Document:

Exhibit 10.01

 

FIRST AMENDMENT TO 

LOAN AGREEMENT

 

This
First Amendment to Loan Agreement (this “Amendment”) is entered into as of May
9, 2005, by and between COMERICA BANK (“Bank”) and QAD INC. (“Borrower”).

 

RECITALS

 

Borrower
and Bank are parties to that certain Loan Agreement dated as of April 7, 2005,
as amended from time to time (the “Agreement”). 
The parties desire to amend the Agreement in accordance with the terms
of this Amendment.

 

NOW,
THEREFORE, the parties agree as follows:

 

1.                                       Section 6.2(b) of the Agreement hereby is
amended and restated in its entirety to read as follows:

 

“(b)                           Within thirty (30) days after the last day of
each quarter, Borrower shall deliver to Bank with the quarterly financial
statements, a Compliance Certificate certified as of the last day of the
applicable quarter and signed by a Responsible Officer in substantially the
form of Exhibit C hereto.”

 

2.                                       Section 7.6 of the Agreement hereby is
amended and restated in its entirety to read as follows:

 

“7.6                           Distributions.  Pay
any dividends or make any other distribution or payment on account of or in
redemption, retirement or purchase of any capital stock, except that Borrower
may (i) repurchase stock in the aggregate cash amount of Thirty Million Dollars
($30,000,000) in any trailing four (4) quarter period (commencing from and
after the Closing Date), and (ii) pay cash dividends not to exceed Two and One
Half Cents ($0.025) per share per quarter; in each case, as long as an Event of
Default does not exist prior to such repurchase or dividend, or would not exist
after giving effect to such repurchase or dividend.

 

3.                                       Section 7.8 of the Agreement hereby is
amended and restated in its entirety to read as follows:

 

“7.8                           Transactions with Affiliates. 
Except as otherwise expressly permitted hereunder, directly or
indirectly enter into or permit to exist any material transaction with any
Affiliate of Borrower except for transactions that are in the ordinary course
of Borrower’s business, upon fair and reasonable terms that are no less
favorable to Borrower than would be obtained in an arm’s length transaction
with a non-affiliated Person.”

 

4.                                       No course of dealing on the part of Bank or
its officers, nor any failure or delay in the exercise of any right by Bank,
shall operate as a waiver thereof, and any single or partial exercise of any
such right shall not preclude any later exercise of any such right.  Bank’s failure at any time to require strict
performance by a Borrower of any provision shall not affect any right of Bank
thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be
in writing signed by an officer of Bank.

 

5.                                       Unless otherwise defined, all initially
capitalized terms in this Amendment shall be as defined in the Agreement.  The Agreement, as amended hereby, shall be
and remain in full force and effect in accordance with its respective terms and
hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the
execution, delivery, and performance of this Amendment shall not operate as a
waiver of, or as an amendment of, any right, power, or remedy of Bank under the
Agreement, as in effect prior to the date hereof.

 

6.                                       Borrower represents and warrants that the
Representations and Warranties contained in the Agreement are true and correct
as of the date of this Amendment, and that no Event of Default has occurred and
is continuing.

 

7.                                       As a condition to the effectiveness of this
Amendment, Bank shall have received, in form and substance satisfactory to
Bank, the following:

 

 

(a)                                  this Amendment, duly executed by Borrower;

 

(b)                                 all reasonable Bank Expenses incurred through
the date of this Amendment, which may be debited from any of Borrower’s
accounts; and

 

(c)                                  such other documents, and completion of such
other matters, as Bank may reasonably deem necessary or appropriate.

 

8.                                       This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one instrument.

 

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

 

	
   

  	
  QAD INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Mark Rasmussen

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Vice President Tax and
  Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
  COMERICA BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Bonnie Kehl

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice PresidentExhibit 4.1

 

SIMON PROPERTY GROUP, L.P.

ISSUER

TO

JPMORGAN CHASE BANK, N.A.

TRUSTEE

FIFTEENTH SUPPLEMENTAL INDENTURE

DATED AS OF June 7, 2005

$400,000,000 4.60% NOTES due 2010

$600,000,000 5.10% NOTES due 2015

SUPPLEMENT TO INDENTURE,

DATED AS OF NOVEMBER 26, 1996,

BETWEEN

SIMON PROPERTY GROUP, L.P.

AND

JPMORGAN CHASE BANK, N.A.

(AS SUCCESSOR TO THE CHASE MANHATTAN BANK),

AS TRUSTEE

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

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

  	
   

  
	
  SECTION 1.01.
  Definitions.

  	
   

  
	
  SECTION 1.02.
  Creation of the Notes

  	
   

  
	
  SECTION 1.03.
  Form of the Notes

  	
   

  
	
  SECTION 1.04.
  Terms and Conditions of the 2010 Notes

  	
   

  
	
  SECTION 1.05.
  Terms and Conditions of the 2015 Notes

  	
   

  
	
  ARTICLE II

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

  	
   

  
	
  SECTION 2.01.
  Covenants for Benefit of Holders of Notes

  	
   

  
	
  SECTION 2.02.
  Definitions

  	
   

  
	
  SECTION 2.03.
  Events of Default

  	
   

  
	
  SECTION 2.04.
  Notice of Defaults

  	
   

  
	
  ARTICLE III

  	
  REGISTRATION
  RIGHTS

  	
   

  
	
  SECTION 3.01.
  Registration Rights Agreement

  	
   

  
	
  SECTION 3.02.
  Special Interest Premium

  	
   

  
	
  SECTION 3.03. Legend

  	
   

  
	
  ARTICLE IV

  	
  TRANSFER AND
  EXCHANGE

  	
   

  
	
  SECTION 4.01.
  Transfer and Exchange

  	
   

  
	
  ARTICLE V

  	
  LEGENDS

  	
   

  
	
  SECTION 5.01.
  Legends

  	
   

  
	
  ARTICLE VI

  	
  TRUSTEE

  	
   

  
	
  SECTION 6.01.
  Corporate Trust Office

  	
   

  
	
  SECTION 6.02. Recitals

  	
   

  
	
  ARTICLE VII

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  
	
  SECTION 7.01.
  Ratification of Original Indenture

  	
   

  
	
  SECTION 7.02.
  Effect of Headings

  	
   

  
	
  SECTION 7.03.
  Successors and Assigns

  	
   

  
	
  SECTION 7.04.
  Separability Clause

  	
   

  
	
  SECTION 7.05.
  Governing Law

  	
   

  
	
  SECTION 7.06.
  Counterparts

  	
   

  

 

i

 

	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Initial Restricted Global Note

  	
   

  
	
  EXHIBIT B

  	
  Form of Initial Regulation S Global
  Note

  	
   

  
	
  EXHIBIT C

  	
  Form of Initial Certificated Note

  	
   

  
	
  EXHIBIT D

  	
  Form of Exchange Global Note

  	
   

  
	
  EXHIBIT E

  	
  Form of Exchange Certificated Note

  	
   

  

 

ii

 

