Document:

Exhibit 4.2

 

SL GREEN REALTY CORP.

and

SL GREEN OPERATING PARTNERSHIP, L.P.

REGISTRATION
RIGHTS AGREEMENT

 

March 26, 2007

REGISTRATION RIGHTS AGREEMENT

THIS
REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and
entered into as of March 26, 2007, by and among SL Green Operating Partnership,
L.P., a Delaware limited partnership (the “Issuer”), SL Green Realty
Corp., a Maryland corporation (the “Company”), and Citigroup Global
Markets Inc. (the “Initial Purchaser”) pursuant to that certain Purchase
Agreement, dated March 21, 2007 (the “Purchase Agreement”), among the
Issuer, the Company and the Initial Purchaser.

In order to induce
the Initial Purchaser to enter into the Purchase Agreement, the Company has
agreed to provide the registration rights set forth in this Agreement.  The execution and delivery of this Agreement
is a condition to the closing under the Purchase Agreement.  The terms “herein,” “hereof,” “hereto,” “hereinafter”
and similar terms, as used in this Agreement, shall in each case refer to this
Agreement as a whole and not to any particular section, paragraph, sentence or
other subdivision of this Agreement.

The Company and
the Issuer agree with the Initial Purchaser (i) for its benefit as Initial
Purchaser and (ii) for the benefit of the beneficial owners (including the
Initial Purchaser) from time to time of the Notes and the Covered Securities
(as defined herein) (each of the foregoing a “Holder” and, together, the
“Holders”), as follows:

1.             Definitions.  Capitalized terms used herein without
definition shall have the respective meanings set forth in the Purchase
Agreement.  As used in this Agreement,
the following terms shall have the following meanings:

(a)           “Additional Interest” has the
meaning set forth in Section 2(e) hereof.

(b)           “Additional Interest Accrual
Period” has the meaning set forth in Section 2(e) hereof.

(c)           “Additional Interest Amount”
has the meaning set forth in Section 2(e) hereof.

(d)           “Additional Interest Payment Date”
means each March 30 and September 30 of each year.

(e)           “Affiliate” means, with
respect to any specified person, an “affiliate,” as defined in Rule 144, of
such person.

(f)            “Amendment Effectiveness Deadline
Date” has the meaning set forth in Section 2(d) hereof.

(g)           “Applicable Exchange Rate” has
the meaning ascribed to it in the Indenture.

(h)           “Applicable Observation Period”
has the meaning set forth in the Indenture.

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(i)            “Automatic Shelf Registration
Statement” has the meaning ascribed to it in Rule 405.

(j)            “Business Day” means each day
on which the New York Stock Exchange is open for trading.

(k)           “Claim” has the meaning set
forth in Section 8(o) hereof.

(l)            “Common Stock” means the
shares of common stock, $0.01 par value per share, of the Company and any other
shares of capital stock as may constitute “Common Stock” for purposes of the
Indenture, deliverable upon exchange of the Notes.

(m)          “Company Indemnified Party” has
the meaning set forth in Section 6(b) hereof.

(n)           “Covered Security” has the
meaning set forth in Section 1(rr) hereof.

(o)           “Effectiveness Deadline Date”
has the meaning set forth in Section 2(a) hereof.

(p)           “Effectiveness Period” means a
period that begins as of the date the Initial Shelf Registration Statement
becomes effective under the Securities Act and terminates (subject to extension
pursuant to Section 3(k) hereof) when there are no Registrable Securities
outstanding.

(q)           “Event” has the meaning set forth
in Section 2(e) hereof.

(r)            “Event Date” has the meaning
set forth in Section 2(e) hereof.

(s)           “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations of
the SEC promulgated thereunder.

(t)            “Exchange Price” has the
meaning ascribed to it in the Indenture.

(u)           “Filing Deadline Date” has the
meaning set forth in Section 2(a) hereof.

(v)           “Form S-1” means Form S-1
under the Securities Act.

(w)          “Form S-3” means Form S-3 under
the Securities Act.

(x)            “Holder” has the meaning set
forth in the preamble hereto.

(y)           “Holder Indemnified Party” has
the meaning set forth in Section 6(a). hereof.

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(z)            “Holder Information” has the
meaning set forth in Section 6(b) hereof.

(aa)         “Indemnified Party” has the
meaning set forth in Section 6(c) hereof.

(bb)         “Indemnifying Party” has the
meaning set forth in Section 6(c) hereof.

(cc)         “Indenture” means the Indenture,
dated as of March 26, 2007, among the Company, the Issuer and the Trustee,
pursuant to which the Notes are being issued.

(dd)         “Initial Purchaser” has the
meaning set forth in the preamble hereto.

(ee)         “Initial Shelf Registration
Statement” has the meaning set forth in Section 2(a) hereof.

(ff)           “Issue Date” means March 26,
2007.

(gg)         “Material Event” has the meaning
set forth in Section 3(k) hereof.

(hh)         “Notes” means the 3.00%
Exchangeable Senior Notes due 2027 of the Issuer to be purchased pursuant to
the Purchase Agreement.

(ii)           “Notice and Questionnaire”
means a written questionnaire containing substantially the information called
for by the Selling Securityholder Notice and Questionnaire attached as Annex A
to the offering memorandum, dated March 21, 2007, relating to the offering of
the Notes.

(jj)           “Notice Holder” means, on a
given date, any Holder that has delivered a Notice and Questionnaire to the
Company on or prior to such date, provided not all of such Holder’s Registrable
Securities that have been registered for resale pursuant to a Notice and
Questionnaire have been sold in accordance with a Shelf Registration Statement.

(kk)         “Proceeding” has the meaning set
forth in Section 6(c) hereof.

(ll)           “Prospectus” means each
prospectus relating to any Shelf Registration Statement, including all
supplements and amendments to such prospectus, in each case in the form
furnished pursuant to this Agreement by the Company to Holders or filed by the
Company with the SEC pursuant to Rule 424 or as part of such Shelf Registration
Statement, as the case may be, and in each case including all materials, if
any, incorporated by reference or deemed to be incorporated by reference in
such prospectus.

(mm)       “Purchase Agreement” has the
meaning set forth in the preamble hereof.

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(nn)         “Record Date” means, (i) March
15, with respect to an Additional Interest Payment Date that occurs on March 30
and (ii) September 15, with respect to an Additional Interest Payment Date that
occurs on September 30.

(oo)         “Record Holder” means, with
respect to an Additional Interest Payment Date relating to the Notes for which
any Additional Interest Amount has accrued, a Holder of Notes that was the
holder of record of such Notes at the close of business on the Record Date
relating to such Additional Interest Payment Date.

(pp)         “Redemption” means the
redemption of the Notes pursuant to Article 3 of the Indenture.

(qq)         “Redemption Date” has the
meaning ascribed to it in the Indenture.

(rr)           “Registrable Securities” means
the Common Stock that may be deliverable by the Issuer upon exchange for the
Notes pursuant to the terms of the Indenture, and any securities into or for
which such Common Stock has been converted or exchanged, and any security
issued with respect thereto upon any stock dividend, split or similar event
(each of the foregoing, a “Covered Security”) until, in the case of any
such security, the earliest of:

(i)            the date on which such security has
been effectively registered under the Securities Act and disposed of in
accordance with the Registration Statement relating thereto;

(ii)           the date on which such security may
be resold without restriction pursuant to Rule 144(k) or any successor
provision thereto;

(iii)          the date on which such security has
been publicly sold pursuant to Rule 144 or any successor provision thereto; or

(iv)          the date on which such security ceases
to be outstanding.

(ss)         “Registration Expenses” has the
meaning set forth in Section 5 hereof.

(tt)           “Registration Statement” means
each registration statement of the Company (including any Shelf Registration
Statement) under the Securities Act that covers any of the Registrable
Securities pursuant to this Agreement, including amendments and supplements to
such registration statement and including all post-effective amendments to, all
exhibits of, and all materials incorporated by reference or deemed to be
incorporated by reference in, such registration statement, amendment or
supplement.

(uu)         “Repurchase” means a repurchase
of the Notes pursuant to Article 4 or Article 5 of the Indenture, as
applicable.

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(vv)         “Repurchase Date” means the
Designated Event Repurchase Date or the Scheduled Repurchase Date, as
applicable, as those terms are defined in the Indenture.

(ww)       “Rule 144” means Rule 144 under
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

(xx)          “Rule 144A” means Rule 144A
under the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

(yy)         “Rule 405” means Rule 405 under
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

(zz)          “Rule 415” means Rule 415 under
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

(aaa)       “Rule 424” means Rule 424 under
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

(bbb)      “Rule 430B” means Rule 430B under
the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC.

(ccc)       “Rule 456” means Rule 456 under
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

(ddd)      “Rule 457” means Rule 457 under the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC.

(eee)       “SEC” means the Securities and
Exchange Commission.

(fff)         “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated
by the SEC thereunder.

(ggg)      “Shelf Registration Statement”
means the Initial Shelf Registration Statement and any Subsequent Shelf
Registration Statement.

(hhh)      “Subsequent Shelf Registration
Statement” has the meaning set forth in Section 2(b) hereof.

 

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(iii)          “Subsequent Shelf Registration
Statement Effectiveness Deadline Date” has the meaning set forth in Section
2(d) hereof.

(jjj)          “Suspension Notice” has the
meaning set forth in Section 3(k) hereof.

(kkk)       “Suspension Period” has the
meaning set forth in Section 3(k) hereof.

(lll)          “Trading Day” has the meaning
set forth in the Indenture.

(mmm)    “Trustee” means The Bank of New York,
the trustee under the Indenture.

(nnn)       “Well-Known Seasoned Issuer” has
the meaning ascribed to it in Rule 405.

