSHIP  OF  BUYER AND SELLER HEREUNDER.  THE PROVISIONS OF THIS PARAGRAPH SHALL  SURVIVE  THE  CLOSING  (AND  NOT  BE  MERGED  THEREIN)  OR  ANY  EARLIER  TERMINATION OF THIS AGREEMENT.               14.16 Signatures.  Signatures to this Agreement transmitted by electronic copy shall  be valid and effective to bind the party so signing.  Each party agrees to promptly deliver an execution  original to this Agreement with its actual signature to the other party, but a failure to do so shall not  affect the enforceability of this Agreement, it being expressly agreed that each party to this Agreement  shall be bound by its own signature delivered by electronic copy and shall accept the electronic copy  of the signature of the other party to this Agreement.                14.17 No Recordation.  Seller and Buyer each agrees that neither this Agreement  nor  any  memorandum  or  notice  hereof  shall  be  recorded  and  Buyer  shall  not  file  any  notice  of  pendency or other instrument (other than a judgment) against the Property or any portion thereof in  connection herewith.  Buyer expressly acknowledges and agrees that, in the event of any breach by  Buyer of its obligations as set forth in the foregoing sentence, the provisions of Paragraph 12.1 limiting  Seller’s remedies shall not apply, and that Seller shall, in such event, be entitled to any remedy which  Seller may otherwise have against Buyer, whether at law or in equity, or otherwise, including, without  limitation, the right to seek and/or receive consequential damages.               14.18 Maximum  Aggregate  Liability.  Notwithstanding  any  provision  to  the  contrary contained in this Agreement or any documents executed by Seller pursuant hereto or in  connection  herewith,  the  maximum  aggregate  liability  of  Seller  and  the  Seller  Parties,  and  the  maximum aggregate amount which may be awarded to and collected by Buyer, in connection with the  Transaction, the Property, under this Agreement and under any and all documents executed pursuant  hereto or in connection herewith (including, without limitation, in connection with the breach of any  of Seller’s Warranties for which a claim is timely made by Buyer) shall not exceed Seller’s Liability  Limit.  The provisions of this section shall survive the Closing (and not be merged therein) or any  earlier termination of this Agreement.                14.19 Exhibits and  Schedules.  All  exhibits  and  schedules  referred  to  in,  and  attached to, this Agreement are hereby incorporated herein in full by this reference.          15.   Earnest Money and Escrow Agent.  The Escrow Deposits shall be held by Escrow  Agent, in trust, and disposed of only in accordance with the following provisions:                15.1  Deposit.  Escrow Agent shall not invest the Escrow Deposits or commingle  the Escrow Deposits with any funds of Escrow Agent or others.                15.2  Delivery at Closing.  If the Closing occurs, Escrow Agent shall deliver the  Escrow Deposits to, or upon the instructions of, Buyer and Seller on the Closing Date.               15.3  Return  or  Delivery  of  Deposit  Outside  Closing.  Escrow  Agent  shall  deliver the Escrow Deposits to Seller or Buyer only in accordance with the terms of this Paragraph                                         18  

 

   15.3.   Upon  receipt  of  a  written  demand  for  the  Escrow  Deposits  from  Buyer  prior  to  the  Due  Diligence Deadline, Escrow Agent shall promptly deliver the Escrow Deposits to Buyer.  Upon receipt  of a written  demand for the  Escrow Deposits from either Buyer or Seller at any  time  thereafter,  Escrow Agent shall give notice to the other party of such demand.  Thereafter, (a) if Escrow Agent  does not receive a written objection from the other party to the proposed payment within five (5) days  after the giving of such notice, then Escrow Agent is hereby authorized to make such payment, but  (b) if  Escrow  Agent  does  receive  such  written  objection  within  such  period,  Escrow  Agent  shall  continue to hold such amount until otherwise directed by written instructions signed by Seller and  Buyer or a final judgment of a court.  In the event of any return of the Deposit to Buyer pursuant to  Paragraph 4.5, One Hundred and No/100 Dollars ($100.00) thereof shall be payable to Seller, and  such amount shall in effect constitute option money, making this Agreement binding even if any  conditions or provisions herein are entirely within the discretion or control of Buyer.                15.4  Stakeholder.  The parties acknowledge that Escrow Agent is acting solely as  a stakeholder at their request and for their convenience, that Escrow Agent shall not be deemed to be  the agent of either of the parties, and that Escrow Agent shall not be liable to either of the parties for  any action or omission on its part taken or made in good faith, and not in disregard of this Agreement,  but shall be liable for its negligent acts and for any Liabilities (including reasonable attorneys’ fees,  expenses and disbursements) incurred by Seller or Buyer resulting from Escrow Agent’s mistake of  Law  respecting  Escrow  Agent’s  scope  or  nature  of  its  duties.   Seller  and  Buyer  shall  jointly  and  severally  indemnify  and  hold  Escrow  Agent  harmless  from  and  against  all  Liabilities  (including  reasonable attorneys’ fees, expenses and disbursements) incurred in connection with the performance  of Escrow Agent’s duties hereunder, except with respect to actions or omissions taken or made by  Escrow Agent in bad faith, in disregard of this Agreement or involving negligence on the part of  Escrow Agent.                15.5  Taxes.  The party receiving the Escrow Deposits (or the benefit thereof) shall  pay any income taxes on any interest earned on the Escrow Deposits.                15.6  Execution by Escrow Agent.  Escrow Agent has executed this Agreement  in order to confirm that Escrow Agent has received and shall hold the Escrow Deposits, in escrow,  and shall disburse the Escrow Deposits pursuant to the provisions of this Paragraph 15.                      [The remainder of this page has been intentionally left blank.                                                                Signatures begin on the following page.]                                                                                                           19  

