Document:

Exhibit
10.6

EXHIBIT
F

SUBSIDIARY GUARANTEE

SUBSIDIARY
GUARANTEE, dated as of December 5, 2006 (this “Guarantee”), made by each
of the signatories hereto (together with any other entity that may become a
party hereto as provided herein, (the “Guarantors”), in favor of the
purchasers signatory (the “Purchasers”) to that certain Securities
Purchase Agreement, dated as of the date hereof, between Ceragenix Pharmaceuticals,
Inc., a Delaware corporation (the “Company”) and the Purchasers.

W I T N E S
S E T H:

WHEREAS, pursuant to that certain Securities
Purchase Agreement, dated as of the date hereof, by and between the Company and
the Purchasers (the “Purchase Agreement”), the Company has agreed to
sell and issue to the Purchasers, and the Purchasers have agreed to purchase
from the Company the Company’s Secured Convertible Debentures, due December 5, 2009 (the “Debentures”),
subject to the terms and conditions set forth therein; and

WHEREAS, each Guarantor will directly benefit
from the extension of credit to the Company represented by the issuance of the
Debentures; and

NOW, THEREFORE, in consideration of the
premises and to induce the Purchasers to enter into the Purchase Agreement and
to carry out the transactions contemplated thereby, each Guarantor hereby agrees
with the Purchasers as follows:

1.             Definitions. Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings given to them in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.  The following terms shall have the following meanings:

“Guarantee” means this Subsidiary
Guarantee, as the same may be amended, supplemented or otherwise modified from
time to time.

“Obligations” means in addition
to all other costs and expenses of collection incurred by Purchasers in
enforcing any of such Obligations and/or this Guarantee, all of the liabilities
and obligations (primary, secondary, direct, contingent, sole, joint or
several) due or to become due, or that are now or may be hereafter contracted
or acquired, or owing to, of any Debtor to the Secured Parties, including,
without limitation, all obligations under this Agreement, the Debentures, this
Guarantee and any other instruments, agreements or other 

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documents
executed and/or delivered in connection herewith or therewith, in each case,
whether now or hereafter existing, voluntary or involuntary, direct or
indirect, absolute or contingent, liquidated or unliquidated, whether or not
jointly owed with others, and whether or not from time to time decreased or
extinguished and later increased, created or incurred, and all or any portion
of such obligations or liabilities that are paid, to the extent all or any part
of such payment is avoided or recovered directly or indirectly from any of the
Secured Parties as a preference, fraudulent transfer or otherwise as such
obligations may be amended, supplemented, converted, extended or modified from
time to time.  Without limiting the
generality of the foregoing, the term “Obligations” shall include, without
limitation: (i) principal of, and interest on the Debentures and the loans
extended pursuant thereto; (ii) any and all other fees, indemnities, costs,
obligations and liabilities of the Debtors from time to time under or in
connection with this Agreement, the Debentures, the Guarantee and any other
instruments, agreements or other documents executed and/or delivered in
connection herewith or therewith; and (iii) all amounts (including but not
limited to post-petition interest) in respect of the foregoing that would be
payable but for the fact that the obligations to pay such amounts are
unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving any Debtor.

2.             Guarantee.

(a)           Guarantee.

(i)                                     The
Guarantors hereby, jointly and severally, unconditionally and irrevocably,
guarantee to the Purchasers and their respective successors, indorsees,
transferees and assigns, the prompt and complete payment and performance by the
Company when due (whether at the stated maturity, by acceleration or otherwise)
of the Obligations.

(ii)                                  Anything
herein or in any other Transaction Document to the contrary notwithstanding,
the maximum liability of each Guarantor hereunder and under the other
Transaction Documents shall in no event exceed the amount which can be
guaranteed by such Guarantor under applicable federal and state laws, including
laws relating to the insolvency of debtors, fraudulent conveyance or transfer
or laws affecting the rights of creditors generally (after giving effect to the
right of contribution established in Section 2(b)).

(iii)                               Each
Guarantor agrees that the Obligations may at any time and from time to time
exceed the amount of the liability of such Guarantor hereunder without
impairing the guarantee 

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contained in this
Section 2 or affecting the rights and remedies of the Purchasers hereunder.

(iv)                              The guarantee contained in this Section 2
shall remain in full force and effect until all the Obligations and the
obligations of each Guarantor under the guarantee contained in this Section 2
shall have been satisfied by payment in full.

(v)                                 No payment made by the Company, any of the
Guarantors, any other guarantor or any other Person or received or collected by
the Purchasers from the Company, any of the Guarantors, any other guarantor or
any other Person by virtue of any action or proceeding or any set-off or
appropriation or application at any time or from time to time in reduction of
or in payment of the Obligations shall be deemed to modify, reduce, release or
otherwise affect the liability of any Guarantor hereunder which shall,
notwithstanding any such payment (other than any payment made by such Guarantor
in respect of the Obligations or any payment received or collected from such
Guarantor in respect of the Obligations), remain liable for the Obligations up
to the maximum liability of such Guarantor hereunder until the Obligations are paid
in full.

(vi)                              Notwithstanding anything to the contrary in
this Agreement, with respect to any defaulted non-monetary Obligations the
specific performance of which by the Guarantors is not reasonably possible
(e.g. the issuance of the Company’s Common Stock), the Guarantors shall only be
liable for making the Purchasers whole on a monetary basis for the Company’s
failure to perform such Obligations in accordance with the Transaction
Documents.

(b)           Right of
Contribution. Each Guarantor hereby agrees that to the extent that a
Guarantor shall have paid more than its proportionate share of any payment made
hereunder, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its proportionate
share of such payment. Each Guarantor’s right of contribution shall be subject
to the terms and conditions of Section 2(c). The provisions of this Section
2(b) shall in no respect limit the obligations and liabilities of any Guarantor
to the Purchasers, and each Guarantor shall remain liable to the Purchasers for
the full amount guaranteed by such Guarantor hereunder.

(c)           No Subrogation.  Notwithstanding any payment made by any
Guarantor hereunder or any set-off or application of funds of any Guarantor by 

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the Purchasers, no
Guarantor shall be entitled to be subrogated to any of the rights of the
Purchasers against the Company or any other Guarantor or any collateral
security or guarantee or right of offset held by the Purchasers for the payment
of the Obligations, nor shall any Guarantor seek or be entitled to seek any
contribution or reimbursement from the Company or any other Guarantor in
respect of payments made by such Guarantor hereunder, until all amounts owing
to the Purchasers by the Company on account of the Obligations are paid in
full. If any amount shall be paid to any Guarantor on account of such
subrogation rights at any time when all of the Obligations shall not have been
paid in full, such amount shall be held by such Guarantor in trust for the
Purchasers, segregated from other funds of such Guarantor, and shall, forthwith
upon receipt by such Guarantor, be turned over to the Purchasers in the exact
form received by such Guarantor (duly indorsed by such Guarantor to the
Purchasers, if required), to be applied against the Obligations, whether
matured or unmatured, in such order as the Purchasers may determine.

