Document:

REGISTRATION RIGHTS AGREEMENT

by and among

Reckson Operating Partnership, L.P.

and

SL Green Realty Corp.

SL Green Operating Partnership, L.P.

As Co-Obligors

 

and

 

Banc of America Securities LLC

Citigroup Global Markets Inc.

Deutsche Bank Securities Inc.

 

Dated as of March 16, 2010

 

 

REGISTRATION RIGHTS
AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of
March 16, 2010, by and among Reckson Operating Partnership, L.P., a
Delaware limited partnership (“Reckson OP”), SL Green Realty Corp., a
Maryland corporation (the “Company”), SL Green Operating Partnership,
L.P., a Delaware limited partnership (“SLG OP”, and together with the Company,
the “Co-Obligors”), and Banc of America Securities LLC, Citigroup Global Markets
Inc. and Deutsche Bank Securities Inc. (collectively, the “Initial Purchasers”),
each of whom has agreed to purchase 7.75% Notes due 2020 (the “Initial Notes”)
issued by Reckson OP and the Co-Obligors pursuant to the Purchase Agreement (as
defined below).  The Company, Reckson OP
and SLG OP are collectively referred to herein as the “Transaction Entities.”

 

This Agreement is made pursuant to the Purchase
Agreement, dated March 11, 2010 
(the “Purchase Agreement”), among the Transaction Entities and the
Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for
the benefit of the holders from time to time of the Initial Notes, including
the Initial Purchasers.  In order to
induce the Initial Purchasers to purchase the Initial Notes, the Transaction
Entities have agreed to provide the registration rights set forth in this
Agreement.  The execution and delivery of
this Agreement is a condition to the obligations of the Initial Purchasers set
forth in Section 7 of the Purchase Agreement.

 

The parties hereby agree as follows:

 

SECTION 1.              Definitions.  As used in this Agreement, the following
capitalized terms shall have the following meanings:

 

Additional Interest Payment Date: 
With respect to the Initial Notes, each Interest Payment Date.

 

Broker-Dealer:  Any broker or
dealer registered under the Exchange Act.

 

Business Day:  Any day other than a Saturday, Sunday or U.S.
federal holiday or a day on which banking institutions or trust companies
located in New York, New York are authorized or obligated to be closed.

 

Closing Date:  The date of
this Agreement.

 

Commission:  The Securities
and Exchange Commission.

 

Consummate:  A registered
Exchange Offer shall be deemed “Consummated” for purposes of this Agreement
upon the occurrence of (i) the filing and effectiveness under the Securities
Act of the Exchange Offer Registration Statement relating to the Exchange Notes
to be issued in the Exchange Offer, (ii) the maintenance of such
Registration Statement continuously effective and the keeping of the Exchange
Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof,
and (iii) the delivery by the Transaction Entities to the Registrar under
the Indenture of Exchange Notes in the same aggregate principal amount as the
aggregate principal amount of Initial Notes that were tendered by Holders
thereof pursuant to the Exchange Offer.

 

 

Co-Obligor:  As defined
in the preamble hereto.

 

Effectiveness Target Date:  As defined in Section 5
hereof.

 

Exchange Act:  The Securities
Exchange Act of 1934, as amended.

 

Exchange Offer:  The
registration by the Transaction Entities under the Securities Act of the
Exchange Notes pursuant to a Registration Statement pursuant to which the
Transaction Entities offer the Holders of all outstanding Transfer Restricted
Securities the opportunity to exchange all such outstanding Transfer Restricted
Securities held by such Holders for Exchange Notes in an aggregate principal
amount equal to the aggregate principal amount of the Transfer Restricted Securities
tendered in such exchange offer by such Holders.

 

Exchange Offer Registration Statement: 
The Registration Statement relating to the Exchange Offer, including
the related Prospectus.

 

Exempt Resales:  The
transactions in which the Initial Purchasers propose to sell the Initial Notes
to certain “qualified institutional buyers,” as such term is defined in Rule 144A
under the Securities Act, and to certain non-U.S. persons pursuant to
Regulation S under the Securities Act.

 

Exchange Notes:  The 7.75% Notes
due 2020, of the same series under the Indenture as the Initial Notes to be
issued to Holders in exchange for Transfer Restricted Securities pursuant to
this Agreement.

 

FINRA: Financial Industry Regulatory Authority, Inc.

 

Freely Tradable:  Means, with
respect to a Note, a Note that at any time of
determination may be sold to the public in accordance with Rule 144 under
the Securities Act (“Rule 144”) by a person that is not an “affiliate” (as
defined in Rule 144) of the Company where no conditions of Rule 144
are then applicable (other than the holding period requirement in paragraph (d) of
Rule 144 so long as such holding period requirement is satisfied at such
time of determination).

 

Holders:  As defined in Section 2(b) hereof.

 

Indemnified Holder:  As defined in Section 8(a) hereof.

 

Indenture:  The Indenture,
dated as of March 16, 2010, by and among the Transaction Entities and The
Bank of New York Mellon, as trustee (the “Trustee”), pursuant to which the
Notes are to be issued, as such Indenture is amended or supplemented from time
to time in accordance with the terms thereof.

 

Initial Notes:  As defined in
the preamble hereto.

 

Initial Placement:  The issuance
and sale by the Transaction Entities of the Initial Notes to the Initial Purchasers
pursuant to the Purchase Agreement.

 

2

 

Initial Purchaser:  As defined in
the preamble hereto.

 

Interest Payment Date:  As defined in
the Indenture and the Notes.

 

Notes:  The Initial
Notes and the Exchange Notes.

 

Person:  An individual,
partnership, corporation, trust or unincorporated organization, or a government
or agency or political subdivision thereof.

 

Prospectus:  The prospectus
included in a Registration Statement, as amended or supplemented by any
prospectus supplement and by all other amendments thereto, including
post-effective amendments, and all material incorporated by reference into such
Prospectus.

 

Registration Default:  As defined in Section 5
hereof.

 

Registration Statement:  Any
registration statement of the Transaction Entities relating to (a) an
offering of Exchange Notes pursuant to an Exchange Offer or (b) the
registration for resale of Transfer Restricted Securities pursuant to the Shelf
Registration Statement, which is filed pursuant to the provisions of this
Agreement, in each case, including the Prospectus included therein, all
amendments and supplements thereto (including post-effective amendments) and
all exhibits and material incorporated by reference therein.

 

Securities Act:  The Securities
Act of 1933, as amended.

 

Shelf Filing Deadline:  As defined in Section 4(a) hereof.

 

Shelf Registration Statement:  As defined in Section 4(a) hereof.

 

Suspension Period:  As defined in Section 6(d) hereof.

 

Transaction Entities:  As defined in the preamble hereto.

 

Transfer Restricted Securities:  Each Initial
Note, until the earliest to occur of (a) the date on which such Initial
Note is exchanged in the Exchange Offer for an Exchange Note entitled to be
resold to the public by the Holder thereof without complying with the
prospectus delivery requirements of the Securities Act, (b) the date on
which such Initial Note has been effectively registered under the Securities
Act and disposed of in accordance with a Shelf Registration Statement, (c) the
date on which such Initial Note is disposed of pursuant to Rule 144 under
the Securities Act or by a Broker-Dealer pursuant to the “Plan of Distribution”
contemplated by the Exchange Offer Registration Statement (including delivery
of the Prospectus contained therein), and (d) the date on which such
Initial Notes are Freely Tradable.

 

Trust Indenture Act:  The Trust
Indenture Act of 1939, as amended.

 

Underwritten Registration or Underwritten Offering:  A registration in which
securities of the Transaction Entities are sold to an underwriter for
reoffering to the public.

 

3

 

SECTION 2.              Securities Subject to this
Agreement.

 

(a)           Transfer Restricted
Securities.  The securities
entitled to the benefits of this Agreement are the Transfer Restricted
Securities.

 

(b)           Holders of Transfer Restricted
Securities.  A Person is
deemed to be a holder of Transfer Restricted Securities (each, a “Holder”)
whenever such Person owns Transfer Restricted Securities.

 

SECTION 3.              Registered Exchange Offer.

