Document:

Exhibit 4.1

 

 

SIMON
PROPERTY GROUP, L.P.

ISSUER

TO

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

TRUSTEE

FORM

 

OF

 

TWENTIETH SUPPLEMENTAL INDENTURE

DATED AS OF MAY 19, 2008

$700,000,000  5.300% NOTES due 2013

$800,000,000  6.125% NOTES due 2018

SUPPLEMENT TO INDENTURE,

DATED AS OF NOVEMBER 26, 1996,

BETWEEN

SIMON PROPERTY GROUP, L.P.

AND

THE BANK OF NEW YORK 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 2013
  Notes

  	
  4

  
	
   

  	
  SECTION 1.05.

  	
  Terms and Conditions of the 2018 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

  	
  9

  
	
   

  	
  SECTION 2.04.

  	
  Notice of Defaults

  	
  9

  
	
  ARTICLE III

  	
  TRANSFER AND
  EXCHANGE

  	
  10

  
	
  ARTICLE IV

  	
  LEGENDS

  	
  10

  
	
   

  	
  SECTION 4.01.

  	
  Legends

  	
  10

  
	
  ARTICLE V

  	
  TRUSTEE

  	
  11

  
	
   

  	
  SECTION 5.01.

  	
  Corporate Trust Office

  	
  11

  
	
   

  	
  SECTION 5.02.

  	
  Recitals of Fact

  	
  11

  
	
   

  	
  SECTION 5.03.

  	
  Successor

  	
  11

  
	
  ARTICLE VI

  	
  MISCELLANEOUS
  PROVISIONS

  	
  11

  
	
   

  	
  SECTION 6.01.

  	
  Ratification of Original Indenture

  	
  11

  
	
   

  	
  SECTION 6.02.

  	
  Effect of Headings

  	
  11

  
	
   

  	
  SECTION 6.03.

  	
  Successors and Assigns

  	
  11

  
	
   

  	
  SECTION 6.04.

  	
  Separability Clause

  	
  11

  
	
   

  	
  SECTION 6.05.

  	
  Governing Law

  	
  12

  
	
   

  	
  SECTION 6.06.

  	
  Counterparts

  	
  12

  
					

 

i

 

	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Global
  Note

  	
   

  
	
  EXHIBIT B

  	
  Form of
  Certificated Note

  	
   

  

 

ii

 

TWENTIETH
SUPPLEMENTAL INDENTURE, dated as of May 19, 2008 (the “Twentieth
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 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 Twentieth Supplemental Indenture to create and
provide for the following series of debt securities:

 

(i)            Simon Property Group, L.P. 5.300%
Notes due 2013 (the “2013 Notes”) initially in an aggregate principal
amount of $700,000,000; and

 

(ii)           Simon Property Group, L.P. 6.125%
Notes due 2018 (the “2018 Notes,” and, together with the 2013 Notes, the “Notes”)
initially in an aggregate principal amount of $800,000,000;

 

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 Twentieth 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 Twentieth
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
Twentieth 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 May 19, 2008.

 

“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 Twentieth 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”), plus 0.40%.  For purposes
hereof, the Treasury Yield shall be equal to the arithmetic mean of the yields
published in the Statistical Release under the heading “Week Ending” for “U.S.
Government Securities — Treasury Constant Maturities” with a maturity equal to
such remaining life; provided, that if no published maturity exactly
corresponds to such 

 

2

 

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, Citigroup Global Markets
Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co., Daiwa
Securities America Inc., ING Financial Markets LLC, Piper Jaffray &
Co. and Scotia Capital (USA) Inc.

 

“Underwriting Agreement” means the Underwriting Agreement
dated May 12, 2008 among the Operating Partnership and those Underwriters
executing such agreement, as representatives for the other  Underwriters named therein.

 

“2013 Interest Payment Date”  has
the meaning set forth in Section 1.04(c).

 

“2018 Interest Payment Date”  has
the meaning set forth in Section 1.05(c).

 

“2013 Notes”  has the
meaning set forth in the Recitals hereto.

 

“2018 Notes”  has the
meaning set forth in the Recitals hereto.

 

“2013 Redemption Price”  has the
meaning set forth in Section 1.04(d).

