Document:

exv10w2

Exhibit 10.2

 

THIRD AMENDED AND RESTATED GUARANTY OF PAYMENT OF DEBT

OF

FOREST CITY ENTERPRISES, INC.

Dated as of March 30, 2011

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page
	 
	1.      DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	2.      ACKNOWLEDGMENTS, CONSIDERATION
	 	 	7	 
	 
	 	 	 	 
	3.      GUARANTY
	 	 	7	 
	 
	 	 	 	 
	4.      REINSTATEMENT
	 	 	8	 
	 
	 	 	 	 
	5.      WAIVERS
	 	 	8	 
	 
	 	 	 	 
	6.      ADDITIONAL AGREEMENTS
	 	 	8	 
	 
	 	 	 	 
	7.      REPRESENTATIONS AND WARRANTIES
	 	 	11	 
	 
	 	 	 	 
	8.      NOTICES
	 	 	12	 
	 
	 	 	 	 
	9.      COVENANTS
	 	 	12	 
	 
	 	 	 	 
	10.     DEFAULT; REMEDIES
	 	 	38	 
	 
	 	 	 	 
	11.     MISCELLANEOUS
	 	 	41	 
	 
	 	 	 	 
	12.     JURY TRIAL WAIVER
	 	 	42	 
	 
	 	 	 	 
	13.     NOTICES
	 	 	42	 
	 
	 	 	 	 
	14.     CONSENT TO JURISDICTION
	 	 	42	 
	 
	 	 	 	 
	15.     ENTIRE AGREEMENT
	 	 	43	 
	 
	 	 	 	 
	16.     INDEPENDENCE OF COVENANTS
	 	 	43	 
	 
	 	 	 	 
	17.     GENERAL LIMITATION OF LIABILITY
	 	 	43	 

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THIRD AMENDED AND RESTATED GUARANTY OF PAYMENT OF DEBT

          THIS THIRD AMENDED AND RESTATED GUARANTY OF PAYMENT OF DEBT (this “Guaranty”) is made and
issued by FOREST CITY ENTERPRISES, INC., an Ohio corporation (the “Guarantor”), as of this
30th day of March, 2011, in order to induce the Banks (as hereinafter defined), KEYBANK
NATIONAL ASSOCIATION, as administrative agent for the Banks (the “Administrative Agent”), PNC BANK,
NATIONAL ASSOCIATION, as successor to National City Bank, as syndication agent for the Banks (the
“Syndication Agent” and together with the Administrative Agent, the “Agents”), and BANK OF AMERICA,
N.A., as documentation agent (the “Documentation Agent”), to enter into, and lend money pursuant
to, a certain Third Amended and Restated Credit Agreement of even date herewith (said Third Amended
and Restated Credit Agreement as it may be from time to time amended, restated, or modified being
herein called the “Agreement”), by and among the Banks, the Agents, the Documentation Agent and
FOREST CITY RENTAL PROPERTIES CORPORATION, a subsidiary of the Guarantor (the “Borrower”).

W I T N E S S E T H:

          WHEREAS, the Guarantor previously executed a Second Amended and Restated Guaranty of Payment
of Debt, dated as of January 29, 2010, in favor of the Banks (as amended to the date hereof, the
“Original Guaranty”); and

          WHEREAS, Borrower, the Guarantor, the Banks, the Agents and the Documentation Agent desire to
amend and restate the Original Guaranty in its entirety as hereinafter set forth; and

          WHEREAS, in accordance with Section 13.02 of the Agreement, the Agents, the Documentation
Agent and the Banks have consented to the modifications to the Original Guaranty that are contained
herein;

          NOW, THEREFORE, the Original Guaranty is hereby amended and restated as follows:

          1. DEFINITIONS. As used in this Guaranty, the following terms shall have the
following meanings:

          “Accumulated Depreciation” shall mean the amount on the consolidated balance sheet (which
amount is determined in accordance with the Pro Rata Consolidation Method and calculated in a
manner consistent with prior Test Periods) that is disclosed or reported as “accumulated
depreciation” in the Form 8-K most recently furnished by the Guarantor (or on its behalf) to the
Securities and Exchange Commission.