 

(a)           Unless the Exchange Offer
shall not be permissible under applicable law or Commission policy (after the
procedures set forth in Section 6(a) hereof have been complied with),
each of the Transaction Entities shall (i) cause to be filed with the
Commission as soon as practicable after the Closing Date, but in no event later
than 150 days after the Closing Date (or if such 150th day is not a
Business Day, the next succeeding Business Day), a Registration Statement under
the Securities Act relating to the Exchange Notes and the Exchange Offer, (ii) use
its commercially reasonable efforts to cause such Registration Statement to
become effective at the earliest possible time, but in no event later than 240  days after the Closing Date (or if such 240th day is not a
Business Day, the next succeeding Business Day), (iii) in connection with
the foregoing, file (A) all pre-effective amendments to such Registration
Statement as may be necessary in order to cause such Registration Statement to
become effective, (B) if applicable, a post-effective amendment to such
Registration Statement pursuant to Rule 430A under the Securities Act, and
(C) cause all necessary filings in connection with the registration and
qualification of the Exchange Notes to be made under the state securities or
blue sky laws of such jurisdictions as are necessary to permit Consummation of
the Exchange Offer; provided, that
the Transaction Entities shall not be required to make any such filings or take
any action which would subject it to general service of process or to taxation
in any jurisdiction where it is not then so subject, and (iv) upon the
effectiveness of such Registration Statement, commence the Exchange Offer.  The Exchange Offer shall be on the
appropriate form permitting registration of the Exchange Notes to be offered in
exchange for the Transfer Restricted Securities and to permit resales of
Initial Notes held by Broker-Dealers as contemplated by Section 3(c) hereof.

 

(b)           The Transaction Entities
shall use their best efforts to cause the Exchange Offer Registration Statement
to be effective continuously and shall keep the Exchange Offer open for a period
of not less than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; provided,
however, that in no event shall such period be less than 30 days
after the date notice of the Exchange Offer is mailed to the Holders.  The Transaction Entities shall cause the
Exchange Offer to comply with all applicable federal and state securities laws
(including allowing Holders to withdraw tendered Exchange Notes at any time
prior to the close of business on the last Business Day on which the Exchange
Offer is open).  No securities other than
the Exchange Notes shall be included in the Exchange Offer Registration
Statement.  The Transaction Entities
shall each use their best efforts to cause the Exchange Offer to be Consummated
on the earliest practicable date after the Exchange Offer 

 

4

 

Registration Statement has become effective,
but in no event later than 45 Business Days after the Exchange Offer
Registration Statement has become effective

 

(c)           The Transaction Entities  shall indicate in a “Plan of Distribution” section
contained in the Prospectus forming a part of the Exchange Offer Registration
Statement that any Broker-Dealer who holds Initial Notes that are Transfer
Restricted Securities and that were acquired for its own account as a result of
market-making activities or other trading activities (other than Transfer
Restricted Securities acquired directly from the Transaction Entities), may
exchange such Initial Notes pursuant to the Exchange Offer; however, such
Broker-Dealer may be deemed to be an “underwriter” within the meaning of the
Securities Act and must, therefore, deliver a prospectus meeting the
requirements of the Securities Act in connection with any resales of the
Exchange Notes received by such Broker-Dealer in the Exchange Offer, which
prospectus delivery requirement may be satisfied by the delivery by such
Broker-Dealer of the Prospectus contained in the Exchange Offer Registration
Statement.  Such “Plan of Distribution”
section shall also contain all other information with respect to such resales
by Broker-Dealers that the Commission may require in order to permit such
resales pursuant thereto, but such “Plan of Distribution” shall not name any
such Broker-Dealer or disclose the amount of Initial Notes held by any such
Broker-Dealer except to the extent required by the Commission as a result of a
change in policy after the date of this Agreement.

 

Each of the Transaction Entities shall use its best
efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented and amended as required by the provisions of Section 6(c) hereof
to the extent necessary to ensure that it is available for resales of Initial
Notes acquired by Broker-Dealers for their own accounts as a result of market-making
activities or other trading activities, and to ensure that it conforms with the
requirements of this Agreement, the Securities Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period
ending on the earlier of (i) 180 days from the date on which the Exchange
Offer Registration Statement is declared effective and (ii) the date on
which a Broker-Dealer is no longer required to deliver a prospectus in
connection with market-making or other trading activities.

 

The Transaction Entities  shall
provide a reasonable number of copies of the latest version of such Prospectus
to Broker-Dealers promptly upon request at any time during such 180-day (or
shorter as provided in the foregoing sentence) period in order to facilitate
such resales.

 

SECTION 4.              Shelf Registration.

 

(a)           Shelf Registration.  If (i) the Exchange
Offer is not permitted by applicable law or Commission policy (after the
procedures set forth in Section 6(a) hereof have been complied with),
(ii) for any reason the Exchange Offer is not Consummated within  45  Business Days
after the 240th day following the Closing Date, or (iii) with
respect to any Holder of Transfer Restricted Securities (A) such Holder
notifies the Transaction Entities that it is prohibited by applicable law or
Commission policy from participating in the Exchange Offer, or (B) such
Holder notifies the Transaction Entities that it may not resell the Exchange
Notes acquired by it in the Exchange Offer to the public without delivering a
prospectus and that the Prospectus 

 

5

 

contained in the Exchange Offer Registration
Statement is not available for such resales by such Holder, or (C) such
Holder is a Broker-Dealer and holds Initial Notes acquired directly from the Transaction
Entities or one of their affiliates, then the Transaction Entities shall

 

(x)            cause to be filed a shelf
registration statement pursuant to Rule 415 under the Securities Act,
which may be an amendment to the Exchange Offer Registration Statement (in
either event, the “Shelf Registration Statement”), as soon as practicable, but
in no event more than 90 days after becoming so required or requested pursuant
to this Section 4 (such date being the “Shelf Filing Deadline”).  The Shelf Registration Statement shall
provide for resales of all Transfer Restricted Securities the Holders of which
shall have provided the information required pursuant to Section 4(b) hereof;
and

 

(y)           use their commercially
reasonable efforts to cause such Shelf Registration Statement to be declared
effective by the Commission on or before the 90th  day
after the Shelf Filing Deadline  (or if such
90th day is not a Business Day, the next succeeding Business Day).

 

Subject to Section 7(d) hereof, each of
the Transaction Entities shall use its commercially reasonable efforts to keep
such Shelf Registration Statement continuously effective, supplemented and
amended as required by the provisions of Sections 6(b) and (c) hereof
to the extent necessary to ensure that it is available for resales of Initial
Notes by the Holders of Transfer Restricted Securities entitled to the benefit
of this Section 4(a), and to ensure that it conforms with the requirements
of this Agreement, the Securities Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of
at least one year following the Closing Date  or
shorter period that will terminate when all the Initial Notes covered by such
Shelf Registration Statement have been sold pursuant to such Shelf Registration
Statement or are no longer Transfer Restricted Securities).

 

(b)           Provision by Holders of Certain
Information in Connection with the Shelf Registration Statement.  No Holder of Transfer
Restricted Securities may include any of its Transfer Restricted Securities in
any Shelf Registration Statement pursuant to this Agreement unless and until
such Holder furnishes to the Transaction Entities in writing, within 15
Business Days after receipt of a request therefor, such information as the
Transaction Entities may reasonably request for use in connection with any
Shelf Registration Statement or Prospectus or preliminary Prospectus included
therein.  Each Holder as to which any
Shelf Registration Statement is being effected agrees to furnish promptly to
the Transaction Entities all information required to be disclosed in order to
make the information previously furnished to the Transaction Entities by such
Holder not materially misleading.