(d)           Amendments, Etc.
With Respect to the Obligations. Each Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against any
Guarantor and without notice to or further assent by any Guarantor, any demand
for payment of any of the Obligations made by the Purchasers may be rescinded
by the Purchasers and any of the Obligations continued, and the Obligations, or
the liability of any other Person upon or for any part thereof, or any
collateral security or guarantee therefor or right of offset with respect
thereto, may, from time to time, in whole or in part, be renewed, extended,
amended, modified, accelerated, compromised, waived, surrendered or released by
the Purchasers, and the Purchase Agreement and the other Transaction Documents
and any other documents executed and delivered in connection therewith may be
amended, modified, supplemented or terminated, in whole or in part, as the
Purchasers may deem advisable from time to time, and any collateral security,
guarantee or right of offset at any time held by the Purchasers for the payment
of the Obligations may be sold, exchanged, waived, surrendered or released. The
Purchasers shall have no obligation to protect, secure, perfect or insure any
Lien at any time held by them as security for the Obligations or for the
guarantee contained in this Section 2 or any property subject thereto.

(e)           Guarantee
Absolute and Unconditional. Each Guarantor waives any and all notice of the
creation, renewal, extension or accrual of any of the Obligations and notice of
or proof of reliance by the Purchasers upon the guarantee contained in this
Section 2 or acceptance of the guarantee contained in this Section 2; the
Obligations, and any of them, shall conclusively be deemed to have been
created, contracted or incurred, or renewed, extended, amended or waived, in
reliance upon the guarantee contained in this Section 2; and all dealings
between the Company and any of the Guarantors, on the one hand, and the
Purchasers, on the other hand, likewise shall be conclusively presumed to have
been had or consummated in reliance upon the guarantee contained in this
Section 2. Each Guarantor waives to the extent permitted by law diligence, 

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presentment,
protest, demand for payment and notice of default or nonpayment to or upon the
Company or any of the Guarantors with respect to the Obligations. Each
Guarantor understands and agrees that the guarantee contained in this Section 2
shall be construed as a continuing, absolute and unconditional guarantee of
payment without regard to (a) the validity or enforceability of the Purchase
Agreement or any other Transaction Document, any of the Obligations or any
other collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Purchasers, (b) any
defense, set-off or counterclaim (other than a defense of payment or performance
or fraud or misconduct by Purchasers) which may at any time be available to or
be asserted by the Company or any other Person against the Purchasers, or (c)
any other circumstance whatsoever (with or without notice to or knowledge of
the Company or such Guarantor) which constitutes, or might be construed to
constitute, an equitable or legal discharge of the Company for the Obligations,
or of such Guarantor under the guarantee contained in this Section 2, in
bankruptcy or in any other instance. When making any demand hereunder or
otherwise pursuing its rights and remedies hereunder against any Guarantor, the
Purchasers may, but shall be under no obligation to, make a similar demand on
or otherwise pursue such rights and remedies as they may have against the Company,
any other Guarantor or any other Person or against any collateral security or
guarantee for the Obligations or any right of offset with respect thereto, and
any failure by the Purchasers to make any such demand, to pursue such other
rights or remedies or to collect any payments from the Company, any other
Guarantor or any other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the
Company, any other Guarantor or any other Person or any such collateral
security, guarantee or right of offset, shall not relieve any Guarantor of any
obligation or liability hereunder, and shall not impair or affect the rights
and remedies, whether express, implied or available as a matter of law, of the
Purchasers against any Guarantor. For the purposes hereof, “demand” shall
include the commencement and continuance of any legal proceedings.

(f)            Reinstatement.
The guarantee contained in this Section 2 shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of
any of the Obligations is rescinded or must otherwise be restored or returned
by the Purchasers upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Company or any Guarantor, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, the Company or any Guarantor or any substantial part of its
property, or otherwise, all as though such payments had not been made.

(g)           Payments.
Each Guarantor hereby guarantees that payments hereunder will be paid to the
Purchasers without set-off or counterclaim in U.S. dollars at the address set
forth or referred to in the Purchase Agreement.

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(h)           Reductions in Amount of Guarantee.
Upon the conversion of part of the Debentures, the amount of the Obligations
guaranteed by the Guarantors pursuant to this Guarantee shall be deemed reduced
by such amount of Debentures converted.

3.             Representations and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchasers as of the date hereof:

(a)           Organization and
Qualification. The
Guarantor is a corporation, duly incorporated, validly existing and in good
standing under the laws of the applicable jurisdiction set forth on Schedule 1,
with the requisite corporate power and authority to own and use its properties
and assets and to carry on its business as currently conducted. The Guarantor
has no subsidiaries other than those identified as such on the Disclosure
Schedules to the Purchase Agreement. The Guarantor is duly qualified to do
business and is in good standing as a foreign corporation in each jurisdiction
in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good
standing, as the case may be, could not, individually or in the aggregate, (x)
adversely affect the legality, validity or enforceability of any of this
Guaranty in any material respect, (y) have a material adverse effect on the
results of operations, assets, prospects, or financial condition of the
Guarantor or (z) adversely impair in any material respect the Guarantor’s
ability to perform fully on a timely basis its obligations under this Guaranty
(a “Material Adverse Effect”).

(b)           Authorization; Enforcement.  The
Guarantor has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by this Guaranty, and otherwise to
carry out its obligations hereunder. The execution and delivery of this
Guaranty by the Guarantor and the consummation by it of the transactions
contemplated hereby have been duly authorized by all requisite corporate action
on the part of the Guarantor. This Guaranty has been duly executed and
delivered by the Guarantor and constitutes the valid and binding obligation of
the Guarantor enforceable against the Guarantor in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application.

(c)           No Conflicts. The execution, delivery and performance of this Guaranty by the
Guarantor and the consummation by the Guarantor of the transactions
contemplated thereby do not and will not (i) conflict with or violate any
provision of its Certificate of Incorporation or By-laws or (ii) conflict with,
constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which 

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the Guarantor is a party, or (iii) result in a violation of any law,
rule, regulation, order, judgment, injunction, decree or other restriction of
any court or governmental authority to which the Guarantor is subject
(including Federal and state securities laws and regulations), or by which any
material property or asset of the Guarantor is bound or affected, except in the
case of each of clauses (ii) and (iii), such conflicts, defaults, terminations,
amendments, accelerations, cancellations and violations as could not,
individually or in the aggregate, have or result in a Material Adverse Effect.
The business of the Guarantor is not being conducted in violation of any law,
ordinance or regulation of any governmental authority, except for violations
which, individually or in the aggregate, do not have a Material Adverse Effect.

