Document:

Exhibit 10.22

 

INDEMNITY AGREEMENT

 

Indemnity Agreement (“Indemnity”
or “Agreement”) dated as of August 11,
2005 among the Indemnitor (defined below), THE NEWKIRK MASTER LIMITED
PARTNERSHIP, a Delaware limited partnership (“NMLP”),
KEYBANK NATIONAL ASSOCIATION, a national banking association having an address
at 101 Federal Street, Boston, Massachusetts, and the other lending
institutions which become parties to the Loan Agreement (defined below)
(KeyBank National Association and such other lending institutions which become
parties to the Loan Agreement are collectively referred to as the “Lenders” and each individually as a “Lender”), and KEYBANK NATIONAL ASSOCIATION,
as Administrative Agent (the “Administrative
Agent”).  All capitalized
terms used in this Agreement which are not otherwise specifically defined
herein shall have the same meaning herein as in the Loan Agreement.

 

RECITALS

 

WHEREAS, reference is hereby made to the loan arrangement (the “Loan Arrangement”) entered into by and
between, among others, NMLP, the Administrative Agent and the Lenders, as
evidenced by, among other documents, instruments and agreements, that certain
Master Loan Agreement dated as of even date herewith among (i) NMLP, (ii) T-Two
Partners, L.P., a Delaware limited partnership (“T-Two”), (iii) the Administrative Agent, (iv) Bank
of America, N.A., as “Deposit Account Co-Agent”, and (v) the Lenders (as
amended, supplemented or otherwise modified from time to time, the “Loan Agreement”).

 

WHEREAS, as a condition to entering into the Loan Arrangement, the Administrative
Agent and the Lenders have required that, among other things, NMLP and the
Indemnitor execute and deliver this Agreement.

 

As used herein:

 

A.                                   The
term “Actual NMLP Loss” shall mean
the sum of all payments made by, or on behalf of, or from the assets of, NMLP,
any NMLP Subsidiary, or any NMLP Loan Party (except the Newkirk Indemnitor or
the members of the NMLP GP) to, or on behalf of, the Integrated Group on
account of the Integrated Obligations.

 

B.                                     The
“Indemnitor” shall mean, singly
and collectively, NEWKIRK NL HOLDINGS LLC, a Delaware limited liability
company, NEWKIRK MLP CORP., a Delaware corporation, VORNADO REALTY, L.P., a
Delaware limited partnership, VORNADO NEWKIRK LLC, a Delaware limited liability
company, VNK L.L.C., a Delaware limited liability company, and APOLLO REAL
ESTATE INVESTMENT FUND III, L.P., a Delaware limited partnership.

 

C.                                     The
term “Indemnified Matters” shall
mean any and all claims, rights to payment of money and other rights or causes
of action held, asserted or threatened by the Integrated Group or any other
Person against NMLP, any NMLP Subsidiary, any NMLP Loan Party (except the
Newkirk Indemnitor or the members of the NMLP GP), or any Indemnified Party
under, or arising out of, the Integrated Documents and the transactions with
the Integrated 

 

1

 

Group relative thereto, including, without
limitation, (i) the Integrated Obligations and (ii) any liens granted
to, or held by, the Integrated Group to secure the repayment of the Integrated
Obligations.

 

D.                                    The
term “Indemnified Party” shall
mean: (i) NMLP; (ii) all those claiming by, through or under NMLP; (iii) Administrative
Agent and/or each Lender; (iv) all those claiming by, through or under the
Administrative Agent or any Lender, including any subsequent holder of the NMLP
Loan and any present or future owner of a participation interest therein, but
specifically excluding any unrelated third party purchaser of any of the NMLP
Collateral; and (v) as to each of the foregoing, their respective parent
and subsidiary corporations, and, as applicable, the respective officers or
directors, of any one or more of them, and any person, firm or entity which
controls them but specifically excluding any unrelated third party purchaser of
any of the NMLP Collateral.

 

FOR VALUE RECEIVED, the Indemnitor hereby unconditionally agrees as
follows:

 

1.                                       Indemnification.  Except as provided below, at all times, both
before and after the repayment of the NMLP Loan, Indemnitor hereby agrees that
it shall at its sole cost and expense indemnify, defend, exonerate, protect and
save harmless each Indemnified Party against and from any and all damages,
losses, liabilities, obligations, penalties, claims, litigation, demands,
defenses, judgment, suits, proceedings, costs, disbursements or expenses of any
kind or nature whatsoever, including, without limitation, reasonable attorneys’
and experts’ fees and disbursements, which may at any time be imposed upon,
incurred by or asserted or awarded against such Indemnified Party and arising
from or out of or in connection with the Indemnified Matters, provided, however
that no Indemnitor shall be liable under this Indemnity for any damages,
losses, liabilities, obligations, penalties, claims, litigation, demands,
defenses, judgment, suits, proceedings, costs, disbursements or expenses
arising out of or relating to the gross negligence or willful misconduct of an
Indemnified Party.  Without limiting the
generality of the foregoing in respect of matters other than any Actual NMLP
Loss, any Actual NMLP Loss shall be deemed to be a loss, liability, and expense
incurred by NMLP and arising from or out of or in connection with the
Indemnified Matters, and therefore, subject to indemnification under this Section 1.  Any such Actual NMLP Loss shall be paid by
the Indemnitor to NMLP within fifteen (15) days of demand by NMLP or the Administrative
Agent therefor.  Notwithstanding the
terms and provisions hereof, NMLP irrevocably directs the Indemnitor to pay to the
Administrative Agent (but only to the extent of the then outstanding NMLP
Obligations) the unpaid amount of any Actual NMLP Loss (which payment shall be
applied to the NMLP Obligations in accordance with the provisions of the Loan Agreement)
if a payment of an Actual NMLP Loss has been demanded by NMLP or the Administrative
Agent and payment of such Actual NMLP Loss has not been made in full to, or on
behalf of, NMLP within fifteen (15) days of such demand.  The Administrative Agent shall have the right
to enforce the obligations of the Indemnitor with respect to any Actual NMLP
Loss, but only for so long as NMLP Obligations are outstanding.

