Document:

Exhibit 10.2

THIS
CREDIT AGREEMENT (this “Agreement”) dated as of January 24, 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, as sole Lead Arranger (the “Lead Arranger”) and
sole Book Manager (the “Book Manager”), WACHOVIA BANK, NATIONAL ASSOCIATION, as
Agent, each of KEYBANK NATIONAL ASSOCIATION and WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Co-Syndication Agents (the “Co-Syndication Agents”), each of
EUROHYPO AG, NEW YORK BRANCH and ING REAL ESTATE FINANCE (USA) LLC, as
Co-Documentation Agents (the “Co-Documentation Agents”), and each of the
financial institutions initially a signatory hereto together with their
assignees pursuant to Section 12.5.(b).

WHEREAS, the
Parent has entered into that certain Agreement and Plan of Merger dated as of
August 3, 2006 (as amended, restated, supplemented or otherwise modified
from time to time, the “Merger Agreement”) by and among the Parent, Wyoming
Acquisition Corp., Wyoming Acquisition GP LLC, Wyoming Acquisition Partnership
LP, Reckson Associates Realty Corp. (“Reckson”) and Reckson Operating Partnership,
L.P. (the “Reckson OP”), pursuant to which the Parent is to acquire Reckson
(the “Acquisition”);

WHEREAS, the
Borrower has requested the Lenders to make term loans to the Borrower in the
principal amount of up to $500,000,000 to finance a portion of the cost of the
Acquisition and for the other purposes permitted by this Agreement; and

WHEREAS,
the Lenders are willing to make such loans to the Borrower on and subject to
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 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.

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

“Acquisition” has the meaning given that term in the recitals
of this Agreement.

“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.

“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.

“Affiliated Lender” means any commercial bank or financial
institution which is (a) the parent corporation of any of the Lenders,
(ii) a Wholly Owned Subsidiary of any of the Lenders or (iii) a
Wholly Owned Subsidiary of the parent corporation of any of the Lenders.

“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.

 2
 

“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

  	
   

  	
  0.85

  	
  %

  	
  0.0

  	
  %

  
	
  2

  	
   

  	
  >
  0.35 to 1.00 and < 0.45 to 1.00

  	
   

  	
  0.95

  	
  %

  	
  0.0

  	
  %

  
	
  3

  	
   

  	
  >
  0.45 to 1.00 and < 0.55 to 1.00

  	
   

  	
  1.10

  	
  %

  	
  0.10

  	
  %

  
	
  4

  	
   

  	
  >
  0.55 to 1.00

  	
   

  	
  1.25

  	
  %

  	
  0.25

  	
  %

  

 

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 3; 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 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

  	
   

  	
  0.50

  	
  %

  	
  0.0

  	
  %

  
	
  2

  	
   

  	
  BBB+/Baa1

  	
   

  	
  0.55

  	
  %

  	
  0.0

  	
  %

  
	
  3

  	
   

  	
  BBB/Baa2

  	
   

  	
  0.60

  	
  %

  	
  0.0

  	
  %

  
	
  4

  	
   

  	
  BBB-/Baa3

  	
   

  	
  0.80

  	
  %

  	
  0.0

  	
  %

  
	
  5

  	
   

  	
  < BBB-/Baa3

  	
   

  	
  1.00

  	
  %

  	
  0.20

  	
  %

  

 

 3
 

“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 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.

“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, 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 six and three-quarters of one
percent (6.75%).

“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

 4
 

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.

“Commitment” means, as to each Lender, such Lender’s
obligation to make a Term Loan to the Borrower pursuant to Section 2.1. in
an amount up to the amount set forth for such Lender on its signature page
hereto as such Lender’s “Commitment Amount”.

“Commitment Percentage” means, as to each Lender, the ratio,
expressed as a percentage, of (a) the aggregate outstanding principal
amount of such Lender’s Term Loan to (b) the aggregate outstanding
principal amount of the Term Loans of all Lenders.

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

“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 2.6.

“Convert”, “Conversion” and
“Converted” each refers to the
conversion of a Loan of one Type into a Loan of another Type pursuant to
Section 2.7.

 5
 

“Credit Event” means either of the following: (a) the
Continuation of a LIBOR Loan, and (b) the Conversion of a Loan.

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

“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).

“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.

 6
 

“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 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 the Agent (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.

“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

 7
 

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 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).

“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
ownership or profit interests in) such Person, any security 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.

 8
 

“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 Agreements” means (a) that certain
Credit Agreement dated as of September 29, 2005 by and among the Borrower, the
Parent, the financial institutions from time to time party thereto as “Lenders”,
the Wachovia Bank, National Association, as Agent, and the other parties
thereto and (b) that certain Third Amended and Restated Credit Agreement
dated as of December 28, 2005 by and among the Borrower, the Parent, the financial
institutions from time to time party thereto as “Lenders”, Wells Fargo Bank,
National Association, as Agent, and the other parties thereto.

“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.

 9
 

“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 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) 75% 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) $100,000,000. 
Gramercy Value shall be equal to zero if Gramercy Capital Corp. 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

 10
 

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
respect to such obligation, (iv) repayment of amounts drawn down by
beneficiaries of 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 Guaranty to which the Guarantors are parties substantially in the
form of Exhibit D.

“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.

 11
 

“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.

“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) represented by notes payable, or drafts accepted,
in each case representing extensions of credit, (ii) evidenced by bonds,
debentures, notes or similar instruments, or (iii) constituting purchase
money indebtedness, conditional sales contracts, title 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, voluntary
bankruptcy, collusive involuntary bankruptcy and other similar exceptions to
recourse liability); 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 shall constitute Indebtedness of
the Borrower.

 12
 

“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, 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, as the Borrower may
select in the request for the Term Loans given pursuant to Section 5.1.(a)(xi)
or in a 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.  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 equivalent) or higher from both S&P and Moody’s, respectively.

“Investment Grade Rating Date” means the date on which the
Parent first obtains an Investment Grade Rating from both of the Rating
Agencies.

 13
 

“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.

“Lender” means each financial institution from time to time
party hereto as a “Lender,” together with its respective successors and
permitted assigns, and as the context requires.

“Lending Office” means, for each Lender and for each Type of
Loan, the office of such Lender specified as such on its signature page hereto
or in the applicable Assignment and Acceptance Agreement, or such other office
of such Lender of which such Lender may notify the Agent in writing from time
to time.

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

“LIBOR” means, for any LIBOR Loan for any Interest Period
therefor, the rate per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) appearing on Telerate Page 3750 (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,
the term “LIBOR” shall mean, for any LIBOR Loan for any Interest Period
therefor, the rate per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) appearing on the Reuters Screen LIBO 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; provided, however, if more than one rate is
specified on the Reuters Screen LIBO Page, the applicable rate shall be the
arithmetic mean of all such rates. If for any reason none of the foregoing
rates is 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 such LIBOR 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 Loan” means a Loan bearing interest at a rate based on
LIBOR.

“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)

 14
 

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 Term Loan.

“Loan Document” means this Agreement, each Note, the Guaranty
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. 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 Loans are scheduled to be due and payable in
full.

“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.

“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

 15
 

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.

“Merger Agreement” has the meaning given such term in the
recitals of this Agreement.

“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.

“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

 16
 

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

“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” has the meaning given such term in Section 2.8.(a).

“Notice of Continuation” means a notice in the form of
Exhibit B to be delivered to the Agent pursuant to Section 2.6. evidencing
the Borrower’s request for the Continuation of a LIBOR Loan.

 17
 

“Notice of Conversion” means a notice in the form of
Exhibit C to be delivered to the Agent pursuant to Section 2.7.
evidencing the Borrower’s request for the Conversion of a Loan from one Type to
another Type.

“Obligations” means, individually and collectively:
(a) the aggregate principal balance of, and all accrued and unpaid
interest on, all Loans; and (b) 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 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.

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

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

 18
 

“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 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.

“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

 19
 

the best or the
lowest rate of interest offered by the Lender acting as the Agent or any other
Lender.

“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 Agencies” means S&P and Moody’s.

“Reckson” has the meaning given such term in the recitals of
this Agreement 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 that are (i) Securities (as defined in the Reckson Indenture)
are no longer Outstanding Securities (as defined in the Reckson Indenture) and
(ii) Notes (as defined in the Reckson Note Purchase Agreement) are no
longer outstanding; (b) the Parent shall have succeeded to, and shall have
been substituted for, the Reckson OP as the “Issuer” under (i) the Reckson
Indenture pursuant to Section 805 of the Reckson Indenture in respect of
all such Securities and (ii) under the Reckson Note Purchase Agreement, or
(c) the Reckson Note Documents 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 Note Documents” means the Reckson Note Purchase
Agreement and the Reckson Indenture.

“Reckson Note Purchase Agreement” means that certain Note
Purchase Agreement dated August 27, 1997 among the Reckson OP, Reckson FS
Limited Partnership and the Purchasers listed on Schedule A attached
thereto, regarding $150,000,000 of 7.20% Notes issued on August 27, 1997
and due August 28, 2007.

“Reckson Notes” means (a) 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) $50,000,000 of 6.0%
Notes issued June 17, 2002 and due June 15, 2007,
(iii) $150,000,000 of 5.150% Notes issued January 22, 

 20
 

2004 and due
January 15, 2011, (iv) $150,000,000 of 5.875% Notes issued
August 13, 2004 and due August 15, 2014, (v) $287,500,000 of
4.000% Exchangeable Debentures issued June 27, 2005 and due June 15,
2025 and (vi) $275,000,000 of 6.0% Notes issued March 31, 2006 and
due March 31, 2016; and (b) all Notes (as defined in the Reckson Note
Purchase Agreement).

“Reckson OP” has the meaning given such term in the recitals
of this Agreement 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).

“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.

“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 holding at
least 66-2/3% of the principal amount of the aggregate outstanding Loans (not
held by Defaulting Lenders who are not entitled to vote).  Loans held by Defaulting Lenders shall be
disregarded when determining the Requisite Lenders.

“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.

 21

“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.

“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 the principal of and any premium and interest on (including interest
accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Borrower, whether or not such claim for
post-petition interest is allowed in such proceeding) all Debt of the Borrower,
whether incurred on or prior to the date of the Junior Subordinated Indenture
or thereafter incurred, unless it is provided in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, that such
obligations are not superior in right of payment to the debt securities
authenticated and delivered under the Junior Subordinated Indenture; provided,
that Senior Debt shall not be deemed to include 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.  For
purposes of this definition, “Debt” means, with respect to any Person, whether
recourse is to all or a portion of the assets of such Person, whether currently
existing or hereafter incurred and whether or not contingent and without
duplication, (i) every obligation of such Person for money borrowed;
(ii) every obligation of such Person evidenced by bonds, debentures, notes
or other similar instruments, including obligations incurred in connection with
the acquisition of property, assets or businesses; (iii) every
reimbursement obligation of such Person with respect to letters of credit,
bankers’ acceptances or similar facilities issued for the account of such
Person; (iv) every obligation of such Person issued or assumed as the
deferred purchase price of property or services (but excluding trade accounts
payable or other accrued liabilities arising in the ordinary course of
business); (v) every capital lease obligation of such Person;
(vi) all indebtedness of such Person, whether incurred on or prior to the
date of the Junior Subordinated Indenture or thereafter incurred, for claims in
respect of derivative products, including interest rate, foreign exchange rate and
commodity forward contracts, options and swaps and similar arrangements;
(vii) every obligation of the type referred to in clauses (i) through (vi)
of another Person and all dividends of another Person the payment of which, in
either case, such Person has guaranteed or is responsible or liable for,
directly or indirectly, as obligor or otherwise; and (viii) any renewals,
extensions, refundings, amendments or modifications of any obligation of

 22
 

the type referred to in clauses (i) through (vii).  For the avoidance of doubt, Indebtedness of
the Borrower in respect of debt securities authenticated and delivered under
the Junior Subordinated Indenture shall not constitute Senior Debt.

“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.

“Significant Subsidiary” means any
Subsidiary to which more than $50,000,000 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.

“Specified Representations” means the representations and
warranties set forth in Sections 6.1(a), (c), (d), (q)(i) and (r).

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

“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

 23
 

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.

“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.

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

“Termination Date” means January 22, 2010, or such later
date to which the Termination Date may be extended pursuant to Section 2.9.

“Titled Agents” means each of the Arranger, the Syndication
Agents, and the 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.

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

 24
 

“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) $200,000,000 and (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 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

 25
 

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, 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

 26
 

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.  Term Loan.

(a)                                  Generally.  Subject to the terms and conditions hereof,
each Lender severally and not jointly agrees to make a Term Loan to the
Borrower in a principal amount equal to such Lender’s Commitment Percentage of
the aggregate principal amount of Term Loans requested by the Borrower in the
request referred to in Section 5.1.(a)(xi) but in no event more than the
amount of such Lender’s Commitment.  No
later than 2:00 p.m. on the date one day prior to the anticipated Effective
Date and upon the Agent’s request, 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 Term Loan to be made by
such Lender.  No later than
4:00 p.m. on such date, the Agent shall deliver the proceeds of the Term
Loans to a title company or financial institution (the “Escrow Agent”) which
shall have agreed (a) to hold the proceeds of such Term Loans in escrow
for the Lenders on terms acceptable to the Agent in its sole discretion and
(b) to release such proceeds to the Borrower only upon written
confirmation (which may be in the form of an e-mail) from the Agent or the
Agent’s counsel that all of the conditions precedent set forth in Section 5.1. and Section 5.2.(a) shall
have been satisfied or waived in accordance with this Agreement.  Unless the Agent shall have been notified by
any Lender that such Lender does not intend to make available to the Agent the
proceeds of the Term Loan to be made by such Lender, the Agent may assume that
such Lender will make the proceeds of such Term Loan available to the Agent and
the Agent may (but shall not be obligated to), in reliance upon such
assumption, make available to the Escrow Agent the amount of such Term Loan to
be provided by such Lender. Subject to satisfaction (or waiver in accordance
with the terms of this Agreement) of the conditions set forth in Section 5.1. and Section 5.2.(a), the
Agent will make the proceeds of the Term Loans available to the Borrower no
later than 10:00 a.m. on the Effective Date by authorizing the Escrow Agent to
release such proceeds from such escrow. 
The amount of any Lender’s Commitment that is not made as a Term Loan on
the Effective Date shall terminate.  The
Borrower may not reborrow any portion of the Term Loans once repaid.

