Document:

LEXINGTON
REALTY TRUST,

    Issuer,

     

    CERTAIN
SUBSIDIARIES OF LEXINGTON REALTY TRUST,

    Subsidiary
Guarantors,

     

     

     

     

    and

     

     

     

     

    U.S.
BANK NATIONAL ASSOCIATION,

    Trustee

     

    FIFTH
SUPPLEMENTAL INDENTURE

    Dated as
of June 9, 2009

     

    5.45%
Exchangeable Guaranteed Notes due 2027

     

    
 

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FIFTH
SUPPLEMENTAL INDENTURE

     

    THIS
FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”), is entered
into as of June 9, 2009, among LEXINGTON REALTY TRUST, a Maryland real estate
investment trust (the “Issuer”), CERTAIN SUBSIDIARIES OF THE ISSUER SIGNATORIES
HERETO (including subsidiaries of the Issuer subsequently becoming guarantors,
the “Subsidiary Guarantors” or the “Guarantors”) and U.S. BANK NATIONAL
ASSOCIATION, a national banking association duly organized and existing under
the laws of the United States, as Trustee hereunder (the “Trustee”), having its
Corporate Trust Office at 100 Wall Street, Suite 1600, New York, New York
10005.

     

    WHEREAS,
the Issuer, the Guarantors and the Trustee entered into that certain Indenture
dated as of January 29, 2007 (the “Original Indenture”), relating to the
Issuer’s unsecured debt securities authenticated and delivered under the
Original Indenture;

     

    WHEREAS,
pursuant to Section 301 of the Original Indenture, the Issuer, the Guarantors
and the Trustee established the terms of a series of Securities entitled the
“5.45% Exchangeable Guaranteed Notes due 2027” of the Issuer in respect of which
the Parent Guarantor and the Subsidiary Guarantors are guarantors (the “Notes”)
pursuant to that First Supplemental Indenture dated as of January 29, 2007 among
the Issuer, the Guarantors and the Trustee (the “First Supplemental
Indenture”);

     

    WHEREAS,
pursuant to Section 2.02 of the First Supplemental Indenture and Section 303 of
the Original Indenture, the Issuer, the Guarantors and the Trustee increased the
aggregate principal amount of the Notes by the issuance of Additional Notes
pursuant to that Second Supplemental Indenture dated as of March 9, 2007 among
the Issuer, the Guarantors and the Trustee (the “Second Supplemental
Indenture”);

     

    WHEREAS,
pursuant to Section 901(9) of the Original Indenture, the Issuer, the Guarantors
and the Trustee amended certain provisions of the Indenture to correct a
provision in the Indenture which was defective or inconsistent with any other
provision therein pursuant to that Third Supplemental Indenture dated as of June
19, 2007 among the Issuer, the Guarantors and the Trustee (the “Third
Supplemental Indenture”);

     

    WHEREAS,
pursuant to Section 901(1) of the Original Indenture, the Issuer, the Guarantors
and the Trustee amended certain provisions of the Indenture to evidence the
succession of Lexington Realty Trust to The Lexington Master Limited Partnership
and the assumption by Lexington Realty Trust of the covenants of the Issuer,
therein and in the Securities pursuant to that Fourth Supplemental Indenture
dated as of December 31, 2008 among the Issuer, the Guarantors and the Trustee
(the “Fourth Supplemental Indenture” and, together with the Original Indenture,
the First Supplement Indenture, the Second Supplemental Indenture and the Third
Supplemental Indenture, the “Indenture”);

     

    WHEREAS,
as a result of the Fourth Supplemental Indenture, the Parent Guarantor became
the Issuer;

     

    WHEREAS,
pursuant to Sections 901(2) and 1405 of the Original Indenture, if any
Subsidiary of the Issuer that is organized in the United States, any of the
States or the District of Columbia and that was not a Lexington Credit Agreement
Obligor becomes a Lexington Credit Agreement Obligor, the Issuer and the Issuer
shall arrange for such Subsidiary to execute and deliver to the Trustee a
supplemental indenture pursuant to which such Subsidiary Guarantor shall fully,
unconditionally and irrevocably guarantee, as primary obligor and not merely as
surety, to each Holder of the Securities and the Trustee the full and punctual
payment when due, whether at maturity, by acceleration, by redemption or
otherwise, of the Obligations;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WHEREAS,
the Issuer entered into that certain Credit Agreement, dated as of February 13,
2009 (the “New Credit Agreement”), among the Issuer, Lepercq Corporate Income
Fund L.P., Lepercq Corporate Income Fund II L.P., and Net 3 Acquisition L.P.,
jointly and severally as borrowers, KeyBank National Association, as agent, and
each of the financial institutions initially a signatory thereto together with
their assignees pursuant to Section 12.5 therein;

     

