Document:

Exhibit 10.1

 

CLAIMS PURCHASE AGREEMENT

CLAIMS PURCHASE AGREEMENT
(the “Agreement”), dated as of June 28, 2007, by and between Timber Hill
Europe AG, a company organized under the laws of Switzerland (the “Seller”),
and The TP Holdings Limited Partnership (the “Buyer”).

R
 E  C  I  T  A  L
 S

WHEREAS, Thomas Peterffy is the
majority general partner of the Buyer, the Chairman, Chief Executive Officer
and President of Interactive Brokers Group, Inc., a Delaware corporation (“IBG”),
and the sole managing member of IBG Holdings LLC, a Delaware limited liability
company;

WHEREAS, IBG is the sole
managing member of IBG LLC, a Connecticut limited liability company and parent
of the Seller, and IBG Holdings LLC is the majority owner of IBG LLC;

WHEREAS, the Seller has incurred
losses as a result of the events described on Schedule 1 hereto (the “Events”)
and has a number of claims, choses in action, causes of action, judgments and
remedies relating to the Events which it has the right to pursue against one or
more third parties to recoup such losses (collectively, the “Claims”);
and

WHEREAS, the Seller wishes to
sell to the Buyer, and the Buyer wishes to purchase from the Seller, all of the
Seller’s right, title and interest in and to the Claims on the terms and subject
to the conditions set forth herein.

NOW, THEREFORE,
based upon the foregoing recitals, the mutual promises and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

ARTICLE I.

DEFINED TERMS

As used in this Agreement, unless the context requires
a different meaning, the following terms shall have the following meanings:

“Adverse Claim” means any lien, pledge, encumbrance, charge,
assignment, privilege or security interest in or on the Claims not in favor of
the Buyer.

“Business Day” means any day that is not a Saturday, Sunday or
other day on which banks are authorized or required to close in Greenwich,
Connecticut.

 

 

ARTICLE II.

SALE,
TRANSFER AND ASSIGNMENT

Section
2.1.           Sale, Transfer and Assignment.  In consideration of the Purchase Price and on
the terms and subject to the conditions set forth in this Agreement, on the
date of this Agreement, the Seller hereby sells, transfers, assigns, sets over
and otherwise conveys to the Buyer, and the Buyer hereby purchases and takes
from the Seller, all right, title and interest (whether now owned or hereafter
acquired or arising and wherever located) of the Seller in, to and under the
Claims.

Section
2.2.           Purchase Price.

(b)           The aggregate purchase price for the
Claims (the “Purchase Price”) shall be US $37 million.  The Purchase Price shall be paid by check or
by wire transfer of immediately available funds to an account designated in
writing by the Seller.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

Section
3.1.           Representations and
Warranties of the Seller.

The Seller hereby represents and warrants to the Buyer
that:

(a)           Power and Authority; Due
Authorization and Approval; Execution and Delivery.  The Seller (i) has all requisite power,
authority and legal right to (a) execute, deliver and perform this Agreement,
(b) carry out the terms of this Agreement and (c) sell and assign the Claims on
the terms and conditions provided herein and (ii) has duly authorized by all
requisite action the execution, delivery and performance of this Agreement and
the sale and assignment of the Claims on the terms and conditions herein
provided.  This Agreement has been duly
executed and delivered by the Seller. 
This Agreement has been unanimously approved by the Audit Committee of
the Board of Directors of IBG, including the independent director serving on
the Audit Committee.

(b)           Authorization; Contravention.  The execution, delivery and performance by
the Seller of this Agreement require no action by or in respect of, or filing
with, any governmental authority, and do not contravene, or constitute a
default under, any provision of applicable law, rule or regulation or of the
organizational documents of the Seller or of any agreement or of any judgment,
injunction, order, writ, decree or other instrument binding upon the Seller or
result in the creation or imposition of any Adverse Claim on the assets of the
Seller.

(c)           Validity and Binding Nature.  This Agreement, when duly executed and
delivered by the Seller, will be the legal, valid and binding obligation of the
Seller enforceable against the Seller in accordance with its respective terms,
except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar law affecting creditors’ rights generally
and by general principles of equity.

 

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(d)           No
Adverse Claims.  Immediately upon the
purchase hereunder, the Buyer shall be the owner of all of the Claims, free and
clear of all Adverse Claims.

(e)           Value Given.  The Buyer has given reasonably equivalent
value to the Seller in consideration of the transfer to the Buyer of the
Claims, no such transfer shall have been made for or on account of an antecedent
debt owed by the Seller to the Buyer.

Section
3.2.           Representations and
Warranties of the Buyer.

The Buyer hereby represents and warrants to the Seller
that:

(a)           Power and Authority; Due
Authorization; Execution and Delivery. 
The Buyer (i) has all requisite power, authority and legal right to (a)
execute, deliver and perform this Agreement, (b) carry out the terms of this
Agreement and (c) purchase the Claims on the terms and conditions provided
herein and (ii) has duly authorized by all requisite action the execution,
delivery and performance of this Agreement and the purchase of the Claims on
the terms and conditions herein provided. 
This Agreement has been duly executed and delivered by the Buyer.

(b)           Authorization; Contravention.  The execution, delivery and performance by
the Buyer of this Agreement require no action by or in respect of, or filing
with, any governmental authority, and do not contravene, or constitute a
default under, any provision of applicable law, rule or regulation or of any agreement
or of any judgment, injunction, order, writ, decree or other instrument binding
upon the Buyer.

(c)           Validity and Binding Nature.  This Agreement, when duly executed and
delivered by the Buyer will be, the legal, valid and binding obligation of the
Buyer enforceable against the Buyer in accordance with its respective terms,
except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar law affecting creditors’ rights generally
and by general principles of equity.

ARTICLE IV.

MISCELLANEOUS

Section 4.1.           Further Assurances.  The Seller agrees that from time to time, it
will promptly execute and deliver all further instruments and documents, and
take any and all further action, that may be necessary or appropriate, or that
the Buyer may reasonably request, in order to collect upon, perfect, protect or
more fully evidence the Claims purchased hereunder, or otherwise to enable the
Buyer to exercise and enforce any of its rights and remedies related to the
Claims.  Without limiting the generality
of the foregoing, the Seller shall: (i) maintain all records relating to the
Claims and make such records available to the Buyer upon three (3) Business
Days’ prior notice, and the Buyer shall be permitted to make and retain copies
of all such records, (ii) upon the request of the Buyer, participate in any
proceeding relating to the Claims, (iii) hold in trust, and remit immediately
(but in any event no later than three (3) Business Days following its receipt
thereof) to the Buyer any amounts received by the Seller in respect of the
Claims and (iv) provide full cooperation in all respects to the Buyer, its
agents and representatives, and governmental and regulatory organizations to
enable the Buyer to collect 

 

 

 3
 

upon the Claims.  The parties hereto further agree that the
Buyer may initiate Claims in the name of the Seller with the consent of the
Seller, which consent shall not be unreasonably withheld or delayed.

Section
4.2.           Sharing of Excess
Proceeds From Claims. 
In the event the Buyer receives in the aggregate amounts under the
Claims in excess of the sum of (a) the Purchase Price and (b) the Buyer’s
out-of-pocket expenses incurred in collecting the Claims (such excess amounts,
the “Excess Proceeds”), the Buyer shall promptly, and in any event
within three (3) Business Days of receipt therefor, remit to the Seller one
hundred percent (100%) of any and all Excess Proceeds.

Section
4.3.           Amendments.  

Any provision of this
Agreement may be amended, waived, supplemented or otherwise modified if, but
only if, such amendment, waiver, supplement or other modification is in writing
and is signed by the parties hereto.

Section
4.4            Binding Effect.

This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns.

Section
4.5.           Governing Law;
Submission to Jurisdiction; Integration.

This Agreement shall be governed by, and construed in
accordance with the laws of the State of Connecticut.  Each of the parties hereto hereby submits to
the nonexclusive jurisdiction of the United States District Court for the
Southern District of New York and of any New York state court sitting in New
York, New York for purposes of all legal proceedings arising out of or relating
to this Agreement or the transactions contemplated hereby.  Each of the parties hereto hereby irrevocably
waives, to the fullest extent it may effectively do so, any objection which it
may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such
a court has been brought in an inconvenient forum.  Each of the parties hereto hereby waives, to
the extent permitted by applicable law, any right to have a jury participate in
resolving any dispute, arising out of, connected with, relating to or
incidental to the relationship between them in connection with this Agreement.

Section
4.6.           Integration;
Counterparts; Severability.

This Agreement contains the final and complete
integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire agreement among the
parties hereto with respect to the subject matter hereof, superseding all prior
oral or written understandings.  This
Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which when taken together shall
constitute one and the same Agreement. 
Any provisions of this Agreement which are prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition 

 

 4
 

or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

Section
4.7            Headings.

The headings herein are for purposes of references
only and shall not otherwise affect the meaning or interpretation of any
provision hereof.

IN WITNESS WHEREOF, the
Buyer and the Seller have caused this Agreement to be duly executed by their
respective officers thereunto duly authorized, as of the day and year first above
written.

	
   

  	
   

  	
   

  	
  SELLER:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  TIMBER HILL EUROPE AG

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Josef Kornmann

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Josef Kornmann

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Roger Ryff

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Roger Ryff

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  THE TP HOLDINGS LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Thomas Peterffy

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Thomas Peterffy

  
	
   

  	
   

  	
   

  	
  Title:

  	
  General Partner

  
							

 

 5
 

 

SCHEDULE
1

Statement
Regarding the Nature of the Claims

On May 3, 2007, Altana
AG, a stock in which the Seller is a Registered Market Maker, declared a
special cash dividend of EUR 33.00, which amounted to about 74% of the company’s
value.  On the Deutsche Boerse Exchange’s
XETRA trading system, closing stock prices are determined by a day’s end
auction.  At the closing auction, 31
million Altana shares, which amounted to 44% of the true float, traded at an
artificial price that was approximately 25% below the regular trading session’s
final price ex dividend.  The Seller
believes that this artificial price was set by buyers and sellers who
unlawfully colluded to manipulate Altana’s option prices.

The closing auction price
of the Altana shares was used by the EUREX, to calculate a new set of contract
parameters for the outstanding options. 
Since the Altana closing stock price was artificial, its dependent
option strike prices and contract multiplier were also artificial and not
calculated to reflect values corresponding to the change in the value of the
underlying stock.  Accordingly, on May 4,
2007 and thereafter, the Seller’s market making options positions were affected
by the artificial closing price of May 3 and were mispriced.  As a result of this manipulation, the Seller
suffered a position loss over the ensuing trading days amounting to
approximately the amount of the Purchase Price. 
The Seller has been advised that other Altana market makers suffered
substantial losses as a result of this manipulation.

The Seller has reported
this manipulation to, and met with, the German Federal Financial Supervisory
Authority, the Bafin, and the Bafin has undertaken an official investigation of
the matter.  The progress of the
investigation is subject to the German secrecy laws.  On completion of the investigation, the
Seller believes that it will have a number of claims, choses in action,
judgments and remedies against those who participated in the market
manipulation.  The Seller has also filed
a petition with the EUREX to change its rules so that a manipulation of this
sort will not happen again.

 

 6Exhibit
10.1

AMENDED AND
RESTATED CREDIT AGREEMENT

Dated as of
June 28, 2007

by and among

SL GREEN OPERATING
PARTNERSHIP, L.P.,

as Borrower

SL GREEN REALTY CORP.,

as Parent,

WACHOVIA CAPITAL MARKETS,
LLC

and

KEYBANC CAPITAL MARKETS,

as Co-Lead Arrangers

and Book Managers,

WACHOVIA BANK, NATIONAL
ASSOCIATION,

as Administrative Agent,

KEYBANK NATIONAL
ASSOCIATION,

as Syndication Agent,

Each of

EUROHYPO AG, NEW YORK BRANCH

and

ING REAL ESTATE FINANCE (USA) LLC

as Co-Documentation
Agents,

and

THE FINANCIAL INSTITUTIONS
INITIALLY SIGNATORY HERETO

AND THEIR ASSIGNEES PURSUANT TO SECTION 12.5.,

as Lenders

TABLE OF CONTENTS

	
  Article I. Definitions

  	
   

  	
  1

  
	
  Section 1.1.
  Definitions

  	
   

  	
  1

  
	
  Section 1.2.
  General; References to Times

  	
   

  	
  29

  
	
  Section 1.3.
  Financial Attributes of Non-Wholly Owned Subsidiaries

  	
   

  	
  30

  
	
  Article II. Credit
  Facility

  	
   

  	
  30

  
	
  Section 2.1.
  Revolving Loans

  	
   

  	
  30

  
	
  Section 2.2.
  Bid Rate Loans

  	
   

  	
  31

  
	
  Section 2.3.
  Swingline Loans

  	
   

  	
  35

  
	
  Section 2.4.
  Letters of Credit

  	
   

  	
  37

  
	
  Section 2.5.
  Rates and Payment of Interest on Loans

  	
   

  	
  41

  
	
  Section 2.6.
  Number of Interest Periods

  	
   

  	
  42

  
	
  Section 2.7.
  Repayment of Loans

  	
   

  	
  43

  
	
  Section 2.8.
  Prepayments

  	
   

  	
  43

  
	
  Section 2.9.
  Continuation

  	
   

  	
  43

  
	
  Section 2.10.
  Conversion

  	
   

  	
  44

  
	
  Section 2.11.
  Notes

  	
   

  	
  44

  
	
  Section 2.12.
  Voluntary Reductions of the Commitment

  	
   

  	
  45

  
	
  Section 2.13.
  Extension of Termination Date

  	
   

  	
  45

  
	
  Section 2.14.
  Expiration or Maturity Date of Letters of Credit Past Termination Date

  	
   

  	
  45

  
	
  Section 2.15.
  Amount Limitations

  	
   

  	
  46

  
	
  Section 2.16.
  Increase of Commitments

  	
   

  	
  46

  
	
  Article III. Payments,
  Fees and Other General Provisions

  	
   

  	
  47

  
	
  Section 3.1.
  Payments

  	
   

  	
  47

  
	
  Section 3.2.
  Pro Rata Treatment

  	
   

  	
  47

  
	
  Section 3.3.
  Sharing of Payments, Etc.

  	
   

  	
  48

  
	
  Section 3.4.
  Several Obligations

  	
   

  	
  48

  
	
  Section 3.5.
  Minimum Amounts

  	
   

  	
  49

  
	
  Section 3.6.
  Fees

  	
   

  	
  49

  
	
  Section 3.7.
  Computations

  	
   

  	
  50

  
	
  Section 3.8.
  Usury

  	
   

  	
  51

  
	
  Section 3.9.
  Agreement Regarding Interest and Charges

  	
   

  	
  51

  
	
  Section 3.10.
  Statements of Account

  	
   

  	
  51

  
	
  Section 3.11.
  Defaulting Lenders

  	
   

  	
  51

  
	
  Section 3.12.
  Taxes

  	
   

  	
  53

  
	
  Article IV. Yield Protection, Etc.

  	
   

  	
  54

  
	
  Section 4.1.
  Additional Costs; Capital Adequacy

  	
   

  	
  54

  
	
  Section 4.2.
  Suspension of LIBOR Loans

  	
   

  	
  56

  
	
  Section 4.3.
  Illegality

  	
   

  	
  56

  
	
  Section 4.4.
  Compensation

  	
   

  	
  56

  
	
  Section 4.5.
  Affected Lenders

  	
   

  	
  57

  

 

 i
 

 

	
  Section 4.6. Treatment
  of Affected Loans

  	
   

  	
  57

  
	
  Section 4.7.
  Change of Lending Office

  	
   

  	
  58

  
	
  Section 4.8.
  Assumptions Concerning Funding of LIBOR Loans

  	
   

  	
  58

  
	
  Article V. Conditions
  Precedent

  	
   

  	
  59

  
	
  Section 5.1.
  Initial Conditions Precedent

  	
   

  	
  59

  
	
  Section 5.2.
  Conditions Precedent to All Loans and Letters of Credit

  	
   

  	
  62

  
	
  Article VI. Representations
  and Warranties

  	
   

  	
  62

  
	
  Section 6.1.
  Representations and Warranties

  	
   

  	
  62

  
	
  Section 6.2.
  Survival of Representations and Warranties, Etc.

  	
   

  	
  68

  
	
  Article VII.
  Affirmative Covenants

  	
   

  	
  68

  
	
  Section 7.1.
  Preservation of Existence and Similar Matters

  	
   

  	
  68

  
	
  Section 7.2.
  Compliance with Applicable Law and Material Contracts

  	
   

  	
  69

  
	
  Section 7.3.
  Maintenance of Property

  	
   

  	
  69

  
	
  Section 7.4.
  Conduct of Business

  	
   

  	
  69

  
	
  Section 7.5.
  Insurance

  	
   

  	
  69

  
	
  Section 7.6.
  Payment of Taxes and Claims

  	
   

  	
  69

  
	
  Section 7.7.
  Visits and Inspections

  	
   

  	
  70

  
	
  Section 7.8.
  Use of Proceeds; Letters of Credit

  	
   

  	
  70

  
	
  Section 7.9.
  Environmental Matters

  	
   

  	
  70

  
	
  Section 7.10.
  Books and Records

  	
   

  	
  71

  
	
  Section 7.11.
  Further Assurances

  	
   

  	
  71

  
	
  Section 7.12.
  New Guarantors

  	
   

  	
  71

  
	
  Section 7.13.
  REIT Status

  	
   

  	
  72

  
	
  Section 7.14.
  Exchange Listing

  	
   

  	
  72

  
	
  Article VIII.
  Information

  	
   

  	
  72

  
	
  Section 8.1.
  Quarterly Financial Statements

  	
   

  	
  72

  
	
  Section 8.2.
  Year-End Statements

  	
   

  	
  73

  
	
  Section 8.3.
  Compliance Certificate; Other Reports

  	
   

  	
  73

  
	
  Section 8.4.
  Other Information

  	
   

  	
  74

  
	
  Section 8.5.
  Electronic Delivery

  	
   

  	
  76

  
	
  Section 8.6.
  Public/Private Information

  	
   

  	
  77

  
	
  Article IX. Negative
  Covenants

  	
   

  	
  77

  
	
  Section 9.1.
  Financial Covenants

  	
   

  	
  77

  
	
  Section 9.2.
  Restricted Payments

  	
   

  	
  78

  
	
  Section 9.3.
  Indebtedness

  	
   

  	
  79

  
	
  Section 9.4.
  Certain Permitted Investments

  	
   

  	
  79

  
	
  Section 9.5.
  Investments Generally

  	
   

  	
  80

  
	
  Section 9.6.
  Liens; Negative Pledges; Other Matters

  	
   

  	
  80

  
	
  Section 9.7.
  Merger, Consolidation, Sales of Assets and Other Arrangements

  	
   

  	
  81

  
	
  Section 9.8.
  Fiscal Year

  	
   

  	
  82

  
	
  Section 9.9.
  Modifications to Material Contracts

  	
   

  	
  82

  

 

 ii
 

 

	
  Section 9.10.
  Modifications of Organizational Documents

  	
   

  	
  82

  
	
  Section 9.11.
  Transactions with Affiliates

  	
   

  	
  82

  
	
  Section 9.12.
  ERISA Exemptions

  	
   

  	
  83

  
	
  Section 9.13.
  Reckson Limitations

  	
   

  	
  83

  
	
  Article X. Default

  	
   

  	
  84

  
	
  Section 10.1.
  Events of Default

  	
   

  	
  84

  
	
  Section 10.2.
  Remedies Upon Event of Default

  	
   

  	
  87

  
	
  Section 10.3.
  Allocation of Proceeds

  	
   

  	
  88

  
	
  Section 10.4.
  Collateral Account

  	
   

  	
  89

  
	
  Section 10.5.
  Performance by Agent

  	
   

  	
  90

  
	
  Section 10.6.
  Rights Cumulative

  	
   

  	
  90

  
	
  Section 10.7.
  Rescission of Acceleration by Requisite Lenders

  	
   

  	
  91

  
	
  Article XI. The Agent

  	
   

  	
  91

  
	
  Section 11.1.
  Authorization and Action

  	
   

  	
  91

  
	
  Section 11.2.
  Agent’s Reliance, Etc.

  	
   

  	
  92

  
	
  Section 11.3.
  Notice of Defaults

  	
   

  	
  92

  
	
  Section 11.4.
  Wachovia as Lender

  	
   

  	
  93

  
	
  Section 11.5. Approvals
  of Lenders

  	
   

  	
  93

  
	
  Section 11.6.
  Lender Credit Decision, Etc.

  	
   

  	
  93

  
	
  Section 11.7.
  Indemnification of Agent

  	
   

  	
  94

  
	
  Section 11.8.
  Successor Agent

  	
   

  	
  95

  
	
  Section 11.9. Titled
  Agents

  	
   

  	
  95

  
	
  Article XII.
  Miscellaneous

  	
   

  	
  96

  
	
  Section 12.1.
  Notices

  	
   

  	
  96

  
	
  Section 12.2.
  Expenses

  	
   

  	
  97

  
	
  Section 12.3.
  Setoff

  	
   

  	
  98

  
	
  Section 12.4.
  Litigation; Jurisdiction; Other Matters; Waivers

  	
   

  	
  98

  
	
  Section 12.5.
  Successors and Assigns

  	
   

  	
  99

  
	
  Section 12.6.
  Amendments

  	
   

  	
  103

  
	
  Section 12.7.
  Nonliability of Agent and Lenders

  	
   

  	
  105

  
	
  Section 12.8.
  Confidentiality

  	
   

  	
  105

  
	
  Section 12.9.
  Indemnification

  	
   

  	
  106

  
	
  Section 12.10.
  Termination; Survival

  	
   

  	
  108

  
	
  Section 12.11.
  Severability of Provisions

  	
   

  	
  108

  
	
  Section 12.12.
  GOVERNING LAW

  	
   

  	
  108

  
	
  Section 12.13.
  Patriot Act

  	
   

  	
  108

  
	
  Section 12.14.
  Counterparts

  	
   

  	
  109

  
	
  Section 12.15.
  Obligations with Respect to Loan Parties

  	
   

  	
  109

  
	
  Section 12.16.
  Limitation of Liability

  	
   

  	
  109

  
	
  Section 12.17.
  Entire Agreement

  	
   

  	
  109

  
	
  Section 12.18.
  Construction

  	
   

  	
  109

  
	
  Section 12.19.
  New York Mortgages

  	
   

  	
  110

  
	
  Section 12.20.
  1221 Avenue of the Americas

  	
   

  	
  111

  
	
  Section 12.21.
  No Novation; Effect of Amendment and Restatement

  	
   

  	
  111

  

 

 iii
 

 

	
  SCHEDULE 1

  	
  Commitments

  	
   

  	
   

  
	
  SCHEDULE 1.1.(A)

  	
  List of Loan Parties

  	
   

  	
   

  
	
  SCHEDULE 1.1.(B)

  	
  List of New York Mortgages

  	
   

  	
   

  
	
  SCHEDULE 6.1.(b)

  	
  Ownership Structure

  	
   

  	
   

  
	
  SCHEDULE 6.1.(f)

  	
  Title to Properties; Liens

  	
   

  	
   

  
	
  SCHEDULE 6.1.(g)

  	
  Indebtedness and Guaranties

  	
   

  	
   

  
	
  SCHEDULE 6.1.(h)

  	
  Material Contracts

  	
   

  	
   

  
	
  SCHEDULE 6.1.(i)

  	
  Litigation

  	
   

  	
   

  
	
  SCHEDULE 6.1.(y)

  	
  Eligible and Identified Assets

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Assignment and Acceptance Agreement

  	
   

  	
   

  
	
  EXHIBIT B

  	
  Form of Designation Agreement

  	
   

  	
   

  
	
  EXHIBIT C

  	
  Form of Notice of Borrowing

  	
   

  	
   

  
	
  EXHIBIT D

  	
  Form of Notice of Continuation

  	
   

  	
   

  
	
  EXHIBIT E

  	
  Form of Notice of Conversion

  	
   

  	
   

  
	
  EXHIBIT F

  	
  Form of Notice of Swingline Borrowing

  	
   

  	
   

  
	
  EXHIBIT G

  	
  Form of Swingline Note

  	
   

  	
   

  
	
  EXHIBIT H

  	
  Form of Bid Rate Quote Request

  	
   

  	
   

  
	
  EXHIBIT I

  	
  Form of Bid Rate Quote

  	
   

  	
   

  
	
  EXHIBIT J

  	
  Form of Bid Rate Quote Acceptance

  	
   

  	
   

  
	
  EXHIBIT K

  	
  Form of Revolving Note

  	
   

  	
   

  
	
  EXHIBIT L

  	
  Form of Bid Rate Note

  	
   

  	
   

  
	
  EXHIBIT M

  	
  Form of Opinion of Counsel

  	
   

  	
   

  
	
  EXHIBIT N

  	
  Form of Compliance Certificate

  	
   

  	
   

  
	
  EXHIBIT O

  	
  Form of Guaranty

  	
   

  	
   

  
	
  EXHIBIT P

  	
  Form of Pledge Agreement

  	
   

  	
   

  

 

 iv

THIS AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”)
dated as of June 28, 2007 by and among SL GREEN OPERATING
PARTNERSHIP, L.P., a limited partnership formed under the laws of the State of
Delaware (the “Borrower”), SL GREEN REALTY CORP., a corporation formed under
the laws of the State of Maryland (the “Parent”), WACHOVIA CAPITAL MARKETS, LLC
and KEYBANC CAPITAL MARKETS, as Co-Lead Arrangers and Book Managers (each a “Co-Lead
Arranger” and “Book Manager”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent,
KEYBANK NATIONAL ASSOCIATION, as Syndication Agent (the “Syndication Agent”),
each of EUROHYPO AG, NEW YORK BRANCH and ING REAL ESTATE FINANCE (USA) LLC as
Co-Documentation Agents (each a “Co-Documentation Agent”), and each of the
financial institutions initially a signatory hereto together with their
assignees pursuant to Section 12.5.(b).

WHEREAS, certain of the Lenders and other financial
institutions (who were “Lenders” under the Existing Credit Agreement) have made
available to Borrower a revolving credit facility in the amount of
$800,000,000, including a $125,000,000 letter of credit subfacility and a
$50,000,000 swingline subfacility, on the terms and conditions contained in
that certain Credit Agreement dated as of September 29, 2005 (as amended and in
effect immediately prior to the date hereof, the “Existing Credit Agreement”)
by and among the Borrower, the Parent, such Lenders, certain other financial
institutions (who were “Lenders” under the Existing Credit Agreement), the
Agent and the other parties thereto; and

WHEREAS, the Agent and the Lenders desire to amend and
restate the terms of the Existing Credit Agreement to make available to the
Borrower a revolving credit facility in the initial amount of $1,250,000,000,
which will include a $150,000,000 letter of credit subfacility and a
$100,000,000 swingline subfacility, on the terms and conditions contained
herein.

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, the parties hereto agree that the Existing Credit Agreement is amended
and restated in its entirety as follows:

ARTICLE I.
DEFINITIONS

Section 1.1.  Definitions.

In addition to terms defined elsewhere herein, the
following terms shall have the following meanings for the purposes of this
Agreement:

“1031 Property”
means property held by a “qualified intermediary” (a “QI”) or an “exchange
accommodation titleholder” (an “EAT”) (or in either case, by one or more Wholly
Owned Subsidiaries thereof, singly or as tenants in common) which is a single
purpose entity and has entered into an “exchange agreement” or a “qualified
exchange accommodation agreement” with the Borrower or a Guarantor in
connection with the acquisition of such property by the Borrower or a
Subsidiary pursuant to, and qualifying for tax treatment under,
Section 1031 of the Internal Revenue Code.

 1
 

“1221 Avenue of the
Americas” means the Property owned by Rock-Green, Inc. and
located at 1221 Avenue of the Americas, New York, New York.

“Absolute Rate”
has the meaning given that term in Section 2.2.(c)(ii)(C).

“Absolute Rate
Auction” means a solicitation of Bid Rate Quotes setting forth
Absolute Rates pursuant to Section 2.2.

“Absolute Rate Loan”
means a Bid Rate Loan, the interest rate on which is determined on the basis of
an Absolute Rate pursuant to an Absolute Rate Auction.

“Accession Agreement”
means an Accession Agreement substantially in the form of Annex I to the
Guaranty.

“Additional Costs”
has the meaning given that term in Section 4.1.

“Adjusted
EBITDA” means, for
any given period, (a) the EBITDA of the Parent and its Subsidiaries
determined on a consolidated basis for such period, minus
(b) Capital Reserves.

“Adjusted LIBOR”
means, with respect to each Interest Period for any LIBOR Loan, the rate
obtained by dividing (a) LIBOR for such Interest Period by (b) a
percentage equal to 1 minus the stated maximum rate (stated as a decimal) of
all reserves, if any, required to be maintained with respect to Eurocurrency
funding (currently referred to as “Eurocurrency liabilities”) as specified in
Regulation D of the Board of Governors of the Federal Reserve System (or
against any other category of liabilities which includes deposits by reference
to which the interest rate on LIBOR Loans is determined or any applicable
category of extensions of credit or other assets which includes loans by an
office of any Lender outside of the United States of America to residents of
the United States of America). Any change in such maximum rate shall result in
a change in Adjusted LIBOR on the date on which such change in such maximum
rate becomes effective.

“Administrative Details
Form” means an Administrative Details Reply Form in a form supplied
by the Agent to the Lenders from time to time.

“Affiliate” means
any Person (other than the Agent or any Lender): (a) directly or
indirectly controlling, controlled by, or under common control with, the
Borrower; (b) directly or indirectly owning or holding five percent (5.0%)
or more of any Equity Interest in the Borrower; or (c) five percent (5.0%)
or more of whose voting stock or other Equity Interest is directly or
indirectly owned or held by the Borrower. 
For purposes of this definition, “control” (including with correlative
meanings, the terms “controlling”, “controlled by” and “under common control
with”) means the possession directly or indirectly of the power to direct or
cause the direction of the management and policies of a Person, whether through
the ownership of voting securities or by contract or otherwise.  The Affiliates of a Person shall include any
officer or director of such Person.  In
no event shall the Agent or any Lender be deemed to be an Affiliate of the
Borrower.

 2
 

“Agent” means
Wachovia Bank, National Association, as contractual representative for the
Lenders under the terms of this Agreement, and any of its successors.

“Agreement Date”
means the date as of which this Agreement is dated.

“Applicable Law”
means all applicable provisions of constitutions, statutes, laws, rules,
regulations and orders of all governmental bodies and all orders and decrees of
all courts, tribunals and arbitrators.

“Applicable
Margin” means:

(a)           prior to the Investment Grade Rating
Date, the percentage rate set forth below corresponding to the ratio of Senior
Indebtedness to Total Asset Value as determined in accordance with
Section 9.1. in effect at such time:

	
  Level

  	
   

  	
  Senior Indebtedness to

  Total Asset Value

  	
   

  	
  Applicable Margin for

  LIBOR Loans

  	
   

  	
  Applicable Margin for

  Base Rate Loans

  	
   

  
	
  1

  	
   

  	
  <
  0.35 to 1.00

  	
   

  	
  0.70 %

  	
   

  	
  0.0 %

  	
   

  
	
  2

  	
   

  	
  3 0.35 to 1.00 and
  < 0.45 to 1.00

  	
   

  	
  0.80 %

  	
   

  	
  0.0 %

  	
   

  
	
  3

  	
   

  	
  3 0.45 to 1.00 and
  < 0.55 to 1.00

  	
   

  	
  0.90 %

  	
   

  	
  0.0 %

  	
   

  
	
  4

  	
   

  	
  3 0.55 to 1.00

  	
   

  	
  1.10 %

  	
   

  	
  0.10 %

  	
   

  

 

The Applicable
Margin shall be determined by the Agent from time to time, based on the ratio
of Senior Indebtedness to Total Asset Value as set forth in the Compliance
Certificate most recently delivered by the Borrower pursuant to
Section 8.3.  Any adjustment to the
Applicable Margin shall be effective (a) in the case of a Compliance Certificate
delivered in connection with quarterly financial statements of the Parent
delivered pursuant to Section 8.1., as of the date 50 days following the
end of the last day of the applicable fiscal quarter covered by such Compliance
Certificate, (b) in the case of a Compliance Certificate delivered in
connection with annual financial statements of the Parent delivered pursuant to
Section 8.2., as of the date 95 days following the end of the last day of
the applicable fiscal year covered by such Compliance Certificate, and
(c) in the case of any other Compliance Certificate, as of the date 5
Business Days following the Agent’s request for such Compliance
Certificate.  If the Borrower fails to
deliver a Compliance Certificate pursuant to Section 8.3., the Applicable
Margin shall equal the percentages corresponding to Level 4 until the date of
the delivery of the required Compliance Certificate.  As of the Agreement Date, and thereafter
until changed as provided above, the Applicable Margin is determined based on
Level 2; and

(b)           on
and at all times after the Investment Grade Rating Date, the percentage per
annum determined, at any time, based on the range into which the Parent’s
Credit Rating then falls, in accordance with the levels in  the table set forth below (each a “Level”).  Any change in the Parent’s Credit Rating
which would cause it to move to a different Level in such table shall effect a
change in the Applicable Margin on the Business Day on which such change
occurs.  During any period that the Parent
has received Credit Ratings that are not equivalent, the Applicable Margin
shall be determined by the higher of such two Credit Ratings.  During any period after the Investment Grade
Rating Date for which the Parent has received a Credit Rating from only one
Rating Agency, then the Applicable Margin shall be determined based on such 

 3
 

Credit Rating. 
During any period after the Investment Grade Rating Date for which the
Parent has not received a Credit Rating from either Rating Agency, then the
Applicable Margin shall be determined based on Level 5.

	
  

  Level

  	
   

  	
  Credit Rating

  (S&P/Moody’s)

  	
   

  	
  Applicable Margin for

  LIBOR Loans

  	
   

  	
  Applicable Margin for 

  Base Rate Loans

  	
   

  
	
  1

  	
   

  	
  A-/A3

  	
   

  	
  0.35

  	
  %

  	
  0.0

  	
  %

  
	
  2

  	
   

  	
  BBB+/Baa1

  	
   

  	
  0.40

  	
  %

  	
  0.0

  	
  %

  
	
  3

  	
   

  	
  BBB/Baa2

  	
   

  	
  0.50

  	
  %

  	
  0.0

  	
  %

  
	
  4

  	
   

  	
  BBB-/Baa3

  	
   

  	
  0.675

  	
  %

  	
  0.0

  	
  %

  
	
  5

  	
   

  	
  <
  BBB-/Baa3

  	
   

  	
  1.00

  	
  %

  	
  0.20

  	
  %

  

 

“Approved Fund”
means any Fund that is administered or managed by (a) a Lender,
(b) an affiliate of a Lender or (c) an entity or an affiliate of an
entity that administers or manages a Lender.

“Assignee” has
the meaning given that term in Section 12.5.(b).

“Assignment and Acceptance
Agreement” means an Assignment and Acceptance Agreement among a
Lender, an Assignee and the Agent, substantially in the form of Exhibit A.

“Base Rate” means
the per annum rate of interest equal to the greater of (a) the Prime Rate
or (b) the Federal Funds Rate plus one-half of one percent (0.5%).
Any change in the Base Rate resulting from a change in the Prime Rate or the
Federal Funds Rate shall become effective as of 12:01 a.m. on the Business Day
on which each such change occurs.  The
Base Rate is a reference rate used by the Lender acting as the Agent in
determining interest rates on certain loans and is not intended to be the
lowest rate of interest charged by the Lender acting as the Agent or any other
Lender on any extension of credit to any debtor.

“Base Rate Loan”
means a Revolving Loan bearing interest at a rate based on the Base Rate.

“Benefit Arrangement”
means at any time an employee benefit plan within the meaning of Section 3(3)
of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or
otherwise contributed to by any member of the ERISA Group.

“Bid Rate Borrowing”
has the meaning given that term in Section 2.2.(b).

“Bid Rate Loan”
means a loan made by a Lender under Section 2.2.

“Bid Rate Note”
has the meaning given that term in Section 2.11.(b).

“Bid Rate Quote”
means an offer in accordance with Section 2.2.(c) by a Lender to make a
Bid Rate Loan with one single specified interest rate.

“Bid Rate Quote Request”
has the meaning given that term in Section 2.2.(b).

 4
 

“Borrower” has
the meaning set forth in the introductory paragraph hereof and shall include
the Borrower’s successors and permitted assigns.

“Business Day”
means (a) any day other than a Saturday, Sunday or other day on which
banks in Charlotte, North Carolina or New York, New York are authorized or
required to close and (b) with reference to a LIBOR Loan or LIBOR Margin
Loan, any such day that is also a day on which dealings in Dollar deposits are
carried out in the London interbank market.

“Capital
Reserves” means, for
any period and with respect to a Property, an amount equal to (a) $0.30
per square foot times (b) a fraction, the numerator of which is the number
of days in such period and the denominator of which is 365. Any portion of a
Property leased under a ground lease to a third party that owns the
improvements on such portion of such Property shall not be included in
determinations of Capital Reserves. If the term Capital Reserves is used
without reference to any specific Property, then the amount shall be determined
on an aggregate basis with respect to all Properties of the Parent and its
Subsidiaries.

“Capitalization Rate”
means for any fiscal period ending (a) on or before June 30, 2009,
five and one-quarter of one percent (5.25%), and (b) at any time
thereafter, six and one-quarter of one percent (6.25%).

“Capitalized Lease
Obligation” means an obligation under a lease that is required to be
capitalized for financial reporting purposes in accordance with GAAP.  The amount of a Capitalized Lease Obligation
is the capitalized amount of such obligation as would be required to be
reflected on a balance sheet of the applicable Person prepared in accordance
with GAAP as of the applicable date.

“Cash Equivalents”
means: (a) securities issued, guaranteed or insured by the United States
of America or any of its agencies with maturities of not more than one year
from the date acquired; (b) certificates of deposit with maturities of not
more than one year from the date acquired issued by a United States federal or
state chartered commercial bank of recognized standing, or a commercial bank
organized under the laws of any other country which is a member of the
Organization for Economic Cooperation and Development, or a political
subdivision of any such country, acting through a branch or agency, which bank
has capital and unimpaired surplus in excess of $500,000,000 and which bank or
its holding company has a short-term commercial paper rating of at least
A-2 or the equivalent by S&P or at least P-2 or the equivalent
by Moody’s; (c) reverse repurchase agreements with terms of not more than
seven days from the date acquired, for securities of the type described in
clause (a) above and entered into only with commercial banks having the
qualifications described in clause (b) above; (d) commercial paper
issued by any Person incorporated under the laws of the United States of
America or any state thereof and rated at least A-2 or the equivalent
thereof by S&P or at least P-2 or the equivalent thereof by Moody’s,
in each case with maturities of not more than one year from the date acquired;
and (e) investments in money market funds registered under the Investment
Company Act of 1940, as amended, which have net assets of at least $500,000,000
and at least 85% of whose assets consist of securities and other obligations of
the type described in clauses (a) through (d) above.

 5
 

“Collateral Account”
means a special interest bearing deposit account or securities account
maintained by, or on behalf of, the Agent and under its sole dominion and
control.

“Commitment”
means, as to each Lender (other than the Swingline Lender), such Lender’s
obligation (a) to make Revolving Loans pursuant to Section 2.1.,
(b) to issue (in the case of the Lender then acting as Agent) or
participate in (in the case of the other Lenders) Letters of Credit pursuant to
Section 2.4.(a) and 2.4.(i), respectively (but in the case of the Lender
acting as the Agent, excluding the aggregate amount of participations in the
Letters of Credit held by the other Lenders), and (c) to participate in
Swingline Loans pursuant to Section 2.3.(e), in each case, in an amount up
to, but not exceeding, the amount set forth for such Lender on Schedule I
as such Lender’s “Commitment” or as set forth in the applicable Assignment and
Acceptance Agreement, as the same may be reduced from time to time pursuant to
Section 2.12. or increased or reduced as appropriate to reflect any
assignments to or by such Lender effected in accordance with Section 12.5.

“Commitment Percentage”
means, as to each Lender, the ratio, expressed as a percentage, of (a) the
amount of such Lender’s Commitment to (b) the aggregate amount of the
Commitments of all Lenders; provided, however, that if at the time of
determination the Commitments have terminated or been reduced to zero, the “Commitment
Percentage” of each Lender shall be the Commitment Percentage of such Lender in
effect immediately prior to such termination or reduction.

“Compliance Certificate”
has the meaning given that term in Section 8.3.

“Construction-in-Process” means cash expenditures for land and
improvements (including indirect costs internally allocated and development
costs) determined in accordance with GAAP on all Properties that are under
development or are scheduled to commence development within twelve months from
any date of determination.

“Construction Budget”
means the fully-budgeted costs for the acquisition and construction of a
given parcel of real property (including, without limitation, the cost of
acquiring such parcel of real property, reserves for construction interest and
operating deficits, tenant improvements, leasing commissions, and
infrastructure costs) as reasonably determined by the Parent in good faith.

“Continue”, “Continuation” and “Continued” each
refers to the continuation of a LIBOR Loan from one Interest Period to another
Interest Period pursuant to Section 2.9.