 27
 

(b)                                 Interest
Accrual; Return of Funds from Escrow. 
The Borrower acknowledges that interest shall begin to accrue on a
Lender’s Term Loan on the date such Lender makes the proceeds of such Term Loan
available to the Agent (or the Agent makes the proceeds of a Term Loan
available to the Escrow Agent on behalf of a Lender, with such interest being
for the account of the Agent) as contemplated in the immediately preceding
subsection.  The Borrower agrees that if
the Effective Date has not occurred by January 31, 2007: (i) the
Agent, on behalf of the Lenders, may require the Escrow Agent to return to the
Agent the proceeds of the Term Loans which shall be paid to the Lenders (or the
Agent, if applicable) in accordance with the applicable provisions of this
Agreement; (ii) the Borrower shall pay to the Agent all accrued and unpaid
interest on the Term Loans, which shall be paid to the Lenders (or the Agent,
if applicable) in accordance with the applicable provisions of this Agreement
and (iii) the Commitments shall terminate.

Section 2.2.  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 the Term
Loan made by such Lender for the period from and including the date such Lender
makes the proceeds of such Term Loan available to the Agent (or the Agent makes
the proceeds of a Term Loan available to the Escrow Agent on behalf of a
Lender, with such interest being for the account of the Agent) 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; and

(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.

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 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, 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.

 28
 

(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 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 2.3.  Number of Interest Periods.

There
may be no more than 10 different Interest Periods for LIBOR Loans outstanding
at the same time.

Section 2.4.  Repayment of Loans.

The
Borrower unconditionally promises, in accordance with, and subject to, the
provisions of the Loan Documents, to pay on the Termination Date, and there
shall become absolutely due and payable on the Termination Date, all of the
Loans outstanding on such date, together with all accrued and unpaid interest
and charges thereon.

Section 2.5.  Prepayments.

The
Borrower may prepay the Term Loans, in whole or in part, at any time without
premium or penalty.  The Borrower shall
give the Agent at least one Business Day’s prior written notice of the prepayment
of the Term Loans and shall pay to the Agent for the account of the Lenders any
amounts payable pursuant to Section 4.4. in connection with such prepayment.

Section 2.6.  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

 29
 

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 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 2.7. or the
Borrower’s failure to comply with any of the terms of such Section.

Section 2.7.  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 2.8.  Notes.

(a)                                  Notes.  The 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 E (each a “Note”), payable to
the order of such Lender in a principal amount equal to the amount of such
Lender’s Term Loan.

(b)                                 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.

 30
 

(c)                                  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 2.9. 
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 60
days but not more than 120 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.(a).

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 

 31
 

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) the borrowing of Term Loans
from the Lenders under Section 2.1.
shall be pro rata according to the amounts of their respective Commitments;
(b) each payment or prepayment of principal of 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 Loans held by them; (c) each
payment of interest on 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; and (d) the Conversion and
Continuation of 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
Loans and the then current Interest Period for each Lender’s portion of each
Loan of such Type shall be coterminous.

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 Term
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 Term Loan or to
perform any other obligation to be made or 

 32
 

performed by it
hereunder shall not relieve the obligation of any other Lender to make a Term
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.  Base Rate Loans
shall be in an aggregate minimum amount of $500,000 and integral multiples of
$100,000 in excess thereof.  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 Term 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 Term
Loans then outstanding).

Section 3.6.  Fees.

(a)                                  Extension
Fee.  If the Borrower exercises its
right to extend the Termination Date in accordance with Section 2.9., the
Borrower agrees to pay to the Agent for the account of each Lender a fee equal
to 0.20% of the amount of such Lender’s Term Loan 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.

(b)                                 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 which shall be computed on the basis
of a year of 360 days and the actual number of days elapsed.

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.

 33
 

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 2.2.(a)(i) and (ii).  Notwithstanding the foregoing, the parties
hereto further agree and stipulate that all agency fees, syndication fees,
facility fees, closing 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, accrued
interest, 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 the 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.

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 Lenders, shall be
suspended during the pendency of such failure or refusal.  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

 34
 

(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 paid to such Defaulting
Lender upon such Defaulting Lender’s curing of its default.

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 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.

 35
 

(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 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 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 (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 (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

 36
 

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; 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)                                  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 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;

 37
 

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, 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 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 all or a portion of any Term Loan as a LIBOR Loan
from such Lender on the Effective Date 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.

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

 38
 

Default, the
Borrower may demand that such Lender (the “Affected Lender”), and upon such
demand the Affected Lender shall promptly, assign its Term Loan 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 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 Commitment Percentages.

 39
 

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.

Article
V. Conditions Precedent

Section 5.1.  Initial Conditions Precedent.

The
obligation of the Lenders to make the proceeds of the Term Loans available to
the Borrower 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)                                  The
Notes executed by the Borrower, payable to each Lender and complying with the
applicable provisions of Section 2.8.;

(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 and the Lenders,
addressing the matters set forth in Exhibit F;

(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

 40
 

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
Continuation and Notices of Conversion;

(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 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)                                Evidence
that the Fees then due and payable under Section 3.6., and any other Fees
payable to the Agent and the Lenders on or prior to the Effective Date, have
been paid;

(x)                                 If
requested by the Agent, executed copies of each of the material agreements,
documents and instruments delivered in connection with the Acquisition, each
certified to the Agent as being true, complete and correct copies by the chief
executive officer or the chief financial officer of the Parent;

(xi)                                A
request from the Borrower for the Term Loans indicating how the proceeds
thereof are to be made available to the Borrower, and if all or any portion of
the Term Loans initially are to be LIBOR Loans, the amounts and the Interest
Periods thereof;

(xii)                           A
Compliance Certificate calculated as of September 30, 2006 (giving pro forma
effect to the Acquisition); and

(xiii)                          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)                                     no
material provision or condition (including conditions relating to the accuracy
of the representations and warranties set forth therein) of the Merger
Agreement

 41
 

shall have been waived, amended, supplemented or
otherwise modified in a manner that is material and adverse to the Agent or the
Lenders;

(ii)                                  all
conditions precedent to the closing of the Acquisition (other than (x) the
payment of the aggregate Merger Consideration (as defined in the Merger
Agreement) by the Parent, or (y) the filing of the Articles of Merger of
Reckson and Wyoming Acquisition Corp. in Maryland and the filing of the
Certificate of Merger of Reckson OP and Wyoming Acquisition Partnership LP in Delaware)
shall have been satisfied or waived; and

(iii)                               the
Agent shall have been provided with a certificate from the Parent’s chief
executive officer or chief financial officer certifying the matters referred to
in the immediately preceding clauses (i) and (ii); and

(c)                                  The
Acquisition shall have been consummated prior to the Termination Date (as
defined in the Merger Agreement).

Section 5.2.  Additional Conditions Precedent.

(a)                                  Term
Loans.  The obligation of the Lenders
to make the proceeds of the Term Loans available to the Borrower is subject to
the further condition precedent that: (a) no Default or Event of Default
shall exist as of the date of the making of the Term Loans 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 the Term Loans 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; provided,
however, with respect to Reckson, its Subsidiaries and their businesses, only
the following representations shall be deemed made on the Effective Date:
(i) the Specified Representations and (ii) the representations and
warranties of Reckson set forth in the Merger Agreement (x) that are
material to the interests of the Lenders and (y) the breach of which would
permit the Parent to terminate its obligations under the Merger Agreement
(without regard to whether any notice is required to be given by the Parent in
connection therewith).  The borrowing of
the Term Loans on the Effective Date 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 the notice referred to in Section 5.1.(a)(xi)
and, unless the Borrower otherwise notifies the Agent prior to the Effective
Date) as of the Effective Date.

(b)                                 Conversions
and Continuations.  The obligation of
the Lenders to permit the occurrence of a Credit Event is subject to the
further condition precedent that: (a) no Default or Event of Default shall
exist as of the date of such Credit Event 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 such Credit Event with the same force and effect as if made on and as of
such date except to the extent that such representations and warranties

 42

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). 
The provisions of this subsection (b) do not apply to the making of
the Term Loans on the Effective Date or to the Conversion of LIBOR Loans into
Base Rate Loans as provided in Sections 2.6., 4.2., and 4.6.

Section 5.3.  Condition Subsequent.

The
Parent shall deliver to the Agent not later than 5:00 p.m. on the Business Day
immediately following the Effective Date evidence reasonably satisfactory to
the Agent of the filing of the Articles of Merger of Reckson and Wyoming
Acquisition Corp. in Maryland and the filing of the Certificate of Merger of
Reckson OP and Wyoming Acquisition Partnership LP in Delaware.

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, 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
(and after giving effect to the Acquisition), 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 Subsidiary. Except as disclosed in
such Schedule, as of the Agreement Date (and after giving effect to the
Acquisition) (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

 43
 

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 (and after giving
effect to the Acquisition), 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 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 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, including without limitation, the
Reckson Note Documents or any of the Reckson Notes; 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.

(f)                                    Title
to Properties; Liens.  As of the
Agreement Date (and after giving effect to the Acquisition), 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

 44
 

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 (and after giving
effect to the Acquisition), 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 (and after giving effect to the Acquisition), 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 (and after
giving effect to the Acquisition), 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 (and after giving effect to the Acquisition), 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, 2005, 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 September 30, 2006, and the related unaudited
consolidated statements of operations, cash flows and shareholders’ equity of

 45
 

the Parent and its
consolidated Subsidiaries for the period of two fiscal quarters 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, 2005, 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

 46
 

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; Etc.  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, or (ii) 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, “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,

 47
 

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 (and after giving
effect to the Acquisition), 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 Adverse Effect
which has not been set forth in the financial statements referred to in

 48
 

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 (and after giving
effect to the Acquisition), 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.

(aa)                            Acquisition.  As of the Effective Date and after giving
effect to the application of the proceeds of the Term Loans as contemplated by
Section 7.8., the Acquisition shall have been consummated in all material
respects in accordance with the terms of the Merger Agreement and no material
provision or condition (including conditions relating to the accuracy of the
representations and warranties set forth therein) of the Merger Agreement shall
have been waived, amended, supplemented or otherwise modified in a manner that
is material and adverse to the Agent or the Lenders.

Section 6.2.  Survival of Representations and Warranties,
Etc.

Subject
to Section 5.2.(a), the 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 2.9. 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.

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:

 49
 

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.

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

 50
 

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 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.

The
Borrower shall use the proceeds of the Term Loans solely to finance the
Acquisition in accordance with the Merger Agreement.  No part of the proceeds of any Loan 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 or (b) to fund any operations in, finance any
investments or activities in, or make any payments to, a Sanctioned Person or
Sanctioned Entity.

 51
 

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
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 (xiii) 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.

 52
 

(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 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.

 53
 

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 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 G (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

 54
 

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.

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

 55
 

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 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;

 56
 

(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;

(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;

(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.

(q)                                 Other
Information.  From time to time and
promptly upon each request, such data, certificates, reports, statements,
opinions of counsel, documents or further information regarding the business,
assets, liabilities, financial condition, results of operations or business
prospects of the Borrower or any of its Subsidiaries as the Agent or any Lender
may reasonably request.

Section 8.5.  Electronic Delivery.

Documents
required to be delivered pursuant to Section 8.1., 8.2. or 8.4.(b) (to the
extent any such documents 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; or (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); 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

 57
 

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.

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
Leverage Ratio.  The ratio of
(i) Total Indebtedness to (ii) Total Asset Value, to exceed 0.65 to
1.00 at any time.

(b)                                 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.

(c)                                  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.

(d)                                 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
0.40 to 1.00 at any time.

(e)                                  Minimum
Unencumbered Leverage Ratio.  The
ratio of (i) Unencumbered Asset Value to (ii) Unsecured Indebtedness
of the Parent and its Subsidiaries determined on a consolidated basis, to be
less than 1.54 to 1.00 at any time.

(f)                                    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.

(g)                                 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 2.00 to
1.00 at any time.

(h)                                 Minimum
Unencumbered Asset Value.  The
Unencumbered Asset Value attributable to Eligible Properties to be less than
$600,000,000 at any time.  Until the
occurrence

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of the Reckson
Limitation Termination Event, Eligible Properties owned by any Reckson Party
shall be disregarded when determining compliance with this subsection.

(i)                                     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.

(j)                                     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.

(k)                                  Minimum
Net Worth.  Tangible Net Worth at any
time to be less than (i) $1,000,000,000 plus (ii) 75% of the
Net Proceeds of all Equity Issuances effected by the Parent, the Borrower or
any Subsidiary after June 30, 2005 (other than Equity Issuances to the Parent,
the Borrower or any Subsidiary).

(l)                                     Minimum Aggregate Occupancy Rate.  The
aggregate Occupancy Rate for all Eligible Properties and Identified Properties
to be less than 85% at any time.

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 dividends 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 of capital gains to the Parent
and other holders of partnership interests in the Borrower to the extent
necessary for the Parent to make, and the Parent may make, cash distributions
to its shareholders of capital gains resulting from gains from certain asset
sales to the extent necessary to avoid payment of taxes on such asset sales
imposed under Sections 857(b)(3) and 4981 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; and

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

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Notwithstanding
the foregoing, but subject to the following sentence, if a Default or Event of
Default exists, 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.  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 15.0% 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

(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.

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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
40.0% 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 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) in an agreement relating to the sale
of a Subsidiary or assets pending such sale, provided that in any such case the
Negative

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Pledge applies
only to the Subsidiary or the assets that are the subject of such sale; or
(iii) the Existing Credit Agreements.

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

 62

(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 a Reckson
Note Document).

Notwithstanding
the foregoing, the Parent may permit (x) 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 (y) title to such Eligible 1031
Properties to be held by a Reckson Subsidiary.

(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.

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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.

(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 5.3., Section 8.4.(i) or 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) having an
aggregate outstanding principal amount of $50,000,000 or more (“Material
Indebtedness”); or

(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

 65
 

(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 $50,000,000 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 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.

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(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.

(l)                                     Loan
Documents.  An Event of Default (as
defined therein) shall occur under any of the other Loan Documents.

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(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 two-thirds 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.

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), (i) the principal of, and all
accrued interest on, the Loans and the Notes at the time outstanding and
(ii) all of the other Obligations of the Borrower, 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 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.

(ii)                                  Optional.  If any other Event of Default shall exist,
the Agent shall, at the direction of the Requisite Lenders declare (1) the
principal of, and accrued interest on, the Loans and the Notes at the time
outstanding and (2) 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.

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(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.;

(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 all Loans, to be applied for the ratable benefit of the Lenders;

(d)                                 payments
of principal of all Loans, to be applied for the ratable benefit of the Lenders;

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

(f)                                    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

(g)                                 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.  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

 69
 

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 10.5.  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.

Section 10.6.  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

 70
 

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
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

 71
 

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.