 

SECTION 5.              Additional Interest.  If any of the Initial Notes
are not Freely Tradable Notes, and (i) any Registration Statement required
to be filed by this Agreement is not filed with the Commission on or prior to
the date specified for such filing in this Agreement, (ii) any such
Registration Statement has not been declared effective by the Commission on or
prior to the date specified for such effectiveness in this Agreement (the “Effectiveness
Target Date”), (iii) the Exchange Offer has not been Consummated within 45
Business Days after the Effectiveness

 

6

 

Target Date with respect to the Exchange Offer Registration Statement,
provided such 45 Business Day period shall toll during any Suspension Period,
or (iv) other than in connection with a Suspension Period, any
Registration Statement required by this Agreement is filed and declared
effective but shall thereafter cease to be effective or fail to be usable for
its intended purpose (at any time that the Transaction Entities are obligated
to maintain the effectiveness thereof) without being succeeded within 10
Business Days of such Registration Statement ceasing to be effective or usable
(or, if such event occurs during, or as a result of, a Suspension Period,
within 10 Business Days following the expiration of the Suspension Period) by a
post-effective amendment to such Registration Statement that cures such failure
or usability and that is itself declared effective within 10 Business Days of
such Registration Statement ceasing to be effective or usable (or, if such
event occurs during, or as a result of, a Suspension Period, within 10 Business
Days following the expiration of the Suspension Period) (each such event
referred to in clauses (i) through (iv), a “Registration Default”), the
Transaction Entities hereby agree that the interest rate borne by the Transfer
Restricted Securities shall be increased by 0.25% per annum during the 90-day
period immediately following the occurrence of any Registration Default and
0.50% per annum thereafter.  Following
the cure of all Registration Defaults relating to any particular Transfer
Restricted Securities or the particular Transfer Restricted Securities having
become Freely Tradable, the interest rate borne by the relevant Transfer
Restricted Securities will be reduced to the original interest rate borne by
such Transfer Restricted Securities; provided,
however, that, if after any such reduction in interest rate, a
different Registration Default occurs, the interest rate borne by the relevant
Transfer Restricted Securities shall again be increased pursuant to the
foregoing provisions.

 

SECTION 6.                                Registration Procedures.

 

(a)                                  Exchange Offer Registration
Statement.  In connection
with the Exchange Offer, the Transaction Entities shall comply with all of the
provisions of Section 6(c) hereof, shall use their best efforts to effect
such exchange to permit the sale of Transfer Restricted Securities being sold
in accordance with the intended method or methods of distribution thereof, and
shall comply with all of the following provisions:

 

(i)                                     To the extent
the Commission raises an objection as to whether the Exchange Offer is
permitted by applicable law, upon request of the Holders of a majority in
principal amount of outstanding Transfer Restricted Securities each of the
Transaction Entities hereby agrees to seek a no-action letter or other
favorable decision from the Commission allowing the Transaction Entities to
Consummate an Exchange Offer for such Initial Notes.  Each of the Transaction Entities hereby
agrees to pursue the issuance of such a decision to the Commission staff level
but shall not be required to take commercially unreasonable action to effect a
change of Commission policy.  Each of the
Transaction Entities hereby agrees, however, to (A) participate in
telephonic conferences with the Commission, (B) deliver to the Commission
staff an analysis prepared by counsel to the Transaction Entities setting forth
the legal bases, if any, upon which such counsel has concluded that such an
Exchange Offer should be permitted, and (C) diligently pursue a favorable
resolution by the Commission staff of such submission.

 

7

 

(ii)                                  As a condition
to its participation in the Exchange Offer pursuant to the terms of this
Agreement, each Holder of Transfer Restricted Securities shall furnish, upon
the request of the Transaction Entities, prior to the Consummation thereof, a
written representation to the Transaction Entities (which may be contained in
the letter of transmittal contemplated by the Exchange Offer Registration
Statement) to the effect that (A) it is not an affiliate of the
Transaction Entities, (B) it is not engaged in, and does not intend to
engage in, and has no arrangement or understanding with any Person to
participate in, a distribution of the Exchange Notes to be issued in the
Exchange Offer, (C) it is acquiring the Exchange Notes in its ordinary
course of business, (D) it is not acting on behalf of any person who, to
its knowledge, could not truthfully make the foregoing representations, and (E) it
shall have made such other representations as may be reasonably necessary under
applicable Commission rules, regulations or interpretations to render the use
of Form S-4 or another appropriate form under the Securities Act available
or for the Exchange Offer Registration Statement to be declared effective.  In addition, all such Holders of Transfer
Restricted Securities shall otherwise cooperate in the Transaction Entities’
preparations for the Exchange Offer. 
Each Holder hereby acknowledges and agrees that any Broker-Dealer and
any such Holder using the Exchange Offer to participate in a distribution of
the securities to be acquired in the Exchange Offer (1) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission enunciated in Morgan Stanley and Co., Inc.
(available June 5, 1991) and Exxon Capital Holdings Corporation
(available May 13, 1988), as interpreted in the Commission’s letter to
Shearman & Sterling dated July 2, 1993, and similar no-action
letters (which may include any no-action letter obtained pursuant to clause (i) above),
and (2) must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with a secondary resale
transaction and that such a secondary resale transaction should be covered by
an effective registration statement containing the selling security holder
information required by Item 507 or 508, as applicable, of Regulation S-K if
the resales are of Exchange Notes obtained by such Holder in exchange for Initial
Notes acquired by such Holder directly from the Transaction Entities.

 

(b)                                 Shelf Registration
Statement.  In connection
with the Shelf Registration Statement, each of the Transaction Entities shall
comply with all the provisions of Section 6(c) hereof and shall use
commercially reasonable efforts to effect such registration to permit the sale
of the Transfer Restricted Securities being sold in accordance with the
intended method or methods of distribution thereof, and pursuant thereto each
of the Transaction Entities will as expeditiously as possible prepare and file
with the Commission a Registration Statement relating to the registration on
any appropriate form under the Securities Act, which form shall be available
for the sale of the Transfer Restricted Securities in accordance with the
intended method or methods of distribution thereof.

 

(c)                                  General Provisions.  In connection with any
Registration Statement and any Prospectus required by this Agreement to permit
the sale or resale of Transfer Restricted Securities (including, without
limitation, any Registration Statement and the related Prospectus 

 

8

 

required to permit resales of Initial Notes by Broker-Dealers), each of
the Transaction Entities shall:

 

(i)                                     use its best
efforts to keep such Registration Statement continuously effective for the
applicable period of time specified in this Agreement and provide all requisite
financial statements (including, if required by the Securities Act or any
regulation thereunder, financial statements of the Co-Obligors) for the period
specified in Section 3 or 4 hereof, as applicable; upon the occurrence of
any event that would cause any such Registration Statement or the Prospectus
contained therein (A) to contain a material misstatement or omission or (B) not
to be effective and usable for resale of Transfer Restricted Securities during
the period required by this Agreement, the Transaction Entities  shall file promptly an appropriate amendment to such
Registration Statement, in the case of clause (A), correcting any such
misstatement or omission, and, in the case of either clause (A) or (B),
use its best efforts to cause such amendment to be declared effective and such
Registration Statement and the related Prospectus to become usable for their
intended purpose(s) as soon as practicable thereafter;

 

(ii)                                  prepare and
file with the Commission such amendments and post-effective amendments to the
applicable Registration Statement as may be necessary to keep the Registration
Statement effective for the applicable period set forth in Section 3 or 4
hereof, as applicable, or such shorter period as will terminate when all
Transfer Restricted Securities covered by such Registration Statement have been
sold or are otherwise no longer Transfer Restricted Securities; cause the
Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 under the Securities Act,
and to comply fully with the applicable provisions of Rules 424 and 430A
under the Securities Act in a timely manner; and comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by
such Registration Statement during the applicable period in accordance with the
intended method or methods of distribution by the sellers thereof set forth in
such Registration Statement or supplement to the Prospectus;

 

(iii)                               advise the
underwriter(s), if any, and selling Holders promptly and, if requested by such
Persons, to confirm such advice in writing, (A) when the Prospectus or any
Prospectus supplement or post-effective amendment has been filed, and, with
respect to any Registration Statement or any post-effective amendment thereto,
when the same has become effective, (B) of any request by the Commission
for amendments to the Registration Statement or amendments or supplements to
the Prospectus or for additional information relating thereto, (C) of the
issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement under the Securities Act or of the suspension by any
state securities commission of the qualification of the Transfer Restricted
Securities for offering or sale in any jurisdiction, or the initiation of any
proceeding for any of the preceding purposes, (D) of the existence of any
fact or the happening of any event that makes any statement of a material fact
made in the Registration Statement, the Prospectus, any amendment or supplement
thereto, or any document incorporated by reference therein untrue, or that
requires the making of any 

 

9

 

additions to or changes in
the Registration Statement or the Prospectus in order to make the statements
therein not misleading.  If at any time the
Commission shall issue any stop order suspending the effectiveness of the
Registration Statement, or any state securities commission or other regulatory
authority shall issue an order suspending the qualification or exemption from
qualification of the Transfer Restricted Securities under state securities or
blue sky laws, each of the Transaction Entities shall use its best efforts to
obtain the withdrawal or lifting of such order at the earliest possible time;

 