“Convert”, “Conversion” and “Converted” each
refers to the conversion of a Revolving Loan of one Type into a Revolving Loan
of another Type pursuant to Section 2.10.

“Credit Event”
means any of the following: (a) the making (or deemed making) of any Loan,
(b) the Continuation of a LIBOR Loan, (c) the Conversion of a Base
Rate Loan into a LIBOR Loan, and (d) the issuance of a Letter of Credit.

 6
 

“Credit Rating”
means the rating assigned by a Rating Agency to the senior unsecured long term
Indebtedness of a Person.

“Default” means
any of the events specified in Section 10.1., whether or not there has
been satisfied any requirement for the giving of notice, the lapse of time, or
both.

“Defaulting Lender”
has the meaning given that term in Section 3.11.

“Derivatives
Contract” means any
and all rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond
price or bond index swaps or options or forward bond or forward bond price or
forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement. 
Not in limitation of the foregoing, the term “Derivatives Contract”
includes any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of
master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any
other master agreement, including any such obligations or liabilities under any
such master agreement.

“Derivatives
Termination Value”
means, in respect of any one or more Derivatives Contracts, after taking into
account the effect of any legally enforceable netting agreement relating to
such Derivatives Contracts, (a) for any date on or after the date such
Derivatives Contracts have been closed out and termination value(s) determined
in accordance therewith, such termination value(s), and (b) for any date
prior to the date referenced in clause (a) the amount(s) determined as the
mark-to-market value(s) for such Derivatives Contracts, as determined based
upon one or more mid-market or other readily available quotations provided by
any recognized dealer in such Derivatives Contracts (which may include any
Lender).

“Designated Lender”
means a special purpose corporation which is sponsored by a Lender, that is
engaged in making, purchasing or otherwise investing in commercial loans in the
ordinary course of its business and that issues (or the parent of which issues)
commercial paper rated at least P-1 (or the then equivalent grade) by Moody’s
or A-1 (or the then equivalent grade) by S&P that, in either case, (a) is
organized under the laws of the United States of America or any state thereof,
(b) shall have become a party to this Agreement pursuant to
Section 12.5.(e) and (c) is not otherwise a Lender.

“Designated Lender Note”
means a Bid Rate Note of the Borrower evidencing the obligation of the Borrower
to repay Bid Rate Loans made by a Designated Lender.

“Designating Lender”
has the meaning given that term in Section 12.5.(h).

 7
 

“Designation Agreement”
means a Designation Agreement between a Lender and a Designated Lender and
accepted by the Agent, substantially in the form of Exhibit B or such
other form as may be agreed to by such Lender, such Designated Lender and the
Agent.

“Development
Property” means a Property (a) currently under development and
on which the improvements (other than tenant improvements on unoccupied space)
related to the development have not been completed or (b) on which the
development of all such improvements (other than tenant improvements on unoccupied
space) has been completed for a period not in excess of 18 months.

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

“EAT” has the
meaning given that term in the definition of 1031 Property.

“EBITDA”
means, with respect to a Person for any period (without duplication), net
income (loss) of such Person for such period determined on a consolidated
basis, exclusive of the following (but only to the extent included in
determination of such net income (loss)) (a) depreciation and
amortization; (b) Interest Expense; (c) income tax expense; and
(d) extraordinary or non-recurring gains and losses.  EBITDA shall be adjusted to remove any impact from straight line
rent leveling adjustments required under GAAP and amortization of intangibles
pursuant to Statement of Financial Accounting Standards number 141.

“Effective Date”
means the later of: (a) the Agreement Date; and (b) the date on which
all of the conditions precedent set forth in Section 5.1. shall have been
fulfilled or waived in writing by the Requisite Lenders.

“Eligible 1031 Property”
means a 1031 Property which satisfies all of the following requirements:
(a) such 1031 Property is fully developed as an office property;
(b) the Borrower or a Subsidiary leases such 1031 Property from the
applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof, as applicable)
and the Borrower or a Subsidiary manages such 1031 Property; (c) the
Borrower or a Subsidiary is obligated to purchase such 1031 Property (or Wholly
Owned Subsidiary(ies) of the applicable QI or EAT that owns such 1031 Property)
from the applicable QI or EAT and the applicable QI or EAT is obligated to sell
such 1031 Property (or Wholly Owned Subsidiary(ies) thereof that owns such 1031
Property, as applicable) to the Borrower or a Subsidiary; (d) the
applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof that owns such
1031 Property, as applicable) acquired such 1031 Property with the proceeds of
a loan made by the Borrower or a Guarantor which loan is secured either by a
Mortgage on such 1031 Property or a pledge of all of the Equity Interests of
the applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof that owns
such 1031 Property, as applicable); (e) neither such 1031 Property, nor
any interest of the Borrower or any Subsidiary therein, is subject to any Lien
(other than (i) Permitted Liens of the types described in clauses (a)
through (e) of the definition of Permitted Liens and (ii) the Lien of a
Mortgage or pledge referred to in the immediately preceding clause (d)) or
a Negative Pledge; and (f) such 1031 Property is free of all structural
defects or major architectural deficiencies, title defects, environmental
conditions or other adverse matters except for defects, deficiencies, conditions
or other matters individually or collectively which are not material to the
profitable operation of such 1031 Property. 
In no event 

 8
 

shall a 1031 Property qualify as an Eligible 1031
Property for a period in excess of 180 consecutive days; provided, the
Agent may in its discretion extend such period by an additional 10 Business
Days to permit the Parent and the Borrower to comply with Section 7.12. to cause the owner of such 1031
Property to become a Guarantor.  For
purposes of determining Total Asset Value and Unconsolidated Asset Value, as
applicable, such 1031 Property shall be deemed to have been owned or leased by
the Borrower or such Subsidiary from the date acquired by the applicable QI or
EAT (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as
applicable).

“Eligible Assignee”
means (a) a Lender, (b) an affiliate of a Lender, (c) an
Approved Fund, and (d) any other Person (other than a natural person)
approved by (i) the Agent and (ii) unless a Default or Event of
Default exists, the Borrower (each such approval not to be unreasonably
withheld or delayed); provided that notwithstanding the foregoing, “Eligible
Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or
Subsidiaries.

“Eligible
Property” means a
Property which satisfies all of the following requirements: (a) such
Property is fully developed as an office property; (b) the Property is
owned, or leased under a Ground Lease, entirely by the Borrower and/or a
Subsidiary of the Borrower; (c) neither such Property, nor any interest of
the Borrower or any Subsidiary therein, is subject to any Lien (other than
Permitted Liens of the types described in clauses (a) through (e) of the
definition of Permitted Liens) or a Negative Pledge; (d) if such Property
is owned or leased by a Subsidiary (i) none of the Borrower’s direct or
indirect ownership interest in such Subsidiary is subject to any Lien (other
than Permitted Liens of the types described in clauses (a) through (e) of
the definition of Permitted Liens) or to a Negative Pledge; and (ii) the
Borrower directly, or indirectly through a Subsidiary, has the right to take
the following actions without the need to obtain the consent of any Person:
(x) to sell, transfer or otherwise dispose of such Property and
(y) to create a Lien on such Property as security for Indebtedness of the
Borrower or such Subsidiary, as applicable; and (e) such Property is free
of all structural defects or major architectural deficiencies, title defects,
environmental conditions or other adverse matters except for defects,
deficiencies, conditions or other matters individually or collectively which
are not material to the profitable operation of such Property.  An Eligible 1031 Property shall also constitute
an Eligible Property.

“Environmental Laws”
means any Applicable Law relating to environmental protection or the
manufacture, storage, remediation, disposal or clean-up of Hazardous
Materials including, without limitation, the following: Clean Air Act, 42
U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et
seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and
Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response,
Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National
Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the
Environmental Protection Agency and any applicable rule of common law and any
judicial interpretation thereof relating primarily to the environment or
Hazardous Materials.

“Equity Interest”
means, with respect to any Person, any share of capital stock of (or other
ownership or profit interests in) such Person, any warrant, option or other
right for the purchase or other acquisition from such Person of any share of
capital stock of (or other 

 9
 

ownership or profit interests in) such Person, any
security not constituting Indebtedness which security is, by its terms,
convertible into or exchangeable for any share of capital stock of (or other
ownership or profit interests in) such Person or warrant, right or option for
the purchase or other acquisition from such Person of such shares (or such
other interests), and any other ownership or profit interest in such Person
(including, without limitation, partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such share, warrant,
option, right or other interest is authorized or otherwise existing on any date
of determination.

“Equity Issuance”
means any issuance by a Person of any Equity Interest in such Person and shall
in any event include the issuance of any Equity Interest upon the conversion or
exchange of any security constituting Indebtedness that is convertible or
exchangeable, or is being converted or exchanged, for Equity Interests.

“ERISA” means
the Employee Retirement Income Security Act of 1974, as in effect from time to
time.

“ERISA Group”
means the Borrower, any Subsidiary and all members of a controlled group of
corporations and all trades or businesses (whether or not incorporated) under
common control which, together with the Borrower or any Subsidiary, are treated
as a single employer under Section 414 of the Internal Revenue Code.

“Event of Default”
means any of the events specified in Section 10.1., provided that any
requirement for notice or lapse of time or any other condition has been
satisfied.

“Excluded Subsidiary”
means any Subsidiary (a) holding title to assets which are or are to
become collateral for any Secured Indebtedness of such Subsidiary and
(b) which is prohibited from Guarantying the Indebtedness of any other
Person pursuant to (i) any document, instrument or agreement evidencing
such Secured Indebtedness or (ii) a provision of such Subsidiary’s
organizational documents which provision was included in such Subsidiary’s
organizational documents as a condition to the extension of such Secured
Indebtedness.  In addition, the Trust shall be deemed an
Excluded Subsidiary.

“Existing Credit Agreement”
has the meaning given such term in the recitals hereto.

“Facility Fee” means the per annum percentage set forth in
the table below corresponding to the Level at which the “Applicable Margin” is
determined in accordance with the definition thereof on and at all times
following the Investment Grade Rating Date:

	
  Level

  	
   

  	
  Facility Fee

  	
   

  
	
  1

  	
   

  	
  0.10

  	
  %

  
	
  2

  	
   

  	
  0.15

  	
  %

  
	
  3

  	
   

  	
  0.15

  	
  %

  
	
  4

  	
   

  	
  0.20

  	
  %

  
	
  5

  	
   

  	
  0.25

  	
  %

  

 

 10

“Fair Market Value”
means, with respect to (a) a security listed on a national securities
exchange or the NASDAQ National Market, the price of such security as reported
on such exchange or market by any widely recognized reporting method
customarily relied upon by financial institutions and (b) with respect to
any other property, the price which could be negotiated in an arm’s-length free
market transaction, for cash, between a willing seller and a willing buyer,
neither of which is under pressure or compulsion to complete the transaction.

“Federal Funds Rate” means, for any day, the rate per annum
(rounded upward to the nearest 1/100th of 1%) equal to the weighted average of
the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published by
the Federal Reserve Bank of New York on the Business Day next succeeding such
day, provided that (a) if such day is not a Business Day, the Federal Funds
Rate for such day shall be such rate on such transactions on the next preceding
Business Day, and (b) if no such rate is so published on such next succeeding
Business Day, the Federal Funds Rate for such day shall be the average rate
quoted to the Agent by Federal funds dealers selected by the Agent on such day
on such transaction as determined by the Agent.

“Fees” means the fees and commissions provided for or
referred to in Section 3.6. and any other fees payable by the Borrower
hereunder or under any other Loan Document.

“Fixed Charges” means, for any period, the sum of
(a) Interest Expense of the Parent and its Subsidiaries determined on a
consolidated basis for such period, (b) all regularly scheduled principal
payments made with respect to Indebtedness of the Parent and its Subsidiaries
during such period, other than any balloon, bullet or similar principal payment
which repays such Indebtedness in full, and (c) all Preferred Dividends
paid during such period.

“Foreign Lender” means any Lender that is organized under the
laws of a jurisdiction other than the United States of America, any state
thereof or the District of Columbia.

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business.

“Funds From Operations” means, with respect to a Person and
for a given period, (a) net income (loss) of such Person determined on a
consolidated basis for such period minus (or plus) (b) gains
(or losses) from debt restructuring and sales of property during such period plus
(c) depreciation with respect to such Person’s real estate assets and
amortization (other than amortization of deferred financing costs) of such
Person for such period, all after adjustment to eliminate amounts attributable
to Unconsolidated Affiliates but which have not actually been received by such
Person.

“GAAP” means generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of 

 11
 

the accounting
profession, which are applicable to the circumstances as of the date of
determination.

“Governmental Approvals” means all authorizations, consents,
approvals, licenses and exemptions of, registrations and filings with, and
reports to, all Governmental Authorities.

“Governmental Authority” means any national, state or local
government (whether domestic or foreign), any political subdivision thereof or
any other governmental, quasi-governmental, judicial, public or statutory
instrumentality, authority, body, agency, bureau, commission, board, department
or other entity (including, without limitation, the Federal Deposit Insurance
Corporation, the Comptroller of the Currency or the Federal Reserve Board, any
central bank or any comparable authority) or any arbitrator with authority to
bind a party at law.

“Gramercy Value” means an amount equal to
the lesser of (a) 100% of the GAAP book value of the Gramercy Capital
Corp. common stock owned by the Borrower and which is not subject to any Liens
or Negative Pledge and (b) $125,000,000.  Gramercy Value shall be equal to zero if
Gramercy Capital Corporation ceases to be listed on the New York Stock
Exchange.  

“Ground Lease” means a ground lease containing the following
terms and conditions: (a) a remaining term (exclusive of any unexercised
extension options) of 40 years or more from the Agreement Date; (b) the right
of the lessee to mortgage and encumber its interest in the leased property
without the consent of the lessor; (c) the obligation of the lessor to give the
holder of any mortgage Lien on such leased property written notice of any
defaults on the part of the lessee and agreement of such lessor that such lease
will not be terminated until such holder has had a reasonable opportunity to cure
or complete foreclosures, and fails to do so; (d) reasonable transferability of
the lessee’s interest under such lease, including ability to sublease; and (e)
such other rights customarily required by mortgagees making a loan secured by
the interest of the holder of the leasehold estate demised pursuant to a ground
lease.  The ground lease associated with
the property located at 1185 Avenue of the Americas, New York, New York, the
term of which expires in the year 2043, will not be subject to the requirement
of clause (a) of this definition.

“Guarantor” means any Person that is a party to the Guaranty
as a “Guarantor,” and, in any event, shall include the Parent.

“Guaranty”, “Guaranteed”, “Guarantying” or to “Guarantee”
as applied to any obligation means and includes:  (a) a guaranty (other than by
endorsement of negotiable instruments for collection or deposit in the ordinary
course of business), directly or indirectly, in any manner, of any part or all
of such obligation, or (b) an agreement, direct or indirect, contingent or
otherwise, and whether or not constituting a guaranty, the practical effect of
which is to assure the payment or performance (or payment of damages in the
event of nonperformance) of any part or all of such obligation whether by: (i) the
purchase of securities or obligations, (ii) the purchase, sale or lease
(as lessee or lessor) of property or the purchase or sale of services primarily
for the purpose of enabling the obligor with respect to such obligation to make
any payment or performance (or payment of damages in the event of
nonperformance) of or on account of any part or all of such obligation, or to
assure the owner of such obligation against loss, (iii) the supplying of
funds to or in any other manner investing in the obligor with 

 12
 

respect to such
obligation, (iv) repayment of amounts drawn down by beneficiaries of
letters of credit (including Letters of Credit), or (v) the supplying of
funds to or investing in a Person on account of all or any part of such Person’s
obligation under a Guaranty of any obligation or indemnifying or holding
harmless, in any way, such Person against any part or all of such
obligation.  As the context requires, “Guaranty”
shall also mean the Amended and Restated Guaranty to which the Guarantors are
parties substantially in the form of Exhibit O.

“Hazardous Materials” means all or any of the following:
(a) substances that are defined or listed in, or otherwise classified
pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous
materials”, “hazardous wastes”, “toxic substances” or any other formulation
intended to define, list or classify substances by reason of deleterious
properties such as ignitability, corrosivity, reactivity, carcinogenicity,
reproductive toxicity, “TCLP” toxicity or “EP” toxicity; (b) oil,
petroleum or petroleum derived substances, natural gas, natural gas liquids or
synthetic gas and drilling fluids, produced waters and other wastes associated
with the exploration, development or production of crude oil, natural gas or
geothermal resources; (c) any flammable substances or explosives or any
radioactive materials; (d) asbestos in any form; (e) toxic mold; and
(f) electrical equipment which contains any oil or dielectric fluid
containing levels of polychlorinated biphenyls in excess of fifty parts per
million.

“Identified Property”
means a Property which is subject to a Lien securing Nonrecourse Secured
Indebtedness but which would otherwise qualify as an Eligible Property and
which Property the Borrower has requested, and the Agent has agreed, to include
as an Identified Property.  So long as
each of the conditions set forth in Section 12.20. continues to be satisfied, 1221 Avenue of
the Americas shall be deemed to be an Identified Property.

“Identified Property Indebtedness” means, the aggregate amount of Nonrecourse
Secured Indebtedness which is secured by Liens on Identified Properties.

“Identified Property Value” means, the sum of (a) with respect to the Identified Properties
owned by the Parent, the Borrower or any Subsidiary for the period of four
consecutive fiscal quarters most recently ended, the quotient of (i) Net
Operating Income attributable to such Identified Property for the period of
four consecutive fiscal quarters most recently ended, divided by (ii) the
Capitalization Rate, plus (b) the GAAP book value of Identified Properties
acquired during such period of four consecutive fiscal quarters.  An Identified Property shall be excluded from
the determination of Identified Property Value if at the time of such
determination the obligor in respect of the Identified Property Indebtedness
secured by a Lien on such Identified Property is in default of such
Indebtedness.

“Indebtedness” means, with respect to a Person, at
the time of computation thereof, all of the following (without duplication):
(a) all obligations of such Person in respect of money borrowed (other
than trade debt incurred in the ordinary course of business which is not more
than 60 days past due); (b) all obligations of such Person, whether or not
for money borrowed (i)  all Indebtedness of other Persons which such
Person has Guaranteed or is otherwise recourse to such Person (except for
guaranties of customary exceptions for fraud, misapplication of funds,
environmental indemnities, voluntary bankruptcy, collusive involuntary
bankruptcy and other similar exceptions to recourse liability),
(ii) evidenced by bonds, debentures, notes or similar instruments, or
(iii) constituting purchase money indebtedness, conditional sales contracts,
title 

 13
 

retention debt
instruments or other similar instruments, upon which interest charges are
customarily paid or that are issued or assumed as full or partial payment for
property or services rendered; (c) Capitalized Lease Obligations of such
Person; (d) all reimbursement obligations (contingent or otherwise) of
such Person in respect of letters of credit or acceptances (whether or not the
same have been presented for payment); (e) all Off-Balance Sheet
Obligations of such Person; (f) all obligations of such Person to
purchase, redeem, retire, defease or otherwise make any payment in respect of
any Mandatorily Redeemable Stock issued by such Person or any other Person,
valued at the greater of its voluntary or involuntary liquidation preference
plus accrued and unpaid dividends; (g) all obligations of such Person in
respect of any purchase obligation, repurchase obligation, takeout commitment
or forward equity commitment, in each case evidenced by a binding agreement
(excluding any such obligation to the extent the obligation can be satisfied by
the issuance of Equity Interests (other than Mandatorily Redeemable Stock));
(h) net obligations under any Derivatives Contract not entered into as a
hedge against existing Indebtedness, in an amount equal to the Derivatives
Termination Value thereof; (i) all Indebtedness of other Persons which
such Person has Guaranteed or is otherwise recourse to such Person (except for
guaranties of customary exceptions for fraud, misapplication of funds,
environmental indemnities and other similar exceptions to recourse liability
(but not exceptions relating to bankruptcy, insolvency, receivership or other
similar events)); and (j) all Indebtedness of another Person secured by
(or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien on property or assets owned by such
Person, even though such Person has not assumed or become liable for the
payment of such Indebtedness or other payment obligation.  All Loans and Letter of Credit Liabilities
shall constitute Indebtedness of the Borrower.

“Intellectual Property” has the meaning given that term in
Section 6.1.(t).

“Interest
Expense” means, for
any period, without duplication, total interest expense of the Parent and its
Subsidiaries, including capitalized interest not funded under a construction
loan interest reserve account, determined on a consolidated basis for such
period.

“Interest Period” means:

(a)           with respect to any LIBOR Loan, each
period commencing on the date such LIBOR Loan is made or the last day of the
next preceding Interest Period for such Loan and ending 7 days (with the
approval of the Agent), 1, 2, 3 or 6 months thereafter (or, if available to all
Lenders, 9 or 12 months), as the Borrower may select in a Notice of Borrowing,
Notice of Continuation or Notice of Conversion, as the case may be, except that
each Interest Period (other than one having a duration of 7 days) that
commences on the last Business Day of a calendar month, or on a day for which
there is no corresponding day in the appropriate subsequent calendar month,
shall end on the last Business Day of the appropriate subsequent calendar
month; and

(b)           with respect to any Bid Rate Loan,
the period commencing on the date such Bid Rate Loan is made and ending on any
Business Day not less than 7 nor more than 90 days thereafter, as the Borrower
may select as provided in Section 2.2.(b).

 14
 

Notwithstanding
the foregoing: (i) if any Interest Period would otherwise end after the
Termination Date, such Interest Period shall end on the Termination Date; and
(ii) each Interest Period that would otherwise end on a day which is not a
Business Day shall end on the immediately following Business Day (or in the
case of an Interest Period for a LIBOR Loan other than one having a duration of
7 days, if such immediately following Business Day falls in the next calendar
month, on the immediately preceding Business Day).

“Internal Revenue Code” means the Internal Revenue Code of
1986, as amended.

“Investment” means, with respect to any Person, any
acquisition or investment (whether or not of a controlling interest) by such
Person, by means of any of the following: 
(a) the purchase or other acquisition of any Equity Interest in
another Person, (b) a loan, advance or extension of credit to, capital
contribution to, Guaranty of Indebtedness of, or purchase or other acquisition
of any Indebtedness of, another Person, including any partnership or joint
venture interest in such other Person, or (c) the purchase or other acquisition
(in one transaction or a series of transactions) of assets of another Person
that constitute the business or a division or operating unit of another
Person.  Any binding commitment to make
an Investment in any other Person, as well as any option of another Person to
require an Investment in such Person, shall constitute an Investment.  Except as expressly provided otherwise, for
purposes of determining compliance with any covenant contained in a Loan
Document, the amount of any Investment shall be the amount actually invested,
without adjustment for subsequent increases or decreases in the value of such
Investment.

“Investment Grade Rating” means a Credit Rating of BBB-/Baa3
or higher from either S&P or Moody’s, respectively.

“Investment Grade Rating Date” means the date on which the
Parent first obtains, at its request, an Investment Grade Rating from either of
the Rating Agencies.

“Issuer” has the meaning given that term in the Pledge
Agreement.

“Junior Subordinated Indenture” means that certain Junior
Subordinated Indenture dated as of June 30, 2005 by and between the
Borrower and JPMorgan Chase Bank, National Association, as Trustee.

“L/C Commitment Amount” equals $150,000,000.

“Lender” means each financial institution from time to time
party hereto as a “Lender” or a “Designated Lender,” together with its
respective successors and permitted assigns, and as the context requires,
includes the Swingline Lender; provided, however, that the term “Lender” shall
exclude each Designated Lender when used in reference to any Loan other than a
Bid Rate Loan, the Commitments or terms relating to any Loan other than a Bid
Rate Loan and shall further exclude each Designated Lender for all other
purposes under the Loan Documents except that any Designated Lender which funds
a Bid Rate Loan shall, subject to Section 12.5.(h), have the rights
(including the rights given to a Lender contained in Sections 12.2. and
12.9.) and obligations of a Lender associated with holding such Bid Rate Loan.

 15
 

“Lending Office” means, for each Lender and for each Type of
Loan, the office of such Lender specified as such in such Lender’s then current
Administrative Details Form, or such other office of such Lender of which such
Lender may notify the Agent in writing from time to time.

“Letter of Credit” has the meaning given that term in
Section 2.4.(a).

“Letter of Credit Documents” means, with respect to any
Letter of Credit, collectively, any application therefor, any certificate or
other document presented in connection with a drawing under such Letter of
Credit and any other agreement, instrument or other document governing or
providing for (a) the rights and obligations of the parties concerned or
at risk with respect to such Letter of Credit or (b) any collateral
security for any of such obligations.

“Letter of Credit Liabilities” means, without duplication, at
any time and in respect of any Letter of Credit, the sum of (a) the Stated
Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount
of all Reimbursement Obligations of the Borrower at such time due and payable
in respect of all drawings made under such Letter of Credit.  For purposes of this Agreement, a Lender
(other than the Lender acting as the Agent) shall be deemed to hold a Letter of
Credit Liability in an amount equal to its participation interest in the
related Letter of Credit under Section 2.4.(i), and the Lender acting as
the Agent shall be deemed to hold a Letter of Credit Liability in an amount
equal to its retained interest in the related Letter of Credit after giving
effect to the acquisition by the Lenders other than the Lender acting as the
Agent of their participation interests under such Section.

“Level” has the meaning given that term in
the definition of the term “Applicable Margin.”

“LIBOR” means, for any LIBOR Loan or LIBOR Margin Loan for
any Interest Period therefor, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page
(or any successor page) as the London interbank offered rate for deposits in
Dollars at approximately 11:00 a.m. (London time) two Business Days prior to
the first day of such Interest Period for a term comparable to such Interest
Period.  If for any reason such rate is
not available, LIBOR shall be, for any Interest Period, the rate per annum
reasonably determined by the Agent as the rate of interest at which Dollar
deposits in the approximate amount of the LIBOR Loan comprising part of such
borrowing or LIBOR Margin Loan would be offered by the Agent to major banks in
the London interbank Eurodollar market at their request at or about 11:00 a.m.
(London time) two Business Days prior to the first day of such Interest Period
for a term comparable to such Interest Period.

“LIBOR Auction” means a solicitation of Bid
Rate Quotes setting forth LIBOR Margin Loans pursuant to Section 2.2.

“LIBOR Loan” means a Revolving Loan bearing interest at a
rate based on LIBOR.

“LIBOR Margin” has the meaning given that
term in Section 2.2.(c)(ii)(D).

 16
 

“LIBOR Margin Loan” means a Bid Rate Loan
the interest rate on which is determined on the basis of LIBOR pursuant to a
LIBOR Auction.

“Lien” as applied to the property of any Person means:  (a) any security interest, encumbrance,
mortgage, deed to secure debt, deed of trust, assignment of leases and rents,
pledge, lien, charge or lease constituting a Capitalized Lease Obligation,
conditional sale or other title retention agreement, or other security title or
encumbrance of any kind in respect of any property of such Person, or upon the
income, rents or profits therefrom; (b) any arrangement, express or
implied, under which any property of such Person is transferred, sequestered or
otherwise identified for the purpose of subjecting the same to the payment of
Indebtedness or performance of any other obligation in priority to the payment
of the general, unsecured creditors of such Person; (c) the filing of any
financing statement under the Uniform Commercial Code or its equivalent in any
jurisdiction, other than any precautionary filing not otherwise constituting or
giving rise to a Lien, including a financing statement filed (i) in respect of
a lease not constituting a Capitalized Lease Obligation pursuant to Section
9-505 (or a successor provision) of the Uniform Commercial Code or its equivalent
as in effect in an applicable jurisdiction or (ii) in connection with a sale or
other disposition of accounts or other assets not prohibited by this Agreement
in a transaction not otherwise constituting or giving rise to a Lien;
(d) in the case of a security, a third party’s right to purchase such
security, and (e) any agreement by such Person to grant, give or otherwise
convey any of the foregoing.

“Loan” means a Revolving Loan, a Bid Rate Loan or a Swingline
Loan.

“Loan Document” means this Agreement, each Note, each Letter
of Credit Document, the New York Mortgages, the Guaranty, the Pledge Agreement
and each other document or instrument now or hereafter executed and delivered
by a Loan Party in connection with, pursuant to or relating to this Agreement.

“Loan Party” means each of the Parent, the Borrower and each
other Person who guarantees all or a portion of the Obligations and/or who
pledges any collateral security to secure all or a portion of the
Obligations.  Schedule 1.1.(A) sets
forth the Loan Parties in addition to, the Parent and the Borrower as of the
Agreement Date.

“Mandatorily
Redeemable Stock” means, with respect to any Person, any Equity
Interest of such Person which by the terms of such Equity Interest (or by the
terms of any security into which it is convertible or for which it is
exchangeable or exercisable), upon the happening of any event or otherwise,
(a) matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise (other than an Equity Interest to the extent redeemable
in exchange for common stock or other equivalent common Equity Interests at the
option of the issuer of such Equity Interest), (b) is convertible into or
exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or
(c) is redeemable at the option of the holder thereof, in whole or in part
(other than an Equity Interest which is redeemable solely in exchange for
common stock or other equivalent common Equity Interests), in each case on or
prior to the date on which all Revolving Loans are scheduled to be due and
payable in full.

 17
 

“Material Adverse Effect” means a materially adverse effect
on (a) the business, assets, liabilities, condition (financial or
otherwise), results of operations or business prospects of the Parent and its
Subsidiaries or the Borrower and its Subsidiaries, in each case, taken as a
whole, (b) the ability of the Borrower or any other Loan Party to perform
any of its material obligations under any Loan Document to which it is a party,
(c) the validity or enforceability of any of the Loan Documents,
(d) the rights and remedies of the Lenders and the Agent under any of the
Loan Documents or (e) the timely payment of the principal of or interest
on the Loans or other amounts payable in connection therewith or the timely
payment of all Reimbursement Obligations.

“Material Contract” means any contract or other arrangement
(other than Loan Documents), whether written or oral, to which the Parent, the
Borrower, any Subsidiary or any other Loan Party is a party as to which the
breach, nonperformance, cancellation or failure to renew by any party thereto
could reasonably be expected to have a Material Adverse Effect.

“Material Subsidiary” means any Subsidiary that directly owns or leases an Eligible Property or directly owns
a Structured Finance Investment, or in the case of an Eligible 1031
Property, the Subsidiary that holds the note evidencing the loan made to the
EAT or QI to finance the acquisition of such Eligible 1031 Property.

“Moody’s” means Moody’s Investors Service, Inc., and its
successors.

“Mortgage” means a mortgage, deed of trust, deed to secure
debt or similar security instrument made by a Person owning an interest in real
property granting a Lien on such interest in real property as security for the
payment of Indebtedness of such Person or another Person.

“Mortgage Receivable” means a promissory note secured by a
Mortgage of which the Parent, the Borrower, a Guarantor or one of their
respective Subsidiaries is the holder and retains the rights of collection of
all payments thereunder.

“Multiemployer Plan” means at any time a multiemployer plan
within the meaning of Section 4001(a)(3) of ERISA to which any member of the
ERISA Group is then making or accruing an obligation to make contributions or
has within the preceding five plan years made contributions, including for
these purposes any Person which ceased to be a member of the ERISA Group during
such five year period.

“Negative Pledge” means, with respect to a given asset, any
provision of a document, instrument or agreement (other than any Loan Document)
which prohibits or purports to prohibit the creation or assumption of any Lien
on such asset as security for Indebtedness of the Person owning such asset or
any other Person; provided, however, that an agreement that conditions a Person’s
ability to encumber its assets upon the maintenance of one or more specified
ratios that limit such Person’s ability to encumber its assets but that do not
generally prohibit the encumbrance of its assets, or the encumbrance of
specific assets, shall not constitute a Negative Pledge.

 18
 

“Net Cash Proceeds” means with respect to (a) any conveyance,
sale, lease, sublease, transfer or other disposition (each a “disposition”) of
any Property owned or leased by a Reckson Party, the aggregate amount of all
cash received (including without limitation, all cash payments received by way
of deferred payment of principal or interest pursuant to a note or installment
receivable or otherwise, but only as and when received), directly or
indirectly, by the Parent or any Subsidiary in connection with such disposition
net of (i) the amount of any out-of-pocket legal fees, title and recording tax
expenses, commissions and other customary fees and expenses actually incurred
by the Parent or any Subsidiary in connection with such disposition, (ii) any
income taxes reasonably estimated in good faith to be payable by the Parent or
any Subsidiary in connection with such disposition (after taking into account
any available tax credits or deductions and any tax sharing arrangements) and other taxes thereon
to the extent such other taxes are actually paid by the Parent or any
Subsidiary, and (iii) any repayments by the Parent or any Subsidiary of Secured
Indebtedness to the extent that such Secured Indebtedness is secured by a Lien
on the property that is the subject of such disposition, and (b) the
incurrence, assumption, refinancing or other means of becoming obligated
of  or on Indebtedness (each an “incurrence”),
the aggregate amount of all cash received by the Parent or any Subsidiary from
such incurrence, net of the amount of any out-of-pocket legal fees, title and
recording tax expenses, investment banking fees, underwriting discounts,
commissions and other customary fees and expenses actually incurred by the
Parent or any Subsidiary in connection therewith.

“Net Operating Income” or “NOI” means, for any Property and for a
given period, the sum of the following (without duplication and determined on a
consistent basis with prior periods): (a) rents and other revenues
received in the ordinary course from such Property (including proceeds of rent
loss or business interruption insurance but excluding pre-paid rents and
revenues and security deposits except to the extent applied in satisfaction of
tenants’ obligations for rent) minus (b) all expenses paid (excluding
interest but including an appropriate accrual for property taxes and insurance)
related to the ownership, operation or maintenance of such Property, including
but not limited to property taxes, assessments and the like, insurance,
utilities, payroll costs, maintenance, repair and landscaping expenses,
marketing expenses, and general and administrative expenses (including an
appropriate allocation for legal, accounting, advertising, marketing and other
expenses incurred in connection with such Property, but specifically excluding
general overhead expenses of the Parent or any Subsidiary and any property
management fees) minus (c) the Capital Reserves for such Property as of
the end of such period minus (d) the greater of (i) the actual
property management fee paid during such period and (ii) an imputed
management fee in the amount of one and one-half percent (1.50%) of the gross
revenues for such Property for such period.

“Net Proceeds” means with respect to an Equity Issuance by a
Person, an amount equal to (a) the aggregate amount of all cash and the
Fair Market Value of all other property (other than securities of such Person
or an Affiliate of such Person being converted or exchanged in connection with
such Equity Issuance) received by such Person in respect of such Equity
Issuance net of investment banking fees, legal fees, accountants’ fees,
underwriting discounts and commissions and other customary fees and expenses
actually incurred by such Person in connection with such Equity Issuance and
minus (b) the aggregate amount of the proceeds of such Equity Issuance
used at the time of such Equity Issuance to redeem, repurchase or 

 19
 

otherwise acquire
or retire any other Equity Interest (other than Mandatorily Redeemable Stock)
of such Person.

“New York Mortgages” means each of the Mortgages described on
Schedule 1.1.(B) and any additional Mortgages encumbering real property
located in the State of New York, in each case which have been assigned from
time to time pursuant to Section 12.19.

“Nonrecourse Indebtedness” means, with respect to a Person,
Indebtedness for borrowed money in respect of which recourse for payment
(except for customary exceptions for fraud,
misapplication of funds, environmental indemnities, and other similar
exceptions to nonrecourse liability) is contractually limited to
specific assets of such Person encumbered by a Lien securing such Indebtedness.

“Nonrecourse Secured Indebtedness” means, with respect to a
Person, Indebtedness which is both Nonrecourse Indebtedness and Secured
Indebtedness.

“Note” means a Revolving Note, a Bid Rate Note or a Swingline
Note.

“Notice of Borrowing” means a notice in the form of
Exhibit C to be delivered to the Agent pursuant to Section 2.1.(b)
evidencing the Borrower’s request for a borrowing of Revolving Loans.

“Notice of Continuation” means a notice in the form of
Exhibit D to be delivered to the Agent pursuant to Section 2.9.
evidencing the Borrower’s request for the Continuation of a LIBOR Loan.

“Notice of Conversion” means a notice in the form of
Exhibit E to be delivered to the Agent pursuant to Section 2.10.
evidencing the Borrower’s request for the Conversion of a Loan from one Type to
another Type.

“Notice of Swingline Borrowing” means a notice in the form of
Exhibit F to be delivered to the Agent pursuant to Section 2.3.
evidencing the Borrower’s request for a Swingline Loan.

“Obligations” means, individually and collectively:
(a) the aggregate principal balance of, and all accrued and unpaid
interest on, all Loans; (b) all Reimbursement Obligations and all other
Letter of Credit Liabilities; and (c) all other indebtedness, liabilities,
obligations, covenants and duties of the Borrower and the other Loan Parties
owing to the Agent or any Lender of every kind, nature and description, under
or in respect of this Agreement or any of the other Loan Documents, including,
without limitation, the Fees and indemnification obligations, whether direct or
indirect, absolute or contingent, due or not due, contractual or tortious,
liquidated or unliquidated, and whether or not evidenced by any promissory
note.

“Occupancy Rate” means, with respect to a Property at any
time, the ratio, expressed as a percentage, of (a) the net rentable square
footage of such Property actually occupied by non-Affiliated tenants paying
rent at rates not materially less than rates generally prevailing at the 

 20
 

time the
applicable lease was entered into, pursuant to binding leases as to which no
monetary default has occurred and has continued unremedied for 60 or more days
to (b) the aggregate net rentable square footage of such Property.  For purposes of the definition of “Occupancy
Rate”, a tenant shall be deemed to actually occupy a Property notwithstanding a
temporary cessation of operations for renovation, repairs or other temporary
reason, or for the purpose of completing tenant build-out or that is otherwise
scheduled to be open for business within 90 days of such date.

“OFAC” means U.S. Department of the Treasury’s Office of
Foreign Assets Control and any successor Governmental Authority.

“Off-Balance Sheet
Obligations” means
liabilities and obligations of the Parent, any Subsidiary or any other Person
in respect of “off-balance sheet arrangements” (as defined in the SEC
Off-Balance Sheet Rules) which the Parent would be required to disclose in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”
section of the Parent’s report on Form 10-Q or Form 10-K (or their
equivalents) which the Parent is required to file with the Securities and
Exchange Commission (or any Governmental Authority substituted therefor).  As used in this definition, the term “SEC
Off-Balance Sheet Rules” means the Disclosure in Management’s Discussion and
Analysis About Off-Balance Sheet Arrangements, Securities Act Release No.
33-8182, 68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR pts. 228, 229 and
249).  For purposes of this definition,
Indebtedness of an Unconsolidated Affiliate shall not constitute an Off-Balance
Sheet Obligation.

“Parent”  has the
meaning given such term in the introductory paragraphs hereof and shall include
the Parent’s successors and permitted assigns.

“Pari Passu Indebtedness” means Indebtedness (i) owing
by the Borrower; (ii) evidenced by documents, instruments and agreements
containing terms, conditions, representations, covenants and events of default
substantially the same as, or less restrictive than, but in no event more
restrictive than, those contained in this Agreement and the other Loan
Documents; (iii) that is not Secured Indebtedness; (iv) that ranks pari passu with the Indebtedness owing
hereunder; and (v) that has been Guarantied by each Reckson Party that is
a Guarantor under the Guaranty on terms substantially the same as the terms of
the Guaranty (and in any event, including a provision identical in substance to
Section 30 of the Guaranty).

“Participant” has the meaning given that term in
Section 12.5.(d).

“PBGC” means the Pension Benefit Guaranty Corporation and any
successor agency.

“Permitted Liens” means, as to any Person: (a) Liens
securing taxes, assessments and other charges or levies imposed by any
Governmental Authority (excluding any Lien imposed pursuant to any of the
provisions of ERISA or pursuant to any Environmental Laws) or the claims of
materialmen, mechanics, carriers, warehousemen or landlords for labor,
materials, supplies or rentals incurred in the ordinary course of business,
which are not at the time required to be paid or discharged under Section 7.6.;
(b) Liens consisting of deposits or pledges made, in the ordinary course
of business, in connection with, or to secure payment of, obligations under 

 21
 

workers’
compensation, unemployment insurance or similar Applicable Laws; (c) Liens
consisting of encumbrances in the nature of zoning restrictions, easements, and
rights or restrictions of record on the use of real property, which do not
materially detract from the value of such property or impair the intended use
thereof in the business of such Person; (d) the rights of tenants under
leases or subleases not interfering with the ordinary conduct of business of
such Person; (e) Liens in favor of the Agent for the benefit of the
Lenders; (f) Liens in favor of the Borrower or a Guarantor securing
obligations owing by a Subsidiary to the Borrower or such Guarantor; and
(g) Liens in existence as of the Agreement Date and set forth in Part II
of Schedule 6.1.(f).

“Person” means an individual, corporation, partnership,
limited liability company, association, trust or unincorporated organization,
or a government or any agency or political subdivision thereof.

“Plan” means at any time an employee pension benefit plan
(other than a Multiemployer Plan) which is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Internal
Revenue Code and either (a) is maintained, or contributed to, by any
member of the ERISA Group for employees of any member of the ERISA Group or
(b) has at any time within the preceding five years been maintained, or
contributed to, by any Person which was at such time a member of the ERISA
Group for employees of any Person which was at such time a member of the ERISA
Group.