    WHEREAS,
in connection with the New Credit Agreement, (1) the Subsidiaries of the Issuer
listed on Exhibit
A hereto, which were previously Subsidiary Guarantors, are no longer
Lexington Credit Agreement Obligors (the “Released Subsidiary Guarantors”), (2)
the Subsidiary Guarantors listed on Exhibit B hereto
continue to be Lexington Credit Agreement Obligors (the “Existing Subsidiary
Guarantors”), and (3) the Subsidiaries of the Issuer listed on Exhibit C hereto,
which were not previously Subsidiary Guarantors, are now Lexington Credit
Agreement Obligors (the “New Subsidiary Guarantors”);

     

    WHEREAS,
the Issuer has delivered an Officers’ Certificate to the Trustee designating the
New Credit Agreement as the Lexington Credit Agreement under the
Indenture;

     

    WHEREAS,
pursuant to Section 1404 of the Indenture, the Issuer has delivered an Officers’
Certificate to the Trustee informing the Trustee of the termination of all of
the obligations under the Lexington Credit Agreement of the Released Subsidiary
Guarantors, which released each such former Subsidiary Guarantor from all of its
obligations under the Indenture and its Guarantee and such Guarantee has
terminated;

     

    WHEREAS,
Section 1405 of the Indenture requires any Subsidiary of the Issuer that is
organized in the United States, any of the States or the District of Columbia
and that was not a Lexington Credit Agreement Obligor becomes a Lexington Credit
Agreement Obligor, the Issuer shall arrange for such Subsidiary to execute and
deliver to the Trustee, a supplemental indenture pursuant to which such
Subsidiary Guarantor shall fully, unconditionally and irrevocably guarantee, as
primary obligor and not merely as surety, to each Holder of the Securities and
the Trustee the full and punctual payment when due, whether at maturity, by
acceleration, by redemption or otherwise, of the Obligations; and

     

    WHEREAS,
the Issuer, the Guarantors and the Trustee have duly authorized the execution
and delivery of this instrument to amend the Indenture as set forth herein and
have done all things necessary to make this instrument a valid agreement of the
parties hereto, in accordance with its terms.

     

    NOW,
THEREFORE, in consideration of the premises and the covenants and agreements
contained herein, and for other good and valuable consideration the receipt of
which is hereby acknowledged, and for the equal and proportionate benefit of the
Holders of the Notes, the Issuer, the Guarantors and the Trustee agree as
follows:

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    ARTICLE
ONE

    DEFINITIONS

     

    Section
1.1             Definitions.  Capitalized
terms used in this instrument and not otherwise defined herein shall have the
meanings assigned to such terms in the Indenture.

     

    ARTICLE
TWO

    NEW
SUBSIDIARY GUARANTORS

     

    Section
2.1             New Subsidiary
Guarantors.  The New Subsidiary Guarantors fully,
unconditionally and irrevocably guarantee, as primary obligor and not merely as
surety, to each Holder of the Securities and the Trustee the full and punctual
payment when due, whether at maturity, by acceleration, by redemption or
otherwise, of the Obligations in accordance with the Indenture.

     

    ARTICLE
THREE

    MISCELLANEOUS

     

    Section
3.1             Relation to Original
Indenture.  This Fifth Supplemental Indenture supplements the
Indenture, and shall be a part and subject to all the terms
thereof.  Except as supplemented hereby, all of the terms, provisions
and conditions of the Indenture, and the Securities issued thereunder shall
continue in full force and effect.

     

    Section
3.2             Concerning the
Trustee.  The Trustee shall not be responsible for any recital
herein (other than as they appear and as they apply to the
Trustee) as such recitals shall be taken as statements of the Issuer and the
Guarantors, or the validity of the execution by the Issuer or the Guarantors of
this Fifth Supplemental Indenture.  The Trustee makes no
representations as to the validity or sufficiency of this
instrument.

     

    Section
3.3             Effect of
Headings.  The Article and Section headings herein are for
convenience of reference only and shall not affect the construction
hereof.

     

    Section
3.4             Counterparts.  This
instrument may be executed in counterparts, each of which shall be deemed an
original, but all of which shall together constitute one and the same
instrument.

     

    Section
3.5              Governing
Law.  This instrument shall be governed by and construed in
accordance with the laws of the State of New York.

     

    [signature
pages follow]

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental
Indenture to be duly executed as of the day and year first above
written.

