Document:

exv4w46

EXHIBIT 4.46

THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CORPORATION 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.

	 	 	 
	REGISTERED

No.: 1

	 	PRINCIPAL AMOUNT

$[•]

CUSIP No.: [•]

PROLOGIS, L.P.

5.625% NOTE DUE 2015

     PROLOGIS, L.P., a limited partnership organized and existing under the laws of the State of
Delaware (hereinafter called the “Company,” which term shall include any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, upon presentation, the principal sum of [•] on November 15, 2015 and to pay
interest on the outstanding principal amount thereon at the rate of 5.625% per annum, until the
entire principal hereof is paid or made available for payment. Interest shall accrue from May 15,
2011 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, and be payable semi-annually in arrears on May 15 and November 15 in each year, commencing on
November 15, 2011. The interest so payable, and punctually paid or duly provided for on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest which shall be May 1 or November 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such 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 either be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not more than 15 days and

 

 

not less than 10 days prior to such Special 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 Securities may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture. Payment of the principal of, or
Make-Whole Amount, if applicable, on, and interest on this Security will be made at the corporate
trust office of the Trustee, initially located at 100 Wall Street, Suite 1600, New York, New York
10005, or elsewhere as provided in the Indenture, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company, payment of interest may be
made by (i) check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register or (ii) transfer to an account of the Person entitled thereto located
inside the United States.

     Each Security of this series is one of a duly authorized issue of securities of the Company
(herein called the “Securities”), issued and to be issued in one or more series under an Indenture,
dated as of [•], 2011 (herein called the “Indenture”), among the Company, ProLogis, Inc. (herein
called the “Parent Guarantor,” which term includes any successor under the Indenture) and U.S. Bank
National Association, as trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture with respect to the series of which this Security is a part), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Parent Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the first page hereof, initially limited in aggregate principal amount to $[•],
subject to the Company’s right to increase the aggregate principal amount of such series from time
to time.

     Securities of this series may be redeemed at any time at the option of the Company, in whole
or in part, at a redemption price (the “Make-Whole Amount”) equal to the greater of

	 	(1)	 	100% of the principal amount of the Securities to be redeemed; or
	 
	 	(2)	 	the sum of the present values of the remaining scheduled payments of principal
and interest on the Securities to be redeemed (exclusive of interest accrued to the
date of redemption) discounted to the date of redemption on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the then current
Treasury Rate plus 25 basis points.

     In each case the Company will pay accrued and unpaid interest on the principal amount being
redeemed to the date of redemption.

     The following definitions apply with respect to the Make-Whole Amount:

          “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining
Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in
accordance
with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the Remaining Life.

          “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and

 

 

lowest Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

          “Independent Investment Banker” means one of the Reference Treasury Dealers that the Company
appoints to act as the Independent Investment Banker from time to time.

          “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., J.P. Morgan
Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and their successors, and one
other firm that is primary U.S. Government securities dealer (each a “Primary Treasury Dealer”)
which the Company specifies from time to time; provided, however, that if any of them ceases to be
a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer.

          “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third business day preceding such redemption date.

          “Treasury Rate” means, with respect to any redemption date, the rate per year equal to: (1)
the yield, under the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated “H.15(519)” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve
System and which establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three
months before or after the Remaining Life of the Securities to be redeemed, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a
straight line basis, rounding to the nearest month; or (2) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date. The Treasury Rate shall be calculated on the third business day preceding the redemption
date.

     The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of
the Company on this Security and (b) certain restrictive covenants and the related defaults and
Events of Default applicable to the Company, in each case, upon compliance by the Company with
certain conditions set forth in the Indenture, which provisions apply to this Security.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the Make-Whole Amount on the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture.