 

An Indemnified Party shall provide notice to the Indemnitor of any
claim which may form the basis of an indemnity hereunder other than a claim for
an Actual NMLP Loss 

 

2

 

(a “Claim”)
within ninety (90) days of receipt or notice of such Claim and shall thereafter
provide the Indemnitor with copies of all documents received by such
Indemnified Party relating to such Claim; provided, however,
failure by such Indemnified Party to provide any such notice or documents will
not relieve the Indemnitor of their obligation to indemnify the Indemnified
Parties hereunder.  Upon notice of a
Claim, an Indemnitor may notify any Indemnified Party involved in such Claim
that it desires to defend such Indemnified Party against such Claim, whereupon
such Indemnitor, except as hereinafter provided, shall have the right to defend
such Indemnified Party by appropriate proceedings and shall have the power to
reasonably direct and control such defense, in all instances subject to the
approval of the Indemnified Party, which approval will not be unreasonably
withheld.  All costs and expenses
incurred by an Indemnitor in defending such Claim shall be paid by such
Indemnitor.  An Indemnitor shall not
consent to the entry of any judgment or enter into any settlement in respect of
a Claim without the consent of the Indemnified Parties involved in the Claim,
which consent shall not be unreasonably withheld or delayed and provided such
Indemnitor makes satisfactory arrangements for the immediate satisfaction of
such judgment or settlement.  The extent
an Indemnitor shall direct, control or participate in the defense or settlement
of any Claim, the Indemnified Parties involved in such Claim will, as
reasonably required, give the Indemnitor and their counsel access to, during
normal business hours and after reasonable notice, the relevant business
records and other documents (subject to customary confidentiality agreements
and any limitations required based on any nondisclosure requirements imposed on
the such Indemnified Party), and permit them, during normal business hours and
after reasonable notice, to consult with the relevant employees and counsel of
such Indemnified Parties.

 

1.1                                 Limitation.   Notwithstanding anything to the contrary
contained herein, with the exception of obligations that have as of such date
ripened into an actual or threatened cause of action or claim for damages (the “Existing Claim”) or thereafter arise out of
or are related to such Existing Claim, the Indemnitor’s liability hereunder
shall be terminated after the full payment and performance of all NMLP Obligations
under the NMLP Loan Documents, including, but not limited to, repayment in full
of the NMLP Loan and all preference periods under all applicable bankruptcy and
insolvency laws having elapsed with either: (a) no claim being made during
such period against the Administrative Agent or any Lender for the disgorgement
of any property or money received, or (b) if such a claim has been filed,
the dismissal thereof pursuant to a final, non-appealable decision of a court
of competent jurisdiction (“Non-Contestable
Payment”).

 

1.2                                 Recovery
of Costs.  Any and all amounts paid
or advanced by the Administrative Agent or any Lender pursuant to this
Agreement and all costs and expenditures reasonably incurred in connection with
any action taken pursuant to the terms of this Agreement, including but not
limited to reasonable attorneys’ fees and expenses, and all court costs, shall
be payable upon demand with interest thereon at the Default Rate if not paid
within fifteen (15) days of demand thereof and, to the extent not prohibited by
law, but only if such amounts have been paid or advanced by the Administrative
Agent or a Lender.

 

2.                                       Waivers.  Indemnitor each hereby waive and relinquish
to the fullest extent now or hereafter not prohibited by applicable law:

 

3

 

2.1                                 Suretyship
Defenses. All suretyship defenses and defenses in the nature thereof;

 

2.2                                 Marshalling.
Any right or claim of right to cause a marshalling of NMLP’s or any of NMLP’s
Subsidiaries’ assets or to cause the Administrative Agent or any Lender to
proceed against any of the NMLP Collateral for the NMLP Loan before proceeding
under this Agreement against any Indemnitor, or to require Lender to proceed
against Indemnitor in any particular order;

 

2.3                                 Notice.
Notice of the acceptance hereof, presentment, demand for payment, protest,
notice of protest, or any and all notice of nonpayment, nonperformance,
nonobservance or default or other proof or notice of demand whereby to charge
Indemnitor therefor; and

 

2.4                                 Statute
of Limitations.  The pleading of any Statute of
Limitations as a defense to such Indemnitor’s obligations hereunder.

 

3.                                       Jury
Trial.  INDEMNITOR, NMLP, THE ADMINISTRATIVE
AGENT AND LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF,
UNDER OR IN-CONNECTION WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTIES.

 

4.                                       Cumulative
Rights.  The Administrative Agent’s
rights under this Agreement shall be in addition to and not in limitation of
all of the rights and remedies of the Administrative Agent under the other NMLP
Loan Documents.  All rights and remedies
of the Administrative Agent shall be cumulative and may be exercised in such
manner and combination as the Administrative Agent may determine.

 

5.                                       No
Impairment.  The liability of
Indemnitor hereunder shall in no way be limited or impaired by, and Indemnitor
hereby assents to and agrees to be bound by, any amendment or modification of
the provisions of the other NMLP Loan Documents to or with the Administrative
Agent and Lenders by NMLP, any NMLP Subsidiary, or any NMLP Loan Party, or any
successor or assign thereof.  In
addition, the liability of Indemnitor under this Agreement shall in no way be
limited or impaired by:

 

5.1                                 Extensions.  Any extensions of time for performance
required by any of the other NMLP Loan Documents;

 

5.2                                 Waiver.  Any waiver, consent or approval granted or denied
under any of the other NMLP Loan Documents;

 

5.3                                 Transfer.
Any sale or assignment of the NMLP Loan, or any sale, assignment or foreclosure
of the NMLP Security Documents, or any sale or transfer of all or part of the
NMLP Collateral;

 

4

 

5.4                                 Exculpatory
Language. Any exculpatory, or nonrecourse, or limited recourse provision in
any of the NMLP Loan Documents (except as specifically contained in this
Agreement) limiting the Administrative Agent’s or any Lender’s recourse or
limiting the Administrative Agent’s or any Lender’s rights to a deficiency
judgment against NMLP or any other party;

 

5.5                                 Inaccuracies.
The accuracy or inaccuracy of any of the representations or warranties made by
or on behalf of any Indemnitor under the NMLP Loan Documents or otherwise;

 