(iv)                              furnish without
charge to each of the Initial Purchasers, each selling Holder named in any
Registration Statement, and each of the underwriter(s), if any, before filing
with the Commission, copies of any Registration Statement or any Prospectus included
therein or any amendments or supplements to any such Registration Statement or
Prospectus (including all documents incorporated by reference after the initial
filing of such Registration Statement), which documents will be subject to the
review and reasonable comment of such Holders and underwriter(s) in
connection with such sale, if any, for a period of at least three Business
Days, and the Transaction Entities  will not file
any such Registration Statement or Prospectus or any amendment or supplement to
any such Registration Statement or Prospectus (including all such documents
incorporated by reference) to which an Initial Purchaser of Transfer Restricted
Securities covered by such Registration Statement or the underwriter(s), if
any, shall reasonably object in writing within three Business Days after the
receipt thereof (such objection to be deemed timely made upon confirmation of
telecopy transmission within such period). 
The objection of an Initial Purchaser or underwriter, if any, shall be
deemed to be reasonable if such Registration Statement, amendment, Prospectus
or supplement, as applicable, as proposed to be filed, contains a material
misstatement or omission;

 

(v)                                 make available
at reasonable times for inspection by the Initial Purchasers, the managing
underwriter(s), if any, participating in any disposition pursuant to such Shelf
Registration Statement and any attorney or accountant retained by such Initial
Purchasers or any of the underwriter(s), all financial and other records,
pertinent corporate documents of each of the Transaction Entities and cause the
Transaction Entities’ officers, directors and employees to supply all
information reasonably requested by any such Holder, underwriter, attorney or
accountant in connection with such Shelf Registration Statement or any
post-effective amendment thereto subsequent to the filing thereof and prior to
its effectiveness; provided, however, that the foregoing inspection and information
gathering shall be coordinated on behalf of the Initial Purchasers by Banc of
America Securities LLC  in connection
with any underwritten offering to which it is a party, and on behalf of the
Holders by one counsel, who shall be Hogan & Hartson LLP or such other
counsel designated by the Holders of a majority of the Transfer Restricted
Securities included therein; provided, further, that any information provided pursuant to this
paragraph that is designated in writing by the Transaction Entities, in good
faith, as confidential at the time of delivery of such information shall be
kept confidential by any such Holder, Initial Purchaser, underwriter, attorney
or accountant, and shall be used only in connection with such Shelf
Registration  Statement and the 

 

10

 

transactions contemplated
thereby unless such disclosure is made in connection with a court proceeding or
required by law, or such information becomes available to the public generally
or through a third party without an accompanying obligation of confidentiality;

 

(vi)                              if requested by
any selling Holders or the underwriter(s), if any, promptly incorporate in any
Shelf Registration Statement or Prospectus, pursuant to a supplement or
post-effective amendment if necessary, such information as such selling Holders
and underwriter(s), if any, may reasonably request to have included therein,
including, without limitation, information relating to the “Plan of
Distribution” of the Transfer Restricted Securities, information with respect
to the principal amount of Transfer Restricted Securities being sold to such
underwriter(s), the purchase price being paid therefor and any other terms of
the offering of the Transfer Restricted Securities to be sold in such offering;
and make all required filings of such Prospectus supplement or post-effective
amendment as soon as practicable after the Transaction Entities are notified of
the matters to be incorporated in such Prospectus supplement or post-effective
amendment;

 

(vii)                           cause the
Transfer Restricted Securities covered by the Registration Statement to be
rated with at least one rating agency (which such rating agency shall be a
nationally recognized statistical rating organization), if so requested by the
Holders of a majority in aggregate principal amount of Notes covered thereby or
the underwriter(s), if any;

 

(viii)                        furnish to each
Initial Purchaser, each selling Holder and each of the underwriter(s), if any,
upon request without charge, at least one copy of the Shelf Registration
Statement, as first filed with the Commission, and of each amendment thereto,
including financial statements and schedules, all documents incorporated by
reference therein and all exhibits;

 

(ix)                                deliver to each
selling Holder named therein and each of the underwriter(s), if any, without
charge, as many copies of the Prospectus (including each preliminary
prospectus) and any amendment or supplement thereto as such Persons reasonably
may request; each of the Transaction Entities hereby consents to the use of the
Prospectus and any amendment or supplement thereto by each of the selling
Holders named therein and each of the underwriter(s), if any, in connection
with the offering and the sale of the Transfer Restricted Securities covered by
the Prospectus or any amendment or supplement thereto;

 

(x)                                   enter into such
agreements (including an underwriting agreement), and make such representations
and warranties, and take all such other actions in connection therewith in
order to expedite or facilitate the disposition of the Transfer Restricted
Securities pursuant to any Shelf Registration Statement contemplated by this
Agreement, all to such extent as may be reasonably requested by any Initial
Purchaser or by the Holders of a majority in aggregate principal amount of
Transfer Restricted Securities being sold or the managing underwriter in
connection with any sale or resale pursuant to 

 

11

 

any Shelf Registration
Statement contemplated by this Agreement; and whether or not an underwriting
agreement is entered into and whether or not the registration is an Underwritten
Registration, each of the Transaction Entities shall:

 

(A)                              furnish to each
Initial Purchaser, each selling Holder named therein and each underwriter, if
any, in such substance and scope as they may request and as are customarily
made by issuers to underwriters in primary underwritten offerings, upon the
effectiveness of the Shelf Registration Statement:

 

(1)                                  a certificate,
dated the date of effectiveness of the Shelf Registration Statement, signed by (y) the
President or any Vice President and (z) a principal financial or
accounting officer of each of the Transaction Entities (or its general partner,
as applicable), confirming, as of the date thereof, the matters set forth in
paragraphs (i) and (ii) of Section 7(i) of the Purchase
Agreement and such other matters as such parties may reasonably request;

 

(2)                                  an opinion and
negative assurance letter, dated the date of effectiveness of the Shelf
Registration Statement of counsel for each of the Transaction Entities,
covering such matters as are customarily covered in opinions and negative
assurance letters requested in underwritten offerings; and

 

(3)                                  a customary
comfort letter, dated the date of effectiveness of the Shelf Registration
Statement, from the Transaction Entities’ independent accountants, in the
customary form and covering matters of the type customarily requested to be
covered in comfort letters by underwriters in connection with primary
underwritten offerings, and covering or affirming the matters set forth in the
comfort letters delivered pursuant to Section 7(g) of the Purchase
Agreement, without exception;

 

(B)                                set forth in
full or incorporate by reference in the underwriting agreement, if any, the
indemnification provisions and procedures of Section 8 hereof with respect
to all parties to be indemnified pursuant to said Section; and

 

(C)                                deliver such
other documents and certificates as may be reasonably requested by such parties
to evidence compliance with Section 6(c)(xi)(A) hereof and with any
customary conditions contained in the underwriting agreement or other agreement
entered into by the Transaction Entities pursuant to this Section 6(c)(xi),
if any.

 

If at any time when the
Shelf Registration Statement is required to be effective under this Agreement
the representations and warranties of the Transaction Entities contemplated in Section 6(c)(x)(A)(1) hereof
cease to be true and correct, the Transaction Entities shall so advise the
Initial Purchasers and the underwriter(s), if any, and each 

 

12

 

selling Holder named therein
promptly and, if requested by such Persons, shall confirm such advice in
writing;

 

(xi)                                prior to any
public offering of Transfer Restricted Securities pursuant to a Shelf
Registration Statement, cooperate with the selling Holders, the underwriter(s),
if any, and their respective counsel in connection with the registration and
qualification of the Transfer Restricted Securities under the state securities
or blue sky laws of such jurisdictions as the selling Holders or underwriter(s),
if any, may request and do any and all other acts or things necessary or
advisable to enable the disposition in such jurisdictions of the Transfer
Restricted Securities covered by the Shelf Registration Statement; provided, however, that in no event shall any of the
Transaction Entities be obligated to qualify to do business in any jurisdiction
where it is not now so qualified or to take any action that would subject it to
service of process in suits or to taxation, other than those arising out of the
offering or sale of the Transfer Restricted Securities, in any jurisdiction
where it is not now so qualified;

 

(xii)                             shall issue,
upon the request of any Holder of Initial Notes covered by the Shelf
Registration Statement, Exchange Notes having an aggregate principal amount
equal to the aggregate principal amount of Initial Notes surrendered to the
Transaction Entities by such Holder in exchange therefor or being sold by such
Holder; such Exchange Notes to be registered in the name of such Holder or in
the name of the purchaser(s) of such Notes, as the case may be; in return,
the Initial Notes held by such Holder shall be surrendered to the Transaction
Entities for cancellation;