     As provided in and subject to the provisions of the Indenture, unless the principal of all of
the Securities of this series at the time Outstanding shall already have become due and payable,
the Holder of this Security shall not have the right to institute any proceeding with respect to
the Indenture or for

 

 

the appointment of a receiver or trustee or for any other remedy thereunder,
unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in
principal amount of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders
of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and the Trustee shall have failed to institute any such proceeding
for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any interest on or after the respective due dates expressed herein.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company, the Parent
Guarantor and the Trustee with the consent of the Holders of not less than a majority in principal
amount of the Outstanding Securities of each series of Securities then Outstanding affected
thereby. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, Make-Whole Amount, if applicable, on, and interest on this Security at the times,
place and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment where
the principal of, Make-Whole Amount, if applicable, on, and interest on this Security are payable
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in minimum
denominations of $1,000 and any integral multiple of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

 

 

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     Except as provided in Article Sixteen of the Indenture, no recourse under or upon any
obligation, covenant or agreement contained in the Indenture or in this Security, or because of any
indebtedness evidenced thereby, shall be had against any promoter, as such, or against any past,
present or future stockholder, partner, director, officer, employee, agent thereof or trustee, as
such, of the Company or any Guarantor or of any successor thereof, either directly or through the
Company or any Guarantor or any successor thereof, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the acceptance of this
Security by the Holder thereof and as part of the consideration for the issue of the Securities of
this series.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

     Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused “CUSIP” numbers to be printed on the Securities of this series
as a convenience to the Holders of such Securities. No representation is made as to the
correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be
placed only on the other identification numbers printed hereon.

[This space intentionally left blank.]

 

 

     Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the
undersigned officer.

	 	 	 	 	 
	 	PROLOGIS, L.P.

By: ProLogis, Inc., its sole general partner

 

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Attest

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

Dated: [•], 2011

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

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

	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,

   as trustee

	By:  	 	 
	 	Authorized Officer  	 	 

 

 

	 	 	 	 	 

ASSIGNMENT FORM

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

     PLEASE INSERT SOCIAL

     SECURITY OR OTHER IDENTIFYING

     NUMBER OF ASSIGNEE

 

(Please Print or Typewrite Name and Address including

Zip Code of Assignee)

the within-mentioned Security of ProLogis, L.P. and hereby does irrevocably constitute and appoint
                                                                                                                        
Attorney
to transfer said Security on the books of the within-named Company with full power of substitution
in the premises.

Dated                               

NOTICE: The signature to this assignment must correspond with the name as it appears on the first
page of the within-mentioned Security in every particular, without alteration or enlargement or any
change whatever.

 

 

