Document:

EX-10.1

 Exhibit 10.1 

TIME SHARING AGREEMENT 

THIS TIME SHARING AGREEMENT is entered into effective as of the 18th day of December, 2015, by and between MSG Sports &
Entertainment, LLC, a Delaware limited liability corporation with a place of business at 2 Penn Plaza, New York, New York 10121 (“Lessor”), and DAVID O’CONNOR, with a mailing address c/o of The Madison Square Garden Company, 2 Penn
Plaza, New York, NY 10121 (“Lessee”). 
 W I T N E S S E T H:

 WHEREAS, Lessor is the lessee and the operator of a Gulfstream Aerospace G550 aircraft, manufacturer’s serial number 5264, United
States registration N551TG (the “Aircraft”); and 
 WHEREAS, Lessor has engaged fully-qualified and credentialed flight crew to
operate the Aircraft; and 
 WHEREAS, Lessor has agreed to lease the Aircraft, with flight crew, to Lessee on a “time sharing”
basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”) upon the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the foregoing premises, and the covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Lessor and Lessee, intending to be legally bound, hereby agree as follows: 

1. Lease of Aircraft. Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR Section 91.501(b)(6) and
Section 91.501(c)(1) and this Agreement, and to provide a fully-qualified and credentialed flight crew for all flights to be conducted hereunder during the Term (as defined in Section 13) hereof. The parties acknowledge and agree that this
Agreement did not result in any way from any direct or indirect advertising, holding out or soliciting on the part of Lessor or any person purportedly acting on behalf of Lessor. Lessor and Lessee intend that the lease of the Aircraft effected by
this Agreement shall be treated as a “wet lease” pursuant to which Lessor provides transportation services to Lessee in accordance with FAR Section 91.501(b)(6) and Section 91.501(c)(1). 

2. Payment for Use of Aircraft. Lessee shall pay Lessor the following listed actual expenses of each flight (“Reimbursement
Amount”) conducted under this Agreement (i.e. non-business flights for which reimbursement is required in accordance with Lessor’s policies), not to exceed the maximum amount legally payable for such flight under FAR
Section 91.501(d)(1)-(10): 
  

	 	(a)	fuel, oil, lubricants and other additives; 

  

	 	(b)	travel expenses of crew, including food, lodging and ground transportation; 

  
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	 	(c)	hangar and tie-down costs away from the Aircraft’s base of operation; 

  

	 	(d)	additional insurance obtained for the specific flight at the request of Lessee; 

  

	 	(e)	landing fees, airport taxes and similar assessments; 

  

	 	(f)	customs, foreign permit and similar fees directly related to the flight; 

  

	 	(g)	in-flight food and beverages; 

  

	 	(h)	in-flight telecommunication expenses; 

  

	 	(i)	passenger ground transportation; and 

  

	 	(j)	flight planning and weather contract services. 

 Notwithstanding the foregoing, in the event
that any income is required to be imputed to you with respect to personal use of the Aircraft, calculated using the Standard Industry Fare Level method in accordance with Internal Revenue Service Regulation §1.61-21, the amount payable by you
pursuant to this Section 2 shall be reduced by the amount necessary so that the total out of pocket cost to you, including taxes owed as a result of imputed income, is no greater than the Reimbursement Amount. 

3. Operational Control of Aircraft. Lessor and Lessee intend and agree that on all flights conducted under this Agreement, Lessor shall
have complete and exclusive operational control over the Aircraft, its flight crews and maintenance, and complete and exclusive possession, command and control of the Aircraft. Lessor shall have complete and exclusive responsibility for scheduling,
dispatching and flight following of the Aircraft on all flights conducted under this Agreement, which responsibility includes the sole and exclusive right over initiating, conducting and terminating such flights. Lessee shall have no responsibility
for scheduling, dispatching or flight following on any flight conducted under this Agreement, nor any right over initiating, conducting or terminating any such flight. Nothing in this Agreement is intended or shall be construed so as to convey to
Lessee any operational control over, or possession, command and control of, the Aircraft, all of which are expressly retained by Lessor. 

