Document:

exh10-5_16763.htm

    EXHIBIT 10.5

     

    
 

    Loan No.
17049

    MODIFICATION AND REAFFIRMATION OF

    COMMERCIAL
LOAN AND SECURITY AGREEMENT

    

               THIS
MODIFICATION AND REAFFIRMATION OF COMMERCIAL LOAN AND SECURITY AGREEMENT
(“Agreement”) is entered into as of the 11th  day of March, 2010 by and among:

    

    NEWALLIANCE BANK

    a Connecticut banking corporation

    with a place of business at

    195 Church Street, New Haven, Connecticut
06510                                                      (“Lender”)

    

    and

            
       CAS MEDICAL SYSTEMS,
INC.

    a Delaware corporation

    with a place of business at

    44 East Industrial Road, Branford, Connecticut
06405                                                 (“Borrower”)

    

    and

    STATCORP, INC.

    a Delaware corporation

    with a place of business at

    14476
Duval Place West, Suite 303, Jacksonville,
Florida  32218                                (“Guarantor”)

     

    

    RECITALS

    

    WHEREAS, Borrower executed a Commercial Term Promissory Note dated
May 16, 2005, in the original principal amount of up to $4,200,000.00 ( the
"Note") evidencing a term loan of said amount (the “Loan”); and

    

    WHEREAS,
Guarantor jointly, severally and unconditionally guaranteed the prompt payment
and performance of Borrower’s obligations to the Lender (as defined in the
Guaranty) by Guaranty dated May 16, 2005 (the “Guaranty”); and

    

    WHEREAS,
Borrower’s and Guarantor’s respective obligations to the Lender are more fully
set forth in a Commercial Loan and Security Agreement dated May 16, 2005 (the
“Loan Agreement”), reference being hereby made to the Loan Agreement for the
definition of certain capitalized terms used herein and not otherwise defined;
and

    

    WHEREAS,
Borrower’s obligations of payment and performance under the Note are secured by
(i) a Mortgage and a Collateral Assignment on the Borrower’s fee interest in the
real property known as 44 East Industrial Road, Branford, Connecticut, each
recorded on May 16, 2005 in the Branford land records and each subsequently
released by the Lender, and (ii) a pledge of Borrower’s stock in Guarantor
pursuant to Stock Pledge Agreement dated May 16, 2005 (“Stock Pledge”), and
Guarantor’s obligations of payment and performance under the Guaranty is

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    secured
by a collateral assignment of their respective interest as tenant respecting
each Lease to which Guarantor is a party; and

    

    WHEREAS,
as further security for the payment of the Loan and the Guaranty, and the
performance by Borrower and Guarantor of all of their respective obligations
under the Agreement and the other Loan Documents, Borrower and Guarantor have
also mortgaged, pledged and assigned to Lender, and given and granted to Lender,
a security interest in certain Collateral, all as set for the in the Loan
Agreement; and

    

    WHEREAS,
in connection with the Note,  Guaranty and Loan Agreement, Borrower
and Guarantor  executed and delivered various other documents,
instruments, pledges and/or indemnities to Lender (including without limitation,
the Note, the Loan Agreement, and Guaranty hereinafter collectively, the “Loan
Documents”); and

    

    WHEREAS,
Borrower and the Guarantor desire to modify
certain financial covenants contained in the Loan Agreement; and

    

    WHERAS,
Lender has agreed to modify certain financial covenants upon the terms and
conditions hereinafter set forth, and upon the payment by Borrower of a
modification fee.

    

    NOW,
THEREFORE in consideration of the mutual promises and covenants contained
herein, the parties hereto agree as follows:

    

    
      	
               
      

            	 	
              1.

            	
              As
      of the date hereof, the outstanding principal balance of the Loan is
      $1,549,048.22.

            

    

    

    
      	
               
      

            	 	
              2.

            	
              Section
      2.7 of the Loan Agreement, Financial Covenants, is modified to read as
      follows:

            

    

    
      	
               
      

            	 

    

                          “2.7          Financial
Covenants. Borrower and Guarantor, on a consolidated basis, shall
continuously maintain the following, calculated in accordance with GAAP, as
shown on the financial statements required to be provided pursuant to Section
2.6, and continuously in between such statements:

    

                          (A)           a
ratio of Borrower’s and Guarantor’s total Indebtedness to Borrower’s and
Guarantor’s Net Worth of not more than 2.5 to 1.0, tested at the end of each
Fiscal Year; and

    

    
       
(B)           
a minimum
debt service coverage ratio ( EBITDA divided by Debt Service)
of not less than 1.25 to 1.0, tested on a quarterly year-to-date basis from the
date hereof and at all times thereafter.  EBITDA being “net income for
an accounting period, to which is added back: (i) interest expense; (ii) taxes;
and (iii) depreciation expense and amortization to the extent deducted from such
net income during such accounting period, all as determined by
GAAP”.

    

    

    3.           The
Lender shall, as provided in Section 2.4(J) of the Loan Agreement, perform a
field investigation, and Borrower shall pay the costs thereof.  Said
investigation shall in no way limit or be deemed to satisfy Borrower’s and
Guarantor’s ongoing obligations under said Section 2.4(J).

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    4.           The
Loan Documents are hereby modified to incorporate the terms contained in this
Agreement.  Any default in this Agreement shall be an Event of Default
as defined in the Note and Loan Agreement.

    

    5.           The
Borrower and Guarantor reaffirm all of the representations, warranties,
covenants (both affirmative and negative), waivers and indemnities contained in
the Loan Documents.    All of the representations and
warranties set forth in the Loan Documents are true and correct as if made on
the date hereof except as waived in
conjunction herewith.

    

    6.           The
Guarantor hereby consents to the modifications contained herein and hereby
ratifies and confirms: (a) that it
jointly, severally and unconditionally guarantees to Lender the payment and performance
from and by Borrower of the Obligations of Borrower to Lender (as defined in the
Guaranty) and (b) such Obligations include, without limitation, the Loan
Agreement, as modified hereby.  Guarantor acknowledges that its
reaffirmation and ratification of its
Guaranty is a material inducement for Lender to enter into this Agreement and
that Lender would not do so without said reaffirmation and
ratification.  This Agreement and the Guaranty are the Guarantor’s
valid and binding obligation enforceable against them in accordance with their
terms.

    

    7.           The
Borrower and the Guarantor represent, acknowledge and affirm that neither
of  them has any claim, defense, offset or counterclaim whatsoever
against Lender with respect to the Note, the Mortgage, Guaranty or any other
Loan Document, or the modifications made herein, and that Lender is relying on
this representation in agreeing to said modifications.  The Borrower
and Guarantor further acknowledge that Lender would not agree to said
modifications unless the Borrower and the Guarantor made the representations
contained in this paragraph and elsewhere in this Agreement freely and
willingly, after due consultation with their attorneys.  Borrower
further represents that this Agreement and all of the Loan Documents executed by
it are its valid and binding obligations and enforceable in accordance with
their terms and further represents that no Event of Default (as defined in the
Note or Loan Agreement) has occurred nor has there occurred any event or
condition which, with the giving of notice or the passage of time or both would
constitute an Event of Default except as
waived in connection herewith.

    

    8.           In
furtherance of the immediately preceding paragraph, Borrower and Guarantor
hereby release, and forever discharge the Lender, its officers, agents,
successors and assigns, from any and all claims, actions, causes of action,
obligations and liabilities of any kind known or unknown which the Borrower or
Guarantor have or may have as of the date hereof whether relating to the Note,
any Loan Document or any of the transactions contemplated hereby or consummated
in connection herewith, or any negotiations in connection with any of the
foregoing.

    

    9.           The
parties agree that nothing contained herein shall in any way impair the Note,
Guaranty, or any Loan Document, and the Collateral shall remain in all respects
subject to the lien, charge and encumbrance of the Loan
Agreement.  The parties further agree that nothing contained herein or
modified pursuant to this Agreement shall affect or be construed to affect the

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    lien,
charge or encumbrance of or warranty of title in or conveyance affected by or
the priority of the Loan Agreement, over other liens, charges and encumbrances,
or release or affect the liability of any other party or parties who may now or
hereafter be liable under, pursuant to, or on account of the Note and/or Loan
Agreement.

    

    10.         Capitalized
terms not otherwise defined herein shall have the same meaning as in the
document to which they refer.  Except as modified by this Agreement,
the Note, and all other Loan Documents shall remain unchanged and in full force
and effect.  Borrower and Guarantor shall keep and perform all of the
terms and agreements contained therein as may be applicable to
them.

    

    11.         This
Agreement shall be binding upon and inure to the benefit of the parties hereto,
their respective heirs, successors and assigns.  This Agreement may
only be amended in

    writing.  Any
capitalized term not otherwise defined herein shall have the same meaning as
defined in the document to which it refers.

    

    12.         This
Agreement may be signed in one or more counterparts all of which shall
constitute one document and shall be construed under the laws of the State of
Connecticut.

    

    13.         THE
BORROWER AND GUARANTOR ACKNOWLEDGE THAT THE NOTE, THE GUARANTY, ALL LOAN
DOCUMENTS AND THIS MODIFICATION AGREEMENT RESULT FROM A COMMERCIAL TRANSACTION
AND THE BORROWER AND GUARANTOR HEREBY WAIVE ANY RIGHT TO NOTICE OR HEARING UNDER
THE CONSTITUTION OF THE UNITED STATES OR ANY STATE OR FEDERAL LAW, INCLUDING
CONNECTICUT GENERAL STATUTES SECTION 52-278a ET SEQ., AS NOW OR HEREAFTER
AMENDED, OR ANY SUCCESSOR ACT OR ACTS THERETO, AND WAIVE ANY REQUIREMENTS FOR
THE POSTING OF ANY BOND IN CONNECTION WITH ANY PREJUDGMENT REMEDY
SOUGHT.  THE BORROWER AND GUARANTOR AUTHORIZE THE ATTORNEY FOR ANY
HOLDER OF THE NOTE TO ISSUE A WRIT FOR PREJUDGMENT REMEDY WITHOUT COURT
ORDER.  BORROWER AND GUARANTOR ACKNOWLEDGE THAT THEY MAKE THIS WAIVER
KNOWINGLY AND VOLUNTARILY AFTER CONSULTATION WITH THEIR ATTORNEY.

    

    14.         THE
BORROWER AND GUARANTOR WAIVE TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR
PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH THE NOTE, GUARANTY, ANY LOAN
DOCUMENT, THIS AGREEMENT OR IN ANY WAY RELATED TO THE FINANCING TRANSACTIONS OF
WHICH THIS AGREEMENT IS A PART AND/OR THE DEFENSE OR ENFORCEMENT OF ANY OF
LENDER’S RIGHTS OR REMEDIES.  BORROWER AND GUARANTOR ACKNOWLEDGE THAT
THEY MAKE THIS WAIVER KNOWINGLY AND VOLUNTARILY AFTER CONSULTATION WITH THEIR
ATTORNEY.

    

    
      	
               
      

            	 

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    15.         Borrower
and Guarantor will, upon demand, furnish to the Lender such further information,
and  will execute and deliver such instruments or documents, and will
do all such acts as the Lender may, at any time or from time to time, reasonably
request, or as may be necessary or appropriate to establish and maintain a valid
and enforceable first security interest of the Lender in the Collateral
described in the Loan Agreement. Borrower and Guarantor hereby authorize the
filing by Lender of any and all financing statements and any subsequent
amendments thereto with or without the Borrower’s or Guarantor’s
signature.  Lender may, in its discretion, file all such financing
statements with an “all assets of Debtor” Collateral description.

    

    IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement to be executed and delivered on the day and year first above
mentioned.

     

    
 

    WITNESS:                                                                CAS
MEDICAL SYSTEMS, INC.

     

     

    /s/
Christian M.
McNamara                                    By:
/s/ Jeffery A.
Baird

    Christian
M. McNamara (as to
all)                               Jeffery
A.Baird

                                                                             
                
Its Chief Financial Officer

    

    

                                                                                      
STATCORP, INC.

    

    

    /s/
Judy K.
Weinstein                                             By:
/s/ Jeffery A.
Baird

    Judy K.
Weinstein (as to
all)                                        Jeffery Baird

                                                                                             
Its Vice President

     

     

                                                                                  
    NEWALLIANCE BANK

     

    

                                                                                      
By: /s/ Dante S.
Fazzina

                   
                                                                          Dante
S. Fazzina

                                                                                              Its
Vice President

    

    

    

    
      
         

      

      
        5RECKSON OPERATING PARTNERSHIP, L.P.,

 

Issuer

 

and

 

SL GREEN REALTY CORP.

and SL GREEN OPERATING PARTNERSHIP, L.P.,

 

Co-Obligors

 

 

THE BANK OF NEW YORK MELLON,

 

Trustee

 

 

INDENTURE

 

Dated as of March 16, 2010

 

 

7.75% Senior Notes due 2020

 

 

Reconciliation and tie between Trust
Indenture Act of 1939 (the “Trust Indenture Act”) and Indenture

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture Section

  
	
  Section 310(a)(1)

  	
   

  	
  607

  
	
  (a)(2)

  	
   

  	
  607

  
	
  (b)

  	
   

  	
  608

  
	
  Section 312(a)

  	
   

  	
  701

  
	
  (b)

  	
   

  	
  702

  
	
  (c)

  	
   

  	
  702

  
	
  Section 313(a)

  	
   

  	
  703

  
	
  (b)(2)

  	
   

  	
  703

  
	
  (c)

  	
   

  	
  703

  
	
  (d)

  	
   

  	
  703

  
	
  Section 314(a)

  	
   

  	
  704

  
	
  (c)(1)

  	
   

  	
  102

  
	
  (c)(2)

  	
   

  	
  102

  
	
  (e)

  	
   

  	
  102

  
	
  (f)

  	
   

  	
  102

  
	
  Section 316(a) (last
  sentence)

  	
   

  	
  101

  
	
  (a)(1)(A)

  	
   

  	
  502, 512

  
	
  (a)(1)(B)

  	
   

  	
  513

  
	
  (b)

  	
   

  	
  508

  
	
  Section 317(a)(1)

  	
   

  	
  503

  
	
  (a)(2)

  	
   

  	
  504

  
	
  (b)

  	
   

  	
  1003

  
	
  Section 318(a)

  	
   

  	
  108

  

 

Note: This reconciliation and tie shall not, for any purpose, be deemed
to be part of the Indenture.

 

Attention should also be directed to Section 318(c) of the
Trust Indenture Act, which provides that the provisions of Sections 310 to and
including 317 are a part of and govern every qualified indenture, whether or
not physically contained herein.

 

i

 

Table
of Contents

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Article One

  
	
   

  
	
  Definitions
  and Other Provisions of General Application

  
	
   

  	
   

  	
   

  
	
  Section 101.

  	
  Definitions

  	
  2

  
	
  Section 102.

  	
  Compliance Certificates
  and Opinions

  	
  12

  
	
  Section 103.

  	
  Form of Documents
  Delivered to Trustee

  	
  13

  
	
  Section 104.

  	
  Acts of Holders

  	
  13

  
	
  Section 105.

  	
  Notices, etc., to Trustee
  and Operating Partnership and Co-Obligors

  	
  15

  
	
  Section 106.

  	
  Notice to Holders of
  Notes; Waiver

  	
  15

  
	
  Section 107.

  	
  Language of Notices

  	
  16

  
	
  Section 108.

  	
  Conflict with Trust
  Indenture Act

  	
  16

  
	
  Section 109.

  	
  Effect of Headings and
  Table of Contents

  	
  16

  
	
  Section 110.

  	
  Successors and Assigns

  	
  16

  
	
  Section 111.

  	
  Separability Clause

  	
  16

  
	
  Section 112.

  	
  Benefits of Indenture

  	
  16

  
	
  Section 113.

  	
  Governing Law

  	
  17

  
	
  Section 114.

  	
  Legal Holidays

  	
  17

  
	
  Section 115.

  	
  Counterparts

  	
  17

  
	
  Section 116.

  	
  Waiver of Jury Trial

  	
  17

  
	
  Section 117.

  	
  Force Majeure

  	
  17

  
	
   

  	
   

  	
   

  
	
  Article Two

  
	
   

  
	
  Notes

  
	
   

  	
   

  	
   

  
	
  Section 201.

  	
  Form, Dating and
  Denominations; Legends

  	
  18

  
	
  Section 202.

  	
  Execution and
  Authentication; Exchange Notes; Additional Notes

  	
  19

  
	
  Section 203.

  	
  Registrar, Paying Agent
  and Authenticating Agent; Paying Agent to Hold Money in Trust

  	
  20

  
	
  Section 204.

  	
  Replacement Notes

  	
  21

  
	
  Section 205.

  	
  [RESERVED]

  	
  21

  
	
  Section 206.

  	
  Temporary Notes

  	
  21

  
	
  Section 207.

  	
  Cancellation

  	
  21

  
	
  Section 208.

  	
  CUSIP and CINS Numbers

  	
  22

  
	
  Section 209.

  	
  Registration, Transfer and
  Exchange

  	
  22

  
	
  Section 210.

  	
  Restrictions on Transfer
  and Exchange

  	
  25

  
	
  Section 211.

  	
  Temporary Offshore Global
  Notes

  	
  27

  

 

ii

 

	
  Article Three

  
	
   

  
	
  Payment

  
	
   

  	
   

  	
   

  
	
  Section 301.

  	
  Payment of Interest and
  Certain Additional Amounts; Rights to Interest and Certain Additional Amounts
  Preserved

  	
  27

  
	
  Section 302.

  	
  Persons Deemed Owners

  	
  29

  
	
  Section 303.

  	
  Computation of Interest

  	
  29

  
	
   

  	
   

  	
   

  
	
  Article Four

  
	
   

  
	
  Satisfaction and Discharge of Indenture

  
	
   

  	
   

  	
   

  
	
  Section 401.

  	
  Satisfaction and Discharge

  	
  30

  
	
  Section 402.

  	
  Defeasance and Covenant
  Defeasance

  	
  31

  
	
  Section 403.

  	
  Application of Trust Money

  	
  34

  
	
   

  	
   

  	
   

  
	
  Article Five

  
	
   

  
	
  Remedies

  
	
   

  	
   

  	
   

  
	
  Section 501.

  	
  Events of Default

  	
  34

  
	
  Section 502.

  	
  Acceleration of Maturity;
  Rescission and Annulment

  	
  36

  
	
  Section 503.

  	
  Collection of Indebtedness
  and Suits for Enforcement by Trustee

  	
  37

  
	
  Section 504.

  	
  Trustee May File
  Proofs of Claim

  	
  38

  
	
  Section 505.

  	
  Trustee May Enforce
  Claims without Possession of Notes

  	
  39

  
	
  Section 506.

  	
  Application of Money
  Collected

  	
  39

  
	
  Section 507.

  	
  Limitations on Suits

  	
  39

  
	
  Section 508.

  	
  Unconditional Right of
  Holders to Receive Principal and any Premium, Interest and Additional Amounts

  	
  40

  
	
  Section 509.

  	
  Restoration of Rights and
  Remedies

  	
  40

  
	
  Section 510.

  	
  Rights and Remedies
  Cumulative

  	
  41

  
	
  Section 511.

  	
  Delay or Omission Not
  Waiver

  	
  41

  
	
  Section 512.

  	
  Control by Holders of the
  Notes

  	
  41

  
	
  Section 513.

  	
  Waiver of Past Defaults

  	
  41

  
	
  Section 514.

  	
  Waiver of Stay or
  Extension Laws

  	
  42

  
	
  Section 515.

  	
  Undertaking for Costs

  	
  42

  
	
   

  	
   

  	
   

  
	
  Article Six

  
	
   

  
	
  The Trustee

  
	
   

  	
   

  	
   

  
	
  Section 601.

  	
  Certain Rights of Trustee

  	
  42

  
	
  Section 602.

  	
  Notice of Defaults

  	
  45

  
	
  Section 603.

  	
  Not Responsible for
  Recitals or Issuance of Notes

  	
  45

  
	
  Section 604.

  	
  May Hold Notes

  	
  45

  
	
  Section 605.

  	
  Money Held in Trust

  	
  46

  

 

iii

 

	
  Section 606.

  	
  Compensation and
  Reimbursement

  	
  46

  
	
  Section 607.

  	
  Corporate Trustee
  Required; Eligibility

  	
  47

  
	
  Section 608.

  	
  Resignation and Removal;
  Appointment of Successor

  	
  47

  
	
  Section 609.

  	
  Acceptance of Appointment
  by Successor

  	
  49

  
	
  Section 610.

  	
  Merger, Conversion,
  Consolidation or Succession to Business

  	
  49

  
	
  Section 611.

  	
  Appointment of
  Authenticating Agent

  	
  49

  
	
   

  	
   

  	
   

  
	
  Article Seven

  
	
   

  
	
  Holders Lists and Reports by Trustee, Co-Obligors and
  Operating Partnership

  
	
   

  	
   

  	
   

  
	
  Section 701.

  	
  Operating Partnership and
  the Co-Obligors to Furnish Trustee Names and Addresses of Holders

  	
  51

  
	
  Section 702.

  	
  Preservation of Information;
  Communications to Holders

  	
  52

  
	
  Section 703.

  	
  Reports by Trustee

  	
  52

  
	
  Section 704.

  	
  Reports by Operating
  Partnership and Co-Obligors

  	
  52

  
	
   

  	
   

  	
   

  
	
  Article Eight

  
	
   

  
	
  Consolidation, Merger And Sales

  
	
   

  	
   

  	
   

  
	
  Section 801.

  	
  Operating Partnership and
  Co-Obligors May Consolidate, Etc., Only on Certain Terms

  	
  53

  
	
  Section 802.

  	
  Successor Person
  Substituted for Operating Partnership or Co-Obligor

  	
  54

  
	
  Section 803.

  	
  Assumption by a Co-Obligor
  or Subsidiary

  	
  55

  
	
   

  	
   

  	
   

  
	
  Article Nine

  
	
   

  
	
  Supplemental Indentures

  
	
   

  	
   

  	
   

  
	
  Section 901.

  	
  Supplemental Indentures
  without Consent of Holders

  	
  55

  
	
  Section 902.

  	
  Supplemental Indentures
  with Consent of Holders

  	
  56

  
	
  Section 903.

  	
  Execution of Supplemental
  Indentures

  	
  57

  
	
  Section 904.

  	
  Effect of Supplemental
  Indentures

  	
  58

  
	
  Section 905.

  	
  Reference in Notes to
  Supplemental Indentures

  	
  58

  
	
  Section 906.

  	
  Conformity with Trust
  Indenture Act

  	
  58

  
	
   

  	
   

  	
   

  
	
  Article Ten

  
	
   

  
	
  Covenants

  
	
   

  	
   

  	
   

  
	
  Section 1001.

  	
  Payment of Principal, any
  Premium, Interest and Additional Amounts

  	
  58

  
	
  Section 1002.

  	
  Maintenance of Office or
  Agency

  	
  58

  
	
  Section 1003.

  	
  Money for Notes Payments
  to Be Held in Trust.

  	
  59

  
	
  Section 1004.

  	
  Additional Amounts

  	
  60

  
	
  Section 1005.

  	
  Limitations on Incurrence
  of Debt

  	
  61

  
	
  Section 1006.

  	
  Maintenance of Total
  Unencumbered Assets

  	
  62

  
	
  Section 1007.

  	
  Maintenance of Properties

  	
  62

  

 

iv

 

	
  Section 1008.

  	
  Insurance

  	
  63

  
	
  Section 1009.

  	
  Existence

  	
  63

  
	
  Section 1010.

  	
  Payment of Taxes and Other
  Claims

  	
  63

  
	
  Section 1011.

  	
  Provision of Financial
  Information

  	
  63

  
	
  Section 1012.

  	
  Waiver of Certain
  Covenants

  	
  64

  
	
  Section 1013.

  	
  Statement as to
  Compliance; Notice of Certain Defaults

  	
  64

  
	
   

  	
   

  	
   

  
	
  Article Eleven

  
	
   

  
	
  Redemption of Notes

  
	
   

  	
   

  	
   

  
	
  Section 1101.

  	
  Applicability of Article

  	
  65

  
	
  Section 1102.

  	
  Election to Redeem; Notice
  to Trustee

  	
  65

  
	
  Section 1103.

  	
  Selection by Trustee of
  Notes to be Redeemed

  	
  65

  
	
  Section 1104.

  	
  Notice of Redemption

  	
  66

  
	
  Section 1105.

  	
  Deposit of Redemption
  Price

  	
  67

  
	
  Section 1106.

  	
  Notes Payable on
  Redemption Date

  	
  67

  
	
  Section 1107.

  	
  Notes Redeemed in Part

  	
  67

  
	
   

  	
   

  	
   

  
	
  Article Twelve

  
	
   

  
	
  [Reserved]

  
	
   

  
	
  Article Thirteen

  
	
   

  
	
  [Reserved]

  
	
   

  
	
  Article Fourteen

  
	
   

  
	
  [Reserved]

  
	
   

  
	
  Article Fifteen

  
	
   

  
	
  Meetings of Holders of Notes

  
	
   

  	
   

  	
   

  
	
  Section 1501.

  	
  Purposes for Which
  Meetings May Be Called

  	
  68

  
	
  Section 1502.

