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Exhibit 4.2    
    

        FIRST
SUPPLEMENTAL INDENTURE (this "First Supplemental Indenture"), dated as of                        , 2003, among CARNIVAL PLC
(formerly known as P&O Princess Cruises plc), a public limited
company existing under the laws of England and Wales (the "Company"), P&O PRINCESS CRUISES INTERNATIONAL LIMITED (formerly known as P&O Cruises Limited), a limited liability company existing under the
laws of England and Wales (the "Guarantor"), and THE BANK OF NEW YORK, as trustee under the Indenture referred to below (the "Trustee"). 

 
 

W I T N E S S E T H:    
    

        WHEREAS, the Company, the Guarantor and the Trustee are parties to that certain Indenture, dated as of October 23, 2000 (the "Original Indenture" and,
together with this First Supplemental Indenture, the "Indenture"), pursuant to which the Company duly issued its 7.30% Notes due 2007 (the "Notes") and the 7.875% Debentures due 2027 (the
"Debentures"), both of which are unconditionally guaranteed by the Guarantor (capitalized terms used but not otherwise defined in this First Supplemental Indenture having the meanings ascribed to them
in the Original Indenture); 

        WHEREAS,
the Company and Carnival Corporation, a Panamanian corporation ("Carnival Corporation"), have entered into an Offer and Implementation Agreement, dated as of January 8,
2003 (the "Offer and Implementation Agreement"), pursuant to which the Company and Carnival Corporation established a dual-listed company structure (the "DLC Transaction"); 

        WHEREAS,
Section 9.02 of the Original Indenture provides that the Company, the Guarantor and the Trustee may amend or supplement the Original Indenture with respect to the Notes
or Debentures, as the case may be, with the written consent of Holders of not less than a majority in aggregate principal amount at maturity of the Notes or Debentures outstanding, as the case may be; 

        WHEREAS,
in connection with the DLC Transaction, the Company wishes to amend the Original Indenture with respect to both the Notes and the Debentures to provide for the amendments
contemplated by Sections 1 through 11 of this First Supplemental Indenture (the "Indenture Amendments"); 

        WHEREAS,
Holders of a majority of the principal amount at maturity of both the Notes and Debentures outstanding have given and not withdrawn their written consent to the Indenture
Amendments; 

        WHEREAS,
the execution of this First Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Original Indenture, the Company has delivered to
the Trustee a resolution of its Board of Directors, satisfactory evidence of the consenting Securities, an Officers' Certificate and an Opinion of Counsel, with respect to such authorization, and all
things necessary to make this First Supplemental Indenture a valid agreement of the Company, the Guarantor and the Trustee in accordance with its terms have been done; 

        WHEREAS,
as consideration for the Indenture Amendments, Carnival Corporation has offered to issue a guarantee of the Securities, on a senior, unsecured basis pursuant to a Deed of
Guarantee, dated as of April 17, 2003, between Carnival Corporation and the Company and an Agreement relating to the Deed of Guarantee, dated as
of                        , 2003, between such parties
(the "Carnival Corporation Guarantee"); and 

        NOW,
THEREFORE, for and in consideration of the premises contained herein, it is mutually covenanted and agreed for the benefit of all Holders of the Securities as follows: 

        SECTION
1.    Each of the following definitions is hereby added to Section 1.01 of the Original Indenture: 

        "Carnival Corporation" means Carnival Corporation, a Panamanian corporation and any successor thereto. 

        "Carnival 8-Ks" means the current reports on Form 8-K of Carnival Corporation (or any successor or
equivalent form thereto). 

 

        "Carnival 10-Ks" means the annual reports on Form 10-K of Carnival Corporation (or any successor or
equivalent form thereto). 

        "Carnival 10-Qs" means the quarterly reports on Form 10-Q of Carnival Corporation (or any successor or
equivalent form thereto). 

        "Carnival Corporation Guarantee" means the Deed of Guarantee, dated as of April 17, 2003, between Carnival Corporation and the
Company and an Agreement relating to the Deed of Guarantee, dated as of            , 2003, between such parties, pursuant to which Carnival Corporation has guaranteed the payment obligations
of
the Company under the Securities. 

        "Carnival Corporation & plc" means, taken as a whole, (i) Carnival Corporation and each of its Subsidiaries and
(ii) the Group. 

        "Carnival Corporation & plc Company" means any of Carnival Corporation, the Company and any of their respective Subsidiaries. 

        "DLC Agreements" means the agreements, deeds, instruments and constituent documents of Carnival Corporation and the Company, as amended
from time to time, establishing the dual-listed company structure between the Company and Carnival Corporation, entered into as contemplated by the Offer and Implementation Agreement
between the Company and Carnival Corporation, dated as of January 8, 2003. 

        "First Supplemental Indenture" means the First Supplemental Indenture among the Company, the Guarantor and the Trustee, dated as of
                        , 2003. 

        "Preferred Stock" means, with respect to any Person, any and all shares, interests or other participations in, and other equivalents
(however designated and whether voting or non-voting) of such Person's preferred stock or preference shares, whether or not outstanding at the Issue Date, and include, without limitation,
all series and classes of such preferred stock or preference shares. 

        SECTION
2.    Each of the following definitions contained in Section 1.01 of the Original Indenture is hereby amended and restated in its entirety to read as provided
below: 

        "Consolidated Net Tangible Assets" means the aggregate amount of total assets of Carnival Corporation & plc after deducting
therefrom (i) all current liabilities and (ii) all goodwill, trade names, trademarks, patents and other like intangible assets, as shown in the latest Carnival 10-K
(reflecting Carnival Corporation & plc) provided that with respect to any calculation made prior to the availability of the Carnival 10-K for the year ending November 30,
2003, such amount shall be calculated based upon the pro forma combined balance sheet of Carnival Corporation and the Company as of November 30, 2002, as filed with the Commission. 

        "Consolidated Operating Revenue" means Carnival Corporation & plc's total revenue for the most recent fiscal year as shown in the
audited consolidated accounts contained in the latest Carnival 10-K (reflecting Carnival Corporation & plc) provided that with respect to any calculation made prior to the
availability of the Carnival 10-K for the year ending November 30, 2004, such amount shall be calculated based upon the pro forma combined statement of operations of Carnival
Corporation and the Company for the year ended November 30, 2002 or the year ended November 30, 2003, as available and filed with the Commission or otherwise provided to the Trustee by
the Company. 

        "Consolidated Relevant Total Assets" means Carnival Corporation & plc's total assets less all intangible assets (including, without
limitation, goodwill) as of the end of the most recent fiscal year as shown in the audited consolidated balance sheet contained in the latest Carnival 10-K (reflecting Carnival
Corporation & plc) provided that with respect to any calculation made prior to the availability of the Carnival 10-K for the year ending November 30, 2003, such amount shall
be calculated based upon the pro forma combined balance sheet of Carnival Corporation and the Company as of November 30, 2002 as filed with the Commission. 

2

 

        "Net Proceeds" means the greater of (1) the net proceeds received by the Company, Carnival Corporation or any Restricted Subsidiary
from a Sale and Leaseback Transaction and (2) the fair market value of the Principal Property so sold at the time of entering into such transaction, as determined by the Board of Directors of
the Company. 

        "Officer" means, with respect to any Person, the chairman of the board, the vice-chairman of the board, the chief executive
officer, the president, the chief operating officer, the chief financial officer, the treasurer, any assistant treasurer, the controller, the secretary or any vice-president of such
Person, or any officer designated by the board of directors of such Person as an officer of such Person. 

        "Operating Revenue" means, in relation to a Subsidiary, its total revenue for the most recent fiscal year as shown in such entity's latest
audited or unaudited, as the case may be, unconsolidated accounts. 

        "Principal Property" means (i) any ship or real estate property, owned or leased by a Carnival Corporation & plc Company
which has a net book value exceeding the greater of $25,000,000 or 0.5% of the Consolidated Net Tangible Assets, and (ii) any shares of Capital Stock of any Carnival Corporation & plc
Company owning any of these ships or real estate properties. 

        "Principal Subsidiary" means a Subsidiary of the Company or Carnival Corporation whose Relevant Total Assets are 10% or more of
Consolidated Relevant Total Assets or whose Operating Revenue is 10% or more of Consolidated Operating Revenue. 

        "Relevant Total Assets" means, in relation to a Subsidiary of the Company or Carnival Corporation, its total assets, less the aggregate of
all receivables due from other Carnival Corporation & plc Companies and all intangible assets (including, without limitation, goodwill), as shown as of the end of the most recent fiscal year in
its latest annual audited or unaudited, as the case may be, unconsolidated balance sheet from time to time. 

        "Restricted Subsidiary" means any Subsidiary of Carnival Corporation or the Company (including any newly acquired or newly formed
Subsidiary of Carnival Corporation or the Company) which owns a Principal Property. 

        "UK GAAP" means generally accepted accounting principles in effect in the United Kingdom on the date of the First Supplemental Indenture. 

        "US GAAP" means generally accepted accounting principles in effect in the United States on the date of the First Supplemental Indenture. 

        SECTION
3.    Section 1.04(2) of the Original Indenture is hereby amended by replacing the words "UK GAAP" with the words "US GAAP". 

        SECTION
4.    Section 4.04 of the Original Indenture is hereby amended by: 

        (a)   Adding
the following text at the end of the first paragraph thereof: 

"Notwithstanding
the foregoing, (1) the requirement that the Company furnish to the Trustee and to all the Holders of such Securities or make available at the offices of the Paying Agent in
London (as the case may be) the information described in clause (a) of the preceding sentence shall be deemed to have been satisfied if the Company furnishes to the Trustee or makes available
at the offices of the Paying Agent in London (as the case may be) a Carnival 10-K or Carnival 10-Q for the applicable fiscal year or fiscal quarter, in each case, within
15 days after the expiration of the time periods specified in the Commission's rules and regulations, and (2) the requirement that the Company furnish to the Trustee and to all the
Holders of such Securities or make available at the offices of the Paying Agent in London (as the case may be) the information described in clause (b) of the preceding sentence shall be deemed
to have been satisfied if the Company furnishes to the Trustee or makes available at the offices of the Paying Agent in London (as the case may be) any Carnival 8-K that Carnival
Corporation is or would be required to file under the Exchange Act (assuming that it is required to file such forms under the Exchange Act), in each case, within 15 days after the expiration of
the time periods specified in the Commission's rules and regulations."; and 

        (b)   Deleting
the second sentence of the third paragraph thereof. 

3

 

        SECTION
5.    Section 4.07 of the Original Indenture is hereby amended and restated in its entirety to read as follows: 

        "SECTION
4.07.    Liens.    The Company shall not, and shall not permit Carnival Corporation or any Subsidiary of
which the Company and/or Carnival Corporation owns, directly or indirectly, at least 80% of such Subsidiary's voting shares to, create, incur, guarantee or assume any securities, bonds, debentures or
other similar evidences of indebtedness for money borrowed ("Debt") secured by a mortgage, pledge, security interest, lien or other similar encumbrance
("Mortgage" or "Mortgages"), on any Principal Property or on any shares of stock or indebtedness of any
Restricted Subsidiary, without effectively providing concurrently with the creation, incurrence, guarantee or assumption of such Debt that the Securities (together with, if the relevant obligor so
determines, any other Debt of any Carnival Corporation & plc Company, then existing or thereafter created ranking equally with the Securities) will be secured equally and ratably with (or prior
to) that Debt, so long as that Debt will be so secured, except that this restriction will not apply to: (i) Mortgages on property, shares of stock or indebtedness of any Person existing at the
time such Person becomes a Subsidiary of the Company or Carnival Corporation, provided that any such Mortgage was not created in contemplation of such Person becoming a Subsidiary of the Company or
Carnival Corporation; (ii) Mortgages on property or shares of stock existing at the time of acquisition thereof or to secure the payment of all or any part of the purchase price thereof or all
or part of the cost of the improvement, construction, alteration or repair of any property, ship, building, equipment or facilities or of any other improvements on all or any part of such property or
to secure any Debt incurred prior to, at the time of, or within twelve months after, in the case of shares of stock, the acquisition of such shares and, in the case of property, the later of the
acquisition, the completion of construction (including any improvements, alterations or repairs on an existing property) or the commencement of commercial operation of such property, which Debt is
incurred for the purpose of financing all or any part of the purchase price thereof or all or part of the cost of improvement, construction, alteration or repair thereon; (iii) Mortgages of the
Company or any Subsidiary of the Company existing on October 23, 2000; (iv) Mortgages of Carnival Corporation or any Subsidiary of Carnival Corporation existing at the date of the First
Supplemental Indenture; (v) Mortgages on property owned or held by any Person or on shares of stock, other equity interests or indebtedness of any Person, in either case existing at the time
such Person is merged into or consolidated or amalgamated with a Carnival Corporation & plc Company or at the time of a sale, lease or other disposition of property of a Person or a sale or
other disposition of stock of a Person as an entirety or substantially as an entirety to a Carnival Corporation & plc Company, provided that any such Mortgage was not created in contemplation
of such Person becoming a Subsidiary of the Company or Carnival Corporation; (vi) Mortgages arising by operation of law (other than by reason of default); (vii) Mortgages arising through
litigation, legal proceeding or judgment and not giving rise to an Event of Default; (viii) Mortgages to secure Debt incurred in the ordinary course of business, including, but not limited to,
(1) any mechanic's, materialmen's, carrier's, workmen's, vendor's or other like Mortgages, (2) any Mortgages securing amounts in connection with workers' compensation, unemployment
insurance and other types of social security, (3) any easements, rights-of-way, restrictions and other similar charges, (4) any Mortgages arising out of
consignment or similar arrangements for the sale of goods entered into by a Carnival Corporation & plc Company, and (5) any Mortgages to secure Debt maturing not more than
12 months from the date incurred; (ix) Mortgages to secure indebtedness for borrowed money incurred in connection with a specifically identifiable project where the Mortgage relates to a
Principal Property to which such project has been undertaken and recourse of the creditors in respect of such Mortgage is substantially limited to such project and Principal Property;
(x) Mortgages created to secure Debt of a Carnival Corporation & plc Company under any options, futures, swaps, short sale contracts or similar or related instruments which relate to the
purchase or sale of securities, commodities or currencies; (xi) Mortgages in favor of customs and revenues authorities to secure payment of customs duties in connection with the importation of
goods; (xii) leases or subleases granted to others not interfering in any material respect with the business of a Carnival Corporation & plc Company; (xiii) Mortgages encumbering
property or assets under 

4

 

construction
arising from progress or partial payments by a customer of a Carnival Corporation & plc Company relating to such property or assets; (xiv) rights of financial institutions
to offset credit balances in connection with the operation of cash management programs established for the benefit of a Carnival Corporation & plc Company; (xv) Mortgages encumbering
deposits made to secure obligations arising from statutory, regulatory, contractual or warranty requirements of a Carnival Corporation & plc Company; (xvi) Mortgages on any property of
the Company, Carnival Corporation or a Restricted Subsidiary in favor of the federal government of the United States or the government of any state thereof or the government of the United Kingdom, or
the European Union, or any instrumentality of any of them, securing the obligations of a Carnival Corporation & plc Company pursuant to any contract or payments owed to such entity pursuant to
applicable laws, rules, regulations or statutes; (xvii) Mortgages securing taxes or assessments or other applicable charges or levies; (xviii) Mortgages securing industrial revenue,
development or similar bonds issued by or for the benefit of a Carnival Corporation & plc Company, provided that such industrial revenue,
development or similar bonds are nonrecourse to such Carnival Corporation & plc Company; and (xix) any extension, renewal or replacement (or successive extensions, renewals or
replacements), as a whole or in part, of any Mortgage referred to in the foregoing clauses, or of any Debt secured thereby; provided that the principal
amount of Debt secured thereby will not exceed the principal amount of Debt so secured at the time of such extension, renewal, or replacement, and that such extension, renewal or replacement Mortgage
will be limited to all or any part of the same property or shares of stock that secured the Mortgage extended, renewed or replaced (plus improvements on such property), or property received or shares
of stock issued in substitution or exchange therefor. 

        Notwithstanding
the foregoing, the Company, Carnival Corporation or any Subsidiary of which the Company and/or Carnival Corporation owns, directly or indirectly, at least 80% of such
Subsidiary's voting shares may create, incur, guarantee or assume Debt secured by a Mortgage or Mortgages which would otherwise be subject to the foregoing restrictions in an aggregate amount which,
together with all other such Debt of Carnival Corporation & plc secured by a Mortgage or Mortgages and Carnival Corporation & plc's Attributable Debt in respect of Sale and Leaseback
Transactions (other than Attributable Debt in respect of Sale and Leaseback Transactions permitted because the relevant Carnival Corporation & plc Company would be entitled to create, incur,
guarantee or assume such Debt secured by a Mortgage on the property to be leased without equally and ratably securing the Securities pursuant to the preceding paragraph and other than a Sale and
Leaseback Transaction the proceeds of which have been applied within twelve months after its consummation to the Net Proceeds to the retirement or repayment of Funded Debt (as described in
Section 4.08)), does not at the time such Debt is incurred exceed 20% of Consolidated Net Tangible Assets." 

        SECTION
6.    Section 4.08 of the Original Indenture is hereby amended and restated in its entirety to read as follows: 

        "SECTION
4.08.    Sale and Leaseback Transactions.    The Company shall not, and shall not permit Carnival Corporation
or any Subsidiary of which the Company and/or Carnival Corporation owns, directly or indirectly, at least 80% of such Subsidiary's voting shares to, enter into any arrangement with a third party (not
including any Carnival Corporation & plc Company) providing for the leasing by such Carnival Corporation & plc Company for a period, including renewals, in excess of three years, of any
Principal Property which has been owned by such Carnival Corporation & plc Company for more than 270 days and which has been or is to be sold or transferred by such Carnival
Corporation & plc Company to the third party (a "Sale and Leaseback Transaction") unless, after giving effect thereto, the aggregate amount of
all Attributable Debt with respect to all of these Sale and Leaseback Transactions plus all the debt of Carnival Corporation & plc incurred, issued, assumed or guaranteed and secured by a
Mortgage or Mortgages (with the exception of debt secured by a Mortgage or Mortgages on property that any Carnival Corporation & plc Company would be entitled to create, incur, issue, guarantee
or assume without equally and ratably securing the Securities pursuant to the provisions of the Securities pursuant to Section 4.07) does not exceed 20% of Consolidated Net 

5

 

Tangible
Assets. This restriction will not apply to any Sale and Leaseback Transaction if (i) such Carnival Corporation & plc Company would be entitled to create, incur, issue, guarantee
or assume Debt secured by a Mortgage or Mortgages on the Principal Property to be leased without equally and ratably securing the Securities pursuant to the provisions of the Securities pursuant to
Section 4.07, (ii) within a period commencing twelve months prior to the consummation of the Sale and Leaseback Transaction and ending twelve months after the consummation of such Sale
and Leaseback Transaction, such Carnival Corporation & plc Company has expended or will expend for any Principal Property (including capital improvements thereon) an amount equal to
(x) the Net Proceeds or (y) the part of the Net Proceeds which such Carnival Corporation & plc Company has elected not to apply in the manner described in the following
clause (iii); or (iii) such Carnival Corporation & plc Company, within twelve months after the consummation of any Sale and Leaseback Transaction, applies an amount equal to the
Net Proceeds (less any amount expended for Principal Property under the preceding clause (ii)(y)) to the retirement or repayment of Funded Debt of a Carnival Corporation & plc Company
ranking equally in right of payment with the Securities or Funded Debt of a Subsidiary of Carnival Corporation or the Company. No retirement referred to in the preceding clause (iii) may be
effected by payment at maturity or pursuant to any mandatory sinking fund or prepayment provision (unless such repayment is required due to the receipt of the Net Proceeds)." 

