Document:

Exhibit 4.2

 

FORM
OF GLOBAL NOTE

 

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

 

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

 

	
  REGISTERED

  	
  REGISTERED

  
	
  NO. 1

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. 828807 BS 5

  	
  $400,000,000

  

 

GLOBAL
SECURITY

SIMON PROPERTY GROUP, L.P.

 

5.75%
Note due 2012

 

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

 

The interest so payable and punctually paid or duly
provided for on any Interest Payment Date and on the Maturity Date shall be
paid to the Holder in whose name this Note (or one or more predecessor
Notes) is registered in the Security Register applicable to this Note at
the close of business on the “Record Date” for such payment, which shall be the
15th calendar day immediately prior to such payment date or the
Maturity Date, as the case may be, regardless of whether such day is a Business
Day (as defined below). Any interest not so punctually paid or duly provided
for shall forthwith cease to be payable to the Holder on such Regular Record
Date, and may be paid to the Holder in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on a subsequent
record date for the payment of such defaulted interest (which shall be not less
than 10 calendar days prior to the date of the payment of such defaulted
interest) established by notice given by mail by or on behalf of the Issuer
to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on
this Note shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

Dated:  May 15, 2006

 

	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  SIMON PROPERTY GROUP, INC.

  
	
   

  	
   

  	
  its sole General Partner

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Attest:

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

3

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

4

 

[REVERSE
OF NOTE]

 

SIMON
PROPERTY GROUP, L.P.

 

5.75%
Note due 2012

 

This security is one of a duly authorized issue of
debt securities of the Issuer (hereinafter called the “Securities”), issued or
to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to JPMorgan Chase Bank, N.A. (as successor to The Chase Manhattan Bank), as
Trustee (herein called the “Trustee,” which term includes any successor trustee
under the Indenture with respect to the series of Securities of which this Note
is a part), to which Indenture and all indentures supplemental thereto relating
to this Note (including, without limitation, the Seventeenth Supplemental
Indenture, dated as of May 15, 2006, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered and for
the definition of capitalized terms used hereby and not otherwise defined. The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions (if any), and may otherwise vary as provided in the
Indenture or any indenture supplemental thereto. This Security is one of a
series designated as the Simon Property Group, L.P. 5.75% Notes due 2012,
initially limited in aggregate principal amount to $400,000,000 (the “Notes”).

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

This Note is issuable only in registered form without
Coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. This Note may be exchanged for a like aggregate principal amount of
Notes of other authorized denominations at the office or agency of the Issuer
in The Borough of Manhattan, The City of New York, in the manner and subject to
the limitations provided in the Indenture, but without the payment of any
service charge, except for any tax or other governmental charge imposed in
connection therewith.

 

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

 

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

 

6

 

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

 

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

 

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

  

 

8Exhibit 4.3

 

FORM
OF GLOBAL NOTE

 

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

 

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

 

	
  REGISTERED

  	
  REGISTERED

  
	
  NO. 1

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. 828807 BT 3

  	
  $400,000,000

  

 

GLOBAL
SECURITY

SIMON PROPERTY GROUP, L.P.

 

6.10%
Note due 2016

 

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

 

The interest so payable and punctually paid or duly
provided for on any Interest Payment Date and on the Maturity Date shall be
paid to the Holder in whose name this Note (or one or more predecessor
Notes) is registered in the Security Register applicable to this Note at
the close of business on the “Record Date” for such payment, which shall be the
15th calendar day immediately prior to such payment date or the
Maturity Date, as the case may be, regardless of whether such day is a Business
Day (as defined below). Any interest not so punctually paid or duly provided
for shall forthwith cease to be payable to the Holder on such Regular Record
Date, and may be paid to the Holder in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on a subsequent
record date for the payment of such defaulted interest (which shall be not less
than 10 calendar days prior to the date of the payment of such defaulted
interest) established by notice given by mail by or on behalf of the Issuer
to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on
this Note shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

Dated:  May 15, 2006

 

	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SIMON PROPERTY GROUP, INC.

  	
   

  
	
   

  	
   

  	
  its sole General
  Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Attest:

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

3

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

4

 

[REVERSE
OF NOTE]

 

SIMON
PROPERTY GROUP, L.P.

 

6.10%
Note due 2016

 

This security is one of a duly authorized issue of
debt securities of the Issuer (hereinafter called the “Securities”), issued or
to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to JPMorgan Chase Bank, N.A. (as successor to The Chase Manhattan Bank), as
Trustee (herein called the “Trustee,” which term includes any successor trustee
under the Indenture with respect to the series of Securities of which this Note
is a part), to which Indenture and all indentures supplemental thereto relating
to this Note (including, without limitation, the Seventeenth Supplemental
Indenture, dated as of May 15, 2006, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered and for
the definition of capitalized terms used hereby and not otherwise defined. The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions (if any), and may otherwise vary as provided in the
Indenture or any indenture supplemental thereto. This Security is one of a
series designated as the Simon Property Group, L.P. 6.10% Notes due 2016,
initially limited in aggregate principal amount to $400,000,000 (the “Notes”).

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

This Note is issuable only in registered form without
Coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. This Note may be exchanged for a like aggregate principal amount of
Notes of other authorized denominations at the office or agency of the Issuer
in The Borough of Manhattan, The City of New York, in the manner and subject to
the limitations provided in the Indenture, but without the payment of any
service charge, except for any tax or other governmental charge imposed in
connection therewith.

 

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

 

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

 

6

 

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

 

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

 

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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