  	
  Call, Notice and Place of
  Meetings

  	
  68

  
	
  Section 1503.

  	
  Persons Entitled to Vote
  at Meetings

  	
  69

  
	
  Section 1504.

  	
  Quorum; Action

  	
  69

  
	
  Section 1505.

  	
  Determination of Voting
  Rights; Conduct and Adjournment of Meetings

  	
  70

  
	
  Section 1506.

  	
  Counting Votes and Recording Action of
  Meetings

  	
  71

  

 

v

 

EXHIBITS

 

	
  EXHIBIT A

  	
  Form of
  Note

  
	
  EXHIBIT B

  	
  Restricted
  Legend

  
	
  EXHIBIT C

  	
  DTC
  Legend

  
	
  EXHIBIT D

  	
  Regulation
  S Certificate

  
	
  EXHIBIT E

  	
  Rule 144A
  Certificate

  
	
  EXHIBIT F

  	
  Institutional Accredited Investor Certificate

  
	
  EXHIBIT G

  	
  Certificate
  of Beneficial Ownership

  
	
  EXHIBIT H

  	
  Temporary
  Offshore Global Note Legend

  

 

vi

 

INDENTURE, dated as of March 16, 2010
(the “Indenture”), among RECKSON OPERATING PARTNERSHIP, L.P., a limited
partnership duly organized and existing under the laws of the State of Delaware
(hereinafter called the “Issuer” or the “Operating Partnership”),
having its principal executive office located at 420 Lexington Avenue, New
York, NY 10170, SL GREEN REALTY CORP., a corporation duly organized and
existing under the laws of the State of Maryland (hereinafter called “SL
Green”) having its principal executive office at 420 Lexington Avenue, New
York, NY 10170, SL GREEN OPERATING PARTNERSHIP, L.P., a limited partnership
duly organized and existing under the laws of the State of Delaware
(hereinafter called “SL Green OP”, and together with SL Green, the “Co-Obligors”),
having its principal executive office at 420 Lexington Avenue, New York, NY
10170, and The Bank of New York Mellon (hereinafter called the “Trustee”),
having its Corporate Trust Office located at 101 Barclay Street, Floor 8 West,
New York, New York 10286.

 

RECITALS

 

The Operating Partnership and the Co-Obligors have duly authorized the
execution and delivery of the Indenture to provide for the issuance of up to
$250,000,000 aggregate principal amount of 7.75% Senior Notes Due 2020, and, if
and when issued, any Additional Notes, together with any Exchange Notes issued
therefor as provided herein (the “Notes”).

 

All things necessary to make this Indenture a valid and legally binding
agreement of the Operating Partnership and the Co-Obligors, in accordance with
its terms, have been done.

 

The Notes shall be the joint and several obligation of the Operating
Partnership and the Co-Obligors.

 

This Indenture is subject to the provisions of the Trust Indenture Act
of 1939, as amended, and the rules and regulations of the Securities and
Exchange Commission promulgated thereunder that are required to be part of this
Indenture and, to the extent applicable, shall be governed by such provisions.

 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

 

For and in consideration of the premises and the purchase of the Notes
by the Holders (as herein defined) thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the
Notes  as follows:

 

 

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 101.           Definitions.

 

Except as otherwise expressly provided in or pursuant to this Indenture
or unless the context otherwise requires, for all purposes of this Indenture:

 

(1)           the terms defined in this Article have the meanings
assigned to them in this Article, and include the plural as well as the
singular;

 

(2)           all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

 

(3)           all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the terms “generally
accepted accounting principles” or “GAAP” with respect to any
computation required or permitted hereunder shall mean such accounting
principles as are generally accepted at the date of such computation;

 

(4)           the words “herein”, “hereof”, “hereto” and “hereunder” and
other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision; and

 

(5)           the word “or” is always used inclusively (for example, the
phrase “A or B” means “A or B or both”, not “either A or B but not both”).

 

Certain terms used principally in certain Articles hereof are defined
in those Articles.

 

“Act,” when used with respect to any Holders, has the meaning
specified in Section 104.

 

“Additional Amounts” means any additional amounts which are
required hereby or by the Notes, under circumstances specified herein or
therein, to be paid by the Operating Partnership and the Co-Obligors in respect
of certain taxes, assessments or other governmental charges imposed on Holders
specified therein and which are owing to such Holders.

 

“Additional Interest” means such additional interest as shall be
owed to the Holders of Notes as provided for in a Registration Rights
Agreement, if any.

 

2

 

“Additional Notes” means any
Notes issued under the Indenture in addition to the Original Notes, including
any Exchange Notes issued in exchange for such Additional Notes, having the
same terms in all respects as the Original Notes except that Interest will
accrue on the Additional Notes from their date of issuance.

 

“Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
“control”, when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms “controlling” and “controlled” have the meanings correlative to
the foregoing.

 

“Agent” means any
Registrar, Paying Agent or Authenticating Agent.

 

“Agent Member”
means a member of, or a participant in, the Depositary.

 

“Annual Service Charge” as of any date means the amount which is
expensed in any 12-month period for interest on Indebtedness.

 

“Authenticating Agent” means any Person authorized by the
Trustee pursuant to Section 611 to act on behalf of the Trustee to
authenticate the Notes.

 

“Authorized Newspaper” means a newspaper, in an official
language of the place of publication or in the English language, customarily
published on each day that is a Business Day in the place of publication,
whether or not published on days that are Legal Holidays in the place of
publication, and of general circulation in each place in connection with which
the term is used or in the financial community of each such place. Where
successive publications are required to be made in Authorized Newspapers, the
successive publications may be made in the same or in different newspapers in
the same city meeting the foregoing requirements and in each case on any day
that is a Business Day in the place of publication.

 

“Board of Directors” means the board of directors of the General
Partner or the board of directors of SL Green, as the case may be, or any
committee of such board duly authorized to act hereunder.

 

“Board Resolution” means a copy of one or more resolutions of
the Board of Directors of the General Partner, certified by the President, the
Secretary, the Treasurer or an Assistant Secretary or Assistant Treasurer of
the General Partner, or of SL Green, certified by the Secretary or an Assistant
Secretary of SL Green, as the case may be, in each case to have been duly
adopted by such Board of Directors and to be in full force and effect on the
date of such certification, delivered to the Trustee.

 

“Business Day”, with respect to any Place of Payment or in The
City of New York, means any day other than a Saturday, Sunday or other day on
which banking institutions in such Place of Payment or in The City of New York
are authorized or obligated by law, regulation or executive order to close.

 

3

 

“Certificate of Beneficial
Ownership” means a certificate substantially in the form of Exhibit G.

 

“Certificated Note”
means a Note in registered individual form without interest coupons.

 

“Code” means the Internal Revenue Code of 1986, as amended,
together with its predecessor.

 

“Commission” means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act of
1934, as amended, or, if at any time after the execution of this Indenture such
Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

 

“Consolidated Income Available for Debt Service” for any period
means Consolidated Net Income of the Operating Partnership and its Subsidiaries
(i) plus amounts which have been deducted for (a) interest on
Indebtedness of the Operating Partnership and its Subsidiaries, (b) provision
for taxes of the Operating Partnership and its Subsidiaries based on income, (c) amortization
of debt discount, (d) depreciation and amortization, (e) the effect
of any noncash charge resulting from a change in accounting principles in
determining Consolidated Net Income for such period, (f) amortization of
deferred charges, and (g) provisions for or realized losses on properties
and (ii) less amounts which have been included for gains on properties.

 

“Consolidated Net Income” for any period means the amount of
consolidated net income (or loss) of the Operating Partnership and its
Subsidiaries for such period determined on a consolidated basis in accordance
with GAAP.

 

“Corporate Trust Office” means the principal corporate trust
office of the Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of original execution
of this Indenture is located at 101 Barclay Street, Floor 8 West, New York, New
York 10286.

 

“Corporation” includes corporations and limited liability
companies and, except for purposes of Article Eight, associations,
companies and business trusts.

 

“CUSIP number” means the alphanumeric designation assigned to
the Notes by Standard & Poor’s Corporation, CUSIP Service Bureau.

 

“Defaulted Interest” has the meaning specified in Section 301.

 

“Depositary”
means the depositary of each Global Note, which will initially be DTC.

 

“DTC” means The
Depository Trust Company, a New York corporation, and its successors.

 

4

 

“DTC Legend”
means the legend set forth in Exhibit C.

 

“Dollars” or “$” means a dollar or other equivalent unit
of legal tender for payment of public or private debts in the United States of
America.

 

“Exchange Notes”
means the Notes of the Operating Partnership and Co-Obligors issued pursuant to
the Indenture in exchange for, and in an aggregate principal amount equal to,
the Initial Notes or any Initial Additional Notes in compliance with the terms
of a Registration Rights Agreement and containing terms substantially identical
to the Initial Notes or any Initial Additional Notes (except that (i) such
Exchange Notes will be registered under the Securities Act and will not be
subject to transfer restrictions or bear the Restricted Legend, and (ii) the
provisions relating to Additional Interest will be eliminated).

 

“Exchange Offer”
means an offer by the Operating Partnership and Co-Obligors to the Holders of
the Initial Notes or any Initial Additional Notes to exchange outstanding Notes
for Exchange Notes, as provided for in a Registration Rights Agreement.

 

“Exchange Offer Registration
Statement” means the Exchange Offer Registration Statement as
defined in a Registration Rights Agreement.

 

“Event of Default” has the meaning specified
in Section 501.

 

“Exchange Act” means the Securities Exchange Act of 1934, as
amended.

 

“GAAP” means such accounting principles as are generally accepted
in the United States of America as of the date or time of any computation
required hereunder.

 

“General Partner” means Wyoming Acquisitions GP LLC, as the sole
general partner of the Operating Partnership.

 

“Global Note”
means a Note in registered global form without interest coupons.

 

“Government Obligations” means securities which are (i) direct
obligations of the United States of America, for the payment of which its full
faith and credit is pledged or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case,
are not callable or redeemable at the option of the issuer thereof, and shall
also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment
of interest on or principal of or other amount with respect to any such
Government Obligation held by the custodian for the account of the holder of a
depository receipt, provided that
(except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of the depository receipt from
any amount received by such custodian in respect of the Government Obligation
or the specific payment of interest on or principal of or other amount with
respect to Government Obligation evidenced by such depository receipt.

 

“Holder” means the Person in whose name the Notes are registered
in the Register.

 

5

 

“IAI Global Note” means a Global Note representing Notes
subsequently resold to Institutional Accredited Investors.

 

“Indebtedness” means any indebtedness, whether or not
contingent, in respect of (i) borrowed money evidenced by bonds, notes,
debentures or similar instruments, (ii) indebtedness secured by any
mortgage, pledge, lien, charge, encumbrance or any security interest existing
on property, (iii) the reimbursement obligations, contingent or otherwise,
in connection with any letters of credit actually issued or amounts
representing the balance deferred and unpaid of the purchase price of any
property except any such balance that constitutes an accrued expense or trade
payable or (iv) any lease of property as lessee which would be reflected
on a balance sheet as a capitalized lease in accordance with GAAP, in the case
of items of indebtedness under (i) through (iii) above to the extent
that any such items (other than letters of credit) would appear as a liability
on a balance sheet in accordance with GAAP, and also includes, to the extent
not otherwise included, any obligation to be liable for, or to pay, as obligor,
guarantor or otherwise (other than for purposes of collection in the ordinary
course of business), indebtedness of another Person.

 

“Indenture” means this instrument as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and by the terms and
provisions of the Notes (as such terms and provisions may be amended pursuant
to the applicable provisions hereof).

 

“Initial Additional Notes”
means Additional Notes issued in an offering not registered under the
Securities Act and any Notes issued in replacement thereof, but not including
any Exchange Notes issued in exchange therefor.

 

“Initial Notes”
means the Notes issued on the Issue Date and any Notes issued in replacement
thereof, but not including any Exchange Notes issued in exchange therefor.

 

“Initial Purchasers”
means the initial purchasers party to a purchase agreement with the Operating
Partnership and Co-Obligors relating to the sale of the Initial Notes or Initial
Additional Notes by the Operating Partnership and Co-Obligors.

 

“Institutional Accredited Investor” shall have the meaning set
forth in Rule 501(a)(1), (2), (3) or (7) of the Securities Act.

 

“Institutional Accredited
Investor Certificate” means a certificate substantially in the form
of Exhibit F hereto.

 

“Interest”, in
respect of the Notes, unless the context otherwise requires, refers to interest
and Additional Interest, if any.

 

“Interest Payment Date” means each March 15 and September 15
of each year, commencing September 15, 2010.

 

“Issue Date”
means the date on which the Original Notes are originally issued under the
Indenture.

 

6

 

“Issuer” means the Person named as the “Issuer” or the “Operating
Partnership” in the first paragraph of this instrument until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Issuer” shall mean such successor Person.

 

“Legal Holiday” means a day that is not a Business Day.

 

“Lien” means, with respect to any Person, any mortgage, lien,
pledge, charge, security interest or other encumbrance, or any interest or
title of any vendor, lessor, lender or other secured party to or of such Person
under any conditional sale or other title retention agreement or Capital Lease,
upon or with respect to any property or asset of such Person. A “Capital Lease”
is a lease to which the lessee is required concurrently to recognize the
acquisition of an asset and the incurrence of a liability in accordance with
GAAP.

 

“Maturity” means the date on which the principal of the Notes
becomes due and payable as provided in or pursuant to this Indenture, whether
at the Stated Maturity or by declaration of acceleration, notice of redemption
or repurchase, or otherwise, and includes the Redemption Date.

 

“Notes” means the 7.75% Senior Notes due 2020 of the Operating
Partnership and the Co-Obligors.

 

“Office” or “Agency”, with respect to the Notes, means an
office or agency of the Operating Partnership or any Co-Obligor maintained or
designated in a Place of Payment for such Notes pursuant to Section 1002
or any other office or agency of the Operating Partnership or any Co-Obligor
maintained or designated for such Notes pursuant to Section 1002 or, to
the extent designated or required by Section 1002 in lieu of such office
or agency, the Corporate Trust Office of the Trustee.

 

“Officers’ Certificate” means a certificate signed by the
Chairman of the Board, a Vice Chairman, the President or Vice President, and by
the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary (i) of
the General Partner, in its capacity as the sole general partner of the
Operating Partnership and/or (ii) of SL Green, for itself and in its
capacity as the sole general partner of SL Green OP, as applicable, that
complies with the requirements of Section 314(e) of the Trust
Indenture Act and is delivered to the Trustee.

 

“Offshore Global Note”
means a Global Note representing Notes issued and sold pursuant to Regulation
S.

 

“Operating Partnership” means the Person named as the “Issuer”
or the “Operating Partnership” in the first paragraph of this instrument until
a successor Person shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Operating Partnership” shall mean such
successor Person.

 

“Opinion of Counsel” means a written opinion reasonably
acceptable to Trustee of counsel, who may be an employee of or counsel for the
Operating Partnership and any Co-Obligor, or other counsel, that, if required
by the Trust Indenture Act, complies with the requirements of Section 314(e) of
the Trust Indenture Act.

 

7

 

“Original Issue Discount Note” means a Note issued pursuant to
this Indenture which provides for declaration of an amount less than the
principal face amount thereof to be due and payable upon acceleration pursuant
to Section 502.

 

“Original Notes”
means the Initial Notes and any Exchange Notes issued in exchange therefor.

 

“Outstanding”, when used with respect to the Notes, means, as of
the date of determination, all such Notes theretofore authenticated and
delivered under this Indenture, except:

 

(a)           any such
Note theretofore canceled by the Trustee or the Registrar or delivered to the
Trustee or the Registrar for cancellation;

 

(b)           any such
Note for whose payment at the Maturity thereof money in the necessary amount
has been theretofore deposited pursuant hereto (other than pursuant to Section 402)
with the Trustee or any Paying Agent (other than the Operating Partnership or a
Co-Obligor) in trust or set aside and segregated in trust by the Operating
Partnership or any Co-Obligor (if the Operating Partnership or a Co-Obligor
shall act as Paying Agent) for the Holders of such Notes, provided that, if
such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor satisfactory to the Trustee
has been made;

 

(c)           any such
Note with respect to which the Operating Partnership or a Co-Obligor has
effected defeasance pursuant to the terms hereof, except to the extent provided
in Section 402; and

 

(d)           any such
Note which has been paid pursuant to Section 204 or in exchange for or in
lieu of which other Notes have been authenticated and delivered pursuant to
this Indenture, unless there shall have been presented to the Trustee proof
satisfactory to it that such Note is held by a bona fide purchaser in whose
hands such Note is a valid obligation of the Operating Partnership and the
Co-Obligors,

 

provided, however, that in
determining whether the Holders of the requisite principal amount of
Outstanding Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders of
Notes for quorum purposes, (i) the principal amount of an Original Issue
Discount Note that may be counted in making such determination and that shall
be deemed to be Outstanding for such purposes shall be equal to the amount of
the principal thereof that pursuant to the terms of such Original Issue
Discount Note would be declared (or shall have been declared to be) due and
payable upon a declaration of acceleration thereof pursuant to Section 502
at the time of such determination, and (ii) Notes owned by the Operating
Partnership, any Co-Obligor or any other obligor upon the Notes or any
Affiliate of the Operating Partnership, the Co-Obligors or such other obligor,
shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in making any such
determination or relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Notes which a Responsible Officer of
the Trustee knows to be so owned shall be so disregarded. Notes so owned which
shall have been 

 

8

 

pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee (A) the
pledgee’s right so to act with respect to such Notes and (B) that the
pledgee is not the Operating Partnership, a Co-Obligor or any other obligor
upon the Notes or an Affiliate of the Operating Partnership, the Co-Obligors or
such other obligor.

 

“Paying Agent” means any Person authorized by the Operating
Partnership and Co-Obligors to pay the principal of, or any premium or Interest
on, or any Additional Amounts with respect to, the Notes on behalf of the
Operating Partnership and Co-Obligors.

 

“Permanent Offshore Global
Note” means an Offshore Global Note that does not bear the Temporary
Offshore Global Note Legend.

 

“Permitted Debt” means Indebtedness of the Operating Partnership
or any Subsidiary owing to any Subsidiary or the Operating Partnership;
provided that any such Indebtedness is made pursuant to an intercompany note
and is subordinated in right of payment to the Notes; provided further that any
disposition, pledge or transfer of any such Indebtedness to a Person (other
than the Operating Partnership or another Subsidiary) shall be deemed to be an
incurrence of such Indebtedness by the Operating Partnership or a Subsidiary,
as the case may be, and not Permitted Debt as defined herein.

 

“Person” means any individual, Corporation, partnership, joint
venture, joint-stock company, trust, unincorporated organization or government
or any agency or political subdivision thereof.

 

“Place of Payment” means the place or places where the principal
of, or any premium or Interest on, or any Additional Amounts with respect to
the Notes are payable as provided in or pursuant to this Indenture or the
Notes.

 

“Redemption Date”, with respect to the Notes or portion thereof
to be redeemed, means the date fixed for such redemption by or pursuant to this
Indenture or the Notes.

 

“Redemption Price”, with respect to the Notes or portion thereof
to be redeemed, means the price at which it is to be redeemed as determined by
or pursuant to this Indenture or the Notes.

 

“Register” has the meaning specified in Section 209.

 

“Registrar” means
a Person engaged to maintain the Register.

 

“Registration Rights
Agreement” means (i) the Registration Rights Agreement dated on
or about the Issue Date between the Operating Partnership and the Co-Obligors,
on the one hand, and the Initial Purchasers party thereto, on the other hand,
with respect to the Initial Notes, and (ii) with respect to any Additional
Notes, any registration rights agreements between the Operating Partnership and
Co-Obligors, on the one hand,  and the
Initial Purchasers party thereto, on the other hand, relating to rights given
by the Operating Partnership and Co-Obligors to the purchasers of Additional
Notes to register such Additional Notes or exchange them for Notes registered
under the Securities Act.

 

9

 

“Regular Record Date” for the Interest payable on the Notes on
any Interest Payment Date therefor means the March 1 or September 1
(whether or not a Business Day) next preceding such Interest Payment Date.

 

“Regulation S”
means Regulation S under the Securities Act.

 

“Regulation S Certificate”
means a certificate substantially in the form of Exhibit D hereto.

 

“Request” and “Order” mean, respectively, a written
request or order, as the case may be, signed by the Chairman of the Board, a Vice
Chairman, the President or Vice President, and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary (i) of the General
Partner, in its capacity as the sole general partner of the Operating
Partnership and/or (ii) of SL Green, for itself and in its capacity as the
sole general partner of SL Green OP, as applicable.

 

“Responsible Officer” means any officer of the Trustee in its
Corporate Trust Office and also means, with respect to a particular corporate
trust matter, any other officer of the Trustee to whom such matter is referred
because of his knowledge of and familiarity with the particular subject and who
shall have direct responsibility for the administration of this Indenture.

 

“Restricted Legend”
means the legend set forth in Exhibit B.

 

“Restricted Period”
means the relevant 40-day distribution compliance period as defined in
Regulation S.

 

“Rule 144A”
means Rule 144A under the Securities Act.

 

“Rule 144A Certificate”
means (i) a certificate substantially in the form of Exhibit E
hereto or (ii) a written certification addressed to the Operating
Partnership and Co-Obligors and the Trustee to the effect that the Person
making such certification (x) is acquiring such Note (or beneficial
interest) for its own account or one or more accounts with respect to which it
exercises sole investment discretion and that it and each such account is a
qualified institutional buyer within the meaning of Rule 144A, (y) is
aware that the transfer to it or exchange, as applicable, is being made in
reliance upon the exemption from the provisions of Section 5 of the
Securities Act provided by Rule 144A, and (z) acknowledges that it
has received such information regarding the Operating Partnership and
Co-Obligors as it has requested pursuant to Rule 144A(d)(4) or has
determined not to request such information.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Significant
Subsidiary” has the meaning specified in Section 501(4).

 

“Special Record Date” for the payment of any Defaulted Interest
on the Notes means a date fixed by the Trustee pursuant to Section 301.

 

“Stated Maturity”, with respect to the Notes or any installment
of principal thereof or Interest thereon or any Additional Amounts with respect
thereto, means the date

 

10

 

established by or pursuant
to this Indenture or the Notes as the fixed date on which the principal of the
Notes or such installment of principal or interest is, or such Additional
Amounts are, due and payable.

 

“Subsidiary” means any entity of which at the
time of determination the Operating Partnership or one or more of its
subsidiaries owns or controls, directly or indirectly, more than 50% of the
shares of Voting Stock.

 

“Temporary
Offshore Global Note” means an Offshore Global Note that bears the
Temporary Offshore Global Note Legend.

 

“Temporary
Offshore Global Note Legend” means the legend set forth in Exhibit H.

 

“Total Assets” as of any date means the sum
of (i) the Undepreciated Real Estate Assets, (ii) all other assets of
the Operating Partnership, and of its Subsidiaries determined at the applicable
proportionate interest of the Operating Partnership in each such Subsidiary,
determined in accordance with GAAP (but excluding intangibles and accounts
receivable) and (iii) the cost of any property of the Operating
Partnership, or any Subsidiary thereof, in which the Operating Partnership, or
such Subsidiary, as the case may be, has a firm, non-contingent purchase
obligation.

 

“Total Unencumbered Assets” means the sum of (i) those
Undepreciated Real Estate Assets not subject to a Lien on a consolidated basis,
(ii) all other assets of the Operating Partnership, and of its
Subsidiaries determined at the applicable proportionate interest of the
Operating Partnership in each such Subsidiary, which are not subject to a Lien
determined in accordance with GAAP (but excluding intangibles and accounts
receivable) and (iii) the cost of any property of the Operating
Partnership, or any Subsidiary thereof, in which the Operating Partnership, or
such Subsidiary, as the case may be, has a firm, non-contingent purchase
obligation and which is not subject to a Lien.

 

“Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended, and any reference herein to the Trust
Indenture Act or a particular provision thereof shall mean such Trust Indenture
Act or provision, as the case may be, as amended or replaced from time to time
or as supplemented from time to time by rules or regulations adopted by
the Commission under or in furtherance of the purposes of such Trust Indenture
Act or provision, as the case may be.

 

“Trustee” means the Person named as the “Trustee”
in the first paragraph of this instrument until a successor Trustee shall have
become such with respect to the Notes pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean each Person who is then a
Trustee hereunder; provided, however, that if at any time there is more than
one such Person, “Trustee” shall mean each such Person and as used with respect
to the Notes shall mean the Trustee with respect to the Notes.

 

“Undepreciated Real Estate Assets” means as
of any date the cost (original cost plus capital improvements) of real estate
assets of the Operating Partnership and its Subsidiaries on such date, before
depreciation and amortization, determined on a consolidated basis in accordance
with GAAP.

 

11

 

“United States,” except as otherwise provided
in or pursuant to this Indenture or the Notes, means the United States of America
(including the states thereof and the District of Columbia), its territories
and possessions and other areas subject to its jurisdiction.

