Document:

Exhibit 10.1

 

RED ROBIN GOURMET BURGERS, INC.

RESTRICTED STOCK UNIT GRANT AGREEMENT

(Non-Employee Directors)

 

This
Restricted Stock Unit Grant Agreement (this “Agreement”) between RED
ROBIN GOURMET BURGERS, INC. (the “Corporation”) and [                    ]
(“Participant”) is dated effective
[                        ]
(the “Date of Grant”).

 

RECITALS

 

A.            The
Board has adopted, and the stockholders have approved, the Red Robin Gourmet
Burgers, Inc. Amended and Restated 2007 Performance Incentive Plan (the “Plan”);

 

B.            The
Plan provides for the granting of restricted stock unit awards to eligible
participants as determined by the Administrator; and

 

C.            The
Administrator has determined that Participant is a person eligible to receive a
restricted stock unit award under the Plan and has determined that it would be
in the best interest of the Corporation to grant the restricted stock unit
award provided for herein.

 

AGREEMENT

 

1.             Grant of
Restricted Stock Units.

 

(a)           Award. 
Pursuant to the Plan, Participant is hereby awarded
[            ]
restricted stock units (the “Stock Units”), subject to the conditions of
the Plan and this Agreement. Each Stock Unit represents the right to receive
one share of the Corporation’s common stock, $.001 par value per share (the “Common
Stock”) on the vesting schedule set forth below. Unless and until the Stock
Units vest, Participant shall have no right to receive shares of Common Stock
under such Stock Units.

 

(b)           Plan Incorporated. Participant acknowledges receipt
of a copy of the Plan, and agrees that, except as contemplated by Section 11
below, this award of Stock Units shall be subject to all of the terms and
conditions set forth in the Plan, including future amendments thereto, if any,
pursuant to the terms thereof, which Plan is incorporated herein by reference
as a part of this Agreement. Except as defined herein, capitalized terms shall
have the same meanings ascribed to them under the Plan.

 

2.             Vesting and
Payment.

 

(a)           Except
as otherwise provided herein, the Participant shall vest in his or her rights
under the Stock Units pursuant to the following schedule (each date upon which
vesting under this Section 2(a) occurs being referred to herein as a “Vesting
Date”):

 

 

	
  Vesting Date

  	
   

  	
  Percentage of

  Stock Units Vested

  	
   

  
	
  1st Anniversary of Date of Grant

  	
   

  	
  33 1/3%

  	
   

  
	
  2nd Anniversary of Date of Grant

  	
   

  	
  33 1/3%

  	
   

  
	
  3rd Anniversary of Date of Grant

  	
   

  	
  33 1/3%

  	
   

  

 

Notwithstanding
the foregoing, vesting pursuant to the foregoing schedule shall occur on a
Vesting Date only if Participant provides continuous services to the
Corporation from the Date of Grant to such Vesting Date. The Corporation shall
deliver to the Participant shares of Common Stock equal to the aggregate number
of Stock Units that vested pursuant to this Section 2(a): (1)  in installments
within 30 days following the first June 30 following the third, fourth,
and fifth anniversaries of the Date of Grant with each installment equal to 1/3
of the total number of shares of Common Stock payable, or, (2) if earlier,
in a lump sum within 30 days of the Participant’s “Separation from Service”
(as such term is defined under Code section 409A).

 

(b)           Any
unvested Stock Units shall vest upon the occurrence of a Change in Control
Event. The Corporation shall deliver to the Participant shares of Common Stock
equal to the aggregate number of Stock Units still outstanding in a lump sum on
the date of the Change in Control Event.  
In accordance with the Administrator’s authority pursuant to Section 8.8.3(c) of
the Plan, for purposes of this Agreement, the term “Change in Control Event”
shall include only a transaction that would constitute a “change in ownership
or effective control or in the ownership of a substantial portion of the assets”
of the Corporation under Code section 409A.

 

(c)           Except
as provided in Section 2(d) below, if the Participant ceases to
provide services to the Corporation at any time prior to the final Vesting Date
and prior to a Change in Control Event, all unvested Stock Units shall be
cancelled immediately on the date that the Participant’s service is terminated,
and the Participant shall cease to have any right or entitlement to receive any
shares of Common Stock under such cancelled Stock Units.