     

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                
                                                                                                                                                                  
                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                          
                                                                                                                                                                            
                                                                                                                                                                              
                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                      
                                                                                                                                                                                        
                                                                                                                                                                                          
                                                                                                                                                                                            
                                                                                                                                                                                              
                                                                                                                                                                                                
                                                                                                                                                                                                  
                                                                                                                                                                                                    
                                                                                                                                                                                                      
                                                                                                                                                                                                        
                                                                                                                                                                                                          
                                                                                                                                                                                                            
                                                                                                                                                                                                              
                                                                                                                                                                                                                
                                                                                                                                                                                                                  
                                                                                                                                                                                                                    
                                                                                                                                                                                                                      
                                                                                                                                                                                                                        
                                                                                                                                                                                                                          
                                                                                                                                                                                                                            
                                                                                                                                                                                                                              
                                                                                                                                                                                                                                
                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                  	 
      	 
      	 
      	 
	 
      	
                                                                                                                                                                                                                                                                          ISSUER:

                                                                                                                                                                                                                                                                        	 
	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          LEXINGTON
      REALTY TRUST,

                                                                                                                                                                                                                                                                        	 
	 
      	
                                                                                                                                                                                                                                                                          as
      Issuer of the Notes

                                                                                                                                                                                                                                                                        	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          By:

                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                          /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                        	 
	 
      	 
      	
                                                                                                                                                                                                                                                                          Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                        	 
	 
      	 
      	
                                                                                                                                                                                                                                                                          Title:
      Executive Vice President

                                                                                                                                                                                                                                                                        	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          EXISTING
      SUBSIDARY GUARANTORS:

                                                                                                                                                                                                                                                                        	 
	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          LEPERCQ
      CORPORATE INCOME FUND L.P.,

                                                                                                                                                                                                                                                                        	 
	 
      	
                                                                                                                                                                                                                                                                          a
      Delaware limited partnership, as a Subsidiary Guarantor

                                                                                                                                                                                                                                                                        	 
	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          By:

                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                          Lex
      GP-1 Trust, its general partner, a Delaware statutory
trust

                                                                                                                                                                                                                                                                        	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          By:

                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                          /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                        	 
	 
      	 
      	
                                                                                                                                                                                                                                                                          Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                        	 
	 
      	 
      	
                                                                                                                                                                                                                                                                          Title:
      Senior Vice President

                                                                                                                                                                                                                                                                        	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          LEPERCQ
      CORPORATE INCOME FUND II L.P.,

                                                                                                                                                                                                                                                                        	 
	 
      	
                                                                                                                                                                                                                                                                          a
      Delaware limited partnership, as a Subsidiary Guarantor

                                                                                                                                                                                                                                                                        	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          By:

                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                          Lex
      GP-1 Trust, its general partner, a Delaware statutory
trust

                                                                                                                                                                                                                                                                        	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                          By:

                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                          /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                        	 
	 
      	 
      	
                                                                                                                                                                                                                                                                          Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                        	 
	 
      	 
      	
                                                                                                                                                                                                                                                                          Title:
      Senior Vice President

                                                                                                                                                                                                                                                                        	 

                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        NET
      3 ACQUISITION L.P., a Delaware limited partnership, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        By:

                                                                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                                                                        Lex
      GP-1 Trust, its general partner, a Delaware statutory
trust

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        By:

                                                                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                                                                        /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        LEX
      GP-1 TRUST,

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        as
      a Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        By:

                                                                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                                                                        /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        LEX
      LP-1 TRUST,

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        as
      a Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        By:

                                                                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                                                                        /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        LEXINGTON
      OLIVE BRANCH MANAGER LLC, a Delaware limited liability company, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        By:

                                                                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                                                                        /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        LEXINGTON
      REALTY ADVISORS, INC., a Delaware corporation, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        By:

                                                                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                                                                        /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                        Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                      	 
	 	 	 	 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                              	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      LEXINGTON
      SOUTHFIELD LLC, a Delaware limited liability company, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      By:

                                                                                                                                                                                                                                                                                                                                                                                                    	
                                                                                                                                                                                                                                                                                                                                                                                                      /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      LEXINGTON
      WAXAHACHIE MANAGER LLC, its sole general partner, a Delaware limited
      liability company, as a Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      By:

                                                                                                                                                                                                                                                                                                                                                                                                    	
                                                                                                                                                                                                                                                                                                                                                                                                      /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      LXP
      I TRUST, a Delaware statutory trust, as a Subsidiary
    Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      By:

                                                                                                                                                                                                                                                                                                                                                                                                    	
                                                                                                                                                                                                                                                                                                                                                                                                      /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      LEXINGTON
      WESTPORT MANAGER LLC, a Delaware limited liability company, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      By:

                                                                                                                                                                                                                                                                                                                                                                                                    	
                                                                                                                                                                                                                                                                                                                                                                                                      /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      NEW
      SUBSIDIARY GUARANTORS:

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 
	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      LEXINGTON
      COLLIERVILLE MANAGER LLC, a Delaware limited liability company, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      By:

                                                                                                                                                                                                                                                                                                                                                                                                    	
                                                                                                                                                                                                                                                                                                                                                                                                      /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                      Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                    	 
	 	 	 	 