 

“United States Alien,” except as otherwise
provided in or pursuant to this Indenture or the Notes, means any Person who,
for United States Federal income tax purposes, is a foreign corporation, a
non-resident alien individual, a non-resident alien fiduciary of a foreign
estate or trust, or a foreign partnership one or more of the members of which
is, for United States Federal income tax purposes, a foreign corporation, a
non-resident alien individual or a non-resident alien fiduciary of a foreign
estate or trust.

 

“Unsecured Debt” means Indebtedness of the
Operating Partnership or any Subsidiary which is not secured by any mortgage,
lien, charge, pledge or security interest of any kind upon any of the
properties owned by the Operating Partnership or any of its Subsidiaries.

 

“U.S.
Global Note” means a Global Note that bears the Restricted Legend
representing Notes issued and sold pursuant to Rule 144A.

 

“Vice President,” when used with respect to a
vice president of the General Partner acting in its capacity as the sole
general partner of the Operating Partnership, or of SL Green, for itself and in
its capacity as the sole general partner of SL Green OP, or of the Trustee,
means any vice president, whether or not designated by a number or a word or
words added before or after the title “Vice President”.

 

“Voting Stock” means stock having general
voting power under ordinary circumstances to elect at least a majority of the
board of directors, managers or trustees provided that, for the purposes
hereof, stock which carries only the right to vote conditionally on the
happening of an event shall not be considered Voting Stock whether or not such
event shall have happened.

 

Section 102.                                Compliance
Certificates and Opinions.

 

Except as otherwise expressly provided in this
Indenture, upon any application or request by the Operating Partnership or the
Co-Obligors to the Trustee to take any action under any provision of this
Indenture, the Operating Partnership or the Co-Obligors, as the case may be,
shall furnish to the Trustee an Officers’ Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent, if any, have
been complied with (except no such opinion shall be required to be furnished in
connection with the issuance of the Original Notes), except that in the case of
any such application or request as to which the furnishing of such documents or
any of them is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate
or opinion need be furnished.

 

12

 

Section 103.                                Form of
Documents Delivered to Trustee.

 

In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several
documents.

 

Any certificate or opinion of an officer of the
General Partner, as the sole general partner of the Operating Partnership, or
SL Green, for itself and/or as the sole general partner of SL Green OP may be
based, insofar as it relates to legal matters, upon an Opinion of Counsel,
unless such officer knows, or in the exercise of reasonable care should know,
that the opinion with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the General Partner or SL Green,
as the case may be, stating that the information with respect to such factual
matters is in the possession of the Operating Partnership or the Co-Obligors, as
the case may be, unless such counsel knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.

 

Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture or the Notes, they may, but
need not, be consolidated and form one instrument.

 

Section 104.                                Acts of Holders.

 

(1)                                  Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by or pursuant to this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Operating Partnership and the Co-Obligors.
Such instrument or instruments and any such record (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders signing such instrument or instruments or so voting at any such
meeting. Proof of execution of any such instrument or of a writing appointing
any such agent, or of the holding by any Person of a Note, shall be sufficient
for any purpose of this Indenture and (subject to Section 315 of the Trust
Indenture Act) conclusive in favor of the Trustee and the Operating Partnership
and the Co-Obligors and any agent of the Trustee or the Operating Partnership
and the Co-Obligors, if made in the manner provided in this Section. The record
of any meeting of Holders of Notes shall be proved in the manner provided in Section 1506.

 

Without limiting the generality of this Section 104,
unless otherwise provided in or pursuant to this Indenture, a Holder, including
a Depository that is a Holder of a Global Note, may make, give or take, by a
proxy, or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other Act provided in or
pursuant to this 

 

13

 

Indenture to be made, given
or taken by Holders, and a Depository that is a Holder of a Global Note may
provide its proxy or proxies to the beneficial owners of interests in any such
Global Note through such Depository’s standing instructions and customary
practices.

 

The Trustee shall fix a record date for the purpose
of determining the Persons who are beneficial owners of interest in any
permanent Global Note held by a Depository entitled under the procedures of
such Depository to make, give or take, by a proxy or proxies duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver
or other Act provided in or pursuant to this Indenture to be made, given or
taken by Holders. If such a record date is fixed, the Holders on such record date
or their duly appointed proxy or proxies, and only such Persons, shall be
entitled to make, give or take such request, demand, authorization, direction,
notice, consent, waiver or other Act, whether or not such Holders remain
Holders after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other Act shall be valid or effective if
made, given or taken more than 90 days after such record date.

 

(2)                                  The fact and date of the execution by any Person of any such
instrument or writing may be proved in any reasonable manner which the Trustee
deems sufficient and in accordance with such reasonable rules as the
Trustee may determine; and the Trustee may in any instance require further
proof with respect to any of the matters referred to in this Section.

 

(3)                                  The ownership, principal amount and serial numbers of Notes
held by any Person, and the date of the commencement and the date of the
termination of holding the same, shall be proved by the Register.

 

(4)                                  [RESERVED]

 

(5)                                  If the Operating Partnership and the Co-Obligors shall
solicit from the Holders of any Notes any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Operating Partnership and
the Co-Obligors may at their option (but are not obligated to), by Board
Resolution, fix in advance a record date for the determination of Holders of
Notes entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of Notes of record
at the close of business on such record date shall be deemed to be Holders for
the purpose of determining whether Holders of the requisite proportion of
Outstanding Notes have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for
that purpose the Outstanding Notes shall be computed as of such record date;
provided that no such authorization, agreement or consent by the Holders of
Notes shall be deemed effective unless it shall become effective pursuant to
the provisions of this Indenture not later than six months after the record
date.

 

14

 

(6)                                  Any request, demand, authorization, direction, notice,
consent, waiver or other Act by the Holder of Notes shall bind every future
Holder of the same Notes and the Holder of every Note issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done or suffered to be done by the Trustee, any Registrar,
any Paying Agent, the Co-Obligors or the Operating Partnership in reliance thereon,
whether or not notation of such Act is made upon such Note.

 

Section 105.                                Notices, etc.,
to Trustee and Operating Partnership and Co-Obligors.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other Act of Holders or other document
provided or permitted by this Indenture to be made upon, given or furnished to,
or filed with:

 

(1)                                  the Trustee by any Holder, the Co-Obligors or the Operating
Partnership shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing (which may be by facsimile) to or with the
Trustee at its Corporate Trust Office, or

 

(2)                                  the Operating Partnership or a Co-Obligor by the Trustee or
any Holder shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage
prepaid, to the Operating Partnership or such Co-Obligor, as the case may be,
addressed to the attention of its Treasurer at the address of its principal
office specified in the first paragraph of this instrument or at any other
address previously furnished in writing to the Trustee by the Operating
Partnership or such Co-Obligor, as the case may be.

 

Section 106.                                Notice to
Holders of Notes; Waiver.

 

Except as otherwise expressly provided in or pursuant
to this Indenture, where this Indenture provides for notice to Holders of Notes
of any event, such notice shall be sufficiently given to Holders of Notes if in
writing and mailed, first-class postage prepaid, to each Holder of Notes
affected by such event, at his address as it appears in the Register, not later
than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Holders of Notes is
given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder of Notes shall affect the
sufficiency of such notice with respect to other Holders of Notes given as
provided herein. Any notice which is mailed in the manner herein provided shall
be conclusively presumed to have been duly given or provided. In the case by
reason of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice by mail, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

 

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by
Holders of Notes 

 

15

 

shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

Section 107.                                Language of
Notices.

 

Any request, demand, authorization, direction,
notice, consent, election or waiver required or permitted under this Indenture
shall be in the English language, except that, if the Operating Partnership or
the Co-Obligors, as the case may be, so elect, any published notice may be in
an official language of the country of publication.

 

Section 108.                                Conflict with
Trust Indenture Act.

 

If any provision hereof limits, qualifies or
conflicts with any duties under any required provision of the Trust Indenture
Act imposed hereon by Section 318(c) thereof, such required provision
shall control.

 

Section 109.                                Effect of
Headings and Table of Contents.

 

The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the
construction hereof.

 

Section 110.                                Successors and
Assigns.

 

All covenants and agreements in this Indenture by
the Operating Partnership shall bind its successors and assigns, whether so
expressed or not. All covenants and agreements in this Indenture by the
Co-Obligors shall bind their respective successors and assigns, whether so
expressed or not.

 

Section 111.                                Separability
Clause.

 

In case any provision in this Indenture or the Notes
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

 

Section 112.                                Benefits of
Indenture.

 

Nothing in this Indenture or the Notes, express or
implied, shall give to any Person, other than the parties hereto, any
Registrar, any Paying Agent and their successors hereunder and the Holders of
Notes, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

16

 

Section 113.                                Governing Law.

 

This Indenture and the Notes
shall be governed by and construed in accordance with the laws of the State of
New York applicable to agreements made or instruments entered into and, in each
case, performed in said state.

 

Section 114.                                Legal Holidays.

 

Unless otherwise specified in or pursuant to this
Indenture or the Notes, in any case where any Interest Payment Date, Stated
Maturity or Maturity or the last date on which a Holder has the right to
exchange Notes, shall be a Legal Holiday at any Place of Payment, then payment
need not be made at such Place of Payment on such date, and such Notes need not
be exchanged on such date but such payment may be made, and such Notes may be
exchanged, on the next succeeding day that is a Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date
or at the Stated Maturity or Maturity or on such last day for exchange, and no
interest shall accrue on the amount payable on such date or at such time for
the period from and after such Interest Payment Date, Stated Maturity or
Maturity or last day for exchange, as the case may be, to the next succeeding
Business Day.

 

Section 115.                                Counterparts.

 

This Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

 

Section 116.                                Waiver of Jury
Trial.

 

EACH OF THE OPERATING PARTNERSHIP, CO-OBLIGORS AND
THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED HEREBY.

 

Section 117.                                Force Majeure.

 

In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

17

 

ARTICLE
TWO

NOTES

 

Section 201.                                Form, Dating
and Denominations; Legends.

 

(a)                                  The Notes and the Trustee’s
certificate of authentication will be substantially in the form attached as Exhibit A.  The terms and provisions contained in the
form of the Notes annexed as Exhibit A constitute, and are hereby
expressly made, a part of the Indenture. 
The Notes may have notations, legends or endorsements required by law, rules of
or agreements with national securities exchanges to which the Operating
Partnership or Co-Obligors are subject. 
Each Note will be dated the date of its authentication.  The Notes will be issuable in denominations
of $1,000 in principal amount and any higher integral multiple of $1,000.

 

(b) (1)                Except as otherwise provided in paragraph Section 201(c), Section 209(b)(4),
or Section 210(b)(3),
(b)(5), or (c), each Initial Note or Initial Additional Note (other than a
Permanent Offshore Note) will bear the Restricted Legend.

 

(2)                                  Each Global Note, whether or
not an Initial Note or Additional Note, will bear the DTC Legend for so long as
DTC is serving as the Depositary thereof.

 

(3)                                  Each Temporary Offshore
Global Note will bear the Temporary Offshore Global Note Legend.

 

(4)                                  Initial Notes and Initial
Additional Notes offered and sold in reliance on Regulation S will be issued as
provided in Section 211(a).

 

(5)                                  Initial Notes and Initial
Additional Notes initially offered and sold in reliance on any exception under
the Securities Act other than Regulation S and Rule 144A will be issued,
and upon the request of the Operating Partnership and Co-Obligors to the
Trustee, Initial Notes offered and sold in reliance on Rule 144A may be
issued, in the form of Certificated Notes. 
Initial Notes sold to Institutional Accredited Investors in subsequent
resale may be issued in the form of an IAI Global Note.

 

(6)                                  Exchange Notes will be
issued, subject to Section 209(b), in the form of one or more Global
Notes.

 

(c) (1)                 If the Operating Partnership
and Co-Obligors  determine (upon the
advice of counsel and such other certifications and evidence as the Operating
Partnership and Co-Obligors may reasonably require) that a Note is eligible for
resale pursuant to Rule 144 under the Securities Act (or a successor
provision) and that the Restricted Legend is no longer necessary or appropriate
in order to ensure that subsequent transfers of the Note (or a beneficial
interest therein) are effected in compliance with the Securities Act; provided, however, that
in the case of this Section 201(c)(1) that the Operating Partnership
and Co-Obligors have delivered an Opinion of Counsel to the Trustee with
respect to the foregoing, or

 

18

 

(2)                                  after an Initial Note or any
Initial Additional Note is

 

(x)                         sold pursuant to an
effective registration statement under the Securities Act, pursuant to the
Registration Rights Agreement or otherwise, or (y) is validly tendered for
exchange into an Exchange Note pursuant to an Exchange Offer

 

the Operating Partnership and Co-Obligors may
instruct the Trustee to cancel the Note and issue to the Holder thereof (or to
its transferee) a new Note of like tenor and amount, registered in the name of
the Holder thereof (or its transferee), that does not bear the Restricted
Legend, and the Trustee will comply with such instruction.

 

(d)                                 By its acceptance of any
Note bearing the Restricted Legend (or any beneficial interest in such a Note),
each Holder thereof and each owner of a beneficial interest therein
acknowledges the restrictions on transfer of such Note (and any such beneficial
interest) set forth in the Indenture and in the Restricted Legend and agrees
that it will transfer such Note (and any such beneficial interest) only in
accordance with the Indenture and such legend.

 

Section 202.                                Execution and Authentication;
Exchange Notes; Additional Notes.

 

(a)                                  The Chairman of the Board of
Directors, the Vice-Chairman of the Board of Directors, the President, the
Treasurer or a Vice President of the General Partner, on behalf of the
Operating Partnership, and of SL Green, on behalf of itself and in its capacity
as the sole general partner of SL Green OP, shall execute the Notes for the
Operating Partnership and Co-Obligors by facsimile or manual signature in the
name and on behalf of the Operating Partnership and Co-Obligors.  If such officer whose signature is on a Note
no longer holds that office at the time the Note is authenticated, the Note
will still be valid.

 

(b)                                 A Note will not be valid
until the Trustee manually signs the certificate of authentication on the Note,
with the signature conclusive evidence that the Note has been authenticated
under the Indenture.

 

(c)                                  At any time and from time to
time after the execution and delivery of the Indenture, the Operating
Partnership and Co-Obligors may deliver Notes executed by the Operating
Partnership and Co-Obligors  to the
Trustee for authentication.  The Trustee
will authenticate and deliver

 

(i)                                     Initial Notes
for original issue in the aggregate principal amount not to exceed
$250,000,000,

 

(ii)                                  Initial Additional
Notes from time to time for original issue in aggregate principal amounts
specified by the Operating Partnership and Co-Obligors, and

 

(iii)                               Exchange Notes
from time to time for issue in exchange for a like principal amount of Initial
Notes or Initial Additional Notes

 

after the following
conditions have been met:

 

19

 

(1)                                  Receipt by the
Trustee of an Officers’ Certificate specifying

 

(A)                              the amount of
Notes to be authenticated and the date on which the Notes are to be
authenticated,

 

(B)                                whether the
Notes are to be Initial Notes, Additional Notes or Exchange Notes,

 

(C)                                in the case of
Initial Additional Notes, that the issuance of such Notes does not contravene
any provision of Article 10,

 

(D)                               whether the
Notes are to be issued as one or more Global Notes or Certificated Notes, and

 

(E)                                 that all
conditions precedent to the issuance under the Indenture have been complied
with.

 

(2)                                  In the case of
Exchange Notes, effectiveness of an Exchange Offer Registration Statement and
consummation of the exchange offer thereunder (and receipt by the Trustee of an
Officers’ Certificate to that effect). 
Initial Notes or Initial Additional Notes exchanged for Exchange Notes
will be canceled by the Trustee.

 

Section 203.                                Registrar,
Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust.

 

(a)                                  The Operating Partnership
and Co-Obligors may appoint one or more Registrars and one or more Paying
Agents, and the Trustee may appoint an Authenticating Agent, in which case each
reference in the Indenture to the Trustee in respect of the obligations of the
Trustee to be performed by that Agent will be deemed to be references to the
Agent.  The Operating Partnership or any
Co-Obligor may act as Registrar or (except for purposes of Article Four)
Paying Agent.  In each case the Operating
Partnership and Co-Obligors and the Trustee will enter into an appropriate
agreement with the Agent implementing the provisions of the Indenture relating
to the obligations of the Trustee to be performed by the Agent and the related
rights.  The Operating Partnership and
Co-Obligors initially appoint the Trustee as Registrar and Paying Agent.

 

(b)                                 The Operating Partnership
and Co-Obligors will require each Paying Agent other than the Trustee to agree
in writing that the Paying Agent will hold in trust for the benefit of the
Holders or the Trustee all money held by the Paying Agent for the payment of
principal of and Interest on the Notes and will promptly notify the Trustee of
any default by the Operating Partnership and Co-Obligors in making any such
payment.  The Operating Partnership and
Co-Obligors at any time may require a Paying Agent to pay all money held by it
to the Trustee and account for any funds disbursed, and the Trustee may at any
time during the continuance of any payment default, upon written request to a
Paying Agent, require the Paying

 

20

 

Agent to pay all money held by it to the
Trustee and to account for any funds disbursed. 
Upon doing so, the Paying Agent will have no further liability for the
money so paid over to the Trustee.

 

Section 204.                                Replacement
Notes.

 

If a mutilated Note is surrendered to the
Trustee or if a Holder claims that its Note has been lost, destroyed or
wrongfully taken, the Operating Partnership and Co-Obligors will issue and the
Trustee will authenticate a replacement Note of like tenor and principal amount
and bearing a number not contemporaneously outstanding.  Every replacement Note is an additional
obligation of the Operating Partnership and Co-Obligors and entitled to the
benefits of the Indenture.  If required
by the Trustee or the Operating Partnership and Co-Obligors, an indemnity must
be furnished that is sufficient in the judgment of both the Trustee and the
Operating Partnership and Co-Obligors to protect the Operating Partnership and
Co-Obligors and the Trustee from any loss they may suffer if a Note is replaced.  The Operating Partnership and Co-Obligors may
charge the Holder for the expenses of the Operating Partnership and Co-Obligors
and the Trustee in replacing a Note.  In
case the mutilated, lost, destroyed or wrongfully taken Note has become or is
about to become due and payable, the Operating Partnership and Co-Obligors in
their discretion may pay the Note instead of issuing a replacement Note.

 

Section 205.                                [RESERVED]

 

Section 206.                                Temporary Notes.

 

Until definitive Notes are ready for
delivery, the Operating Partnership and Co-Obligors may prepare and the Trustee
will authenticate temporary Notes. 
Temporary Notes will be substantially in the form of definitive Notes
but may have insertions, substitutions, omissions and other variations
determined to be appropriate by the officer executing the temporary Notes, as
evidenced by the execution of the temporary Notes.  If temporary Notes are issued, the Operating
Partnership and Co-Obligors will cause definitive Notes to be prepared without
unreasonable delay.  After the
preparation of definitive Notes, the temporary Notes will be exchangeable for
definitive Notes upon surrender of the temporary Notes at the office or agency
of the Operating Partnership and Co-Obligors designated for the purpose
pursuant to Section 1002, without charge to the Holder.  Upon surrender for cancellation of any
temporary Notes, the Operating Partnership and Co-Obligors will execute and the
Trustee will authenticate and deliver in exchange therefor a like principal
amount of definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes will
be entitled to the same benefits under the Indenture as definitive Notes.

 

Section 207.                                Cancellation.

 

The Operating Partnership and Co-Obligors at
any time may deliver to the Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Operating Partnership or a
Co-Obligor may have acquired in any manner whatsoever, and may deliver to 

 

21

 

the Trustee for cancellation any Notes
previously authenticated hereunder which the Operating Partnership and
Co-Obligors have not issued and sold. 
Any Registrar or the Paying Agent will forward to the Trustee any Notes
surrendered to it for transfer, exchange or payment.  The Trustee will cancel all Notes surrendered
for transfer, exchange, payment or cancellation and dispose of them in
accordance with its normal procedures or the written instructions of the Operating
Partnership and Co-Obligors.  The
Operating Partnership and Co-Obligors may not issue new Notes to replace Notes
it has paid in full or delivered to the Trustee for cancellation.

 

Section 208.                                CUSIP and CINS
Numbers.

 

The Operating Partnership and Co-Obligors in
issuing the Notes may use “CUSIP” and “CINS” numbers, and the Trustee will use
CUSIP numbers or CINS numbers in notices of redemption or exchange as a
convenience to Holders, the notice to state that no representation is made as
to the correctness of such numbers either as printed on the Notes or as
contained in any notice of redemption or exchange.  The Operating Partnership and Co-Obligors
will promptly notify the Trustee of any change in the CUSIP or CINS numbers.

 

Section 209.                                Registration,
Transfer and Exchange.

 

(a)                                  The Notes will be issued in
registered form only, without coupons, and the Operating Partnership and
Co-Obligors shall cause the Trustee to maintain a register (the “Register”)
of the Notes, for registering the record ownership of the Notes by the Holders
and transfers and exchanges of the Notes.

 

(b) (1)                Each Global Note will be
registered in the name of the Depositary or its nominee and, so long as DTC is
serving as the Depositary thereof, will bear the DTC Legend.

 

(2)                        Each Global Note will be
delivered to the Trustee as custodian for the Depositary.  Transfers of a Global Note (but not a
beneficial interest therein) will be limited to transfers thereof in whole, but
not in part, to the Depositary, its successors or their respective nominees,
except (a) as set forth in Section 209(b)(4) and (b) transfers
of portions thereof in the form of Certificated Notes may be made upon request
of an Agent Member (for itself or on behalf of a beneficial owner) by written
notice given to the Trustee by or on behalf of the Depositary in accordance
with customary procedures of the Depositary and in compliance with this Section and
Section 201.

 

(3)                        Agent Members will have no
rights under the Indenture with respect to any Global Note held on their behalf
by the Depositary, and the Depositary may be treated by the Operating
Partnership and Co-Obligors, the Trustee and any agent of the Operating
Partnership and Co-Obligors or the Trustee as the absolute owner and Holder of
such Global Note for all purposes whatsoever. 
Notwithstanding the foregoing, the Depositary or its nominee may grant
proxies and otherwise authorize any Person (including any Agent Member and any
Person that holds a beneficial interest in a Global Note through an Agent
Member) to take any action which a Holder is entitled to take under the
Indenture or the Notes, and nothing herein will impair, as between the
Depositary and its 

 

22

 

Agent Members, the operation
of customary practices governing the exercise of the rights of a holder of any
security.

 

(4)                        If (w) the Depositary
notifies the Operating Partnership and Co-Obligors at any time that it is
unwilling or unable to continue as Depositary for a Global Note and a successor
depositary is not appointed by the Operating Partnership and Co-Obligors within
90 days of the notice, (x) the Depositary ceases to be registered as a
clearing agency under the Exchange Act and a successor Depositary is not
appointed within 90 days, (y) the Operating Partnership and Co-Obligors,
at their option, notify the Trustee that they elect to cause the issuance of
Certificated Notes or (z) an Event of Default has occurred and is
continuing and the Trustee has received a request from the Depositary, the
Trustee will promptly exchange each beneficial interest in the Global Note for
one or more Certificated Notes in authorized denominations having an equal
aggregate principal amount registered in the name of the owner of such
beneficial interest, as identified to the Trustee by the Depositary, and thereupon
the Global Note will be deemed canceled. 
If such Note does not bear the Restricted Legend, then the Certificated
Notes issued in exchange therefor will not bear the Restricted Legend.  If such Note bears the Restricted Legend,
then the Certificated Notes issued in exchange therefor will bear the
Restricted Legend, provided that
any Holder of any such Certificated Note issued in exchange for a beneficial
interest in a Temporary Offshore Global Note will have the right upon
presentation to the Trustee of a duly completed Certificate of Beneficial
Ownership after the Restricted Period to exchange such Certificated Note for a
Certificated Note of like tenor and amount that does not bear the Restricted
Legend, registered in the name of such Holder.

 

(c)                                  Each Certificated Note will
be registered in the name of the Holder thereof or its nominee.

 

(d)                                 A Holder may transfer a Note
(or a beneficial interest therein) to another Person or exchange a Note (or a
beneficial interest therein) for another Note or Notes of any authorized
denomination by presenting to the Trustee a written request therefor stating
the name of the proposed transferee or requesting such an exchange, accompanied
by any certification, opinion or other document required by Section 210.  The Trustee will promptly register any
transfer or exchange that meets the requirements of this Section by noting
the same in the register maintained by the Trustee for the purpose; provided that

 

(x)                                   no transfer or
exchange will be effective until it is registered in such register and

 

(y)                                 None of the
Operating Partnership, Co-Obligors or the Trustee will be required (i) to
issue, register the transfer of or exchange any Note if the Note may be among
those selected for redemption during a period 
beginning at the opening of business 15 days before a selection of Notes
to be redeemed, (ii) to register the transfer of or exchange any Note so
selected for redemption or purchase in whole or in part, except, in the case of
a partial redemption or purchase, that portion of any Note not being redeemed
or purchased, or (iii) if a redemption is to occur after a Regular Record
Date but on or before the 

 

23

 

corresponding Interest Payment Date, to register the transfer of or
exchange any Note on or after the Regular Record Date and before the date of
redemption or purchase.  Prior to the
registration of any transfer, the Operating Partnership and Co-Obligors, the
Trustee and their agents will treat the Person in whose name the Note is
registered as the owner and Holder thereof for all purposes (whether or not the
Note is overdue), and will not be affected by notice to the contrary.

