Document:

EXHIBIT 4.4

 

	
  Number

  B-

  	
  Incorporated Under the Laws of the State of
  Delaware

  	
  Shares

  -0-

  Cusip No.

  53071M 20 3

  

 

LIBERTY MEDIA CORPORATION

 

Series B Liberty Interactive
Common Stock, par value $.01 per share

 

Specimen Certificate

 

This Certifies that                                                     
is the owner of                                                     
FULLY PAID AND NON-ASSESSABLE SHARES OF SERIES B LIBERTY INTERACTIVE COMMON
STOCK, PAR VALUE $0.01 PER SHARE, OF LIBERTY MEDIA CORPORATION (hereinafter
called the “Corporation”) transferable on the books of the Corporation by the
holder hereof in person or by duly authorized attorney upon surrender of the
Certificate properly endorsed. This Certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.

 

Witness, the seal of the Corporation and the signatures
of its duly authorized officers.

 

Dated:

 

	
   

  	
  Liberty
  Media Corporation

  [Corporate Seal]

  	
   

  
	
   

  	
   

  	
   

  
	
  President  

  	
   

  	
  SecretaryEXHIBIT 4.5

 

	
  Number

  A-

  	
  Incorporated Under the Laws of the State of
  Delaware

  	
  Shares

  -0-

  Cusip No.

  53071M 30 2

  

 

LIBERTY MEDIA CORPORATION

 

Series A Liberty Capital
Common Stock, par value $.01 per share

 

Specimen Certificate

 

This Certifies that                                                     
is the owner of                                                     
FULLY PAID AND NON-ASSESSABLE SHARES OF SERIES A LIBERTY CAPITAL COMMON STOCK,
PAR VALUE $0.01 PER SHARE, OF LIBERTY MEDIA CORPORATION (hereinafter called the
“Corporation”) transferable on the books of the Corporation by the holder
hereof in person or by duly authorized attorney upon surrender of the
Certificate properly endorsed. This Certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.

 

Witness, the seal of the Corporation and the signatures
of its duly authorized officers.

 

Dated:

 

	
   

  	
  Liberty
  Media Corporation

  [Corporate Seal]

  	
   

  
	
   

  	
   

  	
   

  
	
  President  

  	
   

  	
  SecretaryEXHIBIT 4.6

 

	
  Number

  B-

  	
  Incorporated Under the Laws of the State of
  Delaware

  	
  Shares

  -0-

  Cusip No.

  53071M 40 1

  

 

LIBERTY MEDIA CORPORATION

 

Series B Liberty Capital
Common Stock, par value $.01 per share

 

Specimen Certificate

 

This Certifies that                                                     
is the owner of                                                     
FULLY PAID AND NON-ASSESSABLE SHARES OF SERIES B LIBERTY CAPITAL COMMON STOCK,
PAR VALUE $0.01 PER SHARE, OF LIBERTY MEDIA CORPORATION (hereinafter called the
“Corporation”) transferable on the books of the Corporation by the holder
hereof in person or by duly authorized attorney upon surrender of the
Certificate properly endorsed. This Certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.

 

Witness, the seal of the Corporation and the signatures
of its duly authorized officers.

 

Dated:

 

	
   

  	
  Liberty Media Corporation

  [Corporate Seal]

  	
   

  
	
   

  	
   

  	
   

  
	
  President  

  	
   

  	
  SecretaryExhibit
4.1

 

	
  

  	
   

  	
  CLIFFORD
  CHANCE US LLP

  

 

SIMON
PROPERTY GROUP, L.P.

 

ISSUER

 

TO

 

JPMORGAN
CHASE BANK, N.A.

 

TRUSTEE

 

 

SEVENTEENTH
SUPPLEMENTAL INDENTURE

 

DATED AS
OF MAY 15, 2006

 

 

$400,000,000  5.75% NOTES due 2012

 

$400,000,000  6.10% NOTES due 2016

 

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

  	
  1

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.01. Definitions.