        SECTION
7.    The Original Indenture is hereby amended by adding a new Section 4.10 to read in its entirety as follows: 

        "SECTION
4.10    Amounts payable by Carnival Corporation.    The Company shall cause all payments made by Carnival
Corporation pursuant to the Carnival Corporation Guarantee in respect of the Securities to be paid without deduction or withholding for any and all present and future taxes, levies, imposts or other
governmental charges whatsoever imposed, assessed, levied or collected by or for the account of the Republic of Panama (or by or for the account of the jurisdiction of incorporation (other than the
United States) of a successor corporation to Carnival Corporation, to the extent that such taxes become applicable as a result of the successor corporation becoming the obligor on the Securities) or
any political subdivision or taxing authority thereof or therein ("Panamanian Taxes") or, if deduction or withholding of any Panamanian Taxes shall at any time be required by the Republic of Panama
(or the jurisdiction of incorporation (other than the United States) of a successor corporation to Carnival Corporation) or any such subdivision or authority, the Company shall cause Carnival
Corporation to pay such additional amounts ("Carnival Additional Amounts") as may be necessary in order that the net amounts paid to each holder pursuant to the terms of this Agreement after such
deduction or withholding shall equal the amounts then due and payable under the terms of this Agreement; provided, however, that the foregoing shall not
apply to (i) any present or future Panamanian Taxes which would not have been so imposed, assessed, levied or collected but for the fact that the holder or beneficial owner of such Security
being or having been a domiciliary, national or resident of, or engaging or having been engaged in business or maintaining or having maintained a permanent establishment or being or having been
physically present in, the Republic of Panama (or the jurisdiction of incorporation of a successor corporation to Carnival Corporation) or such political subdivision or otherwise having or having had
some connection with the Republic of Panama (or the jurisdiction of incorporation of a successor corporation to Carnival Corporation) or such political subdivision other than the holding or ownership
of a Security, or the collection of principal of and interest, if any, on, or the enforcement of, a Security, (ii) any present or future Panamanian Taxes which would not have been so imposed,
assessed, levied or collected but for the fact that, where presentation is required, such Security was presented for payment on a date more than thirty days after the date such payment became due and
payable or was provided for, whichever is later, except to the extent that the holder would have been entitled to Carnival Additional Amounts if it had presented its Security for payment on any day
within the 30 day period, (iii) any present or future Panamanian Taxes which would not have been so imposed, assessed, levied or collected but for the failure to comply by the holder
with a request of Carnival Corporation addressed to the holder to provide information 

6

 

concerning
the nationality, residence, identity or connection with the Republic of Panama (or the jurisdiction of incorporation of a successor corporation to Carnival Corporation) or any political
subdivision or taxing authority thereof of the holder or beneficial owner of such Security or to make any declaration or other similar claim to satisfy any information or reporting requirement, which
in either case, is required by statute or by rules or regulations of the Republic of Panama (or the jurisdiction of incorporation of a successor corporation to Carnival Corporation) or such political
subdivision or taxing authority as a precondition to relief or exemption from withholding or deduction of any Panamanian Taxes, (iv) any estate, inheritance, gift, sale, transfer, personal
property or similar tax, assessment or other governmental charge; (v) any tax, duty, assessment or other governmental charge which is payable otherwise than by withholding or deduction from
payment of (or in respect of) principal of, or any interest on, the Securities; (vi) any tax, duty, assessment or other governmental charge which is payable in respect of any payments on a
certificated Security issued at the request of the Holder on or after the occurrence of an Event of Default; or (vii) any combination of the above items; nor will Carnival Additional Amounts be
paid with respect to any payment of principal of, or any interest on, any Security to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent
the payment would be required by the laws of the Republic of Panama (or the jurisdiction of incorporation of a successor corporation to Carnival Corporation) or any political subdivision or taxing
authority thereof or therein to be included in the
income for tax purposes of a beneficiary or settler with respect to such fiduciary or a member of such partnership or to a beneficial owner who would not have been entitled to such Carnival Additional
Amounts had it been the Holder of the Security. The provisions described in (i) through (vii) above are referred to herein as "Excluded Taxes." The Company shall cause Carnival
Corporation to indemnify and hold harmless each holder of a Security and upon written request reimburse each holder for the amount of (i) any Panamanian Taxes levied or imposed and paid by such
holder of a Security (other than Excluded Taxes) as a result of payments made with respect to such Security, (ii) any liability (including penalties, interest and expenses) arising therefrom or
with respect thereto, and (iii) any Panamanian Taxes with respect to payment of Carnival Additional Amounts or any reimbursement pursuant to this sentence. The Company shall cause Carnival
Corporation to (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. 

7

   
        The Company shall, and shall cause Carnival Corporation to, use commercially reasonable efforts to facilitate administrative actions necessary to assist Holders to obtain any refund of
or credit against Panamanian Taxes for which Carnival Additional Amounts are not paid as a result of the conditions in the preceding paragraph." 

        SECTION
8.    Section 5.01 of the Original Indenture is hereby amended by adding the following text at the end of the first paragraph thereof: 

        "Notwithstanding
the foregoing, if the Carnival Corporation Guarantee is in effect immediately prior to a consolidation, merger, sale, conveyance, transfer or other disposition of assets
and such transaction is not prohibited by the DLC Agreements, in the case of (i) any merger or consolidation by (x) the Company, the Guarantor or any Restricted Subsidiaries with
(y) Carnival Corporation or any of its Subsidiaries, (ii) any sale, conveyance, transfer or other disposition of assets by (x) the Company, the Guarantor or any Restricted
Subsidiaries to (y) Carnival Corporation or any of its Subsidiaries, clause (a) of the first sentence of this Section 5.01 shall be deemed to have been satisfied." 

        SECTION
9.    Section 6.01(d) of the Original Indenture is hereby amended and restated in its entirety to read as follows: 

        "(d) default
under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company, Carnival Corporation or any Principal Subsidiary having an
aggregate principal amount outstanding of the greater of £25,000,000 or 0.5% of Consolidated Net Tangible Assets (or their respective equivalents in any other currency) or under any
mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company, Carnival Corporation or any
Principal Subsidiary, whether such indebtedness now exists or will hereafter be created which default will have resulted in such indebtedness of the greater of £25,000,000 or 0.5% (or
their respective equivalents in any other currency) of Consolidated Net Tangible Assets becoming or being declared due and payable prior to the date on which it would otherwise have become due and
payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 30 days after written notice is provided to the Company;" 

        SECTION
10.    Section 6.01(e) of the Original Indenture is hereby amended and restated in its entirety to read as follows: 

        "(e) the
Company, Carnival Corporation, the Guarantor or any Principal Subsidiary pursuant to or within the meaning of Bankruptcy Law: 

        (i)    commences
a voluntary case, 

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

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

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

        (v)   generally
is not paying its debts as they become due; and" 

        SECTION
11.    Section 6.01(f) of the Original Indenture is hereby amended and restated in its entirety to read as follows: 

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

	(i)
	is
for relief against the Company, Carnival Corporation or the Guarantor in an involuntary case, 

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	(ii)
	appoints
a Custodian of the Company, Carnival Corporation, the Guarantor or any Principal Subsidiary or for all or substantially all of the property of the Company, the Guarantor,
Carnival Corporation or any Principal Subsidiary; or

	(iii)
	orders
the liquidation of the Company, Carnival Corporation, the Guarantor or any Principal Subsidiary; 

        and
the order or decree remains unstayed and in effect for 90 consecutive days; 

provided, however, that there will not be an Event of Default under Section 6.01(d) if the bond, debenture, note or other evidence of
indebtedness in question is the subject of non-recourse financing arrangement under which the lender's right of recourse is limited to a specific asset and there is no further recourse by
the relevant creditor against the general assets of the Company, Carnival Corporation, the Guarantor or any Principal Subsidiary; and provided further,
that it will not be an Event of Default under Clause (e) and (f) if the event in question relates solely to property of the Company, Carnival Corporation, the Guarantor or a Principal
Subsidiary that is the subject of a non-recourse financing arrangement described in the previous proviso, and if such event does not, directly or indirectly, give further recourse by the
relevant creditor to the general assets (or any other property) of the Company, Carnival Corporation, the Guarantor or a Principal Subsidiary." 

        SECTION
12.    This First Supplemental Indenture shall become effective upon its execution and delivery by the parties hereto. 

        SECTION
13.    The Company and the Guarantor agree that the Trustee is permitted to place a notation about this First Supplemental Indenture on the Securities in accordance
with the provisions of Section 9.05 of the Indenture. 

        SECTION
14.    The Trustee accepts this First Supplemental Indenture and agrees to execute the trust created by the Indenture as hereby supplemented, but only upon the terms
and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner
define and limit its liabilities and responsibilities in the performance of the trust created by the Indenture. 

        SECTION
15.    The Indenture, as hereby amended, is in all respects ratified and confirmed, and the terms and conditions thereof shall be and remain in full force and effect. 

        SECTION
16.    The recitals contained in this First Supplemental Indenture shall be taken as the statements made solely by the Company and the Guarantor, and the Trustee shall
have no liability or responsibility for their correctness and, without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to
(i) the validity or sufficiency of this First Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Company and the Guarantor by
corporate action or otherwise, (iii) the due execution
hereof by the Company and the Guarantor or (iv) the consequences (direct or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Trustee makes no
representation with respect to any such matters. 

        SECTION
17.    THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAW PROVISIONS THEREOF THAT WOULD REQUIRE APPLICATION OF THE LAW OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

        SECTION
18.    In case any provision in this First Supplemental Indenture is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 

9

 

        SECTION
19.    If any provision of this First Supplemental Indenture limits, qualifies or conflicts with any provision of the TIA that is required under the TIA to be part of
and govern the Indenture, such provision of the TIA shall control. If any provision of this First Supplemental Indenture modifies or excludes any provision of the TIA that may be so modified or
excluded, the provision of the TIA shall be deemed to apply to the Indenture as so modified or to be excluded by this First Supplemental Indenture, as the case may be. 

        SECTION
20.    This First Supplemental Indenture may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. 

        [The remainder of this page is intentionally blank.]

10

 

        IN
WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed and attested, all as of the date first above written. 

	

 	
 	

CARNIVAL PLC
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

P&O PRINCESS CRUISES INTERNATIONAL LIMITED
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

THE BANK OF NEW YORK,

as Trustee
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:

11

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Exhibit 4.2

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Exhibit 4.2
  
    EXECUTION COPY
  
    
  
    CLIFFORD CHANCE US LLP    
    

C L I F F O R D

C H A N C E

  

SIMON PROPERTY GROUP, L.P.

ISSUER

TO

JPMORGAN CHASE BANK

TRUSTEE  

ELEVENTH SUPPLEMENTAL INDENTURE

DATED AS OF MARCH 18, 2003

  

$300,000,000 4.875% NOTES due 2010

$200,000,000 5.450% NOTES due 2013  

 

SUPPLEMENT TO INDENTURE,

DATED AS OF NOVEMBER 26, 1996,

BETWEEN

SIMON PROPERTY GROUP, L.P.

AND

JPMORGAN CHASE BANK

(FORMERLY KNOWN AS THE CHASE MANHATTAN BANK),

AS TRUSTEE  

 
 

TABLE OF CONTENTS    
    

	 
	 
	 
	 	Page

	ARTICLE I	DEFINITIONS, CREATION, FORMS AND TERMS AND CONDITIONS OF THE SECURITIES	 	2
	 	SECTION 1.01.	Definitions	 	2
	 	SECTION 1.02.	Creation of the Notes	 	4
	 	SECTION 1.03.	Form of the Notes	 	5
	 	SECTION 1.04.	Terms and Conditions of the 2010 Notes	 	5
	 	SECTION 1.05.	Terms and Conditions of the 2013 Notes	 	7
	ARTICLE II	COVENANTS FOR BENEFIT OF HOLDERS OF NOTES	 	9
	 	SECTION 2.01.	Covenants for Benefit of Holders of Notes	 	9
	 	SECTION 2.02.	Definitions	 	10
	ARTICLE III	REGISTRATION RIGHTS	 	12
	 	SECTION 3.01.	Registration Rights Agreement	 	12
	 	SECTION 3.02.	Special Interest Premium	 	13
	 	SECTION 3.03.	Legend	 	13
	ARTICLE IV	TRANSFER AND EXCHANGE	 	14
	 	SECTION 4.01.	Transfer and Exchange	 	14
	ARTICLE V	LEGENDS	 	15
	 	SECTION 5.01.	Legends	 	15
	ARTICLE VI	TRUSTEE	 	17
	 	SECTION 6.01.	Corporate Trust Office	 	17
	 	SECTION 6.02.	Recitals	 	17
	ARTICLE VII	MISCELLANEOUS PROVISIONS	 	17
	 	SECTION 7.01.	Ratification of Original Indenture	 	17
	 	SECTION 7.02.	Effect of Headings	 	17
	 	SECTION 7.03.	Successors and Assigns	 	17
	 	SECTION 7.04.	Separability Clause	 	17
	 	SECTION 7.05.	Governing Law	 	17
	 	SECTION 7.06.	Counterparts	 	17

EXHIBITS  

	EXHIBIT A	 	Form of Initial Restricted Global Note	 	 
	EXHIBIT B	 	Form of Initial Regulation S Global Note	 	 
	EXHIBIT C	 	Form of Initial Certificated Note	 	 
	EXHIBIT D	 	Form of Exchange Global Note	 	 
	EXHIBIT E	 	Form of Exchange Certificated Note	 	 

        ELEVENTH SUPPLEMENTAL INDENTURE, dated as of March 18, 2003 (the "Eleventh Supplemental Indenture"), between SIMON PROPERTY GROUP,
L.P. (formerly known as Simon DeBartolo Group, L.P.), a Delaware limited partnership (the "Issuer" or the "Operating Partnership"), having its principal offices at National City Center, 115 West
Washington Street, Suite 15 East, Indianapolis, Indiana 46204, and JPMORGAN CHASE BANK (formerly known as The Chase Manhattan Bank), a New York banking corporation, as trustee (the "Trustee"), having
its Corporate Trust Office at 4 New York Plaza, 15th Floor, New York, New York 10004. 

 
 

RECITALS    
    

        WHEREAS, the Issuer and Simon Property Group, L.P., a Delaware limited partnership acting as a guarantor (the
"Guarantor"), executed and delivered to the Trustee an Indenture, dated as of November 26, 1996 (the "Original Indenture"), providing for the issuance from time to time of debt securities
evidencing unsecured and unsubordinated indebtedness of the Issuer; 

        WHEREAS, on December 31, 1997 the Guarantor was merged into the Issuer as contemplated under the Indenture; 

        WHEREAS, the Issuer changed its name from "Simon DeBartolo Group, L.P." to "Simon Property Group, L.P." effective as of
September 24, 1998; 

        WHEREAS, the Original Indenture provides that by means of a supplemental indenture, the Issuer may create one or more series of its debt
securities and establish the form and terms and conditions thereof; 

        WHEREAS, the Issuer intends by this Eleventh Supplemental Indenture to create and provide for the following series of debt securities (the
"Initial Notes"): 

        (i)    Simon
Property Group, L.P. 4.875% Notes due 2010 (the "Initial 2010 Notes") in an aggregate principal amount of $300,000,000; and 

        (ii)   Simon
Property Group, L.P. 5.450% Notes due 2013 (the "Initial 2013 Notes") in an aggregate principal amount of $200,000,000; 

        WHEREAS, the Issuer further intends by this Eleventh Supplemental Indenture to create and provide for, if and when issued in exchange for
the Initial Notes pursuant to this Eleventh Supplemental Indenture and the Registration Rights Agreement (defined below), the following additional series of debt securities (the "Exchange Notes"): 

        (i)    Simon
Property Group, L.P. 4.875% Notes due 2010 (the "Exchange 2010 Notes," and together with the Initial 2010 Notes, the "2010 Notes"), in an aggregate principal
amount of up to $300,000,000; and 

        (ii)   Simon
Property Group, L.P. 5.450% Notes due 2013 (the "Exchange 2013 Notes," and together with the Initial 2013 Notes, the "2013 Notes"), in an aggregate principal
amount of up to $200,000,000; 

        WHEREAS, the Board of Directors of Simon Property Group, Inc., the general partner of the Issuer, has approved the creation of the
Notes and the forms, terms and conditions thereof pursuant to Sections 301 and 1701 of the Original Indenture; and 

        WHEREAS, all actions required to be taken under the Original Indenture with respect to this Eleventh Supplemental Indenture have been
taken. 

 

        NOW, THEREFORE, IT IS AGREED:

 
 

ARTICLE I
  
    DEFINITIONS, CREATION, FORMS AND
  TERMS AND CONDITIONS OF THE SECURITIES    
    

        SECTION 1.01.    Definitions.    Capitalized terms used in this Eleventh Supplemental
Indenture and not otherwise defined shall have the meanings ascribed to them in the Original Indenture. Certain terms, used principally in Article II of this Eleventh Supplemental Indenture,
are defined in that Article. In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms defined: 

        "Business Day" means any day, other than a Saturday or Sunday, on which banking institutions in New York, New York are open for business. 

        "Clearstream Banking" means Clearstream Banking, société
anonyme, its successors and assigns. 

        "Closing Date" means March 18, 2003. 

        "Dollar" or "$" means the lawful currency of the United States of America. 

        "DTC" means The Depository Trust Company, its nominees and their successors and assigns. 