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

 72
 

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 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,

 73
 

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 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

 74
 

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. 
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 “Lead
Arranger”, “Co-Syndication Agent” and “Co-Documentation Agent” are solely
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

  	
   

  	
   

  

 

 75
 

	
  

  	
  and to

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
  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, NC 0172

  	
   

  	
   

  
	
   

  	
  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 on its signature page hereto or in the applicable
Assignment and Acceptance Agreement;

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 for all of its
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), the consummation of the transactions
contemplated thereby, and the initial syndication of the Term Loans by the Lead
Arranger, including the reasonable fees and disbursements of counsel to the
Agent 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

 76

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, 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

 77
 

COMMENCED BY OR
AGAINST ANY PARTY HERETO ARISING OUT OF THIS 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, 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 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 (e) 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 the Term Loan 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 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 outstanding principal
balance of the Term Loan of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Acceptance with
respect to such assignment is delivered to the Agent or, if “Trade Date” is specified
in the Assignment and Acceptance, as of the Trade Date) shall not be less than
$1,000,000, unless the Agent otherwise consents (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 assigned.

(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 the consent of the Agent (such consent not
to be unreasonably withheld or delayed) shall be required for assignments to a
Person that is not already a Lender hereunder.

(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
questionnaire in the form customarily required by the Agent.

(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.

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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). 
The assigning Lender, the Agent and the Borrower shall make appropriate
arrangements so that new Notes are issued to the Assignee and such assigning
Lender, as appropriate.

(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 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 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 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 Section 12.6.(b) 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

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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.

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).

(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)            subject the Lenders to any
additional obligations;

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

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(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 2.9. 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);

(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; or

(viii)        increase the number of Interest Periods
permitted with respect to Loans under Section 2.3.

(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.

(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 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,

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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.  The Borrower acknowledges and agrees that it
has not relied on the Agent, any Lender or any of their respective legal
counsel for any tax advice relating to the transaction contemplated by this
Agreement and the other Loan Documents.

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 Loan 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; (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 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

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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; (iii) any actual
or proposed use by the Borrower of the proceeds of the Loans; (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 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

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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.

(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 all Loans and all other 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 and the Lenders 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 and the Lenders (i) notwithstanding any
termination of this Agreement, or of the other Loan Documents, against events
arising after such termination as well

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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.

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

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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.

[Signatures on Following
Pages]

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IN
WITNESS WHEREOF, the parties hereto have caused this 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.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
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  SL GREEN REALTY CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
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[Signature
Page to Credit Agreement with SL Green Operating Partnership, L.P.]

 

	
  

  	
  WACHOVIA BANK,
  NATIONAL ASSOCIATION, as

  Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Commitment
  Amount:

  
	
   

  	
   

  	
   

  
	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Lending Office
  (all Types of Loans):

  
	
   

  	
   

  	
   

  
	
   

  	
  Wachovia Bank,
  National Association

  
	
   

  	
  301 S. College
  Street, NC0172

  
	
   

  	
  Charlotte, North
  Carolina 28288

  
	
   

  	
  Attention: Rex
  E. Rudy

  
	
   

  	
  Telephone:

  	
  (704) 383-6506

  
	
   

  	
  Telecopier:

  	
  (704) 383-6205

  
							

 

[Signatures
Continued on Next Page]

 89
 

[Signature
Page to Credit Agreement with SL Green Operating Partnership, L.P.]

 

	
  

  	
  [LENDER]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Commitment
  Amount:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Lending
  Office (all Types of Loans):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attn:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Telephone:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Telecopy:

  	
   

  	
   

  	
   

  	
   

  
											

 

 90

EXECUTION COPY

 

CREDIT AGREEMENT

Dated as of
January 24, 2007

by and among

SL GREEN OPERATING
PARTNERSHIP, L.P.,

as Borrower

SL GREEN REALTY CORP.,

as Parent,

WACHOVIA CAPITAL
MARKETS, LLC,

as
Lead Arranger and Book

Manager,

WACHOVIA BANK, NATIONAL
ASSOCIATION,

as Administrative Agent,

Each of

KEYBANK NATIONAL
ASSOCIATION,

and

WELLS FARGO BANK,
NATIONAL ASSOCIATION,

as Co-Syndication Agents,

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

  	
   

  	
  26

  
	
   

  	
  Section 1.3. Financial Attributes of Non-Wholly
  Owned Subsidiaries

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  Article II. Credit Facility

  	
   

  	
  27

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 2.1. Term Loan

  	
   

  	
  27

  
	
   

  	
  Section 2.2. Rates and Payment of Interest on
  Loans

  	
   

  	
  28

  
	
   

  	
  Section 2.3. Number of Interest Periods

  	
   

  	
  29

  
	
   

  	
  Section 2.4. Repayment of Loans

  	
   

  	
  29

  
	
   

  	
  Section 2.5. Prepayments

  	
   

  	
  29

  
	
   

  	
  Section 2.6. Continuation

  	
   

  	
  29

  
	
   

  	
  Section 2.7. Conversion

  	
   

  	
  30

  
	
   

  	
  Section 2.8. Notes

  	
   

  	
  30

  
	
   

  	
  Section 2.9. Extension of Termination Date

  	
   

  	
  31

  
	
   

  	
   

  	
   

  
	
  Article III. Payments, Fees and Other General
  Provisions

  	
   

  	
  31

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 3.1. Payments

  	
   

  	
  31

  
	
   

  	
  Section 3.2. Pro Rata Treatment

  	
   

  	
  32

  
	
   

  	
  Section 3.3. Sharing of Payments, Etc.

  	
   

  	
  32

  
	
   

  	
  Section 3.4. Several Obligations

  	
   

  	
  32

  
	
   

  	
  Section 3.5. Minimum Amounts

  	
   

  	
  33

  
	
   

  	
  Section 3.6. Fees

  	
   

  	
  33

  
	
   

  	
  Section 3.7. Computations

  	
   

  	
  33

  
	
   

  	
  Section 3.8. Usury

  	
   

  	
  33

  
	
   

  	
  Section 3.9. Agreement Regarding Interest and
  Charges

  	
   

  	
  34

  
	
   

  	
  Section 3.10. Statements of Account

  	
   

  	
  34

  
	
   

  	
  Section 3.11. Defaulting Lenders

  	
   

  	
  34

  
	
   

  	
  Section 3.12. Taxes

  	
   

  	
  35

  
	
   

  	
   

  	
   

  
	
  Article IV. Yield Protection, Etc.

  	
   

  	
  36

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 4.1. Additional Costs; Capital Adequacy

  	
   

  	
  36

  
	
   

  	
  Section 4.2. Suspension of LIBOR Loans

  	
   

  	
  37

  
	
   

  	
  Section 4.3. Illegality

  	
   

  	
  38

  
	
   

  	
  Section 4.4. Compensation

  	
   

  	
  38

  
	
   

  	
  Section 4.5. Affected Lenders

  	
   

  	
  38

  
	
   

  	
  Section 4.6. Treatment of Affected Loans

  	
   

  	
  39

  
	
   

  	
  Section 4.7. Change of Lending Office

  	
   

  	
  40

  
	
   

  	
  Section 4.8. Assumptions Concerning Funding of
  LIBOR Loans

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  Article V. Conditions Precedent

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 5.1. Initial Conditions Precedent

  	
   

  	
  40

  
	
   

  	
  Section 5.2. Additional Conditions Precedent

  	
   

  	
  42

  
	
   

  	
  Section 5.3. Condition Subsequent

  	
   

  	
  43

  

 

 i
 

 

	
  Article VI. Representations and Warranties

  	
   

  	
  43

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 6.1. Representations and Warranties

  	
   

  	
  43

  
	
   

  	
  Section 6.2. Survival of Representations and
  Warranties, Etc.

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  Article VII. Affirmative Covenants

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 7.1. Preservation of Existence and
  Similar Matters

  	
   

  	
  50

  
	
   

  	
  Section 7.2. Compliance with Applicable Law and
  Material Contracts

  	
   

  	
  50

  
	
   

  	
  Section 7.3. Maintenance of Property

  	
   

  	
  50

  
	
   

  	
  Section 7.4. Conduct of Business

  	
   

  	
  50

  
	
   

  	
  Section 7.5. Insurance

  	
   

  	
  50

  
	
   

  	
  Section 7.6. Payment of Taxes and Claims

  	
   

  	
  51

  
	
   

  	
  Section 7.7. Visits and Inspections

  	
   

  	
  51

  
	
   

  	
  Section 7.8. Use of Proceeds

  	
   

  	
  51

  
	
   

  	
  Section 7.9. Environmental Matters

  	
   

  	
  52

  
	
   

  	
  Section 7.10. Books and Records

  	
   

  	
  52

  
	
   

  	
  Section 7.11. Further Assurances

  	
   

  	
  52

  
	
   

  	
  Section 7.12. New Guarantors

  	
   

  	
  52

  
	
   

  	
  Section 7.13. REIT Status

  	
   

  	
  53

  
	
   

  	
  Section 7.14. Exchange Listing

  	
   

  	
  53

  
	
   

  	
   

  	
   

  
	
  Article VIII. Information

  	
   

  	
  54

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 8.1. Quarterly Financial Statements

  	
   

  	
  54

  
	
   

  	
  Section 8.2. Year-End Statements

  	
   

  	
  54

  
	
   

  	
  Section 8.3. Compliance Certificate; Other
  Reports

  	
   

  	
  54

  
	
   

  	
  Section 8.4. Other Information

  	
   

  	
  55

  
	
   

  	
  Section 8.5. Electronic Delivery

  	
   

  	
  57

  
	
   

  	
   

  	
   

  
	
  Article IX. Negative Covenants

  	
   

  	
  58

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 9.1. Financial Covenants

  	
   

  	
  58

  
	
   

  	
  Section 9.2. Restricted Payments

  	
   

  	
  59

  
	
   

  	
  Section 9.3. Indebtedness

  	
   

  	
  60

  
	
   

  	
  Section 9.4. Certain Permitted Investments

  	
   

  	
  60

  
	
   

  	
  Section 9.5. Investments Generally

  	
   

  	
  61

  
	
   

  	
  Section 9.6. Liens; Negative Pledges; Other
  Matters

  	
   

  	
  61

  
	
   

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

  	
   

  	
  62

  
	
   

  	
  Section 9.8. Fiscal Year

  	
   

  	
  63

  
	
   

  	
  Section 9.9. Modifications to Material
  Contracts

  	
   

  	
  63

  
	
   

  	
  Section 9.10. Modifications of Organizational
  Documents

  	
   

  	
  63

  
	
   

  	
  Section 9.11. Transactions with Affiliates

  	
   

  	
  63

  
	
   

  	
  Section 9.12. ERISA Exemptions

  	
   

  	
  64

  
	
   

  	
  Section 9.13. Reckson Limitations

  	
   

  	
  64

  
	
   

  	
   

  	
   

  
	
  Article X. Default

  	
   

  	
  65

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 10.1. Events of Default

  	
   

  	
  65

  
	
   

  	
  Section 10.2. Remedies Upon Event of Default

  	
   

  	
  68

  
	
   

  	
  Section 10.3. Allocation of Proceeds

  	
   

  	
  69

  

 

 ii
 

 

	
  

  	
  Section 10.4. Performance by Agent

  	
   

  	
  69

  
	
   

  	
  Section 10.5. Rights Cumulative

  	
   

  	
  70

  
	
   

  	
  Section 10.6. Rescission of Acceleration by
  Requisite Lenders

  	
   

  	
  70

  
	
   

  	
   

  	
   

  
	
  Article XI. The Agent

  	
   

  	
  70

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 11.1. Authorization and Action

  	
   

  	
  70

  
	
   

  	
  Section 11.2. Agent’s Reliance, Etc.

  	
   

  	
  71

  
	
   

  	
  Section 11.3. Notice of Defaults

  	
   

  	
  72

  
	
   

  	
  Section 11.4. Wachovia as Lender

  	
   

  	
  72

  
	
   

  	
  Section 11.5. Approvals of Lenders

  	
   

  	
  72

  
	
   

  	
  Section 11.6. Lender Credit Decision, Etc.

  	
   

  	
  73

  
	
   

  	
  Section 11.7. Indemnification of Agent

  	
   

  	
  73

  
	
   

  	
  Section 11.8. Successor Agent

  	
   

  	
  74

  
	
   

  	
  Section 11.9. Titled Agents

  	
   

  	
  75

  
	
   

  	
   

  	
   

  
	
  Article XII. Miscellaneous

  	
   

  	
  75

  
	
   

  	
   

  	
   

  
	
   

  	
  Section 12.1. Notices

  	
   

  	
  75

  
	
   

  	
  Section 12.2. Expenses

  	
   

  	
  76

  
	
   

  	
  Section 12.3. Setoff

  	
   

  	
  77

  
	
   

  	
  Section 12.4. Litigation; Jurisdiction; Other
  Matters; Waivers

  	
   

  	
  77

  
	
   

  	
  Section 12.5. Successors and Assigns

  	
   

  	
  78

  
	
   

  	
  Section 12.6. Amendments

  	
   

  	
  81

  
	
   

  	
  Section 12.7. Nonliability of Agent and Lenders

  	
   

  	
  82

  
	
   

  	
  Section 12.8. Confidentiality

  	
   

  	
  83

  
	
   

  	
  Section 12.9. Indemnification

  	
   

  	
  83

  
	
   

  	
  Section 12.10. Termination; Survival

  	
   

  	
  85

  
	
   

  	
  Section 12.11. Severability of Provisions

  	
   

  	
  86

  
	
   

  	
  Section 12.12. GOVERNING LAW

  	
   

  	
  86

  
	
   

  	
  Section 12.13. Patriot Act

  	
   

  	
  86

  
	
   

  	
  Section 12.14. Counterparts

  	
   

  	
  86

  
	
   

  	
  Section 12.15. Obligations with Respect to Loan
  Parties

  	
   

  	
  86

  
	
   

  	
  Section 12.16. Limitation of Liability

  	
   

  	
  86

  
	
   

  	
  Section 12.17. Entire Agreement

  	
   

  	
  87

  
	
   

  	
  Section 12.18. Construction

  	
   

  	
  87

  

 

	
  SCHEDULE 1.1.

  	
   

  	
  List of Loan Parties

  
	
  SCHEDULE 6.1.(b)

  	
   

  	
  Ownership Structure – Part I: Subsidiaries;
  Part II: Unconsolidated Affiliates

  
	
  SCHEDULE 6.1.(f)

  	
   

  	
  Title to Properties; Liens – Part I:
  Properties; Part II: 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 and Structured
  Finance Investments

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
   

  	
  Form of Assignment and Acceptance Agreement

  
	
  EXHIBIT B

  	
   

  	
  Form of Notice of Continuation

  

 

 iii
 

 

	
  EXHIBIT C

  	
   

  	
  Form of Notice of Conversion

  
	
  EXHIBIT D

  	
   

  	
  Form of Guaranty

  
	
  EXHIBIT E

  	
   

  	
  Form of Note

  
	
  EXHIBIT F

  	
   

  	
  Form of Opinion of Counsel

  
	
  EXHIBIT G

  	
   

  	
  Form of Compliance Certificate

  

 

 iv

EXHIBIT
A

FORM OF ASSIGNMENT
AND ACCEPTANCE AGREEMENT

THIS
ASSIGNMENT AND ACCEPTANCE AGREEMENT dated as of                  ,
200   (the “Agreement”) by and among                                           
(the “Assignor”),                                           
(the “Assignee”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”).