FIFTEENTH SUPPLEMENTAL INDENTURE, dated as of June 7, 2005 (the “Fifteenth
Supplemental Indenture”), between SIMON PROPERTY GROUP, L.P. (formerly known as
Simon DeBartolo Group, L.P.), a Delaware limited partnership (the “Issuer” or
the “Operating Partnership”), having its principal offices at National City
Center, 115 West Washington Street, Suite 15 East, Indianapolis, Indiana
46204, and JPMORGAN CHASE BANK, N.A. (as successor to The Chase Manhattan
Bank), a national banking association organized and existing under the laws of
the United States of America, 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 Fifteenth Supplemental
Indenture to create and provide for the following series of debt securities
(the “Initial Notes”):

 

(i)            Simon
Property Group, L.P. 4.60% Notes due 2010 (the “Initial 2010 Notes”) in an
aggregate principal amount of $400,000,000; and

 

(ii)           Simon
Property Group, L.P. 5.10% Notes due 2015 (the “Initial 2015 Notes”) in an
aggregate principal amount of $600,000,000;

 

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

 

(i)            Simon
Property Group, L.P. 4.60% Notes due 2010 (the “Exchange 2010 Notes,” and
together with the Initial 2010 Notes, the “2010 Notes”), in an aggregate
principal amount of up to $400,000,000; and

 

(ii)           Simon
Property Group, L.P. 5.10% Notes due 2015 (the “Exchange 2015 Notes,” and
together with the Initial 2015 Notes, the “2015 Notes”), in an aggregate
principal amount of up to $600,000,000;

 

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 Fifteenth 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 Fifteenth 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 Fifteenth Supplemental Indenture, are defined in that Article.  In addition, the following terms shall have
the following meanings to be equally applicable to both the singular and the
plural forms of the terms defined:

 

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

 

“Clearstream Banking”
means Clearstream Banking, société anonyme,
its successors and assigns.

 

“Closing Date”
means June 7, 2005.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Exchange 2015 Notes”
has the meaning set forth in the Recitals hereto.

 

“Global Notes”
means the Initial Global Notes and the Exchange Global Notes.

 

2

 

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

 

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

 

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

 

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

 

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

 

“Initial 2015 Notes”
has the meaning set forth in the Recitals hereto.

 

“Initial Purchasers”
means Banc of America Securities LLC, Credit Suisse First Boston LLC, Morgan
Stanley & Co. Incorporated, UBS Securities LLC and Wachovia Capital
Markets, LLC.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Notes” means
the Initial Notes and the Exchange Notes.

 

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

 

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

 

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

 

3

 

“Purchase Agreement”
means the Purchase Agreement dated June 1, 2005 between the Operating
Partnership and the Initial Purchasers.

 

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

 

“Registration Rights
Agreement” means the Registration Rights Agreement, dated June 7,
2005, between the Operating Partnership and the Initial Purchasers.

 

“Regulation S”
means Regulation S under the Securities Act.

 

“Reinvestment Rate”
means, in connection with any optional redemption or accelerated payment of any
Notes, the yield on treasury securities at a constant maturity corresponding to
the remaining life (as of the date of redemption or accelerated payment, and
rounded to the nearest month) to Stated Maturity of the principal being
redeemed (the “Treasury Yield”) as stated in such Notes, plus (i) 0.20%,
in the case of the 2010 Notes or (ii) 0.25%, in the case of the 2015
Notes.  For purposes hereof, the Treasury
Yield shall be equal to the arithmetic mean of the yields published in the
Statistical Release under the heading “Week Ending” for “U.S. Government
Securities — Treasury Constant Maturities” with a maturity equal to such
remaining life; provided, that if no published maturity exactly
corresponds to such remaining life, then the Treasury Yield shall be
interpolated or extrapolated on a straight-line basis from the arithmetic means
of the yields for the next shortest and next longest published maturities,
rounding each of such relevant periods to the nearest month.  For purposes of calculating the Reinvestment
Rate, the most recent Statistical Release published prior to the date of
determination of the Make-Whole Amount shall be used.  If the format or content of the Statistical
Release changes in a manner that precludes determination of the Treasury Yield
in the above manner, then the Treasury Yield shall be determined in the manner
that most closely approximates the above manner, as reasonably determined by
the Operating Partnership.

 

“Rule 144A”
means Rule 144A under the Securities Act.

 

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

 

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

 

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

 

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

 

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

 

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

 

“2015 Interest Payment Date” has the meaning set forth in Section 1.05(c).

 

“2010 Notes” has the meaning set forth in the Recitals hereto.

 

“2015 Notes” has the meaning set forth in the Recitals hereto.

 

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

 

4

 

“2015 Redemption Price” has the meaning set forth in Section 1.05(f).

 

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

 

“2015 Regular Record Date” has the meaning set forth in Section 1.05(c).

 

SECTION 1.02.      Creation of the Notes.

 

(a)           Initial Notes.  In accordance with Section 301 of the
Original Indenture, the Issuer hereby creates each of the Initial 2010 Notes
and the Initial 2015 Notes as a separate series of its securities issued
pursuant to the Indenture.  The Initial
2010 Notes shall be issued initially in an aggregate principal amount of
$400,000,000 and the Initial 2015 Notes shall be issued initially in an
aggregate principal amount of $600,000,000, except as permitted by
Sections 304, 305 or 306 of the Original Indenture.

 

(b)           Exchange Notes.  In accordance with Section 301 of the
Original Indenture, the Issuer hereby creates each of the Exchange Notes as a
separate series of its securities issued pursuant to the Indenture.  Each series of the Exchange Notes is to be
issued in exchange for the corresponding series of the Initial Notes as
provided in this Fifteenth Supplemental Indenture and the Registration Rights
Agreement.  The Exchange 2010 Notes may
be issued initially in an aggregate principal amount of up to $400,000,000 (but
in no event in excess of the principal amount of the Initial 2010 Notes
tendered in exchange therefor in an Exchange Offer), except as permitted by
Sections 304, 305 or 306 of the Original Indenture.  The Exchange 2015 Notes may be issued
initially in an aggregate principal amount of up to $600,000,000 (but in no
event in excess of the principal amount of the Initial 2015 Notes tendered in
exchange therefor in an Exchange Offer), except as permitted by
Sections 304, 305 or 306 of the Original Indenture.

 

SECTION 1.03.      Form of
the Notes.

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

(a)           Title and Aggregate Principal
Amount.  The title of the Initial
2010 Notes and the Exchange 2010 Notes shall be as specified in the Recitals;
and the aggregate principal amount of the Initial 2010 Notes and the Exchange
2010 Notes shall be as specified in Section 1.02 of this Fifteenth
Supplemental Indenture, except as permitted by Sections 304, 305 or 306 of
the Original Indenture.

 

(b)           Stated Maturity.  The 2010 Notes shall mature, and the unpaid
principal thereon shall be payable, on June 15, 2010, subject to the
provisions of the Original Indenture.