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                        	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LEXINGTON
      DUNCAN MANAGER LLC, a Delaware limited liability company, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LEXINGTON
      FLORENCE MANAGER LLC, a Delaware limited liability company, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LEXINGTON
      FORT STREET TRUSTEE LLC, a Delaware limited liability company, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LEXINGTON
      HONOLULU MANAGER LLC, a Delaware limited liability company, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LEXINGTON
      LAC LENEXA GP LLC, a Delaware limited liability company, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                        	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LEXINGTON
      MLP WESTERVILLE MANAGER LLC, a Delaware limited liability company, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LEXINGTON
      TOY TRUSTEE LLC, a Delaware limited liability company, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LEX-PROPERTY
      HOLDINGS LLC, a Delaware limited liability company, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	
                                                                                                                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
      	      
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LSAC
      CROSSVILLE MANAGER LLC, a Delaware limited liability company, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LSAC
      GENERAL PARTNER LLC, a Delaware limited liability company, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                        	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                LSAC
      OPERATING PARTNERSHIP L.P., a Delaware limited partnership, as a
      Subsidiary Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                LSAC
      General Partner LLC, a Delaware limited liability company, its general
      partner

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                MLP
      UNIT PLEDGE GP LLC, a Delaware limited liability company, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                MLP
      UNIT PLEDGE L.P., a Delaware limited partnership, as a Subsidiary
      Guarantor

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                MLP
      Unit Pledge GP LLC, a Delaware limited liability company, its general
      partner

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                By:

                                                                                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                                                                                /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                              	 
	 	 	 	 

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                    	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      21 AT GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      ALTENN GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      AVREM GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      BASOT GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      BEDCAR GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      CAROLION GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      CLIFMAR GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      DALHILL GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      ELWAY GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      GERSANT GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      JACWAY GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      JLE WAY GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      JOHAB GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      LANMAR GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      LIROC GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      ORPER GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      SABLEMART GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      SALISTOWN GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      SEGUINE GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      SPOKMONT GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      STATMONT GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      SUNWAY GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      SUPERWEST GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      WALANDO GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      WASHTEX GP LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NK-CINN
      HAMILTON PROPERTY MANAGER LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NK-LUMBERTON
      PROPERTY MANAGER LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NK-ODW/COLUMBUS
      PROPERTY MANAGER LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            LEX
      GP HOLDING LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            NEWKIRK
      MLP UNIT LLC

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            Each,
      a Delaware limited liability company

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	 
      	 
      	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            By:

                                                                                                                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                                                                                                                            MLP
      Manager Corp., their Manager

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            By:

                                                                                                                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                                                                                                                            /s/
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            Name:
      Joseph S. Bonventre

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                            Title:
      Senior Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                                          	 
	 
      	 
      	 
      	 

                                                                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                  	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                          TRUSTEE:

                                                                                                                                                                                                                                                                                                                                                                                                                                        	 
	 	 	 
	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                          U.S.
      BANK NATIONAL ASSOCIATION,

                                                                                                                                                                                                                                                                                                                                                                                                                                        	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                          as
      Trustee

                                                                                                                                                                                                                                                                                                                                                                                                                                        	 
	 	 	 	 
	 	 	 	 
	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                          By:

                                                                                                                                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                                                                                                                                          /s/
      William G. Keenan

                                                                                                                                                                                                                                                                                                                                                                                                                                        	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                          Name:
      William G. Keenan

                                                                                                                                                                                                                                                                                                                                                                                                                                        	 
	 
      	 
      	
                                                                                                                                                                                                                                                                                                                                                                                                                                          Title:
      Vice President

                                                                                                                                                                                                                                                                                                                                                                                                                                        	 

                                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                

                                                                                                                                                                                                                              

                                                                                                                                                                                                                            

                                                                                                                                                                                                                          

                                                                                                                                                                                                                        

                                                                                                                                                                                                                      

                                                                                                                                                                                                                    

                                                                                                                                                                                                                  

                                                                                                                                                                                                                

                                                                                                                                                                                                              

                                                                                                                                                                                                            

                                                                                                                                                                                                          

                                                                                                                                                                                                        

                                                                                                                                                                                                      

                                                                                                                                                                                                    

                                                                                                                                                                                                  

                                                                                                                                                                                                

                                                                                                                                                                                              

                                                                                                                                                                                            

                                                                                                                                                                                          

                                                                                                                                                                                        

                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                            

                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
A

    

    Released Subsidiary
Guarantors

    

    
      	
              Lexington
      BCBS L.L.C.

            
	
              Lexington
      Carrollton Manager LLC

            
	
              Lexington
      Chelmsford Manager LLC

            
	
              Lexington
      Contributions Inc.

            
	
              Lexington Dover
      LLC

            
	
              Lexington
      Fort Street Trust

            
	
              Lexington
      Foxboro I LLC

            
	
              Lexington
      Foxboro II LLC

            
	
              Lexington
      High Point Manager LLC

            
	
              Lexington
      Los Angeles Manager LLC

            
	
              Lexington
      Millington Manager LLC

            
	
              Lexington Minneapolis
      LLC

            
	
              Lexington Multi-State
      Holdings L.P.

