Document:

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 4.3    
  

        Unless this Security is presented by an authorized representative of The Depository Trust Company, a New York corporation
("DTC"), 55 Water Street, New York, New York, to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

        This Security is a Global Security within the meaning set forth in the Indenture hereinafter referred to and is registered in the name of DTC or a nominee of DTC.
This Security is exchangeable for Securities registered in the name of a person other than DTC or its nominee only in the limited circumstances described in the Indenture, and may not be transferred
except as a whole by DTC to a nominee of DTC or another nominee of DTC or by DTC or its nominee to a successor Depository or its nominee.

	Registered No. 1	 	PRINCIPAL AMOUNT
	CUSIP No.:	 	$94,914,000

MACK-CALI REALTY, L.P.  

 6.15% NOTE DUE 2012  

        MACK-CALI REALTY, L.P., a limited partnership duly organized and existing under the laws of the State of Delaware (herein referred to as the
"Issuer" which term shall include any Successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
CEDE & CO., or registered assigns, upon presentation, the principal sum of NINETY-FOUR MILLION NINE HUNDRED AND FOURTEEN THOUSAND AND 00/100 DOLLARS on December 15, 2012, and
to pay interest on the outstanding principal amount thereon from December 20, 2002, or from the immediately preceding Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on June 15 and December 15 in each year, commencing June 15, 2003, at the rate of 6.15% per
annum, until the entire principal hereof is paid or made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest which shall be the June 1 or December 1
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Securities not more than 15 days and not less than 10 days prior to such Special Record Date, or may
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. Payment of the principal of and interest on this Security will be made at the office or agency maintained for that purpose in the City of
Wilmington, Delaware or elsewhere as provided in the Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Issuer payments of principal and interest on the Notes (other than payments of principal and
interest due at Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to
an account of the Person entitled thereto located within the United States. 

1

 

        Securities
of this series are one of a duly authorized issue of securities of the Issuer (herein called the "Securities"), issued and to
be issued in one or more series under an Indenture, dated as of March 16, 1999, among the Issuer, Mack-Cali Realty Corporation and Wilmington Trust Company, (herein called the
"Trustee", which term includes any successor trustee under the Indenture), as supplemented by Supplemental Indenture No. 1, dated as of
March 16, 1999, as further supplemented by Supplemental Indenture No. 2, dated as of August 2, 1999, as further supplemented by Supplemental Indenture No. 3, dated as of
December 21, 2000, as further supplemented by Supplemental Indenture No. 4, dated as of January 29, 2001, and as further supplemented by Supplemental Indenture No. 5, dated
as of December 20, 2002 (as so supplemented, herein called the "Indenture"), between the Issuer and the Trustee to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer,
the Trustee and the Holders of the Securities and of the terms upon which the Securities are authenticated and delivered. This Security is one of the series designated in the first page thereof,
limited in aggregate principal amount to $94,914,000, except as the aggregate principal amount may be increased pursuant to Section 2.2 of Supplemental Indenture No. 5 referred to above. 

        Securities
of this series may be redeemed at any time at the option of the Issuer, in whole or in part, upon notice of not more than 60 nor less than 30 days prior to the
Redemption Date, at a redemption price equal to the sum of (i) the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon up to but not including the
Redemption Date and (ii) the Make-Whole Premium, if any, with respect to such Securities. 

        The
Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on this Security and (b) certain restrictive covenants and the
related defaults and Events of Default applicable to the Issuer, in each case, upon compliance by the Issuer with certain conditions set forth in the Indenture, which provisions apply to this
Security. 

        If
an Event of Default with respect to the Securities shall occur and be continuing, the principal of the Securities may be declared due and payable in the manner and with the effect
provided in the Indenture. 

        As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given written notice to the Trustee of a continuing Event of Default with respect to
the Securities, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice,
request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any interest on or after
the respective due dates expressed herein. 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series of Securities then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be 

2

 

conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security. 