 

(d)           Notwithstanding any other provision
of this Plan, in accordance with Section 5.9 of the Plan, the
Administrator may, in its discretion, waive the vesting requirements above in
the event of the Participant’s Separation from Service on account of the
Participant’s death, disability, or retirement (as determined by the Administrator).
In the event the Administrator exercises its discretion pursuant to this Section 2(d) to
waive the vesting requirements, the Corporation shall deliver to the
Participant shares of Common Stock equal to the aggregate number of Stock Units
still outstanding in a lump sum within 30 days of the Participant’s Separation
from Service.

 

3.             Issuance and
Limits on Transferability. Notwithstanding any other provision of this
Agreement, the issuance or delivery of any shares of Common Stock may be
postponed for such period as may be required to comply with any requirements
under any law or regulation applicable to the issuance or delivery of such
shares. The Corporation shall not be obligated to issue or deliver any shares
of Common Stock if the issuance or delivery thereof shall constitute a
violation of any provision of any law or of any regulation of any governmental
authority. Stock Units shall not be transferable except by will or the laws of
descent and distribution or pursuant 

 

2

 

to a beneficiary designation, or as otherwise
permitted by Section 5.7 of the Plan. No right or benefit hereunder shall
in any manner be liable for or subject to any debts, contracts, liabilities, or
torts of Participant. Any purported assignment, alienation, pledge, attachment,
sale, transfer or other encumbrance of Stock Units that does not satisfy the
requirements of this Agreement and the Plan shall be void and unenforceable
against the Corporation.

 

4.             Stockholder
Rights. The Participant shall not have any stockholder rights, including
voting or dividend rights, with respect to the shares of Common Stock subject
to the Stock Units until any such shares are paid pursuant to Section 2.

 

5.             Tax
Consideration. The Corporation has advised Participant to seek
Participant’s own tax and financial advice with regard to the federal and state
tax considerations resulting from Participant’s receipt of Stock Units pursuant
to this Agreement. Participant understands that the Corporation will report to
appropriate taxing authorities the payment to Participant of compensation
income upon the payment of the shares of Common Stock. Participant understands
that he or she is solely responsible for the payment of any federal and state
taxes resulting from this grant of Stock Units.

 

6.             Binding Effect.  This Agreement shall bind Participant and the
Corporation and their beneficiaries, survivors, executors, administrators and
transferees.

 

7.             Applicable Law.  This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Delaware without
regard to conflict of law principles thereunder.

 

8.             Conflicts and
Interpretation.  In the
event of any conflict between this Agreement and the Plan, the Plan shall
control. In the event of any ambiguity in this Agreement, or any matters as to
which this Agreement is silent, the Plan shall govern including, without
limitation, the provisions thereof pursuant to which the Administrator has the
power, among others, to (i) interpret the Plan, (ii) prescribe, amend
and rescind rules and regulations relating to the Plan and (iii) make
all other determinations deemed necessary or advisable for the administration
of the Plan.

 

9.             Amendment.  The Corporation may modify, amend or waive the
terms of this Agreement, prospectively or retroactively, but no such
modification, amendment or waiver shall impair the rights of Participant
without his or her consent, except as required by applicable law, NASDAQ or
stock exchange rules, tax rules or accounting rules. Prior to the
effectiveness of any modification, amendment or waiver required by tax or
accounting rules, the Corporation will provide notice to Participant and the
opportunity for Participant to consult with the Corporation regarding such
modification, amendment or waiver. The waiver by either party of compliance
with any provision of this Agreement shall not operate or be construed as a
waiver of any other provision of this Agreement, or of any subsequent breach by
such party of a provision of this Agreement.

 

10.           Compliance with
Code section 409A.  The Stock
Units granted under this Agreement are intended to comply with Code section
409A and the provisions herein shall be interpreted accordingly. If payment of
the Common Stock is triggered by the Participant’s Separation from Service and
the Participant then constitutes a “specified employee” under Code section
409A, 

 

3

 

payment
shall be made instead within 30 days following the date that is seven months
following such Separation from Service.

