Document:

Exhibit 10.4

FIRST AMENDMENT TO
CREDIT AGREEMENT

THIS
FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of
January 24, 2007 by and among SL GREEN REALTY CORP. (the “Parent”), SL
GREEN OPERATING PARTNERSHIP, L.P. (the “Borrower”), the financial institutions
party hereto as “Lenders”, and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent
(the “Agent”).

WHEREAS,
the Parent, the Borrower, the Lenders and the Agent have entered into that
certain Credit Agreement dated as of September 29, 2005 (as in effect
immediately prior to the date hereof, the “Credit Agreement”); and

WHEREAS,
the Parent, the Borrower, the Lenders and the Agent desire to amend certain
provisions of the Credit Agreement on the terms and conditions contained
herein.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by the parties hereto, the parties hereto hereby
agree as follows:

Section 1.  Specific Amendments to Credit Agreement.  The parties hereto agree that the Credit
Agreement is amended as follows:

(a)           The Credit Agreement is amended by
amending or restating in full, as applicable, the following definitions (or
indicated portions thereof): “1031 Property”; the second to last sentence of
the definition of “Applicable Margin” and the row heading the table in clause
(b) of such definition; “Capitalization Rate”; adding the indicated sentence to
the end of the definition of “Eligible Property”; “Ground Lease”; clause (i) of
the definition of “Indebtedness”; clause (a) of the definition of “Interest
Period”; “L/C Commitment Amount”; “Material Subsidiary”; clauses (a) and (b) of
the definition of “Net Proceeds,” the proviso in the first sentence of the
definition of “Senior Debt”; and “Structured Finance Investments” contained in
Section 1.1. thereof as follows:

“1031
Property” means property held by a “qualified intermediary” (a “QI”)
or an “exchange accommodation titleholder” (an “EAT”) (or in either case, by
one or more Wholly Owned Subsidiaries thereof, singly or as tenants in common)
which is a single purpose entity and has entered into an “exchange agreement”
or a “qualified exchange accommodation agreement” with the Borrower or a
Guarantor in connection with the acquisition of such property by the Borrower
or a Subsidiary pursuant to, and qualifying for tax treatment under,
Section 1031 of the Internal Revenue Code.

“Applicable
Margin”...

... During any period after the Investment Grade Rating
Date for which the Parent has received a Credit Rating from only one Rating Agency,
then the Applicable Margin shall be determined based on such Credit Rating...

...

	
  Level

  	
   

  	
  Credit Rating

  (S&P/Moody’s)

  	
   

  	
  Applicable Margin for

  LIBOR Loans

  	
   

  	
  Applicable Margin for

  Base Rate Loans

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  
	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  	
    

  	
   

  

 

“Capitalization
Rate” means six and three-quarters of one percent (6.75%).

“Eligible
Property”...

An Eligible 1031 Property shall also constitute
an Eligible Property.

“Ground Lease”
means a ground lease containing the following terms and conditions: (a) a
remaining term (exclusive of any unexercised extension options) of 40 years or
more from the Agreement Date; (b) the right of the lessee to mortgage and
encumber its interest in the leased property without the consent of the lessor;
(c) the obligation of the lessor to give the holder of any mortgage Lien on
such leased property written notice of any defaults on the part of the lessee
and agreement of such lessor that such lease will not be terminated until such
holder has had a reasonable opportunity to cure or complete foreclosures, and
fails to do so; (d) reasonable transferability of the lessee’s interest under
such lease, including ability to sublease; and (e) such other rights
customarily required by mortgagees making a loan secured by the interest of the
holder of the leasehold estate demised pursuant to a ground lease.  The ground lease associated with the property
located at 1185 Avenue of the Americas, New York, New York, the term of which
expires in the year 2043, will not be subject to the requirement of clause (a)
of this definition.

“Indebtedness”
...

...(i) all
Indebtedness of other Persons which such Person has Guaranteed or is otherwise
recourse to such Person (except for guaranties of customary exceptions for fraud,
misapplication of funds, environmental indemnities, voluntary bankruptcy,
collusive involuntary bankruptcy and other similar exceptions to recourse
liability); ...

“Interest Period” ...

... (a)      with
respect to any LIBOR Loan, each period commencing on the date such LIBOR Loan
is made or the last day of the next preceding Interest Period for

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such Loan and ending 7 days (with the approval of the
Agent), 1, 2, 3 or 6 months thereafter, as the Borrower may select in a Notice
of Borrowing, Notice of Continuation or Notice of Conversion, as the case may
be, except that each Interest Period (other than one having a duration of 7
days) that commences on the last Business Day of a calendar month, or on a day
for which there is no corresponding day in the appropriate subsequent calendar
month, shall end on the last Business Day of the appropriate subsequent
calendar month; and ...

“L/C
Commitment Amount” equals $125,000,000.

“Material
Subsidiary” means any Subsidiary that directly owns or leases an Eligible Property or directly owns
a Structured Finance Investment, or in the case of an Eligible 1031
Property, the Subsidiary that holds the note evidencing the loan made to the
EAT or QI to finance the acquisition of such Eligible 1031 Property.

“Net Proceeds”
means with respect to an Equity Issuance by a Person, an amount equal to
(a) the aggregate amount of all cash and the Fair Market Value of all
other property (other than securities of such Person or an Affiliate of such
Person being converted or exchanged in connection with such Equity Issuance)
received by such Person in respect of such Equity Issuance net of investment
banking fees, legal fees, accountants’ fees, underwriting discounts and
commissions and other customary fees and expenses actually incurred by such
Person in connection with such Equity Issuance and minus (b) the aggregate
amount of the proceeds of such Equity Issuance used at the time of such Equity
Issuance to redeem, repurchase or otherwise acquire or retire any other Equity
Interest (other than Mandatorily Redeemable Stock) of such Person.

“Senior Debt” ...

...            ;provided, that Senior Debt shall not be deemed to
include any other debt securities (and guarantees, if any, in respect of such
debt securities) issued to any trust other than the Trust (or a trustee of any
such trust), or to any partnership or other entity affiliated with the Borrower
that is a financing vehicle of the Borrower (a “financing entity”) in
connection with the issuance by such financing entity of equity securities or
other securities pursuant to an instrument that ranks pari passu with or junior
in right of payment to the Junior Subordinated Indenture ...

“Structured Finance Investments” means, collectively,
Investments directly or indirectly in (or in entities (other than Gramercy
Capital Corp.) whose Investments are primarily in) (i) Indebtedness
secured by Mortgages and Indebtedness in the form of mezzanine loans, and
(ii) preferred equity Investments (including preferred limited partnership
interests) in entities owning (or leasing pursuant to a Ground Lease) class B
(or better) office properties located in the

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greater New York, New York area.  Structured Finance Investments shall also
include existing Investments of the types described in the preceding sentence
in entities with office properties in locations other than the greater New
York, New York area, which existing Investments are held by the Borrower or a
Wholly Owned Subsidiary of the Borrower as of the Agreement Date.

(b)           The Credit Agreement is further
amended by inserting the following definitions in Section 1.1. thereof in
appropriate alphabetical order:

“EAT” has the meaning given that term in the
definition of 1031 Property.

“Eligible
1031 Property” means a 1031 Property which satisfies all of the
following requirements: (a) such 1031 Property is fully developed as an
office property; (b) the Borrower or a Subsidiary leases such 1031
Property from the applicable QI or EAT (or Wholly Owned Subsidiary(ies)
thereof, as applicable) and the Borrower or a Subsidiary manages such 1031
Property; (c) the Borrower or a Subsidiary is obligated to purchase such
1031 Property (or Wholly Owned Subsidiary(ies) of the applicable QI or EAT that
owns such 1031 Property) from the applicable QI or EAT and the applicable QI or
EAT is obligated to sell such 1031 Property (or Wholly Owned Subsidiary(ies)
thereof that owns such 1031 Property, as applicable) to the Borrower or a
Subsidiary; (d) the applicable QI or EAT (or Wholly Owned Subsidiary(ies)
thereof that owns such 1031 Property, as applicable) acquired such 1031
Property with the proceeds of a loan made by the Borrower or a Guarantor which
loan is secured either by a Mortgage on such 1031 Property or a pledge of all
of the Equity Interests of the applicable QI or EAT (or Wholly Owned
Subsidiary(ies) thereof that owns such 1031 Property, as applicable);
(e) neither such 1031 Property, nor any interest of the Borrower or any
Subsidiary therein, is subject to any Lien (other than (i) Permitted Liens
of the types described in clauses (a) through (e) of the definition of
Permitted Liens and (ii) the Lien of a Mortgage or pledge referred to in
the immediately preceding clause (d)) or a Negative Pledge; and
(f) such 1031 Property is free of all structural defects or major
architectural deficiencies, title defects, environmental conditions or other
adverse matters except for defects, deficiencies, conditions or other matters
individually or collectively which are not material to the profitable operation
of such 1031 Property.  In no event shall
a 1031 Property qualify as an Eligible 1031 Property for a period in excess of
180 consecutive days; provided, the Agent may in its discretion extend
such period by an additional 10 Business Days to permit the Parent and the
Borrower to comply with Section 7.12. to cause the owner of such 1031
Property to become a Guarantor.  For
purposes of determining Total Asset Value and Unconsolidated Asset Value, as
applicable, such 1031 Property shall be deemed to have been owned or leased by
the Borrower or such Subsidiary from the date acquired by the applicable QI or
EAT (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as
applicable).

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“Existing
Credit Agreements” means (a) that certain Credit Agreement dated
as of January 24, 2007 by and among the Borrower, the Parent, the
financial institutions from time to time party thereto as “Lenders”, Wachovia
Bank, National Association, as Agent, and the other parties thereto and
(b) that certain Third Amended and Restated Credit Agreement dated as of
December 28, 2005 by and among the Borrower, the Parent, the financial
institutions from time to time party thereto as “Lenders”, Wells Fargo Bank,
National Association, as Agent, and the other parties thereto.