 

(c)           Interest.  The rate per annum at which interest shall be
payable on the 2010 Notes shall be 4.60%. 
Interest on the 2010 Notes shall be payable semi-annually in arrears on
each June 15 and December 15, commencing on December 15, 2005
(each, a “2010 Interest Payment Date”), and on the Stated Maturity as specified
in Section 1.04(b) of this Fifteenth Supplemental Indenture, to the
Persons in whose names the applicable 2010 Notes are registered in the Security
Register applicable to the 2010 Notes at the close of business on the 15th
calendar day immediately prior to such payment date regardless of whether such
day is a Business Day (each, a “2010 Regular Record Date”).  Interest on the 2010 Notes shall be computed
on the basis of a 360-day year of twelve 30-day months.  Interest on the 2010 Notes shall accrue from June 7,
2005.

 

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

 

6

 

Initial 2010 Note and any
accrued and unpaid interest on the Exchange 2010 Note(s) issued in
exchange for such Initial 2010 Note, through the day before such Interest
Payment Date, shall be paid on such Interest Payment Date to the Holder of such
Initial 2010 Note on such Regular Record Date.

 

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

 

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

 

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

 

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

 

(g)           Registration and Form.  The 2010 Notes shall be issuable as
Registered Securities as provided in Section 1.03 of this Fifteenth
Supplemental Indenture.  Initial 2010
Notes shall be issued and may be transferred only in minimum denominations of
$2,000 ($100,000 for Institutional Accredited Investors) and integral
multiples of $1,000 in excess thereof. 
Exchange 2010 Notes shall be issued in minimum denominations of $2,000
($100,000 for Institutional Accredited Investors) and integral multiples
of $1,000 in excess thereof.  All
payments of principal and interest in respect of the 2010 Notes shall be made
by the Issuer in immediately available funds.

 

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

 

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

 

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

 

7

 

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

 

SECTION 1.05.      Terms and Conditions of the 2015 Notes. 
The 2015 Notes shall be governed by all the terms and conditions of the
Original Indenture, as supplemented by this Fifteenth Supplemental
Indenture.  In particular, the following
provisions shall be terms of the 2015 Notes:

 

(a)           Title and Aggregate Principal
Amount.  The title of the Initial
2015 Notes and the Exchange 2015 Notes shall be as specified in the Recitals;
and the aggregate principal amount of the Initial 2015 Notes and the Exchange
2015 Notes shall be as specified in Section 1.02 of this Fifteenth
Supplemental Indenture, except as permitted by Sections 304, 305 or 306 of
the Original Indenture.

 

(b)           Stated Maturity.  The 2015 Notes shall mature, and the unpaid
principal thereon shall be payable, on June 15, 2015, subject to the
provisions of the Original Indenture.

 

(c)           Interest.  The rate per annum at which interest shall be
payable on the 2015 Notes shall be 5.10%. 
Interest on the 2015 Notes shall be payable semi-annually in arrears on
each June 15 and December 15, commencing on December 15, 2005
(each, a “2015 Interest Payment Date”), and on the Stated Maturity as specified
in Section 1.04(b) of this Fifteenth Supplemental Indenture, to the
Persons in whose names the applicable 2015 Notes are registered in the Security
Register applicable to the 2015 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 “2015 Regular Record Date”).  Interest on the 2015 Notes shall be computed
on the basis of a 360-day year of twelve 30-day months.  Interest on the 2015 Notes shall accrue from June 7,
2005.

 

If an Initial 2015 Note is exchanged in an Exchange
Offer prior to the Regular Record Date for the first Interest Payment Date
following such exchange, accrued and unpaid interest, if any, on such 2015
Note, up to but not including the date of issuance of the Exchange 2015
Note(s) issued in exchange for such Initial 2015 Note, shall be paid on
the first Interest Payment Date for such Exchange 2015 Note(s) to the
Holder or Holders of such Exchange 2015 Note(s) on the first Regular
Record Date with respect to such Exchange 2015 Note(s).  If such Initial 2015 Note is exchanged in an Exchange
Offer subsequent to the Regular Record Date for the first Interest Payment Date
following such exchange but on or prior to such Interest Payment Date, then any
such accrued and unpaid interest with respect to such Initial 2015 Note and any
accrued and unpaid interest on the Exchange 2015 Note(s) issued in
exchange for such Initial 2015 Note, through the day before such Interest
Payment Date, shall be paid on such Interest Payment Date to the Holder of such
Initial 2015 Note on such Regular Record Date.

 

(d)           Registration Rights.  The Holders of the Initial 2015 Notes shall
be entitled to the benefits of the Registration Rights Agreement, as described
in Article III hereof.

 

(e)           Special Interest Premium.  If the Operating Partnership fails to comply
with certain provisions of the Registration Rights Agreement, then a Special
Interest Premium shall become payable in respect of the 2015 Notes as provided
in Article III hereof.

 

(f)            Sinking Fund, Redemption or
Repayment.  No sinking fund shall be
provided for the 2015 Notes and the 2015 Notes shall not be repayable at the
option of the Holders thereof prior to Stated Maturity.  The 2015 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 2015 Notes being redeemed plus accrued interest thereon to the Redemption
Date and (ii) the Make-Whole Amount, if any, with respect to such 2015
Notes (collectively, the “Redemption Price”), all in accordance with the
provisions of Article XI of the Original Indenture.

 

8

 

If notice of redemption has been given as provided in
the Original Indenture and funds for the redemption of any 2015 Notes called
for redemption shall have been made available on the Redemption Date referred
to in such notice, such 2015 Notes shall cease to bear interest on the
Redemption Date and the only right of the Holders of the 2015 Notes from and
after the Redemption Date shall be to receive payment of the Redemption Price
upon surrender of such 2015 Notes in accordance with such notice.

 

(g)           Registration and Form.  The 2015 Notes shall be issuable as
Registered Securities as provided in Section 1.03 of this Fifteenth Supplemental
Indenture.  Initial 2015 Notes shall be
issued and may be transferred only in minimum denominations of $2,000 ($100,000
for Institutional Accredited Investors) and integral multiples of $1,000
in excess thereof.  Exchange 2015 Notes
shall be issued in minimum denominations of $2,000 ($100,000 for Institutional
Accredited Investors) and integral multiples of $1,000 in excess
thereof.  All payments of principal and
interest in respect of the 2015 Notes shall be made by the Issuer in
immediately available funds.

 

(h)           Defeasance and Covenant Defeasance.  The provisions for defeasance in Section 1402
of the Original Indenture, and the provisions for covenant defeasance (which
provisions shall apply, without limitation, to the covenants set forth in Article II
of this Fifteenth Supplemental Indenture) in Section 1403 of the
Original Indenture, shall be applicable to the 2015 Notes.

 

(i)            Make-Whole Amount Payable Upon
Acceleration.  Upon any acceleration
of the Stated Maturity of the 2015 Notes in accordance with Section 502 of
the Original Indenture, the Make-Whole Amount on the 2015 Notes shall become
immediately due and payable, subject to the terms and conditions of the
Indenture.

 

(j)            Further Issues.  The Issuer may, from time to time, without
the consent of the Holders, create and issue further securities having the same
terms and conditions as the 2015 Notes in all respects, except for issue date
and issue price.  Additional 2015 Notes
issued in this manner shall be consolidated with and shall form a single series
with the previously outstanding 2015 Notes. 
Notice of any such issuance shall be given to the Trustee and a new
supplemental indenture shall be executed in connection with the issuance of
such securities.