5.6                                 Release.
The release of Indemnitor, or of any other person or entity from performance or
observance of any of the agreements, covenants, terms or conditions contained
in any of the other NMLP Loan Documents by operation of law, the Administrative
Agent’s or any Lender’s voluntary act, or otherwise;

 

5.7                                 Bankruptcy
or Reorganization. The filing of any bankruptcy or reorganization
proceeding by or against NMLP, any NMLP Subsidiary, any NMLP Loan Party, any
Indemnitor, or any subsequent owner of any NMLP Collateral;

 

5.8                                 Substitution.
The release or substitution in whole or part of any NMLP Collateral or security
for the NMLP Loan;

 

5.9                                 Failure
To Perfect.  The Administrative Agent’s
failure to file any UCC financing statements (or the Administrative Agent’s
improper recording or filing of any thereof) or to otherwise perfect, protect,
secure, or insure any security interest or lien given as security for the NMLP
Loan;

 

5.10                           Release
of Parties. The release of any party now or hereafter liable upon or in
respect of the NMLP Loan; or

 

5.11                           Invalidity.
The invalidity or unenforceability of all or any portions of any of the NMLP
Loan Documents as to any Indemnitor or to any other person or entity.

 

Any of the foregoing may be accomplished with or without notice to NMLP
or any Indemnitor or with or without consideration.

 

6.                                       Delay
Not Waiver.  No delay on the Administrative
Agent’s part in exercising any right, power or privilege hereunder or under any
of the NMLP Loan Documents shall operate as a waiver of any such privilege,
power or right.  No waiver by the Administrative
Agent in any instance shall constitute a waiver in any other instance.

 

7.                                       Warranties
and Representations.  The Indemnitor
represents and warrants to the Administrative Agent, as of the date hereof:

 

5

 

7.1                                 No
Claim.  There is no claim pending
against NMLP, any NMLP Subsidiary, any Loan Party or any Indemnified Party
under or related to the Indemnified Matters and to the Indemnitor’s knowledge,
no such claim threatened;

 

7.2                                 Valid
and Binding.  This Agreement
constitutes the legal, valid and binding obligation of the Indemnitor in
accordance with the terms hereof;

 

7.3                                 No
Violations.  The performance of the
obligations evidenced hereby will not constitute a violation of any law, order,
regulation, contract, organizational document or agreement to which the
Indemnitor is a party or by which any of its property is or may be bound;

 

7.4                                 No
Litigation.  There is no material
litigation or administrative proceeding now pending or to its knowledge
threatened in writing against the Indemnitor which if adversely decided could
materially impair the ability of the Indemnitor to pay or perform its
obligation hereunder; and

 

7.5                                 Material
Economic Benefit.  The Indemnitor
owns, directly or indirectly, various ownership and economic interests in NMLP.
The Indemnitor further believes that the providing of the NMLP Loan to NMLP
will constitute a substantial and material benefit to the Indemnitor.

 

8.                                       Multiple
Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall be deemed an
original.  Each of the counterparts shall
constitute but one and the same instrument and shall be binding upon each of
the parties individually as fully and completely as if all had signed but one
instrument so that the liability of the Indemnitor hereunder shall be
unaffected by the failure of any of the undersigned to execute any or all of
said counterparts.

 

9.                                       Notices.  Any notice or other communication in
connection with this Agreement shall be in writing and (i) deposited in
the United States mail, postage prepaid, by registered or certified mail, or (ii) hand
delivered by any commercially recognized courier service or overnight delivery
service, such as Federal Express, addressed as follows:

 

If to the Indemnitor:

 

NEWKIRK NL HOLDINGS, LLC

7 Bulfinch Place, Suite 500

Boston, Massachusetts 02114

Attention: Carolyn Tiffany, Chief Operating Officer

 

6

 

NEWKIRK MLP CORP.

7 Bulfinch Place, Suite 500

Boston, Massachusetts 02114

Attention: Carolyn Tiffany, Chief Operating Office

 

VORNADO REALTY L.P.

888 7th Avenue

New York, New York 10019

Attention: Clifford Broser

(212) 894-7000

FAX: (212) 894-7071

 

VORNADO NEWKIRK L.L.C.

888 7th Avenue

New York, New York 10019

Attention: Clifford Broser

(212) 894-7000

FAX: (212) 894-7071

 

VNK L.L.C.

888 7th Avenue

New York, New York 10019

Attention: Clifford Broser

(212) 894-7000

FAX: (212) 894-7071

 

APOLLO REAL ESTATE INVESTMENT FUND III, L.P.

c/o Apollo Real Estate Advisors III, L.P.

Two Manhattanville Road, 2nd Floor

Purchase, New York 10577

Attn: Stuart Koenig

Facsimile Number: (212) 515-3283

 

with copies by regular mail or such hand delivery to:

 

Mark I. Fisher, Esquire

Katten Muchin Zavis Rosenman

575 Madison Avenue

New York, New York 10022-2585

(212) 940-8584

FAX: (212) 940-8776

 

7

 

David J. Heymann, Esquire

Post Heymann & Koffler, LLP

Two Jericho Plaza, Wing A, Suite 111

Jericho, New York 11753

(516) 681-3636

FAX: (516) 433-2777

 

Arthur Adler, Esquire

Sullivan & Cromwell, LLP

125 Broad Street

New York, New York 10004-2498

(212) 558-4000

FAX (212) 558-3588

 

If to Administrative Agent:

 

KeyBank National Association

101 Federal Street

Boston, Massachusetts 02110

Attention:  Mr. Jeffry M. Morrison, Vice
President

FAX (617) 204-5769

 

with copies by regular mail or such hand delivery to:

 

Riemer & Braunstein LLP

Three Center Plaza

Boston, Massachusetts 02108

Attention: Steven J. Weinstein, Esquire

 

If to NMLP:

 

Newkirk Master Limited Partnership

Two Jericho Plaza, Wing A, Suite 111

Jericho, New York 11753

Attention: Peter Braverman, Executive Vice President

 

And

 

The Newkirk Master Limited Partnership

7 Bulfinch Place, Suite 500

Boston, Massachusetts 02114

Attention: Carolyn Tiffany, Chief Operating Officer

 

8

 

with copies by regular mail or such hand delivery to:

 

Post Heymann & Koffler, LLP

Two Jericho Plaza, Wing A, Suite 111

Jericho, New York 11753

Attention: David J. Heymann, Esquire

 

And

 

Katten Muchin Zavis Rosenman

575 Madison Avenue

New York, New York 10022-2585

Attention: Mark I. Fisher, Esquire

 

And

 

Sullivan & Cromwell, LLP

125 Broad Street

New York, New York 10004

Attention: Arthur Adler, Esquire

 

Any such addressee may change its address for such notices to any other
address in the United States as such addressee shall have specified by written
notice given as set forth above.