 

“2018 Redemption Price”  has the
meaning set forth in Section 1.05(d).

 

“2013 Regular Record Date”  has
the meaning set forth in Section 1.04(c).

 

“2018 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 2013 Notes and the
2018 Notes as a separate series of its securities issued pursuant to the
Indenture.  The 2013 Notes shall be
issued initially in an aggregate principal amount of $700,000,000 and the 2018
Notes shall be issued initially in an aggregate principal amount of
$800,000,000, except as permitted by Sections 304, 305 or 306 of the
Original Indenture.

 

SECTION 1.03.      Form of the Notes.  The Notes
shall each be issued in the form of a Global Note, duly executed by the
Operating Partnership and authenticated by the Trustee without the necessity of
the

 

3

 

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 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 2013 Notes. 
The 2013 Notes shall be governed by all the terms and conditions of the
Original Indenture, as supplemented by this Twentieth Supplemental
Indenture.  In particular, the following
provisions shall be terms of the 2013 Notes:

 

(a)           Title and Aggregate Principal
Amount.  The title of the 2013 Notes
shall be as specified in the Recitals; and the aggregate principal amount of
the 2013 Notes shall be as specified in Section 1.02 of this Twentieth
Supplemental Indenture, except as permitted by Sections 304, 305 or 306 of
the Original Indenture.

 

(b)           Stated Maturity.  The 2013 Notes shall mature, and the unpaid
principal thereon shall be payable, on May 30, 2013, 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 2013 Notes shall be 5.300%. 
Interest on the 2013 Notes shall be payable semi-annually in arrears on
each May 30 and November 30, commencing on November 30, 2008
(each, a “2013 Interest Payment Date”), to the Persons in whose names the
applicable 2013 Notes are registered in the Security Register applicable to the
2013 Notes at the close of business on the 15th calendar day
immediately prior to the applicable 2013 Interest Payment Date regardless of
whether such day is a Business Day (each, a “2013 Regular Record Date”).  Interest on the 2013 Notes shall be computed
on the basis of a 360-day year of twelve 30-day months.  Interest on the 2013 Notes shall accrue from
and including May 19, 2008.

 

(d)           Sinking Fund, Redemption or
Repayment.  No sinking fund shall be
provided for the 2013 Notes and the 2013 Notes shall not be repayable at the
option of the Holders thereof prior to Stated Maturity.  The 2013 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 2013 Notes being redeemed plus accrued interest thereon to the Redemption
Date and (ii) the Make-Whole Amount, if any, with respect to such 2013
Notes (collectively, the “2013 Redemption Price”), all in accordance with the
provisions of Article XI of the Original Indenture; provided, however,
that if the 2013 Notes are redeemed on or after 90 days prior to the Stated
Maturity of the 2013 Notes, the 2013 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 2013 Notes called for redemption shall have
been made available on the Redemption Date referred to in such notice, such
2013 Notes shall cease to bear interest on the Redemption Date and the only
right of the Holders of the 2013 Notes from and after the Redemption Date shall
be to receive payment of the 2013 Redemption Price upon surrender of such 2013
Notes in accordance with such notice.

 

(e)           Registration and Form.  The 2013 Notes shall be issuable as
Registered Securities as provided in Section 1.03 of this Twentieth
Supplemental Indenture.  The 2013 Notes
shall be 

 

4

 

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 2013 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 Twentieth Supplemental
Indenture) in Section 1403 of the Original Indenture, shall be applicable
to the 2013 Notes.

 

(g)           Make-Whole Amount Payable Upon
Acceleration.  Upon any acceleration
of the Stated Maturity of the 2013 Notes in accordance with Section 502 of
the Original Indenture, the Make-Whole Amount on the 2013 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, create and issue further
securities having the same terms and conditions as the 2013 Notes in all
respects, except for issue date, issue price and, to the extent applicable,
first payment of interest.  Additional
2013 Notes issued in this manner shall be consolidated with and shall form a
single series with the previously outstanding 2013 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 2013 Notes.

