Document:

Unassociated Document

    INTEREST
      TRANSFER AGREEMENT

     

    This
      INTEREST TRANSFER AGREEMENT (as amended, modified and supplemented from time
      to
      time, the “Agreement”)
      dated
      as of November 24, 2006 (the “Effective
      Time”),
      between Highcrest Investors Corp., a Delaware corporation (“Highcrest”),
      Meadow Star Partner LLC, a Delaware limited liability company (“MS
      Partner,”
and
      together with Highcrest, the “Transferors”),
      AREP
      O&G Holdings LLC, a Delaware limited liability company (“O&G
      LLC”)
      and
      AREH Oil & Gas Corp., a Delaware corporation (“O&G
      Corp.”,
      and
      together with O&G LLC, the “Transferees”).

     

    W I T N E S S E T H

     

    WHEREAS,
      Highcrest is the owner of ninety nine percent (99%) of the limited liability
      company member interests (the “Majority Interest”)
      of
      Meadow Star LLC, a Delaware limited liability company (“Meadow
      Star”);

     

    WHEREAS,
      MS Partner is the owner of one percent (1%) of the limited liability company
      member interests (the “Minority Interest”,
      and
      together with the Majority Interests, the “Interests”)
      of
      Meadow Star;

     

    WHEREAS,
      the parties hereto and American Real Estate Partners L.P., a Delaware master
      limited partnership (“AREP”),
      the
      indirect parent of the Transferees, have determined that the Transfer (as
      hereinafter defined) is in the best interest of the parties hereto and will
      facilitate AREP’s indirect participation in a potential transaction involving
      the acquisition of the equity interests of Reckson Associates Realty Corp.
      and
      Reckson Operating Partnership, L.P.;

     

    WHEREAS,
      Highcrest desires to transfer as of the Effective Time its Interests, as set
      forth on Exhibit A hereto, to O&G Corp. and O&G LLC, and each of O&G
      Corp. and O&G LLC desire to accept such Interests as of the Effective Time
      on the terms and conditions set forth herein (the “Highcrest
      Transfer”);

     

    WHEREAS,
      MS Partner desires to transfer as of the Effective Time its Interests, as set
      forth on Exhibit A hereto, to O&G LLC, and O&G LLC desires to accept
      such Interests as of the Effective Time on the terms and conditions set forth
      herein (the “MS
      Partner Transfer”,
      and
      together with the Highcrest Transfer, the “Transfer”);
      and

     

    WHEREAS,
      Meadow Star is a general partner and a limited partner of Rome Acquisition
      Limited Partnership, a Delaware limited partnership (“Rome”),
      and
      is a party to the Agreement of Limited Partnership of Rome Acquisition Limited
      Partnership (“Partnership
      Agreement”).

     

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants contained
      in
      this Agreement, and intending to be legally bound by the terms and conditions
      of
      this Agreement, the parties hereto hereby agree as follows:

     

    Section
      1.  Definitions.

     

    1.1.  The
      following capitalized terms shall have the following meanings:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Asserted
      Liability”
shall
      have the meaning set forth in Section 5.3(1).

     

    “Claims
      Notice”
shall
      have the meaning set forth in Section 5.3(1).

     

    “Indemnifying
      Party”
shall
      have the meaning set forth in Section 5.3(1).

     

    “Indemnitee”
shall
      have the meaning set forth in Section 5.3(1).

     

    “Lien”
means,
      with respect to any asset, (i) any mortgage, deed of trust, lien, pledge, claim,
      equity interest, participation interest, security interest or other charge
      or
      encumbrance of any kind in or on such asset and (ii) the interest of a vendor
      or
      a lessor under any conditional sale agreement, capital lease or title retention
      agreement relating to such asset.

     

    “Losses”
shall
      have the meaning set forth in Section 5.1.

     

    “Operating
      Agreement”
shall
      have the meaning set forth in Section 2.1.

     

    1.2.  The
      headings or subheadings of Sections are inserted for convenience of reference
      only and shall not in any way affect the interpretation or construction of
      this
      Agreement. References herein to any agreement or other instrument shall be
      deemed to include references to such agreement or other instrument as varied,
      amended, supplemented or replaced from time to time pursuant to the applicable
      provisions thereof. Where the context permits, words importing the plural shall
      include the singular and vice versa, and references to a person or “Person”
shall be construed as references to an individual, firm, company, corporation
      or
      unincorporated body of persons.

     

    Section
      2.  Agreement
      to Transfer and Assign; Delivery and Acceptance.

     

    2.1.  On
      the
      terms and subject to the conditions set forth herein, as of the Effective Time,
      (i) each Transferor transfers, assigns, sets over and otherwise conveys to
      the
      applicable Transferee all of the Transferor’s right, title and interest in, to
      and under the Interests, as set forth on Exhibit A hereto, whether arising
      under
      the Operating Agreement of Meadow Star LLC,
      as the
      same may be amended from time to time
      (the
“Operating
      Agreement”),
      or
      otherwise, and agrees to remain liable for any of the obligations and
      liabilities in the foregoing incurred, due and payable prior to the Effective
      Time and (ii) each Transferee accepts, assumes, takes over and succeeds to
      all
      of the applicable Transferor’s rights, title and interest in and to the
      Interests, as set forth on Exhibit A hereto, and such Transferee covenants
      and
      agrees to discharge, perform and comply with, and to be bound by, all the terms,
      conditions, provisions, obligations, covenants and duties of the applicable
      Transferor in connection with the applicable Interests, including, without
      limitation, those arising under the Operating Agreement,
      from and
      after the Effective Time, as if such Transferee were an original party
      thereto.

     

    2.2.  Notwithstanding
      Section 2.1 of this Agreement or any other provisions of this Agreement, to
      the
      extent the Transferees choose, in their absolute discretion, not to cause Meadow
      Star to comply with its obligation to contribute its Initial Capital
      Contribution (as defined in the Partnership Agreement) as set forth in Section
      3.1 of the Partnership Agreement, the Transferors shall remain liable for
      complying with such obligation set forth in Section 3.1 of the Partnership
      Agreement. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.3.  Pursuant
      to Section 7 of the Operating Agreement, upon the occurrence of the Transfer
      hereunder, the Transferees shall each become a member of Meadow Star and shall
      have all of the rights and powers and shall be subject to all of the duties
      and
      obligations of a member thereunder. 

     

     

     

    Section
      3.  Representations;
      Warranties and Covenants.

     

    3.1.  Each
      Transferor represents and warrants to the applicable Transferee
      that:

     

    (1)  Organization;
      Powers.
      Such
      Transferor (i) is duly organized, validly existing and in good standing under
      the laws of the State of Delaware, (ii) has all requisite power to own its
      property and assets and to carry on its business as now conducted and as
      proposed to be conducted, (iii) is qualified to do business in every
      jurisdiction where such qualification is required, except where the failure
      to
      so qualify would not have a material adverse effect on the performance by such
      Transferor of its obligations under this Agreement, and (iv) has the power
      and
      authority to execute, deliver and perform its obligations under this
      Agreement.

     

    (2)  Authorization;
      Conflicts.
      The
      execution, delivery and performance by such Transferor of this Agreement and
      the
      performance of the transactions contemplated hereby and thereby (i) have been
      duly authorized by all requisite action and (ii) will not (A) violate (1) any
      provision of law, statute, rule or regulation the effect of which would be
      to
      cause or be reasonably expected to have a material adverse effect on the ability
      of such Transferor to perform any of its obligations under this Agreement,
      (2)
      any order of any governmental authority having proper jurisdiction over such
      Transferor, (3) any provision of the organizational documents of such
      Transferor, or (4) any provision of any indenture, loan agreement or other
      material agreement to which such Transferor is a party or by which it or any
      of
      its property is or may be bound, (B) be in conflict with, result in a breach
      of
      or constitute (alone or with notice or lapse of time or both) a default under
      any such indenture, loan agreement or other material agreement or (C) result
      in
      the creation or imposition of any Lien upon or with respect to the
      Interests.

     

    (3)  Enforceability.
      This
      Agreement has been duly authorized, executed and delivered by such Transferor
      and constitutes the legal, valid and binding obligations of such Transferor
      enforceable against such Transferor in accordance with its terms, subject to
      bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
      creditors’ rights generally and subject to general principles of equity
      (regardless of whether enforcement is sought in a proceeding in equity or at
      law).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (4)  Title
      and Ownership.
      Such
      Transferor is the sole legal and beneficial owner of its respective Interests
      and has full power and lawful authority to transfer, convey and assign to the
      applicable Transferee all of such Transferor’s right, title and interest in and
      to its respective Interests in the manner contemplated hereby. The provisions
      of
      this Agreement are effective to convey to, and vest in, the applicable
      Transferee ownership of the applicable Interests, and such Transferee shall
      be
      entitled to exercise all rights of a member under such Interests. After giving
      effect to the consummation of the transactions contemplated hereby, neither
      such
      Transferor nor any person claiming under or through such Transferor has any
      valid claim to or interest in such Interests.

     

    (5)  Liens.
      The
      Interests are free from all Liens. Upon execution of this Agreement, legal
      title
      to the Interests and all rights and benefits under the applicable Interests
      shall pass to the applicable Transferee as of the Effective Time. 

     

    (6)  Consents
      and Approvals.
      No
      consent, approval or authorization from, or filing or declaration with, any
      Person or any Governmental Authority is required to be made by such Transferor
      to give the applicable Transferee a perfected ownership interest in the
      applicable Interests or for the consummation of the transactions contemplated
      hereby. 

     

    3.2.  Each
      Transferee represents and warrants to the applicable Transferor
      that:

     

    (1)  Organization;
      Powers.
      Such
      Transferee (i) is duly formed, validly existing and in good standing under
      the
      laws of the State of Delaware, (ii) has all requisite power and authority to
      own
      its property and assets and to carry on its business as now conducted and as
      proposed to be conducted, (iii) is qualified to do business in every
      jurisdiction where such qualification is required, except where the failure
      to
      so qualify would not have a material adverse effect on the performance by such
      Transferee of its obligations under this Agreement, and (iv) has the power
      and
      authority to execute, deliver and perform its obligations under this
      Agreement.

     

    (2)  Authorization.
      The
      execution, delivery and performance by such Transferee of this Agreement and
      the
      performance of the transactions contemplated hereby and thereby (i) have been
      duly authorized by all requisite action and (ii) will not (A) violate (1) any
      provision of law, statute, rule or regulation the effect of which would be
      to
      cause or be reasonably expected to have a material adverse effect on the ability
      of such Transferee to perform any of its obligations under this Agreement,
      (2)
      any order of any governmental authority having proper jurisdiction over such
      Transferee, (3) any provision of the organizational documents of such
      Transferee, or (4) any provision of any indenture, loan agreement or other
      material agreement to which such Transferee is a party or by which it or any
      of
      its property is or may be bound, or (B) be in conflict with, result in a breach
      of or constitute (alone or with notice or lapse of time or both) a default
      under
      any such indenture, loan agreement or other material agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (3)  Enforceability.
      This
      Agreement has been duly authorized, executed and delivered by such Transferee
      and constitutes the legal, valid and binding obligations of such Transferee
      enforceable against such Transferee in accordance with its terms, subject to
      bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
      creditors, rights generally and subject to general principles of equity
      (regardless of whether enforcement is sought in a proceeding in equity or at
      law). 

