Document:

Exhibit

NINTH AMENDMENT TO THE
FOURTH AMENDED AND RESTATED AGREEMENT OF
LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P.

This NINTH AMENDMENT TO THE FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P., dated August 16, 2016 (this “Amendment”), is being executed by AIMCO-GP, Inc., a Delaware corporation (the “General Partner”), as the general partner of AIMCO Properties, L.P., a Delaware limited partnership (the “Partnership”), pursuant to the authority conferred on the General Partner by Section 7.3.C(7) of the Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of July 29, 1994 and restated as of February 28, 2007, as amended and/or supplemented from time to time (including all exhibits thereto, the “Agreement”).  Capitalized terms used, but not otherwise defined herein, shall have the respective meanings ascribed thereto in the Agreement.

WHEREAS, pursuant to Section 4.2.A of the Agreement, the General Partner (i) is authorized to cause the Partnership to issue additional Partnership Preferred Units, for any Partnership purpose, at any time or from time to time, to the Partners or to other Persons, for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, and (ii) is authorized to determine the designations, preferences and relative, participating, optional or other special rights, powers and duties of the Partnership Preferred Units.

NOW, THEREFORE,  in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

(a)The Agreement is hereby amended by the addition of a new exhibit, entitled “Exhibit AA,” in the form attached hereto, which shall be attached to and made a part of the Agreement.

(b)Except as specifically amended hereby, the terms, covenants, provisions and conditions of the Agreement shall remain unmodified and continue in full force and effect and, except as amended hereby, all of the terms, covenants, provisions and conditions of the Agreement are hereby ratified and confirmed in all respects.

IN WITNESS WHEREOF, this Amendment has been executed as the date first written above,
GENERAL PARTNER:
AIMCO-GP, INC.,
a Delaware corporation
	
			
	By:
	 
	/s/ John Bezzant

	 
	Name:
	John Bezzant

	 
	Title:
	Executive Vice President

EXHIBIT AA
PARTNERSHIP UNIT DESIGNATION OF
THE CLASS TEN PARTNERSHIP PREFERRED UNITS OF
AIMCO PROPERTIES, L.P.
1.Number of Units and Designation.
A class of Partnership Preferred Units is hereby designated as “Class Ten Partnership Preferred Units” (the “Preferred Units”), and the number of Partnership Preferred Units constituting such class shall be six hundred eighty thousand (680,000).  
2.    Definitions.
Capitalized terms used and not otherwise defined herein shall have the respective meanings assigned thereto in the Agreement, as modified by this Partnership Unit Designation and the defined terms used herein.  For purposes of this Partnership Unit Designation, the following terms shall have the respective meanings ascribed below:
“Agreement” shall mean the Agreement of Limited Partnership of the Partnership, as amended, supplemented or restated from time to time.
“Assignee” shall mean a Person to whom one or more Preferred Units have been Transferred in a manner permitted under the Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5 of the Agreement.
“Cash Amount” shall mean, with respect to any Tendered Unit, cash in an amount equal to the Liquidation Preference of such Tendered Unit.
“Class Ten Partnership Preferred Unit” or “Preferred Unit” shall mean a Partnership Preferred Unit with the designations, preferences and relative, participating, optional or other special rights, powers and duties as are set forth in this Partnership Unit Designation.
“Cut-Off Date” shall mean the fifth (5th) Business Day after the General Partner's receipt of a Notice of Redemption.
“Distribution Payment Date” shall have the meaning set forth of Section 4(b) of this Partnership Unit Designation.
“Junior Partnership Units” shall have the meaning set forth in Section 3(c) of this Partnership Unit Designation.
“Liquidation Preference” shall have the meaning set forth in Section 5(a) of this Partnership Unit Designation.
“Market Value” shall mean, as of any calculation date and with respect to any share of stock, the average of the daily market prices for ten (10) consecutive trading days immediately preceding the calculation date.  The market price for any such trading day shall be:
(i)if the shares are listed or admitted to trading on any securities exchange, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, in either case as reported in the principal consolidated transaction reporting system,
(ii)    if the shares are not listed or admitted to trading on any securities exchange, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or
(iii)    if the shares are not listed or admitted to trading on any securities exchange, and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported;
provided, however, that, if there are no bid and asked prices reported during the ten (10) days prior to the date in question, the Market Value of the shares shall be determined by the General Partner acting in good faith on the basis of such quotations and 

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other information as it considers, in its reasonable judgment, appropriate; provided, further, that the General Partner is authorized to adjust the market price for any trading day as may be necessary, in its judgment, to reflect an event that occurs at any time after the commencement of such ten day period that would unfairly distort the Market Value, including, without limitation, a stock dividend, split, subdivision, reverse stock split, or share combination.
“Notice of Redemption” shall mean a Notice of Redemption in the form of Annex I to this Partnership Unit Designation.
“Parity Partnership Units” shall have the meaning set forth in Section 3(b) of this Partnership Unit Designation.
“Partnership” shall mean AIMCO Properties, L.P., a Delaware limited partnership.
“Previous General Partner” shall mean Apartment Investment and Management Company, a Maryland corporation.
“Redemption” shall have the meaning set forth in Section 6(b) of this Partnership Unit Designation.
“REIT Shares” shall mean a share of the Previous General Partner’s Class A Common Stock.
“REIT Shares Amount” shall mean, with respect to any Tendered Units, a number of REIT Shares equal to the quotient obtained by dividing (i) the Cash Amount for such Tendered Units, by (ii) the Market Value of a REIT Share as of the fifth (5th) Business Day prior to the date of receipt by the General Partner of a Notice of Redemption for such Tendered Units.
“Senior Partnership Units” shall have the meaning set forth in Section 3(a) of this Partnership Unit Designation.
 “Specified Redemption Date” shall mean, with respect to any Redemption, the tenth (10th) Business Day after the receipt by the General Partner of a Notice of Redemption; provided, however, that the Specified Redemption Date, as well as the closing of a Redemption, or an acquisition of Tendered Units by the Previous General Partner pursuant to Section 6 hereof, on any Specified Redemption Date, may be deferred, in the General Partner's sole and absolute discretion, for such time (but in any event not more than one hundred fifty (150) days in the aggregate) as may reasonably be required to effect, as applicable, the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
“Tendering Party” shall have the meaning set forth in Section 6(b) of this Partnership Unit Designation.
“Tendered Units” shall have the meaning set forth in Section 6(b) of this Partnership Unit Designation.
“Transaction” shall have the meaning set forth in Section 7(d) of this Partnership Unit Designation.
3.    Ranking.
Any class or series of Partnership Units of the Partnership shall be deemed to rank:
(a)    prior or senior to the Class Ten Partnership Preferred Units, as to the payment of distributions and as to the distribution of assets upon liquidation, dissolution or winding up, if the holders of such class or series shall be entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Class Ten Partnership Preferred Units (the partnership units being hereinafter referred to, collectively, as “Senior Partnership Units”);
(b)    on a parity with the Class Ten Partnership Preferred Units, as to the payment of distributions and as to the distribution of assets upon liquidation, dissolution or winding up, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per unit or other denomination thereof be different from those of the Class Ten Partnership Preferred Units (i) if such class or series of partnership units shall be Class A Partnership Preferred Units, Class Z Partnership Preferred Units, Series A Community Reinvestment Act Perpetual Partnership Preferred Units, Class One Partnership Preferred Units, Class Two Partnership Preferred Units, Class Three Partnership Preferred Units, Class Four Partnership Preferred Units, or Class Nine Partnership Preferred Units, or (ii) if the holders of such class or series of partnership units and the Class Ten Partnership Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid distributions per unit or other denomination or liquidation preferences, without preference or priority one over the other (the partnership units referred to in clauses (i) and (ii) of this paragraph being hereinafter referred to, collectively, as “Parity Partnership Units”); and

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(c)    junior to the Class Ten Partnership Preferred Units, as to the payment of distributions and as to the distribution of assets upon liquidation, dissolution or winding up,  (i) if such class or series of partnership units shall be Partnership Common Units or Class I High Performance Partnership Units or (ii) if the holders of Class Ten Partnership Preferred Units shall be entitled to receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of such class or series of Partnership Units (the partnership units referred to in clauses (i) and (ii) of this paragraph being hereinafter referred to, collectively, as “Junior Partnership Units”).
4.    Quarterly Cash Distributions.
(a)    Holders of Preferred Units will be entitled to receive, when and as declared by the General Partner out of Available Cash, quarterly cash distributions in an amount per Preferred Unit equal to $0.375, and no more.
(b)    Any such distributions will be cumulative from the date of original issue, whether or not in any distribution period or periods such distributions have been declared, and shall be payable quarterly on February 15, May 15, August 15 and November 15 of each year (or, if not a Business Day, the next succeeding Business Day) (each a “Distribution Payment Date”), commencing on the first such date occurring after the date of original issue.  If the Preferred Units are issued on any day other than a Distribution Payment Date, the first distribution payable on such Preferred Units will be prorated for the portion of the quarterly period that such Preferred Units are outstanding on the basis of twelve 30-day months and a 360-day year.  Distributions will be payable in arrears to holders of record as they appear on the records of the Partnership at the close of business on the February 1, May 1, August 1 or November 1, as the case may be, immediately preceding each Distribution Payment Date.  Holders of Preferred Units will not be entitled to receive any distributions in excess of cumulative distributions on the Preferred Units.  No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Preferred Units that may be in arrears.  Holders of any Preferred Units that are issued after the date of original issuance will be entitled to receive the same distributions as holders of any Preferred Units issued on the date of original issuance.
(c)    When distributions are not paid in full upon the Preferred Units or any Parity Partnership Units, or a sum sufficient for such payment is not set apart, all distributions declared upon the Preferred Units and any Parity Partnership Units shall be declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Preferred Units and accumulated and unpaid on such Parity Partnership Units.  Except as set forth in the preceding sentence, unless distributions on the Preferred Units equal to the full amount of accumulated and unpaid distributions have been or contemporaneously are declared and paid, or declared and a sum sufficient for the payment thereof has been or contemporaneously is set apart for such payment, for all past distribution periods, no distributions shall be declared or paid or set apart for payment by the Partnership with respect to any Parity Partnership Units.
(d)    Unless full cumulative distributions (including all accumulated, accrued and unpaid distributions) on the Preferred Units have been declared and paid, or declared and set apart for payment, for all past distribution periods, no distributions (other than distributions paid in Junior Partnership Units or options, warrants or rights to subscribe for or purchase Junior Partnership Units) may be declared or paid or set apart for payment by the Partnership and no other distribution of cash or other property may be declared or made, directly or indirectly, by the Partnership with respect to any Junior Partnership Units, nor shall any Junior Partnership Units be redeemed, purchased or otherwise acquired (except for a redemption, purchase or other acquisition of Partnership Common Units made for purposes of an employee incentive or benefit plan of the Partnership or any affiliate thereof, including, without limitation, Previous General Partner and its affiliates) for any consideration (or any monies be paid to or made available for a sinking fund for the redemption of any such Junior Partnership Units), directly or indirectly, by the Partnership (except by conversion into or exchange for Junior Partnership Units, or options, warrants or rights to subscribe for or purchase Junior Partnership Units), nor shall any other cash or other property be paid or distributed to or for the benefit of holders of Junior Partnership Units.
(e)    Notwithstanding the foregoing provisions of this Section 4, the Partnership shall not be prohibited from (i) declaring or paying or setting apart for payment any distribution on any Parity Partnership Units or (ii) redeeming, purchasing or otherwise acquiring any Parity Partnership Units, in each case, if such declaration, payment, redemption, purchase or other acquisition is necessary to maintain the Previous General Partner's qualification as a REIT.