GUARANTEE

     FOR VALUE RECEIVED, the undersigned hereby, jointly and severally with any other Guarantors,
unconditionally guarantees to the Holder of the accompanying 5.625% Note due 2015 (the “Note”)
issued by ProLogis, L.P. (the “Company”) under an Indenture dated as of [•], 2011 (together with
the First Supplemental Indenture thereto, the Second Supplemental Indenture thereto, the Third
Supplemental Indenture thereto and the Fourth Supplemental Indenture thereto, the “Indenture”)
among the Company, ProLogis, Inc., and U.S. Bank National
Association, as trustee thereunder (the
“Trustee”), (a) the full and prompt payment of the principal of and premium, if any, on such Note
when and as the same shall become due and payable, whether at Stated Maturity, by acceleration, by
redemption or otherwise, and (b) the full and prompt payment of the interest on such Note when and
as the same shall become due and payable, according to the terms of such Note and of the Indenture.
In case of the failure of the Company punctually to pay any such principal, premium or interest,
the undersigned hereby agrees to cause any such payment to be made punctually when and as the same
shall become due and payable, whether at Stated Maturity, upon acceleration, by redemption or
otherwise, and as if such payment were made by the Company. The undersigned hereby agrees, jointly
and severally with any other Guarantors, that its obligations hereunder shall be as principal and
not merely as surety, and shall be absolute and unconditional, and shall not be affected, modified
or impaired by the following: (a) the failure to give notice to the Guarantors of the occurrence of
an Event of Default under the Indenture; (b) the waiver, surrender, compromise, settlement, release
or termination of the payment, performance or observance by the Company or the Guarantors of any or
all of the obligations, covenants or agreements of either of them contained in the Indenture or the
Notes; (c) the acceleration, extension or any other changes in the time for payment of any
principal of or interest or any premium on any Note or for any other payment under the Indenture or
of the time for performance of any other obligations, covenants or agreements under or arising out
of the Indenture or the Notes; (d) the modification or amendment (whether material or otherwise) of
any obligation, covenant or agreement set forth in the Indenture or the Notes; (e) the taking or
the omission of any of the actions referred to in the Indenture and in any of the actions under the
Notes; (f) any failure, omission, delay or lack on the part of the Trustee to enforce, assert or
exercise any right, power or remedy conferred on the Trustee in the Indenture, or any other action
or acts on the part of the Trustee or any of the Holders from time to time of the Notes; (g) the
voluntary or involuntary liquidation, dissolution, sale or other disposition of all or
substantially all the assets, marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition with
creditors or readjustment of, or other similar proceedings affecting the Guarantors or the Company
or any of the assets of any of them, or any allegation or contest of the validity of this Guarantee
in any such proceeding; (h) to the extent permitted by law, the release or discharge by operation
of law of the Guarantors from the performance or observance of any obligation, covenant or
agreement contained in the Indenture; (i) to the extent permitted by law, the release or discharge
by operation of law of the Company from the performance or observance of any obligation, covenant
or agreement contained in the Indenture; (j) the default or failure of the Company or the Trustee
fully to perform any of its obligations set forth in the Indenture or the Notes; (k) the
invalidity, irregularity or unenforceability of the Indenture or the Notes or any part of any
thereof; (l) any judicial or governmental action affecting the Company or any Notes or consent or
indulgence granted to the Company by the Holders or by the Trustee; or (m) the recovery of any
judgment against the Company or any action to enforce the same or any other circumstance which
might constitute a legal or equitable discharge of a surety or guarantor. The undersigned hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of
merger, sale, lease or conveyance of all or substantially all of its assets, insolvency

 

 

or
bankruptcy of the Company,
any right to require a proceeding first against the Company, protest or notice with respect to
such Notice or the indebtedness evidenced thereby and all demands whatsoever, and covenants that
this Guarantee will not be discharged except by complete performance of the obligations contained
in such Note and in this Guarantee.

     No reference herein to such Indenture and no provision of this Guarantee or of such Indenture
shall alter or impair the guarantee of the undersigned, which is absolute and unconditional, of the
full and prompt payment of the principal of and premium, if any, and interest on the Note.

     THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK.

     This Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Note shall have been executed by the Trustee under the Indenture referred to
above by the manual signature of one of its authorized officers. The validity and enforceability of
this Guarantee shall not be affected by the fact that it is not affixed to any particular Note.

     An Event of Default under the Indenture or the Notes shall constitute an event of default
under this Guarantee, and shall entitle the Holders of Notes to accelerate the obligations of the
undersigned hereunder in the same manner and to the same extent as the obligations of the Company.

     Notwithstanding any other provision of this Guarantee to the contrary, the undersigned hereby
waives any claims or other rights which it may now have or hereafter acquire against the Company
that arise from the existence or performance of its obligations under this Guarantee (all such
claims and rights are referred to as “Guarantor’s Conditional Rights”), including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution, or indemnification,
any right to participate in any claim or remedy against the Company, whether or not such claim,
remedy or right arises in equity or under contract, statute or common law, by any payment made
hereunder or otherwise, including without limitation, the right to take or receive from the
Company, directly or indirectly, in cash or other property or by setoff or in any other manner,
payment or security on account of such claim or other rights. Guarantor hereby agrees not to
exercise any rights which may be acquired by way of contribution under this Guarantee or any other
agreement, by any payment made hereunder or otherwise, including, without limitation, the right to
take or receive from any other Guarantor, directly or indirectly, in cash or other property or by
setoff or in any other manner, payment or security on account of such contribution rights. If,
notwithstanding the foregoing provisions, any amount shall be paid to the undersigned on account of
the Guarantor’s Conditional Rights and either (i) such amount is paid to such undersigned party at
any time when the indebtedness shall not have been paid or performed in full, or (ii) regardless of
when such amount is paid to such undersigned party, any payment made by the Company to a Holder
that is at any time determined to be a Preferential Payment (as defined below), then such amount
paid to the undersigned shall be held in trust for the benefit of Holder and shall forthwith be
paid to such Holder to be credited and applied upon the indebtedness, whether matured or unmatured.
Any such payment is herein referred to as a “Preferential Payment” to the extent the Company makes
any payment to Holder in connection with the Note, and any or all of such payment is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid or paid
over to a trustee, receiver or any other entity, whether under any bankruptcy act or otherwise.