 

 

          “Additional Preferred Equity Hedge Transaction” shall mean the unsecured hedge transaction
that may be entered into by the Guarantor in order to increase the effective conversion price at
which any Additional Preferred Equity which is convertible preferred is convertible into common
shares of the Guarantor; provided (i) the cost of obtaining such hedge transaction with
respect to any Additional Preferred Equity which is convertible preferred does not exceed fifteen
percent (15%) of the amount of the corresponding Additional Preferred Equity issued and (ii) such
cost shall have been fully paid at the time such hedge transaction is consummated and the Guarantor
shall have no continuing liability thereunder.

          “Adjusted Total Development Ratio” shall mean the Total Development Ratio calculated without
deducting any costs incurred for the Ridge Hill Retail Project or the Beekman Residential Project
to the extent otherwise deducted in the calculation of the Total Development Ratio.

          “Beekman Residential Project” shall mean the project located at 8 Spruce Street, New York, New
York, consisting of approximately 903 residential units.

          “Cash Flow Coverage Ratio” shall mean, for any Test Period, the ratio of (a) Consolidated Net
Operating Cash Flow to (b) Guarantor Corporate Debt Service.

          “Company” shall mean the Guarantor and/or a Subsidiary of the Guarantor, as the context may
require.

          “Consolidated Shareholders’ Equity” shall mean the sum of (a) the consolidated shareholders
equity of the Guarantor, as reported on the Form 8-K most recently furnished by the Guarantor (or
on its behalf) to the Securities and Exchange Commission (it being understood and agreed that
Consolidated Shareholders’ Equity shall be calculated after net accumulated other comprehensive
losses but not after gains) and (b) Accumulated Depreciation.

          “Consolidated Net Operating Cash Flow” shall mean, for any Test Period, Net Operating Income
less (a) (i) all scheduled payments of principal of non-recourse mortgage Indebtedness
owing by the Guarantor and/or its Subsidiaries (excluding any balloon payments), (ii) all interest
expense on such non-recourse Indebtedness as reported on the Form 8-K that is furnished by the
Guarantor (or on its behalf) to the Securities and Exchange Commission with respect to such Test
Period (to be calculated in a manner consistent with prior Test Periods), and (iii) Twelve Million
Dollars ($12,000,000) of normal recurring capital expenditures plus (b) (i) net income
(loss) before taxes, corporate interest expense and non-cash expenses incurred in connection with
stock-based compensation, in each case incurred by or charged to Land Group, (ii) net income (loss)
before taxes, corporate interest expense (including, but not limited to, interest incurred on Debt,
subordinated debt or any other third party debt) and non-cash expenses incurred in connection with
stock-based compensation, in each case incurred by or charged to the Corporate Activity Group of
the Guarantor, (iii) actual cash taxes paid on the Net Operating Income and the income set forth in
subsections (b)(i) and (b)(ii) above, (iv) non-cash interest expense accrued but not currently
payable up to a maximum of Five Million Dollars ($5,000,000) with respect to Indebtedness owing by
the Guarantor and its Subsidiaries other than Indebtedness owing by the Guarantor and/or its
Subsidiaries to the government of the United States or any state or municipality thereof or any
agencies of any of the foregoing and (v)

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non-cash interest expense accrued but not currently payable with respect to Indebtedness by
the Guarantor and/or its Subsidiaries owing to the government of the United States or any state or
municipality thereof or any agencies of any of the foregoing.

          “Controlled Group” shall mean a controlled group of corporations as defined in Section 1563 of
the Code, of which Guarantor or any Subsidiary of the Guarantor is a part.

          “Convertible Notes Hedge Transactions” shall mean the hedge transactions that may be entered
into by the Guarantor in order to increase the effective conversion price of the common shares of
the Guarantor into which the 2009 Convertible Senior Notes outstanding as of the date hereof are
convertible; provided the cost of obtaining such hedge transactions does not exceed an
amount equal to ten percent (10%) of the aggregate principal face amount of the 2009 Convertible
Senior Notes.