        No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay
the principal of (and Make-Whole Premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

        As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Issuer in any Place of Payment where the principal of (and Make-Whole Premium, if any) and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. 

        Except
as set forth in Section 302 of the Indenture, the Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral
multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of
this series of a different authorized denomination, as requested by the Holder surrendering the same. 

        No
service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. 

        Prior
to due presentment of this Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary. 

        No
recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had
against any promoter, as such, or against any past, present or future shareholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any
successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of this
Security by the Holder thereof and as part of the consideration for the issue of the Securities of this series. 

        All
capitalized terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

        THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

        Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused "CUSIP" numbers to be printed on the Securities of this
series as a convenience to the Holders of such Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed
only on the other identification numbers printed hereon. 

        Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 

        [REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGE FOLLOWS]

3

 

        IN
WITNESS WHEREOF, MACK-CALI REALTY, L.P. has caused this instrument to be duly executed. 

Dated:
December 20, 2002 

	 	 	MACK-CALI REALTY, L.P.
	

 	
 	
By:	

Mack-Cali Realty Corporation, its General Partner
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

Attest:	
 	

 	

 
	

Name:

Title:	
 	

 	

 

TRUSTEE'S
CERTIFICATE OF AUTHENTICATION: 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

	 	 	WILMINGTON TRUST COMPANY,
 as Trustee
	

 	
 	

By:	

 
	 	 	 	Authorized Signatory

4

  

ASSIGNMENT FORM  

 FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto  

	PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE	 	 
	

 	
 	

	

	
 	

 
	

	(Please Print or Typewrite Name and Address including Zip Code of Assignee)
	

 
	

	the within Security of Mack-Cali Realty, L.P. and hereby does irrevocably constitute and appoint
	

 
	

	Attorney to transfer said Security on the books of the within-named Issuer with full power of substitution in the premises.
	

 
	

Dated:                               	
 	

	

 	
 	

	

NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change whatever.
	

 
	

 	
 	

Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion
Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) another guarantee program acceptable to the Trustee.
	

 
	

 	
 	

 Signature Guarantee

5

QuickLinks

Exhibit 4.3QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.1    
  

MACK-CALI REALTY, L.P.  

EXCHANGE AGREEMENT  

Dated as of December 20, 2002  

6.15% Notes due 2012  

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	1.	 	ISSUANCE OF NEW NOTES	 	2
	

 	
 	

(a) Authorization	
 	

2
	 	 	(b) Exchange of the Initial Notes	 	2
	 	 	(c) Terms of the New Notes	 	2
	 	 	(d) The Closing	 	2
	

2.	
 	

REPRESENTATIONS OF THE OPERATING PARTNERSHIP	
 	

3
	

 	
 	

(a) Organization; Qualification, Etc	
 	

3
	 	 	(b) Authorization	 	3
	 	 	(c) Priority	 	3
	 	 	(d) Compliance with Other Instruments	 	3
	 	 	(e) Governmental Consents	 	4
	 	 	(f) Litigation; Governmental Orders	 	4
	 	 	(g) Taxes	 	4
	 	 	(h) Compliance with ERISA	 	4
	 	 	(i) Compliance with Federal Securities Laws	 	5
	

3.	
 	

CONDITIONS OF CLOSING	
 	

5
	

 	
 	

(a) Proceedings Satisfactory	
 	

5
	 	 	(b) Supplemental Indenture	 	5
	 	 	(c) Opinion of Counsel to the Operating Partnership	 	5
	 	 	(d) Certificate of the Trustee	 	6
	 	 	(e) Representations True, Etc.; Certificate	 	6
	 	 	(f) Legality	 	6
	 	 	(g) Rating	 	6
	 	 	(h) CUSIP Number	 	6
	 	 	(i) Representation Letter	 	6
	

4.	
 	

PAYMENT	
 	

6
	

5.	
 	