  	
  1

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.02. Creation of the Notes

  	
  3

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.03. Form of the Notes

  	
  3

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.04. Terms and Conditions
  of the 2012 Notes

  	
  4

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.05. Terms and Conditions
  of the 2016 Notes

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

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

  	
  6

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 2.01. Covenants for Benefit
  of Holders of Notes

  	
  6

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 2.02. Definitions

  	
  7

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 2.03. Events of Default

  	
  8

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 2.04. Notice of Defaults

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  TRANSFER AND
  EXCHANGE

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  LEGENDS

  	
  10

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.01. Legends

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  TRUSTEE

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.01. Corporate Trust
  Office

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.02. Recitals of Fact

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  MISCELLANEOUS
  PROVISIONS

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.01. Ratification of
  Original Indenture

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.02. Effect of Headings

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.03. Successors and
  Assigns

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.04. Separability Clause

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.05. Governing Law

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.06. Counterparts

  	
  12

  
				

 

i

 

EXHIBITS

 

EXHIBIT A           Form
of Global Note

EXHIBIT B            Form
of Certificated Note

 

ii

 

SEVENTEENTH SUPPLEMENTAL INDENTURE,
dated as of May 15, 2006 (the “Seventeenth 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 Seventeenth Supplemental Indenture to create and provide for the following
series of debt securities:

 

(i)            Simon
Property Group, L.P. 5.75% Notes due 2012 (the “2012 Notes”) in an
aggregate principal amount of $400,000,000; and

 

(ii)           Simon
Property Group, L.P. 6.10% Notes due 2016 (the “2016 Notes,” and, together with
the 2012 Notes, the “Notes”) in an aggregate principal amount of
$400,000,000;

 

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

 

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

 

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

 

“Closing Date”
means May 15, 2006.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Reinvestment Rate”
means, in connection with any optional redemption or accelerated payment of any
Notes, the yield on treasury securities at a constant maturity corresponding to
the remaining life (as of the date of redemption or accelerated payment, and
rounded to the nearest month) to Stated Maturity of the principal being
redeemed (the “Treasury Yield”) as stated in such Notes, plus
(i) 0.20%, in the case of the 2012 Notes or (ii) 0.25%, in the case
of the 2016 Notes. For purposes hereof, the Treasury Yield shall be equal to
the arithmetic mean of the yields published in the Statistical Release under
the heading “Week Ending” for “U.S. Government Securities — Treasury Constant
Maturities” with a maturity equal to such

 

2

 

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, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Banc of
America Securities LLC, Deutsche Bank Securities Inc., Calyon Securities (USA)
Inc., Greenwich Capital Markets, Inc., LaSalle Financial Services, Inc. and
SunTrust Capital Markets, Inc.

 

“Underwriting Agreement”
means the Underwriting Agreement dated May 9, 2006 among the Operating
Partnership and the Underwriters.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 1.02.      Creation
of the Notes. In accordance with Section 301 of the Original
Indenture, the Issuer hereby creates each of the 2012 Notes and the 2016 Notes
as a separate series of its securities issued pursuant to the Indenture. The 2012
Notes shall be issued initially in an aggregate principal amount of
$400,000,000 and the 2016 Notes shall be issued initially in an aggregate
principal amount of $400,000,000, except as permitted by Sections 304, 305
or 306 of the Original Indenture.

 

SECTION 1.03.      Form
of the Notes. The Notes shall be issued in the form of a Global Note, duly
executed by the Operating Partnership and authenticated by the Trustee, which shall be
deposited with, or on behalf of, DTC and registered in the name of “Cede &
Company,” as the nominee of DTC. The Notes

 

3

 

shall
be substantially in the form of Exhibit A attached hereto. So long as DTC, or
its nominee, is the registered owner of the Global Note, DTC or its nominee, as
the case may be, shall be considered the sole owner or Holder of the Notes
represented by such Global Note for all purposes under the Indenture. Ownership
of beneficial interests in such Global Note shall be shown on, and transfers
thereof will be effected only through, records maintained by DTC (with respect
to beneficial interests of participants) or by participants or Persons that
hold interests through participants (with respect to beneficial interests of
beneficial owners).

 

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

 

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

 

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

 

(c)           Interest.
The rate per annum at which interest shall be payable on the 2012 Notes shall
be 5.75%. Interest on the 2012 Notes shall be payable semi-annually in arrears
on each November 1 and May 1, commencing on November 1, 2006 (each, a “2012
Interest Payment Date”), and on the Stated Maturity as specified in
Section 1.04(b) of this Seventeenth Supplemental Indenture, to the
Persons in whose names the applicable 2012 Notes are registered in the Security
Register applicable to the 2012 Notes at the close of business on the 15th
calendar day immediately prior to such payment date regardless of whether such
day is a Business Day (each, a “2012 Regular Record Date”). Interest on the
2012 Notes shall be computed on the basis of a 360-day year of twelve 30-day
months. Interest on the 2012 Notes shall accrue from May 15, 2006.