     

    (4)  Consents
      and Approvals.
      No
      consent, approval or authorization from, or filing or declaration with, any
      Person or any Governmental Authority is required to be made by the applicable
      Transferor to give such Transferee a perfected ownership interest in the
      applicable Interests or for the consummation of the transactions contemplated
      hereby.

     

    3.3.  All
      representations, warranties, covenants and agreements of the parties contained
      herein shall survive the execution and delivery of this Agreement and the
      closing hereunder. 

     

    Section
      4.  Further
      Assurances.

     

    4.1.  Each
      Transferor agrees that at any time and from time to time at Transferees’
expense, each Transferor shall promptly and duly execute, deliver, file,
      register and record any and all such further instruments and documents and
      take
      such further actions as required by law or as either Transferee may reasonably
      request in writing in order (i) to protect the title and ownership of such
      Transferee to its respective Interests and (ii) to permit such Transferee to
      obtain the full benefits of this Agreement and the rights and powers herein
      granted.

     

    Section
      5.  Indemnification;
      Limitation on Liability.

     

    5.1.  Obligation
      of the Transferors To Indemnify.
      The
      Transferors agree to indemnify, defend and hold harmless the Transferees (and
      their respective directors, officers, employees, affiliates, successors and
      assigns) from and against all losses, liabilities, damages, deficiencies,
      demands, claims, actions, judgments or causes of action, assessments, costs
      or
      expenses (including, without limitation, interest, penalties and reasonable
      attorneys’ fees and disbursements) (“Losses”)
      based
      upon, arising out of, or otherwise in respect of (i) any inaccuracy in or any
      breach of any representation, warranty, covenant or agreement of such Transferor
      contained in this Agreement, and (ii) the ownership of the Interests prior
      to
      the Effective Date. After the Effective Date, the Transferees’ sole remedy for
      any breach of any representation or warranty of the Transferors expressly set
      forth in this Agreement shall be for indemnification pursuant to this Section
      5.

     

    5.2.  Obligation
      of the Transferees To Indemnify.
      The
      Transferees agree to indemnify, defend and hold harmless the Transferors (and
      their respective directors, officers, employees, affiliates, successors and
      assigns) from and against all Losses based upon, arising out of, or otherwise
      in
      respect of any inaccuracy in or any breach of (i) any representation, warranty,
      covenant or agreement of the Transferees contained in this Agreement and (ii)
      the ownership of the Interests on and after the Effective Date. After the
      Effective Date, the Transferors’ sole remedy for any breach of any
      representation or warranty of the Transferees expressly set forth in this
      Agreement shall be for indemnification pursuant to this Section 5.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.3.  Notice
      and Opportunity To Defend.

     

    (1)  Notice
      of Asserted Liability.
      Promptly after receipt by any party hereto (the “Indemnitee”)
      of
      notice of any demand, claim or circumstances, which, with a lapse of time,
      would
      or might give rise to a claim or the commencement (or threatened commencement)
      of any action, proceeding or investigation (the “Asserted
      Liability”)
      that
      may result in a Loss, the Indemnitee shall give notice thereof (the
“Claims
      Notice”)
      to any
      other party obligated to provide indemnification pursuant to Section 5.1 or
      5.2
      (“Indemnifying
      Party”).
      The
      Claims Notice shall describe the Asserted Liability in reasonable detail and
      shall indicate the amount (estimated if necessary and to the extent feasible)
      of
      the Loss that has been or may be suffered by the Indemnitee.

     

    (2)  Opportunity
      To Defend.
      The
      Indemnifying Party may elect to compromise or defend, at its own expense and
      by
      its own counsel, any Asserted Liability. If the Indemnifying Party elects to
      compromise or defend such Asserted Liability, it shall, within 30 days (or
      sooner, if the nature of the Asserted Liability so requires), notify the
      Indemnitee of its intent to do so, and the Indemnitee shall cooperate, at the
      expense of the Indemnifying Party, in the compromise of, or defense against,
      such Asserted Liability. If the Indemnifying Party elects not to compromise
      or
      defend the Asserted Liability, fails to notify the Indemnitee of its election
      as
      herein provided or contests its obligation to pay an indemnity under this
      Agreement, the Indemnitee may pay, compromise or defend such Asserted Liability.
      Notwithstanding the foregoing, neither the Indemnifying Party nor the Indemnitee
      may settle or compromise any claim over the objection of the other; provided,
      however,
      that
      consent to settlement or compromise shall not be unreasonably withheld. In
      any
      event, the Indemnitee and the Indemnifying Party may participate, at their
      own
      expense, in the defense of any such Asserted Liability. If the Indemnifying
      Party chooses to defend any claim, the Indemnitee shall make available to the
      Indemnifying Party any books, records or other documents within its control
      that
      are necessary or appropriate for such defense.

     

    Section
      6.  Notices.

     

    Any
      notice or communication under this Agreement shall be sufficiently given if
      in
      writing and mailed by first-class mail, postage prepaid, or delivered in person
      or by telex, telecopier or overnight air courier guaranteeing next day delivery,
      addressed as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If
      to
      Highcrest or MS Partners:

     

    Icahn
      Associates Corp.

    767
      Fifth
      Avenue

    New
      York,
      New York 10153

    Attention:
      Legal Department

    Telecopy
      No.: (212) 688-1158

     

    If
      to
      O&G Corp. or O&G LLC:

    

    c/o
      American Real Estate Holdings Limited Partnership 

    White
      Plains Plaza 

    445
      Hamilton Avenue - Suite 1210 

    White
      Plains, NY 10601 

    Attention:
      President

    Telecopy
      No.: (914) 614-7001

     

    Either
      of
      the above parties by notice to the other party may designate additional or
      different addresses for subsequent notices or communications. All notices and
      communications shall be deemed to have been duly given: at the time of delivery
      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 telecopier; and the next business day after timely
      delivery to the courier, if sent by overnight air courier guaranteeing next
      day
      delivery. If a notice or communication is given in the manner provided above
      within the time prescribed, it is duly given, whether or not such party receives
      it.

     

    Section
      7.  Amendment.

     

    Neither
      this Agreement nor any of the terms hereof may be terminated, amended,
      supplemented, waived or modified, except by an instrument in writing signed
      by
      the Transferees and the Transferors.

     

    Section
      8.  Successors
      and Assigns.

     

    All
      covenants and agreements in this Agreement made by or on behalf of the parties
      hereto shall bind and inure to the benefit of the respective successors and
      assigns of the parties hereto whether so expressed or not.

     

    Section
      9.  Counterparts.

     

    This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and such counterparts together shall
      constitute but one Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      10.  GOVERNING
      LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

     

    (a)  IN
      ACCORDANCE WITH SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW, THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CHOICE OF LAW PRINCIPLES)
      APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN AND THE OBLIGATIONS,
      RIGHTS, AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED
      IN
      ACCORDANCE WITH SUCH LAWS.

     

    (b)  ANY
      LEGAL
      SUIT, ACTION OR PROCEEDING AGAINST THE TRANSFEREE OR THE TRANSFEROR ARISING
      OUT
      OF OR RELATING TO THIS AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY, MAY
      BE
      INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, STATE OF
      NEW
      YORK AND THE TRANSFEREES AND THE TRANSFERORS EACH HEREBY WAIVE ANY OBJECTION
      WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT,
      ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF ENFORCING THIS AGREEMENT,
      THE TRANSFEREE AND THE TRANSFEROR EACH HEREBY IRREVOCABLY SUBMITS TO THE
      JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.

     

    (c)  EACH
      OF
      THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, AS AGAINST THE OTHER PARTIES
      HERETO, ANY RIGHTS IT MAY HAVE TO A JURY TRIAL IN RESPECT OF ANY CIVIL ACTION
      OR
      PROCEEDING (WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE), INCLUDING ANY
      COUNTERCLAIM, ARISING UNDER OR RELATING TO THIS AGREEMENT OR ANY OTHER OPERATIVE
      DOCUMENT, INCLUDING IN RESPECT OF THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT
      HEREOF OR THEREOF.

     

    Section
      11.  Severability.

     

    Any
      provision of this Agreement that may be prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof so long as the economic or legal substance for the
      transactions contemplated thereby is not affected in any manner adverse to
      any
      party. Any such prohibition or unenforceability in any jurisdiction shall not
      invalidate or render unenforceable such provision in any other
      jurisdiction.

     

    

     

    [remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    TRANSFERORS:

     

    HIGHCREST
      INVESTORS CORP.

     

    

     

    By:
      /s/ Keith Cozza_____________________________  

    Name: Keith
      Cozza

    Title: Vice
      President

     

    

    MEADOW
      STAR PARTNER LLC

     

    

     

    By:
      /s/ Keith Cozza_____________________________       

    Name: Keith
      Cozza

    Title:
       
      Treasurer

    

     

    TRANSFEREES:

     

    AREP
      O&G
      HOLDINGS LLC

    By:
      AREP
      Oil & Gas Holdings LLC, its sole member

    By:
      American Real Estate Holdings Limited Partnership, its sole member

    By:
      American Property Investors, Inc., its general partner

    

     

    By:
      /s/ Hillel Moerman_____________________________  

    Name: Hillel
      Moerman

    Title: Chief
      Financial Officer; Treasurer

     

    

    AREH
      OIL
&
      GAS CORP.

     

    

     

    By:
      /s/ Hillel Moerman_____________________________       

    Name: 
      Hillel
      Moerman

    Title:
       
      Chief
      Financial Officer; Treasurer

    

    [Interest
      Transfer Agreement, effective as of November 24, 2006, between Highcrest
      Investors Corp. and Meadow Star Partner LLC (as transferors) and AREP O&G
      Holdings LLC and AREH Oil & Gas Corp. (as transferees) Re: Meadow Star
      LLC]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    

     

    Transfers
      By Highcrest Investors Corp.

     

    
      	
              Transferee

            	
              Percentage
                of Interests

            
	 	 
	
              AREH
                Oil & Gas Corp.

            	
              95
                %

            
	
              AREP
                O&G Holdings LLC

            	
              4
                %

            

    

    

     

    

     

    Transfers
      By Meadow Star Partner LLC

     

    
      	
              Transferee

            	
              Percentage
                of Interests

            
	 	 
	
              AREP
                O&G Holdings LLC

            	
              1
                %Unassociated Document

    AGREEMENT
      OF LIMITED PARTNERSHIP

     

    OF
      ROME ACQUISITION LIMITED PARTNERSHIP

     

    This
      Agreement of Limited Partnership of Rome Acquisition Limited Partnership (the
      or
      this “Agreement”),
      a
      Delaware limited partnership (the “Partnership”),
      is
      entered into effective as of November 15, 2006 (the “Effective
      Date”)
      among
      WH Rome Partners LLC, a Delaware limited liability company, as a General Partner
      (“Macklowe”,
      in its
      capacity as a General Partner) and as a Limited Partner (“Macklowe
      Company”,
      in its
      capacity as a Limited Partner), and Meadow Star LLC, a Delaware limited
      liability company, as a General Partner (“Icahn”,
      in its
      capacity as a General Partner) and as a Limited Partner (“Icahn
      Company”,
      in its
      capacity as a Limited Partner). In consideration of the premises and covenants
      contained herein, the parties agree as of the Effective Date as
      follows:

     

    ARTICLE
      I

     

    CERTAIN
      DEFINITIONS

     

    Section
      1.1 Certain
      Terms.
      The
      definitions set forth in Exhibit A attached hereto shall apply to this
      Agreement.