 

From time to time the Operating Partnership
and Co-Obligors will execute and the Trustee will authenticate additional Notes
as necessary in order to permit the registration of a transfer or exchange in
accordance with this Section.

 

No service charge will be imposed in
connection with any registration of transfer or exchange of any Note, but the Operating
Partnership and Co-Obligors may require payment of a sum sufficient to cover
any transfer tax or other governmental charge payable in connection therewith
(other than a transfer tax or other governmental charge payable upon exchange
pursuant to subsection (b)(4)).

 

(e) (1)       Global Note to Global Note.  If a beneficial interest in a Global Note is
transferred or exchanged for a beneficial interest in another Global Note, the
Trustee will (x) record a decrease in the principal amount of the Global
Note being transferred or exchanged equal to the principal amount of such
transfer or exchange and (y) record a like increase in the principal
amount of the other Global Note.  Any
beneficial interest in one Global Note that is transferred to a Person who takes
delivery in the form of an interest in another Global Note, or exchanged for an
interest in another Global Note, will, upon transfer or exchange, cease to be
an interest in such Global Note and become an interest in the other Global Note
and, accordingly, will thereafter be subject to all transfer and exchange
restrictions, if any, and other procedures applicable to beneficial interests
in such other Global Note for as long as it remains such an interest.

 

(2)                        Global
Note to Certificated Note.  If a
beneficial interest in a Global Note is transferred or exchanged for a
Certificated Note, the Trustee will (x) record a decrease in the principal
amount of such Global Note equal to the principal amount of such transfer or
exchange and (y) deliver one or more new Certificated Notes in authorized
denominations having an equal aggregate principal amount to the transferee (in
the case of a transfer) or the owner of such beneficial interest (in the case
of an exchange), registered in the name of such transferee or owner, as
applicable.

 

(3)                        Certificated
Note to Global Note.  If a
Certificated Note is transferred or exchanged for a beneficial interest in a
Global Note, the Trustee will (x) cancel such Certificated Note, (y) record
an increase in the principal amount of such Global Note equal to the principal
amount of such transfer or exchange and (z) in the event that such
transfer or exchange involves less than the entire principal amount of the
canceled Certificated Note, deliver to the Holder thereof one or more new
Certificated Notes in authorized denominations having an aggregate principal
amount equal to the untransferred or unexchanged portion of the canceled
Certificated Note, registered in the name of the Holder thereof.

 

24

 

(4)                        Certificated
Note to Certificated Note.  If a
Certificated Note is transferred or exchanged for another Certificated Note,
the Trustee will (x) cancel the Certificated Note being transferred or
exchanged, (y) deliver one or more new Certificated Notes in authorized
denominations having an aggregate principal amount equal to the principal
amount of such transfer or exchange to the transferee (in the case of a
transfer) or the Holder of the canceled Certificated Note (in the case of an exchange),
registered in the name of such transferee or Holder, as applicable, and (z) if
such transfer or exchange involves less than the entire principal amount of the
canceled Certificated Note, deliver to the Holder thereof one or more
Certificated Notes in authorized denominations having an aggregate principal
amount equal to the untransferred or unexchanged portion of the canceled
Certificated Note, registered in the name of the Holder thereof.

 

Section 210.                                Restrictions on
Transfer and Exchange.

 

(a)                                  The transfer or exchange of
any Note (or a beneficial interest therein) may only be made in accordance with
this Section and Section 209 and, in the case of a Global Note (or a
beneficial interest therein), the applicable rules and procedures of the
Depositary.  The Trustee shall refuse to
register any requested transfer or exchange that does not comply with the
preceding sentence.

 

(b)                                 Subject to Section 210(c),
the transfer or exchange of any Note (or a beneficial interest therein) of the
type set forth in column A below for a Note (or a beneficial interest therein)
of the type set forth opposite in column B below may only be made in compliance
with the certification requirements (if any) described in the clause of this
paragraph set forth opposite in column C below.

 

	
  A

  	
   

  	
  B

  	
   

  	
  C

  
	
  U.S.
  Global Note

  	
   

  	
  U.S.
  Global Note

  	
   

  	
  (1)

  
	
  U.S.
  Global Note

  	
   

  	
  Offshore
  Global Note

  	
   

  	
  (2)

  
	
  U.S.
  Global Note

  	
   

  	
  Certificated
  Note

  	
   

  	
  (3)

  
	
  U.S.
  Global Note

  	
   

  	
  IAI
  Global Note

  	
   

  	
  (3)

  
	
  Offshore
  Global Note

  	
   

  	
  U.S.
  Global Note

  	
   

  	
  (4)

  
	
  Offshore
  Global Note

  	
   

  	
  Offshore
  Global Note

  	
   

  	
  (1)

  
	
  Offshore
  Global Note

  	
   

  	
  Certificated
  Note

  	
   

  	
  (5)

  
	
  Offshore
  Global Note

  	
   

  	
  IAI
  Global Note

  	
   

  	
  (3)

  
	
  Certificated
  Note

  	
   

  	
  U.S.
  Global Note

  	
   

  	
  (4)

  
	
  Certificated
  Note

  	
   

  	
  Offshore
  Global Note

  	
   

  	
  (2)

  
	
  Certificated
  Note

  	
   

  	
  Certificated
  Note

  	
   

  	
  (3)

  
	
  Certificated
  Note

  	
   

  	
  IAI
  Global Note

  	
   

  	
  (3)

  
	
  IAI
  Global Note

  	
   

  	
  U.S.
  Global Note

  	
   

  	
  (4)

  
	
  IAI
  Global Note

  	
   

  	
  Offshore
  Global Note

  	
   

  	
  (2)

  
	
  IAI
  Global Note

  	
   

  	
  Certificated
  Note

  	
   

  	
  (3)

  
	
  IAI
  Global Note

  	
   

  	
  IAI
  Global Note

  	
   

  	
  (1)

  

 

(1)                        No certification is
required.

 

25

 

(2)                        The Person requesting the
transfer or exchange must deliver or cause to be delivered to the Trustee a
duly completed Regulation S Certificate; provided
that if the requested transfer or exchange is made by the Holder of a Certificated
Note that does not bear the Restricted Legend, then no certification is
required.

 

(3)                        The Person requesting the
transfer or exchange must deliver or cause to be delivered to the Trustee (x) a
duly completed Rule 144A Certificate, (y) a duly completed Regulation
S Certificate or (z) a duly completed Institutional Accredited Investor
Certificate, and/or an Opinion of Counsel and such other certifications and
evidence as the Operating Partnership and Co-Obligors may reasonably require in
order to determine that the proposed transfer or exchange is being made in
compliance with the Securities Act and any applicable securities laws of any
state of the United States; provided
that if the requested transfer or exchange is made by the Holder of a Certificated
Note that does not bear the Restricted Legend, then no certification is
required.  In the event that (i) the
requested transfer or exchange takes place after the Restricted Period and a
duly completed Regulation S Certificate is delivered to the Trustee or (ii) a
Certificated Note that does not bear the Restricted Legend is surrendered for
transfer or exchange, upon transfer or exchange the Trustee will deliver a
Certificated Note that does not bear the Restricted Legend.

 

(4)                        The Person requesting the
transfer or exchange must deliver or cause to be delivered to the Trustee a
duly completed Rule 144A Certificate.

 

(5)                        Notwithstanding anything to
the contrary contained herein, no such exchange is permitted if the requested
exchange involves a beneficial interest in a Temporary Offshore Global
Note.  If the requested transfer or
exchange involves a beneficial interest in a Permanent Offshore Global Note, no
certification is required and the Trustee will deliver a Certificated Note that
does not bear the Restricted Legend.

 

(c)                                  No certification is required
in connection with any transfer or exchange of any Note (or a beneficial
interest therein)

 

(1)                        after such Note is eligible
for resale pursuant to Rule 144 under the Securities Act (or a successor
provision); provided that the Operating Partnership
and Co-Obligors have provided the Trustee with an Officers’ Certificate to that
effect, and the Operating Partnership and Co-Obligors and Trustee may require
from any Person requesting a transfer or exchange in reliance upon this clause (1) an
opinion of counsel and any other reasonable certifications and evidence in
order to support such certificate; or

 

(2)(x)           sold pursuant to an effective registration
statement, pursuant to the Registration Rights Agreement or otherwise or (y) which
is validly tendered for exchange into an Exchange Note pursuant to an Exchange
Offer.

 

Any Certificated Note delivered in reliance upon
this paragraph will not bear the Restricted Legend.

 

26

 

(d)                                 The Trustee will retain
copies of all certificates, opinions and other documents received in connection
with the transfer or exchange of a Note (or a beneficial interest therein), and
the Operating Partnership and Co-Obligors will have the right to inspect and
make copies thereof at any reasonable time upon written notice to the Trustee.

 

Section 211.                                Temporary
Offshore Global Notes.

 

(a)                                  Each Note originally sold by
the Initial Purchasers in reliance upon Regulation S will be evidenced by one or
more Offshore Global Notes that bear the Temporary Offshore Global Note Legend.

 

(b)                                 An owner of a beneficial
interest in a Temporary Offshore Global Note (or a Person acting on behalf of
such an owner) may provide to the Trustee (and the Trustee will accept) a duly
completed Certificate of Beneficial Ownership at any time after the Restricted
Period (it being understood that the Trustee will not accept any such
certificate during the Restricted Period). 
Promptly after acceptance of a Certificate of Beneficial Ownership with
respect to such a beneficial interest, the Trustee will cause such beneficial
interest to be exchanged for an equivalent beneficial interest in a Permanent
Offshore Global Note, and will (x) permanently reduce the principal amount
of such Temporary Offshore Global Note by the amount of such beneficial
interest and (y) increase the principal amount of such Permanent Offshore
Global Note by the amount of such beneficial interest.

 

(c)                                  Notwithstanding paragraph
(b), if after the Restricted Period any Initial Purchaser owns a beneficial
interest in a Temporary Offshore Global Note, such Initial Purchaser may, upon
written request to the Trustee accompanied by a certification as to its status
as an Initial Purchaser, exchange such beneficial interest for an equivalent
beneficial interest in a Permanent Offshore Global Note, and the Trustee will
comply with such request and will (x) permanently reduce the principal
amount of such Temporary Offshore Global Note by the amount of such beneficial
interest and (y) increase the principal amount of such Permanent Offshore
Global Note by the amount of such beneficial interest.

 

(d)                                 Notwithstanding anything to
the contrary contained herein, any owner of a beneficial interest in a
Temporary Offshore Global Note shall not be entitled to receive payment of
principal or Interest on such beneficial interest or other amounts in respect
of such beneficial interest until such beneficial interest is exchanged for an
interest in a Permanent Offshore Global Note or transferred for an interest in
another Global Note or a Certificated Note.

 

ARTICLE
THREE

PAYMENT

 

Section 301.                                Payment of
Interest and Certain Additional Amounts; Rights to Interest and Certain
Additional Amounts Preserved.

 

(a)                                  Unless otherwise provided in
or pursuant to this Indenture, any Interest on and any Additional Amounts with
respect to the Notes which shall be payable, and are 

 

27

 

punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name such Note is registered as of the close of business on the Regular Record
Date for such Interest.

 

(b)                                 Unless otherwise provided in
or pursuant to this Indenture, any Interest on and any Additional Amounts with respect
to the Notes which shall be payable, but shall not be punctually paid or duly
provided for, on any Interest Payment Date for such Notes (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder thereof on the
relevant Regular Record Date by virtue of having been such Holder; and such
Defaulted Interest may be paid by the Operating Partnership or any Co-Obligor,
at their election in each case, as provided in clause (1) or (2) below:

 

(1)                                  The Operating Partnership or either of the Co-Obligors may
elect to make payment of any Defaulted Interest to the Person in whose name the
Notes shall be registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Operating Partnership or a Co-Obligor shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on such Note
and the date of the proposed payment, and at the same time the Operating
Partnership or a Co-Obligor, as the case may be, shall deposit with the Trustee
an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such
money when so deposited to be held in trust for the benefit of the Person
entitled to such Defaulted Interest as in this Clause provided. Thereupon, the
Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Operating Partnership or such Co-Obligor, as the case may
be, of such Special Record Date and, in the name and at the expense of the
Operating Partnership or such Co-Obligor, as the case may be, shall cause
notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, first-class postage prepaid, to the Holder
of such Notes at his address as it appears in the Register not less than 10
days prior to such Special Record Date. The Trustee may, in its discretion, in
the name and at the expense of the Operating Partnership or such Co-Obligor, as
the case may be, cause a similar notice to be published at least once in an
Authorized Newspaper of general circulation in the Borough of Manhattan, The
City of New York, but such publication shall not be a condition precedent to
the establishment of such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been
mailed as aforesaid, such Defaulted Interest shall be paid to the Person in
whose name such Notes shall be registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following
clause (2).

 

(2)                                  The Operating Partnership or Co-Obligor may make payment of
any Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Note may be listed, and
upon such notice as may be required by such exchange, if, after notice given by
the Operating Partnership or such Co-Obligor, as the case may 

 

28

 

be, to the Trustee of the
proposed payment pursuant to this clause, such payment shall be deemed
practicable by the Trustee.

 

Unless otherwise provided in or pursuant to this
Indenture or the Notes, at the option of the Operating Partnership or any
Co-Obligor, Interest on Notes may be paid by mailing a check to the address of
the Person entitled thereto as such address shall appear in the Register or by
transfer to an account maintained by the payee with a bank located in the
United States.

 

Subject to the foregoing provisions of this Section and
Section 209, each Note delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Note shall carry the
rights to Interest accrued and unpaid, and to accrue, which were carried by
such other Note.

 

Section 302.                                Persons Deemed
Owners.

 

Prior to due presentment of a Note for registration
of transfer, the Operating Partnership, the Co-Obligors, the Trustee and any
agent of the Operating Partnership or the Co-Obligors or the Trustee may treat
the Person in whose name such Note is registered in the Register as the owner
of such Note for the purpose of receiving payment of principal of, any premium
and (subject to Sections 209 and 301) Interest on and any Additional Amounts
with respect to such Notes and for all other purposes whatsoever, whether or
not any payment with respect to such Notes shall be overdue, and neither the
Operating Partnership, nor the Co-Obligors, the Trustee or any agent of the
Operating Partnership, the Co-Obligors or the Trustee shall be affected by
notice to the contrary.

 

No Holder of any beneficial interest in the Global
Note held on its behalf by a Depository shall have any rights under this
Indenture with respect to such Global Note, and such Depository may be treated
by the Operating Partnership, the Co-Obligors, the Trustee, and any agent of
the Operating Partnership, the Co-Obligors or the Trustee as the owner of such
Global Note for all purposes whatsoever. None of the Operating Partnership, the
Co-Obligors, the Trustee, any Paying Agent or the Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Global Note or
for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

 

Section 303.                                Computation of
Interest.

 

Except as otherwise provided in or pursuant to this
Indenture or in the Notes, Interest on the Notes shall be computed on the basis
of a 360-day year of twelve 30-day months.

 

29

 

ARTICLE
FOUR

SATISFACTION
AND DISCHARGE OF INDENTURE

 

Section 401.                                Satisfaction
and Discharge.

 

Upon the direction of the Operating Partnership or
any Co-Obligor by an Order, this Indenture shall cease to be of further effect
with respect to any Notes specified in such Order, and the Trustee, on receipt
of an Order, at the expense of the Operating Partnership and the Co-Obligors,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture, when:

 

(1)                                  either:

 

(a)                                  all Notes theretofore authenticated and delivered (other
than  (i) Notes which have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 204,
and (ii) Notes for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Operating Partnership or such
Co-Obligor and thereafter repaid to the Operating Partnership or such
Co-Obligor or discharged from such trust, as provided in Section 1003)
have been delivered to the Trustee for cancellation; or

 

(b)                                 all Notes not theretofore delivered to the Trustee for
cancellation:

 

(i)                                     have become due and payable; or

 

(ii)                                  will become due and payable at their Stated Maturity within
one year; or

 

(iii)                               are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Operating Partnership
and the Co-Obligors,

 

and the
Operating Partnership or such Co-Obligor, in the case of (i), (ii) or (iii) above,
has deposited or caused to be deposited with the Trustee as trust funds in
trust for such purpose, Dollars in an amount sufficient to pay and discharge
the entire indebtedness on such Notes not theretofore delivered to the Trustee
for cancellation, including the principal of, any premium and Interest on, and
any Additional Amounts with respect to such Notes, to the date of such deposit
(in the case of Notes which have become due and payable) or to the Maturity
thereof, as the case may be;

 

(2)                                  the Operating Partnership or a Co-Obligor has paid or caused
to be paid all other sums payable hereunder by the Operating Partnership and
the Co-Obligors with respect to the Outstanding Notes; and

 

30

 

(3)          the Operating Partnership or a Co-Obligor has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge of
this Indenture with respect to the Notes, the obligations of the Operating
Partnership and the Co-Obligors to the Trustee under Section 605 and, if
money shall have been deposited with the Trustee pursuant to subclause (b) of
clause (1) of this Section, the obligations of the Operating Partnership,
the Co-Obligors and the Trustee with respect to the Notes under Sections 204,
209, 403, 1002 and 1003, with respect to the payment of Additional Amounts, if
any, with respect to the Notes as contemplated by Section 1004 (but only
to the extent that the Additional Amounts payable with respect to the Notes
exceed the amount deposited in respect of such Additional Amounts pursuant to Section 401(1)(b)),
and with respect to any rights to exchange the Notes into other securities
shall survive such satisfaction and discharge.

 

Section 402.          Defeasance and Covenant Defeasance.

 

(1)           The Operating Partnership and the Co-Obligors may at their
option by Board Resolution, at any time, with respect to the Notes, elect to
have Section 402(2) or Section 402(3) be applied to such
Outstanding Notes upon compliance with the conditions set forth below in this Section 402.

 

(2)           Upon the Operating Partnership’s or a Co-Obligors’ exercise
of the above option applicable to this Section 402(2) with respect to
the Notes, each of the Operating Partnership and the Co-Obligors shall be
deemed to have been discharged from its obligations with respect to such
Outstanding Notes on the date the conditions set forth in clause (4) of
this Section 402 are satisfied (hereinafter, “defeasance”). For this
purpose, such defeasance means that the Operating Partnership and the
Co-Obligors shall be deemed to have paid and discharged the entire Indebtedness
represented by such Outstanding Notes, which shall thereafter be deemed to be “Outstanding”
only for the purposes of clause (5) of this Section 402 and the other
Sections of this Indenture referred to in clauses (i) and (ii) below,
and to have satisfied all of its other obligations under such Notes and this
Indenture (and the Trustee, at the expense of the Operating Partnership and the
Co-Obligors, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged
hereunder: (i) the rights of Holders of such Outstanding Notes, solely
from the trust fund described in clause (4) of this Section 402 and
as more fully set forth in such Section, payments in respect of the principal
of (and premium, if any) and Interest, if any, on, and Additional Amounts, if
any, with respect to, such Notes when such payments are due, and any rights of
such Holder to exchange such Notes into other securities, (ii) the
obligations of the Operating Partnership, the Co-Obligors and the Trustee with
respect to such Notes under Sections 204, 209, 1002 and 1003 and with respect
to the payment of Additional Amounts, if any, on such Notes as contemplated by Section 1004
(but only to the extent that the Additional Amounts payable with respect to
such Notes exceed the amount deposited in respect of such Additional Amounts
pursuant to Section 401(4)(a) below), and with respect to any rights
to exchange such Notes into other securities, (iii) 

 

31

 

the rights, powers, trusts,
duties and immunities of the Trustee hereunder and (iv) this Section 402.
The Operating Partnership and the Co-Obligors may exercise their option under
this Section 402(2) notwithstanding the prior exercise of their
option under clause (3) of this Section 402 with respect to such
Notes.

 

(3)           Upon the Operating Partnership’s or a Co-Obligor’s exercise
of the above option applicable to this Section 402(3) with respect to
the Notes, each of the Operating Partnership and Co-Obligors shall be released
from their obligations under Sections 1005 to 1011, inclusive, with respect to
such Outstanding Notes, on and after the date the conditions set forth in
clause (4) of this Section 402 are satisfied (hereinafter, “covenant
defeasance”), and such Notes shall thereafter be deemed to be not “Outstanding”
for the purposes of any direction, waiver, consent or declaration or Act of
Holders (and the consequences of any thereof) in connection with any such
covenant, but shall continue to be deemed “Outstanding” for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect
to such Outstanding Notes, the Operating Partnership and the Co-Obligors may
omit to comply with, and shall have no liability in respect of, any term,
condition or limitation set forth in any such Section or such other
covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such Section or such other covenant or by reason of
reference in any such Section or such other covenant to any other
provision herein or in any other document and such omission to comply shall not
constitute a default or an Event of Default under Section 501(3) or
otherwise, as the case may be, but, except as specified above, the remainder of
this Indenture and such Notes shall be unaffected thereby.

 

(4)           The following shall be the conditions to application of
clause (2) or (3) of this Section 402 to any Outstanding Notes
in respect thereof:

 

(a)           The
Operating Partnership or a Co-Obligor shall irrevocably have deposited or
caused to be deposited with the Trustee (or another trustee satisfying the
requirements of Section 607 who shall agree to comply with the provisions
of this Section 402 applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of such Notes, (1) an
amount in Dollars, or (2) Government Obligations applicable to such Notes,
which through the scheduled payment of principal and Interest in respect
thereof in accordance with their terms will provide, not later than one day
before the due date of any payment of principal of (and premium, if any) and
Interest, if any, on such Notes, money in an amount, or (3) a combination
thereof, in any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and Interest, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which
shall be applied by the Trustee (or other qualifying trustee) to pay and
discharge, the principal of (and premium, if any) and Interest, if any, on such
Outstanding Notes on the Stated Maturity of such principal or Interest.

 

(b)           Such
defeasance or covenant defeasance shall not result in a breach or violation of,
or constitute a default under, this Indenture or any other material agreement
or 

 

32

 

instrument to which the Operating Partnership or Co-Obligors
are a party or by which any of them is bound.

 

(c)           No
Event of Default or event which with notice or lapse of time or both would
become an Event of Default with respect to such Notes shall have occurred and
be continuing on the date of such deposit and, with respect to defeasance only,
at any time during the period ending on the 91st day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied
until the expiration of such period).

 

(d)           In
the case of an election under clause (2) of this Section 402, the
Operating Partnership or the applicable Co-Obligor shall have delivered to the
Trustee an Opinion of Counsel stating that (i) the Operating Partnership
or such Co-Obligor, as the case may be, has received from the Internal Revenue
Service a letter ruling, or there has been published by the Internal Revenue
Service a Revenue Ruling, or (ii) there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Outstanding Notes
will not recognize income, gain or loss for Federal income tax purposes as a result
of such defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the same times as would have been the case
if such defeasance had not occurred.

 

(e)           In
the case of an election under clause (3) of this Section 402, the
Operating Partnership or the applicable Co-Obligor shall have delivered to the
Trustee an Opinion of Counsel to the effect that the Holders of such
Outstanding Notes will not recognize income, gain or loss for Federal income
tax purposes as a result of such covenant defeasance and will be subject to
Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance had not occurred.

 

(f)            The
Operating Partnership or the applicable Co-Obligor shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent to the defeasance or covenant defeasance under clause (2) or
(3) of this Section 402 (as the case may be) have been complied with.

 

(5)           Subject to the provisions of the last paragraph of Section 1003,
all money and Government Obligations (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of
this Section 402(5) and Section 403, the “Trustee”)
pursuant to clause (4) of Section 402 in respect of any Outstanding
Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Operating Partnership or any Co-Obligor  acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect
of principal (and premium, if any) and Interest and Additional Amounts, if any,
but such money need not be segregated from other funds except to the extent
required by law.

 

The Operating Partnership and Co-Obligors shall pay
and indemnify the Trustee against any tax, fee or other charge, imposed on or
assessed against the Government Obligations deposited pursuant to this Section 402
or the principal or interest received in respect thereof 

 

33

 

other than any such tax, fee
or other charge which by law is for the account of the Holders of such
Outstanding Notes.

 

Anything in this Section 402 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Operating Partnership
and Co-Obligors from time to time upon Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as
provided in clause (4) of this Section 402 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect a
defeasance or covenant defeasance, as applicable, in accordance with this Section 402.

 

Section 403.          Application of Trust Money.

 

Subject to the provisions of the last paragraph of Section 1003,
all money and Government Obligations deposited with the Trustee pursuant to Section 401
or 402 shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Operating Partnership or Co-Obligors
acting as their own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal, premium, Interest and Additional Amounts
for whose payment such money has or Government Obligations have been deposited
with or received by the Trustee; but such money and Government Obligations need
not be segregated from other funds except to the extent required by law.

 

ARTICLE
FIVE

 

REMEDIES

 

Section 501.          Events of Default.