 

(k)           Other Terms and Conditions.  The 2015 Notes shall have such other terms
and conditions as provided in the forms thereof attached as Exhibits A, B, C, D
and E hereto.

 

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 Ten 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).

 

9

 

(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;

 

10

 

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:

 

11

 

(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

 

12

 

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

REGISTRATION
RIGHTS

 

SECTION 3.01.      Registration Rights Agreement.

 

(a)           The Operating Partnership shall enter
into the Registration Rights Agreement with the Initial Purchasers for the
benefit of the Holders of the Notes wherein the Operating Partnership shall
agree, for the benefit of the Holders of the Notes, to use its reasonable best
efforts (i) to file with the Commission within 90 calendar days after the
date on which the Operating Partnership delivers the Notes to the Initial
Purchasers (the “Closing Date”) a
registration statement (the “Exchange Offer Registration Statement”) with
respect to the Exchange Notes and (ii) to cause the Exchange Offer Registration
Statement to be declared effective under the Securities Act within 150 calendar
days after the Closing Date.  Promptly
after the Exchange Offer Registration Statement has been declared effective,
the Operating Partnership shall offer to the Holders the opportunity to
exchange all their Notes of a series for Exchange Notes of the same series
pursuant to the Exchange Offer.  The
Operating Partnership shall keep the Exchange Offer open for not less than 30
calendar days (or longer, if required by applicable law) after the date on
which the notice of the Exchange Offer is mailed to the Holders of the Notes
but shall, in any event, use its reasonable best efforts to cause the Exchange
Offer to be consummated within 180 days of the Closing Date.  For each Note validly tendered to the
Operating Partnership pursuant to the Exchange Offer, the Holder of such Note
shall receive an Exchange Note of the same series having a principal amount
equal to the principal amount of the tendered Note.

 

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

 

(c)           The Registration Rights Agreement
also shall provide that if, (i) because of any change in law or in
currently prevailing interpretations of the staff of the Commission, the
Operating Partnership is not permitted to effect the Exchange Offer, (ii) the
Exchange Offer is not consummated within 180 days of the Closing Date, or (iii) in
the case of any Holder that participates in the Exchange Offer, such Holder
does not receive Exchange Notes on the date of the exchange that may be sold
without restriction under state and federal securities laws (other than due
solely to the status of such Holder as an affiliate of the Operating
Partnership within the meaning of the Securities Act or as a broker-dealer),
then in each case, the Operating Partnership shall (x) promptly deliver to
the Holders written notice thereof and (y) at the Operating Partnership’s
sole expense (a) as promptly as practicable (but in no event more than 60
days after so required or requested pursuant to the Registration Rights
Agreement), file a shelf registration statement covering resales of the Notes
(the “Shelf Registration Statement”), (b) use its reasonable best efforts
to cause the Shelf Registration Statement to be declared effective under the
Securities Act (but in no event more than 60 days after such filing) and (c) use
its reasonable best efforts

 

13

 

to keep effective the Shelf
Registration Statement until the earlier of two years (or, if Rule 144(k) is
amended to provide a shorter restrictive period, the end of such shorter
period) after the Closing Date or such time as all of the applicable Notes
have been sold thereunder.  The Operating
Partnership shall, if a Shelf Registration Statement is filed, provide to each
Holder of the Notes copies of the prospectus that is a part of the Shelf
Registration Statement, notify each such Holder when the Shelf Registration
Statement for the Notes has become effective and take certain other actions as
are required to permit unrestricted resales of the Notes.  A Holder that sells Notes pursuant to the
Shelf Registration Statement shall be required to be named as a selling
security Holder in the related prospectus, to provide information related
thereto and to deliver such prospectus to purchasers, shall be subject to
certain of the civil liability provisions under the Securities Act in
connection with such sales and shall be bound by the provisions of the
Registration Rights Agreement that are applicable to such a Holder (including
certain indemnification rights and obligations).

 

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

 

(a)           If (i) the Exchange Offer
Registration Statement is not filed with the Commission on or prior to the 90th
day following the Closing Date, (ii) the Exchange Offer Registration
Statement is not declared effective on or prior to the 150th day
following the Closing Date, (iii) the Exchange Offer is not consummated on
or prior to the 180th day following the Closing Date, (iv) the Shelf
Registration Statement is not filed with the SEC on or prior to the 60th
day following the date the obligation arises or (v) the Shelf Registration
Statement is not declared effective on or prior to the 60th day
following the date the Shelf Registration Statement was filed, the Special
Interest Premium shall accrue from and including the next day following each of
(a) such 90-day period in the case of clause (i) above, (b) such
150-day period in the case of clause (ii) above, (c) such
180-day period in the case of clause (iii) above, and (d) such
60-day periods in the case of clauses (iv) and (v) above, in
each case at a rate equal to 0.50% per annum. 
The aggregate amount of the Special Interest Premium payable pursuant to
the above provisions shall in no event exceed 0.50% per annum.  If the Exchange Offer Registration Statement
is not declared effective on or prior to the 150th day following the Closing
Date and the Operating Partnership shall request Holders of Notes to provide
the information called for by the Registration Rights Agreement for inclusion
in the Shelf Registration Statement, the Notes owned by Holders who do not
deliver such information to the Operating Partnership when required pursuant to
the Registration Rights Agreement shall not be entitled to any such increase in
the interest rate for any day after the Operating Partnership has filed the
Shelf Registration Statement.  Upon (1) the
filing of the Exchange Offer Registration Statement after the 90-day
period described in clause (i), (2) the effectiveness of the Exchange
Offer Registration Statement after the 150-day period described in
clause (ii) above, (3) the consummation of the Exchange Offer
after the 180-day period described in clause (iii) above, (4) the
filing of the Shelf Registration Statement after the 60-day period
described in clause (iv) above or (5) the effectiveness of the Shelf
Registration Statement after the 60-day period described in clause (v) above,
the interest rate on each series of Notes from the date of such effectiveness
or consummation, as the case may be, shall be reduced to the original interest
rate provided for herein for such series of Notes.

 

(b)           If a Shelf Registration Statement is
declared effective, and if the Operating Partnership fails to keep such Shelf
Registration Statement continuously (x) effective or (y) useable for
resales for the period required by the Registration Rights Agreement due to
certain circumstances relating to pending corporate developments, public
filings with the Commission and similar events, or because the prospectus
contains an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary in order to make the statements
therein not misleading, and such failure continues for more than 60 days
(whether or not consecutive) in any 12-month period (the 61st day
being

 

14

 

referred to as the “Default Day”),
then from the Default Day until the earlier of (i) the date that the Shelf
Registration Statement is again deemed effective or is useable, (ii) the
date that is the second anniversary of the Closing Date (or, if Rule 144(k) is
amended to provide a shorter restrictive period, the end of such shorter
period) or (iii) the date as of which all of the Notes are sold
pursuant to the Shelf Registration Statement, the Special Interest Premium
shall accrue at a rate equal to 0.50% per annum.