     

    ARTICLE
      II

     

    NAME,
      OFFICE, BUSINESS

     

    Section
      2.1 Name.
      The
      name of the Partnership is “Rome Acquisition Partnership”, or such other name or
      variations thereof as may, from time to time, be selected by the General
      Partners or as may be necessary to comply with laws, rules or regulations
      applicable to the business of the Partnership.

     

    Section
      2.2 Registered
      Office in the State of Delaware: Agent for Service.
      The
      address of the Partnership’s registered office in the State of Delaware is c/o
      The Corporation Service Company, Corporation Trust Center, 2711 Conterville
      Rd.,
      Suite 400, Wilmington, County of New Castle, Delaware 19808. The name of the
      Partnership’s registered agent for service of process in the State of Delaware
      at such address is The Corporation Service Company or such other agent as may
      be
      designated from time to time by the General Partners.

     

    Section
      2.3 Business
      of the Partnership.
      The
      business of the Partnership shall be to engage in the acquisition of the Target
      and after the Closing Date to manage and/or sell certain properties as
      determined by the General Partners, and to do any and all other acts and things
      that the General Partners in their sole discretion may mutually
      decide.

     

    Section
      2.4 Location
      of Principal Place of Business.
      The
      location of the principal place of business of the Partnership is 445 Hamilton
      Avenue, Suite 1210, White Plains, NY 10601, or such other location as may from
      time to time be determined by the General Partners.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      2.5 Term.
      The
      term of the Partnership (the “Term”)
      shall
      commence with the filing with the Secretary of State of the State of Delaware
      of
      the Certificate of Limited Partnership of the Partnership on November 15, 2006
      and shall continue until December 31, 2011.

     

    ARTICLE
      III

     

    CAPITAL
      CONTRIBUTIONS

     

    Section
      3.1 Initial
      Capital Contributions.
      By no
      later than November 27, 2006, the initial aggregate capital contributions of
      all
      of the Partners shall be U.S. $1,200,000,000.00 (the “Initial
      Capital Commitment”),
      subject to the conditions set forth in this Section 3.1. Each Partner hereby
      agrees to contribute to the Partnership by
      no
      later than November 27, 2006, a capital contribution (with respect to each
      Partner an “Initial
      Capital Contribution”)
      in
      cash in the amount set forth next to such Partner’s name on Schedule A hereto;
      provided, however, that (I) no such capital contributions shall be required
      and
      (II) to the extent that such
      capital contributions shall have been made, such capital contributions shall
      be
      returned to any Partner upon its request unless (x)
      the
      price
      to be paid per Target Security pursuant to the definitive
      agreement between the Partnership or its wholly-owned subsidiary and the Target
      providing for the acquisition of the Target
      (the
“Acquisition
      Agreement”)
      does
      not exceed $49.00 per Target Security and (y) the aggregate amount of equity
      required to consummate the acquisition of Target pursuant to the Acquisition
      Agreement does not exceed (without taking into account any of the Shared
      Expenses) the Initial Capital Commitment. Any breach by a Partner of this
      Section 3.1 shall constitute a “Failure
      to Contribute”
      hereunder, and any Partner that so breaches this Agreement shall constitute
      a
“Non-Contributing
      Partner.”
The
      General Partner that is a member of the General Partner Group that does not
      have
      the Non-Contributing Partner shall be entitled to collect from the other General
      Partner that is a member of the General Partner Group that does have the
      Non-Contributing Partner, and such General Partner shall pay to the General
      Partner that is so entitled to collect or its designee, an amount equal to
      $60,000,000 (the “Failure
      to Contribute Amount”).
      Notwithstanding anything in this Agreement to the contrary, the Failure to
      Contribute Amount shall be the sole and exclusive remedy against a
      Non-Contributing Partner with respect to any Failure to Contribute.

     

    Section
      3.2 Additional
      Capital Contributions.
      After
      the
      Effective Date, the General Partners may from time to time attempt to agree
      on
      additional capital commitments to the Partnership. If the General Partners
      agree
      on the amount of an additional capital commitment of each General Partner (in
      each case, and with respect to each General Partner, an “Additional
      Capital Commitment”),
      they
      will enter into such commitment by executing a commitment letter (in each case
      a
“Commitment
      Letter”)
      and
      deliver it to the General Partners and the Partnership, and Icahn and Macklowe
      will each thereby become bound to make an additional capital contribution (in
      each case and with respect to each General Partner, an “Additional
      Capital Contribution”)
      to the
      Partnership up to the amount of an Additional Capital Commitment agreed upon
      in
      such Commitment Letter at the written request of one General Partner to the
      other General Partner (in each case a “Capital
      Contribution Request Letter”),
      which
      request shall set forth an amount of an Additional Capital Contribution that
      each General Partner shall contribute to the Partnership. Also, each of Icahn
      and Macklowe shall be entitled, from time to time, to make an Additional Capital
      Contribution to the Partnership (the “Contribution
      Right”),
      provided the aggregate of all Additional Capital Contributions contributed
      by
      such General Partner to the Partnership from the date of the last in time
      Commitment Letter does not exceed the Additional Capital Commitment of such
      General Partner set forth in such Commitment Letter. Each of Icahn and Macklowe
      may, in its sole and absolute discretion, choose to make an Additional Capital
      Contribution hereunder by causing each of Icahn Company and Macklowe Company,
      respectively, to make such Additional Capital Contribution. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Section
      3.3 Obligation
      to Contribute.
      Each of
      Icahn and Macklowe shall cause each of Icahn Company and Macklowe Company,
      respectively, to make an Additional Capital Contribution to the Partnership
      on
      the date, in the amount and otherwise in accordance with the terms prescribed
      by
      a Capital Contribution Request Letter, provided that such Additional Capital
      Contribution does not cause such General Partner to make an Additional Capital
      Contribution beyond its Additional Capital Commitment pursuant to the last
      in
      time Commitment Letter.

     

    Section
      3.4 No
      Right or Obligation.
      Except
      as otherwise provided in this Agreement or required by law, no Partner shall
      be
      obligated to or have a right to make an additional Capital Contribution to
      the
      Partnership.

     

    Section
      3.5 Form
      of Capital Contribution.
      Capital
      Contributions to the Partnership shall be made in cash only.

     

    Section
      3.6 No
      Interest on Capital Contributions.
      No
      Partner shall be entitled to interest on or with respect to any Capital
      Contribution or any amounts to be paid to such Partner pursuant to this
      Agreement.

     

    Section
      3.7 Distribution
      and Return on Capital Contributions.
      Except
      as otherwise unanimously agreed to by the General Partners, no Partner shall
      be
      entitled to a return of any part of its Capital Contributions or to receive
      any
      distributions from the Partnership.

     

    Section
      3.8 Expenses.
      

     

    Internal
      Expenses.
      For
      avoidance of doubt, each Partner shall be responsible for its own internal
      expenses related to or arising out of its activities outside of the Partnership
      and shall not have any right of reimbursement by the Partnership of such
      expenses. 

     

    Shared
      Expenses.
      The
      Partners shall bear, pro rata in accordance with their respective Capital
      Accounts , (i) all fees and expenses of the financial advisors, legal advisor
      and accounting firm engaged by either General Partner on behalf of the
      Partnership in connection with the preparation and submission of a proposal
      with
      respect to the acquisition of Target, the negotiation and execution of the
      Acquisition Agreement and taking the other actions contemplated by this
      Agreement with respect to the proposed acquisition of Target and (ii) other
      third-party costs incurred by one General Partner on behalf of the Partnership
      in connection with the preparation and submission of a proposal with respect
      to
      the acquisition of Target, the negotiation and execution of the Acquisition
      Agreement and taking the other actions contemplated hereunder as unanimously
      approved by the General Partners, including any costs associated with
      structuring any debt financing for the acquisition of Target; provided that
      the
      fees and expenses described in both clauses (i) and (ii) above are incurred
      with
      the unanimous consent of each General Partner (the “Shared
      Expenses”);
      and
      provided, further and notwithstanding that Shared Expenses must be approved
      by
      the unanimous consent of each General Partner, that if Icahn (x) has paid to
      the
      Partnership its pro rata share (based
      on
      the amount set forth next to Icahn’s name on Schedule A) of any Shared Expenses
      and (y) requests that Macklowe pay to the Partnership its
      pro
      rata share (based
      on
      the amount set forth next to Macklowe’s name on Schedule A) of such Shared
      Expenses, then, within three (3) business days of such request, Macklowe shall
      pay to the Partnership its pro rata share of such Shared Expenses. In the event
      that Macklowe does not make the foregoing payment to the Partnership within
      such
      three (3) business days period, Icahn shall
      be
      entitled to collect from Macklowe, and Macklowe shall pay to Icahn or its
      designee, the Failure to Contribute Amount. Notwithstanding anything in this
      Agreement to the contrary, the Failure to Contribute Amount shall be the sole
      and exclusive remedy against Macklowe with respect to any failure to pay to
      the
      Partnership its pro rata share of any Shared Expenses in accordance with this
      Section 3.8(b).

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Repayment
      of Debt.
      If the
      General Partners unanimously elect, or are required by one or more third
      parties, to repay or repurchase at the Closing Date (or thereafter in connection
      with the sale of properties) any indebtedness of Target or any subsidiary of
      Target, at the Closing Date (or thereafter in connection with the sale of
      properties), the Partners shall pay in cash such indebtedness plus any costs,
      expenses or fees associated with such repayment or repurchase, including without
      limitation any prepayment fees or penalties, to be repaid, pro rata
      in
      accordance with their respective Capital Accounts. For these purposes,
“indebtedness” shall be deemed to include the costs of unwinding any interest
      rate swaps, caps, treasury locks and other derivatives and hedges associated
      with the indebtedness that is being repaid.

     

    ARTICLE
      IV

     

    ALLOCATION
      OF PROFITS AND LOSSES

     

    Section
      4.1 Allocation
      of Profits and Losses.

     

    Allocation
      of Profits.
      Profits
      for each Accounting Period shall be allocated among the Partners in accordance
      with the positive balances of their Capital Accounts as of the beginning of
      such
      Accounting Period.

     

    Allocation
      of Losses.
      Losses
      for each Accounting Period shall be allocated among the Partners in accordance
      with the positive balances of their Capital Accounts as of the beginning of
      the
      Accounting Period.

     

    Timing
      of Allocations.
      Allocations of Profits and Losses as provided in this Section 4.1 shall be
      made
      as of the end of each Accounting Period.
      