“Merger Agreement”
means that certain Agreement and Plan of Merger dated as of August 3, 2006
by and among the Parent, Wyoming Acquisition Corp., Wyoming Acquisition GP LLC,
Wyoming Acquisition Partnership LP, Reckson and the Reckson OP, pursuant to
which the Parent is to acquire Reckson.

“Net Cash
Proceeds” means with respect to (a) any conveyance, sale, lease,
sublease, transfer or other disposition (each a “disposition”) of any Property
owned or leased by a Reckson Party, the aggregate amount of all cash received (including
without limitation, all cash payments received by way of deferred payment of
principal or interest pursuant to a note or installment receivable or
otherwise, but only as and when received), directly or indirectly, by the
Parent or any Subsidiary in connection with such disposition net of (i) the
amount of any out-of-pocket legal fees, title and recording tax expenses,
commissions and other customary fees and expenses actually incurred by the
Parent or any Subsidiary in connection with such disposition, (ii) any income
taxes reasonably estimated in good faith to be payable by the Parent or any
Subsidiary in connection with such disposition (after taking into account any
available tax credits or deductions and any tax sharing arrangements) and other
taxes thereon to the extent such other taxes are actually paid by the Parent or
any Subsidiary, and (iii) any repayments by the Parent or any Subsidiary of
Secured Indebtedness to the extent that such Secured Indebtedness is secured by
a Lien on the property that is the subject of such disposition, and (b) the
incurrence, assumption, refinancing or other means of becoming obligated
of  or on Indebtedness (each an “incurrence”),
the aggregate amount of all cash received by the Parent or any Subsidiary from such
incurrence, net of the amount of any out-of-pocket legal fees, title and
recording tax expenses, investment banking fees, underwriting discounts,
commissions and other customary fees and expenses actually incurred by the
Parent or any Subsidiary in connection therewith.

“QI” has the meaning given that term in the
definition of 1031 Property.

“Reckson”
means Reckson Associates Realty Corp., and shall include Reckson’s successors
and permitted assigns.

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“Reckson
Indenture” means that certain Indenture dated as of March 26,
1999 by and among the Reckson OP, as Issuer, Reckson, as Guarantor, and The
Bank of New York, as Trustee.

“Reckson
Limitation Termination Event” means the earliest to occur of any of
the following with respect to all Reckson Notes: (a) all Reckson Notes
that are (i) Securities (as defined in the Reckson Indenture) are no
longer Outstanding Securities (as defined in the Reckson Indenture) and
(ii) Notes (as defined in the Reckson Note Purchase Agreement) are no
longer outstanding; (b) the Parent shall have succeeded to, and shall have
been substituted for, the Reckson OP as the “Issuer” under (i) the Reckson
Indenture pursuant to Section 805 of the Reckson Indenture in respect of
all such Securities and (ii) under the Reckson Note Purchase Agreement, or
(c) the Reckson Note Documents and the Reckson Notes no longer contain any
limitations on the ability of any of the Reckson Parties to incur Indebtedness
(as defined in the Reckson Indenture) in respect of the Guaranty.

“Reckson Note
Documents” means the Reckson Note Purchase Agreement and the Reckson
Indenture.

“Reckson Note
Purchase Agreement” means that certain Note Purchase Agreement dated
August 27, 1997 among the Reckson OP, Reckson FS Limited Partnership and
the Purchasers listed on Schedule A attached thereto, regarding
$150,000,000 of 7.20% Notes issued on August 27, 1997 and due
August 28, 2007.

“Reckson
Notes” means (a) all Securities (as defined in the Reckson
Indenture) issued by the Reckson OP pursuant to the terms of the Reckson
Indenture, including without limitation, the following which are outstanding as
of the Agreement Date: (i) $200,000,000 of 7.750% Notes issued
March 26, 1999 and due March 15, 2009, (ii) $50,000,000 of 6.0%
Notes issued June 17, 2002 and due June 15, 2007,
(iii) $150,000,000 of 5.150% Notes 
issued January 22, 2004 and due January 15, 2011,
(iv) $150,000,000 of 5.875% Notes 
issued August 13, 2004 and due August 15, 2014,
(v) $287,500,000 of 4.000% Exchangeable Debentures issued June 27,
2005 and due June 15, 2025 and (vi) $275,000,000 of 6.0% Notes issued
March 31, 2006 and due March 31, 2016; and (b) all Notes (as
defined in the Reckson Note Purchase Agreement).

“Reckson OP”
means Reckson Operating Partnership, L.P., and shall include the Reckson OP’s
successors and permitted assigns.

“Reckson
Parties” means Reckson, the Reckson OP and the other Reckson
Subsidiaries.

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“Reckson
Subsidiaries” means the Reckson OP and the Subsidiaries of the
Reckson OP.

(c)           The Credit Agreement is further
amended inserting a new subsection (c) into Section 2.5. thereof as follows:

(c)           Inaccurate Financial Statements or
Compliance Certificates.  If any
financial statement or Compliance Certificate delivered pursuant to
Section 8.3. is shown to be
inaccurate (regardless of whether this Agreement is in effect when such
inaccuracy is discovered), and such inaccuracy, if corrected, would have led to
the application of a higher Applicable Margin for any period prior to the
Investment Grade Rating Date (an “Applicable Period”) than the Applicable
Margin applied for such Applicable Period, then (i) the Borrower shall
immediately deliver to the Agent a corrected Compliance Certificate for such
Applicable Period, (ii) the Applicable Margin shall be determined on the
basis of such corrected Compliance Certificate (as provided in clause (a)
of the definition of Applicable Margin) for such Applicable Period, and
(iii) the Borrower shall immediately pay to the Agent for the account of
the Lenders the accrued additional interest, and accrued fees in respect of
Letters of Credit under Section 3.6.(c), owing calculated based on such higher
Applicable Margin for such Applicable Period, which payment shall be promptly
applied in accordance with Section 3.2.
This subsection shall not in any way limit the rights of the Agent and Lenders
(x) with respect to the last sentence of the immediately preceding
subsection (a) or (y) under Article X.

(d)           The Credit Agreement is further
amended by restating Section 4.1.(a)(iii) thereof in its entirety as follows:

(iii) has or would have the effect of reducing
the rate of return on capital of such Lender (or any Person controlling such
Lender) to a level below that which such Lender (or such Person) could have
achieved but for such Regulatory Change (taking into consideration the policies
of such Lender or Person with respect to capital adequacy).

(e)           The Credit Agreement is further
amended by restating Section 7.12.(c) thereof in its entirety as follows:

(c)           Inclusion of Eligible Properties
in Financial Calculations.  An
Eligible Property (other than an Eligible 1031 Property) owned or leased by a
Subsidiary, a Structured Finance Investment owned by a Subsidiary and an
Eligible 1031 Property acquired by an EAT or QI with proceeds of a loan made by
a Subsidiary, shall be included in determinations of Unencumbered Adjusted NOI
and Unencumbered Asset Value only if the Borrower has delivered each of the
items required under the immediately preceding subsection (a) with respect
to such Subsidiary.  An Eligible Property
(other than an Eligible 1031Property) and

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a Structured Finance Investment shall not be included
in determinations of Unencumbered Adjusted NOI and Unencumbered Asset Value if
any Subsidiary owning or leasing such Eligible Property or owning such
Structured Finance Investment is not a Guarantor.  An Eligible 1031 Property shall not be
included in determinations of Unencumbered Adjusted NOI and Unencumbered Asset
Value if the Subsidiary that holds the note evidencing the loan made to the EAT
or QI to finance the acquisition of such Eligible 1031 Property is not a
Guarantor.

(f)            The Credit Agreement is further
amended by re-lettering the existing Section 8.4.(p) as Section 8.4.(q) and
inserting a new 8.4.(p) therein as follows:

(p)           Reckson Limitation Termination
Event.  Promptly upon the occurrence
thereof, notice of the occurrence of any of the events described in the
definition of the term “Reckson Limitation Termination Event”, together with
such evidence as the Agent may reasonably request to establish the occurrence
of such event; and

(g)           The
Credit Agreement is further amended by restating Sections 9.1.(h) and (i)
thereof in their entirety as follows:

(h)           Minimum Unencumbered Asset Value.  The Unencumbered Asset Value attributable to
Eligible Properties to be less than $600,000,000 at any time.  Until the occurrence of the Reckson
Limitation Termination Event, Eligible Properties owned by any Reckson Party
shall be disregarded when determining compliance with this subsection.

(i)            Minimum Number of Eligible Properties.  The number of Eligible Properties to be less
than 5 at any time.  Until the occurrence
of the Reckson Limitation Termination Event, Eligible Properties owned by any
Reckson Party shall be disregarded when determining compliance with this
subsection.

(h)           The Credit Agreement is further
amended by restating Section 9.6.(b) thereof in its entirety as follows:

(b)           The
Parent and the Borrower shall not, and shall not permit any Subsidiary or other
Loan Party to, enter into, assume or otherwise be bound by any Negative Pledge
except for a Negative Pledge contained in (i) an agreement
(x) evidencing Indebtedness which the Parent, the Borrower or such
Subsidiary may create, incur, assume, or permit or suffer to exist under
Section 9.3., (y) which Indebtedness is secured by a Lien permitted
to exist under the Loan Documents, and (z) which prohibits the creation of
any other Lien on only the property securing such Indebtedness as of the date
such agreement was entered into; (ii) in an agreement relating to the sale
of a Subsidiary or assets pending such sale, provided that in any such case the
Negative Pledge applies only to the

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Subsidiary or the assets
that are the subject of such sale; or (iii) the Existing Credit
Agreements.

(i)            The Credit Agreement is further
amended by inserting a new Section 9.13. therein as follows:

Section
9.13         Reckson Limitations.