 

(xiii)                          cooperate with
the selling Holders and the underwriter(s), if any, to facilitate the timely
preparation and delivery of certificates representing Transfer Restricted
Securities to be sold and not bearing any restrictive legends; and enable such
Transfer Restricted Securities to be in such denominations and registered in such
names as the Holders or the underwriter(s), if any, may request at least two
Business Days prior to any sale of Transfer Restricted Securities made by such
Holders or underwriter(s) pursuant to such Shelf Registration Statement;

 

(xiv)                         use
commercially reasonable efforts to cause the Transfer Restricted Securities
covered by the Shelf Registration Statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to
enable the seller or sellers thereof or the underwriter(s), if any, to
consummate the disposition of such Transfer Restricted Securities, subject to
the proviso contained in Section 6(c)(xii) hereof;

 

(xv)                            if any fact or
event contemplated by Section 6(c)(iii)(D) hereof shall exist or have
occurred, prepare a supplement or post-effective amendment to the Registration
Statement or related Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered
to the purchasers of Transfer Restricted Securities, the Prospectus will not
contain an untrue statement of a material

 

13

 

fact
or omit to state any material fact necessary in order to make the statements
therein not misleading;

 

(xvi)          provide a CUSIP
number for all Notes not later than the effective date of the Registration
Statement covering such Notes and provide the Trustee under the Indenture with
printed certificates for such Notes which are in a form eligible for deposit
with The Depository Trust Company and take all other action necessary to ensure
that all such Notes are eligible for deposit with The Depository Trust Company;

 

(xvii)         cooperate and
assist in any filings required to be made with the FINRA and in the performance
of any due diligence investigation by any underwriter (including any “qualified
independent underwriter”) that is required to be retained in accordance with
the rules and regulations of the FINRA;

 

(xviii)        otherwise use its
best efforts to comply with all applicable rules and regulations of the
Commission, and make generally available to its security holders, as soon as
practicable, a consolidated earnings statement meeting the requirements of Rule 158
(which need not be audited) for the twelve-month period (A) commencing at
the end of any fiscal quarter in which Transfer Restricted Securities are sold
to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if
not sold to underwriters in such an offering, beginning with the first month of
Reckson OP’s first fiscal quarter commencing after the effective date of the
Registration Statement;

 

(xix)           cause the
Indenture to be qualified under the Trust Indenture Act not later than the
effective date of the first Registration Statement required by this Agreement,
and, in connection therewith, cooperate with the Trustee and the Holders of
Notes to effect such changes to the Indenture as may be required for such
Indenture to be so qualified in accordance with the terms of the Trust
Indenture Act; and to execute and use commercially reasonable efforts to cause
the Trustee to execute all documents that may be required to effect such changes
and all other forms and documents required to be filed with the Commission to
enable such Indenture to be so qualified in a timely manner; and

 

(xx)            cause all Notes
covered by the Registration Statement to be listed on each securities exchange
or automated quotation system on which securities of the same class or series
issued by the Transaction Entities  are then
listed if requested by the Holders of a majority in aggregate principal amount
of Initial Notes or the managing underwriter(s), if any.

 

Each Holder agrees by acquisition of a Transfer
Restricted Security that, upon receipt of any notice from the Transaction
Entities  of the existence of any fact of the
kind described in Section 6(c)(iii)(D) hereof, such Holder will
forthwith discontinue disposition of Transfer Restricted Securities pursuant to
the applicable Registration Statement until such Holder’s receipt of the copies
of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi)
hereof, or until it is advised in writing (the “Advice”) by the Transaction
Entities  that the use of the Prospectus may be
resumed, and has received copies of any additional or 

 

14

 

supplemental filings that
are incorporated by reference in the Prospectus.  If so directed by the Transaction Entities,
each Holder will deliver to the Transaction Entities (at the Transaction
Entities’ expense) all copies, other than permanent file copies then in such
Holder’s possession, of the Prospectus covering such Transfer Restricted
Securities that was current at the time of receipt of such notice.  In the event the Transaction Entities  shall give any such notice, the time period regarding the
effectiveness of such Registration Statement set forth in Section 3 or 4
hereof, as applicable, shall be extended by the number of days during the
period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof
to and including the date when each selling Holder covered by such Registration
Statement shall have received the copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received
the Advice; provided, however,
that no such extension shall be taken into account in determining whether
Additional Interest is due pursuant to Section 5 hereof or the amount of
such Additional Interest, it being agreed that the Transaction Entities’ option
to suspend use of a Registration Statement pursuant to this paragraph shall be
treated as a Registration Default for purposes of Section 5 hereof.

 

(d)           Notwithstanding anything to the contrary contained herein,
the Transaction Entities may suspend the effectiveness of the Exchange Offer
Registration Statement or the Shelf Registration Statement for up to 45 days in
any 90-day period or 90 days in any 360-day period (such period, a “Suspension
Period”) of up to 45 consecutive days (except for the consecutive 45-day period
immediately prior to maturity of the Notes), if there is a possible acquisition
or business combination or other transaction, business development or event
involving one or both of the Transaction Entities that may require disclosure
in the Exchange Offer Registration Statement or the Shelf Registration
Statement and such Transaction Entity determines in the exercise of its
reasonable judgment that such disclosure is not in the best interests of such
Transaction Entity or obtaining any financial statements relating to an
acquisition or business combination required to be included in the Exchange Offer
Registration Statement or the Shelf Registration Statement would be
impracticable; provided that, if the event
triggering the Suspension Period relates to a proposed or pending material
business transaction, the disclosure of which the board of directors of the
Company determines in good faith would be reasonably likely to impede the
ability to consummate the transaction or would otherwise be seriously
detrimental to the Company and its subsidiaries taken as a whole, the Company
may extend the Suspension Period from 45 days to 60 days in any 90-day period
or from 90 days to 120 days in any 360-day period.  If a Suspension Period is triggered, the
Transaction Entities shall promptly notify any such Holders of the suspension
of the effectiveness of the Exchange Offer Registration Statement or the Shelf
Registration Statement, as the case may be, provided that such notice shall not
require the Transaction Entities to disclose the possible acquisition or
business combination or other transaction, business development or event if the
Transaction Entities determine in good faith that such acquisition or business
combination or other transaction, business development or event should remain
confidential.  Upon the abandonment,
consummation or termination of the possible acquisition or business combination
or other transaction, business development or event or the availability of the
required financial statements with respect to a possible acquisition or business
combination, the suspension of the use of the Exchange Offer Registration
Statement or the Shelf Registration Statement, as the case may be, pursuant to
this paragraph shall cease and the Company shall promptly notify such Holders
that 

 

15

 

the use of the prospectus contained in the
Exchange Offer Registration Statement or the Shelf Registration Statement, as
the case may be, as amended or supplemented, as applicable, may resume.  The Company shall provide sufficient copies
of the latest version of such prospectus to such Holders, promptly upon written
request, and in no event later than five Business Days after such request, at
any time during such period.

 

SECTION 7.              Registration
Expenses.

 

(a)           All expenses incident to the Transaction Entities’
performance of or compliance with this Agreement will be borne by the
Transaction Entities, jointly and severally, regardless of whether a
Registration Statement becomes effective, including, without limitation: (i) all
registration and filing fees and expenses (including filings made by any
Initial Purchaser or Holder with the FINRA (and, if applicable, the fees and
expenses of any “qualified independent underwriter” and its counsel that may be
required by the rules and regulations of the FINRA)); (ii) all fees
and expenses of compliance with federal securities and state securities or blue
sky laws; (iii) all expenses of printing (including printing certificates
for the Exchange Notes to be issued in the Exchange Offer and printing of
Prospectuses), messenger and delivery services and telephone; (iv) all
fees and disbursements of counsel for the Transaction Entities and, subject to Section 7(b) hereof,
the Holders of Transfer Restricted Securities; (v) all application and
filing fees in connection with listing the Exchange Notes on a securities
exchange or automated quotation system pursuant to the requirements thereof;
and (vi) all fees and disbursements of independent certified public
accountants of the Transaction Entities (including the expenses of any special
audit and comfort letters required by or incident to such performance).