(d)           Consents and Approvals. The Guarantor is not required to obtain any
consent, waiver, authorization or order of, or make any filing or registration
with, any court or other federal, state, local, foreign or other governmental
authority or other person in connection with the execution, delivery and
performance by the Guarantor of this Guaranty.

(e)           Purchase Agreement. The representations and warranties of the
Company set forth in the Purchase Agreement as they relate to such Guarantor,
each of which is hereby incorporated herein by reference, are true and correct
as of each time such representations are deemed to be made pursuant to such
Purchase Agreement, and the Purchasers shall be entitled to rely on each of
them as if they were fully set forth herein, provided, that each reference in
each such representation and warranty to the Company’s knowledge shall, for the
purposes of this Section 3, be deemed to be a reference to such Guarantor’s
knowledge.

(f)            Foreign Law.  Each Guarantor has consulted
with appropriate foreign legal counsel with respect to any of the above
representations for which non-U.S. law is applicable. Such foreign counsel have
advised each applicable Guarantor that such counsel knows of no reason why any
of the above representations would not be true and accurate. Such foreign
counsel were provided with copies of this Subsidiary Guarantee and the
Transaction Documents prior to rendering their advice.

4.             Covenants.

(a)       Each Guarantor covenants
and agrees with the Purchasers that, from and after the date of this Guarantee
until the Obligations shall have been paid in full, such Guarantor shall take,
and/or shall refrain from taking, as the case may be, each commercially reasonable
action that is necessary to be taken or not taken, as the case may be, so that
no Event of Default is caused by the failure to take such action or to refrain
from taking such action by such Guarantor.

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(b)       So long as any of the
Obligations are outstanding, shall otherwise consent in writing each Guarantor
will not directly or indirectly on or after the date of this Guarantee:

i.              enter into, create, incur, assume or suffer to exist any indebtedness for borrowed money of any kind, including but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;
ii.             enter into, create, incur, assume or suffer to exist any Liens, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;
iii.            amend its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Holder hereunder;
iv.            repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its securities or debt obligations;
v.             pay cash dividends on any equity securities of the Company;
vi.            enter into any transaction with any Affiliate of the Guarantor which would be required to be disclosed in any public filing of the Company with the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or
vii.           enter into any agreement with respect to any of the foregoing.
5.             Miscellaneous.

(a)           Amendments in
Writing. None of the terms or provisions of this Guarantee may be waived,
amended, supplemented or otherwise modified except in writing by the
Purchasers.

(b)           Notices. All
notices, requests and demands to or upon the Purchasers or any Guarantor
hereunder shall be effected in the manner provided for in the Purchase Agreement,
provided that any such notice, request or demand to or upon any Guarantor shall
be addressed to such Guarantor at its notice address set forth on Schedule
5(b).

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(c)           No Waiver By
Course Of Conduct;
Cumulative Remedies. The
Purchasers shall not by any act (except by a written instrument pursuant to
Section 5(a)), delay, indulgence, omission or otherwise be deemed to have
waived any right or remedy hereunder or to have acquiesced in any default under
the Transaction Documents or Event of Default. No failure to exercise, nor any
delay in exercising, on the part of the Purchasers, any right, power or
privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or
privilege. A waiver by the Purchasers of any right or remedy hereunder on any
one occasion shall not be construed as a bar to any right or remedy which the
Purchasers would otherwise have on any future occasion. The rights and remedies
herein provided are cumulative, may be exercised singly or concurrently and are
not exclusive of any other rights or remedies provided by law.

(d)           Enforcement
Expenses;
Indemnification.

(i)                                     Each Guarantor agrees to pay, or reimburse the
Purchasers for, all its costs and expenses incurred in collecting against such
Guarantor under the guarantee contained in Section 2 or otherwise enforcing or
preserving any rights under this Guarantee and the other Transaction Documents
to which such Guarantor is a party, including, without limitation, the
reasonable fees and disbursements of counsel to the Purchasers.

(ii)                                  Each Guarantor agrees to pay, and to save the
Purchasers harmless from, any and all liabilities with respect to, or resulting
from any delay in paying, any and all stamp, excise, sales or other taxes which
may be payable or determined to be payable in connection with any of the
transactions contemplated by this Guarantee.

(iii)                               Each Guarantor agrees to pay, and to save the
Purchasers harmless from, any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever with respect to the execution, delivery,
enforcement, performance and administration of this Guarantee to the extent the
Company would be required to do so pursuant to the Purchase Agreement.

(iv)                              The agreements in this Section shall survive
repayment of the Obligations and all other amounts payable under the Purchase
Agreement and the other Transaction Documents.

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(e)           Successor and
Assigns. This
Guarantee shall be binding upon the successors and assigns of each Guarantor
and shall inure to the benefit of the Purchasers and their respective
successors and assigns; provided that no Guarantor may assign, transfer or
delegate any of its rights or obligations under this Guarantee without the
prior written consent of the Purchasers.

(f)            Set-Off. Each Guarantor hereby irrevocably authorizes the Purchasers at any
time and from time to time while an Event of Default under any of the
Transaction Documents shall have occurred and be continuing, without notice to
such Guarantor or any other Guarantor, any such notice being expressly waived
by each Guarantor, to set-off and appropriate and apply any and all deposits,
credits, indebtedness or claims, in any currency, in each case whether direct
or indirect, absolute or contingent, matured or unmatured, at any time held or
owing by the Purchasers to or for the credit or the account of such Guarantor,
or any part thereof in such amounts as the Purchasers may elect, against and on
account of the obligations and liabilities of such Guarantor to the Purchasers
hereunder and claims of every nature and description of the Purchasers against
such Guarantor, in any currency, whether arising hereunder, under the Purchase
Agreement, any other Transaction Document or otherwise, as the Purchasers may
elect, whether or not the Purchasers have made any demand for payment and
although such obligations, liabilities and claims may be contingent or
unmatured. The Purchasers shall notify such Guarantor promptly of any such
set-off and the application made by the Purchasers of the proceeds thereof,
provided that the failure to give such notice shall not affect the validity of
such set-off and application. The rights of the Purchasers under this Section
are in addition to other rights and remedies(including, without limitation,
other rights of set-off) which the Purchasers may have.

(g)           Counterparts. This Guarantee may be executed by one or more of the parties to this
Guarantee on any number of separate counterparts (including by telecopy), and
all of said counterparts taken together shall be deemed to constitute one and
the same instrument.

(h)           Severability. Any provision of this Guarantee which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

(i)            Section Headings. The Section headings used in this Guarantee
are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

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(j)            Integration. This Guarantee and the other Transaction Documents represent the
agreement of the Guarantors and the Purchasers with respect to the subject matter
hereof and thereof, and there are no promises, undertakings, representations or
warranties by the Purchasers relative to subject matter hereof and thereof not
expressly set forth or referred to herein or in the other Transaction
Documents.