          “ERISA Net Worth” shall mean (a) as to any Subsidiary of the Guarantor, the excess of the net
book value of such Subsidiary’s assets (other than patents, treasury stock, goodwill and similar
intangibles but including unamortized mortgage and lease costs) over all of its liabilities (other
than liabilities to any other Company), such excess being determined in accordance with GAAP
applied on a basis consistent with the Guarantor’s present accounting procedures, and (b) as to the
Guarantor, the excess of the net book value (after deducting all applicable reserves and deducting
any value attributable to the re-appraisal or write-up of any asset) of the Guarantor’s assets
(other than patents, good will, treasury stock and similar intangibles but including unamortized
mortgage and lease costs) over all of its liabilities as determined on an accrued and consolidated
and consolidating basis and in accordance with GAAP not inconsistent with the Guarantor’s present
accounting principles consistently applied.

          “Event of Default” shall have the meaning set forth in Section 10 hereof.

          “Guarantor Corporate Debt Service” shall mean, for any Test Period, the sum of (a) all
scheduled payments of principal of (excluding balloon payments) and interest on any Indebtedness
owing by the Guarantor and (b) without limiting the terms of Section 9.13 hereof, Dividends paid by
the Guarantor, in each case with respect to such Test Period.

          “Indemnification Lien” shall mean a Lien granted by the Guarantor pursuant to an Indemnity
Agreement entered into by the Guarantor with respect to one or more Performance Surety Bonds;
provided, that such Indemnification Lien extends only to the assigned property on which a
Surety provides a Performance Surety Bond and not to other property of the Guarantor or any
Subsidiary of the Guarantor and provided, further, that such Indemnification Lien
shall become effective only in the event that (a) the Guarantor fails to honor its obligations
under the related Indemnity Agreement or Performance Surety Bond; (b) the Guarantor abandons or
breaches a contract on a bonded project; (c) the Guarantor defaults under any other indebtedness or
liability owed to such Surety or (d) the Guarantor makes an assignment for the benefit of
creditors.

          “March 2010 Preferred Equity Hedge Transaction” shall mean the hedge transaction that was
entered into by the Guarantor in order to increase the effective conversion price at which the
“March 2010 Preferred Equity” of the type referred to in clause (i) of such

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term is convertible into common shares of the Guarantor; provided the cost of
obtaining such hedge transaction did not exceed Twenty Million Dollars ($20,000,000).

          “MTA Guaranty” shall mean that certain guaranty dated as of January 23, 2006, by the Guarantor
in favor of the Metropolitan Transit Authority for the State of New York and the Long Island Rail
Road Company (collectively, “MTA”), pursuant to which the Guarantor has agreed to guarantee the
obligations of Atlantic Rail Yards, LLC (“ARY”) under a temporary entry license agreement between
the MTA and ARY and as such guaranty may, from time to time, be amended, restated or otherwise
modified in accordance with the terms of this Guaranty.

          “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of
ERISA, to which the Guarantor, its Subsidiaries or any ERISA Affiliate is making or accruing an
obligation to make contributions or has within any of the five (5) plan years before that time made
or accrued an obligation to make contributions.

          “Obligor” shall mean any Person or entity who, or any of whose property is or shall be,
obligated on the Debt or any part thereof in any manner and includes, without limiting the
generality of the foregoing, the Borrower, the Guarantor and any co-maker, endorser, other
guarantor of payment, subordinating creditor, assignor, grantor of a security interest, pledgor,
mortgagor or hypothecator of property, if any.

          “Performance Surety Bonds” shall mean the bonds, undertakings and like obligations executed by
a Surety for or on behalf of the Guarantor for one or more of the following purposes:

          (a) to guarantee the performance by the Guarantor or a Subsidiary of the Guarantor, as
applicable, that construction of a real estate project will be completed in accordance with
applicable plans and specifications and that all costs associated with such completion will be
paid;

          (b) to insure that any mechanics’ liens incurred in the normal course of constructing a real
estate project are duly paid and discharged;

          (c) as a condition to the issuance of a permit related to a real estate project;

          (d) as a condition to the issuance of state and local licenses required for the construction
and development of a real estate project;

          (e) as, and to the extent, required by applicable Federal, state or local law or regulation in
connection with any real estate owned by the Guarantor or a Subsidiary of the Guarantor, as
applicable, or their respective business operations;

          (f) to guaranty the payment by the Guarantor or a Subsidiary of the Guarantor, as applicable,
of payments to utility providers which is a condition to obtaining any utility service;

          (g) supersedeas (appeals) bonds;

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          (h) any bond or obligation executed by a Surety which is secured by a Letter of Credit; or

          (i) to support other obligations related to the construction and development of a real estate
project, provided that such obligations do not constitute Indebtedness.