     

    Section
      4.2 Additional
      Allocation Provisions.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Except
      as
      provided below in this Section 4.2, the net profits and net losses of the
      Partnership, as determined for Federal income tax purposes, shall be allocated
      in the same manner as Profits and Losses are allocated under Sections 4.1
      hereof.

     

    Notwithstanding
      the foregoing provisions of this Article IV hereof, the aggregate General
      Partner’s interest in each item of Partnership income, gain, loss, deduction or
      credit shall equal at least 1% of each of those items at all times during the
      existence of the Partnership. In determining each General Partner’s interest in
      those items, any Limited Partner’s interest owned by such General Partner shall
      not be taken into account.

     

    Notwithstanding
      the provisions of Article IV hereof, items of Partnership income, gain, loss
      or
      deduction, as determined for Federal income tax purposes, shall be specially
      allocated to the Partners to eliminate the difference between the adjusted
      tax
      basis and the book value of such Target Securities, in accordance with the
      principles of Code § 704(c), the Treasury
      Regulations there-under, and Treasury Regulations § 1.704-1(b)(4)(i);
provided,
      however,
      that in
      the event of a withdrawal of a Partner, the General Partners other than a
      withdrawing Partner, acting together by unanimous agreement, shall have
      reasonable discretion to specially allocate items of Partnership income, gain,
      loss or deduction, as determined for Federal income tax purposes, first to
      the
      withdrawing Partner in order to eliminate any disparity between such withdrawing
      Partner’s adjusted tax basis in its Partnership Interest and its Capital Account
      immediately prior to such withdrawal.

     

    ARTICLE
      V

     

    DISTRIBUTION,
      WITHDRAWAL
      AND
      BUY-SELL
      OFFER

     

    Section
      5.1 Distribution
      of Available Cash and Property.
      The
      General Partners may from time to time, in their sole discretion, acting
      together by unanimous agreement, distribute to the General Partners and the
      Limited Partners, pro rata in accordance with the relative positive balances
      of
      their Capital Accounts, cash or other property held by the Partnership,
      determined by the General Partners, in their sole discretion, acting together
      by
      unanimous agreement, to be available for distribution. Any withholding tax
      imposed with respect to a distribution to a Partner shall be deemed to be a
      distribution. 

     

    Section
      5.2 Withdrawal.
      Except
      pursuant to Section 5.3 (“Buy-Sell
      Offer”)
      or
      Article VII (“TRANSFERS OF INTERESTS BY PARTNERS”), no Partner shall have the
      right to withdraw from the Partnership and no Partner shall withdraw from the
      Partnership under any circumstances or make a demand for withdrawal of any
      or
      all of its Capital Contributions.

     

    Section
      5.3 Buy-Sell
      Offer.
      Any
      General Partner Group (the “Initiating
      Partners”)
      may at
      any time (i) after the ninetieth (90th)
      day
      after the Closing Date and (ii) after notice to the other General Partner Group
      that the General Partners fail to unanimously agree pursuant to Section 6.2
      on
      any action under this Agreement, deliver to Icahn, with respect to Icahn Group,
      or Macklowe, with respect to Macklowe Group (with respect to either Icahn Group
      or Macklowe Group, as the case may be, the “Non-Initiating
      Partners”)
      an
      offer (the “Buy-Sell
      Offer”)
      in
      writing stating the purchase price on a per unit or percentage basis at which
      the Initiating Partners and/or their Affiliate(s) designated by the Initiating
      Partners in the Buy-Sell Offer (each an “Initiating
      Designee”
and
      collectively “Initiating
      Designees”)
      are
      willing to purchase from the Non-Initiating Partners or sell to the
      Non-Initiating Partners all (but not less than all) Interests in the Partnership
      held in the case of a purchase by the Non-Initiating Partners, and in the case
      of a sale by the Initiating Partners.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Icahn
      or
      Macklowe, as the case may be, on behalf of the Non-Initiating Partners, shall
      then be obligated to elect to:

     

    
      	 	
              (i)

            	
              sell
                to the Initiating Partners and/or Initiating Designees, as the case
                may
                be, all (but not less than all) Interests in the Partnership then
                owned by
                the Non-Initiating Partners at the purchase price and upon the terms
                and
                conditions set forth in the Buy-Sell Offer;
                or

            

    

     

    
      	 	
              (ii)

            	
              purchase
                from the Initiating Partners on their own and/or through their
                Affiliate(s) designated by the Non-Initiating Partners and disclosed
                to
                the Initiating Partners in writing (each a “Non-Initiating
                Designee”
                and collectively “Non-Initiating
                Designees”)
                all (but not less than all) Interests in the Partnership at the purchase
                price and upon the terms and conditions set forth in the Buy-Sell
                Offer.

            

    

     

    Icahn
      or
      Macklowe, as the case may be, on behalf of the Non-Initiating Partners, shall
      give written notice of such election to the Initiating Partners within thirty
      (30) days after receipt of the Buy-Sell Offer. Failure of Icahn or Macklowe,
      as
      the case may be, on behalf of the Non-Initiating Partners, to give the
      Initiating Partners notice of their election within said 30-day period shall
      conclusively be deemed to be an election under clause (i) above.

     

    The
      closing of any purchase and sale of Interests in the Partnership pursuant hereto
      shall occur no later than ten (10) days following the delivery of the notice
      of
      election set forth above or such earlier date as shall be specified in writing
      by the Purchasing Partners, unless an approval for the consummation of the
      foregoing transaction is required from any Regulatory Authority, in which case
      such closing shall take place no later than 10 days following such approval.
      At
      any closing pursuant to this section, a General Partner Group which is selling
      Interests in the Partnership, whether such General Partner Group shall be of
      the
      Initiating Partners or the Non-Initiating Partners who elect to sell (the
“Exiting
      Partners”),
      shall
      sell, transfer and assign to the other General Partner Group purchasing such
      Interests and the Target Securities (the “Purchasing
      Partners”)
      all
      right, title and interest in and to the Exiting Partners’ Interests in the
      Partnership free and clear of all liens, claims and encumbrances, the Purchasing
      Partners shall pay for such interests and Interests in cash or immediately
      available Federal funds and, at the request of the Purchasing Partners, the
      Exiting Partners shall execute all other documents and take such other actions
      as may be reasonably necessary or desirable to effectuate the transfer of the
      Interests in the Partnership and to carry out the purposes of this
      Agreement.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    In
      the
      event, the Exiting Partners fail to comply with the closing procedure set forth
      above, the Purchasing Partners may, in their discretion, chose to deliver to
      the
      Partnership and the Exiting Partners a Payment Notice (as defined below), and
      the Partnership and the Exiting Partners shall abide by the procedure set forth
      in the Payment Notice.

     

    Section
      5.4 Material
      Breaches
      of
      Section 5.3.
      Any
      breach
      by a Partner of Section 5.3 (“Buy-Sell Offer”) shall constitute a “Material
      Breach”
      hereunder, and any Partner that is in “Material Breach” shall constitute a
“Subject
      Partner.”
The
      General Partner, that is a member of the General Partner Group that does not
      have the Subject Partner as its member, and/or its Affiliate(s) designated
      by
      such General Partner shall be entitled to purchase (without any obligation
      to do
      so) (the “Purchase
      Option”)
      all
      (but not less than all) of the Interests of the General Partner Group that
      has
      the Subject Partner as its member at price equal to seventy five percent (75%)
      of the Capital Account of that General Partner Group on the date of the Material
      Breach by tendering to the Partnership and such Subject Partner a payment notice
      (a “Payment
      Notice”)
      at any
      time after the Material Breach, which Payment Notice shall set forth the
      procedure for the payment for the Interest in immediately available Federal
      funds, and the Partnership and the Subject Partner shall abide by such
      procedure. The Subject Partner shall be deemed to have waived any defenses
      it
      may have to the purchase of its Interest pursuant to the Purchase Option.
      Notwithstanding the foregoing,
      nothing
      herein shall be construed as a waiver of any other rights or remedies that
      the
      Partnership and/or each of its Partners may have against the Subject Partner
      at
      law or in equity, including damages for any breach of this Agreement, whether
      or
      not the Purchase Option is exercised.

     

    ARTICLE
      VI

     

    POWERS
      RIGHTS AND DUTIES OF THE GENERAL PARTNER

     

    Section
      6.1 Authority.
      Except
      as otherwise specifically stated herein, the General Partners, acting together
      by unanimous agreement, shall have exclusive and complete authority and
      discretion to manage the operations and affairs of the Partnership and to make
      all decisions regarding the business of the Partnership. 

     

    Section
      6.2 Powers
      and Duties of General Partner.
      The
      General Partners shall be solely responsible for the administration of the
      Partnership and any act by the Partnership shall, except as otherwise set forth
      in ARTICLE III (“CAPITAL CONTRIBUTIONS”) and Section 5.3 (“Buy-Sell Offer”)
      hereof, require the unanimous approval of the General Partners, including,
      without limitation, (i) admission of any other person as a Partner, (ii) any
      matter relating to any transaction between the Partnership or any entity
      controlled by the Partnership and any General Partner or Limited Partner, (iii)
      any distributions to the Partners (iv) determining to require any Capital
      Contribution from the Partners, (v) except as set forth in Section 5.3 hereof,
      the taking of any action by the Partnership prior to the acquisition of any
      Target Securities, (vi) a change in the purpose of the Partnership, (vii) the
      dissolution of the Partnership, (viii) the sale or purchase of Target Securities
      by the Partnership or the voting of Target Securities by the Partnership but
      not
      by any Partner or any of its Affiliates (other than the Partnership), (ix)
      appointment of and/or delegation of authority to one General Partner or any
      representative of any General Partner to represent the Partnership and/or each
      of the General Partners in any specific affairs, undertakings, matters or
      projects of the Partnership during a specific time or period, and in any event,
      until one General Partner objects to such appointment or delegation by giving
      written notice of such objection to the other General Partner and therefore
      revokes its consent (x) public disclosure of the plans, strategies or affairs
      of
      the Partnership and (xi) sales of any assets of the Partnership. Except as
      otherwise specifically provided herein, the General Partners, acting by
      unanimous agreement, shall have (x) all rights and powers of a general partner
      under the Uniform Act; (y) all authority, rights and powers in the management
      of
      the Partnership business to do any and all other acts and things necessary,
      proper, convenient or advisable to effectuate the purpose of this Agreement,
      to
      carry on the business of the Partnership and/or as permitted by law and (z)
      the
      sole power to approve a transfer, domestication, continuance, merger,
      consolidation or conversion of the Partnership.
      From
      time to time, the General Partners may, by unanimous consent, appoint one or
      more officers or agents (which may be a General Partner) to act on behalf of
      the
      Partnership with respect to such matters and affairs as shall have been
      specified in such appointment. Either General Partner may revoke such
      appointment at any time to be effective as set forth in written notice given
      by
      the General Partner desiring to make such revocation to the other General
      Partner and such appointee.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    Section
      6.3 Liability.
      Except
      as otherwise specifically provided in this Agreement, no member of a General
      Partner Group or/and no Affiliate of a General Partner shall be personally
      liable for the return of any portion of the Capital Contributions of any of
      the
      General Partners or of the Limited Partners or shall be required to pay to
      the
      Partnership or any Limited Partner any deficit in any Partner’s Capital Account.
      Except as otherwise specifically provided in this Agreement, no General Partner,
      former, present or future Partner, member, officer, director, stockholder,
      employee, agent or Affiliate of a General Partner shall be liable, responsible
      or accountable to the Partnership or any Limited Partner for (a) any act or
      omission performed or omitted by any of them, or for any costs, damages or
      liabilities arising therefrom, or by law, unless that act or omission was
      performed or omitted fraudulently or in bad faith or through negligence or
      gross
      negligence or intentional misconduct; or (b) except as provided in clause (a)
      of
      this Section 6.3 with respect to the Person who performed or omitted such acts,
      any costs, damages or liabilities due to the negligence, dishonesty or bad
      faith
      of any employee, officer, broker, consultant or other agent of the Partnership,
      selected, engaged and retained in good faith by a General Partner.