 

“Event of Default”, wherever used herein with
respect to the Notes, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order
of any court or any order, rule or regulation of any administrative or
governmental body):

 

(1)           default in the payment of any Interest on or any Additional
Amounts payable in respect of the Notes when such Interest becomes or such
Additional Amounts become due and payable, and continuance of such default for
a period of 30 days; or

 

(2)          default in the payment of the principal of or any premium on
the Notes when it becomes due and payable at its Maturity; or

 

34

 

(3)           default in the performance, or breach, of any covenant or
warranty of the Operating Partnership or the Co-Obligors in this Indenture or
the Notes, and continuance of such default or breach for a period of 60 days
after there has been given, by registered or certified mail, to the Operating
Partnership and the Co-Obligors by the Trustee or to the Operating Partnership,
the Co-Obligors and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Notes, a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or

 

(4)           the entry by a court having competent jurisdiction of:

 

(a)           a
decree or order for relief in respect of the Operating Partnership, the
Co-Obligors or any “significant subsidiary” of the Operating Partnership or
Co-Obligors as defined in Article 1, Section 1-02 of Regulation S-X
under the Notes Act of 1933, as amended (“Significant Subsidiary”) in an
involuntary proceeding under any applicable bankruptcy, insolvency,
reorganization or other similar law and such decree or order shall remain
unstayed and in effect for a period of 60 consecutive days; or

 

(b)           a
decree or order adjudging the Operating Partnership, the Co-Obligors or any
Significant Subsidiary to be insolvent, or approving a petition seeking
reorganization, arrangement, adjustment or composition of the Operating
Partnership, the Co-Obligors or any Significant Subsidiary and such decree or
order shall remain unstayed and in effect for a period of 60 consecutive days;
or

 

(c)           a
final and non-appealable order appointing a custodian, receiver, liquidator,
assignee, trustee or other similar official of the Operating Partnership, the
Co-Obligors or any Significant Subsidiary or of any substantial part of the
property of the Operating Partnership, the Co-Obligors or any Significant
Subsidiary, as the case may be, or ordering the winding up or liquidation of
the affairs of the Operating Partnership, the Co-Obligors or any Significant
Subsidiary; or

 

(5)           the commencement by the Operating Partnership, the
Co-Obligors or any Significant Subsidiary of a voluntary proceeding under any
applicable bankruptcy, insolvency, reorganization or other similar law or of a
voluntary proceeding seeking to be adjudicated insolvent or the consent by the
Operating Partnership, the Co-Obligors or any Significant Subsidiary to the
entry of a decree or order for relief in an involuntary proceeding under any
applicable bankruptcy, insolvency, reorganization or other similar law or to
the commencement of any insolvency proceedings against it, or the filing by the
Operating Partnership, the Co-Obligors or any Significant Subsidiary of a
petition or answer or consent seeking reorganization or relief under any
applicable law, or the consent by the Operating Partnership, the Co-Obligors or
any Significant Subsidiary to the filing of such petition or to the appointment
of or taking possession by a custodian, receiver, liquidator, assignee, trustee
or similar official of the Operating Partnership, the Co-Obligors or any
Significant Subsidiary or any substantial part of the property of the Operating
Partnership, the Co-Obligors or any Significant Subsidiary or the making by the
Operating Partnership, the Co-Obligors or any Significant Subsidiary of an 

 

35

 

assignment for the benefit
of creditors, or the taking of corporate action by the Operating Partnership,
the Co-Obligors or any Significant Subsidiary in furtherance of any such
action; or

 

(6)           the Operating Partnership, the Co-Obligors, any Subsidiary in
which the Operating Partnership has invested at least $50,000,000 in capital or
any entity in which the Operating Partnership is the general partner shall fail
to pay any principal of, premium or interest on or any other amount payable in
respect of, any recourse Indebtedness that is outstanding in a principal or
notional amount of at least $50,000,000 (or the equivalent thereof in one or
more other currencies), either individually or in the aggregate (but excluding
Indebtedness outstanding hereunder), of the Operating Partnership and its
consolidated Subsidiaries, taken as a whole, when the same becomes due and
payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable
grace period, if any, specified in any agreement or instrument relating to such
Indebtedness, or any other event shall occur or condition shall exist under any
agreement or instrument evidencing, securing or otherwise relating to any such
Indebtedness and shall continue after the applicable grace period, if any,
specified in such agreement or instrument, if the effect of such event or
condition is to accelerate, or to permit the acceleration of, the maturity of
such Indebtedness or otherwise to cause, or to permit the holder or holders
thereof ( or a trustee or agent on behalf of such holders) to cause such
Indebtedness to mature prior to its stated maturity.

 

Section 502.          Acceleration of Maturity;
Rescission and Annulment.

 

If an Event of Default (other than an Event of
Default specified in clause (4) or (5) of Section 501) occurs
and is continuing, then the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Notes may declare the principal (or, if any
Notes are Original Issue Discount Notes the portion of the principal amount as
may be specified in the terms thereof) of all the Notes to be due and payable
immediately, by a notice in writing to the Operating Partnership and the
Co-Obligors (and to the Trustee if given by the Holders), and upon any such
declaration such principal or such lesser amount shall become immediately due
and payable.

 

If an Event of Default specified in clause (4) or
(5) of Section 501 occurs, all unpaid principal of and accrued
Interest on the Notes shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder of Notes.

 

At any time after the declaration of acceleration
with respect to the Notes has been made, but before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in
this Article provided, the Holders of not less than a majority in
principal amount of the Outstanding Notes, by written notice to the Operating
Partnership, the Co-Obligors and the Trustee, may rescind and annul such
declaration and its consequences if

 

(1)           the Operating Partnership or the Co-Obligors have paid or
deposited with the Trustee a sum of money sufficient to pay:

 

36

 

(a)           all
installments of any Interest on and Additional Amounts with respect to the
Notes;

 

(b)           the
principal of and any premium on the Notes which have become due otherwise than
by such declaration of acceleration and Interest thereon and any Additional
Amounts with respect thereto at the rate or rates borne by or provided for in
the Notes;

 

(c)           to
the extent that payment of such Interest or Additional Amounts is lawful,
interest upon overdue installments of any Interest and Additional Amounts at
the rate or rates borne by or provided for in the Notes; and

 

(d)           all
sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and
all other amounts due the Trustee under Section 606; and

 

(2)           all Events of Default, other than the non-payment of the
principal of, any premium and Interest on, and any Additional Amounts with
respect to the Notes which shall have become due solely by such declaration of
acceleration, shall have been cured or waived as provided in Section 513.

 

No
such rescission shall affect any subsequent default or impair any right
consequent thereon.

 

Section 503.          Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Operating Partnership and the Co-Obligors
covenant that if:

 

(1)           default is made in the payment of any installment of Interest
on or any Additional Amounts with respect to the Notes appertaining thereto
when such Interest or Additional Amounts shall have become due and payable and
such default continues for a period of 30 days; or

 

(2)           default is made in the payment of the principal of or any
premium on the Notes at their Maturity, the Operating Partnership or any
Co-Obligor, as the case may be shall, upon demand of the Trustee, pay to the
Trustee, for the benefit of the Holders of such Notes, the whole amount of
money then due and payable with respect to such Notes, with Interest upon the
overdue principal, any premium and, to the extent that payment of such Interest
shall be legally enforceable, upon any overdue installments of Interest and
Additional Amounts at the rate or rates borne by or provided for in the Notes,
and, in addition thereto, such further amount of money as shall be sufficient
to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel and all other amounts due to the Trustee under Section 606.

 

If the Operating Partnership and the Co-Obligors
fail to pay the money they are required to pay the Trustee pursuant to the
preceding paragraph forthwith upon the demand of 

 

37

 

the Trustee, the Trustee, in
its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the money so due and unpaid, and may prosecute
such proceeding to judgment or final decree, and may enforce the same against
the Operating Partnership and the Co-Obligors or any other obligor upon the
Notes and collect the monies adjudged or decreed to be payable in the manner provided
by law out of the property of the Operating Partnership and the Co-Obligors or
any other obligor upon such Notes, wherever situated.

 

If an Event of Default occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders of the Notes by such appropriate judicial proceedings as
the Trustee shall deem reasonably necessary to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or the Notes or in aid of the exercise of any power granted
herein or therein, or to enforce any other proper remedy.

 

Section 504.          Trustee May File Proofs of
Claim.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Operating Partnership,
any Co-Obligor or any other obligor upon the Notes or the property of the
Operating Partnership, the Co-Obligor or such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Notes shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Operating
Partnership or the Co-Obligors for the payment of any overdue principal,
premium, Interest or Additional Amounts) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

 

(1)           to file and prove a claim for the whole amount, or such lesser
amount as may be provided for in the Notes, of the principal and any premium,
Interest and Additional Amounts owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
or counsel) and of the Holders of the Notes allowed in such judicial
proceeding; and

 

(2)           to collect and receive any monies or other property payable
or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder of Notes to make such
payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders of the Notes, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel and any other amounts due
the Trustee under Section 606.

 

38

 

Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder of Notes any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder of Notes in
any such proceeding.

 

Section 505.          Trustee May Enforce Claims
without Possession of Notes.

 

All rights of action and claims under this Indenture
or the Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Notes or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery or
judgment, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
shall be for the ratable benefit of each and every Holder of Notes in respect
of which such judgment has been recovered.

 

Section 506.          Application of Money Collected.

 

Any money collected by the Trustee pursuant to this Article shall
be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal, or any
premium, Interest or Additional Amounts, upon presentation of the Notes and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

 

First: To the payment of all amounts due the Trustee
and any predecessor Trustee under Section 606;

 

Second: To the payment of the amounts then due and
unpaid upon the Notes for principal and any premium, Interest and Additional
Amounts in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to
the aggregate amounts due and payable on the Notes for principal and any
premium, Interest and Additional Amounts, respectively;

 

Third: The balance, if any, to the Operating
Partnership or Co-Obligors (or as a court of competent jurisdiction shall
direct).

 

Section 507.          Limitations on Suits.

 

No Holder of Notes shall
have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

 

(1)           such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the Notes;

 

39

 

(2)           the Holders of not less than 25% in principal amount of the
Outstanding Notes shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

 

(3)           such Holder or Holders have offered to the Trustee security
or indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request reasonably
satisfactory to the Trustee;

 

(4)           the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and

 

(5)           no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a majority in
principal amount of the Outstanding Notes;

 

it being understood and intended that no one
or more of such Holders shall have any right in any manner whatever by virtue
of, or by availing of, any provision of this Indenture or the Notes to affect,
disturb or prejudice the rights of any other such Holders, or to obtain or to
seek to obtain priority or preference over any other Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all such Holders.

 

Section 508.          Unconditional Right of
Holders to Receive Principal and any Premium, Interest and Additional Amounts.

 

Notwithstanding any other provision in this
Indenture, the Holder of Notes shall have the right, which is absolute and
unconditional, to receive payment of the principal of, any premium and (subject
to Sections 209 and 301) Interest on, and any Additional Amounts with respect
to the Notes on the Stated Maturity specified in the Notes (or, in the case of
redemption, on the Redemption Date) and to institute suit for the enforcement
of any such payment, and such right shall not be impaired without the consent
of such Holder.

 

Section 509.          Restoration of Rights and
Remedies.

 

If the Trustee or any Holder of Notes has instituted
any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case the Operating Partnership, the Co-Obligors, the Trustee and each such
Holder shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and each such Holder shall continue as
though no such proceeding had been instituted.

 

40

 

Section 510.           Rights and Remedies
Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes in the
last paragraph of Section 204, no right or remedy herein conferred upon or
reserved to the Trustee or to each and every Holder of Notes is intended to be
exclusive of any other right or remedy, and every right and remedy, to the
extent permitted by law, shall be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not, to the extent permitted by law, prevent the
concurrent assertion or employment of any other appropriate right or remedy.

 

Section 511.           Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder
of Notes to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event
of Default or an acquiescence therein. Every right and remedy given by this Article or
by law to the Trustee or to any Holder of Notes may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee or by such
Holder, as the case may be.

 

Section 512.           Control by Holders of the
Notes.

 

The Holders of a majority in principal amount of the
Outstanding Notes shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee with respect to the Notes, provided
that:

 

(1)           such direction shall not be in conflict with any rule of
law or with this Indenture or with the Notes;

 

(2)           the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction; and

 

(3)           such direction is not unduly prejudicial to the rights of the
other Holders of the Notes not joining in such action.

 

Section 513.           Waiver of Past Defaults.

 

The Holders of not less than a majority in principal
amount of the Outstanding Notes on behalf of the Holders of all the Notes may
waive any past default hereunder and its consequences, except a default:

 

(1)           in the payment of the principal of, any premium or Interest
on, or any Additional Amounts with respect to, the Notes; or

 

41

 

(2)           in respect of a covenant or provision hereof which under Article Nine
cannot be modified or amended without the consent of the Holder of each
Outstanding Notes affected.

 

Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other default or impair any right consequent thereon.

 

Section 514.           Waiver of Stay or Extension
Laws.

 

The Operating Partnership and the Co-Obligors
covenant that (to the extent that they may lawfully do so) they will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Operating Partnership and the Co-Obligors each
expressly waive (to the extent that it may lawfully do so) all benefit or
advantage of any such law and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been
enacted.

 

Section 515.           Undertaking for Costs.

 

All parties to this Indenture agree, and each Holder
of Notes by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for
any action taken or omitted by it as Trustee, the filing by any party litigant
in such suit of any undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit having due regard to
the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section 515 shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Holder, or group
of Holders, holding in the aggregate more than 10% in principal amount of
Outstanding Notes, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or Interest, if any, on
or Additional Amounts, if any, with respect to the Notes on or after the Stated
Maturity expressed in the Notes (or, in the case of redemption, on or after the
Redemption Date, and, in the case of repayment, on or after the date for
repayment) or for the enforcement of the right to exchange the Notes in
accordance with its terms.

 

ARTICLE
SIX

 

THE
TRUSTEE

 

Section 601.           Certain Rights of Trustee.

 

Subject to Sections 315(a) through 315(d) of
the Trust Indenture Act:

 

42

 

(1)           the Trustee may conclusively rely and shall be fully
protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, coupon or other paper or document reasonably
believed by it to be genuine and to have been signed or presented by the proper
party or parties;

 

(2)           any request or direction of the Operating Partnership and
Co-Obligors mentioned herein shall be sufficiently evidenced by a Request or
Order (other than delivery of any Notes to the Trustee for authentication and delivery
pursuant to Section 203 which shall be sufficiently evidenced as provided
therein) and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution;

 

(3)           whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
shall be herein specifically prescribed) may, in the absence of bad faith on
its part, rely upon an Officers’ Certificate;

 

(4)           the Trustee may consult with counsel and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon;

 

(5)           the Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by or pursuant to this Indenture at the
request or direction of any of the Holders of Notes pursuant to this Indenture,
unless such Holders shall have offered to the Trustee security or indemnity
reasonably satisfactory to it against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction;

 

(6)           the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, coupon or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such further inquiry
or investigation, it shall be entitled to examine, during business hours and
upon reasonable notice, the books, records and premises of the Operating
Partnership and the Co-Obligors, personally or by agent or attorney;

 

(7)           the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder;

 

43

 

(8)           subject to the provisions of Section 602 hereof and
Sections 315(a) through 315(d) of the Trust Indenture Act, the
Trustee shall not be charged with knowledge of any Event of Default described
in Section 501(3), (4), (5) or (6) hereof unless a Responsible
Officer of the Trustee shall have actual knowledge of such Event of Default;

 

(9)           the rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities hereunder, and to each agent, custodian and other Person
employed to act hereunder;

 

(10)         the Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants
or obligations shall be read into this Indenture against the Trustee, other
than as set forth in the Trust Indenture Act of 1939, as amended;

 

(11)         in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but in the case
of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be
under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein);

 

(12)         in case an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs;

 

(13)         the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be proved that the
Trustee was negligent in ascertaining the pertinent facts;

 

(14)         no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it;

 

(15)         whether or not therein expressly so provided, every provision
of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this
Section;

 

44

 

(16)         the Trustee shall not be liable for any action taken,
suffered, or omitted to be taken by it in good faith and reasonably believed by
it to be authorized or within the discretion or rights or powers conferred upon
it by this Indenture; provided, however, that, subject to
paragraph (11) of this Section 601, the Trustee’s conduct does not
constitute willful misconduct or negligence; and

 

(17)         in no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit) irrespective of whether the Trustee has
been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

Section 602.           Notice of Defaults.

 

Within 90 days after the occurrence of any default
hereunder with respect to the Notes, the Trustee shall transmit by mail to all
Holders of Notes pursuant to Section 703(3), notice of such default
hereunder known to the Trustee, unless such default shall have been cured or
waived; provided, however, that, except in the case of a default in the payment
of the principal of (or premium, if any), or Interest, if any, on, or
Additional Amounts with respect to, the Notes, the Trustee shall be protected
in withholding such notice if and so long as a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the best interest of the Holders of Notes; and
provided, further, that in the case of any default of the character specified
in Section 501(3) with respect to Notes, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof. For the
purpose of this Section, the term “default” means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect
to the Notes.

 

Section 603.           Not Responsible for Recitals
or Issuance of Notes.

 

The recitals contained herein and in the Notes,
except the Trustee’s certificate of authentication, shall be taken as the statements
of the Operating Partnership or the Co-Obligors, as the case may be, and
neither the Trustee nor any Authenticating Agent assumes any responsibility for
their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Notes, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Notes and perform its obligations hereunder and that the
statements made by it in a Statement of Eligibility on Form T-1 supplied
to the Operating Partnership and the Co-Obligors are true and accurate, subject
to the qualifications set forth therein. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Operating Partnership and the Co-Obligors of the Notes or the proceeds thereof.

 

Section 604.           May Hold Notes.

 

The Trustee, any Authenticating Agent, any Paying
Agent, any Registrar or any other Person that may be an agent of the Trustee or
the Co-Obligors or the Operating Partnership, 

 

45

 

in its individual or any
other capacity, may become the owner or pledgee of Notes and, subject to
Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal
with the Operating Partnership or such Co-Obligor with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent, Registrar or
such other Person.

 

Section 605.           Money Held in Trust.

 

Except as provided in Section 403 and Section 1003,
money held by the Trustee in trust hereunder need not be segregated from other
funds except to the extent required by law and shall be held uninvested. The
Trustee shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Operating Partnership
or the applicable Co-Obligor.

 

Section 606.           Compensation and
Reimbursement.

 

The Operating Partnership and the Co-Obligors
jointly and severally agree:

 

(1)           to pay to the Trustee from time to time such compensation as
the Operating Partnership, the Co-Obligors and the Trustee shall from time to
time agree in writing for all services rendered by the Trustee hereunder (which
compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);

 

(2)           except as otherwise expressly provided herein, to reimburse
the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of
this Indenture (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as shall be determined to have been caused by the Trustee’s own
negligence or bad faith; and

 

(3)           to indemnify the Trustee and its agents for, and to hold them
harmless against, any loss, liability or expense incurred without negligence or
bad faith on their part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and
expenses of defending themselves against any claim or liability in connection
with the exercise or performance of any of their powers or duties hereunder,
except to the extent that any such loss, liability or expense shall be
determined to have been caused by the Trustee’s own negligence or bad faith.

 

As security for the performance of the obligations
of the Operating Partnership and the Co-Obligors under this Section, the
Trustee shall have a Lien prior to the Notes upon all property and funds held
or collected by the Trustee as such, except funds held in trust for the payment
of principal of, and premium or Interest on or any Additional Amounts with
respect to Notes.

 

46

 

Any compensation or expense incurred by the Trustee
after a default specified by Section 501 is intended to constitute an
expense of administration under any then applicable bankruptcy or insolvency
law. “Trustee” for purposes of this Section 606 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not
affect the rights of any other Trustee under this Section 606.

 

The provisions of this section shall survive the
termination of this Indenture.

 

Section 607.           Corporate Trustee Required;
Eligibility.

 

There shall at all times be a Trustee hereunder that
is a Corporation, organized and doing business under the laws of the United
States of America, any state thereof or the District of Columbia, eligible
under Section 310(a)(1) of the Trust Indenture Act to act as trustee
under an indenture qualified under the Trust Indenture Act and that has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of
the Trust Indenture Act) of at least $50,000,000 subject to supervision or
examination by Federal or state authority. If at any time the Trustee shall
cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

 

Section 608.           Resignation and Removal;
Appointment of Successor.

 

(1)           No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee pursuant to Section 609.

 

(2)           The Trustee may resign at any time with respect to the Notes
by giving written notice thereof to the Operating Partnership and the
Co-Obligors. If the instrument of acceptance by a successor Trustee required by
Section 609 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation, the resigning Trustee may
petition at the expense of the Issuer any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Notes.

 

(3)           The Trustee may be removed at any time with respect to the
Notes by Act of the Holders of a majority in principal amount of the
Outstanding Notes, delivered to the Trustee and the Operating Partnership and
the Co-Obligors.  If the instrument of
acceptance by a successor Trustee required by Section 609 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition at the expense of the Issuer
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Notes.

 

47

 

(4)           If at any time:

 

(a)           the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of
the Trust Indenture Act with respect to the Notes after written request
therefor by the Operating Partnership, a Co-Obligor or any Holder of Notes who
has been a bona fide Holder of Notes for at least six months; or

 

(b)           the
Trustee shall cease to be eligible under Section 607 and shall fail to
resign after written request therefor by the Operating Partnership, a
Co-Obligor or any such Holder; or

 

(c)           the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (i) the Operating Partnership and
Co-Obligors, by or pursuant to a Board Resolution, may remove the Trustee with
respect to all Notes, or (ii) subject to Section 315(e) of the
Trust Indenture Act, any Holder of Notes who has been a bona fide Holder of
Notes for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Notes and the appointment of a
successor Trustee or Trustees.

 

(5)           If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Notes, the Operating Partnership and Co-Obligors, by or
pursuant to a Board Resolution, shall promptly appoint a successor Trustee or
Trustees with respect to the Notes and shall comply with the applicable
requirements of Section 609. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Notes shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Notes delivered to the Operating
Partnership, the Co-Obligors and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 609, become the
successor Trustee with respect to the Notes and to that extent supersede the
successor Trustee appointed by the Operating Partnership and the Co-Obligors.
If no successor Trustee with respect to the Notes shall have been so appointed
by the Operating Partnership and the Co-Obligors or the Holders of Notes and
accepted appointment in the manner required by Section 609, any Holder of
Notes has been a bona fide Holder of Notes for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect
to the Notes.

 

(6)           The Operating Partnership and the Co-Obligors shall give
notice of each resignation and each removal of the Trustee with respect to the
Notes and each appointment of a successor Trustee with respect to the Notes by
mailing written notice of such event by first-class mail, postage prepaid, to
the Holders of Notes, if any, as their names and addresses appear in the
Register. Each notice shall include the name of the successor Trustee with
respect to the Notes and the address of its Corporate Trust Office.

 

48

 

Section 609.           Acceptance of Appointment by
Successor.

 

(1)           Upon the appointment hereunder of any successor Trustee with
respect to all Notes, such successor Trustee so appointed shall execute,
acknowledge and deliver to the Operating Partnership, the Co-Obligors and the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties hereunder of the retiring
Trustee; but, on the request of the Operating Partnership, a Co-Obligor or such
successor Trustee, such retiring Trustee, upon payment of its charges, shall
execute and deliver an instrument transferring to such successor Trustee all
the rights, powers and trusts of the retiring Trustee and, subject to Section 1003,
shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 606.

 

(2)           [RESERVED]

 

(3)           Upon request of any Person appointed hereunder as a successor
Trustee, the Operating Partnership and the Co-Obligors shall execute any and
all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in paragraph (1) or
(2) of this Section, as the case may be.

 

(4)           No Person shall accept its appointment hereunder as a
successor Trustee unless at the time of such acceptance such successor Person
shall be qualified and eligible under this Article.

 

Section 610.           Merger, Conversion,
Consolidation or Succession to Business.

 

Any Corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any Corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any Corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Notes shall have been authenticated
but not delivered by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Notes so authenticated with the same effect as
if such successor Trustee had itself authenticated such Notes.

 

Section 611.           Appointment of
Authenticating Agent.

 

The Trustee may appoint one or more Authenticating
Agents acceptable to the Operating Partnership and Co-Obligors with respect to
the Notes which shall be authorized to act 

 

49

 

on behalf of the Trustee to
authenticate the Notes upon original issue, exchange, registration of transfer,
partial redemption or partial repayment or pursuant to Section 204, and
Notes so authenticated shall be entitled to the benefits of this Indenture and
shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Notes by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent.

 

Each Authenticating Agent shall be acceptable to the
Operating Partnership and the Co-Obligors and, except as provided in or
pursuant to this Indenture, shall at all times be a corporation that would be
permitted by the Trust Indenture Act to act as trustee under an indenture
qualified under the Trust Indenture Act, is authorized under applicable law and
by its charter to act as an Authenticating Agent and has a combined capital and
surplus (computed in accordance with Section 310(a)(2) of the Trust
Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect specified in this
Section.