2.             Shelf Registration.

(a)           The Company shall prepare and file,
or cause to be prepared and filed, with the SEC, as soon as practicable but in
any event by the date (the “Filing Deadline Date”) that is ninety (90)
days after the Issue Date, a Registration Statement (the “Initial Shelf
Registration Statement”) for an offering to be made on a delayed or
continuous basis pursuant to Rule 415 registering the resale from time to time
by Holders thereof of all of the Registrable Securities (or, if registration of
Registrable Securities not held by Notice Holders is not permitted by the rules
and regulations of the SEC, then registering the resale from time to time by
Notice Holders of their Registrable Securities).  The Initial Shelf Registration Statement
shall provide for the registration of such Registrable Securities for resale by
such Holders in accordance with any reasonable method of distribution elected
by the Holders.  In no event shall the
Initial Shelf Registration Statement be filed with the SEC prior to completion
of the offering of the Notes contemplated by the Purchase Agreement.  If the Initial Shelf Registration Statement
is not an Automatic Shelf Registration Statement, the Company shall use its
commercially reasonable efforts to cause the Initial Shelf Registration
Statement to become effective under the Securities Act as promptly as
practicable but in any event by the date (the “Effectiveness Deadline Date”)
that is one hundred eighty (180) days after the Issue Date.  The Company shall use its commercially reasonable
efforts to keep the Initial Shelf Registration Statement (and any Subsequent
Shelf Registration Statement) continuously effective under the Securities Act
from the date the Shelf Registration Statement is declared effective until the
earlier of (i) the thirty-fifth (35th) Trading Day immediately following the
maturity date of the Notes and (ii) the date upon which there are no Notes or
Registrable Securities outstanding.  At
the time the Initial Shelf Registration Statement becomes effective under the
Securities Act, each Holder that became a Notice Holder on or before the 15th
day before the date of such effectiveness shall be named as a selling
securityholder in the Initial Shelf Registration Statement and the related
Prospectus in such a manner as to permit such Holder to deliver such Prospectus
to purchasers of Registrable Securities in accordance with applicable law.

(b)           If, for any reason, at any time
during the Effectiveness Period any Shelf 

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Registration
Statement ceases to be effective under the Securities Act, or ceases to be
usable for the purposes contemplated hereunder, the Company shall use its
commercially reasonable efforts to promptly cause such Shelf Registration
Statement to become effective or usable under the Securities Act (including
obtaining the prompt withdrawal of any order suspending the effectiveness of
such Shelf Registration Statement), and in any event shall, within ten (10)
Business Days of such cessation of effectiveness or usability, (i) amend
such Shelf Registration Statement in a manner reasonably expected to obtain the
withdrawal of any order suspending the effectiveness of such Shelf Registration
Statement or (ii) file an additional Registration Statement (a “Subsequent
Shelf Registration Statement”) for an offering to be made on a delayed or
continuous basis pursuant to Rule 415 registering the resale from time to time
by Holders thereof of all securities that are Registrable Securities as of the
time of such filing (or, if registration of Registrable Securities not held by
Notice Holders is not permitted by the rules and regulations of the SEC, then
registering the resale from time to time by Notice Holders of their securities
that are Registrable Securities as of the time of such filing).  If a Subsequent Shelf Registration Statement
is filed and such Subsequent Shelf Registration Statement is not an Automatic
Shelf Registration Statement, the Company shall use its commercially reasonable
efforts to cause such Subsequent Shelf Registration Statement to become effective
under the Securities Act as promptly as practicable after such filing, but in
no event later than the Subsequent Shelf Registration Statement Effectiveness
Deadline Date.  The Company shall use its
commercially reasonable efforts to keep such Subsequent Shelf Registration
Statement (or another Subsequent Shelf Registration Statement) continuously
effective under the Securities Act from the date the Subsequent Shelf
Registration Statement is declared effective until the earlier of (i) the
thirty-fifth (35th) Trading Day immediately following the maturity date of the
Notes and (ii) the date upon which there are no Notes or Registrable Securities
outstanding.  Each such Subsequent Shelf
Registration Statement, if any, shall provide for the registration of such
Registrable Securities for resale by such Holders in accordance with any
reasonable method of distribution elected by the Holders.

(c)           The Company shall supplement and
amend any Shelf Registration Statement if required by the rules, regulations or
instructions applicable to the registration form used by the Company for such
Shelf Registration Statement, if required by the Securities Act or, if
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, as reasonably requested by the Initial
Purchaser or the Trustee on behalf of the Holders of the Registrable Securities
covered by such Shelf Registration Statement.

(d)

(i)            Each Holder of Registrable
Securities agrees that, if such Holder wishes to sell Registrable Securities
pursuant to a Shelf Registration Statement and related Prospectus, it will do
so only in accordance with this Section 2(d) and Section 3(k).  Each Holder of Registrable Securities wishing
to sell Registrable Securities pursuant to a Shelf Registration Statement and
related Prospectus agrees to deliver a completed and executed Notice and
Questionnaire to the 

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Company,
together with any other information the Company may reasonably request, prior
to any attempted or actual distribution of Registrable Securities under a Shelf
Registration Statement.  If a Holder
becomes a Notice Holder after the 15th day before the date the Initial Shelf
Registration Statement becomes effective under the Securities Act, the Company
shall use its commercially reasonable best efforts to, after the date such
Holder became a Notice Holder, and in any event, subject to clause (B) below,
within the later of (x) twenty (20) Business Days after such date or (y) twenty
(20) Business Days after the expiration of any Suspension Period that either
(I) is in effect when such Holder became a Notice Holder or (II) is put into
effect within twenty (20) Business Days after the date such Holder became a
Notice Holder:

(A)          file with the SEC a
supplement to the related Prospectus (or, if required by applicable law, a
post-effective amendment to the Shelf Registration Statement or a Subsequent
Shelf Registration Statement), and all other document(s), in each case as is
required so that such Notice Holder is named as a selling securityholder in a
Shelf Registration Statement and the related Prospectus in such a manner as to
permit such Notice Holder to deliver a Prospectus to purchasers of the
Registrable Securities in accordance with the Securities Act; provided, however,
that, if a post-effective amendment or a Subsequent Shelf Registration
Statement is required by the rules and regulations of the SEC in order to
permit resales by such Notice Holder, the Company shall not be required to file
more than one (1) post-effective amendment or Subsequent Shelf Registration
Statement for such purpose in any ninety (90) day period;

(B)           if, pursuant to
Section 2(d)(i)(A), the Company shall have filed a post-effective amendment to
the Shelf Registration Statement or filed a Subsequent Shelf Registration
Statement, the Company shall use its commercially reasonable efforts to cause
such post-effective amendment or Subsequent Shelf Registration Statement, as
the case may be, to become effective under the Securities Act as promptly as
practicable, but in any event by the date (the “Amendment Effectiveness
Deadline Date,” in the case of a post-effective amendment, and the “Subsequent
Shelf Registration Statement Effectiveness Deadline Date,” in the case of a
Subsequent Shelf Registration Statement) that is ninety (90) days after the
date such post-effective amendment or Subsequent Shelf Registration Statement,
as the case may be, is required by this Section 2(d) to be filed with the SEC;

(C)           the Company shall
provide such Notice Holder a reasonable number of copies of any documents filed
pursuant to clause (A) above, if requested by such Notice Holder;

(D)          the Company shall
notify such Notice Holder as promptly as practicable after the effectiveness
under the Securities Act of any post-effective 

 8
 

amendment or
Subsequent Shelf Registration Statement filed pursuant to clause (A) above;

(E)           if such Holder
became a Notice Holder during a Suspension Period, or a Suspension Period is
put into effect within twenty (20) Business Days after the date such Holder
became a Notice Holder, the Company shall so inform such Notice Holder and
shall take the actions set forth in clauses (A), (B), (C) and (D) above within
fifteen (15) Business Days after expiration of such Suspension Period in
accordance with Section 3(k);

(F)           if (A) the Notes are
called for redemption and the then prevailing market price of the Common Stock
is above the Exchange Price or (B) the Notes are exchanged as provided for in
Sections 15.01(i), 15.01(ii) or 15.01(iv) of the Indenture, then the Company
shall use its reasonable best efforts to take the actions set forth in clauses
(A), (B), (C) and (D) above within five (5) Business Days of the Redemption
Date or the end of the Applicable Observation Period, as applicable, or if such
Notice and Questionnaire is delivered during a Suspension Period, upon
expiration of the Suspension Period in accordance with Section 3(k); and

(G)           if, under applicable
law, the Company has more than one option as to the type or manner of making
any such filing, the Company shall make the required filing or filings in the
manner or of a type that is reasonably expected to result in the earliest
availability of a Prospectus for effecting resales of Registrable Securities
under the Securities Act.

(ii)           Notwithstanding anything contained
herein to the contrary, the Company shall be under no obligation to name any
Holder that is not a Notice Holder as a selling securityholder in any Shelf
Registration Statement or related Prospectus; provided, however,
that any Holder that becomes a Notice Holder (regardless of when such Holder
became a Notice Holder) shall be named as a selling securityholder in a Shelf
Registration Statement or related Prospectus in accordance with the
requirements of this Section 2(d) or Section 2(a), as applicable.

(e)           The parties hereto agree that the
Holders of Registrable Securities will suffer damages, and that it would not be
feasible to ascertain the extent of such damages with precision, if:

(i)            the Initial Shelf Registration
Statement (which shall be an Automatic Shelf Registration Statement if the
Company is a Well-Known Seasoned Issuer) has not been filed with the SEC on or
prior to the Filing Deadline Date;

(ii)           if the Company is not a Well Known
Seasoned Issuer on the Filing 

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Deadline Date,
the Initial Shelf Registration Statement has not been declared or become
effective under the Securities Act on or prior to the Effectiveness Deadline
Date;

(iii)          the Initial Shelf Registration
Statement or any Subsequent Registration Statement is filed with the SEC and is
declared or becomes effective under the Securities Act but shall thereafter
cease to be effective (without being succeeded immediately by a new
Registration Statement that is filed and immediately becomes effective under
the Securities Act) or usable under the Securities Act for the offer and sale
of Registrable Securities in the manner contemplated by this Agreement and (I)
other than in connection with (A) a Suspension Period or (B) a suspension of
the Registration Statement as a result of the filing of a post-effective
amendment solely to add additional selling securityholders, the Company does
not cure the lapse of effectiveness or usability within ten (10) Business Days
by a post-effective amendment, supplement to the Prospectus or report filed
under the Exchange Act or (II) the Suspension Period, when aggregated with
other Suspension Periods, shall exceed the number of days permitted in Section
3(k); or

(iv)          any Registration Statement or
amendment thereto, at the time it becomes effective under the Securities Act,
or any Prospectus relating thereto, at the time it is filed with the SEC or, if
later, at the time the Registration Statement to which such Prospectus relates
becomes effective under the Securities Act, shall fail to name each Holder as a
selling securityholder within the time periods specified in Section 2(d)(i) in
such a manner as to permit such Holder to sell its Registrable Securities
pursuant to such Registration Statement and Prospectus in accordance with the
Securities Act, which Holder was required, pursuant to the terms of this
Agreement, to be so named (it being understood that, without limitation, naming
such Holder in a manner that permits such Holder to sell only a portion of such
Holder’s Registrable Securities referenced in such Holder’s Notice and
Questionnaire shall be deemed to be an “Event” (as defined below) for purposes
of this clause (iv)).