     To the extent that any of the provisions of the immediately preceding paragraph shall not be
enforceable, the undersigned agrees that until such time as the indebtedness has been paid and
performed in full and the period of time has expired during which any payment made by the Company
or the undersigned to a Holder may be determined to be a Preferential Payment, Guarantor’s
Conditional

 

 

Rights to the extent not validly waived shall be subordinate to Holders’ right to full payment
and performance of the indebtedness and the undersigned shall not enforce any of Guarantor’s
Conditional Rights until such time as the indebtedness has been paid and performed in full and the
period of time has expired during which any payment made by the Company or the undersigned to
Holders may be determined to be a Preferential Payment.

     The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to
this Guarantee and the Indenture are expressly set forth in Article 16 of the Indenture and
reference is hereby made to the Indenture for the precise terms of this Guarantee and all of the
other provisions of the Indenture to which this Guarantee relates.

     Capitalized terms used in this Guarantee which are not defined herein shall have the meanings
assigned to them in the Indenture.

[Remainder of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly executed.

Dated: _____________, 2011

	 	 	 	 	 
	 	PROLOGIS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv4w47

EXHIBIT 4.47

Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the Company (as defined below) 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.

			
	 	 	 
	REGISTERED 

No.: 1
	 	PRINCIPAL AMOUNT

$[•]
	 	 	 
	CUSIP No.: [•]	 	 

PROLOGIS, L.P.

5.75% NOTE DUE 2016

     PROLOGIS, L.P., a limited partnership organized and existing under the laws of the State of
Delaware (hereinafter called the “Company,” which term shall include any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or
registered assigns, upon presentation, the principal sum of [•] on April 1, 2016 and to pay
interest on the outstanding principal amount thereon at the rate of 5.75% per annum, until the
entire principal hereof is paid or made available for payment. Interest shall accrue from April 1,
2011 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, and be payable semi-annually in arrears on April 1 and October 1 in each year, commencing on
October 1, 2011. The interest so payable, and punctually paid or duly provided for on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest which shall be March 15 or September 15 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such 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 either be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not more than 15 days and not less than 10 days prior to such
Special 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 Securities may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in the Indenture. Payment of
the principal of, or Make-Whole Amount, if applicable, on, and interest on this Security will be
made at the corporate trust office of the Trustee, initially located at 100 Wall Street, Suite
1600, New York, New York 10005, or elsewhere as provided in the Indenture, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company, payment of
interest may be made by (i) check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or (ii) transfer to an
account of the Person entitled thereto located inside the United States.

 

 

     Each Security of this series is one of a duly authorized issue of securities of the Company
(herein called the “Securities”), issued and to be issued in one or more series under an Indenture,
dated as of [•], 2011 (herein called the “Indenture”), among the Company, ProLogis, Inc. (herein
called the “Parent Guarantor,” which term shall include any successor under the Indenture) and U.S.
Bank National Association, as trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture with respect to the series of which this Security is a part),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Parent Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the first page hereof, initially limited in aggregate principal amount to $[•],
subject to the Company’s right to increase the aggregate principal amount of such series from time
to time.