        "Euroclear" means Euroclear Bank S.A./N.V., as operator of the Euroclear System, its successors and assigns. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time. 

        "Exchange Certificated Notes" means a note in definitive, fully registered form, without coupons, substantially in the form of
Exhibit E hereto. 

        "Exchange Notes" has the meaning set forth in the Recitals hereto. 

        "Exchange Offer" means the offer by the Operating Partnership to exchange all of the Initial Notes of a series for Exchange Notes of the
same series. 

        "Exchange Global Notes" has the meaning set forth in Section 1.03(e). 

        "Exchange Offer Registration Statement" has the meaning set forth in Section 3.01(a). 

        "Exchange 2010 Notes" has the meaning set forth in the Recitals hereto. 

        "Exchange 2013 Notes" has the meaning set forth in the Recitals hereto. 

        "Global Notes" means the Initial Global Note and the Exchange Global Note. 

        "Indenture" means the Original Indenture as supplemented by this Eleventh Supplemental Indenture. 

        "Initial Certificated Notes" has the meaning set forth in Section 1.03(d). 

        "Initial Global Notes" has the meaning set forth in Section 1.03(c). 

        "Initial Notes" has the meaning set forth in the Recitals hereto. 

        "Initial 2010 Notes" has the meaning set forth in the Recitals hereto. 

        "Initial 2013 Notes" has the meaning set forth in the Recitals hereto. 

        "Initial Purchasers" means Deutsche Bank Securities Inc. and UBS Warburg LLC. 

2

 

        "Initial Regulation S Global Note" means a single fully registered global note in book-entry form, substantially in the
form of Exhibit B attached hereto. 

        "Initial Restricted Global Note" means a single fully registered global note in book-entry form, substantially in the form of
Exhibit A attached hereto. 

        "Institutional Accredited Investor" means an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act. 

        "Issuer" has the meaning set forth in the Recitals hereto. 

        "Make-Whole Amount" means, in connection with any optional redemption or accelerated payment of any Notes, the excess, if any,
of (i) the aggregate present value, as of the date of such redemption or accelerated payment, of each Dollar of principal being redeemed or paid and the amount of interest (exclusive of
interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of each such dollar if such redemption or accelerated payment had not been made, determined
by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate, determined on the third Business Day preceding the date notice of such redemption or
accelerated payment is given, from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had not been made, to the date of
redemption or accelerated payment, over (ii) the aggregate principal amount of the Notes being redeemed or accelerated. 

        "Non-U.S. Person" means a Person that is not a U.S. Person as defined in Regulation S, and includes dealers or other
professional fiduciaries in the United States acting on a discretionary basis for foreign beneficial owners (other than an estate or trust) in offshore transactions meeting the requirements of
Rule 904 of Regulation S. 

        "Notes" means the Initial Notes and the Exchange Notes. 

        "Operating Partnership" has the meaning set forth in the Recitals hereto. 

        "Original Indenture" has the meaning set forth in the Recitals hereto. 

        "Purchase Agreement" means the Purchase Agreement dated March 13, 2003 between the Operating Partnership and the Initial
Purchasers. 

        "QIB" means a qualified institutional buyer, as defined in Rule 144A under the Securities Act. 

        "Registration Rights Agreement" means the Registration Rights Agreement, dated March 18, 2003, between the Operating Partnership
and the Initial Purchasers. 

        "Regulation S" means Regulation S under the Securities Act. 

        "Reinvestment Rate" means, in connection with any optional redemption or accelerated payment of any Notes, the yield on treasury
securities at a constant maturity corresponding to the remaining life (as of the date of redemption or accelerated payment, and rounded to the nearest month) to Stated Maturity of the principal being
redeemed (the "Treasury Yield") as stated in such Notes, plus (i) 0.25%, in the case of the 2010 Notes or (ii) 0.30%, in the case of the 2013 Notes. For purposes hereof, the Treasury
Yield shall be equal to the arithmetic mean of the yields published in the Statistical Release under the heading "Week Ending" for "U.S. Government Securities—Treasury Constant Maturities"
with a maturity equal to such remaining life; provided, that if no published maturity exactly corresponds to such remaining life, then the Treasury Yield shall be interpolated or extrapolated on a
straight-line basis from the arithmetic means of the yields for the next shortest and next longest published maturities, rounding each of such relevant periods to the nearest month. For
purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the format or
content of the 

3

 

Statistical
Release changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield shall be determined in the manner that most closely approximates
the above manner, as reasonably determined by the Operating Partnership. 

        "Rule 144A" means Rule 144A under the Securities Act. 

        "Securities Act" means the Securities Act of 1933, as amended from time to time. 

        "Shelf Registration Statement" has the meaning set forth in Section 3.01(c). 

        "Special Interest Premium" has the meaning set forth in Section 3.02. 

        "Statistical Release" means the statistical release designated "H.15(519)" or any successor publication which is published weekly by the
Federal Reserve System and which reports yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release is not published at the time of
any required determination, then such other reasonably comparable index which shall be designated by the Operating Partnership. 

        "Trustee" has the meaning set forth in the Recitals hereto. 

        "2010 Interest Payment Date" has the meaning set forth in Section 1.04(c). 

        "2013 Interest Payment Date" has the meaning set forth in Section 1.05(c). 

        "2010 Notes" has the meaning set forth in the Recitals hereto. 

        "2013 Notes" has the meaning set forth in the Recitals hereto. 

        "2010 Redemption Price" has the meaning set forth in Section 1.04(f). 

        "2013 Redemption Price" has the meaning set forth in Section 1.05(f). 

        "2010 Regular Record Date" has the meaning set forth in Section 1.04(c). 

        "2013 Regular Record Date" has the meaning set forth in Section 1.05(c). 

        SECTION 1.02.    Creation of the Notes.

        (a)    Initial Notes.    In accordance with Section 301 of the Original Indenture, the Issuer hereby creates
each of the Initial 2010 Notes and the Initial 2013 Notes as a separate series of its securities issued pursuant to the Indenture. The Initial 2010 Notes shall be issued initially in an aggregate
principal amount of $300,000,000 and the Initial 2013 Notes shall be issued initially in an aggregate principal amount of $200,000,000, except as permitted by Sections 304, 305 or 306 of the Original
Indenture. 

        (b)    Exchange Notes.    In accordance with Section 301 of the Original Indenture, the Issuer hereby creates
each of the Exchange Notes as a separate series of its securities issued pursuant to the Indenture. Each series of the Exchange Notes is to be issued in exchange for the corresponding series of the
Initial Notes as provided in this Eleventh Supplemental Indenture and the Registration Rights Agreement. The Exchange 2010 Notes may be issued initially in an aggregate principal amount of up to
$300,000,000 (but in no event in excess of the principal amount of the Initial 2010 Notes tendered in exchange therefor in an Exchange Offer), except as permitted by Sections 304, 305 or 306 of the
Original Indenture. The Exchange 2013 Notes may be issued initially in an aggregate principal amount of up to $200,000,000 (but in no event in excess of the principal amount of the Initial 2013 Notes
tendered in exchange therefor in an Exchange Offer), except as permitted by Sections 304, 305 or 306 of the Original Indenture. 

4

 

        SECTION 1.03.    Form of the Notes.

        (a)   The
Initial Notes shall be in the form of Exhibit A, Exhibit B or Exhibit C hereto, as applicable, and the Exchange Notes shall be in the form of
Exhibit D or Exhibit E hereto, as applicable. 

        (b)   Initial
Notes offered and sold to QIBs in reliance on Rule 144A as provided in the Purchase Agreement shall be issued in book-entry form and shall be
represented by a single, permanent global note in fully registered form, without coupons, substantially in the form of Exhibit A hereto and shall bear the legends set forth in
Section 5.01(a) and Section 5.01(b) (the "Initial Restricted Global Note"). Upon issuance, the Initial Restricted Global Note shall be registered in the name of "Cede & Co.," as
nominee of DTC, duly executed by the Operating Partnership and authenticated by the Trustee and deposited with or on behalf of DTC. 

        (c)   Initial
Notes offered and sold to Non-U.S. Persons in reliance on Regulation S as provided in the Purchase Agreement shall be issued in
book-entry form and shall be represented by a single, permanent global note in definitive, fully registered form, without coupons, substantially in the form of Exhibit B hereto and
shall bear the legends set forth in Section 5.01(a) and Section 5.01(b) (the "Initial Regulation S Global Note," and together with the Initial Restricted Global Note," the
"Initial Global Notes"). Upon issuance, the Initial Regulation S Global Note shall be registered in the name of "Cede & Co.," as nominee for DTC, duly executed by the Operating
Partnership and authenticated by the Trustee and deposited with or on behalf of DTC for the accounts of Euroclear or Clearstream Banking. Interests in the Initial Regulation S Global Note may
only be held through Euroclear or Clearstream Banking. 

        (d)   Initial
Notes offered and sold to Institutional Accredited Investors that are not QIBS or Non-U.S. Persons as provided in the Purchase Agreement shall be
issued in definitive, fully registered certificated form, without coupons, substantially in the form of Exhibit C hereto and shall bear the legends set forth in Section 5.01(a) hereof
(the "Initial Certificated Notes"). Upon issuance, any such Initial Certificated Note or the transfer thereof shall be duly executed by the Operating Partnership and authenticated by the Trustee. Upon
the registration of the transfer of any Initial Certificated Note to a QIB or Non-U.S. Person, such Initial Certificated Note shall be exchanged for a beneficial interest in the applicable
Initial Global Note. Except as provided in Section 4.01(b), interests in an Initial Global Note may not be exchanged for Initial Certificated Notes and the Operating Partnership waives any
discretionary right it may otherwise have to cause the Notes to be issued in certificated form. 

        (e)   In
the event all or a portion of the Initial Notes of any series are tendered in an Exchange Offer, such Notes or the portions thereof being exchanged shall be exchanged
for a single, permanent global note in definitive, fully registered form, without coupons, substantially in the form of Exhibit D hereto (the "Exchange Global Notes") and shall bear the legends
set forth in Section 5.01(c) hereof. Upon issuance, each Exchange Global Note shall be registered in the name of "Cede & Co.," as nominee of DTC, duly executed by the Operating
Partnership and authenticated by the Trustee and deposited with or on behalf of DTC. Except as provided in Section 4.01(b), Exchange Certificated Notes shall not be issued and the Operating
Partnership waives any discretionary right it may otherwise have to cause the Notes to be issued in certificated form. 

        SECTION 1.04.    Terms and Conditions of the 2010 Notes. The 2010 Notes shall be governed by all the
terms and conditions of the Original Indenture, as supplemented by this Eleventh Supplemental Indenture. In particular, the following provisions shall be terms of the 2010 Notes: 

        (a)    Title and Aggregate Principal Amount.    The title of the Initial 2010 Notes and the Exchange 2010 Notes shall
be as specified in the Recitals; and the aggregate principal amount of the Initial 2010 Notes and the Exchange 2010 Notes shall be as specified in Section 1.02 of this 

5

 

Eleventh
Supplemental Indenture, except as permitted by Sections 304, 305 or 306 of the Original Indenture. 

        (b)    Stated Maturity.    The 2010 Notes shall mature, and the unpaid principal thereon shall be payable, on
March 18, 2010, subject to the provisions of the Original Indenture. 

        (c)    Interest.    The rate per annum at which interest shall be payable on the 2010 Notes shall be 4.875%. Interest
on the 2010 Notes shall be payable semi-annually in arrears on each March 18 and September 18, commencing on September 18, 2003 (each, a "2010 Interest Payment Date"),
and on the Stated Maturity as specified in Section 1.04(b) of this Eleventh Supplemental Indenture, to the Persons in whose names the applicable 2010 Notes are registered in the Security
Register applicable to the 2010 Notes at the close of business on the 15th calendar day immediately prior to such payment date regardless of whether such day is a Business Day (each, a
"2010 Regular Record Date"). Interest on the 2010 Notes shall be computed on the basis of a 360-day year of twelve 30-day months. Interest on the 2010 Notes shall accrue from
March 18, 2003. 

        If
an Initial 2010 Note is exchanged in an Exchange Offer prior to the Regular Record Date for the first Interest Payment Date following such exchange, accrued and unpaid interest, if
any, on such 2010 Note, up to but not including the date of issuance of the Exchange 2010 Note(s) issued in exchange for such Initial 2010 Note, shall be paid on the first Interest Payment Date for
such Exchange 2010 Note(s) to the Holder or Holders of such Exchange 2010 Note(s) on the first Regular Record Date with respect to such Exchange 2010 Note(s). If such Initial 2010 Note is exchanged in
an Exchange Offer subsequent to the Regular Record Date for the first Interest Payment Date following such exchange but on or prior to such Interest Payment Date, then any such accrued and unpaid
interest with respect to such Initial 2010 Note and any accrued and unpaid interest on the Exchange 2010 Note(s) issued in exchange for such Initial 2010 Note, through the day before such Interest
Payment Date, shall be paid on such Interest Payment Date to the Holder of such Initial 2010 Note on such Regular Record Date. 

        (d)    Registration Rights.    The Holders of the Initial 2010 Notes shall be entitled to the benefits of the
Registration Rights Agreement, as described in Article III hereof. 

        (e)    Special Interest Premium.    If the Operating Partnership fails to comply with certain provisions of the
Registration Rights Agreement, then a Special Interest Premium shall become payable in respect of the 2010 Notes as provided in Article III hereof. 

        (f)    Sinking Fund, Redemption or Repayment.    No sinking fund shall be provided for the 2010 Notes and the 2010
Notes shall not be repayable at the option of the Holders thereof prior to Stated Maturity. The 2010 Notes may be redeemed at any time at the option of the Issuer, in whole or from time to time in
part, at a redemption price equal to the sum of (i) 100% of the principal amount of the 2010 Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the
Make-Whole Amount, if any, with respect to such 2010 Notes (collectively, the "2010 Redemption Price"), all in accordance with the provisions of Article XI of the Original
Indenture. 

        If
notice of redemption has been given as provided in the Original Indenture and funds for the redemption of any 2010 Notes called for redemption shall have been made available on the
Redemption Date referred to in such notice, such 2010 Notes shall cease to bear interest on the Redemption Date and the only right of the Holders of the 2010 Notes from and after the Redemption Date
shall be to receive payment of the Redemption Price upon surrender of such 2010 Notes in accordance with such notice. 

        (g)    Registration and Form.    The 2010 Notes shall be issuable as Registered Securities as provided in
Section 1.03 of this Eleventh Supplemental Indenture. Initial 2010 Notes shall be issued and may be transferred only in minimum denominations of $1,000 ($100,000 for 

6

 

Institutional
Accredited Investors) and integral multiples of $1,000 in excess thereof. Exchange 2010 Notes shall be issued in minimum denominations of $1,000 ($100,000 for Institutional Accredited
Investors) and integral multiples of $1,000 in excess thereof. All payments of principal and interest in respect of the 2010 Notes shall be made by the Issuer in immediately available funds. 

        (h)    Defeasance and Covenant Defeasance.    The provisions for defeasance in Section 1402 of the Original
Indenture, and the provisions for covenant defeasance (which provisions shall apply, without limitation, to the covenants set forth in Article II of this Eleventh Supplemental Indenture) in
Section 1403 of the Original Indenture, shall be applicable to the 2010 Notes. 

        (i)    Make-Whole Amount Payable Upon Acceleration.    Upon any acceleration of the Stated Maturity of the
2010 Notes in accordance with Section 502 of the Original Indenture, the Make-Whole Amount on the 2010 Notes shall become immediately due and payable, subject to the terms and
conditions of the Indenture. 

        (j)    Further Issues.    The Issuer may, from time to time, without the consent of the Holders, create and issue
further securities having the same terms and conditions as the 2010 Notes in all respects, except for issue date, issue price and the first payment of interest thereon. Additional 2010 Notes issued in
this manner shall be consolidated with and shall form a single series with the previously outstanding
2010 Notes. Notice of any such issuance shall be given to the Trustee and a new supplemental indenture shall be executed in connection with the issuance of such securities. 

        (k)    Other Terms and Conditions.    The 2010 Notes shall have such other terms and conditions as provided in the
forms thereof attached as Exhibits A, B, C, D and E hereto. 

        SECTION 1.05.    Terms and Conditions of the 2013 Notes. The 2013 Notes shall be governed by all the
terms and conditions of the Original Indenture, as supplemented by this Eleventh Supplemental Indenture. In particular, the following provisions shall be terms of the 2013 Notes: 

        (a)    Title and Aggregate Principal Amount.    The title of the Initial 2013 Notes and the Exchange 2013 Notes shall
be as specified in the Recitals; and the aggregate principal amount of the Initial 2013 Notes and the Exchange 2013 Notes shall be as specified in Section 1.02 of this Eleventh Supplemental
Indenture, except as permitted by Sections 304, 305 or 306 of the Original Indenture. 

        (b)    Stated Maturity.    The 2013 Notes shall mature, and the unpaid principal thereon shall be payable, on
March 15, 2013, subject to the provisions of the Original Indenture. 

        (c)    Interest.    The rate per annum at which interest shall be payable on the 2013 Notes shall be 5.450%. Interest
on the 2013 Notes shall be payable semi-annually in arrears on each March 15 and September 15, commencing on September 15, 2003 (each, a "2013 Interest Payment Date"),
and on the Stated Maturity as specified in Section 1.04(b) of this Eleventh Supplemental Indenture, to the Persons in whose names the applicable 2013 Notes are registered in the Security
Register applicable to the 2013 Notes at the close of business on the 15th calendar day immediately prior to such payment date regardless of whether such day is a Business Day (each, a
"2013 Regular Record Date"). Interest on the 2013 Notes shall be computed on the basis of a 360-day year of twelve 30-day months. Interest on the 2013 Notes shall accrue from
March 18, 2003. 

        If
an Initial 2013 Note is exchanged in an Exchange Offer prior to the Regular Record Date for the first Interest Payment Date following such exchange, accrued and unpaid interest, if
any, on such 2013 Note, up to but not including the date of issuance of the Exchange 2013 Note(s) issued in exchange for such Initial 2013 Note, shall be paid on the first Interest Payment Date for
such Exchange 2013 Note(s) to the Holder or Holders of such Exchange 2013 Note(s) on the first Regular Record Date with respect to such Exchange 2013 Note(s). If such Initial 2013 Note is 

7

 

exchanged
in an Exchange Offer subsequent to the Regular Record Date for the first Interest Payment Date following such exchange but on or prior to such Interest Payment Date, then any such accrued
and unpaid interest with respect to such Initial 2013 Note and any accrued and unpaid interest on the Exchange 2013 Note(s) issued in exchange for such Initial 2013 Note, through the day before such
Interest Payment Date, shall be paid on such Interest Payment Date to the Holder of such Initial 2013 Note on such Regular Record Date. 