 

4

 

IN WITNESS WHEREOF, the parties have executed this
Restricted Stock Unit Grant Agreement as of the date first written above.

 

	
   

  	
   

  	
  RED
  ROBIN GOURMET BURGERS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [NAME]Exhibit 4.1

 

SIMON PROPERTY GROUP, L.P.

 

ISSUER

 

TO

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

TRUSTEE

 

 

FORM OF

 

TWENTY-FIFTH SUPPLEMENTAL INDENTURE

 

DATED AS OF AUGUST 16, 2010

 

 

$900,000,000  4.375% NOTES due
2021

 

 

SUPPLEMENT TO INDENTURE,

DATED AS OF NOVEMBER 26, 1996,

BETWEEN

SIMON PROPERTY GROUP, L.P.

AND

THE BANK OF NEW YORK MELLON TRUST COMPANY, 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

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.01. Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.02. Creation of
  the Notes

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 1.03. Form of
  the Notes

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 1.04. Terms and
  Conditions of the Notes

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

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

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01. Covenants for
  Benefit of Holders of Notes

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 2.02. Definitions

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 2.03. Events of
  Default

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 2.04. Notice of
  Defaults

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  TRANSFER AND EXCHANGE

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01. Transfer and
  Exchange

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  LEGENDS

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01. Legends

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  TRUSTEE

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 5.01. Corporate Trust Office

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 5.02. Recitals of
  Fact; Other Matters

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 5.03. Successor

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  MISCELLANEOUS PROVISIONS

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 6.01. Ratification
  of Original Indenture

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 6.02. Effect of
  Headings

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 6.03. Successors and
  Assigns

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 6.04. Separability
  Clause

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 6.05. Governing Law

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 6.06. Counterparts

  	
  11

  

 

i

 

EXHIBITS

 

EXHIBIT A                                                                              Form of
Global Note

EXHIBIT B                                                                              Form of
Certificated Note

 

ii

 

TWENTY-FIFTH SUPPLEMENTAL INDENTURE, dated as of August 16,
2010 (the “Twenty-Fifth Supplemental Indenture”), between SIMON PROPERTY GROUP,
L.P. (formerly known as Simon DeBartolo Group, L.P.), a Delaware limited
partnership (the “Issuer” or the “Operating Partnership”), having its principal
offices at 225 West Washington Street, Indianapolis, Indiana 46204, and THE
BANK OF NEW YORK MELLON TRUST COMPANY, 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 2 North LaSalle Street, Suite 1020, Chicago, Illinois
60602.

 

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 Twenty-Fifth
Supplemental Indenture to create and provide for the following series of debt
securities:

 

Simon
Property Group, L.P. 4.375% Notes due 2021 (the “Notes”) initially in an
aggregate principal amount of $900,000,000;

 

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 Twenty-Fifth 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 Twenty-Fifth
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 Twenty-Fifth
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 The City of New York are open for
business.

 

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

 

“Closing Date” means August 16, 2010.

 

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

 

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

 

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

 

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

 

“Indenture” means the Original Indenture as supplemented by
this Twenty-Fifth Supplemental Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“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 of the Notes being redeemed (the
“Treasury Yield”), plus 0.25%.  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” 

 

2

 

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.

 

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

 

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

 

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

 

“Underwriters” means, collectively, Banc of America
Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities
Inc.,  J.P. Morgan Securities Inc., BBVA
Securities Inc., Daiwa Capital Markets America Inc., Mitsubishi UFJ Securities
(USA), Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc.
and U.S. Bancorp Investments, Inc.

 

“Underwriting Agreement” means the Underwriting Agreement,
dated August 9, 2010, among the Operating Partnership and those
Underwriters executing such agreement, as representatives for the other
Underwriters named therein.

 

SECTION 1.02.           Creation of the Notes.  In accordance with Section 301 of the
Original Indenture, the Issuer hereby creates the Notes as a separate series of
its securities issued pursuant to the Indenture.  The Notes shall be issued initially in an
aggregate principal amount of $900,000,000, except as permitted by Sections
301, 304, 305 or 306 of the Original Indenture.