     Securities of this series may be redeemed at any time at the option of the Company, in whole
or in part, at a redemption price (the “Make-Whole Amount”) equal to the greater of

     (1) 100% of the principal amount of the Securities to be redeemed; or

     (2) the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities to be redeemed (exclusive of interest accrued to the date of redemption)
discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the then current Treasury Rate plus 25 basis points.

     In each case the Company will pay accrued and unpaid interest on the principal amount being
redeemed to the date of redemption.

     The following definitions apply with respect to the Make-Whole Amount:

          “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining
Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the Remaining Life.

          “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

          “Independent Investment Banker” means one of the Reference Treasury Dealers that the Company
appoints to act as the Independent Investment Banker from time to time.

          “Reference Treasury Dealer” means each of Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and their successors, and one other firm that is a primary U.S. Government securities dealer (each a
“Primary Treasury Dealer”) which the Company specifies from time to time; provided, however,

 

 

that if any of them ceases to be a Primary Treasury Dealer, the Company will substitute another
Primary Treasury Dealer.

          “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third business day preceding such redemption date.

          “Treasury Rate” means, with respect to any redemption date, the rate per year equal to: (1)
the yield, under the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated “H.15(519)” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve
System and which establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three
months before or after the Remaining Life of the Securities to be redeemed, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a
straight line basis, rounding to the nearest month; or (2) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date. The Treasury Rate shall be calculated on the third business day preceding the redemption
date.

     The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of
the Company on this Security and (b) certain restrictive covenants and the related defaults and
Events of Default applicable to the Company, in each case, upon compliance by the Company with
certain conditions set forth in the Indenture, which provisions apply to this Security.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the Make-Whole Amount on the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture.

     As provided in and subject to the provisions of the Indenture, unless the principal of all of
the Securities of this series at the time Outstanding shall already have become due and payable,
the Holder of this Security shall not have the right to institute any proceeding with respect to
the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder,
unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in
principal amount of the Securities of this series at the time Outstanding shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default as
Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from
the Holders of a majority in principal amount of Securities of this series at the time Outstanding a

 

 

direction inconsistent with such request, and the Trustee shall have failed to institute any such
proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of any
payment of principal hereof or any interest on or after the respective due dates expressed herein.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company, the Parent
Guarantor and the Trustee with the consent of the Holders of not less than a majority in principal
amount of the Outstanding Securities of each series of Securities then Outstanding affected
thereby. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, Make-Whole Amount, if applicable, on, and interest on this Security at the times,
place and rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment where
the principal of, Make-Whole Amount, if applicable, on, and interest on this Security are payable
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in minimum
denominations of $1,000 and any integral multiple of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this

 

 

Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     Except as provided in Article Sixteen of the Indenture, no recourse under or upon any
obligation, covenant or agreement contained in the Indenture or in this Security, or because of any
indebtedness evidenced thereby, shall be had against any promoter, as such, or against any past,
present or future stockholder, partner, director, officer, employee, agent thereof or trustee, as
such, of the Company or any Guarantor or of any successor thereof, either directly or through the
Company or any Guarantor or any successor thereof, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the acceptance of this
Security by the Holder thereof and as part of the consideration for the issue of the Securities of
this series.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

     Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused “CUSIP” numbers to be printed on the Securities of this series
as a convenience to the Holders of such Securities. No representation is made as to the
correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be
placed only on the other identification numbers printed hereon.

[This space intentionally left blank.]

 

 

     Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the
undersigned officer.

	 	 	 	 	 
	 	PROLOGIS, L.P.

By: ProLogis, Inc., its sole general partner

 

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	Attest

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: [•], 2011

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

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

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

   as trustee

 	 
	 	BY:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 

 

 

	 	 	 	 	 

ASSIGNMENT FORM

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

PLEASE INSERT SOCIAL

SECURITY OR OTHER

IDENTIFYING NUMBER

OF ASSIGNEE

 

(Please Print or Typewrite Name and Address including

Zip Code of Assignee)

the within-mentioned Security of ProLogis, L.P. and hereby does irrevocably constitute and

			
	appoint 
	 	 Attorney

to transfer said Security on the books of the within-named Company with full power of substitution
in the premises.