4. Scheduling. 
 (a)
Lessee will provide Lessor with requests for flight time and proposed flight schedules as far in advance of any given flight as possible. Lessee or the designated authorized representative(s) of Lessee shall submit scheduling requests under this
Agreement to the designated authorized representative(s) of Lessor. Requests for flight time shall be in such form (whether oral or written) mutually convenient to, and agreed upon by, the parties. In

  
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addition to proposed schedules and flight times, Lessee shall upon request provide Lessor with the following information for each proposed flight prior to scheduled departure: (i) proposed
departure point; (ii) destination; (iii) date and time of flight; (iv) the number of anticipated passengers; (v) the nature and extent of luggage to be carried; (vi) the date and time of a return flight, if any; and
(vii) any other pertinent information concerning the proposed flight that Lessor or the flight crew may request. 
 (b) Subject to
Aircraft and crew availability and to any usage limitations established by Lessor, Lessor shall use its good faith efforts, consistent with Lessor’s approved policies, in order to accommodate the needs of Lessee, to avoid conflicts in
scheduling, and to enable Lessee to enjoy the benefits of this Agreement; however, Lessee acknowledges and agrees that notwithstanding anything in this Agreement to the contrary, (i) Lessor shall have sole and exclusive final authority over the
scheduling of the Aircraft; and (ii) the needs of Lessor for the Aircraft shall take precedence over Lessee’s rights and Lessor’s obligations under this Agreement. 

(c) Although every good faith effort shall be made to avoid its occurrence, any flight scheduled under this Agreement is subject to
cancellation by either party without incurring liability to the other party. In the event that cancellation is necessary, the canceling party shall provide the maximum notice practicable. 

5. Billing. Lessor shall pay all expenses relating to the operation of the Aircraft under this Agreement (in accordance with
Section 2 hereof) on a monthly basis. As soon as possible after the end of each monthly period during the Term, Lessor shall provide to Lessee an invoice showing all use of the Aircraft by Lessee under this Agreement during that month and a
complete accounting detailing all amounts payable by Lessee pursuant to Section 2 for that month, including such detail supporting all expenses paid or incurred by Lessor for which reimbursement is sought as Lessee may reasonably request.
Lessee shall pay all amounts due to Lessor under this Section 5 not later than 30 days after receipt of the invoice therefor. 
 6.
Maintenance of Aircraft. Lessor shall be solely responsible for securing maintenance, preventive maintenance and inspections of the Aircraft (utilizing an inspection program listed in FAR Section 91.409(f)), and shall take such
requirements into account in scheduling the Aircraft hereunder. 
 7. Flight Crew. 

(a) Lessor shall employ or engage and as between Lessor and Lessee shall be responsible for the payment of all salaries, benefits and/or
compensation for a fully-qualified flight crew with appropriate credentials to conduct each flight undertaken under this Agreement. All flight crewmembers shall be included on any insurance policies that Lessor is required to maintain hereunder.

 (b) The qualified flight crew provided by Lessor shall exercise all of its duties and responsibilities with regard to the safety of each
flight conducted hereunder in accordance with applicable FAR’s. The Aircraft shall be operated under the standards and policies 

  
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established by Lessor. Final authority to initiate or terminate each flight, and otherwise to decide all matters relating to the safety of any given flight or requested flight, shall rest with
the pilot-in-command of that flight. The flight crew may, in its sole discretion, terminate any flight, refuse to commence any flight, or take any other action that, in the judgment of the pilot-in-command, is necessitated by considerations of
safety. No such termination or refusal to commence by the pilot-in-command shall create or support any liability for loss, injury, damage or delay in favor of Lessee or any other person. Lessor shall not be liable to Lessee or any other person for
loss, injury or damage occasioned by the delay or failure to furnish the Aircraft and flight crew pursuant to this Agreement for any reason. 