 

All periods of notice shall be measured from the deemed date of
delivery.  A notice shall be deemed to
have been given, delivered and received, when so delivered or tendered for
delivery during customary business hours on a Business Day at the specified address.

 

10.                                 No
Oral Change.  No provision of this
Agreement may be changed, waived, discharged, or terminated orally by telephone
or by any other means except by an instrument in writing signed by the party
against whom enforcement of the change, waiver or discharge or termination is
sought.

 

11.                                 Parties
Bound; Benefit.  This Agreement shall
be binding upon the Indemnitor and its successors, assigns and shall be for the
benefit of the Administrative Agent and the Lenders, and of any subsequent
holder of the NMLP Loan and of any owner of a participation interest
therein.  In the event the NMLP Loan is
sold or transferred, then the liability of the Indemnitor to the Administrative
Agent and the Lenders shall then be in favor of both the Administrative Agent and
the Lenders originally named herein and each subsequent holder of the NMLP Loan
and any of interest therein.

 

12.                                 Partial
Invalidity.  Each of the provisions
hereof shall be enforceable against each Indemnitor to the fullest extent now
or hereafter permitted by law.  The
invalidity or unenforceability of any provision hereof shall not limit the
validity or enforceability of each other provision hereof.

 

13.                                 Governing
Law and Consent to Jurisdiction. 
This Agreement and the rights and obligations of the parties hereunder
shall in all respects be governed by and construed and 

 

9

 

enforced in
accordance with the laws of the Commonwealth of Massachusetts.  The parties further agree that the Administrative
Agent may enforce its rights under this Agreement including, but not limited
to, the rights to sue Indemnitor in accordance with applicable law.  The Indemnitor hereby irrevocably submits to
the nonexclusive jurisdiction of any Massachusetts State or Federal Court
sitting in Massachusetts over any suit, action or proceeding arising out of or
relating to this Agreement and the Indemnitor hereby agrees and consents that
in addition to any methods of service of process provided for under applicable
law, all service of process in any such suit, action or proceeding in any
Massachusetts State or Federal Court sitting in Massachusetts may be made by
certified or registered mail, return receipt requested, directed to the
Indemnitor at the address for notice pursuant to Section 9 above and
service so made shall be completed fifteen (15) days after the same shall have
been so mailed.

 

14.                                 Survival.  Except as provided in Section 1.1 hereof,
the representations and warranties in Section 7 hereof and the indemnity
in Section 1 hereof shall continue in effect and shall survive (among
other events) any payment and satisfaction of the NMLP Loan and the NMLP
Obligations, any termination or discharge of the NMLP Security Documents, or
release of any NMLP Collateral.

 

15.                                 Acknowledgment
of Pledge.  The Indemnitor
acknowledges that (i) in accordance with the terms and provisions of the
NMLP Security Documents, NMLP has collaterally assigned to the Administrative
Agent, on behalf of the Lenders, its right, title and interest in and to this
Indemnity Agreement and (ii) upon the receipt of written notice from the Administrative
Agent of the occurrence of an Event of Default, the Indemnitor shall pay any
amounts due hereunder to NMLP, to the Administrative Agent or as may be
otherwise directed by the Administrative Agent.

 

[SIGNATURE
PAGES FOLLOW]

 

10

 

Witness the execution and delivery hereof as an instrument deemed made
under seal as of the 11th day of August, 2005.

 

	
   

  	
   

  	
  APOLLO REAL ESTATE INVESTMENT FUND III,

  L.P., A Delaware limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Apollo Real Estate Advisors III, L.P., a
  Delaware

  limited partnership, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Apollo Real Estate Capital Advisors III, 

  Inc., a Delaware corporation, its General 

  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Stuart Koenig

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
							

 

S-1

 

Witness the execution and delivery hereof as an instrument deemed made
under seal as of the 11th day of August, 2005.

 

	
   

  	
  NEWKIRK NL HOLDINGS LLC,

  
	
   

  	
  A Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Newkirk Manager (NV) Corp., its Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
  Title:

  	
  Vice President

  
						

 

S-2

 

Witness the execution and delivery hereof as an instrument deemed made
under seal as of the 11th day of August, 2005.

 

	
   

  	
  NEWKIRK MLP CORP.,

  
	
   

  	
  A Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

S-3

 

Witness the execution and delivery hereof as an instrument deemed made
under seal as of the 11th day of August, 2005.

 

	
   

  	
  VORNADO REALTY L.P.,

  
	
   

  	
  A Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Vornado Realty Trust, as its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Joseph Macnow

  
	
   

  	
  Title:

  	
  Executive Vice President – Finance And 

  Administration, Chief Financial Officer

  
						

 

S-4

 

Witness the execution and delivery hereof as an instrument deemed made
under seal as of the 11th day of August, 2005.

 

	
   

  	
  VORNADO NEWKIRK L.L.C.,

  
	
   

  	
  A Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Vornado Realty L.P., as its Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Vornado Realty Trust, as its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Joseph Macnow

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President – Finance And

  Administration, Chief Financial Officer

  
							

 

S-5

 

Witness the execution and delivery hereof as an instrument deemed made
under seal as of the 11th day of August, 2005.

 

	
   

  	
  VNK L.L.C.,

  
	
   

  	
  A Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Two Penn Plaza REIT, Inc., its sole
  member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Joseph Macnow

  
	
   

  	
  Title:

  	
  Vice President and Chief Financial Officer

  
						

 

S-6

 

Witness the execution and delivery hereof as an instrument deemed made
under seal as of the 11th day of August, 2005.