“Pledge Agreement” means the Pledge Agreement executed by the
Borrower in favor of the Agent and substantially in the form of Exhibit P.

“Pledgor” has the meaning given that term in the Pledge
Agreement.

“Post-Default Rate” means a rate per annum equal to the
Base Rate as in effect from time to time plus the Applicable Margin for
Base Rate Loans plus four percent (4.0%).

“Preferred Dividends” means, for any period and without
duplication, all Restricted Payments paid during such period on Preferred
Equity Interests issued by the Parent or a Subsidiary.  Preferred Dividends shall not include
dividends or distributions (a) paid or payable solely in Equity Interests
(other than Mandatorily Redeemable Stock) payable to holders of such class of
Equity Interests, (b) paid or payable to the Parent or a Subsidiary, or
(c) constituting or resulting in the redemption of Preferred Equity
Interests, other than scheduled redemptions not constituting balloon, bullet or
similar redemptions in full.

“Preferred Equity Interests” means, with respect to any
Person, Equity Interests in such Person which are entitled to preference or
priority over any other Equity Interests in such Person in respect of the
payment of dividends or distribution of assets upon liquidation or both.

“Prime Rate” means the rate of interest per annum announced
publicly by the Lender then acting as the Agent as its prime rate from time to
time.  The Prime Rate is not necessarily
the best or the lowest rate of interest offered by the Lender acting as the
Agent or any other Lender.

 22

“Principal Office” means the office of the Agent located at
One Wachovia Center, Charlotte, North Carolina, or such other office of the
Agent as the Agent may designate from time to time.

“Property” means any parcel of real property owned or leased
(in whole or in part) by the Parent, the Borrower or any other Subsidiary and
which is located in a state of the United States of America or the District of
Columbia.

“QI”
has the meaning given that term in the definition of 1031 Property.

“Rating Agency” means either S&P or Moody’s.

“Reckson” means Reckson Associates Realty Corp., and shall
include Reckson’s successors and permitted assigns.

“Reckson Indenture” means that certain Indenture dated as of
March 26, 1999 by and among the Reckson OP, as Issuer, Reckson, as
Guarantor, and The Bank of New York, as Trustee.

“Reckson Limitation Termination Event” means the earliest to
occur of any of the following with respect to all Reckson Notes: (a) all
Reckson Notes are no longer Outstanding Securities (as defined in the Reckson
Indenture); (b) the Parent shall have succeeded to, and shall have been
substituted for, the Reckson OP as the “Issuer” under the Reckson Indenture
pursuant to Section 805 of the Reckson Indenture in respect of all such
Securities, or (c) the Reckson Indenture and the Reckson Notes no longer
contain any limitations on the ability of any of the Reckson Parties to incur
Indebtedness (as defined in the Reckson Indenture) in respect of the Guaranty.

“Reckson Notes” means all Securities (as defined in the
Reckson Indenture) issued by the Reckson OP pursuant to the terms of the
Reckson Indenture, including without limitation, the following which are
outstanding as of the Agreement Date: (i) $200,000,000 of 7.750% Notes
issued March 26, 1999 and due March 15, 2009, (ii) $150,000,000
of 5.150% Notes issued January 22, 2004 and due January 15, 2011,
(iii) $150,000,000 of 5.875% Notes 
issued August 13, 2004 and due August 15, 2014, (iv) $287,500,000
of 4.000% Exchangeable Debentures issued June 27, 2005 and due
June 15, 2025 and (v) $275,000,000 of 6.0% Notes issued
March 31, 2006 and due March 31, 2016.

“Reckson OP” means Reckson Operating Partnership, L.P., and
shall include the Reckson OP’s successors and permitted assigns.

“Reckson Parties” means Reckson, the Reckson OP and the other
Reckson Subsidiaries.

“Reckson Subsidiaries” means the Reckson OP and the
Subsidiaries of the Reckson OP.

“Register” has the meaning given that term in
Section 12.5.(c).

 23
 

“Regulatory Change” means, with respect to any Lender, any
change effective after the Agreement Date in Applicable Law (including without
limitation, Regulation D of the Board of Governors of the Federal Reserve
System) or the adoption or making after such date of any interpretation,
directive or request applying to a class of banks, including such Lender, of or
under any Applicable Law (whether or not having the force of law and whether or
not failure to comply therewith would be unlawful) by any Governmental
Authority or monetary authority charged with the interpretation or
administration thereof or compliance by any Lender with any request or
directive regarding capital adequacy.

“Reimbursement Obligation” means the absolute, unconditional
and irrevocable obligation of the Borrower to reimburse the Agent for any
drawing honored by the Agent under a Letter of Credit.

“REIT” means a Person qualifying for treatment as a “real
estate investment trust” under the Internal Revenue Code.

“Requisite Lenders” means, as of any date, Lenders having
greater than 50.0% of the aggregate amount of the Commitments (not held by
Defaulting Lenders who are not entitled to vote), or, if the Commitments have
been terminated or reduced to zero, Lenders holding greater than 50.0% of the
principal amount of the aggregate outstanding Loans and Letter of Credit
Liabilities (not held by Defaulting Lenders who are not entitled to vote).  Commitments, Revolving Loans and Letter of
Credit Liabilities held by Defaulting Lenders shall be disregarded when determining
the Requisite Lenders.  For purposes of
this definition, a Lender (other than the Swingline Lender) shall be deemed to
hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender
has acquired a participation therein under the terms of this Agreement and has
not failed to perform its obligations in respect of such participation.

“Responsible Officer”
means with respect to the Parent and the Borrower, the chairman, the chief
executive officer, the chief operating officer, the chief financial officer,
the treasurer, the general counsel, any executive vice president and any senior
vice president, and with respect to any Subsidiary (other than the Borrower),
the chief executive officer, the chief operating officer and the chief
financial officer.

“Restricted Payment” means: (a) any dividend or other
distribution, direct or indirect, on account of any Equity Interest of the
Parent, the Borrower or any Subsidiary now or hereafter outstanding, except a
dividend payable solely in Equity Interests of an identical or junior class to the holders of that class;
(b) any redemption, conversion, exchange, retirement, sinking fund or
similar payment, purchase or other acquisition for value, direct or indirect,
of any Equity Interest of the Parent, the Borrower or any Subsidiary now or
hereafter outstanding; and (c) any payment made to retire, or to obtain
the surrender of, any outstanding warrants, options or other rights to acquire
any Equity Interests of the Parent, the Borrower or any Subsidiary now or
hereafter outstanding.

“Revolving Loan” means a loan made by a Lender to the
Borrower pursuant to Section 2.1.(a).

 24
 

“Revolving Note” has the meaning given that term in
Section 2.11.(a).

“Sanctioned Entity” means (a) an agency of the
government of, (b) an organization directly or indirectly controlled by,
or (c) a Person resident in, in each case, a country that is subject to a
sanctions program identified on the list maintained by the OFAC and published
from time to time, as such program may be applicable to such agency, organization
or Person.

“Sanctioned Person” means a Person named on the list of
Specially Designated Nationals or Blocked Persons maintained by the OFAC as
published from time to time.

“Secured Indebtedness” means, with respect to a Person as of
any given date, the aggregate principal amount of all Indebtedness of such
Person outstanding at such date and that is secured in any manner by any Lien,
but shall not include the Indebtedness outstanding pursuant to this Agreement.

“Securities Act” means the Securities Act of 1933, as amended
from time to time, together with all rules and regulations issued thereunder.

“Senior Debt” means, at any time of determination, all
Indebtedness of the Borrower other than the following but only to the extent
the outstanding principal amount of the following Indebtedness does not exceed
$250,000,000 in the aggregate at the time of determination:
(a) Indebtedness of the Borrower in respect of the Junior Subordinated
Indenture and (b) Indebtedness of the Borrower in respect of any other
debt securities (and guarantees, if any, in respect of such debt securities)
issued to any trust other than the Trust (or a trustee of any such trust), or
to any partnership or other entity affiliated with the Borrower that is a
financing vehicle of the Borrower (a “financing entity”) in connection with the
issuance by such financing entity of equity securities or other securities
pursuant to an instrument that ranks pari passu with or junior in right of
payment to the Junior Subordinated Indenture so long as the maturity of the
Indebtedness of the Borrower referred to in this clause (b) is after the
Termination Date.

“Senior Indebtedness”
means (a) all Indebtedness of the Parent and (b) all Indebtedness
of the Borrower that constitutes Senior Debt.

“Senior Unsecured
Indebtedness” means all Senior Indebtedness which is also Unsecured
Indebtedness.

“Single Asset Entity” means a Person (other
than an individual) that (a) only owns a single Property; (b) is engaged only
in the business of owning, developing and/or leasing such Property; and (c)
receives substantially all of its gross revenues from such Property.  In addition, if the assets of a Person
consist solely of (i) Equity Interests in one other Single Asset Entity and
(ii) cash and other assets of nominal value incidental to such Person’s
ownership of the other Single Asset Entity, such Person shall also be deemed to
be a Single Asset Entity for purposes of this Agreement.

 25
 

“Significant Subsidiary” means any
Subsidiary to which more than $75,000,000 of Total Asset Value is attributable.

“Solvent” means, when used with respect to any Person, that
(a) the fair value and the fair salable value of its assets (excluding any
Indebtedness due from any affiliate of such Person) are each in excess of the
fair valuation of its total liabilities (including all contingent liabilities
computed at the amount which, in light of all the facts and circumstances
existing at such time, represents the amount that could reasonably be expected
to become an actual and matured liability); (b) such Person is able to pay
its debts or other obligations in the ordinary course as they mature; and
(c) such Person has capital not unreasonably small to carry on its
business and all business in which it proposes to be engaged.

“S&P” means Standard & Poor’s Rating Services, a
division of The McGraw-Hill Companies, Inc., and its successors.

“Stated Amount” means the amount available to be drawn by a
beneficiary under a Letter of Credit from time to time, as such amount may be
increased or reduced from time to time in accordance with the terms of such
Letter of Credit.

“Structured Finance
Investments” means, collectively, Investments directly or
indirectly in (or in entities (other than Gramercy Capital Corp.) whose
Investments are primarily in) (i) Indebtedness secured by Mortgages and
Indebtedness in the form of mezzanine loans, and (ii) preferred equity
Investments (including preferred limited partnership interests) in entities
owning (or leasing pursuant to a Ground Lease) class B (or better) office properties
located in the greater New York, New York area. 
Structured Finance Investments shall also include existing Investments
of the types described in the preceding sentence in entities with office
properties in locations other than the greater New York, New York area, which
existing Investments are held by the Borrower or a Wholly Owned Subsidiary of
the Borrower as of the Agreement Date.

“Structured Finance Value”
means an amount equal to the sum of 75% of the value (as determined in
accordance with GAAP) of each Structured Finance Investment (a) that is not
subject to any Lien or Negative Pledge and (b) in respect of which no obligor
is more than 60 days past due in respect of its payment obligations thereunder.

“Subsidiary” means, for any Person, any corporation,
partnership or other entity of which at least a majority of the Equity
Interests having by the terms thereof ordinary voting power to elect a majority
of the board of directors or other individuals performing similar functions of
such corporation, partnership or other entity (without regard to the occurrence
of any contingency) is at the time directly or indirectly owned or controlled
by such Person, by one or more Subsidiaries of such Person or by such Person
and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated
with those of such Person pursuant to GAAP.

“Swingline Commitment” means the Swingline Lender’s
obligation to make Swingline Loans pursuant to Section 2.3. in an amount
up to, but not exceeding, $100,000,000, as such amount may be reduced from time
to time in accordance with the terms hereof.

 26
 

“Swingline Lender” means Wachovia Bank, National Association,
together with its respective successors and assigns.

“Swingline Loan” means a loan made by the Swingline Lender to
the Borrower pursuant to Section 2.3.(a).

“Swingline Note” means the promissory note of the Borrower
payable to the order of the Swingline Lender in a principal amount equal to the
amount of the Swingline Commitment as originally in effect and otherwise duly
completed, substantially in the form of Exhibit G.

“Tangible Net Worth” means, as of a given date,
(a) the stockholders’ equity of the Parent and Subsidiaries determined on
a consolidated basis, plus (b) accumulated depreciation and amortization,
minus (c) the following (to the extent reflected in determining
stockholders’ equity of the Parent and its Subsidiaries): (i) the amount
of any write-up in the book value of any assets contained in any balance sheet
resulting from revaluation thereof or any write-up in excess of the cost
of such assets acquired, and (ii) all amounts appearing on the assets side
of any such balance sheet for assets which would be classified as intangible
assets under GAAP, all determined on a consolidated basis.

“Taxes” has the meaning given that term in Section 3.12.

“Termination Date” means June 28, 2011, or such
later date to which the Termination Date may be extended pursuant to
Section 2.13.

“Titled Agents” means each of the Co-Lead Arranger and Book
Manager, the Syndication Agent, and the Co-Documentation Agents and their
respective successors and permitted assigns.

“Total Asset Value” means the sum of all of the following of
the Parent and its Subsidiaries determined on a consolidated basis in
accordance with GAAP applied on a consistent basis: (a) cash and cash
equivalents, plus (b) with respect to each Property (excluding Development
Properties) owned by the Borrower or any Subsidiary for the period of four
consecutive fiscal quarters most recently ended, the quotient of (i) Net
Operating Income attributable to such Property for such period of four
consecutive fiscal quarters, divided by (ii) the Capitalization Rate, plus
(c) the GAAP book value of Properties (excluding Development Properties)
acquired during the most recent period of four consecutive fiscal quarters,
plus (d) the GAAP book value of Development Properties, plus (e) the GAAP book value of
Unimproved Land, Mortgage Receivables and other promissory notes, plus (f) the
Structured Finance Value, plus (g) the Gramercy Value, plus (h) the GAAP book
value of the Parent’s Investment in Unconsolidated Affiliates, plus
(i) the GAAP book value of all 1031 Properties.

“Total Indebtedness”  means all
Indebtedness of the Parent, the Borrower and all their respective Subsidiaries
determined on a consolidated basis.

“Trust” means SL
Green Capital Trust I, a Delaware statutory trust.

 27
 

“Type” with respect to any Revolving Loan, refers to whether
such Loan is a LIBOR Loan or Base Rate Loan.

“Unconsolidated Affiliate” means, with respect to any Person,
any other Person in whom such Person holds an Investment, which Investment is
accounted for in the financial statements of such Person on an equity basis of
accounting and whose financial results would not be consolidated under GAAP
with the financial results of such Person on the consolidated financial
statements of such Person.

“Unconsolidated Asset Value” means
(a) the aggregate Net Operating Income attributable to the real property
assets owned by each Unconsolidated Affiliate for the period of four
consecutive fiscal quarters most recently ended divided by the Capitalization
Rate, plus (b) the GAAP book value of the real property assets owned by
each Unconsolidated Affiliate which were acquired during such four quarter
period.

“Unencumbered
Adjusted NOI”  means, for any
period, (a) NOI from all Eligible Properties, plus (b) NOI from all
Identified Properties, plus (c) fifty percent (50%) of the revenues actually
received by the Borrower in respect of Structured Finance Investments.

“Unencumbered
Asset Value”  means (a) the Unencumbered Adjusted NOI (excluding NOI
attributable to Development Properties and Identified Properties and revenues
attributable to Structured Finance Investments) from each Eligible Property
owned by the Borrower or any Subsidiary for the period of four consecutive
fiscal quarters most recently ended divided by the Capitalization Rate, plus
(b) the GAAP book value of all Eligible Properties acquired during such
period of four consecutive fiscal quarters most recently ended, plus
(c) the GAAP book value of Development Properties not subject to any Lien
(other than Permitted Liens of the types described in clauses (a) through
(e) of the definition of Permitted Liens) or any Negative Pledge, plus (d) the
Identified Property Value, plus (e) the Structured Finance Value, plus (f) the
Gramercy Value.  For purposes of this
definition, to the extent the Unencumbered
Asset Value attributable to the following categories of assets would
exceed the applicable limits set forth below, such excess shall be excluded:

	
  Asset Type

  	
   

  	
  Limitation

  
	
  Development Properties

  	
   

  	
  10.0% of the
  Unencumbered Asset Value

  
	
  Identified Property Value

  	
   

  	
  25.0% of the
  Unencumbered Asset Value

  
	
  Structured
  Finance Value plus Gramercy Value

  	
   

  	
  The lesser of (i)
  $500,000,000 or (ii) 20% of the Unencumbered Asset Value determined exclusive
  of Structured Finance Value and Gramercy Value

  

 

“Unfunded Liabilities” means, with respect to any Plan at any
time, the amount (if any) by which (a) the value of all benefit
liabilities under such Plan, determined on a plan termination 

 28
 

basis using the
assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA,
exceeds (b) the fair market value of all Plan assets allocable to such
liabilities under Title IV of ERISA (excluding any accrued but unpaid
contributions), all determined as of the then most recent valuation date for
such Plan, but only to the extent that such excess represents a potential liability
of a member of the ERISA Group to the PBGC or any other Person under Title IV
of ERISA.

“Unimproved Land” means land on which no development
(other than improvements that are not material and are temporary in nature) has
occurred and for which no development is scheduled in the following 12 months.

“Unsecured
Indebtedness” means Indebtedness which is not Secured Indebtedness,
plus Identified Property Indebtedness. 
To the extent that Identified Property Value is excluded from
Unencumbered Asset Value, the related Indebtedness to such Identified Property
Value shall be excluded from Unsecured Indebtedness.

“Unsecured Interest Expense” means, for a given period, all Interest Expense of the Parent
and Subsidiaries attributable to Senior Unsecured Indebtedness of the Parent
and Subsidiaries for such period plus all Interest Expense of the Parent and
Subsidiaries attributable to Identified Property Indebtedness of the Parent and
Subsidiaries for such period.

“Wachovia” means Wachovia Bank, National Association,
together with its successors and assigns.

“Wholly Owned Subsidiary” means any Subsidiary of a Person in
respect of which all of the equity securities or other ownership interests
(other than, in the case of a corporation, directors’ qualifying shares) are at
the time directly or indirectly owned or controlled by such Person, by one or
more other Subsidiaries of such Person or by such Person and one or more other
Subsidiaries of such Person.

Section 1.2.  General; References to Times.

Unless
otherwise indicated, all accounting terms, ratios and measurements shall be
interpreted or determined in accordance with GAAP; provided that, if at any
time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Borrower or the
Requisite Lenders shall so request, the Agent, the Lenders and the Borrower
shall negotiate in good faith to amend such ratio or requirement to preserve
the original intent thereof in light of such change in GAAP (subject to the
approval of the Requisite Lenders); provided further that, until so amended,
(i) such ratio or requirement shall continue to be computed in accordance with
GAAP prior to such change therein and (ii) the Borrower shall provide to the
Agent and the Lenders financial statements and other documents required under
this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP. 
References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules”
are to sections, articles, exhibits and schedules herein and hereto unless
otherwise indicated.  References in this
Agreement to any document, instrument or agreement (a) shall include all
exhibits, schedules and other attachments thereto, (b) shall include all
documents, 

 29
 

instruments or
agreements issued or executed in replacement thereof, to the extent permitted
hereby and (c) shall mean such document, instrument or agreement, or
replacement or predecessor thereto, as amended, supplemented, restated or
otherwise modified as of the date of this Agreement and from time to time
thereafter to the extent not prohibited hereby and in effect at any given time.  Wherever from the context it appears
appropriate, each term stated in either the singular or plural shall include
the singular and plural, and pronouns stated in the masculine, feminine or
neuter gender shall include the masculine, the feminine and the neuter.  Unless explicitly set forth to the contrary,
a reference to “Subsidiary” means a Subsidiary of the Parent or a Subsidiary of
such Subsidiary and a reference to an “Affiliate” means a reference to an
Affiliate of the Parent.  Titles and
captions of Articles, Sections, subsections and clauses in this Agreement are
for convenience only, and neither limit nor amplify the provisions of this
Agreement.  Unless otherwise indicated,
all references to time are references to Charlotte, North Carolina time.

Section 1.3.  Financial Attributes of Non-Wholly Owned
Subsidiaries.

When
determining compliance by the Borrower or the Parent with any financial
covenant contained in any of the Loan Documents, only the pro rata share of the
Borrower or the Parent, as applicable, of the financial attributes of a
Subsidiary that is not a Wholly Owned Subsidiary shall be included.

Article II. Credit Facility

Section 2.1.  Revolving Loans.

(a)           Generally.  Subject to the terms and conditions hereof,
during the period from the Effective Date to but excluding the Termination
Date, each Lender severally and not jointly agrees to make Revolving Loans to
the Borrower in an aggregate principal amount at any one time outstanding up
to, but not exceeding, the amount of such Lender’s Commitment.  Subject to the terms and conditions of this
Agreement, during the period from the Effective Date to but excluding the
Termination Date, the Borrower may borrow, repay and reborrow Revolving Loans
hereunder.

(b)           Requesting Revolving Loans.  The Borrower shall give the Agent notice
pursuant to a Notice of Borrowing or telephonic notice of each borrowing of
Revolving Loans.  Each Notice of
Borrowing shall be delivered to the Agent before 11:00 a.m. (i) in
the case of LIBOR Loans, on the date three Business Days prior to the proposed
date of such borrowing and (ii) in the case of Base Rate Loans, on the
date one Business Day prior to the proposed date of such borrowing.  Any such telephonic notice shall include all
information to be specified in a written Notice of Borrowing and shall be
promptly confirmed in writing by the Borrower pursuant to a Notice of Borrowing
sent to the Agent by telecopy on the same day of the giving of such telephonic
notice.  The Agent will transmit by telecopy
the Notice of Borrowing (or the information contained in such Notice of
Borrowing) to each Lender promptly upon receipt by the Agent.  Each Notice of Borrowing or telephonic notice
of each borrowing shall be irrevocable once given and binding on the Borrower.

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(c)           Disbursements of Revolving Loan
Proceeds.  No later than 1:00 p.m. on
the date specified in the Notice of Borrowing, each Lender will make available
for the account of its applicable Lending Office to the Agent at the Principal
Office, in immediately available funds, the proceeds of the Revolving Loan to
be made by such Lender.  With respect to
any borrowing of Revolving Loans, unless the Agent shall have been notified by
any Lender prior to the specified date of borrowing that such Lender does not
intend to make available to the Agent the Revolving Loan to be made by such
Lender on such date, the Agent may assume that such Lender will make the
proceeds of such Revolving Loan available to the Agent on the date of the
requested borrowing as set forth in the Notice of Borrowing and the Agent may
(but shall not be obligated to), in reliance upon such assumption, make
available to the Borrower the amount of such Revolving Loan to be provided by
such Lender.  Subject to satisfaction of
the applicable conditions set forth in Article V. for such borrowing, the
Agent will make the proceeds of such borrowing available to the Borrower no
later than 2:00 p.m. on the date and at the account specified by the Borrower
in such Notice of Borrowing.

(d)           Repayment
of Loans Outstanding under Existing Credit Agreement.  The Borrower and the Lenders agree that on
the Effective Date all Loans (as defined in the Existing Credit Agreement)
outstanding under the Existing Credit Agreement shall be repaid with the
proceeds of the Loans to be made by the Lenders hereunder on the Effective
Date.

Section 2.2.  Bid Rate Loans.

(a)           Bid Rate Loans.  So long as the Parent maintains an Investment
Grade Rating, in addition to borrowings of Revolving Loans, at any time during
the period from the Effective Date to but excluding the Termination Date, the
Borrower may request the Lenders to make offers to make Bid Rate Loans to the
Borrower in Dollars.  The Lenders may,
but shall have no obligation to, make such offers and the Borrower may, but
shall have no obligation to, accept any such offers in the manner set forth in
this Section.

(b)           Requests for Bid Rate Loans.  When the Borrower wishes to request from the
Lenders offers to make Bid Rate Loans, it shall give the Agent notice (a “Bid
Rate Quote Request”) so as to be received no later than 10:00 a.m. on (x) the
Business Day immediately preceding the date of borrowing proposed therein, in
the case of an Absolute Rate Auction and (y) the date four Business Days prior
to the proposed date of borrowing, in the case of a LIBOR Auction.  The Agent shall deliver to each Lender a copy
of each Bid Rate Quote Request promptly upon receipt thereof by the Agent.  The Borrower may request offers to make Bid Rate
Loans for up to three (3) different Interest Periods in each Bid Rate Quote
Request; provided that the request for each separate Interest Period shall be
deemed to be a separate Bid Rate Quote Request for a separate borrowing (a “Bid
Rate Borrowing”).  Each Bid Rate Quote
Request shall be substantially in the form of Exhibit H and shall specify
as to each Bid Rate Borrowing:

(i)            the proposed date of such Bid Rate
Borrowing, which shall be a Business Day;

(ii)           the aggregate amount of such Bid Rate
Borrowing, which (x) shall be in the minimum amount of $2,000,000 and
integral multiples of $500,000 and (y) shall not cause any of the limits
specified in Section 2.15. to be violated;

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(iii)          whether the Bid Rate Quote Request is
for LIBOR Margin Loans or Absolute Rate Loans; and

(iv)          the duration of the Interest Period
applicable thereto, which shall not extend beyond the Termination Date.

Except as
otherwise provided in this subsection (b), no Bid Rate Quote Request shall
be given within five Business Days (or such other number of days as the
Borrower and the Agent, with the consent of the Requisite Lenders, may agree)
of the giving of any other Bid Rate Quote Request.

(c)           Bid
Rate Quotes.

(i)            Each Lender may submit one or more
Bid Rate Quotes, each containing an offer to make a Bid Rate Loan in response
to any Bid Rate Quote Request; provided that, if the Borrower’s request under
Section 2.2.(b) specified more than one Interest Period, such Lender may
make a single submission containing one or more Bid Rate Quotes for each such
Interest Period.  Each Bid Rate Quote
must be submitted to the Agent not later than 10:00 a.m. (x) on the
proposed date of borrowing, in the case of an Absolute Rate Auction and
(y) on the date three Business Days prior to the proposed date of
borrowing, in the case of a LIBOR Auction; provided that the Lender then acting
as Agent may submit a Bid Rate Quote only if it notifies the Borrower of the
terms of the offer contained therein not later than 9:00 a.m. (x) on the
proposed date of such borrowing, in the case of an Absolute Rate Auction and
(y) on the date three Business Days prior to the proposed date of borrowing, in
the case of a LIBOR Auction.  Subject to
Articles V. and X., any Bid Rate Quote so made shall be irrevocable except with
the consent of the Agent given at the request of the Borrower.  Any Bid Rate Loan may be funded by a Lender’s
Designated Lender (if any) as provided in Section 12.5.(h), however such
Lender shall not be required to specify in its Bid Rate Quote whether such Bid
Rate Loan will be funded by such Designated Lender.

(ii)           Each Bid Rate Quote shall be
substantially in the form of Exhibit I and shall specify:

(A)          the proposed date of borrowing and the
Interest Period therefor;

(B)           the principal amount of the Bid Rate
Loan for which each such offer is being made; provided that the aggregate
principal amount of all Bid Rate Loans for which a Lender submits Bid Rate
Quotes (x) may be greater or less than the Commitment of such Lender but (y)
shall not exceed the principal amount of the Bid Rate Borrowing for a
particular Interest Period for which offers were requested;

(C)           in the case of an Absolute Rate
Auction, the rate of interest per annum (rounded upwards, if necessary, to the
nearest 1/10,000th of 1%) offered for each such Bid Rate Loan (the “Absolute
Rate”);

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(D)          in the case of a LIBOR Auction, the
margin above or below applicable LIBOR (the “LIBOR Margin”) offered for each
such LIBOR Margin Loan, expressed as a percentage (rounded upwards, if
necessary, to the nearest 1/1,000th of 1%) to be added to (or subtracted from)
the applicable LIBOR; and

(E)           the identity of the quoting Lender.

Unless otherwise agreed by the Agent and the Borrower,
no Bid Rate Quote shall contain qualifying, conditional or similar language or
propose terms other than or in addition to those set forth in the applicable
Bid Rate Quote Request and, in particular, no Bid Rate Quote may be conditioned
upon acceptance by the Borrower of all (or some specified minimum) of the
principal amount of the Bid Rate Loan for which such Bid Rate Quote is being
made.

(d)           Notification by Agent.  The Agent shall, as promptly as practicable
after the Bid Rate Quotes are submitted (but in any event not later than 10:30
a.m. (x) on the proposed date of borrowing, in the case of an Absolute
Rate Auction or (y) on the date three Business Days prior to the proposed
date of borrowing, in the case of a LIBOR Auction), notify the Borrower of the
terms (i) of any Bid Rate Quote submitted by a Lender that is in accordance
with Section 2.2.(c) and (ii) of any Bid Rate Quote that amends, modifies
or is otherwise inconsistent with a previous Bid Rate Quote submitted by such
Lender with respect to the same Bid Rate Quote Request.  Any such subsequent Bid Rate Quote shall be
disregarded by the Agent unless such subsequent Bid Rate Quote is submitted solely
to correct a manifest error in such former Bid Rate Quote.  The Agent’s notice to the Borrower shall
specify (A) the aggregate principal amount of the Bid Rate Borrowing for which
offers have been received and (B) the principal amounts and Absolute Rates or
LIBOR Margins, as applicable, so offered by each Lender (identifying the Lender
that made each Bid Rate Quote).

(e)           Acceptance
by Borrower.

(i)            Not later than 11:00 a.m. (x)
on the proposed date of borrowing, in the case of an Absolute Rate Auction and
(y) on the date three Business Days prior to the proposed date of borrowing, in
the case of a LIBOR Auction, the Borrower shall notify the Agent of its
acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant
to Section 2.2.(d) which notice shall be in the form of
Exhibit J.  In the case of
acceptance, such notice shall specify the aggregate principal amount of Bid
Rate Quotes for each Interest Period that are accepted.  The failure of the Borrower to give such
notice by such time shall constitute nonacceptance.  The Agent shall promptly notify each affected
Lender.  The Borrower may accept any Bid
Rate Quote in whole or in part; provided that:

(A)          the aggregate principal amount of each
Bid Rate Borrowing may not exceed the applicable amount set forth in the
related Bid Rate Quote Request;

 33
 

(B)           the aggregate principal amount of
each Bid Rate Borrowing shall comply with the provisions of Section 3.5.,
and with all other Bid Rate Loans accepted in such Auction shall not cause the
limits specified in Section 2.15. to be violated;

(C)           acceptance of Bid Rate Quotes may be
made only in ascending order of Absolute Rates or LIBOR Margins, as applicable,
in each case beginning with the lowest rate so offered;

(D)          the Borrower may not accept any Bid
Rate Quote that fails to comply with Section 2.2.(c) or otherwise fails to
comply with the requirements of this Agreement; and

(E)           any acceptance in part shall be in a
minimum amount of $1,000,000 and integral multiples of $500,000 in excess
thereof.

(ii)           If Bid Rate Quotes are made by two or
more Lenders with the same Absolute Rates or LIBOR Margins, as applicable, for
a greater aggregate principal amount than the amount in respect of which Bid
Rate Quotes are permitted to be accepted for the related Interest Period, the
principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are
accepted shall be allocated by the Agent among such Lenders in proportion to
the aggregate principal amount of such Bid Rate Quotes.  Determinations by the Agent of the amounts of
Bid Rate Loans shall be conclusive in the absence of manifest error.

(f)            Obligation to Make Bid Rate Loans.  The Agent shall promptly (and in any event
not later than 12:00 noon (x) on the proposed date of borrowing of
Absolute Rate Loans and (y) on the date three Business Days prior to the
proposed date of borrowing of LIBOR Margin Loans) notify each Lender whose Bid
Rate Quote has been accepted and the amount and rate thereof.  A Lender who is notified that it has been
selected to make a Bid Rate Loan may designate its Designated Lender (if any)
to fund such Bid Rate Loan on its behalf, as described in
Section 12.5.(h).  Any Designated
Lender which funds a Bid Rate Loan shall on and after the time of such funding
become the obligee in respect of such Bid Rate Loan and be entitled to receive
payment thereof when due.  No Lender
shall be relieved of its obligation to fund a Bid Rate Loan, and no Designated
Lender shall assume such obligation, prior to the time the applicable Bid Rate Loan
is funded.  Any Lender whose offer to
make any Bid Rate Loan has been accepted shall, not later than 1:30 p.m. on the
date specified for the making of such Loan, make the amount of such Loan
available to the Agent at its Principal Office in immediately available funds,
for the account of the Borrower.  The
amount so received by the Agent shall, subject to the terms and conditions of
this Agreement, be made available to the Borrower no later than 2:00 p.m.
on such date by depositing the same, in immediately available funds, in an
account of the Borrower designated by the Borrower.

(g)           No Effect on Commitment.  Except for the purpose and to the extent
expressly stated in Sections 2.12. and 2.15., the amount of any Bid Rate
Loan made by any Lender shall not constitute a utilization of such Lender’s
Commitment.

 34

Section 2.3.  Swingline Loans.

(a)           Swingline Loans.  Subject to the terms and conditions hereof,
during the period from the Effective Date to but excluding the Termination
Date, the Swingline Lender agrees to make Swingline Loans to the Borrower in an
aggregate principal amount at any one time outstanding up to, but not
exceeding, the amount of the Swingline Commitment.  If at any time the aggregate principal amount
of the Swingline Loans outstanding at such time exceeds the Swingline
Commitment in effect at such time, the Borrower shall immediately pay the Agent
for the account of the Swingline Lender the amount of such excess.  Subject to the terms and conditions of this
Agreement, the Borrower may borrow, repay and reborrow Swingline Loans
hereunder.

(b)           Procedure for Borrowing Swingline
Loans.  The Borrower shall give the
Agent and the Swingline Lender notice pursuant to a Notice of Swingline
Borrowing or telephonic notice of each borrowing of a Swingline Loan.  Each Notice of Swingline Borrowing shall be
delivered to the Swingline Lender no later than 3:00 p.m. on the proposed date
of such borrowing.  Any such notice given
telephonically shall include all information to be specified in a written
Notice of Swingline Borrowing and shall be promptly confirmed in writing by the
Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline
Lender by telecopy on the same day of the giving of such telephonic
notice.  On the date of the requested
Swingline Loan and subject to satisfaction of the applicable conditions set
forth in Article V. for such borrowing, the Swingline Lender will make the
proceeds of such Swingline Loan available to the Borrower in Dollars, in
immediately available funds, at the account specified by the Borrower in the
Notice of Swingline Borrowing not later than 4:00 p.m. on such date.

(c)           Interest.  Swingline Loans shall bear interest at a per
annum rate equal to LIBOR for an interest period of 7 days plus the
Applicable Margin for LIBOR Loans. 
Interest payable on Swingline Loans is solely for the account of the
Swingline Lender.  All accrued and unpaid
interest on Swingline Loans shall be payable on the dates and in the manner
provided in Section 2.5. with respect to interest on Base Rate Loans
(except as the Swingline Lender and the Borrower may otherwise agree in writing
in connection with any particular Swingline Loan).

(d)           Swingline Loan Amounts, Etc.  Each Swingline Loan shall be in the minimum
amount of $100,000 and integral multiples of $100,000 or such other minimum
amounts agreed to by the Swingline Lender and the Borrower.  Any voluntary prepayment of a Swingline Loan
must be in integral multiples of $100,000 or the aggregate principal amount of
all outstanding Swingline Loans (or such other minimum amounts upon which the
Swingline Lender and the Borrower may agree) and in connection with any such
prepayment, the Borrower must give the Swingline Lender prior written notice
thereof no later than 10:00 a.m. on the date of such prepayment.  The Swingline Loans shall, in addition to
this Agreement, be evidenced by the Swingline Note.

(e)           Repayment and Participations of
Swingline Loans.  The Borrower agrees
to repay each Swingline Loan within one Business Day of demand therefor by the
Swingline Lender and in any event, within 5 days after the date such Swingline
Loan was made; provided, that the proceeds of a Swingline Loan may not be used
to repay a Swingline Loan. 
Notwithstanding the

 35
 

foregoing, the
Borrower shall repay the entire outstanding principal amount of, and all accrued
but unpaid interest on, the Swingline Loans on the Termination Date (or such
earlier date as the Swingline Lender and the Borrower may agree in
writing).  In lieu of demanding repayment
of any outstanding Swingline Loan from the Borrower, if the applicable
conditions contained in Article V. would permit the making of Base Rate
Loans, the Swingline Lender may (and shall if the Borrower has failed to repay
a Swingline Loan on the due date thereof), on behalf of the Borrower (which
hereby irrevocably directs the Swingline Lender to act on its behalf for such
purpose), request a borrowing of Base Rate Loans from the Lenders in an amount
equal to the principal balance of such Swingline Loan.  The amount limitations of Section 3.5.(a)
shall not apply to any borrowing of Base Rate Loans made pursuant to this
subsection.  The Swingline Lender shall
give notice to the Agent of any such borrowing of Base Rate Loans not later
than 12:00 noon on the proposed date of such borrowing and the Agent shall give
prompt notice of such borrowing to the Lenders. 
No later than 2:00 p.m. on such date, each Lender will make
available to the Agent at the Principal Office for the account of Swingline
Lender, in immediately available funds, the proceeds of the Base Rate Loan to
be made by such Lender and, to the extent of such Base Rate Loan, such Lender’s
participation in the Swingline Loan so repaid shall be deemed to be funded by
such Base Rate Loan.  The Agent shall pay
the proceeds of such Base Rate Loans to the Swingline Lender, which shall apply
such proceeds to repay such Swingline Loan. 
At the time each Swingline Loan is made, each Lender shall automatically
(and without any further notice or action) be deemed to have purchased from the
Swingline Lender, without recourse or warranty, an undivided interest and
participation to the extent of such Lender’s Commitment Percentage in such
Swingline Loan.  If the Lenders are
prohibited from making Loans required to be made under this subsection for any
reason, including without limitation, the occurrence of any Default or Event of
Default described in Section 10.1.(f) or 10.1.(g), upon notice from the
Agent or the Swingline Lender, each Lender severally agrees to pay to the Agent
for the account of the Swingline Lender in respect of such participation the
amount of such Lender’s Commitment Percentage of each outstanding Swingline
Loan.  If such amount is not in fact made
available to the Agent by any Lender, the Swingline Lender shall be entitled to
recover such amount on demand from such Lender, together with accrued interest
thereon for each day from the date of demand thereof, at the Federal Funds
Rate.  If such Lender does not pay such
amount forthwith upon demand therefor by the Agent or the Swingline Lender, and
until such time as such Lender makes the required payment, the Swingline Lender
shall be deemed to continue to have outstanding Swingline Loans in the amount
of such unpaid participation obligation for all purposes of the Loan Documents
(other than those provisions requiring the other Lenders to purchase a
participation therein).  Further, such
Lender shall be deemed to have assigned any and all payments made of principal
and interest on its Loans, and any other amounts due such Lender hereunder, to
the Swingline Lender to fund Swingline Loans in the amount of the participation
in Swingline Loans that such Lender failed to purchase pursuant to this Section
until such amount has been purchased (as a result of such assignment or
otherwise).  A Lender’s obligation to
make payments in respect of a participation in a Swingline Loan shall be
absolute and unconditional and shall not be affected by any circumstance
whatsoever, including without limitation, (i) any claim of setoff,
counterclaim, recoupment, defense or other right which such Lender or any other
Person may have or claim against the Agent, the Swingline Lender or any other
Person whatsoever, (ii) the occurrence or continuation of a Default or
Event of Default (including without limitation, any of the Defaults or Events of
Default described in Section 10.1.(f) or 10.1.(g)) or the termination of
any Lender’s

 36
 

Commitment,
(iii) the existence (or alleged existence) of an event or condition which
has had or could have a Material Adverse Effect, (iv) any breach of any
Loan Document by the Agent, any Lender or the Borrower or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of
the foregoing.

Section 2.4.  Letters of Credit.

(a)           Letters of Credit.  Subject to the terms and conditions of this
Agreement, the Agent, on behalf of the Lenders, agrees to issue for the account
of the Borrower during the period from and including the Effective Date to, but
excluding, the date 30 days prior to the Termination Date one or more letters
of credit (each a “Letter of Credit”) up to a maximum aggregate Stated Amount
at any one time outstanding not to exceed the L/C Commitment Amount.