(k)           Governing Law. THIS GUARANTEE
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS.

(l)            Submission to Jurisdictional; Waiver. Each Guarantor hereby irrevocably and
unconditionally:

(i)                                     submits
for itself and its property in any legal action or proceeding relating to this
Guarantee and the other Transaction Documents to which it is a party, or for
recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction of the Courts of the State of New York,
located in New York County, New York, the courts of the United States of
America for the Southern District of New York, and appellate courts from any
thereof;

(ii)                                  consents
that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same;

(iii)                               agrees that service of process in any such
action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to
such Guarantor at its address referred to in the Purchase Agreement or at such
other address of which the Purchasers shall have been notified pursuant
thereto;

(iv)                              agrees that nothing herein shall affect the
right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and

(v)                                 waives, to the maximum extent not prohibited
by law, any right it may have to claim or recover in any legal action or 

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proceeding referred to in this Section any special, exemplary, punitive
or consequential damages.

(m)          Acknowledgements.  Each
Guarantor hereby acknowledges that:

(i)                                     it
has been advised by counsel in the negotiation, execution and delivery of this
Guarantee and the other Transaction Documents to which it is a party;

(ii)                                  the Purchasers have no fiduciary relationship
with or duty to any Guarantor arising out of or in connection with this
Guarantee or any of the other Transaction Documents, and the relationship
between the Guarantors, on the one hand, and the Purchasers, on the other hand,
in connection herewith or therewith is solely that of debtor and creditor; and

(iii)                               no joint venture is created hereby or by the
other Transaction Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Guarantors and the Purchasers.

(n)           Additional Guarantors.  The
Company shall cause each of its subsidiaries formed or acquired on or
subsequent to the date hereof to become a Guarantor for all purposes of this
Guarantee by executing and delivering an Assumption Agreement in the form of
Annex 1 hereto.

(o)           Release of Guarantors. Subject to Section 2.6, each Guarantor will
be released from all liability hereunder concurrently with the repayment in
full of all amounts owed under the Purchase Agreement, the Debentures and the
other Transaction Documents.

(p)           Seniority. Subject to the Security Agreement, the Obligations of each of the
Guarantors hereunder rank senior in priority to any other Indebtedness (as
defined in the Purchase Agreement) of such Guarantor.

(q)           Waiver of Jury Trial. EACH GUARANTOR
AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASERS, HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

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IN WITNESS WHEREOF, each of
the undersigned has caused this Guarantee to be duly executed and delivered as
of the date first above written.

	
  

  	
  CERAGENIX CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

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SCHEDULE 1
GUARANTORS
The following are the names, notice addresses and jurisdiction of organization of each Guarantor.

	
   

  	
   

  	
   

  	
   

  	
  COMPANY

  	
   

  
	
   

  	
   

  	
  JURISDICTION OF

  	
   

  	
  OWNED BY

  	
   

  
	
   

  	
   

  	
  INCORPORATION

  	
   

  	
  PERCENTAGE

  	
   

  

 

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Annex 1 to

SUBSIDIARY
GUARANTEE

ASSUMPTION AGREEMENT, dated as of     
  ,        made by                               ,
a               
corporation (the “Additional Guarantor”), in favor of the Purchasers
pursuant to the Purchase Agreement referred to below. All capitalized terms not
defined herein shall have the meaning ascribed to them in such Purchase
Agreement.

W I T N E S
S E T H :

WHEREAS, Ceragenix
Pharmaceuticals, Inc., a Delaware corporation (the “Company”) and the Purchasers have
entered into a Securities Purchase Agreement, dated as of December   ,
2006 (as amended, supplemented or otherwise modified from time to time, the “Purchase
Agreement”);

WHEREAS, in connection with
the Purchase Agreement, the Company and its Subsidiaries (other than the
Additional Guarantor) have entered into the Subsidiary Guarantee, dated as of
December   , 2006 (as amended, supplemented or otherwise modified
from time to time, the “Guarantee”) in favor of the Purchasers;

WHEREAS, the Purchase
Agreement requires the Additional Guarantor to become a party to the Guarantee;
and

WHEREAS, the Additional
Guarantor has agreed to execute and deliver this Assumption Agreement in order
to become a party to the Guarantee;

NOW,
THEREFORE, IT IS AGREED:

1.             Guarantee. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5(n) of the Guarantee, hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedule 1 to the Guarantee. The Additional Guarantor hereby represents and warrants that each of the representations and warranties contained in Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor (after giving effect to this Assumption Agreement) as if made on and as of such date.
2.             Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 15
 

 

IN WITNESS
WHEREOF, the undersigned has caused this Assumption Agreement to be duly
executed and delivered as of the date first above written.

	
   

  	
  [ADDITIONALGUARANTOR]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 16Exhibit 4.1

	
  

  	
  Clifford Chance US LLP

  

 

SIMON PROPERTY GROUP, L.P.

ISSUER

TO

THE BANK
OF NEW YORK

TRUSTEE

FORM

 

OF

 

NINETEENTH SUPPLEMENTAL INDENTURE

DATED AS
OF DECEMBER 12, 2006

$600,000,000
5.00% NOTES due 2012

$650,000,000
5.25% NOTES due 2016

 

SUPPLEMENT
TO INDENTURE,

DATED AS OF NOVEMBER 26, 1996,

BETWEEN

SIMON PROPERTY GROUP, L.P.

AND

THE BANK OF NEW YORK

(AS SUCCESSOR TO THE CHASE MANHATTAN BANK),

AS TRUSTEE

 

TABLE OF
CONTENTS

	
  ARTICLE I

  	
   

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

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.01.
  Definitions.