        (d)    Registration Rights.    The Holders of the Initial 2013 Notes shall be entitled to the benefits of the
Registration Rights Agreement, as described in Article III hereof. 

        (e)    Special Interest Premium.    If the Operating Partnership fails to comply with certain provisions of the
Registration Rights Agreement, then a Special Interest Premium shall become payable in respect of the 2013 Notes as provided in Article III hereof. 

        (f)    Sinking Fund, Redemption or Repayment.    No sinking fund shall be provided for the 2013 Notes and the 2013
Notes shall not be repayable at the option of the Holders thereof prior to Stated Maturity. The 2013 Notes may be redeemed at any time at the option of the Issuer, in whole or from time to time in
part, at a redemption price equal to the sum of (i) 100% of the principal amount of the 2013 Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the
Make-Whole Amount, if any, with respect to such 2013 Notes (collectively, the "Redemption Price"), all in accordance with the provisions of Article XI of the Original Indenture. 

        If
notice of redemption has been given as provided in the Original Indenture and funds for the redemption of any 2013 Notes called for redemption shall have been made available on the
Redemption Date referred to in such notice, such 2013 Notes shall cease to bear interest on the Redemption Date and the only right of the Holders of the 2013 Notes from and after the Redemption Date
shall be to receive payment of the Redemption Price upon surrender of such 2013 Notes in accordance with such notice. 

        (g)    Registration and Form.    The 2013 Notes shall be issuable as Registered Securities as provided in
Section 1.03 of this Eleventh Supplemental Indenture. Initial 2013 Notes shall be issued and may be transferred only in minimum denominations of $1,000 ($100,000 for Institutional Accredited
Investors) and integral multiples of $1,000 in excess thereof. Exchange 2013 Notes shall be issued in minimum
denominations of $1,000 ($100,000 for Institutional Accredited Investors) and integral multiples of $1,000 in excess thereof. All payments of principal and interest in respect of the 2013 Notes shall
be made by the Issuer in immediately available funds. 

        (h)    Defeasance and Covenant Defeasance.    The provisions for defeasance in Section 1402 of the Original
Indenture, and the provisions for covenant defeasance (which provisions shall apply, without limitation, to the covenants set forth in Article II of this Eleventh Supplemental Indenture) in
Section 1403 of the Original Indenture, shall be applicable to the 2013 Notes. 

        (i)    Make-Whole Amount Payable Upon Acceleration.    Upon any acceleration of the Stated Maturity of the
2013 Notes in accordance with Section 502 of the Original Indenture, the Make-Whole Amount on the 2013 Notes shall become immediately due and payable, subject to the terms and
conditions of the Indenture. 

        (j)    Further Issues.    The Issuer may, from time to time, without the consent of the Holders, create and issue
further securities having the same terms and conditions as the 2013 Notes in all respects, except for issue date, issue price and the first payment of interest thereon. Additional 2013 Notes issued in
this manner shall be consolidated with and shall form a single series with the previously outstanding 2013 Notes. Notice of any such issuance shall be given to the Trustee and a new
supplemental indenture shall be executed in connection with the issuance of such securities. 

        (k)    Other Terms and Conditions.    The 2013 Notes shall have such other terms and conditions as provided in the
forms thereof attached as Exhibits A, B, C, D and E hereto. 

8

  

 
 

ARTICLE II
  
    COVENANTS FOR BENEFIT OF HOLDERS OF NOTES    
    

        SECTION 2.01.    Covenants for Benefit of Holders of Notes. The Operating
Partnership covenants and agrees, for the benefit of the Holders of the Notes, as follows: 

        (a)    Limitations on Incurrence of Debt.    The Operating Partnership shall not, and shall not permit any Subsidiary
to, incur any Debt (as defined below), other than Intercompany Debt (as defined below), if, immediately after giving effect to the incurrence of such additional Debt, the aggregate principal amount of
all outstanding Debt would be greater than 60% of the sum of (i) the Operating Partnership's Adjusted Total Assets (as defined below) as of the end of the fiscal quarter prior to the incurrence
of such additional Debt and (ii) any increase in Adjusted Total Assets from the end of such quarter including, without limitation, any pro forma increase from the application of the proceeds of
such additional Debt. 

        In
addition, the Operating Partnership shall not, and shall not permit any Subsidiary to, incur any additional Secured Debt (as defined below), if, immediately after giving effect to the
incurrence of such additional Secured Debt, the aggregate principal amount of all outstanding Secured Debt is greater than 55% of the sum of (i) the Operating Partnership's Adjusted Total
Assets as of the end of the fiscal quarter prior to the incurrence of such additional Secured Debt and (ii) any increase in Adjusted Total Assets from the end of such quarter including, without
limitation, any pro forma increase from the application of the proceeds of such additional Secured Debt. 

        In
addition, the Operating Partnership shall not, and shall not permit any Subsidiary to, incur any Debt if the ratio of Annualized EBITDA After Minority Interest to Interest Expense (in
each case as defined below) 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 1.75 to 1.00 on a pro forma basis after giving effect to the incurrence of such Debt and to the application of the proceeds therefrom, and calculated on the assumption that (i) such Debt
and any other Debt incurred since the first day of such four-quarter period had been incurred, and the proceeds therefrom had been applied (to whatever purposes such proceeds had been
applied as of the date of calculation of such ratio), at the beginning of such period, (ii) any other Debt that has been repaid or retired since the first day of such four-quarter
period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the
average daily balance of such Debt during
such period), (iii) any income earned as a result of any assets having been placed in service since the end of such four-quarter period had been earned, on an annualized basis,
during such period, and (iv) in the case of any acquisition or disposition by the Operating Partnership, any Subsidiary or any unconsolidated joint venture in which the Operating Partnership or
any Subsidiary owns an interest, of any assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale,
such acquisition or disposition and any related repayment of Debt had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being
included in such pro forma calculation. 

        For
purposes of the foregoing provisions regarding the limitation on the incurrence of Debt, Debt shall be deemed to be "incurred" by the Operating Partnership, its Subsidiaries and by
any unconsolidated joint venture, whenever the Operating Partnership, any Subsidiary or any unconsolidated joint venture, as the case may be, shall create, assume, guarantee or otherwise become liable
in respect thereof. 

        (b)    Maintenance of Unencumbered Assets.    The Operating Partnership is required to maintain Unencumbered Assets
(as defined below) of not less than 150% of the aggregate outstanding principal amount of the Unsecured Debt (as defined below) of the Operating Partnership. 

9

 

        SECTION 2.02.    Definitions.    As used herein: 

        "Adjusted Total Assets" as of any date means the sum of (i) the amount determined by multiplying the sum of the shares of common
stock of SPG Properties, Inc., a Maryland corporation ("Old SPG") issued in the initial public offering of Old SPG (the "IPO") and the units of SPG, LP not held by Old SPG outstanding on the
date of the IPO, by $22.25 (the "IPO Price"), (ii) the principal amount of the outstanding consolidated debt of Old SPG on the date of the IPO, less any portion applicable to minority
interests, (iii) the Operating Partnership's allocable portion, based on its ownership interest, of outstanding indebtedness of unconsolidated joint ventures on the date of the IPO,
(iv) the purchase price or cost of any real estate assets acquired (including the value, at the time of such acquisition, of any units of the Operating Partnership or shares of common stock of
the Company or Old SPG issued in connection therewith) or developed after the IPO by the Operating Partnership or any Subsidiary, less any portion attributable to minority interests, plus the
Operating Partnership's allocable portion, based on its ownership interest, of the purchase price or cost of any real estate assets acquired or developed after the IPO by any unconsolidated joint
venture, (v) the value of the DRC Merger (as defined below) computed as the sum of (a) the purchase price including all related closing costs and (b) the value of all outstanding
indebtedness assumed in the DRC Merger less any portion attributable to minority interests, including the Operating Partnership's allocable portion, based on its ownership interest, of outstanding
indebtedness of unconsolidated joint ventures assumed in the DRC Merger at the DRC Merger date, and (vi) working capital of the Operating Partnership; subject, however, to reduction by the
amount of the proceeds of any real estate assets disposed of after the IPO by the Operating Partnership or any Subsidiary, less any portion applicable to minority interests, and by the
Operating Partnership's allocable portion, based on its ownership interest, of the proceeds of any real estate assets disposed of after the IPO by unconsolidated joint ventures. 

        "Annualized EBITDA" means earnings before interest, taxes, depreciation and amortization for all properties with other adjustments as are
necessary to exclude the effect of items classified as extraordinary items in accordance with generally accepted accounting principles, adjusted to reflect the assumption that (i) any income
earned as a result of any assets having been placed in service since the end of such period had been earned, on an annualized basis, during such period, and (ii) in the case of any acquisition
or disposition by the Operating Partnership, any Subsidiary or any unconsolidated joint venture in which the Operating Partnership or any Subsidiary owns an interest, of any assets since the first day
of such period, such acquisition or disposition and any related repayment of Debt had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or
disposition. 

        "Annualized EBITDA After Minority Interest" means Annualized EBITDA after distributions to third party joint venture partners. 

        "Company" means Simon Property Group, Inc., a Delaware corporation and the managing general partner of the Operating Partnership. 

        "Debt" means any indebtedness of the Operating Partnership and its Subsidiaries on a consolidated basis, less any portion attributable to
minority interests, plus the Operating Partnership's allocable portion, based on its ownership interest, of indebtedness of unconsolidated joint ventures, in respect of (i) borrowed money
evidenced by bonds, notes, debentures or similar instruments, as determined in accordance with generally accepted accounting principles, (ii) indebtedness secured by any mortgage, pledge, lien,
charge, encumbrance or any security interest existing on property owned by the Operating Partnership or any Subsidiary directly, or indirectly through unconsolidated joint ventures, as determined in
accordance with generally accepted accounting principles, (iii) reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts
representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable and (iv) any lease of property
by the 

10

 

Operating
Partnership or any Subsidiary as lessee which is reflected in the Operating Partnership's consolidated balance sheet as a capitalized lease or any lease of property by an unconsolidated
joint venture as lessee which is reflected in such joint venture's balance sheet as a capitalized lease, in each case, in accordance with generally accepted accounting principles; provided, that Debt
also includes, to the extent not otherwise included, any obligation by the Operating Partnership or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise, items of
indebtedness of another Person (other than the Operating Partnership or any Subsidiary) described in clauses (i) through (iv) above (or, in the case of any such obligation made jointly
with another Person, the Operating Partnership's or Subsidiary's allocable portion of such obligation based on its ownership interest in the related real estate assets). 

        "DRC Merger" means the merger of Old SPG and DeBartolo Realty Corporation and related transactions consummated on August 9, 1996,
pursuant to the Agreement and Plan of Merger between Old SPG and DeBartolo Realty Corporation. 

        "Intercompany Debt" means Debt to which the only parties are the Company, the Operating Partnership and any of their Subsidiaries (but
only so long as such Debt is held solely by any of the Company, the Operating Partnership and any Subsidiary) that is subordinate in right of payment to the Notes. 

        "Interest Expense" includes the Operating Partnership's pro rata share of joint venture interest expense and is reduced by amortization of
debt issuance costs. 

        "Secured Debt" means Debt secured by any mortgage, lien, pledge, encumbrance or security interest of any kind upon any of the property of
the Operating Partnership or any Subsidiary, whether owned at the date of the Original Indenture or thereafter acquired. 

        "SPG LP" means Simon Property Group, L.P., a predecessor subsidiary of the Operating Partnership which, effective December 31,
1997, was merged into the Operating Partnership. 

        "Unencumbered Annualized EBITDA After Minority Interest" means Annualized EBITDA After Minority Interest less any portion thereof
attributable to assets serving as collateral for Secured Debt (as defined above). 

        "Unencumbered Assets" as of any date shall be equal to Adjusted Total Assets as of such date multiplied by a fraction, the numerator of
which is Unencumbered Annualized EBITDA After Minority Interest and the denominator of which is Annualized EBITDA After Minority Interest. 

        "Unsecured Debt" means Debt which is not secured by any mortgage, lien, pledge, encumbrance or security interest of any kind. 

11

  

 
 

ARTICLE III
  
    REGISTRATION RIGHTS    
    

        SECTION 3.01.    Registration Rights Agreement.

        (a)
The Operating Partnership shall enter into the Registration Rights Agreement with the Initial Purchasers for the benefit of the Holders of the Notes wherein the Operating Partnership
shall agree, for the benefit of the Holders of the Notes, to use its reasonable best efforts (i) to file with the Commission within 90 calendar days after the date on which the Operating
Partnership delivers the Notes to the Initial Purchasers (the "Closing Date") a registration statement (the "Exchange Offer Registration Statement") with respect to the Exchange Notes and
(ii) to cause the Exchange Offer Registration Statement to be declared effective under the Securities Act within 135 calendar days after the Closing Date. Promptly after the Exchange Offer
Registration Statement has been declared effective, the Operating Partnership shall offer to the Holders the opportunity to exchange all their Notes of a series for Exchange Notes of the same series
pursuant to the Exchange Offer. The Operating Partnership shall keep the Exchange Offer open for not less than 30 calendar days (or longer, if required by applicable law) after the date on which the
notice of the Exchange Offer is mailed to the Holders of the Notes but shall, in any event, use its reasonable best efforts to cause the Exchange Offer to be consummated within 180 days of the
Closing Date. For each Note validly tendered to the Operating Partnership pursuant to the Exchange Offer, the Holder of such Note shall receive an Exchange Note of the same series having a principal
amount equal to the principal amount of the tendered Note. 

        (b)
Each Holder of the Notes (other than certain specified Holders) that wishes to exchange the Notes for Exchange Notes in the Exchange Offer shall be required to represent that
(i) it is not an Affiliate of the Operating Partnership, (ii) the Exchange Notes to be received by it were acquired in the ordinary course of its business and (iii) at the time of
the Exchange Offer, it has no arrangement with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes. 

        (c)
The Registration Rights Agreement also shall provide that if, (i) because of any change in law or in currently prevailing interpretations of the staff of the Commission, the
Operating Partnership is not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated within 180 days of the Closing Date, or (iii) in the case of any
Holder that participates in the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal securities laws
(other than due solely to the status of such Holder as an affiliate of the Operating Partnership within the meaning of the Securities Act or as a broker-dealer), then in each case, the Operating
Partnership shall (x) promptly deliver to the Holders written notice thereof and (y) at the Operating Partnership's sole expense (a) as promptly as practicable (but in no event
more than 60 days after so required or requested pursuant to the Registration Rights Agreement), file a shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement"), (b) use its reasonable best efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act and (c) use its reasonable best
efforts to keep effective the Shelf Registration Statement until the earlier of two years (or, if Rule 144(k) is amended to provide a shorter restrictive period, the end of such shorter period)
after the Closing Date or such time as all of the applicable Notes have been sold thereunder. The Operating Partnership shall, if a Shelf Registration Statement is filed, provide to each Holder of the
Notes copies of the prospectus that is a part of the Shelf Registration Statement, notify each such Holder when the Shelf Registration Statement for the Notes has become effective and take certain
other actions as are required to permit unrestricted resales of the Notes. A Holder that sells Notes pursuant to the Shelf Registration Statement shall be required to be named as a selling security
Holder in the related prospectus, to provide information related thereto and to deliver such prospectus to purchasers, shall be subject to 

12

 

certain
of the civil liability provisions under the Securities Act in connection with such sales and shall be bound by the provisions of the Registration Rights Agreement that are applicable to such a
Holder (including certain indemnification rights and obligations). 

        SECTION 3.02.    Special Interest Premium.    If the Operating Partnership fails to comply
with certain provisions of the Registration Rights Agreement, in each case as described below, then a special interest premium (the "Special Interest Premium") shall become payable in respect of the
Notes as follows: 

        (a)
If (i) the Exchange Offer Registration Statement is not filed with the Commission on or prior to the 90th day following the Closing Date, (ii) the
Exchange Offer Registration Statement is not declared effective on or prior to the 135th day following the Closing Date or (iii) the Exchange Offer is not consummated or the Shelf
Registration Statement is not declared effective on or prior to the 180th day following the Closing Date, the Special Interest Premium shall accrue from and including the next day
following each of (a) such 90-day period in the case of clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the case of clause (iii) above, in each case at a rate equal to 0.50% per annum. The aggregate amount of the Special Interest Premium payable
pursuant to the above provisions shall in no event exceed 0.50% per annum. If the Exchange Offer Registration Statement is not declared effective on or prior to the 135th day following
the Closing Date and the Operating Partnership shall request Holders of Notes to provide the information called for by the Registration Rights Agreement for inclusion in the Shelf Registration
Statement, the Notes owned by Holders who do not deliver such information to the Operating Partnership when required pursuant to the Registration Rights Agreement shall not be
entitled to any such increase in the interest rate for any day after the 180th day following the Closing Date. Upon (1) the filing of the Exchange Offer Registration Statement
after the 90-day period described in clause (i), (2) the effectiveness of the Exchange Offer Registration Statement after the 135-day period described in
clause (ii) above or (3) the consummation of the Exchange Offer or the effectiveness of a Shelf Registration Statement, as the case may be, after the 180-day period described
in clause (iii) above, the interest rate on each series of Notes from the date of such effectiveness or consummation, as the case may be, shall be reduced to the original interest rate provided
for herein for such series of Notes. 

        (b)
If a Shelf Registration Statement is declared effective, and if the Operating Partnership fails to keep such Shelf Registration Statement continuously (x) effective or
(y) useable for resales for the period required by the Registration Rights Agreement due to certain circumstances relating to pending corporate developments, public filings with the Commission
and similar events, or because the prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the
statements therein not misleading, and such failure continues for more than 60 days (whether or not consecutive) in any 12-month period (the 61st day being referred to
as the "Default Day"), then from the Default Day until the earlier of (i) the date that the Shelf Registration Statement is again deemed effective or is useable, (ii) the date that is
the second anniversary of the Closing Date (or, if Rule 144(k) is amended to provide a shorter restrictive period, the end of such shorter period) or (iii) the date as of which all of
the Notes are sold pursuant to the Shelf Registration Statement, the Special Interest Premium shall accrue at a rate equal to 0.50% per annum. 

        SECTION 3.03.    Legend.    Each Note shall contain a legend to the effect that the Holder
thereof, by its acceptance thereof, shall be deemed to have agreed to be bound by the provisions of the Registration Rights Agreement. Such legend shall be in the form set forth in
Section 5.01(a) hereof. 

