Document:

Exhibit

Exhibit 4.15

BROOKFIELD PROPERTY L.P.
SECOND 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 L.P. (the “Partnership”), as amended December 4, 2014, is dated July 1, 2015.  Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.
WHEREAS, the Managing General Partner desires to amend the Agreement, with respect to fees payable under the Agreement, as set out herein;
AND WHEREAS, pursuant to Sections 17.1 and 17.1.13 of the Agreement, subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships Act, the Managing General Partner, without the approval of any Limited Partner, may make amendments to the Agreement if those amendments, in the discretion of the Managing 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 to Article 1

		
	(a)
	Section 1.1.39 is hereby deleted in its entirety and replaced with the following:

“Equity Enhancement Distribution” means, with respect to any Quarter, an amount equal to 0.3125% of the amount (if any) by which the Total Capitalization as of the last day of such Quarter exceeds the Initial Capitalization (such amount, the “Equity Enhancement Distribution Amount”), less:
		
	(i)
	first, all or such portion of any Creditable Operating Entity Payments paid or payable in relation to such Quarter that can be deducted without the Equity Enhancement Distribution becoming less than zero (such deducted amount being the “Applied Creditable Operating Entity Payment”), with the Residual Creditable Operating Entity Payment not being deducted at such time; and

		
	(ii)
	second, all or such portion of the Equity Enhancement Adjustment for such Quarter that can be deducted without the Equity Enhancement Distribution becoming less than zero (such deducted amount being the “Applied Equity Enhancement Adjustment”), with the Residual Equity Enhancement Adjustment not being deducted at such time;

		
	(b)
	Section 1.1.23 is hereby deleted in its entirety and replaced with the following:

“Fee Amount” means an amount equal to the greater of (a) 0.125% of the Total Capitalization as of the last day of such Quarter and (b) $12.5 million (as adjusted for inflation annually beginning on January 1, 2014, at the Inflation Factor); 
		
	(c)
	Section 1.1 is hereby amended by adding the following definitions:

1.1.4.1        “Applied Creditable Operating Entity Payment” has the meaning given to such term in section 1.1.39; 
1.1.55.1        “Applied Equity Enhancement Adjustment” has the meaning given to such term in section 1.1.39;
1.1.55.2        “Equity Enhancement Adjustment” means, with respect to any Quarter, the amount by which the Fee Amount for such Quarter exceed $12.5 million (as adjusted for inflation annually beginning on January 1, 2014, at the Inflation Factor (as defined in the Master Services Agreement);
1.1.110.1    “Residual Creditable Operating Entity Payment” means, for any Quarter, the amount of any Creditable Operating Entity Payments paid or payable in relation to such Quarter that were not deducted in calculating the Equity Enhancement Distribution;  

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Exhibit 4.15

1.1.110.2    “Residual Equity Enhancement Adjustment” means, for any Quarter, the Equity Enhancement Adjustment less the Applied Equity Enhancement Adjustment;
		
	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.

[Remainder of this page left blank intentionally.]

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Exhibit 4.15

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

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

	 

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere
Title: Secretary

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

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Exhibit 4.16

BROOKFIELD PROPERTY PARTNERS L.P.
FIRST AMENDMENT TO THE
AMENDED AND RESTATED MASTER SERVICES AGREEMENT
THIS AMENDMENT (the “Amendment”) to the Amended and Restated Master Services Agreement dated as of March 3, 2015 (the “Agreement”) between Brookfield Property Partners L.P. (the “Partnership”) and Brookfield Asset Management Inc., inter alios, is dated July 1, 2015.  Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.
WHEREAS, the undersigned desire to amend the Agreement, with respect to fees payable under the Agreement, as set out herein;
AND WHEREAS, pursuant to Section 7.4 of the Agreement, the parties to the Agreement acknowledged and agreed that subject to the conditions set out in Section 7.4 of the Agreement, it may be desirable to increase the Fee Amount from time to time;
AND WHEREAS, the conditions of Section 7.4 of the Agreement are satisfied;
NOW THEREFORE,
		