 

(d)           Sinking
Fund, Redemption or Repayment. No sinking fund shall be provided for the
2012 Notes and the 2012 Notes shall not be repayable at the option of the
Holders thereof prior to Stated Maturity. The 2012 Notes may be redeemed at any
time at the option of the Issuer, in whole or from time to time in part, at a
redemption price equal to the sum of (i) 100% of the principal amount of
the 2012 Notes being redeemed plus accrued interest thereon to the Redemption
Date and (ii) the Make-Whole Amount, if any, with respect to such 2012
Notes (collectively, the “2012 Redemption Price”), all in accordance with the
provisions of Article XI of the Original Indenture.

 

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

 

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

 

(e)           Registration
and Form. The 2012 Notes shall be issuable as Registered Securities as
provided in Section 1.03 of this Seventeenth Supplemental Indenture. The
2012 Notes shall be issued and may be transferred only in minimum denominations
of $2,000 and integral multiples of

 

4

 

$1,000 in excess thereof. All payments of principal
and interest in respect of the 2012 Notes shall be made by the Issuer in
immediately available funds.

 

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

 

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

 

(h)           Further
Issues. The Issuer may, from time to time, without the consent of the
Holders, create and issue further securities having the same terms and
conditions as the 2012 Notes in all respects, except for issue date and issue
price. Additional 2012 Notes issued in this manner shall be consolidated with
and shall form a single series with the previously outstanding 2012 Notes. Notice
of any such issuance shall be given to the Trustee and a new supplemental
indenture shall be executed in connection with the issuance of such securities.

 

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

 

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

 

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

 

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

 

(c)           Interest.
The rate per annum at which interest shall be payable on the 2016 Notes shall
be 6.10%. Interest on the 2016 Notes shall be payable semi-annually in arrears
on each November 1 and May 1, commencing on November 1, 2006 (each, a “2016
Interest Payment Date”), and on the Stated Maturity as specified in
Section 1.05(b) of this Seventeenth Supplemental Indenture, to the
Persons in whose names the applicable 2016 Notes are registered in the Security
Register applicable to the 2016 Notes at the close of business on the 15th
calendar day immediately prior to such payment date regardless of whether such
day is a Business Day (each, a “2016 Regular Record Date”). Interest on the
2016 Notes shall be computed on the basis of a 360-day year of twelve 30-day
months. Interest on the 2016 Notes shall accrue from May 15, 2006.

 

(d)           Sinking
Fund, Redemption or Repayment. No sinking fund shall be provided for the
2016 Notes and the 2016 Notes shall not be repayable at the option of the
Holders thereof prior to Stated Maturity. The 2016 Notes may be redeemed at any
time at the option of the Issuer, in whole or from time to time in part, at a
redemption price equal to the sum of (i) 100% of the principal amount of
the 2016 Notes being redeemed plus accrued interest thereon to the Redemption
Date and (ii) the Make-

 

5

 

Whole Amount, if any, with respect to such 2016 Notes
(collectively, the “Redemption Price”), all in accordance with the provisions
of Article XI of the Original Indenture.

 

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

 

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

 

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

 

(f)            Defeasance
and Covenant Defeasance. The provisions for defeasance in Section 1402
of the Original Indenture, and the provisions for covenant defeasance (which
provisions shall apply, without limitation, to the covenants set forth in Article II
of this Seventeenth Supplemental Indenture) in Section 1403 of the
Original Indenture, shall be applicable to the 2016 Notes.

 

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

 

(h)           Further
Issues. The Issuer may, from time to time, without the consent of the
Holders, create and issue further securities having the same terms and
conditions as the 2016 Notes in all respects, except for issue date and issue
price. Additional 2016 Notes issued in this manner shall be consolidated with
and shall form a single series with the previously outstanding 2016 Notes. Notice
of any such issuance shall be given to the Trustee and a new supplemental
indenture shall be executed in connection with the issuance of such securities.

 

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

 

ARTICLE
II

COVENANTS
FOR BENEFIT OF HOLDERS OF NOTES;

EVENTS AND NOTICE OF DEFAULT

 

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

 

6

 

(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, 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

 

7

 

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) 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

 

8

 

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:

 

(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

 

9

 

(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

 