     

    Section
      6.4 Indemnification.
      (a) The
      Partnership shall:

     

    (i) indemnify
      and hold harmless each member of the General Partner Group and Affiliates of
      each General Partner and the respective personal representatives, heirs,
      successors in interest and assignees of any thereof (each, an “Indemnified
      Party”),
      from
      and against any and all damages incurred or suffered by any Indemnified Party
      arising out of or in connection with the Partnership’s business or affairs;
provided,
      however,
      that
      the Partnership shall not indemnify or hold harmless any Indemnified Party
      with
      respect to any act or omission which was performed or omitted fraudulently
      or in
      bad faith by it; and

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (ii) advance
      to any Indemnified Party expenses for which the Partnership is required to
      indemnify the Indemnified Party pursuant to this Section 6.4 subject to the
      undertaking of the Indemnified Party to repay such advances if it is ultimately
      determined that such Indemnified Party is not entitled to be
      indemnified.

     

    Survival.
      The
      exculpation provided in Section 6.3 hereof and the indemnification provided
      in
      this Section 6.4 shall survive any termination of this Agreement. Any Person
      entitled to exculpation pursuant to Section 6.3 hereof and/or indemnification
      pursuant to this Section 6.4 shall remain entitled to such exculpation and/or
      indemnification to the same extent as prior to any of the following events
      with
      respect to any matter arising or occurring prior to such event and shall have
      no
      liability with respect to any matter arising after such event: (i) such Person
      ceases to be a partner, member, officer, director, stockholder, employee, agent
      or Affiliate of a General Partner or its Affiliates; or (ii) a General Partner
      ceases to be one of the general partners of the Partnership, unless such Person
      is a partner, member, officer, director, stockholder, employee, agent or
      Affiliate of a permitted hereunder successor to such General
      Partner.

     

    Repayment.
      If it
      shall ultimately be determined that the Indemnified Party is not entitled to
      the
      indemnification provided by this Section 6.4, the Indemnified Party
      shall promptly
      repay to the Partnership the amount of any expenses advanced to such Indemnified
      Party and the amount of all costs of the Partnership in providing
      indemnification pursuant to this Agreement.

     

    Section
      6.5 Management
      of Acquired Assets.
      To the
      extent that customary property management services are required with respect
      to
      any property acquired under the Acquisition Agreement, services may be provided
      by Icahn, Macklowe or an outside manager in exchange for payment of customary
      management fees in amounts to be agreed to by the General Partners, acting
      together by unanimous agreement, provided, however that if Icahn desires to
      undertake such customary management services through one of its Affiliates,
      Icahn shall be entitled to do so in exchange for payment of customary management
      fees without any consent requirement from any other Partners. In the event
      Icahn
      undertakes such management services through one of its Affiliates and Macklowe
      is not satisfied, in its sole discretion, with Icahn’s Affiliates performance of
      such management services, Macklowe shall be entitled to initiate a Buy-Sell
      Offer pursuant to the terms of Section 5.3 hereof without regard to clause
      (ii)
      of the first paragraph of Section 5.3, and notwithstanding anything in this
      Agreement to the contrary, this shall be the sole and exclusive remedy against
      Icahn with respect to any performance or failure to perform such management
      services.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    ARTICLE
      VII

     

    TRANSFERS
      OF INTERESTS BY PARTNERS

     

    Section
      7.1 General
      Partner Transfer.
      Notwithstanding
      any other provision of this Agreement but subject to Section 5.3 hereof, a
      General Partner may not and may not cause, permit or suffer to occur, any sale,
      assignment, pledge or other encumbrance or disposition (collectively
“Transfer”)
      of all
      or a portion of its General Partnership Interest in the Partnership (including
      any direct or indirect beneficial interest therein), directly or indirectly,
      including without limitation, as a result of any Transfer of such General
      Partner’s securities, stock or other ownership interest (including any direct or
      indirect beneficial interest therein) or any Transfer by any Person directly
      or
      indirectly controlling such General Partner of its securities, stock or other
      ownership interest (including any direct or indirect beneficial interest
      therein), to any Person other than: (i) to an Affiliate that agrees to be bound
      by this Agreement and the terms hereof pursuant to documents reasonably
      acceptable to the other General Partner; or (ii) pursuant to the procedure
      set
      forth in Section 5.3.

     

    Section
      7.2 Transfer
      of Limited Partner’s Interest.
      (a) Notwithstanding
      any other provision of this Agreement but subject to Section 5.3 hereof, a
      Limited Partner may not and may not cause, permit or suffer to occur, any
      Transfer of all or a portion of its Limited Partnership Interest in the
      Partnership (including any direct or indirect beneficial interest therein),
      directly or indirectly, including without limitation, as a result of any
      Transfer of such Limited Partner’s securities, stock or other ownership interest
      (including any direct or indirect beneficial interest therein) or any Transfer
      by any Person directly or indirectly controlling such Limited Partner of its
      securities, stock or other ownership interest (including any direct or indirect
      beneficial interest therein), to any Person (unless to an Affiliate that agrees
      to be bound by this Agreement and the terms hereof pursuant to documents
      reasonably acceptable to the General Partners) that agrees to be bound by this
      Agreement and the terms hereof or the following conditions are met:

     

    (i) the
      General Partners give their unanimous written consent to the Transfer (which
      consent may be withheld in the sole discretion of each of the General
      Partners);

     

    (ii) the
      Regulatory Authority gives its written consent, if necessary, to the Transfer;
      and

     

    (iii) an
      instrument of Transfer, and any other documents and opinions, in form and
      substance satisfactory to all of the General Partners executed by both the
      transferor and transferee of the Interest or portion thereof shall be delivered
      to the General Partners and the transferee, shall, if so requested, assume
      the
      obligations, if any, of the transferor to the Partnership allocable to the
      Interests or portion thereof transferred.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    No
      transferee of a Limited Partner’s Interest shall become a Substituted Limited
      Partner unless the transfer shall be made in compliance with clauses (i) through
      (iii) of Section 7.2(a) hereof and the transferee (1) if any of the General
      Partners requests, executes a subscription agreement containing representations,
      warranties and other provisions as such requesting General Partner reasonably
      deems to be necessary or appropriate under then existing applicable law;
(3)
      each
      of the General Partners shall give its prior written consent, which consent
      may
      be withheld in the sole discretion of any of the General Partners; and (3)
      the
      transferring Limited Partner and the transferee shall have executed and
      acknowledged such other instruments as any of the General Partners may deem
      reasonably necessary or appropriate.

     

    Each
      Limited Partner agrees that such Limited Partner will pay all reasonable costs
      and expenses, including, without limitation, attorneys fees and the cost of
      the
      preparation, filing and publishing of any amendment to any certificate of the
      Partnership, incurred by the Partnership in connection with a transfer by or
      to
      it.

     

    Any
      Limited Partner which shall transfer all of its Interest shall cease to be
      a
      Limited Partner upon the admission of a Substituted Limited Partner in its
      stead. Anything herein to the contrary notwithstanding, until such time as
      the
      transferee of an Interest has been admitted into the Partnership as a
      Substituted Limited Partner or each of the General Partners has determined
      that
      the requirements of Sections 7.2(a) hereof for transfer of an Interest have
      been
      satisfied, both the Partnership and the General Partners shall be entitled
      to
      treat the transferor of such Interest as the absolute owner thereof in all
      respects.

     

    In
      the
      event of the transfer of a Partner’s Interest at any time other than the end of
      the Partnership’s Fiscal Year, the distributive shares of the various items of
      Partnership income, gain, loss, deduction and credit as computed for purposes
      of
      Federal income tax shall be allocated between the transferor and the transferee
      on such basis as the transferor and the transferee shall agree; provided,
      however,
      that no
      allocation shall be effective unless (i) the transferor and transferee shall
      have given each of the General Partners written notice prior to the effective
      date of the transfer, stating
      their agreement that the allocation shall be made on such basis; (ii) each
      of
      the General Partners shall have consented, in its sole discretion, to the
      allocation, and (iii) the transferor and the transferee shall have agreed to
      reimburse the Partnership for any incremental accounting fees, attorneys’ fees
      and other expenses incurred by the Partnership in making the
      allocation.

     

    Section
      7.3 Transferees
      Bound by Agreement.
      Any
      successor or transferee of a Partner and any Substituted Limited Partner shall
      be subject to and bound by all of the provisions of this Agreement as if
      originally a party to this Agreement.

     

    Section
      7.4 Improper
      Transfers are Void.
      Any
      purported transfer of an Interest (or any beneficial interest therein) which
      is
      not made in compliance with this Agreement is hereby declared to be null and
      void and of no force and effect whatsoever.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    ARTICLE
      VIII

     

    DISSOLUTION
      OF THE PARTNERSHIP

     

    Section
      8.1 Causes
      of Dissolution.
      The
      Partnership shall be dissolved upon the earliest of:

     

    The
      expiration of its Term as provided in this Agreement;

     

    The
      unanimous determination by all of the General Partners in their sole discretion
      to dissolve;

     

    The
      entry
      of a decree of judicial dissolution;

     

    The
      failure by the General Partners to agree on any additional capital commitments
      pursuant to Section 3.2 hereof; or

     

    Any
      act
      or event specified in the Uniform Act § 17-801 or any successor provision
      thereto.

     

    Section
      8.2 Prohibition
      of Dissolution.
      Without
      unanimous consent of the General Partners,
      a
      Partner shall not (i) act (ii) fail to act or (iii) cause any action or
      inaction, if any of the foregoing leads to, results in, or causes, directly
      or
      indirectly, a dissolution of the Partnership.

     

    ARTICLE
      IX

     

    WINDING
      UP, TERMINATION AND LIQUIDATION DISTRIBUTIONS

     

    Section
      9.1 Winding
      Up.
      a)
      In the
      event of the dissolution of the Partnership for any reason set forth in Section
      8.1 hereof, the General Partners shall wind up the affairs of the Partnership
      and liquidate the Partnership Property.