            
	
              Lexington
      OC LLC

            
	
              Lexington
      Olive Branch LLC

            
	
              Lexington Tennessee
      Holdings L.P.

            
	
              Lexington Texas
      Holdings L.P.

            
	
              Lexington
      TIC OK Holdings L.P.

            
	
              Lexington
      Toys II Trust

            
	
              Lexington
      Wallingford Manager LLC

            
	
              Lexington
      Waxahachie L.P.

            
	
              LXP
      GP, LLC

            
	
              LXP
      I, L.P.

            
	
              LXP
      II, L.P.

            
	
              LXP
      ISS Holdings L.P.

            
	
              LXP
      Memorial L.L.C.

            
	
              LXP
      Realty Income Fund L.P.

            
	
              Phoenix
      Hotel Associates Limited Partnership

            
	
              Savannah
      Waterfront Hotel LLC

            
	
              Union
      Hills Associates

            
	
              Union
      Hills Associates II

            
	
              Lexington
      Collierville L.P.

            
	
              Lexington
      Collierville Manager LLC

            
	
              Lexington
      Sugarland Manager LLC

            
	
              Lexington
      Euro Holdings LTD.

            
	
              LXP
      Advisory LLC

            
	
              Westport
      View Corporate Center L.P.

            

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    Exhibit
B

    

    Existing Subsidiary
Guarantors

    

    
      	
              Lepercq
      Corporate Income Fund L.P.

            
	
              Lepercq
      Corporate Income Fund II L.P.

            
	
              Net
      3 Acquisition L.P.

            
	
              Lex
      GP-1 Trust

            
	
              Lex
      LP-1 Trust

            
	
              Lexington
      Olive Branch Manager LLC

            
	
              Lexington
      Realty Advisors, Inc.

            
	
              Lexington Southfield
      LLC

            
	
              Lexington
      Waxahachie Manager LLC

            
	
              LXP
      I Trust

            
	
              Lexington
      Westport Manager LLC

            

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    Exhibit
C

    

    New Subsidiary
Guarantors

    

    
      	
              Lex
      GP Holding LLC

            
	
              Lexington
      Collierville Manager LLC

            
	
              Lexington
      Duncan Manager LLC

            
	
              Lexington
      Florence Manager LLC

            
	
              Lexington
      Fort Street Trustee LLC

            
	
              Lexington
      Honolulu Manager LLC

            
	
              Lexington
      LAC Lenexa GP LLC

            
	
              Lexington
      MLP Westerville Manager LLC

            
	
              Lexington
      Toy Trustee LLC

            
	
              Lex-Property
      Holdings LLC

            
	
              LSAC
      Crossville Manager LLC

            
	
              LSAC
      General Partner LLC

            
	
              LSAC
      Operating Partnership L.P.

            
	
              MLP
      Unit Pledge GP LLC

            
	
              MLP
      Unit Pledge L.P.

            
	
              Newkirk
      21AT GP LLC

            
	
              Newkirk
      Altenn GP LLC

            
	
              Newkirk
      Avrem GP LLC

            
	
              Newkirk
      Basot GP LLC

            
	
              Newkirk
      Bedcar GP LLC

            
	
              Newkirk
      Carolion GP LLC

            
	
              Newkirk
      Clifmar GP LLC

            
	
              Newkirk
      Dahill GP LLC

            
	
              Newkirk
      Elway GP LLC

            
	
              Newkirk
      Gersant GP LLC

            
	
              Newkirk
      Jacaway GP LLC

            
	
              Newkirk
      JLE WAY GP LLC

            
	
              Newkirk
      Johab GP LLC

            
	
              Newkirk
      Lanmar GP LLC

            
	
              Newkirk
      Liroc GP LLC

            
	
              Newkirk
      MLP Unit LLC

            
	
              Newkirk
      Orper GP LLC

            
	
              Newkirk
      Sablemark GP LLC

            
	
              Newkirk
      Salistown GP LLC

            
	
              Newkirk
      Seguine GP LLC

            
	
              Newkirk
      Statmont GP LLC

            
	
              Newkirk
      Sunway GP LLC

            
	
              Newkirk
      Superwest GP LLC

            
	
              Newkirk
      Walando GP LLC

            
	
              Newkirk
      Washtex GP LLC

            
	
              NK-Cinn
      Hamilton Property Manager LLCEXHIBIT
10.97

    

    [*] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED FROM PUBLIC FILING PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT SUBMITTED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION. THE OMITTED
INFORMATION, WHICH HAS BEEN IDENTIFIED WITH THE SYMBOL “[*],” HAS BEEN FILED
SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE
24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

    

    FIRST AMENDED AND RESTATED
SUPPLY AGREEMENT

    

    This
FIRST AMENDED AND RESTATED SUPPLY AGREEMENT (this “AGREEMENT”) is made as of the
date last set forth on the signature page hereto, by and between POLYMET ALLOYS,
INC (hereinafter called “POLYMET”), with offices at 1701 Providence Park, Suite
100, Birmingham, Alabama 35242; and HOKU MATERIALS, INC (hereinafter called
“HOKU”), with offices at 1288 Ala Moana Blvd., Ste. 220 Honolulu, HI 96814
USA.