13

 
 
 

ARTICLE IV
  
    TRANSFER AND EXCHANGE    
    

        SECTION 4.01.    Transfer and Exchange.

        (a)
By its acceptance of any Initial Note represented by a certificate bearing the legend set forth in Section 5.01(a) hereof (the "Private Placement Legend"), each Holder of, and
beneficial bearer of an interest in, such Initial Note acknowledges the restrictions on transfer of such Initial Note and agrees that it shall transfer such Initial Note only in accordance with such
restrictions. Each purchaser (other
than the Initial Purchasers) of the Notes and each Person to whom the Notes are transferred shall, prior to the Resale Restriction Termination Date (as defined in the Private Placement Legend), be
deemed to have acknowledged, represented and agreed to the matters and restrictions on transfer described under the heading "Notice to Investors" in the Offering Memorandum of the Operating
Partnership, dated March 13, 2003, relating to the Initial Notes. Upon the registration of transfer, exchange or replacement of an Initial Note not bearing the Private Placement Legend, the
Trustee shall deliver an Initial Note or Initial Notes that do not bear the Private Placement Legend. Upon the registration of transfer, exchange or replacement of an Initial Note bearing the Private
Placement Legend, the Trustee shall deliver an Initial Note or Initial Notes bearing the Private Placement Legend, unless such legend may be removed from such Note as provided in this
Section 4.01(a). If the Private Placement Legend has been removed from an Initial Note, as provided herein, no other Initial Note issued in exchange for all or any part of such Initial Note
shall bear such legend, unless the Operating Partnership has reasonable cause to believe that such other Initial Note represents a "restricted security" within the meaning of Rule 144 under the
Securities Act and instructs the Trustee in writing to cause a legend to appear thereon. Each Initial Note shall bear the Private Placement Legend unless and until: 

        (i)
a transfer of such Initial Note is made pursuant to an effective Shelf Registration Statement, in which case the Private Placement Legend shall be removed from such Initial Note so
transferred at the request of the Holder; or 

        (ii)
there is delivered to the Operating Partnership such satisfactory evidence, which may include an opinion of independent counsel licensed to practice law in the State of New York, as
may reasonably be requested by the Operating Partnership confirming that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Initial
Note shall not violate the registration and prospectus delivery requirements of the Securities Act; provided, that the Trustee shall not be required to
determine (but may rely on a determination made by the Operating Partnership with respect to) the sufficiency of any such evidence; and upon written direction of the Operating Partnership, the Trustee
shall authenticate and deliver in exchange for such Initial Note, an Initial Note or Initial Notes representing the same aggregate principal amount of the Initial Note being exchanged) without such
legend. 

        (b)
The Initial Global Note or Exchange Global Note, as the case may be, shall be exchanged by the Operating Partnership for one or more Initial Certificated Notes or Exchange
Certificated Notes, as applicable, if (i) DTC (1) has notified the Operating Partnership that it is unwilling or unable to continue as, or ceases to be, a clearing agency registered
under Section 17A of the Exchange Act and (2) a successor to DTC registered as a clearing agency under Section 17A of the Exchange Act is not able to be appointed by the Operating
Partnership within 90 calendar days or (ii) DTC is at any time unwilling or unable to continue as depositary and the Operating Partnership is not able to appoint a successor to DTC within 90
calendar days. If an Event of Default occurs and is continuing, the Operating Partnership shall, at the request of the Trustee or the Holder thereof, exchange all or part of the Initial Global Note or
Exchange Global Note, as the case may be, for one or more Initial Certificated Notes or Exchange Certificated Notes, as applicable. Whenever a Global Note is exchanged for one or more Initial
Certificated Notes or Exchange Certificated Notes, as the case may 

14

 

be,
it shall be surrendered by the Holder thereof to the Trustee and cancelled by the Trustee. All Initial Certificated Notes or Exchange Certificated Notes issued in exchange for a Global Note or a
portion thereof shall be registered in such names, and delivered, as DTC shall instruct the Trustee. Any Initial Certificated Notes issued pursuant to this Section 4.01(b) shall include the
Private Placement Legend, except as set forth in Section 4.01(a) hereof. 

        (c)
Any Initial Notes that are presented to the Trustee for exchange pursuant to an Exchange Offer shall be exchanged for Exchange Notes of equal principal amount upon surrender to the
Trustee in accordance with the terms of the Exchange Offer. Whenever any Initial Notes are so surrendered for exchange, the Operating Partnership shall execute, and the Trustee shall authenticate and
deliver to the surrendering Holder thereof, Exchange Notes in the same aggregate principal amount as the Initial Notes so surrendered. 

        (d)
Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected only through a
book-entry system maintained by such Holder (or its agent), and that ownership of a beneficial interest in the Notes represented thereby shall be required to be reflected in
book-entry form. Transfers of a Global Note shall be limited to transfers in whole and not in part, to DTC, its successors and their respective nominees. Interests of beneficial owners in
a Global Note shall be transferred in accordance with the rules and procedures of DTC (or its successors). 

 
 

ARTICLE V
  
    LEGENDS    
    

        SECTION 5.01.    Legends.    The following legends shall appear
on
each Initial Note and each Exchange Note. 

        (a)
Except as provided in Section 4.01(a) hereof, each Initial Note shall bear the following legends on the face thereof: 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM,
OR NOT SUBJECT TO, REGISTRATION. THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED INVESTORS) AND INTEGRAL MULTIPLES OF
$1,000 IN EXCESS THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") WHICH IS
ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY
PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT TO A
REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES
IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR  

15

 

 THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED
INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE
INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
(e) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON) WITHIN THE
MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING
CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

        (b)
In addition to the legends set forth in Section 4.01(a), each Initial Global Note shall also bear the following legends on the face thereof: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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

        (c)
The Exchange Global Note shall bear the following legends on the face thereof: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR  

16

 

 OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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

 
 

ARTICLE VI
  
    TRUSTEE    
    

        SECTION 6.01.    Corporate Trust Office.    The Trustee is
appointed
as the principal paying agent, transfer agent and registrar for the Notes and for the purposes of Section 1002 of the Indenture. The Notes may be presented for payment at the Corporate Trust
Office of the Trustee or at any other agency as may be appointed from time to time by the Operating Partnership in The City of New York. 

        SECTION 6.02.    Recitals.    The Trustee shall not be responsible in any manner whatsoever
for or in respect of the validity or sufficiency of this Eleventh Supplemental Indenture or the due execution thereof by the Issuer. The recitals of fact contained herein shall be taken as the
statements solely of the Issuer and the Trustee assumes no responsibility for the correctness thereof. 

 
 

ARTICLE VII
  
    MISCELLANEOUS PROVISIONS    
    

        SECTION 7.01.    Ratification of Original Indenture.    This
Eleventh
Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and as supplemented and modified hereby, the Original Indenture is in all respects
ratified and confirmed, and the Original Indenture and this Eleventh Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

        SECTION 7.02.    Effect of Headings.    The Article and Section headings herein are for
convenience only and shall not affect the construction hereof. 

        SECTION 7.03.    Successors and Assigns.    All covenants and agreements in this Eleventh
Supplemental Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 

        SECTION 7.04.    Separability Clause.    In case any one or more of the provisions contained
in this Eleventh Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby. 

        SECTION 7.05.    Governing Law.    This Eleventh Supplemental Indenture shall be governed by
and construed in accordance with the laws of the State of New York. This Eleventh Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of this
Eleventh Supplemental Indenture and shall, to the extent applicable, be governed by such provisions. 

        SECTION 7.06.    Counterparts.    This Eleventh Supplemental Indenture may be executed in any
number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

17

 
*
* * * 

IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Supplemental Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, all as of the date first above written. 

	

 	
 	

 	
 	

 	
 	
SIMON PROPERTY GROUP, L.P.
	

 	
 	

 	
 	

 	
 	

By:	
 	

SIMON PROPERTY GROUP, INC.

its General Partner
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  DAVID SIMON      

	 	 	 	 	 	 	 	 	Name:	 	David Simon
	 	 	 	 	 	 	 	 	Title:	 	Chief Executive Officer
	

Attest:	
 	

 	
 	

 	
 	

 	
 	

 
	

By:	
 	

/s/  JAMES M. BARKLEY      
	
 	

 	
 	

 	
 	

 
	 	 	Name:	 	James M. Barkley	 	 	 	 	 	 
	 	 	Title:	 	Secretary	 	 	 	 	 	 
	

 	
 	

 	
 	

 	
 	
JPMORGAN CHASE BANK

    as Trustee
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  JAMES D. HEANEY      

	 	 	 	 	 	 	 	 	Name:	 	James D. Heaney
	 	 	 	 	 	 	 	 	Title:	 	Vice President
	

Attest:	
 	

 	
 	

 	
 	

 	
 	

 
	

By:	
 	

/s/  DIANE DARCONTE      
	
 	

 	
 	

 	
 	

 
	 	 	Name:	 	Diane Darconte	 	 	 	 	 	 
	 	 	Title:	 	Trust Officer	 	 	 	 	 	 

18

  

Exhibit A  

 
 

FORM OF INITIAL RESTRICTED GLOBAL NOTE    
    

        THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE
OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED
INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

        THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER OF
THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER,
(b) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2),
(3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS
SUCH TRANSFEREE IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON) WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM
APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE.

        THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("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 IN SUCH OTHER  

A-1

 

 NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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

	REGISTERED	 	REGISTERED
	NO. [            ]	 	PRINCIPAL AMOUNT
	CUSIP NO. [                        ]	 	$[300,000,000/200,000,000]

RESTRICTED GLOBAL SECURITY

SIMON PROPERTY GROUP, L.P.  

[4.875/5.450]% Note due [2010/2013]

        Simon
Property Group, L.P., a Delaware limited partnership (the "Issuer," which term includes any successor under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co. or its registered assigns, the principal sum of [300,000,000/200,000,000] dollars on [March 18, 2010/March 15,
2013] (the "Maturity Date"), and to pay interest thereon from March 18, 2003, semi-annually in arrears on March [18/15] and
September [18/15] of each year (each, an "Interest Payment Date"), commencing on September [18/15], 2003, and on the Maturity Date, at the
rate of [4.875/5.450]% per annum, until payment of said principal sum has been made or duly provided for. 

        The
interest so payable and punctually paid or duly provided for on any Interest Payment Date and on the Maturity Date shall be paid to the Holder in whose name this Note (or one or more
predecessor Notes) is registered in the Security Register applicable to this Note at the close of business on the "Record Date" for such payment, which shall be the 15th calendar day
immediately prior to such payment date or the Maturity Date, as the case may be, regardless of whether such day is a Business Day (as defined below). Any interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at
the close of business on a subsequent record date for the payment of such defaulted interest (which shall be not less than 10 calendar days prior to the date of the payment of such defaulted interest)
established by notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 10 calendar days preceding such subsequent record date, or may be paid at any time in any
other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture
(as defined below). Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. 

        Interest
payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, shall be the amount of interest accrued from and including the immediately
preceding Interest Payment Date (or from and including March 18, 2003, in the case of the initial Interest Payment Date) to but excluding the applicable Interest Payment Date or the Maturity
Date, as the case may be. If any date for the payment of principal, premium, if any, interest on, or any other amount with respect to, this Note (each a "Payment Date") falls on a day that is not a
Business Day, the principal, premium, if any, or interest payable with respect to such Payment Date shall be made on the next succeeding 

A-2

 

Business
Day with the same force and effect as if made on such Payment Date, and no interest shall accrue on the amount so payable for the period from and after such Payment Date to such next
succeeding Business Day. "Business Day" means any day, other than a Saturday or a Sunday on which banking institutions in New York, New York are open for business. 

        If
this Note is exchanged in an Exchange Offer prior to the Record Date for the first Interest Payment Date following such exchange, accrued and unpaid interest, if any, on this Note, up
to but not including the date of issuance of the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be paid on the first Interest Payment Date for such Exchange Note(s) to the
Holder or Holders of such Exchange Note(s) on the first Record Date with respect to such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent to the Record Date for the first
Interest Payment Date following such exchange but on or prior to the Interest Payment Date, then any such accrued and unpaid interest with respect to this Note and any accrued and unpaid interest on
the Exchange Note(s) issued in exchange for this Note, through the day before such Interest Payment Date, shall be paid on such Interest Payment Date to the Holder of this Note on the Record Date. 

        The
Holder of this Note is entitled to the benefits of the Registration Rights Agreement dated March 18, 2003 (the "Registration Rights Agreement") among the Issuer and Deutsche
Bank Securities Inc. and UBS Warburg LLC (collectively, the "Initial Purchasers"). 

        If
the Operating Partnership fails to comply with certain provisions of the Registration Rights Agreement, in each case as described below, then a special interest premium (the "Special
Interest Premium") shall become payable in respect of the Notes as follows: 

        If
(i) a registration statement with respect to the Exchange Notes (the "Exchange Offer Registration Statement") is not filed with the Commission on or prior to the
90th day following the Closing Date, (ii) the Exchange Offer Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or the shelf registration statement covering resales of the Notes (the "Shelf Registration Statement") is not declared
effective on or prior to the 180th day following the Closing Date, the Special Interest Premium shall accrue from and including the next day following each of (a) such
90-day period in the case of clause (i) above, (b) such 135-day period in the case of clause (ii) above and (c) such 180-day period in
the cause of clause (iii) above, in each case at a rate equal to 0.50% per annum. The aggregate amount of the Special Interest Premium payable pursuant to the above provisions shall in no event
exceed 0.50% per annum. If the Exchange Offer Registration Statement is not declared effective on or prior to the 135th day following the Closing Date and the Operating Partnership shall
request the Holder of this Note to provide the information called for by the Registration Rights Agreement for inclusion in the Shelf Registration Statement and the Holder of this Note does not
deliver such information to the Operating Partnership when required pursuant to the Registration Rights Agreement, then the Holder of this Note shall not be entitled to any such increase in the
interest rate for any day after the 180th day following the Closing Date. Upon (1) the filing of the Exchange Offer Registration statement after the 90-day period
described in clause (i), (2) the effectiveness of the Exchange Offer Registration Statement after the 135-day period described in clause (ii) above or (3) the
consummation of the Exchange Offer or the effectiveness of a Shelf Registration Statement, as the case may be, after the 180-day period described in clause (iii) above, the interest
rate on this Note from the date of such effectiveness or consummation, as the case may be, shall be reduced to the original interest rate provided for herein. 

        If
a Shelf Registration Statement is declared effective, and if the Operating Partnership fails to keep such Shelf Registration Statement continuously (x) effective or
(y) useable for resales for the period required by the Registration Rights Agreement due to certain circumstances relating to pending corporate developments, public filings with the Commission
and similar events, or because the prospectus contains an untrue statement of a material fact or omits to state a material fact required to 

A-3

 

be
stated therein or necessary in order to make the statements therein not misleading, and such failure continues for more than 60 days (whether or not consecutive) in any 12-month
period (the 61st day being referred to as the "Default Day"), then from the Default Day until the earlier of (i) the date that is the second anniversary of the Closing Date (or,
if Rule 144(k) of the Securities Act is amended to provide a shorter restrictive period, the end of such shorter period) or (ii) the date as of which this Note is sold pursuant to the
Shelf Registration Statement, the Special Interest Premium shall accrue at a rate equal to 0.50% per annum. 

        The
principal of this Note payable on the Maturity Date shall be paid against presentation and surrender of this Note at the office or agency of the Issuer maintained for that purpose in
The Borough of Manhattan, The City of New York. The Issuer hereby initially designates the Corporate Trust Office of the Trustee in The City of New York as the office to be maintained by it where
Notes may be presented for payment, registration of transfer or exchange, and where notices to or demands upon the Issuer in respect of the Notes or the Indenture referred to on the reverse hereof may
be served. 

        Payments
of principal and interest in respect of this Note shall be made by wire transfer of immediately available funds in such coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof after the Trustee's Certificate of Authentication. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 

        This
Note shall not be entitled to the benefits of the Indenture or be valid or obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by the
Trustee under such Indenture. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

A-4

 

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by facsimile by its authorized officers. 

Dated:
March 18, 2003 

	 	 	 	 	SIMON PROPERTY GROUP, L.P.
	 	 	 	 	 	 	as Issuer
	

 	
 	

 	
 	

By:	
 	

SIMON PROPERTY GROUP, INC.

as General Partner
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Name:
	

Attest:	
 	

 	
 	

Title:
	

By:	
 	

 	
 	

 	
 	

 
	 	 	
 Name:

Title:	 	 	 	 

A-5

 
TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

	 	 	JPMORGAN CHASE BANK
	 	 	 	 	as Trustee
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Authorized Officer

A-6

 
[REVERSE OF NOTE]  

 SIMON PROPERTY GROUP, L.P.  

 [4.875/5.450]% Note due [2010/2013]

        This
security is one of a duly authorized issue of debt securities of the Issuer (hereinafter called the "Securities"), issued or to be issued under and pursuant to an Indenture dated as
of November 26, 1996 (herein called the "Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (herein called
the "Trustee," which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part), to which Indenture and all indentures supplemental
thereto relating to this Note (including, without limitation, the Eleventh Supplemental Indenture, dated as of March 18, 2003, between the Issuer and the Trustee) reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered and for the definition of capitalized terms used hereby and not otherwise defined. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture supplemental thereto. This Security is one of a series designated as the Simon Property Group, L.P.
[4.875/5.450]% Notes due [2010/2013], initially limited in aggregate principal amount to $[300,000,000/200,000,000](the
"Notes"). 

        In
case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal amount of the Notes and the Make-Whole Amount may be declared
accelerated and thereupon become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. 

        The
Notes may be redeemed at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum of (i) 100% of the principal
amount of the Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Notes. Notice of any optional
redemption shall be given to Holders at their addresses, as shown in the Security Register for the Notes, not more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and the principal amount of the Notes to be redeemed. 

        The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of the aggregate principal amount of the Securities
at the time Outstanding of all series to be affected (voting as one class), evidenced as provided in the Indenture, 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 Securities of each series; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security so affected, (i) change the Stated Maturity of the principal of, or premium, (if any)
or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of interest thereon or any premium payable upon the redemption or
acceleration thereof, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to consent to any waiver of compliance with certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth 

A-7

 

in
the Indenture, or (iv) effect certain other changes to the Indenture or any supplemental indenture or in the rights of Holders of the Securities. The Indenture also permits the Holders of a
majority in principal amount of the Outstanding Securities of any series (or, in the case of certain defaults or Events of Default, all series of Securities), on behalf of the Holders of all the
Securities of such series (or all of the Securities, as the case may be), to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults or Events of Default
under the Indenture and their consequences, prior to any declaration accelerating the maturity of such Securities, or subject to certain conditions, rescind a declaration of acceleration and its
consequences with respect to such Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note that may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other
Note. 