 

SECTION 1.03.           Form of the Notes.  The Notes
shall be issued in the form of one or more Global Notes, duly executed
by the Operating Partnership and authenticated by the Trustee without the
necessity of the reproduction thereon of the corporate seal of the General
Partner (as defined in the Original Indenture), which shall be deposited with, or on behalf of, DTC and registered in the
name of “Cede & Co.,” as the nominee of DTC.  The Notes shall be substantially in the form
of Exhibit A attached hereto.  So
long as DTC, or its nominee, is the registered owner of a Global Note, DTC or
its nominee, as the case may be, shall be considered the sole owner or Holder
of the Notes represented by such Global Notes for all purposes under the
Indenture.  Ownership of beneficial
interests in such Global Notes shall be shown on, and transfers thereof will be
effected only through, records maintained by DTC (with respect to beneficial
interests of participants) or by participants or Persons that hold interests
through participants (with respect to beneficial interests of beneficial
owners).

 

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

 

3

 

(a)                                 Title and Aggregate
Principal Amount.  The title
of the Notes shall be as specified in the Recitals; and the aggregate principal
amount of the Notes shall be as specified in Section 1.02 of this Twenty-Fifth
Supplemental Indenture, except as permitted by Sections 301, 304, 305 or 306 of
the Original Indenture.

 

(b)                                 Stated Maturity.  The Notes shall mature, and the unpaid
principal thereon shall be payable, on March 1, 2021, subject to the
provisions of the Original Indenture and Section 1.04(d) below.

 

(c)                                  Interest.  The rate per annum at which interest shall be
payable on the Notes shall be 4.375%. 
Interest on the Notes shall be payable semi-annually in arrears on each March 1
and September 1, commencing on March 1, 2011 (each, an “Interest
Payment Date”), to the Persons in whose names the applicable Notes are
registered in the Security Register applicable to the Notes at the close of
business on the 15th calendar day immediately prior to the applicable
Interest Payment Date regardless of whether such day is a Business Day (each, a
“Regular Record Date”).  Interest on the
Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.  Interest on the Notes shall
accrue from and including August 16, 2010.

 

(d)                                 Sinking Fund, Redemption or
Repayment.  No sinking
fund shall be provided for the Notes and the Notes shall not be repayable at
the option of the Holders thereof prior to Stated Maturity.  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
(collectively, the “Redemption Price”), all in accordance with the provisions
of Article XI of the Original Indenture; provided, however, that if the
Notes are redeemed on or after December 1, 2020, the Redemption Price shall
not include the Make-Whole Amount.

 

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

 

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

 

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

 

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

 

(h)                                 Further Issues.  Notwithstanding anything to the contrary
contained herein or in the Original Indenture, the Issuer may, from time to
time, without the consent of or notice to the Holders, 

 

4

 

create
and issue further debt securities under the Indenture having the same terms and
conditions as the Notes in all respects, except for issue date, issue price
and, to the extent applicable, first payment of interest.  Additional debt securities issued in this
manner shall be consolidated with and shall form a single series with the
previously outstanding 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 additional
debt securities.

 

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

 

ARTICLE II

 

COVENANTS FOR BENEFIT OF HOLDERS
OF NOTES;

EVENTS AND NOTICE OF DEFAULT

 

SECTION 2.01.           Covenants for Benefit of Holders of Notes.  In addition to the covenants set forth in Article X
of the Original Indenture, there are established pursuant to Section 901(2) of
the Original Indenture the following covenants for the benefit of the Holders
of the Notes and to which the Notes shall be subject.  Furthermore, the covenants set forth in Article II
of any Supplemental Indenture dated prior to June 7, 2005 (“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).

 

(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 (“EBITDA”), 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 

 

5

 

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;
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) and provided
that, in the case of Debt owed by the Operating Partnership to any Subsidiary
or affiliate, the Debt is subordinated 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.

 

6

 

“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 also
apply to the Notes only for so long as any Securities issued pursuant to any Prior
Supplemental Indentures remain outstanding:

 

(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

 

7

 

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

 

ARTICLE III

 

TRANSFER AND EXCHANGE

 

SECTION 3.01.           Transfer and
Exchange.