 

	
  NMLP:

  	
  THE NEWKIRK MASTER LIMITED

  
	
   

  	
  PARTNERSHIP, a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MLP GP LLC, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Newkirk MLP Corp., its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
							

 

S-7Exhibit 10.23

 

GUARANTY

 

[NMLP Guaranty]

 

GUARANTY,
dated as of August 11, 2005 (the “Guaranty”),
by THE NEWKIRK MASTER LIMITED PARTNERSHIP,
a Delaware limited partnership (the “Guarantor”),
in favor of KEYBANK NATIONAL ASSOCIATION,
a national banking association having an address at 101 Federal Street, Boston,
Massachusetts 02110, as administrative agent (KeyBank National Association, in
such capacity as administrative agent, hereinafter referred to as “Administrative Agent”) for a syndicate of
Lenders (singly and collectively, the “Lenders”)
as specifically provided in the Loan Agreement (as defined below).

 

INTRODUCTORY STATEMENT

 

WHEREAS,
pursuant to that certain Master Loan Agreement dated as of August 11, 2005
(as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) entered into by and among (i) the
Guarantor, (ii) T-Two Partners, L.P., a Delaware limited partnership (“T-Two”), (iii) the Administrative Agent,
(iv) Bank of America, N.A., as “Deposit Account Co-Agent” (Bank of
America, N.A., in such capacity as Deposit Account Co-Agent, hereinafter
referred to as “Deposit Account Co-Agent”),
and (v) the Lenders, the Administrative Agent and the Lenders have agreed
to make a loan to the Guarantor in the aggregate principal amount of $                    
(the “NMLP Loan”) and a loan to
T-Two in the aggregate principal amount of $                    
(the “T-Two Loan”) (the NMLP Loan
and the T-Two Loan sometimes are referred to herein, collectively, as the “Loans”), upon the terms and subject to the
conditions set forth therein. 
Capitalized terms used herein and not otherwise defined herein, but
defined in the Loan Agreement, shall have the meaning set forth in the Loan
Agreement.

 

WHEREAS, the
Guarantor has substantial financial dealings with T-Two and is affiliated with
T-Two (either by ownership, contractual relationship, employment or other
meaningful business relationship), and the lending of money and other
extensions of the T-Two Obligations by the Administrative Agent and the Lenders
to T-Two will enhance and benefit the business activities and interests of the
Guarantor.

 

WHEREAS, as a
condition to making the Loans, the Administrative Agent and the Lenders have
required the Guarantor to execute and deliver this Guaranty, guaranteeing the
payment and performance of all T-Two Obligations arising under or pursuant to
the Loan Agreement.

 

WHEREAS, the
Guarantor has executed and delivered certain Security Documents, each dated as
of the date hereof, in favor of the Administrative Agent, for its own benefit
and the benefit of the other Lenders, as described in Schedule 1
hereto to secure the Guarantor’s obligations hereunder.

 

1

 

NOW THEREFORE,
in consideration of the premises and in order to induce the Administrative Agent
and the Lenders to make the Loans and extend other financial accommodations
under the Loan Agreement, the Guarantor hereby agrees as follows:

 

Section 1.               Guaranty.  The Guarantor hereby irrevocably and
unconditionally guarantees the punctual payment when due, whether at stated
maturity, after maturity, by acceleration or otherwise, and the punctual
performance, of all present and future T-Two Obligations under the Loan
Agreement and each other T-Two Loan Document, each as the same may be hereafter
amended, modified, extended, renewed or recast, including but not limited to
the payment of $                       ,
together with interest and other charges thereon, as provided in the Loan
Agreement and the T-Two Note executed thereunder (the foregoing being herein
referred to as the “T-Two Guaranteed
Obligations”).

 

Section 2.               Waiver.
The Guarantor hereby absolutely, unconditionally and irrevocably waives, to the
fullest extent permitted by law, (a) promptness, diligence, notice of
acceptance and any other notice with respect to this Guaranty, (b) presentment,
demand of payment, protest, notice of dishonor or nonpayment and any other
notice with respect to the T-Two Guaranteed Obligations, (c) any
requirement that the Administrative Agent protect, secure, perfect or insure
any security interest or Lien on any property subject thereto or exhaust any
right or take any action against T-Two or any other Person or any collateral
(other than the Collateral pledged to the Administrative Agent, for its own
benefit and the benefit of the other Lenders, pursuant to the Security
Documents), (d) any and all right to assert any defense (other than the
defense of indefeasible payment), set-off, counterclaim or cross-claim of any
nature whatsoever with respect to this Guaranty (except as otherwise provided
in Section 20(a) hereof), the obligations of the Guarantor hereunder
or the obligations of any other person or party relating to this Guaranty or
the obligations of the Guarantor hereunder or otherwise with respect to the T-Two
Guaranteed Obligations in any action or proceeding brought by the Administrative
Agent to collect the T-Two Guaranteed Obligations or any portion thereof or to
enforce the obligations of the Guarantor under this Guaranty, and (e) any
other action, event or precondition to the enforcement of this Guaranty or the
performance by the Guarantor of the obligations hereunder.

 

Section 3.               Guaranty
Absolute.

 

(a)           The
Guarantor guarantees that, to the fullest extent permitted by law, the T-Two
Guaranteed Obligations will be paid or performed strictly in accordance with
their terms, regardless of any law, regulation or order now or hereafter in
effect in any jurisdiction affecting any of such terms or the rights of the
Administrative Agent with respect thereto.

 

(b)           No
invalidity, irregularity, voidability, voidness or unenforceability of the Loan
Agreement, the T-Two Note, or any other T-Two Loan Document or any other
agreement or instrument relating thereto, or of all or any part of the T-Two
Guaranteed 

 

2

 

Obligations or of any security therefor shall
affect, impair or be a defense to this Guaranty.

 

(c)           This
Guaranty is one of payment and performance, not collection, and the obligations
of the Guarantor under this Guaranty are independent of the T-Two Guaranteed
Obligations, and a separate action or actions may be brought and prosecuted
against the Guarantor to enforce this Guaranty, irrespective of whether any
action is brought against T-Two or any Affiliate or Subsidiary thereof or
whether T-Two or any Affiliate or Subsidiary thereof is joined in any such
action or actions.