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5.    Liquidation Preference.
(a)    Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, before any allocation of income or gain by the Partnership shall be made to or set apart for the holders of any Junior Partnership Units, to the extent possible, the holders of Preferred Units shall be entitled to be allocated income and gain to the extent necessary to enable them to receive a liquidation preference (the “Liquidation Preference”) per Preferred Unit equal to the sum of (i) $25 plus (ii) any accumulated, accrued and unpaid distributions (whether or not earned or declared) to the date of final distribution to such holders; but such holders will not be entitled to any further payment or allocation.  Until all holders of the Preferred Units have been paid the Liquidation Preference in full, no allocation of income or gain will be made to any holder of Junior Partnership Units upon the liquidation, dissolution or winding up of the Partnership.
(b)    If, upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the assets of the Partnership, or proceeds thereof, distributable among the holders of Preferred Units shall be insufficient to pay in full the Liquidation Preference and liquidating payments on any Parity Partnership Units, then following appropriate allocations of Partnership income, gain, deduction and loss, such assets, or the proceeds thereof, shall be distributed among the holders of Preferred Units and any such Parity Partnership Units ratably in the same proportion as the respective amounts that would be payable on such Preferred Units and any such Parity Partnership Units if all amounts payable thereon were paid in full.
(c)    A voluntary or involuntary liquidation, dissolution or winding up of the Partnership will not include a consolidation or merger of the Partnership with one or more partnerships, corporations or other entities, or a sale or transfer of all or substantially all of the Partnership's assets.
(d)    Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, after all allocations shall have been made in full to the holders of Preferred Units and any Parity Partnership Units to the extent necessary to enable them to receive their respective liquidation preferences, any Junior Partnership Units shall be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Preferred Units and any Parity Partnership Units shall not be entitled to share therein.
6.    Redemption.
(a)    Except as set forth in this Section 6 hereof, the Preferred Units may not be redeemed at the option of the Partnership, and will not be required to be redeemed or repurchased by the Partnership or the Previous General Partner except if a holder of a Preferred Unit effects a Redemption, as provided for in Section 6(b) hereof.  The Partnership or the Previous General Partner may purchase Preferred Units from time to time in the open market, by tender or exchange offer, in privately negotiated purchases or otherwise.
(b)    On or after the first (1st) anniversary of becoming a holder of Preferred Units, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem all or a portion of the Preferred Units held by such Qualifying Party (such Preferred Units being hereafter “Tendered Units”) in exchange (a “Redemption”) for REIT Shares issuable on, or the Cash Amount payable on, the Specified Redemption Date, as determined by the Partnership in its sole discretion.  Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”).
(c)    If the Partnership elects to redeem Tendered Units for REIT Shares rather than cash, then the Partnership shall direct the Previous General Partner to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 6, in which case, (i) the Previous General Partner, acting as a distinct legal entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party's exercise of its Redemption right, and (ii) such transaction shall be treated, for Federal income tax purposes, as a transfer by the Tendering Party of such Tendered Units to the Previous General Partner in exchange for REIT Shares.  If the Partnership elects to redeem any number of Tendered Units for REIT Shares, rather than cash, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the Previous General Partner in exchange for a number of REIT Shares equal to the REIT Shares Amount for such number of the Tendered Units.  The Tendering Party shall submit (i) such information, certification or affidavit as the Previous General Partner may reasonably require in connection with the application of the Ownership Limit and other restrictions and limitations of the Charter to any such acquisition and (ii) such written representations, investment letters, legal opinions or other instruments necessary, in the Previous General Partner's view, to effect compliance with the Securities Act.  The REIT Shares shall be delivered by the Previous General Partner as duly authorized, validly issued, fully paid and accessible REIT Shares, free of any pledge, lien, encumbrance or restriction, other than the Ownership Limit and other restrictions provided in the Charter, the Bylaws of the Previous General Partner, the Securities Act and relevant state securities or “blue sky” laws.  Neither any Tendering Party whose Tendered Units are acquired 

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by the Previous General Partner pursuant to this Section 6, any Partner, any Assignee nor any other interested Person shall have any right to require or cause the Previous General Partner or the General Partner to register, qualify or list any REIT Shares owned or held by such Person, whether or not such REIT Shares are issued pursuant to this Section 6, with the SEC, with any state securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange; provided, however, that this limitation shall not be in derogation of any registration or similar rights granted pursuant to any other written agreement between the Previous General Partner and any such Person.  Notwithstanding any delay in such delivery, the Tendering Party shall be deemed the owner of such REIT Shares for all purposes, including, without limitation, rights to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date.  REIT Shares issued upon an acquisition of the Tendered Units by the Previous General Partner pursuant to this Section 6 may contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the Previous General Partner in good faith determines to be necessary or advisable in order to ensure compliance with such laws.
(d)    The Partnership shall have no obligation to effect any redemption unless and until a Tendering Party has given the Partnership a Notice of Redemption.  Each Notice of Redemption shall be sent by hand delivery or by first class mail, postage prepaid, to AIMCO Properties, L.P., c/o AIMCO-GP, Inc., 4582 South Ulster Street, Suite 1100, Denver, Colorado 80237, Attention:  Investor Relations, or to such other address as the Partnership shall specify in writing by delivery to the holders of the Preferred Units in the same manner as that set forth above for delivery of the Notice of Redemption.  At any time prior to the Specified Redemption Date for any Redemption, any holder may revoke its Notice of Redemption.
(e)    A Tendering Party shall have no right to receive distributions with respect to any Tendered Units (other than the Cash Amount) paid after delivery of the Notice of Redemption, whether or not the record date for such distribution precedes or coincides with such delivery of the Notice of Redemption.  If the Partnership elects to redeem any number of Tendered Units for cash, the Cash Amount for such number of Tendered Units shall be delivered as a certified check payable to the Tendering Party or, in the General Partner's sole and absolute discretion, in immediately available funds.
(f)    Notwithstanding the provisions of this Section 6, the Previous General Partner shall not, under any circumstances, elect to acquire Tendered Units in exchange for REIT Shares if such exchange would be prohibited under the Charter.
(g)    Notwithstanding anything herein to the contrary, with respect to any Redemption pursuant to this Section 6:
(1)    All Preferred Units acquired by the Previous General Partner for REIT Shares pursuant to this Section 6 hereof shall be contributed by the Previous General Partner to either or both of the General Partner and the Special Limited Partner in such proportions as the Previous General Partner, the General Partner and the Special Limited Partner shall determine.  Any Preferred Units so contributed to the General Partner shall automatically, and without further action required, be converted into and deemed to be a General Partner Interest comprised of number of Partnership Common Units equal to the number of REIT Shares issued in exchange for such Preferred Units.  Any Preferred Units so contributed to the Special Limited Partner shall automatically, and without further action required, be converted into a number of Partnership Common Units equal to the number of REIT Shares issued in exchange for such Preferred Units.
(2)    Subject to the Ownership Limit, no Tendering Party may effect a Redemption for less than five hundred (500) Preferred Units or, if such Tendering Party holds (as a Limited Partner or, economically, as an Assignee) less than five hundred (500) Preferred Units, all of the Preferred Units held by such Tendering Party.
(3)    No Tendering Party may (A) effect a Redemption more than once in any fiscal quarter of a Twelve-Month Period or (B) effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the record date established by the Previous General Partner for a distribution to its stockholders of some or all of its portion of such Partnership distribution.
(4)    The consummation of such Redemption shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
(5)    The Tendering Party shall continue to own (subject, in the case of an Assignee, to the provision of Section 11.5 of the Agreement) all Preferred Units subject to any Redemption, and be treated as a Limited Partner or an Assignee, as applicable, with respect to such Preferred Units for all purposes of the Agreement, until such Preferred Units are either paid for by the Partnership pursuant to this Section 6 or transferred to the Previous General Partner (or directly to the General Partner or Special Limited Partner) and paid for, by the issuance of REIT Shares, pursuant to this Section 6 on the Specified Redemption Date.  Until a Specified Redemption Date and an acquisition of the Tendered Units by the Previous General Partner pursuant to 

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this Section 6, the Tendering Party shall have no rights as a stockholder of the Previous General Partner with respect to the REIT Shares issuable in connection with such acquisition.
For purposes of determining compliance with the restrictions set forth in this Section 6(h), all Partnership Common Units and Partnership Preferred Units, including Preferred Units, beneficially owned by a Related Party of a Tendering Party shall be considered to be owned or held by such Tendering Party.
(h)    In connection with an exercise of Redemption rights pursuant to this Section 6, the Tendering Party shall submit the following to the General Partner, in addition to the Notice of Redemption:
(1)    A written affidavit, dated the same date as the Notice of Redemption, (A) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares and any other classes or shares of the Previous General Partner by (i) such Tendering Party and (ii) any Related Party and (B) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares or other shares of the Previous General Partner in excess of the Ownership Limit;
(2)    A written representation that neither the Tendering Party nor any Related Party has any intention to acquire any additional REIT Shares or any other class of shares of the Previous General Partner prior to the closing of the Redemption on the Specified Redemption Date; and
(3)    An undertaking to certify, at and as a condition to the closing of the Redemption on the Specified Redemption Date, that either (A) the actual and constructive ownership of REIT Shares or any other class of shares of the Previous General Partner by the Tendering Party and any Related Party remain unchanged from that disclosed in the affidavit required by Section 6(i)(1), or (B) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares or other shares of the Previous General Partner in violation of the Ownership Limit.
(i)    On or after the Specified Redemption Date, each holder of Preferred Units shall surrender to the Partnership the certificate evidencing such holder's Preferred Units, at the address to which a Notice of Redemption is required to be sent.  Upon such surrender of a certificate, the Partnership shall thereupon pay the former holder thereof the applicable Cash Amount and/or deliver REIT Shares for the Preferred Units evidenced thereby.  From and after the Specified Redemption Date (i) distributions with respect to the Preferred Units shall cease to accumulate, (ii) the Preferred Units shall no longer be deemed outstanding, (iii) the holders thereof shall cease to be Partners to the extent of their interest in such Preferred Units, and (iv) all rights whatsoever with respect to the Preferred Units shall terminate, except the right of the holders of the Preferred Units to receive the Cash Amount and/or REIT Shares therefor, without interest or any sum of money in lieu of interest thereon, upon surrender of their certificates therefor.
(j)    Notwithstanding the provisions of this Section 6, the Tendering Parties shall have no rights under the Agreement that would otherwise be prohibited under the Charter.  To the extent that any attempted Redemption would be in violation of this Section 6(k), it shall be null and void ab initio, and the Tendering Party shall not acquire any rights or economic interests in REIT Shares otherwise issuable by the Previous General Partner hereunder.
(k)    If, at any time, after a partial redemption of Preferred Units, there are fewer than 68,000 Preferred Units outstanding, the Partnership shall have the right, but not the obligation, to redeem all outstanding Preferred Units by treating each holder of Preferred Units as a Tendering Party who has delivered a Notice of Redemption pursuant to this Section 6 for all of such holder’s Preferred Units, by notice to such holder that the Partnership has elected to exercise its rights under this Section 6(l).  Such notice given by the General Partner to a holder of Preferred Units pursuant to this Section 6(l) shall be treated as if it were a Notice of Redemption delivered to the General Partner by such holder.  For purposes of this Section 6(l), (i) any holder of Preferred Units (whether or not eligible to be a Tendering Party) may, in the General Partner's sole and absolute discretion, be treated as a Tendering Party and (ii) the provisions of Sections 6(g)(2) and 6(g)(3) hereof shall not apply, but the remainder of this Section shall apply, mutatis mutandis.
7.    Status of Reacquired Units.
All Preferred Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed cancelled and no longer outstanding.

