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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:
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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:
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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 indebt
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