(b)           Terms of Letters of Credit.  At the time of issuance, the form, terms and
conditions of each Letter of Credit, and of any drafts or acceptances
thereunder, shall be subject to approval by the Agent and the Borrower.  At the Borrower’s request, a Letter of Credit
may provide that presentment can be made to an office of the Agent located in
New York, New York as specified by the Agent; provided, however, that such
Letter of Credit may (A) provide that payment by the Agent will be from a
different office of the Agent and (B) require, as a condition to payment,
that the beneficiary of such Letter of Credit deliver copies of the drawing
documents by telecopy to another office of the Agent.  Notwithstanding the foregoing, in no event
may the expiration date of any Letter of Credit extend beyond the earlier of
(i) the date one year from its date of issuance or (ii) the Termination Date;
provided, however, a Letter of Credit having an initial term not in excess of
one year may contain a provision providing for the automatic extension of the
expiration date for a period of up to one additional year in the absence of a
notice of non-renewal from the Agent but in no event shall any such provision
permit the extension of the expiration date of such Letter of Credit beyond the
Termination Date; provided, that a Letter of Credit that contains such an
automatic extension provision may provide for an extension of its expiration
date to a date not more than one year beyond the Termination Date so long as
the Borrower delivers to the Agent at least 20 days prior to the Termination
Date (i) either (x) cash collateral for and in an amount equal to the
Stated Amount of such Letter of Credit on terms reasonably acceptable to the
Agent or (y) a back-up letter of credit issued by a financial institution
located in the United States having a Credit Rating of AA/Aa2 or better and
(ii) a reimbursement agreement in form and substance acceptable to the
Agent and such other documents requested by the Agent evidencing the Borrower’s
reimbursement obligations in respect of such Letter of Credit.  Upon the Borrower’s compliance with the terms
of the immediately preceding proviso and termination of this Agreement in
accordance with Section 12.10., no Lender (other than the Agent as issuer
of such Letter of Credit) shall have any obligations with respect to any such
Letter of Credit.

(c)           Requests for Issuance of Letters
of Credit.  The Borrower shall give
the Agent written notice (or telephonic notice promptly confirmed in writing)
at least 5 Business Days prior to the requested date of issuance of a Letter of
Credit, such notice to describe in reasonable detail the proposed terms of such
Letter of Credit and the nature of the transactions or obligations proposed to
be supported by such Letter of Credit, and in any event shall set forth with
respect to such Letter of Credit the proposed (i) Stated Amount, (ii) beneficiary,
and (iii) expiration date.

 37
 

The Borrower shall
also execute and deliver such customary letter of credit application forms as
requested from time to time by the Agent. 
Provided the Borrower has given the notice prescribed by the first
sentence of this subsection and subject to the other terms and conditions of
this Agreement, including the satisfaction of any applicable conditions
precedent set forth in Article V., the Agent shall issue the requested
Letter of Credit on the requested date of issuance for the benefit of the
stipulated beneficiary.  Upon the written
request of the Borrower, the Agent shall deliver to the Borrower a copy of each
issued Letter of Credit within a reasonable time after the date of issuance thereof. 
To the extent any term of a Letter of Credit Document is inconsistent
with a term of any Loan Document, the term of such Loan Document shall control.
In addition, the parties agree that (x) any provision of a form letter of
credit application submitted by the Borrower in connection with a Letter of
Credit providing for the granting of a Lien shall be of no force or effect and
(y) notwithstanding anything to the contrary contained in any such letter
of credit application, no event of default shall be deemed to have occurred under
such application unless an Event of Default shall have occurred hereunder.

(d)           Reimbursement Obligations.  Upon receipt by the Agent from the
beneficiary of a Letter of Credit of any demand for payment under such Letter
of Credit, the Agent shall promptly notify the Borrower of the amount to be
paid by the Agent as a result of such demand and the date on which payment is
to be made by the Agent to such beneficiary in respect of such demand;
provided, however, the Agent’s failure to give, or delay in giving, such notice
shall not discharge the Borrower in any respect from the applicable
Reimbursement Obligation.  The Borrower
hereby unconditionally and irrevocably agrees to pay and reimburse the Agent
for the amount of each demand for payment under such Letter of Credit on or
prior to the date on which payment is to be made by the Agent to the
beneficiary thereunder, without presentment, demand, protest or other
formalities of any kind (other than notice as provided in this subsection).  Upon receipt by the Agent of any payment in
respect of any Reimbursement Obligation, the Agent shall promptly pay to each
Lender that has acquired a participation therein under the second sentence of
Section 2.4.(i) such Lender’s Commitment Percentage of such payment.

(e)           Manner of Reimbursement.  Upon its receipt of a notice referred to in
the immediately preceding subsection (d), the Borrower shall advise the
Agent whether or not the Borrower intends to borrow hereunder to finance its
obligation to reimburse the Agent for the amount of the related demand for
payment and, if it does, the Borrower shall submit a timely request for such
borrowing as provided in the applicable provisions of this Agreement.  If the Borrower fails to so advise the Agent,
or if the Borrower fails to reimburse the Agent for a demand for payment under
a Letter of Credit by the date of such payment, then (i) if the applicable
conditions contained in Article V. would permit the making of Revolving
Loans, the Borrower shall be deemed to have requested a borrowing of Revolving
Loans (which shall be Base Rate Loans) in an amount equal to the unpaid
Reimbursement Obligation and the Agent shall give each Lender prompt notice of
the amount of the Revolving Loan to be made available to the Agent not later
than 1:00 p.m. and (ii) if such conditions would not permit the making of
Revolving Loans, the provisions of subsection (j) of this Section shall
apply.  The limitations of Section
3.5.(a) shall not apply to any borrowing of Base Rate Loans under this
subsection.

(f)            Effect of Letters of Credit on
Commitments.  Upon the issuance by
the Agent of any Letter of Credit and until such Letter of Credit shall have
expired or been terminated, the

 38
 

Commitment of each
Lender shall be deemed to be utilized for all purposes of this Agreement in an
amount equal to the product of (i) such Lender’s Commitment Percentage and
(ii) the sum of (A) the Stated Amount of such Letter of Credit plus
(B) any related Reimbursement Obligations then outstanding.

(g)           Agent’s Duties Regarding Letters
of Credit; Unconditional Nature of Reimbursement Obligations.  In examining documents presented in
connection with drawings under Letters of Credit and making payments under
Letters of Credit against such documents, the Agent shall only be required to
use the same standard of care as it uses in connection with examining documents
presented in connection with drawings under letters of credit in which it has
not sold participations and making payments under such letters of credit.  The Borrower assumes all risks of the acts
and omissions of, or misuse of the Letters of Credit by, the respective
beneficiaries of such Letters of Credit. 
In furtherance and not in limitation of the foregoing, neither the Agent
nor any of the Lenders shall be responsible for, and the Borrower’s obligations
in respect of the Letters of Credit shall not be affected in any manner by,
(i) the form, validity, sufficiency, accuracy, genuineness or legal
effects of any document submitted by any party in connection with the
application for and issuance of or any drawing honored under any Letter of
Credit even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged; (ii) the validity or
sufficiency of any instrument transferring or assigning or purporting to
transfer or assign any Letter of Credit, or the rights or benefits thereunder
or proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason; (iii) failure of the beneficiary of any Letter
of Credit to comply fully with conditions required in order to draw upon such
Letter of Credit; (iv) errors, omissions, interruptions or delays in
transmission or delivery of any messages, by mail, cable, telex, telecopy or
otherwise, whether or not they be in cipher; (v) errors in interpretation
of technical terms; (vi) any loss or delay in the transmission or
otherwise of any document required in order to make a drawing under any Letter
of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary
of the proceeds of any drawing under any Letter of Credit; or (viii) any
consequences arising from causes beyond the control of the Agent or the
Lenders.  None of the above shall affect,
impair or prevent the vesting of any of the Agent’s or any Lender’s rights or
powers hereunder.  Any action taken or
omitted to be taken by the Agent under or in connection with any Letter of
Credit, if taken or omitted in the absence of gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final,
non-appealable judgment), shall not create against the Agent or any Lender any
liability to the Borrower or any Lender. 
In this regard, the obligation of the Borrower to reimburse the Agent
for any drawing made under any Letter of Credit, and to repay any Revolving
Loan made pursuant to the second sentence of the immediately preceding
subsection (e), shall be absolute, unconditional and irrevocable and shall
be paid strictly in accordance with the terms of this Agreement and any other
applicable Letter of Credit Document under all circumstances whatsoever,
including without limitation, the following circumstances: (A) any lack of
validity or enforceability of any Letter of Credit Document or any term or
provisions therein; (B) any amendment or waiver of or any consent to
departure from all or any of the Letter of Credit Documents; (C) the
existence of any claim, setoff, defense or other right which the Borrower may
have at any time against the Agent, any Lender, any beneficiary of a Letter of
Credit or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or in the Letter of Credit Documents or any
unrelated transaction; (D) any breach of contract or dispute between the

 39
 

Borrower, the Agent,
any Lender or any other Person; (E) any demand, statement or any other
document presented under a Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein or made in
connection therewith being untrue or inaccurate in any respect whatsoever;
(F) any non-application or misapplication by the beneficiary of a
Letter of Credit of the proceeds of any drawing under such Letter of Credit;
(G) payment by the Agent under any Letter of Credit against presentation
of a draft or certificate which does not strictly comply with the terms of such
Letter of Credit; and (H) any other act, omission to act, delay or
circumstance whatsoever that might, but for the provisions of this Section,
constitute a legal or equitable defense to or discharge of the Borrower’s
Reimbursement Obligations.  Notwithstanding
anything to the contrary contained in this Section or Section 12.9., but
not in limitation of the Borrower’s unconditional obligation to reimburse the
Agent for any drawing made under a Letter of Credit as provided in this Section
and to repay any Revolving Loan made pursuant to the second sentence of the
immediately preceding subsection (e), the Borrower shall have no
obligation to indemnify the Agent or any Lender in respect of any liability
incurred by the Agent or such Lender arising solely out of the gross negligence
or willful misconduct of the Agent or such Lender in respect of a Letter of
Credit as determined by a court of competent jurisdiction in a final, non-appealable
judgment.  Except as otherwise provided
in this Section, nothing in this Section shall affect any rights the Borrower
may have with respect to the gross negligence or willful misconduct of the
Agent or any Lender with respect to any Letter of Credit.

(h)           Amendments, Etc.  The issuance by the Agent of any amendment,
supplement or other modification to any Letter of Credit shall be subject to
the same conditions applicable under this Agreement to the issuance of new
Letters of Credit (including, without limitation, that the request therefor be
made through the Agent), and no such amendment, supplement or other
modification shall be issued unless either (i) the respective Letter of
Credit affected thereby would have complied with such conditions had it
originally been issued hereunder in such amended, supplemented or modified form
or (ii) the Requisite Lenders (or all of the Lenders if required by
Section 12.6.) shall have consented thereto.  In connection with any such amendment,
supplement or other modification, the Borrower shall pay the Fees, if any,
payable under the last sentence of Section 3.6.(c).

(i)            Lenders’ Participation in Letters
of Credit.  Immediately upon the
issuance by the Agent of any Letter of Credit each Lender shall be deemed to have
irrevocably and unconditionally purchased and received from the Agent, without
recourse or warranty, an undivided interest and participation to the extent of
such Lender’s Commitment Percentage of the liability of the Agent with respect
to such Letter of Credit, and each Lender thereby shall absolutely,
unconditionally and irrevocably assume, as primary obligor and not as surety,
and shall be unconditionally obligated to the Agent to pay and discharge when
due, such Lender’s Commitment Percentage of the Agent’s liability under such
Letter of Credit.  In addition, upon the
making of each payment by a Lender to the Agent in respect of any Letter of
Credit pursuant to the immediately following subsection (j), such Lender
shall, automatically and without any further action on the part of the Agent or
such Lender, acquire (i) a participation in an amount equal to such
payment in the Reimbursement Obligation owing to the Agent by the Borrower in
respect of such Letter of Credit and (ii) a participation in a percentage
equal to such Lender’s Commitment Percentage in any interest or other amounts
payable by the Borrower in respect of

 40
 

such Reimbursement
Obligation (other than the Fees payable to the Agent pursuant to the third and
last sentences of Section 3.6.(c)).

(j)            Payment Obligation of Lenders.  Each Lender severally agrees to pay to the
Agent on demand in immediately available funds in Dollars the amount of such
Lender’s Commitment Percentage of each drawing paid by the Agent under each
Letter of Credit to the extent such amount is not reimbursed by the Borrower
pursuant to Section 2.4.(d); provided, however, that in respect of any
drawing under any Letter of Credit, the maximum amount that any Lender shall be
required to fund, whether as a Revolving Loan or as a participation, shall not
exceed such Lender’s Commitment Percentage of such drawing.  If the notice referenced in the second
sentence of Section 2.4.(e) is received by a Lender not later than 11:00 a.m.,
then such Lender shall make such payment available to the Agent not later than
2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made
available to the Agent not later than 1:00 p.m. on the next succeeding Business
Day.  Each Lender’s obligation to make
such payments to the Agent under this subsection, and the Agent’s right to
receive the same, shall be absolute, irrevocable and unconditional and shall
not be affected in any way by any circumstance whatsoever, including without
limitation, (i) the failure of any other Lender to make its payment under
this subsection, (ii) the financial condition of the Borrower or any other
Loan Party, (iii) the existence of any Default or Event of Default,
including any Event of Default described in Section 10.1.(f) or 10.1.(g) or
(iv) the termination of the Commitments. 
Each such payment to the Agent shall be made without any offset,
abatement, withholding or deduction whatsoever.

(k)           Information to Lenders. The
Agent shall periodically deliver to the Lenders information setting forth the
Stated Amount of all outstanding Letters of Credit.  Other than as set forth in this subsection,
the Agent shall have no duty to notify the Lenders regarding the issuance or
other matters regarding Letters of Credit issued hereunder.  The failure of the Agent to perform its
requirements under this subsection shall not relieve any Lender from its
obligations under Section 2.4.(j).

Section 2.5.  Rates and Payment of Interest on Loans.

(a)           Rates.  The Borrower promises to pay to the Agent for
the account of each Lender interest on the unpaid principal amount of each Loan
made by such Lender for the period from and including the date of the making of
such Loan to but excluding the date such Loan shall be paid in full, at the
following per annum rates:

(i)            during such periods as such Loan is
a Base Rate Loan, at the Base Rate (as in effect from time to time) plus the
Applicable Margin;

(ii)           during such periods as such Loan is a
LIBOR Loan, at Adjusted LIBOR for such Loan for the Interest Period therefor
plus the Applicable Margin;

(iii)          if such Loan is an Absolute Rate Loan,
at the Absolute Rate for such Loan, as applicable, for the Interest Period
therefor quoted by the Lender making such Loan in accordance with
Section 2.2.; and

 41
 

(iv)          if such Loan is a LIBOR Margin Loan,
at LIBOR for such Loan for the Interest Period therefor, plus the LIBOR Margin
quoted by the Lender making such Loan in accordance with Section 2.2.

Notwithstanding
the foregoing, while an Event of Default exists, the Borrower shall pay to the
Agent for the account of each Lender interest at the Post-Default Rate on the
outstanding principal amount of any Loan made by such Lender, on all
Reimbursement Obligations and on any other amount payable by the Borrower to
such Lender hereunder or under any of the other Loan Documents (including
without limitation, accrued but unpaid interest to the extent permitted under
Applicable Law).

(b)           Payment of Interest.  Accrued and unpaid interest on each Loan
shall be payable (i) in the case of a Base Rate Loan, monthly in arrears
on the first day of each calendar month, (ii) in the case of a LIBOR Loan
or a Bid Rate Loan, in arrears on the last day of each Interest Period
therefor, and, if such Interest Period is longer than three months, at
three-month intervals following the first day of such Interest Period, and
(iii) in the case of any Loan, in arrears upon the payment, prepayment or
Continuation thereof or the Conversion of such Loan to a Loan of another Type
(but only on the principal amount so paid, prepaid, Continued or
Converted).  Interest payable at the
Post-Default Rate shall be payable from time to time on demand.  Promptly after the determination of any
interest rate provided for herein or any change therein, the Agent shall give
notice thereof to the Lenders to which such interest is payable and to the
Borrower.  All determinations by the
Agent of an interest rate hereunder shall be conclusive and binding on the
Lenders and the Borrower for all purposes, absent manifest error.

(c)           Inaccurate Financial Statements or
Compliance Certificates.  If any
financial statement or Compliance Certificate delivered pursuant to
Section 8.3. is shown to be inaccurate (regardless of whether this
Agreement is in effect when such inaccuracy is discovered), and such inaccuracy,
if corrected, would have led to the application of a higher Applicable Margin
for any period prior to the Investment Grade Rating Date (an “Applicable Period”)
than the Applicable Margin applied for such Applicable Period, then
(i) the Borrower shall immediately deliver to the Agent a corrected
Compliance Certificate for such Applicable Period, (ii) the Applicable
Margin shall be determined on the basis of such corrected Compliance
Certificate (as provided in clause (a) of the definition of Applicable Margin)
for such Applicable Period, and (iii) the Borrower shall immediately pay
to the Agent for the account of the Lenders the accrued additional interest,
and accrued fees in respect of Letters of Credit under Section 3.6.(c), owing
calculated based on such higher Applicable Margin for such Applicable Period,
which payment shall be promptly applied in accordance with
Section 3.2.  This subsection shall
not in any way limit the rights of the Agent and Lenders (x) with respect
to the last sentence of the immediately preceding subsection (a) or
(y) under Article X.

Section 2.6.  Number of Interest Periods.

There
may be no more than 10 different Interest Periods for LIBOR Loans and Bid Rate
Loans, collectively outstanding at the same time.

 42
 

Section 2.7.  Repayment of Loans.

(a)           Revolving Loans.  The Borrower shall repay the entire
outstanding principal amount of, and all accrued but unpaid interest on, the
Revolving Loans on the Termination Date.

(b)           Bid Rate Loans.  The Borrower shall repay the entire
outstanding principal amount of, and all accrued but unpaid interest on, each
Bid Rate Loan on the last day of the Interest Period of such Bid Rate Loan.

Section 2.8.  Prepayments.

(a)           Optional.  Subject to Section 4.4., the Borrower
may prepay any Loan (other than a Bid Rate Loan) at any time without premium or
penalty.  Bid Rate Loans may not be
prepaid at the option of the Borrower without the prior consent of the Lender
to which such Bid Rate Loan is owed.  The
Borrower shall give the Agent at least one Business Day’s prior written notice
of the prepayment of any Revolving Loan.

(b)           Mandatory.  If at any time the aggregate principal amount
of all outstanding Revolving Loans, together with the aggregate amount of all
Letter of Credit Liabilities, the aggregate principal amount of all outstanding
Bid Rate Loans and the aggregate principal amount of all outstanding Swingline
Loans, exceeds the aggregate amount of the Commitments in effect at such time,
the Borrower shall immediately pay to the Agent for the accounts of the Lenders
the amount of such excess.  Such payment
shall be applied to pay all amounts of principal outstanding on the Loans and
any Reimbursement Obligations pro rata in accordance with Section 3.2. and
if any Letters of Credit are outstanding at such time the remainder, if any,
shall be deposited into the Collateral Account for application to any
Reimbursement Obligations.  If the
Borrower is required to pay any outstanding LIBOR Loans or Bid Rate Loans by
reason of this Section prior to the end of the applicable Interest Period
therefor, the Borrower shall pay all amounts due under Section 4.4.

Section 2.9.  Continuation.

So
long as no Default or Event of Default shall exist, the Borrower may on any
Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan
or any portion thereof as a LIBOR Loan by selecting a new Interest Period for
such LIBOR Loan.  Each new Interest
Period selected under this Section shall commence on the last day of the immediately
preceding Interest Period.  Each
selection of a new Interest Period shall be made by the Borrower giving to the
Agent a Notice of Continuation not later than 11:00 a.m. on the third Business
Day prior to the date of any such Continuation. 
Such notice by the Borrower of a Continuation shall be by telephone or
telecopy, confirmed immediately in writing if by telephone, in the form of a
Notice of Continuation, specifying (a) the proposed date of such
Continuation, (b) the LIBOR Loans and portions thereof subject to such
Continuation and (c) the duration of the selected Interest Period, all of
which shall be specified in such manner as is necessary to comply with all
limitations on Loans outstanding hereunder. 
Each Notice of Continuation shall be irrevocable by and binding on the
Borrower once given.  Promptly after
receipt of a Notice of Continuation, the Agent shall notify each Lender by
telecopy, or other similar form of transmission, of the proposed
Continuation.  If the Borrower shall fail
to select in a timely manner a new Interest

 43
 

Period for any
LIBOR Loan in accordance with this Section, or if a Default or Event of Default
shall exist on the last day of the current Interest Period therefor, such Loan
will automatically, on the last day of such Interest Period, Convert into a
Base Rate Loan notwithstanding the first sentence of Section 2.10. or the
Borrower’s failure to comply with any of the terms of such Section.

Section 2.10.  Conversion.

The Borrower may
on any Business Day, upon the Borrower’s giving of a Notice of Conversion to
the Agent, Convert all or a portion of a Loan of one Type into a Loan of
another Type; provided, however, a Base Rate Loan may not be Converted to a
LIBOR Loan if a Default or Event of Default shall exist.  Any Conversion of a LIBOR Loan into a Base
Rate Loan shall be made on, and only on, the last day of an Interest Period for
such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the
Borrower shall pay accrued interest to the date of Conversion on the principal
amount so Converted.  Each such Notice of
Conversion shall be given not later than 11:00 a.m. on the Business Day prior
to the date of any proposed Conversion into Base Rate Loans and on the third
Business Day prior to the date of any proposed Conversion into LIBOR Loans.  Promptly after receipt of a Notice of
Conversion, the Agent shall notify each Lender by telecopy, or other similar
form of transmission, of the proposed Conversion.  Subject to the restrictions specified above,
each Notice of Conversion shall be by telephone (confirmed immediately in
writing) or telecopy in the form of a Notice of Conversion specifying
(a) the requested date of such Conversion, (b) the Type of Loan to be
Converted, (c) the portion of such Type of Loan to be Converted, (d) the
Type of Loan such Loan is to be Converted into and (e) if such Conversion
is into a LIBOR Loan, the requested duration of the Interest Period of such
Loan.  Each Notice of Conversion shall be
irrevocable by and binding on the Borrower once given.

Section 2.11.  Notes.

(a)           Revolving Note.  The Revolving Loans made by each Lender
shall, in addition to this Agreement, also be evidenced by a promissory note of
the Borrower substantially in the form of Exhibit K (each a “Revolving
Note”), payable to the order of such Lender in a principal amount equal to the
amount of its Commitment as originally in effect and otherwise duly completed.

(b)           Bid Rate Notes.  The Bid Rate Loans made by any Lender shall,
in addition to this Agreement, also be evidenced by a promissory note of the
Borrower substantially in the form of Exhibit L (each a “Bid Rate Note”),
payable to the order of such Lender and otherwise duly completed.

(c)           Records.  The date, amount, interest rate, Type and
duration of Interest Periods (if applicable) of each Loan made by each Lender
to the Borrower, and each payment made on account of the principal thereof,
shall be recorded by such Lender on its books and such entries shall be binding
on the Borrower, absent manifest error; provided, however, that the failure of
a Lender to make any such record shall not affect the obligations of the
Borrower under any of the Loan Documents.

 44
 

(d)           Lost, Stolen, Destroyed or
Mutilated Notes. Upon receipt by the Borrower of (i) written notice
from a Lender that a Note of such Lender has been lost, stolen, destroyed or
mutilated, and (ii) (A) in the case of loss, theft or destruction, an
unsecured agreement of indemnity from such Lender in form reasonably
satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender
and cancellation of such Note, the Borrower shall at its own expense execute
and deliver to such Lender a new Note dated the date of such lost, stolen,
destroyed or mutilated Note which Note shall recite that it is given to replace
the lost, stolen, destroyed or mutilated Note, as applicable.

Section 2.12.  Voluntary Reductions of the Commitment.

The
Borrower shall have the right to terminate or reduce the aggregate unused
amount of the Commitments (for which purpose use of the Commitments shall be
deemed to include the aggregate amount of Letter of Credit Liabilities and the
aggregate principal amount of all outstanding Swingline Loans and Bid Rate
Loans) at any time and from time to time without penalty or premium upon not
less than 5 Business Days prior written notice to the Agent of each such
termination or reduction, which notice shall specify the effective date thereof
and the amount of any such reduction and shall be irrevocable once given and
effective only upon receipt by the Agent. 
The Agent will promptly transmit such notice to each Lender.  The Commitments, once terminated or reduced,
may not be increased or reinstated.

Section 2.13.  Extension of Termination Date.

The
Borrower shall have the right, exercisable one time, to extend the Termination
Date by one year.  The Borrower may
exercise such right only by executing and delivering to the Agent at least 90
days but not more than 180 days prior to the current Termination Date, a
written request for such extension (an “Extension Request”).  The Agent shall forward to each Lender a copy
of the Extension Request delivered to the Agent promptly upon receipt
thereof.  Subject to satisfaction of the
following conditions, the Termination Date shall be extended for one year effective
upon receipt of the Extension Request and payment of the fee referred to in the
following clause (b): (a) immediately prior to such extension and
immediately after giving effect thereto, (i) no Default or Event of
Default shall exist and (ii) the representations and warranties made or deemed
made by the Borrower and each other Loan Party in the Loan Documents to which
any of them is a party, shall be true and correct in all material respects on
and as of the date of such extension with the same force and effect as if made
on and as of such date except to the extent that such representations and
warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material
respects on and as of such earlier date) and except for changes in factual
circumstances not prohibited under the Loan Documents and (b) the Borrower
shall have paid the Fees payable under Section 3.6.(d).

Section 2.14.  Expiration or Maturity Date of Letters of
Credit Past Termination Date.

If on the
date the Commitments are terminated or reduced to zero (whether voluntarily, by
reason of the occurrence of an Event of Default or otherwise), there are any
Letters of Credit outstanding hereunder, the Borrower shall, on such date, pay
to the Agent an amount of money equal to the Stated Amount of such Letter(s) of
Credit for deposit into the Collateral Account.

 45

Section 2.15.  Amount Limitations.

Notwithstanding
any other term of this Agreement or any other Loan Document, no Lender shall be
required to make a Loan, no Lender shall make any Bid Rate Loan, the Agent
shall not be required to issue a Letter of Credit and no reduction of the
Commitments pursuant to Section 2.12. shall take effect, if immediately
after the making of such Loan, the issuance of such Letter of Credit or such
reduction in the Commitments:

(a)           the aggregate principal amount of all
outstanding Revolving Loans, together with the aggregate principal amount of
all outstanding Bid Rate Loans, the aggregate principal amount of all
outstanding Swingline Loans and the aggregate amount of all Letter of Credit
Liabilities, would exceed the aggregate amount of the Commitments at such time;
or

(b)           the aggregate principal amount of all
outstanding Bid Rate Loans would exceed 50% of the aggregate amount of the
Commitments at such time.

Section 2.16.  Increase of Commitments.

With
the prior consent of the Agent, the Borrower shall have the right at any time
and from time to time during the term of this Agreement to request increases in
the aggregate amount of the Commitments (provided that after giving effect to
any increases in the Commitments pursuant to this Section, the aggregate amount
of the Commitments may not exceed $1,500,000,000) by providing written notice
to the Agent, which notice shall be irrevocable once given.  Each such increase in the Commitments must be
in an aggregate minimum amount of $100,000,000 and integral multiples of
$50,000,000 in excess thereof.  No Lender
shall be required to increase its Commitment and any new Lender becoming a
party to this Agreement in connection with any such requested increase must be
an Eligible Assignee.  If a new Lender
becomes a party to this Agreement, or if any existing Lender agrees to increase
its Commitment, such Lender shall on the date it becomes a Lender hereunder (or
increases its Commitment, in the case of an existing Lender) (and as a
condition thereto) purchase from the other Lenders its Commitment Percentage
(or in the case of an existing Lender, the increase in the amount of its
Commitment Percentage, in each case as determined after giving effect to the
increase of Commitments) of any outstanding Revolving Loans, by making
available to the Agent for the account of such other Lenders at the Principal
Office, in same day funds, an amount equal to the sum of (A) the portion
of the outstanding principal amount of such Revolving Loans to be purchased by
such Lender plus (B) the aggregate amount of payments previously made by
the other Lenders under Section 2.4.(j) which have not been repaid plus
(C) interest accrued and unpaid to and as of such date on such portion of
the outstanding principal amount of such Revolving Loans.  The Borrower shall pay to the Lenders amounts
payable, if any, to such Lenders under Section 4.4. as a result of the
prepayment of any such Revolving Loans. 
No increase of the Commitments may be effected under this Section if (x) a
Default or Event of Default shall be in existence on the effective date of such
increase or (y) any representation or warranty made or deemed made by the
Borrower or any other Loan Party in any Loan Document to which any such Loan
Party is a party is not (or would not be) true or correct on the effective date
of such increase (except for representations or warranties which expressly
relate solely to an earlier date).  In
connection with any increase in the aggregate amount of the Commitments 

 46
 

pursuant to this
subsection, (a) any Lender becoming a party hereto shall execute such documents
and agreements as the Agent may reasonably request and (b) the Borrower shall
make appropriate arrangements so that each new Lender, and any existing Lender
increasing its Commitment, receives a new or replacement Note, as appropriate,
in the amount of such Lender’s Commitment within 2 Business Days of the
effectiveness of the applicable increase in the aggregate amount of
Commitments.

ARTICLE III. PAYMENTS, FEES AND
OTHER GENERAL PROVISIONS

Section 3.1.  Payments.

Except
to the extent otherwise provided herein, all payments of principal, interest
and other amounts to be made by the Borrower under this Agreement or any other
Loan Document shall be made in Dollars, in immediately available funds, without
deduction, set-off or counterclaim, to the Agent at its Principal Office,
not later than 2:00 p.m. on the date on which such payment shall become
due (each such payment made after such time on such due date to be deemed to have
been made on the next succeeding Business Day). 
Subject to Section 10.3., the Borrower may, at the time of making
each payment under this Agreement or any Note, specify to the Agent the amounts
payable by the Borrower hereunder to which such payment is to be applied.  Each payment received by the Agent for the
account of a Lender under this Agreement or any Note shall be paid to such
Lender at the applicable Lending Office of such Lender no later than 5:00 p.m.
on the date of receipt.  If the Agent fails
to pay such amount to a Lender as provided in the previous sentence, the Agent
shall pay interest on such amount until paid at a rate per annum equal to the
Federal Funds Rate from time to time in effect. 
If the due date of any payment under this Agreement or any other Loan
Document would otherwise fall on a day which is not a Business Day such date
shall be extended to the next succeeding Business Day and interest shall be
payable for the period of such extension.

Section 3.2.  Pro Rata Treatment.

Except
to the extent otherwise provided herein: (a) each borrowing from the
Lenders under Section 2.1.(a), 2.3.(e) and 2.4.(e) shall be made from the
Lenders, each payment of the Fees under Section 3.6.(a), the first
sentence of Section 3.6.(b) and Section 3.6.(c) shall be made for the
account of the Lenders, and each termination or reduction of the amount of the
Commitments under Section 2.12. shall be applied to the respective
Commitments of the Lenders, pro rata according to the amounts of their respective
Commitments; (b) each payment or prepayment of principal of Revolving
Loans by the Borrower shall be made for the account of the Lenders pro rata in
accordance with the respective unpaid principal amounts of the Revolving Loans
held by them, provided that if immediately prior to giving effect to any such
payment in respect of any Revolving Loans the outstanding principal amount of
the Revolving Loans shall not be held by the Lenders pro rata in accordance
with their respective Commitments in effect at the time such Loans were made,
then such payment shall be applied to the Revolving Loans in such manner as
shall result, as nearly as is practicable, in the outstanding principal amount
of the Revolving Loans being held by the Lenders pro rata in accordance with
their respective Commitments; (c) each payment of interest on Revolving
Loans by the Borrower shall be made for the account of the Lenders pro rata in
accordance with the amounts of interest on such Loans then due and payable to
the respective Lenders; (d) the making, Conversion and Continuation of 

 47
 

Revolving Loans of
a particular Type (other than Conversions provided for by Section 4.6.)
shall be made pro rata among the Lenders according to the amounts of their
respective Commitments (in the case of making of Revolving Loans) or their
respective Revolving Loans (in the case of Conversions and Continuations of
Revolving Loans) and the then current Interest Period for each Lender’s portion
of each Revolving Loan of such Type shall be coterminous; (e) the Lenders’
participation in, and payment obligations in respect of, Letters of Credit
under Section 2.4., shall be pro rata in accordance with their respective
Commitments; (f) the Lenders’ participation in, and payment obligations in
respect of, Swingline Loans under Section 2.3., shall be pro rata in
accordance with their respective Commitments; and (g) each mandatory
prepayment of principal of Bid Rate Loans by the Borrower pursuant to
Section 2.8.(b) shall be made for account of the Lenders then owed Bid Rate
Loans pro rata in accordance with the respective unpaid principal amounts of
the Bid Rate Loans then owing to each such Lender.  All payments of principal, interest, fees and
other amounts in respect of the Swingline Loans shall be for the account of the
Swingline Lender only (except to the extent any Lender shall have acquired and
funded a participating interest in any such Swingline Loan pursuant to
Section 2.3.(e), in which case such payments shall be pro rata in
accordance with such participating interests).

Section 3.3.  Sharing of Payments, Etc.

If a
Lender shall obtain payment of any principal of, or interest on, any Loan made
by it to the Borrower under this Agreement, or shall obtain payment on any
other Obligation owing by the Borrower or any other Loan Party through the
exercise of any right of set-off, banker’s lien or counterclaim or
similar right or otherwise or through voluntary prepayments directly to a
Lender or other payments made by the Borrower to a Lender not in accordance
with the terms of this Agreement and such payment should be distributed to the
Lenders pro rata in accordance with Section 3.2. or Section 10.3., as
applicable, such Lender shall promptly purchase from the other Lenders
participations in (or, if and to the extent specified by such Lender, direct
interests in) the Loans made by the other Lenders or other Obligations owed to
such other Lenders in such amounts, and make such other adjustments from time
to time as shall be equitable, to the end that all the Lenders shall share the
benefit of such payment (net of any reasonable expenses which may be incurred
by such Lender in obtaining or preserving such benefit) pro rata in accordance
with Section 3.2. or Section 10.3., as applicable.  To such end, all the Lenders shall make
appropriate adjustments among themselves (by the resale of participations sold
or otherwise) if such payment is rescinded or must otherwise be restored.  The Borrower agrees that any Lender so
purchasing a participation (or direct interest) in the Loans or other
Obligations owed to such other Lenders may exercise all rights of set-off,
banker’s lien, counterclaim or similar rights with respect to such
participation as fully as if such Lender were a direct holder of Loans in the
amount of such participation.  Nothing
contained herein shall require any Lender to exercise any such right or shall
affect the right of any Lender to exercise, and retain the benefits of
exercising, any such right with respect to any other indebtedness or obligation
of the Borrower.

Section 3.4.  Several Obligations.

No
Lender shall be responsible for the failure of any other Lender to make a Loan
or to perform any other obligation to be made or performed by such other Lender
hereunder, and the failure of any Lender to make a Loan or to perform any other
obligation to be made or performed 

 48
 

by it hereunder
shall not relieve the obligation of any other Lender to make any Loan or to
perform any other obligation to be made or performed by such other Lender.

Section 3.5.  Minimum Amounts.

(a)           Borrowings and Conversions.  Except as otherwise provided in
Sections 2.3.(e) and 2.4.(e), each borrowing of Base Rate Loans shall be
in an aggregate minimum amount of $500,000 and integral multiples of $100,000
in excess thereof.  Each borrowing, Conversion
and Continuation of LIBOR Loans shall be in an aggregate minimum amount of
$1,000,000 and integral multiples of $1,000,000 in excess of that amount.

(b)           Prepayments.  Each voluntary prepayment of Revolving Loans
shall be in an aggregate minimum amount of $1,000,000 and integral multiples of
$500,000 in excess thereof (or, if less, the aggregate principal amount of
Revolving Loans then outstanding).

(c)           Reductions of Commitments.  Each reduction of the Commitments under
Section 2.12. shall be in an aggregate minimum amount of $50,000,000 and
integral multiples of $10,000,000 in excess thereof.

(d)           Letters of Credit.  The initial Stated Amount of each Letter of
Credit shall be at least $100,000.

Section 3.6.  Fees.

(a)           Unused Fee. During the period
from the Effective Date to but excluding the Investment Grade Rating Date, the
Borrower agrees to pay to the Agent for the account of the Lenders an unused
facility fee with respect to the average daily difference between the
(i) aggregate amount of the Commitments and (ii) the aggregate
principal amount of all outstanding Revolving Loans plus the aggregate amount
of all Letter of Credit Liabilities (the “Unused Amount”).  Such fee shall be computed by multiplying the
Unused Amount with respect to such quarter by the corresponding per annum rate
set forth below:

	
  Unused Amount

  	
   

  	
  Unused Fee

  	
   

  
	
  > 50% of the
  aggregate amount of Commitments

  	
   

  	
  0.20

  	
  %

  
	
  < 50% of the
  aggregate amount of Commitments

  	
   

  	
  0.125

  	
  %

  

 

Such fee shall be
payable in arrears on the last day of each March, June, September or December
of each calendar year.  Any such accrued
and unpaid fee shall also be payable on the Termination Date or any earlier
date of termination of the Commitments or reduction of the Commitments to zero.

(b)           Facility Fees.  On and at all times after the Investment
Grade Rating Date, the Borrower agrees to pay to the Agent for the account of
each Lender a facility fee equal to the average daily amount of the Commitment
of such Lender (whether or not utilized) times the Facility Fee for the period
from and including the Investment Grade Rating Date to but excluding the date
such Commitment is terminated or reduced to zero or the Termination Date, such
fee to be paid in arrears on (i) the last day of March, June, September
and December in each 

 49
 

year,
(ii) the date of each reduction in the Commitments (but only on the amount
of the reduction) and (iii) on the Termination Date.

(c)           Letter of Credit Fees.  The Borrower agrees to pay to the Agent for
the account of each Lender a letter of credit fee at a rate per annum equal to
the Applicable Margin for LIBOR Loans (or while an Event of Default exists, at
a per annum rate equal to 4.0%) times the daily average Stated Amount of each
Letter of Credit for the period from and including the date of issuance of such
Letter of Credit (x) through and including the date such Letter of Credit
expires or is terminated or (y) to but excluding the date such Letter of
Credit is drawn in full and is not subject to reinstatement, as the case may
be.  The fees provided for in the
immediately preceding sentence shall be nonrefundable and payable in arrears on
(i) the last day of March, June, September and December in each year,
(ii) the Termination Date, (iii) the date the Commitments are
terminated or reduced to zero and (iv) thereafter from time to time on
demand of the Agent.  In addition, the
Borrower shall pay to the Agent for its own account and not the account of any
Lender, an issuance fee in respect of each Letter of Credit equal to the
greater of (i) $500 or (ii) one-eighth of one percent (0.125%)
per annum on the initial Stated Amount of such Letter of Credit payable
(A) for the period from and including the date of issuance of such Letter
of Credit through and including the expiration date of such Letter of Credit
and (B) if the expiration date of any Letter of Credit is extended
(whether as a result of the operation of an automatic extension clause or
otherwise), for the period from but excluding the previous expiration date to
and including the extended expiration date. 
The fees provided for in the immediately preceding sentence shall be
nonrefundable and payable upon issuance (or in the case of an extension of the
expiration date, on the previous expiration date).  The Borrower shall pay directly to the Agent
from time to time on demand all commissions, charges, costs and expenses in the
amounts customarily charged by the Agent from time to time in like
circumstances with respect to the issuance of each Letter of Credit, drawings,
amendments and other transactions relating thereto.

(d)           Extension Fee.  If the Borrower exercises its right to extend
the Termination Date in accordance with Section 2.13., the Borrower agrees
to pay to the Agent for the account of each Lender a fee equal to 0.15% of the
amount of such Lender’s Commitment (whether or not utilized) at the time of
such extension.  Such fee shall be due
and payable in full on the date the Agent receives the Extension Request
pursuant to such Section.

(e)           Administrative and Other Fees.  The Borrower agrees to pay the administrative
and other fees of the Agent as may be agreed to in writing by the Borrower and
the Agent from time to time.

Section 3.7.  Computations.

Unless
otherwise expressly set forth herein, any accrued interest on any Loan or any
other Obligations, and all Fees due hereunder shall be computed on the basis of
a year of 365 or 366 days, as applicable, and the actual number of days
elapsed, except in the case of LIBOR Loans or LIBOR Margin Loans which shall be
computed on the basis of a year of 360 days and the actual number of days
elapsed.

 50
 

Section 3.8.  Usury.

In no
event shall the amount of interest due or payable on the Loans or other
Obligations exceed the maximum rate of interest allowed by Applicable Law and,
if any such payment is paid by the Borrower or any other Loan Party or received
by any Lender, then such excess sum shall be credited as a payment of
principal, unless the Borrower shall notify the respective Lender in writing
that the Borrower elects to have such excess sum returned to it forthwith.  It is the express intent of the parties
hereto that the Borrower not pay and the Lenders not receive, directly or
indirectly, in any manner whatsoever, interest in excess of that which may be
lawfully paid by the Borrower under Applicable Law.

Section 3.9.  Agreement Regarding Interest and Charges.

The
parties hereto hereby agree and stipulate that the only charge imposed upon the
Borrower for the use of money in connection with this Agreement is and shall be
the interest specifically described in Sections 2.5.(a)(i) through (iv)
and in Section 2.3.(c).  Notwithstanding
the foregoing, the parties hereto further agree and stipulate that all agency
fees, syndication fees, facility fees, unused fees, closing fees, letter of
credit fees, underwriting fees, default charges, late charges, funding or “breakage”
charges, increased cost charges, attorneys’ fees and reimbursement for costs
and expenses paid by the Agent or any Lender to third parties or for damages
incurred by the Agent or any Lender, in each case in connection with the
transactions contemplated by this Agreement and the other Loan Documents, are
charges made to compensate the Agent or any such Lender for underwriting or
administrative services and costs or losses performed or incurred, and to be
performed or incurred, by the Agent and the Lenders in connection with this
Agreement and shall under no circumstances be deemed to be charges for the use
of money.  All charges other than charges
for the use of money shall be fully earned and nonrefundable when due.