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

        Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had, whether by levy or execution or otherwise, for the payment of any sums due under the
Securities, including, without limitation, the principal of, premium, if any, or interest payable under the Securities, or for the payment or performance of any obligation under, or for any claim
based on, the Indenture or otherwise in respect thereof, against any partner of the Issuer, whether limited or general, including Simon Property Group, Inc. or such partner's assets or against
any principal, shareholder, officer, director, trustee or employee of such partner. It is expressly understood that the sole remedies under
the Securities and the Indenture or under any other document with respect to the Securities, against such parties with respect to such amounts, obligations or claims shall be against the Issuer. 

        This
Note is issuable only in registered form without Coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service charge, except for any tax or other governmental charge imposed in connection therewith. 

        Upon
due presentment for registration of transfer of this Note at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, one or more new Notes of
authorized denominations in an equal aggregate principal amount shall be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge, except for
any tax or other governmental charge imposed in connection therewith. 

        The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the Person in whose name this Note is registered as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal and any
premium hereof or hereon, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer
or the Trustee shall be affected by any notice to the contrary. 

        This
Note, including the validity hereof, and the Indenture shall be governed by and construed in accordance with the laws of the State of New York, and for all purposes shall be
construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

A-8

 
ABBREVIATIONS  

        The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 

TEN
COM—as tenants in common

UNIF GIFT MIN ACT—                 Custodian          (Cust)
        

(minor) under Uniform Gifts to Minors Act                          (State)

TEN ENT—as tenants by the entireties

JT TEN—as joint tenants with right of survivorship and not as tenants in common 

        Additional
abbreviations may also be used though not in the above list. 

ASSIGNMENT  

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	

 (Please print or typewrite name and address including postal zip code of assignee.)
	

This Note and all rights thereunder hereby irrevocably constituting and appointing Attorney to transfer this Note on the books of the Trustee, with full power of substitution in the premises.
	

Dated:	
 	

 	
 	

 
	 	 	
	 	
 Notice: The signature(s) on this Assignment must correspond with the name(s) as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.

A-9

 
ASSIGNMENT & TRANSFER CERTIFICATE  

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

        In
connection with the resale or other transfer of this Note occurring prior to the time the legend originally set forth on the face of this Note (or one or more predecessor Notes)
restricting resales and other transfers thereof has been removed in accordance with the procedures set forth in the Indenture (other than a resale or other transfer made to the Operating Partnership
or to, by, through, or in a transaction approved by an Initial Purchaser), the undersigned registered holder certifies that without utilizing any general solicitation or general advertising: 

[CHECK
ONE] 

	o	 	(a)	 	Such Note is being transferred by the undersigned registered holder to a "qualified institutional buyer," as defined in Rule 144A under the Securities Act of 1933, as amended, pursuant to the exemption from
registration under the Securities Act of 1933, as amended, provided by Rule 144A thereunder.
	
or
	

o	
 	

(b)	
 	

Such Note is being transferred by the undersigned registered holder to an institutional investor which is an "accredited investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and that the
undersigned has been advised by the prospective transferee that such transferee shall hold such Note for its own account, or as a fiduciary or agent for others (which others are also institutional accredited investors, unless such transferee is a
bank acting in its fiduciary capacity), for investment purposes and not for distribution, subject to any requirement of law that the disposition of such transferee's property shall at all times be and remain within its control.
	
or
	

o	
 	

(c)	
 	

Such Note is being transferred by the undersigned registered holder to an institutional investor which is a person that is not a "U.S. person" (or acquiring such Note for the account or benefit of a U.S. person) in an "offshore transaction," as such
terms are defined in Regulation S under the Securities Act of 1933, as amended, pursuant to the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder.

        If
none of the foregoing boxes are checked, then, so long as this Note shall bear a legend on the face thereof restricting resales and other transfers thereof (except in the case of a
resale or other transfer made to the Operating Partnership or to, by, through, or in a transaction approved by, an Initial Purchaser), the Trustee shall not be obligated to register such Note in the
name of any Person 

A-10

 

other
than the registered holder thereof and until the conditions to any such registration of transfer set forth in this Note and in the Indenture shall have been satisfied. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of registered holder]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	

	

 	
 	

 	
 	

The signature of the registered holder must correspond with the name as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.

TO BE COMPLETED BY TRANSFEREE

IF (a) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that (i) it is a "qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has received such information regarding the Operating Partnership as the undersigned transferee has requested pursuant to
Rule 144A or has determined not to request such information, (ii) this instrument has been executed on behalf of the undersigned transferee by one of its executive officers and
(iii) it is aware that the registered holder of this Note is relying upon the undersigned transferee's foregoing representations in order to claim the exemption from registration provided by
Rule 144A. The undersigned transferee acknowledges and agrees that this Note has not been registered under the Securities Act of 1933, as amended, and may not be transferred except in
accordance with the resale and other transfer restrictions set forth in the legend on the face thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

TO BE COMPLETED BY TRANSFEREE

IF (b) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that it is an institutional investor and an "accredited investor," as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act of 1933, as amended, and that this instrument has been executed on behalf of the undersigned transferee by one of its executive officers. The undersigned transferee
undertakes to hold this Note acquired from the registered holder thereof for its own account, or as a fiduciary or agent for others (which others are also institutional accredited investors, unless
such transferee is a bank acting in its fiduciary capacity), for investment purposes and not for distribution, subject to any requirement of law that the disposition of the undersigned transferee's
property shall at all times be and remain within its control. The undersigned acknowledges and agrees that this Note has not been registered under the Securities Act 

A-11

 

of
1933, as amended, and may not be transferred except in accordance with the resale and other transfer restrictions set forth in the legend on the face thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

TO BE COMPLETED BY TRANSFEREE

IF (c) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that it is an institutional investor and that it is not a U.S. person (as defined in Regulation S under
the Securities Act of 1933, as amended) and it is acquiring this Note from the registered holder thereof in an "offshore transaction" (as defined in Regulation S) pursuant to the exemption from
registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder. The undersigned transferee acknowledges and agrees that this Note has not been registered under
the Securities Act of 1933, as amended, and may not be transferred except in accordance with the resale and other transfer restrictions set forth in the legend on the face thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

A-12

  

Exhibit B  

 
 

FORM OF INITIAL REGULATION S GLOBAL NOTE    
    

        THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE
OR OTHER JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED
INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

        THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER OF
THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER,
(b) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2),
(3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH
TRANSFEREE IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON) WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM
APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE.

        THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("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 IN SUCH OTHER  

B-1

 

 NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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

	REGISTERED	 	REGISTERED
	NO. [            ]	 	PRINCIPAL AMOUNT
	CUSIP NO. [                        ]	 	$[300,000,000/200,000,000]

REGULATION S GLOBAL SECURITY

SIMON PROPERTY GROUP, L.P.  

[4.875/5.450]% Note due [2010/2013]

        Simon
Property Group, L.P., a Delaware limited partnership (the "Issuer," which term includes any successor under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co. or its registered assigns, the principal sum of [300,000,000/200,000,000] dollars on [March 18, 2010/March 15,
2013] (the "Maturity Date"), and to pay interest thereon from March 18, 2003, semi-annually in arrears on March [18/15] and
September [18/15] of each year (each, an "Interest Payment Date"), commencing on September [18/15], 2003, and on the Maturity Date, at the
rate of [4.875/5.450]% per annum, until payment of said principal sum has been made or duly provided for. 

        The
interest so payable and punctually paid or duly provided for on any Interest Payment Date and on the Maturity Date shall be paid to the Holder in whose name this Note (or one or more
predecessor Notes) is registered in the Security Register applicable to this Note at the close of business on the "Record Date" for such payment, which shall be the 15th calendar day
immediately prior to such payment date or the Maturity Date, as the case may be, regardless of whether such day is a Business Day (as defined below). Any interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at
the close of business on a subsequent record date for the payment of such defaulted interest (which shall be not less than 10 calendar days prior to the date of the payment of such defaulted interest)
established by notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 10 calendar days preceding such subsequent record date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture (as defined below). Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. 

        Interest
payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, shall be the amount of interest accrued from and including the immediately
preceding Interest Payment Date (or from and including March 18, 2003, in the case of the initial Interest Payment Date) to but excluding the applicable Interest Payment Date or the Maturity
Date, as the case may be. If any date for the payment of principal, premium, if any, interest on, or any other amount with respect to, this Note (each a "Payment Date") falls on a day that is not a
Business Day, the principal, premium, if any, or interest payable with respect to such Payment Date shall be made on the next succeeding 

B-2

 

Business
Day with the same force and effect as if made on such Payment Date, and no interest shall accrue on the amount so payable for the period from and after such Payment Date to such next
succeeding Business Day. "Business Day" means any day, other than a Saturday or a Sunday on which banking institutions in New York, New York are open for business. 

        If
this Note is exchanged in an Exchange Offer prior to the Record Date for the first Interest Payment Date following such exchange, accrued and unpaid interest, if any, on this Note, up
to but not including the date of issuance of the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be paid on the first Interest Payment Date for such Exchange Note(s) to the
Holder or Holders of such Exchange Note(s) on the first Record Date with respect to such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent to the Record Date for the first
Interest Payment Date following such exchange but on or prior to the Interest Payment Date, then any such accrued and unpaid interest with respect to this Note and any accrued and unpaid interest on
the Exchange Note(s) issued in exchange for this Note, through the day before such Interest Payment Date, shall be paid on such Interest Payment Date to the Holder of this Note on the Record Date. 

        The
Holder of this Note is entitled to the benefits of the Registration Rights Agreement dated March 18, 2003 (the "Registration Rights Agreement") among the Issuer and Deutsche
Bank Securities Inc. and UBS Warburg LLC (collectively, the "Initial Purchasers"). 

        If
the Operating Partnership fails to comply with certain provisions of the Registration Rights Agreement, in each case as described below, then a special interest premium (the "Special
Interest Premium") shall become payable in respect of the Notes as follows: 

        If
(i) a registration statement with respect to the Exchange Notes (the "Exchange Offer Registration Statement") is not filed with the Commission on or prior to the
90th day following the Closing Date, (ii) the Exchange Offer Registration Statement is not declared effective on or prior to the 135th day following the Closing Date
or (iii) the Exchange Offer is not consummated or the shelf registration statement covering resales of the Notes (the "Shelf Registration Statement") is not declared effective on or prior to
the 180th day following the Closing Date, the Special Interest Premium shall accrue from and including the next day following each of (a) such 90-day period in the
case of clause (i) above, (b) such 135-day period in the case of clause (ii) above and (c) such 180-day period in the cause of clause (iii)
above, in each case at a rate equal to 0.50% per annum. The aggregate amount of the Special Interest Premium payable pursuant to the above
provisions shall in no event exceed 0.50% per annum. If the Exchange Offer Registration Statement is not declared effective on or prior to the 135th day following the Closing Date and
the Operating Partnership shall request the Holder of this Note to provide the information called for by the Registration Rights Agreement for inclusion in the Shelf Registration Statement and the
Holder of this Note does not deliver such information to the Operating Partnership when required pursuant to the Registration Rights Agreement, then the Holder of this Note shall not be entitled to
any such increase in the interest rate for any day after the 180th day following the Closing Date. Upon (1) the filing of the Exchange Offer Registration statement after the
90-day period described in clause (i), (2) the effectiveness of the Exchange Offer Registration Statement after the 135-day period described in clause (ii)
above or (3) the consummation of the Exchange Offer or the effectiveness of a Shelf Registration Statement, as the case may be, after the 180-day period described in
clause (iii) above, the interest rate on this Note from the date of such effectiveness or consummation, as the case may be, shall be reduced to the original interest rate provided for herein. 

        If
a Shelf Registration Statement is declared effective, and if the Operating Partnership fails to keep such Shelf Registration Statement continuously (x) effective or
(y) useable for resales for the period required by the Registration Rights Agreement due to certain circumstances relating to pending corporate developments, public filings with the Commission
and similar events, or because the prospectus contains an untrue statement of a material fact or omits to state a material fact required to 

B-3

 

be
stated therein or necessary in order to make the statements therein not misleading, and such failure continues for more than 60 days (whether or not consecutive) in any 12-month
period (the 61st day being referred to as the "Default Day"), then from the Default Day until the earlier of (i) the date that is the second anniversary of the Closing Date (or,
if Rule 144(k) of the Securities Act is amended to provide a shorter restrictive period, the end of such shorter period) or (ii) the date as of which this Note is sold pursuant to the
Shelf Registration Statement, the Special Interest Premium shall accrue at a rate equal to 0.50% per annum. 

        The
principal of this Note payable on the Maturity Date shall be paid against presentation and surrender of this Note at the office or agency of the Issuer maintained for that purpose in
The Borough of Manhattan, The City of New York. The Issuer hereby initially designates the Corporate Trust Office of the Trustee in The City of New York as the office to be maintained by it where
Notes may be presented for payment, registration of transfer or exchange, and where notices to or demands upon the Issuer in respect of the Notes or the Indenture referred to on the reverse hereof may
be served. 

        Payments
of principal and interest in respect of this Note shall be made by wire transfer of immediately available funds in such coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof after the Trustee's Certificate of Authentication. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 

        This
Note shall not be entitled to the benefits of the Indenture or be valid or obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by the
Trustee under such Indenture. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

B-4

 

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by facsimile by its authorized officers. 

Dated:
March 18, 2003 

	 	 	 	 	SIMON PROPERTY GROUP, L.P.
	 	 	 	 	 	 	as Issuer
	

 	
 	

 	
 	

By:	
 	

SIMON PROPERTY GROUP, INC.

as General Partner
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Name:

Title:
	

Attest:	
 	

 	
 	

 
	

By:	
 	

 	
 	

 	
 	

 
	 	 	
 Name:

Title:	 	 	 	 

B-5

 
TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

	 	 	JPMORGAN CHASE BANK
	 	 	 	 	as Trustee
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Authorized Officer

B-6

 
[REVERSE OF NOTE]  

 SIMON PROPERTY GROUP, L.P.  

 [4.875/5.450]% Note due [2010/2013]

        This
security is one of a duly authorized issue of debt securities of the Issuer (hereinafter called the "Securities"), issued or to be issued under and pursuant to an Indenture dated as
of November 26, 1996 (herein called the "Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (herein called
the "Trustee," which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part), to which Indenture and all indentures supplemental
thereto relating to this Note (including, without limitation, the Eleventh Supplemental Indenture, dated as of March 18, 2003, between the Issuer and the Trustee) reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered and for the definition of capitalized terms used hereby and not otherwise defined. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture supplemental thereto. This Security is one of a series designated as the Simon Property Group, L.P.
[4.875/5.450]% Notes due [2010/2013], initially limited in aggregate principal amount to $[300,000,000/200,000,000](the
"Notes"). 

        In
case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal amount of the Notes and the Make-Whole Amount may be declared
accelerated and thereupon become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. 

        The
Notes may be redeemed at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum of (i) 100% of the principal
amount of the Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Notes. Notice of any optional
redemption shall be given to Holders at their addresses, as shown in the Security Register for the Notes, not more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and the principal amount of the Notes to be redeemed. 

        The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of the aggregate principal amount of the Securities
at the time Outstanding of all series to be affected (voting as one class), evidenced as provided in the Indenture, 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 Securities of each series; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security so affected, (i) change the Stated Maturity of the principal of, or premium, (if any)
or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of interest thereon or any premium payable upon the redemption or
acceleration thereof, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to consent to any waiver of compliance with certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth 

B-7

 

in
the Indenture, or (iv) effect certain other changes to the Indenture or any supplemental indenture or in the rights of Holders of the Securities. The Indenture also permits the Holders of a
majority in principal amount of the Outstanding Securities of any series (or, in the case of certain defaults or Events of Default, all series of Securities), on behalf of the Holders of all the
Securities of such series (or all of the Securities, as the case may be), to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults or Events of Default
under the Indenture and their consequences, prior to any declaration accelerating the maturity of such Securities, or subject to certain conditions, rescind a declaration of acceleration and its
consequences with respect to such Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note that may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other
Note. 

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

        Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had, whether by levy or execution or otherwise, for the payment of any sums due under the
Securities, including, without limitation, the principal of, premium, if any, or interest payable under the Securities, or for the payment or performance of any obligation under, or for any claim
based on, the Indenture or otherwise in respect thereof, against any partner of the Issuer, whether limited or general, including Simon Property Group, Inc. or such partner's assets or against
any principal, shareholder, officer, director, trustee or employee of such partner. It is expressly understood that the sole remedies under
the Securities and the Indenture or under any other document with respect to the Securities, against such parties with respect to such amounts, obligations or claims shall be against the Issuer. 

        This
Note is issuable only in registered form without Coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service charge, except for any tax or other governmental charge imposed in connection therewith. 

        Upon
due presentment for registration of transfer of this Note at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, one or more new Notes of
authorized denominations in an equal aggregate principal amount shall be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge, except for
any tax or other governmental charge imposed in connection therewith. 

        The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the Person in whose name this Note is registered as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal and any
premium hereof or hereon, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer
or the Trustee shall be affected by any notice to the contrary. 

        This
Note, including the validity hereof, and the Indenture shall be governed by and construed in accordance with the laws of the State of New York, and for all purposes shall be
construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

B-8

 
ABBREVIATIONS  

        The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 

TEN
COM—as tenants in common

UNIF GIFT MIN ACT—                  Custodian          (Cust)
        

(minor) under Uniform Gifts to Minors Act                          (State)

TEN ENT—as tenants by the entireties

JT TEN—as joint tenants with right of survivorship and not as tenants in common 

        Additional
abbreviations may also be used though not in the above list. 

ASSIGNMENT  

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	

 (Please print or typewrite name and address including postal zip code of assignee.)
	

This Note and all rights thereunder hereby irrevocably constituting and appointing Attorney to transfer this Note on the books of the Trustee, with full power of substitution in the premises.
	

Dated:	
 	

 	
 	

 
	 	 	
	 	
 Notice: The signature(s) on this Assignment must correspond with the name(s) as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.