8. Insurance. 
 (a) At all
times during the Term of this Agreement, Lessor shall maintain at its sole cost and expense (i) comprehensive aircraft and liability insurance against bodily injury and property damage claims, including, without limitation, contractual
liability, premises damage, personal property liability, personal injury liability, death and property damage liability, public and passenger legal liability coverage, in an amount not less than $100,000,000 for each single occurrence and
(ii) hull insurance for the full replacement cost of the aircraft. 
 (b) Any policies of aircraft and liability insurance carried in
accordance with this Section 8 and any policies taken out in substitution or replacement of any such policies (i) shall name Lessee and his employees, agents, licensees, servants and guests as additional insured; (ii) shall provide
for 30 days written notice to Lessee by such insurer of cancellation, change, non-renewal or reduction (seven days in the case of war risk and allied perils coverage or such shorter period as is customarily available in the industry);
(iii) shall provide that in respect of the interests of Lessee in such policies, the insurance shall not be invalidated by any action or inaction of Lessor regardless of any breach or violation of any warranties, declarations or conditions
contained in such policies by or binding upon Lessor; and (iv) shall permit the use of the Aircraft by Lessor for compensation or hire to the extent permitted under applicable law. Each such policy shall be primary insurance, not subject to any
co-insurance clause and shall be without right of contribution from any other insurance. 
 (c) Lessor shall use reasonable commercial
efforts to provide such additional insurance coverage for specific flights under this Agreement, if any, as Lessee may request in writing. Lessee also acknowledges that any trips scheduled to the European Union may require Lessor to purchase
additional insurance to comply with local regulations. The cost of all additional flight-specific insurance shall be borne by Lessee as set forth in Section 2(d) hereof. 

(d) Each party agrees that it will not do any act or voluntarily suffer or permit any act to be done whereby any insurance required hereunder
shall or may be suspended, impaired or defeated. In no event shall Lessor suffer or permit the Aircraft to be used or operated under this Agreement without such insurance being fully in effect. 

(e) Lessor shall ensure that worker’s compensation insurance with all-states coverage is provided for the Aircraft’s crew and
maintenance personnel. 

  
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 (f) Lessor shall deliver certificates of insurance to Lessee with respect to the insurance
required or permitted to be provided by it hereunder not later than the first flight of the Aircraft under this Agreement and upon the renewal date of each policy. 

9. Taxes. Lessee shall be responsible for paying, and Lessor shall be responsible for collecting from Lessee and paying over to the
appropriate authorities, all applicable Federal transportation taxes and sales, use or other excise taxes imposed by any governmental authority in connection with any use of the Aircraft by Lessee hereunder. Each party shall indemnify the other
party against any and all claims, liabilities, costs and expenses (including attorney’s fees as and when incurred) arising out of its breach of this undertaking. 

10. Lessee’s Representations and Warranties. Lessee represents and warrants that: 

(a) He will not use the Aircraft for the purposes of providing transportation of passengers or cargo in air commerce for compensation or hire
or for common carriage. 
 (b) He shall refrain from incurring any mechanic’s or other liens in connection with inspection, preventive
maintenance, maintenance or storage of the Aircraft, and shall not attempt to convey, mortgage, assign, lease or in any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do anything or take any
action that might mature into such a lien. 
 (c) He shall not lien or otherwise encumber or create or place any lien or other encumbrance
of any kind whatsoever, on or against the Aircraft for any reason. He also will ensure that no liens or encumbrances of any kind whatsoever are created or placed against the Aircraft for claims against Lessee or by Lessee. 

(d) He will abide by and conform to all laws, governmental and airport orders, rules and regulations, as shall be imposed upon the lessee of
an aircraft under a time sharing agreement, and applicable company policies of Lessor. 
 11. Lessor’s Representations and
Warranties. Lessor represents and warrants that it will abide by and conform to all such laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the operation and use of the
Aircraft pursuant to this Agreement. 
 12. Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, LESSOR HAS
MADE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT, INCLUDING ANY WITH RESPECT TO ITS CONDITION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY
OR TO ANY OTHER PERSON FOR ANY INCIDENTIAL, CONSEQUENTIAL OR SPECIAL DAMAGES, HOWEVER ARISING. 