    

    RECITALS

    

    WHEREAS, POLYMET and HOKU are parties
to that certain supply agreement dated as of November 13, 2008, for the sale by
POLYMENT and the purchase by HOKU of silicon metal (the “Original Supply
Agreement”); and

    

    WHEREAS, POLYMET and HOKU wish to amend
and restate the Original Supply Agreement in its entirety by this AGREEMENT,
which shall supersede the Original Supply Agreement.

    

    NOW, THEREFORE, in furtherance of the
foregoing Recitals and in consideration of the mutual covenants and obligations
set forth in this AGREEMENT, POLYMET and HOKU hereby agree as
follows:

    

    
      	
               
      

            	
              1.

            	
              APPOINTMENT
      OF SUPPLIER

            

    

    

    
      	
              1.1

            	
              POLYMET
      is a supplier of Silicon Metal (hereinafter called the “Product”) which
      HOKU uses for its Polysilicon manufacture. Polymet shall obtain Product
      only from RIMA Industrial S/A, unless HOKU approves another
      source.

            

    

    

    
      	
              1.2

            	
              HOKU
      hereby appoints POLYMET to supply certain quantity of HOKU’s requirement
      of the Product subject to the terms and conditions set out in this
      AGREEMENT.

            

    

    

    

    
      	
               
      

            	
              2.

            	
              QUALITY

            

    

    

    POLYMET
warrants to HOKU that:

    

    
      	
              2.1

            	
              The
      Product supplied hereunder conforms with the technical specification
      provided by HOKU to POLYMET (Annex
1).

            

    

     

    
      	
              2.2

            	
              POLYMET
      will inform HOKU of any material change in the raw material used in the
      production process of the Product.

            

    

    

    

    
      	
               
      

            	
              3.

            	
              QUANTITY

            

    

    

    The
quantity of the Product to be supplied by POLYMET to HOKU for twelve (12)
consecutive calendar months   commencing January 1st, 2010 shall
be according to the following schedule:

    

    
      	
              3.1

            	
              Calendar
      Year 2010: Approx.  [*] but no less than 65 percent HOKU’s
      calendar yearly consumption except as per clause
  4.

            

    

     

    
      	
              3.2

            	
              Calendar
      Year 2011: Approx. [*] but no less than 65 percent HOKU’s calendar yearly
      consumption except as per clause 4.

            

    

     

     

    
      
         

      

      
        Page
1

        
          

        

      

      
         

      

    

    
      	
              3.3

            	
              Calendar
      Year 2012: Approx. [*] but no less than 65 percent of HOKU’s calendar
      yearly consumption except as per clause
4.

            

    

    

    The
Product shall be shipped in approximate equal amounts each calendar month, or as
otherwise agreed in writing by the parties, using scheduling process and
parameters to be determined and decided between the parties.

    

    

    
      	
               
      

            	
              4.

            	
              PRICE

            

    

    

    With
regard to the quantities specified in paragraph 3, the prices of the Product in
calendar years 2010, 2011 and 2012 will be freely negotiated for each such
calendar year.  If the Parties are unable to agree on the price at
least 60 days prior to the beginning of the applicable calendar year, then the
following shall apply:  in the respective calendar year for each
purchase of the Product by HOKU, if the total purchases by HOKU for that
calendar year from POLYMET, in the aggregate total less than the greater of (a)
the amount specified for that year in paragraph 3 of this AGREEMENT above, or
(b) 65 percent of HOKU’s estimated calendar year consumption for that calendar
year, then before HOKU purchases any
quantity of Product from another supplier, HOKU must offer that certain quantity
to POLYMET and POLYMET will have the right to accept or reject such offer in
equivalent conditions (price, payment conditions and place of delivery)
(“Conditions”) of the lowest price offer presented to HOKU by other suppliers
(“Lowest Third Party Price Offer”). POLYMET shall have the right to review and
verify the bona fides of such Lowest Third Party Price Offer either (a) by HOKU
providing such information about the Conditions of such Lowest Third Party Offer
directly to POLYMET, without disclosing the identity of such third party
supplier, or (b) by an independent third party that is mutually acceptable to
HOKU and POLYMET in each such party’s reasonable judgment (“Independent Party”)
that shall review and verify for POLYMET the bona fide nature of such Lowest
Third Party Price Offer, provided that such Independent Party shall be subject
to a confidentiality agreement with HOKU. POLYMET must accept or reject any such
offer within seven calendar days from receipt from HOKU or from the Independent
Party as the case may be, by fax or e-mail of the relevant information about
such Conditions, followed up by a telephone call to [*].