 

Any Corporation into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any
Corporation resulting from any merger, conversion or consolidation to which
such Authenticating Agent shall be a party, or any Corporation succeeding to
all or substantially all of the corporate agency or corporate trust business of
an Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, provided such Corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of
the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee, the Co-Obligors and the Operating
Partnership. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating
Agent, the Co-Obligors and the Operating Partnership. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Operating Partnership and the
Co-Obligors and shall mail written notice of such appointment by first-class
mail, postage prepaid, to all Holders of Notes with respect to which such
Authenticating Agent shall serve, as their names and addresses appear in the
Register. Any successor Authenticating Agent, upon acceptance of its
appointment hereunder, shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

The Operating Partnership and Co-Obligors agree to
pay each Authenticating Agent from time to time reasonable compensation for its
services under this Section. If the Trustee makes such payments, it shall be
entitled to be reimbursed for such payments, subject to the provisions of Section 606.

 

50

 

The provisions of Sections 302, 603 and 604 shall be
applicable to each Authenticating Agent.

 

If an Authenticating Agent is appointed with respect
to the Notes pursuant to this Section, the Notes may have endorsed thereon, in
addition to or in lieu of the Trustee’s certificate of authentication, an
alternate certificate of authentication in substantially the following form:

 

This is one of the Notes referred to in the
within-mentioned Indenture.

 

--------------------------------------,
As Trustee

 

	
  By

  	
   

  	
   As
  Authenticating Agent

  
	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   Authorized Signatory

  

 

If all of the Notes may not be originally issued at
one time, and if the Trustee does not have an office capable of authenticating
Notes upon original issuance located in a Place of Payment where the Operating
Partnership and Co-Obligors wish to have Notes authenticated upon original
issuance, the Trustee, if so requested in writing (which writing need not be
accompanied by or contained in an Officers’ Certificate, shall appoint in
accordance with this Section an Authenticating Agent having an office in a
Place of Payment designated by the Operating Partnership and Co-Obligors with
respect to the Notes.

 

ARTICLE SEVEN

HOLDERS LISTS AND REPORTS BY TRUSTEE, CO-OBLIGORS AND OPERATING PARTNERSHIP

 

Section 701.          Operating Partnership and the Co-Obligors to Furnish Trustee
Names and Addresses of Holders.

 

In accordance with Section 312(a) of the
Trust Indenture Act, the Operating Partnership and the Co-Obligors shall
furnish or cause to be furnished to the Trustee:

 

(1)           semi-annually with respect to Notes, a list, in each case in
such form as the Trustee may reasonably require, of the names and addresses of
Holders as of the applicable date; and

 

(2)           at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Operating Partnership or the
Co-Obligors of any such request, a list of similar form and content as of a
date not more than 15 days prior to the time such list is furnished, provided,
however, that so long as the Trustee is the Registrar no such list shall be
required to be furnished.

 

51

 

Section 702.          Preservation of Information; Communications to Holders.

 

The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

Every Holder of Notes, by receiving and holding the
same, agrees with the Operating Partnership, the Co-Obligors and the Trustee
that neither the Operating Partnership, the Co-Obligors, the Trustee, any Paying
Agent or any Registrar shall be held accountable by reason of the disclosure of
any such information as to the names and addresses of the Holders of Notes in
accordance with Section 312(c) of the Trust Indenture Act, regardless
of the source from which such information was derived, and that the Trustee
shall not be held accountable by reason of mailing any material pursuant to a
request made under Section 312(b) of the Trust Indenture Act.

 

Section 703.          Reports by Trustee.

 

(1)           Within 60 days after September 15 of each year
commencing with the first September 15 following the first issuance of
Notes, if required by Section 313(a) of the Trust Indenture Act, the
Trustee shall transmit, pursuant to Section 313(c) of the Trust
Indenture Act, a brief report dated as of such September 15 with respect
to any of the events specified in said Section 313(a) which may have
occurred since the later of the immediately preceding September 15 and the
date of this Indenture.

 

(2)           The Trustee shall transmit the reports required by Section 313(a) of
the Trust Indenture Act at the times specified therein.

 

(3)           Reports pursuant to this Section shall be transmitted in
the manner and to the Persons required by Sections 313(c) and 313(d) of
the Trust Indenture Act.

 

Section 704.          Reports by Operating Partnership and Co-Obligors.

 

The Operating Partnership and the Co-Obligors, if
required pursuant to Section 314(a) of the Trust Indenture Act,
shall:

 

(1)           file with the Trustee, within 15 days after the Operating
Partnership or the Co-Obligors, as the case may be, is required to file the
same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations
prescribe) which the Operating Partnership or the Co-Obligors, as the case may
be, may be required to file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act; or, if the Operating Partnership or the Co-Obligors, as the
case may be, is not required to file information, documents or reports pursuant
to either of said Sections, then it shall file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time
to time by the Commission, such of the supplementary and periodic information,
documents and reports which 

 

52

 

may be required pursuant to Section 13
of the Exchange Act in respect of a security listed and registered on a
national securities exchange as may be prescribed from time to time in such rules and
regulations;

 

(2)           file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional
information, documents and reports with respect to compliance by the Operating
Partnership or the Co-Obligors, as the case may be, with the conditions and
covenants of this Indenture as may be required from time to time by such rules and
regulations; and

 

(3)           transmit within 30 days after the filing thereof with the
Trustee, in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, such summaries of any information, documents and
reports required to be filed by the Operating Partnership or the Co-Obligors
pursuant to paragraphs (1) and (2) of this Section as may be
required by rules and regulations prescribed from time to time by the
Commission.

 

Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Operating Partnership and Co-Obligors’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).

 

ARTICLE EIGHT

CONSOLIDATION, MERGER AND SALES

 

Section 801.          Operating Partnership and Co-Obligors May Consolidate,
Etc., Only on Certain Terms.

 

Nothing contained in this Indenture or in the Notes
shall prevent any consolidation or merger of the Operating Partnership or any
Co-Obligor with or into any other Person or Persons (whether or not affiliated
with the Operating Partnership or Co-Obligors), or successive consolidations or
mergers in which either the Operating Partnership or any Co-Obligor, as the
case may be, will be the continuing entity or the Operating Partnership or any
Co-Obligor, as the case may be, or its successor or successors shall be a party
or parties, or shall prevent any conveyance, transfer or lease of all or
substantially all of the property of the Operating Partnership or any
Co-Obligor, to any other Person (whether or not affiliated with the Operating
Partnership or Co-Obligors); provided, however, that:

 

(1)           in case the Operating Partnership or any Co-Obligor shall
consolidate with or merge into another Person or convey, transfer or lease all
or substantially all of its properties and assets to any Person, the entity formed
by such consolidation or into which the Operating Partnership or such
Co-Obligor, as the case may be, is merged or the Person which acquires by
conveyance or transfer, or which leases, all or substantially all of the
properties of the Operating 

 

53

 

Partnership or such
Co-Obligor shall be a Person organized and existing under the laws of the
United States of America, any state thereof or the District of Columbia and
shall expressly assume, by an indenture (or indentures, if at such time there
is more than one Trustee) supplemental hereto, executed by the successor Person
and the Operating Partnership and Co-Obligors, and delivered to the Trustee, in
form reasonably satisfactory to the Trustee, the due and punctual payment of
the principal of, any premium and Interest on and any Additional Amounts with
respect to all the Notes and the performance and observance of every covenant
and obligation in this Indenture and the Outstanding Notes on the part of the Operating
Partnership and Co-Obligors to be performed or observed;

 

(2)           immediately after giving effect to such transaction, no Event
of Default or event which, after notice or lapse of time, or both, would become
an Event of Default, shall have occurred and be continuing; and

 

(3)           either (x) the Operating Partnership or such Co-Obligor,
as applicable, or (y) the successor Person shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance, transfer or lease and, if a
supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied
with.

 

No such consolidation, merger, conveyance, transfer
or lease shall be permitted by this Section unless prior thereto the
Operating Partnership and Co-Obligors shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that the
Operating Partnership and Co-Obligors’ obligations hereunder shall remain in
full force and effect thereafter.

 

Section 802.          Successor Person Substituted for Operating Partnership or
Co-Obligor.

 

(1)           Upon any consolidation by the Operating Partnership or any
Co-Obligor with or merger of the Operating Partnership or any Co-Obligor into
any other Person or any conveyance, transfer or lease of all or substantially
all of the properties and assets of the Operating Partnership or any Co-Obligor
to any Person in accordance with Section 801, the successor Person formed
by such consolidation or into which the Operating Partnership or such
Co-Obligor, as the case may be, is merged or to which such conveyance, transfer
or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Operating Partnership or such Co-Obligor, as the
case may be, under this Indenture with the same effect as if such successor
Person had been named as the Operating Partnership or a Co-Obligor herein; and
thereafter, except in the case of a lease, the predecessor Person shall be
released from all obligations and covenants under this Indenture, the Notes.

 

54

 

Section 803.          Assumption by a Co-Obligor or Subsidiary.

 

A Co-Obligor, or subsidiary of the Co-Obligors that
is a Corporation, may directly assume the due and punctual payment of the
principal of, any premium and Interest on all the Notes and the performance of
every covenant of this Indenture on the part of the Operating Partnership or a
Co-Obligor to be performed or observed. 
Upon any assumption, such Co-Obligor or such subsidiary shall succeed
to, and be substituted for and may exercise every right and power of, the
Operating Partnership or the Co-Obligor as to which such assumption is made
under this Indenture with the same effect as if such Person had been the issuer
of the Notes and the Operating Partnership or such Co-Obligor shall be released
from all obligations and covenants with respect to the Notes.  No assumption shall be permitted unless the
Operating Partnership and the Co-Obligors have delivered to the Trustee (i) an
Officers’ Certificate (with respect to items (A), (B), (C) and (D) below)
and an Opinion of Counsel (with respect to items (A) and (B) below),
stating that (A) such assumption and supplemental indenture comply with
this Article, and that all conditions precedent herein provided for relating to
such transactions have been complied with, (B) all obligations and
covenants of the Operating Partnership or Co-Obligor in this Indenture remain
in full force and effect, (C) immediately after giving effect to such
transaction, no Event of Default or event which, after notice or lapse of time,
or both, would become an Event of Default, shall have occurred and be
continuing and (D) SL Green or SL Green OP (or any permitted successor
thereto), or both, shall continue to be a Co-Obligor hereunder, and (ii) an
Opinion of Counsel that the Holders of the Notes shall have no materially
adverse U.S. federal tax consequences as a result of the assumption, and that,
if any Notes are then listed on the New York Stock Exchange, that the Notes
shall not be delisted as a result of such assumption.

 

ARTICLE NINE

SUPPLEMENTAL INDENTURES

 

Section 901.          Supplemental Indentures without Consent of Holders.

 

Without the consent of any Holders of Notes, the
Operating Partnership and Co-Obligors, when authorized by or pursuant to a
Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes:

 

(1)           to evidence the succession of another Person to one or more
of the Operating Partnership and Co-Obligors, and the assumption by any such
successor of the covenants of the Operating Partnership or such Co-Obligor, as
the case may be, contained herein and in the Notes; or

 

(2)           to add to the covenants of the Operating Partnership or the
Co-Obligors for the benefit of the Holders of the Notes (as shall be specified
in such supplemental indenture or indentures) or to surrender any right or
power herein conferred upon the Operating Partnership or the Co-Obligors; or

 

55

 

(3)           to add any additional Events of Default with respect to the
Notes (as shall be specified in such supplemental indenture); or

 

(4)           to permit or facilitate the issuance of Notes in
uncertificated form, provided any such action shall not adversely affect the
interests of the Holders of Notes in any material respect; or

 

(5)           to secure the Notes; or

 

(6)           to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Notes and to add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 609; or

 

(7)           to cure any ambiguity or to correct or supplement any
provision herein which may be defective or inconsistent with any other
provision herein, or to make any other provisions with respect to matters or
questions arising under this Indenture which shall not adversely affect the
interests of the Holders of Notes then Outstanding in any material respect; or

 

(8)           to supplement any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the defeasance and
discharge of the Notes pursuant to Article Four, provided that any such
action shall not adversely affect the interests of any Holder of Notes in any
material respect; or

 

(9)           to effect the assumption by a subsidiary of a Co-Obligor
pursuant to Section 803; or

 

(10)         to amend or supplement any provision contained herein or in
any supplemental indenture, provided that no such amendment or supplement shall
materially adversely affect the interests of the Holders of any Notes then
Outstanding.

 

Section 902.          Supplemental Indentures with Consent of Holders.

 

With the consent of the Holders of not less than a
majority in principal amount of the Outstanding Notes affected by such
supplemental indenture, by Act of said Holders delivered to the Operating
Partnership, the Co-Obligors and the Trustee, the Operating Partnership and the
Co-Obligors, when authorized by or pursuant to a Board Resolution, if
applicable, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Notes 

 

56

 

under this Indenture or of
the Notes; provided, however, that no such supplemental indenture, without the consent
of the Holder of each Outstanding Notes affected thereby, shall:

 

(1)           change the Stated Maturity of the principal of, or any
premium or installment of Interest on or any Additional Amounts with respect
to, the Notes, or reduce the principal amount thereof or the rate (or modify
the calculation of such rate) of Interest thereon or any Additional Amounts
with respect thereto, or any premium payable upon the redemption thereof or
otherwise, or change the obligation of the Operating Partnership and the Co-Obligors
to pay Additional Amounts pursuant to Section 1004 (except as contemplated
by Section 801(1) and permitted by Section 901(1)); or reduce
the amount of the principal of an Original Issue Discount Note that would be
due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502 or the amount thereof provable in bankruptcy
pursuant to Section 504, change the redemption provisions or adversely
affect the right of repayment at the option of any Holder as contemplated by Article Thirteen,
or change the Place of Payment, currency in which the principal of, any premium
or Interest on, or any Additional Amounts with respect to the Notes is payable,
or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or
after the Redemption Date or, in the case of repayment at the option of the
Holder, on or after the date for repayment or in the case of change in
control); or

 

(2)           reduce the percentage in principal amount of the Outstanding
Notes, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver (of
compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in this Indenture, or reduce the
requirements of Section 1504 for quorum or voting; or

 

(3)           modify any of the provisions of this Section, Section 513
or Section 1012, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of each Holder of Outstanding Notes affected thereby.

 

It shall not be necessary for any Act of Holders of
Notes under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

 

Section 903.          Execution of Supplemental Indentures.

 

As a condition to executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or
the modifications thereby of the trust created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Section 315 of the Trust
Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture which affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

 

57

 

Section 904.          Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all
purposes; and every Holder of Notes theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby.

 

Section 905.          Reference in Notes to Supplemental Indentures.

 

Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee, bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental indenture. If the
Operating Partnership or Co-Obligors shall so determine, new Notes so modified
as to conform, in the opinion of the Trustee and the Operating Partnership and
the Co-Obligors, to any such supplemental indenture may be prepared and
executed by the Operating Partnership and Co-Obligors and authenticated and
delivered by the Trustee in exchange for Outstanding Notes.

 

Section 906.          Conformity with Trust Indenture Act.

 

Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act
as then in effect.

 

ARTICLE TEN

COVENANTS

 

Section 1001.       Payment of Principal, any Premium, Interest and Additional
Amounts.

 

The Operating Partnership and each Co-Obligor
jointly and severally covenants and agrees for the benefit of the Holders of
the Notes that it will duly and punctually pay the principal of, any premium
and Interest on and any Additional Amounts with respect to the Notes in accordance
with the terms thereof and this Indenture.

 

Section 1002.       Maintenance of Office or Agency.

 

The Operating Partnership or the Co-Obligors shall
maintain in each Place of Payment an Office or Agency where Notes may be
presented or surrendered for payment, where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon
the Operating Partnership or a Co-Obligor in respect of the Notes relating
thereto and this Indenture may be served. The Operating Partnership and the
Co-Obligors will give prompt written notice to the Trustee of the location, and
any change in the location, of such Office or Agency. If at any time the
Operating Partnership and the Co-Obligors shall fail to maintain any such
required Office or Agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the 

 

58

 

Corporate Trust Office of
the Trustee, and the Operating Partnership and the Co-Obligors each hereby
appoint the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

 

The Operating Partnership or any Co-Obligor may also
from time to time designate one or more other Offices or Agencies where the
Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Operating Partnership
or the Co-Obligors of their obligation to maintain an Office or Agency in each
Place of Payment for the Notes for such purposes. The Operating Partnership or
such Co-Obligor shall give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
Office or Agency. Unless otherwise provided in or pursuant to this Indenture,
the Operating Partnership and the Co-Obligors 
each hereby designates as the Place of Payment for the Notes the City of
New York, New York, and initially appoints the office of The Bank of New York
Mellon as the Office or Agency of the Operating Partnership and the
Co-Obligors, as the case may be, in the City of New York, New York for such
purpose. The Operating Partnership or any Co-Obligor, as the case may be, may
subsequently appoint a different Office or Agency in the City of New York, New
York for the Notes.

 

Section 1003.       Money for Notes Payments to Be Held in Trust.

 

If the Operating Partnership or any Co-Obligor shall
at any time act as Paying Agent with respect to the Notes, it shall, on or
before each due date of the principal of, any premium or Interest on or
Additional Amounts with respect to the Notes, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum in the currency or
currencies, currency unit or units or composite currency or currencies in which
the Notes are payable sufficient to pay the principal or any premium, Interest
or Additional Amounts so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and shall promptly notify
the Trustee of its action or failure so to act.

 

Whenever the Operating Partnership and Co-Obligors
shall have one or more Paying Agents for the Notes, it shall, on or prior to
each due date of the principal of, any premium or Interest on or any Additional
Amounts with respect to the Notes, deposit with any Paying Agent a sum (in the
currency or currencies, currency unit or units or composite currency or currencies
described in the preceding paragraph) sufficient to pay the principal or any
premium, Interest or Additional Amounts so becoming due, such sum to be held in
trust for the benefit of the Persons entitled thereto, and (unless such Paying
Agent is the Trustee) the Operating Partnership and Co-Obligors will promptly
notify the Trustee of its action or failure so to act.

 

The Operating Partnership and Co-Obligors shall
cause the Paying Agent for the Notes other than the Trustee to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section, that such Paying
Agent shall:

 

59

 

(1)           hold all sums held by it for the payment of the principal of,
any premium or Interest on or any Additional Amounts with respect to the Notes
in trust for the benefit of the Persons entitled thereto until such sums shall
be paid to such Persons or otherwise disposed of as provided in or pursuant to
this Indenture;

 

(2)           give the Trustee notice of any default by the Operating
Partnership or the Co-Obligors (or any other obligor upon the Notes) in the
making of any payment of principal, any premium or Interest on or any
Additional Amounts with respect to the Notes; and

 

(3)           at any time during the continuance of any such default, upon
the written request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such Paying Agent.

 

The Operating Partnership or the Co-Obligors may at
any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or by Order, as the case may be,
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Operating Partnership, the Co-Obligors or such Paying Agent, such sums to be
held by the Trustee upon the same terms as those upon which such sums were held
by the Operating Partnership, the Co-Obligors or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such sums.

 

Except as otherwise provided herein or pursuant
hereto, any money deposited with the Trustee or any Paying Agent, or then held
by the Operating Partnership or the Co-Obligors, in trust for the payment of
the principal of, any premium or Interest on or any Additional Amounts with
respect to the Notes and remaining unclaimed for two years after such principal
or any such premium or Interest or any such Additional Amounts shall have
become due and payable shall be paid to the Operating Partnership (or if
deposited by the Co-Obligors, paid to the Co-Obligors), on Request, or  shall be discharged from such trust; and the
Holder of Notes shall thereafter, as an unsecured general creditor, look only
to the Operating Partnership and the Co-Obligors  for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all
liability of the Operating Partnership and Co-Obligor as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Operating Partnership or Co-Obligors cause to be published once, in an
Authorized Newspaper in each Place of Payment or to be mailed to Holders of
Notes, or both, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
publication or mailing nor shall it be later than two years after such
principal and any premium or Interest or Additional Amounts shall have become
due and payable, any unclaimed balance of such money then remaining will be
repaid to the Operating Partnership or the Co-Obligors, as the case may be.

 

Section 1004.       Additional Amounts.

 

The Operating Partnership and the Co-Obligors agree
to pay to the Holder of Notes Additional Amounts to the extent provided in or
pursuant to this Indenture or the Notes. Whenever

 

60

 

in this Indenture there is
mentioned, in any context, the payment of the principal of or any premium or
Interest on, or in respect of, the Notes or the net proceeds received on the
sale or exchange of the Notes, such mention shall be deemed to include mention
of the payment of Additional Amounts established hereby to the extent that, in
such context, Additional Amounts are, were or would be payable in respect
thereof pursuant to such terms, and express mention of the payment of
Additional Amounts (if applicable) in any provision hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made.

 

Except as otherwise provided in or pursuant to this
Indenture or the Notes, if the Notes provide for the payment of Additional
Amounts, at least 10 days prior to the first Interest Payment Date with respect
to the Notes, and at least 10 days prior to each date of payment of principal
or Interest if there has been any change with respect to the matters set forth
in the below-mentioned Officers’ Certificate, the Operating Partnership or a
Co-Obligor, as the case may be, shall furnish to the Trustee and the principal
Paying Agent or Paying Agents, if other than the Trustee, an Officers’
Certificate instructing the Trustee and such Paying Agent or Paying Agents
whether such payment of principal of and premium, if any, or Interest on the
Notes shall be made to Holders of Notes who are United States Aliens without
withholding for or on account of any tax, assessment or other governmental
charge described in the Notes. If any such withholding shall be required, then
such Officers’ Certificate shall specify by country the amount, if any,
required to be withheld on such payments to such Holders of Notes, and the
Operating Partnership and the Co-Obligors agree to pay to the Trustee or such
Paying Agent the Additional Amounts required by the terms of such Notes. The
Operating Partnership and the Co-Obligors each covenant to indemnify the
Trustee and any Paying Agent for, and to hold them harmless against, any loss,
liability or expense reasonably incurred without negligence or bad faith on
their part arising out of or in connection with actions taken or omitted by any
of them in reliance on any Officers’ Certificate furnished pursuant to this
Section.

 

Section 1005.         Limitations on Incurrence of Debt.

 

(a)           The
Operating Partnership will not, and will not permit any Subsidiary to, incur
any Indebtedness, other than Permitted Debt, if, immediately after giving
effect to the incurrence of such additional Indebtedness, the aggregate
principal amount of all outstanding Indebtedness of the Operating Partnership,
and of its Subsidiaries determined at the applicable proportionate interest of
the Operating Partnership in each such Subsidiary, determined in accordance
with GAAP, is greater than 60% of the sum of (i) the Total Assets as of
the end of the calendar quarter covered in the Operating Partnership’s Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may
be, most recently filed with the Commission prior to the incurrence of such
additional Indebtedness or, if the Operating Partnership is not then subject to
the reporting requirements of the Exchange Act, as of its most recent calendar
quarter and (ii) any increase in the Total Assets since the end of such
quarter, including, without limitation, any increase in Total Assets resulting
from the incurrence of such additional Indebtedness (the Total Assets adjusted
by such increase are referred to as the “Adjusted Total Assets”).

 

61

 

(b)           In
addition to the limitation set forth in subsection (a) of this Section 1005,
the Operating Partnership will not, and will not permit any Subsidiary to,
incur any Indebtedness, other than Permitted Debt, if, for the period
consisting of the four consecutive fiscal quarters most recently ended prior to
the date on which such additional Indebtedness is to be incurred, the ratio of
Consolidated Income Available for Debt Service to the Annual Service Charge
shall have been less than 1.5 to 1, on a pro forma basis after giving effect to
the incurrence of such Indebtedness and to the application of the proceeds
therefrom, and calculated on the assumption that (i) such Indebtedness and
any other Indebtedness incurred by the Operating Partnership or its
Subsidiaries since the first day of such four-quarter period and the
application of the proceeds therefrom, including to refinance other
Indebtedness, had occurred at the beginning of such period, (ii) the
repayment or retirement of any other Indebtedness by the Operating Partnership
or its Subsidiaries since the first day of such four-quarter period had been
incurred, repaid or retained at the beginning of such period (except that, in
making such computation, the amount of Indebtedness under any revolving credit
facility shall be computed based upon the average daily balance of such
Indebtedness under such credit facility during such period), (iii) any
income earned as a result of any increase in Adjusted Total Assets since the
end of such four-quarter period had been earned, on an annualized basis, for
such period, and (iv) in the case of an acquisition or disposition by the
Operating Partnership or any of its Subsidiaries of any asset or group of
assets since the first day of such four-quarter period, including, without
limitation, by merger, stock purchase or sale, or asset purchase or sale, such
acquisition or disposition or any related repayment of Indebtedness had
occurred as of the first day of such period with the appropriate adjustments
with respect to such acquisition or disposition being included in such pro
forma calculation of Consolidated Income Available for Debt Service to the
Annual Service Charge.

 

(c)           In
addition to the limitations set forth in subsections (a) and (b) of
this Section 1005, the Operating Partnership will not, and will not permit
any Subsidiary to, incur any Indebtedness secured by any Lien of any kind upon
any of the property of the Operating Partnership or any of its Subsidiaries
(the “Secured Debt”) if, immediately after giving effect to the incurrence of
such additional Secured Debt, the aggregate principal amount of all outstanding
Secured Debt of the Operating Partnership, and of its Subsidiaries determined
at the applicable proportionate interest of the Operating Partnership in each
such Subsidiary, is greater than 40% of the Adjusted Total Assets.