 

Each of the Transaction Entities will, in any event,
bear its internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties),
the expenses of any annual audit and the fees and expenses of any Person,
including special experts, retained by the Transaction Entities.

 

(b)           In connection with any Registration Statement required by
this Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Transaction Entities,
jointly and severally, will reimburse the Initial Purchasers and the Holders of
Transfer Restricted Securities being tendered in the Exchange Offer and/or
resold pursuant to the “Plan of Distribution” contained in the Exchange Offer
Registration Statement or registered pursuant to the Shelf Registration
Statement, as applicable, for the reasonable fees and disbursements of not more
than one counsel, who shall be Hogan & Hartson LLP or such other
counsel as may be chosen by the Holders of a majority in principal amount of
the Transfer Restricted Securities for whose benefit such Registration
Statement is being prepared.

 

SECTION 8.              Indemnification.

 

(a)           The Transaction Entities, jointly and severally, agree to
indemnify and hold harmless (i) each Holder, (ii) each Person, if
any, who controls (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) any Holder (any of the Persons 

 

16

 

referred to in this clause (ii) being
hereinafter referred to as a “controlling person”), and (iii) the
respective officers, directors, partners, employees, representatives and agents
of any Holder or any controlling person (any Person referred to in clause (i), (ii) or
(iii) may hereinafter be referred to as an “Indemnified Holder”), to the
fullest extent lawful, from and against any and all losses, claims, damages,
liabilities, judgments, actions and expenses (including, without limitation,
and as incurred, reimbursement of all reasonable costs of investigating,
preparing, pursuing, settling, compromising, paying or defending any claim or
action, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, including the reasonable fees and expenses of counsel
to any Indemnified Holder), joint or several, directly or indirectly caused by,
related to, based upon, arising out of or in connection with any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus (or any amendment or supplement thereto),
or any omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or expenses are
caused by an untrue statement or omission or alleged untrue statement or
omission that is made in reliance upon and in conformity with information
relating to any of the Holders furnished in writing to the Transaction Entities
by any of the Holders expressly for use therein.  This indemnity agreement shall be in addition
to any liability which any of the Transaction Entities may otherwise have.

 

In case any action or proceeding (including any
governmental or regulatory investigation or proceeding) shall be brought or asserted
against any of the Indemnified Holders with respect to which indemnity may be
sought against any of the Transaction Entities, such Indemnified Holder (or the
Indemnified Holder controlled by such controlling person) shall promptly notify
the Transaction Entities in writing; provided, however,
that the failure to give such notice shall not relieve any of the Transaction
Entities of its obligations pursuant to this Agreement unless and to the extent
such failure to give notice results in the loss or compromise of any material
rights or defenses of the Transaction Entities. 
The Transaction Entities shall be entitled to participate in any such
action and, to the extent that it shall wish, to assume the defense thereof,
with counsel reasonable satisfactory to such Indemnified Holder (who shall not,
except with the consent of the Indemnified Holders, be counsel to the
Transaction Entities), and, after notice from the Transaction Entities to such
Indemnified Holder of its election so to assume the defense, thereof, the
Transaction Entities shall not be liable to such Indemnified Holder under such
subsection for any legal or other expenses, in each case subsequently incurred
by such Indemnified Holder, in connection with the defense thereof other than
reasonable costs of investigation. 
Notwithstanding the Transaction Entities’ election to appoint counsel to
represent the Indemnified Holders in an action, such Indemnified Holders shall
have the right to employ separate counsel (including local counsel), and the
Transaction Entities shall bear the reasonable fees, costs and expenses of such
separate counsel if (i) the use of counsel chosen by the Transaction
Entities to represent the Indemnified Holders would present such counsel with a
conflict of interest, (ii) the actual or potential defendants in, or
targets of, any such action include both the Indemnified Holders and the
Transaction Entities and the Indemnified Holders shall have reasonably
concluded that there may be legal defenses available to it and/or other
Indemnified Holders which are different from or additional to those available
to the Transaction Entities, (iii) the Transaction Entities shall not have
employed counsel satisfactory to the 

 

17

 

Indemnified Holders to
represent the Indemnified Holders within a reasonable time after notice of the
institution of such action or (iv) the Transaction Entities shall
authorize the Indemnified Holders to employ separate counsel at the expense of
the Transaction Entities.  The
Transaction Entities shall not, in connection with any one such action or proceeding
or separate but substantially similar or related actions or proceedings in the
same jurisdiction arising out of the same general allegations or circumstances,
be liable for the reasonable fees and expenses of more than one separate firm
of attorneys (in addition to any local counsel) at any time for such
Indemnified Holders, which firm shall be designated by the Holders.  The Transaction Entities shall be liable for
any settlement of any such action or proceeding effected with the Transaction
Entities’ prior written consent, which consent shall not be withheld
unreasonably, and each of the Transaction Entities agrees to indemnify and hold
harmless any Indemnified Holder from and against any loss, claim, damage,
liability or expense by reason of any settlement of any action effected with
the written consent of the Transaction Entities.  The Transaction Entities shall not, without
the prior written consent of each Indemnified Holder, settle or compromise or
consent to the entry of judgment in or otherwise seek to terminate any pending
or threatened action, claim, litigation or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not any
Indemnified Holder is a party thereto), unless such settlement, compromise,
consent or termination includes an unconditional release of each Indemnified
Holder from all liability arising out of such action, claim, litigation or
proceeding.

 

(b)           Each Holder of Transfer Restricted Securities agrees,
severally and not jointly, to indemnify and hold harmless the Transaction
Entities and their respective directors, officers of the Transaction Entities
who sign a Registration Statement, and any Person controlling (within the
meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) any of the Transaction Entities, and the respective officers,
directors, partners, employees, representatives and agents of each such Person,
to the same extent as the foregoing indemnity from the Transaction Entities to
each of the Indemnified Holders, but only with respect to claims and actions
based on information relating to such Holder furnished in writing by such
Holder expressly for use in any Registration Statement.  In case any action or proceeding shall be
brought against the Transaction Entities or their respective directors or
officers or any such controlling person in respect of which indemnity may be
sought against a Holder of Transfer Restricted Securities, such Holder shall
have the rights and duties given the Transaction Entities, and the Transaction
Entities, their respective directors and officers and such controlling person
shall have the rights and duties given to each Holder by the preceding
paragraph.

 

(c)           If the indemnification provided for in this Section 8
is unavailable to an indemnified party under Section 8(a) or (b) hereof
(other than by reason of exceptions provided in those Sections) in respect of
any losses, claims, damages, liabilities, judgments, actions or expenses
referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the
relative benefits received by the Transaction Entities, on the one hand, and
the Holders, on the other hand, from the Initial Placement (which in the case
of the Transaction Entities shall be deemed to be equal to the total gross
proceeds to the Transaction Entities from the Initial Placement), the amount of
Additional Interest which did not become 

 

18

 

payable as a result of the filing of the
Registration Statement resulting in such losses, claims, damages, liabilities,
judgments actions or expenses, and such Registration Statement, or if such
allocation is not permitted by applicable law, the relative fault of the
Transaction Entities, on the one hand, and the Holders, on the other hand, in
connection with the statements or omissions which resulted in such losses,
claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations.  The relative
fault of the Transaction Entities, on the one hand, and of the Indemnified
Holder, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to
information supplied by any of the Transaction Entities, on the one hand, or
the Indemnified Holders, on the other hand, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.  The amount paid
or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include, subject to the
limitations set forth in the second paragraph of Section 8(a) hereof,
any legal or other fees or expenses reasonably incurred by such party in connection
with investigating or defending any action or claim.

 

The Transaction Entities and each Holder of Transfer
Restricted Securities agree that it would not be just and equitable if
contribution pursuant to this Section 8(c) were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or
by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph.  The amount paid or payable by an indemnified
party as a result of the losses, claims, damages, liabilities or expenses
referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. 
No underwriter shall be responsible for any amount in excess of the
underwriting discount or commission applicable to the securities purchased by
such underwriter under the registration statement which resulted in such
losses.  No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. 
The Holders’ obligations to contribute pursuant to this Section 8(c) are
several and not joint.

 

SECTION 9.              Rule 144A.  Each of the Transaction Entities hereby agrees with each Holder,
for so long as any Transfer Restricted Securities remain outstanding, to make
available to any Holder or beneficial owner of Transfer Restricted Securities
in connection with any sale thereof and any prospective purchaser of such
Transfer Restricted Securities from such Holder or beneficial owner, the
information required by Rule 144A(d)(4) under the Securities Act in
order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A
under the Securities Act.