(a)           The
Global Note shall be exchanged by the Operating Partnership for one or more
Notes in definitive, fully registered certificated form, without coupons,
substantially in the form of Exhibit B hereto (the “Certificated Notes”) if
(i) DTC (1) has notified the Operating Partnership that it is
unwilling or unable to continue as, or ceases to be, a clearing agency
registered under Section 17A of the Exchange Act and (2) a successor
to DTC registered as a clearing agency under Section 17A of the Exchange
Act is not able to be appointed by the Operating Partnership within 90 calendar
days or (ii) DTC is at any time unwilling or unable to continue as
depositary and the Operating Partnership is not able to appoint a successor to
DTC within 90 calendar days. If an Event of Default occurs and is continuing,
the Operating Partnership shall, at the request of the Trustee or the Holder
thereof, exchange all or part of the Global Note, for one or more Certificated
Notes, as applicable. Whenever a Global Note is exchanged for one or more
Certificated Notes, it shall be surrendered by the Holder thereof to the
Trustee and cancelled by the Trustee. All Certificated Notes issued in exchange
for a Global Note or a portion thereof shall be registered in such names, and
delivered, as DTC shall instruct the Trustee.

 

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

 

ARTICLE
IV

LEGENDS

 

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

 

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

 

10

 

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.

 

SECTION 5.02.      Recitals
of Fact. The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Seventeenth 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
VI

MISCELLANEOUS
PROVISIONS

 

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

 

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

 

SECTION 6.03.      Successors
and Assigns. All covenants and agreements in this Seventeenth 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
Seventeenth 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 Seventeenth Supplemental Indenture shall be governed by and
construed in accordance with the laws of the State of New York. This
Seventeenth Supplemental Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of this Seventeenth Supplemental
Indenture and shall, to the extent applicable, be governed by such provisions.

 

11

 

SECTION 6.06.      Counterparts.
This Seventeenth Supplemental Indenture may be executed in any number of
counterparts, and each of such counterparts shall for all purposes be deemed to
be an original, but all such counterparts shall together constitute one and the
same instrument.

 

12

 

* * * *

 

IN WITNESS WHEREOF, the parties
hereto have caused this Seventeenth 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:

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
					

 

 

Exhibit A

 

FORM
OF GLOBAL NOTE

 

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

 

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

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. [       ]

  	
   

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. [828807 BS 5 / 828807 BT 3]

  	
   

  	
  $400,000,000

  

 

GLOBAL
SECURITY

SIMON PROPERTY GROUP, L.P.

 

[5.75/6.10]%
Note due [2012/2016]

 

Simon Property Group, L.P., a Delaware limited
partnership (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co. or its registered assigns, the principal sum of FOUR
HUNDRED MILLION dollars on [May 1, 2012/May 1, 2016] (the “Maturity Date”), and
to pay interest thereon from May 15, 2006, semi-annually in arrears on November
1 and May 1 of each year (each, an “Interest Payment Date”), commencing on
November 1, 2006, and on the Maturity Date, at the rate of [5.75/6.10]% 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

 

A-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 May 15, 2006, in the case of the initial Interest
Payment Date) to but excluding the applicable Interest Payment Date or the
Maturity Date, as the case may be. If any date for the payment of principal,
premium, if any, interest on, or any other amount with respect to, this Note
(each a “Payment Date”) falls on a day that is not a Business Day, the
principal, premium, if any, or interest payable with respect to such Payment
Date shall be made on the next succeeding Business Day with the same force and
effect as if made on such Payment Date, and no interest shall accrue on the
amount so payable for the period from and after such Payment Date to such next
succeeding Business Day. “Business Day” means any day, other than a Saturday or
a Sunday on which banking institutions in New York, New York are open for
business.

 

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

 

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

 

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

 

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

 

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

 

A-2

 

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

 

Dated:  May 15, 2006

 

	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP, INC.

  
	
   

  	
  its sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Attest:

 

	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

A-3

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  

 

A-4

 

[REVERSE
OF NOTE]

 

SIMON
PROPERTY GROUP, L.P.

 

[5.75/6.10]%
Note due [2012/2016]

 

This security is one of a duly authorized issue of
debt securities of the Issuer (hereinafter called the “Securities”), issued or
to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to 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 Seventeenth Supplemental
Indenture, dated as of May 15, 2006, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered and for
the definition of capitalized terms used hereby and not otherwise defined. The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions (if any), and may otherwise vary as provided in the
Indenture or any indenture supplemental thereto. This Security is one of a
series designated as the Simon Property Group, L.P. [5.75/6.10]% Notes due
[2012/2016], initially limited in aggregate principal amount to $400,000,000
(the “Notes”).