 

Section 1006.         Maintenance of Total Unencumbered Assets.

 

The Operating Partnership will maintain Total Unencumbered
Assets of not less than 150% of the aggregate principal amount of all
outstanding Unsecured Debt.

 

Section 1007.         Maintenance of Properties.

 

The Operating Partnership will cause all of its
material properties used or useful in the conduct of its business or the
business of any Subsidiary to be maintained and kept in good condition, repair
and working order and supplied with all necessary equipment and will cause to
be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all 

 

62

 

as in the judgment of the
Operating Partnership may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all times;
provided, however, that nothing in this Section shall prevent the
Operating Partnership or any Subsidiary from selling or otherwise disposing for
value any of its properties in the ordinary course of its business.

 

Section 1008.         Insurance.

 

The Operating Partnership will, and will cause each
of its Subsidiaries to, keep all of its insurable properties insured against
loss or damage at least equal to their then full insurable value with
financially sound and reputable insurers.

 

Section 1009.         Existence.

 

Subject to Article Eight, the Operating
Partnership shall do or cause to be done all things necessary to preserve and
keep in full force and effect its partnership existence and that of each
Subsidiary and their respective rights (charter and statutory) and franchises;
provided, however, that the foregoing shall not obligate the Operating
Partnership to preserve any such right or franchise if the Operating
Partnership or any Subsidiary shall determine that the preservation thereof is
no longer desirable in the conduct of its business or the business of such
Subsidiary and that the loss thereof is not disadvantageous in any material
respect to any Holder.

 

Section 1010.         Payment of Taxes and Other Claims.

 

The Operating Partnership will pay or discharge or
cause to be paid or discharged, before the same shall become delinquent, (1) all
taxes, assessments and governmental charges levied or imposed upon them or any
Subsidiary or upon the income, profits or property of the Operating Partnership
or any Subsidiary, and (2) all lawful claims for labor, materials and
supplies which, if unpaid, might by law become a Lien upon the property of the
Operating Partnership or any Subsidiary; provided, however, that the Operating
Partnership shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings.

 

Section 1011.         Provision of Financial Information.

 

(a)           Whether or not SL Green or the Operating Partnership
is subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act, SL Green and the Operating Partnership must, and solely to
the extent that SL Green OP is subject to the requirements of Section 13
or 15(d) of the Exchange Act, SL Green OP will, provide the Trustee and
holders within 15 days after filing, or in the event no such filing is
required, within 15 days after the end of the time periods specified in those
sections with all quarterly and annual financial information that would be
required to be contained in a filing with the SEC on Forms 10-Q and 10-K if SL
Green, SL Green OP (if applicable) or the Operating Partnership were required
to file such forms; 

 

63

 

provided that, the foregoing
delivery requirements shall be deemed satisfied if the foregoing materials are
available on the Commission’s EDGAR system or on SL Green’s, SL Green OP’s or
the Operating Partnership’s web site within the applicable time period.

 

(b)           In addition, whether or not required by the
Commission, SL Green and the Operating Partnership will, and, after the
effectiveness of the exchange offer registration statement or shelf
registration statement, SL Green OP will, solely to the extent that SL Green OP
is subject to the requirements of Section 13 or 15(d) of the Exchange
Act, file a copy of all of the information and reports referred to above with
the Commission for public availability within the time periods specified in the
Commission’s rules and regulations.

 

(c)           For so long as any of the Notes remain outstanding
and constitute “restricted securities” under Rule 144 of the Securities
Act, SL Green, SL Green OP and the Operating Partnership will furnish to the
holders of the Notes and prospective investors, upon their request, the
information to be delivered pursuant to Rule 144A(d)(4) of the
Securities Act.

 

Section 1012.         Waiver of Certain Covenants.

 

The Operating Partnership or any Co-Obligor, as the
case may be, may omit in any particular instance to comply with any term,
provision or condition set forth in Sections 1005, 1006, 1007, 1008, 1009, 1010
or 1011 with respect to the Notes if before the time for such compliance the
Holders of at least a majority in principal amount of the Outstanding Notes, by
Act of such Holders, either shall waive such compliance in such instance or
generally shall have waived compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition except
to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Operating Partnership and the Co-Obligors and
the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect.

 

Section 1013.         Statement as to Compliance; Notice of Certain Defaults.

 

(1)           The Operating Partnership and Co-Obligors shall deliver to
the Trustee, within 120 days after the end of each fiscal year, a written
statement (which need not be contained in or accompanied by an Officers’
Certificate) signed by the principal executive officer, principal financial
officer or principal accounting officer, stating that:

 

(a)           a
review of the activities of the Operating Partnership and Co-Obligors during
such year and of its performance under this Indenture has been made under his
or her supervision; and

 

(b)           to
the best of his or her knowledge, based on such review, (a) the Operating
Partnership and Co-Obligors have complied with all the conditions and covenants
imposed on it under this Indenture throughout such year, or, if there has been
a default in the fulfillment of any such condition or covenant, specifying each
such default known to him or her and the nature and status thereof, and (b) no
event has occurred and is continuing which is, or 

 

64

 

after notice or lapse of time or both would become, an Event
of Default, or, if such an event has occurred and is continuing, specifying
each such event known to him and the nature and status thereof.

 

(2)           The Operating Partnership and Co-Obligors shall deliver to
the Trustee, within five days after the occurrence thereof, written notice of
any Event of Default or any event which after notice or lapse of time or both
would become an Event of Default pursuant to clause (3) of Section 501.

 

ARTICLE ELEVEN

REDEMPTION OF NOTES

 

Section 1101.         Applicability of Article.

 

Redemption of Notes at the option of the Operating
Partnership or any Co-Obligor as permitted or required by the terms of such
Notes shall be made in accordance with the terms of such Notes and this
Article.

 

Section 1102.         Election to Redeem; Notice to Trustee.

 

The election of the Operating Partnership or a
Co-Obligor to redeem any Notes shall be evidenced by or pursuant to a Board
Resolution. In case of any redemption at the election of the Operating
Partnership or a Co-Obligor of (a) less than all of the Notes or (b) all
of the Notes, with the same issue date, interest rate or formula, Stated
Maturity and other terms, the Operating Partnership or a Co-Obligor shall, at
least 60 days prior to the Redemption Date fixed by the Operating Partnership
or a Co-Obligor (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee of such Redemption Date and of the principal amount of Notes
to be redeemed.

 

Section 1103.         Selection by Trustee of Notes to be Redeemed.

 

If less than all of the Notes are to be redeemed,
the particular Notes to be redeemed shall be selected not more than 60 days prior
to the Redemption Date by the Trustee from the Outstanding Notes not previously
called for redemption, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of portions
of the principal amount of Notes; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of Notes not
redeemed to less than the minimum denomination for a Notes established herein.

 

The Trustee shall promptly notify the Operating Partnership
and Co-Obligors and the Registrar (if other than itself) in writing of the
Notes selected for redemption and, in the case of any Notes selected for
partial redemption, the principal amount thereof to be redeemed.

 

65

 

For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Notes
shall relate, in the case of any Notes redeemed or to be redeemed only in part,
to the portion of the principal of such Notes which has been or is to be
redeemed.

 

Section 1104.         Notice of Redemption.

 

Notice of redemption shall be given in the manner
provided in Section 106, not less than 30 nor more than 60 days prior to
the Redemption Date, unless a shorter period is specified in the Notes to be
redeemed, to the Holders of Notes to be redeemed. Failure to give notice by
mailing in the manner herein provided to the Holder of any Notes designated for
redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other Notes or portion thereof.

 

Any notice that is mailed to the Holder of any Notes
in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not such Holder receives the notice.

 

All notices of redemption shall state:

 

(1)           the Redemption Date;

 

(2)           the Redemption Price;

 

(3)           if less than all Outstanding Notes are to be redeemed, the
identification (and, in the case of partial redemption, the principal amount)
of the particular Notes to be redeemed;

 

(4)           in case the Notes are to be redeemed in part only, the notice
which relates to such Notes shall state that on and after the Redemption Date,
upon surrender of such Notes, the Holder of such Notes will receive, without
charge, new Notes of authorized denominations for the principal amount thereof
remaining unredeemed;

 

(5)           that, on the Redemption Date, the Redemption Price shall
become due and payable upon each such Notes or portion thereof to be redeemed,
and, if applicable, that Interest thereon shall cease to accrue on and after
said date;

 

(6)           the place or places where such Notes maturing after the
Redemption Date, are to be surrendered for payment of the Redemption Price and
any accrued interest and Additional Amounts pertaining thereto;

 

(7)           [RESERVED]

 

66

 

(8)           the CUSIP number or the Euroclear or the Cedel reference
numbers of such Notes, if any (or any other numbers used by a Depository to
identify such Notes).

 

A notice of redemption published as contemplated by Section 106
need not identify particular Notes to be redeemed.

 

Notice of redemption of Notes to be redeemed at the
election of the Operating Partnership or a Co-Obligor shall be given by the
Operating Partnership or a Co-Obligor or, at the Operating Partnership’s or
Co-Obligors’ request, by the Trustee in the name and at the expense of the
Operating Partnership or such Co-Obligor.

 

Section 1105.         Deposit of Redemption Price.

 

On or prior to any Redemption Date, the Operating
Partnership or Co-Obligors shall deposit, with respect to the Notes called for
redemption pursuant to Section 1104, with the Trustee or with a Paying
Agent (or, if the Operating Partnership or either Co-Obligor is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 1003)
Dollars in an amount sufficient to pay the Redemption Price of, and (except if
the Redemption Date shall be an Interest Payment Date) any accrued Interest on
and Additional Amounts with respect thereto, all such Notes or portions thereof
which are to be redeemed on that date.

 

Section 1106.         Notes Payable on Redemption Date.

 

Notice of redemption having been given as aforesaid,
the Notes so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date
(unless the Operating Partnership or Co-Obligors shall default in the payment
of the Redemption Price and accrued Interest) such Notes shall cease to bear
Interest. Upon surrender of any such Notes for redemption in accordance with
said notice, such Notes shall be paid by the Operating Partnership or
Co-Obligors at the Redemption Price, together with any accrued Interest and
Additional Amounts to the Redemption Date; provided, however, that, except as
otherwise specified in or pursuant to this Indenture or the Notes, installments
of Interest on Notes whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Notes, or one or more Predecessor
Notes, registered as such at the close of business on the Regular Record Dates
therefor according to their terms and the provisions of Section 301.

 

If any Notes called for redemption shall not be so
paid upon surrender thereof for redemption, the principal and any premium,
until paid, shall bear interest from the Redemption Date at the rate prescribed
therefor in the Note.

 

Section 1107.         Notes Redeemed in Part.

 

Any Registered Note which is to be redeemed only in
part shall be surrendered at any Office or Agency for such Note (with, if the
Operating Partnership, a Co-Obligor or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory 

 

67

 

to the Operating Partnership
and Co-Obligors and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing) and the Operating Partnership and
Co-Obligors shall execute and the Trustee shall authenticate and deliver to the
Holder of such Notes without service charge, a new Notes or Notes, containing
identical terms and provisions, of any authorized denomination as requested by
such Holder in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Note so surrendered. If a Note in
global form is so surrendered, the Operating Partnership and Co-Obligors shall
execute, and the Trustee shall authenticate and deliver to the Depository or
other Depository for such Note in global form as shall be specified in the
Order with respect thereto to the Trustee, without service charge, a new Note
in global form in a denomination equal to and in exchange for the unredeemed
portion of the principal of the Note in global form so surrendered.

 

ARTICLE TWELVE

[RESERVED]

 

ARTICLE THIRTEEN

[RESERVED]

 

ARTICLE FOURTEEN

[RESERVED]

 

ARTICLE FIFTEEN

MEETINGS OF HOLDERS OF NOTES

 

Section 1501.         Purposes for Which Meetings May Be Called.

 

A meeting of Holders of Notes may be called at any
time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other
Act provided by this Indenture to be made, given or taken by Holders of Notes.

 

Section 1502.         Call, Notice and Place of Meetings.

 

(1)           The Trustee may at any time call a meeting of Holders of
Notes for any purpose specified in Section 1501, to be held at such time
and at such place in the City of New York, New York. Notice of every meeting of
Holders of Notes, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given,
in the manner provided in Section 106, not less than 21 nor more than 180
days prior to the date fixed for the meeting.

 

68

 

(2)           In case at any time the Operating Partnership and the
Co-Obligors, by or pursuant to a Board Resolution, or the Holders of at least
10% in principal amount of the Outstanding Notes shall have requested the
Trustee to call a meeting of the Holders of Notes for any purpose specified in Section 1501,
by written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have mailed notice of or made
the first publication of the notice of such meeting within 21 days after
receipt of such request (whichever shall be required pursuant to Section 106)
or shall not thereafter proceed to cause the meeting to be held as provided
herein, then the Operating Partnership, the Co-Obligors, if applicable, or the
Holders of Notes in the amount above specified, as the case may be, may
determine the time and the place in the City of New York, New York, for such
meeting and may call such meeting for such purposes by giving notice thereof as
provided in clause (1) of this Section.

 

Section 1503.         Persons Entitled to Vote at Meetings.

 

To be entitled to vote at any meeting of Holders of
Notes, a Person shall be (1) a Holder of one or more Outstanding Notes, or
(2) a Person appointed by an instrument in writing as proxy for a Holder
or Holders of one or more Outstanding Notes by such Holder or Holders. The only
Persons who shall be entitled to be present or to speak at any meeting of
Holders of Notes shall be the Persons entitled to vote at such meeting and
their counsel, any representatives of the Trustee and its counsel, any
representatives of the Co-Obligors and their counsel and any representatives of
the Operating Partnership and its counsel.

 

Section 1504.         Quorum; Action.

 

The Persons entitled to vote a majority in principal
amount of the Outstanding Notes shall constitute a quorum for a meeting of
Holders of Notes; provided however, that if any action is to be taken at the
meeting with respect to a consent or waiver which may be given by the Holders
of not less than a specified percentage in principal amount of the Outstanding
Notes, the Persons holding or representing the specified percentage in
principal amount of the Outstanding Notes will constitute a quorum. In the
absence of a quorum within 30 minutes after the time appointed for any such
meeting, the meeting shall, if convened at the request of Holders of Notes, be
dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such meeting. In the absence of a quorum at any such adjourned
meeting, such adjourned meeting may be further adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 1502(1), except
that such notice need be given only once not less than five days prior to the
date on which the meeting is scheduled to be reconvened. Notice of the
reconvening of an adjourned meeting shall state expressly the percentage, as
provided above, of the principal amount of the Outstanding Notes which shall
constitute a quorum.

 

Except as limited by the proviso to Section 902,
any resolution presented to a meeting or adjourned meeting duly reconvened at
which a quorum is present as aforesaid may be 

 

69

 

adopted only by the affirmative
vote of the Holders of a majority in principal amount of the Outstanding Notes;
provided, however, that, except as limited by the proviso to Section 902,
any resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other Act which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Notes may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid by the affirmative vote of the Holders of such
specified percentage in principal amount of the Outstanding Notes.

 

Any resolution passed or decision taken at any
meeting of Holders of Notes duly held in accordance with this Section shall
be binding on all the Holders of Notes, whether or not such Holders were
present or represented at the meeting.

 

Section 1505.         Determination of Voting Rights; Conduct and Adjournment of
Meetings.

 

(1)           Notwithstanding any other provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any
meeting of Holders of Notes in regard to proof of the holding of Notes and of
the appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise permitted
or required by any such regulations, the holding of Notes shall be proved in
the manner specified in Section 104 and the appointment of any proxy shall
be proved in the manner specified in Section 104 or by having the
signature of the person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Section 104. Such regulations
may provide that written instruments appointing proxies, regular on their face,
may be presumed valid and genuine without the proof specified in Section 104
or other proof.

 

(2)           The Trustee shall, by an instrument in writing, appoint a
temporary chairman of the meeting, unless the meeting shall have been called by
the Operating Partnership or Co-Obligors or by Holders of Notes as provided in Section 1502(2),
in which case the Operating Partnership, the Co-Obligors or the Holders of
Notes calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Persons entitled to vote a majority in
principal amount of the Outstanding Notes represented at the meeting.

 

(3)           At any meeting, each Holder of Notes or proxy shall be
entitled to one vote for each $1,000 principal amount of Notes held or
represented by him; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Note challenged as not Outstanding and ruled by
the chairman of the meeting to be not Outstanding. The chairman of the meeting
shall have no right to vote, except as a Holder of Notes or proxy.

 

70

 

(4)                                 Any meeting of Holders of Notes duly called pursuant to Section 1502
at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Notes
represented at the meeting; and the meeting may be held as so adjourned without
further notice.

 

Section 1506.                      Counting Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to any
meeting of Holders of Notes shall be by written ballots on which shall be
subscribed the signatures of the Holders of Notes or of their representatives
by proxy and the principal amounts and serial numbers of the Outstanding Notes
held or represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of
the meeting their verified written reports in triplicate of all votes cast at
the meeting. A record, at least in triplicate, of the proceedings of each
meeting of Holders of Notes shall be prepared by the secretary of the meeting
and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one
or more persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that said notice was given as provided in Section 1502
and, if applicable, Section 1504. Each copy shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and
one such copy shall be delivered to the Operating Partnership and the
Co-Obligors, and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting. Any record so
signed and verified shall be conclusive evidence of the matters therein stated.

 

* * * * *

 

This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same
instrument.

 

71

 

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

 

	
   

  	
  RECKSON
  OPERATING PARTNERSHIP, L.P.,

  as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wyoming
  Acquisitions GP LLC, 

  
	
   

  	
   

  	
  as
  Sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By
  /s/ Gregory F. Hughes

  
	
   

  	
   

  	
  Name:
  Gregory F. Hughes

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SL
  GREEN REALTY CORP.,

  as Co-Obligor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By
  /s/ Gregory F. Hughes

  
	
   

  	
   

  	
  Name:
  Gregory F. Hughes

  
	
   

  	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  SL
  GREEN OPERATING PARTNERSHIP, L.P.,

  as Co-Obligor  

  
	
   

  	
   

  	
  By:
  SL Green Realty Corp., 

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By
  /s/ Gregory F. Hughes

  
	
   

  	
   

  	
  Name:
  Gregory F. Hughes

  
	
   

  	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON

  as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By
  /s/ Sherma Thomas

  
	
   

  	
   

  	
   

  	
  Name:
  Sherma Thomas

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Associate

  

 

 

EXHIBIT A

 

	
  [FACE OF NOTE]

  
	
   

  	
   

  	
   

  
	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
   

  	
   

  	
   

  
	
  NO.
                   

  	
   

  	
  PRINCIPAL AMOUNT

  
	
   

  	
   

  	
   

  
	
  CUSIP NO.
                 

  	
   

  	
  $                      

  

 

RECKSON OPERATING
PARTNERSHIP, L.P.

SL GREEN REALTY CORP.

SL GREEN OPERATING
PARTNERSHIP

 

7.75% Senior Note
due 2020

 

Reckson Operating
Partnership, L.P., a limited partnership duly organized and existing under the
laws of Delaware (the “Issuer” or the “Operating Partnership,”
which terms include any successor thereto under the Indenture (as defined on
the reverse hereof)), SL Green Realty Corp., a corporation duly organized and existing
under the laws of Maryland (“SL Green”), and SL Green Operating
Partnership, L.P., a limited partnership organized and existing under the laws
of Delaware (“SL Green OP,” and together with SL Green, the “Co-Obligors”)
for value received, hereby promise, jointly and severally, to pay to
                      ,
or its registered assigns, the principal amount of $                    ,
[or such other amount as indicated on the Schedule of Exchange of Notes
attached hereto](1), on March 15, 2020 (the “Stated Maturity Date”),
unless redeemed on any Redemption Date (as defined on the reverse hereof) in
accordance with the provisions set forth on the reverse hereof (the Stated
Maturity Date or any Redemption Date is referred to herein as the “Maturity
Date” with respect to the principal repayable on such date) and to pay
interest on the outstanding principal amount hereof semi-annually in arrears on
March 15 and September 15 of each year, commencing on
                                
(each, an “Interest Payment Date”), at the rate of 7.75% per annum,
until payment of said principal has been made or duly provided for. 
Interest on this Note on an Interest Payment Date will accrue from and
including the immediately preceding Interest Payment Date to which interest has
been paid or duly provided for on this Note [or the Note surrendered in
exchange for this Note](2), or from and including
[                        ](3) if
no interest has been paid or duly provided for, to but excluding the applicable
Interest Payment Date or the Maturity Date, as the case may be.  Interest
on this Note will be computed on the basis of a 360-day year consisting of
twelve 30-day months.

 

The Notes are general
unsecured obligations of the Operating Partnership and Co-Obligors.  The original principal amount of the Notes is
$                          ,
but Additional Notes may be issued pursuant to the Indenture, and the
originally issued Notes and all such Additional Notes vote together for all
purposes as a single class.

 

The interest so payable
and punctually paid or duly provided for on any Interest Payment Date will be
paid to the Holder in which name this Note (or one or more predecessor Notes)
is registered in the Register at the close of business on the “Regular
Record Date” for such payment, which shall be the March 1 or September 1,
as the case may be, immediately preceding such Interest Payment Date
(regardless of whether such day is a Business Day (as defined below)). 
Any such interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Regular Record Date, and shall be
paid to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on a subsequent Special Record Date for
the payment of such defaulted interest (which shall be not more than 15 days
and not less than 10 Business Days prior to the date of 

 

(1) For Global
Notes.

 

(2) Include only for
Exchange Note.

 

(3) For Additional
Notes, should be the date of their original issue.

 

A-1

 

the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Operating Partnership and the Co-Obligors to the Holders of the Notes not less
than 10 days preceding such subsequent Special Record Date, or may be paid at
any time in any other lawful manner, all as more fully provided in the
Indenture.

 

The principal of, and the
Make-Whole Amount (as defined on the reverse hereof), if any, with respect to,
this Note payable on the Maturity Date will be paid against presentation and
surrender of this Note at the office or agency of the Operating Partnership and
Co-Obligors maintained for that purpose in The City of New York.  The
Operating Partnership and Co-Obligors hereby initially designate the Corporate
Trust Office of the Trustee at 101 Barclay Street, Floor 8 West, New York, New
York 10286 as the office to be maintained by it where Notes may be presented
for payment, registration of transfer or exchange and where notices or demands
to or upon the Operating Partnership and Co-Obligors in respect of the Notes or
the Indenture may be served.

 

If any Interest Payment
Date or the Maturity Date falls on a day that is not a Business Day, the
payment required to be made on such date will, instead, be made on the next
Business Day with the same force and effect as if it were made on the date such
payment was due, and no interest shall accrue on the amount so payable for the
period from and after such Interest Payment Date or the Maturity Date, as the
case may be. “Business Day” means any day, other than a Saturday, a
Sunday or other day on which banking institutions in The City of New York are
authorized or required by law, regulation or executive order to be closed.

 

Payments of principal,
Make-Whole Amount, if any, and interest in respect of this Note will be made in
such coin or currency of the United States of America as at the time of payment
is legal tender for the payment of public and private debts (i) in the case
of payments on the Maturity Date, in immediately available funds and (ii) in
the case of payments on an Interest Payment Date, at the option of the
Operating Partnership and Co-Obligors, by check mailed to the Holder entitled
thereto at the applicable address appearing in the Register or by transfer of
immediately available funds to an account maintained by the payee with a bank
located in the United States of America; provided, however, that so long as
Cede & Co. is the Holder of this Note, payments of interest on an
Interest Payment Date will be made in immediately available funds.

 

[The Holder of this Note
is entitled to the benefits of the Registration Rights Agreement, dated
              ,
among the Operating Partnership and Co-Obligors and the Initial Purchasers
named therein (the “Registration
Rights Agreement”).  The
Operating Partnership and Co-Obligors will pay Additional Interest as and when
provided for in the Registration Rights Agreement.](4)

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof.  Such
further provisions shall for all purposes have the same effect as though fully
set forth at this place.

 

This Note shall not be
entitled to the benefits of the Indenture or be valid or become obligatory for
any purpose until the certificate of authentication hereon shall have been
executed by manual signature by the Trustee.

 

(4) Include only for
Initial Note or Initial Additional Note.

 

A-2

 

IN WITNESS WHEREOF, the
Operating Partnership and Co-Obligors have caused this Note to be signed
manually or by facsimile by an authorized signatory.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  RECKSON OPERATING
  PARTNERSHIP, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  WYOMING ACQUISITIONS GP
  LLC,

  
	
   

  	
   

  	
   

  	
   

  	
  as General Partner 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  SL GREEN REALTY CORP.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  SL GREEN OPERATING
  PARTNERSHIP, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  SL GREEN REALTY CORP.,

  
	
   

  	
   

  	
   

  	
   

  	
  as General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
referred to in the within-mentioned Indenture.

 

 

	
   

  	
   

  	
   

  	
  THE
  BANK OF NEW YORK MELLON,

  as Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Signatory

  

 

A-3

 

[REVERSE OF NOTE]

 

RECKSON OPERATING
PARTNERSHIP, L.P.

SL GREEN REALTY CORP.