B-9

 
ASSIGNMENT & TRANSFER CERTIFICATE  

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

        In
connection with the resale or other transfer of this Note occurring prior to the time the legend originally set forth on the face of this Note (or one or more predecessor Notes)
restricting resales and other transfers thereof has been removed in accordance with the procedures set forth in the Indenture (other than a resale or other transfer made to the Operating Partnership
or to, by, through, or in a transaction approved by an Initial Purchaser), the undersigned registered holder certifies that without utilizing any general solicitation or general advertising: 

[CHECK
ONE] 

	o	 	(a)	 	Such Note is being transferred by the undersigned registered holder to a "qualified institutional buyer," as defined in Rule 144A under the Securities Act of 1933, as amended, pursuant to the exemption from
registration under the Securities Act of 1933, as amended, provided by Rule 144A thereunder.
	
or
	

o	
 	

(b)	
 	

Such Note is being transferred by the undersigned registered holder to an institutional investor which is an "accredited investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and that the
undersigned has been advised by the prospective transferee that such transferee shall hold such Note for its own account, or as a fiduciary or agent for others (which others are also institutional accredited investors, unless such transferee is a
bank acting in its fiduciary capacity), for investment purposes and not for distribution, subject to any requirement of law that the disposition of such transferee's property shall at all times be and remain within its control.
	
or
	

o	
 	

(c)	
 	

Such Note is being transferred by the undersigned registered holder to an institutional investor which is a person that is not a "U.S. person" (or acquiring such Note for the account or benefit of a U.S. person) in an "offshore transaction," as such
terms are defined in Regulation S under the Securities Act of 1933, as amended, pursuant to the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder.

        If
none of the foregoing boxes are checked, then, so long as this Note shall bear a legend on the face thereof restricting resales and other transfers thereof (except in the case of a
resale or other transfer made to the Operating Partnership or to, by, through, or in a transaction approved by, an Initial Purchaser), the Trustee shall not be obligated to register such Note in the
name of any Person 

B-10

 

other
than the registered holder thereof and until the conditions to any such registration of transfer set forth in this Note and in the Indenture shall have been satisfied. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of registered holder]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	

	

 	
 	

 	
 	

The signature of the registered holder must correspond with the name as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.

TO BE COMPLETED BY TRANSFEREE

IF (a) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that (i) it is a "qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has received such information regarding the Operating Partnership as the undersigned transferee has requested pursuant to
Rule 144A or has determined not to request such information, (ii) this instrument has been executed on behalf of the undersigned transferee by one of its executive officers and
(iii) it is aware that the registered holder of this Note is relying upon the undersigned transferee's foregoing representations in order to claim the exemption from registration provided by
Rule 144A. The undersigned transferee acknowledges and agrees that this Note has not been registered under the Securities Act of 1933, as amended, and may not be transferred except in
accordance with the resale and other transfer restrictions set forth in the legend on the face thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

TO BE COMPLETED BY TRANSFEREE

IF (b) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that it is an institutional investor and an "accredited investor," as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act of 1933, as amended, and that this instrument has been executed on behalf of the undersigned transferee by one of its executive officers. The undersigned transferee
undertakes to hold this Note acquired from the registered holder thereof for its own account, or as a fiduciary or agent for others (which others are also institutional accredited investors, unless
such transferee is a bank acting in its fiduciary capacity), for investment purposes and not for distribution, subject to any requirement of law that the disposition of the undersigned transferee's
property shall at all times be and remain within its control. The undersigned acknowledges and agrees that this Note has not been registered under the Securities Act 

B-11

 

of
1933, as amended, and may not be transferred except in accordance with the resale and other transfer restrictions set forth in the legend on the face thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

TO BE COMPLETED BY TRANSFEREE

IF (c) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that it is an institutional investor and that it is not a U.S. person (as defined in Regulation S under
the Securities Act of 1933, as amended) and it is acquiring this Note from the registered holder thereof in an "offshore transaction" (as defined in Regulation S) pursuant to the exemption from
registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder. The undersigned transferee acknowledges and agrees that this Note has not been registered under
the Securities Act of 1933, as amended, and may not be transferred except in accordance with the resale and other transfer restrictions set forth in the legend on the face thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

B-12

  

Exhibit C  

 
 

FORM OF INITIAL CERTIFICATED NOTE    
    

        THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE
OR OTHER JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND INTEGRAL MULTIPLES OF $1,000 IN
EXCESS THEREOF.

        THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER OF
THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER,
(b) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2),
(3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH
TRANSFEREE IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE
THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S. PERSON (AND WAS
NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON) WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE
TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

        THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

C-1

 

	REGISTERED	 	REGISTERED
	NO. [            ]	 	PRINCIPAL AMOUNT
	CUSIP NO. [                        ]	 	$[300,000,000/200,000,000]

DEFINITIVE SECURITY

SIMON PROPERTY GROUP, L.P.  

[4.875/5.450]% Note due [2010/2013]

        Simon
Property Group, L.P., a Delaware limited partnership (the "Issuer," which term includes any successor under the Indenture hereinafter referred to), for value received, hereby
promises to pay to                        , or registered assigns, the principal sum
of                        dollars on March [18/15], [2010/2013] (the
"Maturity Date"), and to pay interest thereon from March 18, 2003, semi-annually in arrears on March [18/15] and
September [18/15] of each year (each, an "Interest Payment Date"), commencing on September [18/15], 2003, and on the Maturity Date, at the
rate of [4.875/5.450]% per annum, until payment of said principal sum has been made or duly provided for. 

        The
interest so payable and punctually paid or duly provided for on any Interest Payment Date and on the Maturity Date shall be paid to the Holder in whose name this Note (or one or more
predecessor Notes) is registered in the Security Register applicable to this Note at the close of business on the "Record Date" for such payment, which shall be the 15th calendar day
immediately prior to such payment date or the Maturity Date, as the case may be, regardless of whether such day is a Business Day (as defined below). Any interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at
the close of business on a subsequent record date for the payment of such defaulted interest (which shall be not less than 10 calendar days prior to the date of the payment of such defaulted interest)
established by notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 10 calendar days preceding such subsequent record date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture (as defined below). Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. 

        Interest
payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, shall be the amount of interest accrued from and including the immediately
preceding Interest Payment Date (or from and including March 18, 2003, in the case of the initial Interest Payment Date) to but excluding the applicable Interest Payment Date or the Maturity
Date, as the case may be. If any date for the payment of principal, premium, if any, interest on, or any other amount with respect to, this Note (each a "Payment Date") falls on a day that is not a
Business Day, the principal, premium, if any, or interest payable with respect to such Payment Date shall be made on the next succeeding Business Day with the same force and effect as if made on such
Payment Date, and no interest shall accrue on the amount so payable for the period from and after such Payment Date to such next succeeding Business Day. "Business Day" means any day, other than a
Saturday or a Sunday on which banking institutions in New York, New York are open for business. 

        If
this Note is exchanged in an Exchange Offer prior to the Record Date for the first Interest Payment Date following such exchange, accrued and unpaid interest, if any, on this Note, up
to but not including the date of issuance of the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be paid on the first Interest Payment Date for such Exchange Note(s) to the
Holder or Holders of such Exchange Note(s) on the first Record Date with respect to such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent to the Record Date for the first
Interest Payment Date following such exchange but on or prior to the Interest Payment Date, then any such accrued and 

C-2

 

unpaid
interest with respect to this Note and any accrued and unpaid interest on the Exchange Note(s) issued in exchange for this Note, through the day before such Interest Payment Date, shall be paid
on such Interest Payment Date to the Holder of this Note on the Record Date. 

        The
Holder of this Note is entitled to the benefits of the Registration Rights Agreement dated March 18, 2003 (the "Registration Rights Agreement") among the Issuer and Deutsche
Bank Securities Inc. and UBS Warburg LLC (collectively, the "Initial Purchasers"). 

        If
the Operating Partnership fails to comply with certain provisions of the Registration Rights Agreement, in each case as described below, then a special interest premium (the "Special
Interest Premium") shall become payable in respect of the Notes as follows: 

        If
(i) a registration statement with respect to the Exchange Notes (the "Exchange Offer Registration Statement") is not filed with the Commission on or prior to the
90th day following the Closing Date, (ii) the Exchange Offer Registration Statement is not declared effective on or prior to the 135th day following the Closing Date
or (iii) the Exchange Offer is not consummated or the shelf registration statement covering resales of the Notes (the "Shelf Registration Statement") is not declared effective on or prior to
the 180th day following the Closing Date, the Special Interest Premium shall accrue from and including the next day following each of (a) such 90-day period in the
case of clause (i) above, (b) such 135-day period in the case of clause (ii) above and (c) such 180-day period in the cause of clause (iii)
above, in each case at a rate equal to 0.50% per annum. The aggregate amount of the Special Interest Premium payable pursuant to the above provisions shall in no event exceed 0.50% per annum. If the
Exchange Offer Registration Statement is not declared effective on or prior to the 135th day following the Closing Date and the Operating Partnership shall request the Holder of this
Note to provide the information called for by the Registration Rights Agreement for inclusion in the Shelf Registration Statement and the Holder of this Note does not deliver such information to the
Operating Partnership when required pursuant to the Registration Rights Agreement, then the Holder of this Note shall not be entitled to any such increase in the interest rate for any day after the
180th day following the Closing Date. Upon (1) the filing of the Exchange Offer Registration statement after the 90-day period described in clause (i),
(2) the effectiveness of the Exchange Offer Registration Statement after the 135-day period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may be, after the 180-day period described in clause (iii) above, the interest rate on this Note from the
date of such effectiveness or consummation, as the case may be, shall be reduced to the original interest rate provided for herein. 

        If
a Shelf Registration Statement is declared effective, and if the Operating Partnership fails to keep such Shelf Registration Statement continuously (x) effective or
(y) useable for resales for the period required by the Registration Rights Agreement due to certain circumstances relating to pending corporate developments, public filings with the Commission
and similar events, or because the prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the
statements therein not misleading, and such failure continues for more than 60 days (whether or not consecutive) in any 12-month period (the 61st day being referred to
as the "Default Day"), then from the Default Day until the earlier of (i) the date that is the second anniversary of the Closing Date (or, if Rule 144(k) of the Securities Act is amended
to provide a shorter restrictive period, the end of such shorter period) or (ii) the date as of which this Note is sold pursuant to the Shelf Registration Statement, the Special Interest
Premium shall accrue at a rate equal to 0.50% per annum. 

        The
principal of this Note payable on the Maturity Date shall be paid against presentation and surrender of this Note at the office or agency of the Issuer maintained for that purpose in
The Borough of Manhattan, The City of New York. The Issuer hereby initially designates the Corporate Trust Office of the Trustee in The City of New York as the office to be maintained by it where
Notes 

C-3

 

may
be presented for payment, registration of transfer or exchange, and where notices to or demands upon the Issuer in respect of the Notes or the Indenture referred to on the reverse hereof may be
served. 

        Payments
of principal and interest in respect of this Note shall be made by wire transfer of immediately available funds in such coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof after the Trustee's Certificate of Authentication. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 

        This
Note shall not be entitled to the benefits of the Indenture or be valid or obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by the
Trustee under such Indenture. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

C-4

 

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by facsimile by its authorized officers. 

Dated:
March 18, 2003 

	 	 	 	 	SIMON PROPERTY GROUP, L.P.
	 	 	 	 	 	 	as Issuer
	

 	
 	

 	
 	

By:	
 	

SIMON PROPERTY GROUP, INC.

as General Partner
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Name:

Title:
	

Attest:	
 	

 	
 	

 
	

By:	
 	

 	
 	

 	
 	

 
	 	 	
 Name:

Title:	 	 	 	 

C-5

 
TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

	 	 	JPMORGAN CHASE BANK
	 	 	 	 	as Trustee
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Authorized Officer

C-6

 
[REVERSE OF NOTE]  

 SIMON PROPERTY GROUP, L.P.  

 [4.875/5.450]% Note due [2010/2013]

        This
security is one of a duly authorized issue of debt securities of the Issuer (hereinafter called the "Securities"), issued or to be issued under and pursuant to an Indenture dated as
of November 26, 1996 (herein called the "Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (herein called
the "Trustee," which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part), to which Indenture and all indentures supplemental
thereto relating to this Note (including, without limitation, the Eleventh Supplemental Indenture, dated as of March 18, 2003, between the Issuer and the Trustee) reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered and for the definition of capitalized terms used hereby and not otherwise defined. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture supplemental thereto. This Security is one of a series designated as the Simon Property Group, L.P.
[4.875/5.450]% Notes due
[2010/2013], initially limited in aggregate principal amount to $[300,000,000/200,000,000] (the "Notes"). 

        In
case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal amount of the Notes and the Make-Whole Amount may be declared
accelerated and thereupon become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. 

        The
Notes may be redeemed at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum of (i) 100% of the principal
amount of the Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Notes. Notice of any optional
redemption shall be given to Holders at their addresses, as shown in the Security Register for the Notes, not more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and the principal amount of the Notes to be redeemed. 

        The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of the aggregate principal amount of the Securities
at the time Outstanding of all series to be affected (voting as one class), evidenced as provided in the Indenture, 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 Securities of each series; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security so affected, (i) change the Stated Maturity of the principal of, or premium, (if any)
or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of interest thereon or any premium payable upon the redemption or
acceleration thereof, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to consent to any waiver of compliance with certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth 

C-7

 

in
the Indenture, or (iv) effect certain other changes to the Indenture or any supplemental indenture or in the rights of Holders of the Securities. The Indenture also permits the Holders of a
majority in principal amount of the Outstanding Securities of any series (or, in the case of certain defaults or Events of Default, all series of Securities), on behalf of the Holders of all the
Securities of such series (or all of the Securities, as the case may be), to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults or Events of Default
under the Indenture and their consequences, prior to any declaration accelerating the maturity of such Securities, or subject to certain conditions, rescind a declaration of acceleration and its
consequences with respect to such Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note that may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other
Note. 

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

        Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had, whether by levy or execution or otherwise, for the payment of any sums due under the
Securities, including, without limitation, the principal of, premium, if any, or interest payable under the Securities, or for the payment or performance of any obligation under, or for any claim
based on, the Indenture or otherwise in respect thereof, against any partner of the Issuer, whether limited or general, including Simon Property Group, Inc. or such partner's assets or against
any principal, shareholder, officer, director, trustee or employee of such partner. It is expressly understood that the sole remedies under
the Securities and the Indenture or under any other document with respect to the Securities, against such parties with respect to such amounts, obligations or claims shall be against the Issuer. 

        This
Note is issuable only in registered form without Coupons in denominations of $100,000 and integral multiples of $1,000 in excess thereof. This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service charge, except for any tax or other governmental charge imposed in connection therewith. 

        Upon
due presentment for registration of transfer of this Note at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, one or more new Notes of
authorized denominations in an equal aggregate principal amount shall be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge, except for
any tax or other governmental charge imposed in connection therewith. 

        The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the Person in whose name this Note is registered as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal and any
premium hereof or hereon, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer
or the Trustee shall be affected by any notice to the contrary. 

        This
Note, including the validity hereof, and the Indenture shall be governed by and construed in accordance with the laws of the State of New York, and for all purposes shall be
construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

C-8

 
ABBREVIATIONS  

        The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 

TEN
COM—as tenants in common

UNIF GIFT MIN ACT—                  Custodian          (Cust)
        

(minor) under Uniform Gifts to Minors Act                          (State)

TEN ENT—as tenants by the entireties

JT TEN—as joint tenants with right of survivorship and not as tenants in common 

        Additional
abbreviations may also be used though not in the above list. 

ASSIGNMENT  

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	

 (Please print or typewrite name and address including postal zip code of assignee.)
	

This Note and all rights thereunder hereby irrevocably constituting and appointing Attorney to transfer this Note on the books of the Trustee, with full power of substitution in the premises.
	

Dated:	
 	

 	
 	

 
	 	 	
	 	
 Notice: The signature(s) on this Assignment must correspond with the name(s) as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.

C-9

 
ASSIGNMENT & TRANSFER CERTIFICATE  

        TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER
NOTE:

        In
connection with the resale or other transfer of this Note occurring prior to the time the legend originally set forth on the face of this Note (or one or more predecessor Notes)
restricting resales and other transfers thereof has been removed in accordance with the procedures set forth in the Indenture (other than a resale or other transfer made to the Operating Partnership
or to, by, through, or in a transaction approved by an Initial Purchaser), the undersigned registered holder certifies that without utilizing any general solicitation or general advertising: 

[CHECK
ONE] 

	o	 	(a)	 	Such Note is being transferred by the undersigned registered holder to a "qualified institutional buyer," as defined in Rule 144A under the Securities Act of 1933, as amended, pursuant to the exemption from
registration under the Securities Act of 1933, as amended, provided by Rule 144A thereunder.
	
or
	

o	
 	

(b)	
 	

Such Note is being transferred by the undersigned registered holder to an institutional investor which is an "accredited investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and that
the undersigned has been advised by the prospective transferee that such transferee shall hold such Note for its own account, or as a fiduciary or agent for others (which others are also institutional accredited investors, unless such transferee is a
bank acting in its fiduciary capacity), for investment purposes and not for distribution, subject to any requirement of law that the disposition of such transferee's property shall at all times be and remain within its control.
	
or
	

o	
 	

(c)	
 	

Such Note is being transferred by the undersigned registered holder to an institutional investor which is a person that is not a "U.S. person" (or acquiring such Note for the account or benefit of a U.S. person) in an "offshore transaction," as such
terms are defined in Regulation S under the Securities Act of 1933, as amended, pursuant to the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder.

        If
none of the foregoing boxes are checked, then, so long as this Note shall bear a legend on the face thereof restricting resales and other transfers thereof (except in the case of a
resale or other transfer made to the Operating Partnership or to, by, through, or in a transaction approved by, an Initial Purchaser), the Trustee shall not be obligated to register such Note in the
name of any Person 

C-10

 

other
than the registered holder thereof and until the conditions to any such registration of transfer set forth in this Note and in the Indenture shall have been satisfied. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of registered holder]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	

	

 	
 	

 	
 	

The signature of the registered holder must correspond with the name as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.