 

         IN WITNESS WHEREOF, Buyer and Seller have executed this Agreement as of the Effective  Date.                                     SELLER:                                                                      ABP [__] LLC,                                    a Delaware limited liability company                                                                                                         By:                                                                                Justin B. Heineman,                                         Vice President and Corporate Secretary                                                                      Date signed:                                                                                                                                       BUYER:                                                                       BIG ACQUISITIONS LLC,                                    an Illinois limited liability company                                                                                                          By:                                                                          Name:                                                                        Title:                                                                                                          Date signed:                                                                                                                                             20  

 

         The undersigned has executed this Agreement solely to confirm its agreement to (i) hold the  Escrow  Deposits  in  escrow  in  accordance  with  the  provisions  hereof  and  (ii) comply  with  the  provisions of Paragraph 15.                                    ESCROW AGENT:                                                                    ___________________________                                                                                                      By: ______________________________                                      Name: ________________________                                      Title: _________________________                                                                     Date signed:                                                                                                    21  

 

                                   SCHEDULE A                                                 “Agreement” shall mean this Purchase and Sale Agreement.          “Assignment” shall mean an Assignment of Intangible Property in the form attached hereto  as Exhibit I.          “Business Day” shall mean Monday through Friday excluding holidays recognized by the  state government of the State in which the Property is located.          “Buyer” shall mean the buyer referenced in the first paragraph of this Agreement.           “Buyer’s Reports” shall mean the results of any examinations, inspections, investigations,  tests, studies, analyses, appraisals, evaluations and/or investigations prepared by or for or otherwise  obtained by Buyer or Buyer’s Representatives in connection with Buyer’s Due Diligence.          “Buyer’s  Representatives” shall  mean  Buyer’s  officers,  employees,  agents,  advisors,  representatives,  attorneys,  accountants,  consultants,  lenders,  investors,  contractors,  architects  and  engineers.          “Buyer’s Transaction Costs” shall mean, to the extent that Buyer has provided to Seller  reasonable documentation thereof, Buyer’s reasonable actual out-of-pocket Due Diligence expenses  incurred in connection with the Transaction after the Effective Date, in an aggregate amount not to  exceed $125,000.00.          “Certificate” shall mean a certificate in the form attached hereto as Exhibit J.          “Closing” shall mean the consummation and closing of the Transaction.          “Closing Date” shall mean the date on which the Closing occurs, which shall be on or before  the Closing Deadline.            “Closing  Deadline” shall  mean  the  date  that  is  ten  (10)  days after  the  Due  Diligence  Deadline.          “Closing Documents” shall mean the documents and instruments delivered by Buyer and  Seller, in order to consummate the Transaction.          “Closing Tax Year” shall mean the Tax Year in which the Closing Date occurs.          “Condemnation Proceeding” shall mean any proceeding in condemnation, eminent domain  or any written request for a conveyance in lieu thereof, or any notice that such proceedings have been  or will be commenced against any portion of the Property.         “Deed” shall mean a special warranty deed in the form attached hereto as Exhibit E.                                Schedule A – Page 1 of 6  

 