 

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

 

ARTICLE IV

TRANSFER
AND EXCHANGE

 

SECTION 4.01.      Transfer and Exchange.

 

(a)           By its acceptance of any Initial Note
represented by a certificate bearing the legend set forth in Section 5.01(a) hereof
(the “Private Placement Legend”), each Holder of, and beneficial bearer of an
interest in, such Initial Note acknowledges the restrictions on transfer of
such Initial Note and agrees that it shall transfer such Initial Note only in
accordance with such restrictions.  Each
purchaser (other than the Initial Purchasers) of the Notes and each Person
to whom the Notes are transferred shall, prior to the Resale Restriction
Termination Date (as defined in the Private Placement Legend), be deemed to
have acknowledged, represented and agreed to the matters and restrictions on
transfer described under the heading “Notice to Investors” in the Offering
Memorandum of the Operating Partnership, dated June 1, 2005, relating to
the Initial Notes.  Upon the registration
of transfer, exchange or replacement of an Initial Note not bearing the Private
Placement Legend, the Trustee shall deliver an Initial Note or Initial Notes
that do not bear the Private Placement Legend. 
Upon the registration of transfer, exchange or replacement of an Initial
Note bearing the Private Placement Legend, the Trustee shall deliver an Initial
Note or Initial Notes bearing the Private Placement Legend, unless such legend
may be removed from such Note as provided in this Section 4.01(a).  If the Private Placement Legend has been
removed from an Initial Note, as provided herein, no other Initial Note issued
in exchange for all or any part of such Initial Note shall bear such legend,
unless the Operating Partnership has reasonable cause to believe that such
other Initial Note represents a “restricted security” within the meaning of Rule 144
under the Securities Act and instructs the Trustee in writing to cause a legend
to appear thereon.  Each Initial Note
shall bear the Private Placement Legend unless and until:

 

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

 

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

 

15

 

(b)           The Initial Global Note or Exchange
Global Note, as the case may be, shall be exchanged by the Operating
Partnership for one or more Initial Certificated Notes or Exchange Certificated
Notes, as applicable, if (i) DTC (1) has notified the Operating
Partnership that it is unwilling or unable to continue as, or ceases to be, a
clearing agency registered under Section 17A of the Exchange Act and (2) a
successor to DTC registered as a clearing agency under Section 17A of the Exchange
Act is not able to be appointed by the Operating Partnership within 90 calendar
days or (ii) DTC is at any time unwilling or unable to continue as
depositary and the Operating Partnership is not able to appoint a successor to
DTC within 90 calendar days.  If an Event
of Default occurs and is continuing, the Operating Partnership shall, at the
request of the Trustee or the Holder thereof, exchange all or part of the
Initial Global Note or Exchange Global Note, as the case may be, for one or
more Initial Certificated Notes or Exchange Certificated Notes, as
applicable.  Whenever a Global Note is
exchanged for one or more Initial Certificated Notes or Exchange Certificated
Notes, as the case may be, it shall be surrendered by the Holder thereof to the
Trustee and cancelled by the Trustee. 
All Initial Certificated Notes or Exchange Certificated Notes issued in
exchange for a Global Note or a portion thereof shall be registered in such
names, and delivered, as DTC shall instruct the Trustee.  Any Initial Certificated Notes issued
pursuant to this Section 4.01(b) shall include the Private Placement
Legend, except as set forth in Section 4.01(a) hereof.

 

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

 

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

 

ARTICLE V

LEGENDS

 

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

 

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

 

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

 

16

 

DENOMINATIONS
OF $2,000 ($100,000 FOR INSTITUTIONAL ACCREDITED INVESTORS) AND INTEGRAL
MULTIPLES OF $1,000 IN EXCESS THEREOF.

 

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

 

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

 

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

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY

 

17

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VI

TRUSTEE

 

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

 

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

 

ARTICLE VII

 

MISCELLANEOUS PROVISIONS

 

SECTION 7.01.      Ratification of Original Indenture. 
This Fifteenth 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 Fifteenth Supplemental Indenture
shall be read, taken and construed as one and the same instrument.

 

18

 

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

 

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

 

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

 

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

 

SECTION 7.06.      Counterparts. 
This Fifteenth 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.

 

19

 

* * * *

 

IN WITNESS WHEREOF, the parties hereto have caused this Fifteenth
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 General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Simon

  	
   

  
	
   

  	
   

  	
  Name:  David
  Simon

  
	
   

  	
   

  	
  Title:  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James D. Heaney

  	
   

  
	
   

  	
   

  	
  Name: 
  James D. Heaney

  
	
   

  	
   

  	
  Title: 
  Vice President

  
					

 

 

Exhibit A

 

FORM OF
INITIAL RESTRICTED GLOBAL NOTE

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. 
NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION.  THIS NOTE WILL
BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $2,000
($100,000 FOR INSTITUTIONAL ACCREDITED INVESTORS) AND INTEGRAL MULTIPLES
OF $1,000 IN EXCESS THEREOF.

 

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

 

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

 

A-1

 

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

 

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

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. [     ]

  	
   

  	
  PRINCIPAL
  AMOUNT

  
	
  CUSIP NO. [                         ]

  	
   

  	
  $[                                          ]

  

 

RESTRICTED
GLOBAL SECURITY

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]%
Note due [2010/2015]

 

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 [                                              ]
dollars on [June 15, 2010/June 15, 2015] (the “Maturity Date”), and
to pay interest thereon from June 7, 2005, semi-annually in arrears on June 15
and December 15 of each year (each, an “Interest Payment Date”),
commencing on December 15, 2005, and on the Maturity Date, at the rate of
[4.60/5.10]% 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.

 

A-2

 

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 June 7, 2005, in the case of the initial
Interest Payment Date) to but excluding the applicable Interest Payment
Date or the Maturity Date, as the case may be. 
If any date for the payment of principal, premium, if any, interest on,
or any other amount with respect to, this Note (each a “Payment Date”) falls
on a day that is not a Business Day, the principal, premium, if any, or
interest payable with respect to such Payment Date shall be made on the next
succeeding Business Day with the same force and effect as if made on such
Payment Date, and no interest shall accrue on the amount so payable for the
period from and after such Payment Date to such next succeeding Business
Day.  “Business Day” means any day, other
than a Saturday or a Sunday on which banking institutions in New York, New York
are open for business.

 

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

 

The Holder of this Note is entitled to the benefits of
the Registration Rights Agreement dated June 7, 2005 (the “Registration
Rights Agreement”) among the Issuer and Banc of America Securities LLC,
Credit Suisse First Boston LLC, Morgan Stanley & Co. Incorporated, UBS
Securities LLC and Wachovia Capital Markets, LLC.  (collectively, the “Initial Purchasers”).