MISCELLANEOUS	
 	

6
	

 	
 	

(a) Expenses	
 	

6
	 	 	(b) Reliance on and Survival of Representations	 	6
	 	 	(c) Review of Exchange Act Filings	 	7
	 	 	(d) Successors and Assigns	 	7
	 	 	(e) Notices	 	7
	 	 	(f) Law Governing	 	7
	 	 	(g) Headings; Counterparts	 	7

	SCHEDULE I	 	Holder Information
	EXHIBIT A	 	Supplemental Indenture No. 5
	EXHIBIT B	 	Form of Opinion Counsel to the Operating Partnership

i

  

 
 

EXCHANGE AGREEMENT    
  

        This
EXCHANGE AGREEMENT (this "Agreement") is made as of December 20, 2002 by and between Mack-Cali Realty, L.P., a
limited partnership formed under the laws of the State of Delaware (the "Operating Partnership"), having its principal office at 11 Commerce Drive,
Cranford, New Jersey 07016, and Teachers Insurance and Annuity Association of America, a corporation incorporated under the laws of the State of New York (the
"Holder"), having its principal office at 730 Third Avenue, New York, New York 10017. 

W I T N E S S E T H  

        WHEREAS, the Operating Partnership and the Holder desire to exchange $90,000,000 aggregate principal amount of the
Operating Partnership's 7.18% Notes due 2003 (CUSIP number 55448Q AC 0) currently held by the Holder (the "Initial Notes") for $94,914,000
aggregate principal amount of newly issued 6.15% Notes due 2012 of the Operating Partnership (the "New Notes"); 

        WHEREAS, the exchange of the Initial Notes for the New Notes shall be pursuant to Section 3(a)(9) of the Securities Act of 1933, as
amended (the "Securities Act"); and 

        WHEREAS, the issuance of the Initial Notes on August 2, 1999 was registered under the Securities Act; and 

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

        1.    ISSUANCE OF NEW NOTES.    

        (a)    Authorization.    The Operating Partnership has duly authorized the issuance and sale of (i) certain
securities (the "Securities"), including one or more series of unsecured non-convertible debt securities (the "Debt
Securities"), pursuant to an Indenture (the "Base Indenture"), dated as of March 16, 1999, among the Operating
Partnership, Mack-Cali Realty Corporation, a Maryland corporation (the "Corporation"), and Wilmington Trust Company, as trustee (the
"Trustee"), and (ii) as a series of such Debt Securities, the New Notes pursuant to Supplemental Indenture No. 5 (the
"Supplemental Indenture"), dated as of December 20, 2002, between the Operating Partnership, as Issuer, and the Trustee (the Base Indenture as
supplemented by the Supplemental Indenture, the "Indenture"). All capitalized terms used herein but not otherwise defined herein shall have the meanings
ascribed thereto in the Indenture. 

        (b)    Exchange of the Initial Notes.    The Holder hereby voluntarily tenders to the Operating Partnership, and the
Operating Partnership hereby purchases and will cancel, all of its right, title and interest in the Initial Notes held by the Holder, including all accrued interest on such notes and any other rights
through and including the date hereof, in exchange for the issuance by the Operating Partnership of the New Notes and the payment by the Operating Partnership on the date of such exchange of
$341,050.00 in accrued and unpaid interest on the Initial Notes. The Operating Partnership and the Holder hereby acknowledge and agree that (i) no remuneration has been paid or given, directly
or indirectly, in connection with the solicitation of the exchange contemplated hereby, and (ii) the issuance of the New Notes hereunder is intended to be exempt from registration under the
Securities Act pursuant to Section 3(a)(9) thereunder. 

        (c)    Terms of the New Notes.    The New Notes will be issued in global form under the Indenture, including the
Supplemental Indenture, a copy of which is attached hereto as Exhibit A. The New Notes shall have such terms and provisions as set forth in the
Indenture. 