  
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 13. Term. The term of this Agreement (the “Term”) shall commence on the
effective date hereof and, unless terminated in accordance with the provisions hereof, shall remain in full force and effect for so long as you remain employed by Cablevision Systems Corporation or any of its subsidiaries. Notwithstanding the
foregoing, either party shall have the right to terminate this Agreement for any reason or no reason by written notice given to the other party not less than 30 days prior to the proposed termination date. 

14. Limitation of Liability. Lessee, for himself and on behalf of his agents, guests, invitees, licensees, servants and employees,
covenants and agrees that the insurance described in Section 8 hereof shall be the sole recourse for any and all liabilities, claims, demands, suits, causes of action, losses, penalties, fines, expenses or damages, including attorneys fees,
court costs and witness fees, attributable to the use, operation or maintenance of the Aircraft pursuant to this Agreement or performance of or failure to perform any obligation under this Agreement. 

15. Relationship of Parties. Lessor is strictly an independent contractor lessor/provider of transportation services with respect to
Lessee. Nothing in this Agreement is intended, nor shall it be construed so as, to constitute the parties as partners or joint venturers or principal and agent. All persons furnished by Lessor for the performance of the operations and activities
contemplated by this Agreement shall at all times and for all purposes be considered Lessor’s employees or agents. 
 16. Governing
Law; Severability. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, without regard to its choice of law rules. If any provision of this Agreement conflicts with any statute or rule of law
of the State of New York, or is otherwise unenforceable, such provision shall be deemed null and void only the extent of such conflict or unenforceability, and shall be deemed separate from, and shall not invalidate, any other provision of this
Agreement. 
 17. Amendment. This Agreement may not be amended, supplemented, modified or terminated, or any of its terms varied,
except by an agreement in writing signed by each of the parties hereto. 
 18. Counterparts. This Time Sharing Agreement may be
executed in counterparts, each of which shall, for all purposes, be deemed an original and all such counterparts, taken together, shall constitute one and the same agreement, even though all parties may not have executed the same counterpart. Each
party may transmit its signature by facsimile, and such faxed signature shall have the same force and effect as an original signature. 

19. Successors and Assigns. This Time Sharing Agreement shall be binding upon the parties hereto, and their respective heirs,
executors, administrators, other legal representatives, successors and assigns, and shall inure to the benefit of the parties hereto, and, except as otherwise provided herein, to their respective heirs, executors, administrators, other legal
representatives, successors and permitted assigns. Lessee agrees that he shall not directly or indirectly sublease, assign, transfer, pledge or hypothecate this Agreement or any part hereof (including any assignment or transfer pursuant to the laws
of intestacy) without the prior written consent of Lessor, which may be given or withheld by Lessor in its sole and absolute discretion. 

  
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 20. Notices. All notices or other communications delivered or given under this Agreement
shall be in writing and shall be deemed to have been duly given if hand-delivered, sent by certified or registered mail, return receipt requested, or nationally-utilized overnight delivery service, or confirmed facsimile transmission, as the case
may be. Such notices shall be addressed to the parties at the addresses set forth above, or to such other address as may be designated by any party in a writing delivered to the other in the manner set forth in this Section 20. In the case of
notices to Lessor, a copy of each such notice shall be sent to MSG Sports & Entertainment, 2 Penn Plaza, New York, New York 10121, attention: General Counsel. Notices sent by certified or registered mail shall be deemed received three
business days after being mailed. All other notices shall be deemed received on the date delivered. Routine communications may be made by e-mail or fax to the addresses set forth therein. 