  	
   

  	
  1

  	
   

  
	
  SECTION 1.02.
  Creation of the Notes

  	
   

  	
  3

  	
   

  
	
  SECTION 1.03.
  Form of the Notes

  	
   

  	
  3

  	
   

  
	
  SECTION 1.04.
  Terms and Conditions of the 2012 Notes

  	
   

  	
  4

  	
   

  
	
  SECTION 1.05.
  Terms and Conditions of the 2016 Notes

  	
   

  	
  5

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  COVENANTS
  FOR BENEFIT OF HOLDERS OF NOTES; EVENTS AND NOTICE OF DEFAULT

  	
   

  	
  6

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.01.
  Covenants for Benefit of Holders of Notes

  	
   

  	
  6

  	
   

  
	
  SECTION 2.02.
  Definitions

  	
   

  	
  7

  	
   

  
	
  SECTION 2.03.
  Events of Default

  	
   

  	
  8

  	
   

  
	
  SECTION 2.04.
  Notice of Defaults

  	
   

  	
  9

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  TRANSFER
  AND EXCHANGE

  	
   

  	
  10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  LEGENDS

  	
   

  	
  10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.01.
  Legends

  	
   

  	
  10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  TRUSTEE

  	
   

  	
  11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.01.
  Corporate Trust Office

  	
   

  	
  11

  	
   

  
	
  SECTION 5.02.
  Recitals of Fact

  	
   

  	
  11

  	
   

  
	
  SECTION 5.03.
  Successor

  	
   

  	
  11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  	
  11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.01.
  Ratification of Original Indenture

  	
   

  	
  11

  	
   

  
	
  SECTION 6.02.
  Effect of Headings

  	
   

  	
  11

  	
   

  
	
  SECTION 6.03.
  Successors and Assigns

  	
   

  	
  11

  	
   

  
	
  SECTION 6.04.
  Separability Clause

  	
   

  	
  11

  	
   

  
	
  SECTION 6.05.
  Governing Law

  	
   

  	
  11

  	
   

  
	
  SECTION 6.06. Counterparts

  	
   

  	
  12

  	
   

  

 

 i
 

 

EXHIBITS

	
  EXHIBIT A

  	
  Form of Global Note

  
	
  EXHIBIT B

  	
  Form of Certificated Note

  

 

 ii

 

NINETEENTH
SUPPLEMENTAL INDENTURE, dated as of December 12, 2006 (the “Nineteenth
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 225 West
Washington Street, Indianapolis, Indiana 46204, and THE BANK OF NEW YORK (as
successor to 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 Nineteenth Supplemental Indenture to create and provide for the following
series of debt securities:

(i)            Simon
Property Group, L.P. 5.00% Notes due 2012 (the “2012 Notes”) in an aggregate
principal amount of $600,000,000; and

(ii)           Simon
Property Group, L.P. 5.25% Notes due 2016 (the “2016 Notes,” and, together with
the 2012 Notes, the “Notes”) in an aggregate principal amount of $650,000,000;

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 Nineteenth 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 Nineteenth 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
Nineteenth 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.

“Certificated Notes” has the meaning set forth in Article
III.

“Closing Date” means December 12, 2006.

“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.

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

“Global Note” means a single permanent fully-registered
global note in book-entry form, without coupons, substantially in the form of
Exhibit A attached hereto.

“Indenture” means the Original Indenture as supplemented by
this Nineteenth Supplemental Indenture.

“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.

“Notes” has the meaning set forth in the Recitals hereto.

“Operating Partnership” has the meaning set forth in the
Recitals hereto.

“Original Indenture” has the meaning set forth in the
Recitals hereto.

“Prior Supplemental Indentures” has the meaning set forth in
Section 2.01.

“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) 0.20%, in the case of the 2012 Notes or (ii)
0.25%, in the case of the 2016 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 

 2
 

 

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 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.

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

“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.

“Underwriters”
means, collectively, UBS Securities LLC, Greenwich Capital Markets, Inc.,
Merrill Lynch, Pierce, Fanner & Smith Incorporated and Wachovia Capital
Markets, LLC.

“Underwriting Agreement” means the Underwriting Agreement
dated December 5, 2006 among the Operating Partnership and the Underwriters.

“2012 Interest Payment Date” has
the meaning set forth in Section 1.04(c).

“2016 Interest Payment Date” has
the meaning set forth in Section 1.05(c).

“2012 Notes” has the
meaning set forth in the Recitals hereto.

“2016 Notes” has the
meaning set forth in the Recitals hereto.

“2012 Redemption Price” has the
meaning set forth in Section 1.04(d).

“2016 Redemption Price” has the
meaning set forth in Section 1.05(d).

“2012 Regular Record Date” has
the meaning set forth in Section 1.04(c).

“2016 Regular Record Date” has
the meaning set forth in Section 1.05(c).

Section 1.02.  Creation
of the Notes. In accordance with Section 301 of the Original Indenture, the
Issuer hereby creates each of the 2012 Notes and the 2016 Notes as a separate
series of its securities issued pursuant to the Indenture. The 2012 Notes shall
be issued initially in an aggregate principal amount of $600,000,000 and the
2016 Notes shall be issued initially in an aggregate principal amount of
$650,000,000, except as permitted by Sections 304, 305 or 306 of the Original
Indenture.

Section 1.03.  Form
of the Notes. The Notes shall be issued
in the form of a Global Note, duly executed by the Operating Partnership
and authenticated by the Trustee, which
shall be deposited with, or on behalf of, DTC and registered in the name of “Cede
& Company,” as the nominee of DTC. The Notes shall be substantially in the
form of Exhibit A attached hereto. So long as DTC, or its nominee, is the
registered owner of the Global Note, DTC or its nominee, as the case may be,
shall be considered the sole 

 3
 

 

owner
or Holder of the Notes represented by such Global Note for all purposes under
the Indenture. Ownership of beneficial interests in such Global Note shall be
shown on, and transfers thereof will be effected only through, records
maintained by DTC (with respect to beneficial interests of participants) or by
participants or Persons that hold interests through participants (with respect
to beneficial interests of beneficial owners).

Section 1.04.  Terms and Conditions of the 2012
Notes. The 2012 Notes shall be governed by all the terms and conditions of
the Original Indenture, as supplemented by this Nineteenth Supplemental
Indenture. In particular, the following provisions shall be terms of the 2012
Notes:

(a)           Title and Aggregate Principal
Amount. The title of the 2012 Notes shall be as specified in the Recitals;
and the aggregate principal amount of the 2012 Notes shall be as specified in
Section 1.02 of this Nineteenth Supplemental Indenture, except as permitted by
Sections 304, 305 or 306 of the Original Indenture.

(b)           Stated Maturity. The 2012
Notes shall mature, and the unpaid principal thereon shall be payable, on March
1, 2012, subject to the provisions of the Original Indenture.

(c)           Interest. The rate per annum
at which interest shall be payable on the 2012 Notes shall be 5.00%. Interest
on the 2012 Notes shall be payable semi-annually in arrears on each March 1 and
September 1, commencing on March 1, 2007 (each, a “2012 Interest Payment Date”),
and on the Stated Maturity as specified in Section 1.04(b) of this Nineteenth
Supplemental Indenture, to the Persons in whose names the applicable 2012 Notes
are registered in the Security Register applicable to the 2012 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 “2012 Regular Record Date”). Interest on the 2012 Notes
shall be computed on the basis of a 360-day year of twelve 30-day months.
Interest on the 2012 Notes shall accrue from December 12, 2006.