Section 3.10.  Statements of Account.

The
Agent will account to the Borrower monthly with a statement of Loans, Letters
of Credit, accrued interest and Fees, charges and payments made pursuant to
this Agreement and the other Loan Documents, and such account rendered by the
Agent shall be deemed conclusive upon Borrower absent manifest error.  The failure of the Agent to deliver such a
statement of accounts shall not relieve or discharge the Borrower from any of
its obligations hereunder.

Section 3.11.  Defaulting Lenders.

(a)           Generally.  If for any reason any Lender (a “Defaulting
Lender”) shall fail or refuse to perform any of its obligations under this
Agreement or any other Loan Document to which it is a party within the time
period specified for performance of such obligation or, if no time period is
specified, if such failure or refusal continues for a period of two Business
Days after notice from the Agent, then, in addition to the rights and remedies
that may be available to the Agent or the Borrower under this Agreement or
Applicable Law, such Defaulting Lender’s right to participate in the
administration of the Loans, this Agreement and the other Loan Documents,
including without limitation, any right to vote in respect of, to consent to or
to direct any action or inaction of the Agent or to be taken into account in
the calculation of the Requisite

 51
 

Lenders, shall be
suspended during the pendency of such failure or refusal (except that the
Commitment of a Defaulting Lender may not be increased or extended without its
prior written consent).  If a Lender is a
Defaulting Lender because it has failed to make timely payment to the Agent of
any amount required to be paid to the Agent hereunder (without giving effect to
any notice or cure periods), in addition to other rights and remedies which the
Agent or the Borrower may have under the immediately preceding provisions or
otherwise, the Agent shall be entitled (i) to collect interest from such Defaulting
Lender on such delinquent payment for the period from the date on which the
payment was due until the date on which the payment is made at the Federal
Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the
defaulted payment and any related interest, any amounts otherwise payable to
such Defaulting Lender under this Agreement or any other Loan Document and
(iii) to bring an action or suit against such Defaulting Lender in a court
of competent jurisdiction to recover the defaulted amount and any related
interest.  Any amounts received by the
Agent in respect of a Defaulting Lender’s Loans shall not be paid to such
Defaulting Lender (provided that the Borrower shall be deemed to have made
payment to such Defaulting Lender of such amount) and shall be held uninvested
by the Agent and either applied against the purchase price of such Loans under
the following subsection (b) or paid to such Defaulting Lender upon such
Defaulting Lender’s curing of its default.

(b)           Purchase or Cancellation of
Defaulting Lender’s Commitment.  Any
Lender who is not a Defaulting Lender may, but shall not be obligated to, in
its sole discretion, acquire all or a portion of a Defaulting Lender’s
Commitment.  Any Lender desiring to
exercise such right shall give written notice thereof to the Agent and the
Borrower no sooner than 2 Business Days and not later than 5 Business Days
after such Defaulting Lender became a Defaulting Lender.  If more than one Lender exercises such right,
each such Lender shall have the right to acquire an amount of such Defaulting
Lender’s Commitment in proportion to the Commitments of the other Lenders
exercising such right.  If after such 5th
Business Day, the Lenders have not elected to purchase all of the Commitment of
such Defaulting Lender, then the Borrower may, by giving written notice thereof
to the Agent, such Defaulting Lender and the other Lenders, either
(i) demand that such Defaulting Lender assign its Commitment to an
Eligible Assignee subject to and in accordance with the provisions of
Section 12.5.(b) for the purchase price provided for below or
(ii) terminate the Commitment of such Defaulting Lender, whereupon such
Defaulting Lender shall no longer be a party hereto or have any rights or
obligations hereunder or under any of the other Loan Documents (except that
such Defaulting Lender shall remain liable to the Borrower for damages by
reason of its failure or refusal to perform hereunder).  No party hereto shall have any obligation
whatsoever to initiate any such replacement or to assist in finding an Eligible
Assignee.  Upon any such purchase or
assignment, the Defaulting Lender’s interest in the Loans and its rights
hereunder (but not its liability in respect thereof or under the Loan Documents
or this Agreement to the extent the same relate to the period prior to the
effective date of the purchase except to the extent assigned pursuant to such
purchase) shall terminate on the date of purchase, and the Defaulting Lender
shall promptly execute all documents reasonably requested to surrender and
transfer such interest to the purchaser or assignee thereof, including an
appropriate Assignment and Acceptance Agreement and, notwithstanding
Section 12.5.(b), shall pay to the Agent an assignment fee in the amount
of $7,000.  The purchase price for the
Commitment of a Defaulting Lender shall be equal to the amount of the principal
balance of the Loans outstanding and owed by the Borrower to the Defaulting
Lender.  Prior to payment of 

 52
 

such purchase
price to a Defaulting Lender, the Agent shall apply against such purchase price
any amounts retained by the Agent pursuant to the last sentence of the
immediately preceding subsection (a). 
The Defaulting Lender shall be entitled to receive amounts owed to it by
the Borrower under the Loan Documents which accrued prior to the date of the
default by the Defaulting Lender, to the extent the same are received by the
Agent from or on behalf of the Borrower. 
There shall be no recourse against any Lender or the Agent for the
payment of such sums except to the extent of the receipt of payments from any
other party or in respect of the Loans.

Section 3.12.  Taxes.

(a)           Taxes Generally.  All payments by the Borrower of principal of,
and interest on, the Loans and all other Obligations shall be made free and
clear of and without deduction for any present or future excise, stamp or other
taxes, fees, duties, levies, imposts, charges, deductions, withholdings or
other charges of any nature whatsoever imposed by any taxing authority, but
excluding (i) franchise taxes, (ii) any taxes imposed on or measured
by any Lender’s assets, net income, receipts or branch profits, (iii) any
taxes (other than withholding taxes) with respect to the Agent or a Lender that
would not be imposed but for a connection between the Agent or such Lender and
the jurisdiction imposing such taxes (other than a connection arising solely by
virtue of the activities of the Agent or such Lender pursuant to or in respect
of this Agreement or any other Loan Document), and (iv) any taxes, fees,
duties, levies, imposts, charges, deductions, withholdings or other charges to
the extent imposed as a result of the failure of the Agent or a Lender, as
applicable, to provide and keep current (to the extent legally able) any
certificates, documents or other evidence required to qualify for an exemption
from, or reduced rate of, any such taxes fees, duties, levies, imposts,
charges, deductions, withholdings or other charges or required by the
immediately following subsection (c) to be furnished by the Agent or such
Lender, as applicable (such non-excluded items being collectively called “Taxes”).  If any withholding or deduction from any
payment to be made by the Borrower hereunder is required in respect of any
Taxes pursuant to any Applicable Law, then the Borrower will:

(i)            pay directly to the relevant
Governmental Authority the full amount required to be so withheld or deducted;

(ii)           promptly forward to the Agent an
official receipt or other documentation satisfactory to the Agent evidencing
such payment to such Governmental Authority; and

(iii)          pay to the Agent for its account or
the account of the applicable Lender, as the case may be, such additional
amount or amounts as is necessary to ensure that the net amount actually
received by the Agent or such Lender will equal the full amount that the Agent
or such Lender would have received had no such withholding or deduction been
required.

(b)           Tax Indemnification.  If the Borrower fails to pay any Taxes when
due to the appropriate Governmental Authority or fails to remit to the Agent,
for its account or the account of the respective Lender, as the case may be,
the required receipts or other required documentary evidence, the Borrower
shall indemnify the Agent and the Lenders for any incremental Taxes, interest
or penalties that may become payable by the Agent or any Lender as a result of
any such 

 53
 

failure.  For purposes of this Section, a distribution
of funds received from the Borrower or at its order hereunder by the Agent or
any Lender to or for the account of any Lender shall be deemed a payment by the
Borrower.

(c)           Tax Forms.  Prior to the date that any Foreign Lender
becomes a party hereto, such Foreign Lender shall deliver to the Borrower and
the Agent such certificates, documents or other evidence, as required by the
Internal Revenue Code or Treasury Regulations issued pursuant thereto
(including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms),
properly completed, currently effective and duly executed by such Foreign
Lender establishing that payments to it hereunder and under the Notes are
(i) not subject to United States Federal backup withholding tax and
(ii) not subject to United States Federal withholding tax imposed under
the Internal Revenue Code.  Each such
Foreign Lender shall (x) deliver further copies of such forms or other
appropriate certifications on or before the date that any such forms expire or
become obsolete and after the occurrence of any event requiring a change in the
most recent form delivered to the Borrower or the Agent and (y) obtain
such extensions of the time for filing, and renew such forms and certifications
thereof, as may be reasonably requested by the Borrower or the Agent.  The Borrower shall not be required to pay any
amount pursuant to the last sentence of subsection (a) above to any
Foreign Lender or the Agent, if it is organized under the laws of a
jurisdiction outside of the United States of America, if such Foreign Lender or
the Agent, as applicable, fails to comply with the requirements of this
subsection.  If any such Foreign Lender
fails to deliver the above forms or other documentation, then the Agent (or the
Borrower with the Agent’s consent) may withhold from any payments to be made to
such Foreign Lender under any of the Loan Documents such amounts as are
required by the Internal Revenue Code. If any Governmental Authority asserts
that the Agent did not properly withhold or backup withhold, as the case may
be, any tax or other amount from payments made to or for the account of any
Lender, such Lender shall indemnify the Agent therefor, including all penalties
and interest, any taxes imposed by any jurisdiction on the amounts payable to
the Agent under this Section, and costs and expenses (including all reasonable
fees and disbursements of any law firm or other external counsel and the
allocated cost of internal legal services and all disbursements of internal
counsel) of the Agent.  The obligation of
the Lenders under this Section shall survive the termination of the
Commitments, repayment of all Obligations and the resignation or replacement of
the Agent.

ARTICLE IV. YIELD PROTECTION,
ETC.

Section 4.1.  Additional Costs; Capital Adequacy.

(a)           Additional Costs.  The Borrower shall promptly pay to the Agent
for the account of each affected Lender from time to time such amounts as such
Lender may reasonably determine to be necessary to compensate such Lender for
any costs actually incurred by such Lender that are attributable to its making
or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans
hereunder, any reduction in any amount receivable by such Lender under this
Agreement or any of the 

 54
 

other Loan
Documents in respect of any of such Loans or such obligation or the maintenance
by such Lender of capital in respect of its Loans or its Commitment (such
increases in costs and reductions in amounts receivable being herein called “Additional
Costs”), to the extent resulting from any Regulatory Change that:  (i) changes the basis of taxation of any
amounts payable to such Lender under this Agreement or any of the other Loan
Documents in respect of any of such Loans or its Commitment (other than taxes,
fees, duties, levies, imposts, charges, deductions, withholdings or other
charges which are excluded from the definition of Taxes pursuant to the first
sentence of Section 3.12.(a)); or (ii) imposes or modifies any
reserve, special deposit or similar requirements (other than Regulation D of
the Board of Governors of the Federal Reserve System or other reserve
requirement to the extent utilized in the determination of Adjusted LIBOR for
such Loan) relating to any extensions of credit or other assets of, or any
deposits with or other liabilities of, such Lender, or any commitment of such
Lender (including, without limitation, the Commitment of such Lender
hereunder); or (iii) has or would have the effect of reducing the rate of
return on capital of such Lender (or any Person controlling such Lender) to a
level below that which such Lender (or such Person) could have achieved but for
such Regulatory Change (taking into consideration the policies of such Lender
or Person with respect to capital adequacy).

(b)           Lender’s Suspension of LIBOR Loans.  Without limiting the effect of the provisions
of the immediately preceding subsection (a), if, by reason of any
Regulatory Change, any Lender either (i) incurs Additional Costs based on
or measured by the excess above a specified level of the amount of a category
of deposits or other liabilities of such Lender that includes deposits by
reference to which the interest rate on LIBOR Loans is determined as provided
in this Agreement or a category of extensions of credit or other assets of such
Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on
the amount of such a category of liabilities or assets that it may hold, then,
if such Lender so elects by notice to the Borrower (with a copy to the Agent),
the obligation of such Lender to make or Continue, or to Convert any other Type
of Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory
Change ceases to be in effect (in which case the provisions of
Section 4.6. shall apply).

(c)           Additional Costs in Respect of
Letters of Credit.  Without limiting
the obligations of the Borrower under the preceding subsections of this Section
(but without duplication), if as a result of any Regulatory Change or any
risk-based capital guideline or other requirement  hereafter issued by any Governmental
Authority there shall be imposed, modified or deemed applicable any tax,
reserve, special deposit, capital adequacy or similar requirement against or
with respect to or measured by reference to Letters of Credit and the result
shall be to increase the cost to the Agent of issuing (or any Lender of purchasing
participations in) or maintaining its obligation hereunder to issue (or
purchase participations in) any Letter of Credit or reduce any amount
receivable by the Agent or any Lender hereunder in respect of any Letter of
Credit, then, upon demand by the Agent or such Lender, the Borrower shall pay
promptly, and in any event within 3 Business Days of demand, to the Agent for
its account or the account of such Lender, as applicable, from time to time as
specified by the Agent or a Lender, such additional amounts as shall be
sufficient to compensate the Agent or such Lender for such increased costs or
reductions in amount.

(d)           Notification and Determination of
Additional Costs.  Each of the Agent
and each Lender agrees to notify the Borrower of any event occurring after the
Agreement Date entitling the Agent or such Lender to compensation under any of
the preceding subsections of this Section as promptly as practicable; provided,
however, the failure of the Agent or any Lender to give such notice shall not
release the Borrower from any of its obligations hereunder (and in the case 

 55
 

of a Lender, to
the Agent).  The Agent or such Lender
agrees to furnish to the Borrower (and in the case of a Lender, to the Agent) a
certificate setting forth in reasonable detail the basis and amount of each
request by the Agent or such Lender for compensation under this Section.  Absent manifest error, determinations by the
Agent or any Lender of the effect of any Regulatory Change shall be conclusive,
provided that such determinations are made on a reasonable basis and in good
faith.

Section 4.2.  Suspension of LIBOR Loans.

Anything herein to
the contrary notwithstanding, if, on or prior to the determination of Adjusted
LIBOR for any Interest Period:

(a)           the Agent reasonably determines
(which determination shall be conclusive) that by reason of circumstances
affecting the relevant market, adequate and reasonable means do not exist for
ascertaining Adjusted LIBOR for such Interest Period, or

(b)           the Agent reasonably determines
(which determination shall be conclusive) that Adjusted LIBOR will not
adequately and fairly reflect the cost to the Lenders of making or maintaining
LIBOR Loans for such Interest Period;

then the Agent
shall give the Borrower and each Lender prompt notice thereof and, so long as
such condition remains in effect, the Lenders shall be under no obligation to,
and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert
Loans into LIBOR Loans and the Borrower shall, on the last day of each current
Interest Period for each outstanding LIBOR Loan, either repay such Loan or
Convert such Loan into a Base Rate Loan.

Section 4.3.  Illegality.

Notwithstanding
any other provision of this Agreement, if any Lender shall reasonably determine
(which determination shall be conclusive and binding) that it has become
unlawful for such Lender to honor its obligation to make or maintain LIBOR
Loans hereunder, then such Lender shall promptly notify the Borrower thereof
(with a copy to the Agent) and such Lender’s obligation to make or Continue, or
to Convert Loans of any other Type into, LIBOR Loans shall be suspended until
such time as such Lender may again make and maintain LIBOR Loans (in which case
the provisions of Section 4.6. shall be applicable).

Section 4.4.  Compensation.

The
Borrower shall pay to the Agent for the account of each Lender, upon the
request of such Lender through the Agent, such amount or amounts as shall be
sufficient (in the reasonable opinion of such Lender) to compensate it for any
loss, cost or expense that such Lender reasonably determines is attributable
to:

(a)           any payment or prepayment (whether
mandatory or optional and for whatever reason, including without limitation,
acceleration) of a LIBOR Loan or Bid 

 56
 

Rate Loan, or Conversion of a LIBOR Loan, owing to
such Lender on a date other than the last day of the Interest Period for such
Loan; or

(b)           any failure by the Borrower for any
reason (including, without limitation, the failure of any of the applicable
conditions precedent specified in Article V. to be satisfied) to borrow a
LIBOR Loan or Bid Rate Loan from such Lender on the requested date for such
borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR
Loan on the requested date of such Conversion or Continuation.

Upon the Borrower’s
request, any Lender requesting compensation under this Section shall provide
the Borrower with a statement setting forth in reasonable detail the basis for
requesting such compensation and the method for determining the amount thereof.  Absent manifest error, determinations by any
Lender in any such statement shall be conclusive, provided that such
determinations are made on a reasonable basis and in good faith.  For the avoidance of doubt, the provisions of
this Section do not apply to Swingline Loans.

Section 4.5.  Affected Lenders.

If (a)
a Lender requests compensation pursuant to Section 3.12. or 4.1., and
the Requisite Lenders are not also doing the same, or (b) the obligation of any
Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into,
LIBOR Loans shall be suspended pursuant to Section 4.1.(b) or 4.3. but
the obligation of the Requisite Lenders shall not have been suspended under
such Sections, then, so long as there does not then exist any Default or Event of
Default, the Borrower may demand that such Lender (the “Affected Lender”), and
upon such demand the Affected Lender shall promptly, assign its Commitment to
an Eligible Assignee subject to and in accordance with the provisions of
Section 12.5.(b) for a purchase
price equal to the aggregate principal balance of all Loans then owing to the
Affected Lender plus any accrued but unpaid interest thereon and accrued but
unpaid fees owing to the Affected Lender, or any other amount as may be
mutually agreed upon by such Affected Lender and Eligible Assignee.  Each of the Agent and the Affected Lender
shall reasonably cooperate in effectuating the replacement of such Affected
Lender under this Section, but at no time shall the Agent, such Affected Lender
nor any other Lender be obligated in any way whatsoever to initiate any such
replacement or to assist in finding an Eligible Assignee.  The exercise by the Borrower of its rights
under this Section shall be at the Borrower’s sole cost and expense and at no
cost or expense to the Agent, the Affected Lender or any of the other
Lenders.  The terms of this Section shall
not in any way limit the Borrower’s obligation to pay to any Affected Lender
compensation owing to such Affected Lender pursuant to Section 3.12. or 4.1. with respect to periods up to the date of replacement.

Section 4.6.  Treatment of Affected Loans.

If the
obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base
Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(b)
or 4.3., then such Lender’s LIBOR Loans shall be automatically Converted into
Base Rate Loans on the last day(s) of the then current Interest Period(s) for
LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(b)
or 4.3., on such earlier date as such Lender may specify to the Borrower with a

 57
 

copy to the Agent)
and, unless and until such Lender gives notice as provided below that the
circumstances specified in Section 4.1. or 4.3. that gave rise to such
Conversion no longer exist:

(a)           to the extent that such Lender’s
LIBOR Loans have been so Converted, all payments and prepayments of principal
that would otherwise be applied to such Lender’s LIBOR Loans shall be applied
instead to its Base Rate Loans; and

(b)           all Loans that would otherwise be
made or Continued by such Lender as LIBOR Loans shall be made or Continued
instead as Base Rate Loans, and all Base Rate Loans of such Lender that would
otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans.

If such Lender
gives notice to the Borrower (with a copy to the Agent) that the circumstances
specified in Section 4.1. or 4.3. that gave rise to the Conversion of such
Lender’s LIBOR Loans pursuant to this Section no longer exist (which such
Lender agrees to do promptly upon such circumstances ceasing to exist) at a
time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s
Base Rate Loans shall be automatically Converted, on the first day(s) of the
next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the
extent necessary so that, after giving effect thereto, all Loans held by the
Lenders holding LIBOR Loans and by such Lender are held pro rata (as to
principal amounts, Types and Interest Periods) in accordance with their
respective Commitments.

Section 4.7.  Change of Lending Office.

Each
Lender agrees that it will use reasonable efforts to designate an alternate
Lending Office with respect to any of its Loans affected by the matters or
circumstances described in Section 3.12., 4.1. or 4.3. to reduce the
liability of the Borrower or avoid the results provided thereunder, so long as
such designation is not disadvantageous to such Lender as determined by such
Lender in its sole discretion, except that such Lender shall have no obligation
to designate a Lending Office located in the United States of America.

Section 4.8.  Assumptions Concerning Funding of LIBOR
Loans.

Calculation
of all amounts payable to a Lender under this Article IV. shall be made as
though such Lender had actually funded LIBOR Loans through the purchase of
deposits in the relevant market bearing interest at the underlying LIBOR rate
applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR
Loans and having a maturity comparable to the relevant Interest Period;
provided, however, that each Lender may fund each of its LIBOR Loans in any
manner it sees fit and the foregoing assumption shall be used only for
calculation of amounts payable under this Article IV.

 58

Article V. Conditions Precedent

Section 5.1.  Initial Conditions Precedent.

The
obligation of the Lenders to effect or permit the occurrence of the first
Credit Event hereunder, whether as the making of a Loan or the issuance of a
Letter of Credit, is subject to the following conditions precedent:

(a)           The Agent shall have received each of
the following, in form and substance satisfactory to the Agent:

(i)            Counterparts of this Agreement
executed by each of the parties hereto;

(ii)           Revolving Notes and Bid Rate Notes
executed by the Borrower, payable to each Lender (or Designated Lender, if
applicable) and complying with the applicable provisions of Section 2.11.,
and the Swingline Note executed by the Borrower;

(iii)          The Guaranty executed by the Parent
and each other Guarantor existing as of the Effective Date;

(iv)          An opinion of counsel to the Loan
Parties, addressed to the Agent, the Lenders and the Swingline Lender,
addressing the matters set forth in Exhibit M;

(v)           The articles of incorporation,
articles of organization, certificate of limited partnership or other
comparable organizational instrument (if any) of the Borrower and each other
Loan Party certified as of a recent date by the Secretary of State of the state
of formation of such Loan Party;

(vi)          A certificate of good standing or
certificate of similar meaning with respect to each Loan Party issued as of a
recent date by the Secretary of State of the state of formation of each such
Loan Party and certificates of qualification to transact business or other
comparable certificates issued by each Secretary of State (and any state
department of taxation, as applicable) of each state in which such Loan Party
is required to be so qualified and where the failure to be so qualified could
reasonably be expected to have a Material Adverse Effect;

(vii)         A certificate of incumbency signed by
the Secretary or Assistant Secretary (or other individual performing similar
functions) of each Loan Party with respect to each of the officers of such Loan
Party authorized to execute and deliver the Loan Documents to which such Loan
Party is a party, and in the case of the Borrower, the officers of the Borrower
then authorized to deliver Notices of Borrowing, Notices of Swingline
Borrowings, Bid Rate Quote Requests, Bid Rate Quote Acceptances, Notices of
Continuation and Notices of Conversion and to request the issuance of Letters
of Credit;

(viii)        Copies certified by the Secretary or
Assistant Secretary (or other individual performing similar functions) of each
Loan Party of (i) the by-laws of such Loan Party, if a corporation, the
operating agreement of such Loan Party, if a limited 

 59
 

 

liability company, the
partnership agreement of such Loan Party, if a limited or general partnership,
or other comparable document in the case of any other form of legal entity and
(ii) all corporate, partnership, member or other necessary action taken by
such Loan Party to authorize the execution, delivery and performance of the
Loan Documents to which it is a party;

(ix)           The Fees then due and payable under
Section 3.6., and any other Fees payable to the Agent, the Titled Agents
and the Lenders on or prior to the Effective Date;

(x)            A Compliance Certificate calculated
as of March 31, 2007 (giving pro forma effect to the financing contemplated by
this Agreement and the use of the proceeds of the Loans to be funded on the
Effective Date);

(xi)           The Pledge Agreement executed by the
Pledgor;

(xii)          All certificates representing any
shares of Equity Interests pledged pursuant to the Pledge Agreement, together
with an undated stock power for each such certificate executed in blank by a
duly authorized officer of the Pledgor;

(xiii)         Each document (including, without
limitation, any UCC financing statement) required by the Pledge Agreement or
under Applicable Law or reasonably deemed necessary or appropriate by the Agent
to be filed, registered or recorded in order to create in favor of the Agent,
for the benefit of the Lenders, a perfected first-priority Lien on the
Collateral (as defined in the Pledge Agreement), shall have been filed,
registered or recorded or shall have been delivered to the Agent in proper form
for filing, registration or recordation;

(xiv)        Results of a recent lien search in each
of the jurisdictions in which UCC financing statements or other filings or
recordations should be made to evidence or perfect security interests in
Collateral (as defined in the Pledge Agreement), and such search shall reveal
no Liens of record with respect to any of such Collateral other than Permitted
Liens or Liens to be terminated prior to the Effective Date;

(xv)         With respect to each of the New York
Mortgages listed on Schedule 1.1.(B), each of the items required under
Section 12.19.(d) if not previously delivered to the Agent;

(xvi)        Certified copies of (a) the “Basic
Company Agreements”, as defined in the Shareholder’s Agreement (the “1221
Shareholder’s Agreement”) dated as of December 29, 2003 among Rock-Green, Inc.,
Rockefeller Group International, Inc. and Green Hill Acquisition LLC, (b) the
statement referred to in Section 2.3(g) of the 1221 Shareholder’s Agreement,
executed by Rockefeller Group International, Inc. and dated as of the Agreement
Date and (c) the estoppel certificate referred to in Section 7.8 of the 1221
Shareholder’s Agreement, executed by Rockefeller Group International, Inc. and
dated as of the Agreement Date;

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(xvii)       A payoff letter in form and substance
reasonably satisfactory to the Agent with respect to the Indebtedness owing by
Green Hill Acquisition LLC (“Green Hill”) pursuant to that certain Amended and
Restated Loan Agreement dated as of May 6, 2005 by and among Wells Fargo Bank,
National Association, KeyBank, National Association, The Bank of New York,
Union Bank of California, N.A., ING Real Estate Finance (USA) LLC and Green Hill,
together with such releases or authorizations as the Agent may reasonably
request to evidence the termination or release of any Liens granted by any Loan
Party pursuant thereto;

(xviii)      Such other documents, agreements and
instruments as the Agent on behalf of the Lenders may reasonably request; and

(b)           In the good faith judgment of the
Agent  and the Lenders:

(i)            There shall not have occurred or
become known to the Agent  or any
of the Lenders any event, condition, situation or status since the date of the
information contained in the financial and business projections, budgets, pro
forma data and forecasts concerning the Parent, the Borrower and the other Loan
Parties delivered to the Agent and the Lenders prior to the Agreement Date that
has had or could reasonably be expected to result in a Material Adverse Effect;

(ii)           No litigation, action, suit,
investigation or other arbitral, administrative or judicial proceeding shall be
pending or threatened which could reasonably be expected to (1) result in a Material
Adverse Effect or (2) restrain or enjoin, impose materially burdensome
conditions on, or otherwise materially and adversely affect the ability of the
Parent, the Borrower or any other Loan Party to fulfill its obligations under
the Loan Documents to which it is a party;

(iii)          The Parent, the Borrower and the other
Loan Parties shall have received all approvals, consents and waivers, and shall
have made or given all necessary filings and notices, as shall be required to
consummate the transactions contemplated hereby without the occurrence of any
default under, conflict with or violation of (1) any Applicable Law or
(2) any agreement, document or instrument to which the Parent, the
Borrower or any other Loan Party is a party or by which any of them or their
respective properties is bound, except for such approvals, consents, waivers,
filings and notices the receipt, making or giving of which would not reasonably
be likely to (A) have a Material Adverse Effect, or (B) restrain or
enjoin, impose materially burdensome conditions on, or otherwise materially and
adversely affect the ability of the Parent, the Borrower or any other Loan
Party to fulfill its obligations under the Loan Documents to which it is a
party; and

(iv)          There shall not have occurred or exist
any other material disruption of financial or capital markets that could
reasonably be expected to materially and adversely affect the transactions
contemplated by the Loan Documents.

 61
 

 

Section 5.2.  Conditions Precedent to All Loans and Letters
of Credit.

The
obligations of the Lenders to make any Loans, of the Agent to issue Letters of
Credit, and of the Swingline Lender to make any Swingline Loan are all subject
to the further condition precedent that: (a) no Default or Event of
Default shall exist as of the date of the making of such Loan or date of
issuance of such Letter of Credit or would exist immediately after giving
effect thereto; and (b) the representations and warranties made or deemed
made by each Loan Party in the Loan Documents to which any of them is a party,
shall be true and correct in all material respects on and as of the date of the
making of such Loan or date of issuance of such Letter of Credit with the same
force and effect as if made on and as of such date except to the extent that
such representations and warranties expressly relate solely to an earlier date
(in which case such representations and warranties shall have been true and
correct in all material respects on and as of such earlier date) and except for
changes in factual circumstances not prohibited under the Loan Documents.  Each Credit Event shall constitute a
certification by the Parent and the Borrower to the effect set forth in the
preceding sentence (both as of the date of the giving of notice relating to
such Credit Event and, unless the Borrower otherwise notifies the Agent prior
to the date of such Credit Event, as of the date of the occurrence of such
Credit Event).  In addition, if such
Credit Event is the making of a Loan or the issuance of a Letter of Credit, the
Parent and the Borrower shall be deemed to have represented to the Agent and
the Lenders at the time such Loan is made or Letter of Credit issued that all
conditions to the occurrence of such Credit Event contained in this
Article V. have been satisfied.

Article VI. Representations and Warranties

Section 6.1.  Representations and Warranties.

In
order to induce the Agent and each Lender to enter into this Agreement and to
make Loans and issue Letters of Credit, each of the Parent and the Borrower
represents and warrants to the Agent and each Lender as follows:

(a)           Organization; Power; Qualification.  Each of the Parent, the Borrower, the other
Loan Parties and each other Subsidiary is a corporation, partnership or other
legal entity, duly organized or formed, validly existing and in good standing
under the jurisdiction of its incorporation or formation, has the power and
authority to own or lease its respective properties and to carry on its
respective business as now being and hereafter proposed to be conducted and is
duly qualified and is in good standing as a foreign corporation, partnership or
other legal entity, and authorized to do business, in each jurisdiction in
which the character of its properties or the nature of its business requires
such qualification or authorization and where the failure to be so qualified or
authorized could reasonably be expected to have, in each instance, a Material
Adverse Effect.

(b)           Ownership Structure.  As of the Agreement Date, Part I of
Schedule 6.1.(b) is a complete and correct list of all Subsidiaries of the
Parent setting forth for each such Subsidiary, (i) the jurisdiction of
organization of such Subsidiary, (ii) each Person holding any Equity
Interests in such Subsidiary, (iii) the nature of the Equity Interests
held by each such Person, (iv) the percentage of ownership of such
Subsidiary represented by such Equity Interests and (v) whether such
Subsidiary is a Material Subsidiary, Significant Subsidiary and/or an Excluded 

 62
 

 

Subsidiary. Except
as disclosed in such Schedule, as of the Agreement Date (i) each of the
Parent and its Subsidiaries owns, free and clear of all Liens (other than
Permitted Liens), and has the unencumbered right to vote, all outstanding
Equity Interests in each Person shown to be held by it on such Schedule,
(ii) all of the issued and outstanding capital stock of each such Person
organized as a corporation is validly issued, fully paid and nonassessable and
(iii) there are no outstanding subscriptions, options, warrants, commitments,
preemptive rights or agreements of any kind (including, without limitation, any
stockholders’ or voting trust agreements) for the issuance, sale, registration
or voting of, or outstanding securities convertible into, any additional shares
of capital stock of any class, or partnership or other ownership interests of
any type in, any such Person.  As of the
Agreement Date, Part II of Schedule 6.1.(b) correctly sets forth all
Unconsolidated Affiliates of the Parent, including the correct legal name of
such Person, the type of legal entity which each such Person is, and all Equity
Interests in such Person held directly or indirectly by the Parent.

(c)           Authorization of Agreement, Etc.  The Borrower has the right and power, and has
taken all necessary action to authorize it, to borrow and obtain other
extensions of credit hereunder.  Each
Loan Party has the right and power, and has taken all necessary action to
authorize it, to execute, deliver and perform each of the Loan Documents to
which it is a party in accordance with their respective terms and to consummate
the transactions contemplated hereby and thereby.  The Loan Documents to which any Loan Party is
a party have been duly executed and delivered by the duly authorized officers
of such Person and each is a legal, valid and binding obligation of such Person
enforceable against such Person in accordance with its respective terms except
as the same may be limited by bankruptcy, insolvency, and other similar laws
affecting the rights of creditors generally and the availability of equitable
remedies for the enforcement of certain obligations (other than the payment of
principal) contained herein or therein and as may be limited by equitable
principles generally.

(d)           Compliance of Loan Documents with
Laws, Etc.  The execution, delivery
and performance of this Agreement, the Notes and the other Loan Documents to
which any Loan Party is a party in accordance with their respective terms and
the borrowings and other extensions of credit hereunder do not and will not, by
the passage of time, the giving of notice, or both:  (i) require any Governmental Approval or
violate any Applicable Law (including all Environmental Laws) relating to any
Loan Party; (ii) conflict with, result in a breach of or constitute a
default under the organizational documents of any Loan Party, or any indenture,
agreement or other instrument to which any Loan Party is a party or by which it
or any of its respective properties may be bound; or (iii) result in or
require the creation or imposition of any Lien upon or with respect to any
property now owned or hereafter acquired by any Loan Party.

(e)           Compliance with Law; Governmental
Approvals.  Each Loan Party is in
compliance with each Governmental Approval applicable to it and in compliance
with all other Applicable Laws (including without limitation, Environmental
Laws) relating to such Loan Party except for noncompliances which, and
Governmental Approvals the failure to possess which, could not, individually or
in the aggregate, reasonably be expected to cause a Default or Event of Default
or have a Material Adverse Effect.

 63
 

 

(f)            Title to Properties; Liens.  As of the Agreement Date, Part I of
Schedule 6.1.(f) is a complete and correct listing of all of the real
property owned or leased by the Parent, the Borrower, each other Loan Party and
each other Subsidiary.  Each such Person
has good, marketable and legal title to, or a valid leasehold interest in, its
respective assets.  As of the Agreement
Date, there are no Liens against any assets of the Parent, the Borrower, any
Subsidiary or any other Loan Party except for Permitted Liens.

(g)           Existing Indebtedness.  Schedule 6.1.(g) is, as of the Agreement
Date, a complete and correct listing of all Indebtedness of the Parent, the
Borrower and its other Subsidiaries, including without limitation, Guarantees
of the Parent, the Borrower and its other Subsidiaries unrelated to the other
Indebtedness listed on such Schedule, and indicating whether such Indebtedness
is Secured Indebtedness or Unsecured Indebtedness.

(h)           Material Contracts.  Schedule 6.1.(h) is, as of the Agreement
Date, a true, correct and complete listing of all Material Contracts.  No event or condition exists which
with the giving of notice, the lapse of time, or both, would permit any party
to any such Material Contract to terminate such Material Contract.

(i)            Litigation.  Except as set forth on Schedule 6.1.(i),
there are no actions, suits, investigations or proceedings pending (nor, to the
knowledge of the Parent, are there any actions, suits or proceedings
threatened) against or in any other way relating adversely to or affecting the
Parent, the Borrower, any Subsidiary or any other Loan Party or any of its
respective property in any court or before any arbitrator of any kind or before
or by any other Governmental Authority which could reasonably be expected to
have a Material Adverse Effect.  There
are no strikes, slow downs, work stoppages or walkouts or other labor disputes
in progress or threatened relating to the Parent, the Borrower, any Subsidiary
or any other Loan Party which could reasonably be expected to have a Material
Adverse Effect.

(j)            Taxes.  All federal, state and other tax returns of
the Parent, the Borrower, any Subsidiary or any other Loan Party required by
Applicable Law to be filed have been duly filed, and all federal, state and
other taxes, assessments and other governmental charges or levies upon the
Parent, the Borrower, any Subsidiary and each other Loan Party and its
respective properties, income, profits and assets which are due and payable
have been paid, except any such nonpayment which is at the time permitted under
Section 7.6.  As of the Agreement
Date, none of the United States income tax returns of the Parent, the Borrower,
its other Subsidiaries or any other Loan Party is under audit.  All charges, accruals and reserves on the
books of the Parent, the Borrower and each of its other Subsidiaries and each
other Loan Party in respect of any taxes or other governmental charges are in
accordance with GAAP.

(k)           Financial Statements.  The Parent has furnished to each Lender
copies of (i) the audited consolidated balance sheet of the Parent and its
consolidated Subsidiaries for the fiscal year ending December 31, 2006, and the
related audited consolidated statements of operations, cash flows and
shareholders’ equity for the fiscal year ending on such dates, with the opinion
thereon of Ernst & Young LLP, and (ii) the unaudited consolidated
balance sheet of the Parent and its consolidated Subsidiaries for the fiscal
quarter ending March 31, 2007, and the related unaudited consolidated
statements of operations, cash flows and shareholders’ equity of the 

 

 64
 

 

Parent and its
consolidated Subsidiaries for the period of the fiscal quarter ending on such
date.  Such financial statements
(including in each case related schedules and notes) present fairly, in all
material respects and in accordance with GAAP consistently applied throughout
the periods involved, the consolidated financial position of the Parent and its
consolidated Subsidiaries as at their respective dates and the results of
operations and the cash flow for such periods (subject, as to interim
statements, to changes resulting from normal year-end audit
adjustments).  Neither the Parent nor any
of its Subsidiaries has on the Agreement Date any material contingent
liabilities, liabilities, liabilities for taxes, unusual or long-term
commitments or unrealized or forward anticipated losses from any unfavorable
commitments that would be required to be set forth in its financial statements
or in the notes thereto, except as referred to or reflected or provided for in
said financial statements.

(l)            No Material Adverse Change.  Since December 31, 2006, there has been no
material adverse change in the business, assets, liabilities, financial
condition, results of operations, business or prospects of the Parent and its
Subsidiaries taken as a whole.  Each of
the Loan Parties is Solvent.

(m)          ERISA.  Each member of the ERISA Group is in
compliance with its obligations under the minimum funding standards of ERISA
and the Internal Revenue Code with respect to each Plan and is in compliance
with the presently applicable provisions of ERISA and the Internal Revenue Code
with respect to each Plan, except in each case for noncompliances which could
not reasonably be expected to have a Material Adverse Effect.  As of the Agreement Date, no member of the
ERISA Group has (i) sought a waiver of the minimum funding standard under
Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed
to make any contribution or payment to any Plan or Multiemployer Plan or in
respect of any Benefit Arrangement, or made any amendment to any Plan or
Benefit Arrangement, which has resulted or could result in the imposition of a
Lien or the posting of a bond or other security under ERISA or the Internal
Revenue Code or (iii) incurred any liability under Title IV of ERISA other
than a liability to the PBGC for premiums under Section 4007 of ERISA.

(n)           Not Plan Assets; No Prohibited
Transaction.  None of the assets of
the Parent, the Borrower, any other Subsidiary or any other Loan Party
constitute “plan assets” within the meaning of ERISA, the Internal Revenue Code
and the respective regulations promulgated thereunder.  The execution, delivery and performance of
this Agreement and the other Loan Documents, and the borrowing and repayment of
amounts hereunder, do not and will not constitute “prohibited transactions”
under ERISA or the Internal Revenue Code.

(o)           Absence of Defaults.  None of the Parent, the Borrower, any other
Subsidiary or any other Loan Party is in default under its articles of
incorporation, bylaws, partnership agreement or other similar organizational
documents, and no event has occurred, which has not been remedied, cured or
waived, which, in any such case: 
(i) constitutes a Default or an Event of Default; or
(ii) constitutes, or which with the passage of time, the giving of notice,
or both, would constitute, a default or event of default by the Parent, the
Borrower, any Subsidiary or any other Loan Party under any agreement (other
than this Agreement) or judgment, decree or order to which the Parent, the
Borrower or any other Subsidiary or other Loan Party is a party or by which the
Parent, the Borrower or any other Subsidiary or other Loan Party or any of
their 

 65
 

 

respective
properties may be bound where such default or event of default could,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

(p)           Environmental Laws.  Each of the Parent, the Borrower, its other
Subsidiaries and the other Loan Parties has obtained all Governmental Approvals
which are required under Environmental Laws and is in compliance with all terms
and conditions of such Governmental Approvals which the failure to obtain or to
comply with could reasonably be expected to have a Material Adverse
Effect.  Except for any of the following
matters that could not be reasonably expected to have a Material Adverse
Effect, (i) neither the Parent nor the Borrower is aware of, and has
received notice of, any past, present, or future events, conditions,
circumstances, activities, practices, incidents, actions, or plans which, with
respect to the Parent, the Borrower, its other Subsidiaries and each other Loan
Party, may interfere with or prevent compliance or continued compliance with
Environmental Laws, or may give rise to any common-law or legal
liability, or otherwise form the basis of any claim, action, demand, suit,
proceeding, hearing, study, or investigation, based on or related to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport, or
handling or the emission, discharge, release or threatened release into the
environment, of any Hazardous Material; and (ii) there is no civil, criminal,
or administrative action, suit, demand, claim, hearing, notice, or demand
letter, notice of violation, investigation, or proceeding pending or, to the
Parent’s and the Borrower’s knowledge after due inquiry, threatened, against
the Parent, the Borrower, its other Subsidiaries and each other Loan Party
relating in any way to Environmental Laws.