        (d)    The Closing.    The closing of the exchange of the Initial Notes for the New Notes (the
"Closing") shall be held at the offices of Pryor Cashman Sherman & Flynn LLP ("PCS&F"), 410 

2

 

Park Avenue, New York, New York 10022, at 10:00 A.M., New York time, on December 20, 2002 or on such other Business Day as mutually agreed upon by the parties (the
"Closing Date"). On the Closing Date, the Holder shall cause the Initial Notes to be delivered to the Operating Partnership, and, in exchange therefor,
the Operating Partnership shall issue the New Notes in accordance with Section 2.9 of the Supplemental Indenture. The exchange of the Initial Notes for the New Notes issued hereunder shall be
effected by the Trustee and The Depository Trust Company. 

        2.    REPRESENTATIONS OF THE OPERATING PARTNERSHIP.    The Operating Partnership represents and warrants to the Holder
as follows: 

        (a)    Organization; Qualification, Etc.    The Operating Partnership is duly organized, validly existing and in good
standing under the laws of the State of Delaware and has all requisite power and authority to own its properties and to carry on its business as now conducted and as proposed to be conducted. The
Operating Partnership is duly qualified as a foreign limited partnership to do business, and is in good standing, in each jurisdiction in which the character of the properties owned or held under
lease by it or the nature of the business now conducted by it and proposed to be conducted by it requires such qualification, except where the failure to be so qualified or to be in good standing
would not have a Material Adverse Effect. As used in this Agreement, "Material Adverse Effect" means a material adverse effect on
(i) the business, operations, affairs, financial condition, assets or properties of the Operating Partnership and its subsidiaries taken as a
whole, or (ii) the ability of the Operating Partnership to perform its obligations under this Agreement and the New Notes, or
(iii) the validity or enforceability of this Agreement or the New Notes. 

        (b)    Authorization.    The Operating Partnership has all requisite power and authority to enter into this Agreement,
the Base Indenture and the Supplemental Indenture (all of the foregoing Agreements being referred to herein collectively as the "Transaction
Documents"), to issue the New Notes in exchange for the Initial Notes and to perform its obligations pursuant to the provisions hereof and thereof. The execution and delivery
of the Transaction Documents and the New Notes have been duly authorized by all requisite action on the part of the Operating Partnership. This Agreement constitutes, and each of the other Transaction
Documents and the New Notes will constitute the legal, valid and binding obligations of the Operating Partnership, enforceable against the Operating Partnership in accordance with their respective
terms, except as limited by general equitable principles and by applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting the rights of creditors
generally. 

        (c)    Priority.    The New Notes will constitute senior unsecured obligations of the Operating Partnership, ranking
equally with such of the Operating Partnership's existing and future senior unsecured and unsubordinated indebtedness. 

        (d)    Compliance with Other Instruments.    The consummation of the transactions contemplated by this Agreement and
the performance of the terms and provisions of the Transaction Documents and the New Notes will not result in any breach of, or constitute a default under, or result in the creation of any lien in
respect of any property of the Operating Partnership under, any indenture, mortgage, deed of trust, bank loan or credit agreement, organizational instrument, or other agreement or instrument to which
the Operating Partnership is a party or by which the Operating Partnership or any of its properties is bound, nor will they result in the violation of any applicable federal or state laws, statutes,
rules, regulations, ordinances or requirements promulgated by governmental authorities, except where such breach, default, creation or violation could not reasonably be expected to result in a
Material Adverse Effect. The Operating Partnership is not in violation of, in default under or in breach of any agreement or instrument to which the Operating Partnership or any of its properties is
bound, except where such violation, default or breach would not have a Material Adverse Effect. 

3

 

        (e)    Governmental Consents.    No consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Body is required for the execution, delivery or performance by the Operating Partnership of the Transaction Documents and the New Notes. 