Each of the events of a type described in any of the foregoing clauses
(i) through (iv) are individually referred to herein as an “Event,” and

(W)         the
Filing Deadline Date, in the case of clause (i) above,

(X)          the
Effectiveness Deadline Date, in the case of clause (ii) above,

(Y)           the
date on which the duration of the ineffectiveness or unusability of the Shelf
Registration Statement exceeds the number of days permitted by clause (iii)
above, in the case of clause (iii) above, and

(Z)           the
date the applicable Registration Statement or amendment thereto shall become
effective under the Securities Act, or the date the applicable 

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Prospectus is filed with the SEC or, if later, the time the
Registration Statement to which such Prospectus relates becomes effective under
the Securities Act, as the case may be, in the case of clause (iv) above,

are each herein referred to as an “Event Date.”  Events shall be deemed to continue until the
following dates with respect to the respective types of Events:

(A)          the
date the Initial Shelf Registration Statement is filed with the SEC, in the
case of an Event of the type described in clause (i) above;

(B)           the
date the Initial Shelf Registration Statement is declared or becomes effective
under the Securities Act, in the case of an Event of the type described in
clause (ii) above;

(C)           the
date the Initial Shelf Registration Statement or the Subsequent Shelf
Registration Statement, as the case may be, becomes effective and usable again,
or the date another Subsequent Shelf Registration Statement is filed with the
SEC pursuant to Section 2(b) and becomes effective, in the case of an Event of
the type described in clause (iii) above; or

(D)          the
date a supplement to the Prospectus is filed with the SEC, or the date a
post-effective amendment to the Registration Statement becomes effective under
the Securities Act, or the date a Subsequent Shelf Registration Statement
becomes effective under the Securities Act, which supplement, post-effective
amendment or Subsequent Shelf Registration Statement, as the case may be, names
as selling securityholders, in such a manner as to permit them to sell their
Registrable Securities pursuant to the Registration Statement and Prospectus
supplement in accordance with the Securities Act, all Holders required as
herein provided to be so named, in the case of an Event of the type described
in clause (iv) above.

Accordingly, commencing on the day immediately following any Event Date
and ending on (but excluding) the earlier of (i) the next date on which there
are no Events that have occurred and are continuing and (ii) the date the
Registration Statement is no longer required to be kept in effect (an “Additional
Interest Accrual Period”), the Issuer agrees to pay, as additional interest
(“Additional Interest”) and not as a penalty, an amount (the “Additional
Interest Amount”) at the rate described below, payable periodically on each
Additional Interest Payment Date to Record Holders, to the extent of, for each
such Additional Interest Payment Date, the unpaid Additional Interest Amount
that has accrued to (but excluding) such Additional Interest Payment Date (or,
if the Additional Interest Accrual Period shall have ended prior to such
Additional Interest Payment Date, to, but excluding, the day immediately after,
the last day of such Additional Interest Accrual Period); provided, however,
that any unpaid Additional Interest Amount that has accrued with respect to any
Note, or portion thereof, called for Redemption on a Redemption Date, or
purchased by the Issuer pursuant to a Repurchase on a Repurchase Date, as the
case may be, that is after the close of business on the Record Date relating to

 11
 

such Additional Interest Payment Date and before such Additional
Interest Payment Date, shall, in each case, be instead paid, on such Redemption
Date or Repurchase Date, as the case may be, to the Holder of such Notes on
such Record Date.

The Additional Interest Amount shall accrue at a rate per annum equal
to one quarter of one percent (0.25%) for the ninety (90) day period beginning
on the day immediately following the Event Date and thereafter at a rate per
annum equal to one half of one percent (0.50%) of the aggregate principal
amount of the Notes of which such Record Holders were holders of record at the
close of business on the applicable Record Date; provided, however,
that:

(I)            unless
there shall be a default in the payment of any Additional Interest Amount, no
Additional Interest Amounts shall accrue as to any Note from and after the
earlier of (x) the date such Note is no longer outstanding, (y) the date, and
to the extent, such Note is exchanged for cash and, if applicable, shares of
Common Stock in accordance with the Indenture and (z) the expiration of the
Effectiveness Period;

(II)           only
those Holders (or their subsequent transferees) failing to be named as selling
securityholders in the manner prescribed in Section 2(e)(iv) above shall be
entitled to receive any Additional Interest Amounts that have accrued solely
with respect to an Event of the type described in Section 2(e)(iv) above (it
being understood that this clause (II) shall not impair any right of any Holder
to receive Additional Interest Amounts that have accrued with respect to an
Event other than an Event of the type described in Section 2(e)(iv) above); and

(III)         if
a Note ceases to be outstanding during an Additional Interest Accrual Period
for which an Additional Interest Amount would be payable with respect to such
Note, then the Additional Interest Amount payable hereunder with respect to
such Note shall be prorated on the basis of the number of full days such Note
is outstanding during such Additional Interest Accrual Period.

Except as provided in the final paragraph of this Section 2(e), (i) the
rate of accrual of the Additional Interest Amount with respect to any period
shall not exceed 0.50% per annum notwithstanding the occurrence of multiple
concurrent Events and (ii) following the cure of all Events requiring the
payment by the Issuer of Additional Interest Amounts to the Holders pursuant to
this Section or following the date the Registration Statement is no longer
required to be kept in effect, the accrual of Additional Interest Amounts shall
cease (without in any way limiting the effect of any subsequent Event requiring
the payment of Additional Interest Amounts by the Company).  All Additional Interest Amounts shall be payable
in the same manner as interest under the Indenture.

All of the Company’s obligations set forth in this Section 2(e) that
are outstanding with respect to any Registrable Security at the time such
Registrable Security ceases to be a Registrable Security shall survive until
such time as all such obligations with respect to such security have been
satisfied in full (notwithstanding termination of this Agreement 

 12
 

pursuant to Section 8(n)).

The parties hereto agree that the Additional Interest provided for in
this Section 2(e) constitutes a reasonable estimate of the damages that may be
incurred by Holders by reason of an Event, including, without limitation, the
failure of a Shelf Registration Statement to be filed, become effective under
the Securities Act, amended or replaced to include the names of all Notice
Holders or available for effecting resales of Registrable Securities in
accordance with the provisions hereof.

If any Additional Interest Amounts are not paid when due, then, to the
extent permitted by law, such overdue Additional Interest Amounts, if any,
shall bear interest, compounded semi-annually, until paid at the rate of
interest payable with respect to overdue amounts on the Notes pursuant to the
Indenture.

Notwithstanding any provision in this Agreement, unless there shall be
a default in the payment of any Additional Interest Amount, in no event shall
an Additional Interest Amount accrue to Holder of Common Stock issued upon
exchange of Notes.  In lieu thereof, if
during an Additional Interest Accrual Period a Holder shall exchange its Notes
for Common Stock, the Company shall increase the Applicable Exchange Rate by 3%
for each $1,000 principal amount of Notes exchanged.

(f)            The Trustee shall be entitled, on
behalf of Holders, to seek any available remedy for the enforcement of this
Agreement, including for the payment of any Additional Interest Amount.

3.             Registration Procedures.  In connection with the registration
obligations of the Company under Section 2 hereof, the Company shall:

(a)           Prepare and file with the SEC a Shelf
Registration Statement or Shelf Registration Statements in the manner provided
in this Agreement and use its commercially reasonable efforts to cause each
such Shelf Registration Statement to become effective under the Securities Act
and remain effective under the Securities Act as provided herein; provided,
that, before filing any Shelf Registration Statement or Prospectus or any
amendments or supplements thereto with the SEC, the Company shall furnish to
the Initial Purchaser and counsel for the Holders and for the Initial Purchaser
(or, if applicable, a single separate counsel for the Holders) copies of all
such documents proposed to be filed with the SEC and shall use reasonable
efforts to reflect in such documents, when filed with the SEC, such comments as
the Initial Purchaser or such counsel reasonably shall propose within three (3)
Business Days of the delivery of such copies to the Initial Purchaser and such
counsel.  Each Registration Statement
that is or is required by this Agreement to be filed with the SEC shall be
filed on Form S-3 if the Company is then eligible to use Form S-3 for the
purposes contemplated by this Agreement, or, if the Company is not then so
eligible to use Form S-3, shall be on Form S-11 or another appropriate form
that is then available to the Company for the purposes contemplated by this
Agreement.  Each such Registration
Statement that is filed on Form S-3 shall constitute an Automatic Shelf
Registration Statement if the Company is then 

 13
 

eligible to
file an Automatic Shelf Registration Statement on Form S-3 for the purposes
contemplated by this Agreement.  If, at
the time any Registration Statement is filed with the SEC, the Company is
eligible, pursuant to Rule 430B(b), to omit, from the prospectus that is filed
as part of such Registration Statement, the identities of selling
securityholders and amounts of securities to be registered on their behalf,
then the Company shall prepare and file such Registration Statement in a manner
as to permit such omission and to allow for the subsequent filing of such
information in a prospectus pursuant to Rule 424(b) in the manner contemplated
by Rule 430B(d).

(b)           Prepare and file with the SEC such
amendments and post-effective amendments to each Shelf Registration Statement
as may be necessary to keep such Shelf Registration Statement or Subsequent
Shelf Registration Statement continuously effective until the expiration of the
Effectiveness Period; cause the related Prospectus to be supplemented by any
required Prospectus supplement and, as so supplemented, to be filed with the
SEC pursuant to Rule 424; and comply with the provisions of the Securities Act
applicable to it with respect to the disposition of all securities covered by
each Shelf Registration Statement during the Effectiveness Period in accordance
with the intended methods of disposition by the sellers thereof set forth in
the applicable Notice and Questionnaires, the information from which is
included in such Shelf Registration Statement as so amended or such Prospectus
as so supplemented.

(c)           If the third anniversary of the
initial effective date of any Registration Statement (within the meaning of
Rule 415(a)(5) under the Securities Act) shall occur at any time during the
Effectiveness Period, to the extent required pursuant to Rule 415(a)(5) under
the Securities Act in order to permit the Registrable Securities to continue to
be offered, file with the SEC, prior to such third anniversary, a new
Registration Statement covering the Registrable Securities, in the manner
contemplated by, and in compliance with, Rule 415(a)(6), and use its
commercially reasonable efforts to cause such new Registration Statement to
become effective under the Act on or prior to such third anniversary.  Each such new Registration Statement, if any,
shall be deemed, for purposes of this Agreement, to be a Subsequent Shelf
Registration Statement.

