Document:

Exhibit
10.43

SL Green Funding LLC

c/o SL Green Realty Corp

420 Lexington Avenue

New York, NY 10170

 

 

Sent via
Facsimile

 

August 2, 2006

 

Mr. Scott Rechler

225 Broadhollow Road

Melville, NY 11747-4883

 

Re:          Loan secured by a first priority,
perfected security interest in the Sponsors’ (as hereinafter defined) 25%
equity interest/limited partner interests in a portfolio of 24 assets located
throughout New Jersey, Long Island, NY, Westchester, NY, and Stamford, CT (the “Reckson
New York Property Trust Assets” or “RNYPT Assets”), made to a bankruptcy
remote, single purpose entity 100% owned and controlled by the Sponsors (“Borrower”)
by SL Green Funding LLC or an affiliate thereof (“Lender” or “SLG”) (the “Australia
Loan”).

Dear Scott:

Below are the terms and
conditions upon which we are prepared to make a loan for up to 65% of the par
value of the RNYPT Assets, as more particularly herein described.

	
  Lender

  	
   

  	
  SL
  Green Funding LLC or an affiliate thereof (“SLG” or “Lender”).

  
	
   

  	
   

  	
   

  
	
  Borrower

  	
   

  	
  A
  bankruptcy remote single purpose entity 100% owned and controlled by Scott
  Rechler, Jason Barnett and Michael Maturo (collectively, “Sponsors”).

  
	
   

  	
   

  	
   

  
	
  Guarantor

  	
   

  	
  Scott
  Rechler, Jason Barnett and Michael Maturo, joint and several, for standard
  carve outs.

  
	
   

  	
   

  	
   

  
	
  Loan
  Amount

  	
   

  	
  Approximately
  $47,250,000. 65% of the equity value of the RNYPT Assets based on an asset
  value of $156,000,000 and projected pro rata indebtedness of $91,000,000. The
  loan amount is subject to change if the Tranche III sale does not occur.

  
	
   

  	
   

  	
   

  
	
  Origination
  Fee:

  	
   

  	
  1.00%
  of the Loan Amount. 50% of the Origination Fee shall be payable upon issuance
  of this letter and 50% shall be payable at Closing.

  
	
   

  	
   

  	
   

  
	
  Term

  	
   

  	
  Eighteen
  (18) Months.

  
	
   

  	
   

  	
   

  
	
  Interest
  Rate

  	
   

  	
  9.00%,
  calculated on the basis of a 360 day year and the actual days elapsed.

  

 

 

 

 

	
  Extension
  Option

  	
   

  	
  Borrower
  shall have the option to extend the Australia Loan for a term of six (6)
  months, subject to an increase in the Interest Rate to 10.00%.

  
	
   

  	
   

  	
   

  
	
  Collateral

  	
   

  	
  The
  Australia Loan will be secured by Borrower’s 25% equity interest/limited
  partner interests in the RNYPT Assets. Borrower is prohibited from selling or
  transferring more than 49.9% of its equity interest in the RNYPT Assets and
  Sponsors are prohibited from selling more than 49.9% of their direct or
  indirect interest in Borrower equity at all times, unless otherwise consented
  to by Lender in its sole and absolute discretion, or unless such sale or
  transfer is accompanied by a repayment of the Australia Loan. As additional
  collateral, the Australia Loan will also be secured by 100% of the direct and
  indirect equity interests in Reckson Australia Management Limited and any
  other entities in which any of Sponsors has an interest that provide property
  and asset management to the Australia portfolio (the “Additional Collateral”).
  Borrower will be prohibited from encumbering the Additional Collateral.
  Notwithstanding the above Borrower and Sponsors shall be prohibited from
  transferring control of the entities. Notwithstanding the above, Lender
  acknowledges that Sponsor is planning to raise a real estate investment fund
  or institutional joint venture (the “Fund”), which Fund, subject to Lender's
  reasonable approval based on the investors in the fund, shall own 100% of the
  equity interests in Borrower, and which Fund shall be managed and controlled
  by Sponsor. Lender's approval of the Fund as owner of the equity interest in
  Borrower shall not be unreasonably withheld. Provided that Lender approves
  the Fund, Lender shall permit the transfer of interests in the Borrower, provided
  that (a) after any transfer the Fund retains ownership of not less than
  25% of the Borrower, (b) Scott Rechler, Jason Barnett and Michael Maturo
  retain management and control of the Fund and the Borrower and no major
  decisions can be made without Sponsor's consent and (c) such transfer is
  approved by Lender, which consent will not be unreasonably withheld.

  
	
   

  	
   

  	
   

  
	
  Closing
  Fees and Costs

  	
   

  	
  Borrower
  will pay all reasonable out-of-pocket due diligence and closing fees incurred
  by Lender in connection with the Australia Loan including legal fees for the
  loan and modification of the partnership documents, to the extent required,
  regardless of whether or not the Australia Loan closes.

  
	
   

  	
   

  	
   

  
	
  Prepayment

  	
   

  	
  The
  Australia Loan shall be prepayable, in whole or in part on any interest
  payment date. Repayments made on non-interest payment dates shall include
  interest through and including the next interest payment date.