          “Permitted Debt” shall have the meaning set forth in Section 9.10 hereof.

          “Plan” shall mean any employee pension benefit plan subject to Title IV of ERISA or Section
412 of the Code, established or maintained by the Guarantor, any Subsidiary of the Guarantor, or
any ERISA Affiliate, or any such plan to which the Guarantor, any Subsidiary of the Guarantor or
any ERISA Affiliate is required to contribute on behalf of its employees.

          “Possible Default” shall mean any event or condition which, with notice or lapse of time or
both, would constitute an Event of Default referred to in Section 10 hereof.

          “Puttable Notes Hedge and Warrant Transactions” shall mean the purchased call option and
warrant transactions that may be entered into from time to time by the Guarantor with respect to
its common stock, in connection with the 2006 Puttable Senior Notes outstanding as of the date
hereof.

          “Receivable” shall mean a claim for moneys due or to become due, whether classified as a
contract right, account, chattel paper, instrument, general intangible or otherwise.

          “Restricted Company” shall mean the Guarantor and/or a Restricted Subsidiary, as the context
may require.

          “Restricted Subsidiary” shall mean any Subsidiary of the Guarantor other than (a) the
Borrower, and (b) any Subsidiary of the Borrower.

          “Ridge Hill Retail Project” shall mean the project commonly known as Westchester’s Ridge Hill
retail center in Yonkers, New York consisting of approximately 1.3 million square feet of gross
leasable area.

          “Total Assets” shall mean the amount on the consolidated balance sheet (which amount is
determined in accordance with the Pro Rata Consolidation Method and calculated in a manner
consistent with prior Test Periods) that is disclosed or reported as “total assets” in the Form 8-K
most recently furnished by the Guarantor (or on its behalf) to the Securities and Exchange
Commission.

          “Total Development Ratio” shall mean the ratio (expressed as a percentage) of:

          (A) without duplication the sum of (i) aggregate Projects Under Development of the Guarantor
and its Subsidiaries, plus (ii) aggregate Projects Under Construction of the Guarantor and
its Subsidiaries, plus (iii) Total Land of the Guarantor and its Subsidiaries, less
(iv) the aggregate amount included in the preceding clauses (i), (ii) and (iii) incurred for the
Ridge Hill Retail Project until such project ceases to be either a Project Under Development or a

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Project Under Construction, less (v) the aggregate amount included in the preceding
clauses (i), (ii) and (iii) incurred for the Beekman Residential Project until such project ceases
to be either a Project Under Development or a Project Under Construction, less (vi) the
aggregate amount included in Projects Under Development and Projects Under Construction
attributable to any project which is at least eighty-five percent (85%) pre-leased prior to
construction start pursuant to financeable, long-term leases, subject to the reasonable approval of
the Administrative Agent, less (vii) the aggregate amount included in Projects Under
Development and Projects Under Construction attributable to any project which is subject to a
binding sales contract, subject to the reasonable approval of the Administrative Agent, to

          (B) the sum of (i) Total Assets of the Guarantor and its Subsidiaries, plus (ii)
Accumulated Depreciation of the Guarantor and its Subsidiaries, less (iii) the aggregate
amount incurred for the Ridge Hill Retail Project until such project is neither a Project Under
Development nor a Project Under Construction, less (iv) the aggregate costs incurred for
the Beekman Residential Project until such project is neither a Project Under Development nor a
Project Under Construction, less (v) the aggregate costs deducted under clause (A)(vi)
above, less (vi) the aggregate costs deducted under clause (A)(vii) above.

          “Total Land” shall mean the amount on the consolidated balance sheet (which amount is
determined in accordance with the Pro Rata Consolidation Method and calculated in a manner
consistent with prior Test Periods) that is disclosed or reported as “land held for development or
sale” in the Form 8-K most recently furnished by Guarantor (or on its behalf) to the Securities and
Exchange Commission.