WHEREAS,
the Assignor is a Lender under that certain Credit Agreement dated as of
January 24, 2007 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among SL Green Operating
Partnership, L.P. (the “Borrower”), the financial institutions party thereto
and their assignees under Section 12.5. thereof (the “Lenders”), the
Agent, and the other parties thereto;

WHEREAS,
the Assignor desires to assign to the Assignee, among other things, all or a
portion of the Assignor’s Commitment under the Credit Agreement, all on the
terms and conditions set forth herein; and

WHEREAS,
the Agent consents to such assignment on the terms and conditions set forth
herein;

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

Section 1.  Assignment.

(a)           Subject to the terms and conditions
of this Agreement and in consideration of the payment to be made by the
Assignee to the Assignor pursuant to Section 2 of this Agreement, effective as
of                 ,
200   (the “Assignment Date”), the Assignor hereby irrevocably sells,
transfers and assigns to the Assignee, without recourse, a $             
interest (such interest being the “Assigned Commitment”) in and to the Assignor’s
Commitment and all of the other rights and obligations of the Assignor under
the Credit Agreement, the Assignor’s Term Note and the other Loan Documents
(representing            %
in respect of the aggregate amount of all Lenders’ Commitments), including
without limitation, a principal amount of outstanding Term Loans equal to $                
and all voting rights of the Assignor associated with the Assigned Commitment,
all rights to receive interest on such amount of the Term Loan assigned and all
facility and other Fees with respect to the Assigned Commitment and other
rights of the Assignor under the Credit Agreement and the other Loan Documents
with respect to the Assigned Commitment. 
The Assignee, subject to the terms and conditions hereof, hereby assumes
all obligations of the Assignor as a Lender with respect to the Assigned Commitment,
which obligations shall include, but shall not be limited to, the obligation to
indemnify the Agent as provided in the Credit Agreement (such obligations,
together with all other similar obligations more particularly set forth in the
Credit Agreement and the other Loan Documents, collectively, the “Assigned
Obligations”).  The Assignor shall have
no further duties or obligations with

 A-1
 

respect to, and
shall have no further interest in, the Assigned Obligations or the Assigned
Commitment from and after the Assignment Date.

(b)           The assignment by the Assignor to the
Assignee hereunder is without recourse to the Assignor.  The Assignee makes and confirms to the Agent,
the Assignor, and the other Lenders all of the representations, warranties and
covenants of a Lender under Article XI. of the Credit Agreement.  Not in limitation of the foregoing, the
Assignee acknowledges and agrees that, except as set forth in Section 4
below, the Assignor is making no representations or warranties with respect to,
and the Assignee hereby releases and discharges the Assignor for any
responsibility or liability for: (i) the present or future solvency or
financial condition of the Borrower, any Subsidiary or any other Loan Party,
(ii) any representations, warranties, statements or information made or
furnished by the Borrower, any Subsidiary or any other Loan Party in connection
with the Credit Agreement or otherwise, (iii) the validity, efficacy,
sufficiency, or enforceability of the Credit Agreement, any other Loan Document
or any other document or instrument executed in connection therewith, or the
collectibility of the Assigned Obligations, (iv) the perfection, priority
or validity of any Lien with respect to any collateral at any time securing the
Obligations or the Assigned Obligations under the Notes or the Credit Agreement
and (v) the performance or failure to perform by the Borrower or any other
Loan Party of any obligation under the Credit Agreement or any other Loan
Document to which it is a party. 
Further, the Assignee acknowledges that it has, independently and
without reliance upon the Agent, or any affiliate or subsidiary thereof, the
Assignor or any other Lender and based on the financial statements supplied by
the Borrower and such other documents and information as it has deemed
appropriate, made its own credit and legal analysis and decision to become a
Lender under the Credit Agreement.  The
Assignee also acknowledges that it will, independently and without reliance
upon the Agent, the Assignor or any other Lender and based on such documents
and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Credit Agreement
or any other Loan Documents or pursuant to any other obligation.  Except as expressly provided in the Credit
Agreement, the Agent shall have no duty or responsibility whatsoever, either
initially or on a continuing basis, to provide the Assignee with any credit or
other information with respect to the Borrower or any other Loan Party or to
notify the Assignee of any Default or Event of Default.  The Assignee has not relied on the Agent as
to any legal or factual matter in connection therewith or in connection with
the transactions contemplated thereunder.

Section 2.  Payment by Assignee.  In consideration of the assignment made
pursuant to Section 1 of this Agreement, the Assignee agrees to pay to the
Assignor on the Assignment Date, such amount as they may agree.

Section 3.  Payments by Assignor.  The Assignor agrees to pay to the Agent on
the Assignment Date the administration fee, if any, payable under the
applicable provisions of the Credit Agreement.

Section 4.  Representations and Warranties of Assignor.  The Assignor hereby represents and warrants
to the Assignee that (a) as of the Assignment Date (i) the Assignor
is a Lender under the Credit Agreement having a Commitment under the Credit
Agreement (without reduction by any assignments thereof which have not yet
become effective), equal to 

 A-2
 

$                   ,
and that the Assignor is not in default of its obligations under the Credit
Agreement; and (ii) the outstanding balance of Term Loans owing to the
Assignor (without reduction by any assignments thereof which have not yet
become effective) is $                   ;
and (b) it is the legal and beneficial owner of the Assigned Commitment
which is free and clear of any adverse claim created by the Assignor.

Section 5.  Representations, Warranties and Agreements
of Assignee.  The Assignee
(a) represents and warrants that it is (i) legally authorized to
enter into this Agreement, (ii) an “accredited investor” (as such term is
used in Regulation D of the Securities Act) and (iii) an Eligible Assignee;
(b) confirms that it has received a copy of the Credit Agreement, together
with copies of the most recent financial statements delivered in connection
therewith or pursuant thereto and such other documents and information
(including without limitation the Loan Documents) as it has deemed appropriate
to make its own credit analysis and decision to enter into this Agreement;
(c) appoints and authorizes the Agent to take such action as contractual
representative on its behalf and to exercise such powers under the Loan
Documents as are delegated to the Agent by the terms thereof together with such
powers as are reasonably incidental thereto; and (d) agrees that, if not
already a Lender and to the extent of the Assigned Commitment, it will become a
party to and shall be bound by the Credit Agreement and the other Loan Documents
to which the other Lenders are a party on the Assignment Date and will perform
in accordance therewith all of the obligations which are required to be
performed by it as a Lender with respect to the Assigned Commitment.

Section 6.  Recording and Acknowledgment by the Agent.  Following the execution of this Agreement,
the Assignor will deliver to the Agent (a) a duly executed copy of this
Agreement for acknowledgment and recording by the Agent and (b) the
Assignor’s Note.  Upon such
acknowledgment and recording, from and after the Assignment Date, the Agent
shall make all payments in respect of the interest assigned hereby (including
payments of principal, interest, Fees and other amounts) to the Assignee.  The Assignor and Assignee shall make all
appropriate adjustments in payments under the Credit Agreement for periods
prior to the Assignment Date directly between themselves.

Section 7.  Addresses.  The Assignee specifies as its address for
notices and its Lending Office for all Loans, the offices set forth on
Schedule 1 attached hereto.

Section 8.  Payment Instructions.  All payments to be made to the Assignee under
this Agreement by the Assignor, and all payments to be made to the Assignee
under the Credit Agreement, shall be made as provided in the Credit Agreement
in accordance with the instructions set forth on Schedule 1 attached
hereto or as the Assignee may otherwise notify the Agent.

Section 9.  Effectiveness of Assignment.  This Agreement, and the assignment and
assumption contemplated herein, shall not be effective until (a) this
Agreement is executed and delivered by each of the Assignor, the Assignee, the
Agent, and if required under Section 12.5.(b) of the Credit Agreement, the
Borrower, and (b) the payment to the Assignor of the amounts, if any, owing
by the Assignee pursuant to Section 2 hereof and (c) the payment to
the Agent of the amounts, if any, owing by the Assignor pursuant to
Section 3 hereof.  Upon

 A-3
 

recording and
acknowledgment of this Agreement by the Agent, from and after the Assignment Date,
(i) the Assignee shall be a party to the Credit Agreement with respect to
the Assigned Commitment and have the rights and obligations of a Lender
thereunder to the extent of the Assigned Commitment and (ii) the Assignor
shall relinquish its rights (except as otherwise provided in
Section 12.10. of the Credit Agreement) and be released from its
obligations under the Credit Agreement with respect to the Assigned Commitment;
provided, however, that if the Assignor does not assign its entire interest
under the Loan Documents, it shall remain a Lender entitled to all of the
benefits and subject to all of the obligations thereunder with respect to its
Commitment.

Section 10.  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 11.
Counterparts.  This Agreement may
be executed in any number of counterparts each of which, when taken together,
shall constitute one and the same agreement.

Section 12.  Headings.  Section headings have been inserted herein
for convenience only and shall not be construed to be a part hereof.

Section 13.  Amendments; Waivers.  This Agreement may not be amended, changed,
waived or modified except by a writing executed by the Assignee and the
Assignor; provided, however, any amendment, waiver or consent which shall
affect the rights or duties of the Agent under this Agreement shall not be
effective unless signed by the Agent.

Section 14.  Entire Agreement.  This Agreement embodies the entire agreement
between the Assignor and the Assignee with respect to the subject matter hereof
and supersedes all other prior arrangements and understandings relating to the
subject matter hereof.

Section 15.  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 16.  Definitions.  Terms not otherwise defined herein are used
herein with the respective meanings given them in the Credit Agreement.

[Signatures on Following Pages]

 A-4
 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Assignment and
Acceptance Agreement as of the date and year first written above.

	
  

  	
  ASSIGNOR:

  
	
   

  	
   

  	
   

  
	
   

  	
  [NAME OF
  ASSIGNOR]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  	
   

  
	
   

  	
  [NAME OF
  ASSIGNEE]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted as of
  the date first written above.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGENT:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WACHOVIA BANK,
  NATIONAL

  	
   

  	
   

  
	
    ASSOCIATION, as Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  	
   

  
										

 A-5
 

SCHEDULE 1

Information Concerning the Assignee

	
  

  	
   

  	
  Notice Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Telephone No.:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Telecopy No.:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Lending Office:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Telephone No.:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Telecopy No.:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Payment Instructions:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

 A-6

EXHIBIT B

FORM OF NOTICE OF
CONTINUATION

                      ,
200  

Wachovia Bank, National
Association, as Agent

One Wachovia Center

301 South College Street

Mail Code: NC0166

Charlotte, North Carolina
28288-0166

Attn: Rex E. Rudy

Ladies and Gentlemen:

Reference
is made to that certain Credit Agreement dated as of January 24, 2007 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SL Green Operating Partnership, L.P. (the “Borrower”),
the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), Wachovia Bank, National
Association, as Agent (the “Agent”), and the other parties thereto.  Capitalized terms used herein, and not
otherwise defined herein, have their respective meanings given them in the
Credit Agreement.

Pursuant
to Section 2.6. of the Credit Agreement, the Borrower hereby requests a
Continuation of a borrowing of Loans under the Credit Agreement, and in that
connection sets forth below the information relating to such Continuation as
required by such Section of the Credit Agreement:

1.                                       The
proposed date of such Continuation is                          ,
200   .

2.                                       The
aggregate principal amount of Loans subject to the requested Continuation is $                                                .

3.                                       The
portion of such principal amount subject to such Continuation is $                                                .

4.                                       The
current Interest Period for each of the Loans subject to such Continuation ends
on                      ,
200  .

5.                                       The
duration of the new Interest Period for each of such Loans or portion thereof
subject to such Continuation is:

	
   

  	
  [Check one box only]

  	
   

  	
  o

  	
   

  	
  1 month

  
	
   

  	
   

  	
   

  	
  o

  	
   

  	
  2 months

  
	
   

  	
   

  	
   

  	
  o

  	
   

  	
  3 months

  

 

 B-1
 

 

	
  

  	
   

  	
   

  	
  o

  	
   

  	
  6 months

  
	
   

  	
   

  	
   

  	
  o

  	
   

  	
  7 days (with the approval of the Agent)

  

 

The
Borrower hereby certifies to the Agent and the Lenders that as of the date
hereof, as of the proposed date of the requested Continuation, and after giving
effect to such Continuation, no Default or Event of Default exists or will
exist.

If
notice of the requested Continuation was given previously by telephone, this
notice is to be considered the written confirmation of such telephone notice
required by Section 2.6. of the Credit Agreement.

IN WITNESS
WHEREOF, the undersigned has duly executed and delivered this Notice of
Continuation as of the date first written above.

 

SL GREEN OPERATING PARTNERSHIP, L.P.

 

	
  By: 

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 B-2

EXHIBIT C

FORM OF NOTICE OF
CONVERSION

                         ,
200  

Wachovia Bank, National Association, as Agent

One Wachovia Center

301 South College Street

Mail Code: NC0166

Charlotte, North Carolina
28288-0166

Attn: Rex E. Rudy

Ladies and Gentlemen:

Reference
is made to that certain Credit Agreement dated as of January 24, 2007 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SL Green Operating Partnership, L.P. (the “Borrower”),
the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), Wachovia Bank, National
Association, as Agent (the “Agent”), and the other parties thereto.  Capitalized terms used herein, and not
otherwise defined herein, have their respective meanings given them in the
Credit Agreement.

Pursuant
to Section 2.7. of the Credit Agreement, the Borrower hereby requests a
Conversion of a borrowing of Loans of one Type into Loans of another Type under
the Credit Agreement, and in that connection sets forth below the information
relating to such Conversion as required by such Section of the Credit
Agreement:

1.                                       The
proposed date of such Conversion is                          ,
200   .

2.                                       The
Loans to be Converted pursuant hereto are currently:

	
   

  	
  [Check one box only]

  	
   

  	
  o

  	
   

  	
  Base Rate Loans

  
	
   

  	
   

  	
   

  	
  o

  	
   

  	
  LIBOR Loans

  

 

3.                                       The
aggregate principal amount of Loans subject to the requested Conversion is $                                      .

4.                                       The
portion of such principal amount subject to such Conversion is $                                      .