 

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

 

The Notes may be redeemed at any time at the option of
the Issuer, in whole or from time to time in part, at a redemption price equal
to the sum of (i) 100% of the principal amount of the Notes being redeemed
plus accrued interest thereon to the Redemption Date and (ii) the
Make-Whole Amount, if any, with respect to such Notes. If the Notes are
redeemed on or after 90 days prior to the Maturity Date, the redemption price
shall not include the Make-Whole Amount. Notice of any optional redemption
shall be given to Holders at their addresses, as shown in the Security Register
for the Notes, not more than 60 nor less than 30 days prior to the date fixed
for redemption. The notice of redemption shall specify, among other items, the
redemption price and the principal amount of the Notes to be redeemed.

 

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

 

A-5

 

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-6

 

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 Seventeenth Supplemental Indenture referred to herein.

 

A-7

 

[ABBREVIATIONS]

 

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

 

TEN COM – as tenants in common

UNIF GIFT MIN ACT –           
 Custodian       (Cust)

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

TEN ENT – as tenants by the entireties

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

 

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

 

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

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

 

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

 

 

	
  Dated:

  	
   

  	
   

  	
   

  

 

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

 

A-8

 

Exhibit B

 

FORM
OF CERTIFICATED NOTE

 

	
  REGISTERED

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NO. [          ]

  	
   

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. [828807 BS 5 / 828807 BT 3]

  	
   

  	
  $400,000,000

  

 

DEFINITIVE
SECURITY

SIMON PROPERTY GROUP, L.P.

 

[5.75/6.10]%
Note due [2012/2016]

 

Simon Property Group, L.P., a Delaware limited
partnership (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to                                                      ,
or registered assigns, the principal sum of FOUR HUNDRED MILLION dollars on
[May 1, 2012/May 1, 2016] (the “Maturity Date”), and to pay interest thereon
from May 15, 2006, semi-annually in arrears on November 1 and May 1 of each
year (each, an “Interest Payment Date”),
commencing on November 1, 2006, and on the Maturity Date, at the rate of
[5.75/6.10]% 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 May 15, 2006, in the case of the initial Interest Payment
Date) to but excluding the applicable Interest Payment Date or the
Maturity Date, as the case may be. If any date for the payment of principal,
premium, if any, interest on, or any other amount with respect to, this Note
(each a “Payment Date”) falls on a day that is not a Business Day, the
principal, premium, if any, or interest payable with respect to such Payment
Date shall be made on the next succeeding Business Day with the same force and
effect as if made on such Payment Date, and no interest shall accrue on the
amount so payable for the period from and after such Payment Date to such next
succeeding Business Day. “Business Day” means any day, other than a Saturday or
a Sunday on which banking institutions in New York, New York are open for business.

 

B-1

 

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

 

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

 

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

 

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

 

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

 

B-2

 

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

 

Dated:  May 15, 2006

 

	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP, INC.

  
	
   

  	
  its sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Attest:

 

	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

B-3

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  

 

B-4

 

[REVERSE
OF NOTE]

 

SIMON
PROPERTY GROUP, L.P.

 

[5.75/6.10]%
Note due [2012/2016]

 

This security is one of a duly authorized issue of
debt securities of the Issuer (hereinafter called the “Securities”), issued or
to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to 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 Seventeenth Supplemental
Indenture, dated as of May 15, 2006, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon which
the Securities are, and are to be, authenticated and delivered and for the
definition of capitalized terms used hereby and not otherwise defined. The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions (if any), and may otherwise vary as provided in the
Indenture or any indenture supplemental thereto. This Security is one of a
series designated as the Simon Property Group, L.P. [5.75/6.10]% Notes due
[2012/2016], initially limited in aggregate principal amount to $400,000,000
(the “Notes”).

 

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

 

The Notes may be redeemed at any time at the option of
the Issuer, in whole or from time to time in part, at a redemption price equal
to the sum of (i) 100% of the principal amount of the Notes being redeemed
plus accrued interest thereon to the Redemption Date and (ii) the
Make-Whole Amount, if any, with respect to such Notes. If the Notes are
redeemed on or after 90 days prior to the Maturity Date, the redemption price
shall not include the Make-Whole Amount. Notice of any optional redemption
shall be given to Holders at their addresses, as shown in the Security Register
for the Notes, not more than 60 nor less than 30 days prior to the date fixed
for redemption. The notice of redemption shall specify, among other items, the
redemption price and the principal amount of the Notes to be redeemed.

 

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

 

B-5

 

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-6

 

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 Seventeenth Supplemental Indenture referred to herein.

 

B-7

 

[ABBREVIATIONS]

 

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

 

TEN COM – as tenants in common

UNIF GIFT MIN ACT –
            Custodian
      (Cust)

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

TEN ENT – as tenants by the entireties

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

 

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

 

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

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

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  

 

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

 

B-8

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