          All capitalized terms used herein but not herein defined that are defined in the Agreement
shall have the respective meanings ascribed to them in the Agreement.

          All financial covenants contained in this Guaranty shall be measured on each Fiscal Quarterly
Date.

Accounting Principles

          Any accounting term not specifically defined in this Section 1 or elsewhere in this Guaranty,
shall have the meaning ascribed thereto by GAAP not inconsistent with the Guarantor’s present
accounting procedures, provided that if the Guarantor notifies the Administrative Agent
that the Guarantor requests an amendment to any provision hereof to eliminate the effect of any
change in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Guarantor that the Required Banks request an amendment to any
provision hereof for such purpose), regardless of whether any such notice is given before or after
such change in GAAP or in the application thereof, then such provision shall be interpreted on the
basis of GAAP as in effect and applied immediately before such change shall have become effective
until such notice shall have been withdrawn or such provision amended in accordance herewith.

          Notwithstanding the foregoing, the financial statements furnished to the Banks pursuant hereto
shall be made and prepared in accordance with GAAP consistently applied throughout the periods
involved (except as set forth in the notes thereto or as otherwise disclosed

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in writing by the Guarantor to the Banks), provided, that (a) all computations
determining compliance with Section 9.14 hereof, including defined terms used therein, shall
utilize accounting principles based on the Pro Rata Consolidation Method as opposed to the full
consolidation method of accounting, (b) all computations determining compliance with Sections 9.14
and 9.15 hereof, including defined terms used therein, shall exclude interest income received by
the Borrower or any of its Subsidiaries with respect to loans made by the Borrower or such
Subsidiary pursuant to Sections 8.06(b) and/or (d) of the Agreement, unless such loans are funded
with the proceeds from Revolving Loans or the Senior Notes and (c) such financial statements must
also include a report (in the footnotes thereto or otherwise) of the financial results of the
Guarantor using accounting principles based on the Pro Rata Consolidation Method.

          2. ACKNOWLEDGMENTS, CONSIDERATION. The Guarantor desires that the Agents and the
Banks grant the Borrower and continue the loan(s), credit and financial accommodations provided for
under the Agreement. The Agreement provides, on and subject to certain conditions therein set
forth, for Revolving Loans and other extensions of credit by the Banks to the Borrower up to an
aggregate maximum principal amount of Four Hundred Fifty Million Dollars ($450,000,000) at any time
outstanding. There exists and will hereafter exist economic and business relationships between the
Guarantor and the Borrower which will be of benefit to the Guarantor. The Guarantor finds it to be
in the direct business and economic interest of the Guarantor that the Borrower obtain the loans,
credit and financial accommodations from the Agents and the Banks provided for in the Agreement.
The Guarantor understands that the Agents and the Banks are willing to grant and continue the
loans, credit and financial accommodations to the Borrower provided for in the Agreement only upon
certain terms and conditions, one of which is that the Guarantor unconditionally guarantee the
payment of the Debt and this instrument is being executed and delivered by the Guarantor to satisfy
that condition and in consideration of the Agents and the Banks entering into the Agreement.

          3. GUARANTY. The Guarantor hereby absolutely, irrevocably and unconditionally
guarantees (a) the punctual and full payment of all and every portion of the Debt when due, by
acceleration or otherwise, whether now owing or hereafter arising, (b) the prompt observance and
performance by the Borrower of each and all of the Borrower’s covenants, undertakings, obligations
and agreements set forth in the Agreement, the Notes and/or any other Related Writing evidencing or
pertaining thereto, and (c) the prompt payment of all expenses and costs, including reasonable
attorneys’ fees, incurred by or for the account of the Agents and/or the Banks in connection with
any action to enforce payment or collection of the Debt from the Borrower and/or the Guarantor or
to prepare any amendments, restatements or modifications of the Agreement, the Notes, this Guaranty
or any other Related Writing. If the Debt or any part thereof shall not be paid in full punctually
when due and payable, the Agents and/or the Banks in each case shall have the right to proceed
directly against the Guarantor under this Guaranty regardless of whether or not the Agents and/or
the Banks shall have theretofore proceeded or shall then be proceeding against the Borrower or any
other Obligor or Collateral, if any, or any of the foregoing, it being understood that the Agents
and/or the Banks in their sole discretion may proceed or not proceed against the Borrower, the
other Obligors and/or any Collateral and may exercise or not exercise each right, power or
privilege that the Agents and/or the Banks may at any time have, either simultaneously or
separately and, in any event, at such time or times and as often and in such order as the Agents
and/or the Banks in their sole discretion, may from time