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8.    General.
The ownership of the Preferred Units shall be evidenced by one or more certificates in the form of Annex II hereto.  The General Partner shall amend Exhibit A to the Agreement from time to time to the extent necessary to reflect accurately the issuance of, and subsequent redemption, or any other event having an effect on the ownership of, the Class Ten Partnership Preferred Units.
9.    Allocations of Income and Loss.
Subject to the terms of Section 5 hereof, for each taxable year, (a) each holder of Preferred Units will be allocated, to the extent possible, net income of the Partnership in an amount equal to the distributions made on such holder's Preferred Units during such taxable year, and (b) each holder of Preferred Units will be allocated its pro rata share, based on the portion of outstanding Preferred Units held by it, of any net loss of the Partnership that is not allocated to holders of Partnership Common Units or other interests in the Partnership.
10.    Voting Rights.
The holders of the Preferred Units will not have any voting or approval rights, except (a) as required by applicable law or in the Agreement, and (b) as long as any Preferred Units are outstanding, in addition to any other vote or consent of partners required by law or by the Agreement, the affirmative vote or consent of holders of at least 50% of the outstanding Preferred Units will be necessary for effecting any amendment of any of the provisions of this Partnership Unit Designation that materially and adversely affects the rights or preferences of the holders of the Preferred Units.  The creation or issuance of any class or series of Partnership units, including, without limitation, any Partnership units that may have rights junior to or, on a parity with, the Preferred Units, will not be deemed to have a material adverse effect on the rights or preferences of the holders of Preferred Units.   The issuance of any additional Class Ten Partnership Preferred Units after the date of initial issuance shall be deemed to have a material adverse effect on the rights of holders of Class Ten Partnership Preferred Units, and shall require the affirmative vote or consent of the holders of at least 50% of the outstanding Class Ten Partnership Preferred Units.  With respect to the exercise of the above described voting rights, each Preferred Unit will have one (1) vote per Preferred Unit. 
11.    Restrictions on Transfer.
Preferred Units are subject to the same restrictions on transfer as are, and the holders of Preferred Units shall be entitled to the same rights of transfer as are, applicable to Common Units as set forth in the Agreement.

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ANNEX I 
TO EXHIBIT AA

NOTICE OF REDEMPTION
To:    AlMCO Properties, L.P. 
c/o AIMCO-GP, Inc,
4582 South Ulster Street
Suite 1100
Denver, Colorado 80237
Attention: Investor Relations

The undersigned Limited Partner or Assignee hereby tenders for redemption Class Ten Partnership Preferred Units in AIMCO Properties, L.P. in accordance with the terms of the Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of July 29, 1994, as it may be amended and supplemented from time to time (the "Agreement"). All capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto in the Partnership Unit Designation of the Class Ten Partnership Preferred Units. The undersigned Limited Partner or Assignee:
(a)    if the Partnership elects to redeem such Class Ten Partnership Preferred Units for REIT Shares or Class A Preferred Shares rather than cash, hereby irrevocably transfers, assigns, contributes and sets over to Previous General Partner all of the undersigned Limited Partner's or Assignee's right, title and interest in and to such Class Ten Partnership Preferred Units;
(b)    undertakes (i) to surrender such Class Ten Partnership Preferred Units and any certificate therefor  at the closing of the Redemption contemplated hereby and (ii) to furnish to Previous General Partner, prior to the Specified Redemption Date:
(1)         A written affidavit, dated the same date as this Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) the undersigned Limited Partner or Assignee and (ii) any Related Party and (b) representing that, after giving effect to the Redemption, neither the undersigned Limited Partner or Assignee nor any Related Party will own REIT Shares in excess of the Ownership Limit;
(2)    A written representation that neither the undersigned Limited Partner or Assignee nor any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Redemption contemplated hereby on the Specified Redemption Date; and
(3)     An undertaking to certify, at and as a condition to the closing of the Redemption contemplated hereby on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the undersigned Limited Partner or Assignee and any Related Party remain unchanged from that disclosed in the affidavit required by paragraph (I) above, or (b) after giving effect to the Redemption contemplated hereby, neither the undersigned Limited Partner or Assignee nor any Related Party shall own REIT Shares in violation of the Ownership Limit.
(c)    directs that the certificate representing the RElT Shares or Class A Preferred  Shares, or the certified check representing the Cash Amount, in either case, deliverable upon the closing of the Redemption contemplated hereby be delivered to the address specified below;

AA-I-1

(d)    represents, warrants, certifies and agrees that:
(i)     the undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, good, marketable and unencumbered title to such Preferred Units, free and clear of the rights or interests of any other person or entity;
 (ii)     the undersigned  Limited Partner or Assignee has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such Preferred Units as provided herein; and
(iii)     the undersigned Limited Partner or Assignee has obtained the consent or approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender.

Dated:    ___________________
Name of Limited Partner or Assignee:                

_______________________________________            
(Signature of Limited Partner or Assignee)
                            

_______________________________________
(Street Address)

________________________________________                                        (City)                                   (State)      (Zip Code)

(continued on the next page)

AA-I-2

Issue check payable to
or Certificates in the 
name of:                    ____________________________________________

Please insert social security
or identifying number:            ____________________________________________             

Signature Guaranteed by:

_______________________________

NOTICE: THE SIGNATURE OF THIS NOTICE OF REDEMPTION MUST  CORRESPOND WITH THE NAME(S) AS WRITTEN UPON  THE FACE OF THE  CERTIFICATE FOR THE CLASS  TEN  PREFERRED UNITS  WHICH  ARE BEING  REDEEMED IN EVERY  PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

THE SIGNATURE SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS), WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM PURSUANT TO SEC RULE l7Ad-15.

AA-I-3

ANNEX II
TO EXHIBIT AA

FORM OF UNIT CERTIFICATE 
OF
CLASS TEN PARTNERSHIP PREFERRED UNITS

THE SECURITY EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ''ACT"), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE TRANSFEROR DELIVERS TO THE PARTNERSHIP AN OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP, IN FORM AND SUBSTANCE SATISFACTORY TO THE PARTNERSHIP, TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS.  IN ADDITION, THE LIMITED PARTNERSHIP INTEREST EVIDENCED BY THIS CERTIFICATE MAY BE SOLD OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFER SET FORTH IN THE AGREEMENT OF LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P., DATED AS OF JULY 29, 1994, AS IT MAY BE AMENDED AND/OR SUPPLEMENTED FROM TIME TO TIME, A COPY OF WHICH MAY BE OBTAINED FROM AIMCO-GP, INC., THE GENERAL PARTNER, AT ITS PRINCIPAL EXECUTIVE OFFICE.

Certificate Number_______

AIMCO PROPERTIES, L.P.
FORMED UNDER THE LAWS OF THE STATE OF DELAWARE

This certifies that ___________________________________________________________

is the owner of _____________________________________________________________

CLASS TEN PARTNERSHIP PREFERRED UNITS 
OF
AIMCO PROPERTIES, L.P.,

transferable on the books of the Partnership in person or by duly authorized attorney on the surrender of this Certificate properly endorsed.  This Certificate and the Class Ten Partnership Preferred Units represented hereby are issued and shall be held subject to all of the provisions of the Agreement of Limited Partnership of AIMCO Properties, L.P., as the same may be amended and/or supplemented from time to time.

IN WITNESS WHEREOF, the undersigned has signed this Certificate.

Dated:                             By:____________________________                        

AA-II-1

ASSIGNMENT

For Value Received, ________________________________________    hereby sells, assigns and transfers unto ____________________________________________________________Class Ten Partnership Preferred  Unit(s) represented by the within Certificate, and does hereby irrevocably constitute and appoint the General Partner of AIMCO Properties, L.P. as its Attorney to transfer said Class Ten Partnership Preferred Unit(s) on the books of AIMCO Prope1ties, L.P. with full power of substitution in the premises.

Dated:  ___________________
By: _____________________________
Name:

Signature Guaranteed by:

________________________________

NOTICE: THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

THE SIGNATURE SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS), WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM PURSUANT TO SEC RULE I7AD-15.

