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AMENDMENT
TO AGREEMENT OF LIMITED PARTNERSHIP
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OF ROME ACQUISITION LIMITED
PARTNERSHIP
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This Amendment, dated as of November 30, 2006
(this “ Amendment ”), to the Agreement of
Limited Partnership, effective as of November 15, 2006 (the “
Original Partnership Agreement ” and, together
with this Amendment, this “ Agreement ”) of Rome
Acquisition Limited Partnership, a Delaware limited partnership
(the “ Partnership ”), is made this day by WH
Rome Partners LLC, a Delaware limited liability company, as a
General Partner (“ Macklowe ”, in its capacity
as a General Partner), Meadow Star LLC, a Delaware limited
liability company, as a General Partner (“ Icahn
”, in its capacity as a General Partner) and Mack-Cali
Realty, L.P., a Delaware limited partnership, as a Limited Partner
(“ Mack-Cali Company ”). Capitalized terms used
and not otherwise defined herein shall have the meanings set forth
in the Original Partnership Agreement.
WHEREAS, on November 15, 2006, the Certificate
of Limited Partnership of the Partnership was filed with the
Secretary of State of Delaware and Macklowe, Macklowe Company,
Icahn and Icahn Company entered into the Original Partnership
Agreement; and
WHEREAS, the General Partners desire to amend
the Original Partnership Agreement to admit Mack-Cali Company as an
additional Limited Partner; and
WHEREAS, Section 11.1 of the Original
Partnership Agreement provides that amendments to the Original
Partnership Agreement for the purpose of admitting additional
Limited Partners may be made by the General Partners, acting
together by unanimous agreement, without the consent of any Limited
Partner through use of the power of attorney described in Section
14.1 thereof.
NOW, THEREFORE, in consideration of the
foregoing premises, the terms and conditions hereinafter set forth
and other good and valuable consideration, the parties hereby agree
to amend the Original Partnership Agreement as set forth
below:
SECTION 1. Mack-Cali Company is hereby admitted to the
Partnership as a Limited Partner.
SECTION 2. Section 2.1 of the Original Partnership
Agreement is hereby amended and restated in its entirety as
follows:
Name . The name of the Partnership is “Rome
Acquisition Limited Partnership”, or such other name or
variations thereof as may, from time to time, be selected by the
General Partners or as may be necessary to comply with laws, rules
or regulations applicable to the business of the
Partnership.
SECTION 3. The following sentence is hereby added as the
last sentence of Section 3.1 of the Original Partnership
Agreement:
Notwithstanding anything to the contrary in
this Section 3.1, Mack-Cali Company hereby agrees that its initial
capital commitment amount shall be $400 million. On November 29,
2006, Mack-Cali Company deposited into a segregated account at
JPMorgan cash in the amount of $400 million. Mack-Cali Company
shall become irrevocably committed to contribute such amount in
cash to the Partnership as of 11:59 p.m. on December 2, 2006, with
such commitment to be funded to the Partnership on December 4,
2006, provided that Mack-Cali Company may elect at any time prior
to 11:59 p.m. on December 2, 2006, in its sole and absolute
discretion and for any reason, including, without limitation, its
evaluation of the Target based on its due diligence review of the
Target, not to become irrevocably committed to contribute such
amount to the Partnership in which case Mack-Cali Company shall
cease to be a Limited Partner.
If
Mack-Cali Company elects pursuant to the preceding paragraph not to
contribute its initial capital commitment to the Partnership or is
not satisfied, in its sole and absolute discretion, with the
existing terms of the partnership agreement, including, without
limitation, the rights and obligations of the Partners and the
amount of each Partner’s capital account, then Mack-Cali
Company will cease to be a Limited Partner as of 11:59 p.m. on
December 2, 2006 and neither Mack-Cali Company nor any of its
affiliates shall become a General Partner. For purposes of clarity,
Mack-Cali Company or any of its affiliates shall only become a
General Partner pursuant to a subsequent amendment to this
Agreement, in accordance with the terms of this
Agreement.
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SECTION 4.
Section 3.8 of the Original
Partnership Agreement is hereby amended and restated in its
entirety as follows:
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Section 3.8 Expenses .
(a)
Internal Expenses . For avoidance of doubt, each Partner
shall be responsible for its own internal expenses related to or
arising out of its activities outside of the Partnership and shall
not have any right of reimbursement by the Partnership of such
expenses.
(b)
Shared Expenses . The General Partners shall bear, pro rata
in accordance with their respective Capital Accounts, (i) all fees
and expenses of the financial advisors, legal advisor and
accounting firm engaged by either General Partner on behalf of the
Partnership in connection with the preparation and submission of a
proposal with respect to the acquisition of Target, the negotiation
and execution of the Acquisition Agreement and taking the
other
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actions contemplated by this Agreement with
respect to the proposed acquisition of Target and (ii) other
third-party costs incurred by one General Partner on behalf of the
Partnership in connection with the preparation and submission of a
proposal with respect to the acquisition of Target, the negotiation
and execution of the Acquisition Agreement and taking the other
actions contemplated hereunder as unanimously approved by the
General Partners, including any costs associated with structuring
any debt financing for the acquisition of Target; provided that the
fees and expenses described in both clauses (i) and (ii) above are
incurred with the unanimous consent of each General Partner (the
“ Shared Expenses ”); and provided,
further and notwithstanding that Shared Expenses must be approved
by the unanimous consent of each General Partner, that if Icahn (x)
has paid to the Partnership its pro rata share (based on the amount
set forth next to Icahn’s name on Schedule A) of any Shared
Expenses and (y) requests that Macklowe pay to the Partnership its
pro rata share (based on the amount set forth next to
Macklowe’s name on Schedule A) of such Shared Expenses, then,
within three (3) business days of such request, Macklowe shall pay
to the Partnership its pro rata share of such Shared Expenses. In
the event that Macklowe does not make the foregoing payment to the
Partnership within such three (3) business days period, Icahn shall
be entitled to collect from Macklowe, and Macklowe shall pay to
Icahn or its designee, the Failure to Contribute Amount.
Notwithstanding anything in this Agreement to the contrary, the
Failure to Contribute Amount shall be the sole and exclusive remedy
against Macklowe with respect to any failure to pay to the
Partnership its pro rata share of any Shared Expenses in accordance
with this Section 3.8(b) .
(c)
Repayment of Debt . If the General Partners unanimously
elect, or are required by one or more third parties, to repay or
repurchase at the Closing Date (or thereafter in connection with
the sale of properties) any indebtedness of Target or any
subsidiary of Target, at the Closing Date (or thereafter in
connection with the sale of properties), the General Partners shall
pay in cash such indebtedness plus any costs, expenses or fees
associated with such repayment or repurchase, including without
limitation any prepayment fees or penalties, to be repaid, pro rata
in accordance with their respective Capital Accounts. For these
purposes, “indebtedness” shall be deemed to include the
costs of unwinding any interest rate s