21. Truth-in-Leasing Compliance. Lessor, on behalf of the Lessee, shall (i) mail a copy of this Agreement to the Aircraft
Registration Branch, Technical Section, of the FAA in Oklahoma City within 24 hours of its execution; (ii) notify the Farmingdale Flight Standards District Office at least 48 hours prior to the first flight by Lessor under this Agreement of the
registration number of the Aircraft, and the location of the airport of departure and departure time of the first flight; and (iii) carry a copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this
Agreement. 
 22. TRUTH IN LEASING STATEMENT UNDER FAR SECTION 91.23: 

(A) LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 DURING THE 12-MONTH PERIOD PRECEDING THE DATE
OF EXECUTION OF THIS AGREEMENT. THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS OF FAR PART 91 FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 

(B) MSG SPORTS & ENTERTAINMENT, LLC, 2 PENN PLAZA, NEW YORK, NEW YORK 10121, HEREBY CERTIFIES THAT IT IS RESPONSIBLE FOR OPERATIONAL
CONTROL OF THE AIRCRAFT FOR ALL OPERATIONS UNDER THIS AGREEMENT. 
 (C) EACH PARTY HEREBY CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES
FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
 (D) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF THE FACTORS BEARING ON
OPERATIONAL CONTROL AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 

  
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 IN WITNESS WHEREOF, Lessor and Lessee have executed this Time Sharing Agreement effective as of
the date first above written. 
  

					
	LESSOR:
	
	MSG SPORTS & ENTERTAINMENT, LLC
		
	By:	 	/s/ Lawrence J. Burian
	Name:	 	Lawrence J. Burian
	Title:	 	EVP, General Counsel & Secretary

 
	
	
	LESSEE:
	
	/s/ David O’Connor
	David O’Connor

  
 8EXHIBIT 4.2

 

EXECUTION VERSION

 

FIRST SUPPLEMENTAL INDENTURE

 

FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of December 17, 2015, among GPT Property Trust LP, a Delaware limited partnership (the “Issuer”), Gramercy Property Trust (formerly known as Chambers Street Properties), a Maryland real estate investment trust (“New Gramercy”), Columbus Merger Sub, LLC, a Maryland limited liability company and a wholly owned subsidiary of New Gramercy (“New Parent Guarantor”) and U.S. Bank National Association, a national banking association, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS, the Issuer, Gramercy Property Trust Inc., a Maryland corporation (“Gramercy” or the “Parent Guarantor”) and the Trustee are parties to an Indenture, dated as of March 24, 2014 (the “Indenture”), pursuant to which the Issuer issued its 3.75% Exchangeable Senior Notes due 2019 (the “Notes”);

 

WHEREAS, the Parent Guarantor entered into an Agreement and Plan of Merger, dated as of July 1, 2015, as amended November 23, 2015 and December 7, 2015 (the “Merger Agreement”), by and among the Parent Guarantor, New Gramercy and the New Parent Guarantor;

 

WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, at the Effective Time (as defined in the Merger Agreement) the Parent Guarantor merged with and into the New Parent Guarantor (the “Merger”), with New Parent Guarantor continuing as the surviving entity of the Merger and successor to Parent Guarantor;

 

WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, at the Effective Time, each share of common stock, par value $0.001 per share, of the Parent Guarantor (the “Gramercy Common Stock”) issued and outstanding immediately prior to the Effective Time was converted into the right to receive 3.1898 common shares of beneficial interest, par value $0.01 per share, of New Gramercy (the “New Gramercy Common Shares”);

 

WHEREAS, Section 14.05(a) of the Indenture provides, among other things, that upon the occurrence of any consolidation, merger, or combination involving the Parent Guarantor with another Person, as a result of which holders of Gramercy Common Stock would be entitled to receive cash, securities or other property or assets (including cash or

 

 

any combination of the foregoing in exchange for such Gramercy Common Stock) (a “Merger Event”), then, at the effective time of the Merger Event, the successor Person shall execute with the Trustee a supplemental indenture providing that the Notes shall be exchangeable for the kind and amount of shares of stock, securities or other property or assets (including cash or any combination of the foregoing) receivable upon such consolidation, merger or combination by a holder of a number of shares of Gramercy Common Stock issuable upon exchange for such Notes (assuming, for such purposes, a sufficient number of authorized shares of Gramercy Common Stock available to exchange all such Notes) immediately prior to such Merger Event;

 