(d)           Sinking Fund, Redemption or
Repayment. No sinking fund shall be provided for the 2012 Notes and the
2012 Notes shall not be repayable at the option of the Holders thereof prior to
Stated Maturity. The 2012 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 2012 Notes being redeemed
plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole
Amount, if any, with respect to such 2012 Notes (collectively, the “2012
Redemption Price”), all in accordance with the provisions of Article XI of the
Original Indenture.

If the 2012 Notes
are redeemed on or after 90 days prior to the Stated Maturity of the 2012
Notes, the 2012 Redemption Price shall not include the Make-Whole Amount.

If notice of
redemption has been given as provided in the Original Indenture and funds for
the redemption of any 2012 Notes called for redemption shall have been made
available on the Redemption Date referred to in such notice, such 2012 Notes
shall cease to bear interest on the Redemption Date and the only right of the
Holders of the 2012 Notes from and after the Redemption Date shall be to
receive payment of the Redemption Price upon surrender of such 2012 Notes in
accordance with such notice.

(e)           Registration and Form. The
2012 Notes shall be issuable as Registered Securities as provided in Section
1.03 of this Nineteenth Supplemental Indenture. The 2012 Notes shall be issued
and may be transferred only in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. All payments of principal and interest
in respect of the 2012 Notes shall be made by the Issuer in immediately
available funds.

 4
 

 

(f)            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 Nineteenth
Supplemental Indenture) in Section 1403 of the Original Indenture, shall be
applicable to the 2012 Notes.

(g)           Make-Whole Amount Payable Upon
Acceleration. Upon any acceleration of the Stated Maturity of the 2012
Notes in accordance with Section 502 of the Original Indenture, the Make-Whole
Amount on the 2012 Notes shall become immediately due and payable, subject to
the terms and conditions of the Indenture.

(h)           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 2012 Notes in
all respects, except for issue date and issue price. Additional 2012 Notes
issued in this manner shall be consolidated with and shall form a single series
with the previously outstanding 2012 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.

(i)            Other Terms and Conditions.
The 2012 Notes shall have such other terms and conditions as provided in the
form thereof attached as Exhibit A.

Section 1.05.  Terms
and Conditions of the 2016 Notes. The 2016 Notes shall be governed by all
the terms and conditions of the Original Indenture, as supplemented by this
Nineteenth Supplemental Indenture. In particular, the following provisions
shall be terms of the 2016 Notes:

(a)           Title and Aggregate Principal
Amount. The title of the 2016 Notes shall be as specified in the Recitals;
and the aggregate principal amount of the 2016 Notes shall be as specified in
Section 1.02 of this Nineteenth Supplemental Indenture, except as permitted by
Sections 304, 305 or 306 of the Original Indenture.

(b)           Stated Maturity. The 2016
Notes shall mature, and the unpaid principal thereon shall be payable, on
December 1, 2016, subject to the provisions of the Original Indenture.

(c)           Interest. The rate per annum
at which interest shall be payable on the 2016 Notes shall be 5.25%. Interest
on the 2016 Notes shall be payable semi-annually in arrears on each June 1 and
December 1, commencing on June 1, 2007 (each, a “2016 Interest Payment Date”),
and on the Stated Maturity as specified in Section 1.05(b) of this Nineteenth
Supplemental Indenture, to the Persons in whose names the applicable 2016 Notes
are registered in the Security Register applicable to the 2016 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 “2016 Regular Record Date”). Interest on the 2016 Notes
shall be computed on the basis of a 360-day year of twelve 30-day months.
Interest on the 2016 Notes shall accrue from December 12, 2006.

(d)           Sinking Fund, Redemption or
Repayment. No sinking fund shall be provided for the 2016 Notes and the
2016 Notes shall not be repayable at the option of the Holders thereof prior to
Stated Maturity. The 2016 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 2016 Notes being redeemed
plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole
Amount, if any, with respect to such 2016 Notes (collectively, the “Redemption
Price”), all in accordance with the provisions of Article XI of the Original
Indenture.

 5
 

 

If the 2016 Notes
are redeemed on or after 90 days prior to the Stated Maturity of the 2016
Notes, the 2016 Redemption Price shall not include the Make-Whole Amount.

If notice of
redemption has been given as provided in the Original Indenture and funds for
the redemption of any 2016 Notes called for redemption shall have been made
available on the Redemption Date referred to in such notice, such 2016 Notes
shall cease to bear interest on the Redemption Date and the only right of the Holders
of the 2016 Notes from and after the Redemption Date shall be to receive
payment of the Redemption Price upon surrender of such 2016 Notes in accordance
with such notice.

(e)           Registration and Form. The
2016 Notes shall be issuable as Registered Securities as provided in Section
1.03 of this Nineteenth Supplemental Indenture. The 2016 Notes shall be issued
and may be transferred only in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. All payments of principal and interest
in respect of the 2016 Notes shall be made by the Issuer in immediately
available funds.

(f)            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
Nineteenth Supplemental Indenture) in Section 1403 of the Original Indenture,
shall be applicable to the 2016 Notes.

(g)           Make-Whole Amount Payable Upon
Acceleration. Upon any acceleration of the Stated Maturity of the 2016
Notes in accordance with Section 502 of the Original Indenture, the Make-Whole
Amount on the 2016 Notes shall become immediately due and payable, subject to
the terms and conditions of the Indenture.

(h)           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 2016 Notes in
all respects, except for issue date and issue price. Additional 2016 Notes
issued in this manner shall be consolidated with and shall form a single series
with the previously outstanding 2016 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.

(i)            Other Terms and Conditions.
The 2016 Notes shall have such other terms and conditions as provided in the
form thereof attached as Exhibit A.

ARTICLE II

COVENANTS FOR BENEFIT OF HOLDERS OF NOTES;

EVENTS AND NOTICE OF DEFAULT

Section 2.01.  Covenants
for Benefit of Holders of Notes. In addition
to the covenants set forth in Article X of the Original Indenture, there are
established pursuant to Section 901(2) of the Original Indenture the following
covenants for the benefit of the Holders of the Notes and to which the Notes
shall be subject; provided, however, that the covenants set forth in Article II
of any Supplemental Indenture dated prior to the date hereof (“Prior
Supplemental Indentures”) as the same may be amended or modified from time to
time hereafter shall apply to the Notes only for so long as any Securities
issued pursuant to any Prior Supplemental Indentures remain outstanding.

(a)           Limitation on Debt. As of each
Reporting Date (as defined below), Debt (as defined below) shall not exceed 65%
of Total Assets (as defined below).

 6
 

 

(b)           Limitation on Secured Debt. As
of each Reporting Date, Secured Debt (as defined below) shall not exceed 50% of
Total Assets.

(c)           Fixed Charge Coverage Ratio.
For the four consecutive quarters ending on each Reporting Date, the ratio of
Annualized EBITDA (as defined below) to Annualized Interest Expense (as defined
below) shall be at least 1.50 to 1.00.