 C-1
 

5.                                       The
amount of such Loans to be so Converted is to be converted into Loans of the
following Type:

[Check one box only]

	
  

  	
  o

  	
  Base Rate Loans

  
	
   

  	
  o

  	
  LIBOR Loans, each with an initial Interest Period
  for a duration of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [Check one box only]

  	
   

  	
  o

  	
   

  	
  1 month

  
	
   

  	
   

  	
   

  	
  o

  	
   

  	
  2 months

  
	
   

  	
   

  	
   

  	
  o

  	
   

  	
  3 months

  
	
   

  	
   

  	
   

  	
  o

  	
   

  	
  6 months

  
	
   

  	
   

  	
   

  	
  o

  	
   

  	
  7 days (with the approval of the Agent)

  
							

 

The Borrower hereby
certifies to the Agent and the Lenders that as of the date hereof and as of the
date of the requested Conversion and after giving effect thereto, (a) no
Default or Event of Default exists or will exist (provided the certification
under this clause (a) shall not be made in connection with the Conversion
of a Loan into a Base Rate Loan), and (b) 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 are and shall be true and
correct in all material respects, 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.

If
notice of the requested Conversion was given previously by telephone, this
notice is to be considered the written confirmation of such telephone notice
required by Section 2.7. of the Credit Agreement.

IN WITNESS
WHEREOF, the undersigned has duly executed and delivered this Notice of
Conversion as of the date first written above.

 

SL GREEN OPERATING PARTNERSHIP, L.P.

 

	
  By: 

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 C-2

EXHIBIT D

FORM OF GUARANTY

THIS
GUARANTY dated as of January 24, 2007, (this “Guaranty”) executed and
delivered by each of the undersigned and the other Persons from time to time
party hereto pursuant to the execution and delivery of an Accession Agreement
in the form of Annex I hereto (all of the undersigned, together with such other
Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of
(a) WACHOVIA BANK,
NATIONAL ASSOCIATION, in its capacity as Agent (the “Agent”) for the
Lenders under that certain Credit Agreement dated as of January 24, 2007
(as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), by and among SL Green Operating Partnership, L.P. (the
“Borrower”), the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), the Agent, and the other parties
thereto, and (b) the Lenders.

WHEREAS,
pursuant to the Credit Agreement, the Lenders have agreed to make available to
the Borrower certain financial accommodations on the terms and conditions set
forth in the Credit Agreement;

WHEREAS,
the Borrower and each of the Guarantors, though separate legal entities, are
mutually dependent on each other in the conduct of their respective businesses
as an integrated operation and have determined it to be in their mutual best
interests to obtain financing from the Lenders through their collective
efforts;

WHEREAS,
each Guarantor acknowledges that it will receive direct and indirect benefits
from the Lenders making such financial accommodations available to the Borrower
under the Credit Agreement and, accordingly, each Guarantor is willing to
guarantee the Borrower’s obligations to the Agent and the Lenders on the terms
and conditions contained herein; and

WHEREAS,
each Guarantor’s execution and delivery of this Guaranty is a condition to the
Lenders making, and continuing to make, such financial accommodations to the
Borrower.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by each Guarantor, each Guarantor agrees as follows:

Section 1.  Guaranty.  Subject to Section 30 in the case of a
Reckson Subsidiary, each Guarantor hereby absolutely, irrevocably and
unconditionally guaranties the due and punctual payment and performance when
due, whether at stated maturity, by acceleration or otherwise, of all of the
following (collectively referred to as the “Guarantied Obligations”):
(a) all indebtedness and obligations owing by the Borrower to any Lender or
the Agent under or in connection with the Credit Agreement and any other Loan
Document, including without limitation, the repayment of all principal of the
Loans, and the payment of all interest, fees, charges, attorneys’ fees and
other amounts payable to any Lender or the Agent thereunder or in connection
therewith; (b) any and all extensions, renewals, modifications, amendments
or substitutions of the foregoing; (c) all expenses, including, without
limitation, reasonable

 D-1
 

attorneys’ fees
and disbursements, that are incurred by the Lenders and the Agent in the
enforcement of any of the foregoing or any obligation of such Guarantor
hereunder; and (d) all other Obligations.

Section 2.  Guaranty of Payment and Not of Collection.  This Guaranty is a guaranty of payment, and
not of collection, and a debt of each Guarantor for its own account.  Accordingly, none of the Lenders or the Agent
shall be obligated or required before enforcing this Guaranty against any
Guarantor: (a)  to pursue any right or remedy any of them may have against
the Borrower, any other Guarantor or any other Person or commence any suit or
other proceeding against the Borrower, any other Guarantor or any other Person
in any court or other tribunal; (b) to make any claim in a liquidation or
bankruptcy of the Borrower, any other Guarantor or any other Person; or
(c) to make demand of the Borrower, any other Guarantor or any other
Person or to enforce or seek to enforce or realize upon any collateral security
held by the Lenders or the Agent which may secure any of the Guarantied
Obligations.

Section 3.  Guaranty Absolute.  Each Guarantor guarantees that the Guarantied
Obligations will be paid strictly in accordance with the terms of the documents
evidencing the same, regardless of any Applicable Law now or hereafter in
effect in any jurisdiction affecting any of such terms or the rights of the
Agent or the Lenders with respect thereto. 
The liability of each Guarantor under this Guaranty shall be absolute,
irrevocable and unconditional in accordance with its terms and shall remain in
full force and effect without regard to, and shall not be released, suspended,
discharged, terminated or otherwise affected by, any circumstance or occurrence
whatsoever, including without limitation, the following (whether or not such
Guarantor consents thereto or has notice thereof):

(a)           (i) any change in the amount,
interest rate or due date or other term of any of the Guarantied Obligations,
(ii) any change in the time, place or manner of payment of all or any portion
of the Guarantied Obligations, (iii) any amendment or waiver of, or
consent to the departure from or other indulgence with respect to, the Credit
Agreement, any other Loan Document, or any other document or instrument
evidencing or relating to any Guarantied Obligations, or (iv) any waiver,
renewal, extension, addition, or supplement to, or deletion from, or any other
action or inaction under or in respect of, the Credit Agreement, any of the
other Loan Documents, or any other documents, instruments or agreements
relating to the Guarantied Obligations or any other instrument or agreement
referred to therein or evidencing any Guarantied Obligations or any assignment
or transfer of any of the foregoing;

(b)           any lack of validity or
enforceability of the Credit Agreement, any of the other Loan Documents, or any
other document, instrument or agreement referred to therein or evidencing any
Guarantied Obligations or any assignment or transfer of any of the foregoing;

(c)           any furnishing to the Agent or the
Lenders of any security for the Guarantied Obligations, or any sale, exchange,
release or surrender of, or realization on, any collateral securing any of the
Obligations;

(d)           any settlement or compromise of any
of the Guarantied Obligations, any security therefor, or any liability of any
other party with respect to the Guarantied Obligations, or any 

 D-2
 

subordination of
the payment of the Guarantied Obligations to the payment of any other liability
of the Borrower or any other Loan Party;

(e)           any bankruptcy, insolvency,
reorganization, composition, adjustment, dissolution, liquidation or other like
proceeding relating to such Guarantor, the Borrower, any other Loan Party or
any other Person, or any action taken with respect to this Guaranty by any
trustee or receiver, or by any court, in any such proceeding;

(f)            any act or failure to act by the
Borrower, any other Loan Party or any other Person which may adversely affect
such Guarantor’s subrogation rights, if any, against the Borrower to recover
payments made under this Guaranty;

(g)           any nonperfection or impairment of
any security interest or other Lien on any collateral, if any, securing in any
way any of the Obligations;

(h)           any application of sums paid by the
Borrower, any other Guarantor or any other Person with respect to the
liabilities of the Borrower to the Agent or the Lenders, regardless of what
liabilities of the Borrower remain unpaid;

(i)            any defect, limitation or
insufficiency in the borrowing powers of the Borrower or in the exercise
thereof;

(j)            any defense, set-off, claim or
counterclaim (other than indefeasible payment and performance in full) which
may at any time be available to or be asserted by the Borrower, any other Loan
Party or any other Person against the Agent or any Lender;

(k)           any change in the corporate
existence, structure or ownership of the Borrower or any other Loan Party;

(l)            any statement, representation or
warranty made or deemed made by or on behalf of the Borrower, any Guarantor or
any other Loan Party under any Loan Document, or any amendment hereto or
thereto, proves to have been incorrect or misleading in any respect; or

(m)          any other circumstance which might
otherwise constitute a defense available to, or a discharge of, a Guarantor
hereunder (other than indefeasible payment and performance in full).

Section 4.  Action with Respect to Guarantied
Obligations.  The Lenders and the
Agent may, at any time and from time to time, without the consent of, or notice
to, any Guarantor, and without discharging any Guarantor from its obligations
hereunder, take any and all actions described in Section 3 and may
otherwise: (a) amend, modify, alter or supplement the terms of any of the
Guarantied Obligations, including, but not limited to, extending or shortening
the time of payment of any of the Guarantied Obligations or changing the
interest rate that may accrue on any of the Guarantied Obligations;
(b) amend, modify, alter or supplement the Credit Agreement or any other
Loan Document; (c) sell, exchange, release or otherwise deal with all, or
any part, of any collateral securing any of the Obligations; (d) release
any other Loan Party or other Person 

 D-3
 

liable in any
manner for the payment or collection of the Guarantied Obligations;
(e) exercise, or refrain from exercising, any rights against the Borrower,
any other Guarantor or any other Person; and (f) apply any sum, by
whomsoever paid or however realized, to the Guarantied Obligations in such
order as the Lenders shall elect.

Section 5.  Representations and Warranties.  Each Guarantor hereby makes to the Agent and
the Lenders all of the representations and warranties made by the Borrower with
respect to or in any way relating to such Guarantor in the Credit Agreement and
the other Loan Documents, as if the same were set forth herein in full.

Section 6.  Covenants.  Each Guarantor will comply with all covenants
which the Borrower is to cause such Guarantor to comply with under the terms of
the Credit Agreement or any of the other Loan Documents.

Section 7.  Waiver.  Each Guarantor, to the fullest extent
permitted by Applicable Law, hereby waives notice of acceptance hereof or any
presentment, demand, protest or notice of any kind, and any other act or thing,
or omission or delay to do any other act or thing, which in any manner or to
any extent might vary the risk of such Guarantor or which otherwise might
operate to discharge such Guarantor from its obligations hereunder.

Section 8.  Inability to Accelerate Loan.  If the Agent and/or the Lenders are prevented
under Applicable Law or otherwise from demanding or accelerating payment of any
of the Guarantied Obligations by reason of any automatic stay or otherwise, the
Agent and/or the Lenders shall be entitled to receive from each Guarantor, upon
demand therefor, the sums which otherwise would have been due had such demand
or acceleration occurred.

Section 9.  Reinstatement of Guarantied Obligations.  If claim is ever made on the Agent or any
Lender for repayment or recovery of any amount or amounts received in payment
or on account of any of the Guarantied Obligations, and the Agent or such
Lender repays all or part of said amount by reason of (a) any judgment,
decree or order of any court or administrative body of competent jurisdiction,
or (b) any settlement or compromise of any such claim effected by the
Agent or such Lender  with any such
claimant (including the Borrower or a trustee in bankruptcy for the Borrower),
then and in such event each Guarantor agrees that any such judgment, decree,
order, settlement or compromise shall be binding on it, notwithstanding any
revocation hereof or the cancellation of the Credit Agreement, any of the other
Loan Documents, or any other instrument evidencing any liability of the
Borrower, and such Guarantor shall be and remain liable to the Agent or such Lender
for the amounts so repaid or recovered to the same extent as if such amount had
never originally been paid to the Agent or such Lender.

Section 10.  Subrogation.  Upon the making by any Guarantor of any
payment hereunder for the account of the Borrower, such Guarantor shall be
subrogated to the rights of the payee against the Borrower; provided, however,
that such Guarantor shall not enforce any right or receive any payment by way
of subrogation or otherwise take any action in respect of any other claim or
cause of action such Guarantor may have against the Borrower arising by reason
of any payment or performance by such Guarantor pursuant to this Guaranty,
unless and until all of the Guarantied Obligations have been indefeasibly paid
and performed in full.  If any amount
shall 

 D-4
 

be paid to such
Guarantor on account of or in respect of such subrogation rights or other
claims or causes of action, such Guarantor shall hold such amount in trust for
the benefit of the Agent and the Lenders and shall forthwith pay such amount to
the Agent to be credited and applied against the Guarantied Obligations,
whether matured or unmatured, in accordance with the terms of the Credit
Agreement or to be held by the Agent as collateral security for any Guarantied
Obligations existing.

Section 11.  Payments Free and Clear.  All sums payable by each Guarantor hereunder,
whether of principal, interest, Fees, expenses, premiums or otherwise, shall be
paid in full, without set-off or counterclaim or any deduction or withholding
whatsoever (including any Taxes), and if any Guarantor is required by
Applicable Law or by a Governmental Authority to make any such deduction or
withholding, such Guarantor shall pay to the Agent and the Lenders such
additional amount as will result in the receipt by the Agent and the Lenders of
the full amount payable hereunder had such deduction or withholding not
occurred or been required.

Section 12.  Set-off.  In addition to any rights now or hereafter
granted under any of the other Loan Documents or Applicable Law and not by way
of limitation of any such rights, each Guarantor hereby authorizes the Agent,
each Lender and any of their respective affiliates, at any time while an Event
of Default exists, without any prior notice to such Guarantor 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, 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 such Guarantor against and on account of any of
the Guarantied Obligations, although such obligations shall be contingent or
unmatured.

Section 13.  Subordination.  Each Guarantor hereby expressly covenants and
agrees for the benefit of the Agent and the Lenders that all obligations and
liabilities of the Borrower to such Guarantor of whatever description,
including without limitation, all intercompany receivables of such Guarantor
from the Borrower (collectively, the “Junior Claims”) shall be subordinate and
junior in right of payment to all Guarantied Obligations.  If an Event of Default shall exist, then no
Guarantor shall accept any direct or indirect payment (in cash, property or
securities, by setoff or otherwise) from the Borrower on account of or in any
manner in respect of any Junior Claim until all of the Guarantied Obligations
have been indefeasibly paid in full.

Section 14.  Avoidance Provisions.  It is the intent of each Guarantor, the Agent
and the Lenders that in any Proceeding, such Guarantor’s maximum obligation
hereunder shall equal, but not exceed, the maximum amount which would not
otherwise cause the obligations of such Guarantor hereunder (or any other
obligations of such Guarantor to the Agent and the Lenders) to be avoidable or
unenforceable against such Guarantor in such Proceeding as a result of
Applicable Law, including without limitation, (a) Section 548 of the
Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any
state fraudulent transfer or fraudulent conveyance act or statute applied in
such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code
or otherwise.  The Applicable Laws under
which the possible avoidance or 

 D-5
 

unenforceability
of the obligations of such Guarantor hereunder (or any other obligations of
such Guarantor to the Agent and the Lenders) shall be determined in any such
Proceeding are referred to as the “Avoidance Provisions”.  Accordingly, to the extent that the
obligations of any Guarantor hereunder would otherwise be subject to avoidance
under the Avoidance Provisions, the maximum Guarantied Obligations for which
such Guarantor shall be liable hereunder shall be reduced to that amount which,
as of the time any of the Guarantied Obligations are deemed to have been
incurred under the Avoidance Provisions, would not cause the obligations of
such Guarantor hereunder (or any other obligations of such Guarantor to the
Agent and the Lenders), to be subject to avoidance under the Avoidance
Provisions.  This Section is intended
solely to preserve the rights of the Agent and the Lenders hereunder to the
maximum extent that would not cause the obligations of any Guarantor hereunder
to be subject to avoidance under the Avoidance Provisions, and no Guarantor or
any other Person shall have any right or claim under this Section as against
the Agent and the Lenders that would not otherwise be available to such Person
under the Avoidance Provisions.