 

(a)           The
Global Notes shall be exchanged by the Operating Partnership for one or more
Notes in definitive, fully registered certificated form, without coupons,
substantially in the form of Exhibit B hereto (the “Certificated Notes”)
if (i) DTC (1) has notified the Operating Partnership that it is unwilling
or unable to continue as, or ceases to be, a clearing agency registered under
Section 17A of the Exchange Act and (2) a successor to DTC registered
as a clearing agency under Section 17A of the Exchange Act is not able to
be appointed by the Operating Partnership within 90 calendar days or
(ii) DTC is at any time unwilling or unable to continue as depositary and
the Operating Partnership is not able to appoint a successor to DTC within 90
calendar days.  If an Event of Default
occurs and is 

 

8

 

continuing,
the Operating Partnership shall, at the request of the Trustee or the Holder
thereof, exchange all or part of the applicable Global Note, for one or more
Certificated Notes, as applicable.  In
addition, beneficial interests in a Global Note may be exchanged for
Certificated Notes upon request but only upon at least 30 calendar days’ prior
written notice given to the Trustee by or on behalf of DTC in accordance with
customary procedures.  Whenever a Global
Note is exchanged for one or more Certificated Notes, it shall be surrendered
by the Holder thereof to the Trustee and cancelled by the Trustee.  All Certificated Notes issued in exchange for
a Global Note, a beneficial interest therein or a portion thereof shall be
registered in such names, and delivered, as DTC shall instruct the Trustee.

 

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

 

ARTICLE IV

 

LEGENDS

 

SECTION 4.01.           Legends.  Each Global Note shall bear the following
legends on the face thereof:

 

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

 

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

 

ARTICLE V

 

TRUSTEE

 

SECTION 5.01.           Corporate Trust
Office.  The Trustee is appointed as
the principal paying agent, transfer agent and registrar for the Notes and for
the purposes of Section 1002 of the Indenture.  The Notes may be presented for payment at the
Corporate Trust Office of the Trustee or at any other agency as may be
appointed from time to time by the Operating Partnership in The City of New
York or the City of Chicago.

 

9

 

SECTION 5.02.    Recitals
of Fact; Other Matters.

 

(a)           The
Trustee shall not be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Twenty-Fifth 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.

 

(b)           The
Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under the Indenture arising out of or caused,
directly or indirectly, by circumstances beyond its reasonable control,
including without limitation, acts of God; earthquakes; fires; floods; wars;
civil or military disturbances; sabotage; epidemics; riots; interruptions, loss
or malfunctions of utilities, computer (hardware or software) or communications
service; accidents; labor disputes; acts of civil or military authority or
governmental actions; it being understood that the Trustee shall use its best
efforts to resume performance as soon as practicable under the circumstances.

 

(c)           In
no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action.

 

(d)           The
Trustee may reasonably rely upon and comply with instructions or directions
sent via unsecured facsimile or email transmission and the Trustee shall not be
liable for any loss, liability or expense of any kind incurred by the Issuer or
the Holders of the Notes due to the Trustee’s reasonable reliance upon and
compliance with instructions or directions given by unsecured facsimile or email
transmission, provided, however, that such losses have not arisen from the
negligence or willful misconduct of the Trustee.  

 

(e)           Each
party hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to the Indenture, the Notes or the transactions
contemplated hereby or thereby.

 

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

 

ARTICLE VI

 

MISCELLANEOUS PROVISIONS

 

SECTION 6.01.           Ratification of
Original Indenture.  This
Twenty-Fifth 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 Twenty-Fifth Supplemental
Indenture shall be read, taken and construed as one and the same instrument.

 

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

 

10

 

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

 

SECTION 6.04.           Separability
Clause.  In case any one or more of the
provisions contained in this Twenty-Fifth Supplemental Indenture shall for any
reason be held to be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

SECTION 6.05.           Governing Law.  This Twenty-Fifth Supplemental Indenture
shall be governed by and construed in accordance with the laws of the State of
New York.  This Twenty-Fifth Supplemental
Indenture is subject to the provisions of the Trust Indenture Act that are
required to be part of this Twenty-Fifth Supplemental Indenture and shall, to
the extent applicable, be governed by such provisions.