     

    The
      Partners shall continue to share Profits and Losses during the period of
      liquidation in accordance with Article IV hereof. The General Partners may,
      in
      their sole discretion, acting together by unanimous agreement, determine the
      time, manner and terms of any sale or sales of the assets of the Partnership
      pursuant to the liquidation.

     

    In
      the
      event of the dissolution of the Partnership, the General Partners, acting
      together by unanimous agreement, shall have the right to dispose of the goodwill
      and all of the Partnership’s books and papers in any manner as they may deem
      advisable, including to an entity that will continue the Partnership and its
      business, which may be an Affiliate of any of the General Partners. If the
      business of the Partnership is continued, or the goodwill, if any, sold or
      otherwise disposed of, any non-continuing Partner shall have no claim against
      the assets of the Partnership, or any Partner thereof, or against the successor
      or continuing entity, in any other respect, and shall not be entitled to
      participate in or derive any benefit from, any use or disposition of the name,
      goodwill, books or offices of the Partnership.

     

    Section
      9.2 Distributions
      Upon Liquidation.
      Subject
      to the right of the General Partners to set up cash reserves, as they may deem
      necessary or appropriate, acting together by unanimous agreement, the proceeds
      of the liquidation of the Partnership Property, after payment or adequate
      provision for the payment of all
      debts
      and obligations of the Partnership, shall be distributed pro rata
      to the
      Partners in accordance with their respective Capital Accounts.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Section
      9.3 Termination.
      The
      Partnership shall terminate when all Partnership Property shall have been
      disposed of and distributions made as provided in Section 9.2 hereof. The
      General Partners shall then execute and cause to be filed a Certificate of
      Cancellation of the Partnership.

     

    ARTICLE
      X

     

    BOOKS
      AND
      RECORDS, REPORTS, FISCAL YEAR

     

    Section
      10.1 Books
      and Records.
      True
      and complete books of account and records are to be kept by the Partnership
      and
      shall be available for inspection by each Partner.

     

    Section
      10.2 Reports.
      As soon
      as practicable after the end of each Fiscal Year other than the Fiscal Year
      in
      which the Partnership was formed, the General Partners shall cause the
      Partnership to send to each Person who was a Partner at any time during such
      Fiscal Year, an annual statement indicating such Partner’s share of the
      Partnership’s taxable income or loss, capital gain or loss, and other items
      relevant for Federal income tax or other tax purposes. The General Partners
      will
      make annual financial statements for the Partnership, other than for the Fiscal
      Year in which the Partnership was formed, available to Limited Partners upon
      reasonable request.
      The
      General Partners shall cause the Partnership to furnish each General Partner
      with separate accounting statements for the Partnership’s brokerage and trading
      businesses. Each Partner shall provide the Partnership with copies of any
      reports, filings or other documents (collectively the “Regulatory
      Documents”)
      that
      such Partner files with, delivers to or makes otherwise available to
      (collectively “Files”)
      any
      Regulatory Authority, in connection with or in relation to the Interest of
      such
      Partner in the Partnership immediately after such Partner Files the Regulatory
      Documents, and the General Partners shall cause the Partnership to furnish
      each
      General Partner with the Regulatory Documents.

     

    Section
      10.3 Fiscal
      Year.
      The
      fiscal year of the Partnership (the “Fiscal
      Year”)
      shall
      be from January 1 through December 31 of each year or portion thereof during
      which the Partnership is in existence.

     

    ARTICLE
      XI

     

    AMENDMENT
      OF PARTNERSHIP AGREEMENT

     

    Section
      11.1 Approval
      of Amendments.
      Amendments to this Agreement may be made by the General Partners, acting
      together by unanimous agreement, without the consent of any Limited Partner
      through use of the power of attorney described in Section 14.1 hereof if those
      amendments are (i) of a non-material nature, as determined by the General
      Partners; (ii) for the purpose of creating a new class or classes of Limited
      Partnership Interests, admitting additional Limited Partners or reflecting
      the
      withdrawal of Limited Partners; (iii) necessary to maintain the Partnership’s
      status as a partnership according to § 7701(a)(2) of the Code; (iv) necessary to
      preserve the validity of any and all allocations of Partnership income, gain,
      loss or deduction pursuant to § 704(b) of the Code; or (v) contemplated by this
      Agreement. Amendments to this Agreement other than those described in the first
      sentence of this Section 11.1 may be made only if embodied in an instrument
      signed by all of the General Partners and a Majority-in-Interest of the Limited
      Partners, provided,
      however,
      that
      any amendment to this Agreement pertaining to the rights, preferences,
      priorities, powers, limitations and/or restrictions with respect to the Limited
      Partners of a particular class or classes of Limited Partnership Interest need
      only be signed by all of the General Partners
      and a Majority-in-Interest of the Limited Partners of each such class of Limited
      Partnership Interest. Any supplemental or amendatory agreement shall be adhered
      to and have the same effect from and after its effective date as if the same
      had
      originally been embodied in, and formed a part of, this Agreement. The General
      Partners shall cause the Partnership to give written notice to all Partners
      promptly after any amendment has become effective. Any amendment to this
      Agreement must be in writing.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    ARTICLE
      XII

     

    TAX
      MATTERS

     

    Section
      12.1 Tax
      Matters Partner.
      The
      General Partners will jointly select, at the expense of the Partnership, an
      accounting firm to review a draft of each tax return to be filed by the
      Partnership, and each Partner shall also be afforded the opportunity to review
      and comment on the draft of such tax return. The Tax Matters Partner shall
      prepare and file all tax returns and execute any agreements or other documents
      relating to tax matters on behalf of the Partnership, provided, however, that
      the Tax Matters Partner will not settle any administrative proceeding before
      a
      taxing authority, or commence or settle a judicial proceeding, without the
      consent of Macklowe, such consent not to be unreasonably withheld or delayed.
      The Tax Matters Partner is authorized to make an election under Section 754
      of
      the Code upon the request of either Partner and may make other elections for
      federal, state, local and foreign tax purposes as permitted by applicable law;
      provided, however, that any such other election shall not be made without the
      consent of Macklowe, such consent not to be unreasonably withheld or delayed.
      Icahn shall be and is specifically authorized to act as the “Tax Matters
      Partner.”

     

    ARTICLE
      XIII

     

    STANDSTILL

     

    Section
      13.1 Standstill.
      (a) For
      avoidance of doubt, prior
      to
      the Execution Date, Partners and their respective Affiliates will be free to
      purchase the Target Securities without any restrictions hereunder. During the
      Standstill Period, a Partner shall not, other than through its participation
      in
      the Partnership, and shall cause its Affiliates not to, and a former Partner
      shall not, and shall cause its Affiliates not to, directly or
      indirectly: 

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    (i) acquire,
      announce an intention to acquire, offer or propose to acquire, solicit an offer
      to sell or agree to acquire, by purchase, by gift, by joining or taking an
      equity interest in a Person, a syndicate or any group or otherwise (x) any
      Target Securities or (y) any assets, businesses or properties of the
      Target;

     

    (ii) participate
      in the formation or encourage the formation of, or join or in any way
      participate with, any Person, syndicate, group or other person or entity that
      beneficially owns or seeks to acquire beneficial ownership of Target Securities
      for the purpose of beneficially owning or acquiring beneficial ownership of
      any
      Target Securities (other than any group consisting solely of such Partner and/or
      its Affiliates);

     

    (iii) solicit,
      or participate in the solicitation of, proxies or become a participant in any
      election contest (the terms used in this section 13.1(a)(iii) having the
      respective meanings given them to Regulation 14A under the 1934 Act) with
      respect to the Target;

     

    (iv) initiate,
      propose or otherwise solicit any stockholders of the Target for the approval
      of
      one or more proposals with respect to the Target or induce any other Person
      to
      initiate any such proposal;

     

    (v) seek
      the
      removal of any of the members of the management or the board of directors of
      the
      Target or seek to have called any meeting of the stockholders of the
      Target;

     

    (vi) deposit
      any Target Securities in a voting trust or subject them to a voting agreement
      or
      other agreement or arrangement with respect to voting (other than pursuant
      to
      the unanimous agreement of all of the General Partners or any agreement or
      arrangement solely among such Partner and/or its Affiliates); or

     

    (vii) otherwise
      act, alone or in concert with others, to seek to control the management,
      policies or affairs of the Target or solicit, propose, seek to effect or
      negotiate with any other Person (including, without limitation, the Target)
      with
      respect to any form of business combination or other extraordinary transaction
      with the Target or any of its stockholders; solicit, make or propose, or
      negotiate with any other Person with respect to, or announce an intent to make,
      any tender offer or exchange offer for any Target Securities; publicly disclose
      an intent, purpose, plan or proposal with respect to the Target or the Target
      Securities that would violate the provisions of this Section 13.1(a); or assist,
      participate in, facilitate or solicit any effort or attempt by any Person to
      do
      or seek to do any of the foregoing.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    For
      purposes of this Agreement, “Standstill
      Period”,
      with
      respect to any Partner or former Partner, shall mean the period that starts
      on
      the Execution Date and ends on the Closing Date; provided,
      however,
      that,
      in the event all of the Partners remaining in the Partnership belong to the
      same
      General Partner Group, the Standstill Period solely with respect to such
      remaining Partners shall end on the day that the last in time Partner of the
      other General Partner Group ceases to be a Partner of the
      Partnership.
      Notwithstanding anything herein to the contrary, no Partner shall be deemed
      to
      have violated this Section 13.1 in the event that such Partner acquires
      beneficial ownership of the Target Securities pursuant to a transaction in
      which
      such Partner acquires another Person, in circumstances in which the principal
      purpose of such transaction is not to acquire the Target Securities or otherwise
      to circumvent the intent of this agreement, provided that the number of the
      Target Securities so acquired shall not exceed five (5) percent of the
      outstanding Target Securities on the day of such acquisition, and such Target
      Securities shall, immediately after such acquisition, be contributed to the
      Partnership by such Partner. Until the Partnership Files a Regulatory Document
      to publicly disclose its holdings of the Target Securities, a Partner shall
      not,
      and shall not permit any of its Affiliates to act in any way that triggers
      any
      public disclosure or any disclosure to any third-party (other than an Affiliate
      of such Partner, but including without limitation any Regulatory Authority,
      Person, Target or governmental agency, organization, or body) by such Partner
      unless the General Partners unanimously consent to such action.