Section 15.  Information.  Each Guarantor assumes all responsibility for
being and keeping itself informed of the financial condition of the Borrower
and the other Guarantors, and of all other circumstances bearing upon the risk
of nonpayment of any of the Guarantied Obligations and the nature, scope and
extent of the risks that such Guarantor assumes and incurs hereunder, and
agrees that neither the Agent nor any of the Lenders shall have any duty
whatsoever to advise any Guarantor of information regarding such circumstances
or risks.

Section 16.  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 17.  WAIVER OF JURY TRIAL.

(a)           EACH PARTY HERETO ACKNOWLEDGES THAT
ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, 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 AND EACH GUARANTOR 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 GUARANTY OR ANY OTHER LOAN DOCUMENT OR BY
REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR
AMONG ANY GUARANTOR, THE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE
RELATING TO ANY OF THE LOAN DOCUMENTS.

(b)           EACH
OF THE GUARANTORS, THE AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY STATE COURT
LOCATED IN THE BOROUGH OF 

 D-6
 

MANHATTAN, NEW YORK, NEW YORK, SHALL HAVE JURISDICTION TO
HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE
AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY
OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM.  EACH GUARANTOR 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 AND THE TERMINATION OF THIS GUARANTY.

Section 18.  Loan Accounts.  The Agent and each Lender may maintain books
and accounts setting forth the amounts of principal, interest and other sums
paid and payable with respect to the Guarantied Obligations, and in the case of
any dispute relating to any of the outstanding amount, payment or receipt of
any of the Guarantied Obligations or otherwise, the entries in such books and
accounts shall be deemed conclusive evidence of the amounts and other matters
set forth herein, absent manifest error. 
The failure of the Agent or any Lender to maintain such books and
accounts shall not in any way relieve or discharge any Guarantor of any of its
obligations hereunder.

Section 19.  Waiver of Remedies.  No delay or failure on the part of the Agent
or any Lender in the exercise of any right or remedy it may have against any
Guarantor hereunder or otherwise shall operate as a waiver thereof, and no
single or partial exercise by the Agent or any Lender of any such right or
remedy shall preclude any other or further exercise thereof or the exercise of
any other such right or remedy.

Section 20.  Termination.  This Guaranty shall remain in full force and
effect until indefeasible payment in full of the Guarantied Obligations and the
other Obligations and the termination or cancellation of the Credit Agreement
in accordance with its terms.

Section 21.  Successors and Assigns.  Each reference herein to the Agent or the
Lenders shall be deemed to include such Person’s respective successors and
assigns (including, but not limited to, any holder of the Guarantied
Obligations) in whose favor the provisions of this 

 D-7
 

Guaranty also
shall inure, and each reference herein to each Guarantor shall be deemed to
include such Guarantor’s successors and assigns, upon whom this Guaranty also
shall be binding.  The Lenders may, in
accordance with the applicable provisions of the Credit Agreement, assign,
transfer or sell any Guarantied Obligation, or grant or sell participations in
any Guarantied Obligations, to any Person without the consent of, or notice to,
any Guarantor and without releasing, discharging or modifying any Guarantor’s
obligations hereunder.  Subject to
Section 12.8. of the Credit Agreement, each Guarantor hereby consents to
the delivery by the Agent or any Lender to any Assignee or Participant (or any
prospective Assignee or Participant) of any financial or other information
regarding the Borrower or any Guarantor. 
No Guarantor may assign or transfer its rights or obligations hereunder
to any Person without the prior written consent of all Lenders and any such
assignment or other transfer to which all of the Lenders have not so consented
shall be null and void.

Section 22.  JOINT AND SEVERAL OBLIGATIONS.  THE OBLIGATIONS OF THE GUARANTORS HEREUNDER
SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS
LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE
OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER.

Section 23.  Amendments.  This Guaranty may not be amended except in
writing signed by the Requisite Lenders (or all of the Lenders if required
under the terms of the Credit Agreement), the Agent and each Guarantor.

Section 24.  Payments.  All payments to be made by any Guarantor
pursuant to this Guaranty shall be made in Dollars, in immediately available
funds to the Agent at the Principal Office, not later than 2:00 p.m. on the
date of demand therefor.

Section 25.  Notices.  All notices, requests and other
communications hereunder shall be in writing (including facsimile transmission
or similar writing) and shall be given (a) to each Guarantor at its address set
forth below its signature hereto, (b) to the Agent or any Lender at its
respective address for notices provided for in the Credit Agreement, or (c) as
to each such party at such other address as such party shall designate in a
written notice to the other parties. 
Each such notice, request or other communication shall be effective (i)
if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if
hand delivered, when delivered; provided, however, that any notice of a change
of address for notices shall not be effective until received.

Section 26.  Severability.  In case any provision of this Guaranty shall
be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

Section 27.  Headings.  Section headings used in this Guaranty are
for convenience only and shall not affect the construction of this Guaranty.

Section 28.  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 Guarantor hereby
waives, releases, and agrees not to sue any of them 

 D-8
 

upon, any claim
for any special, indirect, incidental, or consequential damages suffered or
incurred by a Guarantor in connection with, arising out of, or in any way
related to, this Guaranty or any of the other Loan Documents, or any of the
transactions contemplated by this Guaranty, the Credit Agreement or any of the
other Loan Documents.  Each Guarantor
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 Guaranty, the Credit
Agreement or any of the other Loan Documents, or any of the transactions
contemplated by Credit Agreement or financed thereby.

Section 29.  Definitions.  (a) For the purposes of this Guaranty:

“Proceeding”
means any of the following: (i) a voluntary or involuntary case concerning
any Guarantor shall be commenced under the Bankruptcy Code of 1978, as amended;
(ii) a custodian (as defined in such Bankruptcy Code or any other
applicable bankruptcy laws) is appointed for, or takes charge of, all or any
substantial part of the property of any Guarantor; (iii) any other
proceeding under any Applicable Law, domestic or foreign, relating to
bankruptcy, insolvency, reorganization, winding-up or composition for
adjustment of debts, whether now or hereafter in effect, is commenced relating
to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt;
(v) any order of relief or other order approving any such case or
proceeding is entered by a court of competent jurisdiction; (vi) any
Guarantor makes a general assignment for the benefit of creditors; (vii) any
Guarantor shall fail to pay, or shall state that it is unable to pay, or shall
be unable to pay, its debts generally as they become due; (viii) any
Guarantor shall call a meeting of its creditors with a view to arranging a
composition or adjustment of its debts; (ix) any Guarantor shall by any
act or failure to act indicate its consent to, approval of or acquiescence in
any of the foregoing; or (x) any corporate action shall be taken by any
Guarantor for the purpose of effecting any of the foregoing.

(b)           Terms not otherwise defined herein
are used herein with the respective meanings given them in the Credit
Agreement.

Section 30.  Limitation of Liability of Reckson
Subsidiaries.

(a)           Generally.  Notwithstanding anything to the contrary
contained in this Guaranty but subject to the immediately following sentence,
until the occurrence of the Reckson Limitation Termination Event the amount of
Guarantied Obligations recoverable from the Reckson Subsidiaries that are
Guarantors shall not exceed the Allocable Guaranty Limitation.  Upon the occurrence of the Reckson Limitation
Termination Event and at all times thereafter, the limitations of the
immediately preceding sentence shall cease to apply and shall be of no further
force or effect.

(b)           Definitions.  As used in this Section, the following terms
have the indicated meanings:

“Allocable
Guaranty Limitation” means, at any time of determination, (i) the
Overall Guaranty Limitation, times (ii) the aggregate amount of Pari Passu
Indebtedness owing in respect 

 D-9
 

of the Credit
Agreement at such time, divided by (iii) the aggregate amount of all Pari
Passu Indebtedness at such time.

“Overall
Guaranty Limitation” means, at any time of determination, the sum of
(a) $500,000,000, (or, in the event of a sale, financing or refinancing of
a Property owned by a Reckson Party permitted under the Loan Documents, such
lesser amount, as certified from time to time by the Borrower to the Agent, as
shall equal 80% of the maximum amount of Pari Passu Indebtedness permitted to
be maintained under Sections 1005 and 1006 of the Reckson Indenture), plus
(b) 95% of the aggregate principal amount of Reckson Notes that are
Outstanding Securities (as defined in the Reckson Indenture) or outstanding
under the Reckson Note Purchase Agreement, as applicable, as of the Agreement
Date which cease to be Outstanding Securities (as defined in the Reckson
Indenture) or outstanding under the Reckson Note Purchase Agreement, as
applicable, after the Agreement Date.

“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 the Credit Agreement and the other Loan Documents; (iii) that
is not Secured Indebtedness; (iv) that ranks pari passu with the Indebtedness owing
under the Credit Agreement; and (v) that has been Guarantied by each
Reckson Party that is a Guarantor hereunder on terms substantially the same as
the terms of this Guaranty (and in any event, including a provision identical
in substance to this Section 30). 
As of the date hereof, Pari Passu Indebtedness includes Indebtedness
owing by the Borrower under (x) the Credit Agreement and other Loan
Documents to which it is a party, (y) that certain Credit Agreement
dated as of September 29, 2005 by and among the Borrower, the Parent, the
financial institutions from time to time party thereto as “Lenders”, Wachovia Bank,
National Association, as Agent and the other parties thereto and the other Loan
Documents (as defined in such Credit Agreement) and (z) that certain Third
Amended and Restated Credit Agreement dated as of December 28, 2005 by and
among the Borrower, the Parent, the financial institutions from time to time
party thereto as “Lenders”, Wells Fargo Bank, National Association, as Agent,
and the other parties thereto and the other Loan Documents (as defined in such
Credit Agreement).

(c)           Effectiveness of Guaranty.  Notwithstanding anything contained in this
Guaranty to the contrary, this Guaranty shall not be effective with respect to
a Reckson Subsidiary that is a Guarantor at any time prior to the occurrence of
the Acquisition.

[Signatures on
Next Page]

 D-10
 

IN
WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty
as of the date and year first written above.

	
  

  	
  [GUARANTORS]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
  By: 

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
								

 

	
  

  	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  c/o 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

  	
   

  

 

 

 D-11
 

ANNEX I

FORM OF ACCESSION
AGREEMENT

THIS ACCESSION AGREEMENT dated as of                       ,
200   , executed and delivered by                                        ,
a                                 
(the “New Guarantor”), in favor of (a) WACHOVIA BANK, NATIONAL ASSOCIATION,
in its capacity as Agent (the “Agent”) for the Lenders under that certain
Credit Agreement dated as of January 24, 2007 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among SL Green Operating Partnership, L.P. (the “Borrower”), the
financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), the Agent, and the other parties
thereto, and (b) the Lenders.

WHEREAS,
pursuant to the Credit Agreement, the Lenders have agreed to make available to
the Borrower certain financial accommodations on the terms and conditions set
forth in the Credit Agreement;

WHEREAS,
the Borrower, the New Guarantor, and the existing Guarantors, though separate
legal entities, are mutually dependent on each other in the conduct of their
respective businesses as an integrated operation and have determined it to be
in their mutual best interests to obtain financing from the Lenders through
their collective efforts;

WHEREAS,
the New Guarantor acknowledges that it will receive direct and indirect
benefits from the Lenders making such financial accommodations available to the
Borrower under the Credit Agreement and, accordingly, the New Guarantor is
willing to guarantee the Borrower’s obligations to the Agent and the Lenders on
the terms and conditions contained herein; and

WHEREAS,
the New Guarantor’s execution and delivery of this Agreement is a condition to
the Lenders continuing to make such financial accommodations to the Borrower.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by the New Guarantor, the New Guarantor agrees as
follows:

Section
1.  Accession to Guaranty.  The New Guarantor hereby agrees that it is a “Guarantor”
under that certain Guaranty dated as of January 24, 2007 (as amended,
supplemented, restated or otherwise modified from time to time, the “Guaranty”),
made by each Subsidiary of the Borrower a party thereto in favor of the Agent
and the Lenders and assumes all obligations of a “Guarantor” thereunder and
agrees to be bound thereby, all as if the New Guarantor had been an original
signatory to the Guaranty.  Without
limiting the generality of the foregoing, the New Guarantor hereby:

(a)           irrevocably and unconditionally
guarantees the due and punctual payment and performance when due, whether at
stated maturity, by acceleration or otherwise, of all Guarantied Obligations
(as defined in the Guaranty);

 D-12
 

(b)           makes to the Agent and the Lenders as
of the date hereof each of the representations and warranties contained in
Section 5 of the Guaranty and agrees to be bound by each of the covenants
contained in Section 6 of the Guaranty; and

(c)           consents and agrees to each provision
set forth in the Guaranty.

SECTION 2.  GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 3.  Definitions.  Capitalized terms used herein and not
otherwise defined herein shall have their respective defined meanings given
them in the Credit Agreement.

[Signatures on
Next Page]

 D-13
 

IN
WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be
duly executed and delivered under seal by its duly authorized officers as of
the date first written above.

	
  

  	
  [NEW GUARANTOR]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
  By: 

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
								

 

	
  

  	
  Address for Notices:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  c/o 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

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

Accepted:

WACHOVIA BANK, NATIONAL

ASSOCIATION, as Agent

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 D-14

EXHIBIT E

FORM OF NOTE

	
  $                       

  	
   

  	
                           ,
  200  

  

 

FOR
VALUE RECEIVED, the undersigned, SL GREEN OPERATING PARTNERSHIP, L.P., a
limited partnership formed under the laws of the State of Delaware (the “Borrower”),
hereby promises to pay to the order of                                   
(the “Lender”), in care of Wachovia Bank, National Association, as Agent (the “Agent”)
at Wachovia Bank, National Association, One Wachovia Center, 301 South College
Street, Charlotte, North Carolina 28288, or at such other address as may be
specified in writing by the Agent to the Borrower, the principal sum of                              
AND          /100 DOLLARS ($                            )
(or such lesser amount as shall equal the aggregate unpaid principal amount of
the Term Loan made by the Lender to the Borrower under the Credit Agreement (as
herein defined)), on the dates and in the principal amounts provided in the
Credit Agreement, and to pay interest on the unpaid principal amount owing
hereunder, at the rates and on the dates provided in the Credit Agreement.