(a)           Generally.  Notwithstanding anything to the contrary
contained in this Agreement but subject to the immediately following subsection
(b), until the occurrence of the Reckson Limitation Termination Event:

(i)            the Parent and the Borrower shall
not, and shall not permit any Subsidiary or any other Person to, make any
Investment in any Reckson Party;

(ii)           the Parent shall not permit any
Reckson Party to acquire any asset (whether by means of a direct purchase,
merger or otherwise); and

(iii)          the Parent shall not permit any
Reckson Party to (x) convey, sell, lease, sublease, transfer or otherwise
dispose of any Property (other than leases and subleases of Properties in the
ordinary course of business)  that is not
subject to any Lien (other than Permitted Liens of the types described in
clauses (a) through (d) of the definition of Permitted Liens) and is not
subject to a Negative Pledge (such a Property being an “Unencumbered Property”),
(y) incur, assume, or otherwise become obligated in respect of any Indebtedness
secured by a Lien on any Unencumbered Property owned or leased by a Reckson
Party or on any of the Parent’s direct or indirect ownership interest in such
Reckson Party or (z) refinance any Indebtedness in respect of which any Reckson
Party is obligated, unless in the case of any of the preceding clauses (x)
through (z), all Net Cash Proceeds payable to or for the account of any Reckson
Party are paid, or immediately distributed by a Reckson Party, to the Parent or
the Borrower; provided, however, Net Cash Proceeds shall not be required to be
paid to, or distributed to, the Parent or the Borrower to the extent, and only
to the extent, such distribution would result in a Default or Event of Default
(as each such term is defined in a Reckson Note Document).

Notwithstanding the foregoing, the Parent may permit
(x) the Equity Interests of the Subsidiary that holds the note evidencing
the loan made to the respective EATs to finance the acquisition of the Eligible
1031 Properties known as 810 7th Avenue, New York, New York and 1185

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Avenue of the Americas, New York, New York and
(y) title to such Eligible 1031 Properties to be held by a Reckson
Subsidiary.

(b)           Elimination of Limitations.  Upon the occurrence of the Reckson Limitation
Termination Event and at all times thereafter, the limitations of the
immediately preceding subsection (a) shall cease to apply and shall be of no
further force or effect.

(j)            The
Credit Agreement is further amended by restating Section 12.5.(e) thereof in
its entirety as follows:

(e)           Limitations upon
Participant Rights.  A Participant
shall not be entitled to receive any greater payment under Sections 3.12.,
4.1. and 4.4. than the applicable
Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrower’s prior written consent.  A Participant that would be a Foreign Lender
if it were a Lender shall not be entitled to the benefits of Section 3.12.
unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrower and the Agent, to
comply with Section 3.12.(c) as though it were a Lender.

Section
2.  Conditions Precedent.  The effectiveness of this Amendment is
subject to receipt by the Agent of each of the following or satisfaction of
each of the following, each in form and substance satisfactory to the Agent:

(a)           A counterpart of this Amendment duly
executed by the Borrower and each of the Lenders;

(b)           A First Amendment to Guaranty
substantially in the form of Exhibit A attached hereto, executed by each
Guarantor (the “Guaranty Amendment”);

(c)           An Accession Agreement executed by
each of the Subsidiaries that are to become Guarantors (the “New Guarantor(s)”);

(d)           For each of the New Guarantors, each
of the items that would have been delivered under Section 5.1.(a)(iv)-(viii)
and (xiv) if such New Guarantor had been a Guarantor as of the Effective Date;

(e)           Evidence that all fees due and
payable to the Lenders, and all fees and expenses payable to the Agent, in
connection with this Amendment have been paid;

(f)            A certificate from the Parent’s
chief executive officer or chief financial officer certifying that (i) no
material provision or condition (including conditions relating to the accuracy
of the representations and warranties set forth therein) of the Merger
Agreement has been waived, amended, supplemented or otherwise modified in a
manner that is material and adverse

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to the Agent or
the Lenders and (ii) all conditions precedent to the closing of the
Acquisition (other than (x) the payment of the aggregate Merger
Consideration (as defined in the Merger Agreement) by the Parent, or
(y) the filing of the Articles of Merger of Reckson and Wyoming
Acquisition Corp. in Maryland and the filing of the Certificate of Merger of
Reckson OP and Wyoming Acquisition Partnership LP in Delaware) have been satisfied
or waived; and

(g)           A Compliance Certificate calculated
as of September 30, 2006 (giving pro forma effect to the Acquisition);

(h)           Evidence that the aggregate amount of
the Commitments of the Lenders shall equal $800,000,000 after giving effect to
(i) the increase in the amount of the Commitments of the Lenders that are
currently parties to the Credit Agreement and (ii) other Persons becoming
Lenders under the Credit Agreement, in each case, as contemplated by
Section 2.16 of the Credit Agreement; and

(i)            Such other documents, instruments
and agreements as the Agent may reasonably request.

Section
3.  Condition Subsequent.  The Parent shall deliver to the Agent not
later than 5:00 p.m. on the Business Day immediately following the date on
which the Acquisition becomes effective, evidence reasonably satisfactory to
the Agent of the filing of the Articles of Merger of Reckson and Wyoming
Acquisition Corp. in Maryland and the filing of the Certificate of Merger of
Reckson OP and Wyoming Acquisition Partnership LP in Delaware.  The parties hereto acknowledge and agree that
the failure to satisfy the condition set forth in this Section by the time set
forth in this Section shall be an immediate Event of Default.

Section
4.  Consent to First Amendment to
Guaranty.  Each of the Lenders party
hereto consents to the amendments to the Guaranty set forth in the Guaranty
Amendment.

Section 5.  Representations.  Each of the Borrower and the Parent
represents and warrants to the Agent and the Lenders that:

(a)           Authorization.  Each of the Borrower and the Parent has the
right and power, and has taken all necessary action to authorize it, to execute
and deliver this Amendment and to perform its obligations hereunder and under
the Credit Agreement, as amended by this Amendment, in accordance with their
respective terms.  This Amendment has
been duly executed and delivered by a duly authorized officer of each of the
Borrower and the Parent and each of this Amendment and the Credit Agreement, as
amended by this Amendment, is a legal, valid and binding obligation of the
Borrower and the Parent enforceable against the each of them in accordance with
its respective terms except as (i) the enforceability thereof may be limited by
bankruptcy, insolvency or similar laws affecting creditors rights generally and
(ii) the availability of equitable remedies may be limited by equitable
principles of general applicability.

(b)           Compliance with Laws, etc.  The execution and delivery by each of the
Borrower and the Parent of this Amendment and the performance by each of the
Borrower and the Parent

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of this Amendment
and the Credit Agreement, as amended by this Amendment, in accordance with
their respective terms, do not and will not, by the passage of time, the giving
of notice or otherwise:  (i) require
any Government Approvals or violate any Applicable Laws (including
Environmental Laws) relating to the Borrower, the Parent or any other Loan
Party; (ii) conflict with, result in a breach of or constitute a default
under the organizational documents of the Borrower, the Parent or any other
Loan Party, or any indenture, agreement or other instrument to which the
Borrower or any other Loan Party is a party or by which it or any of its
respective properties may be bound (including, without limitation, the Reckson
Note Documents or any of the Reckson Notes); and (iii) result in or
require the creation or imposition of any Lien upon or with respect to any
property now owned or hereafter acquired by the Borrower, the Parent or any
other Loan Party.

(c)           No Default.  No Default or Event of Default has occurred
and is continuing as of the date hereof or will exist immediately after giving
effect to this Amendment.

(d)           Acquisition.  As of the date on which the Acquisition
becomes effective and after giving effect to the application of the proceeds to
finance the Acquisition, the Acquisition shall have been consummated in all
material respects in accordance with the terms of the Merger Agreement and no
material provision or condition (including conditions relating to the accuracy
of the representations and warranties set forth therein) of the Merger
Agreement shall have been waived, amended, supplemented or otherwise modified
in a manner that is material and adverse to the Agent or the Lenders.

Section 6.  Reaffirmation of Representations by
Borrower and Parent.  Each of the
Borrower and the Parent hereby repeats and reaffirms all representations and
warranties made by each of the Borrower and the Parent and the other Loan
Parties to the Agent and the Lenders in the Credit Agreement and the other Loan
Documents to which it is a party on and as of the date hereof with the same
force and effect as if such representations and warranties were set forth in
this Amendment in full; provided, however, with respect to Reckson, its
Subsidiaries and their businesses, only the following representations shall be
deemed made on the date hereof: (i) the representations and warranties set
forth in Sections 6.1.(a), (c), (d), (q)(i) and (r) of the Credit Agreement and
(ii) the representations and warranties of Reckson set forth in the Merger
Agreement (x) that are material to the interests of the Lenders and
(y) the breach of which would permit the Parent to terminate its
obligations under the Merger Agreement (without regard to whether any notice is
required to be given by the Parent in connection therewith).

Section 7.  Joinder and Representations of New Lenders.  Each of the Parent, the Borrower and each
Lender that is a party hereto (solely with respect to itself) agrees that upon the
effectiveness of this Amendment the Commitments of the Lenders shall be as set
forth on Exhibit B attached hereto.

Section 8.  Release of Guarantors.  Notwithstanding any notice requirement set
forth in Section 7.12.(b) of the Credit Agreement, the following Guarantors are
released from the Guaranty:  New Green
1140 Realty LLC, Green 286 Madison LLC, Green 290 Madison LLC, SL

 12
 

Green Realty
Acquisition LLC, SLG 20 Exchange Funding LLC, SLG 80 Broad Funding LLC, and SLG
1466 Broadway LLC.

Section 9.  Certain References.  Each reference to the Credit Agreement in any
of the Loan Documents shall be deemed to be a reference to the Credit Agreement
as amended by this Amendment.

Section 10.  Expenses.  The Borrower shall reimburse the Agent upon
demand for all costs and expenses (including attorneys’ fees) incurred by the
Agent in connection with the preparation, negotiation and execution of this
Amendment and the other agreements and documents executed and delivered in
connection herewith.

Section 11.  Benefits.  This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective
successors and assigns.

Section 12.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 13.  Effect.  Except as expressly herein amended, the terms
and conditions of the Credit Agreement and the other Loan Documents remain in
full force and effect.  The amendments
contained herein shall be deemed to have prospective application only, unless
otherwise specifically stated herein.

Section 14.  Counterparts.  This Amendment may be executed in any number
of counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.

Section 15.  Definitions.  All capitalized terms not otherwise defined
herein are used herein with the respective definitions given them in the Credit
Agreement, as amended by this Amendment.