Dated                       

NOTICE: The signature to this assignment must correspond with the name as it appears on the first
page of the within-mentioned Security in every particular, without alteration or enlargement or any
change whatever.

 

 

GUARANTEE

     FOR VALUE RECEIVED, the undersigned hereby, jointly and severally with any other Guarantors,
unconditionally guarantees to the Holder of the accompanying 5.75% Note due 2016 (the “Note”)
issued by ProLogis, L.P. (the “Company”) under an Indenture dated as of [•], 2011 (together with
the First Supplemental Indenture thereto, the Second Supplemental Indenture thereto, the Third
Supplemental Indenture thereto and the Fourth Supplemental Indenture thereto, the “Indenture”)
among the Company, ProLogis, Inc., and U.S. Bank National
Association, as trustee thereunder (the
“Trustee”), (a) the full and prompt payment of the principal of and premium, if any, on such Note
when and as the same shall become due and payable, whether at Stated Maturity, by acceleration, by
redemption or otherwise, and (b) the full and prompt payment of the interest on such Note when and
as the same shall become due and payable, according to the terms of such Note and of the Indenture.
In case of the failure of the Company punctually to pay any such principal, premium or interest,
the undersigned hereby agrees to cause any such payment to be made punctually when and as the same
shall become due and payable, whether at Stated Maturity, upon acceleration, by redemption or
otherwise, and as if such payment were made by the Company. The undersigned hereby agrees, jointly
and severally with any other Guarantors, that its obligations hereunder shall be as principal and
not merely as surety, and shall be absolute and unconditional, and shall not be affected, modified
or impaired by the following: (a) the failure to give notice to the Guarantors of the occurrence of
an Event of Default under the Indenture; (b) the waiver, surrender, compromise, settlement, release
or termination of the payment, performance or observance by the Company or the Guarantors of any or
all of the obligations, covenants or agreements of either of them contained in the Indenture or the
Notes; (c) the acceleration, extension or any other changes in the time for payment of any
principal of or interest or any premium on any Note or for any other payment under the Indenture or
of the time for performance of any other obligations, covenants or agreements under or arising out
of the Indenture or the Notes; (d) the modification or amendment (whether material or otherwise) of
any obligation, covenant or agreement set forth in the Indenture or the Notes; (e) the taking or
the omission of any of the actions referred to in the Indenture and in any of the actions under the
Notes; (f) any failure, omission, delay or lack on the part of the Trustee to enforce, assert or
exercise any right, power or remedy conferred on the Trustee in the Indenture, or any other action
or acts on the part of the Trustee or any of the Holders from time to time of the Notes; (g) the
voluntary or involuntary liquidation, dissolution, sale or other disposition of all or
substantially all the assets, marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition with
creditors or readjustment of, or other similar proceedings affecting the Guarantors or the Company
or any of the assets of any of them, or any allegation or contest of the validity of this Guarantee
in any such proceeding; (h) to the extent permitted by law, the release or discharge by operation
of law of the Guarantors from the performance or observance of any obligation, covenant or
agreement contained in the Indenture; (i) to the extent permitted by law, the release or discharge
by operation of law of the Company from the performance or observance of any obligation, covenant
or agreement contained in the Indenture; (j) the default or failure of the Company or the Trustee
fully to perform any of its obligations set forth in the Indenture or the Notes; (k) the
invalidity, irregularity or unenforceability of the Indenture or the Notes or any part of any
thereof; (l) any judicial or governmental action affecting the Company or any Notes or consent or
indulgence granted to the Company by the

 

 

Holders or by the Trustee; or (m) the recovery of any judgment against the Company or any action to
enforce the same or any other circumstance which might constitute a legal or equitable discharge of
a surety or guarantor. The undersigned hereby waives diligence, presentment, demand of payment,
filing of claims with a court in the event of merger, sale, lease or conveyance of all or
substantially all of its assets, insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest or notice with respect to such Notice or the
indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will
not be discharged except by complete performance of the obligations contained in such Note and in
this Guarantee.