    

    The price
of the Product in any calendar year shall be a Fixed Price on a per pound of
material basis plus any Inland Freight and pallet charges associated with
transporting the product from the port of entry in the United States to Hoku’s
Pocatello, Idaho production plant.  These charges will be separate
line items on each invoice.

    

    Payments
Terms for this AGREEMENT are Net [*] days from the delivery date of the material
to HOKU’s Pocatello, Idaho plant, via wire transfer.

    

    

    
      	
               
      

            	
              5.

            	
              SHIPMENT

            

    

    

    The
Product shall be delivered FOB Pocatello, ID or as directed by HOKU, in amounts
and at the times specified in the delivery schedule agreed upon in writing
between the parties. In case of any delay that is not POLYMET’s fault, HOKU
shall unconditionally accept such delay up to a maximum of [*] days. Also,
POLYMET shall unconditionally accept a postponing of any shipment for a maximum
of [*] days if such postponing is not HOKU’s fault and is informed to Polymet
prior to the production date of that material in Brasil.

    

    
      	
               
      

            	
              6.

            	
              PACKING

            

    

    

    The
Product to be supplied by POLYMET to HOKU hereunder shall be packed in [*] lb
maximum supersacs meeting HOKU’s specifications.  HOKU and POLYMET
will work together to minimize costs associated with packaging.

    

    
      	
               
      

            	
              7.

            	
              WEIGHT
      and ANALYSIS

            

    

    

    Weight

    POLYMET’s
certified weight shall apply with a tolerance up to [*]%.

    

    Analysis

    POLYMET’s
certified analysis shall apply. However if HOKU’s analysis of the Product
deviates from POLYMET’s analysis, HOKU will inform POLYMET immediately in
writing. If HOKU and POLYMET are unable to resolve the discrepancy
within 15 days after HOKU's notice, the parties, within 15
days of HOKU's notice, shall
select an independent expert to analyze the Product and
resolve the dispute.  If the parties are unable to agree on an independent
expert, the experts nominated by each party shall meet
and no later than 15 days after HOKU's notice, shall jointly designate
a third expert to analyze the Product and resolve the dispute. If a
party fails to timely designate an independent expert, the dispute
shall be decided by the expert timely designated. The expert selected shall
analyze the Product and the average of the expert's test results and
the test results of the analysis by the party closest to the expert's
test results shall be final and binding. The parties shall share the cost
of selection of an expert and the costs of the expert's analysis
equally.

     

     

    
      
         

      

      
        Page
2

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              8.

            	
              SECRECY

            

    

    

    Neither
party shall disclose any contents hereof nor any information obtained hereunder
to any third party, except for either party’s attorneys, accountants, auditors
and others as necessary in the normal course of business without the prior
written consent of the other party except as required by
law.  Notwithstanding the foregoing: (A) the Parties will work
together to issue a joint press release within two (2) days after execution of
this Agreement; and (B) either Party may publicly disclose the material terms of
this Agreement pursuant to the United States Securities Act of 1933, as amended,
the United States Securities Exchange Act of 1934, as amended, or other
applicable law; provided, however, that the Party being required to disclose the
material terms of this Agreement shall provide reasonable advance notice to the
other Party, and shall use commercially reasonable efforts to obtain
confidential treatment from the applicable governing entity for all pricing and
technical information set forth in this Agreement.

    

    
      	
               
      

            	
              9.

            	
              ASSIGNMENT

            

    

    

    Neither
party shall assign any rights under this document to a third party without the
prior written consent from the other party. Notwithstanding the above, and
provided that the assignee takes over all rights and obligations set forth in
this Agreement, any Party hereto shall have the right to assign this Agreement,
upon written notice to the other Party, but without their prior consent,
to:

    

    
      	
              9.1

            	
              Any
      affiliates, provided that, in such case, the assignor shall remain jointly
      and severally liable for the implementation by the assignee of its
      obligations under this Agreement.

            

    

    

    
      	
              9.2

            	
              Any
      successors as a result of a statutory merger or consolidation or a company
      acquisition of all or substantially all its assets including the part
      concerned by this Agreement.

            

    

    

    
      	
              9.3

            	
              Any
      collateral agent as collateral security for such Party’s secured
      obligations in connection with the purchase or sale of the
      Product.

            

    

    

    
      	
            	
              10.

            	
              DURATION

            

    

    

    
      	
              10.1.

            	
              This
      AGREEMENT shall be effective from the date hereof until December 31, 2012,
      unless earlier terminated as provided
herein.

            

    

    

    
      	
              10.2.

