Document:

Exhibit

Exhibit 4.17

BROOKFIELD PROPERTY PARTNERS L.P.
FIRST AMENDMENT TO THE
SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT
THIS AMENDMENT (the “Amendment”) to the Second Amended and Restated Limited Partnership Agreement dated August 8, 2013 (the “Agreement”) of Brookfield Property Partners L.P. (the “Partnership”), is dated November 5, 2015.  Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.
WHEREAS, the General Partner desires to amend the Agreement as set out herein;
AND WHEREAS, pursuant to Sections 14.1 and 14.1.11 of the Agreement, subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships Act, the General Partner, without the approval of any Limited Partner, may make amendments to the Agreement if those amendments, in the discretion of the General Partner, do not adversely affect the Limited Partners considered as a whole (including any particular class of Partnership Interests as compared to other classes of Partnership Interests) in any material respect;
NOW THEREFORE,
		
	1.
	Amendments

		
	(a)
	Section 1.1.59 of the Agreement is hereby deleted in its entirety and replaced with the following:

“Percentage Interest” means, as of the date of such determination, the quotient of the number of Partnership Interests held by a Partner divided by the total number of all Partnership Interests then Outstanding, expressed as a percentage; 
		
	(b)
	Section 3.2.2 of the Agreement is hereby deleted in its entirety.

		
	2.
	This Amendment shall be effective upon the date first written above.

		
	3.
	This Amendment shall be governed by and construed in accordance with the laws of Bermuda.

		
	4.
	Except as modified herein, all terms and conditions of the Agreement shall remain in full force and effect.

		
	5.
	This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall be construed together as one agreement.

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Exhibit 4.17

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first above written.

                            	
		
	GENERAL PARTNER:

BROOKFIELD PROPERTY PARTNERS LIMITED

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

[First Amendment to Second Amended and Restated Limited Partnership Agreement of BPY]

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Exhibit 4.18

FIRST AMENDING AGREEMENT
THIS AGREEMENT (the “Amendment”) dated as of the 22nd day of February, 2016.
BETWEEN:
BPY BERMUDA HOLDINGS LIMITED, BPY BERMUDA HOLDINGS II LIMITED,
BROOKFIELD BPY HOLDINGS INC., BROOKFIELD BPY PROPERTY HOLDINGS I LLC,
BROOKFIELD BPY PROPERTY HOLDINGS II LLC, BROOKFIELD BPY RETAIL HOLDINGS I LLC,
BROOKFIELD BPY RETAIL HOLDINGS II LLC, BROOKFIELD BPY RETAIL HOLDINGS III LLC,
BROOKFIELD BPY RETAIL HOLDINGS II INC., 
BROOKFIELD PROPERTY SPLIT CORP., 
BROOKFIELD BPY FINCO ULC,  
BROOKFIELD OFFICE PROPERTIES EXCHANGE LP and
BPY BERMUDA HOLDINGS IV LIMITED 
as Borrowers, 
- and -
BROOKFIELD PROPERTY PARTNERS L.P. and
BROOKFIELD PROPERTY L.P.
as Guarantors
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The Lenders party to the Credit Agreement (as defined below)
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THE TORONTO-DOMINION BANK 
as Administrative Agent and Issuing Bank
WHEREAS the Borrowers, the Guarantors, the Lenders and the Administrative Agent, among others, entered into a Credit Agreement dated as of March 18, 2014 (the “Credit Agreement”);
AND WHEREAS the Borrowers have given notice to the Administrative Agent of an intention to exercise the extension option in Section 2.04 of the Credit Agreement to extend the Maturity Date to March 18, 2017, subject to the amendment set forth in Section 2.2 below;
AND WHEREAS parties hereto agree to make certain amendments to the Credit Agreement;
NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the mutual covenants and agreements contained herein, the parties covenant and agree as follows:

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Exhibit 4.18

ARTICLE 1
DEFINED TERMS

1.1    Capitalized Terms.  
All capitalized terms which are used herein without being specifically defined herein shall have the meaning ascribed thereto in the Credit Agreement as amended hereby.
ARTICLE 2
AMENDMENTS

2.1    General Rule.  
Subject to the terms and conditions herein contained, the Credit Agreement is hereby amended to the extent necessary to give effect to the provisions of this agreement and to incorporate the provisions of this agreement into the Credit Agreement.
2.2    Amendment to Section 2.04 (Extension of Maturity Date).  
Section 2.04 of the Credit Agreement is hereby amended by deleting the last two sentences of Section 2.04 and replacing them with the following four sentences:
“If the Borrowers elect to so extend the Maturity Date, the Borrowers will pay to the Administrative Agent (for the account of the Lenders), the following extension fees on the following dates:  (i) on or before March 18, 2016, an extension fee equal to 0.0833% of the Credit Facility Amount as at March 18, 2016; (ii) on or before July 18, 2016, an extension fee equal to 0.0833% of the Credit Facility Amount as at July 18, 2016; and (iii) on or before November 18, 2016, an extension fee equal to 0.10% of the Credit Facility Amount as at November 18, 2016.  For clarity, the Credit Facility Amount shall include undrawn Commitments together with the aggregate Credit Exposure as of the applicable date. The Administrative Agent shall promptly notify the Lenders of such extension (if applicable).  For greater certainty, if the Credit Facility is repaid in full and permanently terminated in accordance with this Agreement at any time (x) after March 18, 2016 and prior to July 18, 2016, the Borrowers shall not be obligated to pay to the Administrative Agent the extension fees set forth in paragraphs (ii) and (iii); and (y) after July 18, 2016 and prior to November 18, 2016, the Borrowers shall not be obligated to pay to the Administrative Agent the extension fee set forth in paragraph (iii).”
ARTICLE 2
MISCELLANEOUS