AA-II-2EX-4.1

 Exhibit 4.1 

BOSTON PROPERTIES LIMITED PARTNERSHIP 

ISSUER 
 to 

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

TRUSTEE 
  

 
 Supplemental
Indenture No. 16 
 Dated as of August 17, 2016 
  

 
 $1,000,000,000

 of 
 2.750% Senior Notes due
2026 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE ONE RELATION TO SENIOR INDENTURE; DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1.
	 	 Relation to Senior Indenture
	  	 	1	  
			
	 SECTION 1.2.
	 	 Definitions
	  	 	2	  
		
	 ARTICLE TWO THE NOTES
	  	 	10	  
			
	 SECTION 2.1.
	 	 Title of the Securities
	  	 	10	  
			
	 SECTION 2.2.
	 	 Limitation on Initial Aggregate Principal Amount; Further Issuances
	  	 	10	  
			
	 SECTION 2.3.
	 	 Interest and Interest Rates; Maturity Date of Notes
	  	 	11	  
			
	 SECTION 2.4.
	 	 Limitations on Incurrence of Debt
	  	 	11	  
			
	 SECTION 2.5.
	 	 Optional Redemption
	  	 	13	  
			
	 SECTION 2.6.
	 	 Places of Payment
	  	 	13	  
			
	 SECTION 2.7.
	 	 Method of Payment
	  	 	13	  
			
	 SECTION 2.8.
	 	 Currency
	  	 	13	  
			
	 SECTION 2.9.
	 	 Global Form
	  	 	14	  
			
	 SECTION 2.10.
	 	 Form of Notes and Execution
	  	 	14	  
			
	 SECTION 2.11.
	 	 Transfer and Exchange
	  	 	14	  
			
	 SECTION 2.12.
	 	 General Provisions Relating to Transfers and Exchanges
	  	 	15	  
			
	 SECTION 2.13.
	 	 Registrar and Paying Agent
	  	 	16	  
			
	 SECTION 2.14.
	 	 Defeasance
	  	 	16	  
			
	 SECTION 2.15.
	 	 Provision of Financial Information
	  	 	16	  
			
	 SECTION 2.16.
	 	 Waiver of Certain Covenants
	  	 	17	  
			
	 SECTION 2.17.
	 	 No Sinking Fund
	  	 	17	  
			
	 SECTION 2.18.
	 	 No Repayment at Option of Holders
	  	 	17	  
			
	 SECTION 2.19.
	 	 Designation of CBD Properties
	  	 	17	  
			
	 SECTION 2.20.
	 	 Designation of CBD Markets
	  	 	17	  
			
	 SECTION 2.21.
	 	 Limitation on Suits
	  	 	18	  
		
	 ARTICLE THREE MISCELLANEOUS PROVISIONS
	  	 	18	  
			
	 SECTION 3.1.
	 	 Ratification of Senior Indenture
	  	 	18	  
			
	 SECTION 3.2.
	 	 Governing Law
	  	 	18	  
			
	 SECTION 3.3.
	 	 Counterparts
	  	 	19	  
			
	 SECTION 3.4.
	 	 Trustee
	  	 	19	  

							
	 SECTION 3.5.
	 	 Corporate Trust Office
	  	 	19	  
			
	 SECTION 3.6.
	 	 Failure or Delay in Performance
	  	 	19	  
			
	 SECTION 3.7.
	 	 WAIVER OF JURY TRIAL
	  	 	19	  
			
	 SECTION 3.8.
	 	 No Consequential Damages
	  	 	19	  
			
	 SECTION 3.9.
	 	 Electronic Notices
	  	 	20	  
			
	 SECTION 3.10.
	 	 Submission to Jurisdiction
	  	 	20	  
			
	 SECTION 3.11.
	 	 FATCA
	  	 	20	  
			
	 SCHEDULE A
	 	 CBD Properties
	  	 	SC-A-1	  
	 SCHEDULE B
	 	 CBD Markets
	  	 	SC-B-1	  
	 EXHIBIT A
	 	 Form of Note
	  	 	A-1	  
	 EXHIBIT B
	 	 Form of Officers’ Certificate
	  	 	B-1	  
	 EXHIBIT C
	 	 Form of Officers’ Certificate
	  	 	C-1	  

  
 ii 

 THIS SUPPLEMENTAL INDENTURE NO. 16, dated as of August 17, 2016 (the “Sixteenth
Supplemental Indenture”), between BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee
(herein called the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company has heretofore delivered to the Trustee an Indenture dated as of December 13, 2002 (the “Senior
Indenture” and together with the Sixteenth Supplemental Indenture, the “Indenture”), providing for the issuance by the Company from time to time of its senior debt securities evidencing its unsecured and unsubordinated
indebtedness (the “Securities”). 
 WHEREAS, Section 3.01 of the Senior Indenture provides for various matters with
respect to any series of Securities issued under the Senior Indenture to be established in an indenture supplemental to the Senior Indenture. 

WHEREAS, Section 9.01(7) of the Senior Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the
Senior Indenture to establish the form or terms of Securities of any series as provided by Sections 2.01 and 3.01 of the Senior Indenture. 

WHEREAS, the Board of Directors of Boston Properties, Inc. (“Boston Properties”), the general partner of the Company, has
duly adopted resolutions authorizing the Company to execute and deliver this Sixteenth Supplemental Indenture; and 
 WHEREAS, all of the
conditions and requirements necessary to make this Sixteenth Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and
fulfilled. 
 NOW, THEREFORE, THIS SIXTEENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the series of Securities provided for herein by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such series, as follows: 
 ARTICLE
ONE 
 RELATION TO SENIOR INDENTURE; DEFINITIONS 
  

	 	SECTION 1.1.	Relation to Senior Indenture. 

 This Sixteenth Supplemental Indenture constitutes an
integral part of the Senior Indenture. 

	 	SECTION 1.2.	Definitions. 

 For all purposes of this Sixteenth Supplemental Indenture, except as
otherwise expressly provided for or unless the context otherwise requires: 
 (1) Capitalized terms used but not defined
herein shall have the respective meanings assigned to them in the Senior Indenture; and 
 (2) All references herein to
Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Sixteenth Supplemental Indenture. 

“Annualized Consolidated EBITDA” means, for any quarter, the product of Consolidated EBITDA for such period of time
multiplied by four (4). 
 “Annualized Interest Expense” means, for any quarter, the Interest Expense for that quarter
multiplied by four (4). 
 “Another Person’s Share” means, in connection with the defined term “Contingent
Liabilities of Boston Properties Limited Partnership and Subsidiaries”, (1) the aggregate direct and indirect interests of each Person other than the Company or any of its Subsidiaries in the equity capital of the applicable
Partially-Owned Entity, calculated by subtracting from 100% the Percentage Interest with respect to such Partially-Owned Entity, or (2) in the case of reimbursement owed to the Company or any of its Subsidiaries by a third party in respect of
payment made under a guaranty, the amount to be reimbursed to the Company or any of its Subsidiaries by such third party. 

“Applicable Procedures” means, with respect to any transfer or exchange of beneficial interests in any Global Note, the rules
and procedures of the Depositary that apply to such transfer or exchange. 
 “Capitalization Rate” means: (i) 9.0% for
properties other than the CBD Properties, and (ii) 8.0% for properties which are CBD Properties. 
 “Capitalized Property
Value” means, as of any date, the sum of (1) with respect to CBD Properties and non-CBD Properties, in each case that are not hotel properties, the aggregate sum of all Property EBITDA for each such CBD Property and non-CBD Property
for the Latest Completed Quarter prior to such date, annualized (i.e., multiplied by four (4)), and capitalized at the applicable Capitalization Rate plus (2) with respect to CBD Properties and non-CBD Properties, in each case that are
hotel properties, the aggregate sum of all Property EBITDA for each such CBD Property and non-CBD Property for the most recent four (4) consecutive completed fiscal quarters, capitalized at the applicable Capitalization Rate; provided,
however, that if the value of a particular property calculated pursuant to clause (1) or (2) above, as applicable, is less than the undepreciated book value of such property, as determined in accordance with GAAP, such undepreciated
book value shall be used in lieu thereof with respect to such property. 
 “CBD Properties” means each of the properties
set forth on Schedule A attached hereto, together with each additional property which is, from time to time, determined in good faith by the Company to be located within the central business district of a CBD Market and designated by the
Company as a CBD Property in accordance with Section 2.19 hereof. 

  
 2 

 “CBD Markets” means each of the markets set forth on Schedule B attached
hereto, together with each additional major U.S. or international metropolitan market which is, from time to time, designated by the Company as a CBD Market in accordance with Section 2.20 hereof. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes to the Par Call Date that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes to the Par Call Date. 
 “Comparable Treasury Price” means, with respect to any
Redemption Date, (a) the bid price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) at 4:00 P.M. on the third business day preceding such Redemption Date, as set forth on “Reuters Page 500” (or
such other page as may replace Reuters Page 500), or (b) if such page (or any successor page) is not displayed or does not contain such bid prices at such time (i) the average of the Reference Treasury Dealer Quotations obtained by the
Trustee for such Redemption Date, after excluding the highest and lowest of four such Reference Treasury Dealer Quotations, or (ii) if the Trustee is unable to obtain at least four such Reference Treasury Dealers Quotations, the average of all
Reference Treasury Dealer Quotations obtained by the Trustee. 
 “Consolidated EBITDA” means, for any period of time,
without duplication (1) net income (loss), excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) Interest Expense, (ii) taxes, (iii) depreciation, amortization, net derivative
losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, (v) non-recurring items, as determined in good faith by the Company (including all
prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), and
(vi) noncontrolling interest, of the Company and its Subsidiaries; plus (2) the product of (A) net income (loss), excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for
(i) interest expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary
items, and (v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition,
recapitalization or similar transaction (regardless of whether such transaction is completed)), of Partially-Owned Entities, multiplied by (B) the Company’s and its Subsidiaries’ percentage share of such Partially-Owned Entities;
minus (3) the Company’s income (loss) from Partially-Owned Entities. In each of cases (1), (2) and (3) for such period, amounts shall be as reasonably determined by the Company in accordance with GAAP, except to the extent
GAAP is not applicable with respect to the determination of all non-cash and non-recurring items. Consolidated EBITDA shall be adjusted, without duplication, to give pro forma effect: (x) in the case of any assets having been placed-in-service
or removed from service since 

  
 3 

 
the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Consolidated EBITDA earned or eliminated as a result of the placement of
such assets in service or removal of such assets from service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and (y) in the case of any acquisition or disposition of
any asset or group of assets since the beginning of the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or exclude, as the case may be, any Consolidated
EBITDA earned or eliminated as a result of the acquisition or disposition of those assets as if the acquisition or disposition occurred at the beginning of the period. 

“Consolidated Financial Statements” means, with respect to any Person, collectively, the consolidated financial statements
and notes to those financial statements, of that Person and its subsidiaries prepared in accordance with GAAP. For purposes of this definition, if as of any date or for any period actual consolidated financial statements of any Person have not been
prepared, then this term shall include the books and records of that Person ordinarily used in the preparation of such financial statements. 

“Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries” means, as of any date, without
duplication, those liabilities of the Company or any of its Subsidiaries consisting of indebtedness for borrowed money, as determined in accordance with GAAP, that are or would be stated and quantified as contingent liabilities in the notes to the
Consolidated Financial Statements of the Company as of that date; provided, however, that Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries shall exclude Intercompany Debt and Another Person’s Share
of Duplicated Obligations. 
 “Debt” means, as of any date, without duplication, (1) in the case of the Company, all
indebtedness and liabilities for borrowed money, secured or unsecured, of the Company, including the Notes to the extent outstanding from time to time; (2) in the case of the Company’s Subsidiaries, all indebtedness and liabilities for
borrowed money, secured or unsecured, of the Subsidiaries, including in each of cases (1) and (2) mortgage and other notes payable, but excluding in each of cases (1) and (2) any indebtedness, including mortgages and other notes
payable, which is secured by cash, cash equivalents or marketable securities or defeased (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with respect to third party indebtedness; provided
that such trustee holds such cash for not more than 60 days from the date of deposit); and (3) all Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries, but excluding in each of cases (1), (2) and
(3) Intercompany Debt. It is understood that Debt shall not include any redeemable equity interest in the Company. 