Section 16.  Funding into Escrow.

(a)           Generally.  No later than 2:00 p.m. on the date one day
prior to the anticipated closing date of the Acquisition and upon the Agent’s
request, each Lender will make available to the Agent at the Principal Office,
in immediately available funds, the proceeds of such Lender’s Revolving Loan
that the Borrower has requested be made by such Lender on the closing date of
the Acquisition.  No later than 4:00 p.m.
on such date, the Agent shall deliver the proceeds of such Revolving Loans to a
title company or financial institution (the “Escrow Agent”) which shall have
agreed (a) to hold the proceeds of such Revolving Loans in escrow for the
Lenders on terms acceptable to the Agent in its sole discretion and (b) to
release such proceeds to the Borrower only upon written confirmation (which may
be in the form of an e-mail) from the Agent or the Agent’s counsel that all of
the conditions precedent set forth in Section 2 of this

 13
 

Amendment and the
applicable conditions contained in Article V. of the Credit Agreement
shall have been satisfied or waived by the Lenders.  Unless the Agent shall have been notified by
any Lender that such Lender does not intend to make available to the Agent the
proceeds of the Revolving Loan to be made by such Lender on the closing date of
the Acquisition, the Agent may assume that such Lender will make the proceeds
of such Revolving Loan available to the Agent and the Agent may (but shall not
be obligated to), in reliance upon such assumption, make available to the
Escrow Agent the amount of such Revolving Loan to be provided by such Lender.
Subject to satisfaction (or waiver by the Lenders) of the conditions set forth
in Section 2 of this Amendment and the applicable conditions contained in
Article V. of the Credit Agreement, the Agent will make the proceeds of
all such Revolving Loans available to the Borrower no later than 10:00 a.m. on
the closing date of the Acquisition by authorizing the Escrow Agent to release
such proceeds from such escrow.

(b)           Interest Accrual; Return of Funds
from Escrow.  The Borrower
acknowledges that interest shall begin to accrue on a Lender’s Revolving Loan
being made as contemplated in the preceding subsection on the date such Lender
makes the proceeds of such Revolving Loan available to the Agent (or the Agent
makes the proceeds of a Revolving Loan available to the Escrow Agent on behalf
of a Lender, with such interest being for the account of the Agent) as
contemplated in the immediately preceding subsection.  The Borrower agrees that if the closing date
of the Acquisition has not occurred by January 31, 2007: (i) the
Agent, on behalf of the Lenders, may require the Escrow Agent to return to the
Agent the proceeds of such Revolving Loans which shall be paid to the Lenders
(or the Agent, if applicable) in accordance with the applicable provisions of
the Credit Agreement; (ii) the Borrower shall pay to the Agent all accrued
and unpaid interest on such Revolving Loans, which shall be paid to the Lenders
(or the Agent, if applicable) in accordance with the applicable provisions of
the Credit Agreement and (iii) the amendments to the Credit Agreement
contemplated by Section 1 shall be of no effect.

Section 17.  No Tax Advice.  The Borrower acknowledges and agrees that it has not relied on the
Agent, any Lender or any of their respective legal counsel for any tax advice
relating to the transaction contemplated by this Amendment and the other Loan
Documents.

[Signatures on
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 14

IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit
Agreement to be executed as of the date first above written.

 

	
   

  	
  THE BORROWER:

  
	
   

  	
   

  
	
   

  	
  SL GREEN OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE PARENT:

  
	
   

  	
   

  
	
   

  	
  SL GREEN REALTY CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
								

 

 

[Signatures Continued on Next Page]

[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  THE AGENT AND THE LENDERS:

  
	
   

  	
   

  
	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  as Agent, as a Lender and as Swingline Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  KEYBANK NATIONAL ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

[Signatures Continued on
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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  COMMERZBANK AG, NEW YORK BRANCH, as a 

  
	
   

  	
    Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

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[Signature
Page to First Amendment to Credit Agreement

with SL Green Operating Partnership, L.P.]

 

	
  

  	
  EUROHYPO AG, NEW YORK BRANCH, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

	
  

  	
  EMIGRANT REALTY FINANCE
  LLC, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  ING REAL ESTATE FINANCE (USA) LLC, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement

with SL Green Operating Partnership, L.P.]

 

	
  

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION, as

  
	
   

  	
    a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  BANK OF AMERICA, N.A., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  THE BANK OF NEW YORK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  SOVEREIGN BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  PNC BANK, NATIONAL ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  CITICORP NORTH AMERICA, INC., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS, as

  
	
   

  	
    a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  BANK LEUMI USA, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  UNION BANK OF CALIFORNIA N.A., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  AIB DEBT MANAGEMENT LIMITED, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  COMERICA BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

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[Signature
Page to First Amendment to Credit Agreement with

SL Green Operating Partnership, L.P.]

 

	
  

  	
  LEHMAN BROTHERS COMMERCIAL BANK, as a

  
	
   

  	
    Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

EXHIBIT A

FORM OF FIRST AMENDMENT TO GUARANTY

THIS
FIRST AMENDMENT TO GUARANTY (this “Amendment”) dated as of January 24,
2007 executed by each of the undersigned (the “Guarantors”) and WACHOVIA BANK,
NATIONAL ASSOCIATION, as Agent (the “Agent”).

WHEREAS,
each of the Guarantors executed and delivered to the Agent that certain
Guaranty dated as of September 29, 2005 (the “Guaranty”) in favor of the Agent
and each “Lender” a party to the Credit Agreement referenced below (the “Lenders”)
pursuant to which they guarantied, among other things, the obligations of the
Borrower referenced below under the Credit Agreement; and

WHEREAS,
SL Green Operating Partnership, L.P. (the “Borrower”), SL Green Realty Corp.
(the “Parent”), the Lenders and the Agent have entered into that certain Credit
Agreement dated as of September 29, 2005 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”);

WHEREAS,
Guarantors and the Agent desire to amend certain provisions of the Guaranty on
the terms and conditions contained herein.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by the parties hereto, the parties hereto hereby
agree as follows:

Section 1.  Specific Amendments to Guaranty.  The parties hereto agree that the Guaranty is
amended as follows:

(a)           the Guaranty is amended by amending
and restating Section 1 thereof in its entirety as follows:

Section 1.  Guaranty.  Subject to Section 30 in the case of a Reckson Subsidiary, each
Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due
and punctual payment and performance when due, whether at stated maturity, by
acceleration or otherwise, of all of the following (collectively referred to as
the “Guarantied Obligations”): (a) all indebtedness and obligations owing by
the Borrower to any Lender or the Agent under or in connection with the Credit
Agreement and any other Loan Document, including without limitation, the
repayment of all principal of the Loans and the Reimbursement Obligations, and
the payment of all interest, fees, charges, attorneys’ fees and other amounts
payable to any Lender or the Agent thereunder or in connection therewith; (b)
any and all extensions, renewals, modifications, amendments or substitutions of
the foregoing; (c) all expenses, including, without limitation, reasonable
attorneys’ fees and disbursements, that are incurred by the Lenders and the
Agent in the

 A-1
 

enforcement
of any of the foregoing or any obligation of such Guarantor hereunder; and (d)
all other Obligations.

(b)  the Guaranty is further amended by inserting
the following Section 30 therein as follows:

Section
30.  Limitation of Liability of
Reckson Subsidiaries.

(a)           Generally.  Notwithstanding anything to the contrary
contained in this Guaranty but subject to the immediately following sentence,
until the occurrence of the Reckson Limitation Termination Event the amount of
Guarantied Obligations recoverable from the Reckson Subsidiaries that are
Guarantors shall not exceed the Allocable Guaranty Limitation.  Upon the occurrence of the Reckson Limitation
Termination Event and at all times thereafter, the limitations of the
immediately preceding sentence shall cease to apply and shall be of no further
force or effect.

(b)           Definitions.  As used in this Section, the following terms
have the indicated meanings:

“Allocable Guaranty
Limitation” means, at any time of determination, (i) the Overall
Guaranty Limitation, times (ii) the aggregate amount of Pari Passu
Indebtedness owing in respect of the Credit Agreement at such time, divided by
(iii) the aggregate amount of all Pari Passu Indebtedness at such time.

“Overall Guaranty
Limitation” means, at any time of determination, the sum of
(a) $500,000,000, (or, in the event of a sale, financing or refinancing of
a Property owned by a Reckson Party, such lesser amount, as certified from time
to time by the Borrower to the Agent, as shall equal 80% of the maximum amount
of Pari Passu Indebtedness permitted to be maintained under Sections 1005 and
1006 of the Reckson Indenture), plus (b) 95% of the aggregate principal
amount of Reckson Notes that are Outstanding Securities (as defined in the
Reckson Indenture) or outstanding under the Reckson Note Purchase Agreement, as
applicable, as of the Agreement Date which cease to be Outstanding Securities
(as defined in the Reckson Indenture) or outstanding under the Reckson Note
Purchase Agreement, as applicable, after the Agreement Date.

“Pari Passu
Indebtedness” means Indebtedness (i) owing by the Borrower;
(ii) evidenced by documents, instruments and agreements containing terms,
conditions, representations, covenants and events of default substantially the
same as, or less restrictive than, but in no event more restrictive than, those
contained in the Credit Agreement and the other Loan Documents; (iii) that
is not Secured Indebtedness; (iv) that ranks pari passu with the Indebtedness owing
under the Credit Agreement; and (v) that has been Guarantied by each
Reckson Party that is a Guarantor hereunder on terms substantially the same as
the terms of this

 A-2
 

Guaranty (and in any event,
including a provision identical in substance to this Section 30).  As of the date hereof, Pari Passu
Indebtedness includes Indebtedness owing by the Borrower under (x) the
Credit Agreement and other Loan Documents to which it is a party, (y) that
certain Credit Agreement dated as of January 24, 2007 by and among the
Borrower, the Parent, the financial institutions from time to time party
thereto as “Lenders”, Wachovia Bank, National Association, as Agent and the
other parties thereto and the other Loan Documents (as defined in such Credit
Agreement) and (z) that certain Third Amended and Restated Credit
Agreement dated as of December 28, 2005 by and among the Borrower, the
Parent, the financial institutions from time to time party thereto as “Lenders”,
Wells Fargo Bank, National Association, as Agent, and the other parties thereto
and the other Loan Documents (as defined in such Credit Agreement).

