INDENTURE



                         Dated as of September ___, 2001



                                     Between



                             RAIT PARTNERSHIP, L.P.



                                       and



                           --------------------------





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                                TABLE OF CONTENTS

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{CAPTION}

{S}                                                                                                     {C}

ARTICLE ONE.  DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION....................................1

   SECTION 101.  DEFINITIONS.............................................................................1

   SECTION 102.  COMPLIANCE CERTIFICATES AND OPINIONS....................................................9

   SECTION 103.  FORM OF DOCUMENTS DELIVERED TO TRUSTEE..................................................9

   SECTION 104.  ACTS OF HOLDERS........................................................................10

   SECTION 105.  NOTICES, ETC., TO TRUSTEE AND ISSUER...................................................11

   SECTION 106.  NOTICE TO HOLDERS; WAIVER..............................................................11

   SECTION 107.  EFFECT OF HEADINGS AND TABLE OF CONTENTS...............................................12

   SECTION 108.  SUCCESSORS AND ASSIGNS.................................................................12

   SECTION 109.  SEVERABILITY CLAUSE....................................................................12

   SECTION 110.  BENEFITS OF INDENTURE..................................................................12

   SECTION 111.  GOVERNING LAW..........................................................................12

   SECTION 112.  LEGAL HOLIDAYS.........................................................................12

   SECTION 113.  QUALIFICATION UNDER TRUST INDENTURE ACT................................................13

   SECTION 114.  COUNTERPARTS...........................................................................13

ARTICLE TWO.  SECURITIES FORMS..........................................................................13

   SECTION 201.  FORMS OF SECURITIES....................................................................13

   SECTION 202.  FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION........................................13

   SECTION 203.  SECURITIES ISSUABLE IN GLOBAL FORM.....................................................14

ARTICLE THREE.  THE SECURITIES..........................................................................15

   SECTION 301.  AMOUNT; ISSUABLE IN SERIES.............................................................15

   SECTION 302.  DENOMINATIONS..........................................................................17

   SECTION 303.  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.........................................17

   SECTION 304.  TEMPORARY SECURITIES...................................................................19

   SECTION 305.  REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE....................................21

   SECTION 306.  MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.......................................23

   SECTION 307.  PAYMENT OF INTEREST; INTEREST RIGHTS RESERVED..........................................24

   SECTION 308.  PERSONS DEEMED OWNERS..................................................................25

   SECTION 309.  CANCELLATION...........................................................................26

   SECTION 310.  COMPUTATION OF INTEREST................................................................26

   SECTION 311.  CUSIP NUMBERS..........................................................................26

ARTICLE FOUR.  SATISFACTION AND DISCHARGE...............................................................26

   SECTION 401.  SATISFACTION AND DISCHARGE OF INDENTURE................................................26

   SECTION 402.  APPLICATION OF TRUST FUNDS.............................................................27

ARTICLE FIVE.  REMEDIES.................................................................................28

   SECTION 501.  EVENTS OF DEFAULT......................................................................28

   SECTION 502.  ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.....................................29

   SECTION 503.  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE........................30

   SECTION 504.  TRUSTEE MAY FILE PROOFS OF CLAIM.......................................................31

   SECTION 505.  TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES............................32

   SECTION 506.  APPLICATION OF MONEY COLLECTED.........................................................32

   SECTION 507.  LIMITATION ON SUITS....................................................................32

   SECTION 508.  UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM, IF ANY, AND OTHER SUMS...33

   SECTION 509.  RESTORATION OF RIGHTS AND REMEDIES.....................................................33

   SECTION 510.  RIGHTS AND REMEDIES CUMULATIVE.........................................................33

   SECTION 511.  DELAY OR OMISSION NOT WAIVER...........................................................33

   SECTION 512.  CONTROL BY HOLDERS OF SECURITIES.......................................................34

   SECTION 513.  WAIVER OF PAST DEFAULTS................................................................34

   SECTION 514.  WAIVER OF USURY, STAY OR EXTENSION LAWS................................................34

   SECTION 515.  UNDERTAKING FOR COSTS..................................................................34

ARTICLE SIX.  THE TRUSTEE...............................................................................35

   SECTION 601.  NOTICE OF DEFAULTS.....................................................................35

   SECTION 602.  CERTAIN RIGHTS OF TRUSTEE..............................................................35

   SECTION 603.  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.................................38

   SECTION 604.  MAY HOLD SECURITIES....................................................................38

   SECTION 605.  MONEY HELD IN TRUST....................................................................38

   SECTION 606.  COMPENSATION AND REIMBURSEMENT.........................................................38

   SECTION 607.  CORPORATE TRUSTEE REQUIRED ELIGIBILITY; CONFLICTING INTERESTS..........................39

   SECTION 608.  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR......................................39

   SECTION 609.  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.................................................41

   SECTION 610.  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS............................42

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