3.1    Borrower Representations:

The Borrowers and Guarantors hereby confirm as of the date hereof that:
		
	(a)
	No Default or Event of Default has occurred or is continuing; and

		
	(b)
	the representations and warranties of the Borrowers and Guarantors contained in Section 6.01 are true and correct in all material respects (or, if qualified by materiality, in all respects) as if made on the date hereof, except for any representations and warranties which are expressly stated to be made as of a specified date.

3.2    Effectiveness of Amendment

This Amendment shall take effect after (i) all Lenders have provided their consent to such amendment, and (ii) all parties hereto have provided a signed counterpart to this Amendment.    Upon satisfaction of the conditions precedent set out in Section 2.04 of the Credit Agreement (as amended by this Amendment), including without limitation the payment required by Section 2.04(c) and 5.02(d) of the Credit Agreement, the Maturity Date shall be extended to March 18, 2017.  
3.3    Future References to the Credit Agreement.  
On and after the date of this agreement, each reference in the Credit Agreement to “this agreement”, “hereunder”, “hereof”, or words of like import referring to the Credit Agreement, and each reference in any related document to the “ Credit Agreement”, “thereunder”, “thereof”, or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit 

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Exhibit 4.18

Agreement as amended hereby.  The Credit Agreement, as amended hereby, and the guarantee set out in Article 12 therein, each shall continue in full force and effect and are hereby in all respects ratified and confirmed.   Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Administrative Agent or the Lenders under the Credit Agreement, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of such agreement.
3.4    Governing Law.  
This agreement shall be governed by and construed in accordance with the laws of the Province of Ontario.
3.5    Enurement.  
This agreement shall enure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns.
3.6    Conflict.  
If any provision of this agreement is inconsistent or conflicts with any provision of the Credit Agreement, the relevant provision of this agreement shall prevail and be paramount.
3.7    Counterparts.  
This agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument.  Executed counterparts shall be delivered to the Lender or transmitted to the Lender by telefacsimile or by PDF format and the parties accept signatures so transmitted to the Lenders as original signatures.
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Exhibit 4.18

IN WITNESS WHEREOF the parties hereto have executed and delivered this agreement as of the date first above written.

                            	
		
	THE TORONTO-DOMINION BANK, as Administrative Agent on behalf of the Lenders

	Per:
	/s/ Andrew Ford

	 
	Name: Andrew Ford

	 
	Title: Vice President, Loan Syndications-Agency

	 
	 

	 
	 

	Per:
	 

	 
	Name:

	 
	Title:

First Amending Agreement -  Signature Page

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Exhibit 4.18

                            	
		
	BPY BERMUDA HOLDINGS LIMITED

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

                            	
		
	BPY BERMUDA HOLDINGS II LIMITED

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

                            	
		
	BROOKFIELD BPY HOLDINGS INC.

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle Campbell

	 
	Title: Secretary

                            	
		
	BROOKFIELD BPY RETAIL HOLDINGS II INC.

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle Campbell

	 
	Title: Secretary

                            	
		
	BROOKFIELD BPY PROPERTY HOLDINGS I LLC

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle Campbell

	 
	Title: Secretary

                            	
		
	BROOKFIELD BPY PROPERTY HOLDINGS II LLC

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle Campbell

	 
	Title: Secretary

                            	
		
	BROOKFIELD BPY RETAIL HOLDINGS I LLC

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

First Amending Agreement -  Signature Page

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Exhibit 4.18

                            	
		
	BROOKFIELD BPY RETAIL HOLDINGS II LLC

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

                            	
		
	BROOKFIELD BPY RETAIL HOLDINGS III LLC

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

                            	
		
	BROOKFIELD PROPERTY SPLIT CORP.

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle Campbell

	 
	Title: Secretary

                            	
		
	BROOKFIELD BPY FINCO ULC

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle Campbell

	 
	Title: Secretary

                            	
		
	BROOKFIELD OFFICE PROPERTIES EXCHANGE LP, by its general partner, BOP EXCHANGE GP ULC

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle Campbell

	 
	Title: Secretary

                            	
		
	BROOKFIELD PROPERTY PARTNERS L.P., by its general partner, BROOKFIELD PROPERTY PARTNERS LIMITED

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

First Amending Agreement -  Signature Page

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Exhibit 4.18

                            	
		
	BROOKFIELD PROPERTY L.P., by its general partner, BROOKFIELD PROPERTY PARTNERS L.P., by its general partner, BROOKFIELD PROPERTY PARTNERS LIMITED

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

                            	
		
	BPY BERMUDA HOLDINGS IV LIMITED

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere

	 
	Title: Secretary

First Amending Agreement -  Signature Page

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