(q)           Investment Company; Public Utility
Holding Company.  None of the Parent,
the Borrower, any other Subsidiary or any other Loan Party is (i) an “investment
company” or a company “controlled” by an “investment company” within the
meaning of the Investment Company Act of 1940, as amended, (ii) a “holding
company” or a “subsidiary company” of a “holding company”, or an “affiliate” of
a “holding company” or of a “subsidiary company” of a “holding company”, within
the meaning of the Public Utility Holding Company Act of 1935, as amended, or
(iii) subject to any other Applicable Law which purports to regulate or
restrict its ability to borrow money or to consummate the transactions contemplated
by this Agreement or to perform its obligations under any Loan Document to
which it is a party.

(r)            Margin Stock.  None of the Parent, the Borrower, any other
Subsidiary or any other Loan Party is engaged principally, or as one of its
important activities, in the business of extending credit for the purpose,
whether immediate, incidental or ultimate, of buying or carrying “margin stock”
within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System.

(s)           Affiliate Transactions.  Except as permitted by Section 9.11.,
none of the Parent, the Borrower, any other Subsidiary or any other Loan Party
is a party to any transaction with an Affiliate.

(t)            Intellectual Property.  Each of the Parent, the Borrower, each other
Loan Party and each other Subsidiary owns or has the right to use, under valid
license agreements or otherwise, all material patents, licenses, franchises,
trademarks, trademark rights, service marks, service mark rights, trade names,
trade name rights, trade secrets and copyrights (collectively, 

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“Intellectual
Property”) necessary to the conduct of its businesses as now conducted and as
contemplated by the Loan Documents, without known conflict with any patent,
license, franchise, trademark, trademark right, service mark, service mark
right, trade secret, trade name, copyright or other proprietary right of any
other Person.  The Parent, the Borrower,
each other Loan Party and each other Subsidiary have taken all such steps as they
deem reasonably necessary to protect their respective rights under and with
respect to such Intellectual Property. 
No material claim has been asserted by any Person with respect to the
use of any such Intellectual Property by the Parent, the Borrower, any other
Loan Party or any other Subsidiary, or challenging or questioning the validity
or effectiveness of any such Intellectual Property.  The use of such Intellectual Property by the
Parent, the Borrower, its other Subsidiaries and the other Loan Parties, does
not infringe on the rights of any Person, subject to such claims and
infringements as do not, in the aggregate, give rise to any liabilities on the
part of the Parent, the Borrower, any other Loan Party or any other Subsidiary
that could reasonably be expected to have a Material Adverse Effect.

(u)           Business.  As of the Agreement Date, the Parent, the
Borrower and the other Subsidiaries are engaged predominately in the business
of owning, managing, leasing, acquiring, repositioning and making investments
in office properties in the borough of Manhattan, New York, New York, together
with other business activities incidental thereto.

(v)           Broker’s Fees.  No broker’s or finder’s fee, commission or
similar compensation will be payable with respect to the transactions
contemplated hereby.  No other similar
fees or commissions will be payable by any Loan Party for any other services
rendered to the Parent, the Borrower or any of its other Subsidiaries ancillary
to the transactions contemplated hereby.

(w)          Accuracy and Completeness of
Information.  No written information,
report or other papers or data (excluding financial projections and other
forward looking statements) furnished to the Agent or any Lender by, on behalf
of, or at the direction of, the Parent, the Borrower, any other Subsidiary or
any other Loan Party in connection with, pursuant to or relating in any way to
this Agreement, contained any untrue statement of a fact material to the
creditworthiness of the Parent, the Borrower, any other Subsidiary or any other
Loan Party or omitted to state a material fact necessary in order to make such
statements contained therein, in light of the circumstances under which they
were made, not misleading in any way material to the creditworthiness of the
Parent, the Borrower, any other Subsidiary or any other Loan Party.  All financial statements (including in each
case all related schedules and notes) furnished to the Agent or any Lender by,
on behalf of, or at the direction of the Parent, the Borrower, any other
Subsidiary or any other Loan Party in connection with, pursuant to or relating
in any way to this Agreement, present fairly, in all material respects and in
accordance with GAAP consistently applied throughout the periods involved, the
financial position of the Persons involved as at the date thereof and the
results of operations for such periods (subject, as to interim statements, to
changes resulting from normal year-end audit adjustments).  All financial projections and other forward
looking statements prepared by or on behalf of the Parent, the Borrower, any
other Subsidiary or any other Loan Party that have been or may hereafter be
made available to the Agent or any Lender were or will be prepared in good
faith based on reasonable assumptions. 
As of the Effective Date, no fact is known to the Parent or the Borrower
which has had, or may in the future have (so far as the Parent or the Borrower
can reasonably foresee), a Material 

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Adverse Effect
which has not been set forth in the financial statements referred to in
Section 6.1.(k) or in such information, reports or other papers or data or
otherwise disclosed in writing to the Agent and the Lenders.

(x)            REIT Status.  The Parent qualifies as a REIT and is in
compliance with all requirements and conditions imposed under the Internal
Revenue Code to allow the Parent to maintain its status as a REIT.

(y)           Eligible and Identified
Properties; Structured Finance Investments. 
As of the Agreement Date, Schedule 6.1.(y) is a correct and
complete list of all Eligible Properties, all Identified Properties and all
Structured Finance Investments, and the name of each Subsidiary that owns or
leases any such Property or that owns any such Structured Finance Investment.

(z)            Foreign Assets Control.  None of the Parent, the Borrower, any other
Subsidiary or any Affiliate of the Borrower: (i) is a Sanctioned Person,
(ii) has any of its assets in Sanctioned Entities, or (iii) to the
best of its knowledge, derives any of its operating income from investments in,
or transactions with, Sanctioned Persons or Sanctioned Entities.

Section 6.2.  Survival of Representations and Warranties,
Etc.

All
representations and warranties made under this Agreement and the other Loan
Documents shall be deemed to be made at and as of the Agreement Date, the
Effective Date, the date on which any extension of the Termination Date is
effectuated pursuant to Section 2.13. and the date of the occurrence of any
Credit Event, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct in all material respects on and
as of such earlier date) and except for changes in factual circumstances not
prohibited under the Loan Documents.  All
such representations and warranties shall survive the effectiveness of this
Agreement, the execution and delivery of the Loan Documents and the making of
the Loans and the issuance of the Letters of Credit.

Article VII. Affirmative Covenants

For
so long as this Agreement is in effect, unless the Requisite Lenders (or, if
required pursuant to Section 12.6., all of the Lenders) shall otherwise
consent in the manner provided for in Section 12.6., the Parent and the
Borrower shall comply with the following covenants:

Section 7.1.  Preservation of Existence and Similar
Matters.

Except
as otherwise permitted under Section 9.7., the Parent and the Borrower
shall, and shall cause each Subsidiary and each other Loan Party to, preserve
and maintain its respective existence, rights, franchises, licenses and
privileges in the jurisdiction of its incorporation or formation and qualify
and remain qualified and authorized to do business in each jurisdiction in
which the character of its properties or the nature of its business requires
such qualification and authorization and where the failure to be so authorized
and qualified could reasonably be expected to have a Material Adverse Effect.

 68

Section 7.2.  Compliance with Applicable Law and Material
Contracts.

The
Parent and the Borrower shall, and shall cause each Subsidiary and each other
Loan Party to, comply with (a) all Applicable Laws, including the
obtaining of all Governmental Approvals, the failure with which to comply could
reasonably be expected to have a Material Adverse Effect, and (b) all
terms and conditions of all Material
Contracts to which it is a party noncompliance with which would permit
any other party to such Material Contract to terminate such Material Contract.

Section 7.3.  Maintenance of Property.

In
addition to the requirements of any of the other Loan Documents, the Parent and
the Borrower shall, and shall cause each Subsidiary and other Loan Party to,
(a) protect and preserve all of its respective material properties, including,
but not limited to, all Intellectual Property, and maintain in good repair,
working order and condition all tangible properties, ordinary wear and tear
excepted, and (b)  make or cause to be made all needed and appropriate
repairs, renewals, replacements and additions to such properties, so that the
business carried on in connection therewith may be properly and advantageously
conducted at all times.

Section 7.4.  Conduct of Business.

The
Parent and the Borrower shall, and shall cause its Subsidiaries and the other
Loan Parties to, carry on, their respective businesses as described in
Section 6.1.(u).

Section 7.5.  Insurance.

In
addition to the requirements of any of the other Loan Documents, the Parent and
the Borrower shall, and shall cause each Subsidiary and other Loan Party to,
maintain insurance (on a replacement cost basis) with financially sound and
reputable insurance companies against such risks (including in any event,
insurance with respect to acts of terrorism in amounts that are commercially
reasonable and which are acceptable to the Agent, such acceptance not to be
unreasonably withheld) and in such amounts as is customarily maintained by
Persons engaged in similar businesses or as may be required by Applicable
Law.  The Parent and the Borrower shall,
and shall cause each Subsidiary and other Loan Party to, from time to time,
deliver to the Agent upon its request a detailed list, together with certificates
of insurance evidencing all insurance then in effect (or if requested by the
Agent, copies of the policies for such insurance), stating the names of the
insurance companies, the amounts and rates of the insurance, the dates of the
expiration thereof and the properties and risks covered thereby.

Section 7.6.  Payment of Taxes and Claims.

The
Parent and the Borrower shall, and shall cause each Subsidiary and other Loan
Party to, pay and discharge when due (a) all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits or
upon any properties belonging to it, and (b) all lawful claims of
materialmen, mechanics, carriers, warehousemen and landlords for labor,
materials, supplies and rentals which, if unpaid, might become a Lien on any
properties of such Person; provided, however, that this Section shall not
require the payment or discharge of any 

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such tax,
assessment, charge, levy or claim which is being contested in good faith by
appropriate proceedings which operate to suspend the collection thereof and for
which adequate reserves have been established on the books of the Parent, the
Borrower, such Subsidiary or such other Loan Party, as applicable, in
accordance with GAAP.

Section 7.7.  Visits and Inspections.

The
Parent and the Borrower shall, and shall cause each Subsidiary and other Loan
Party to, permit representatives or agents of any Lender or the Agent, from
time to time after reasonable prior notice if no Event of Default shall be in
existence, as often as may be reasonably requested, but only during normal
business hours and at the expense of such Lender or the Agent (unless a Default
or Event of Default shall exist, in which case the exercise by the Agent or
such Lender of its rights under this Section shall be at the expense of the Borrower),
as the case may be, to: (a) visit and inspect all properties of the
Parent, the Borrower or such Subsidiary or other Loan Party to the extent any
such right to visit or inspect is within the control of such Person;
(b) inspect and make extracts from their respective books and records,
including but not limited to management letters prepared by independent
accountants; and (c) discuss with its officers and employees, and its
independent accountants, its business, properties, condition (financial or otherwise),
results of operations and performance. 
If requested by the Agent, the Parent and the Borrower shall execute an
authorization letter addressed to its accountants authorizing the Agent or any
Lender to discuss the financial affairs of the Parent, the Borrower and any
Subsidiary or any other Loan Party with its accountants.

Section 7.8.  Use of Proceeds; Letters of Credit.

The
Borrower shall use the proceeds of the Loans and the Letters of Credit for
general corporate purposes only.  No part
of the proceeds of any Loan or Letter of Credit will be used (a) for the
purpose of buying or carrying “margin stock” within the meaning of
Regulation U of the Board of Governors of the Federal Reserve System or to
extend credit to others for the purpose of purchasing or carrying any such
margin stock; provided, however, that the Borrower may, to the extent permitted
under Section 9.2., (i) make cash distributions to the Parent to be
used by the Parent to purchase the Parent’s common stock or (ii) use
proceeds of the Loans to purchase the Parent’s common stock, in each case, so
long as such use will not result in any of the Loans or other Obligations being
considered to be “purpose credit” directly or indirectly secured by margin
stock within the meaning of Regulation U or Regulation X of the Board of
Governors of the Federal Reserve System; or (b) fund any operations in,
finance any investments or activities in, or make any payments to, a Sanctioned
Person or Sanctioned Entity.

Section 7.9.  Environmental Matters.

The
Parent and the Borrower shall, and shall cause all of its Subsidiaries and the
other Loan Parties to, comply with all Environmental Laws the failure with
which to comply could reasonably be expected to have a Material Adverse Effect.  If the Parent, the Borrower, any Subsidiary
or any other Loan Party shall (a) receive notice that any violation of any
Environmental Law may have been committed or is about to be committed by such
Person, (b) receive notice that any administrative or judicial complaint or
order has been filed or is about to be filed against the Parent, the Borrower,
any Subsidiary or any other Loan Party alleging 

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violations of any
Environmental Law or requiring the Parent, the Borrower, any Subsidiary or any
other Loan Party to take any action in connection with the release of Hazardous
Materials or (c) receive any notice from a Governmental Authority or
private party alleging that the Parent, the Borrower, any Subsidiary or any
other Loan Party may be liable or responsible for costs associated with a
response to or cleanup of a release of Hazardous Materials or any damages
caused thereby, and the matters referred to in such notices, individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect,
the Borrower shall provide the Agent with a copy of such notice promptly, and
in any event within 10 Business Days, after the receipt thereof by the Parent,
the Borrower, any Subsidiary or any other Loan Party.  The Parent and the Borrower shall, and shall
cause its Subsidiaries and the other Loan Parties to, take promptly all actions
necessary to prevent the imposition of any Liens on any of their respective
properties arising out of or related to any Environmental Laws.

Section 7.10.  Books and Records.

The
Parent and the Borrower shall, and shall cause each of its Subsidiaries and the
other Loan Parties to, maintain books and records pertaining to its respective
business operations in such detail, form and scope as is consistent with good
business practice and in accordance with GAAP.

Section 7.11.  Further Assurances.

The
Parent and the Borrower shall, at their cost and expense and upon request of
the Agent, execute and deliver or cause to be executed and delivered, to the
Agent such further instruments, documents and certificates, and do and cause to
be done such further acts that may be reasonably necessary or advisable in the
reasonable opinion of the Agent to carry out more effectively the provisions
and purposes of this Agreement and the other Loan Documents.

Section 7.12.  New Guarantors.

(a)           Requirement to Become Guarantor.  The Borrower may, at its option, cause any
Subsidiary to become a Guarantor by executing and delivering to the Agent each
of the following items, each in form and substance satisfactory to the Agent:
(i) an Accession Agreement executed by such Subsidiary and (ii) the
items that would have been delivered under Sections 5.1.(a)(iv) through
(viii) and (xviii) if such Subsidiary had been a Guarantor on the Effective
Date.  The Agent shall send to any
Lender, upon such Lender’s written request and at the expense of the Borrower,
copies of each of the foregoing items once the Agent has received all such
items with respect to a Subsidiary.

(b)           Release of a Guarantor.  The Borrower may request in writing that the
Agent release, and upon receipt of such request the Agent shall release, a
Guarantor (except for the Parent) from the Guaranty so long as: (i) no
Default or Event of Default shall then be in existence or would occur as a
result of such release, including without limitation, a Default or Event of
Default resulting from a violation of any of the covenants contained in
Section 9.1.; (ii) the representations and warranties made or deemed
made by the Parent, the Borrower and each other Loan Party in the Loan
Documents to which any of them is a party, shall be true and correct in all
material respects on and as of the date of such release with the same force and

 71
 

effect as if made
on and as of such date except to the extent that such representations and
warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material
respects on and as of such earlier date) and except for changes in factual
circumstances not prohibited under the Loan Documents; and (iii) the Agent
shall have received such written request at least 10 Business Days prior to the
requested date of release.  Delivery by
the Borrower to the Agent of any such request shall constitute a representation
by the Borrower that the matters set forth in the preceding sentence (both as
of the date of the giving of such request and as of the date of the
effectiveness of such request) are true and correct with respect to such
request.

(c)           Inclusion of Eligible Properties
in Financial Calculations.  An
Eligible Property (other than an Eligible 1031 Property) owned or leased by a
Subsidiary, a Structured Finance Investment owned by a Subsidiary and an
Eligible 1031 Property acquired by an EAT or QI with proceeds of a loan made by
a Subsidiary, shall be included in determinations of Unencumbered Adjusted NOI
and Unencumbered Asset Value only if the Borrower has delivered each of the
items required under the immediately preceding subsection (a) with respect
to such Subsidiary.  An Eligible Property
(other than an Eligible 1031 Property) and a Structured Finance Investment
shall not be included in determinations of Unencumbered Adjusted NOI and
Unencumbered Asset Value if any Subsidiary owning or leasing such Eligible Property
or owning such Structured Finance Investment is not a Guarantor.  An Eligible 1031 Property shall not be
included in determinations of Unencumbered Adjusted NOI and Unencumbered Asset
Value if the Subsidiary that holds the note evidencing the loan made to the EAT
or QI to finance the acquisition of such Eligible 1031 Property is not a
Guarantor.

Section 7.13. 
REIT Status.

The
Parent shall at all times maintain its status as a REIT.

Section 7.14.  Exchange Listing.

The Parent shall
maintain at least one class of common shares of the Parent having trading
privileges on the New York Stock Exchange or the American Stock Exchange or
which is the subject of price quotations in the over-the-counter
market as reported by the National Association of Securities Dealers Automated
Quotation System.

ARTICLE VIII. INFORMATION

For
so long as this Agreement is in effect, unless the Requisite Lenders (or, if
required pursuant to Section 12.6., all of the Lenders) shall otherwise
consent in the manner set forth in Section 12.6., the Borrower shall
furnish to the Agent and each Lender at its Lending Office:

Section 8.1.  Quarterly Financial Statements.

As soon as
available and in any event within 5 days after the same is required to be filed
with the Securities and Exchange Commission (but in no event later than 45 days
after the end of each of the first, second and third fiscal quarters of the
Parent), the unaudited consolidated balance sheet of the Parent and its
Subsidiaries as at the end of such period and the related 

 72
 

unaudited consolidated
statements of income, shareholders’ equity and cash flows of the Parent and its
Subsidiaries for such period, setting forth in each case in comparative form
the figures as of the end of and for the corresponding periods of the previous
fiscal year, all of which shall be certified by the chief executive officer or
chief financial officer of the Parent, in his or her opinion, to present
fairly, in accordance with GAAP and in all material respects, the consolidated
financial position of the Parent and its Subsidiaries as at the date thereof
and the results of operations for such period (subject to normal year-end
audit adjustments).

Section 8.2.  Year-End Statements.

As
soon as available and in any event within 5 days after the same is required to
be filed with the Securities and Exchange Commission (but in no event later
than 90 days after the end of each fiscal year of the Parent), the audited
consolidated balance sheet of the Parent and its Subsidiaries as at the end of
such fiscal year and the related audited consolidated statements of income,
shareholders’ equity and cash flows of the Parent and its Subsidiaries for such
fiscal year, setting forth in comparative form the figures as at the end of and
for the previous fiscal year, all of which shall be (a) certified by the
chief executive officer or chief financial officer of the Parent, in his or her
opinion, to present fairly, in accordance with GAAP and in all material
respects, the consolidated financial position of the Parent, the Borrower and
its other Subsidiaries as at the date thereof and the results of operations for
such period and (b) accompanied by the report thereon of independent
certified public accountants of recognized national standing acceptable to the
Agent, whose certificate shall be unqualified.

Section 8.3.  Compliance Certificate; Other Reports.

At
the time financial statements are furnished pursuant to Sections 8.1. and
8.2., and if the Agent or the Requisite Lenders reasonably believe that a
Default or Event of Default may exist or may be likely to occur, within 5
Business Days of the Agent’s request with respect to any other fiscal period, a
certificate substantially in the form of Exhibit N (a “Compliance
Certificate”) executed by the chief financial officer of the Parent:
(a) setting forth in reasonable detail as at the end of such quarterly
accounting period, fiscal year, or other fiscal period, as the case may be, the
calculations required to establish whether or not the Parent was in compliance
with the covenants contained in Sections 9.1., 9.2. and 9.4. and
(b) stating that, to the best of his or her knowledge, information and
belief after due inquiry, no Default or Event of Default exists, or, if such is
not the case, specifying such Default or Event of Default and its nature, when
it occurred, whether it is continuing and the steps being taken by the Parent
and the Borrower with respect to such event, condition or failure.  At the time financial statements are furnished
pursuant to Sections 8.1. and 8.2., the Borrower shall also deliver
(A) a report, in form and detail reasonably satisfactory to the Agent,
setting forth a statement of Funds From
Operations for the period of four consecutive fiscal periods then ending; and
(B) a report, in form and detail reasonably satisfactory to the
Agent, setting forth a list of all
Properties acquired by the Parent, the Borrower and their Subsidiaries  since the date of the delivery of the previous
such report, such list to identify such Property’s name, location, year
built or acquired, anchor tenants, if any, amount of related mortgage Indebtedness,
if any, and the maturity of such mortgage Indebtedness, and the Occupancy Rate and Net Operating Income
for such Property.

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Section 8.4.  Other Information.

(a)           Management Reports.  Promptly upon receipt thereof, copies of all
management reports, if any, submitted to the Parent or its Board of Directors
by its independent public accountants;

(b)           Securities Filings.  Prompt notice of the filing of all
registration statements (excluding the exhibits thereto (unless requested by
the Agent) and any registration statements on Form S-8 or its
equivalent), reports on Forms 10-K, 10-Q and 8-K (or their
equivalents) and all other periodic reports which the Parent, the Borrower, any
Subsidiary or any other Loan Party shall file with the Securities and Exchange
Commission (or any Governmental Authority substituted therefor) or any national
securities exchange (such registration statements, reports and other periodic
reports collectively referred to a “Security Filing”), and copies of any of the
foregoing that is not publicly available to the Agent and the Lenders;

(c)           Shareholder Information.  Promptly upon the mailing thereof to the
shareholders of the Parent generally, copies of all financial statements,
reports and proxy statements so mailed and promptly upon the issuance thereof
copies of all press releases issued by the Parent, the Borrower, any Subsidiary
or any other Loan Party (but only to the extent that such financial statements,
reports and proxy statements are not publicly available to the Agent and the
Lenders);

(d)           Partnership Information.  Promptly upon the mailing thereof to the
partners of the Borrower generally, copies of all financial statements, reports
and proxy statements so mailed (but only to the extent that such financial
statements, reports and proxy statements are not publicly available to the
Agent and the Lenders);

(e)           ERISA.  If and when any member of the ERISA Group
(i) gives or is required to give notice to the PBGC of any “reportable
event” (as defined in Section 4043 of ERISA) with respect to any Plan which
might constitute grounds for a termination of such Plan under Title IV of
ERISA, or knows that the plan administrator of any Plan has given or is
required to give notice of any such reportable event, a copy of the notice of
such reportable event given or required to be given to the PBGC;
(ii) receives notice of complete or partial withdrawal liability under
Title IV of ERISA or notice that any Multiemployer Plan is in reorganization,
is insolvent or has been terminated, a copy of such notice; (iii) receives
notice from the PBGC under Title IV of ERISA of an intent to terminate, impose
liability (other than for premiums under Section 4007 of ERISA) in respect of,
or appoint a trustee to administer any Plan, a copy of such notice;
(iv) applies for a waiver of the minimum funding standard under Section
412 of the Internal Revenue Code, a copy of such application; (v) gives
notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy
of such notice and other information filed with the PBGC; (vi) gives
notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of
such notice; or (vii) fails to make any payment or contribution to any Plan
or Multiemployer Plan or in respect of any Benefit Arrangement or makes any
amendment to any Plan or Benefit Arrangement, and of which has resulted or
could reasonably be expected to result in the imposition of a Lien or the
posting of a bond or other security, a certificate of the chief executive
officer or chief financial officer of the Parent setting forth details as to
such occurrence and the 

 74
 

action, if any,
which the Parent or applicable member of the ERISA Group is required or
proposes to take;

(f)            Litigation.  To the extent the Parent, the Borrower or any
Subsidiary is aware of the same, prompt notice of the commencement of any
proceeding or investigation by or before any Governmental Authority and any
action or proceeding in any court or other tribunal or before any arbitrator
against or in any other way relating adversely to, or adversely affecting, the
Parent, the Borrower or any Subsidiary or any of their respective properties,
assets or businesses which could reasonably be expected to have a Material
Adverse Effect, and prompt notice of the receipt of notice that any United
States income tax returns of the Parent, the Borrower or any of their
respective Subsidiaries are being audited;

(g)           Modification of Organizational
Documents.  A copy of any amendment
to the articles of incorporation, bylaws, partnership agreement, operating
agreement or other similar organizational documents of the Parent, the Borrower
or any other Loan Party within 15 Business Days after the effectiveness
thereof (but only to the extent that such amendment is not publicly available
to the Agent and the Lenders);

(h)           Change of Management or Financial
Condition.  Prompt notice of any
change in the senior management of the Parent, the Borrower, any Subsidiary or
any other Loan Party and any change in the business, assets, liabilities,
financial condition, results of operations or business prospects of the Parent,
the Borrower, any Subsidiary or any other Loan Party which has had or could
reasonably be expected to have a Material Adverse Effect;

(i)            Default. Notice of the
occurrence of any of the following promptly upon a Responsible Officer of the
Parent or the Borrower obtaining knowledge thereof: (i) any Default or Event of
Default or (ii) any event which constitutes or which with the passage of time,
the giving of notice, or otherwise, would constitute a default or event of
default by the Parent, the Borrower, any Subsidiary or any other Loan Party
under any Material Contract to which any such Person is a party or by which any
such Person or any of its respective properties may be bound;

(j)            Judgments.  Prompt notice of any order, judgment or
decree in excess of $10,000,000 having been entered against the Parent, the
Borrower, any Subsidiary or any other Loan Party or any of their respective
properties or assets;

(k)           Notice of Violations of Law.  Prompt notice if the Parent, the Borrower,
any Subsidiary or any other Loan Party shall receive any notification from any
Governmental Authority alleging a violation of any Applicable Law or any
inquiry which, in either case, could reasonably be expected to have a Material
Adverse Effect;

(l)            Material Subsidiary.  Prompt notice of any Person becoming a
Material Subsidiary;

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(m)          Material Asset Sales.  Prompt notice of the sale, transfer or other
disposition of any material assets of the Parent, the Borrower, any Subsidiary
or any other Loan Party to any Person other than the Parent, the Borrower, any
Subsidiary or any other Loan Party;

(n)           Patriot Act Information.  From time to time and promptly upon each
request, information identifying the Borrower as a Lender may request in order
to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001));

(o)           Material
Contracts.  Promptly upon entering
into any Material Contract after the Agreement Date, a copy to the Agent of
such Material Contract; and

(p)           Reckson
Limitation Termination Event. 
Promptly upon the occurrence thereof, notice of the occurrence of any of the events
described in the definition of the term “Reckson Limitation Termination Event”,
together with such evidence as the Agent may reasonably request to establish
the occurrence of such event; and

Section 8.5.  Electronic Delivery.

Documents
or notices required to be delivered pursuant to Section 8.1., 8.2. or
8.4.(b), (c), (e) or (f) (to the extent any such documents or notices are
included in materials otherwise filed with the Securities and Exchange
Commission) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (a) on which the Parent posts
such documents, or provides a link thereto, on the Parent’s website;
(b) on which such documents are posted on the Parent’s behalf on an
internet or intranet website, if any, to which each Lender and the Agent have
access (whether a commercial, third-party website or whether sponsored by
the Agent) or (c) with respect to documents required by Section 8.1.,
8.2. or 8.4.(b), when the Parent files its Form 10-Q and 10-K,
respectively, with the Securities and Exchange Commission, and with respect to
the notice required by Section 8.4.(e) or (f), when the Parent files a
Form 8-K with the Securities and Exchange Commission with respect to the
matters referred to in such Sections; provided that: (i) the Parent
shall deliver paper copies of such documents to the Agent or any Lender that
requests the Parent to deliver such paper copies until a written request to
cease delivering paper copies is given by the Agent or such Lender and
(ii) the Parent shall notify the Agent and each Lender of the posting of
any such documents and provide to the Agent by electronic mail electronic
versions of such documents. Any document required to be delivered pursuant to
any of the other provisions of this Article VIII. which is suitable for
delivery in electronic format, may be delivered to the Agent in such format
pursuant to procedures approved by the Agent and if so delivered, shall be
deemed to have been delivered on the date such document is delivered to the
Agent pursuant to such procedures; provided that the Parent shall
deliver paper copies of any such document to the Agent upon the Agent’s
request.  Promptly upon the Agent’s
receipt of any such document, the Agent shall forward a copy thereof, in the
form received, to each Lender pursuant to procedures approved by the
Agent.  Notwithstanding anything
contained herein, in every instance the Parent shall be required to provide
paper copies of the certificate required by Section 8.3. to the
Agent.  The Agent shall have no
obligation to any of the other parties hereto to request the delivery of, or to
maintain copies of, the documents referred to above.

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Section 8.6.  Public/Private Information.

The
Parent and the Borrower will cooperate with the Agent in connection with the
publication of certain materials and/or information provided by or on behalf of
the Parent and the Borrower to the Agent and the Lenders (collectively, “Information
Materials”) pursuant to this Article and will designate Information Materials
(a) that are either available to the public with respect to the Parent,
the Borrower and the other Subsidiaries or any of their respective securities
for purposes of United States federal and state securities laws, as “Public
Information” and (b) that are not Public Information as “Private
Information”, it being understood and agreed that such determination of the
Parent and the Borrower shall be conclusive for the purposes of this Agreement
but shall in no event or for any purpose be deemed to be a determination by the
Parent, the Borrower or any affiliate of the Parent or Borrower or any of their
respective directors, officers, shareholders, agents, employees, counsel or
limited partners, as applicable, that any such information is or is not “material”.

ARTICLE IX. NEGATIVE COVENANTS

For
so long as this Agreement is in effect, unless the Requisite Lenders (or, if
required pursuant to Section 12.6., all of the Lenders) shall otherwise
consent in the manner set forth in Section 12.6., each of the Parent and
the Borrower, as applicable, shall comply with the following covenants:

Section 9.1.  Financial Covenants.

The Parent shall not permit:

(a)           Maximum Senior Leverage Ratio.  The ratio of (i) Senior Indebtedness to
(ii) Total Asset Value, to exceed 0.60 to 1.00 at any time.

(b)           Minimum Fixed Charge Coverage
Ratio.  The ratio of
(i) Adjusted EBITDA for the period of four consecutive fiscal quarters of
the Parent most recently ending to (ii) Fixed Charges for such period, to
be less than 1.50 to 1.00 at any time.

(c)           Maximum Secured Indebtedness Ratio.  The ratio of (i) Secured Indebtedness of
the Parent and its Subsidiaries determined on a consolidated basis to
(ii) Total Asset Value, to exceed 0.50 to 1.00 at any time.

(d)           Minimum Senior Unencumbered
Leverage Ratio.  The ratio of
(i) Unencumbered Asset Value to (ii) Senior Unsecured Indebtedness of
the Parent and its Subsidiaries determined on a consolidated basis, to be less
than 1.67 to 1.00 at any time.

(e)           Minimum Unencumbered Interest
Coverage Ratio.  The ratio of
(i) Unencumbered Adjusted NOI for the period of four consecutive fiscal
quarters of the Parent most recently ending to (ii) Unsecured Interest
Expense for such period, to be less than 1.75 to 1.00 at any time.

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(f)            Minimum Unencumbered Asset Value.  The Unencumbered Asset Value attributable to
Eligible Properties to be less than $1,000,000,000 at any time.  Until the occurrence of the Reckson
Limitation Termination Event, Eligible Properties owned by any Reckson Party
shall be disregarded when determining compliance with this subsection.

(g)           Minimum Number of Eligible
Properties.  The number of Eligible
Properties to be less than 5 at any time. 
Until the occurrence of the Reckson Limitation Termination Event,
Eligible Properties owned by any Reckson Party shall be disregarded when
determining compliance with this subsection.

(h)           Maximum Unconsolidated Leverage
Ratio.  The ratio of
(i) Indebtedness of Unconsolidated Affiliates to (ii) Unconsolidated
Asset Value, to exceed 0.72 to 1.00 at any time.

(i)            Minimum Net Worth.  Tangible Net Worth at any time to be less
than (i) $2,900,000,000 plus (ii) 75% of the Net Proceeds of
all Equity Issuances effected by the Parent, the Borrower or any Subsidiary
after March 31, 2007 (other than Equity Issuances to the Parent, the Borrower
or any Subsidiary).

Section 9.2.  Restricted Payments.

The
Parent shall not, and shall not permit any of its Subsidiaries to, declare or
make any Restricted Payment; provided, however, that the Parent and its
Subsidiaries may declare and make the following Restricted Payments so long as
no Default or Event of Default would result therefrom:

(a)           the Borrower may declare and pay cash
distributions to the Parent and other holders of partnership interests in the
Borrower with respect to any fiscal year ending during the term of this
Agreement to the extent necessary for the Parent to distribute, and the Parent
may so distribute, cash dividends to its shareholders in an aggregate amount
not to exceed the greater of (i) the amount required to be distributed for
the Parent to remain in compliance with Section 7.13. or (ii) 95.0% of
Funds From Operations;

(b)           the Borrower may declare and pay cash
distributions to the Parent and other holders of partnership interests in the
Borrower to the extent necessary for (x) the Parent to make, and the
Parent may make, cash distributions to its shareholders to the extent necessary
to avoid payment of taxes imposed under Sections 857(b)(1) and 4981 of the
Internal Revenue Code and (y) the Parent to pay any taxes imposed under
Sections 857(b)(3), (4), (5), (6) or (7) of the Internal Revenue Code;

(c)           the Parent, the Borrower or any
Subsidiary may acquire the Equity Interests of a Subsidiary that is not a
Wholly Owned Subsidiary;

(d)           a Subsidiary that is not a Wholly
Owned Subsidiary may make cash distributions to holders of Equity Interests
issued by such Subsidiary;

(e)           Subsidiaries may pay Restricted
Payments to the Parent, the Borrower or any other Subsidiary; and

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(f)            the Parent or the Borrower may make
open market purchases of the issued and outstanding common stock of the Parent,
and the Borrower may make distributions to the Parent for the purpose of making
the purchases permitted by this clause.

Notwithstanding
the foregoing, but subject to the following sentence, if a Default or Event of
Default exists, (x) the Borrower may only declare and make cash
distributions to the Parent and other holders of partnership interests in the
Borrower with respect to any fiscal year to the extent necessary for the Parent
to distribute, and the Parent may so distribute, an aggregate amount not to
exceed the minimum amount necessary for the Parent to remain in compliance with
Section 7.13. and
(y) the Borrower and the Parent may make distributions referred to in the
immediately preceding clause (b). 
If a Default or Event of Default specified in Section 10.1.(a),
Section 10.1.(b), Section 10.1.(f) or Section 10.1.(g) shall
exist, or if as a result of the occurrence of any other Event of Default any of
the Obligations have been accelerated pursuant to Section 10.2.(a), the
Parent shall not, and shall not permit any Subsidiary to, make any Restricted
Payments to any Person other than to the Parent or any Subsidiary.

Section 9.3.  Indebtedness.

The
Parent and the Borrower shall not, and shall not permit any Subsidiary or any
other Loan Party to, incur, assume, or otherwise become obligated in respect of
any Indebtedness after the Agreement Date if immediately prior to the
assumption, incurring or becoming obligated in respect thereof, or immediately
thereafter and after giving effect thereto, a Default or Event of Default is or
would be in existence, including without limitation, a Default or Event of
Default resulting from a violation of any of the covenants contained in
Section 9.1.

Section 9.4.  Certain Permitted Investments.

The
Parent and the Borrower shall not, and shall not permit any Subsidiary to, make
any Investment in or otherwise own the following items which would cause the
aggregate value of such holdings of the Parent, the Borrower and such other
Subsidiaries to exceed the applicable limits set forth below:

(a)           Investments in Unconsolidated
Affiliates and other Persons that are not Subsidiaries, such that the aggregate
value of such Investments determined in accordance with GAAP exceeds 30.0% of
Total Asset Value at any time;

(b)           Structured Finance Investments, such
that the aggregate book value of all such Structured Finance Investments
exceeds 20.0% of Total Asset Value at any time;

(c)           real property under construction such
that the aggregate Construction Budget for all such real property exceeds 10.0%
of Total Asset Value at any time.

(d)           Properties that are developed but
that are not office properties, such that the value (based on the lower of cost
or market price determined in accordance with GAAP) of all such Properties
exceeds 10.0% of Total Asset Value at any time; and

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(e)           other Investments not otherwise
permitted under Section 9.5., such that the value of all such Investments
exceeds 10.0% of Total Asset Value.

In addition to the
foregoing limitations, the aggregate value of all of the items subject to the
limitations in the preceding clauses (a) through (e) shall not exceed
45.0% of Total Asset Value at any time.

Section 9.5.  Investments Generally.

The
Parent and the Borrower shall not, and shall not permit any Subsidiary or other
Loan Party to, directly or indirectly, acquire, make or purchase any
Investment, or permit any Investment of such Person to be outstanding on and
after the Agreement Date, other than the following:

(a)           Investments in Subsidiaries in
existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b);

(b)           Investments to acquire Equity
Interests of a Subsidiary or any other Person who after giving effect to such
acquisition would be a Subsidiary, so long as in each case immediately prior to
such Investment, and after giving effect thereto, no Default or Event of
Default is or would be in existence;

(c)           Investments permitted under
Section 9.4.;

(d)           Investments in Cash Equivalents;

(e)           intercompany Indebtedness among the
Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is
permitted by the terms of Section 9.3.;

(f)            loans and advances to officers and
employees for moving, entertainment, travel and other similar expenses in the
ordinary course of business consistent with past practices.

Section 9.6.  Liens; Negative Pledges; Other Matters.

(a)           The Parent and the Borrower shall
not, and shall not permit any Subsidiary or other Loan Party to, create,
assume, or incur any Lien (other than Permitted Liens) upon any of its
properties, assets, income or profits of any character whether now owned or
hereafter acquired if immediately prior to the creation, assumption or
incurring of such Lien, or immediately thereafter, a Default or Event of
Default is or would be in existence, including without limitation, a Default or
Event of Default resulting from a violation of any of the covenants contained
in Section 9.1.

(b)           The
Parent and the Borrower shall not, and shall not permit any Subsidiary or other
Loan Party to, enter into, assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in
(i) an agreement (x) evidencing Indebtedness which the Parent, the
Borrower or such Subsidiary may create, incur, assume, or permit or suffer to
exist under Section 9.3.,
(y) which Indebtedness is secured by a Lien permitted to exist under the
Loan 

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Documents, and (z) which prohibits the creation of any other Lien
on only the property securing such Indebtedness as of the date such agreement
was entered into; (ii)  an agreement relating to the sale of a Subsidiary
or assets pending such sale, provided that in any such case the Negative Pledge
applies only to the Subsidiary or the assets that are the subject of such sale;
or (iii) an agreement relating to Pari Passu Indebtedness.

(c)           The Parent and the Borrower shall not,
and shall not permit any Subsidiary or other Loan Party to, create or otherwise
cause or suffer to exist or become effective any consensual encumbrance or
restriction of any kind on the ability of any Subsidiary (other than an
Excluded Subsidiary) to: (i) pay dividends or make any other distribution
on any of such Subsidiary’s capital stock or other equity interests owned by
the Borrower or any Subsidiary; (ii) pay any Indebtedness owed to the
Parent, the Borrower or any Subsidiary; (iii) make loans or advances to
the Parent, the Borrower or any Subsidiary; or (iv) transfer any of its
property or assets to the Parent, the Borrower or any Subsidiary.

Section 9.7.  Merger, Consolidation, Sales of Assets and
Other Arrangements.