(d)           If, at any time during the
Effectiveness Period, any Registration Statement shall cease to comply with the
requirements of the Securities Act with respect to eligibility for the use of
the form on which such Registration Statement was filed with the SEC (or if
such Registration Statement constituted an Automatic Shelf Registration
Statement at the time it was filed with the SEC and shall thereafter cease to
constitute an Automatic Shelf Registration Statement, or if the Company shall
have received, from the SEC, a notice, pursuant to Rule 401(g)(2) under the
Securities Act, of objection to the use of the form on which such Registration
Statement was filed with the SEC), (i) promptly give notice to the Notice
Holders and counsel for the Holders and for the Initial Purchaser (or, if
applicable, a single separate counsel for the Holders) and to the Initial
Purchaser and (ii) promptly file with the SEC a new Registration Statement
under the Securities Act, or a post-effective amendment to such Registration
Statement, to effect compliance with the Securities Act.  The Company shall use its commercially
reasonable efforts to 

 14
 

cause such new
Registration Statement or post-effective amendment to become effective under
the Securities Act as soon as practicable, but subject to compliance with
Section 3(a) hereof, and shall promptly give notice of such effectiveness to
the Notice Holders and counsel for the Holders and for the Initial Purchaser
(or, if applicable, a single separate counsel for the Holders) and to the
Initial Purchaser.  Each such new
Registration Statement, if any, shall be deemed, for purposes of this
Agreement, to be a Subsequent Shelf Registration Statement.

(e)           As promptly as practicable during the
Effectiveness Period, give notice to the Notice Holders, the Initial Purchaser
and counsel for the Holders and for the Initial Purchaser (or, if applicable, a
single separate counsel for the Holders):

(i)            when any Prospectus, Prospectus
supplement, Shelf Registration Statement or post-effective amendment to a Shelf
Registration Statement has been filed with the SEC and, with respect to a Shelf
Registration Statement or any post-effective amendment, when the same has
become effective under the Securities Act.

(ii)           of any request, following the
effectiveness of a Shelf Registration Statement under the Securities Act, by
the SEC or any other governmental authority for amendments or supplements to
such Shelf Registration Statement or the related Prospectus or for additional
information,

(iii)          of the issuance by the SEC or any
other governmental authority of any stop order suspending the effectiveness of
any Shelf Registration Statement or the initiation or threatening of any
proceedings for that purpose,

(iv)          of the receipt by the Company or its
legal counsel of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose,

(v)           after the effective date of any Shelf
Registration Statement filed with the SEC pursuant to this Agreement, of the
occurrence of (but not the nature of or details concerning) a Material Event,
and

(vi)          of the determination by the Company
that a post-effective amendment to a Shelf Registration Statement or a
Subsequent Shelf Registration Statement will be filed with the SEC, which
notice may, at the discretion of the Company (or as required pursuant to
Section 3(k)), state that it constitutes a Suspension Notice, in which event
the provisions of Section 3(k) shall apply.

(f)            Use its commercially reasonable
efforts to (i) prevent the issuance of, and, if issued, to obtain the withdrawal
of, any order suspending the effectiveness of a Shelf Registration Statement
and (ii) obtain the lifting of any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any 

 15
 

jurisdiction
in which they have been qualified for sale, in either case at the earliest
practicable moment, and provide prompt notice to each Notice Holder and the
Initial Purchaser, and counsel for the Holders and for the Initial Purchaser
(or, if applicable, a single separate counsel for the Holders), of the
withdrawal or lifting of any such order or suspension.

(g)           If requested in writing by the
Initial Purchaser or any Notice Holder, as promptly as practicable incorporate
in a Prospectus supplement or a post-effective amendment to a Shelf
Registration Statement such information as counsel for the Holders and for the
Initial Purchaser (or, if applicable, a single separate counsel for the
Holders) shall determine to be required to be included therein by applicable
law and make any required filings of such Prospectus supplement or such
post-effective amendment; provided, however, that the Company
shall not be required to take any actions under this Section 3(g) that, in the
written opinion of counsel for the Company, are not required to be included
therein by applicable law.

(h)           As promptly as practicable, furnish
to each Notice Holder (but only upon such Notice Holder’s request), counsel for
the Holders and for the Initial Purchaser (or, if applicable, a single separate
counsel for the Holders) and the Initial Purchaser, without charge, at least
one (1) conformed copy of each Shelf Registration Statement and each amendment
thereto, including financial statements but excluding schedules, all documents
incorporated or deemed to be incorporated therein by reference and all exhibits
(unless requested in writing to the Company by such Notice Holder, such counsel
or the Initial Purchaser).

(i)            During the Effectiveness Period,
deliver to each Notice Holder, counsel for the Holders and for the Initial
Purchaser (or, if applicable, a single separate counsel for the Holders) and
the Initial Purchaser, in connection with any sale of Registrable Securities
pursuant to a Shelf Registration Statement, without charge, as many copies of
the Prospectus or Prospectuses relating to such Registrable Securities
(including each preliminary prospectus) and any amendment or supplement thereto
as such Notice Holder or the Initial Purchaser may reasonably request; and the
Company hereby consents (except during such periods that a Suspension Notice is
outstanding and has not been revoked) to the use of such Prospectus and each
amendment or supplement thereto by each Notice Holder, in connection with any
offering and sale of the Registrable Securities covered by such Prospectus or
any amendment or supplement thereto in the manner set forth therein.

(j)            Prior to any public offering of the
Registrable Securities pursuant to a Shelf Registration Statement, use its
commercially reasonable efforts to register or qualify or cooperate with the
Notice Holders in connection with the registration or qualification (or
exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such
jurisdictions within the United States as any Notice Holder reasonably requests
in writing (which request may be included in the Notice and Questionnaire); use
its commercially reasonable efforts to keep each such registration or
qualification (or exemption therefrom) effective during the Effectiveness
Period in connection with such Notice Holder’s offer and sale of Registrable
Securities pursuant to such registration or qualification (or exemption 

 16
 

therefrom) and
do any and all other acts or things reasonably necessary or advisable to enable
the disposition in such jurisdictions of such Registrable Securities in the
manner set forth in the relevant Shelf Registration Statement and the related
Prospectus; provided, however, that the Company will not be
required to (i) qualify generally to do business in any jurisdiction where it
is not then so qualified; (ii) take any action that would subject it to general
service of process in suits, other than those arising out of the offering or
sale of Registrable Securities or arising in connection with this Agreement, in
any jurisdiction where it is not now so subject; or (iii) take any action that
would subject it to taxation in any jurisdiction where it is not then so
subject.

(k)           Upon the occurrence or existence of
any pending corporate development, public filings with the SEC or any other
material event (a “Material Event”) that, in the reasonable discretion
of the Company, makes it appropriate to suspend the availability of any Shelf
Registration Statement and the related Prospectus:

(i)            subject to the next sentence, as
promptly as practicable, prepare and file, if necessary pursuant to applicable
law, a post-effective amendment to such Shelf Registration Statement or a
supplement to such Prospectus or any document incorporated therein by reference
or file any other required document that would be incorporated by reference
into such Shelf Registration Statement and Prospectus so that such Shelf
Registration Statement does not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and so that such Prospectus does
not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, as thereafter
delivered to the purchasers of the Registrable Securities being sold
thereunder, and, in the case of a post-effective amendment to a Shelf
Registration Statement, subject to the next sentence, use its commercially
reasonable efforts to cause it to become effective under the Securities Act as
promptly as practicable, and

(ii)           give notice (without notice of the
nature or details of such events) to the Notice Holders and counsel for the
Holders and for the Initial Purchaser (or, if applicable, a single separate
counsel for the Holders) and to the Initial Purchaser that the availability of
the Shelf Registration Statement is suspended (a “Suspension Notice”)
(and, upon receipt of any Suspension Notice, each Notice Holder agrees (x) not
to sell any Registrable Securities pursuant to such Shelf Registration
Statement until such Notice Holder’s receipt of copies of the supplemented or
amended Prospectus provided for in clause (i) above or until such Notice Holder
is advised in writing by the Company that the Prospectus may be used and (y) to
hold such Suspension Notice in confidence).

The Company will use its commercially reasonable efforts to ensure that
the use of the 

 17
 

Prospectus may be resumed as soon as, in the reasonable discretion of
the Company, such suspension is no longer appropriate.  Except in the case of a suspension of the
availability of the Shelf Registration Statement and the related Prospectus
solely as the result of the filing of a post-effective amendment or supplement
to the Prospectus to add additional selling securityholders therein, the period
during which the availability of the Shelf Registration Statement and any Prospectus
may be suspended (the “Suspension Period”) without the Company incurring
any obligation to pay Additional Interest pursuant to Section 2(e) shall not
exceed forty-five (45) days in the aggregate in any ninety (90) day period or
ninety (90) days in the aggregate in any three hundred and sixty (360) day
period, provided, that, if the event triggering
the Suspension Period relates to a proposed or pending material business
transaction, the disclosure of which the board of directors of the Company determines
in good faith would be reasonably likely to impede the ability to consummate
the transaction or would otherwise be seriously detrimental to the Company and
its subsidiaries taken a whole, the Company may extend the Suspension Period
from forty-five (45) days to sixty (60) days in any ninety (90) day period or
from ninety (90) days to one hundred and twenty (120) days in any three hundred
and sixty (360) day period.  The
Effectiveness Period shall be extended by the number of days from and including
the date of the giving of the Suspension Notice to and including the date on
which the Notice Holder received copies of the supplemented or amended
Prospectus provided in clause (i) above, or the date on which it is advised in
writing by the Company that the Prospectus may be used and has received copies
of any additional or supplemental filings that are incorporated or deemed
incorporated by reference in such Prospectus.

(l)            Make reasonably available for
inspection during normal business hours by Initial Purchasers for the Notice
Holders and any underwriters participating in any disposition pursuant to any
Shelf Registration Statement and any broker-dealers, attorneys and accountants
retained by such Notice Holders or any such underwriters, all relevant financial
and other records and pertinent corporate documents and properties of the
Company and its subsidiaries, and cause the appropriate officers, directors and
employees of the Company and its subsidiaries to make available for inspection
during normal business hours all relevant information reasonably requested by
such Initial Purchasers for the Notice Holders, or any such underwriters,
broker-dealers, attorneys or accountants in connection with such disposition,
in each case as is customary for similar “due diligence” examinations; provided,
however, that such persons shall, at the Company’s request, first agree
in writing with the Company that such person will not engage in any transaction
involving securities of the Company in violation of applicable law (including,
without limitation, federal securities laws prohibiting trading on the basis of
material non-public information) and that any information that is reasonably
and in good faith designated by the Company in writing as confidential at the
time of delivery of such information shall be kept confidential by such persons
and shall be used solely for the purposes of exercising rights under this
Agreement, unless (i) disclosure of such information is required by court or
administrative order or is necessary to respond to inquiries of governmental or
regulatory authorities, (ii) disclosure of such information is required by law
(including any disclosure requirements pursuant to federal securities laws in
connection with the filing of any Shelf Registration Statement or the use of
any 

 18
 

Prospectus
referred to in this Agreement) or necessary to defend or prosecute a claim
brought against or by any such persons (e.g.,
to establish a “due diligence” defense), (iii) such information becomes
generally available to the public other than as a result of a disclosure or
failure to safeguard by any such person or (iv) such information becomes
available to any such person from a source other than the Company and such
source is not bound by a confidentiality agreement or is not otherwise under a
duty of trust to the Company; provided  further, that the
foregoing inspection and information gathering shall, to the greatest extent
possible, be coordinated on behalf of all the Notice Holders and the other
parties entitled thereto by the counsel, referred to in Section 5, for the
Holders in connection with Shelf Registration Statements.