 

(i)            Other Terms and Conditions.  The 2013 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 2018 Notes. 
The 2018 Notes shall be governed by all the terms and conditions of the
Original Indenture, as supplemented by this Twentieth Supplemental
Indenture.  In particular, the following
provisions shall be terms of the 2018 Notes:

 

(a)           Title and Aggregate Principal
Amount.  The title of the 2018 Notes
shall be as specified in the Recitals; and the aggregate principal amount of
the 2018 Notes shall be as specified in Section 1.02 of this Twentieth
Supplemental Indenture, except as permitted by Sections 304, 305 or 306 of
the Original Indenture.

 

(b)           Stated Maturity.  The 2018 Notes shall mature, and the unpaid
principal thereon shall be payable, on May 30, 2018, subject to the
provisions of the Original Indenture and Section 1.05(d) below.

 

(c)           Interest.  The rate per annum at which interest shall be
payable on the 2018 Notes shall be 6.125%. 
Interest on the 2018 Notes shall be payable semi-annually in arrears on
each May 30 and November 30, commencing on November 30, 2008
(each, a “2018 Interest Payment Date”), to the Persons in whose names the
applicable 2018 Notes are registered in the Security Register applicable to the
2018 Notes at the close of business on the 15th calendar day
immediately prior to the applicable 2018 Interest Payment Date regardless of
whether such day is a Business Day (each, a “2018 Regular Record Date”).  Interest on the 2018 Notes shall be computed
on the basis of a 360-day year of twelve 30-day months.  Interest on the 2018 Notes shall accrue from
and including May 19, 2008.

 

(d)           Sinking Fund, Redemption or
Repayment.  No sinking fund shall be
provided for the 2018 Notes and the 2018 Notes shall not be repayable at the
option of the Holders thereof prior to Stated Maturity.  The 2018 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 

 

5

 

the 2018 Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such 2018 Notes (collectively, the “2018 Redemption Price”),
all in accordance with the provisions of Article XI of the Original
Indenture; provided, however, that if the 2018 Notes are redeemed on or after
90 days prior to the Stated Maturity of the 2018 Notes, the 2018 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 2018 Notes called for redemption shall have
been made available on the Redemption Date referred to in such notice, such
2018 Notes shall cease to bear interest on the Redemption Date and the only
right of the Holders of the 2018 Notes from and after the Redemption Date shall
be to receive payment of the 2018 Redemption Price upon surrender of such 2018
Notes in accordance with such notice.

 

(e)           Registration and Form.  The 2018 Notes shall be issuable as
Registered Securities as provided in Section 1.03 of this Twentieth
Supplemental Indenture.  The 2018 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 2018 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 Twentieth
Supplemental Indenture) in Section 1403 of the Original Indenture,
shall be applicable to the 2018 Notes.

 

(g)           Make-Whole Amount Payable Upon
Acceleration.  Upon any acceleration
of the Stated Maturity of the 2018 Notes in accordance with Section 502 of
the Original Indenture, the Make-Whole Amount on the 2018 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, create and issue further
securities having the same terms and conditions as the 2018 Notes in all
respects, except for issue date, issue price and, to the extent applicable,
first payment of interest.  Additional
2018 Notes issued in this manner shall be consolidated with and shall form a
single series with the previously outstanding 2018 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 2018 Notes.

 

(i)            Other Terms and Conditions.  The 2018 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 June 7, 2005 (“Prior Supplemental Indentures”) as the same
may be amended or modified

 

6

 

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 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 

 

7

 

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.

 

“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.

 

8

 

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

 

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

 

(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:

 

9

 

“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

 

(a)           The
Global Notes shall be exchanged by the Operating Partnership for one or more
Notes of the same series 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
applicable Global Note, for one or more Certificated Notes of the same series,
as applicable.  In addition, beneficial
interests in a Global Note may be exchanged for Certificated Notes of the same
series 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:

 

 

10

 

 

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.

 

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
Twentieth Supplemental Indenture or the due execution thereof by the Issuer.  The recitals of fact contained herein shall
be taken as the statements solely of the Issuer and the Trustee assumes no
responsibility for the correctness thereof.

 

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

 

ARTICLE VI

MISCELLANEOUS
PROVISIONS

 

SECTION 6.01.      Ratification of Original Indenture.  This Twentieth 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
Twentieth 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
Twentieth 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 Twentieth 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.

 

 

11

 

 

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

 

SECTION 6.06.      Counterparts.  This Twentieth 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
Twentieth 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 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.
  [828807 BY 2/ 828807 BZ 9]

  	
  $[]

  

 

SIMON PROPERTY GROUP,
L.P.