(d)           Maintenance of Unencumbered Assets.
As of each Reporting Date, Unencumbered Assets (as defined below) shall be at
least 125% of Unsecured Debt (as defined below).

Section 2.02.  Definitions.
As used herein:

“Annualized EBITDA” means, for the four consecutive quarters
ending on each Reporting Date, the Operating Partnership’s Pro Rata Share (as
defined below) of earnings before interest, taxes, depreciation and
amortization, with other adjustments as are necessary to exclude the effect of
all realized or unrealized gains and losses related to hedging obligations,
items classified as extraordinary items and impairment charges in accordance
with generally accepted accounting principles, adjusted to reflect the
assumption that (i) any EBITDA related to any assets acquired or placed in
service since the first day of such four-quarter period had been earned, on an
annualized basis, from the beginning of such period, and (ii) any assets
disposed of during such four-quarter period had been disposed of as of the
first day of such period and no EBITDA related to such assets had been earned during
such period.

“Annualized Interest Expense” means, for the four consecutive
quarters ending on each Reporting Date, the Operating Partnership’s Pro Rata
Share of interest expense, with other adjustments as are necessary to exclude
the effect of items classified as extraordinary items, in accordance with
generally accepted accounting principles, reduced by amortization of debt
issuance costs and adjusted to reflect the assumption that (i) any interest
expense related to indebtedness incurred since the first day of such
four-quarter period is computed as if such indebtedness had been incurred as of
the beginning of such period, and (ii) any interest expense related to
indebtedness that was repaid or retired since the first day of such
four-quarter period is computed as if such indebtedness had been repaid or
retired as of the beginning of such period (except that, in making such
computation, the amount of interest expense related to indebtedness under any
revolving credit facility shall be computed based upon the average daily
balance of such indebtedness during such four-quarter period).

“Capitalization Rate” means 7.00%.

“Capitalized Value” means, as of any date, Annualized EBITDA
divided by the Capitalization Rate.

“Company” means Simon Property Group, Inc., a Delaware
corporation and the sole general partner of the Operating Partnership.

“Debt” means the Operating Partnership’s Pro Rata Share of
the aggregate principal amount of indebtedness 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 in connection with any letters of credit actually
issued and called, (iv) any lease of property by the Operating Partnership or
any Subsidiary as lessee which is reflected in the Operating Partnership’s
balance sheet as a capitalized lease, in accordance with generally accepted
accounting principles; 

 7
 

 

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); and provided, further, that Debt excludes Intercompany
Debt (as defined below).

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

“Pro Rata Share” means any applicable figure or measure of
the Operating Partnership and its Subsidiaries on a consolidated basis, less
any portion attributable to minority interests, plus the Operating Partnership’s
or its Subsidiaries’ allocable portion of such figure or measure, based on
their ownership interest, of unconsolidated joint ventures.

“Reporting Date” means March 31, June 30, September 30 and
December 31 of each year.

“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.

“Stabilized Asset” means (i) with respect to an acquisition
of an asset, such asset becomes stabilized when the Operating Partnership or
its Subsidiaries or an unconsolidated joint venture in which the Operating Partnership
or any Subsidiary has an interest has owned the asset as of at least six
Reporting Dates, and (ii) with respect to a new construction or development
asset, such asset becomes stabilized four Reporting Dates after the earlier of
(a) six Reporting Dates after substantial completion of construction or
development or (b) the first Reporting Date on which the asset is at least 90%
leased.

“Total Assets” means, as of any Reporting Date, the sum of
(i) for Stabilized Assets, Capitalized Value; (ii) for all other assets of the
Operating Partnership and its Subsidiaries, the Operating Partnership’s Pro
Rata Share of undepreciated book value as determined in accordance with
generally accepted accounting principles; and (iii) the Operating Partnership’s
Pro Rata Share of cash and cash equivalents.

“Unencumbered Annualized EBITDA” means Annualized EBITDA less
any portion thereof attributable to assets serving as collateral for Secured
Debt.

“Unencumbered Assets” as of any Reporting Date shall be equal
to Total Assets as of such date multiplied by a fraction, the numerator of
which is Unencumbered Annualized EBITDA and the denominator of which is
Annualized EBITDA.

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

Section 2.03.  Events
of Default. For the purposes of the Notes,
Section 501 of the Original Indenture is hereby amended by, supplemented with,
and where inconsistent replaced by, the following provisions; provided, however
that Section 501 of the Original Indenture, as the same may be amended or
modified from time to time hereafter, shall apply to the Notes only for so long
as any Securities issued pursuant to any Prior Supplemental Indentures remain
outstanding:

 8
 

 

(a)           Section 501(4) of the Original
Indenture is replaced in its entirety by the following:

“(4)         default
in the performance, or breach, of any covenant or warranty of the Issuer in
this Indenture with respect to any Security of that series (other than a
covenant or warranty a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with), and continuance of such
default or breach for a period of 90 days after there has been given, by
registered or certified mail, to the Issuer by the Trustee or to the Issuer and
the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or”

(b)           Section 501(5) of the Original
Indenture is replaced in its entirety by the following:

“(5)         a
default under any evidence of recourse indebtedness of the Issuer, or under any
mortgage, indenture or other instrument of the Issuer (including a default with
respect to Securities of any series other than that series) under which there
may be issued or by which there may be secured any recourse indebtedness of the
Issuer (or of any Subsidiary, the repayment of which the Issuer has guaranteed
or for which the Issuer is directly responsible or liable as obligor or
guarantor), whether such indebtedness now exists or shall hereafter be created,
which default shall constitute a failure to pay an aggregate principal amount
exceeding $50,000,000 of such indebtedness when due and payable after the
expiration of any applicable grace period with respect thereto and shall have
resulted in such indebtedness in an aggregate principal amount exceeding
$50,000,000 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 there shall have been given, by registered or
certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee
by the Holders of at least 25% in principal amount of the Outstanding
Securities of that series a written notice specifying such default and
requiring the Issuer to cause such indebtedness to be discharged or cause such
acceleration to be rescinded or annulled and stating that such notice is a “Notice
of Default” hereunder; or”

Section 2.04.  Notice
of Defaults. For the purposes of the Notes, Section 601 of the Original
Indenture is hereby replaced in its entirety by the following; provided,
however that Section 601 of the Original Indenture, as the same may be amended
or modified from time to time hereafter, shall apply to the Notes only for so
long as any Securities issued pursuant to any Prior Supplemental Indentures
remain outstanding:

“Notice of Defaults. Within 90 days after the
occurrence of any default hereunder with respect to the Securities of any
series, the Trustee shall transmit in the manner and to the extent provided in
TIA Section 313(c), notice of such default hereunder known to the Trustee,
unless such default shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of (or premium,
if any) or interest on or any Additional Amounts with respect to any Security
of such series, or in the payment of any sinking fund installment with respect
to the Securities of such series, the Trustee shall be protected in withholding
such notice if an so long as a trust committee of Responsible Officers of the
Trustee in good faith 

 9
 

 

determine that the withholding of such notice is in the interests of
the Holders of the Securities and Coupons of such series; and provided further
that in the case of any default or breach of the character specified in Section
501(4) with respect to the Securities and Coupons of such series, no such
notice to Holders shall be given until at least 90 days after the occurrence
thereof. For the purpose of this Section, the term “default” means any event
which is, or after notice or lapse of time or both would become, an Event of
Default with respect to the Securities of such series.”