         “Deposit” shall mean the sum of One Hundred Twenty-Five Thousand and No/100 Dollars  ($125,000.00), consisting of, collectively, the Initial Deposit of Sixty-Two Thousand Five Hundred  and No/100 Dollars ($62,500.00), and the Secondary Deposit of Sixty-Two Thousand Five Hundred  and No/100 Dollars ($62,500.00).          “Documents” shall mean any documents and instruments applicable to the Property or any  portion thereof that Seller or any of the other Seller Parties deliver or make available to Buyer or  Buyer’  Representatives  prior  to  Closing  or  which  are  otherwise  obtained  by  Buyer  or  Buyer’s  Representatives prior to Closing, including, but not limited to, the Title Commitment.          “Due Diligence” shall mean the investigation by Buyer and Buyer’s Representatives of the  feasibility  and  desirability  of  purchasing  the  Property, including  all  audits,  surveys,  examinations,  inspections,  investigations,  tests,  studies,  analyses,  appraisals,  evaluations, investigations  and  verifications with respect to the Property, the Documents, title matters, applicable land use and zoning  Laws and other Laws applicable to the Property, the physical condition of the Property, the economic  status of the Property, and other information and documents regarding the Property, including, but  not limited to, investigations of the legal and physical status of the Property by such consultants,  engineers and architects as Buyer requires,  structural review,  examination of title to the  Property,  preparation of a survey of the Land, and verification of all information made or to be made available  to Buyer with respect to Property.            “Due Diligence Deadline” shall mean 6:00 P.M. Eastern time on the date that is forty (40)  days after the Effective Date.           “Effective  Date” shall  mean  the  date  on  which  Seller  or  Buyer  shall  have  executed  this  Agreement, as indicated under their respective signatures, whichever is the later to do so.          “Escrow Agent” shall mean the Title Company.          “Escrow  Deposits” shall  mean  the  Deposit,  and  any  other  sums  (including,  without  limitation, any interest earned thereon) which the parties agree shall be held in escrow hereunder.          “Government List” shall mean (1) the Specialty Designated Nationals and Blocked Persons  Lists maintained by the Office of Foreign Assets Control, United States Department of the Treasury  (“OFAC”),  (2)  the  Denied  Persons  List  and  the  Entity  List  maintained  by  the  United  States  Department of Commerce, (3) the List of Terrorists and List of Disbarred Parties maintained by the  United States Department of State, (4) any other list of terrorists, terrorist organizations or narcotics  traffickers maintained pursuant to any of the lists, laws, rules and regulations maintained by OFAC  pursuant to any authorizing statute, Executive Order or regulation, (5) any other similar list maintained  by the United States Department of State, the United States Department of Commerce or any other  governmental authority or pursuant to any Executive Order of the President of the United States of  America, and (6) any list or qualification of “Designated Nationals” as defined in the Cuban Assets  Control Regulations, 31 C.F.R. Part 515, as all such Government Lists may be updated from time to  time.                                  Schedule A – Page 2 of 6  

 

         “Initial Deposit” shall mean an amount equal to Sixty-Two Thousand Five Hundred and  No/100 Dollars ($62,500.00), in immediately available funds, to the extent the same is deposited by  Buyer in accordance with the terms of Paragraph 3.1 hereof, together with any interest earned thereon.         “Land” shall mean all of Seller’s right, title and interest in and to that certain tract or parcel  of land located in [__] County, [__] more particularly described on Exhibit A attached hereto and  commonly known as [__].         “Landlord” shall mean that certain person or entity subleasing the Property from Master  Tenant as of the Closing Date.         “Landlord Agreement” shall mean a Landlord Agreement in the form attached to the Lease  as Schedule 3.01.         “Law” shall mean any federal, state or local law, statute, ordinance, code, order, decrees, or  other governmental rule, regulation or requirement, including common law.         “Lease” shall mean a Lease Agreement by and between Landlord and Tenant, in the form  attached hereto as Exhibit F.          “Lender” shall mean, collectively, any and all parties taking a security interest in the interest  of Buyer, Master Tenant or Landlord in the Real Property, to the extent any such security interest is  not intended to be subordinate to Tenant’s interest in the Real Property under the Lease.          “Lien” shall  mean  any  mortgage,  deed  of  trust,  security  deed,  lien,  judgment,  pledge,  conditional sales contract, security interest, past due taxes, past due assessments, contractor’s lien,  materialmen’s lien, judgment or similar encumbrance against the Property of a monetary nature.         “Liabilities” shall mean any and all direct or indirect damages, demands, claims, payments,  problems, conditions, obligations, actions or causes of action, assessments, losses, Liens, liabilities,  costs and expenses of any kind or nature whatsoever, including, without limitation, penalties, interest  on any amount payable to a third party, lost income and profits, and any legal or other expenses  (including,  without  limitation,  reasonable  attorneys’  fees  and  expenses)  reasonably  incurred  in  connection with investigating or defending any claims or actions, whether or not resulting in any  liability.         “Master Tenant” shall mean that certain person or entity leasing the Property from Buyer as  of the Closing Date.         “Memorandum of Lease” shall mean a Memorandum of Lease in the form attached hereto  as Exhibit K.         “Non-Disturbance Agreement” shall mean an agreement in the form attached hereto as  Exhibit L.         “Other  Interests” shall  mean  the  following  other  interests  of  Seller  in  and  to  the  Real  Property, or pertaining thereto: (a) to the extent that the same are in effect as of the Closing Date, any  licenses, permits and other written authorizations necessary for the use, operation or ownership of the  Real Property, and (b) any guaranties and warranties in effect with respect to any portion of the Real                               Schedule A – Page 3 of 6  