“Defaulted Interest” has the meaning specified in Section 2.3 hereof. 

“Definitive Note” means a certificated Note in the form of Exhibit A hereto, registered in the name of the Holder
thereof and issued in accordance with Section 2.11 hereof, except that such Note shall not bear the Global Note Legend. 

“Depositary” has the meaning assigned to it in Section 2.9(a) hereof. 

  
 4 

 “Duplicated Obligations” means, as of any date, collectively, all those payment
guaranties in respect of indebtedness and other liabilities, secured or unsecured, of Partially-Owned Entities, including mortgage and other notes payable, for which (1) the Company or any of its Subsidiaries, on one hand, and another Person or
Persons, on the other hand, are jointly and severally liable or (2) the Company or any of its Subsidiaries are entitled to reimbursement in respect of payment under such guaranties from another Person or Persons. 

“GAAP” means accounting principles generally accepted in the United States of America, consistently applied, as in effect
from time to time; provided that if, as of a particular date as of which compliance with the covenants contained in the Indenture is being determined, there have been changes in accounting principles generally accepted in the United States of
America from those that applied to the consolidated financial statements of the Company included in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, the Company may, in its sole discretion, determine compliance with the
covenants contained in the Indenture using accounting principles generally accepted in the United States of America, consistently applied, as in effect as of the end of any calendar quarter selected by the Company, in its sole discretion, that is on
or after June 30, 2016 and prior to the date as of which compliance with the covenants in the Indenture is being determined (“Fixed GAAP”), and, solely for purposes of calculating the covenants as of such date, “GAAP”
shall mean Fixed GAAP. 
 “Global Notes” means, individually or collectively, any of the Notes issued as Global Securities
under the Senior Indenture. 
 “Global Note Legend” means the legend set forth in Section 2.03 of the Senior
Indenture, which is required to be placed on all Global Notes issued under the Senior Indenture. 
 “Holders” has the
meaning specified in Section 2.3 hereof. 
 “Incur” means, with respect to any Debt or other obligation of any Person,
to create, assume, guarantee or otherwise become liable in respect of the Debt or other obligation, and “Incurrence” and “Incurred” have the meanings correlative to the foregoing. 

“Independent Investment Banker” means such independent investment banking institution of national standing appointed by the
Company from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note
through a Participant. 
 “Intercompany Debt” means, as of any date, indebtedness and liabilities for borrowed money,
secured or unsecured, to which the only parties are Boston Properties, the Company, any Subsidiary of either of them as of that date or any Partially-Owned Entity. 

“Interest Expense” means, for any period of time, the aggregate amount of interest recorded in accordance with GAAP for such
period of time by the Company and its Subsidiaries, but excluding: (i) interest reserves funded from the proceeds of any loan; (ii) amortization of deferred financing costs; (iii) prepayment penalties and (iv) non-cash
swap ineffectiveness charges and including, without duplication: (A) effective interest in respect of original issue discount as determined in accordance with GAAP; and (B) without limitation or duplication, the

  
 5 

 
interest expense (determined as provided above) of Partially-Owned Entities, multiplied by the Company’s Percentage Interest of the Partially-Owned Entity Outstanding Debt in such
Partially-Owned Entities, in all cases as reflected in the applicable Consolidated Financial Statements. 
 “Interest Payment
Date” has the meaning specified in Section 2.3 hereof. 
 “Latest Completed Quarter” means the most recently
ended fiscal quarter of the Company for which Consolidated Financial Statements of the Company have been completed, it being understood that at any time when the Company is subject to the informational requirements of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and in accordance therewith files annual and quarterly reports with the Commission, the term “Latest Completed Quarter” shall be deemed to refer to the fiscal quarter covered by the
Company’s most recently filed Quarterly Report on Form 10-Q, or, in the case of the last fiscal quarter of the year, the Company’s Annual Report on Form 10-K. 

“Lien” means, without duplication, any lien, mortgage, trust deed, deed of trust, deed to secure debt, pledge, security
interest, assignment for collateral purposes, deposit arrangement, or other security agreement, excluding any right of setoff but including, without limitation, any conditional sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing, and any other like agreement granting or conveying a security interest; provided, that for purposes hereof, “Lien” shall not include any mortgage that has been defeased
by the Company, any of its Subsidiaries or any of the Partially-Owned Entities in accordance with the provisions thereof through the deposit of cash, cash equivalents or marketable securities (it being understood that cash collateral shall be deemed
to include cash deposited with a trustee with respect to third party indebtedness). 
 “Notes” has the meaning specified in
Section 2.1 hereof. 
 “Par Call Date” means July 1, 2026 (three months prior to the Stated Maturity Date). 

“Partially-Owned Entity” means, at any time, any of the partnerships, associations, corporations, limited liability
companies, trusts, joint ventures or other business entities in which the Company, directly, or indirectly through full or partial ownership of another entity, owns an equity interest, but which is not required in accordance with GAAP to be
consolidated with the Company for financial reporting purposes. 
 “Partially-Owned Entity Outstanding Debt” means, as of
any date, the aggregate principal amount of all outstanding indebtedness and liabilities for borrowed money, secured or unsecured, of the applicable Partially-Owned Entity, including mortgage and other notes payable but excluding Intercompany Debt
and any indebtedness which is secured by cash, cash equivalents or marketable securities or defeased (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with respect to third party indebtedness), all as
reflected in the Consolidated Financial Statements of such Partially-Owned Entity as of such date. 

  
 6 

 “Participant” means, with respect to the Depositary, a Person who has an account
with the Depositary, as the case may be (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Percentage Interest” means, with respect to a Partially-Owned Entity, the Company’s direct or indirect interest in the
equity capital of such entity without giving effect to any incentive or performance-based sharing in the entity’s cash flow from operations or proceeds from capital transactions in excess of such equity interest. 

“Property EBITDA” means for any property, CBD Property or non-CBD Property, for any period of time, without duplication,
(1) if the property is owned by the Company or any of its Subsidiaries, the net income (loss) derived from such property, excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) Interest
Expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items,
(v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or
similar transaction (regardless of whether such transaction is completed)), and (vi) noncontrolling interest, and (2) if the property is owned by a Partially-Owned Entity, the product of (A) net income (loss) derived from such
property, excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) interest expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items,
as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, and (v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or
fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), multiplied by (B) the Company’s and its
Subsidiaries’ percentage share of such Partially-Owned Entity. In each of cases (1) and (2) for such period, amounts shall be as reasonably determined by the Company in accordance with GAAP, except to the extent GAAP is not applicable
with respect to the determination of all non-cash and non-recurring items. Property EBITDA shall be adjusted, without duplication, to give pro forma effect: (x) in the case of any assets having been placed-in-service or removed from service
since the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Property EBITDA earned or eliminated as a result of the placement of such assets in service or removal of such assets from
service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and (y) in the case of any acquisition or disposition of any asset or group of assets since the beginning of
the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or exclude, as the case may be, any Property EBITDA earned or eliminated as a result of the acquisition
or disposition of those assets as if the acquisition or disposition occurred at the beginning of the period. For purposes of this definition, in the case of (1) and (2) above, Property EBITDA shall exclude general and administrative
expenses as reflected in the Company’s audited year-end Consolidated Financial Statements or reviewed interim Consolidated Financial Statements available for the Latest Completed Quarter or the most recent four (4) consecutive completed
fiscal quarters, as applicable. 

  
 7 

 “Reference Treasury Dealer” means, as determined by the Company, either
(a) Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments,
Inc. (or any of their respective successors) and one other primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”) appointed by the Company or (b) one Primary Treasury Dealer appointed by the
Company and three other Primary Treasury Dealers selected by the Independent Investment Banker; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another
Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date for the Notes, an average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed in each case as a percentage of its principal amount) quoted in writing to the
Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such Redemption Date. 

“Regular Record Date” has the meaning specified in Section 2.3 hereof. 

“Secured Debt” means, as of any date, that portion of Total Outstanding Debt as of that date that is secured by a Lien on
properties or other assets of the Company, any of its Subsidiaries or any of the Partially-Owned Entities. 
 “Securities
Act” means the Securities Act of 1933, as amended from time to time. 
 “Special Record Date” has the meaning
specified in Section 2.3 hereof. 
 “Stated Maturity Date” has the meaning specified in Section 2.3 hereof. 

“Subsidiary” means, with respect to any Person, a corporation, partnership association, joint venture, trust, limited
liability company or other business entity which is required to be consolidated with the Company or Boston Properties in accordance with GAAP. 

“Total Assets” means, with respect to any Incurrence of Debt or Secured Debt, as of any date, in each case as determined by
the Company without duplication, the sum of: (1) Capitalized Property Value; (2) cash, cash equivalents and marketable securities of the Company and its Subsidiaries, determined in accordance with GAAP; (3) with respect to notes
receivable and mortgages, the lesser of (i) the aggregate amount of principal under such note or mortgage that will be due and payable to the Company or its Subsidiaries and (ii) the purchase price paid by the Company or its Subsidiaries
to acquire such note or mortgage; (4) with respect to real estate assets which are undeveloped land, the book value thereof in accordance with GAAP; (5) without duplication, the cost basis of properties of the Company and its Subsidiaries
that are under development, determined in accordance with GAAP, as of the end of the quarterly period used for purposes of clause (1) above; (6) without duplication, the proceeds of the Debt or Secured Debt or the assets to be acquired in
exchange for such proceeds, as the case may be, Incurred from the end of the Latest Completed Quarter prior to the Incurrence of the Debt or Secured Debt, as the case may be, to the date of determination; and (7) the Company’s and its
Subsidiaries’ percentage share of Partially-Owned Entities’ assets described in clauses (1), (2), (3), (4), (5) and (6) above. 