(m)          Comply in all material respects with
all applicable rules and regulations of the SEC; and make generally available
to its securityholders earnings statements (which need not be audited)
satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder (or any similar rule promulgated under the Securities Act), which
statements shall cover a period of twelve (12) months commencing on the first
day of the first fiscal quarter of the Company commencing after the effective
date of each Shelf Registration Statement (within the meaning of Rule 158(c)
under the Securities Act), and which statements shall be so made generally available
to the Company’s securityholders as follows: (i) with respect to an earnings
statement which will be contained in a report on Form 10-K (or any other form
as may then be available for such purpose), such earnings statement shall be
made so generally available no later than the due date by which the Company is
required, pursuant to the Exchange Act (subject to any applicable extensions
under Rule 12b-25 thereunder), to file such report with the SEC; and (ii) with
respect to an earnings statement which will be contained in any combination of
reports on Form 10-K or Form 10-Q (or any other form(s) as may then be
available for such purpose), such earnings statement shall be made so generally
available no later than the due date by which the Company is required, pursuant
to the Exchange Act (subject to any applicable extensions under Rule 12b-25
thereunder), to file the last of such reports which together constitute such
earnings statement.

(n)           Cooperate with each Notice Holder to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities sold pursuant to a Shelf Registration Statement, which
certificates shall not bear any restrictive legends, and cause such Registrable
Securities to be in such denominations as are permitted by the Indenture and
registered in such names as such Notice Holder may request in writing at least
three (3) Business Days prior to any sale of such Registrable Securities.

(o)           Provide a CUSIP number for all
Registrable Securities covered by a Shelf Registration Statement not later than
the effective date of the Initial Shelf Registration Statement and provide the
Trustee and the transfer agent for the Common Stock with certificates for the
Registrable Securities that are in a form eligible for deposit with The
Depository Trust Company.

(p)           Cooperate and assist in any filings
required to be made with the National Association of Securities Dealers, Inc.

 

 19

(q)           Upon the filing of the Initial Shelf
Registration Statement, and upon the effectiveness under the Securities Act of
the Initial Shelf Registration Statement, announce the same, in each case by
release through a reputable national newswire service.

(r)            To the extent reasonable and
customary, cooperate with the requests, if any, of Holders of a majority of the
Registrable Securities being sold in order to expedite or facilitate the
disposition of such Registrable Securities.

(s)           Cause the Covered Security to be
listed on the New York Stock Exchange.

4.             Holder’s Obligations.  Each Holder agrees, by acquisition of the
Registrable Securities, that no Holder of Registrable Securities shall be
entitled to sell any of such Registrable Securities pursuant to a Shelf
Registration Statement or to receive a Prospectus relating thereto, unless such
Holder has furnished the Company with a Notice and Questionnaire as required
pursuant to Section 2(d) hereof (including the information required to be
included in such Notice and Questionnaire) and the information set forth in the
next sentence. Each Notice Holder agrees promptly to furnish to the Company all
information required to be disclosed in order to make the information
previously furnished to the Company by such Notice Holder not misleading and
any other information regarding such Notice Holder and the distribution of such
Registrable Securities as the Company may from time to time reasonably request.
Any sale of any Registrable Securities by any Holder shall constitute a
representation and warranty by such Holder that the Holder Information of such
Holder furnished in writing by or on behalf of such Holder to the Company does
not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements in such Holder Information, in
the light of the circumstances under which they were made, not misleading.

5.             Registration Expenses.  The Company shall bear all fees and expenses
incurred in connection with the performance by the Company of its obligations
under Section 2 and Section 3 of this Agreement whether or not any of the Shelf
Registration Statements are filed or declared effective under the Securities
Act. Such fees and expenses (“Registration Expenses”) shall include,
without limitation, (i) all registration and filing fees and expenses
(including, without limitation, fees and expenses (x) with respect to filings
required to be made with the National Association of Securities Dealers, Inc.
and (y) of compliance with federal securities laws and state securities or Blue
Sky laws (including, without limitation, reasonable fees and disbursements of
counsel for the Holders in connection with Blue Sky qualifications of the
Registrable Securities under the laws of such jurisdictions as the Notice
Holders of a majority of the Registrable Securities being sold pursuant to a
Shelf Registration Statement may designate)), (ii) all printing expenses
(including, without limitation, expenses of printing certificates for
Registrable Securities in a form eligible for deposit with The Depository Trust
Company and printing Prospectuses), (iii) all duplication and mailing expenses
relating to copies of any Shelf Registration Statement or Prospectus delivered
to any Holders hereunder, (iv) all fees and disbursements of counsel for the
Company, (v) all fees and disbursements of the Trustee and its counsel and of
the registrar and transfer agent for the Common Stock and (vi) Securities Act
liability insurance obtained by the Company in its sole discretion. In
addition, the Company shall 

 20
 

pay the internal expenses
of the Company (including, without limitation, all salaries and expenses of
officers and employees performing legal or accounting duties), the expense of
any annual audit or quarterly review, the fees and expenses incurred in
connection with the listing by the Company of the Registrable Securities on any
securities exchange or quotation system on which similar securities of the
Company are then listed and the fees and expenses of any person, including,
without limitation, special experts, retained by the Company.  If the Company shall, pursuant to Rule
456(b), defer payment of any registration fees due under the Securities Act
with respect to any Registration Statement, the Company agrees that it shall
pay the fees applicable to such Registration Statement within the time required
by Rule 456(b)(1)(i) (without reliance on the proviso to Rule 456(b)(1)(i)) and
in compliance with Rule 456(b) and Rule 457(r). 
In addition and notwithstanding the foregoing, the Company shall pay the
reasonable fees and disbursements of only one counsel for the Holders in
connection with the Shelf Registration Statement.

6.             Indemnification, Contribution.

(a)           The Company and the Issuer agree to
indemnify, defend and hold harmless each Initial Purchaser, each Holder, each
person (a “Controlling Person”), if any, who controls any Initial
Purchaser or Holder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act and the respective officers, directors,
partners, employees, representatives and agents of any Initial Purchaser, the
Holders or any Controlling Person (each, a “Holder Indemnified Party”),
from and against any loss, damage, expense, liability, claim or any actions in
respect thereof (including the reasonable cost of investigation) which such
Holder Indemnified Party may incur or become subject to under the Securities
Act, the Exchange Act or otherwise, insofar as such loss, damage, expense,
liability, claim or action arises out of or is based upon any untrue statement
or alleged untrue statement of a material fact contained in any Shelf
Registration Statement or Prospectus, including any document incorporated by
reference therein, or in any amendment or supplement thereto or in any
preliminary prospectus, or arises out of or is based upon any omission or
alleged omission to state a material fact required to be stated in any Shelf
Registration Statement or in any amendment or supplement thereto or necessary
to make the statements therein not misleading, or arises out of or is based
upon any omission or alleged omission to state a material fact necessary in
order to make the statements made in any Prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, in the light of the
circumstances under which such statements were made, not misleading, and the
Company and the Issuer shall reimburse, as incurred, the Holder Indemnified
Parties for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, damage, expense, liability,
claim or action in respect thereof; provided, however, that the
Company and the Issuer shall not be required to provide any indemnification
pursuant to this Section 6(a) in any such case insofar as any such loss,
damage, expense, liability, claim or action arises out of or is based upon (i)
any untrue statement or omission or alleged untrue statement or omission of a
material fact contained in, or omitted from, and in conformity with information
furnished in writing by or on behalf of an Initial Purchaser or a Holder to the
Company expressly for use in, any Shelf Registration Statement or any
Prospectus or (ii) a disposition, pursuant to a Shelf 

 21
 

Registration
Statement, of Registrable Securities by a Holder Indemnified Party during a
Suspension Period, provided such Holder Indemnified Party received, prior to
such disposition, a Suspension Notice with respect to such Suspension Period; provided
further, however, that this indemnity agreement will be in
addition to any liability which the Company and the Issuer may otherwise have
to such Holder Indemnified Party.

(b)           Each Holder, severally and not
jointly, agrees to indemnify, defend and hold harmless the Company and the
Issuer, each of its directors, officers, employees, representatives, agents and
any person who controls the Company and the Issuer within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Company
Indemnified Party”) from and against any loss, damage, expense, liability,
claim or any actions in respect thereof (including the reasonable cost of
investigation) which such Company Indemnified Party may incur or become subject
to under the Securities Act, the Exchange Act or otherwise, insofar as such
loss, damage, expense, liability, claim or action arises out of or is based
upon (A) any untrue statement or alleged untrue statement of a material fact
contained in, and in conformity with information (the “Holder Information”)
furnished in writing by or on behalf of such Holder to the Company expressly
for use in, any Shelf Registration Statement or Prospectus, or arises out of or
is based upon any omission or alleged omission to state a material fact in
connection with such Holder Information, which material fact was not contained
in such Holder Information, and which material fact was either required to be
stated in any Shelf Registration Statement or Prospectus or necessary to make
such Holder Information not misleading, (B) a sale, by such Holder pursuant to
a Shelf Registration Statement in or with respect to which such Holder is named
as a selling securityholder, of Registrable Securities during a Suspension
Period, provided that the Company shall have theretofore provided such Holder a
Suspension Notice in accordance with Section 3(k), or (C) a public sale of
Registrable Securities by such Holder without delivery, if required by the
Securities Act, of the most recent applicable Prospectus provided to such
Holder by the Company pursuant to Section 3(i) or Section 2(d)(i)(C), provided
the Company shall have theretofore provided such Holder with copies of such
Prospectus in a timely manner so as to permit such delivery; and, subject to
the limitation set forth in the immediately preceding clause, each Holder shall
reimburse, as incurred, the Company and the Issuer for any legal or other
expenses reasonably incurred by the Company and the Issuer or any such
controlling person in connection with investigating or defending any loss, damage,
expense, liability, claim or action in respect thereof.  This indemnity agreement will be in addition
to any liability which such Holder may otherwise have to the Company and the
Issuer or any of its controlling persons. 
In no event shall the liability of any selling Holder of Registrable
Securities hereunder be greater in amount than the dollar amount of the
proceeds received by such Holder upon the sale, pursuant to the Shelf
Registration Statement, of the Registrable Securities giving rise to such indemnification
obligation.