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to time deem expedient, all without affecting the obligations of the Guarantor hereunder or
the right of the Agents and/or the Banks to demand and/or enforce performance by the Guarantor of
the Guarantor’s obligations hereunder, this being a guaranty of payment and performance and not of
collection. In furtherance of the foregoing, Guarantor acknowledges that its liability under this
Guaranty shall be primary, direct and immediate and not conditional or contingent upon the pursuit
of any remedies against the Borrower or any other Person, nor against security interests or liens
available to the Agents or any Bank, their respective successors, successors in title, endorsees or
assigns and Guarantor hereby waives any right to require that an action be brought against the
Borrower or any other Person or to require that resort be had to any collateral security or to any
balance of any deposit account or credit on the books of any Agent or Bank in favor of Borrower or
any other Person.

          4. REINSTATEMENT. This Guaranty shall continue to be effective or be reinstated, as
the case may be, if any amount paid by or on behalf of the Borrower to the Agents or the Banks on
or in respect of the Debt is rescinded, restored or returned in connection with the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Borrower or any other Obligor, or as
a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, the Borrower or any other Obligor or any part of the property of the Borrower or any
other Obligor, or otherwise, all as though such payment had not been made.

          5. WAIVERS. The Guarantor waives any and all contractual, legal and/or equitable
rights of subrogation, contribution, exoneration, indemnity and/or reimbursement from or against
the Borrower or any other Obligor with respect to the Debt and/or any payments made by the
Guarantor on account of this Guaranty.

          6. ADDITIONAL AGREEMENTS. Regardless of the duration of time, regardless of whether
the Borrower may from time to time cease to be indebted to the Banks and irrespective of any act,
omission or course of dealing whatever on the part of the Agents and/or the Banks, the Guarantor’s
liabilities and other obligations under this Guaranty shall remain in full force and effect until
the full and final payment of all of the Debt. Without limiting the generality of the foregoing:

          6.1. The obligations of the Guarantor hereunder shall not be released, discharged or in any
way affected, nor shall the Guarantor have any rights or recourse against the Agents or the Banks
by reason of any of the following, all of which the Guarantor hereby waives:

          6.1.1 any amendment or modification of the Agreement or any Related Writing, or any other
action the Agents or the Banks may take or omit to take;

          6.1.2 any defense raised or asserted by the Borrower against enforcement of the Agreement, the
Notes or any other Related Writing or any challenge to the sufficiency or enforceability of the
Agreement, any of the Notes, this Guaranty or any other Related Writing;

          6.1.3 any failure to perfect or continue the perfection of, or any impairment of, any security
interest in or other lien on any collateral securing payment of any of the Debt or the Guarantor’s
obligations hereunder;

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          6.1.4 the invalidity, unenforceability, propriety of manner of enforcement of, or loss or
change in priority of any security interest or other lien or guaranty of, the Debt;

          6.1.5 any failure to protect, preserve or insure any such collateral;

          6.1.6 failure of the Guarantor to receive notice of any intended disposition of such
collateral;

          6.1.7 any defense arising by reason of the cessation from any cause whatsoever of liability of
the Borrower, including, without limitation, any failure, negligence or omission by the Agents or
the Banks in enforcing their claims against the Borrower;

          6.1.8 any release, settlement or compromise of any obligation of the Borrower or other
Obligor, other than as a result of the payment of the Debt;

          6.1.9 the existence of any claim, setoff or other rights which the Guarantor or any other
Obligor may have at any time against either Agent, any Bank or the Borrower in connection herewith
or any unrelated transaction;

          6.1.10 either Agent’s or any Bank’s election, in any case instituted under chapter 11 of the
Bankruptcy Code, of the application of section 1111(b)(2) of the Bankruptcy Code;