SL GREEN OPERATING
PARTNERSHIP

 

7.75% Senior Note
due 2020

 

This 7.75% Senior Note
due 2020 is one of a duly authorized issue of debentures, notes, bonds, or
other evidences of indebtedness of the Operating Partnership and Co-Obligors
(hereinafter called the “Notes”), all issued or to be issued under and
pursuant to an Indenture, dated as of
                  
(the “Indenture”), duly executed and delivered by the Operating
Partnership and Co-Obligors to The Bank of New York Mellon, as trustee (the “Trustee,”
which term includes any successor trustee under the Indenture with respect to
the Notes), and reference is hereby made to the Indenture, and all
modifications and amendments and indentures supplemental thereto relating to
the Notes, for a description of the rights, limitations of rights, obligations,
duties, and immunities thereunder of the Trustee, the Operating Partnership and
Co-Obligors and the Holders of the Notes and the terms upon which the Notes are
authenticated and delivered.

 

The Operating Partnership
and Co-Obligors may redeem this Note, at any time in whole or from time to time
in part, at the option of the Operating Partnership and Co-Obligors, at a
redemption price equal to the sum of (i) the principal amount being
redeemed plus accrued interest thereon to the date fixed for redemption (the “Redemption
Date”) and (ii) the Make-Whole Amount, if any, with respect thereto
(the “Redemption Price”); provided, however, that any interest
installment due on an Interest Payment Date which is on or prior to the
Redemption Date will be payable to the Holder hereof (or one or more
predecessor Notes) as of the close of business on the Regular Record Date
preceding such Interest Payment Date.  If notice has been given as
provided in the Indenture and funds for the redemption of this Note or any part
thereof called for redemption shall have been made available on the Redemption
Date, this Note or such part thereof will cease to bear interest on the
Redemption Date referred to in such notice and the only right of the Holder
will be to receive payment of the Redemption Price.  Notice of any
optional redemption of any Notes will be given to the Holder hereof (in
accordance with the provisions of the Indenture), not more than 60 nor less
than 30 days prior to the Redemption Date.  The notice of redemption will
specify, among other things, the Redemption Price and the principal amount of
Notes to be redeemed.  In the event of redemption of this Note in part
only, a new Note of like tenor for the unredeemed portion hereof and otherwise
having the same terms and provisions as this Note shall be issued by the
Operating Partnership and Co-Obligors in the name of the Holder hereof upon the
presentation and surrender hereof.

 

“Make-Whole Amount”
means the excess, if any, of (i) the aggregate present value as of the
Redemption Date of each dollar of principal being redeemed and the amount of
interest (exclusive of interest accrued to the Redemption Date) that would have
been payable in respect of each such dollar if such redemption had not been
made, determined by discounting, on a semi-annual basis, such principal and
interest at the Reinvestment Rate (determined on the third Business Day
preceding the date such notice of redemption is given) from the respective
dates on which such principal and interest would have been payable if such
redemption had not been made, to the Redemption Date over (ii) the aggregate
principal amount being redeemed.

 

“Reinvestment Rate”
means 0.50% plus the arithmetic mean of the yields under the heading “Week
Ending” published in the most recent Statistical Release under the caption “Treasury
Constant Maturities” for the maturity (rounded to the nearest month)
corresponding to the remaining life to maturity, as of the Redemption Date, of
the principal being redeemed.  If no maturity exactly corresponds to such
maturity, yields for the two published maturities most closely corresponding to
such maturity shall be calculated pursuant to the immediately preceding
sentence and the Reinvestment Rate shall be interpolated or extrapolated from
such yields on a straight-line basis, rounding each of such relevant periods to
the nearest month.  For the purpose of calculating the Reinvestment Rate,
the most recent Statistical Release published prior to the date of
determination of the Make-Whole Amount shall be used.

 

“Statistical Release”
means the statistical release designated “H.15 (519)” or any successor
publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields 

 

A-4

 

on actively traded Untied
States government securities adjusted to constant maturities or, if such
statistical release is not published at the time of any determination under the
Indenture, then such other reasonably comparable index designated by the
Operating Partnership and Co-Obligors.

 

This Note is not subject
to repayment at the option of the Holder thereof.  Furthermore, this Note
is not entitled to the benefit of, and is not subject to, any sinking fund.

 

In case an Event of
Default with respect to this Note shall have occurred and be continuing, the
principal hereof may be declared, and upon such declaration shall become due
and payable, in the manner, with the effect, and subject to the conditions,
provided in the Indenture.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Operating Partnership and
Co-Obligors and the rights of the Holders of the Notes under the Indenture at
any time by the Operating Partnership and Co-Obligors and the Trustee with the
consent of the Holders of a majority in the aggregate principal amount of the
Notes at the time Outstanding and affected thereby.  Furthermore,
provisions in the Indenture permit the Holders of a majority in the aggregate
principal amount of the Outstanding Notes, in certain instances, to waive, on
behalf of all of the Holders of Notes, certain past defaults under the
Indenture and their consequences.  Any such waiver by the Holder of this
Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and other Notes issued upon the registration of transfer hereof or
in exchange hereof, or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.

 

No reference herein to
the Indenture and no provision of this Note or the Indenture shall alter or
impair the obligation of the Operating Partnership and Co-Obligors, which is
absolute and unconditional, to pay the principal of, and Make-Whole Amount, if
any, with respect to, and interest on, this Note in the manner, at the
respective times, at the rate and in the coin or currency herein prescribed.

 

This Note is issuable
only in fully registered form, without coupons, in denominations of $1,000 and
integral multiples thereof.  This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the
office or agency of the Operating Partnership and Co-Obligors in The City of
New York, in the manner and subject to the limitations provided herein and in
the Indenture, but without the payment of any charge except for any tax or
other governmental charge imposed in connection therewith.

 

Upon due presentment for
registration of transfer of this Note at the office or agency of the Operating
Partnership and Co-Obligors in The City of New York, one or more new Notes of
authorized denominations in an equal aggregate principal amount will be issued
to the transferee in exchange therefor, subject to the limitations provided
herein and in the Indenture, but without payment of any charge except for any
tax or other governmental charge imposed in connection therewith.

 

The Operating Partnership
and Co-Obligors or the Trustee and any authorized agent of the Operating
Partnership and Co-Obligors or the Trustee may deem and treat the Person in
whose name this Note is registered as the Holder and absolute owner of this
Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving
payment of, or on account of, the principal of or Make-Whole Amount, if any,
with respect to, or subject to the provisions on the face hereof, interest on,
this Note and for all other purposes, and none of the Operating Partnership and
Co-Obligors, the Trustee or any authorized agent of the Operating Partnership
and Co-Obligors or the Trustee shall be affected by any notice to the contrary.

 

The Indenture and this
Note shall be deemed to be a contract under the laws of the State of New York,
and for all purposes shall be governed by and construed in accordance with the
laws of such State, without giving effect to any conflict of law principles.

 

Capitalized terms used
but not otherwise defined herein shall have the respective meanings assigned to
them in the Indenture.

 

A-5

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto                                                           .

 

PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	
   

  
	
  (Please print or
  Typewrite Name and Address

  
	
  Including Postal
  Zip Code of Assignee)

  

 

the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints

 

to transfer said Note on
the books of the Issuer, with full power of substitution in the premises.

 

In
connection with any transfer of this Note occurring prior to the date which is
one year after
              
and the last date, if any, that this Note (or any predecessor Note) was owned
by the Operating Partnership or the Co-Obligors or their affiliates, the
undersigned confirms that such transfer is made without utilizing any general
solicitation or general advertising and further as follows:

 

Check
One

 

o                                    (1) This Note is being transferred
to a “qualified institutional buyer” in compliance with Rule 144A under
the Securities Act of 1933, as amended and certification substantially in the
form of Exhibit E to the Indenture is being furnished herewith.

 

o                                    (2) This Note is being transferred
to a Non-U.S. Person in compliance with the exemption from registration under
the Securities Act of 1933, as amended, provided by Regulation S thereunder,
and certification substantially in the form of Exhibit D to the
Indenture is being furnished herewith.

 

or

 

o                                    (3) This Note is being transferred
other than in accordance with (1) or (2) above and documents are
being furnished which comply with the conditions of transfer set forth in this
Note and the Indenture.

 

If
none of the foregoing boxes is checked, the Trustee is not obligated to register
this Note in the name of any Person other than the Holder hereof unless and
until the conditions to any such transfer of registration set forth herein and
in the Indenture have been satisfied.

 

	
  Dated:

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Signature Guaranteed(5)

  	
   

  

 

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

 

A-6

 

	
   

  	
   

  	
   

  
	
  NOTICE: Signature must
  be guaranteed by an eligible Guarantor Institution (banks, stockbrokers,
  savings and loan associations and credit unions) with membership in an
  approved signature guarantee medallion program pursuant to Securities and
  Exchange Commission Rule 17Ad-15.

  	
   

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

  

 

SCHEDULE OF EXCHANGES OF
NOTES(6)

 

The following exchanges of a part of this Global Note
for Certificated Notes or a part of another Global Note have been made:

 

	
  Date
  of

  Exchange

  	
   

  	
  Amount of

  decrease

  in principal

  amount

  of this Global

  Note

  	
   

  	
  Amount of

  increase

  in principal

  amount

  of this Global

  Note

  	
   

  	
  Principal

  amount of

  this Global Note

  following such

  decrease (or

  increase)

  	
   

  	
  Signature of

  authorized officer of

  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

(6) For Global Notes.

 

A-7

 

EXHIBIT B

 

RESTRICTED LEGEND FOR U.S. GLOBAL NOTES OR ACCREDITED INVESTOR NOTES

 

THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, SUCH REGISTRATION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE LAST DATE ON WHICH RECKSON OPERATING PARTNERSHIP,
L.P., SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P. (THE “ISSUERS”)
OR AN AFFILIATE OF AN ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR
OF SUCH SECURITY), ONLY (I) TO THE ISSUER OR ANY OF ITS SUBSIDIARIES, (II) SO
LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH
RULE 144A, (III) IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON IN
ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (IV) TO
AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS
SECURITY FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION, (V) PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE), OR (VI) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF
SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR OTHER APPLICABLE JURISDICTION.  THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
REPRESENTS AND AGREES THAT IT WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF
THE RESALE RESTRICTIONS REFERRED TO ABOVE. 
THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ONLY WITH THE
CONSENT OF THE ISSUERS.

 

B-1

 

BY ITS ACQUISITION OF THIS SECURITY THE
HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) NO
PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY
CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I
OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT
TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER
LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (II) THE ACQUISITION
AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

RESTRICTED LEGEND FOR REGULATION S NOTES

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
SECURITIES, THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE LAST DATE ON WHICH RECKSON OPERATING PARTNERSHIP,
L.P., SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P. (THE “ISSUERS”)
OR AN AFFILIATE OF AN ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR
OF SUCH SECURITY), ONLY (I) TO THE ISSUER OR ANY OF ITS SUBSIDIARIES, (II) SO
LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL 

 

B-2

 

BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH
RULE 144A, (III) IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON IN
ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (IV) TO
AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1),
(2), (3), OR (7)  UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY
FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION, (V) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE), OR (VI) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF
SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR OTHER APPLICABLE JURISDICTION.  THE HOLDER HEREOF, BY PURCHASING THIS NOTE
REPRESENTS AND AGREES THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE
ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.  THE FOREGOING LEGEND MAY BE REMOVED FROM
THIS NOTE AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

BY ITS ACQUISITION OF THIS SECURITY THE HOLDER THEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) NO
PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY
CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I
OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT
TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER
LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (II) THE ACQUISITION
AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

B-3

 

EXHIBIT C

 

DTC LEGEND

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER
PROVISIONS OF THE INDENTURE.

 

C-1

 

EXHIBIT D

 

Regulation S Certificate

 

,            

 

The Bank of New York Mellon

101 Barclay Street

Floor 21 West

New York, New York 10286

 

	
  Re:

  	
  Reckson
  Operating Partnership, L.P., SL Green Realty 

  Corp. and SL Green Operating Partnership, L.P. 

  7.75 % Senior Notes due 2020 (the “Notes”) 

  Issued under the Indenture (the “Indenture”)
  dated as 

  as of March 16, 2010 relating to the
  Notes

  

 

Ladies and Gentlemen:

 

Terms are used in this Certificate as used in
Regulation S (“Regulation S”) under the
Securities Act of 1933, as amended (the “Securities Act”),
except as otherwise stated herein.

 

[CHECK A
OR B AS APPLICABLE.]

 

o  A.      This Certificate relates to
our proposed transfer of $        
principal amount of Notes issued under the Indenture.  We hereby certify as follows:

 

1.     The offer and sale of the Notes was not and will not
be made to a person in the United States (unless such person is excluded from
the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the
account held by it for which it is acting is excluded from the definition of “U.S.
person” pursuant to Rule 902(k)(2)(i) under the circumstances
described in Rule 902(h)(3)) and such offer and sale was not and will not
be specifically targeted at an identifiable group of U.S. citizens abroad.

 

2.     Unless the circumstances described in the
parenthetical in paragraph 1 above are applicable, either (a) at the time
the buy order was originated, the buyer was outside the United States or we and
any person acting on our behalf reasonably believed that the buyer was outside
the United States or (b) 

 

D-1

 

the transaction was executed
in, on or through the facilities of a designated offshore securities market, and
neither we nor any person acting on our behalf knows that the transaction was
pre-arranged with a buyer in the United States.

 

3.     Neither we, any of our affiliates, nor any person
acting on our or their behalf has made any directed selling efforts in the
United States with respect to the Notes.

 

4.     The proposed transfer of Notes is not part of a plan
or scheme to evade the registration requirements of the Securities Act.

 

5.     If we are a dealer or a person receiving a selling
concession, fee or other remuneration in respect of the Notes, and the proposed
transfer takes place during the Restricted Period (as defined in the
Indenture), or we are an officer or director of the Company or an Initial
Purchaser (as defined in the Indenture), we certify that the proposed transfer
is being made in accordance with the provisions of Rule 904(b) of
Regulation S.

 

o  B.      This Certificate relates to
our proposed exchange of $        
principal amount of Notes issued under the Indenture for an equal principal
amount of Notes to be held by us.  We
hereby certify as follows:

 

1.     At the time the offer and sale of the Notes was made
to us, either (i) we were not in the United States or (ii) we were
excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or
the account held by us for which we were acting was excluded from the
definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the
circumstances described in Rule 902(h)(3); and we were not a member of an
identifiable group of U.S. citizens abroad.

 

2.     Unless the circumstances described in paragraph 1(ii) above
are applicable, either (a) at the time our buy order was originated, we
were outside the United States or (b) the transaction was executed in, on
or through the facilities of a designated offshore securities market and we did
not pre-arrange the transaction in the United States.

 

3.     The proposed exchange of Notes is not part of a plan
or scheme to evade the registration requirements of the Securities Act.

 

D-2

 

You and the Company are entitled to rely upon this
Certificate and are irrevocably authorized to produce this Certificate or a
copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  [NAME OF SELLER (FOR TRANSFERS) 

  OR OWNER (FOR EXCHANGES)]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
					

 

D-3

 

EXHIBIT E

 

Rule 144A Certificate

 

,             

 

The Bank of New York Mellon

101 Barclay Street

Floor 21 West

New York, New York 10286

 

	
  Re:

  	
  Reckson
  Operating Partnership, L.P , SL Green Realty 

  Corp. and SL Green Operating Partnership, L.P. 

  7.75 % Senior Notes due 2020 (the “Notes”) 

  Issued under the Indenture (the “Indenture”)
  dated as 

  as of March 16, 2010 relating to the
  Notes

  

 

Ladies and Gentlemen:

 

TO BE COMPLETED BY PURCHASER IF (1) ABOVE IS
CHECKED.

 

This Certificate relates to:

 

[CHECK A
OR B AS APPLICABLE.]

 

o  A.      Our proposed purchase of
$         principal amount of Notes
issued under the Indenture.

 

o  B.      Our proposed exchange of
$         principal amount of Notes
issued under the Indenture for an equal principal amount of Notes to be held by
us.

 

We and, if applicable, each account for which we are
acting in the aggregate owned and invested more than $100,000,000 in securities
of issuers that are not affiliated with us (or such accounts, if applicable),
as of                   ,
200  , which is a date on or since close of our most recent fiscal
year.   We and, if applicable, each
account for which we are acting, are a qualified institutional buyer within the
meaning of Rule 144A (“Rule 144A”)
under the Securities Act of 1933, as amended (the “Securities
Act”).  If we are acting on
behalf of an account, we exercise sole investment discretion with respect to
such account. We are aware that the transfer of Notes to us, or such exchange,
as applicable, is being made in reliance upon the exemption from the provisions
of Section 5 of the Securities Act provided by Rule 144A.  Prior to the date of this Certificate we 

 

E-1

 

have received such information regarding the
Company as we have requested pursuant to Rule 144A(d)(4) or have
determined not to request such information.

 

You and the Company are entitled to rely upon this
Certificate and are irrevocably authorized to produce this Certificate or a
copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  [NAME OF PURCHASER (FOR 

  TRANSFERS) OR OWNER (FOR 

  EXCHANGES)]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
					

 

E-2

 

EXHIBIT F

 

Accredited Investor Certificate

 

The Bank of New York Mellon

101 Barclay Street

Floor 21 West

New York, New York 10286

 

	
  Re:

  	
  Reckson Operating Partnership, L.P., SL Green Realty
  

  Corp. and SL Green Operating Partnership, L.P.

  7.75 % Senior Notes due 2020 (the “Notes”)

  Issued under the Indenture (the “Indenture”)
  dated as

  as of March 16, 2010 relating to the Notes

  

 

Ladies and Gentlemen:

 

This Certificate relates to:

 

[CHECK A
OR B AS APPLICABLE.]

 

o  A.   Our proposed purchase of
$         principal amount of Notes
issued under the Indenture.

 

o  B.   Our proposed exchange of
$         principal amount of Notes
issued under the Indenture for an equal principal amount of Notes to be held by
us.

 

We hereby confirm that:

 

1.        We are an institutional “accredited investor” within
the meaning of Rule 501(a)(1)(2)(3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”).

 

2.        Any acquisition of Notes by us will be for our own
account or for the account of one or more other Accredited Investors as to
which we exercise sole investment discretion.

 

3.        We have such knowledge and experience in financial
and business matters that we are capable of evaluating the merits and risks of
an investment in the Notes and we and any accounts for which we are acting are
able to bear the economic risks of and an entire loss of our or their
investment in the Notes.

 

F-1

 

4.        We are not acquiring the Notes with a view to any
distribution thereof in a transaction that would violate the Securities Act or
the securities laws of any State of the United States or any other applicable
jurisdiction; provided that the
disposition of our property and the property of any accounts for which we are
acting as fiduciary will remain at all times within our and their control.

 

5.        We acknowledge that the Notes have not been
registered under the Securities Act and that the Notes may not be offered or
sold within the United States or to or for the benefit of U.S. persons except
as set forth below.

 

6.        The principal amount of Notes to which this
Certificate relates is at least equal to $250,000.

 

We agree for the benefit of the Company, on our own
behalf and on behalf of each account for which we are acting, that such Notes
may be offered, sold, pledged or otherwise transferred only in accordance with
the Securities Act and any applicable securities laws of any State of the
United States and only (a) to the Company, (b) pursuant to a
registration statement which has become effective under the Securities Act, (c) to
a qualified institutional buyer in compliance with Rule 144A under the
Securities Act, (d) in an offshore transaction in compliance with Rule 904
of Regulation S under the Securities Act, (e) in a principal amount of not
less than $250,000 to an institutional “accredited investor” that, prior to
such transfer, delivers to the Trustee a duly completed and signed certificate
(the form of which may be obtained from the Trustee) relating to the
restrictions on transfer of the Notes or (f) pursuant to an exemption from
registration provided by Rule 144 under the Securities Act or any other
available exemption from the registration requirements of the Securities Act.

 

Prior to the registration of any transfer in
accordance with (c) or (d) above, we acknowledge that a duly
completed and signed certificate (the form of which may be obtained from the
Trustee) must be delivered to the Trustee. 
Prior to the registration of any transfer in accordance with (e) or
(f) above, we acknowledge that the Company reserves the right to require
the delivery of such legal opinions, certifications or other evidence as may
reasonably be required in order to determine that the proposed transfer is
being made in compliance with the Securities Act and applicable state
securities laws.  We acknowledge that no
representation is made as to the availability of any Rule 144 exemption
from the registration requirements of the Securities Act.

 

We understand that the Trustee will not be required
to accept for registration of transfer any Notes acquired by us, except upon
presentation of evidence satisfactory to the Company and the Trustee that the
foregoing restrictions on transfer have been complied with.  We further agree to provide to any person
acquiring any of the Notes from us a notice advising such person that

 

F-2

 

 

resales of the Notes are restricted as stated
herein and that certificates representing the Notes will bear a legend to that
effect.

 

We agree to notify you promptly in writing if any of
our acknowledgments, representations or agreements herein ceases to be accurate
and complete.

 

We represent to you that we have full power to make
the foregoing acknowledgments, representations and agreements on our own behalf
and on behalf of any account for which we are acting.

 

You and the Company are entitled to rely upon this
Certificate and are irrevocably authorized to produce this Certificate or a
copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [NAME OF PURCHASER (FOR

  TRANSFERS) OR OWNER (FOR

  EXCHANGES)]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
					

 

F-3

 

EXHIBIT G

 

[COMPLETE FORM I OR FORM II AS APPLICABLE.]

 

[FORM I]

 

Certificate of Beneficial Ownership

 

To:                              The Bank of New York Mellon

101 Barclay Street

Floor 21 West

New York, New York 10286

 

[Name of DTC Participant]

 

	
  Re:

  	
   

  	
  Reckson
  Operating Partnership, L.P., SL Green Realty

  Corp. and SL Green Operating Partnership, L.P.

  7.75 % Senior Notes due 2020 (the “Notes”)

  Issued under the Indenture (the “Indenture”)
  dated as

  as of March 16, 2010 relating to the
  Notes

  	
   

  

 

Ladies and Gentlemen:

 

We are the beneficial owner of
$         principal amount of Notes
issued under the Indenture and represented by a Temporary Offshore Global Note
(as defined in the Indenture).

 

We hereby certify as follows:

 

[CHECK A OR B AS APPLICABLE.]

 

o  A.                      We are a
non-U.S. person (within the meaning of Regulation S under the Securities Act of
1933, as amended).

 

o  B.                        We are a U.S.
person (within the meaning of Regulation S under the Securities Act of 1933, as
amended) that purchased the Notes in a transaction that did not require
registration under the Securities Act of 1933, as amended.

 

You and the Company are entitled to rely upon this
Certificate and are irrevocably authorized to produce this Certificate or a
copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

G-1

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [NAME OF BENEFICIAL OWNER]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
					

 

G-2

 

[FORM II]

 

Certificate of Beneficial Ownership

 

	
  To:

  	
  The
  Bank of New York Mellon

  101 Barclay Street

  Floor 21 West

  New York, New York 10286

  
	
   

  	
   

  
	
  Re:

  	
  Reckson
  Operating Partnership, L.P., SL Green Realty

  Corp. and SL Green Operating Partnership, L.P.

  7.75 % Senior Notes due 2020 (the “Notes”)

  Issued under the Indenture (the “Indenture”)
  dated as

  as of March 16, 2010 relating to the
  Notes

  

 

Ladies and Gentlemen:

 

This is to certify that based solely on
certifications we have received in writing, by tested telex or by electronic
transmission from Institutions appearing in our records as persons being
entitled to a portion of the principal amount of Notes represented by a
Temporary Offshore Global Note issued under the above-referenced Indenture,
that as of the date hereof, $        
principal amount of Notes represented by the Temporary Offshore Global Note
being submitted herewith for exchange is beneficially owned by persons that are
either (i) non-U.S. persons (within the meaning of Regulation S under the
Securities Act of 1933, as amended) or (ii) U.S. persons that purchased
the Notes in a transaction that did not require registration under the
Securities Act of 1933, as amended.

 

We further certify that (i) we are not
submitting herewith for exchange any portion of such Temporary Offshore Global
Note excepted in such certifications and (ii) as of the date hereof we
have not received any notification from any Institution to the effect that the
statements made by such Institution with respect to any portion of such
Temporary Offshore Global Note submitted herewith for exchange are no longer
true and cannot be relied upon as of the date hereof.

 

You and the Company are entitled to rely upon this
Certificate and are irrevocably authorized to produce this Certificate or a
copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

G-3

 

	
   

  	
  Yours faithfully,

  
	
   

  	
   

  
	
   

  	
  [Name of DTC Participant]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
					

 

G-4

 

EXHIBIT H

 

THIS
NOTE IS A TEMPORARY GLOBAL NOTE.  PRIOR
TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL
INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A
NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”).  BENEFICIAL INTERESTS HEREIN ARE NOT
EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN
ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS
USED IN REGULATION S UNDER THE SECURITIES ACT.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
PAYMENT OF PRINCIPAL OR INTEREST HEREON UNTIL SUCH BENEFICIAL INTEREST IS
EXCHANGED OR TRANSFERRED FOR AN INTEREST IN ANOTHER NOTE.

 

H-1

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