The
date and amount of the Term Loan made by the Lender to the Borrower, and each
payment made on account of the principal thereof, shall be recorded by the
Lender on its books and, prior to any transfer of this Note, endorsed by the
Lender on the schedule attached hereto or any continuation thereof, provided
that the failure of the Lender to make any such recordation or endorsement
shall not affect the obligations of the Borrower to make a payment when due of
any amount owing under the Credit Agreement or hereunder.

This
Note is one of the Notes referred to in the Credit Agreement dated as of
January 24, 2007 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among the Borrower, the
financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), the Agent, and the other parties
thereto.  Capitalized terms used herein,
and not otherwise defined herein, have their respective meanings given them in
the Credit Agreement.

The
Credit Agreement provides for the acceleration of the maturity of this Note
upon the occurrence of certain events and for prepayments of Loans upon the
terms and conditions specified therein.

Except
as permitted by Section 12.5. of the Credit Agreement, this Note may not be
assigned by the Lender to any Person.

 E-1
 

THIS
NOTE 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.

The
Borrower hereby waives presentment for payment, demand, notice of demand,
notice of non-payment, protest, notice of protest and all other similar
notices.

Time
is of the essence for this Note.

IN
WITNESS WHEREOF, the undersigned has executed and delivered this Note under
seal as of the date first written above.

 

SL GREEN OPERATING PARTNERSHIP, L.P.

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 E-2
 

SCHEDULE

This Note evidences a Term Loan made under the
within-described Credit Agreement to the Borrower, on the dates and in the
principal amounts set forth below, subject to the payments and prepayments of
principal set forth below:

	
  Date of

  Loan

  	
   

  	
  Principal

  Amount of

  Loan

  	
   

  	
  Amount

  Paid or

  Prepaid

  	
   

  	
  Unpaid

  Principal

  Amount

  	
   

  	
  Notation

  Made By

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  

 

 E-3

EXHIBIT F

FORM OF OPINION OF
COUNSEL

 

[ATTACHED]

 F-1

EXHIBIT G

FORM OF COMPLIANCE
CERTIFICATE

                                  ,
200  

Wachovia Bank, National
Association, as Agent

One Wachovia Center

301 South College Street

Mail Code:  NC0166

Charlotte, North Carolina  28288-0166

Each of the Lenders Party to the Credit 

Agreement referred to below

Ladies and
Gentlemen:

Reference
is made to that certain Credit Agreement dated as of January 24, 2007 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SL Green Operating Partnership, L.P. (the “Borrower”),
the financial institutions party thereto and their assignees under
Section 12.5. thereof (the “Lenders”), Wachovia Bank, National
Association, as Agent (the “Agent”) and the other parties thereto.  Capitalized terms used herein, and not
otherwise defined herein, have their respective meanings given them in the
Credit Agreement.

Pursuant
to Section 8.3. of the Credit Agreement, the undersigned hereby certifies
to the Agent and the Lenders as follows:

(1)           The undersigned is the                                            
of the Borrower.

(2)           The undersigned has examined the
books and records of the Borrower and has conducted such other examinations and
investigations as are reasonably necessary to provide this Compliance
Certificate.

(3)           To the best of the undersigned’s
knowledge, information and belief after due inquiry, no Default or Event of
Default exists [if such is not the case, specify such
Default or Event of Default and its nature, when it occurred and whether it is
continuing and the steps being taken by the Borrower with respect to such
event, condition or failure].

(4)           The representations and warranties
made or deemed made by the Borrower and the other Loan Parties in the Loan
Documents to which any is a party, are true and correct in all material
respects on and as of the date hereof 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.

 G-1
 

(5)           Attached hereto as Schedule 1
are reasonably detailed calculations establishing whether or not the Borrower
and its Subsidiaries were in compliance with the covenants contained in
Sections 9.1., 9.2. and 9.4. of the Credit Agreement.

IN
WITNESS WHEREOF, the undersigned has executed this certificate as of the date
first above written.

 

	
   

  	
   

  	
   

  
	
  

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 G-2
 

Schedule
1

[Calculations
to be Attached]

 G-3Exhibit 10.3

FIRST AMENDMENT TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT

THIS
FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”)
dated as of January 24, 2007 by and among SL GREEN REALTY CORP. (the “Parent”),
SL GREEN OPERATING PARTNERSHIP, L.P. (the “Borrower”), the financial
institutions party hereto as “Lenders”, and WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Agent (the “Agent”).

WHEREAS,
the Parent, the Borrower, the Lenders and the Agent have entered into that certain
Third Amended And Restated Credit Agreement dated as of
December 28, 2005 (as in effect immediately prior to the date hereof,
the “Credit Agreement”); and

WHEREAS,
the Parent, the Borrower, the Lenders and the Agent desire to amend certain
provisions of the Credit Agreement 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 hereby
agree as follows:

Section   1.  Specific Amendments to Credit Agreement.  The parties hereto agree that the Credit
Agreement is amended as follows:

(a)                                  The
Credit Agreement is amended by amending or restating in full, as applicable,
the following definitions (or indicated portions thereof): “1031 Property”; “Capitalization
Rate”; adding the indicated sentence to the end of the definition of “Eligible
Property”; “Ground Lease”; clause (i) of the definition of “Indebtedness”; “Material
Subsidiary”; “Net Proceeds,” the proviso in the first sentence of the
definition of “Senior Debt”; and “Structured Finance Investments” contained in
Section 1.1. thereof as follows:

“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.

“Capitalization
Rate” means six and three-quarters of one percent (6.75%).

“Eligible
Property”...

An Eligible 1031 Property shall also constitute
an Eligible Property.

“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.

“Indebtedness”
...

...(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); ...

“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.

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

 2
 

“Senior Debt” ...

...           ;provided,
that Senior Debt shall not be deemed to include 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 ...

“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.

(b)                                 The
Credit Agreement is further amended by inserting the following definitions in
Section 1.1. thereof in appropriate alphabetical order:

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

“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

 3
 

(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 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).

“Existing
Credit Agreements” means (a) that certain Credit Agreement
dated as of January 24, 2007 by and among the Borrower, the Parent, the
financial institutions from time to time party thereto as “Lenders”, Wachovia
Bank, National Association, as Agent, and the other parties thereto and
(b) that certain Credit Agreement dated as of September 29, 2005
by and among the Borrower, the Parent, the financial institutions from time to
time party thereto as “Lenders”, Wachovia Bank, National Association, as Agent,
and the other parties thereto.

“Merger
Agreement” means that certain Agreement and Plan of Merger dated as
of August 3, 2006 by and among the Parent, Wyoming Acquisition Corp.,
Wyoming Acquisition GP LLC, Wyoming Acquisition Partnership LP, Reckson and the
Reckson OP, pursuant to which the Parent is to acquire Reckson.

“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

 4
 

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.

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

“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
that are (i) Securities (as defined in the Reckson Indenture) are no
longer Outstanding Securities (as defined in the Reckson Indenture) and
(ii) Notes (as defined in the Reckson Note Purchase Agreement) are no
longer outstanding; (b) the Parent shall have succeeded to, and shall have
been substituted for, the Reckson OP as the “Issuer” under (i) the Reckson
Indenture pursuant to Section 805 of the Reckson Indenture in respect of
all such Securities and (ii) under the Reckson Note Purchase Agreement, or
(c) the Reckson Note Documents 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 Note
Documents” means the Reckson Note Purchase Agreement and the Reckson
Indenture.

“Reckson Note
Purchase Agreement” means that certain Note Purchase Agreement dated
August 27, 1997 among the Reckson OP, Reckson FS Limited Partnership and
the Purchasers listed on Schedule A attached thereto, regarding
$150,000,000 of 7.20% Notes issued on August 27, 1997 and due
August 28, 2007.

“Reckson
Notes” means (a) 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) $50,000,000 of 6.0% Notes issued
June 17, 2002 and

 5
 

due June 15, 2007, (iii) $150,000,000 of
5.150% Notes  issued January 22,
2004 and due January 15, 2011, (iv) $150,000,000 of 5.875% Notes  issued August 13, 2004 and due
August 15, 2014, (v) $287,500,000 of 4.000% Exchangeable Debentures
issued June 27, 2005 and due June 15, 2025 and (vi) $275,000,000
of 6.0% Notes issued March 31, 2006 and due March 31, 2016; and
(b) all Notes (as defined in the Reckson Note Purchase Agreement).

“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.

(c)                                  The
Credit Agreement is further amended inserting a new subsection (c) into Section
2.5. thereof as follows:

(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 for which (x) the Parent does not maintain debt
ratings from at least two (2) of Moody’s, S&P or Fitch or (y) the
Parent does maintain such debt ratings but such debt ratings or the lower of
such debt ratings is less than BBB-/Baa3 (or the equivalent) (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 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.

(d)                                 The
Credit Agreement is further amended by restating Section 4.1.(a)(iii) thereof
in its entirety as follows:

(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

 6
 

Change (taking into consideration the policies of such
Lender or Person with respect to capital adequacy).

(e)                                  The
Credit Agreement is further amended by restating Section 7.12.(c) thereof
in its entirety as follows:

(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.

(f)                                    The
Credit Agreement is further amended by re-lettering the existing Section
8.4.(q) as Section 8.4.(r) and inserting a new 8.4.(q) therein as follows:

(q)                                 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

(g)                                 The
Credit Agreement is further amended by restating Sections 9.1.(h) and (i)
thereof in their entirety as follows:

(h)                                 Minimum
Unencumbered Asset Value.  The
Unencumbered Asset Value attributable to Eligible Properties to be less than
$600,000,000 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.

(i)                                     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.

 7
 

(h)                                 The
Credit Agreement is further amended by restating Section 9.6.(b) thereof in its
entirety as follows:

(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 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) in 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) the
Existing Credit Agreements.

(i)                                     The
Credit Agreement is further amended by inserting a new Section 9.13. therein as
follows:

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

 8
 

(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 a Reckson Note Document).

Notwithstanding the foregoing, the Parent may permit
(x) 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 (y) title to such Eligible 1031
Properties to be held by a Reckson Subsidiary.

(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.

Section   2.  Conditions Precedent.  The effectiveness of this Amendment is
subject to receipt by the Agent of each of the following or satisfaction of
each of the following, each in form and substance satisfactory to the Agent:

(a)                                  A
counterpart of this Amendment duly executed by the Borrower and each of the
Lenders;

(b)                                 A
First Amendment to Guaranty substantially in the form of Exhibit A attached
hereto, executed by each Guarantor (the “Guaranty Amendment”);

(c)                                  An
Accession Agreement executed by each of the Subsidiaries that are to become
Guarantors (the “New Guarantor(s)”);

(d)                                 For
each of the New Guarantors, each of the items that would have been delivered
under Section 5.1.(a)(iv)-(viii) and (xiv) if such New Guarantor had been a
Guarantor as of the Effective Date;

(e)                                  Evidence
that all fees due and payable to the Lenders, and all fees and expenses payable
to the Agent, in connection with this Amendment have been paid;

(f)                                    A
certificate from the Parent’s chief executive officer or chief financial
officer certifying that (i) no material provision or condition (including
conditions relating to the accuracy of the representations and warranties set
forth therein) of the Merger Agreement has been waived, amended, supplemented
or otherwise modified in a manner that is material and adverse to the Agent or
the Lenders and (ii) all conditions precedent to the closing of the Acquisition

 9
 

(other than
(x) the payment of the aggregate Merger Consideration (as defined in the
Merger Agreement) by the Parent, or (y) the filing of the Articles of
Merger of Reckson and Wyoming Acquisition Corp. in Maryland and the filing of
the Certificate of Merger of Reckson OP and Wyoming Acquisition Partnership LP
in Delaware) shall have been satisfied or waived;

(h)                                 A
Compliance Certificate calculated as of September 30, 2006 (giving pro forma
effect to the Acquisition); and

(i)                                     Such
other documents, instruments and agreements as the Agent may reasonably
request.

Section   3.  Condition Subsequent.     The Parent shall deliver to
the Agent not later than 5:00 p.m. on the Business Day immediately following
the date on which the Acquisition becomes effective, evidence reasonably
satisfactory to the Agent of the filing of the Articles of Merger of Reckson
and Wyoming Acquisition Corp. in Maryland and the filing of the Certificate of
Merger of Reckson OP and Wyoming Acquisition Partnership LP in Delaware.  The parties hereto acknowledge and agree that
the failure to satisfy the condition set forth in this Section by the time set
forth in this Section shall be an immediate Event of Default.

Section   4.  Consent to First Amendment to Guaranty.  Each of the Lenders party hereto consents to
the amendments to the Guaranty set forth in the Guaranty Amendment.

Section   5.  Representations.  Each of the Borrower and the Parent
represents and warrants to the Agent and the Lenders that:

(a)                                  Authorization.  Each of the Borrower and the Parent has the
right and power, and has taken all necessary action to authorize it, to execute
and deliver this Amendment and to perform its obligations hereunder and under
the Credit Agreement, as amended by this Amendment, in accordance with their
respective terms.  This Amendment has
been duly executed and delivered by a duly authorized officer of each of the
Borrower and the Parent and each of this Amendment and the Credit Agreement, as
amended by this Amendment, is a legal, valid and binding obligation of the
Borrower and the Parent enforceable against the each of them in accordance with
its respective terms except as (i) the enforceability thereof may be limited by
bankruptcy, insolvency or similar laws affecting creditors rights generally and
(ii) the availability of equitable remedies may be limited by equitable
principles of general applicability.

(b)                                 Compliance
with Laws, etc.  The execution and
delivery by each of the Borrower and the Parent of this Amendment and the
performance by each of the Borrower and the Parent of this Amendment and the
Credit Agreement, as amended by this Amendment, in accordance with their
respective terms, do not and will not, by the passage of time, the giving of
notice or otherwise:  (i) require
any Government Approvals or violate any Applicable Laws (including
Environmental Laws) relating to the Borrower, the Parent or any other Loan
Party; (ii) conflict with, result in a breach of or constitute a default
under the organizational documents of the Borrower, the Parent or any other
Loan Party, or any indenture, agreement or other instrument to which the
Borrower or any other Loan Party is a party or by which it or any of its
respective

 10
 

properties may be
bound (including, without limitation, the Reckson Note Documents or any of the
Reckson Notes); and (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 the Borrower, the Parent or any other Loan Party.

(c)                                  No
Default.  No Default or Event of
Default has occurred and is continuing as of the date hereof or will exist
immediately after giving effect to this Amendment.

(d)                                 Acquisition.  As of the date on which the Acquisition
becomes effective and after giving effect to the application of the proceeds to
finance the Acquisition, the Acquisition shall have been consummated in all
material respects in accordance with the terms of the Merger Agreement and no
material provision or condition (including conditions relating to the accuracy
of the representations and warranties set forth therein) of the Merger
Agreement shall have been waived, amended, supplemented or otherwise modified
in a manner that is material and adverse to the Agent or the Lenders.