 

(d)           The
liability of the Guarantor under this Guaranty shall be absolute and
unconditional irrespective of:

 

(i)            any
change in the manner, place or terms of payment or performance, and/or any
change or extension of the time of payment or performance of, renewal or
alteration of, any T-Two Guaranteed Obligation, any security therefor, or any
liability incurred directly or indirectly in respect thereof, or any other
amendment or waiver of or any consent to departure from the Loan Agreement or
the T-Two Note or any other T-Two Loan Document, including any increase in the T-Two
Guaranteed Obligations resulting from the extension of additional credit to
T-Two or any Subsidiary or Affiliate thereof or otherwise;

 

(ii)           any
sale, exchange, release, surrender, realization upon any property by whomsoever
at any time pledged or mortgaged to secure, or howsoever securing, all or any
of the T-Two Guaranteed Obligations (other than the Collateral pledged to the Administrative
Agent, for its own benefit and the benefit of the other Lenders, under the
Security Documents), and/or any offset against such T-Two Guaranteed Obligations,
or failure to perfect, or continue the perfection of, any Lien in any such
property, or delay in the perfection of any such Lien, or any amendment or
waiver of or consent to departure from any other guaranty for all or any of the
T-Two Guaranteed Obligations;

 

(iii)          any
exercise or failure to exercise any rights against T-Two or any Affiliate or
Subsidiary thereof or others (including the Guarantor);

 

(iv)          any
settlement or compromise of any T-Two Guaranteed Obligation, any security
therefor or any liability (including any of those hereunder) incurred directly
or indirectly in respect thereof or hereof;

 

(v)           any
manner of application of Collateral, or proceeds thereof, to all or any of the T-Two
Guaranteed Obligations, or any manner of sale or other disposition of any
Collateral for all or any of the T-Two Guaranteed Obligations or any other
assets of T-Two or any Affiliate or Subsidiary thereof;

 

3

 

(vi)          any
change, restructuring or termination of the existence of T-Two or any Affiliate
or Subsidiary thereof;

 

(vii)         the
release of T-Two or any other party, other than the Guarantor, now or hereafter
liable upon or in respect of the T-Two Loan Documents; or

 

(viii)        any
other agreements or circumstance of any nature whatsoever which might otherwise
constitute a defense available to, or a discharge of, this Guaranty and/or the
obligations of the Guarantor hereunder, or a defense to, or discharge of, T-Two
or any Affiliate or Subsidiary thereof relating to this Guaranty or the
obligations of the Guarantor hereunder or otherwise with respect to the T-Two
Loan or other financial accommodations to T-Two (other than the defense of
indefeasible payment).

 

(e)           The
Administrative Agent may at any time and from time to time (whether or not
after revocation or termination of this Guaranty) without the consent of, or
notice (except as shall be required by applicable statute and cannot be waived)
to, the Guarantor, and without incurring responsibility to the Guarantor or impairing
or releasing the obligations of the Guarantor hereunder, apply any sums by
whomsoever paid or howsoever realized to any T-Two Guaranteed Obligation
regardless of what T-Two Guaranteed Obligations remain unpaid.

 

(f)            This
Guaranty shall continue to be effective or be reinstated, as the case may be,
if claim is ever made upon the Administrative Agent for repayment or recovery
of any amount or amounts received by the Administrative Agent in payment or on
account of any of the T-Two Guaranteed Obligations as a result of laws relating
to preferences, fraudulent transfers and fraudulent conveyances, and the Administrative
Agent repays all or part of said amount by reason of any judgment, decree or
order of any court or administrative body having jurisdiction over the Administrative
Agent or its property, or any settlement or compromise of any such claim
effected by the Administrative Agent with any such claimant (including
T-Two).  In such event the Guarantor
agrees that any such judgment, decree, order, settlement or compromise shall be
binding upon the Guarantor, notwithstanding any revocation hereof or the
cancellation of any note (including the T-Two Note) or other instrument
evidencing any T-Two Guaranteed Obligation, and the Guarantor shall be and remain
liable to the Administrative Agent hereunder for the amount so repaid or
recovered to the same extent as if such amount had never originally been
received by the Administrative Agent.

 

Section 4.               Continuing
Guaranty. This Guaranty is a continuing one and shall (a) remain in
full force and effect until the indefeasible payment and satisfaction in full
of the T-Two Guaranteed Obligations, (b) be binding upon the Guarantor,
its successors and assigns, and (c) inure to the benefit of, and be
enforceable by, the Administrative Agent and the Lenders. All obligations to
which this Guaranty applies shall be conclusively presumed to have been created
in reliance hereon.

 

4

 

Section 5.               Representations,
Warranties and Covenants. The Guarantor hereby represents, warrants and
covenants to and with the Administrative Agent and the Lenders that:

 

(a)           The
Guarantor has the power to execute and deliver this Guaranty and to incur and
perform its obligations hereunder;

 

(b)           The
Guarantor has duly taken all necessary action to authorize the execution,
delivery and performance of this Guaranty and to incur and perform its
obligations hereunder;

 

(c)           No
consent, approval, authorization or other action by, and no notice to or of, or
declaration or filing with, any governmental or other public body, or any other
Person, is required for the due authorization, execution, delivery and
performance by the Guarantor of this Guaranty or the consummation of the
transactions contemplated hereby;

 

(d)           The
execution, delivery and performance by the Guarantor of this Guaranty does not
and will not, with the passage of time or the giving of notice or both, violate
or otherwise conflict with any term or provision of any material agreement,
instrument, judgment, decree, order or any statute, rule or governmental
regulation applicable to the Guarantor or result in the creation of any Lien
upon any of its properties or assets pursuant thereto;

 

(e)           This
Guaranty has been duly authorized, executed and delivered by the Guarantor and
constitutes the legal, valid and binding obligation of the Guarantor, and is
enforceable against the Guarantor in accordance with its terms, except as
enforcement thereof may be subject to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors’
rights generally, and general principles of equity (regardless of whether such
enforcement is sought in a proceeding in equity or at law); and

 

(f)            The
granting of the T-Two Loan to T-Two will constitute a material economic benefit
to the Guarantor.