     

    ARTICLE
      XIV

     

    MISCELLANEOUS

     

    Section
      14.1 Power
      of Attorney.
      Each
      Limited Partner hereby constitutes and appoints the General Partners as a group
      as its true and lawful representative and attorney-in-fact, in its name, place
      and stead and with full power of substitution to make, execute, publish,
      acknowledge, deliver, record and file and swear to the execution, delivery,
      acknowledgment, filing and/or recording of: (a) all amendments to this Agreement
      permitted by the provisions of Section 11.1 hereof to be made without the
      consent of any Limited Partner and all instruments that the attorney-in-fact
      deems appropriate to reflect any change or modification of this Agreement in
      accordance with this Agreement; (b) except as otherwise provided in this
      Agreement, a Certificate of Limited Partnership of the Partnership, any
      amendment thereof required because of an amendment to this Agreement or in
      order
      to effectuate any change in the membership of the Partnership and (c) all such
      other agreements, applications, instruments, documents, certifications,
      certificates and reports which may from time to time be required by any laws
      applicable to the Partnership, including without limitation the laws of the
      United States of America, the State of Delaware or any other jurisdiction,
      or
      any political subdivision or agency thereof, or any Regulatory Rule, all of
      the
      foregoing to effectuate, implement and continue the valid and subsisting
      existence of the Partnership and to permit it to conduct its business. The
      power
      of attorney granted hereby is coupled with an interest and is irrevocable and
      shall (i) continue in full force and effect notwithstanding the subsequent
      death, incapacity, dissolution, termination or bankruptcy of the Limited Partner
      granting the same or the transfer of all or any portion of such Limited
      Partner’s Interest, and (ii) extend to that Limited Partner’s successors,
      assigns and legal representatives. Each Limited Partner agrees to be bound
      by
      any representation made by the attorney-in-fact acting in good faith pursuant
      to, and in accordance with, this power of attorney, and hereby waives any and
      all defenses which may be available to contest, negate or disaffirm the action
      of the attorney-in-fact taken in good faith pursuant to, and in accordance
      with,
      this power of attorney.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    Section
      14.2 Notices.
      All
      notices and demands required or permitted under this Agreement shall be in
      writing and shall be deemed to have been duly given (a) upon receipt, if
      delivered personally or if mailed by registered or certified mail or if sent
      by
      overnight courier or (b) upon dispatch, if transmitted by telecopy or other
      means of facsimile which provides immediate delivery to compatible
      equipment in the possession of the recipient, if receipt has been confirmed,
      in
      any case, provided that any telecopy or facsimile notices delivered hereunder
      must be followed by a copy of notice delivered through registered or certified
      mail or by means of an overnight courier, if to the Partnership:

     

    Rome
      Acquisition Limited Partnership

    767
      Fifth
      Avenue

    New
      York,
      NY 10153

    Attention:
      William S. Macklowe

    Telecopy
      Number: (212) 554-5890

    Confirmation
      Number: (212) 554-5882

    and

    Attention:
      Keith Meister

    Telecopy
      Number: (212) 688-1158

    Confirmation
      Number: (212) 702-4359

     

    if
      to
      Macklowe or Macklowe Company:

    

    WH
      Rome
      Partners LLC

    767
      Fifth
      Avenue

    New
      York,
      NY 10153

    Attention:
      William S. Macklowe

    Telecopy
      Number: (212) 554-5890)

    Confirmation
      Number: (212) 554-5882

    and

    Attention:
      General Counsel

    Telecopy
      Number: (212) 489-7431

    Confirmation
      Number: (212) 554-5811

     

    with
      a
      copy to:

     

    Willkie
      Farr & Gallagher LLP

    787
      Seventh Avenue

    New
      York,
      NY 10019-6099

    Attention:
      Steven A. Seidman, Esq.

    Telecopy
      Number: (212) 728-9763

    Confirmation
      Number: (212) 728-8000

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    if
      to
      Icahn or Icahn Company:

     

    Meadow
      Star LLC

    767
      Fifth
      Avenue, 47th
      Floor

    New
      York,
      NY 10153

    Attention:
      Keith Meister

    Telecopy
      Number: (212) 688-1158

    Confirmation
      Number: (212)
      702-4359

    and

    Attention:
      Keith Cozza

    Telecopy
      Number: (212) 688-1158

    Confirmation
      Number: (212) 702-4323

     

    with
      a
      copy to:

     

    Icahn
      Associates Corp. 

    767
      Fifth
      Avenue, 47th Floor 

    New
      York,
      NY 10153 

    Attention:
      Yevgeny Fundler

    Telecopy
      Number: (212) 688-1158

    Confirmation
      Number: (212) 702-4329

     

    or
      at
      such other address or telecopy number as will be specified by like notice,
      and
      if to any other Partner, to the address or telecopy number of such Partner
      as
      shown from time to time on the records of the Partnership. Any Partner may
      specify a different address or telecopy number by notifying each General Partner
      thereof. Any General Partner may specify a different address or telecopy number
      by notifying all Partners thereof.

     

    Section
      14.3 Entire
      Agreement.
      This
      Agreement constitutes the entire agreement among the parties with respect to
      the
      subject matter hereof. As of the Effective Date this Agreement supersedes any
      prior agreement or understandings among the parties hereto. This Agreement
      may
      not be modified or amended in any manner other than as set forth
      herein.
      

     

    Section
      14.4 Governing
      Law.
      This
      Agreement and the rights of the parties hereunder shall be governed by and
      interpreted in accordance with the law of the State of Delaware without giving
      effect to the conflict of law principles thereof.

     

    All
      of
      the provisions of this Agreement shall be subject to all Regulatory Rules,
      including, without limitation, the following:

     

    (i) No
      distribution may be made to any Partner pursuant to this Agreement (A) if such
      distribution would cause the Partnership to be in violation of (1) any
      Regulatory Rule, including, without limitation, the Net Capital Rule or (2)
      any
      material contract to which the Partnership is a party; or (B) without the prior
      written approval, if necessary, of the Regulatory Authority; and

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    (ii) No
      transfer of all or a portion of a Partner’s Interest may be made unless the
      Regulatory Authority gives its written consent, if necessary, to the
      transfer.

     

    Notwithstanding
      anything herein to the contrary, to the extent that this Agreement is invalid,
      void, illegal or otherwise inconsistent with Delaware law or any Regulatory
      Rule, such Regulatory Rule and/or Delaware law shall override this Agreement
      to
      the extent necessary to conform this Agreement to such Regulatory Rule or
      Delaware law.
      

     

    Section
      14.5 Voting,
      Consents and Approvals.
      Any
      action requiring the consent, approval or affirmative vote of Limited Partners
      under this Agreement may be taken by vote at a meeting or, in lieu thereof,
      by
      written consent of Limited Partners with the required percentage in Interest
      or
      written consent of the Limited Partners who have the right to approve or consent
      to such action, as the case may be. The granting or withholding of consents
      or
      approvals by any party shall be in the sole discretion of the consenting or
      approving party, unless otherwise expressly provided in this
      Agreement.
      

     

    Section
      14.6 Effect.
      Except
      as herein otherwise specifically provided, this Agreement shall be binding
      upon
      and inure to the benefit of the parties and their legal representatives, heirs,
      administrators, executors, successors and permitted assigns.

     

    Section
      14.7 Pronouns
      and Number.
      Wherever it appears appropriate from the context, each term stated in either
      the
      singular or the plural shall include the singular and the plural, and pronouns
      stated in either the masculine, feminine or neuter shall include the masculine,
      feminine and neuter.

     

    Section
      14.8 Captions.
      Captions contained in this Agreement are inserted only as a matter of
      convenience and in no way define, limit or extend the scope or intent of this
      Agreement or any provision hereof.

     

    Section
      14.9 Partial
      Enforceability.
      If any
      provision of this Agreement, or the application of that provision to any
      circumstance, shall be held invalid, the remainder of this Agreement,
      or the application of that provision to circumstances other than those to which
      it is held invalid, shall not be affected thereby, except to the extent
      necessary to carry out the purposes of this Agreement.

     

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

     

    Section
      14.11 Third
      Party Beneficiaries.
      The
      parties hereto intend that this Agreement shall not benefit or create any right
      or cause of action in or on behalf of any Person other than the parties hereto
      their legal representatives, heirs, administrators, executors, successors and
      permitted assigns.

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    Section
      14.12 Specific
      Performance.
      Each
      Partner understands and acknowledges that a breach or threatened breach by
      a
      Partner (the “Breaching
      Partner”)
      of any
      part of this Agreement could cause the Partnership and/or each of its Partners,
      other than the Breaching Partner, irreparable injury; damages would not
      adequately compensate the Partnership and/or each of its Partners for such
      breach or threatened breach; and damages in such event would be difficult if
      not
      impossible to determine. Therefore, in addition to any other remedies the
      Partnership and/or each of its Partners, may have at law, the Partnership and/or
      each of its Partners, other than the Breaching Partner, shall be entitled to
      the
      remedies of injunction, specific performance and other equitable relief, without
      posting any bonds, as may be available to restrain or prevent a breach or
      threatened breach of any of the Breaching Partner’s obligations under this
      Agreement. This provision shall not, however, be construed as a waiver of any
      other rights or remedies that the Partnership and/or each of its Partners may
      have at law or in equity, including damages.

     

    Section
      14.13Consultation
      and Cooperation.
      Any
      public statement (including press releases but excluding filings with the
      Securities and Exchange Commission) which any Partner desires to make relating
      to or in connection with the acquisition of Target or this Agreement shall
      require the unanimous consent of the General Partners (which consent shall
      not
      be unreasonably withheld, conditioned or delayed).

     

    [Signature
      Page Follows]

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

     

    WH
      ROME
      PARTNERS LLC

    as
      General Partner and Limited Partner

     

    By:
      WH
      ROME INC.

    (its
      Managing Member)

     

    by: 
      /s/ William S. Macklowe

    Name:
      William S. Macklowe

    Title:
      Vice President

     

     

    HARRY
      MACKLOWE

    solely
      as
      personal guarantor of

    WH
      Rome
      Partners LLC’s obligations

    to
      pay
      the Failure to Contribute Amount

     

    by: 
      /s/
      Harry Macklowe

    Name:
      Harry Macklowe

     

    

    MEADOW
      STAR LLC

    as
      General Partner and Limited Partner

     

    by: 
      /s/
      Keith Meister

    Name:
      Keith Meister

    Title:
      President

     

     

    CARL
      C.
      ICAHN

    solely
      as
      personal guarantor of

    Meadow
      Star LLC’s obligations

    to
      pay
      the Failure to Contribute Amount

     

    by: 
      /s/
      Carl C. Icahn

    Name:
      Carl C. Icahn

     

    

     

    [Signature
      Page to Agreement of Limited
      Partnership]

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

    Schedule
      A

     

    
      	
              Partner

            	
              Initial
                Capital Contribution

            
	
              Macklowe

            	
              $6,000,000.00

            
	
              Macklowe
                Company

            	
              $594,000,000.00

            
	
              Icahn

            	
              $6,000,000.00

            
	
              Icahn
                Company

            	
              $594,000,000.00

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
      A to the Limited Partnership Agreement of

    Rome
      Acquisition Partnership

     

    “Accounting
      Period”
means,
      as the context may require, the period beginning as of the Effective Date or
      on
      the day following the last day of the immediately preceding Accounting Period,
      and ending on the next succeeding of the following:

     

    
      	 	
              1)

            	
              the
                last day of each Fiscal Year of the
                Partnership;

            

    

     

    
      	 	
              2)

            	
              the
                day prior to the day as of which a Person is admitted as a
                Partner;

            

    

     

    
      	 	
              3)

            	
              the
                day prior to the day as of which any Partner makes a Capital
                Contribution;

            

    

     

    
      	 	
              4)

            	
              the
                day prior to the date of any distribution to any Partner pursuant
                to this
                Agreement; 

            

    

     

    
      	 	
              5)

            	
              the
                day prior to the date of exercise of a Purchase Option;
                and

            

    

     

    
      	 	
              6)

            	
              any
                day specified as the last day of an Accounting Period by the General
                Partners.