  
 8 

 “Total Outstanding Debt” means, as of any date, the sum, without duplication, of
(1) the aggregate principal amount of all outstanding Debt of the Company as of that date; (2) the aggregate principal amount of all outstanding Debt of the Company’s Subsidiaries, all as of that date; and (3) the sum of the
aggregate principal amount of all Partially-Owned Entity Outstanding Debt of each of the Partially-Owned Entities multiplied by the Company’s respective Percentage Interest in such Partially-Owned Entity as of that date. 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Unencumbered Assets”
means, as of any date, in each case as determined by the Company without duplication, the sum of: (1) Unencumbered Capitalized Property Value; (2) cash, cash equivalents and marketable securities of the Company and its Subsidiaries, other
than restricted cash, cash equivalents and marketable securities pledged to secure Debt, determined in accordance with GAAP; (3) with respect to notes receivable and mortgages, the lesser of (i) the aggregate amount of principal under such
note or mortgage that will be due and payable to the Company or its Subsidiaries and (ii) the purchase price paid by the Company or its Subsidiaries to acquire such note or mortgage, except any notes receivable or mortgages that are serving as
collateral for Secured Debt; (4) with respect to real estate assets which are undeveloped land, the book value thereof in accordance with GAAP, except any land that is serving as collateral for Secured Debt; (5) without duplication, the
cost basis of properties of the Company and its Subsidiaries that are under development, determined in accordance with GAAP, as of the end of the quarterly period used for purposes of clause (1) above, except any properties that are serving as
collateral for Secured Debt; (6) without duplication, the proceeds of the Debt or Secured Debt or the assets to be acquired in exchange for such proceeds, as the case may be, Incurred from the end of the Latest Completed Quarter prior to such
date to the date of determination, except in each case any proceeds or assets that are serving as collateral for Secured Debt; and (7) the Company’s and its Subsidiaries’ percentage share, of Partially-Owned Entities’ assets
described in clauses (1), (2), (3), (4), (5) and (6) above. For the avoidance of doubt, cash held by a “qualified intermediary” in connection with proposed like-kind exchanges pursuant to Section 1031 of the Internal Revenue
Code of 1986, as amended (the “Code”), which may be classified as “restricted” for GAAP purposes shall nonetheless be included in clause (2) above, so long as the Company or any of its Subsidiaries has the right to
(i) direct the qualified intermediary to return such cash to the Company or such Subsidiary if and when the Company or such Subsidiary fails to identify or acquire the proposed like-kind property or at the end of the 180-day replacement period
or (ii) direct the qualified intermediary to use such cash to acquire like-kind property. 
 “Unencumbered Capitalized Property
Value” means, as of any date, the sum of (1) with respect to CBD Properties and non-CBD Properties, in each case that are not hotel properties, the aggregate of all Unencumbered Property EBITDA for each such CBD Property and non-CBD

  
 9 

 
Property for the Latest Completed Quarter prior to such date, annualized (i.e., multiplied by four (4)), and capitalized at the applicable Capitalization Rate plus, (2) with respect
to CBD Properties and non-CBD Properties, in each case that are hotel properties, the aggregate of all Unencumbered Property EBITDA for each such CBD Property and non-CBD Property for the most recent four
(4) consecutive completed fiscal quarters, capitalized at the applicable Capitalization Rate; provided, however, that if the value of a particular property calculated pursuant to clause (1) or (2) above, as applicable,
is less than the undepreciated book value of such property determined in accordance with GAAP, such undepreciated book value shall be used in lieu thereof with respect to such property. 

“Unencumbered Consolidated EBITDA” means, for any period of time, Consolidated EBITDA for such period of time less any
portion thereof attributable to assets serving as collateral for Secured Debt. 
 “Unencumbered Property EBITDA” means, for
any period of time, Property EBITDA for such period of time less any portion thereof attributable to assets serving as collateral for Secured Debt. 

“Unsecured Debt” means, as of any date, that portion of Total Outstanding Debt as of that date that is neither Secured Debt
nor Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries. 
 ARTICLE TWO 

THE NOTES 
  

	 	SECTION 2.1.	Title of the Securities. 

 There shall be a series of Securities designated the
“2.750% Senior Notes due 2026” (the “Notes”). 
  

	 	SECTION 2.2.	Limitation on Initial Aggregate Principal Amount; Further Issuances. 

 The aggregate
principal amount of the Notes initially shall be limited to $1,000,000,000. The Company may, from time to time, subject to Section 2.4 of this Sixteenth Supplemental Indenture and applicable law, create and issue additional Notes under this
Sixteenth Supplemental Indenture ranking equally and ratably with the outstanding Notes in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes or except for the first payment
of interest following the issue date of such additional Notes) without notice to or the consent of the Holders of outstanding Notes. The initially issued Notes and any additional Notes subsequently issued shall be consolidated and form a single
series with the outstanding Notes for all purposes of this Sixteenth Supplemental Indenture and shall have the same terms as to status, redemption or otherwise as the outstanding Notes. Any such additional Notes referred to in this Section 2.2
will be issued under a further supplemental indenture. 

  
 10 

 Nothing contained in this Section 2.2 or elsewhere in this Sixteenth Supplemental Indenture,
or in the Notes, is intended to or shall limit execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 3.03, 3.04, 3.05, 3.06, 9.06, 11.07 and 13.05 of the Senior Indenture.

  

	 	SECTION 2.3.	Interest and Interest Rates; Maturity Date of Notes. 

 (a) The Notes shall bear interest
at 2.750% per annum from August 17, 2016 or from the immediately preceding Interest Payment Date (as defined below) to which interest has been paid, payable semi-annually in arrears on April 1 and October 1 of each year,
commencing April 1, 2017 (each, an “Interest Payment Date”), to the persons (the “Holders”) in whose name the applicable Notes are registered in the Security Register at the close of business 15 calendar days
prior to such Interest Payment Date (regardless of whether such day is a Business Day, as defined below), as the case may be (each, a “Regular Record Date”). Interest on the Notes shall be computed on the basis of a 360-day year of
twelve 30-day months. Interest, if any, not punctually paid or duly provided for on any Interest Payment Date with respect to a Note (“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the applicable Regular
Record Date and may either be paid to the person in whose name such Note is registered at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the
Trustee, notice of which shall be given to the Holder of such Note not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner, as more particularly described in the Senior Indenture. 

(b) If any Interest Payment Date or Maturity falls on a day that is not a Business Day, the required payment shall be made on the next
Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Maturity, as the case may be. 

(c) The Notes shall mature on October 1, 2026 (the “Stated Maturity Date”). 

 

	 	SECTION 2.4.	Limitations on Incurrence of Debt. 

 In addition to the covenants set forth in Article
Ten of the Senior Indenture, there are established pursuant to Section 9.01(2) of the Senior Indenture the following covenants for the benefit of the Holders of the Notes and to which the Notes shall be subject: 

(a) The Company shall not, and shall not permit any Subsidiary to, Incur any Debt if, immediately after giving effect to the Incurrence of the
additional Debt and any other Debt Incurred since the end of the Latest Completed Quarter prior to the Incurrence of the additional Debt and the application of the net proceeds of the additional Debt and such other Debt, Total Outstanding Debt would
exceed 60% of the sum of (without duplication) (i) Total Assets as of the end of such Latest Completed Quarter and (ii) the purchase price of any mortgages receivable acquired, and the amount of any securities offering proceeds received
(to the extent that such proceeds were not used to acquire real estate assets for which the Capitalized Property Value is included in Total Assets as of the end of such Latest Completed Quarter (as a result of the penultimate sentence of the
definition of Property EBITDA or otherwise) or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such Latest Completed Quarter. 

  
 11 

 (b) The Company shall not, and shall not permit any Subsidiary to, Incur any Secured Debt if,
immediately after giving effect to the Incurrence of the additional Secured Debt and any other Secured Debt Incurred since the end of the Latest Completed Quarter prior to the Incurrence of the additional Secured Debt and the application of the net
proceeds of the additional Secured Debt and such other Secured Debt, the aggregate principal amount of all outstanding Secured Debt is greater than 50% of the sum of (without duplication) (i) Total Assets as of the end of such Latest Completed
Quarter and (ii) the purchase price of any mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets for which the Capitalized
Property Value is included in Total Assets as of the end of such Latest Completed Quarter (as a result of the penultimate sentence of the definition of Property EBITDA or otherwise) or mortgages receivable or used to reduce Debt), by the Company or
any Subsidiary since the end of such Latest Completed Quarter. 
 (c) The Company shall not, and shall not permit any Subsidiary to, Incur
any Debt if, immediately after giving effect to the Incurrence of the additional Debt, the ratio of Annualized Consolidated EBITDA for the Latest Completed Quarter prior to the Incurrence of the additional Debt, to Annualized Interest Expense for
that quarter would be less than 1.50 to 1.00 on a pro forma basis after giving effect to the Incurrence of the additional Debt and to the application of the net proceeds therefrom, and calculated on the assumption, without duplication, that:
(i) the additional Debt and any other Debt Incurred by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination, which was outstanding at the date of
determination, had been Incurred at the beginning of that period and continued to be outstanding throughout that period, and the application of the net proceeds of that Debt, including to refinance (1) Debt under any revolving credit facility
or (2) other Debt, had occurred at the beginning of that period; (ii) the repayment or retirement of any other Debt repaid or retired by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that
quarter to the date of determination occurred at the beginning of that period; provided that, except as set forth in clause (i) or (iii) of this Section 2.4(c), in determining the amount of Debt so repaid or retired, the amount
of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during that period; and (iii) in the case of any acquisition or disposition of any asset or group of assets or the placement of any
assets in service or removal of any assets from service by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination, including, without limitation, by merger, or
stock or asset purchase or sale, (1) the acquisition, disposition, placement in service or removal from service had occurred as of the first day of that period, with the appropriate adjustments to Annualized Consolidated EBITDA and Annualized
Interest Expense with respect to the acquisition, disposition, placement in service or removal from service being included in that pro forma calculation and (2) the application of the net proceeds from a disposition to repay or refinance Debt,
including, without limitation, Debt under any revolving credit facility, had occurred on the first day of that period. 

  
 12 

 (d) The Company and its Subsidiaries shall maintain at all times Unencumbered Assets of not less
than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Company and its Subsidiaries. 
  

	 	SECTION 2.5.	Optional Redemption. 

 The Notes shall be redeemable, at the option of the Company, in
whole at any time or in part from time to time, upon not less than 15 days but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be so redeemed, at a redemption price equal to (x) if the Notes
are redeemed prior to the Par Call Date, the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum of (A) the present values as of the Redemption Date of the remaining scheduled payments of principal
and interest that would have been payable in respect of such principal had such Notes matured on the Par Call Date and such redemption not been made (exclusive of any interest accrued and unpaid to the Redemption Date) discounted to the Redemption
Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the applicable Treasury Yield, plus 20 basis points, plus (B) accrued and unpaid interest to the Redemption Date or (y) if the Notes are redeemed
on or after the Par Call Date, 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. 
  

	 	SECTION 2.6.	Places of Payment. 

