EXHIBIT 99.3
EXHIBIT B-1
to
Second Amended and Restated Credit Agreement
dated as of December __, 2002
FORM OF PROMISSORY NOTE
--------------------------------------------------------------------------------
$________________ New York, New York
_____, 2002
For value received, Reckson Operating Partnership, L.P., a Delaware
limited partnership (the "BORROWER"), promises to pay to the order of
_____________________________ (the "LENDER") the unpaid principal amount of each
Loan made by the Lender to the Borrower pursuant to the Credit Agreement
referred to below on the Revolving Credit Termination Date (as such term is
defined in the Credit Agreement) or on such other dates as may be specified in
the Credit Agreement. The Borrower promises to pay interest on the unpaid
principal amount of each such Loan on the dates and at the rate or rates
provided for in the Credit Agreement. All such payments of principal and
interest shall be made in lawful money of the United States in federal or other
immediately available funds at the office of the Administrative Agent (as such
term is defined in the Credit Agreement).
All Loans made by the Lender, the respective types and maturities
thereof and all repayments of the principal thereof shall be recorded by the
Lender and, if the Lender so elects in connection with any transfer or
enforcement hereof, appropriate notations to evidence the foregoing information
with respect to each such Loan then outstanding may be endorsed by the Lender on
the schedule attached hereto, or on a continuation of such schedule attached to
and made a part hereof; provided that the failure of the Lender to make any such
recordation or endorsement shall not affect the obligations of the Borrower
hereunder or under the Credit Agreement.
This note is one of the Notes referred to in the Second Amended and
Restated Credit Agreement, dated as of December __, 2002, among the Borrower,
the institutions from time to time party thereto, JPMorgan Chase Bank, as
Administrative Agent, the other Agents party thereto, and X.X. Xxxxxx Securities
Inc. and Xxxxxxx Xxxxx Barney Inc., as co-lead arrangers and joint bookrunners
(as the same may be amended, supplemented, restated, or otherwise modified from
time to time, the "CREDIT AGREEMENT"). Terms defined in the Credit Agreement are
used herein with the same meanings. Reference is made to the Credit Agreement
B-1.2
for provisions for the prepayment hereof, the acceleration of the maturity
hereof upon the happening of certain events and certain waivers by the Borrower.
THIS NOTE SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE
PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.
BORROWER:
RECKSON OPERATING
PARTNERSHIP, L.P., a Delaware
limited partnership
By: RECKSON ASSOCIATES
REALTY CORP., a Maryland
corporation, its general partner
By:
------------------------------------
Name:
Title:
LOANS AND PAYMENTS OF PRINCIPAL
--------------------------------------------------------
Amount of
Amount of Type of Principal Maturity Notation
Date Loan Loan Repaid Date Made By
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