        (f)    Litigation; Governmental Orders.    There are no actions, suits or proceedings pending or, to the knowledge of
the Operating Partnership, threatened against the Operating Partnership or any of its properties in any court or before any arbitrator or Governmental Body, except for those actions, suits or
proceedings an adverse decision with respect to which would not have a Material Adverse Effect. The Operating Partnership is not, and the consummation of the transactions contemplated by this
Agreement and the performance of the terms and provisions of the Transaction Documents and the New Notes will not cause the Operating Partnership to be,
(i) in default under any Order of any court, arbitrator or Governmental Body, (ii) subject
to any Order of any court or Governmental Body or (iii) in violation of any statute or other rule or regulation of any Governmental Body, the
violation of which would have a Material Adverse Effect. 

        As
used in this Agreement, the term "Governmental Body" includes any applicable federal, state, county, city, municipal or other
governmental department, commission, board, bureau, agency, authority or instrumentality, whether domestic or foreign; and the term "Order" includes any
order, writ, injunction, decree, judgment, award, determination or written direction or demand. 

        (g)    Taxes.    The Operating Partnership has filed all tax returns that are required to have been filed by it in any
jurisdiction. All taxes shown to be due and payable on such returns and all other taxes and assessments payable by the Operating Partnership, to the extent the same have become due and payable, have
been paid. The Operating Partnership does not know of any proposed material tax assessment against the Operating Partnership and, in the opinion of the Operating Partnership, all of its tax
liabilities are adequately provided for on the books of the Operating Partnership. 

        (h)    Compliance with ERISA.    (i) The Operating Partnership and each ERISA Affiliate have operated and
administered each Plan in compliance with all applicable laws except for such instances of non-compliance as have not resulted in and could not reasonably be expected to result in a
Material Adverse Effect. Neither the Operating Partnership nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code
relating to employee benefit plans (as defined in Section 3 of ERISA) and no event, transaction or condition has occurred or exists that could reasonably be expected to result in the incurrence
of any such liability by the Operating Partnership or any ERISA Affiliate, or in the imposition of any lien on any of the rights, properties or assets of the Operating Partnership or any ERISA
Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or to Section 401(a)(29) or 412 of the Code, other than such liabilities or liens as
would not be individually or in the aggregate Material. 

        (ii)  The
present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan's most recently
ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan's most recent actuarial valuation report, did not exceed the aggregate current value of the assets
of such Plan allocable to such
benefit liabilities. The term "benefit liabilities" has the meaning specified in Section 4001 of ERISA and the terms
"current value" and "present value" have the meaning specified in Section 3 of ERISA. 

        (iii)  The
Operating Partnership and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under
Section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 

        (iv)  The
expected post-retirement benefit obligation (determined as of the last day of the Operating Partnership's most recently ended fiscal year in accordance
with Financial 

4

 

Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of the Operating Partnership and
its subsidiaries is not Material. 

        (v)  As
used in this Agreement, the following terms have the following meanings: 

        "Code"
means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 

        "ERISA"
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder. 

        "ERISA
Affiliate" means any trade or business (whether or not incorporated) that is treated as a single employer together with the Operating Partnership under Section 414 of the
Code. 

        "Material"
means material in relation to the business, operations, affairs, financial condition, assets or properties of the Operating Partnership and its subsidiaries taken as a whole. 

        "Multiemployer
Plan" means any Plan that is a "multiemployer plan" (as such term is defined in Section 4001(a)(3) of ERISA). 

        "Plan"
means an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is or, within the preceding five years, has been established or maintained or to which
contributions are or, within the preceding five years, have been made or required to be made, by the Operating Partnership or any
ERISA Affiliate or with respect to which the Operating Partnership or any ERISA Affiliate may have any liability. 

        (i)    Compliance With Federal Securities Laws.    

        (i)    The
New Notes will be issued without registration under the Securities Act pursuant to Section 3(a)(9) thereunder. Since the Initial Notes were registered
securities, the New Notes to be received in the exchange will not be restricted securities as defined in clause (a)(3) of Rule 144 promulgated under the Securities Act. 