WHEREAS, Section 14.05(a) of the Indenture further provides, among other things, that, at and after the effective time of the Merger Event, (A) the Issuer shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, as set forth in Section 14.02 of the Indenture and (B)(1) any amount payable in cash upon exchange of the Notes as set forth in Section 14.02 of the Indenture will continue to be payable in cash, (2) any shares of Gramercy Common Stock that the Issuer would have been required to deliver upon exchange of the Notes as set forth in Section 14.02 of the Indenture will instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Gramercy Common Stock would have received in such transaction and (3) VWAP will be calculated based on the value of the amount and kind of Reference Property that a holder of one share of Gramercy Common Stock would have received in such transaction;

 

WHEREAS, Section 14.05(a) of the Indenture further provides, among other things, that such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in Article 14 of the Indenture;

 

WHEREAS, Section 14.05(a) of the Indenture further provides, among other things, that, if, in the case of any such Merger Event, the Reference Property receivable thereupon by a holder of Gramercy Common Stock includes shares of stock, securities or other property or assets (including cash or any combination of the foregoing) of a corporation other than the successor or purchasing corporation, as the case may be, in such reclassification, change, consolidation, merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders as the Board of Directors shall reasonably consider necessary by reason of the foregoing;

 

WHEREAS, Section 11.03 of the Indenture provides, among other things, that nothing contained in the Indenture or in the Notes shall prevent any merger of the Parent Guarantor with or into any other Person (whether or not affiliated with the Parent Guarantor); provided, however,

 

(a)           the successor entity resulting from any merger shall be organized and validly existing under the laws of the United States of America or any State thereof and shall expressly assume the obligations of the Parent Guarantor under

 

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the Guarantee and the due and punctual performance and observance of all of the covenants and conditions in this Indenture;

 

(b)           immediately after giving effect to such transaction, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and

 

(c)           the successor Person shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such merger and such supplemental indenture comply with Article 11 of the Indenture and that all conditions precedent herein provided for relating to such transaction have been complied with;

 

WHEREAS, Section 11.04 of the Indenture provides, among other things, that upon any merger of the Parent Guarantor into any other Person, the successor Person into which the Parent Guarantor is merged shall succeed to, and be substituted for, and may exercise every right and power of, the Parent Guarantor under the Indenture with the same effect as if such successor Person had been named as the Parent Guarantor therein, and thereafter the predecessor Person shall be released from all obligations and covenants under the Indenture;

 

WHEREAS, Section 11.04 of the Indenture further provides, among other things, that in case of any such merger, such changes in phraseology and form (but not in substance) may be made in the Guarantee thereafter to be issued as may be appropriate;

 

WHEREAS, pursuant to Section 10.01 of the Indenture, the Issuer, the Parent Guarantor and the Trustee may enter into indentures supplemental to the Indenture without the consent of any Holder of the Notes for the purpose of, among other things, (i) evidencing a successor to the Parent Guarantor as guarantor under the Indenture or (ii) amending or supplementing any provisions of the Indenture so long that such amendments or supplements do not adversely affect the interests of the Holders of any Notes outstanding;

 

WHEREAS, Section 10.05 of the Indenture provides that, prior to entering into any supplemental indenture pursuant to Article 10, the Trustee shall be provided with an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of Article 10 and is otherwise authorized or permitted by the Indenture;

 

WHEREAS, in connection with the execution and delivery of this First Supplemental Indenture, the Trustee has received an Officers’ Certificate and an Opinion of Counsel as contemplated by Sections 10.05 and 11.03(c) of the Indenture; and

 

WHEREAS, the Issuer, the New Parent Guarantor and New Gramercy have requested that the Trustee execute and deliver this First Supplemental Indenture and have

 

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satisfied all requirements necessary to make this First Supplemental Indenture a valid instrument in accordance with its terms.

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the New Parent Guarantor, New Gramercy and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

ARTICLE 1

DEFINITIONS

 

Section 1.01. Definitions.  A term defined in the Indenture has the same meaning when used in this First Supplemental Indenture unless such term is otherwise defined herein or amended or supplemented pursuant to this First Supplemental Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. “Reference Property” means 3.1898 New Gramercy Common Shares.