     No reference herein to such Indenture and no provision of this Guarantee or of such Indenture
shall alter or impair the guarantee of the undersigned, which is absolute and unconditional, of the
full and prompt payment of the principal of and premium, if any, and interest on the Note.

     THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK.

     This Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Note shall have been executed by the Trustee under the Indenture referred to
above by the manual signature of one of its authorized officers. The validity and enforceability of
this Guarantee shall not be affected by the fact that it is not affixed to any particular Note.

     An Event of Default under the Indenture or the Notes shall constitute an event of default
under this Guarantee, and shall entitle the Holders of Notes to accelerate the obligations of the
undersigned hereunder in the same manner and to the same extent as the obligations of the Company.

     Notwithstanding any other provision of this Guarantee to the contrary, the undersigned hereby
waives any claims or other rights which it may now have or hereafter acquire against the Company
that arise from the existence or performance of its obligations under this Guarantee (all such
claims and rights are referred to as “Guarantor’s Conditional Rights”), including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution, or indemnification,
any right to participate in any claim or remedy against the Company, whether or not such claim,
remedy or right arises in equity or under contract, statute or common law, by any payment made
hereunder or otherwise, including without limitation, the right to take or receive from the
Company, directly or indirectly, in cash or other property or by setoff or in any other manner,
payment or security on account of such claim or other rights. Guarantor hereby agrees not to
exercise any rights which may be acquired by way of contribution under this Guarantee or any other
agreement, by any payment made hereunder or otherwise, including, without limitation, the right to
take or receive from any other Guarantor, directly or indirectly, in cash or other property or by
setoff or in any other manner, payment or security on account of such contribution rights. If,
notwithstanding the foregoing provisions, any amount shall be paid to the undersigned on account of
the Guarantor’s Conditional Rights and either (i) such amount is paid to such undersigned party at
any time when the indebtedness shall not have been paid or performed in full, or (ii) regardless of when such amount is paid to such undersigned party, any
payment made by the Company to a Holder that is at any time determined to be a Preferential

 

 

Payment (as defined below), then such amount paid to the undersigned shall be held in trust for the benefit
of Holder and shall forthwith be paid to such Holder to be credited and applied upon the
indebtedness, whether matured or unmatured. Any such payment is herein referred to as a
“Preferential Payment” to the extent the Company makes any payment to Holder in connection with the
Note, and any or all of such payment is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required to be repaid or paid over to a trustee, receiver or any other
entity, whether under any bankruptcy act or otherwise.

     To the extent that any of the provisions of the immediately preceding paragraph shall not be
enforceable, the undersigned agrees that until such time as the indebtedness has been paid and
performed in full and the period of time has expired during which any payment made by the Company
or the undersigned to a Holder may be determined to be a Preferential Payment, Guarantor’s
Conditional Rights to the extent not validly waived shall be subordinate to Holders’ right to full
payment and performance of the indebtedness and the undersigned shall not enforce any of
Guarantor’s Conditional Rights until such time as the indebtedness has been paid and performed in
full and the period of time has expired during which any payment made by the Company or the
undersigned to Holders may be determined to be a Preferential Payment.

     The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to
this Guarantee and the Indenture are expressly set forth in Article 16 of the Indenture and
reference is hereby made to the Indenture for the precise terms of this Guarantee and all of the
other provisions of the Indenture to which this Guarantee relates.

     Capitalized terms used in this Guarantee which are not defined herein shall have the meanings
assigned to them in the Indenture.

[Remainder of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly executed.

Dated: _____________, 2011

	 	 	 	 	 
	 	PROLOGIS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]