 The Places of Payment where the Notes may be presented or
surrendered for payment, where the Notes may be surrendered for registration of transfer or exchange and where notices and demands to and upon the Company in respect of the Notes and the Senior Indenture may be served shall be in the Borough of
Manhattan, The City of New York, and the office or agency for such purpose shall initially be located at The Bank of New York Mellon Trust Company, N.A., c/o The Bank of New York Mellon, 101 Barclay Street-21W, New York, NY 10286. 

 

	 	SECTION 2.7.	Method of Payment. 

 Payment of the principal of and interest on the Notes shall be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York (which shall initially be an office or agency of the Trustee), in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company, payments of principal and interest on the Notes (other than payments of principal and interest due at
Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto located within
the United States. 
  

	 	SECTION 2.8.	Currency. 

 Principal and interest on the Notes shall be payable in Dollars. 

  
 13 

	 	SECTION 2.9.	Global Form. 

 The Notes shall be issuable and transferable in fully registered form as
Registered Securities, without coupons. The Notes shall initially be issued in the form of one or more permanent Global Notes. The depository for the Notes shall be The Depository Trust Company (the “Depositary”). The Notes shall
not be issuable in definitive form except as provided in Section 2.11(a) of this Sixteenth Supplemental Indenture. 
  

	 	SECTION 2.10.	Form of Notes and Execution. 

 The Notes shall be substantially in the form attached as
Exhibit A hereto. The Notes shall be signed in the name and on the behalf of the Company by the manual or facsimile signature of the Chief Executive Officer, President, any of its Executive or Senior Vice Presidents, Managing Director, or any
of its Vice Presidents (whether or not designated by a number or numbers or word or words before or after the title “Vice President”). 
  

	 	SECTION 2.11.	Transfer and Exchange. 

 (a) Transfer and Exchange of Global Notes. A Global Note
may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary stating that it is unwilling or unable to continue to act
as a clearing agency for the Notes or is no longer a clearing agency registered under the Exchange Act or other applicable law and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice;
or (ii) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. Upon the occurrence of any of the
preceding events, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. 
 (b) Transfer of
Beneficial Interests in the Global Notes. The transfer of beneficial interests in the Global Notes shall be effected through the Depositary in accordance with the provisions of the Senior Indenture and the applicable procedures of the
Depositary. 
 (c) Exchange of Beneficial Interests in Global Notes for Definitive Notes. A holder of a beneficial interest in a
Global Note may, in the circumstances described in Section 2.11(a), have such beneficial interest exchanged by the Company for a Definitive Note. 

The transferor of a beneficial interest in a Global Note must deliver to the Security Registrar (1) a written order from a Participant or
an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be exchanged and (2) instructions
given by the Depositary to the Security Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the exchange. In any such case, the Trustee shall cause the aggregate principal amount of
the applicable Global Note to be reduced accordingly pursuant to Section 2.11(e) hereof, and the Company shall execute and the 

  
 14 

 
Trustee, upon receipt of a Company Order in accordance with the Senior Indenture, shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Global Note pursuant to this Section 2.11(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of
such beneficial interest shall instruct the Security Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so
registered. 
 (d) Transfer of Definitive Notes. Upon request by a Holder of Definitive Notes, the Security Registrar shall register
the transfer of Definitive Notes. Prior to such registration of transfer, the requesting Holder shall present or surrender to the Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Security Registrar duly executed by such Holder or by his attorney, duly authorized in writing. 
 (e) Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part,
each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with the terms of the Senior Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement
shall be made on such Global Note by the Trustee or by the Depositary to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary to reflect such increase. 

 

	 	SECTION 2.12.	General Provisions Relating to Transfers and Exchanges. 

 (a) The Trustee and the
Security Registrar will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies
thereof at any reasonable time upon written notice to the Trustee or the Security Registrar, as the case may be. 
 (b) Each Holder of a
Note agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Sixteenth Supplemental Indenture or applicable
United States federal or state securities law. 
 (c) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Sixteenth Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among members of, or Participants
or Indirect Participants 

  
 15 

 
in, the Depositary or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and
to do so if and when expressly required by the terms of, this Sixteenth Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(d) None of the Trustee, the Security Registrar nor the Paying Agent shall have any responsibility for any actions taken or not taken by the
Depositary. 
  

	 	SECTION 2.13.	Registrar and Paying Agent. 

 The Trustee shall initially serve as Security Registrar and
Paying Agent for the Notes. 
  

	 	SECTION 2.14.	Defeasance. 

 The provisions of Sections 14.02 and 14.03 of the Senior Indenture,
together with the other provisions of Article Fourteen of the Senior Indenture, shall be applicable to the Notes. The provisions of Section 14.03 of the Senior Indenture shall apply to the covenants set forth in Sections 2.4 and 2.15 of this
Sixteenth Supplemental Indenture and to those covenants specified in Section 14.03 of the Senior Indenture. 
  

	 	SECTION 2.15.	Provision of Financial Information. 

 Whether or not the Company is subject to
Section 13 or 15(d) of the Exchange Act, the Company shall, to the extent permitted under the Exchange Act, file with the Commission the annual reports, quarterly reports and other documents which the Company would have been required to file
with the Commission pursuant to such Section 13 or 15(d) if the Company were so subject, such documents to be filed with the Commission on or prior to the respective dates (the “Required Filing Dates”) by which the Company
would have been required so to file such documents if the Company were so subject. 
 The Company shall also in any event (x) within 15
days of each Required Filing Date (i) if the Company is not then subject to Section 13 or 15(d) of the Exchange Act, transmit by mail to all Holders, as their names and addresses appear in the Security Register, without cost to such
Holders, copies of the annual reports and quarterly reports which the Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if the Company were subject to such Sections, and
(ii) file with the Trustee copies of annual reports, quarterly reports and other documents which the Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if the Company were
subject to such Sections and (y) if filing such documents by the Company with the Commission is not permitted under the Exchange Act, promptly upon written request and payment of the reasonable cost of duplication and delivery, supply copies of
such documents to any prospective Holder. 
 Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

  
 16 

	 	SECTION  2.16.	Waiver of Certain Covenants. 

 Notwithstanding the provisions of Section 10.09 of
the Senior Indenture, the Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 10.04 to 10.08, inclusive, of the Senior Indenture, with Sections 2.4 and 2.15 of this Sixteenth Supplemental
Indenture and with any other term, provision or condition with respect to the Notes (except any such term, provision or condition which could not be amended without the consent of all Holders of the Notes), if before or after the time for such
compliance the Holders of at least a majority in principal amount of all outstanding Notes, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition. Except to the extent so
expressly waived, and until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

 

	 	SECTION 2.17.	No Sinking Fund. 

 The provisions of Article Twelve of the Senior Indenture shall not be
applicable to the Notes. 
  

	 	SECTION 2.18.	No Repayment at Option of Holders. 

 The provisions of Article Thirteen of the Senior
Indenture shall not be applicable to the Notes. 
  

	 	SECTION 2.19.	Designation of CBD Properties. 

 From time to time, the Company may designate one or more
additional properties as CBD Properties by delivering an Officers’ Certificate, in substantially the form attached hereto as Exhibit B, to the Trustee (i) setting forth the name of such property and (ii) certifying that, in the
good faith opinion of such officers, such property is located in the central business district of a CBD Market. Upon delivery of such Officers’ Certificate to the Trustee, such property shall be a CBD Property for all purposes of this Sixteenth
Supplemental Indenture. 
  

	 	SECTION 2.20.	Designation of CBD Markets. 

 From time to time, the Company may designate one or more
additional major U.S. or international metropolitan markets as a CBD Market or CBD Markets by delivering an Officers’ Certificate, in substantially the form attached hereto as Exhibit C, to the Trustee (i) naming such market and
(ii) designating such market as a CBD Market. Upon delivery of such Officers’ Certificate to the Trustee, such market shall be a CBD Market for all purposes of this Sixteenth Supplemental Indenture. 

  
 17 

	 	SECTION 2.21.	Limitation on Suits. 

 No Holder shall have any right to institute any proceeding,
judicial or otherwise, with respect to the Indenture or any of the Notes, or for the appointment of a receiver or trustee, or for any other remedy under the Indenture or any of the Notes, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Notes;

 (2) the Holders of not less than 25% in principal amount of all outstanding Notes shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder
or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 

(4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day
period by the Holders of a majority in principal amount of all outstanding Notes; 
 it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture or any of the Notes, except in the manner provided in the Indenture and for the equal and ratable benefit of all such Holders. 

ARTICLE THREE 
 MISCELLANEOUS
PROVISIONS 
  

	 	SECTION 3.1.	Ratification of Senior Indenture. 

 Except as expressly modified or amended hereby, the
Senior Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved. 
  

	 	SECTION 3.2.	Governing Law. 

 This Sixteenth Supplemental Indenture and each Note shall be governed by
and construed in accordance with the laws of the State of New York. This Sixteenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be governed by such
provisions. 

  
 18 

	 	SECTION 3.3.	Counterparts. 

 This Sixteenth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

	 	SECTION 3.4.	Trustee. 

 The Trustee makes no representations as to the validity or sufficiency of this
Sixteenth Supplemental Indenture. The statements and recitals herein are deemed to be those of the Company and not of the Trustee. 
  

	 	SECTION 3.5.	Corporate Trust Office. 

 The Trustee hereby notifies the Company that its corporate
trust business is principally administered at its office located at 525 William Penn Place, 38th Floor, Pittsburgh, Pennsylvania 15259 and, therefore, pursuant to the Indenture, the Corporate Trust Office is such office. 

 

	 	SECTION 3.6.	Failure or Delay in Performance. 

 In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or other
similar events beyond its control that cause a sudden, significant and/or widespread disruption in its business activities; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 
  

	 	SECTION 3.7.	WAIVER OF JURY TRIAL. 

 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SIXTEENTH SUPPLEMENTAL INDENTURE, THE INDENTURE (TO THE EXTENT IT RELATES TO THE NOTES), THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY. 
  

	 	SECTION 3.8.	No Consequential Damages. 

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

  
 19 

	 	SECTION 3.9.	Electronic Notices. 

 In addition to the foregoing, the Trustee agrees to accept and act
upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing
electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and
the risk or interception and misuse by third parties. 
  

	 	SECTION 3.10.	Submission to Jurisdiction. 

 The parties irrevocably submit to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the
parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

 

	 	SECTION 3.11.	FATCA. 

 The Company agrees (i) upon request by the Trustee, to provide the Trustee
with such reasonable information as it has in its possession to enable the Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements described in Section 1471(b) of the Code or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof (“Applicable Law”), and (ii) that the Trustee shall be entitled to make any withholding or
deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, and the Trustee shall have no liability for any amount so withheld and paid over to the applicable governmental authority. 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Sixteenth Supplemental Indenture to be
duly executed by their respective officers hereunto duly authorized, all as of the day and year first written above. 
  