Section 2.  Reaffirmation of Guaranty.  Each Guarantor, after giving effect to the
amendments contained in that certain First Amendment to Credit Agreement dated
as of even date herewith (the “Credit Agreement Amendment”) by and among the
Borrower, the Parent, the Lenders and the Agent, hereby reaffirms its
continuing obligations to the Agent and the Lenders under the Guaranty, as
amended by this Amendment, and agrees that the transactions contemplated by the
Credit Agreement Amendment shall not in any way affect the validity and
enforceability of its obligations under the Guaranty, as amended by this
Amendment, or reduce, impair or discharge the obligations of such Guarantor
thereunder

Section 3.  Conditions Precedent.  The effectiveness of this Amendment is
subject to receipt by the Agent of each of the following, each in form and
substance satisfactory to the Agent:

(a)           A counterpart of this Amendment duly
executed by each of the Guarantors; and

(b)           Such other documents, instruments and
agreements as the Agent may reasonably request.

Section 4.  Representations.  Each of the Guarantors represents and
warrants to the Agent that:

(a)           Authorization.  Each of the Guarantors has the right and
power, and has taken all necessary action to authorize it, to execute and
deliver this Amendment and to perform its obligations hereunder and under the
Guaranty, as amended by this Amendment, in accordance with their respective
terms.  This Amendment has been duly
executed and delivered by a duly authorized officer of each of the Guarantors
and each of this Amendment and the Guaranty, as amended by this Amendment, is a
legal, valid and binding obligation of each of the Guarantors enforceable
against the each of them in accordance with its respective terms except as (i)
the enforceability thereof may be limited by bankruptcy, insolvency or similar
laws affecting creditors rights generally and (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability.

 A-3
 

(b)           Compliance with Laws, etc.  The execution and delivery by each of the
Guarantors of this Amendment and the performance by each of the Guarantors of
this Amendment and the Guaranty, as amended by this Amendment, in accordance
with their respective terms, do not and will not, by the passage of time, the
giving of notice or otherwise: 
(i) require any Government Approvals or violate any Applicable Laws
(including Environmental Laws) relating to any Guarantor; (ii) conflict
with, result in a breach of or constitute a default under the organizational documents
of any Guarantor, or any indenture, agreement or other instrument to which any
Guarantor is a party or by which it or any of its respective properties may be
bound; or (iii) result in or require the creation or imposition of any
Lien upon or with respect to any property now owned or hereafter acquired by
any Guarantor.

(c)           No Default.  No Default or Event of Default has occurred
and is continuing as of the date hereof or will exist immediately after giving
effect to this Amendment.

Section 5.  Reaffirmation of Representations by
Guarantors.  Each of the Guarantors
hereby repeats and reaffirms all representations and warranties made by each of
them to the Agent and the Lenders in the Guaranty on and as of the date hereof
with the same force and effect as if such representations and warranties were
set forth in this Amendment in full.

Section 6.  Benefits.  This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective
successors and assigns.

Section 7.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 8.  Effect.  Except as expressly herein amended, the terms
and conditions of the Guaranty remain in full force and effect.  The amendments contained herein shall be
deemed to have prospective application only, unless otherwise specifically
stated herein.

Section 9.  Counterparts.  This Amendment may be executed in any number
of counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.

Section 10.  Definitions.  All capitalized terms not otherwise defined
herein are used herein with the respective definitions given them in the
Guaranty.

[Signatures on Following
Pages]

 A-4
 

IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to
Guaranty to be executed as of the date first above written.

	
  

  	
  AGENT:

  
	
   

  	
   

  
	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
						

 

[Signatures on Continue
on Following Pages]

 A-5
 

[Signature
Page to First Amendment to Guaranty for

SL Green Operating Partnership, L.P.]

 

	
  

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  SL GREEN REALTY
  CORP.

  
	
   

  	
  SL GREEN
  MANAGEMENT LLC

  
	
   

  	
  SLG IRP REALTY
  LLC

  
	
   

  	
  GREEN 292
  MADISON LLC

  
	
   

  	
  GREEN 110 EAST
  42ND LLC

  
	
   

  	
  GREEN 1372
  BROADWAY LLC

  
	
   

  	
  GREEN 440 NINTH
  LLC

  
	
   

  	
  GREEN 470 PAS
  LLC

  
	
   

  	
  GREEN 317
  MADISON LLC

  
	
   

  	
  GREEN W. 57TH ST., LLC

  
	
   

  	
  GREEN 461 FIFTH
  LESSEE LLC

  
	
   

  	
  GREEN 28W44 LLC

  
	
   

  	
  GREEN 19W44
  OWNER LLC

  
	
   

  	
  GREEN 19W44
  MEMBER LLC

  
	
   

  	
  GREEN 19W44 JV
  LLC

  
	
   

  	
  GREEN 19W44 MEZZ
  LLC

  
	
   

  	
  750 THIRD OWNER
  LLC

  
	
   

  	
  SLG 609 FUNDING
  LLC

  
	
   

  	
  SL GREEN 11
  MADISON FUNDING LLC

  
	
   

  	
  SL GREEN 530
  FUNDING LLC

  
	
   

  	
  SLG GALE PE LLC

  
	
   

  	
  SLG 17 BATTERY
  FUNDING LLC

  
	
   

  	
  601 STARRETT
  PREFERRED INVESTOR LLC

  
	
   

  	
  SLG 125 CHUBB
  FUNDING LLC

  
	
   

  	
  GREEN LNR DEBT
  LLC

  
	
   

  	
  180 MADISON
  PREFERRED MEMBER LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gregory F. Hughes

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
					

 

 A-6

EXHIBIT B

Commitments

	
  Lender

  	
   

  	
  Commitment

  	
   

  
	
  Wachovia Bank, National
  Association

  	
   

  	
  $

  	
  58,500,000

  	
   

  
	
  KeyBank National
  Association

  	
   

  	
  58,500,000

  	
   

  
	
  Citigroup North
  America, Inc.

  	
   

  	
  30,000,000

  	
   

  
	
  Eurohypo AG, New York
  Branch

  	
   

  	
  51,000,000

  	
   

  
	
  Commerzbank AG, New
  York Branch

  	
   

  	
  42,000,000

  	
   

  
	
  Wells Fargo Bank,
  National Association

  	
   

  	
  41,000,000

  	
   

  
	
  ING Real Estate Finance
  (USA) LLC

  	
   

  	
  44,000,000

  	
   

  
	
  JPMorgan Chase Bank, NA

  	
   

  	
  9,000,000

  	
   

  
	
  Morgan Stanley Bank

  	
   

  	
  9,000,000

  	
   

  
	
  The Bank of New York

  	
   

  	
  39,000,000

  	
   

  
	
  Aareal Bank AG

  	
   

  	
  9,000,000

  	
   

  
	
  AIB Debt Management
  Limited

  	
   

  	
  12,000,000

  	
   

  
	
  Allied Irish Banks,
  p.l.c.

  	
   

  	
  9,000,000

  	
   

  
	
  Bank of America, N.A.

  	
   

  	
  39,000,000

  	
   

  
	
  Bank of China, New York
  Branch

  	
   

  	
  9,000,000

  	
   

  
	
  The Bank of East Asia,
  Limited, Los Angeles Branch

  	
   

  	
  3,750,000

  	
   

  
	
  The Bank of Nova Scotia

  	
   

  	
  9,000,000

  	
   

  
	
  Bank of Taiwan, New
  York Agency

  	
   

  	
  7,500,000

  	
   

  
	
  The Bank of
  Tokyo-Mitsubishi UFJ, Ltd

  	
   

  	
  9,000,000

  	
   

  
	
  Chang Hwa Commercial
  Bank, Ltd., New York Branch

  	
   

  	
  7,500,000

  	
   

  
	
  Comerica Bank

  	
   

  	
  19,000,000

  	
   

  
	
  DekaBank Deutsche
  Girozentrale

  	
   

  	
  9,000,000

  	
   

  
	
  Deutsche Bank Trust
  Company Americas

  	
   

  	
  30,000,000

  	
   

  
	
  E. Sun Commercial Bank
  Ltd., Los Angeles Branch

  	
   

  	
  3,750,000

  	
   

  
	
  First Commercial Bank,
  New York Agency

  	
   

  	
  9,000,000

  	
   

  
	
  Fortis Capital Corp.

  	
   

  	
  9,000,000

  	
   

  
	
  Landesbank
  Hessen-Thuringen Girozentrale

  	
   

  	
  9,000,000

  	
   

  
	
  Hua Nan Commercial
  Bank, Ltd.

  	
   

  	
  5,625,000

  	
   

  
	
  LaSalle Bank National
  Association

  	
   

  	
  9,000,000

  	
   

  
	
  Lehman Brothers
  Commercial Bank

  	
   

  	
  19,000,000

  	
   

  
	
  Mega International
  Commercial Bank Co., Ltd. New York Branch

  	
   

  	
  9,000,000

  	
   

  
	
  Merrill Lynch Bank USA

  	
   

  	
  9,000,000

  	
   

  
	
  Natixis

  	
   

  	
  9,000,000

  	
   

  
	
  The Northern Trust Co.

  	
   

  	
  5,625,000

  	
   

  
	
  PNC Bank, National
  Association

  	
   

  	
  33,000,000

  	
   

  
	
  Sovereign Bank

  	
   

  	
  37,500,000

  	
   

  
	
  Taipei Fubon Commercial
  Bank, New York Agency

  	
   

  	
  3,750,000

  	
   

  
	
  Union Bank of
  California N.A.