 

SECTION 6.06.           Counterparts.  This Twenty-Fifth 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.

 

* * * *

 

 

11

 

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

 

	
   

  	
  SIMON
  PROPERTY GROUP, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Simon
  Property Group, Inc.,

  
	
   

  	
   

  	
   its
  sole General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

  
	
   

  	
   

  	
  as
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Exhibit A

 

FORM OF GLOBAL NOTE

 

[FACE OF GLOBAL NOTE]

 

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

 

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

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO.
  [  ]

  	
   

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP
  NO. 828807CF2

  	
   

  	
  $[]

  
	
  ISIN
  NO. US828807CF26

  	
   

  	
   

  
	
  COMMON
  CODE 048780199

  	
   

  	
   

  

 

SIMON PROPERTY GROUP, L.P.

 

4.375% Note due 2021

 

Simon
Property Group, L.P., a Delaware limited partnership (the “Issuer,” which term
includes any successor under the Indenture (as defined below)), for value
received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal amount of [PRINCIPAL AMOUNT IN WORDS] dollars on March 1,
2021 (the “Maturity Date”), unless earlier redeemed as described on the reverse
hereof, and to pay interest on the outstanding principal amount hereof from August 16,
2010, semi-annually in arrears on March 1 and September 1 of each
year (each, an “Interest Payment Date”), commencing on March 1, 2011, at
the rate of 4.375% per annum, until payment of said principal amount has been
made or duly provided for.

 

The
interest so payable and punctually paid or duly provided for on any Interest
Payment 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
Interest Payment Date, regardless of whether such day is a Business Day (as
defined below).  Any interest not so
punctually paid or duly 

 

A-1

 

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 be
more than 15 calendar days and 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.  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 or date of redemption shall
be the amount of interest accrued from and including the immediately preceding
Interest Payment Date (or from and including August 16, 2010, in the case
of the initial period) to but excluding the applicable Interest Payment
Date or date of redemption, 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 The City of New
York are open for business.

 

The
principal of this Note payable on the Maturity Date or earlier date of
redemption 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 or The City of Chicago.  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, premium, if any, 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.

 

A-2

 

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

 

	
  Dated:
  August 16, 2010

  	
   

  
	
   

  	
   

  
	
   

  	
  SIMON
  PROPERTY GROUP, L.P.,

  
	
   

  	
  as
  Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON
  PROPERTY GROUP, INC.

  
	
   

  	
   

  	
  its
  sole General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

A-3

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	
   

  	
  THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

  
	
   

  	
   

  	
  as
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

A-4

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP, L.P.

 

4.375% Note due 2021

 

This
security is one of a duly authorized issue of debt securities of the Issuer
(hereinafter called the “Securities”), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the “Indenture”),
duly executed and delivered by the Issuer to The Bank of New York Mellon Trust
Company, 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 Twenty-Fifth Supplemental
Indenture, dated as of August 16, 2010, 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. 4.375% Notes due 2021,
initially limited in aggregate principal amount to $900,000,000 (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, and in certain cases shall automatically be, accelerated and
thereupon become due and payable, in the manner, with the effect, and subject
to the conditions provided in the Indenture.

 

The
Notes may be redeemed at any time at the option of the Issuer, in whole or from
time to time in part, at a redemption price equal to the sum of (i) 100%
of the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes.  If the Notes
are redeemed on or after December 1, 2020, the redemption price shall not
include the Make-Whole Amount.  Notice of
any optional redemption shall be given to Holders at their addresses, as shown
in the Security Register for the Notes, not more than 60 nor less than 30 days
prior to the date fixed for redemption. 
The notice of redemption shall specify, among other items, the
redemption price and the principal amount of the Notes to be redeemed.