 

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

 

If (i) a registration statement with respect to
the Exchange Notes (the “Exchange Offer Registration Statement”) is not
filed with the Commission on or prior to the 90th day following the Closing
Date, (ii) the Exchange Offer Registration Statement is not declared
effective on or prior to the 150th day following the Closing Date, (iii) the
Exchange Offer is not consummated on or prior to the 180th day following the
Closing Date, (iv) the shelf registration statement covering resales of
the Notes (the “Shelf Registration Statement”) is not filed with the SEC on or
prior to the 60th day following the date the obligation arises or (v) the
Shelf Registration Statement is not declared effective on or prior to the 60th
day following the date the Shelf Registration Statement was filed, the Special
Interest Premium shall accrue from and including the next day following each of
(a) such 90-day period in the case of clause (i) above, (b) such
150-day period in the case of clause (ii) above, (c) such 180-day
period in the case of clause (iii) above, and (d) such 60-day
periods in the case of clauses (iv) and (v) above, in each case at a
rate equal to 0.50% per annum.  The aggregate
amount of the Special Interest Premium payable pursuant to the above provisions
shall in no event exceed 0.50% per annum. 
If the Exchange Offer Registration Statement is not declared effective
on or prior to the 150th day following the Closing Date and the Operating
Partnership shall request the Holder of this Note to provide the information
called for by the Registration Rights Agreement for inclusion in the Shelf
Registration Statement and the Holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the Holder of this Note shall not be
entitled to any such increase in the interest rate for any day after the
Operating Partnership has filed the Shelf Registration Statement.

 

A-3

 

Upon (1) the filing of the
Exchange Offer Registration statement after the 90-day period described
in clause (i), (2) the effectiveness of the Exchange Offer Registration
Statement after the 150-day period described in clause (ii) above, (3) the
consummation of the Exchange Offer after the 180-day period described in
clause (iii) above, (4) the filing of the Shelf Registration
Statement after the 60-day period described in clause (iv) above or (5) the
effectiveness of the Shelf Registration Statement after the 60-day period
described in clause (v) above, the interest rate on this Note from the
date of such effectiveness or consummation, as the case may be, shall be
reduced to the original interest rate provided for herein.

 

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

 

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

 

A-4

 

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

 

	
  Dated: June 7, 2005

  
	
   

  
	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP, INC.

  
	
   

  	
   

  	
  as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  
	
  Attest:

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
						

 

A-5

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

A-6

 

[REVERSE
OF NOTE]

 

SIMON
PROPERTY GROUP, L.P.

 

[4.60/5.10]%
Note due [2010/2015]

 

This security is one of a duly authorized issue of
debt securities of the Issuer (hereinafter called the “Securities”), issued or
to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to JPMorgan Chase Bank, N.A. (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 Fifteenth Supplemental
Indenture, dated as of June 7, 2005, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered and for
the definition of capitalized terms used hereby and not otherwise defined.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture
supplemental thereto.  This Security is
one of a series designated as the Simon Property Group, L.P. [4.60/5.10]% Notes
due [2010/2015], initially limited in aggregate principal amount to
$[400,000,000/600,000,000] (the “Notes”).

 

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

 

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

 

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

 

A-7

 

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
Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee
shall be affected by any notice to the contrary.

 

A-8

 

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 Fifteenth Supplemental Indenture referred to herein.

 

A-9

 

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-10

 

ASSIGNMENT &
TRANSFER CERTIFICATE

 

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

 

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

 

[CHECK ONE]

 

	
  o

  	
   

  	
  (a)

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  or

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  (b)

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  or

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  (c)

  	
   

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

  

 

A-11

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of registered holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  
								

 

TO BE COMPLETED BY TRANSFEREE

IF (a) ABOVE IS CHECKED:

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  [Type or print name of registered holder]

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  	
   

  	 

										

 

TO BE COMPLETED BY TRANSFEREE

IF (b) ABOVE IS CHECKED:

 

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

 

A-12

 

not be transferred except in
accordance with the resale and other transfer restrictions set forth in the
legend on the face thereof.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of registered holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  	
   

  
									

 

TO BE COMPLETED BY TRANSFEREE

IF (c) ABOVE IS CHECKED:

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of registered holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  	
   

  
									

 

A-13

Exhibit B

 

FORM OF INITIAL REGULATION S GLOBAL
NOTE

 

THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.  NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. THIS NOTE WILL BE ISSUED AND MAY BE
TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $2,000 ($100,000 FOR INSTITUTIONAL
ACCREDITED INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

 

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

 

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

 

B-1

 

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

 

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

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. [     ]

  	
   

  	
  PRINCIPAL
  AMOUNT

  
	
  CUSIP NO. [                         ]

  	
   

  	
  $[                                           ]

  

 

REGULATION S GLOBAL SECURITY

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]% Note due [2010/2015]

 

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 [                                     ]
dollars on [June 15, 2010/June 15, 2015] (the “Maturity Date”), and
to pay interest thereon from June 7, 2005, semi-annually in arrears on June 15
and December 15 of each year (each, an “Interest Payment Date”), commencing on December 15, 2005, and on the
Maturity Date, at the rate of [4.60/5.10]% 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.

 

B-2

 

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 June 7, 2005, in
the case of the initial Interest Payment Date) to but excluding the
applicable Interest Payment Date or the Maturity Date, as the case may be.  If any date for the payment of principal,
premium, if any, interest on, or any other amount with respect to, this Note
(each a “Payment Date”) falls on a day that is not a Business Day, the
principal, premium, if any, or interest payable with respect to such Payment
Date shall be made on the next succeeding Business Day with the same force and
effect as if made on such Payment Date, and no interest shall accrue on the
amount so payable for the period from and after such Payment Date to such next
succeeding Business Day.  “Business Day”
means any day, other than a Saturday or a Sunday on which banking institutions
in New York, New York are open for business.

 

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

 

The Holder of this Note
is entitled to the benefits of the Registration Rights Agreement dated June 7,
2005 (the “Registration Rights Agreement”) among the Issuer and Banc of
America Securities LLC, Credit Suisse First Boston LLC, Morgan Stanley &
Co. Incorporated, UBS Securities LLC and Wachovia Capital Markets, LLC
(collectively, the “Initial Purchasers”).

 

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

 

If (i) a
registration statement with respect to the Exchange Notes (the “Exchange Offer
Registration Statement”) is not filed with the Commission on or prior to
the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 150th day
following the Closing Date, (iii) the Exchange Offer is not consummated on
or prior to the 180th day following the Closing Date, (iv) the shelf
registration statement covering resales of the Notes (the “Shelf Registration
Statement”) is not filed with the SEC on or prior to the 60th day
following the date the obligation arises or (v) the Shelf Registration
Statement is not declared effective on or prior to the 60th day following the
date the Shelf Registration Statement was filed, he Special Interest Premium
shall accrue from and including the next day following each of (a) such 90-day
period in the case of clause (i) above, (b) such 150-day period
in the case of clause (ii) above, c) such 180-day period in the
case of clause (iii) above, and (d) such 60-day periods in the
case of clauses (iv) and (v) above, in each case at a rate equal to
0.50% per annum.  The aggregate amount of
the Special Interest Premium payable pursuant to the above provisions shall in
no event exceed 0.50% per annum.  If the
Exchange Offer Registration Statement is not declared effective on or prior to
the 150th day following the Closing Date and the Operating Partnership shall
request the Holder of this Note to provide the information called for by the
Registration Rights Agreement for inclusion in the Shelf Registration Statement
and the Holder of this Note does not deliver such information to the Operating
Partnership when required pursuant to the Registration Rights Agreement, then
the Holder of this Note shall not be entitled to any such increase in the
interest rate for any day after the Operating Partnership has filed the Shelf
Registration Statement.