(c)           If any action, suit or proceeding
(each, a “Proceeding”) is brought against any person in respect of which
indemnity may be sought pursuant to either Section 6(a) or Section 6(b), such
person (the “Indemnified Party”) shall promptly notify the person
against whom such indemnity may be sought (the “Indemnifying Party”) in
writing of the institution of such Proceeding and the Indemnifying Party shall
assume the defense of 

 22
 

such
Proceeding; provided, however, that the omission to so notify
such Indemnifying Party shall not relieve such Indemnifying Party from any
liability which it may have to such Indemnified Party or otherwise.  The Indemnifying Party shall be entitled to
appoint counsel (including local counsel) of the Indemnifying Party’s choice at
the Indemnifying Party’s expense to represent the Indemnified Party in any
action for which indemnification is sought (in which case the Indemnifying
Party shall not thereafter be responsible for the fees and expenses of any
separate counsel, other than local counsel if not appointed by the Indemnifying
Party, retained by the Indemnified Party or parties except as set forth below);
provided, however, that such counsel shall be reasonably
satisfactory to the Indemnified Party. Notwithstanding the Indemnifying Party’s
election to appoint counsel (including local counsel) to represent the
Indemnified Party in an action, the Indemnified Party shall have the right to
employ separate counsel (including local counsel), and the Indemnifying Party
shall bear the reasonable fees, costs and expenses of such separate counsel (it
being understood, however, that such Indemnifying Party shall not be liable for
the expenses of more than one separate counsel in any one Proceeding or series
of related Proceedings together with reasonably necessary local counsel
representing the Indemnified Parties who are parties to such action) if
(i) the use of counsel chosen by the Indemnifying Party to represent the
Indemnified Party would present such counsel with a conflict of interest;
(ii) the actual or potential defendants in, or targets of, any such action
include both the Indemnified Party and the Indemnifying Party and the
Indemnified Party shall have reasonably concluded that there may be legal
defenses available to it and/or other Indemnified Parties that are different
from or additional to those available to the Indemnifying Party; (iii) the
Indemnifying Party shall not have employed counsel satisfactory to the
Indemnified Party to represent the Indemnified Party within sixty (60) days
after notice of the institution of such action; or (iv) the Indemnifying
Party shall authorize the Indemnified Party to employ separate counsel at the
expense of the Indemnifying Party. No Indemnifying Party shall, without the prior
written consent of the Indemnified Party, effect any settlement of any pending
or threatened action in respect of which any Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified
Party unless such settlement (i) includes an unconditional release of such
Indemnified Party from all liability on any claims that are the subject matter
of such action, (ii) does not include a statement as to, or an admission of,
fault, culpability or a failure to act by or on behalf of an Indemnified Party,
and (iii) does not include any undertaking or obligation to act or to
refrain from acting by the Indemnified Party.

(d)           If the indemnification provided for
in this Section 6 is unavailable to an Indemnified Party under Section 6(a) or
Section 6(b), or insufficient to hold such Indemnified Party harmless, in
respect of any losses, damages, expenses, liabilities, claims or actions
referred to therein, then each applicable Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such losses, damages,
expenses, liabilities, claims or actions (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company and the
Issuer, on the one hand, and by the Holders or the Initial Purchaser, on the
other hand, from the offering of the Registrable Securities or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in such
proportion as is 

 23
 

appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the Company and the Issuer, on the one hand, and of the
Holders or the Initial Purchaser, on the other hand, in connection with the
statements or omissions which resulted in such losses, damages, expenses,
liabilities, claims or actions, as well as any other relevant equitable
considerations.  The relative fault of
the Company and the Issuer, on the one hand, and of the Holders or the Initial
Purchaser, on the other hand, shall be determined by reference to, among other
things, whether the untrue statement or alleged untrue statement of a material
fact or omission or alleged omission relates to information supplied by the
Company and the Issuer or by the Holders or the Initial Purchaser and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
The amount paid or payable by a party as a result of the losses,
damages, expenses, liabilities, claims and actions referred to above shall be
deemed to include any reasonable legal or other fees or expenses reasonably
incurred by such party in connection with investigating or defending any
Proceeding.

(e)           The Company, the Issuer, the Holders
and the Initial Purchaser agree that it would not be just and equitable if
contribution pursuant to this Section 6 were determined by pro rata allocation
or by any other method of allocation which does not take account of the
equitable considerations referred to in Section 6(d) above.  Notwithstanding the provisions of this
Section 6, no Holder shall be required to contribute any amount in excess of
the amount by which the total price at which the Registrable Securities giving
rise to such contribution obligation and sold by such Holder were offered to
the public exceeds the amount of any damages which it has otherwise been
required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.  No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.  The Holders’ respective obligations to
contribute pursuant to this Section 6 are several in proportion to the
respective amount of Registrable Securities they have sold pursuant to a Shelf
Registration Statement, and not joint. 
The remedies provided for in this Section 6 are not exclusive and shall
not limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity.

(f)            The indemnity and contribution
provisions contained in this Section 6 shall remain operative and in full force
and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of any Holder or the Initial Purchaser or
any person controlling any Holder or Initial Purchaser, or the Company, or the
Issuer, or the Company’s or the Issuer’s officers or directors or any person
controlling the Company or the Issuer and (iii) the sale of any Registrable
Security by any Holder.

7.             Information Requirements.

(a)           The Company covenants that, if at any
time before the end of the Effectiveness Period it is not subject to the
reporting requirements of the Exchange Act, it will cooperate with any Holder
of Registrable Securities and take such further action as 

 24
 

any Holder of
Registrable Securities may reasonably request in writing (including, without
limitation, making such representations as any such Holder may reasonably
request), all to the extent required from time to time to enable such Holder to
sell Registrable Securities without registration under the Securities Act
within the limitations of the exemptions provided by Rule 144, Rule 144A and
Regulation S under the Securities Act and customarily taken in connection with
sales pursuant to such exemptions. Upon the written request of any Holder, the
Company shall deliver to such Holder a written statement as to whether the
Company has complied with the reporting requirements of the Exchange Act,
unless such a statement has been included in the Company’s most recent report
filed with the SEC pursuant to Section 13 or Section 15(d) of Exchange Act.
Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to
require the Company to register any of its securities (other than the Common
Stock) under any section of the Exchange Act.

(b)           The Company shall file the reports
required to be filed by it under the Exchange Act and shall comply with all
other requirements set forth in the instructions to Form S-3 in order to allow
the Company to be eligible to file registration statements on Form S-3.  The Company shall use its commercially
reasonable efforts to remain eligible, pursuant to Rule 430B(b), to omit, from
the prospectus that is filed as part of a Registration Statement, the
identities of selling securityholders and amounts of securities to be
registered on their behalf.

8.             Miscellaneous.

(a)           Remedies.  The Company and the Issuer acknowledge and
agree that any failure by the Company or the Issuer to comply with their
obligations under this Agreement may result in material irreparable injury to
the Initial Purchaser and the Holders for which there is no adequate remedy at
law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, any Initial Purchaser or
Holder may obtain such relief as may be required to specifically enforce the
Company’s and the Issuer’s obligations under this Agreement.  The Company and the Issuer further agree to
waive the defense in any action for specific performance that a remedy at law
would be adequate.  Notwithstanding the
foregoing two sentences, this Section 8(a) shall not apply to the subject
matter referred to in and contemplated by Section 2(e).

(b)           No Conflicting Agreements.  The Company and the Issuer are not, as of the
date hereof, a party to, nor shall they, on or after the date of this
Agreement, enter into, any agreement with respect to the Company’s securities
that conflicts with the rights granted to the Holders in this Agreement.  The Company and the Issuer represent and
warrant that the rights granted to the Holders hereunder do not in any way
conflict with the rights granted to the holders of the Company’s or the Issuer’s
securities under any other agreements. 
The Company and the Issuer will not take any action with respect to the
Registrable Securities which would adversely affect the ability of any of the
Holders to include such Registrable Securities in a registration undertaken
pursuant to this Agreement.  The Company
represents and covenants that it has not granted, and shall not 

 25
 

grant, to any
of its securityholders (other than the Holders in such capacity) the right to
include any of the Company’s securities in any Shelf Registration Statement
filed pursuant to this Agreement.

(c)           Amendments and Waivers.  The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given, unless the Company has obtained the written consent of Holders of a
majority of outstanding Registrable Securities; provided, however,
that, no consent is necessary from any of the Holders in the event that this
Agreement is amended, modified or supplemented for the purpose of curing any
ambiguity, defect or inconsistency that does not adversely affect the rights of
any Holders.  Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with
respect to a matter that relates exclusively to the rights of Holders of
Registrable Securities whose securities are being sold pursuant to a Shelf
Registration Statement and that does not directly or indirectly affect the
rights of other Holders of Registrable Securities may be given by Holders of at
least a majority of the Registrable Securities being sold by such Holders
pursuant to such Shelf Registration Statement; provided, however,
that the provisions of this sentence may not be amended, modified, or
supplemented except in accordance with the provisions of the immediately
preceding sentence.  Each Holder of
Registrable Securities outstanding at the time of any such amendment,
modification, supplement, waiver or consent or thereafter shall be bound by any
such amendment, modification, supplement, waiver or consent effected pursuant
to this Section 8(c), whether or not any notice, writing or marking indicating
such amendment, modification, supplement, waiver or consent appears on the
Registrable Securities or is delivered to such Holder.

(d)           Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand delivery, by
telecopier, by courier guaranteeing overnight delivery or by first-class mail,
return receipt requested, and shall be deemed given (A) when made, if made by
hand delivery, (B) upon confirmation, if made by telecopier, (C) one (1)
Business Day after being deposited with such courier, if made by overnight
courier or (D) on the date indicated on the notice of receipt, if made by
first-class mail, to the parties as follows:

(i)            if to a Holder, at the most current
address given by such Holder to the Company in a Notice and Questionnaire or
any amendment thereto;

(ii)           if to the Company or the Issuer, to:

SL Green Realty Corp.

420 Lexington Avenue

New York, NY 10170

Telecopy No.: (212) 216-1785

 26
 

(iii)          if to the Initial Purchaser, to:

c/o Citigroup Global
Markets Inc.