          6.1.11 any borrowing, use of cash collateral, or grant of a security interest by the Borrower,
as debtor in possession, under sections 363 or 364 of the Bankruptcy Code;

          6.1.12 the disallowance of all or any portion of any of either Agent’s or any Bank’s claims
for repayment of the Debt under sections 502 or 506 of the Bankruptcy Code;

          6.1.13 any act or failure to act by the Borrower or any other Person which may adversely
affect the Guarantor’s subrogation rights, if any, against the Borrower to recover payments made
under this Guaranty;

          6.1.14 the failure of the Agents and the Banks to give notice of the existence, creation or
incurring of any new or additional indebtedness or obligation of the Borrower or of any action or
nonaction on the part of any other Person whomsoever in connection with any obligation hereby
guaranteed; and

          6.1.15 without duplication, any of the events or matters described in Section 6.5 hereof; and

          6.1.16 any other fact or circumstance which might otherwise constitute grounds at law or
equity for the discharge or release of the Guarantor from its obligations hereunder (except
irrevocable payment in full of the Debt), all whether or not the Guarantor shall have had notice or
knowledge of any act or omission referred to in the foregoing clauses of this Section.

          6.2. The obligations of the Guarantor under this Guaranty shall be satisfied strictly in
accordance with the terms of this Guaranty, under all circumstances whatsoever, including, without
limitation, the existence of any claim, setoff, defense or right which the

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Guarantor or the Borrower may have at any time against the Agents or the Banks or any other
Person, whether in connection with this Guaranty, the Agreement, the Notes or any other Related
Writing or the transactions contemplated hereby or any unrelated transaction.

          6.3. The Banks shall at no time be under any duty to the Guarantor to grant any loans, credit
or financial accommodation to the Borrower, irrespective of any duty or commitment of the Banks to
the Borrower, or to follow or direct the application of the proceeds of any such loans, credit or
financial accommodation.

          6.4. The Guarantor waives (a) notice of the granting of any loan to the Borrower or the
incurring of any other Indebtedness, including, but not limited to the creation of the Debt by the
Borrower or the terms and conditions thereof, (b) presentment, notice of nonpayment, demand for
payment, protest, notice of protest and notice of dishonor of the Notes or any other Indebtedness
incurred by the Borrower to the Banks, (c) notice of any indulgence granted to any Obligor, (d)
notice of the Banks’ acceptance of this Guaranty, and (e) any other notice to which the Guarantor
might, but for the within waiver, be entitled.

          6.5. The Agents and/or the Banks in their sole discretion may, without prejudice to their
rights under this Guaranty, and without notice to or consent of the Guarantor, at any time or times
(a) grant the Borrower whatever loans, credit or financial accommodations that the Banks, or any
thereof, may from time to time deem advisable, even if the Borrower might be in default and even if
those loans, credit or financial accommodations might not constitute Debt the payment of which is
guaranteed hereunder, (b) assent to any renewal, extension, consolidation or refinancing of the
Debt or any part thereof, (c) forbear from demanding security, if the Agents and/or the Banks shall
have the right to do so, (d) release any Obligor or Collateral or assent to any exchange of
Collateral, if any, or enforce or refrain from enforcing, or compromise, settle, waive, subordinate
or surrender such Collateral or any part thereof irrespective of the consideration, if any,
received therefor, (e) grant any waiver or consent or forbear from exercising any right, power or
privilege that the Agents and/or the Banks may have or acquire, (f) assent to any amendment,
deletion, addition, supplement or other modification in, to or of any writing evidencing or
securing any Debt or pursuant to which any Debt is created or otherwise change the time for payment
of, the terms of or the interest on the Debt or any part thereof, (g) grant any other indulgence to
any Obligor, (h) accept any Collateral for or other Obligors upon the Debt or any part thereof, (i)
fail, neglect or omit in any way to realize upon, or impair or fail to perfect any Lien on, any
Collateral or to protect the Debt or any part thereof or any Collateral therefor, (j) accept and
hold any endorsement or guaranty of payment of the Debt or any part thereof, and discharge, release
or substitute any such obligation of any such endorser or guarantor, or any Person who has given
any security interest in any collateral as security for the payment of the Debt or any part
thereof, or any other Person in any way obligated to pay the Debt or any part thereof, and to
enforce or refrain from enforcing, or compromise or modify, the terms of any obligation of any such
endorser, guarantor, or Person, (k) direct the order or manner of disposition of any collateral
security for the Debt and the enforcement of any and all endorsements and guaranties relating to
the Debt or any part thereof as the Agent or the Banks in their sole discretion may determine and
(l) generally do or refrain from doing any act or thing which might otherwise, at law or in equity,
release the liability of the Guarantor as a guarantor or surety in whole or in part, and in no case
shall the Agents or the Banks be responsible, nor shall