 

[[5.300]/[6.125]]% Note
due [2013/2018]

 

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 May 30, [2013/2018] (the “Maturity
Date”), unless earlier redeemed as described on the reverse hereof, and to pay
interest on the outstanding principal amount hereof from May 19, 2008,
semi-annually in arrears on May 30 and November 30 of each year
(each, an “Interest Payment Date”), commencing on November 30, 2008, at
the rate of [[5.300]/[6.125]]% 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 

 

A-1

 

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 May 19, 2008, 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.

 

Capitalized terms used herein which are not otherwise
defined shall have the respective meanings assigned to them in the Indenture
and the Twentieth 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 19,
  2008

  

 

	
   

  	
  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 TRUST
  COMPANY, N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  

 

A-4

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP,
L.P.

 

[[5.300]/[6.125]]% Note
due [2013/2018]

 

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 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
Twentieth Supplemental Indenture, dated as of May 19, 2008, 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. [[5.300]/[6.125]]%
Notes due [2013/2018], initially limited in aggregate principal amount to
$[700,000,000/800,000,000] (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 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 

 

A-5

 

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 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 

 

A-6

 

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.

 

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 Twentieth 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

 

[FACE OF CERTIFICATED
NOTE]

 

	
  REGISTERED

  	
  REGISTERED

  
	
  NO. [ ]

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO.
  [828807 BY 2/ 828807 BZ 9]

  	
  $[]

  

 

SIMON PROPERTY GROUP,
L.P.

 

[[5.300]/[6.125]]% Note
due [2013/2018]

 

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 May 30, [2013/2018] (the “Maturity Date”),
unless earlier redeemed as described on the reverse hereof, and to pay interest
on the outstanding principal amount hereof from May 19, 2008,
semi-annually in arrears on May 30 and November 30 of each year
(each, an “Interest Payment Date”), commencing on November 30, 2008, at
the rate of [[5.300]/[6.125]]% 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 May 19, 2008, 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.

 

B-1

 

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.

 

Capitalized terms used herein which are not otherwise
defined shall have the respective meanings assigned to them in the Indenture
and the Twentieth 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 19,
  2008

  

 

	
   

  	
  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 TRUST
  COMPANY, N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  

 

B-4

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP,
L.P.

 

[[5.300]/[6.125]]% Note
due [2013/2018]

 

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 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
Twentieth Supplemental Indenture, dated as of May 19, 2008, 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. [[5.300]/[6.125]]%
Notes due [2013/2018], initially limited in aggregate principal amount to
$[700,000,000/800,000,000] (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 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 

 

B-5

 

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 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 

 

B-6

 

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.

 

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 Twentieth 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-8Exhibit 4.2

 

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. 828807
  BY 2

  	
   

  	
   

  	
   

  	
  $[   ]

  

 

SIMON PROPERTY GROUP,
L.P.

 

5.300% Note due 2013

 

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 May 30, 2013 (the “Maturity Date”),
unless earlier redeemed as described on the reverse hereof, and to pay interest
on the outstanding principal amount hereof from May 19, 2008,
semi-annually in arrears on May 30 and November 30 of each year
(each, an “Interest Payment Date”), commencing on November 30, 2008, at
the rate of 5.300% 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 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 May 19, 2008, 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.

 

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

 

2

 

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

 

Dated:  May 19, 2008

 

	
   

  	
  SIMON
  PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY
  GROUP, INC.

  
	
   

  	
   

  	
  its sole General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Simon

  
	
   

  	
   

  	
  Title:

  	
  Chairman and Chief Executive Officer

  
					

 

Attest:

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  James A. Schmidt

  
	
   

  	
  Title:

  	
  Assistant Secretary

  
					

 

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 TRUST COMPANY,

  N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
				

 

4

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP,
L.P.

 

5.300% Note due 2013

 

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 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
Twentieth Supplemental Indenture, dated as of May 19, 2008, 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. 5.300% Notes due
2013, initially limited in aggregate principal amount to $700,000,000 (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 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 

 

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 

 

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 Twentieth Supplemental Indenture referred to herein.

 

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

  

 

8

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