 

SECTION 10.            Participation in
Underwritten Registrations.  No
Holder may participate in any Underwritten Registration hereunder unless such
Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on
the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) completes and
executes

 

19

 

all reasonable questionnaires, powers of
attorney, indemnities, underwriting agreements, lock-up letters and other
documents required under the terms of such underwriting arrangements.

 

SECTION 11.            Selection of
Underwriters.  The Holders of
Transfer Restricted Securities covered by the Shelf Registration Statement who
desire to do so may sell such Transfer Restricted Securities in an Underwritten
Offering.  In any such Underwritten
Offering, the investment banker(s) and managing underwriter(s) that
will administer such offering will be selected by the Holders of a majority in
aggregate principal amount of the Transfer Restricted Securities included in
such offering; provided, however, that such
investment banker(s) and managing underwriter(s) must be reasonably
satisfactory to the Transaction Entities.

 

SECTION 12.            Miscellaneous.

 

(a)           Remedies.  Each of the Transaction Entities hereby agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and hereby agrees to waive the
defense in any action for specific performance that a remedy at law would be
adequate.

 

(b)           No Inconsistent
Agreements.  Each of the Transaction Entities will
not on or after the date of this Agreement enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions
hereof.  None of the Transaction Entities
has previously entered into any agreement granting any registration rights with
respect to its securities to any Person. 
The rights granted to the Holders hereunder do not in any way conflict
with and are not inconsistent with the rights granted to the holders of the
Transaction Entities’ securities under any agreement in effect on the date
hereof.

 

(c)           Adjustments Affecting the
Notes.  The Transaction
Entities will not take any action, or permit any change to occur, with respect
to the Notes that would materially and adversely affect the ability of the
Holders to Consummate any Exchange Offer.

 

(d)           Amendments and
Waivers.  The provisions of
this Agreement may not be amended, modified or supplemented, and waivers or
consents to or departures from the provisions hereof may not be given unless
the Transaction Entities have (i) in the case of Section 5 hereof and
this Section 12(d)(i), obtained the written consent of Holders of all
outstanding Transfer Restricted Securities and (ii) in the case of all
other provisions hereof, obtained the written consent of Holders of a majority
of the outstanding principal amount of Transfer Restricted Securities
(excluding any Transfer Restricted Securities held by the Transaction Entities
or their affiliates).  Notwithstanding
the foregoing, a waiver or consent to departure from the provisions hereof that
relates exclusively to the rights of Holders whose securities are being
tendered pursuant to the Exchange Offer and that does not affect directly or
indirectly the rights of other Holders whose securities are not being tendered
pursuant to such Exchange Offer may be given by the Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities being
tendered or registered; provided, however,
that, with respect to any matter that directly or indirectly affects the rights
of any Initial Purchaser hereunder, the Transaction Entities 

 

20

 

shall obtain the written consent of each such
Initial Purchaser with respect to which such amendment, qualification,
supplement, waiver, consent or departure is to be effective.

 

(e)           Notices.  All notices and other
communications provided for or permitted hereunder shall be made in writing by
hand-delivery, first-class mail (registered or certified, return receipt requested),
telex, telecopier, or air courier guaranteeing overnight delivery:

 

(i)      if to a Holder, at the
address set forth on the records of the Registrar under the Indenture, with a
copy to the Registrar under the Indenture;

 

(ii)               if to the Transaction
Entities:

 

SL Green Realty Corp.

420 Lexington Avenue

New York, New York

Telecopier No.: (212) 216-1785

Attention: Marc Holliday and Andrew Levine

 

With a copy (which shall not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, New York 10036

Telecopier No.: (212) 735-2000

Attention: David Goldschmidt, Esq.; and

 

(iii)            if to the Initial
Purchasers, as set forth in the Purchase Agreement.

 

All such notices and communications shall be deemed
to have been duly given:  at the time
delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when answered back, if
telexed; when receipt acknowledged, if telecopied; and on the next Business
Day, if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to
the Trustee at the address specified in the Indenture.

 

(f)            Successors and
Assigns.  This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each
of the parties, including, without limitation, and without the need for an
express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that this Agreement shall not inure to
the benefit of or be binding upon a successor or assign of a Holder unless and
to the extent such successor or assign acquired Transfer Restricted Securities
from such Holder.

 

21

 

(g)           Counterparts.  This Agreement may be executed in
any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

 

(h)           Headings.  The headings in this Agreement are
for convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

(i)            Governing Law.  THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

 

(j)            Severability.  In the event that any one or more
of the provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired
thereby.

 

(k)           Entire Agreement.  This Agreement is intended by the
parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein.  There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted by the Transaction Entities
with respect to the Transfer Restricted Securities.  This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

 

22

 

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the date first written above.

 

	
   

  	
  RECKSON
  OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  Wyoming Acquisition GP LLC,

  
	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gregory F. Hughes

  
	
   

  	
   

  	
  Name:
  Gregory F. Hughes

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  SL
  GREEN REALTY CORP.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gregory F. Hughes

  
	
   

  	
   

  	
  Name:
  Gregory F. Hughes

  
	
   

  	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SL
  GREEN OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  SL Green Realty Corp.,

  
	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gregory F. Hughes

  
	
   

  	
   

  	
  Name:
  Gregory F. Hughes

  
	
   

  	
   

  	
  Title:
  Chief Financial Officer

  

 

 

 

23

 

The foregoing Registration Rights Agreement is
hereby confirmed and accepted as of the date first above written:

 

	
  BANC
  OF AMERICA SECURITIES LLC

  	
   

  
	
  CITIGROUP
  GLOBAL MARKETS INC.

  	
   

  
	
  DEUTSCHE
  BANK SECURITIES INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Banc
  of America Securities LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Joseph A. Crowley

  	
   

  
	
   

  	
  Name:
  Joseph A. Crowley

  	
   

  
	
   

  	
  Title:
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Citigroup
  Global Markets Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  John Wieker

  	
   

  
	
   

  	
  Name:
  John Wieker

  	
   

  
	
   

  	
  Title:
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Deutsche
  Bank Securities Inc.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Ryan Montgomery

  	
   

  
	
   

  	
  Name:
  Ryan Montgomery

  	
   

  
	
   

  	
  Title:
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Jared Birnbaum

  	
   

  
	
   

  	
  Name:
  Jared Birnbaum

  	
   

  
	
   

  	
  Title:
  Director

  	
   

  

 

 

 

24Exhibit 10.72

 

March 5,
2010

 

CONFIDENTIAL

 

ML
Macadamia Orchards, L.P.

ML
Resources, Inc.

26-238
Hawaii Belt Road,

Hilo,
Hawaii  96720

 

Attention:  Dennis Simonis

 

Re:  Revolving Line of Credit Maturity Date
Extension and Amendment

 

Ladies
and Gentlemen:

 

American
AgCredit, PCA (“Lender,” “we”
or “us”), is pleased to commit to provide
an extension of the Maturity Date of the Revolving Loan Promissory Note and an
amendment to the Third Amended and Restated Credit Agreement dated June 30,
2009 and combined with the amendment and extension, the “Amended Revolving
Facility”), on the terms and subject to the conditions set forth in this letter
and the Summary of General Terms attached hereto (collectively, the “Commitment Letter”). 
Capitalized terms used in this Commitment Letter without definition
shall have the meanings ascribed to them in the Credit Agreement.  The purpose of the Amended Revolving Facility
is to provide financing for the general business purposes of ML Macadamia
Orchards, L.P.

 

By
execution and return of this Commitment Letter you agree that you will be
jointly and severally responsible for and will pay all reasonable out-of-pocket
fees, costs, and expenses which may be incurred by Lender and its affiliates
and agents in connection with this Commitment Letter and the Amended Revolving
Facility, including reasonable fees, costs, and expenses of counsel, title fees
as well as recording and filing fees, (collectively, the “Reimbursable
Expenses”).  The Reimbursable
Expenses shall be payable by you to us regardless of whether the financing
transaction shall be consummated.