  	
   

  	
  24,000,000

  	
   

  
	
  Bank Leumi USA

  	
   

  	
  15,000,000

  	
   

  
	
  Emigrant Realty Finance
  LLC

  	
   

  	
  35,000,000

  	
   

  
	
  Total

  	
   

  	
  $

  	
  800,000,000

  	
   

  

 

 B-1Exhibit 10.5

Seventh
Amendment to the

First
Amended and Restated Agreement

of
Limited Partnership

of

SL Green
Operating Partnership, L.P.

This Amendment (this “Amendment”) is made as of
January 25, 2007 by SL Green Realty Corp., a Maryland corporation, as managing
general partner (the “Company” or the “Managing General Partner”)
of SL Green Operating Partnership, L.P., a Delaware limited partnership (the “Partnership”),
and as attorney-in-fact for the Persons named on Exhibit A to
the First Amended and Restated Agreement of Limited Partnership of SL Green
Operating Partnership L.P., dated as of August 20, 1997, as amended from
time to time (the “Partnership Agreement”), for the purpose of amending
the Partnership Agreement.  Capitalized
terms used herein and not defined shall have the meanings given to them in the
Partnership Agreement.

WHEREAS, Louis R. Cappelli (“Cappelli”) is the
holder of 1,200 Series D preferred units of limited partnership (the “Reckson
Units”) of Reckson Operating Partnership, L.P.;

WHEREAS, on the date hereof, the Partnership is
entering into an Assignment and Exchange Agreement (the “Assignment
Agreement”) with Cappelli pursuant to which Cappelli will assign, transfer
and convey the Reckson Units to the Partnership as a capital contribution to
the Partnership in exchange for a similar number of preferred Partnership
Units;

WHEREAS, the Managing General Partner has determined
that, in connection with the transactions contemplated by the Assignment
Agreement, it is necessary to amend the Partnership Agreement to create
additional preferred Partnership Units;

NOW, THEREFORE, in consideration of the premises and
for other good and valuable consideration, the receipt and sufficiency of which
hereby are acknowledged, the Managing General Partner hereby amends the
Partnership Agreement as follows:

1.     Article 1 of the Partnership Agreement is hereby amended by
adding the following definitions:

“Series F Preferred Units” means the series of
Partnership Units established pursuant to the Seventh Amendment to this
Agreement, representing units of Limited Partnership Interest designated as the
Series F Preferred Units, with the preferences, rights, voting powers,
restrictions, limitations as to distributions, qualifications and terms and
conditions of redemption of units as described herein.

2.     In accordance with Section 4.02.A of the Partnership
Agreement, set forth below are the terms and conditions of the Series F
Preferred Units hereby established and issued to Cappelli in consideration of
Cappelli’s assigning, transferring and conveying the Reckson Units to the
Partnership:

A.            Designation and Number.  A series of
Partnership Units, designated as Series F Preferred Units, is hereby
established.  The number of Series F
Preferred Units shall be 1,200, all of which shall be issued to Cappelli.

B.            Stated Value. The stated value of the Series F
Preferred Units shall be one thousand dollars ($1,000.00) per unit (the “Stated
Value”).

C.            Distributions.

(i)            Subject to paragraph (ii) below,
commencing from the date of initial issuance of the Series F Preferred Units
(the “Date of Issuance”), distributions on each Series F Preferred Unit
shall be payable in arrears quarterly, in an amount equal to the greater of (a)
$17.50 or (b) the quarterly distribution attributable to each Series F
Preferred Unit if such unit had been converted into the Conversion
Consideration (as hereinafter defined), pursuant to paragraph F hereof, except
that the Preferred Conversion Factor to be utilized for this purpose shall be calculated
using a Conversion Price of $24.78 (subject to adjustment as provided in
paragraph F(iv) hereof) in lieu of the Conversion Price set forth in paragraph
F(ii), subject to a maximum increase as a result of the provisions of this
paragraph (i)(b), for any one fiscal year of the Partnership, of 5% of the
Distributions on the Series F Preferred Units for the immediately preceding
fiscal year of the Partnership. 
Subsequent to any such fiscal year, any increase that would have been
made to the Distribution in such fiscal year, but was not made due to the
foregoing 5% limit, shall be made up to an amount that does not exceed a 5%
increase over the distribution on the Series F Preferred Units during the
immediately preceding fiscal year of the Partnership.  In each fiscal year thereafter, the excess, if
any, over the 5% limit applicable to the immediately preceding fiscal year
shall cumulate with the respective excesses, if any, over the 5% limit
applicable to other fiscal years prior to such immediately preceding fiscal
year and shall be carried forward and increase the then current Distribution,
but in no event shall any such increase exceed a 5% increase over the
Distribution on the Series F Preferred Units for the immediately preceding
fiscal year.  Notwithstanding anything
appearing to the contrary in this paragraph (i), the distribution to be made on
Series F Preferred Units to any holder thereof on the Distribution Payment Date
(as hereinafter defined) immediately following the Date of Issuance shall be
made based upon the number of days during the period preceding that initial
Distribution Payment Date (as hereinafter defined) that Series F Preferred
Units were outstanding.  The
distributions shall be declared and payable quarterly in arrears on or about
January 31, April 30, July 31 and October 31 of each year, or, if not a
Business Day, the next succeeding Business Day, commencing April 30, 2007 (a “Distribution
Payment Date”).  If on any
Distribution Payment Date the Partnership shall not be permitted under Delaware
law to pay all or a portion of any such declared distributions, the Partnership
shall take such action as may be lawfully permitted in order to enable the
Partnership to the extent permitted by Delaware law, lawfully to pay such
distributions.  Distributions shall be
cumulative from the Date of Issuance, whether or not in any distribution period
such distribution shall be declared or there shall be funds of the Partnership
legally available for payment of such distributions.  No distributions shall be declared or paid on
any class of common Partnership Units (“Common Units”) or any other
class or series of preferred units, other than distributions declared and paid
on the Class A Units, Class B Units, 7.625% Series C Cumulative Redeemable Preferred
Units (“Series C Preferred Units”), the 7.875% Series D Cumulative
Redeemable Preferred Units (“Series D Preferred Units”), 5.0% Series E
Cumulative Redeemable Preferred Units (“Series E Preferred Units”) and,
subject to the limitations set forth in paragraph H(ii)(b) below, any other
series of Partnership Interests issued by the Partnership the terms of which
specifically provide that such Partnership Interests are pari passu with the
Series F Preferred Units with respect to payment of distributions and
distribution of assets upon liquidation (such Partnership Interests hereinafter
referred to as “Qualifying Preferred Units”), until all distributions,
if any, due and legally payable on the Series F Preferred Units have been paid
to the holders of such units.  The record
date for the payment of distributions on the Series F Preferred Units on any
Distribution Payment Date shall be the day immediately prior to such
Distribution Payment Date.

(ii)           Reduction of Distribution Amount
Due to Pre-Payment Premium. Notwithstanding the provisions of paragraph (i)
above, during any period that the mortgage loan between 

 2
 

Cappelli Associates VI
and Huntoon Hastings Capital Corp., dated December 19, 1995 (the “Mortgage
Loan”), remains subject to the prepayment premium or prepayment penalty set
forth in Section 1 of the Addendum to the Mortgage Loan (the “Pre-Payment
Premium”), the quarterly Distribution payable on each Series F Preferred
Unit shall be reduced to $15.625 (the “Reduced Rate”); provided, however
that in no event shall the Reduced Rate be applicable, or the provisions of
this paragraph (ii) be effective, subsequent to April 1, 2007.  If the Pre-Payment Premium remains payable
(or while the Pre-Payment Premium is treated as continuing as provided in this
paragraph (ii) after having been paid by the Partnership) the Reduced Rate
shall be further reduced so as to result in an annual aggregate reduction in
Distributions in respect of the Series F Preferred Units of $145,000 per annum
from the annual aggregate distributions that would otherwise have been payable
pursuant to paragraph (i) above.  If the
Mortgage Loan matures or may be repaid prior to its maturity without the
incurrence of the Pre-Payment Premium, or if the holder of any Series F
Preferred Units deposits with the Partnership an amount of cash equal to the
then current Pre-Payment Premium upon five (5) days’ notice by such holder to
the Partnership of such holder’s intention to deposit such amount, then
thereafter the Distribution payable in respect of the Series F Preferred Units
shall be as provided in paragraph (i) above. 
If the Partnership repays the Mortgage Loan and, in connection
therewith, incurs the Pre-Payment Premium, the reduced Distribution payable
with respect to the Series F Preferred Units provided for in this paragraph
(ii) shall continue in effect as if the Mortgage Loan remained outstanding
subject to the Pre-Payment Premium until such time as such repaid Mortgage Loan
would have matured (in accordance with its terms as in effect on the date
hereof) or could have been repaid without the incurrence of the Pre-Payment
Premium, or until such time as a holder of Series F Preferred Units deposits an
amount of cash with the Partnership equal to the Pre-Payment Premium that would
have existed at the time of such deposit had the Mortgage Loan not been repaid
by the Partnership.

D.    Allocations. 
Allocations of the Partnership’s items of income, gain, loss and
deduction shall be allocated to the holders of Series F Preferred Units in
accordance with Article VI of the Partnership Agreement.

E.     Liquidation.  The
Series F Preferred Units shall be preferred as to assets over any class of
Common Units and over any other class of preferred units of the Partnership,
other than the Series C Preferred Units, the Series D Preferred Units and any
other Qualifying Preferred Units, such that in the event of the voluntary or
involuntary liquidation, dissolution or winding up of the Partnership, the
holders of the Series F Preferred Units shall be entitled to have set apart for
them, or to be paid out of the assets of the Partnership, before any
distribution is made to or set apart for the holders of the Common Units or any
other series of preferred units or any other capital interest heretofore or
hereafter issued, other than the Series C Preferred Units, the Series D
Preferred Units and any other Qualifying Preferred Units and any other class or
series of preferred units, the authorization, creation and issuance of which
shall have been approved by the requisite percentage of outstanding Series F
Preferred Units, as provided in paragraph H(ii)(b) hereof, an amount in cash
equal to the Stated Value per unit plus any Accrued Distributions (as defined
below) as of such date of payment. “Accrued Distributions” shall mean,
as of any date of determination, an amount equal to the amount of
Distributions, determined at the rate fixed for the payment of Distributions on
the Series F Preferred Units on such date as provided in paragraph C. hereof,
which would be paid on the Series F Preferred Units for the period of time
elapsed from the most recent actual Distribution Payment Date to the date of
determination (including any amounts cumulating from prior Distribution periods
in accordance with paragraph C hereof). 
If the assets or surplus funds to be distributed to the holders of the
Series C Preferred Units, the Series D Preferred Units, the Series F Preferred
Units and any other Qualifying Preferred Units are insufficient to permit the
payment to such holders of their full preferential amount, the assets and
surplus funds legally available for distribution shall be distributed ratably
among the holders of the Series F Preferred Units, the Series C Preferred
Units, the Series D Preferred Units and any other Qualifying Preferred Units in
proportion to the respective full preferential amounts such holders are
otherwise entitled to receive.