					
	BOSTON PROPERTIES LIMITED PARTNERSHIP
		
	By:	 	 Boston Properties, Inc.,
 its
general partner

		
	By:	 	 /s/ Michael E. LaBelle

		 	Name:	 	Michael E. LaBelle
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Michael E. LaBelle

		 	Name:	 	Michael E. LaBelle
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

  
 [Signature Page to
Supplemental Indenture] 

 SCHEDULE A 

CBD PROPERTIES 
  

			
	 Property
	  	 Location

	 100 Federal Street
	  	Boston, MA
	 Atlantic Wharf Properties
	  	Boston, MA
	 100 & 200 Clarendon Street
(formerly the John Hancock Tower and Garage)
	  	Boston, MA
	 Prudential Center Properties
	  	Boston, MA
	 The Hub on Causeway
	  	Boston, MA
	 Boston Marriott Cambridge
	  	Cambridge, MA
	 Kendall Center Properties (formerly Cambridge Center)
	  	Cambridge, MA
	 University Place
	  	Cambridge, MA
	 601 Lexington Avenue
	  	New York, NY
	 599 Lexington Avenue
	  	New York, NY
	 Times Square Tower
	  	New York, NY
	 399 Park Avenue
	  	New York, NY
	 767 Fifth Avenue (the General Motors Building)
	  	New York, NY
	 250 West 55th Street
	  	New York, NY
	 510 Madison Avenue
	  	New York, NY
	 540 Madison Avenue
	  	New York, NY
	 Dock 72
	  	New York, NY
	 Embarcadero Center Properties
	  	San Francisco, CA
	 Salesforce Tower
	  	San Francisco, CA
	 535 Mission Street
	  	San Francisco, CA
	 680 Folsom Street
	  	San Francisco, CA
	 690 Folsom Street
	  	San Francisco, CA
	 Colorado Center
	  	Santa Monica, CA
	 Metropolitan Square
	  	Washington, DC
	 Market Square North
	  	Washington, DC
	 Capital Gallery
	  	Washington, DC
	 500 E Street
	  	Washington, DC
	 500 North Capitol Street
	  	Washington, DC
	 Sumner Square
	  	Washington, DC
	 901 New York Avenue
	  	Washington, DC
	 1330 Connecticut Avenue
	  	Washington, DC
	 1333 New Hampshire Avenue
	  	Washington, DC
	 601 Massachusetts Avenue
	  	Washington, DC
	 2200 Pennsylvania Avenue
	  	Washington, DC

  
 SC-A-1 

 SCHEDULE B 

CBD MARKETS 
 Los Angeles, California 

Orange County, California 
 San Francisco, California 

San Jose, California 
 Santa Monica, California 

Denver, Colorado 
 Washington, D.C. 

Miami, Florida 
 Atlanta, Georgia 

Chicago, Illinois 
 Baltimore, Maryland 

Boston, Massachusetts 
 Cambridge, Massachusetts 

Detroit, Michigan 
 Minneapolis, Minnesota 

New York, New York 
 Portland, Oregon 

Philadelphia, Pennsylvania 
 Dallas, Texas 

Houston, Texas 
 Richmond, Virginia 

Seattle, Washington 

  
 SC-B-1 

 EXHIBIT A 

FORM OF NOTE 
 [Face of Note] 

[If the Holder of this Note (as indicated below) is The Depository Trust Company (“DTC”) or a nominee of DTC, insert: Unless this
Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and such Note issued is registered in the
name of Cede & Co., or in such other name as 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 Note is exchanged in whole or in part for Notes in certificated form, this Note 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.] 

BOSTON PROPERTIES LIMITED PARTNERSHIP 

2.750% Senior Notes due 2026 
  

			
	No.     	  	$            
	CUSIP No. 101 12 RAY 0	  	

 BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (herein referred to as the
“Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE & CO. or registered assigns the principal sum of
         Dollars ($        ) on October 1, 2026 (the “Stated Maturity Date”) or earlier at the option of the Company as provided
herein (the “Redemption Date”) and to pay interest thereon from August 17, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on April 1 and October 1 in each year (each, an “Interest Payment Date”), commencing April 1, 2017, at the rate of 2.750% per annum, until the principal
hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 17 or September 16 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date at
the office or agency of the Company maintained for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of

  
 A-1 

 
funds to an account maintained by such Holder within the United States. Any such 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 Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special 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 of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. 
 The principal of this Note payable on the Stated Maturity Date or the
principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest on this Note payable on the Redemption Date, will be paid against presentation of this Note at the office or agency of the
Company maintained for that purpose in the Borough of Manhattan, The City of New York, 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. 

Interest payable on this Note on any Interest Payment Date and on the Stated Maturity Date or Redemption Date, as the case may be, will
include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including August 17, 2016, if no interest has been paid on this Note) to but
excluding such Interest Payment Date or the Stated Maturity Date or Redemption Date, as the case may be. If any Interest Payment Date or the Stated Maturity Date or Redemption Date falls on a day that is not a Business Day, as defined below,
principal, premium or Make-Whole Amount, if any, and/or interest payable with respect to such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be, will be paid on the next succeeding Business Day with the same force
and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be.
“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York are required or authorized by law, regulation or executive order to
close. 
 All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this Note will be made by the Company
in immediately available funds. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the Certificate of Authentication
hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: August 17, 2016 
  

					
	BOSTON PROPERTIES LIMITED PARTNERSHIP
		
	By:	 	Boston Properties, Inc., its general partner
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 Attest: 
  

	
	  

	Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein referred to in the within-mentioned
Indenture. 
  

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
		 		 	as Trustee
				
	Dated: August 17, 2016	 		 	By:	 	  

		 		 		 	      Authorized Signatory

  
 A-3 

 REVERSE OF NOTE 

BOSTON PROPERTIES LIMITED PARTNERSHIP 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture, dated as of December 13, 2002, as supplemented by Supplemental Indenture No. 16 dated as of August 17, 2016 (as so supplemented, herein called the “Indenture”), each between
the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture
with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of the Notes to be issued under such series is initially limited to
$1,000,000,000 (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes). All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 If an Event of Default, as defined in the Indenture, with respect to the Notes shall occur and be continuing, the principal of the Notes
of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Notes are subject to
redemption, at the option of the Company, in whole at any time or in part from time to time, at a redemption price equal to (x) if the Notes are redeemed prior to the Par Call Date, the greater of (i) 100% of the principal amount of the
Notes to be redeemed or (ii) the sum of (A) the present values as of the Redemption Date of the remaining scheduled payments of principal and interest that would have been payable in respect of such principal had such Notes matured on the
Par Call Date and such redemption not been made (exclusive of any interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the
applicable Treasury Yield, plus 20 basis points (the “Make-Whole Amount”), plus (B) accrued and unpaid interest to the Redemption Date or (y) if the Notes are redeemed on or after the Par Call Date, 100% of the principal
amount of the Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. 
 Notice of redemption will be given by
first-class mail to Holders of Notes, not less than 15 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture. 

In the event of redemption of this Note in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate
principal amount of all Notes 

  
 A-4 

 
issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal
amount of the Outstanding Notes, on behalf of the Holders of all such Notes, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the
aggregate principal amount, in certain instances, of the Outstanding Notes of any series to waive, on behalf of all of the Holders of Notes of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this 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 Company, which is absolute and unconditional, to pay the principal of (and premium or Make-Whole Amount, if any) and interest on this Note at the times, places and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable
in the Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of (and premium or Make-Whole Amount, if any) and interest on this Note are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more
new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same. 

The Notes of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.

 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No Holder shall have any recourse under or upon any
obligation, covenant or agreement contained in the Indenture, or any indenture supplemental thereto, or this Note, or because of any indebtedness evidenced hereby or thereby, including the payment of the principal of or premium

  
 A-5 

 
or Make-Whole Amount, if any, or the interest on this Note, or for any claim based hereon or thereon, or otherwise in respect hereof or thereof, against (i) Boston Properties or any other
past, present or future partner in the Company, (ii) any other person or entity which owns an interest, directly or indirectly, in any partner of the Company, or (iii) any past, present or future stockholder, employee, officer or director,
as such, of the Company or Boston Properties or any successor under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. Each Holder of this Note, by the
acceptance hereof and as part of the consideration for the issue hereof, expressly waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Note. 

The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be performed entirely in such State. 

  
 A-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name, address and zip
code) 

and irrevocably appoint                    
                                         
                                         
                
 to transfer this Note on the books of the Company. The agent
may substitute another to act for him. 
  
  

 

							
	Date:                     	 		 		 	Your Signature:                                  
                                         
  
		 		 		 	(Sign exactly as your name appears on the face of this Note)
				
		 		 		 	Tax Identification No:                                
                                   
				
		 		 		 	SIGNATURE GUARANTEE:
				
		 		 		 	  
  

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  
 A-7 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of

decrease
 in principal

amount of this
 Global Note
	 	 Amount of

increase
 in principal

amount of this
 Global Note
	 	 Principal amount

of this Global Note
 following
such
 decrease
 (or
increase)
	 	 Signature of

authorized officer
 of Trustee or

Note Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 A-8 

 EXHIBIT B 

FORM OF 
 OFFICERS’
CERTIFICATE 
 Reference is made to Supplemental Indenture No. 16, dated as of August 17, 2016 (the “Sixteenth
Supplemental Indenture”), between Boston Properties Limited Partnership (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee. Pursuant to Section 2.19 of the Sixteenth Supplemental Indenture,
each of the undersigned officers of Boston Properties, Inc., the general partner of the Company, hereby certifies that in his good faith judgment the properties listed on the schedule attached hereto are located in a central business district of a
CBD Market (as such term is defined in the Sixteenth Supplemental Indenture). In accordance with Section 2.19 of the Sixteenth Supplemental Indenture, each such property listed on such schedule shall be a CBD Property for all purposes of the
Sixteenth Supplemental Indenture. 
  

	
	  

	Name:
	Title:
	
	  

	Name:
	Title:

 Dated:
                     

  
 B-1 

 EXHIBIT C 

FORM OF 
 OFFICERS’
CERTIFICATE 
 Reference is made to Supplemental Indenture No. 16, dated as of August 17, 2016 (the “ Sixteenth
Supplemental Indenture”), between Boston Properties Limited Partnership (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee. Pursuant to Section 2.20 of the Sixteenth Supplemental
Indenture, each of the undersigned officers of Boston Properties, Inc., the general partner of the Company, on behalf of the Company hereby designate the market[s] listed on the schedule attached hereto as [a] CBD Market[s] (as such term is defined
in the Sixteenth Supplemental Indenture). In accordance with Section 2.20 of the Sixteenth Supplemental Indenture, each such market listed on such schedule shall be a CBD Market for all purposes of the Sixteenth Supplemental Indenture. 

 

	
	  

	Name:
	Title:
	
	  

	Name:
	Title:

 Dated:
                     

  
 C-1

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