 

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

 

A-5

 

enforcement
of any such payment on or after the Stated Maturity thereof, or
(ii) reduce the aforesaid percentage of Securities the Holders of which
are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are
required to consent to any waiver of compliance with certain provisions of the
Indenture or any waiver of certain defaults and consequences thereunder or to
reduce the quorum or voting requirements set forth in the Indenture, or
(iv) effect certain other changes to the Indenture or any supplemental
indenture or in the rights of Holders of the Securities.  The Indenture also permits the Holders of a
majority in principal amount of the Outstanding Securities of any series (or,
in the case of certain defaults or Events of Default, all series of
Securities), on behalf of the Holders of all the Securities of such series (or
all of the Securities, as the case may be), to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults or Events of
Default under the Indenture and their consequences, prior to any declaration
accelerating the maturity of such Securities, or subject to certain conditions,
rescind a declaration of acceleration and its consequences with respect to such
Securities.  Any such consent or waiver
by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all
future Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is
made upon this Note or such other Note.

 

No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on
this Note in the manner, at the respective times, at the rate and in the coin
or currency herein prescribed.

 

Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had,
whether by levy or execution or otherwise, for the payment of any sums due
under the Securities, including, without limitation, the principal of, premium,
if any, or interest payable under the Securities, or for the payment or
performance of any obligation under, or for any claim based on, the Indenture
or otherwise in respect thereof, against any partner of the Issuer, whether
limited or general, including Simon Property Group, Inc. or such partner’s
assets or against any principal, shareholder, officer, director, trustee or
employee of such partner.  It is
expressly understood that the sole remedies under the Securities and the
Indenture, or under any other document with respect to the Securities, against
such parties with respect to such amounts, obligations or claims shall be
against the Issuer.

 

This
Note is issuable only in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000 in excess thereof.  This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York or The City of Chicago, 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 or The
City of Chicago, one or more new Notes of authorized denominations in an equal
aggregate principal amount shall be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge,
except for any tax or other governmental charge imposed in connection
therewith.

 

The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may
deem and treat the Person in whose name this Note is registered as the absolute
owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any
premium hereof or hereon, and subject to the provisions on the face hereof,
interest hereon, and for all other purposes, and neither the

 

A-6

 

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

 

This
Note, including the validity hereof, and the Indenture shall be governed by and
construed in accordance with the laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of such state, except
as may otherwise be required by mandatory provisions of law.

 

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

 

A-7

 

ABBREVIATIONS

 

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

 

TEN
COM — as tenants in common

UNIF
GIFT MIN ACT —             Custodian       (Cust)

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

TEN
ENT — as tenants by the entireties

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

 

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

 

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

(Please
print or typewrite name and address, including postal zip code of assignee.)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  

 

A-8

 

Exhibit B

 

FORM OF CERTIFICATED NOTE

 

[FACE OF CERTIFICATED NOTE]

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO.
  [ ]

  	
   

  	
  PRINCIPAL AMOUNT

  
	
   

  	
   

  	
  $[]

  

 

SIMON PROPERTY GROUP, L.P.

 

4.375% Note due 2021

 

Simon
Property Group, L.P., a Delaware limited partnership (the “Issuer,” which term
includes any successor under the Indenture (as defined below)), for value
received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal amount of [PRINCIPAL AMOUNT IN WORDS] dollars on March 1,
2021 (the “Maturity Date”), unless earlier redeemed as described on the reverse
hereof, and to pay interest on the outstanding principal amount hereof from August 16,
2010, semi-annually in arrears on March 1 and September 1 of each
year (each, an “Interest Payment Date”), commencing on March 1, 2011, at
the rate of 4.375% per annum, until payment of said principal amount has been
made or duly provided for.

 

The
interest so payable and punctually paid or duly provided for on any Interest
Payment 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
Interest Payment Date, 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 be more than 15 calendar days and 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.  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 or date of redemption shall
be the amount of interest accrued from and including the immediately preceding
Interest Payment Date (or from and including August 16, 2010, in the case
of the initial period) to but excluding the applicable Interest Payment
Date or date of redemption, 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, 

 

B-1

 

other
than a Saturday or a Sunday on which banking institutions in The City of New
York are open for business.

 

The
principal of this Note payable on the Maturity Date or earlier date of
redemption 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 or The City of Chicago.  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, premium, if any, 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.

 

B-2

 

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

 

Dated:  August 16, 2010

 

	
   

  	
  SIMON
  PROPERTY GROUP, L.P.,

  
	
   

  	
  as
  Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON
  PROPERTY GROUP, INC.