 

ARTICLE 2

EFFECT OF MERGER

 

Section 2.01. Exchange Right. The Issuer, Parent Guarantor and New Gramercy expressly agree that, in accordance with Section 14.05(a) of the Indenture, at and after the Effective Time of the Merger, Notes shall be exchangeable, subject to the terms of Sections 14.01 and 14.02 of the Indenture, for the kind and amount of Reference Property receivable upon the Effective Time of the Merger by a holder of a number of shares of Gramercy Common Stock issuable upon exchange for such Notes (assuming, for such purposes, a sufficient number of authorized shares of Gramercy Common Stock available to exchange all such Notes) immediately prior to the Effective Time of the Merger.  At and after the Effective Time of the Merger, (A) the Issuer shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, as set forth in Section 14.02 of the Indenture and (B)(1) any amount payable in cash upon exchange of the Notes as set forth in Section 14.02 of the Indenture will continue to be payable in cash, (2) any shares of Gramercy Common Stock that the Issuer would have been required to deliver upon exchange of the notes as set forth in Section 14.02 will instead be deliverable in Reference Property and (3) VWAP will be calculated based on Reference Property.  As and to the extent required by Section 14.05(a) of the Indenture, the Exchange Rate (as defined in the First Supplemental Indenture) shall be adjusted as a result of events occurring subsequent to the date hereof with respect to the Reference Property as nearly equivalent as may be practicable to the adjustments provided for in Article 14 of the Indenture, with respect to the Common Stock.  Any reference in the Indenture to an amount, number or price of shares of Common Stock shall be adjusted to give effect to the Merger and the change of the right of the Holders to convert the Notes into shares of Common Stock into a right to convert the Notes into Reference Property.

 

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The provisions of the Indenture, as modified herein, shall continue to apply, mutatis mutandis, to the Notes.

 

Section 2.02.  References.     At and after the Effective Time of the Merger, subject to the provisions of Section 2.01, (a) all references in the Indenture to the Common Stock shall be deemed changed to refer to New Gramercy Common Shares instead of Gramercy Common Stock and (b) all references in the Indenture to the General Partner shall be deemed changed to refer to New Parent Guarantor instead of the Parent Guarantor.

 

Section 2.03.  Definitions.  The following definitions in Section 1.01 of the Indenture are hereby amended and restated as follows:

 

“Charter” means the organizational documents of the Guarantor, as amended from time to time;

 

“Board of Directors” means the board of directors (or similar governing body) of the General Partner or a committee of that board (or governing body) duly authorized to act under the Indenture; provided that, in the definition of “Continuing Directors” and in Article 14, Board of Directors shall refer to the board of trustees (or similar governing body) of New Gramercy.

 

ARTICLE 3

ASSUMPTION OF GUARANTEE

 

Section 3.01. Guarantee.  The New Parent Guarantor hereby, upon the Effective Time of the Merger, (a) assumes the obligations of the Parent Guarantor under the Guarantee and the due and punctual performance and observance of all of the covenants and conditions of the Parent Guarantor under the Indenture and (b) succeeds to, and is substituted for, and may exercise every right and power of, the Parent Guarantor as Guarantor under the Indenture with the same effect as if New Parent Guarantor had been named in the Indenture as Guarantor.  Parent Guarantor is hereby released from all obligations and covenants under the Indenture at and after the Effective Time of the Merger.

 

Section 3.02. Execution and Delivery. On the date hereof, New Parent Guarantor has executed and delivered the Guarantee, in the form attached hereto as Exhibit A, to evidence the obligations assumed by New Parent Guarantor set forth in Section 3.01.

 

ARTICLE 4

MISCELLANEOUS

 

Section 4.01. Ratification of Indenture. The Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.

 

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Section 4.02. Governing Law.  This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

 

Section 4.03. Counterparts. This First Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.  Execution by PDF or other electronic signature shall be as effective as a manual signature hereof.