 

B-3

 

Upon (1) the filing of the Exchange Offer Registration statement
after the 90-day period described in clause (i), (2) the
effectiveness of the Exchange Offer Registration Statement after the 150-day
period described in clause (ii) above, (3) the consummation of the
Exchange Offer after the 180-day period described in clause (iii) above,
(4) the filing of the Shelf Registration Statement after the 60-day
period described in clause (iv) above or (5) the effectiveness of the
Shelf Registration Statement after the 60-day period described in clause (v) above,
the interest rate on this Note from the date of such effectiveness or
consummation, as the case may be, shall be reduced to the original interest
rate provided for herein.

 

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

 

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

 

B-4

 

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

 

	
  Dated: 
  June 7, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP, INC.

  
	
   

  	
   

  	
  as General Partner

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

	
  Attest:

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

B-5

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
					

 

B-6

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]% Note due [2010/2015]

 

This security is one of a
duly authorized issue of debt securities of the Issuer (hereinafter called the “Securities”),
issued or to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to JPMorgan Chase Bank, N.A. (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 Fifteenth Supplemental
Indenture, dated as of June 7, 2005, between the Issuer and the
Trustee) reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the
Issuer and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered and for the
definition of capitalized terms used hereby and not otherwise defined.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture
supplemental thereto.  This Security is
one of a series designated as the Simon Property Group, L.P. [4.60/5.10]% Notes
due [2010/2015], initially limited in aggregate principal amount to
$[400,000,000/600,000,000] (the “Notes”).

 

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

 

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

 

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

 

B-7

 

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 Issuer nor the Trustee nor any authorized agent of the Issuer
or the Trustee shall be affected by any notice to the contrary.

 

B-8

 

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 Fifteenth Supplemental Indenture
referred to herein.

 

B-9

 

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-10

 

ASSIGNMENT & TRANSFER CERTIFICATE

 

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

 

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

 

[CHECK ONE]

 

	
  o

  	
   

  	
  (a)

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  or

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  (b)

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  or

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  (c)

  	
   

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

  

 

B-11

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of registered holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  
								

 

TO BE COMPLETED BY TRANSFEREE

IF (a) ABOVE IS CHECKED:

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of registered holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  
								

 

TO BE COMPLETED BY TRANSFEREE

IF (b) ABOVE IS CHECKED:

 

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

 

B-12

 

not be transferred except in accordance with the resale and other
transfer restrictions set forth in the legend on the face thereof.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of registered holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  
								

 

TO BE COMPLETED BY TRANSFEREE

IF (c) ABOVE IS CHECKED:

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of registered holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  
								

 

B-13

 

Exhibit C

 

FORM OF INITIAL CERTIFICATED NOTE

 

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

 

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

 

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

 

C-1

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. [        ]

  	
   

  	
  PRINCIPAL
  AMOUNT

  
	
  CUSIP NO. [                 ]

  	
   

  	
  $[                                          ]

  

 

DEFINITIVE SECURITY

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]% Note due [2010/2015]

 

Simon Property Group,
L.P., a Delaware limited partnership (the “Issuer,” which term includes any
successor under the Indenture hereinafter referred to), for value received,
hereby promises to pay to                                                    ,
or registered assigns, the principal sum of                                   
dollars on [June 15, 2010/June 15, 2015] (the “Maturity Date”), and
to pay interest thereon from June 7 2005, semi-annually in arrears on June 15
and December 15 of each year (each, an “Interest
Payment Date”), commencing on December 15, 2005, and on the Maturity Date,
at the rate of [4.60/5.10]% 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 June 7, 2005, in
the case of the initial Interest Payment Date) to but excluding the
applicable Interest Payment Date or the Maturity Date, as the case may be.  If any date for the payment of principal,
premium, if any, interest on, or any other amount with respect to, this Note
(each a “Payment Date”) falls on a day that is not a Business Day, the
principal, premium, if any, or interest payable with respect to such Payment
Date shall be made on the next succeeding Business Day with the same force and
effect as if made on such Payment Date, and no interest shall accrue on the
amount so payable for the period from and after such Payment Date to such next
succeeding Business Day.  “Business Day”
means any day, other than a Saturday or a Sunday on which banking institutions
in New York, New York are open for business.

 

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

 

C-2

 

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

 

The Holder of this Note
is entitled to the benefits of the Registration Rights Agreement dated June 7,
2005 (the “Registration Rights Agreement”) among the Issuer and Banc of
America Securities LLC, Credit Suisse First Boston LLC, Morgan Stanley &
Co. Incorporated, UBS Securities LLC and Wachovia Capital Markets, LLC
(collectively, the “Initial Purchasers”).

 

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

 

If (i) a
registration statement with respect to the Exchange Notes (the “Exchange Offer
Registration Statement”) is not filed with the Commission on or prior to
the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 150th day
following the Closing Date, (iii) the Exchange Offer is not consummated on
or prior to the 180th day following the Closing Date, (iv) the shelf
registration statement covering resales of the Notes (the “Shelf Registration
Statement”) is not filed with the SEC on or prior to the 60th day following the
date the obligation arises or (v) the Shelf Registration Statement is not
declared effective on or prior to the 60th day following the date the Shelf
Registration Statement was filed the Special Interest Premium shall accrue from
and including the next day following each of (a) such 90-day period
in the case of clause (i) above, (b) such 150-day period in the
case of clause (ii) above, (c) such 180-day period in the case
of clause (iii) above, and (d) such 60-day periods in the case
of clauses (iv) and (v) above, in each case at a rate equal to 0.50%
per annum.  The aggregate amount of the
Special Interest Premium payable pursuant to the above provisions shall in no
event exceed 0.50% per annum.  If the
Exchange Offer Registration Statement is not declared effective on or prior to
the 150th day following the Closing Date and the Operating Partnership shall
request the Holder of this Note to provide the information called for by the
Registration Rights Agreement for inclusion in the Shelf Registration Statement
and the Holder of this Note does not deliver such information to the Operating
Partnership when required pursuant to the Registration Rights Agreement, then
the Holder of this Note shall not be entitled to any such increase in the
interest rate for any day after the Operating Partnership has filed the Shelf
Registration Statement.  Upon (1) the
filing of the Exchange Offer Registration statement after the 90-day
period described in clause (i), (2) the effectiveness of the Exchange
Offer Registration Statement after the 150-day period described in clause
(ii) above (3) the consummation of the Exchange Offer after the 180-day
period described in clause (iii) above, (4) the filing of the Shelf
Registration Statement after the 60-day period described in clause (iv) above
or (5) the effectiveness of the Shelf Registration Statement after the 60-day
period described in clause (v) above, the interest rate on this Note from
the date of such effectiveness or consummation, as the case may be, shall be
reduced to the original interest rate provided for herein.