 

   Property as of the Closing Date; provided, however, that Other Interests shall not include any such  licenses, permits, authorizations, guaranties or warranties to the extent that said items are necessary or  desirable for Tenant’s use of and operations upon the Land following Closing pursuant to the terms  of the Lease.         “Permitted Title Exceptions” shall  mean,  subject  to  Buyer’s rights to review and make  objection to the status of title and survey as set forth in this Agreement, and the right of Buyer to  Terminate  this Agreement pursuant to Paragraph 4.5  if the  Due  Diligence is not satisfactory,  the  following: (a) all real estate taxes and assessments not yet due and payable as of the Closing Date;  (b) any Laws affecting the Property; (c) the Record Exceptions; (d) the Lease; (e) the Sublease; (f) any  state of facts which would be disclosed by a current survey or other inspection of the Land; and (g) any  other matters approved as Permitted Title Exceptions by Buyer prior to Closing or deemed approved  as Permitted Title Exceptions pursuant to this Agreement.            “Property” shall mean the Real Property and the Other Interests.          “Purchase Price” is defined in the Recitals to this Agreement.          “Real Property” shall mean the Land, including, without limitation, (a) any and all buildings  located on the Land and all other improvements, (b) all easements appurtenant to the Land and other  easements, grants of right, licenses, privileges or other agreements for the benefit of, belonging to or  appurtenant to the Land whether or not situate upon the Land, including, without limitation, signage  rights and parking rights or agreements, all whether or not specifically referenced on Exhibit A, (c) all  mineral, oil and gas rights, riparian rights, water rights, sewer rights and other utility rights allocated  to the Land, (d) all right, title and interest, if any, of the owner of the Land in and to any and all strips  and gores of land located on or adjacent to the Land, and (e) all right, title and interest of the owner  of the Land in and to any roads, streets and ways, public or private, open or proposed, in front of or  adjoining all or any part of the Land and serving the Land.          “Record Exceptions” shall mean all instruments recorded in the real estate records of the  County in which the Land is located which affect the status of title to the Real Property.          “Related Contract” shall mean the [__] Contract.            “Remove” with  respect  to  any  exception  to  title  shall  mean  that  Seller  causes  the  Title  Company to remove or affirmatively insure over the same as an exception to the Title Policy, without  any additional cost to Buyer, whether such removal or insurance is made available in consideration of  payment, bonding, indemnity of Seller or otherwise.          “Required Removal Items” shall mean, collectively, any Title Objections to the extent (and  only to the extent) that the same (a) have not been caused by Buyer or any Buyer’s Representatives,  and (b) are either: (i) Liens evidencing monetary encumbrances (other than liens for non-delinquent  general real estate taxes or assessments) which can be Removed by payment of liquidated amounts,  but only if such Liens have been created by written instrument signed by Seller or assumed by written  instrument signed by Seller, and provided that in no event shall Seller be required to Remove any such  Lien which is not related to the operation of the Property by any method other than indemnity of  Seller in favor of the Title Company (for example, unrelated items would include a judgment against  such party in connection with its other operations;  whereas a mechanic’s lien for work on the Property                               Schedule A – Page 4 of 6  