TO BE COMPLETED BY TRANSFEREE

IF (a) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that (i) it is a "qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has received such information regarding the Operating Partnership as the undersigned transferee has requested pursuant to
Rule 144A or has determined not to request such information, (ii) this instrument has been executed on behalf of the undersigned transferee by one of its executive officers and
(iii) it is aware that the registered holder of this Note is relying upon the
undersigned transferee's foregoing representations in order to claim the exemption from registration provided by Rule 144A. The undersigned transferee acknowledges and agrees that this Note has
not been registered under the Securities Act of 1933, as amended, and may not be transferred except in accordance with the resale and other transfer restrictions set forth in the legend on the face
thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

TO BE COMPLETED BY TRANSFEREE

IF (b) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that it is an institutional investor and an "accredited investor," as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act of 1933, as amended, and that this instrument has been executed on behalf of the undersigned transferee by one of its executive officers. The
undersigned transferee undertakes to hold this Note acquired from the registered holder thereof for its own account, or as a fiduciary or agent for others (which others are also institutional
accredited investors, unless such transferee is a bank acting in its fiduciary capacity), for investment purposes and not for distribution, subject to any requirement of law that the disposition of
the undersigned transferee's property shall at all times be and remain within its control. The undersigned acknowledges and agrees that this Note has not been registered under the Securities Act 

C-11

 

of
1933, as amended, and may not be transferred except in accordance with the resale and other transfer restrictions set forth in the legend on the face thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

TO BE COMPLETED BY TRANSFEREE

IF (c) ABOVE IS CHECKED:  

        The undersigned transferee represents and warrants that it is an institutional investor and that it is not a U.S. person (as defined in Regulation S under
the Securities Act of 1933, as amended) and it is acquiring this Note from the registered holder thereof in an "offshore transaction" (as defined in Regulation S) pursuant to the exemption from
registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder. The undersigned transferee acknowledges and agrees that this Note has not been registered under
the Securities Act of 1933, as amended, and may not be transferred except in accordance with the resale and other transfer restrictions set forth in the legend on the face thereof. 

	Dated:	 	 	 	 	 	 
	 	 	
	 	
 [Type or print name of transferee]
	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	
 Executive Officer

C-12

  

Exhibit D  

 
 

FORM OF EXCHANGE GLOBAL NOTE    
    

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

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

	REGISTERED	 	REGISTERED
	NO. [            ]	 	PRINCIPAL AMOUNT
	CUSIP NO. [                        ]	 	$[300,000,000/200,000,000]

GLOBAL SECURITY

SIMON PROPERTY GROUP, L.P.  

[4.875/5.450]% Note due [2010/2013]

        Simon
Property Group, L.P., a Delaware limited partnership (the "Issuer," which term includes any successor under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co. or its registered assigns, the principal sum of [300,000,000/200,000,000] dollars on March [18/15],
[2010/2013] (the "Maturity Date"), and to pay interest thereon from March 18, 2003, semi-annually in arrears on March [18/15]
and September [18/15] of each year (each, an "Interest Payment Date"), commencing on September [18/15], 2003, and on the Maturity Date, at
the rate of [4.875/5.450]% per annum, until payment of said principal sum has been made or duly provided for. 

        The
interest so payable and punctually paid or duly provided for on any Interest Payment Date and on the Maturity Date shall be paid to the Holder in whose name this Note (or one or more
predecessor Notes) is registered in the Security Register applicable to this Note at the close of business on the "Record Date" for such payment, which shall be the 15th calendar day
immediately prior to such payment date or the Maturity Date, as the case may be, regardless of whether such day is a Business Day (as defined below). Any interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at
the close of business on a subsequent record date for the payment of such defaulted interest (which shall be not less than 10 calendar days prior to the date of the payment of such defaulted interest)
established by notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 10 calendar days preceding such subsequent record date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture (as 

D-1

 

defined
below). Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. 

        Interest
payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, shall be the amount of interest accrued from and including the immediately
preceding Interest Payment Date (or from and including March 18, 2003, in the case of the initial Interest Payment Date) to but excluding the applicable Interest Payment Date or the Maturity
Date, as the case may be. If any date for the payment of principal, premium, if any, interest on, or any other amount with respect to, this Note (each a "Payment Date") falls on a day that is not a
Business Day, the principal, premium, if any, or interest payable with respect to such Payment Date shall be made on the next succeeding Business Day with the same force and effect as if made on such
Payment Date, and no interest shall accrue on the amount so payable for the period from and after such Payment Date to such next succeeding Business Day. "Business Day" means any day, other than a
Saturday or a Sunday on which banking institutions in New York, New York are open for business. 

        The
principal of this Note payable on the Maturity Date shall be paid against presentation and surrender of this Note at the office or agency of the Issuer maintained for that purpose in
The Borough of Manhattan, The City of New York. The Issuer hereby initially designates the Corporate Trust Office of the Trustee in The City of New York as the office to be maintained by it where
Notes may be presented for payment, registration of transfer or exchange, and where notices to or demands upon the Issuer in respect of the Notes or the Indenture referred to on the reverse hereof may
be served. 

        Payments
of principal and interest in respect of this Note shall be made by wire transfer of immediately available funds in such coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof after the Trustee's Certificate of Authentication. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 

        This
Note shall not be entitled to the benefits of the Indenture or be valid or obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by the
Trustee under such Indenture. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

D-2

 

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by facsimile by its authorized officers. 

	Dated:	 	 	 	, 20	 	 	 	 	 
	 	 	
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

 	

 	
 	
SIMON PROPERTY GROUP, L.P.
	 	 	 	 	 	 	 	 	 	as Issuer
	

 	
 	

 	
 	

 	

 	
 	

By:	
 	

SIMON PROPERTY GROUP, INC.

as General Partner
	

 	
 	

 	
 	

 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	 	 	 	
 Name:
	Attest:	 	 	 	 	 	 	Title:
	

By:	
 	

 	
 	

 	

 	
 	

 	
 	

 
	 	 	
 Name:

Title:	 	 	 	 

D-3

 
TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

	 	 	JPMORGAN CHASE BANK
	 	 	 	 	as Trustee
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Authorized Officer

D-4

 
[REVERSE OF NOTE]  

 SIMON PROPERTY GROUP, L.P.  

 [4.875/5.450]% Note due [2010/2013]

        This
security is one of a duly authorized issue of debt securities of the Issuer (hereinafter called the "Securities"), issued or to be issued under and pursuant to an Indenture dated as
of November 26, 1996 (herein called the "Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (herein called
the "Trustee," which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part), to which Indenture and all indentures supplemental
thereto relating to this Note (including, without limitation, the Eleventh Supplemental Indenture, dated as of March 18, 2003, between the Issuer and the Trustee) reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered and for the definition of capitalized terms used hereby and not otherwise defined. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture supplemental thereto. This Security is one of a series designated as the Simon Property Group, L.P.
[4.875/5.450]% Notes due [2010/2013], initially limited in aggregate principal amount to $[300,000,000/200,000,000] (the
"Notes"). 

        In
case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal amount of the Notes and the Make-Whole Amount may be declared
accelerated and thereupon become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. 

        The
Notes may be redeemed at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum of (i) 100% of the principal
amount of the Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Notes. Notice of any optional
redemption shall be given to Holders at their addresses, as shown in the Security Register for the Notes, not more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and the principal amount of the Notes to be redeemed. 

        The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of the aggregate principal amount of the Securities
at the time Outstanding of all series to be affected (voting as one class), evidenced as provided in the Indenture, 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 Securities of each series; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security so affected, (i) change the Stated Maturity of the principal of, or premium, (if any)
or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of interest thereon or any premium payable upon the redemption or
acceleration thereof, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to consent to any waiver of compliance with certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth 

D-5

 

in
the Indenture, or (iv) effect certain other changes to the Indenture or any supplemental indenture or in the rights of Holders of the Securities. The Indenture also permits the Holders of a
majority in principal amount of the Outstanding Securities of any series (or, in the case of certain defaults or Events of Default, all series of Securities), on behalf of the Holders of all the
Securities of such series (or all of the Securities, as the case may be), to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults or Events of Default
under the Indenture and their consequences, prior to any declaration accelerating the maturity of such Securities, or subject to certain conditions, rescind a declaration of acceleration and its
consequences with respect to such Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note that may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other
Note. 

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

        Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had, whether by levy or execution or otherwise, for the payment of any sums due under the
Securities, including, without limitation, the principal of, premium, if any, or interest payable under the Securities, or for the payment or performance of any obligation under, or for any claim
based on, the Indenture or otherwise in respect thereof, against any partner of the Issuer, whether limited or general, including Simon Property Group, Inc. or such partner's assets or against
any principal, shareholder, officer, director, trustee or employee of such partner. It is expressly understood that the sole remedies under
the Securities and the Indenture or under any other document with respect to the Securities, against such parties with respect to such amounts, obligations or claims shall be against the Issuer. 

        This
Note is issuable only in registered form without Coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service charge, except for any tax or other governmental charge imposed in connection therewith. 

        Upon
due presentment for registration of transfer of this Note at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, one or more new Notes of
authorized denominations in an equal aggregate principal amount shall be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge, except for
any tax or other governmental charge imposed in connection therewith. 

        The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the Person in whose name this Note is registered as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal and any
premium hereof or hereon, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer
or the Trustee shall be affected by any notice to the contrary. 

        This
Note, including the validity hereof, and the Indenture shall be governed by and construed in accordance with the laws of the State of New York, and for all purposes shall be
construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

D-6

 
ABBREVIATIONS  

        The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 

TEN
COM—as tenants in common

UNIF GIFT MIN ACT—                  Custodian          (Cust)
        

(minor) under Uniform Gifts to Minors Act                          (State)

TEN ENT—as tenants by the entireties

JT TEN—as joint tenants with right of survivorship and not as tenants in common 

        Additional
abbreviations may also be used though not in the above list. 

ASSIGNMENT  

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	

 (Please print or typewrite name and address including postal zip code of assignee.)
	

This Note and all rights thereunder hereby irrevocably constituting and appointing Attorney to transfer this Note on the books of the Trustee, with full power of substitution in the premises.
	

Dated:	
 	

 	
 	

 
	 	 	
	 	
 Notice: The signature(s) on this Assignment must correspond with the name(s) as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.

D-7

  

Exhibit E  

 
 

FORM OF EXCHANGE CERTIFICATED NOTE    
    

	REGISTERED	 	REGISTERED
	NO. [            ]	 	PRINCIPAL AMOUNT
	CUSIP NO. [                        ]	 	$[300,000,000/200,000,000]

DEFINITIVE SECURITY

SIMON PROPERTY GROUP, L.P.  

[4.875/5.450]% Note due [2010/2013]

        Simon
Property Group, L.P., a Delaware limited partnership (the "Issuer," which term includes any successor under the Indenture hereinafter referred to), for value received, hereby
promises to pay to                        , or registered assigns, the principal sum
of                        dollars on March [18/15], [2010/2013] (the
"Maturity Date"), and to pay interest thereon from March 18, 2003, semi-annually in arrears on March [18/15] and
September [18/15] of each year (each, an "Interest Payment Date"), commencing on September [18/15], 2003, and on the Maturity Date, at the
rate of [4.875/5.450]% per annum, until payment of said principal sum has been made or duly provided for. 

        The
interest so payable and punctually paid or duly provided for on any Interest Payment Date and on the Maturity Date shall be paid to the Holder in whose name this Note (or one or more
predecessor Notes) is registered in the Security Register applicable to this Note at the close of business on the "Record Date" for such payment, which shall be the 15th calendar day
immediately prior to such payment date or the Maturity Date, as the case may be, regardless of whether such day is a Business Day (as defined below). Any interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at
the close of business on a subsequent record date for the payment of such defaulted interest (which shall be not less than 10 calendar days prior to the date of the payment of such defaulted interest)
established by notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 10 calendar days preceding such subsequent record date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture (as defined below). Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. 

        Interest
payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, shall be the amount of interest accrued from and including the immediately
preceding Interest Payment Date (or from and including March 18, 2003, in the case of the initial Interest Payment Date) to but excluding the applicable Interest Payment Date or the Maturity
Date, as the case may be. If any date for the payment of principal, premium, if any, interest on, or any other amount with respect to, this Note (each a "Payment Date") falls on a day that is not a
Business Day, the principal, premium, if any, or interest payable with respect to such Payment Date shall be made on the next succeeding Business Day with the same force and effect as if made on such
Payment Date, and no interest shall accrue on the amount so payable for the period from and after such Payment Date to such next succeeding Business Day. "Business Day" means any day, other than a
Saturday or a Sunday on which banking institutions in New York, New York are open for business. 

        The
principal of this Note payable on the Maturity Date shall be paid against presentation and surrender of this Note at the office or agency of the Issuer maintained for that purpose in
The 

E-1

 

Borough
of Manhattan, The City of New York. The Issuer hereby initially designates the Corporate Trust Office of the Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where notices to or demands upon the Issuer in respect of the Notes or the Indenture referred to on the reverse hereof may be
served. 

        Payments
of principal and interest in respect of this Note shall be made by wire transfer of immediately available funds in such coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof after the Trustee's Certificate of Authentication. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 

        This
Note shall not be entitled to the benefits of the Indenture or be valid or obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by the
Trustee under such Indenture. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

E-2

 

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by facsimile by its authorized officers. 

	Dated:	 	 	 	, 20	 	 	 	 	 
	 	 	
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

 	

 	
 	
SIMON PROPERTY GROUP, L.P.
	 	 	 	 	 	 	 	 	 	as Issuer
	

 	
 	

 	
 	

 	

 	
 	

By:	
 	

SIMON PROPERTY GROUP, INC.

as General Partner
	

 	
 	

 	
 	

 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	 	 	 	
 Name:
	Attest:	 	 	 	 	 	 	Title:
	

By:	
 	

 	
 	

 	

 	
 	

 	
 	

 
	 	 	
 Name:

Title:	 	 	 	 	 	 	 

E-3

 
TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

	 	 	JPMORGAN CHASE BANK
	 	 	 	 	as Trustee
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Authorized Officer

E-4

 
[REVERSE OF NOTE]  

 SIMON PROPERTY GROUP, L.P.  

 [4.875/5.450]% Note due [2010/2013]

        This
security is one of a duly authorized issue of debt securities of the Issuer (hereinafter called the "Securities"), issued or to be issued under and pursuant to an Indenture dated as
of November 26, 1996 (herein called the "Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (herein called
the "Trustee," which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part), to which Indenture and all indentures supplemental
thereto relating to this Note (including, without limitation, the Eleventh Supplemental Indenture, dated as of March 18, 2003, between the Issuer and the Trustee) reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered and for the definition of capitalized terms used hereby and not otherwise defined. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture supplemental thereto. This Security is one of a series designated as the Simon Property Group, L.P.
[4.875/5.450]% Notes due [2010/2013], initially limited in aggregate principal amount to $[300,000,000/200,000,000](the
"Notes"). 

        In
case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal amount of the Notes and the Make-Whole Amount may be declared
accelerated and thereupon become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. 

        The
Notes may be redeemed at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum of (i) 100% of the principal
amount of the Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such Notes. Notice of any optional
redemption shall be given to Holders at their addresses, as shown in the Security Register for the
Notes, not more than 60 nor less than 30 days prior to the date fixed for redemption. The notice of redemption shall specify, among other items, the redemption price and the principal amount of
the Notes to be redeemed. 

        The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of the aggregate principal amount of the Securities
at the time Outstanding of all series to be affected (voting as one class), evidenced as provided in the Indenture, 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 Securities of each series; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security so affected, (i) change the Stated Maturity of the principal of, or premium, (if any)
or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of interest thereon or any premium payable upon the redemption or
acceleration thereof, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to consent to any waiver of compliance with certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth 

E-5

 

in
the Indenture, or (iv) effect certain other changes to the Indenture or any supplemental indenture or in the rights of Holders of the Securities. The Indenture also permits the Holders of a
majority in principal amount of the Outstanding Securities of any series (or, in the case of certain defaults or Events of Default, all series of Securities), on behalf of the Holders of all the
Securities of such series (or all of the Securities, as the case may be), to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults or Events of Default
under the Indenture and their consequences, prior to any declaration accelerating the maturity of such Securities, or subject to certain conditions, rescind a declaration of acceleration and its
consequences with respect to such Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note that may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other
Note. 

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

        Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had, whether by levy or execution or otherwise, for the payment of any sums due under the
Securities,
including, without limitation, the principal of, premium, if any, or interest payable under the Securities, or for the payment or performance of any obligation under, or for any claim based on, the
Indenture or otherwise in respect thereof, against any partner of the Issuer, whether limited or general, including Simon Property Group, Inc. or such partner's assets or against any principal,
shareholder, officer, director, trustee or employee of such partner. It is expressly understood that the sole remedies under the Securities and the Indenture or under any other document with respect
to the Securities, against such parties with respect to such amounts, obligations or claims shall be against the Issuer. 

        This
Note is issuable only in registered form without Coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service charge, except for any tax or other governmental charge imposed in connection therewith. 

        Upon
due presentment for registration of transfer of this Note at the office or agency of the Issuer in The Borough of Manhattan, The City of New York, one or more new Notes of
authorized denominations in an equal aggregate principal amount shall be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge, except for
any tax or other governmental charge imposed in connection therewith. 

        The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the Person in whose name this Note is registered as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal and any
premium hereof or hereon, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer
or the Trustee shall be affected by any notice to the contrary. 

        This
Note, including the validity hereof, and the Indenture shall be governed by and construed in accordance with the laws of the State of New York, and for all purposes shall be
construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

        Capitalized
terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Eleventh Supplemental Indenture referred to
herein. 

E-6

 
ABBREVIATIONS  

        The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 

TEN
COM—as tenants in common

UNIF GIFT MIN ACT—                  Custodian          (Cust)
        

(minor) under Uniform Gifts to Minors Act                          (State)

TEN ENT—as tenants by the entireties

JT TEN—as joint tenants with right of survivorship and not as tenants in common 

        Additional
abbreviations may also be used though not in the above list. 

ASSIGNMENT  

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	

 (Please print or typewrite name and address including postal zip code of assignee.)
	

This Note and all rights thereunder hereby irrevocably constituting and appointing Attorney to transfer this Note on the books of the Trustee, with full power of substitution in the premises.
	

Dated:	
 	

 	
 	

 
	 	 	
	 	
 Notice: The signature(s) on this Assignment must correspond with the name(s) as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.

E-7

QuickLinks

Exhibit 4.2 EXECUTION COPY CLIFFORD CHANCE US LLP

TABLE OF CONTENTS

RECITALS

ARTICLE I DEFINITIONS, CREATION, FORMS AND TERMS AND CONDITIONS OF THE SECURITIES

ARTICLE II COVENANTS FOR BENEFIT OF HOLDERS OF NOTES

ARTICLE III REGISTRATION RIGHTS

ARTICLE IV TRANSFER AND EXCHANGE

ARTICLE V LEGENDS

ARTICLE VI TRUSTEE

ARTICLE VII MISCELLANEOUS PROVISIONS

FORM OF INITIAL RESTRICTED GLOBAL NOTE

FORM OF INITIAL REGULATION S GLOBAL NOTE

FORM OF INITIAL CERTIFICATED NOTE

FORM OF EXCHANGE GLOBAL NOTE

FORM OF EXCHANGE CERTIFICATED NOTE

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