            	
              Termination

            

    

    

    10.2.1.
If either party is in breach of any of its obligations pursuant to the terms of
this AGREEMENT (the “Defaulting Party”) and remains in such breach for a period
of ten (10) Business Days following the delivery of a written notice from the
other party (the “Aggrieved Party”) requesting the remediation of such breach,
then the Aggrieved Party may elect to terminate this Agreement or pursue
any other remedy available under applicable law, including, without
limitation, the Uniform Commercial Code, common law or otherwise.  An
election by the Aggrieved Party to obtain cover or terminate this
agreement shall not prejudice or limit any additional rights or
remedies the Aggrieved Party may have against the Defaulting
Party under applicable law.  

    

    10.2.2.
If either party goes into liquidation or if a petition for liquidation has been
presented against it , whether voluntarily or compulsorily (except for the
purposes of amalgamation or reconstruction), the other party shall be entitled
to terminate this Contract forthwith by giving notice in writing to the default
party.

    

    
      	
            	
              11.

            	
              HARDSHIP

            

    

    

    Should
the occurrence of any event not contemplated by the parties fundamentally alter
the equilibrium of this AGREEMENT, thereby placing an excessive burden on one
party in the performance of its contractual obligations under this AGREEMENT,
that party may request in writing a revision of the AGREEMENT. The parties shall
then, within
fourteen days, consult one another to try to revise the AGREEMENT on an
equitable basis, so that neither party suffers excessive prejudice under the
AGREEMENT.

     

     

    
      
         

      

      
        Page
3

        
          

        

      

      
         

      

    

    

    
      	
            	
              12.

            	
              FORCE
      MAJEURE

            

    

    

    12.1. In
the event that one of the parties cannot timely perform this AGREEMENT due to a
force majuere event resulting from causes beyond the reasonable control of the
party whose performance is affected, including, without limitation, resulting
from fire, explosions, strike, lockout, labor dispute, acts of civil or military
authority, riot, embargo, delays in transportation, acts of God or the public
enemy, or  other cause, whether or not having the same character as
the foregoing and beyond the reasonable control of the party concerned; such
party shall not be in default hereunder, but the party's performance so
affected will be excused for the duration of such force majeure
event

    

    12.2. The
party subject to force majeure shall promptly notify the other party in writing
explaining the cause of theforce majeure. The other party may decide to cancel
the quantity of the product affected by such force majeure.

    

    
      	
            	
              13.

            	
              ARBITRATION

            

    

    

    Any
controversy or claim arising out of or relating to this Agreement or the breach
thereof which cannot be settledby the parties within sixty (60) days after
written notice from one party to the other, shall be settled by arbitration in
New York City in the English language, administered by the American Arbitration
Association under its Commercial Arbitration Rules, and judgment on the award
rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.

    

    
      	
            	
              14.

            	
              APPLICABLE
      LAW

            

    

    

    This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York, without regard to the conflict of laws rules and
choice of law rules of New York State.  Subject to paragraph (13)
above, each party hereto hereby irrevocably, each party hereto hereby
irrevocably, (a) submits to the non-exclusive jurisdiction of any New York State
and U.S. Federal court sitting in New York City, New York, with respect to any
suit, action, or proceeding arising out of or relating hereto; (b) agrees that
all claims with respect to each such suit, action or proceeding may be heard and
determined in such New York State or U.S. Federal court; (c) waives, to the
fullest possible extent, the defense of an inconvenient forum; (d) consents to
service of process upon it by mailing or delivering such service or process to
it at its address above, or by any other method permitted by law; (e) waives the
right to a trial by jury; and (f) agrees that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by
law.

    

    
      	
            	
              15.

            	
              PRIOR
      AGREEMENTS

            

    

    

    This
AGREEMENT constitutes the entire agreement between the Parties and supersedes
all prior proposal(s) and discussions, including without limitation the Original
Supply Agreement, relative to the subject matter of this AGREEMENT and neither
POLYMET nor HOKU shall be bound by any conditions, definitions, warranties,
understandings or representations with respect to such subject matter other than
as expressly provided herein. No oral explanation or oral information by either
POLYMET or HOKU hereto shall alter the meaning or interpretation of this
AGREEMENT.

    

          IN
WITNESS WHEREOF, the parties hereto set their respective signature to this
AGREEMENT.

    

          This
Agreement is signed in duplicate, one original of which shall be held by each
party.

     

    
      
        	DATE:  May
      21, 2009	 	 	 	 
	 	 	 	 	 
	HOKU
      Materials	 	 	Polymet
      Alloys, Inc.	 
	 	 	 	 	 
	
                /s/
      Scott Paul 

              	 	 	
                /s/
      Braulio Lage

              	 
	
                Name: 
      Scott Paul 

              	 	 	
                Name: 
      Braulio Lage

              	 
	
                Title: 
      Chief Operating Officer

              	 	 	
                Title: 
      Vice President

              	 

      

    

     

    5/21/2009

     

     

     

    
      
         

      

      
        Page
4

        
          

        

      

      
         

      

    

    Annex 1
Hoku Technical Specifications

    

    [*]

     

     

     

     

     

     Page
5

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