 

   pursuant to a contract entered into by Seller would be related to Property operations), or (ii) liens or  encumbrances (including, but not limited to, Liens) created by Seller after the Effective Date.           “Secondary Deposit” shall mean an amount equal to Sixty-Two Thousand Five Hundred  and No/100 Dollars ($62,500.00), in immediately available funds, to the extent the same is deposited  by Buyer in accordance with the terms of Paragraph 3.1 hereof, together with any interest earned  thereon.         “Seller” shall mean the seller referenced in the first paragraph of this Agreement.         “Seller Parties” shall mean and include, collectively, (a) Seller; (b) its counsel; (c) any direct  or indirect owner of any beneficial interest in Seller, or any subsidiaries, parents or affiliates of Seller;  (d) any officer, director, employee, affiliate, principal, partner, shareholder, representative or agent of  Seller,  its  counsel  or  any  direct  or  indirect  owner  of  any  beneficial  interest  in  Seller  or  of  any  subsidiaries, parents or affiliates of Seller; and (e) any other entity or individual affiliated or related in  any way to any of the foregoing, and their successors and assigns.          “Seller’s knowledge” or words of similar import shall refer only to the actual knowledge of  Shyam K. Reddy, Chief Transformation Officer, and Gary Cummings, and shall not be construed to  refer to the knowledge of any other Seller Party, or to impose or have imposed upon such individual  any duty to investigate the matters to which such knowledge, or the absence thereof, pertains.  There  shall be no personal liability on the part of such individual arising out of any of the Seller’s Warranties.          “Seller’s Liability Limit” shall mean an amount equal to the Purchase Price.          “Seller’s  Representatives” shall  mean  Seller’s  officers,  employees,  agents,  advisors,  representatives, attorneys, accountants, consultants, investors, contractors, architects and engineers.         “Seller’s  Warranties” shall  mean  Seller’s  representations  and  warranties  set  forth  in  Paragraph 8.1, as the same may be deemed modified or waived by Buyer pursuant to this Agreement.         “SNDA” shall mean an agreement in the form attached hereto as Exhibit M.         “Sublease” shall mean that certain [__] by and between BlueLinx Corporation and Subtenant,  as amended by [__] by and between Tenant and Subtenant.                “Subtenant” shall mean [__].                “Survey” shall mean an ALTA survey of the Property prepared by a surveyor licensed in the  State in which the Property is located, to be certified to Seller and Buyer.          “Survival Period” shall mean the first 180 days after Closing.         “Tax Year” shall mean the year period commencing on January 1 of each calendar year and  ending on December 31 of each calendar year.           “Tenant” shall mean [__].                                Schedule A – Page 5 of 6  

 

         “Terminate” shall mean the termination of this Agreement by notice from Buyer or Seller,  as applicable, as set forth this Agreement, in which event thereafter neither party hereto shall have any  further rights, obligations or liabilities hereunder except to the extent that any right, obligation or  liability set forth herein expressly survives termination of this Agreement.           “Title Commitment” shall mean the Commitment of the Title Company to issue the Title  Policy,  which  commitment  shall  include  hyperlinks  providing  access  to  copies  of  the  Record  Exceptions referenced therein.          “Title Company” shall mean Stewart Title Guaranty Company, National Title Services, One  Washington Mall, Suite 1400, Boston, Massachusetts 02108, Attn: Gayle Bourdeau, Esq., or such other  title insurance company as may be designated by Seller in writing from time to time.          “Title Cure Deadline” shall mean 6:00 P.M. Eastern time on that day which is 15 days after  the date on which Buyer delivers to Seller the Title Objections.          “Title Objections” shall mean any defects in title (including any Record Exceptions which  are not acceptable to Buyer) or survey (including the description of the Land) which may be revealed  by  Buyer’s  examinations  thereof  to  which  Buyer  timely  objects  in  accordance  with  the  terms  of  Paragraph 4.3.          “Title Policy” shall mean the ALTA Owner’s Policy of Title Insurance issued by the Title  Company  in  the  amount  of  the  Purchase  Price  and  in  the  form  of  the  Title  Commitment,  and  containing, unless prohibited by applicable statutes or regulations, such endorsements as Buyer may  obtain from the Title Company in the Title Commitment prior to the Due Diligence Deadline.  Buyer  shall be entitled to request that the Title Company provide such endorsements (or amendments) to  the  Title  Policy  as  Buyer  may  reasonably  require,  provided  that  (a) such  endorsements  (or  amendments) shall be at no cost to, and shall impose no additional liability on, Seller, (b) Buyer’s  obligations  under  this  Agreement  shall  not  be  conditioned  upon  Buyer’s  ability  to  obtain  such  endorsements  and,  if  Buyer  is  unable  to  obtain  such  endorsements,  Buyer  shall  nevertheless  be  obligated to proceed to close the Transaction without reduction of or set off against the Purchase  Price, and (c) the Closing shall not be delayed as a result of Buyer’s request.          “Transaction” shall mean the purchase and sale transaction contemplated by this Agreement.          “[__] Contract” shall mean that certain Purchase and Sale Agreement of even date herewith  by and between ABP [__] LLC and Buyer.                                    Schedule A – Page 6 of 6

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