Complexes with metalloproteinases (such as collagenases) and irreversibly inactivates them by binding to their catalytic zinc cofactor. May form part of a tissue-specific acute response to remodeling stimuli. Interacts with EFEMP1. Highest levels are found in kidney, lung and brain followed by ovary and uterus. Low levels are found in bone. Highly induced by phorbol ester (PMA), EGF and transforming growth factor-beta 1. Also induced by dexamethasone. Belongs to the protease inhibitor I35 (TIMP) family.