 

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

 

C-3

 

period, the end of such shorter period) or (ii) the date as
of which this Note is sold pursuant to the Shelf Registration Statement, the
Special Interest Premium shall accrue at a rate equal to 0.50% per annum.

 

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

 

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

 

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

 

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

 

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

 

C-4

 

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

 

	
  Dated: June 7, 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP,
  INC.

  
	
   

  	
   

  	
  as General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  
	
  Attest:

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
						

 

C-5

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

C-6

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]% Note due [2010/2015]

 

This security is one of a
duly authorized issue of debt securities of the Issuer (hereinafter called the “Securities”),
issued or to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to JPMorgan Chase Bank, N.A. (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 Fifteenth Supplemental
Indenture, dated as of June 7, 2005, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered and for
the definition of capitalized terms used hereby and not otherwise defined.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture
supplemental thereto.  This Security is
one of a series designated as the Simon Property Group, L.P. [4.60/5.10]% Note
due [2010/2015], initially limited in aggregate principal amount to
$[400,000,000/600,000,000] (the “Notes”).

 

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

 

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

 

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

 

C-7

 

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

 

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

 

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

 

C-8

 

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 Fifteenth Supplemental Indenture
referred to herein.

 

C-9

 

ABBREVIATIONS

 

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

 

TEN COM – as tenants in common

UNIF GIFT MIN ACT –
            Custodian
      (Cust)        

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

TEN ENT – as tenants by the entireties

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

 

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

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE                                                                                       
                                                                      (Please
print or typewrite name and address including postal zip code of assignee.)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  

 

C-10

 

ASSIGNMENT & TRANSFER CERTIFICATE

 

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

 

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

 

[CHECK ONE]

 

	
  o

  	
   

  	
  (a)

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  or

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  (b)

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  or

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  (c)

  	
   

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

  

 

C-11

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of registered holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  
									

 

TO BE COMPLETED BY TRANSFEREE

IF (a) ABOVE IS CHECKED:

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  
									

 

TO BE COMPLETED BY TRANSFEREE

IF (b) ABOVE IS CHECKED:

 

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

 

C-12

 

not be transferred except in accordance with the resale and other
transfer restrictions set forth in the legend on the face thereof.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  
									

 

TO BE COMPLETED BY TRANSFEREE

IF (c) ABOVE IS CHECKED:

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Type or print name of transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Executive
  Officer

  
								

 

C-13

 

Exhibit D

 

FORM OF EXCHANGE GLOBAL NOTE

 

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

 

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

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. [            ]

  	
   

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. [              ]

  	
   

  	
  $[                  ]

  

 

GLOBAL SECURITY

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]% Note due [2010/2015]

 

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 [              ]
dollars on [June 15, 2010/June 15, 2015]  (the “Maturity Date”), and to pay interest
thereon from June 7, 2005, semi-annually in arrears on June 15 and December 15
of each year (each, an “Interest Payment Date”), commencing on December 15,
2005, and on the Maturity Date, at the rate of [4.60/5.10]% 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

 

D-1

 

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 June 7, 2005, 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 Fifteenth Supplemental Indenture
referred to herein.

 

D-2

 

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

 

Dated:                           ,
20   

 

	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
  By: SIMON PROPERTY
  GROUP, INC.

  
	
   

  	
   

  
	
   

  	
  as General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

D-3

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

D-4

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]% Note due [2010/2015]

 

This security is one of a
duly authorized issue of debt securities of the Issuer (hereinafter called the “Securities”),
issued or to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to JPMorgan Chase Bank, N.A. (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 Fifteenth Supplemental
Indenture, dated as of June 7, 2005, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered and for
the definition of capitalized terms used hereby and not otherwise defined.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture
supplemental thereto.  This Security is
one of a series designated as the Simon Property Group, L.P. [4.60/5.10]% Note
due [2010/2015], initially limited in aggregate principal amount to
$[400,000,000/600,000,000] (the “Notes”).

 

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

 

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

 

The Indenture contains
provisions permitting the Issuer and the Trustee, with the consent of the
Holders of not less than a majority of the aggregate principal amount of the
Securities at the time Outstanding of all series to be affected (voting as one
class), evidenced as provided in the Indenture, to execute supplemental
indentures adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of any supplemental indenture or
modifying in any manner the rights of the Holders of the Securities of each
series; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security so affected, (i) change
the Stated Maturity of the principal of, or premium, (if any) or any
installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely
affect any right of repayment at the option of the Holder of any Security, or
change any Place of Payment where, or the currency or currencies, currency unit
or units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the

 

D-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

 

D-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 Fifteenth Supplemental Indenture referred to
herein.

 

D-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.

  

 

D-8

 

Exhibit E

 

FORM OF EXCHANGE CERTIFICATED NOTE

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. [          ]

  	
   

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. [                ]

  	
   

  	
  $[                                      ]

  

 

DEFINITIVE SECURITY

 

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]% Note due [2010/2015]

 

Simon Property Group,
L.P., a Delaware limited partnership (the “Issuer,” which term includes any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                                                 ,
or registered assigns, the principal sum of                                       
dollars on [June 15, 2010/June 15, 2015] (the “Maturity
Date”), and to pay interest thereon from June 7,
2005, semi-annually in arrears on June 15 and December 15 of each
year (each, an “Interest Payment Date”), commencing on December 15, 2005,
and on the Maturity Date, at the rate of [4.60/5.10]% 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 June 7, 2005, 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.

 

E-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 Fifteenth Supplemental Indenture
referred to herein.

 

E-2

 

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

 

	
  Dated:                             ,
  20

  
	
   

  
	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP,
  INC.

  
	
   

  	
   

  	
  as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  
	
  Attest:

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
						

 

E-3

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

E-4

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP, L.P.

 

[4.60/5.10]% Note due [2010/2015]

 

This security is one of a
duly authorized issue of debt securities of the Issuer (hereinafter called the “Securities”),
issued or to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to JPMorgan Chase Bank, N.A. (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 Fifteenth Supplemental
Indenture, dated as of June 7, 2005, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered and for
the definition of capitalized terms used hereby and not otherwise defined.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture
supplemental thereto.  This Security is
one of a series designated as the Simon Property Group, L.P. [4.60/5.10]% Note
due [2010/2015], initially limited in aggregate principal amount to
$[400,000,000/600,000,000] (the “Notes”).

 

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

 

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

 

The Indenture contains
provisions permitting the Issuer and the Trustee, with the consent of the
Holders of not less than a majority of the aggregate principal amount of the
Securities at the time Outstanding of all series to be affected (voting as one
class), evidenced as provided in the Indenture, to execute supplemental
indentures adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of any supplemental indenture or
modifying in any manner the rights of the Holders of the Securities of each
series; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security so affected, (i) change
the Stated Maturity of the principal of, or premium, (if any) or any
installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely
affect any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the

 

E-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

 

E-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 Fifteenth Supplemental Indenture
referred to herein.

 

E-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.

  

 

E-8

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