 

You
jointly and severally agree to (a) indemnify and hold harmless Lender and
its affiliates, officers, directors, employees, attorneys, advisors, and agents
(each an “Indemnified Person”) from and against
any losses, claims, damages, liabilities or other expenses to which an
Indemnified Person may become subject, insofar as such losses, claims, damages,
liabilities (or actions or other proceedings commenced or threatened in respect
thereof) or other expenses arise out of or in any way relate to or result from
this Commitment Letter, the Amended Revolving Facility, the payment of fees and
expenses in connection with the foregoing, the extension of the financing
contemplated hereby, and the other transactions contemplated by this Commitment
Letter or any use or intended use of the proceeds of the extension of credit
contemplated hereby, (b) reimburse each Indemnified Person, upon such
Indemnified Person’s demand, for any reasonable legal or other expenses
incurred in connection with investigating, defending or participating in any
such loss, claim, damage, liability, or action or other proceeding, whether
commenced or threatened (whether or not any such Indemnified Person is a party
to any action 

 

1

 

or
proceeding out of which any such expenses arise), except, with respect to both
clauses (a) and (b) above, in the case of any Indemnified Person, to
the extent that it is determined in a final nonappealable judgment by a court
of competent jurisdiction that such losses, claims, damages, liabilities or
other expenses are caused by the gross negligence or willful misconduct of such
Indemnified Person or its affiliates, officers, directors, attorneys, advisors,
or agents, and (c) provide Lender and its affiliates with all information
required for its due diligence analysis of any such indemnified matter,
regardless of when, by whom, or for whom prepared.  The obligations to indemnify each Indemnified
Person and to pay such legal and other expenses shall remain effective until
the initial funding under a definitive financing agreement and thereafter the
indemnification and expense reimbursement obligations contained herein shall be
superseded by those contained in such definitive financing agreement.  No Indemnified Person shall be liable for any
damages arising from the use by others of information or other materials
obtained through the internet, Intralinks or similar information transmission
systems in connection with the Amended Revolving Facility.  The foregoing provisions of this paragraph
shall be in addition to any rights that any Indemnified Person may have at
common law or otherwise.  Your obligation
to so indemnify such Indemnified Persons and pay such expenses shall remain
effective regardless of whether a definitive financing agreement is
executed.  By your acceptance of this
Commitment Letter, you agree that neither Lender nor any other Indemnified
Person shall be responsible or liable to any other party hereto or any other
person for consequential, indirect, punitive, or exemplary damages which may be
alleged as a result of this Commitment Letter or the transactions contemplated
hereby, except to the extent that such damages are caused by the gross
negligence or willful misconduct of such Indemnified Person or its affiliates,
officers, directors, attorneys, advisors, or agents.  The provisions of this paragraph shall be in
addition to any rights that Lender or any other Indemnified Person may have at
common law or otherwise, including any right of contribution.

 

The
commitment of Lender hereunder shall remain in effect until the earlier
of:  (a) June 29, 2010, or (b) Lender’s
written notice to you that (i) a condition described in this Commitment
Letter cannot be satisfied, (ii) you have failed to perform any material
obligations under this Commitment Letter, (iii) there is filed against the
Borrower or any member thereof, a petition in bankruptcy or insolvency or for
reorganization or the appointment of a receiver, trustee or liquidator, (iv) a
change that has occurred that has a Material Adverse Effect on the financial
condition of the Borrower, or (v) the macadamia orchards owned by ML
Macadamia Orchards, L.P. have suffered any material damage or destruction and
the same is not restored to the satisfaction of Lender prior to the Closing
Date, and that Lender has terminated its commitment hereunder by reason
thereof.  Notwithstanding the expiration or
termination of Lender’s commitment with respect to providing financing
hereunder, the provisions set forth herein with respect to the payment of fees
and expenses, confidentiality, indemnification, governing law, consent to
jurisdiction and venue and the jury trial waiver shall survive such expiration
or termination.

 

This
Commitment Letter is confidential and shall not be disclosed by any of the
parties hereto to any person other than such party’s accountants, attorneys and
other advisors, and, in the case of Lender, its affiliates and prospective
participants, and then only on a confidential basis and in connection with the
Amended Revolving Facility.  Any
disclosure to an advisor may be made for the sole purpose of evaluating and
advising on the offer of financing made in this letter and may not be used by
such advisor in formulating any offer of financing by such advisor or an
affiliate.  Additionally, any of the
parties hereto may make such disclosures of this letter as are required by
regulatory authority, law or judicial process or as may be required or
appropriate in response to any summons or subpoena or in connection with any
litigation; provided that such party will use its commercially reasonable
efforts to notify the other parties hereto of any such disclosure prior to
making such disclosure.

 

2

 

We
hereby notify you that pursuant to the requirements of the USA PATRIOT Act,
Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Act”), we may be required to obtain, verify and record
information that identifies you, which information would include name and
address and other information that would allow us to identify you in accordance
with the Act.

 

By
your acceptance of this Commitment Letter, you agree that this Commitment Letter
supersedes any and all discussions, negotiations, understandings or agreements,
written or oral, express or implied, between Lender and you.  This Commitment Letter may not be
contradicted by evidence of any actual or alleged prior, contemporaneous, or
subsequent understandings or agreements of the parties, written or oral,
express or implied, other than a writing, which expressly amends or supersedes
this Commitment Letter.  All other
writings issued by Lender to you are null and void and of no effect.  There are no unwritten oral understandings or
agreements between the parties.

 

This
Commitment Letter shall be governed by, and construed in accordance with, the
internal laws of the state of California without reference to principles of
conflict of laws.  The parties hereto
submit to the exclusive jurisdiction of the Federal and California State courts
located in the City of San Francisco in connection with any dispute related to
this Commitment Letter or any of the matters contemplated hereby or thereby.

 

You acknowledge and agree
that in connection with all elements of the transaction contemplated under this
Commitment Letter, (i) neither Lender nor any of its affiliates has
assumed any advisory responsibility or any other obligation in favor of the Borrower
except the obligations expressly provided for under this Commitment Letter, and
(ii) Lender and its affiliates, on the one hand, and the Borrower, on the
other hand, have an arms-length business relationship that does not directly or
indirectly give rise to, nor do you or any of the Loan Parties rely on, any
fiduciary duty on the part of Lender or any of its affiliates.

 

Because
disputes arising in connection with complex financial transactions are most
quickly and economically resolved by an experienced and expert person and the
parties wish applicable state and federal laws to apply (rather than
arbitration rules), the parties desire that their disputes be resolved by a
judge applying such applicable laws.  Therefore,
to achieve the best combination of the benefits of the judicial system and of
arbitration (without submitting to arbitration), the parties hereto waive all
right to trial by jury in any action, suit, or proceeding brought to enforce or
defend any rights or remedies under this Commitment Letter or any of the
definitive loan documentation, whether arising under contract or tort or
otherwise.

 

This
Commitment Letter and the duties and obligations contained herein shall be
solely for the benefit of the parties hereto and their affiliates, and no third
party shall rely upon, or have any rights under, this Commitment Letter as a
third party beneficiary or otherwise.

 

This
Commitment Letter may be executed in counterparts, each of which shall be
deemed an original and all of which counterparts shall constitute one and the
same document.  As used in this
Commitment Letter, the term “including” shall not be construed as a limitation.

 

3

 

If
the terms of this Commitment Letter are acceptable to you, we ask that you
return an executed copy of this Commitment Letter to Lender at the address set
forth on the first page of this Commitment Letter.  This Commitment Letter shall become effective
only if this Commitment Letter is signed by you and delivered to Lender by no
later than 5:00 p.m. (Pacific Standard
Time) on March 19, 2010. 
This Commitment Letter shall be deemed withdrawn and no further effect
if not accepted by you in such manner by such date and time.

 

We
look forward to continuing to work with you on this transaction.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  AMERICAN
  AGCREDIT, PCA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Vern Zander

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

Agreed
to and Accepted

this 12 day of March, 2010

 

	
  ML
  MACADAMIA ORCHARDS, L.P., a

  	
   

  
	
  Delaware
  limited Partnership

  	
   

  
	
   

  	
   

  
	
  By:

  	
  ML
  RESOURCES, INC., a Hawaii

  corporation, its managing general partner

  	
   

  
	
   

  

 

 

	
  By:

  	
  /s/ Dennis J. Simonis

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Dennis J. Simonis

  	
   

  
	
   

  	
   

  
	
  Title:
  

  	
  President/CEO

  	
   

  

 

 

	
  ML RESOURCES, INC., a Hawaii corporation

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Dennis J. Simonis

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Dennis J. Simonis

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  President

  	
   

  

 

4

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