 3
 

F.     Conversion Consideration.

(i)            The holders of the Series F
Preferred Units shall have the right to convert, at any time, their Series F Preferred
Units into that number of Conversion Units (as defined below) determined in
accordance with paragraph (ii) below. 
Each Conversion Unit shall represent the right to receive (a) 0.10387 of
a share of Company Common Stock, plus (b) $31.68 in cash, plus (c) a prorated
dividend in the amount of $0.0977 in cash, all without interest (the “Conversion
Consideration”).

(ii)           Each Series F Preferred Unit shall be
converted into that number of conversion units (the “Conversion Units”)
determined in accordance with the following formula (the “Preferred
Conversion Factor”) as of such date that the Original Certificate (as
hereinafter defined) shall be delivered to the Partnership:

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Preferred Conversion Factor

  	
  =

  	
  Redemption Price

  	
   

  	
   

  
	
  Conversion Price

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  where

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Redemption Price

  	
  =

  	
  For each Series
  F Preferred Unit for

  	
   

  
	
   

  	
   

  	
   

  	
  which conversion
  is elected, such Series F

  	
   

  
	
   

  	
   

  	
   

  	
  Preferred Unit’s
  Stated Value, plus any

  	
   

  
	
   

  	
   

  	
   

  	
  Accrued
  Distributions; and

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Conversion Price

  	
  =

  	
  $29.1165

  	
   

  
									

 

(iii)          Each holder of Series F Preferred
Units who desires to convert the same into Conversion Consideration shall
provide notice to the Partnership in the form of the Notice of Conversion
attached as Exhibit A hereto (a “Conversion Notice”) via
facsimile, hand delivery or other mail or messenger service.  The original conversion notice (the “Original
Certificate”) shall be delivered to the Partnership by nationally
recognized courier, duly endorsed.  The
date upon which the Partnership initially receives a Conversion Notice shall be
a “Notice Date.”  The Partnership
shall issue and deliver within fourteen (14) Business Days after the Notice
Date, to such holder of Series F Preferred Units at the address of the holder
on the books of the Partnership, the Conversion Consideration as calculated
above; provided that the Original Certificate representing the Series F
Preferred Units to be converted is received by the Partnership within three (3)
Business Days after the Notice Date.  If
the Original Certificate representing the Series F Preferred Units to be
converted is not received by the Partnership within three (3) Business Days
after the Notice Date, the Conversion Notice shall become null and void.

(iv)          The Preferred Conversion Factor (and
the Conversion Price) shall be subject to adjustment from time to time
hereafter solely for purposes of applying paragraph F(i)(a), as follows:

(1)           In case the Partnership shall, at any
time or from time to time prior to conversion of all Series F Preferred Units,
(A) pay a dividend or make a distribution on the outstanding Common Units, in
Common Units, (B) split or subdivide the outstanding Common Units into a larger
number of Common Units, (C) effect a reverse unit split or otherwise combine
the outstanding Common Units into a smaller number of Common Units or (D) issue
by reclassification of the Common Units any units of Partnership Interest,
then, and in each such case, the Preferred Conversion Factor (and the
Conversion Price) in effect immediately prior to such event or the record date
therefor, whichever is earlier, shall be adjusted so that the holder of any
Series F Preferred Units thereafter surrendered for conversion shall be
entitled to receive the Conversion Consideration that such holder would have
been 

 4
 

entitled to receive after
the happening of any of the events described above, had such Series F Preferred
Units been converted immediately prior to the happening of such event or the
record date therefor, whichever is earlier. An adjustment made pursuant to this
sub-paragraph (iv)(1) shall become effective (x) in the case of any such
dividend or distribution, immediately after the close of business on the record
date for the determination of holders of Common Units entitled to receive such
dividend or distribution, or (y) in the case of any such subdivision,
reclassification, reverse unit split or combination, at the close of business
on the day upon which such action becomes effective.

(2)           In case the Partnership shall, at any
time or from time to time prior to conversion of all Series F Preferred Units,
declare, order, pay or make a dividend or other distribution (including,
without limitation, any distribution of units or other securities or property
or rights or warrants to subscribe for securities of the Partnership entitling
holders thereof to subscribe for or purchase such securities at a price per
share less than the fair market value of such securities, by way of dividend or
spin-off), on its Common Units, other than (A) regular and customary quarterly
distributions by the Partnership of Available Cash, or (B) dividends or
distributions of Common Units which are referred to in sub-paragraph (iv)(1)
above, then, and in each such case, the Preferred Conversion Factor (and the
Conversion Price) shall be adjusted so that the holder of each Series F
Preferred Unit shall be entitled to receive, upon the conversion thereof, the
number of Conversion Units determined by multiplying (1) the applicable
Preferred Conversion Factor on the day immediately prior to the record date
fixed for the determination of Common Unit holders entitled to receive such
dividend or distribution by (2) a fraction, the numerator of which shall be the
Deemed Value of the Partnership Interest per Common Unit on such record date,
and the denominator of which shall be such Deemed Value of the Partnership
Interest per Common Unit less the fair market value (as determined in good
faith by the board of directors of the Managing General Partner) of such
dividend or distribution allocable to one Common Unit.  An adjustment made pursuant to this
sub-paragraph (iv)(2) shall be made upon the opening of business on the next
Business Day following the date on which any such dividend or distribution is
made and shall be effective retroactively immediately after the close of
business on the record date fixed for the determination of Common Unit holders
entitled to receive such dividend or distribution.

(3)           In case the Partnership shall, at any
time or from time to time prior to conversion of all Series F Preferred Units,
issue Common Units to then existing holders of Common Units (or securities
convertible into or exchangeable for Common Units, whether or not the rights to
convert or exchange such securities are then exercisable) at a price per Common
Unit (or having a conversion price per Common Unit, as applicable) less than
the Deemed Value of the Partnership Interest per Common Unit as of the date of
issuance of such Common Units or of such convertible securities, as the case
may be, then, and in each such case, the Preferred Conversion Factor (and the
Conversion Price) shall be adjusted so that the holder of each Series F
Preferred Unit shall be entitled to receive, upon conversion thereof, the
number of Conversion Units determined by multiplying (A) the Preferred
Conversion Factor on the day immediately prior to such date by (B) a fraction,
the numerator of which shall be the sum of (1) 
the number of Common Units outstanding on such date and (2) the number
of additional Common Units issued (or into which the convertible securities may
convert), and the denominator of which shall be the sum of (x) the number of
Common Units outstanding on such date and (y) the number of Common Units which
the aggregate consideration receivable by the Partnership for the total number
of Common Units so issued (or into which the convertible securities may
convert) would purchase at the Deemed Value of the Partnership Interest per
Common Unit as of such date.  Any adjustment
made pursuant to this sub-paragraph (iv)(3) shall be made and become effective
on the next Business Day following the date on which any such issuance is made
and shall be effective retroactively immediately after the close of business on
such date.  For purposes of this
sub-paragraph (iv)(3):

(a)   if the Partnership shall issue Common Units
for consideration other than cash, the price per Common Unit at which such
Common Units are issued shall be deemed to 

 5
 

be the fair market value
(as determined in good faith by the board of directors of the Managing General
Partner) of the portion of such non-cash consideration allocable to one Common
Unit; and

(b)   the aggregate consideration receivable by the
Partnership in connection with the issuance of Common Units or of securities
convertible into Common Units shall be deemed to be equal to the sum of the
aggregate offering price (before deduction of underwriting discounts or
commissions and expenses payable to third parties) of all such securities plus
the minimum aggregate amount, if any, payable upon conversion of any such
convertible securities into Common Units.

(4)           In case the Partnership shall, at any
time or from time to time prior to conversion of all Series F Preferred Units,
make a tender offer or exchange offer for Common Units at a price per Common
Unit greater than the Deemed Value of the Partnership Interest per Common Unit
as of the date of such repurchase (the number of Common Units so repurchased,
multiplied by the amount by which such price per Common Unit exceeds the Deemed
Value of the Partnership Interest per Common Unit as of such date, being
referred to in this sub-paragraph (iv)(4) as the “Excess Amount”), then,
and in each such case, the Preferred Conversion Factor (and the Conversion
Price) shall be adjusted, in accordance with the applicable provisions of
sub-paragraphs (iv)(1) and (iv)(2) above, as if, in lieu of such repurchase,
the Partnership had (x) made a distribution of property having a fair market
value (as determined in good faith by the board of directors of the Managing
General Partner) equal to the Excess Amount, with such distribution made to
holders of Common Units (including holders of Common Units so repurchased) on
the date of such repurchase, and (y) effected a reverse split of the Common
Units in the proportion required to reduce the number of Common Units
outstanding by the number of Common Units repurchased by the Partnership in
such repurchase.

(5)           For purposes of this paragraph (iv),
the number of Common Units at any time outstanding shall not include any Common
Units then owned or held by or for the account of the Partnership.

(v)           If any adjustment under paragraph
(iv) above would create a fractional Conversion Unit, such fractional
Conversion Units shall be converted into Conversion Consideration.