        (ii)  The
Operating Partnership's filings under the Securities Act do not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. 

        (iii)  The
Indenture has been properly qualified under the Trust Indenture Act of 1939, as amended. 

        (iv)  Neither
the Operating Partnership nor any person acting on its behalf, has paid or given, directly or indirectly, any commission or other remuneration for soliciting
the exchange of the Initial Notes for the New Notes. 

        3.    CONDITIONS OF CLOSING.    The Holder's obligation to exchange the Initial Notes for the New Notes issued
hereunder shall be subject to the conditions hereinafter set forth: 

        (a)    Proceedings Satisfactory.    All proceedings taken in connection with the issue of the New Notes and the
consummation of the other transactions contemplated hereby and all documents and papers relating thereto shall be reasonably satisfactory to the Holder, and the Holder shall have received copies of
such documents and papers, all in form and substance satisfactory to the Holder, as the Holder may reasonably request in connection therewith. 

        (b)    Supplemental Indenture.    This Agreement, the New Notes and the Supplemental Indenture shall have been duly
executed and delivered by the Operating Partnership and the Trustee. 

        (c)    Opinion of Counsel to the Operating Partnership.    The Holder shall have received an opinion, dated the
Closing Date, addressed to it and otherwise satisfactory in scope and substance 

5

 

to it, from PCS&F, counsel to the Operating Partnership, substantially in the form of Exhibit B hereto and covering such other matters incident
to the transactions contemplated hereby as it may reasonably request. 

        (d)    Certificate of the Trustee.    The Holder shall have received a certificate, dated the Closing Date, from the
Trustee, certifying that the Trustee is authorized to execute and deliver the Indenture and that the New Notes delivered pursuant to this Agreement are authentic and follow the form required under the
Indenture. 

        (e)    Representations True, Etc.; Certificate.    All representations and warranties of the Operating Partnership
contained in Section 2 hereof (except as affected by the transactions hereby contemplated) shall be true in all material respects on and as of the Closing Date; the Operating Partnership shall
have performed in all material respects all agreements on its part required to be performed under this Agreement on or prior to the Closing Date; no Default or Event of Default shall have occurred and
be continuing; and the Holder shall have received a certificate, dated the Closing Date, of the Operating Partnership certifying to the effect specified in this paragraph (e). 

        (f)    Legality.    The New Notes received by the Holder in exchange for the Initial Notes on the Closing Date shall
be a legal investment for it under the laws of each jurisdiction to which it may be subject, without resort to any basket provision of said laws such as Section 1405 (a)(8) of the New York
Insurance Law, and it shall have received, such certificates or other evidence as it may reasonably request demonstrating the legality of such exchange under such laws. 

        (g)    Rating.    The Holder shall have received evidence satisfactory to it that the New Notes have been rated BBB or
better by Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. or Baa3 or better by Moody's Investors Service, Inc. and BBB or better by
Fitch IBCA or Duff & Phelps Credit Rating Co. 

        (h)    CUSIP Number.    The Operating Partnership shall have obtained for the New Notes a CUSIP number issued by
Standard & Poor's CUSIP Service Bureau (in cooperation with the Securities Valuation Office of the National Association of Insurance Commissioners). 

        (i)    Representation Letter.    The Operating Partnership shall have obtained confirmation from The Depository Trust
Company confirming its appointment as depository for the New Notes. 

        4.    PAYMENT.    Notwithstanding anything to the contrary in this Agreement, the Indenture or the New Notes, so long
as any Holder or any nominee designated by the Holder shall be the holder of any New
Note, the Operating Partnership shall cause the Trustee to punctually pay all amounts that become due and payable on such New Note to the Holder at the address and in the manner set forth in  Schedule I hereto for the Holder, or at such other place and in such other manner as the Holder may designate by notice to the Operating
Partnership and the Trustee in the manner provided by Section 105 of the Base Indenture, without presentation or surrender of such New Note. 