388 Greenwich Street

New York, NY 10013

Attention:
[                 ]

or to such other address as such person may have furnished to the other
persons identified in this Section 8(d) in writing in accordance herewith.

(e)           Majority of Registrable Securities.  For purposes of determining what constitutes
Holder of a majority of Registrable Securities, as referred to in this
Agreement, a majority shall constitute a majority in aggregate principal amount
of Registrable Securities, treating each relevant Holder of shares of Common
Stock, Redemption or Repurchase of the Notes as a Holder of the aggregate
principal amount of Notes in respect of which such Common Stock was issued.

(f)            Approval of Holders.  Whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company or its “affiliates” (as such term is
defined in Rule 405 under the Securities Act) (other than the Initial Purchaser
or subsequent Holders of Registrable Securities, if the Initial Purchaser or
such subsequent Holders is deemed to be such affiliates solely by reason of
their holdings of such Registrable Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

(g)           Third Party Beneficiaries.  The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company and the
Issuer, on the one hand, and the Initial Purchaser, on the other hand, and
shall have the right to enforce such agreements directly to the extent they may
deem such enforcement necessary or advisable to protect their rights or the
rights of Holders hereunder. The Trustee shall be entitled to the rights
granted to it pursuant to this Agreement.

(h)           Successors and Assigns.  Any person who purchases any Notes or Covered
Security from any Initial Purchaser or from any Holder shall be deemed, for
purposes of this Agreement, to be an assignee of such Initial Purchaser or such
Holder, as the case may be.  This
Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of each of the parties hereto and shall inure to the
benefit of and be binding upon each Holder of any Notes or Covered Security.

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

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

 27
 

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

(l)            Severability.  If any term, provision, covenant or
restriction of this Agreement is held to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated thereby, and the parties hereto
shall use their best efforts to find and employ an alternative means to achieve
the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction, it being intended that all of the rights
and privileges of the parties shall be enforceable to the fullest extent
permitted by law.

(m)          Entire Agreement.  This Agreement is intended by the parties
hereto as a final expression of their agreement and is intended to be a
complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein and the
registration rights granted by the Company with respect to the Registrable
Securities. Except as provided in the Purchase Agreement, there are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein, with respect to the registration rights granted by the
Company with respect to the Registrable Securities.  This Agreement supersedes all prior
agreements and undertakings among the parties with respect to such registration
rights.  No party hereto shall have any
rights, duties or obligations other than those specifically set forth in this
Agreement.

(n)           Termination.  This Agreement and the obligations of the
parties hereunder shall terminate upon the end of the Effectiveness Period,
except for any liabilities or obligations under Section 4, Section 5 or Section
6 hereof and the obligations to make payments of and provide for Additional
Interest under Section 2(e) hereof to the extent such Additional Interest
accrues prior to the end of the Effectiveness Period and to the extent any
overdue Additional Interest accrues in accordance with the last paragraph of
such Section 2(e), each of which shall remain in effect in accordance with its
terms.

(o)           Submission to Jurisdiction. 
Except as set forth below, no claim, counterclaim or dispute of any kind
or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”)
may be commenced, prosecuted or continued in any court other than the courts of
the State of New York located in the City and County of New York or in the
United States District Court for the Southern District of New York, which
courts shall have jurisdiction over the adjudication of such matters, and the
Company and the Issuer hereby consents to the jurisdiction of such courts and
personal service with respect thereto. 
The Company and the Issuer hereby consents to personal jurisdiction,
service and venue in any court in which any Claim arising out of or in any way
relating to this Agreement is brought by any third party against any Initial
Purchaser.  THE COMPANY AND THE ISSUER
HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED UPON
CONTRACT, TORT 

 28
 

OR OTHERWISE)
IN ANY WAY ARISING OUT OF OR RELATING TO THIS AGREEMENT.  The Company and the Issuer agrees that a
final judgment in any such Proceeding brought in any such court shall be
conclusive and binding upon the Company or the Issuer and may be enforced in
any other courts in the jurisdiction of which the Company or the Issuer is or
may be subject, by suit upon such judgment.

The Remainder of This Page Intentionally Left Blank; Signature Page
Follows

 

 29

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

	
  

  	
  Very truly yours,

  
	
   

  	
  SL
  Green Realty Corp.

  
	
   

  	
  By:

  	
  /s/ Andrew Levine

  
	
   

  	
  Name:

  	
   

  	
   

  	 

	
   

  	
  Title:

  	
   

  	
   

  	 

	
   

  	
  SL Green
  Operating Partnership, L.P.

  
	
   

  	
  By:

  	
  SL Green Realty Corp.

  
	
   

  	
   

  	
  Its:

  	
  Managing General Partner

  
	
   

  	
   

  	
  By:

  	
  /s/ Andrew Levine

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
							

Accepted and agreed to as of the date first above
written, on behalf of itself:

 

	
  CITIGROUP GLOBAL MARKETS INC.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Scott Eisen

  	
   

  
	
   

  	
  Name: Scott Eisen

  
	
   

  	
  Title: Managing DirectorExhibit 4.3

[FORM OF
FACE OF NOTE]

SL GREEN OPERATING
PARTNERSHIP, L.P.

3.00% EXCHANGEABLE SENIOR NOTES DUE 2027

No.

CUSIP: 78444F AA4

$

SL
Green Operating Partnership, L.P., a Delaware limited partnership (herein
called the “Issuer,” which term includes any
successor under the Indenture referred to on the reverse hereof), for value
received hereby promises to pay to Cede & Co., or its registered assigns,
the principal sum of
                                                 
($         ), or such lesser amount
as is set forth in the Schedule of Increases or Decreases in Note on the other
side of this Note, on March 30, 2027 at the office or agency of the Issuer
maintained for that purpose in accordance with the terms of the Indenture, in
such coin or currency of the United States of America as at the time of payment
shall be legal tender for the payment of public and private debts, and to pay
interest, semi-annually on March 30 and September 30 of each year, commencing
September 30, 2007, on said principal sum at said office or agency, in like
coin or currency, at the rate per annum of 3.00%, from the March 30 or
September 30, as the case may be, next preceding the date of this Note to which
interest has been paid or duly provided for, unless no interest has been paid
or duly provided for on the Notes, in which case from March 26, 2007 until
payment of said principal sum has been made or duly provided for. Payment of
the principal of and interest on the Notes not represented by a Global Note
will be made at the Corporate Trust Office or the office maintained for that
purpose in the Borough of Manhattan, The City of New York, New York, in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided,
however, that at the option of the
Issuer, payments of interest on the Notes may be made (i) by check mailed to
the address of the Person entitled thereto as such address shall appear in the
Note Register or (ii) by wire transfer to an account maintained by the Person
entitled thereto located within the United States.

The
Issuer promises to pay interest on overdue principal, premium, if any, and (to
the extent that payment of such interest is enforceable under applicable law)
interest at the rate borne by the Notes.

Reference
is made to the further provisions of this Note set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Note the
right to exchange this Note into cash and, if applicable, shares of Common
Stock, on the terms and subject to the limitations referred to on the reverse
hereof and as more fully specified in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this
place.

This
Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed manually or by
facsimile by the Trustee or a duly authorized authenticating agent under the
Indenture.

 

IN
WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

Dated:
March 26, 2007

	
  

  	
  SL GREEN OPERATING PARTNERSHIP, L.P.

  

  
	
   

  	
  By:

  	
  SL Green Realty Corp. 

  Its: Managing General Partner

  

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 2

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of the Notes described in the within-named
Indenture.

Dated:

	
  

  	
  The Bank of New York, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

 3

[FORM OF REVERSE OF NOTE]

SL GREEN OPERATING
PARTNERSHIP, L.P.

3.00% EXCHANGEABLE SENIOR NOTES DUE 2027

This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its 3.00% Exchangeable Senior Notes due 2027 (herein called the “Notes”), issued under and pursuant to an Indenture dated as
of March 26, 2007 (herein called the “Indenture”),
among the Issuer, the Company and The Bank of New York, as trustee (herein
called the “Trustee”), to which Indenture and
all indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Issuer and the Holders of the Notes. Defined
terms used but not otherwise defined in this Note shall have the respective
meanings ascribed thereto in the Indenture.

If
an Event of Default (other than an Event of Default specified in Section
8.01(h) or 8.01(i) of the Indenture) occurs and is continuing, the principal
of, premium, if any, and accrued and unpaid interest on all Notes may be
declared to be due and payable by either the Trustee or the Holders of at least
25% in aggregate principal amount of the Notes then outstanding, and, upon said
declaration the same shall be immediately due and payable. If an Event of
Default specified in Section 8.01(h) or 8.01(i) of the Indenture occurs and is
continuing, then the principal of and premium, if any, and interest accrued and
unpaid on all the Notes shall be immediately due and payable without any
declaration or other action on the part of the Trustee or any Holder of Notes.

The
Indenture contains provisions permitting the Issuer and the Trustee, with the
consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding, to execute supplemental indentures
adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or modifying in
any manner the rights of the Holders of the Notes, subject to exceptions set
forth in Section 11.02 of the Indenture. Subject to the provisions of the
Indenture, the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding may, on behalf of the Holders of
all of the Notes, waive certain past defaults or Events of Default.

No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall impair, as among the Issuer and the Holder of the Notes, the
obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, on and interest on this Note at the place, at
the respective times, at the rate and in the coin or currency herein and in the
Indenture prescribed.

Interest
on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.

The
Notes are issuable in fully-registered form, without coupons, in minimum
denominations of $1,000 principal amount and in integral multiples of $1,000 in
excess thereof. At the office or agency of the Issuer referred to on the face
hereof, and in the manner and subject to the limitations provided in the
Indenture, without payment of any service charge but with payment of a sum
sufficient to cover any tax, assessment or other governmental charge that may 

 4
 

be imposed in connection with any registration or
exchange of Notes, Notes may be exchanged for a like aggregate principal amount
of Notes of any other authorized denominations.

The
Issuer shall have the right to redeem the Notes under certain circumstances as
set forth in Section 3.01 of the Indenture.

The
Notes are not subject to redemption through the operation of any sinking fund.

Upon
the occurrence of a Designated Event, or on March 30, 2012, March 30, 2017 and
March 30, 2022, Holders shall have the right to require the Issuer to
repurchase all or a portion of their Notes pursuant to Section 4.01 and Section
5.01, respectively, of the Indenture.

Subject
to and in compliance with the provisions of the Indenture, the Holder hereof
shall have the right to exchange each $1,000 principal amount of this Note into
cash and, if applicable, shares of Common Stock as provided in Article 15 of
the Indenture.