(vi)          The Company shall at all times reserve
and keep available out of its authorized but unissued shares of Company Common
Stock, solely for the purpose of effecting the conversion of the Series F
Preferred Units, such number of shares of Company Common Stock as shall from
time to time be sufficient to effect the conversion of all then outstanding
Series F Preferred Units; and if at any time the number of authorized but
unissued shares of Company Common Stock shall not be sufficient to effect the
conversion of all then outstanding Series F Preferred Units, the Company will
take such action as may be necessary to increase its authorized but unissued
shares of Company Common Stock to such number of shares as shall be sufficient
for such purpose.

(vii)         The Company shall file with the
Securities and Exchange Commission (the “Commission”) within one hundred
eighty (180) calendar days after the Date of Issuance a registration statement
on Form S-3 under the Securities Act of 1933, as amended, or such other form as
deemed appropriate by counsel to the Company for the registration of the resale
by the holders of the Series F Preferred Units of the shares of Company Common
Stock issuable as part of the Conversion Consideration upon conversion of the
Series F Preferred Units (the “Registration Statement”).  The Company shall use commercially reasonable
efforts (i) to have the Registration Statement declared effective by the
Commission as soon as reasonably practicable, but in any event no later than
the first 

 6
 

anniversary of the Date
of Issuance and (ii) to ensure that the Registration Statement remains in
effect for so long as the Series F Preferred Units remain outstanding.

(viii)        The Partnership will not, by amendment
of the Partnership Agreement or otherwise, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed
hereunder by the Partnership, and will at all times in good faith assist in the
carrying out of all of the provisions relating to the Conversion Consideration
herein and in the taking of all such action as may be necessary or appropriate
in order to protect the conversion rights of the Series F Preferred Units
hereunder against impairment.  Without
limiting the generality of the foregoing, if any event occurs as to which the
foregoing provisions are not strictly applicable or, if strictly applicable,
would not, in the good faith judgment of the board of directors of the Managing
General Partner, fairly protect the conversion rights of the Series F Preferred
Units in accordance with the essential intent and principles of such
provisions, the Partnership shall make such adjustments in the application of
such provisions, in accordance with such essential intent and principles, as
shall be reasonably necessary, in the good faith opinion of the board of
directors of the Managing General Partner, to protect such conversion rights as
aforesaid.

G.            Status of Converted Units.  In the event any Series F Preferred Units
shall be converted as contemplated by this Amendment, the units so converted
shall be canceled, and shall not be issuable by the Partnership as Series F
Preferred Units.

H.            Voting Rights.

(i)            Except as otherwise specifically
provided herein, the holders of Series F Preferred Units shall be entitled to
vote on any matters required or permitted to be submitted to the holders of
Common Units for their approval, and such holders of Series F Preferred Units,
holders of Series E Preferred Units, holders of Series D Preferred Units,
holders of Series C Preferred Units, holders of Class A Units and holders of
Class B Units shall vote as a single class, with the holders of Series F
Preferred Units having a number of votes equal to the number of Series F
Preferred Units then outstanding multiplied by the Preferred Conversion Ratio
in effect as of the date of such vote.

(ii)           In addition to, and not in limitation
of, the provisions of paragraph (i) above (and notwithstanding anything
appearing to the contrary in the Partnership Agreement), the Partnership shall
not, without the affirmative consent of the holders of at least sixty-six and
two-thirds percent (66-2/3%) of the then outstanding Series F Preferred Units:

(a)   increase or decrease (other than by
conversion) the total number of authorized units of Series F Preferred Units;

(b)   in any manner authorize, create or issue any
additional preferred units or any class or series of capital interests, in
either case (I) ranking, either as to payment of distributions or distribution
of assets, prior to the Series F Preferred Units or (II) which in any manner
adversely affects the holders of Series F Preferred Units;

(c)   in any manner alter, change, modify, amend or
supplement the designations or the powers, preferences or rights (including,
without limitation, conversion rights), or the qualifications, limitations or
restrictions of the Series F Preferred Units or any other terms or provisions
of this Amendment or otherwise take any action in contravention of the rights
of the holders of Series F Preferred Units as set forth in this Amendment;

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(d)   reclassify the Common Units or any other
units of any class or series of capital interests hereafter created junior to
the Series F Preferred Units into units or other interests of any class or
series (a) ranking, either as to payment of distributions or distribution of
assets, prior to the Series F Preferred Units, or (b) which in any manner
adversely affects the holders of Series F Preferred Units; or

(e)   reclassify the Series C Preferred Units, the
Series D Preferred Units or any other Qualifying Preferred Units now existing
or hereafter created into units or other interests of any class or series of
capital interests (I) ranking, either as to payment of distributions or
distribution of assets, prior to the Series F Preferred Units, or (II) which in
any manner adversely affects the holders of the Series F Preferred Units.

I.      Notice of Certain Events.  If at any time, to the extent permitted
hereunder, the Partnership and/or the Company proposes:

(i)            to pay any distribution or dividend
payable in securities (of any class or classes) or any obligations, stock or
units convertible into or exchangeable for Common Units or Company Common Stock
upon either of their capital securities, including, without limitation (i)
Common Units or Company Common Stock or (ii) a cash distribution other than its
customary quarterly cash distribution (collectively, an “Extraordinary
Distribution”);

(ii)           to grant to the holders of Common
Units or Company Common Stock generally any rights or warrants (excluding any
warrants or other rights granted to any employee, director, officer, contractor
or consultant of the Partnership or the General Partner pursuant to any plan
approved by the General Partner or the Board of Directors of the General
Partner) (a “Rights Distribution”);

(iii)          to effect any capital reorganization
or reclassification of capital securities of the Partnership or the General
Partner;

(iv)          to consolidate with, or merge into,
any other company or to transfer its property as an entirety or substantially
as an entirety; or

(v)           to take any other action, or to
consummate any other transaction, which could result in an adjustment of the
Preferred Conversion Factor (and the Conversion Price) pursuant to paragraph
F(v) hereof; or

(vi)          to effect the liquidation, dissolution
or winding up of the Partnership or the General Partner,

then, in any one or more of the foregoing cases, the Partnership shall
give, by certified or registered mail, postage prepaid, addressed to the
holders of Series F Preferred Units at the address of such holders as shown on
the record books of the Partnership, (a) at least thirty (30) days’ prior
written notice of the date on which the books of the Partnership shall close or
of a record date fixed for such dividend, distribution or subscription rights
or for determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up, (b) in the case of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding-up, at least
thirty (30) days’ prior written notice of the date when the same shall take
place, and (c) in the case of any other action or transaction that could result
in an adjustment of the Preferred Conversion Ratio (or the Conversion Price),
at least thirty (30) days’ prior written notice of the date when such
adjustment shall first become effective. Any notice given in accordance with
the foregoing clause (a) shall also specify, in 

 8
 

the case of any such dividend, distribution or option rights, the date
on which the holders of any class of capital securities shall be entitled
thereto.

J.             Rank and Limitations of Preferred Units.  All Series F Preferred  Units shall rank equally with each other unit
of Series F Preferred Units and shall be identical in all respects.

K.            Partnership Agreement.

(i)            The term “transfer” as used as
Article XI of the Partnership Agreement shall not include any conversion of
Series F Preferred Units into the Conversion Consideration.

(ii)           For purposes of Article XI of the
Partnership Agreement, the General Partner (and any successor general partner
under the Partnership Agreement) shall hereby be deemed to have consented to
the pledge of Series F Preferred Units by Louis R. Cappelli (or any related party)
and to any related subsequent transfer of Series F Preferred Units to the
pledgee of such units in connection with a foreclosure on such units or an
assignment-in-lieu of foreclosure on such pledge.

L.             Covenant of the Partnership.  So long as any Series F Preferred Units are
outstanding, the Partnership and the General Partner agree to (i) maintain the
provisions set forth in the Partnership Agreement as of the date hereof
regarding adjustments to the Conversion Factor and (ii) not issue any capital stock
or other capital interest which would cause any Partnership Interest to be
senior to the Series F Preferred Units in respect of payment of distributions
or distribution of assets, except as set forth in paragraph H(ii)(b) herein.

M.           Except as modified herein, all terms and conditions of the
Partnership Agreement shall remain in full force and effect, which terms and
conditions the Managing General Partner hereby ratifies and confirms.

N.            This Amendment shall be construed and enforced in
accordance with and governed by the laws of the State of Delaware, without
regard to conflicts of law.

O.            If any provision of this Amendment is or becomes invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not be
affected thereby.

*              *              *              *              *

 9

IN WITNESS WHEREOF, the
undersigned have executed this Amendment as of the date first set forth above.

	
   

  	
  SL GREEN REALTY CORP.,

  
	
   

  	
  a Maryland corporation, as Managing General

  
	
   

  	
  Partner of SL Green Operating

  
	
   

  	
  Partnership, L.P. and on behalf of existing

  
	
   

  	
  Limited Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Levine

  	
   

  
	
   

  	
   

  	
  Name: Andrew Levine

  
	
   

  	
   

  	
  Title: Executive Vice President

  

 

Exhibit A

Notice of
Conversion

The undersigned holder of
Series F Preferred Units hereby irrevocably requests SL Green Operating
Partnership, L.P., a Delaware limited partnership (the “Partnership”),
to convert                      
Series F Preferred Units into the right to receive the Conversion Consideration
(as defined in the Partnership’s First Amended and Restated Agreement of
Limited Partnership, as amended from time to time (the “Partnership
Agreement”)) in accordance with the terms of the Partnership Agreement, as
amended from time to time; and the undersigned irrevocably (i) surrenders such
units and all right, title and interest therein and (ii) directs that the
Conversion Consideration deliverable in accordance with this Notice be
delivered to the address specified below, and in the name(s) and at the
address(es) specified below.  The
undersigned hereby represents, warrants, and certifies that the undersigned (a)
has good and unencumbered title to the Series F Preferred Units that are the
subject of this Notice, free and clear of the rights or interests of any other
person or entity, (b) has the full right, power, and authority to request the
conversion requested herein and (c) has obtained the consent or approval of all
persons or entities, if any, having the right to consent or approve such
conversion of units.

	
  Dated: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Please Print)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    (Signature)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    (Street
  Address)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
    (City)    (State)    (Zip
  Code)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If applicable, common stock is to be issued to:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Please indicate social security number:

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