The
Parent and the Borrower shall not, and shall not permit any Subsidiary or other
Loan Party to: (i) enter into any transaction of merger or consolidation;
(ii) liquidate, wind up or dissolve itself (or suffer any liquidation or
dissolution); or (iii) convey, sell, lease, sublease, transfer or
otherwise dispose of, in one transaction or a series of transactions, all or
substantially all of its business or assets, whether now owned or hereafter
acquired; provided, however, that:

(a)           any of the actions described in the
immediately preceding clauses (i) through (iii) may be taken with respect
to any Subsidiary or any other Loan Party (other than the Parent and the
Borrower) so long as immediately prior to the taking of such action, and
immediately thereafter and after giving effect thereto, no Default or Event of
Default is or would be in existence; notwithstanding the foregoing, any such
Loan Party (other than the Parent and the Borrower) may enter into a
transaction of merger pursuant to which such Loan Party is not the survivor of
such merger only if (i) the Borrower shall have given the Agent and the
Lenders at least 10 Business Days’ prior written notice of such merger, such notice to include a certification to the
effect that immediately after and after giving effect to such action, no
Default or Event of Default is or would be in existence; (ii) if the
survivor entity is a Material Subsidiary within 5 Business Days of consummation
of such merger, the survivor entity (if not already a Guarantor) shall have
executed and delivered an assumption agreement in form and substance
satisfactory to the Agent pursuant to which such survivor entity shall
expressly assume all of such Loan Party’s Obligations under the Loan Documents
to which it is a party; (iii) within 30 days of consummation of such
merger, the survivor entity delivers to the Agent the following: (A) if
the survivor entity is a Material Subsidiary, items of the type referred to in
Sections 5.1.(a)(v) through (viii) with respect to the survivor entity as in
effect after consummation of such merger (if not previously delivered to the
Agent and still in effect), (B) copies of all documents entered into by
such Loan Party or the survivor entity to effectuate the consummation of such
merger, including, but not limited to, articles of merger and the plan of
merger, (C) copies, certified by the Secretary or Assistant Secretary (or
other individual performing similar functions) of such Loan Party or the
survivor entity, of all corporate and shareholder action authorizing such
merger and (D) copies of any filings with the Securities and Exchange
Commission in connection with such merger; and (iv) such Loan Party and
the survivor entity each takes such other action and 

 

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delivers such
other documents, instruments, opinions and agreements as the Agent may
reasonably request;

(b)           the Parent, the Borrower, its other
Subsidiaries and the other Loan Parties may lease and sublease their respective
assets, as lessor or sublessor (as the case may be), in the ordinary course of
their business;

(c)           a Person may merge with and into the
Parent or the Borrower so long as (i) the Parent or the Borrower is the
survivor of such merger, (ii) immediately prior to such merger, and
immediately thereafter and after giving effect thereto, no Default or Event of
Default is or would be in existence, and (iii) the Borrower shall have
given the Agent and the Lenders at least 10 Business Days’ prior written notice
of such merger, such notice to include a
certification as to the matters described in the immediately preceding
clause (ii) (except that such prior notice shall not be required in
the case of the merger of a Subsidiary with and into the Borrower or a
Subsidiary (other than the Borrower) with and into the Parent);

(d)           the Parent, the Borrower and each
Subsidiary may sell, transfer, lease or dispose of assets among themselves.

Section 9.8.  Fiscal Year.

The
Parent shall not change its fiscal year from that in effect as of the Agreement
Date.

Section 9.9.  Modifications to Material Contracts.

The Parent and the Borrower shall not, and shall not
permit any Subsidiary or other Loan Party to, enter into any amendment or
modification to any Material Contract which could reasonably be expected to
have a Material Adverse Effect.

Section 9.10.  Modifications of Organizational Documents.

The
Parent and the Borrower shall not, and shall not permit any Loan Party or other
Subsidiary to, amend, supplement, restate or otherwise modify its articles or
certificate of incorporation, by-laws, operating agreement, declaration of
trust, partnership agreement or other applicable organizational document if
such amendment, supplement, restatement or other modification could reasonably
be expected to have a Material Adverse Effect.

Section 9.11.  Transactions with Affiliates.

The
Parent and the Borrower shall not, and shall not permit any of its Subsidiaries
or any other Loan Party to, permit to exist or enter into, any transaction
(including the purchase, sale, lease or exchange of any property or the
rendering of any service) with any Affiliate (other than a Loan Party), except
transactions in the ordinary course of and pursuant to the reasonable
requirements of the business of the Parent, the Borrower or any of its other
Subsidiaries and upon fair and reasonable terms which are no less favorable to
the Parent, the Borrower or such Subsidiary than would be obtained in a
comparable arm’s length transaction with a Person that is not an Affiliate.

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Section 9.12.  ERISA Exemptions.

The
Parent and the Borrower shall not, and shall not permit any Subsidiary to,
permit any of its respective assets to become or be deemed to be “plan assets”
within the meaning of ERISA, the Internal Revenue Code and the respective
regulations promulgated thereunder.

Section 9.13.  Reckson Limitations.

(a)           Generally.
 Notwithstanding anything to the contrary
contained in this Agreement but subject to the immediately following subsection
(b), until the occurrence of the Reckson Limitation Termination Event:

(i)            the Parent and the Borrower shall
not, and shall not permit any Subsidiary or any other Person to, make any
Investment in any Reckson Party;

(ii)           the Parent shall not permit any
Reckson Party to acquire any asset (whether by means of a direct purchase,
merger or otherwise); and

(iii)          the Parent shall not permit any
Reckson Party to (x) convey, sell, lease, sublease, transfer or otherwise
dispose of any Property (other than leases and subleases of Properties in the
ordinary course of business)  that is not
subject to any Lien (other than Permitted Liens of the types described in
clauses (a) through (d) of the definition of Permitted Liens) and is not
subject to a Negative Pledge (such a Property being an “Unencumbered Property”),
(y) incur, assume, or otherwise become obligated in respect of any Indebtedness
secured by a Lien on any Unencumbered Property owned or leased by a Reckson
Party or on any of the Parent’s direct or indirect ownership interest in such
Reckson Party or (z) refinance any Indebtedness in respect of which any Reckson
Party is obligated, unless in the case of any of the preceding clauses (x)
through (z), all Net Cash Proceeds payable to or for the account of any Reckson
Party are paid, or immediately distributed by a Reckson Party, to the Parent or
the Borrower; provided, however, Net Cash Proceeds shall not be required to be
paid to, or distributed to, the Parent or the Borrower to the extent, and only
to the extent, such distribution would result in a Default or Event of Default
(as each such term is defined in the Reckson Indenture).

Notwithstanding
the foregoing, (x) the Parent may permit (A) the Equity Interests of
the Subsidiary that holds the note evidencing the loan made to the respective
EATs to finance the acquisition of the Eligible 1031 Properties known as 810 7th Avenue, New York, New York and 1185 Avenue of
the Americas, New York, New York and (B) title to such Eligible 1031
Properties to be held by a Reckson Subsidiary, and (y) the Parent or the
Borrower may make Investments in Reckson or the Reckson Subsidiaries but only
to the extent that the amount of such Investments are applied to a
corresponding redemption, repurchase or other retirement of any of the Reckson
Notes in a corresponding amount, plus the payment of applicable fees, expenses
and premiums required to effect such redemption, repurchase or other
retirement.

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(b)           Elimination
of Limitations.  Upon the occurrence
of the Reckson Limitation Termination Event and at all times thereafter, the
limitations of the immediately preceding subsection (a) shall cease to apply
and shall be of no further force or effect.

Article X. Default

Section 10.1.  Events of Default.

Each
of the following shall constitute an Event of Default, whatever the reason for
such event and whether it shall be voluntary or involuntary or be effected by
operation of Applicable Law or pursuant to any judgment or order of any
Governmental Authority:

(a)           Default in Payment of Principal.  The Borrower shall fail to pay when due
(whether upon demand, at maturity, by reason of acceleration or otherwise) the
principal of any of the Loans, or any Reimbursement Obligation.

(b)           Default in Payment of Interest and
Other Obligations.  The Borrower
shall fail to pay when due any interest on any of the Loans or any of the other
payment Obligations owing by the Borrower under this Agreement or any other
Loan Document, or any other Loan Party shall fail to pay when due any payment
Obligation owing by such other Loan Party under any Loan Document to which it
is a party, and such failure shall continue for a period of 5 Business Days.

(c)           Default in Performance.  (i) The Borrower or the Parent shall
fail to perform or observe any term, covenant, condition or agreement contained
in Section 8.4.(i) or in Article IX. or (ii) the Parent, the
Borrower or any other Loan Party shall fail to perform or observe any term,
covenant, condition or agreement contained in this Agreement or any other Loan
Document to which it is a party and not otherwise mentioned in this Section and
in the case of this clause (ii) only such failure shall continue for a
period of 30 days after the earlier of (x) the date upon which a
Responsible Officer of the Borrower, the Parent or such other Loan Party
obtains knowledge of such failure or (y) the date upon which the Borrower
or the Parent has received written notice of such failure from the Agent.

(d)           Misrepresentations.  Any written statement, representation or
warranty made or deemed made by or on behalf of any Loan Party under this
Agreement or under any other Loan Document, or any amendment hereto or thereto,
or in any other writing or statement at any time furnished or made or deemed
made by or on behalf of any Loan Party to the Agent or any Lender, shall at any
time prove to have been incorrect or misleading, in light of the circumstances
in which made or deemed made, in any material respect when furnished or made or
deemed made.

(e)           Indebtedness Cross-Default;
Derivatives Contracts.

(i)            The Parent, the Borrower, any other
Subsidiary or any other Loan Party shall fail to pay when due and payable,
within any applicable grace or cure period, the principal of, or interest on,
any Indebtedness (other than the Loans and Reimbursement Obligations) having an
aggregate outstanding principal amount of $75,000,000 or more (“Material
Indebtedness”); or

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(ii)           (x) the maturity of any Material
Indebtedness shall have been accelerated in accordance with the provisions of
any indenture, contract or instrument evidencing, providing for the creation of
or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness
shall have been required to be prepaid or repurchased prior to the stated
maturity thereof;

(iii)          any other event shall have occurred
and be continuing which permits any holder or holders of Material Indebtedness,
any trustee or agent acting on behalf of such holder or holders or any other
Person, to accelerate the maturity of any such Material Indebtedness or require
any such Material Indebtedness to be prepaid or repurchased prior to its stated
maturity, and all applicable grace or cure periods shall have expired; or

(iv)          there occurs under any Derivatives
Contract an Early Termination Date (as defined in such Derivatives Contract)
resulting from (A) any event of default under such Derivatives Contract as
to which any Loan Party is the Defaulting Party (as defined in such Derivatives
Contract) or (B) any Termination Event (as so defined) under such
Derivatives Contract as to which any Loan Party is an Affected Party (as so
defined) and, in either event, the Derivatives Termination Value owed by any
Loan Party as a result thereof is $75,000,000 or more and such Loan Party shall
fail to pay such Derivatives Termination Value as and when due.

(f)            Voluntary Bankruptcy Proceeding.  The Parent, the Borrower, any other Loan
Party or any Significant Subsidiary shall: 
(i) commence a voluntary case under the Bankruptcy Code of 1978, as
amended, or other federal bankruptcy laws (as now or hereafter in effect);
(ii) file a petition seeking to take advantage of any other Applicable
Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization,
winding-up, or composition or adjustment of debts; (iii) consent to,
or fail to contest in a timely and appropriate manner, any petition filed
against it in an involuntary case under such bankruptcy laws or other Applicable
Laws or consent to any proceeding or action described in the immediately
following subsection; (iv) apply for or consent to, or fail to contest in
a timely and appropriate manner, the appointment of, or the taking of
possession by, a receiver, custodian, trustee, or liquidator of itself or of a
substantial part of its property, domestic or foreign; (v) admit in
writing its inability to pay its debts as they become due; (vi) make a
general assignment for the benefit of creditors; or (vii) take any action
indicating its consent to, approval of or acquiescence in any of the foregoing.

(g)           Involuntary Bankruptcy Proceeding.  A case or other proceeding shall be commenced
against the Parent, the Borrower, any other Loan Party or any Significant
Subsidiary in any court of competent jurisdiction seeking:  (i) relief under the Bankruptcy Code of
1978, as amended, or other federal bankruptcy laws (as now or hereafter in
effect) or under any other Applicable Laws, domestic or foreign, relating to
bankruptcy, insolvency, reorganization, winding-up, or composition or
adjustment of debts; or (ii) the appointment of a trustee, receiver,
custodian, liquidator or the like of such Person, or of all or any substantial
part of the assets, domestic or foreign, of such Person, and such case or
proceeding shall continue undismissed or unstayed for a period of
60 consecutive calendar days, or an order granting the remedy or other
relief requested in such case or proceeding against the Parent, the Borrower,
such Significant 

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Subsidiary or such
other Loan Party (including, but not limited to, an order for relief under such
Bankruptcy Code or such other federal bankruptcy laws) shall be entered.

(h)           Litigation; Enforceability.  The Parent, the Borrower or any other Loan
Party shall disavow, revoke or terminate (or attempt to terminate) any Loan
Document to which it is a party or shall otherwise challenge or contest in any
action, suit or proceeding in any court or before any Governmental Authority
the validity or enforceability of this Agreement, any Note or any other Loan
Document or this Agreement, any Note, the Guaranty or any other Loan Document
shall cease to be in full force and effect (except as a result of the express
terms thereof).

(i)            Judgment.  A judgment or order for the payment of money
or for an injunction shall be entered against the Parent, the Borrower, any
Significant Subsidiary or any other Loan Party, by any court or other tribunal
and (i) such judgment or order shall continue for a period of 30 days without
being paid, stayed or dismissed through appropriate appellate proceedings and
(ii) either (A) the amount of such judgment or order for which
insurance has not been acknowledged in writing by the applicable insurance
carrier (or the amount as to which the insurer has denied liability) exceeds,
individually or together with all other such outstanding judgments or orders
entered against the Parent, the Borrower, such Subsidiaries and such other Loan
Parties, $50,000,000 or (B) in the case of an injunction or other
non-monetary judgment, such judgment could reasonably be expected to have a
Material Adverse Effect.

(j)            Attachment.  A warrant, writ of attachment, execution or
similar process shall be issued against any property of the Parent, the
Borrower, any Significant Subsidiary or any other Loan Party which exceeds,
individually or together with all other such warrants, writs, executions and
processes, $50,000,000 in amount and such warrant, writ, execution or process
shall not be discharged, vacated, stayed or bonded for a period of 30 days;
provided, however, that if a bond has been issued in favor of the claimant or
other Person obtaining such warrant, writ, execution or process, the issuer of
such bond shall execute a waiver or subordination agreement in form and
substance satisfactory to the Agent pursuant to which the issuer of such bond
subordinates its right of reimbursement, contribution or subrogation to the
Obligations and waives or subordinates any Lien it may have on the assets of
any Loan Party.

(k)           ERISA.  Any member of the ERISA Group shall fail to
pay when due an amount or amounts aggregating in excess of $20,000,000 which it
shall have become liable to pay under Title IV of ERISA; or notice of intent to
terminate a Plan or Plans having aggregate Unfunded Liabilities in excess of
$20,000,000 shall be filed under Title IV of ERISA by any member of the ERISA
Group, any plan administrator or any combination of the foregoing; or the PBGC
shall institute proceedings under Title IV of ERISA to terminate, to impose
liability (other than for premiums under Section 4007 of ERISA) in respect of,
or to cause a trustee to be appointed to administer, any Plan or Plans having
aggregate Unfunded Liabilities in excess of $20,000,000; or a condition shall
exist by reason of which the PBGC would be entitled to obtain a decree
adjudicating that any such Plan must be terminated; or there shall occur a
complete or partial withdrawal from, or a default, within the meaning of
Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans
which could cause one or more members of the ERISA Group to incur a current
payment obligation in excess of $20,000,000.

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(l)            Loan Documents.  An Event of Default (as defined therein)
shall occur under any of the other Loan Documents (other than the New York
Mortgages and other than the Pledge Agreement).

(m)          Change of Control/Change in
Management.

(i)            Any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)), is or becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a
Person will be deemed to have “beneficial ownership” of all securities that
such Person has the right to acquire, whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of more
than 25% of the total voting power of the then outstanding voting stock of the
Parent;

(ii)           During any period of 12 consecutive
months ending after the Agreement Date, individuals who at the beginning of any
such 12-month period constituted the Board of Directors of the Parent
(together with any new directors whose election by such Board or whose
nomination for election by the shareholders of the Parent was approved by a
vote of a majority of the directors then still in office who were either
directors at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason to constitute three-fifths
of the Board of Directors of the Parent then in office; or

(iii)          The Parent or a Wholly Owned
Subsidiary of the Parent shall cease to be the sole general partner of the
Borrower or shall cease to have the sole and exclusive power to exercise all
management and control over the Borrower.

Notwithstanding
anything to the contrary in this Section, (i) the failure of any Loan
Party to perform or observe any term, covenant, condition or agreement
contained in any New York Mortgage or in the Pledge Agreement to which it is a
party shall not constitute a Default or Event of Default and (ii) the
occurrence of a Default or Event of Default (as defined in any New York
Mortgage or in the Pledge Agreement) shall not constitute a Default or Event of
Default; provided, however, the preceding shall in no way limit or impair the
rights of the Agent and the Lenders with respect to any Default or Event of
Default resulting from the failure of any Loan Party to perform or observe the
same or any similar term, covenant, condition or agreement contained in any
other Loan Document.

Section 10.2.  Remedies Upon Event of Default.

Upon
the occurrence of an Event of Default the following provisions shall apply:

(a)           Acceleration;
Termination of Facilities.

(i)            Automatic.  Upon the occurrence of an Event of Default
specified in Section 10.1.(f) or 10.1.(g), (A)(i) the principal of, and
all accrued interest on, the Loans and the Notes at the time outstanding,
(ii) an amount equal to the Stated Amount of all Letters of Credit
outstanding as of the date of the occurrence of such Event of Default for 

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deposit into the Collateral Account pursuant to
Section 10.4. and (iii) all of the other Obligations of the Borrower,
including, but not limited to, the other amounts owed to the Lenders, the
Swingline Lender and the Agent under this Agreement, the Notes or any of the
other Loan Documents shall become immediately and automatically due and payable
by the Borrower without presentment, demand, protest, or other notice of any
kind, all of which are expressly waived by the Borrower and (B) all of the
Commitments, the obligation of the Lenders to make Revolving Loans, the
Swingline Commitment, the obligation of the Swingline Lender to make Swingline
Loans, and the obligation of the Agent to issue Letters of Credit hereunder,
shall all immediately and automatically terminate.

(ii)           Optional.  If any other Event of Default shall exist,
the Agent shall, at the direction of the Requisite Lenders:  (A) declare (1) the principal of,
and accrued interest on, the Loans and the Notes at the time outstanding,
(2) an amount equal to the Stated Amount of all Letters of Credit
outstanding as of the date of the occurrence of such other Event of Default for
deposit into the Collateral Account pursuant to Section 10.4. and
(3) all of the other Obligations, including, but not limited to, the other
amounts owed to the Lenders and the Agent under this Agreement, the Notes or
any of the other Loan Documents to be forthwith due and payable, whereupon the
same shall immediately become due and payable without presentment, demand,
protest or other notice of any kind, all of which are expressly waived by the
Borrower and (B) terminate the Commitments, the Swingline Commitment, the
obligation of the Lenders to make Loans hereunder and the obligation of the
Agent to issue Letters of Credit hereunder.

(b)           Loan Documents.  The Requisite Lenders may direct the Agent
to, and the Agent if so directed shall, exercise any and all of its rights
under any and all of the other Loan Documents.

(c)           Applicable Law.  The Requisite Lenders may direct the Agent
to, and the Agent if so directed shall, exercise all other rights and remedies
it may have under any Applicable Law.

(d)           Appointment of Receiver.  To the extent permitted by Applicable Law, the
Agent and the Lenders shall be entitled to the appointment of a receiver for
the assets and properties of the Borrower and its Subsidiaries, without notice
of any kind whatsoever and without regard to the adequacy of any security for
the Obligations or the solvency of any party bound for its payment, to take
possession of all or any portion of the business operations of the Borrower and
its Subsidiaries and to exercise such power as the court shall confer upon such
receiver.

Section 10.3.  Allocation of Proceeds.

If an
Event of Default shall exist and maturity of any of the Obligations has been
accelerated, all payments received by the Agent under any of the Loan
Documents, in respect of any principal of or interest on the Obligations or any
other amounts payable by the Borrower hereunder or thereunder, shall be applied
in the following order and priority:

(a)           amounts due the Agent in respect of
fees and expenses due under Section 12.2.;

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(b)           amounts due the Lenders in respect of
fees and expenses due under Section 12.2., pro rata in the amount then due
each Lender;

(c)           payments of interest on Swingline
Loans;

(d)           payments of interest on all other
Loans and Reimbursement Obligations, to be applied for the ratable benefit of
the Lenders;

(e)           payments of principal of Swingline
Loans;

(f)            payments of principal of all other
Loans, Reimbursement Obligations and other Letter of Credit Liabilities, to be
applied for the ratable benefit of the Lenders; provided, however, to the
extent that any amounts available for distribution pursuant to this subsection
are attributable to the issued but undrawn amount of an outstanding Letter of
Credit, such amounts shall be paid to the Agent for deposit into the Collateral
Account;

(g)           amounts due the Agent and the Lenders
pursuant to Sections 11.7. and 12.9.;

(h)           payment of all other Obligations and
other amounts due and owing by the Borrower and the other Loan Parties under
any of the Loan Documents, if any, to be applied for the ratable benefit of the
Lenders; and

(i)            any amount remaining after
application as provided above, shall be paid to the Borrower or whomever else
may be legally entitled thereto.

Section 10.4.  Collateral Account.

(a)           As collateral security for the prompt
payment in full when due of all Letter of Credit Liabilities and the other
Obligations, the Borrower hereby pledges and grants to the Agent, for the
ratable benefit of the Agent and the Lenders as provided herein, a security
interest in all of its right, title and interest in and to the Collateral Account
and the balances from time to time in the Collateral Account (including the
investments and reinvestments therein provided for below).  The balances from time to time in the
Collateral Account shall not constitute payment of any Letter of Credit Liabilities
until applied by the Agent as provided herein. 
Anything in this Agreement to the contrary notwithstanding, funds held
in the Collateral Account shall be subject to withdrawal only as provided in
this Section.

(b)           Amounts on deposit in the Collateral Account
shall be invested and reinvested by the Agent in such Cash Equivalents as the
Agent shall determine in its sole discretion. 
All such investments and reinvestments shall be held in the name of and
be under the sole dominion and control of the Agent for the ratable benefit of
the Lenders.  The Agent shall exercise
reasonable care in the custody and preservation of any funds held in the
Collateral Account and shall be deemed to have exercised such care if such funds
are accorded treatment substantially equivalent to that which the Agent accords
other funds deposited with the Agent, it being understood that 

 

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the Agent shall
not have any responsibility for taking any necessary steps to preserve rights
against any parties with respect to any funds held in the Collateral Account.

(c)           If a drawing pursuant to any Letter
of Credit occurs on or prior to the expiration date of such Letter of Credit,
the Borrower and the Lenders authorize the Agent to use the monies deposited in
the Collateral Account and proceeds thereof to make payment to the beneficiary
with respect to such drawing or the payee with respect to such presentment.

(d)           If an Event of Default exists, the
Requisite Lenders may, in their discretion, at any time and from time to time,
instruct the Agent to liquidate any such investments and reinvestments and
apply proceeds thereof to the Obligations in accordance with Section 10.3.

(e)           So long as no Default or Event of
Default exists, and to the extent amounts on deposit in or credited to the
Collateral Account exceed the aggregate amount of the Letter of Credit
Liabilities then due and owing, the Agent shall, from time to time, at the
request of the Borrower, deliver to the Borrower within 10 Business Days
after the Agent’s receipt of such request from the Borrower, against receipt
but without any recourse, warranty or representation whatsoever, such amount of
the credit balances in the Collateral Account as exceeds the aggregate amount
of the Letter of Credit Liabilities at such time.

(f)            The Borrower shall pay to the Agent
from time to time such fees as the Agent normally charges for similar services
in connection with the Agent’s administration of the Collateral Account and
investments and reinvestments of funds therein.

Section 10.5.  Performance by Agent.

If the
Borrower shall fail to perform any covenant, duty or agreement contained in any
of the Loan Documents, the Agent may, with the consent of the Requisite
Lenders, after notice to the Borrower, perform or attempt to perform such
covenant, duty or agreement on behalf of the Borrower after the expiration of
any cure or grace periods set forth herein. 
In such event, the Borrower shall, at the request of the Agent, promptly
pay any amount reasonably expended by the Agent in such performance or attempted
performance to the Agent, together with interest thereon at the applicable Post-Default
Rate from the date of such expenditure until paid.  Notwithstanding the foregoing, neither the
Agent nor any Lender shall have any liability or responsibility whatsoever for
the performance of any obligation of the Borrower under this Agreement or any
other Loan Document.

Section 10.6.  Rights Cumulative.

The
rights and remedies of the Agent and the Lenders under this Agreement and each
of the other Loan Documents shall be cumulative and not exclusive of any rights
or remedies which any of them may otherwise have under Applicable Law.  In exercising their respective rights and
remedies the Agent and the Lenders may be selective and no failure or delay by
the Agent or any of the Lenders in exercising any right shall operate as a
waiver of it, nor shall any single or partial exercise of any power or right
preclude its other or further exercise or the exercise of any other power or
right.

 

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Section 10.7.  Rescission of Acceleration by Requisite
Lenders.

If at
any time after acceleration of the maturity of the Obligations, the Borrower
shall pay all arrears of interest and all payments on account of principal of
the Obligations which shall have become due otherwise than by acceleration
(with interest on principal and, to the extent permitted by Applicable Law, on
overdue interest, at the rates specified in this Agreement) and all Events of
Default and Defaults (other than nonpayment of principal of and accrued
interest on the Obligations due and payable solely by virtue of acceleration)
shall be remedied or waived to the satisfaction of the Requisite Lenders, then
by written notice to the Borrower, the Requisite Lenders may elect, in the sole
discretion of such Requisite Lenders, to rescind and annul the acceleration and
its consequences; but such action shall not affect any subsequent Default or
Event of Default or impair any right or remedy consequent thereon.  The provisions of the preceding sentence
(a) are intended merely to bind the Lenders to a decision which may be
made at the election of the Requisite Lenders, (b) are not intended to
benefit the Borrower and (c) do not give the Borrower or any other Loan
Party the right to require the Lenders to rescind or annul any acceleration
hereunder, even if the conditions set forth herein are satisfied.

Article XI. The Agent

Section 11.1.  Authorization and Action.

Each Lender hereby appoints and authorizes the Agent
to take such action as contractual representative on such Lender’s behalf and
to exercise such powers under this Agreement and the other Loan Documents as
are specifically delegated to the Agent by the terms hereof and thereof,
together with such powers as are reasonably incidental thereto.  Not in limitation of the foregoing or
anything else set forth in this Agreement, each Lender authorizes and directs
the Agent to enter into the Loan Documents for the benefit of the Lenders.  Each Lender hereby agrees that, except as
otherwise set forth herein, any action taken by the Requisite Lenders in
accordance with the provisions of this Agreement or the Loan Documents, and the
exercise by the Requisite Lenders of the powers set forth herein or therein,
together with such other powers as are reasonably incidental thereto, shall be
authorized and binding upon all of the Lenders. 
Nothing herein shall be construed to deem the Agent a trustee or
fiduciary for any Lender or to impose on the Agent duties or obligations other
than those expressly provided for herein. 
At the request of a Lender, the Agent will forward to such Lender copies
or, where appropriate, originals of the documents delivered to the Agent
pursuant to this Agreement or the other Loan Documents.  The Agent will also furnish to any Lender,
upon the request of such Lender, a copy of any certificate or notice furnished
to the Agent by the Borrower, any other Loan Party or any other Affiliate of
the Borrower, pursuant to this Agreement or any other Loan Document not already
delivered to such Lender pursuant to the terms of this Agreement or any such
other Loan Document.  As to any matters
not expressly provided for by the Loan Documents (including, without
limitation, enforcement or collection of any of the Obligations), the Agent
shall not be required to exercise any discretion or take any action, but shall
be required to act or to refrain from acting (and shall be fully protected in
so acting or refraining from acting) upon the instructions of the Requisite
Lenders (or all of the Lenders if explicitly required under any other provision
of this Agreement), and such instructions shall be binding upon all Lenders and
all holders of any of the Obligations; provided, however, that, notwithstanding
anything in this Agreement to the contrary, the Agent shall not be required to
take any action which exposes the 

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Agent to personal liability or which is contrary to this
Agreement or any other Loan Document or Applicable Law.  Not in limitation of the foregoing, the Agent
shall not exercise any right or remedy it or the Lenders may have under any
Loan Document upon the occurrence of a Default or an Event of Default unless
the Requisite Lenders (or all of the Lenders if explicitly required under any
provision of this Agreement) have so directed the Agent to exercise such right
or remedy.

Section 11.2.  Agent’s Reliance, Etc.

Notwithstanding
any other provisions of this Agreement or any other Loan Documents, neither the
Agent nor any of its directors, officers, agents, employees or counsel shall be
liable for any action taken or omitted to be taken by it or them under or in
connection with this Agreement or any other Loan Document, except for its or
their own gross negligence or willful misconduct as determined by a court of
competent jurisdiction in a final, non-appealable judgment.  Without limiting the generality of the
foregoing, the Agent: (a) may treat the payee of any Note as the holder
thereof until the Agent receives written notice of the assignment or transfer
thereof signed by such payee and in form satisfactory to the Agent;
(b) may consult with legal counsel (including its own counsel or counsel
for the Borrower or any other Loan Party), independent public accountants and
other experts selected by it and shall not be liable for any action taken or
omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts; (c) makes no warranty or representation
to any Lender or any other Person and shall not be responsible to any Lender or
any other Person for any statements, warranties or representations made by any
Person in or in connection with this Agreement or any other Loan Document; (d)
shall not have any duty to ascertain or to inquire as to the performance or
observance of any of the terms, covenants or conditions of any of this
Agreement or any other Loan Document or the satisfaction of any conditions
precedent under this Agreement or any Loan Document on the part of the Parent,
the Borrower or other Persons (except for the delivery to it of any certificate
or document specifically required to be delivered to it pursuant to
Section 5.1.) or inspect the property, books or records of the Parent, the
Borrower or any other Person; (e) shall not be responsible to any Lender
for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other Loan Document, any other
instrument or document furnished pursuant thereto or any collateral covered
thereby or the perfection or priority of any Lien in favor of the Agent on
behalf of the Lenders in any such collateral; and (f) shall incur no liability
under or in respect of this Agreement or any other Loan Document by acting upon
any notice, consent, certificate or other instrument or writing (which may be
by telephone or telecopy) believed by it to be genuine and signed, sent or
given by the proper party or parties.

Section 11.3.  Notice of Defaults.

The
Agent shall not be deemed to have knowledge or notice of the occurrence of a
Default or Event of Default unless the Agent has received notice from a Lender
or the Borrower referring to this Agreement, describing with reasonable
specificity such Default or Event of Default and stating that such notice is a “notice
of default.”  If any Lender (excluding
the Lender which is also serving as the Agent) becomes aware of any Default or
Event of Default, it shall promptly send to the Agent such a “notice of
default.”  Further, if the Agent receives
such a “notice of default”, the Agent shall give prompt notice thereof to the
Lenders.

 

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Section 11.4.  Wachovia as Lender.

Wachovia,
as a Lender, shall have the same rights and powers under this Agreement and any
other Loan Document as any other Lender and may exercise the same as though it
were not the Agent; and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated, include Wachovia in each case in its individual
capacity.  Wachovia and its affiliates
may each accept deposits from, maintain deposits or credit balances for, invest
in, lend money to, act as trustee under indentures of, serve as financial
advisor to, and generally engage in any kind of business with, the Parent, the
Borrower, any other Loan Party or any other affiliate thereof as if it were any
other bank and without any duty to account therefor to the other Lenders.  Further, the Agent and any affiliate may
accept fees and other consideration from the Loan Parties for services in
connection with this Agreement and otherwise without having to account for the
same to the other Lenders.  The Lenders
acknowledge that, pursuant to such activities, Wachovia or its affiliates may
receive information regarding the Parent, the Borrower, other Loan Parties,
other Subsidiaries and other Affiliates (including information that may be
subject to confidentiality obligations in favor of such Person) and acknowledge
that the Agent shall be under no obligation to provide such information to
them.

Section
11.5.  Approvals of Lenders.

All
communications from the Agent to any Lender requesting such Lender’s determination,
consent, approval or disapproval (a) shall be given in the form of a
written notice to such Lender, (b) shall be accompanied by a description
of the matter or issue as to which such determination, approval, consent or
disapproval is requested, or shall advise such Lender where information, if
any, regarding such matter or issue may be inspected, or shall otherwise
describe the matter or issue to be resolved, (c) shall include, if
reasonably requested by such Lender and to the extent not previously provided
to such Lender, written materials and a summary of all oral information
provided to the Agent by the Parent or the Borrower in respect of the matter or
issue to be resolved, and (d) shall include the Agent’s recommended course
of action or determination in respect thereof. 
Each Lender shall reply promptly, but in any event within 10 Business
Days (or such lesser or greater period as may be specifically required under
the Loan Documents) of receipt of such communication.  Except as otherwise provided in this
Agreement, unless a Lender shall give written notice to the Agent that it
specifically objects to the recommendation or determination of the Agent
(together with a written explanation of the reasons behind such objection)
within the applicable time period for reply, such Lender shall be deemed to
have conclusively approved of or consented to such recommendation or
determination.

Section 11.6.  Lender Credit Decision, Etc.

Each
Lender expressly acknowledges and agrees that neither the Agent nor any of its
officers, directors, employees, agents, counsel, attorneys-in-fact
or other affiliates has made any representations or warranties as to the
financial condition, operations, creditworthiness, solvency or other
information concerning the business or affairs of the Parent, the Borrower, any
other Loan Party, any Subsidiary or any other Person to such Lender and that no
act by the Agent hereafter taken, including any review of the affairs of the
Parent, the Borrower, any other Loan Party or any other Subsidiary, shall be
deemed to constitute any such representation or warranty 

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by the Agent to
any Lender.  Each Lender acknowledges
that it has made its own credit and legal analysis and decision to enter into
this Agreement and the transactions contemplated hereby, independently and
without reliance upon the Agent, any other Lender or counsel to the Agent, or
any of their respective officers, directors, employees and agents, and based on
the financial statements of the Parent, the Borrower, the Subsidiaries or any
other Affiliate thereof, and inquiries of such Persons, its independent due
diligence of the business and affairs of the Parent, the Borrower, the other
Loan Parties, the Subsidiaries and other Persons, its review of the Loan
Documents, the legal opinions required to be delivered to it hereunder, the
advice of its own counsel and such other documents and information as it has
deemed appropriate.  Each Lender also
acknowledges that it will, independently and without reliance upon the Agent,
any other Lender or counsel to the Agent or any of their respective officers,
directors, employees and agents, and based on such review, advice, documents
and information as it shall deem appropriate at the time, continue to make its
own decisions in taking or not taking action under the Loan Documents.  Except for notices, reports and other
documents and information expressly required to be furnished to the Lenders by
the Agent under this Agreement or any of the other Loan Documents, the Agent
shall have no duty or responsibility to provide any Lender with any credit or
other information concerning the business, operations, property, financial and
other condition or creditworthiness of the Parent, the Borrower, any other Loan
Party or any other Affiliate thereof which may come into possession of the
Agent, or any of its officers, directors, employees, agents, attorneys-in-fact
or other affiliates.  Each Lender
acknowledges that the Agent’s legal counsel in connection with the transactions
contemplated by this Agreement is only acting as counsel to the Agent and is
not acting as counsel to such Lender.

Section 11.7.  Indemnification of Agent.

Each
Lender agrees to indemnify the Agent (to the extent not reimbursed by the
Borrower and without limiting the obligation of the Borrower to do so) pro rata
in accordance with such Lender’s respective Commitment Percentage, from and
against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, reasonable out-of-pocket costs and expenses, or disbursements
of any kind or nature whatsoever which may at any time be imposed on, incurred
by, or asserted against the Agent (in its capacity as Agent but not as a
Lender) in any way relating to or arising out of the Loan Documents, any
transaction contemplated hereby or thereby or any action taken or omitted by
the Agent under the Loan Documents (collectively, “Indemnifiable Amounts”);
provided, however, that no Lender shall be liable for any portion of such
Indemnifiable Amounts to the extent resulting from the Agent’s gross negligence
or willful misconduct as determined by a court of competent jurisdiction in a
final, non-appealable judgment or if the Agent fails to follow the written
direction of the Requisite Lenders (or all of the Lenders if expressly required
hereunder) unless such failure results from the Agent following the advice of
counsel to the Agent of which advice the Lenders have received notice.  Without limiting the generality of the
foregoing but subject to the preceding proviso, each Lender agrees to reimburse
the Agent (to the extent not reimbursed by the Borrower and without limiting
the obligation of the Borrower to do so), promptly upon demand for its ratable
share of any out-of-pocket expenses (including reasonable counsel
fees of the counsel(s) of the Agent’s own choosing) incurred by the Agent in
connection with the preparation, negotiation, execution, or enforcement of, or
legal advice with respect to the rights or responsibilities of the parties
under, the Loan Documents, any suit or action brought by the Agent to enforce
the terms of the Loan Documents and/or collect any Obligations, any “lender 

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liability” suit or
claim brought against the Agent and/or the Lenders, and any claim or suit
brought against the Agent, and/or the Lenders arising under any Environmental
Laws.  Such out-of-pocket
expenses (including reasonable counsel fees) shall be advanced by the Lenders
on the request of the Agent notwithstanding any claim or assertion that the
Agent is not entitled to indemnification hereunder upon receipt of an
undertaking by the Agent that the Agent will reimburse the Lenders if it is
actually and finally determined by a court of competent jurisdiction that the
Agent is not so entitled to indemnification. 
The agreements in this Section shall survive the payment of the Loans
and all other amounts payable hereunder or under the other Loan Documents and
the termination of this Agreement.  If
the Borrower shall reimburse the Agent for any Indemnifiable Amount following
payment by any Lender to the Agent in respect of such Indemnifiable Amount
pursuant to this Section, the Agent shall share such reimbursement on a ratable
basis with each Lender making any such payment.

Section 11.8.  Successor Agent.

The
Agent may resign at any time as Agent under the Loan Documents by giving
written notice thereof to the Lenders and the Borrower.  The Agent may be removed as Agent under the
Loan Documents for good cause by the Requisite Lenders (determined exclusive of
the Lender then acting as Agent) upon 30-days’ prior written notice to
the Agent.  Upon any such resignation or
removal, the Requisite Lenders (other than the Lender then acting as Agent, in
the case of the removal of the Agent under the immediately preceding sentence)
shall have the right to appoint a successor Agent which appointment shall,
provided no Default or Event of Default exists, be subject to the Borrower’s
approval, which approval shall not be unreasonably withheld or delayed (except
that the Borrower shall, in all events, be deemed to have approved each Lender
and its affiliates as a successor Agent). 
If no successor Agent shall have been so appointed in accordance with
the immediately preceding sentence, and shall have accepted such appointment,
within 30 days after the resigning Agent’s giving of notice of resignation or
the Lenders’ removal of the resigning Agent, then the resigning or removed
Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be
a Lender, if any Lender shall be willing to serve, and otherwise shall be a
commercial bank having total combined assets of at least $50,000,000,000.  Upon the acceptance of any appointment as
Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the
retiring or removed Agent, and the retiring or removed Agent shall be
discharged from its duties and obligations under the Loan Documents.  Such successor Agent shall issue letters of
credit in substitution for the Letters of Credit, if any, outstanding at the
time of such succession or shall make other arrangements satisfactory to the
current Agent, in either case, to assume effectively the obligations of the
current Agent with respect to such Letters of Credit.  After any Agent’s resignation or removal
hereunder as Agent, the provisions of this Article XI. shall continue to
inure to its benefit as to any actions taken or omitted to be taken by it while
it was Agent under the Loan Documents.

Section
11.9.  Titled Agents.

Each of the Titled
Agents in each such respective capacity, assumes no responsibility or
obligation hereunder, including, without limitation, for servicing, enforcement
or collection of any of the Loans, or for any duties as an agent hereunder for
the Lenders.  The titles of “Co-Lead
Arranger” “Book Manager”, “Syndication Agent” and “Co-Documentation Agent” are
solely 

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honorific and imply no
fiduciary responsibility on the part of the Titled Agents to the Agent, the
Borrower or any Lender and the use of such titles does not impose on the Titled
Agents any duties or obligations greater than those of any other Lender or
entitle the Titled Agents to any rights other than those to which any other
Lender is entitled.

Article XII. Miscellaneous

Section 12.1.  Notices.

Unless
otherwise provided herein, communications provided for hereunder shall be in
writing and shall be mailed, telecopied or delivered as follows:

If to the
Borrower:

SL Green Operating Partnership, L.P.

420 Lexington Avenue

New York, New York  10170

Attn:  Chief Financial Officer

Telephone:            (212) 594-2700

Telecopy:              (212) 216-1785

with copies to:

SL Green Operating Partnership, L.P.

420 Lexington Avenue

New York, New York  10170

Attn:  General Counsel

Telephone:            (212) 594-2700

Telecopy:              (212) 216-1785

and to

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10019

Attn: Larry Medvinsky, Esq.

Telephone:            (212) 878-8149

Telecopy:              (212) 878-8375

and to

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Greenberg Traurig, L.L.P.

200 Park Avenue

New York, New York 10166

Attn:  Robert J.
Ivanhoe, Esq.