            

    

     

    “Acquisition
      Agreement”
has
      the
      meaning specified in Section 3.1 hereof.

     

    “Additional
      Capital Commitment”
has
      the
      meaning specified in Section 3.2 hereof.

     

    “Additional
      Capital Contribution”
has
      the
      meaning specified in Section 3.2 hereof.

     

    “Affiliate”
means,
      “Affiliate” of any Person means any other Person that, directly or indirectly,
      controls, is controlled by or is under direct or indirect common control with,
      such Person and with respect to any natural Person, any other Person having
      a
      relationship by blood, marriage or adoption, not more remote than first cousins
      with such natural Person. For the purposes of this Agreement, “control” when
      used with respect to any Person means the power to direct the management and
      policies of such Person, directly or indirectly, whether through the ownership
      of Voting Stock or other equity interests, by contract or otherwise, and the
      terms “controlling” and “controlled” have meanings correlative to the
      foregoing.

     

    “Agreement”
means
      this Limited Partnership Agreement of the Partnership, as amended, modified
      or
      supplemented from time to time.

     

    “beneficially
      own” or “beneficial ownership” has the meaning given to such terms in Rule 13d-3
      of the 1934 Act.

     

    “Breaching
      Partner”
has
      the
      meaning specified in Section 14.12 hereof.

     

    “Buy-Sell
      Offer”
has
      the
      meaning specified in Section 5.3 hereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Capital
      Account”
means,
      with respect to each Partner, the account so designated established on the
      books
      and records of the Partnership for each Partner. As of the Execution Date,
      the
      Capital Account of each Partner is as set forth on Schedule A to the Agreement.
      The Capital Account of each Partner will be (i) increased by (A) the amount
      of
      Profits (and income and gain) credited to that Partner’s Capital Account
      pursuant to Sections 4.1 and 4.2 hereof and (B) the amount of Additional Capital
      Contributions made by that Partner to the Partnership; and (ii) decreased by
      (A)
      the amount of Losses charged to that Partner’s Capital Account pursuant to
      Article IV hereof and the amount of loss and (B) the amount of distributions
      in
      cash and the fair market value of other Partnership Property distributed (net
      of
      any liabilities encumbering the distributed Partnership Property that the
      Partner takes subject to or assumes) to that Partner pursuant to Article V
      and
      Section 9.2 hereof. Notwithstanding anything to the contrary contained in this
      definition or in Article IV hereof, each Capital Account shall be determined
      in
      accordance with the principles of Treasury Regulations §
1.704-l(b)(2)(iv).

     

    “Capital
      Contribution”
means
      the total amount of cash contributed to the capital of the Partnership by any
      Partner.

     

    “Capital
      Contribution Request Letter”
has
      the
      meaning specified in Section 3.2 hereof.

     

    “Clearing
      Agency”
has
      the
      meaning specified in § 3(a)(23)(A) and (B) of the 1934 Act.

     

    “Closing
      Date”
means
      the date on which the transaction contemplated by the Acquisition Agreement,
      if
      any, is consummated.

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended from time to time (or any
      succeeding law). References to sections of the Code shall include amended or
      successor provisions thereto.

     

    “Commitment
      Letter”
has
      the
      meaning specified in Section 3.2 hereof.

     

    “Contribution
      Right”
has
      the
      meaning specified in Section 3.2 hereof.

     

    “Effective
      Date”
has
      the
      meaning specified in the preamble to this Agreement.

     

    “Examining
      Authority”
means
      the Partnership’s examining authority as defined in the Net Capital
      Rule.

     

    “Exchange”
means
      any securities or commodity exchange.

     

    “Execution
      Date”
means
      the date of the execution by the Partnership or its wholly-owned subsidiary
      and
      the Target of the Acquisition Agreement.

     

    “Exiting
      Partner”
has
      the
      meaning specified in Section 5.3 hereof.

     

    “Failure
      to Contribute”
has
      the
      meaning specified in Section 3.1 hereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Failure
      to Contribute Amount”
has
      the
      meaning specified in Section 3.1 hereof.

     

    “File”
has
      the
      meaning specified in Section 10.2 hereof.

     

    “Fiscal
      Year”
has
      the
      meaning specified in Section 10.3 hereof.

     

    “General
      Partner”
means
      each of Macklowe and Icahn and any of its respective successor, assignee or
      transferee permitted by this Agreement, so long as it is a general partner
      of
      the Partnership. At such time as there is only one general partner of the
      Partnership, all references in the agreement to the “General Partners” or to
      more than one General Partner shall be deemed to refer only to the remaining
      general partner.

     

    “General
      Partner Group”
means
      each of Icahn Group and Macklowe Group.

     

    “group”
      has the meaning given to such term in Rule 13d-3 of the 1934 Act.

     

    “Icahn”
has
      the
      meaning specified in the preamble to this Agreement.

     

    “Icahn
      Company”
has
      the
      meaning specified in the preamble to this Agreement.

     

    “Icahn
      Group”
means
      a
      group consisting of Icahn and Icahn Company.

     

    “Initial
      Capital Commitment”
has
      the
      meaning specified in Section 3.1 hereof.

     

    “Initial
      Capital Contribution”
has
      the
      meaning specified in Section 3.1 hereof.

     

    “Initial
      Current Market Price”
means
      with respect to each Target Security, the Current Market Price of the Target
      Security at the time of its contribution to the Partnership pursuant to this
      Agreement.

     

    “Initiating
      Designee(s)”
has
      the
      meaning specified in Section 5.3 hereof.

     

    “Initiating
      Partner”
has
      the
      meaning specified in Section 5.3 hereof.

     

    “Interest”
means
      the individual interest of each Partner in the Partnership at any particular
      time.

     

    “Indemnified
      Party”
has
      the
      meaning specified in Section 6.4 hereof.

     

    “Limited
      Partners”
means
      (A) (i) each of Icahn Company and Macklowe Company and (ii) as of the Effective
      Date the Persons listed as limited partners on the signature pages here-to
      plus
      any other Person who the General Partner agrees to admit as a Limited Partner
      effective as of the Effective Date who signs a counterpart of this Agreement
      (the “Additional
      Effective Date Limited Partners”);
      (B)
      from time to time, such Persons plus each Person subsequently admitted as a
      Limited Partner pursuant to Section 3.3(a) hereof and each Person admitted
      as a
      Substituted Limited Partner pursuant to Section 7.2 hereof less any such Person
      who shall withdraw as a Limited Partner pursuant to Section 5.2(a) hereof;
      and
      (C) with respect to those provisions of this Agreement concerning a Limited
      Partner’s rights to receive distributions or allocations of Profits and Losses,
      any permitted assignee of a Limited Partner’s Interest.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Losses”
has
      the
      meaning specified below in the definition of “Profits.”

     

    “Macklowe”
has
      the
      meaning specified in the preamble to this Agreement.

     

    “Macklowe
      Company”
has
      the
      meaning specified in the preamble to this Agreement.

     

    “Macklowe
      Group”
means
      a
      group consisting of Macklowe and Macklowe Company and all Partners other than
      Icahn and Icahn Company.

     

    “Majority-in-Interest
      of the Limited Partner”
means
      Limited Partners whose aggregate Capital Account balances exceed 50% of the
      aggregate Capital Account balances of all Limited Partners.

     

    “Material
      Breach”
has
      the
      meaning specified in Section 5.4 hereof.

     

    “Net
      Capital Rule”
means
      Rule 15c3-1 promulgated pursuant to the 1934 Act.

     

    “Non-Contributing
      Partner”
has
      the
      meaning specified in Section 3.1 hereof.

     

    “Non-Initiating
      Designee(s)”
has
      the
      meaning specified in Section 5.3 hereof.

     

    “Non-Initiating
      Partner”
has
      the
      meaning specified in Section 5.3 hereof.

     

    “Partner”
means
      any General Partner or any Limited Partner.

     

    “Partners”
means
      collectively all General Partners and all Limited Partners.

     

    “Partnership
      Property”
means
      any real or personal property, whether tangible or intangible, inclusive without
      limitation of any Target Securities, owned by the Partnership and any negative
      goodwill.

     

    “Payment
      Notice”
has
      the
      meaning specified in Section 5.4 hereof.

     

    “Person”
means
      any individual, venture, association, partnership, corporation, limited
      liability company, trust or other entity.

     

    “Profits”
and
      “Losses”
mean,
      for each Accounting Period, the net profit or net loss, respectively, of the
      Partnership determined in accordance with generally accepted accounting
      principles in the United States.

     

    “Purchase
      Option”
has
      the
      meaning specified in Section 5.4 hereof.

     

    “Purchasing
      Partner”
has
      the
      meaning specified in Section 5.3 hereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Regulatory
      Authority”
means
      collectively the Commission, the Examining Authority, any SRO, Exchange,
      Clearing Agency, the Federal Trade Commission or other regulatory authority
      which has regulatory authority over the Partnership.

     

    “Regulatory
      Documents”
has
      the
      meaning specified in Section 10.2 hereof.

     

    “Regulatory
      Rule”
means
      each statute, regulation, rule and other requirement of the Regulatory Authority
      applicable to the Partnership or its affairs.

     

    “Shared
      Expenses”
has
      the
      meaning specified in Section 3.8 hereof.

     

    “SRO”
means
      self-regulatory organization, as that term is defined in § 3(a)(26) of the 1934
      Act.

     

    “Standstill
      Period”
means
      the period that begins on the Execution Date and ends on the Closing
      Date.

     

    “Subject
      Partner”
has
      the
      meaning specified in Section 5.4 hereof.

     

    “Substituted
      Limited Partner”
means
      any Person admitted to the Partnership as a Substituted Limited Partner pursuant
      to the provisions of Section 7.2 hereof.

     

    “Target”
means
      collectively Reckson Associates Realty Corp., a Maryland corporation, and
      Reckson Operating Partnership, L.P., a Delaware limited
      partnership.

     

    “Target
      Security”
means
      the common stock, par value $0.01 per share, of Reckson Associates Realty Corp.
      and the units of limited partnership interest of Reckson Operating Partnership,
      L.P.

     

    “Term”
has
      the
      meaning specified in Section 2.5 hereof.

     

    “Transfer”
has
      the
      meaning specified in Section 7.1 hereof.

     

    “Treasury
      Regulations”
means
      the Treasury Regulations promulgated under the Code, as such regulations may
      be
      amended from time to time (including corresponding provisions of succeeding
      Treasury Regulations).

     

    “Uniform
      Act”
means
      the Delaware Revised Uniform Limited Partnership Act, as amended from time
      to
      time (or any succeeding law).

     

    “Voting
      Stock”
of
      any
      Person means capital stock of such Person which ordinarily has voting power
      for
      the election of directors (or persons performing similar functions) of such
      Person, whether at all times or only as long as no senior class of securities
      has such voting power by reason of any contingency.

     

    “1934
      Act”
means
      the Securities Exchange Act of 1934, as amended from time to time (or any
      succeeding law).

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