In
the event the Holder surrenders this Note for exchange in connection with
certain Designated Events, the Issuer will increase the Applicable Exchange
Rate by the Additional Designated Event Shares as and when provided in Section
15.11, or, in certain circumstances adjust the Exchange Rate for Acquirer
Common Stock as provided in Section 15.12 of the Indenture.

No
recourse for the payment of the principal of (including the Redemption Price or
Repurchase Price upon redemption or repurchase pursuant to Article 3, Article 4
and Article 5 of the Indenture) or any premium, if any, or interest on this
Note, or for any claim based hereon or otherwise in respect hereof, and no
recourse under or upon any obligation, covenant or agreement of the Issuer in
the Indenture or any supplemental indenture or in this Note, or because of the
creation of any indebtedness represented thereby, shall be had against any
incorporator, shareholder, partner, member, manager, employee, agent, officer,
director or subsidiary, as such, past, present or future, of the Company, the
Issuer or any of the Company’s Subsidiaries or of any successor thereto, either
directly or through the Company, the Issuer or any of the Company’s
Subsidiaries or of any successor thereto, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise; it being expressly understood that all such liability
is hereby expressly waived and released as a condition of, and as consideration
for, the execution of the Indenture and the issue of this Note.

In
addition to the rights provided to Holders of Notes under the Indenture,
Holders shall have all the rights set forth in the Registration Rights
Agreement dated as of March 26, 2007, among the Issuer, the Company and the
Initial Purchaser named therein (the “Registration Rights
Agreement”).

 5

ABBREVIATIONS

The
following abbreviations, when used in the inscription of the face of this Note,
shall be construed as though they were written out in full according to
applicable laws or regulations.

	
  TEN-COM

  	
   

  	
  as tenants in common

  	
   

  	
  UNIF GIFT MIN ACT -___ 

  
	
   

  	
   

  	
   

  	
   

  	
  Custodian ___

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TEN-ENT

  	
   

  	
  as tenant by the entireties

  	
   

  	
  (Cust) (Minor)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JT-TEN

  	
   

  	
  as joint tenants with right of survivorship and not
  under Uniform Gifts to Minors Act

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  as tenants in common

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (State)

  

 

Additional
abbreviations may also be used though not in the above list.

 6

EXCHANGE NOTICE

TO:                            SL
GREEN OPERATING PARTNERSHIP, L.P.

The Bank of New York, as Trustee

The
undersigned registered owner of this Note hereby irrevocably exercises the
option to exchange this Note, or the portion thereof (which is $1,000 or a
multiple thereof) below designated, into cash and, if applicable, shares of
Common Stock, in accordance with the terms of the Indenture referred to in this
Note, and directs that the shares of Common Stock, if any, issuable and
deliverable upon such exchange, together with any check in payment for cash, if
any, payable upon exchange or for fractional shares and any Notes representing
any unexchanged principal amount hereof, be issued and delivered to the
registered holder hereof unless a different name has been indicated below.
Capitalized terms used herein but not defined shall have the meanings ascribed
to such terms in the Indenture. If shares or any portion of this Note not
exchanged are to be issued in the name of a person other than the undersigned,
the undersigned will provide the appropriate information below and pay all
transfer taxes payable with respect thereto. Any amount required to be paid by
the undersigned on account of interest accompanies this Note.

The
undersigned registered owner of this Note hereby certifies that it or the
Person on whose behalf the Notes are being exchanged is a qualified
institutional buyer within the meaning of Rule 144A under the Securities Act of
1933, as amended.

	
  Dated: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature(s)

  
	
   

  	
   

  
	
   

  	
  Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements
  of the Note Registrar, which requirements include membership or participation
  in the Security Transfer Agent Medallion Program (“STAMP”)
  or such other “signature guarantee
  program” as may be determined by the Note Registrar in addition
  to, or in substitution for, STAMP, all in accordance with the Securities
  Exchange Act of 1934, as amended.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guarantee

  

 

 7
 

Fill
in the registration of shares of Common Stock, if any, if to be issued, and
Notes if to be delivered, and the person to whom cash and payment for
fractional shares is to be made, if to be made, other than to and in the name
of the registered holder:

	
  

  	
   

  
	
  Please print name and address

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Name)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Street Address)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (City, State and Zip Code)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Principal amount to be exchanged (if less than all):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Social Security or Other Taxpayer

    Identification
  Number:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
						

NOTICE: The signature on
this Exchange Notice must correspond with the name as written upon the face of
the Note in every particular without alteration or enlargement or any change
whatever.

 

 8

DESIGNATED EVENT
REPURCHASE NOTICE

TO:                            SL
GREEN OPERATING PARTNERSHIP, L.P.

The Bank of New York, as Trustee

The
undersigned registered owner of this Note hereby irrevocably acknowledges
receipt of a notice from SL Green Operating Partnership, L.P. (the “Issuer”) regarding the right of Holders to elect to require
the Issuer to repurchase the Notes and requests and instructs the Issuer to
repay the entire principal amount of this Note, or the portion thereof (which
is $1,000 or an integral multiple thereof) below designated, in cash, in
accordance with the terms of the Indenture at the price of 100% of such entire
principal amount or portion thereof, together with accrued and unpaid interest
to, but excluding, the Designated Event Repurchase Date, as the case may be, to
the registered holder hereof. Capitalized terms used herein but not defined
shall have the meanings ascribed to such terms in the Indenture. The Notes
shall be repurchased by the Issuer as of the Designated Event Repurchase Date,
as the case may be, pursuant to the terms and conditions specified in the
Indenture.

NOTICE:
The signatures of the Holder(s) hereof must correspond with the name as written
upon the face of the Note in every particular without alteration or enlargement
or any change whatever. Note Certificate Number (if applicable):                                                     

Principal
amount to be repurchased (if less than all, must be $1,000 or whole multiples
thereof):                                          

Social Security or Other Taxpayer Identification
Number:                                   

Dated:                                 

	
  

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature(s)

  
	
   

  	
   

  
	
   

  	
  Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements
  of the Note Registrar, which requirements include membership or participation
  in the Security Transfer Agent Medallion Program (“STAMP”)
  or such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guarantee

  

 

 9

SCHEDULED REPURCHASE
NOTICE

	
  TO:

  	
   

  	
  SL GREEN OPERATING PARTNERSHIP, L.P.

  The Bank of New York, as Trustee

  

 

The
undersigned registered owner of this Note hereby requests and instructs Issuer
to repay the entire principal amount of this Note, or the portion thereof
(which is $1,000 or an integral multiple thereof) below designated, in cash, in
accordance with the terms of the Indenture at the price of 100% of such entire
principal amount or portion thereof, together with accrued and unpaid interest
to, but excluding, the Scheduled Repurchase Date, as the case may be, to the
registered holder hereof. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture. The Notes shall be
repurchased by the Issuer as of the Scheduled Repurchase Date, as the case may
be, pursuant to the terms and conditions specified in the Indenture.

NOTICE:
The signatures of the Holder(s) hereof must correspond with the name as written
upon the face of the Note in every particular without alteration or enlargement
or any change whatever. Note Certificate Number (if applicable):
__________________

Principal
amount to be repurchased (if less than all, must be $1,000 or whole multiples
thereof): ________________

Social Security or Other Taxpayer Identification
Number: ________________

Dated: ________________

	
   

  	
  

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature(s)

  
	
   

  	
   

  
	
   

  	
  Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements
  of the Note Registrar, which requirements include membership or participation
  in the Security Transfer Agent Medallion Program (“STAMP”)
  or such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guarantee

  

 

 

 10

ASSIGNMENT

 

For value received                                          
hereby sell(s) assign(s) and transfer(s) unto
                 
          (Please insert
social security or other Taxpayer Identification Number of assignee) the within
Note, and hereby irrevocably constitutes and appoints                                            
attorney to transfer said Note on the books of the Issuer, with full power of
substitution in the premises.

 

In connection with any
transfer of the Note, the undersigned confirms that such Note is being
transferred:

 

·                          o      To
SL Green Operating Partnership, L.P., SL Green Realty Corp. or a subsidiary of
SL Green Operating Partnership, L.P. or SL Green Realty Corp.; or

 

·                          o      To
a “qualified institutional buyer” in compliance
with Rule 144A under the Securities Act of 1933, as amended.

 

Unless one of the boxes is checked, the Trustee
will refuse to register any of the Notes evidenced by this certificate in the
name of any person other than the registered holder thereof.

 

Dated:                                                                       

 

	
  

  	
   

  
	
   

  	
                                                                                      

  
	
   

  	
   

  
	
   

  	
                                                                                      

  
	
   

  	
  Signature(s)

  
	
   

  	
   

  
	
   

  	
  Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements
  of the Note Registrar, which requirements include membership or participation
  in the Security Transfer Agent Medallion Program (“STAMP”)
  or such other “signature guarantee program” as
  may be determined by the Note Registrar in addition to, or in substitution
  for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
  amended.

  
	
   

  	
   

  
	
   

  	
                                                                                      

  
	
   

  	
  Signature Guarantee

  

 

NOTICE: The signature on this Assignment must correspond with the name
as written upon the face of the Note in every particular without alteration or
enlargement or any change whatever.

 11

ASSIGNMENT

For
value received                                                            
hereby sell(s) assign(s) and transfer(s) unto                                                            
(Please insert social security or other Taxpayer Identification Number of
assignee)                                  
shares of Common Stock, and hereby irrevocably constitutes and appoints                                                            
attorney to transfer said shares of Common Stock on the books of the Issuer,
with full power of substitution in the premises.

In
connection with any transfer of the shares of Common Stock prior to the
expiration of the holding period applicable to sales thereof under Rule 144(k)
under the Securities Act (or any successor provision) (other than any transfer
pursuant to a registration statement that has been declared effective under the
Securities Act), the undersigned confirms that such shares of Common Stock are
being transferred:

·                          o      To
SL Green Operating Partnership, L.P., SL Green Realty Corp. or a subsidiary of
SL Green Operating Partnership, L.P. or SL Green Realty Corp.; or

·                          o      Pursuant
to and in compliance with Rule 144 under the Securities Act of 1933, as
amended; or

·                          o      To
a person the undersigned reasonably believes is a qualified institutional buyer
that is purchasing for its own account or for the account of another qualified
institutional buyer and to whom notice is given that the transfer is being made
in reliance on Rule 144A, all in compliance with Rule 144A (if available); or

·                          o      Pursuant
to a Registration Statement which has been declared effective under the
Securities Act of 1933, as amended, and which continues to be effective at the
time of transfer.

Unless one of the boxes is
checked, the Transfer Agent will refuse to register any of the shares of Common
Stock evidenced by this certificate in the name of any person other than the
registered holder thereof.

 12

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