  
	
   

  	
   

  	
  its
  sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

B-3

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	
   

  	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

  
	
   

  	
   

  	
  as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

B-4

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP, L.P.

 

4.375% Note due 2021

 

This
security is one of a duly authorized issue of debt securities of the Issuer
(hereinafter called the “Securities”), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the “Indenture”),
duly executed and delivered by the Issuer to The Bank of New York Mellon Trust
Company, 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 Twenty-Fifth Supplemental
Indenture, dated as of August 16, 2010, 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. 4.375% Notes due
2021, initially limited in aggregate principal amount to $900,000,000 (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, and in certain cases shall automatically be, accelerated and
thereupon become due and payable, in the manner, with the effect, and subject
to the conditions provided in the Indenture.

 

The
Notes may be redeemed at any time at the option of the Issuer, in whole or from
time to time in part, at a redemption price equal to the sum of (i) 100%
of the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes.  If the Notes
are redeemed on or after December 1, 2020, the redemption price shall not
include the Make-Whole Amount.  Notice of
any optional redemption shall be given to Holders at their addresses, as shown in
the Security Register for the Notes, not more than 60 nor less than 30 days
prior to the date fixed for redemption. 
The notice of redemption shall specify, among other items, the
redemption price and the principal amount of the Notes to be redeemed.

 

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

 

B-5

 

enforcement
of any such payment on or after the Stated Maturity thereof, or
(ii) reduce the aforesaid percentage of Securities the Holders of which
are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are
required to consent to any waiver of compliance with certain provisions of the
Indenture or any waiver of certain defaults and consequences thereunder or to
reduce the quorum or voting requirements set forth in the Indenture, or
(iv) effect certain other changes to the Indenture or any supplemental
indenture or in the rights of Holders of the Securities.  The Indenture also permits the Holders of a
majority in principal amount of the Outstanding Securities of any series (or,
in the case of certain defaults or Events of Default, all series of
Securities), on behalf of the Holders of all the Securities of such series (or
all of the Securities, as the case may be), to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults or Events of
Default under the Indenture and their consequences, prior to any declaration
accelerating the maturity of such Securities, or subject to certain conditions,
rescind a declaration of acceleration and its consequences with respect to such
Securities.  Any such consent or waiver
by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all
future Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is
made upon this Note or such other Note.

 

No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on
this Note in the manner, at the respective times, at the rate and in the coin
or currency herein prescribed.

 

Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had,
whether by levy or execution or otherwise, for the payment of any sums due
under the Securities, including, without limitation, the principal of, premium,
if any, or interest payable under the Securities, or for the payment or
performance of any obligation under, or for any claim based on, the Indenture
or otherwise in respect thereof, against any partner of the Issuer, whether
limited or general, including Simon Property Group, Inc. or such partner’s
assets or against any principal, shareholder, officer, director, trustee or
employee of such partner.  It is
expressly understood that the sole remedies under the Securities and the
Indenture, or under any other document with respect to the Securities, against
such parties with respect to such amounts, obligations or claims shall be
against the Issuer.

 

This
Note is issuable only in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000 in excess thereof.  This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the office
or agency of the Issuer in The Borough of Manhattan, The City of New York or
The City of Chicago, 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 or The
City of Chicago, one or more new Notes of authorized denominations in an equal
aggregate principal amount shall be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge,
except for any tax or other governmental charge imposed in connection
therewith.

 

The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may
deem and treat the Person in whose name this Note is registered as the absolute
owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any
premium hereof or hereon, and subject to the provisions on the face hereof,
interest hereon, and for all other purposes, and neither the 

 

B-6

 

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

 

This
Note, including the validity hereof, and the Indenture shall be governed by and
construed in accordance with the laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of such state, except
as may otherwise be required by mandatory provisions of law.

 

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

 

B-7

 

ABBREVIATIONS

 

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

 

TEN
COM — as tenants in common

UNIF
GIFT MIN ACT —
            Custodian
      (Cust)

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

TEN
ENT — as tenants by the entireties

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

 

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

 

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

(Please
print or typewrite name and address, including postal zip code of assignee.)

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  

 

B-8

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