        5.    MISCELLANEOUS.    

        (a)    Expenses.    Whether or not the transactions contemplated hereby are consummated, the Operating Partnership
shall: (i) concurrently with the Closing, pay the reasonable fees and disbursements of Debevoise & Plimpton, special counsel to the
Holder, and any other fees and expenses due and owing on or prior to the Closing Date under the Transaction Documents, (ii) pay the reasonable
fees and disbursements of the Trustee and of special counsel to the Holder in connection with any amendment, waiver or consent with respect to this Agreement, the other Transaction Documents or the
New Notes, and all other reasonable expenses in connection therewith, including the fees and expenses of enforcing collection of any New Notes or interest, if any, thereon, whether before or after any
bankruptcy, reorganization, dissolution, winding up or liquidation of the Operating Partnership and (iii) reimburse the Holder for its reasonable 

6

 

out-of-pocket expenses in connection with such transactions, amendments, waivers or consents, and any items of the character referred to in clause (ii) which shall have
been paid by the Holder (except out-of-pocket expenses occasioned by any sale or transfer of any of the New Notes), and pay the cost of transmitting the New Notes to the
Holder's principal office upon the issuance thereof. 

        (b)    Reliance on and Survival of Representations.    All agreements, representations and warranties herein and in
any certificates or other instruments delivered pursuant to this Agreement or the other Transaction Documents shall (i) be deemed to be material and to have been relied upon by the other
parties hereto notwithstanding any investigation heretofore or hereafter made by or on behalf of such party and (ii) survive the execution and delivery of this Agreement and the Supplemental
Indenture, and the delivery of the New Notes, and shall continue in effect so long as any New Note is outstanding. 

        (c)    Review of Exchange Act Filings.    The Holder hereby acknowledges that it is a sophisticated investor within
the meaning of the federal securities laws, and is an accredited investor under Regulation D under the Securities Act, and has access to and has reviewed, to the extent it has deemed necessary
and appropriate, the filings of the Operating Partnership filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). 

        (d)    Successors and Assigns.    All covenants and agreements in this Agreement by or on behalf of the respective
parties hereto shall bind and inure to the benefit of their respective successors and assigns. 

        (e)    Notices.    All notices and other communications provided for in this Agreement shall be in writing and
delivered or mailed, first class postage prepaid, or transmitted by telecopier and confirmed by a similar mailed writing addressed (i) if to the Operating Partnership, to Mack-Cali
Realty, L.P., 11 Commerce Drive, Cranford, NJ 07016 Attention: Executive Vice President and Chief Financial Officer, or at such other address as the Operating Partnership may hereafter designate by
notice to the Holder and to each other holder of any New Note at the time outstanding, or (ii) if to any Holder, at the address as set forth in  Schedule I hereto for the Holder or at such
other address as the Holder may hereafter designate by notice to the Operating Partnership, or
(iii) if to any other holder of any New Note, at the address of such holder as it appears on the New Note register. 

        (f)    Law Governing.    This Agreement and the New Notes shall be governed by and construed in accordance with the
laws of the State of New York, without regard to principles of conflicts of law. 

        (g)    Headings; Counterparts.    The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect any of the terms hereof. This Agreement may be executed and delivered in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 

[Signatures
Follow] 

7

 

        IN WITNESS WHEREOF, the undersigned have executed this Exchange Agreement as of the day and year first above written. 

	 	 	MACK-CALI REALTY, L.P.
	

 	
 	

By:	

MACK-CALI REALTY CORPORATION, its General Partner
	

 	
 	

By:	

/s/  BARRY LEFKOWITZ      
 Name:  Barry Lefkowitz

Title:    Executive Vice President

and Chief Financial Officer
	

 	
 	
TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
	

 	
 	

By:	

/s/  JAMES ROMANO      
 Name:  James Romano

Title:    Director

8

QuickLinks

Exhibit 10.1

TABLE OF CONTENTS

EXCHANGE AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}]]