	1.
	Amendments to Article 1

		
	(a)
	Section 1.1.5 is hereby deleted in its entirety and replaced with the following:

“Base Management Fee” means, with respect to any Quarter, the Fee Amount less the Fee Adjustment, if any, for such Quarter, but in no event will be equal to less than $12.5 million (as adjusted for inflation annually beginning on January 1, 2014, at the Inflation Factor);  
		
	(b)
	Section 1.1.23 is hereby deleted in its entirety and replaced with the following:

“Fee Amount” means an amount equal to the greater of (a) 0.125% of the Total Capitalization as of the last day of such Quarter and (b) $12.5 million (as adjusted for inflation annually beginning on January 1, 2014, at the Inflation Factor);
		
	(c)
	Section 1.1 is hereby amended by adding the following definitions:

1.1.22.1    “Fee Adjustment” means an amount equal to the sum of the Residual Creditable Operating Entity Payment and the Residual Equity Enhancement Adjustment for such Quarter, each as defined in the limited partnership agreement of Property Partnership;
1.1.54.1    “Total Capitalization” has the meaning given thereto in the limited partnership agreement of the Property Partnership;
		
	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 the Province of Ontario and the federal laws of Canada applicable therein.

		
	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.

[Remainder of this page left blank intentionally.]

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Exhibit 4.16

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

                            	
		
	BROOKFIELD ASSET MANAGEMENT INC.

	 

	By:
	/s/ A.J. Silber

	 
	Name: A.J. Silber
Title:  Vice President, Legal Affairs

	 
	 

	BROOKFIELD PROPERTY PARTNERS L.P.,

By:BROOKFIELD PROPERTY PARTNERS LIMITED, its general partner

	 

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere
Title:   Secretary

	 
	 

	BROOKFIELD PROPERTY L.P.

By:BROOKFIELD PROPERTY PARTNERS L.P., its general partner
By:BROOKFIELD PROPERTY PARTNERS LIMITED, its general partner 

	 

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere
Title:   Secretary

	 
	 

	BROOKFIELD GLOBAL PROPERTY ADVISOR LIMITED

	 
	 

	By:
	/s/ James Tuckey

	 
	Name: James Tuckey
Title:   Director

	 
	 

	BROOKFIELD PROPERTY GROUP LLC

	By:
	/s/ Murray Goldfarb

	 
	Name: Murray Goldfarb
Title:   Senior Vice President

[First Amendment to Amended and Restated Master Services Agreement]

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Exhibit 4.16

                            	
		
	BROOKFIELD ASSET MANAGEMENT PRIVATE INSTITUTIONAL CAPITAL ADVISER US, LLC

	By: 
	 /s/ Mark Srulowitz

	 
	Name: Mark Srulowitz
Title:  Secretary

	 
	 

	BPG HOLDINGS GROUP INC.

	By:
	/s/ Sujoy Gupta

	Name: Sujoy Gupta
Title:  Vice President

	 

	BROOKFIELD BPY HOLDINGS INC.

	By:
	/s/ Michelle Campbell

	Name: Michelle Campbell
Title:   Secretary

	 

	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 PROPERTY HOLDINGS I LLC

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle L. Campbell
Title:   Secretary 

	 
	 

	BROOKFIELD BPY PROPERTY HOLDINGS III 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

	 

	BROOKFIELD BPY RETAIL HOLDINGS IV LLC

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere
Title:   Secretary

	 
	 

	BPY BERMUDA HOLDINGS III LIMITED

	By:
	/s/ Jane Sheere

	 
	Name: Jane Sheere
Title:   Secretary

[First Amendment to Amended and Restated Master Services Agreement]

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Exhibit 4.16

                            	
		
	BROOKFIELD BPY RETAIL HOLDINGS II INC.

	By:
	/s/ Michelle Campbell

	 
	Name: Michelle Campbell
Title:   Secretary

[First Amendment to Amended and Restated Master Services Agreement]

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