  
	
  Loan
  Rebalance:

  	
   

  	
  Within
  five (5) business days after the face value of the RNYPT Assets declines by
  15%, from the price as of the day of Closing, or more during the Term for 10
  consecutive trading days (the RNYPT securities traded on the Australia Stock
  Exchange shall serve as a proxy for value of the RNYPTA Assets), the
  Australia Loan shall be paid down by Borrower to 65% of the then applicable
  face value (the “Loan Rebalance”).

  
	
   

  	
   

  	
   

  
	
  Closing

  	
   

  	
  Simultaneous
  with the merger between SL Green Realty Corp and Reckson Associates Realty
  Corp (the “Merger Transaction”).

  
	
   

  	
   

  	
   

  
	
  Additional
  Financing

  	
   

  	
  None
  permitted.

  

 

2

 

	
  Confidentiality

  	
   

  	
  This
  letter shall be kept confidential, shall not be reproduced or disclosed, and
  shall not be used by you other than in connection with the evaluation of the
  transaction described herein.

  
	
   

  	
   

  	
   

  
	
  Transfers

  	
   

  	
  None
  permitted.

  
	
   

  	
   

  	
   

  
	
  Loan
  Documentation

  	
   

  	
  All
  Australia Loan documentation shall be in form and content acceptable to
  Lender and its counsel, and shall be supported by acceptable representations
  and warranties of Borrower and Guarantor, opinions of counsel and proof of
  related matters that Lender’s counsel shall deem necessary.

  
	
   

  	
   

  	
   

  
	
  Exclusivity

  	
   

  	
  Upon
  acceptance of this term sheet, Sponsors will agree to work exclusively with
  Lender to finance the Australia Securities.

  

 

This letter shall confirm
the agreement of SLG or its affiliates, successors or assigns to provide the
Australia Loan on the terms and conditions set forth above, conditioned solely
upon (a) closing of the Merger Transaction and (b) execution of definitive
Loan Documentation between the parties upon the economic terms contained herein
and otherwise in form and content acceptable to Lender in its sole
discretion.  In the event that Borrower
asserts within 5 days of Closing that the terms and conditions of the Loan
Documentation differ from the terms and conditions which are generally
prevailing in loans of similar size, with similar security and sponsorship and
made by institutional lenders, the Borrower may, within 5 days of such
assertion, submit the Loan Documentation to an Expedited Arbitration Proceeding
as defined below. If the arbitrator pursuant to such Expedited Arbitration
Proceeding determines that the terms and conditions of the Loan Documentation
differ from the terms and conditions which are generally prevailing in loans of
similar size, with similar security and sponsorship and made by institutional
lenders, then the parties shall amend the Loan Documentation as determined
pursuant to the Expedited Arbitration Proceeding.

“Expedited Arbitration
Proceeding” means a binding arbitration proceeding conducted in The City of New
York under the Commercial Arbitration Rules of the American Arbitration
Association (or its successor) and administered pursuant to the Expedited
Procedures provisions (the “Expedited Procedures”) thereof; provided, however,
that with respect to any such arbitration (a) the list of arbitrators referred
to in Section E-4(b) of the Expedited Procedures shall be returned within five
(5) Business Days from the date of mailing, (b) the parties shall notify the
American Arbitration Association (or its successor) by telephone, within four
(4) Business Days, of any objections to the arbitrator appointed and, subject
to clause (g) below, shall have no right to object if the arbitrator so
appointed was on the list submitted by the American Arbitration Association (or
its successor) and was not objected to in accordance with Section E-4(b) of the
Expedited Procedures as modified by clause (a) above, (c) the notification of
the hearing referred to in Section E-8 of the Expedited Procedures shall be
four (4) Business Days in advance of the hearing, (d) the hearing shall be held
within seven (7) Business Days after the appointment of the arbitrator, (e) the
arbitrator shall have no right to award damages or vary, modify or waive any
provision of this Restated Agreement, (f) the decision of the arbitrator shall
be final and binding on the parties and (g) the arbitrator shall not have been
employed by either party (or their respective affiliates) during the period of
three (3) years prior to the date of the Expedited Arbitration Proceeding.  The arbitrator shall determine the extent to
which each party is successful in such Expedited Arbitration Proceeding in
addition to rendering a decision on the dispute submitted. If the arbitrator
determines that one (1) party is entirely unsuccessful, then such party shall
pay all of the fees of such

 

 

3

 

arbitrator plus the costs
and expenses incurred by the prevailing party in connection therewith. If the
arbitrator determines that both parties are partially successful, then each
party shall be responsible for such arbitrator’s fees and such party’s own
third-party costs and expenses only to the extent such party is unsuccessful.

Please sign and return an
original counterpart of this letter in order to evidence and confirm the
foregoing and we will begin to document the transaction.  We look forward to working with you to
complete this transaction.