 

Section 4.04.  Concerning the Trustee. The Trustee assumes no duties, responsibilities, or liabilities by reason of this First Supplemental Indenture other than as set forth in the Indenture. The Trustee shall not be responsible in any manner whatsoever for or in respect of (i) the validity or sufficiency of this First Supplemental Indenture, (ii) the correctness of any of the provisions contained herein, or (iii) the recitals contained herein, all of which recitals are made solely by the Issuer, New Gramercy and the New Parent Guarantor. In addition, and without limiting the foregoing, the Trustee is not charged with knowledge of the Merger Agreement or any terms thereof.

 

Section 4.05.  Supplemental Indenture Controls. In the event of a conflict or inconsistency between the Indenture and this First Supplemental Indenture, the provisions of this First Supplemental Indenture shall control.

 

Section 4.06.  Representations and Warranties. Issuer, New Gramercy and the New Parent Guarantor each represent that (a) it has all necessary power and authority to execute and deliver this Supplemental Indenture and to perform its obligations under the Indenture, (b) it is organized and validly existing under the laws of the State of Delaware or the State of Maryland, as applicable, (c) both before and immediately after giving effect to both the Merger and this First Supplemental Indenture, no Default or Event of Default has or will have occurred or be continuing, (d) this First Supplemental Indenture is executed and delivered pursuant to Section 10.01 of the Indenture and does not require the consent of Holders and (e) the Board of Directors reasonably considers the foregoing amendments and other additional provisions necessary in order to protect the interests of the Holders.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed, all as of the date first written above.

 

 

	
 
    	
GPT   PROPERTY TRUST LP
    
	
 
    	
By:
    	
Columbus   Merger Sub, LLC, as its sole general partner
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Benjamin P. Harris 
    
	
 
    	
 
    	
Name:
    	
Benjamin   P. Harris
    
	
 
    	
 
    	
Title:
    	
President   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GRAMERCY   PROPERTY TRUST
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Benjamin P. Harris 
    
	
 
    	
 
    	
Name:
    	
Benjamin   P. Harris 
    
	
 
    	
 
    	
Title:
    	
President   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
COLUMBUS   MERGER SUB, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Benjamin P. Harris 
    
	
 
    	
 
    	
Name:
    	
Benjamin   P. Harris 
    
	
 
    	
 
    	
Title:
    	
President   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S.   BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Linda E. Garcia 
    
	
 
    	
 
    	
Name:
    	
Linda   E. Garcia 
    
	
 
    	
 
    	
Title:
    	
Vice   President 
    
					

 

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Exhibit A

 

Form of Guarantee

 

COLUMBUS MERGER SUB, LLC, a Maryland limited liability company (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the Indenture, dated the date hereof, among the Guarantor, the Issuer (defined below) and U.S. Bank National Association, as Trustee (the “Indenture”)), hereby irrevocably and unconditionally guarantees on a senior basis on the terms set forth in the Indenture the Guarantee Obligations (as defined in Section 16.01 of the Indenture), which include (i) the due and punctual payment of the principal of and Interest, on the 3.75% Exchangeable Senior Notes due 2019 (the “Notes”) of GPT Property Trust LP, a Delaware limited partnership (the “Issuer,” which term includes any successors thereto under the Indenture), whether at maturity, by acceleration, upon a repurchase or otherwise, the due and punctual payment of Interest on the overdue principal and (to the extent permitted by law) Interest on any overdue Interest on the Notes, and the due and punctual performance of all other obligations of the Issuer, to the Holders of the Notes or the Trustee all in accordance with the terms set forth in Article 16 of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration, upon a repurchase or otherwise.

 

The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article 16 of the Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee.

 

The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, the benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever.

 

No past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such successor entity) as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.

 

This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final payment of all of the Issuer’s obligations under the Notes and Indenture or until legally discharged in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such

 

8

 

transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collection.

 

This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers.

 

The obligations of the Guarantor under this Guarantee shall be limited to the extent necessary to ensure that it does not constitute a fraudulent conveyance under applicable law.

 

THE TERMS OF ARTICLE 16 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated.

 

The Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York.

 

IN WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed.

 

 

	
Dated:
    	
COLUMBUS   MERGER SUB, LLC, as Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

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