Section   6.  Reaffirmation of Representations by
Borrower and Parent.  Each of the
Borrower and the Parent hereby repeats and reaffirms all representations and
warranties made by each of the Borrower and the Parent and the other Loan
Parties to the Agent and the Lenders in the Credit Agreement and the other Loan
Documents to which it is a party on and as of the date hereof with the same
force and effect as if such representations and warranties were set forth in
this Amendment in full; provided, however, with respect to Reckson, its
Subsidiaries and their businesses, only the following representations shall be
deemed made on the date hereof (i) the representations and warranties set
forth in Sections 6.1.(a), (c), (d), (q)(i) and (r) of the Credit Agreement and
(ii) the representations and warranties of Reckson Associates Realty Corp.
(“Reckson”) set forth in the Merger Agreement (x) that are material to the
interests of the Lenders and (y) the breach of which would permit the
Parent to terminate its obligations under the Merger Agreement (without regard
to whether any notice is required to be given by the Parent in connection
therewith).

Section   7.  Release of Guarantors.  Notwithstanding any notice requirement set
forth in Section 7.12.(b) of the Credit Agreement, the following Guarantors are
released from the Guaranty:  New Green
1140 Realty LLC, Green 286 Madison LLC, Green 290 Madison LLC, SL Green Realty
Acquisition LLC, SLG 20 Exchange Funding LLC, SLG 80 Broad Funding LLC, and SLG
1466 Broadway LLC.

Section   8.  Certain References.  Each reference to the Credit Agreement in any
of the Loan Documents shall be deemed to be a reference to the Credit Agreement
as amended by this Amendment.

Section   9.  Expenses.  The Borrower shall reimburse the Agent upon
demand for all costs and expenses (including attorneys’ fees) incurred by the
Agent in connection with the preparation, negotiation and execution of this
Amendment and the other agreements and documents executed and delivered in
connection herewith.

 11
 

Section   10.  Benefits.  This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective
successors and assigns.

Section   11.  GOVERNING LAW.  THIS AMENDMENT 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.  Effect.  Except as expressly herein amended, the terms
and conditions of the Credit Agreement and the other Loan Documents remain in
full force and effect.  The amendments
contained herein shall be deemed to have prospective application only, unless
otherwise specifically stated herein.

Section   13.  Counterparts.  This Amendment may be executed in any number
of counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.

Section   14.  Definitions.  All capitalized terms not otherwise defined
herein are used herein with the respective definitions given them in the Credit
Agreement, as amended by this Amendment.

Section   15.  No Tax Advice.  The Borrower acknowledges and agrees that it has not relied on the
Agent, any Lender or any of their respective legal counsel for any tax advice
relating to the transaction contemplated by this Amendment and the other Loan
Documents.

[Signatures on
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 12

IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to Third
Amended and Restated Credit Agreement to be executed as of the date first above
written.

	
  

  	
  THE BORROWER:

  	 

	
   

  	
   

  	 

	
   

  	
  SL GREEN OPERATING PARTNERSHIP, L.P.

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  THE PARENT:

  	 

	
   

  	
   

  	 

	
   

  	
  SL GREEN REALTY CORP.

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

												

 

 

[Signatures Continued on Next Page]

[Signature Page to First Amendment to Third
Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  THE AGENT AND THE LENDERS:

  	 

	
   

  	
   

  	 

	
   

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION, as

  	 

	
   

  	
        Agent
  and as a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

									

 

 

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Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  COMMERZBANK AG, NEW YORK BRANCH, as

  	 

	
   

  	
        a
  Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

											

 

 

[Signatures
Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  KEYBANK NATIONAL ASSOCIATION, as a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

									

 

 

[Signatures
Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  EUROHYPO AG, NEW YORK
  BRANCH, as a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

											

 

 

[Signatures
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[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  PNC BANK, NATIONAL
  ASSOCIATION, as a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

											

 

 

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Continued on Next Page]

[Signature Page to First Amendment
to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  PB CAPITAL CORPORATION, as
  a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

									

 

 

[Signatures
Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  UNION BANK OF CALIFORNIA
  N.A., as a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

									

 

 

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Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  HSH NORDBANK AG, NEW YORK
  BRANCH, as a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

											

 

 

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Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  ING REAL ESTATE FINANCE
  (USA) LLC, as a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

									

 

 

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Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  BANK OF AMERICA, N.A., as
  a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

									

 

 

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Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  AIB DEBT MANAGEMENT
  LIMITED, as a Lender

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

	
  

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

									

 

 

[Signatures
Continued on Next Page]

[Signature Page to First
Amendment to Third Amended and Restated Credit Agreement with

SL Green
Operating Partnership, L.P.]

 

	
  

  	
  BAYERISCHE LANDESBANK, NEW YORK BRANCH

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

	
  

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
       Name:

  	
   

  	
   

  	
   

  
	
   

  	
       Title:

  	
   

  	
   

  	 

									

 

EXHIBIT A

FORM OF FIRST AMENDMENT TO GUARANTY

THIS
FIRST AMENDMENT TO GUARANTY (this “Amendment”) dated as of January 24,
2007 executed by each of the undersigned (the “Guarantors”) and WELLS FARGO
BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”).

WHEREAS,
each of the Guarantors executed and delivered to the Agent that certain
Guaranty dated as of December 28, 2005 (the “Guaranty”) in favor of
the Agent and each “Lender” a party to the Credit Agreement referenced below
(the “Lenders”) pursuant to which they guarantied, among other things, the
obligations of the Borrower referenced below under the Credit Agreement; and

WHEREAS,
SL Green Operating Partnership, L.P. (the “Borrower”), SL Green Realty Corp.
(the “Parent”), the Lenders and the Agent have entered into that certain Credit
Agreement dated as of December 28, 2005 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS,
Guarantors and the Agent desire to amend certain provisions of the Guaranty 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 hereby
agree as follows:

Section 1.  Specific Amendments to Guaranty.  The parties hereto agree that the Guaranty is
amended as follows:

(a)                                  the
Guaranty is amended by amending and restating Section 1 thereof in its entirety
as follows:

Section 1.  Guaranty.  Subject to Section 30 in the case of a Reckson Subsidiary, each
Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due
and punctual payment and performance when due, whether at stated maturity, by
acceleration or otherwise, of all of the following (collectively referred to as
the “Guarantied Obligations”): (a) all indebtedness and obligations owing by
the Borrower to any Lender or the Agent under or in connection with the Credit
Agreement and any other Loan Document, including without limitation, the
repayment of all principal of the Loans, and the payment of all interest, fees,
charges, attorneys’ fees and other amounts payable to any Lender or the Agent
thereunder or in connection therewith; (b) any and all extensions, renewals,
modifications, amendments or substitutions of the foregoing; (c) all expenses,
including, without limitation, reasonable attorneys’ fees and disbursements,
that are incurred by the Lenders and the Agent in the enforcement of any of the

 A-1
 

foregoing
or any obligation of such Guarantor hereunder; and (d) all other Obligations.

(b)  the Guaranty is further amended by inserting
the following Section 30 therein as follows:

Section
30.  Limitation of Liability of
Reckson Subsidiaries.

(a)                                  Generally.  Notwithstanding anything to the contrary
contained in this Guaranty but subject to the immediately following sentence,
until the occurrence of the Reckson Limitation Termination Event the amount of
Guarantied Obligations recoverable from the Reckson Subsidiaries that are
Guarantors shall not exceed the Allocable Guaranty Limitation.  Upon the occurrence of the Reckson Limitation
Termination Event and at all times thereafter, the limitations of the
immediately preceding sentence shall cease to apply and shall be of no further
force or effect.

(b)                                 Definitions.  As used in this Section, the following terms
have the indicated meanings:

“Allocable Guaranty
Limitation” means, at any time of determination, (i) the Overall
Guaranty Limitation, times (ii) the aggregate amount of Pari Passu
Indebtedness owing in respect of the Credit Agreement at such time, divided by
(iii) the aggregate amount of all Pari Passu Indebtedness at such time.

“Overall Guaranty
Limitation” means, at any time of determination, the sum of
(a) $500,000,000, (or, in the event of a sale, financing or refinancing of
a Property owned by a Reckson Party, such lesser amount, as certified from time
to time by the Borrower to the Agent, as shall equal 80% of the maximum amount
of Pari Passu Indebtedness permitted to be maintained under Sections 1005 and
1006 of the Reckson Indenture), plus (b) 95% of the aggregate principal
amount of Reckson Notes that are Outstanding Securities (as defined in the
Reckson Indenture) or outstanding under the Reckson Note Purchase Agreement, as
applicable, as of the Agreement Date which cease to be Outstanding Securities
(as defined in the Reckson Indenture) or outstanding under the Reckson Note
Purchase Agreement, as applicable, after the Agreement Date.

“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 the Credit Agreement and the other Loan Documents; (iii) that
is not Secured Indebtedness; (iv) that ranks pari passu with the Indebtedness owing
under the Credit Agreement; and (v) that has been Guarantied by each
Reckson Party that is a Guarantor hereunder on terms substantially the same as
the terms of this

 A-2
 

Guaranty (and in any event,
including a provision identical in substance to this Section 30).  As of the date hereof, Pari Passu
Indebtedness includes Indebtedness owing by the Borrower under (x) the
Credit Agreement and other Loan Documents to which it is a party, (y) that
certain Credit Agreement dated as of September 29, 2005 by and among the
Borrower, the Parent, the financial institutions from time to time party
thereto as “Lenders”, Wachovia Bank, National Association, as Agent and the
other parties thereto and the other Loan Documents (as defined in such Credit
Agreement) and (z) that certain Credit Agreement dated as of
January 24, 2007 by and among the Borrower, the Parent, the financial
institutions from time to time party thereto as “Lenders”, Wachovia Bank,
National Association, as Agent and the other parties thereto and the other Loan
Documents (as defined in such Credit Agreement).

Section
2.  Reaffirmation of Guaranty.  Each Guarantor, after giving effect to the
amendments contained in that certain First Amendment to Credit Agreement dated
as of even date herewith (the “Credit Agreement Amendment”) by and among the
Borrower, the Parent, the Lenders and the Agent, hereby reaffirms its
continuing obligations to the Agent and the Lenders under the Guaranty, as
amended by this Amendment, and agrees that the transactions contemplated by the
Credit Agreement Amendment shall not in any way affect the validity and
enforceability of its obligations under the Guaranty, as amended by this
Amendment, or reduce, impair or discharge the obligations of such Guarantor
thereunder

Section
3.  Conditions Precedent.  The effectiveness of this Amendment is
subject to receipt by the Agent of each of the following, each in form and
substance satisfactory to the Agent:

(a)                                  A
counterpart of this Amendment duly executed by each of the Guarantors; and

(b)                                 Such
other documents, instruments and agreements as the Agent may reasonably
request.

Section 4.  Representations.  Each of the Guarantors represents and
warrants to the Agent that:

(a)                                  Authorization.  Each of the Guarantors has the right and
power, and has taken all necessary action to authorize it, to execute and
deliver this Amendment and to perform its obligations hereunder and under the Guaranty,
as amended by this Amendment, in accordance with their respective terms.  This Amendment has been duly executed and
delivered by a duly authorized officer of each of the Guarantors and each of
this Amendment and the Guaranty, as amended by this Amendment, is a legal,
valid and binding obligation of each of the Guarantors enforceable against the
each of them in accordance with its respective terms except as (i) the
enforceability thereof may be limited by bankruptcy, insolvency or similar laws
affecting creditors rights generally and (ii) the availability of equitable
remedies may be limited by equitable principles of general applicability.

 A-3
 

(b)                                 Compliance
with Laws, etc.  The execution and
delivery by each of the Guarantors of this Amendment and the performance by
each of the Guarantors of this Amendment and the Guaranty, as amended by this
Amendment, in accordance with their respective terms, do not and will not, by
the passage of time, the giving of notice or otherwise:  (i) require any Government Approvals or
violate any Applicable Laws (including Environmental Laws) relating to any
Guarantor; (ii) conflict with, result in a breach of or constitute a
default under the organizational documents of any Guarantor, or any indenture,
agreement or other instrument to which any Guarantor 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 Guarantor.

(c)                                  No
Default.  No Default or Event of
Default has occurred and is continuing as of the date hereof or will exist
immediately after giving effect to this Amendment.

Section 5.  Reaffirmation of Representations by
Guarantors.  Each of the Guarantors
hereby repeats and reaffirms all representations and warranties made by each of
them to the Agent and the Lenders in the Guaranty on and as of the date hereof
with the same force and effect as if such representations and warranties were
set forth in this Amendment in full.

Section 6.  Benefits.  This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective
successors and assigns.

Section 7.  GOVERNING LAW.  THIS AMENDMENT 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 8.  Effect.  Except as expressly herein amended, the terms
and conditions of the Guaranty remain in full force and effect.  The amendments contained herein shall be
deemed to have prospective application only, unless otherwise specifically
stated herein.

Section 9.  Counterparts.  This Amendment may be executed in any number
of counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.

Section 10.  Definitions.  All capitalized terms not otherwise defined
herein are used herein with the respective definitions given them in the
Guaranty.

[Signatures on Following
Pages]

 A-4
 

IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to
Guaranty to be executed as of the date first above written.

	
   

  	
  AGENT:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION,

  	
   

  
	
   

  	
  as Agent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
									

 

[Signatures on Continue
on Following Pages]

 A-5
 

 

	
  

  	
  GUARANTORS: 

  
	
   

  	
   

  
	
   

  	
  SL GREEN REALTY CORP.

  SL GREEN MANAGEMENT LLC

  SLG IRP REALTY LLC

  GREEN 292 MADISON LLC

  GREEN 110 EAST 42ND LLC

  GREEN 1372 BROADWAY LLC

  GREEN 440 NINTH LLC

  GREEN 470 PAS LLC

  GREEN 317 MADISON LLC

  GREEN W. 57TH ST., LLC

  GREEN 461 FIFTH LESSEE LLC

  GREEN 28W44 LLC

  GREEN 19W44 OWNER LLC

  GREEN 19W44 MEMBER LLC

  GREEN 19W44 JV LLC

  GREEN 19W44 MEZZ LLC

  750 THIRD OWNER LLC

  SLG 609 FUNDING LLC

  SL GREEN 11 MADISON FUNDING LLC

  SL GREEN 530 FUNDING LLC

  SLG GALE PE LLC

  SLG 17 BATTERY FUNDING LLC

  601 STARRETT PREFERRED INVESTOR LLC

  SLG 125 CHUBB FUNDING LLC

  GREEN LNR DEBT LLC

  180 MADISON PREFERRED MEMBER LLC

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gregory F. Hughes

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
					

 

 A-6

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