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SL Green Funding LLC

  

 

 

	
   

  	
  By:

  	
  /s/ David
  Schonbraun

  
	
   

  	
   

  	
  Name: David
  Schonbraun

  
	
   

  	
   

  	
  Title:  Vice President

  

 

 

	
   

  	
  Agreed and
  Accepted by:

  
	
   

  	
   

  
	
   

  	
  /s/ SCOTT
  RECHLER

  
	
   

  	
  SCOTT RECHLER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ JASON
  BARNETT

  
	
   

  	
  JASON
  BARNETT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ MICHAEL
  MATURO

  
	
   

  	
  MICHAEL MATURO

  

 

 

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EXHIBIT 4.5    
    

AMENDMENT NO. 1

TO WARRANT AGREEMENT

between Ascent Solar Technologies, Inc.

and Computershare Trust Company, Inc.

Dated as of July 14, 2006  

        This Amendment No. 1 to Warrant Agreement, dated as of September 13, 2006, is between Ascent Solar Technologies, Inc., a Delaware corporation
(the "Company"), and Computershare Trust Company, Inc., a Colorado corporation (the "Warrant Agent"). 

        In
connection with its initial public offering (the "IPO") of Units consisting of common stock, Class A Warrants and Class B Warrants, the Company and Warrant Agent
executed a Warrant Agreement dated as of July 14, 2006, wherein the Company retained Warrant Agent to act on behalf of the Company in connection with the issuance, transfer, exchange and
replacement of the Class A Warrants and Class B Warrants issued under the Warrant Agreement. 

        Contemporaneously
with the closing of its IPO, the Company issued 290,894 restricted Units to the bridge investors listed in Schedule A hereto. These restricted Units are
identical in form to the Units sold in the IPO, and each consists of one share of common stock, one Class A Warrant and one Class B Warrant. The 290,894 Class A Warrants and
581,788 Class B Warrants underlying the restricted Units are referred to herein as the "Bridge Warrants." 

        The
Company has filed a registration statement on Form SB-2 (File No. 333-137008) with the Securities and Exchange Commission to permit resale of
the common stock, Class A Warrants and Class B Warrants underlying the restricted Units. 

        The
Company wishes to retain Warrant Agent to act on behalf of the Company in connection with the issuance, transfer, exchange and replacement of the Bridge Warrants on substantially the
same terms as those set forth in the Warrant Agreement. 

        NOW,
THEREFORE, the parties hereby agree as follows: 

        1.     The
second paragraph of the recitals in the Warrant Agreement shall be amended to read in its entirety as follows: 

        The Company, at or about the time that it is entering into this Agreement, proposes to issue and sell to public investors up to 3,450,000 units. At or about the
same time as the sale of units to the public, the Company proposes to issue 290,894 units to certain bridge investors. The units sold to the public and issued to bridge investors, together with the
additional units issuable as provided herein, are referred to herein collectively as the "Units". Each Unit consists of one share of common stock, $0.0001 par value, of the Company, one Class A
Warrant and two Class B Warrants. The Class A Warrants and the Class B Warrants are herein collectively referred to as the "Warrants". Each Warrant is exercisable to purchase one
share of Common Stock upon the terms and conditions and subject to adjustment in certain circumstances, all as set forth in this Agreement.

        2.     All
other terms of the Warrant Agreement remain unchanged and are hereby ratified and affirmed. 

	

 	
 	

ASCENT SOLAR TECHNOLOGIES, INC.
	

 	
 	

By:	
 	

/s/  MATTHEW B. FOSTER      
 Name:  Matthew B. Foster

Title:    President and Chief Executive Officer
	

 	
 	

COMPUTERSHARE TRUST COMPANY, INC.
	

 	
 	

By:	
 	

/s/  KELLIE GWINN      
 Name:  Kellie Gwinn

Title:    Vice President
	

 	
 	

By:	
 	

/s/  THERESA HENSHAW      
 Name:  Theresa Henshaw

Title:    Operations Manager & Trust Officer

SCHEDULE A  

	Investor Name
 
	 	Total

	Robert Thomas & Emily Janet Fetters (JTWROS)	 	4,545
	Donald J. Helfgott	 	9,090
	Saybrook L.P. 	 	18,181
	Parisa Roshanzamir & Shawn Zahed (JTWROS)	 	9,090
	SCG Capital, LLC	 	18,181
	Irwin & Joan Geduld TTEE FBO Irwin Geduld Revocable Trust DTD 6/11/02	 	18,181
	Professional Traders Fund, LLC	 	45,454
	William G. Hunt	 	4,545
	Charles W. Botsford	 	4,545
	Les and Ann Mombert (JTWROS)	 	4,545
	Morton Topfer	 	9,090
	William M. Levin	 	4,545
	Gerald Ferro	 	9,090
	David Dreyfuss	 	4,545
	Nathan Orme, IRA	 	4,545
	Dennis & Cindy Pak (JTWROS)	 	9,090
	Seymour Rosenthal, IRA	 	9,090
	Gary Ziegler	 	4,545
	Generation Capital Associates	 	50,000
	Glenbrook Capital L.P. 	 	13,636
	Triangle Holdings VI LLC	 	18,181
	2030 Investors LLC	 	9,090
	Harold R. & Linda L. Clayton (JTWROS)	 	9,090
	 	 	

	 	 	290,894

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EXHIBIT 4.5

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