Telephone:            (212) 801-9333

Telecopy:              (212) 801-6400

If to the Agent:

Wachovia Bank,
National Association

301 S. College Street, NC0172

Charlotte, North Carolina 28288

Attn:  Rex E. Rudy

Telephone:            (704) 383-6506

Telecopy:              (704) 383-6205

If to a Lender:

To such Lender’s address or telecopy number, as
applicable, set forth in its Administrative Details Form;

or, as to each
party at such other address as shall be designated by such party in a written
notice to the other parties delivered in compliance with this Section.  All such notices and other communications
shall be effective (i) if mailed, when received; (ii) if telecopied,
when transmitted; or (iii) if hand delivered or sent by overnight courier,
when delivered.  Notwithstanding the immediately
preceding sentence, all notices or communications to the Agent or any Lender
under Article II. shall be effective only when actually received.  Neither the Agent nor any Lender shall incur
any liability to the Borrower (nor shall the Agent incur any liability to the
Lenders) for acting upon any telephonic notice referred to in this Agreement
which the Agent or such Lender, as the case may be, believes in good faith to
have been given by a Person authorized to deliver such notice or for otherwise acting
in good faith hereunder. Failure of a Person designated to get a copy of a
notice to receive such copy shall not affect the validity of notice properly
given to any other Person.

Section 12.2.  Expenses.

The
Borrower agrees (a) to pay or reimburse the Agent and each of the Co-Lead
Arrangers for all of their reasonable out-of-pocket costs and expenses incurred
in connection with the preparation, negotiation and execution of, and any
amendment, supplement or modification to, any of the Loan Documents (including
due diligence expenses and travel expenses relating to closing), and the
consummation of the transactions contemplated thereby, including the reasonable
fees and disbursements of counsel to the Agent and each of the Co-Lead
Arrangers and costs and expenses in connection with the use of IntraLinks,
Inc., SyndTrak or other similar information transmission systems in connection
with the Loan Documents, (b) to pay or reimburse the Agent and the Lenders
for all their reasonable costs and expenses incurred in connection with the
enforcement or preservation of any rights under the Loan Documents, 

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including the
reasonable fees and disbursements of their respective counsel (including the
allocated fees and expenses of in-house counsel) and any payments in
indemnification or otherwise payable by the Lenders to the Agent pursuant to
the Loan Documents, (c) to pay, and indemnify and hold harmless the Agent
and the Lenders from, any and all recording and filing fees and any and all
liabilities with respect to, or resulting from any failure to pay or delay in
paying, documentary, stamp, excise and other similar taxes, if any, which may
be payable or determined to be payable in connection with the execution and
delivery of any of the Loan Documents, or consummation of any amendment,
supplement or modification of, or any waiver or consent under or in respect of,
any Loan Document and (d) to the extent not already covered by any of the
preceding subsections, to pay or reimburse the Agent and the Lenders for all
their costs and expenses incurred in connection with any bankruptcy or other
proceeding of the type described in Section 10.1.(f) or 10.1.(g),
including the reasonable fees and disbursements of counsel to the Agent and any
Lender, whether such fees and expenses are incurred prior to, during or after
the commencement of such proceeding or the confirmation or conclusion of any
such proceeding.  If the Borrower shall
fail to pay any amounts required to be paid by it pursuant to this Section, the
Agent and/or the Lenders may pay such amounts on behalf of the Borrower and
either deem the same to be Loans outstanding hereunder or otherwise Obligations
owing hereunder.

Section 12.3.  Setoff.

Subject
to Section 3.3. and in addition to any rights now or hereafter granted
under Applicable Law and not by way of limitation of any such rights, the
Borrower hereby authorizes the Agent, each Lender and each of their respective
affiliates, at any time while an Event of Default exists, without prior notice
to the Borrower or to any other Person, any such notice being hereby expressly
waived, but in the case of a Lender or an affiliate of a Lender subject to
receipt of the prior written consent of the Agent exercised in its sole
discretion, which consent shall not be unreasonably withheld or delayed, to set
off and to appropriate and to apply any and all deposits (general or special,
including, but not limited to, indebtedness evidenced by certificates of
deposit, whether matured or unmatured) and any other indebtedness at any time
held or owing by the Agent, such Lender or any affiliate of the Agent or such
Lender, to or for the credit or the account of the Borrower against and on
account of any of the Obligations, irrespective of whether or not any or all of
the Loans and all other Obligations have been declared to be, or have otherwise
become, due and payable as permitted by Section 10.2., and although such
obligations shall be contingent or unmatured.

Section 12.4.  Litigation; Jurisdiction; Other Matters;
Waivers.

(a)           EACH PARTY HERETO ACKNOWLEDGES THAT
ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE PARENT, THE BORROWER, THE AGENT
OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND
FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES.  ACCORDINGLY, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH OF THE LENDERS, THE AGENT, THE PARENT AND THE BORROWER
HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY
KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY
OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS 

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AGREEMENT, THE
NOTES, OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF
ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE PARENT, THE BORROWER, THE
AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN
DOCUMENTS.

(b)           EACH OF THE PARENT, THE BORROWER, THE
AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE
SOUTHERN DISTRICT OF NEW YORK AND ANY STATE COURT LOCATED IN THE BOROUGH OF
MANHATTAN, NEW YORK, NEW YORK, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE
ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE PARENT, THE BORROWER, THE AGENT OR
ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE
LOANS AND LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY
MATTER ARISING HEREFROM OR THEREFROM. 
THE PARENT, THE BORROWER AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND
CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED
IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES.  EACH PARTY FURTHER WAIVES ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT
FORUM, AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME.  THE CHOICE OF FORUM SET FORTH IN THIS SECTION
SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE AGENT OR ANY
LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED
IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

(c)           THE PROVISIONS OF THIS SECTION HAVE
BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL
UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT
OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN
DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE
TERMINATION OF THIS AGREEMENT.

Section 12.5.  Successors and Assigns.

(a)           Successors and Assigns Generally.  The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that the Borrower
may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Agent and each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of the
immediately following subsection (b), (ii) by way of participation in
accordance with the provisions of the immediately following subsection (d)
or (iii) by way of pledge or assignment of a security interest subject to
the restrictions of the immediately following subsection (f) (and any
other attempted assignment or transfer by any party hereto shall be null and
void).  Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their 

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respective successors and assigns permitted hereby,
Participants to the extent provided in the immediately following
subsection (d) and, to the extent expressly contemplated hereby, the affiliates and the partners, directors, officers, employees, agents and
advisors of the Agent and the Lenders and of their respective
affiliates) any legal or equitable right, remedy or claim under or by reason of
this Agreement.

(b)           Assignments by Lenders.  Any Lender
may at any time assign to one or more Eligible Assignees (an “Assignee”) all or
a portion of its rights and obligations under this Agreement (including all or
a portion of its Commitment and the Loans at the time owing to it); provided
that any such assignment shall be subject to the following conditions:

(i)            Minimum Amounts.

(A)          in the case of an assignment of the
entire remaining amount of the assigning Lender’s Commitment and the Loans at
the time owing to it or in the case of an assignment to a Lender, an affiliate
of a Lender or an Approved Fund, no minimum amount need be assigned; and

(B)           in any case not described in the
immediately preceding subsection (A), the aggregate amount of the
Commitment (which for this purpose includes Loans outstanding thereunder) or,
if the applicable Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment
shall not be less than $10,000,000, unless each of the Agent and, so long as no
Default or Event of Default shall exist, the Borrower otherwise consents (each
such consent not to be unreasonably withheld or delayed).

(ii)           Proportionate Amounts.  Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Agreement with respect to the Loan or the Commitment
assigned, except that this clause (ii) shall not apply to rights in
respect of a Bid Rate Loan.

(iii)          Required Consents.  No consent shall be required for any
assignment except to the extent required by clause (i)(B) of this
subsection (b) and, in addition:

(A)          the consent of the Borrower (such
consent not to be unreasonably withheld or delayed) shall be required unless
(x) a Default or Event of Default shall exist at the time of such
assignment or (y) such assignment is to a Lender, an affiliate of a Lender
or an Approved Fund; and

(B)           the consent of the Agent (such
consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of a Commitment if such assignment is to a Person that
is not already a Lender with a Commitment.

 

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(iv)          Assignment and Acceptance.  The parties to each assignment shall execute
and deliver to the Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500 for each assignment, and the assignee,
if it is not a Lender, shall deliver to the Agent an Administrative Details
Form.

(v)           No Assignment to Borrower.  No such assignment shall be made to the
Borrower or any of the Borrower’s Affiliates or Subsidiaries.

(vi)          No Assignment to Natural Persons.  No such assignment shall be made to a natural
person.

Subject to acceptance and recording thereof by the
Agent pursuant to the immediately following subsection (c), from and after
the effective date specified in each Assignment and Acceptance made in
accordance with this Section, the assignee thereunder shall be a party to this
Agreement and, to the extent of the interest assigned by such Assignment and
Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering
all of the assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 4.4.,
12.2. and 12.9. and the other provisions of this
Agreement and the other Loan Documents as provided in Section 12.10. 
Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this paragraph shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with the immediately following
subsection (d).

(c)           Register.  The Agent, acting solely for this purpose as
an agent of the Borrower, shall maintain at the Principal Office a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of
the names and addresses of the Lenders, and the Commitments of, and principal
amounts of the Loans owing to, each Lender pursuant to the terms hereof from
time to time (the “Register”).  The
entries in the Register shall be conclusive absent manifest error, and the
Borrower, the Agent and the Lenders may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for
inspection by the Borrower and any Lender, at any reasonable time and from time
to time upon reasonable prior notice.

(d)           Participations.  Any Lender may at any time, without the
consent of, or notice to, the Borrower or the Agent, sell participations to any
Person (other than a natural person or the Borrower or any of the Borrower’s
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a
portion of its Commitment and/or the Loans owing to it); provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the
Agent and the Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this
Agreement.  Any agreement

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or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of
any  provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will
not, without the consent of the Participant, agree to any amendment,
modification or waiver of any provision of any Loan Document described in the
second sentence of Section 12.6. that adversely affects such Participant.  Subject to the immediately following
subsection (e), the Borrower agrees that each Participant shall be
entitled to the benefits of Sections 3.12., 4.1., 4.4.  to
the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section.  Upon request from the Agent (or from the
Borrower through the Agent), a Lender shall notify the Agent and the Borrower
of the sale of any participation hereunder.

(e)           Limitations upon Participant Rights.  A Participant shall not be entitled to
receive any greater payment under Sections 3.12., 4.1. and 4.4.  than the applicable Lender would have been entitled to receive with respect
to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written
consent.  A Participant that would be a
Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 3.12. unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower and the Agent, to comply with Section 3.12. (c) as though it were a Lender.

(f)            Certain
Pledges.  Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under
this Agreement to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank; provided that no
such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto.

(g)           No Registration.  Each Lender agrees that, without the prior
written consent of the Borrower and the Agent, it will not make any assignment
hereunder in any manner or under any circumstances that would require
registration or qualification of, or filings in respect of, any Loan or Note
under the Securities Act or any other securities laws of the United States of
America or of any other jurisdiction.

(h)           Designated Lenders.  Any Lender (each, a “Designating Lender”) may
at any time while the Borrower has been assigned an Investment Grade Rating
from either S&P or Moody’s designate one Designated Lender to fund Bid Rate
Loans on behalf of such Designating Lender subject to the terms of this
subsection, and the provisions in the immediately preceding
subsections (b) and (d) shall not apply to such designation.  No Lender may designate more than one
Designated Lender.  The parties to each
such designation shall execute and deliver to the Agent for its acceptance a
Designation Agreement.  Upon such receipt
of an appropriately completed Designation Agreement executed by a Designating
Lender and a designee representing that it is a Designated Lender, the Agent
will accept such Designation Agreement and give prompt notice thereof to the
Borrower, whereupon (i) the Borrower shall execute and deliver to the
Designating Lender a Designated Lender Note payable to the order of the
Designated Lender, (ii) from and after the effective date specified in the
Designation Agreement, the Designated Lender shall become a party to this
Agreement with a right to make Bid Rate

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Loans on behalf of
its Designating Lender pursuant to Section 2.2. after the Borrower has accepted a Bid Rate Loan (or portion
thereof) of the Designating Lender, and (iii) the Designated Lender shall not
be required to make payments with respect to any obligations in this Agreement
except to the extent of excess cash flow of such Designated Lender which is not
otherwise required to repay obligations of such Designated Lender which are
then due and payable; provided, however, that regardless of such designation
and assumption by the Designated Lender, the Designating Lender shall be and
remain obligated to the Borrower, the Agent and the Lenders for each and every
of the obligations of the Designating Lender and its related Designated Lender
with respect to this Agreement, including, without limitation, any
indemnification obligations under Section 11.7. and any sums otherwise payable to the Borrower by the Designated
Lender.  Each Designating Lender shall
serve as the administrative agent of the Designated Lender and shall on behalf
of, and to the exclusion of, the Designated Lender: (i) receive any and all
payments made for the benefit of the Designated Lender and (ii) give and
receive all communications and notices and take all actions hereunder,
including, without limitation, votes, approvals, waivers, consents and
amendments under or relating to this Agreement and the other Loan Documents.  Any such notice, communication, vote,
approval, waiver, consent or amendment shall be signed by the Designating
Lender as administrative agent for the Designated Lender and shall not be
signed by the Designated Lender on its own behalf and shall be binding on the
Designated Lender to the same extent as if signed by the Designated Lender on
its own behalf.  The Borrower, the Agent
and the Lenders may rely thereon without any requirement that the Designated
Lender sign or acknowledge the same.  No
Designated Lender may assign or transfer all or any portion of its interest
hereunder or under any other Loan Document, other than assignments to the
Designating Lender which originally designated such Designated Lender.  The Borrower, the Lenders and the Agent each
hereby agrees that it will not institute against any Designated Lender or join
any other Person in instituting against any Designated Lender any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding under any
federal or state bankruptcy or similar law, until the later to occur of
(x) one year and one day after the payment in full of the latest maturing
commercial paper note issued by such Designated Lender and (y) the
Termination Date.

Section 12.6.  Amendments.

(a)           Except as otherwise expressly provided
in this Agreement, any consent or approval required or permitted by this
Agreement or any other Loan Document to be given by the Lenders may be given,
and any term of this Agreement or of any other Loan Document may be amended,
and the performance or observance by the Borrower or any other Loan Party of
any terms of this Agreement or such other Loan Document or the continuance of
any Default or Event of Default may be waived (either generally or in a
particular instance and either retroactively or prospectively) with, but only
with, the written consent of the Requisite Lenders (and, in the case of an
amendment to any Loan Document, the written consent of each Loan Party a party
thereto).

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(b)                                Notwithstanding
the foregoing, without the prior written consent of each Lender adversely
affected thereby, no amendment, waiver or consent shall do any of the
following:

(i)            increase the Commitments of the
Lenders (except for any increase in the Commitments effectuated pursuant to
Section 2.16.)  or subject the Lenders
to any additional obligations;

(ii)           reduce the principal of, or interest
rates that have accrued or that will be charged on the outstanding principal
amount of, any Loans or other Obligations;

(iii)          reduce the amount of any Fees payable
hereunder or postpone any date fixed for payment thereof;

(iv)          modify the definition of the term “Termination
Date” (except as contemplated under Section 2.13.) or otherwise postpone any
date fixed for any payment of any principal of, or interest on, any Loans or
any other Obligations (including the waiver of any Default or Event of Default
as a result of the nonpayment of any such Obligations as and when due), or
extend the expiration date of any Letter of Credit beyond the Termination Date;

(v)           amend or otherwise modify the
provisions of Section 3.2.;

(vi)          modify the definition of the term “Requisite
Lenders” or otherwise modify in any other manner the number or percentage of
the Lenders required to make any determinations or waive any rights hereunder
or to modify any provision hereof, including without limitation, any
modification of this Section 12.6. if such modification would have such effect;

(vii)         release any Guarantor from its
obligations under the Guaranty (except as otherwise permitted under
Section 7.12.(b)) or release the Borrower from its obligations under this
Agreement and the other Loan Documents;

(viii)        amend or otherwise modify the provisions
of Section 2.15.(a); or

(ix)           increase the number of Interest
Periods permitted with respect to Loans under Section 2.6.

(c)           No amendment, waiver or consent,
unless in writing and signed by the Agent, in such capacity, in addition to the
Lenders required hereinabove to take such action, shall affect the rights or
duties of the Agent under this Agreement or any of the other Loan
Documents.  Any amendment, waiver or
consent relating to Section 2.3. or the obligations of the Swingline
Lender under this Agreement or any other Loan Document shall, in addition to
the Lenders required hereinabove to take such action, require the written
consent of the Swingline Lender.

(d)           No waiver shall extend to or affect
any obligation not expressly waived or impair any right consequent thereon and
any amendment, waiver or consent shall be effective only in the specific
instance and for the specific purpose set forth therein.  Except as otherwise provided in
Section 11.5., no course of dealing or delay or omission on the part of
the Agent or any Lender in exercising any right shall operate as a waiver
thereof or otherwise be prejudicial thereto. 
Any

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Event of Default occurring hereunder shall continue to exist until such
time as such Event of Default is waived in writing in accordance with the terms
of this Section, notwithstanding any attempted cure or other action by any Loan
Party or any other Person subsequent to the occurrence of such Event of
Default.  Except as otherwise
explicitly provided for herein or in any other Loan Document, no notice to or
demand upon any Loan Party shall entitle such Loan Party to any other or
further notice or demand in similar or other circumstances.

Section 12.7.  Nonliability of Agent and Lenders.

The
relationship between the Borrower and the Lenders and the Agent shall be solely
that of borrower and lender.  Neither the
Agent nor any Lender shall have any fiduciary responsibilities to the Borrower
or the Parent and no provision in this Agreement or in any of the other Loan
Documents, and no course of dealing between or among any of the parties hereto,
shall be deemed to create any fiduciary duty owing by the Agent or any Lender
to any Lender, the Borrower, any Subsidiary or any other Loan Party.  Neither the Agent nor any Lender undertakes
any responsibility to the Borrower or the Parent to review or inform the Borrower
or the Parent of any matter in connection with any phase of the business or
operations of the Borrower or the Parent.

Section 12.8.  Confidentiality.

The Agent and each
Lender shall use reasonable efforts to assure that information about the
Parent, the Borrower, the other Loan Parties and other Subsidiaries, and the
Properties thereof and their operations, affairs and financial condition, not
generally disclosed to the public, which is furnished to the Agent or any
Lender pursuant to the provisions of this Agreement or any other Loan Document,
is used only for the purposes of this Agreement and the other Loan Documents
and shall not be divulged to any Person other than the Agent, the Lenders, and
their respective agents who are actively and directly participating in the
evaluation, administration or enforcement of the Loan Documents and other
transactions between the Agent or such Lender, as applicable, and the Borrower,
but in any event the Agent and the Lenders may make disclosure: (a) to any
of their respective affiliates (provided they shall agree to keep such
information confidential in accordance with the terms of this Section 12.8.);
(b) as reasonably requested by any potential or actual Assignee,
Participant or other transferee in connection with the contemplated transfer of
any Commitment or participations therein as permitted hereunder (provided they
shall agree to keep such information confidential in accordance with the terms
of this Section); (c) as required or requested by any Governmental
Authority or representative thereof or pursuant to legal process or in
connection with any legal proceedings or as otherwise required by Applicable
Law or as required or requested by any nationally recognized rating agency or
regulatory or similar authority including any self-regulatory authority (such
as the National Association of Insurance Commissioners) having or purporting to
have jurisdiction over the Agent or the Lenders; (d) to the Agent’s or
such Lender’s independent auditors and other professional advisors (provided
they shall be notified of the confidential nature of the information);
(e) after the happening and during the continuance of an Event of Default,
to any other Person, in connection with the exercise by the Agent or the
Lenders of rights hereunder or under any of the other Loan Documents; (f) upon
Borrower’s prior consent (which consent shall not be unreasonably withheld), to
any contractual counter-parties to any swap or similar hedging agreement or to
any rating agency; and (g) to the extent such information (x) becomes
publicly

 105
 

 

available other than as a
result of a breach of this Section actually known to such Lender to be such a
breach or (y) becomes available to the Agent or any Lender on a
nonconfidential basis from a source other than the Borrower or any Affiliate.  Notwithstanding the foregoing, the Agent and
each Lender may disclose any such confidential information, without notice to
the Borrower or any other Loan Party, to Governmental Authorities in connection
with any regulatory examination of the Agent or such Lender or in accordance
with the regulatory compliance policy of the Agent or such Lender.

Section 12.9.  Indemnification.

(a)           The Borrower shall and hereby agrees
to indemnify, defend and hold harmless the Agent, each of the Lenders, any
affiliate of the Agent or any Lender, and their respective directors, officers,
shareholders, agents, employees and counsel (each referred to herein as an “Indemnified
Party”) from and against any and all of the following (collectively, the “Indemnified
Costs”):  losses, costs, claims, damages,
liabilities, deficiencies, judgments or reasonable expenses of every kind and
nature (including, without limitation, amounts paid in settlement, court costs
and the reasonable fees and disbursements of counsel incurred in connection with
any litigation, investigation, claim or proceeding or any advice rendered in
connection therewith, but excluding losses, costs, claims, damages,
liabilities, deficiencies, judgments or expenses indemnification in respect of
which is specifically covered by Section 3.12., 4.1. or 4.4. or expressly
excluded from the coverage of such Section 3.12., 4.1. or 4.4.) incurred
by an Indemnified Party in connection with, arising out of, or by reason of,
any suit, cause of action, claim, arbitration, investigation or settlement,
consent decree or other proceeding (the foregoing referred to herein as an “Indemnity
Proceeding”) which is in any way related directly or indirectly to:
(i) this Agreement or any other Loan Document or the transactions
contemplated thereby; (ii) the making of any Loans or issuance of Letters
of Credit hereunder; (iii) any actual or proposed use by the Borrower of
the proceeds of the Loans or Letters of Credit; (iv) the Agent’s or any
Lender’s entering into this Agreement; (v) the fact that the Agent and the
Lenders have established the credit facility evidenced hereby in favor of the
Borrower; (vi) the fact that the Agent and the Lenders are creditors of
the Borrower and have or are alleged to have information regarding the
financial condition, strategic plans or business operations of the Parent, the
Borrower and the Subsidiaries; (vii) the fact that the Agent and the
Lenders are material creditors of the Borrower and are alleged to influence
directly or indirectly the business decisions or affairs of the Parent, the
Borrower and the Subsidiaries or their financial condition; (viii) the
exercise of any right or remedy the Agent or the Lenders may have under this
Agreement or the other Loan Documents; (ix) any civil penalty or fine assessed
by the OFAC against, and all reasonable costs and expenses (including counsel
fees and disbursements) incurred in connection with defense thereof by, the
Agent or any Lender as a result of conduct of the Borrower, any other Loan
Party or any Subsidiary that violates a sanction enforced by the OFAC; or
(x) any violation or non-compliance by the Parent, the Borrower or
any Subsidiary of any Applicable Law (including any Environmental Law)
including, but not limited to, any Indemnity Proceeding commenced by
(A) the Internal Revenue Service or state taxing authority or (B) any
Governmental Authority or other Person under any Environmental Law, including
any Indemnity Proceeding commenced by a Governmental Authority or other Person
seeking remedial or other action to cause the Borrower or its Subsidiaries (or
its respective properties) (or the Agent and/or the Lenders as successors to
the Borrower) to be in compliance with such Environmental Laws, whether or not
such Indemnity Proceeding relates in any way to a New

 106
 

 

York Mortgage;
provided, however, that the Borrower shall not be obligated to indemnify any
Indemnified Party for (A) any acts or omissions of such Indemnified Party
in connection with matters described in this subsection to the extent arising
from the gross negligence or willful misconduct of such Indemnified Party, as
determined by a court of competent jurisdiction in a final, non-appealable
judgment or (B) Indemnified Costs to the extent arising directly out of or
resulting directly from claims of one or more Indemnified Parties against
another Indemnified Party.

(b)           The Borrower’s indemnification
obligations under this Section 12.9. shall apply to all Indemnity Proceedings
arising out of, or related to, the foregoing whether or not an Indemnified
Party is a named party in such Indemnity Proceeding.  In this regard, this indemnification shall
cover all Indemnified Costs of any Indemnified Party in connection with any
deposition of any Indemnified Party or compliance with any subpoena (including
any subpoena requesting the production of documents).  This indemnification shall, among other
things, apply to any Indemnity Proceeding commenced by other creditors of the
Borrower or any Subsidiary, any shareholder of the Borrower or any Subsidiary
(whether such shareholder(s) are prosecuting such Indemnity Proceeding in their
individual capacity or derivatively on behalf of the Borrower), any account
debtor of the Borrower or any Subsidiary or by any Governmental Authority. If
indemnification is to be sought hereunder by an Indemnified Party, then such
Indemnified Party shall notify the Borrower of the commencement of any
Indemnity Proceeding; provided, however, that the failure to so notify the
Borrower shall not relieve the Borrower from any liability that it may have to
such Indemnified Party pursuant to this Section 12.9.

(c)           This indemnification shall apply to
any Indemnity Proceeding arising during the pendency of any bankruptcy
proceeding filed by or against the Borrower and/or any Subsidiary.

(d)           An Indemnified Party may conduct its
own investigation and defense of, and may formulate its own strategy with
respect to, any Indemnity Proceeding covered by this Section and, as provided
above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed
by the Borrower.  No action taken by
legal counsel chosen by an Indemnified Party in investigating or defending
against any such Indemnity Proceeding shall vitiate or in any way impair the
obligations and duties of the Borrower hereunder to indemnify and hold harmless
each such Indemnified Party; provided, however, that if (i) the Borrower
is required to indemnify an Indemnified Party pursuant hereto and (ii) the
Borrower has provided evidence reasonably satisfactory to such Indemnified
Party that the Borrower has the financial wherewithal to reimburse such
Indemnified Party for any amount paid by such Indemnified Party with respect to
such Indemnity Proceeding, such Indemnified Party shall not settle or
compromise any such Indemnity Proceeding without the prior written consent of
the Borrower (which consent shall not be unreasonably withheld or delayed).
Notwithstanding the foregoing, an Indemnified Party may settle or compromise
any such Indemnity Proceeding without the prior written consent of the Borrower
where (x) no monetary relief is sought against such Indemnified Party in
such Indemnity Proceeding or (y) there is an allegation of a violation of
law by such Indemnified Party.

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(e)           If and to the extent that the
obligations of the Borrower under this Section are unenforceable for any
reason, the Borrower hereby agrees to make the maximum contribution to the
payment and satisfaction of such obligations which is permissible under
Applicable Law.

(f)            The Borrower’s obligations under
this Section shall survive any termination of this Agreement and the other Loan
Documents and the payment in full in cash of the Obligations, and are in
addition to, and not in substitution of, any other of their obligations set
forth in this Agreement or any other Loan Document to which it is a party.

Section 12.10.  Termination; Survival.

At
such time as (a) all of the Commitments have been terminated, (b) all
Letters of Credit have terminated or expired (other than Letters of Credit the
expiration dates of which extend beyond the Termination Date as permitted under
Section 2.4.(b) and in
respect of which the Borrower has satisfied the requirements of such Section),
(c) none of the Lenders nor the Swingline Lender is obligated any longer
under this Agreement to make any Loans and (d) all Obligations (other than
obligations which survive as provided in the following sentence) have been paid
and satisfied in full, this Agreement shall terminate.  The indemnities to which the Agent, the
Lenders and the Swingline Lender are entitled under the provisions of
Sections 3.12., 4.1., 4.4., 11.7., 12.2. and 12.9. and any other provision
of this Agreement and the other Loan Documents, and the provisions of
Section 12.4., shall continue in full force and effect and shall protect the
Agent, the Lenders and the Swingline Lender (i) notwithstanding any
termination of this Agreement, or of the other Loan Documents, against events
arising after such termination as well as before and (ii) at all times
after any such party ceases to be a party to this Agreement with respect to all
matters and events existing on or prior to the date such party ceased to be a
party to this Agreement.

Section 12.11.  Severability of Provisions.

Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective only to the extent of such
prohibition or unenforceability without invalidating the remainder of such
provision or the remaining provisions or affecting the validity or
enforceability of such provision in any other jurisdiction.

Section 12.12.  GOVERNING LAW.

THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH STATE.

Section 12.13.  Patriot Act.

The
Lenders and the Agent each hereby notifies the Borrower that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)), it is required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address
of the Borrower and other information that will allow such Lender or the Agent,
as applicable, to identify the Borrower in accordance with such Act.

 108
 

 

Section 12.14.  Counterparts.

This
Agreement and any amendments, waivers, consents or supplements may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all of which counterparts together shall constitute but one and
the same instrument.

Section 12.15.  Obligations with Respect to Loan Parties.

The
obligations of the Parent and the Borrower to direct or prohibit the taking of
certain actions by the other Loan Parties as specified herein shall be absolute
and not subject to any defense the Parent or the Borrower may have that the
Parent or the Borrower does not control such Loan Parties.

Section 12.16.  Limitation of Liability.

Neither
the Agent nor any Lender, nor any affiliate, officer, director, employee,
attorney, or agent of the Agent or any Lender shall have any liability with
respect to, and each of the Parent and the Borrower hereby waives, releases,
and agrees not to sue any of them upon, any claim for any special, indirect,
incidental, or consequential damages suffered or incurred by the Parent or the
Borrower in connection with, arising out of, or in any way related to, this
Agreement or any of the other Loan Documents, or any of the transactions contemplated
by this Agreement or any of the other Loan Documents.  Each of the Parent and the Borrower hereby
waives, releases, and agrees not to sue the Agent or any Lender or any of the
Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys,
or agents for punitive damages in respect of any claim in connection with,
arising out of, or in any way related to, this Agreement or any of the other
Loan Documents, or any of the transactions contemplated by this Agreement or
financed hereby.

Section 12.17.  Entire Agreement.

This
Agreement, the Notes, and the other Loan Documents referred to herein embody
the final, entire agreement among the parties hereto and supersede any and all
prior commitments, agreements, representations, and understandings, whether
written or oral, relating to the subject matter hereof and thereof and may not
be contradicted or varied by evidence of prior, contemporaneous, or subsequent
oral agreements or discussions of the parties hereto.  There are no oral agreements among the
parties hereto.

Section 12.18.  Construction.

The Parent, the
Borrower, the Agent and each Lender acknowledge that each of them has had the
benefit of legal counsel of its own choice and has been afforded an opportunity
to review this Agreement and the other Loan Documents with its legal counsel
and that this Agreement and the other Loan Documents shall be construed as if
jointly drafted by the Parent, the Borrower, the Agent and each Lender.

 109
 

 

Section 12.19.  New York Mortgages.

(a)           Generally.  The parties hereto acknowledge and agree that
the Agent and the Lenders are accepting and will accept the benefits of the New
York Mortgages as an accommodation to the Parent and the Borrower.

(b)           Release of New York Mortgages.
Notwithstanding any other provision of this Agreement or any other Loan
Document to the contrary, including without limitation, Section 12.6.,
(i) upon the Borrower’s written request and at the Borrower’s sole cost
and expense, the Agent shall release any or all of the New York Mortgages or
assign any or all of the New York Mortgages to any Person requested by the
Borrower (any such assignment to be without recourse or warranty whatsoever)
and (ii) the Agent may in its discretion, and shall at the direction of
the Requisite Lenders, release any or all of the New York Mortgages so long as
the Agent shall have given the Borrower written notice at least 5 days’ prior
to any such release; provided, however, the Agent shall not be required to give
any such prior notice to the Borrower if the Agent, in its sole discretion, has
determined that delay of such release would be detrimental to the Agent or the
Lenders.

(c)           Indemnity. Not in limitation
of any of the Borrower’s obligations under Section 12.2. or 12.9., the
Borrower shall and hereby agrees to indemnify, defend and hold harmless the
Agent, each Lender and each other Indemnified Party from and against any and
all losses, costs, claims, damages, liabilities, deficiencies, judgments or
expenses of every kind and nature (including, without limitation, amounts paid
in settlement, court costs and the fees and disbursements of counsel incurred
in connection with any litigation, investigation, claim or proceeding or any
advice rendered in connection therewith) incurred by an Indemnified Party in connection
with, arising out of, or by reason of, any Indemnity Proceeding which is in any
way related directly or indirectly to the failure of any Person to pay any
recording tax payable pursuant to N.Y. Tax
Law, Ch. 60, Art. 11, Sec. 253 et seq. or other Applicable Laws of the
State of New York or any political subdivision of such State.

(d)                                Assignment
of New York Mortgages.  In connection
with the Agent’s and each of the Lender’s acceptance of the benefits of a New
York Mortgage, the Borrower shall cause to be delivered to the Agent each of
the following, in form and substance satisfactory to the Agent:

(i)            an assignment of the Indebtedness
secured by such New York Mortgage executed and delivered by each holder of such
Indebtedness;

(ii)           the originals (or if not available,
copies) of each outstanding promissory note evidencing such Indebtedness, duly
endorsed to the order of the Agent);

(iii)          a copy of such New York Mortgage,
including all amendments thereto, showing all recording information thereon
certified as true, correct and complete by an authorized officer of the
Borrower;

(iv)          an assignment of such New York
Mortgage executed by each holder of such Indebtedness (or an authorized agent
acting on behalf of each such holder);

 110
 

 

(v)           a modification to such New York
Mortgage executed by the applicable Loan Parties, such modification, among
other things, to modify such New York Mortgage to provide that it secures such
principal amounts of the Obligations as corresponds to the principal amount of
Loans advanced hereunder in connection with the assignment of such New York
Mortgage to the Agent;

(vi)          a copy of any environmental assessment
report on the Property subject to such New York Mortgage available to the
Borrower, and if reasonably requested by the Agent, reliance letters from the
environmental engineering firms performing such assessments addressed to the
Agent and the Lenders; provided, however, if such a reliance letter is not
provided, the Agent and the Lenders shall have no obligation to accept an assignment
of such New York Mortgage; and

(viii)        such other documents, agreements and
instruments as the Agent on behalf of the Lenders may reasonably request.

(e)           The Borrower represents and warrants
that none of the properties encumbered by the New York Mortgages are located in
areas determined by the Federal Emergency Management Agency to have special
flood hazards.

Section 12.20.  1221 Avenue of the Americas.

1221
Avenue of the Americas shall be deemed to be an Identified Property, but only
so long as the following conditions are satisfied:

(a)           1221 Avenue of the Americas shall be
owned by Rock-Green, Inc., a New York corporation;

(b)           the Pledge Agreement shall be in full
force and effect and no “Event of Default” under, and as defined in, the Pledge
Agreement shall exist; and

(c)           except for clauses (b) and (d)(ii) of
the definition of “Eligible Property”, 1221 Avenue of the Americas is an
Eligible Property.

If any of the
foregoing conditions shall at any time cease to be satisfied, then 1221 Avenue
of the Americas shall immediately cease to be deemed an Identified Property.

Section 12.21.  No Novation; Effect of Amendment and
Restatement.

THE PARTIES HERETO HAVE
ENTERED INTO THIS AGREEMENT SOLELY TO AMEND AND RESTATE THE TERMS OF THE
EXISTING CREDIT AGREEMENT.  THE PARTIES
DO NOT INTEND THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND
THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED
TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER OR THE PARENT
UNDER OR IN CONNECTION WITH THE EXISTING CREDIT AGREEMENT OR ANY OF THE OTHER
LOAN DOCUMENTS (AS DEFINED IN THE EXISTING

 111
 

 

CREDIT AGREEMENT).  THE AMENDMENT AND RESTATEMENT OF THE EXISTING
CREDIT AGREEMENT EFFECTED BY THIS AGREEMENT SHALL BE EFFECTIVE AS OF THE
EFFECTIVE DATE AND SHALL HAVE PROSPECTIVE EFFECT ONLY.

[Signatures on
Following Pages]

 112

IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated
Credit Agreement to be executed by their authorized officers all as of the day
and year first above written.

	
  

  	
   

  	
  SL GREEN OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Gregory
  F. Hughes

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SL GREEN REALTY CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Gregory
  F. Hughes

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
												

 

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL
Green Operating Partnership, L.P.]

 

	
  

  	
   

  	
  WACHOVIA BANK,
  NATIONAL ASSOCIATION, as Agent, as a Lender and as Swingline Lender

  
	
   

  	
   

  	
   

  
	
  

  	
   

  	
  By:

  	
  /s/ Robert P.
  MacGregor

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Robert P. MacGregor

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
										

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  KEYBANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Meredith
  H. Houseworth

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Meredith H. Houseworth

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
								

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  EUROHYPO AG, NEW YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert D.
  Gominiak

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Robert D. Gominiak

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Stephen
  Cox

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Stephen Cox

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  
																

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL
Green Operating Partnership, L.P.]

	
   

  	
   

  	
  ING REAL ESTATE FINANCE (USA) LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Michael
  Shields

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Michael Shields

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
										

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Stephen
  B. Carlson

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Stephen B. Carlson

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
										

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Scott
  Detraglia

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Scott Detraglia

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
										

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  CITICORP NORTH AMERICA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Niraj R.
  Shah

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Niraj R. Shah

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
										

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ J. T.
  Johnston Coe

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  J. T. Johnston Coe

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Linda
  Wang

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Linda Wang

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  
																

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  JPMORGAN CHASE BANK, NA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Marc E.
  Costantino

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Marc E. Costantino

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Director

  	
   

  
										

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  THE BANK OF NOVA SCOTIA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ R. H.
  Boese

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  R. H. Boese

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Managing Director

  	
   

  
									

 

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[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  FORTIS CAPITAL CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Barry
  Chung

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Barry Chung

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Alan
  Krouk

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Alan Krouk

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Managing Director

  	
   

  
													

 

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Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  LANDESBANK HESSEN-THURINGEN 

  
	
   

  	
   

  	
  GIROZENTRALE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James E. Mirman

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  James E. Mirman

  	
   

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Senior Vice President, Real Estate Finance

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert W.
  Becker

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Robert W. Becker

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President, Real Estate Fianance

  	
   

  
												

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert
  Goeckel

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Robert Goeckel

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  First Vice President

  	
   

  
									

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  LEHMAN BROTHERS COMMERCIAL BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Brian
  McNany

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Brian McNany

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  	
   

  
										

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

	
  

  	
   

  	
  MERRILL LYNCH BANK USA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Louis
  Alder

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Louis Alder

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  
									

 

[Signatures Continued on
Next Page]

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  MORGAN STANLEY BANK

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DANIEL TWENGE

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Daniel Twenge

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  NATIXIS, New York Branch

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ NATALIE TROJAN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Natalie Trojan

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Director, Real Estate Finance

  	
   

  
							

 

 

	
  

  	
  By:

  	
  /s/ TIMOTHEE DELPONT

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Timothee Delpont

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Associate, Real Estate Finance

  	
   

  
						

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating Partnership,
L.P.]

 

	
  

  	
  BANK OF CHINA, NEW YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ XIAOJING LI

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Xiaojing Li

  	
   

  
	
   

  	
   

  	
  Title:

  	
  General Manager

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES T. TAYLOR

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James T. Taylor

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  CHANG HWA COMMERCIAL BANK, LTD. NEW

  YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JIM C. Y. CHEN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jim C. Y. Chen

  	
   

  
	
   

  	
   

  	
  Title:

  	
  V.P. & General Manager

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  EMIGRANT REALTY FINANCE LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ RUSSELL T. WYMAN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Russell T. Wyman

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  FIRST COMMERCIAL BANK, NEW YORK AGENCY

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRUCE M. J. JU

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Bruce M. J. Ju

  	
   

  
	
   

  	
   

  	
  Title:

  	
  SVP & General Manager

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  MEGA INTERNATIONAL COMMERCIAL BANK CO.,

  LTD. NEW YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ TSANG-PEI HSU

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Tsang-Pei Hsu

  	
   

  
	
   

  	
   

  	
  Title:

  	
  VP & DGM

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  PNC BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ BRIAN P. KELLY

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brian P. Kelly

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  Vice President

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  UNION BANK OF CALIFORNIA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JACK KISSENE

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jack Kissene

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating Partnership,
L.P.]

 

	
  

  	
  BANK OF TAIWAN, NEW YORK AGENCY

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ EUNICE SHIOU-JSU YEH

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Eunice Shiou-Jsu Yeh

  	
   

  
	
   

  	
   

  	
  Title:

  	
  SVP & General Manager

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  THE NORTHERN TRUST CO.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ROBERT W. WIARDA

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert W. Wiarda

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  Vice President

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  THE BANK OF EAST ASIA, LIMITED, LOS ANGELES

  BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ DAVID LOH

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Loh

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP-Chief Lending Officer

  	
   

  
							

 

 

	
  

  	
  By: 

  	
  /s/ VICTOR LI

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Victor Li

  	
   

  
	
   

  	
   

  	
  Title:

  	
  General Manager

  	
   

  
						

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  HUA NAN COMMERCIAL BANK, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ HENRY HSIEH

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Henry Hsieh

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  E. SUN COMMERCIAL BANK LTD., LOS ANGELES

  BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ BENJAMIN LIN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Benjamin Lin

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP & General Manager

  	
   

  
							

 

[Signatures Continued on
Next Page]

 

[Signature
Page to Amended and Restated Credit Agreement

with SL Green Operating
Partnership, L.P.]

 

	
  

  	
  TAIPEI FUBON COMMERCIAL BANK, NEW YORK

  AGENCY

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ SOPHIA JING

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Sophia Jing

  	
   

  
	
   

  	
   

  	
  Title:

  	
  FVP & General Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]