ARTICLE III

TRANSFER AND EXCHANGE

(a)           The Global Note shall be exchanged by
the Operating Partnership for one or more Notes in definitive, fully registered
certificated form, without coupons, substantially in the form of Exhibit B
hereto (the “Certificated Notes”) 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 Global Note, for one or more Certificated
Notes, as applicable. Whenever a Global Note is exchanged for one or more
Certificated Notes, it shall be surrendered by the Holder thereof to the
Trustee and cancelled by the Trustee. All 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.

(b)           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 IV

LEGENDS

Section 4.01.  Legends.
Each 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 OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

 10
 

 

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 V

TRUSTEE

Section 5.01.  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 5.02.  Recitals
of Fact. The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Nineteenth 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.

Section 5.03.  Successor.
Any corporation or association into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation or
association resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation or association to which all or
substantially all of the corporate trust business of the Trustee may be sold or
otherwise transferred, shall be the successor trustee hereunder without any
further act.

ARTICLE VI

MISCELLANEOUS PROVISIONS

Section 6.01.  Ratification
of Original Indenture. This Nineteenth 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 Nineteenth
Supplemental Indenture shall be read, taken and construed as one and the same
instrument.

Section 6.02.  Effect
of Headings. The Article and Section headings herein are for convenience
only and shall not affect the construction hereof.

Section 6.03.  Successors
and Assigns. All covenants and agreements in this Nineteenth Supplemental
Indenture by the Issuer shall bind its successors and assigns, whether so
expressed or not.

Section 6.04.  Separability
Clause. In case any one or more of the provisions contained in this
Nineteenth 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 6.05.  Governing
Law. This Nineteenth Supplemental Indenture shall be governed by and
construed in accordance with the laws of the State of New York. This Nineteenth
Supplemental Indenture is subject to the provisions of the Trust Indenture Act
that are required to be part of this Nineteenth Supplemental Indenture and
shall, to the extent applicable, be governed by such provisions.

 11
 

 

Section 6.06.  Counterparts.
This Nineteenth 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.

 12

 

* * * *

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

	
  

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Simon Property Group, Inc.,

  
	
   

  	
   

  	
  its sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Exhibit A

FORM OF
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. [1 / 1]

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. [828807 BX 4/828807 BW 6]

  	
  [$600,000,000 /
  $650,000,000]

  

 

GLOBAL
SECURITY

SIMON PROPERTY GROUP, L.P.

[5.00 /
5.25]% Note due [2012 / 2016]

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 [SIX HUNDRED MILLION / SIX HUNDRED FIFTY MILLION] dollars on
[March 1, 2012 / December 1, 2016] (the “Maturity Date”), and to pay interest
thereon from December 12, 2006, semi-annually in arrears on [March 1/June 1]
and [September 1/December 1] of each year (each, an “Interest Payment Date”),
commencing on [March 1, 2007/June 1, 2007], and on the Maturity Date, at the
rate of [5.00 / 5.25]% 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 

 A-1
 

 

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 December 12,
2006, 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 Nineteenth Supplemental Indenture
hereinafter referred to.

 A-2
 

 

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

	
  Dated: December 12, 2006

  	
   

  
	
   

  	
   

  
	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP, INC.

  
	
   

  	
   

  	
  its sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 A-3
 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

	
  

  	
  THE BANK OF NEW YORK

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

 A-4
 

 

[REVERSE
OF NOTE]

SIMON
PROPERTY GROUP, L.P.

[5.00 /
5.25]% Note due [2012 / 2016]

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 The Bank of New York (as successor to
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 Nineteenth Supplemental Indenture, dated as of December 12,
2006, 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. [5.00 / 5.25]% Notes due [2012 / 2016], initially limited in
aggregate principal amount to [$600,000,000 / $650,000,000] (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. If the Notes are redeemed on or after 90 days prior to the Maturity
Date, the redemption price shall not include the Make-Whole Amount. 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 

 A-5
 

 

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 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 $2,000 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 

 A-6
 

 

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 Nineteenth Supplemental Indenture
referred to herein.

 A-7
 

 

[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-8

 

Exhibit B

FORM OF
CERTIFICATED NOTE

REGISTERED

	
  NO. [1 / 1]

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. [828807 BX 4/828807 BW 6]

  	
  [$600,000,000 /
  $650,000,000]

  

 

DEFINITIVE
SECURITY

SIMON PROPERTY GROUP, L.P.

[5.00 /
5.25]% Note due [2012 / 2016]

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 [SIX HUNDRED MILLION / SIX HUNDRED FIFTY MILLION] dollars
on [March 1, 2012 / December 1, 2016] (the “Maturity Date”), and to pay
interest thereon from December 12, 2006, semi-annually in arrears on [March 1
and September 1/June 1 and December 1] of each year (each, an “Interest Payment Date”), commencing on [March 1, 2007/
June 1, 2007], and on the Maturity Date, at the rate of [5.00 / 5.25]% 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 December 12,
2006, 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.

 B-1
 

 

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 Nineteenth Supplemental Indenture
hereinafter referred to.

 B-2
 

 

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

	
  Dated: December 12, 2006

  	
   

  
	
   

  	
   

  
	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP, INC.

  
	
   

  	
   

  	
  its sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 B-3
 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

	
  

  	
  THE BANK OF NEW YORK

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

 B-4
 

 

[REVERSE
OF NOTE]

SIMON
PROPERTY GROUP, L.P.

[5.00 /
5.25]% Note due [2012 / 2016]

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 The Bank of New York (as successor to
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 Nineteenth Supplemental Indenture, dated as of December 12,
2006, 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. [[5.00] / [5.25]]% Notes due [2012 / 2016], initially limited in
aggregate principal amount to [$600,000,000 / $650,000,000] (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. If the Notes are redeemed on or after 90 days prior to the Maturity
Date, the redemption price shall not include the Make-Whole Amount. 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 

 B-5
 

 

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 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 $2,000 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 

 B-6
 

 

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 Nineteenth Supplemental Indenture
referred to herein.

 B-7
 

 

[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-8

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