 

Section 6.               Affirmative
Covenants.  The Guarantor covenants
and agrees that, from the date hereof and so long as the T-Two Loan or the
other T-Two Guaranteed Obligations remain outstanding, the Guarantor shall pay,
perform, observe and otherwise comply with all of the affirmative covenants set
forth in Section 7.2 of the Loan Agreement that have been made by T-Two
therein with respect to the T-Two Loan Parties, but only to the extent that
such covenants were made with respect to the Guarantor.

 

Section 7.               Negative
Covenants.  The Guarantor covenants
and agrees that, from the date hereof and so long as the T-Two Loan or the
other T-Two Guaranteed Obligations remain outstanding, the Guarantor shall not
take any action (or otherwise suffer or permit to occur any event) contrary to
the negative covenants set forth in Section 8.2 of the Loan Agreement, as 

 

5

 

agreed by T-Two therein with respect to the
T-Two Loan Parties, but only to the extent that such covenants were made with
respect to the Guarantor.

 

Section 8.               Expenses.  The Guarantor will, upon demand, reimburse
the Administrative Agent for any sums, costs, and expenses which the Administrative
Agent and/or the Lenders may pay or incur pursuant to the provisions of this
Guaranty or in enforcing this Guaranty or in enforcing payment of the T-Two
Guaranteed Obligations or otherwise in connection with the provisions hereof,
including court costs, collection charges, and reasonable attorneys’ fees,
together with interest thereon as specified in Section 15 hereof.

 

Section 9.               Terms.

 

(a)           All
terms defined in the Uniform Commercial Code of The Commonwealth of
Massachusetts (as amended and in effect from time to time, the “UCC”) and used herein shall have the
meanings as defined in the UCC, unless the context otherwise requires.

 

(b)           The
words “include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”.

 

(c)           All
references herein to Sections and subsections shall be deemed to be references
to Sections and subsections of this Guaranty unless the context shall otherwise
require.

 

Section 10.             Amendments
and Modification.  No provision
hereof shall be modified, altered or limited except by written instrument
expressly referring to this Guaranty and to such provision, and executed by the
party to be charged.

 

Section 11.             Waiver
of Subrogation Rights. Until such time as all the T-Two Guaranteed
Obligations have been indefeasibly satisfied (including the expiration of any
applicable voidable preference period under the federal bankruptcy laws), the
Guarantor hereby waives and releases any and all rights and claims it may now
or hereafter have or acquire against T-Two that would constitute it a “creditor”
of T-Two for purposes of the federal bankruptcy laws, including all rights of
subrogation against T-Two and its property and all rights of indemnification,
contribution and reimbursement from T-Two and its property, regardless of
whether such rights arise in connection with this Guaranty, by operation of
law, pursuant to contract or otherwise.

 

Section 12.             Remedies
Upon Default.

 

(a)           Upon
the occurrence and during the continuance of any Event of Default, in addition to
any other rights and remedies which the Administrative Agent and/or the Lenders
may have hereunder or at law, and not in limitation thereof, the Administrative
Agent may, without notice to or demand upon T-Two or the Guarantor, declare any
T-Two 

 

6

 

Guaranteed Obligations immediately due and
payable, and shall be entitled to enforce the obligations of the Guarantor
hereunder.

 

(b)           The
Administrative Agent’s rights under this Guaranty shall be in addition to, and
not in limitation of, all of the rights and remedies of the Administrative Agent
and/or the Lenders under the T-Two Loan Documents.  All rights and remedies of the Administrative
Agent and/or the Lenders shall be cumulative and may be exercised in such
manner and combination as the Administrative Agent and/or the Lenders,
respectively, may determine.

 

Section 13.             Set-Off.  After the occurrence and during the
continuance of any Event of Default, any Accounts, deposits, balances or other
sums credited by or due from the Administrative Agent, the Deposit Account Co-Agent,
any affiliate of the Administrative Agent, the Deposit Account Co-Agent or any
of the Lenders, or from any affiliate of any of the Lenders, to the Guarantor
may to the fullest extent not prohibited by applicable law at any time or from
time to time, without regard to the existence, sufficiency or adequacy of any
other collateral, and without notice or compliance with any other condition
precedent now or hereafter imposed by statute, rule of law or otherwise,
all of which are hereby waived to the fullest extent permitted by law, be set
off, appropriated and applied by the Administrative Agent against any or all of
the T-Two Guaranteed Obligations irrespective of whether demand shall have been
made, in such manner as the Administrative Agent in its sole and absolute
discretion may determine.  Within three (3) Business
Days of making any such set off, appropriation or application, the Administrative
Agent agrees to notify Guarantor thereof, provided the failure to give such
notice shall not affect the validity of such set off or appropriation or
application.  ANY AND ALL RIGHTS TO
REQUIRE THE ADMINISTRATIVE AGENT, THE DEPOSIT ACCOUNT CO-AGENT OR ANY OF THE
LENDERS TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
WHICH SECURES THE T-TWO LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH
RESPECT TO SUCH ACCOUNTS, DEPOSITS, CREDITS OR OTHER PROPERTY OF THE GUARANTOR,
ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

 

Section 14.             Statute
of Limitations. Any acknowledgment or new promise, whether by payment of
principal or interest or otherwise and whether by T-Two or others (including
the Guarantor), with respect to any of the T-Two Guaranteed Obligations shall,
if the statute of limitations in favor of the Guarantor against the Administrative
Agent shall have commenced to run, toll the running of such statute of
limitations and, if the period of such statute of limitations shall have
expired, prevent the operation of such statute of limitations.

 

Section 15.             Interest.
All amounts payable from time to time by the Guarantor hereunder shall bear
interest at the Default Rate, provided, that such interest shall not be
duplicative of any obligations payable under the Loan Agreement.

 

7

 

Section 16.             Rights
and Remedies Not Waived.  No act,
omission or delay by the Administrative Agent shall constitute a waiver of its
rights and remedies hereunder or otherwise. No single or partial waiver by the Administrative
Agent of any default hereunder or right or remedy which it may have shall
operate as a waiver of any other default, right or remedy or of the same
default, right or remedy on a future occasion.

 

Section 17.             Admissibility
of Guaranty.  The Guarantor agrees
that any copy of this Guaranty signed by the Guarantor and transmitted by
telecopier for delivery to the Administrative Agent shall be admissible in
evidence as the original itself in any judicial or administrative proceeding,
whether or not the original is in existence.

 

Section 18.             Notices.
All notices, requests and demands to or upon the Administrative Agent, the
Lenders or the Guarantor under this Guaranty shall be in writing and given as
provided in the Loan Agreement (and with respect to the Guarantor, c/o T-Two at
the address of T-Two as set forth in the Loan Agreement).

 

Section 19.             Counterparts.
This Guaranty may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original and all of which shall together
constitute one and the same agreement.

 

Section 20.             CONSENT
TO JURISDICTION; WAIVER OF JURY TRIAL; ETC.

 

(a)           ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY
OR ANY SECURITY DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH
OF MASSACHUSETTS OR OF THE UNITED STATES OF AMERICA FOR THE DISTRICT OF
MASSACHUSETTS, AND, BY EXECUTION AND DELIVERY OF THIS GUARANTY, THE GUARANTOR
HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. THE
GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES, IN CONNECTION
WITH ANY SUCH ACTION OR PROCEEDING, (i) TRIAL BY JURY, (ii) TO THE
EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION,
INCLUDING  ANY OBJECTION TO THE
LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH
RESPECTIVE JURISDICTIONS AND (iii) THE RIGHT TO IMPOSE ANY SET-OFF,
COUNTERCLAIM OR CROSS-CLAIM UNLESS SUCH SET-OFF, COUNTERCLAIM OR CROSS-CLAM
COULD NOT, BY REASON OF ANY APPLICABLE FEDERAL OR STATE PROCEDURAL LAWS, BE
INTERPOSED, PLEADED OR ALLEGED IN ANY OTHER ACTION.

 

8

 

(b)           The
Guarantor irrevocably consents to the service of process of any of the
aforementioned courts in any such action or proceeding by the mailing of copies
thereof by certified mail, postage prepaid, to the Guarantor at its address
determined pursuant to Section 18 hereof.

 

(c)           Nothing
herein shall affect the right of the Administrative Agent to serve process in
any other manner permitted by law or to commence legal proceedings or otherwise
proceed against the Guarantor in any other jurisdiction.

 

(d)           The
Guarantor hereby waives presentment, notice of dishonor and protests of all
instruments included in or evidencing any of the T-Two Guaranteed Obligations,
and any and all other notices and demands whatsoever (except as expressly
provided herein).

 

Section 21.             GOVERNING
LAW. THIS GUARANTY, THE SECURITY DOCUMENTS AND THE T-TWO GUARANTEED
OBLIGATIONS SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE COMMONWEALTH
OF MASSACHUSETTS APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED IN SUCH
STATE, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

 

Section 22.             Captions;
Separability.

 

(a)           The
captions of the Sections and subsections of this Guaranty have been inserted
for convenience only and shall not in any way affect the meaning or
construction of any provision of this Guaranty.

 

(b)           If
any term of this Guaranty shall be held to be invalid, illegal or
unenforceable, the validity of all other terms hereof shall in no way be
affected thereby.

 

Section 23.             Acknowledgment
of Receipt. The Guarantor acknowledges receipt of a copy of this Guaranty
and each of the T-Two Loan Documents.

 

Section 24.             Entire
Agreement. This Guaranty sets forth the entire agreement and understanding
of the Administrative Agent, the Lenders and the Guarantor with respect to the
matters covered hereby and, by accepting this Guaranty, the Guarantor
acknowledges that no oral or other understanding, agreements, representations
or warranties have been made and/or exist with respect to the matters covered
by this Guaranty or with respect to the obligations of the Guarantor hereunder
or otherwise, except as specifically set forth in this Guaranty.

 

[SIGNATURE
PAGE FOLLOWS]

 

9

 

IN WITNESS
WHEREOF, the Guarantor has duly executed or caused this Guaranty to be duly
executed in The Commonwealth of Massachusetts as of the date first above set
forth.

 

 

	
   

  	
  THE NEWKIRK MASTER LIMITED PARTNERSHIP,

  
	
   

  	
  A Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MLP GP LLC, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Newkirk MLP Corp., its Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cramer

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
						

 

10

 

Schedule 1

 

Security
Agreement (All Assets), dated as of August 11, 2005, made by the Guarantor
to and in favor of the Administrative Agent and the Lenders.

 

Ownership
Interest Pledge and Security Agreement of Limited Payment Interests in NMLP
Partnerships (except GMAC Borrowers), and Membership Interests in Newkirk GP
Holding LLC, dated as of August 11, 2005, made by the Guarantor, Newkirk
GP Holding LLC and the NMLP Partnership GPs to and in favor of the
Administrative Agent and Lenders.

 

Ownership
Interest Pledge and Security Agreement of Limited Payment Interests in NMLP
Partnerships (GMAC Borrowers), and Membership Interests in Newkirk GP Holding
LLC, dated as of August 11, 2005, made by the Guarantor and Newkirk GP
Holding LLC to and in favor of the Administrative Agent and Lenders.

 

Ownership
Interest Pledge and Security Agreement of Ownership Interests in NMLP
Subsidiaries, dated August 11, 2005, made by the Guarantor to and in favor
of the Administrative Agent and the Lenders.

 

Ownership
Interest Pledge and Security Agreement of Membership Interests in Newkirk GP
LLC, Newkirk Finco LLC and Newkirk Capital LLC, dated August 11, 2005,
made by the Guarantor to and in favor of the Administrative Agent and the
Lenders.

 

Depository
Account Pledge and Security Agreement, dated August 11, 2005, by and
between, among others, the Guarantor, the Administrative Agent and the Lenders.

 

Collateral
Assignment of Omnibus Agreement; Put-Call Agreement; Loan Commitment and
Agreement to Guaranty, dated as of August 11, 2005, made by the Guarantor
to and in favor of the Administrative Agent and the Lenders.

 

Collateral
Assignment of ISDA Agreement, dated August 11, 2005, made by the Guarantor
to and in favor of the Administrative Agent and the Lenders.

 

11

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