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the Guarantor be released, either in whole or in part for any act or omission in connection
with the Agents or the Banks having sold any security at an under value.

          6.6. The Guarantor’s liabilities and other obligations under this Guaranty shall survive any
merger, consolidation or dissolution of the Guarantor, the Borrower or any other Person.

          6.7. The Guarantor’s liabilities and other obligations under this Guaranty shall be absolute
and unconditional irrespective of any lack of capacity of the Borrower or any lack of validity or
enforceability of any agreement, instrument or document evidencing the Debt or related thereto, or
any other defense available to the Guarantor in respect of this Guaranty.

          7. REPRESENTATIONS AND WARRANTIES.

          7.1. The Guarantor represents and warrants that (a) it is a duly organized and validly
existing corporation under the laws of the State of Ohio, (b) the execution, delivery and
performance of this Guaranty are within the Guarantor’s power and authority and have been duly
authorized by all necessary corporate action, (c) this Guaranty has been duly executed and
delivered by the Guarantor and is a valid and binding obligation of the Guarantor enforceable
against the Guarantor in accordance with its terms, and (d) as of January 31, 2011, there are
56,000,000 shares authorized of Class B Common Stock of the Guarantor of which 21,218,753 shares
are issued and outstanding.

          7.2. The Guarantor further represents and warrants that this Guaranty is made in furtherance
of the purposes for which the Guarantor was incorporated and is necessary to promote and further
the business of the Guarantor and that the assumption by the Guarantor of its obligations hereunder
will result in direct financial benefits to the Guarantor.

          7.3. This Guaranty is not made in connection with any consumer loan or consumer transaction.

          7.4. The Guarantor further represents and warrants that (a) the Guarantor has received
consideration which is the reasonably equivalent value of the obligations and liabilities that the
Guarantor has incurred to the Agents and/or the Banks, (b) the Guarantor is not insolvent as
defined in any applicable state or federal statute, nor will the Guarantor be rendered insolvent by
the execution and delivery of this Guaranty to the Agents and the Banks, (c) the Guarantor is not
engaged or about to engage in any business or transaction for which the assets retained by the
Guarantor shall be an unreasonably small capital, taking into consideration the obligations to the
Agents and the Banks incurred hereunder, and (d) the Guarantor does not intend to, nor does the
Guarantor believe, that the Guarantor will incur debts beyond the Guarantor’s ability to pay as
they become due.

          7.5. The Guarantor further represents and warrants that the Guarantor has no Indebtedness
outstanding from any Subsidiary of the Guarantor to the Guarantor.

          7.6. Neither the Guarantor nor any of its Subsidiaries is subject to or in violation of any
law, regulation, or list of any government agency (including, without limitation, the U.S. Office
of Foreign Asset Control list, Executive Order No. 13224 or the USA Patriot

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Act) that prohibits or limits the conduct of business with or the receiving of funds, goods or
services to or for the benefit of any Persons specified therein or that prohibits or limits any
Bank or the Agents from making any advances or extensions of credit to the Guarantor or from
otherwise conducting business with the Guarantor.

          7.7. The Guarantor is not in default in the performance, observance or fulfillment of any of
the material obligations, covenants or conditions contained in any evidence of Indebtedness or
Contingent Obligations. Neither the execution and delivery of this Guaranty, nor the consummation
of the transactions contemplated hereby, nor compliance with the terms and provisions hereof will
(a) violate the provisions of any applicable law or of any applicable judgment, decree, order or
regulation of any governmental authority having jurisdiction over the Guarantor, (b) conflict with
any of the organizational documents of the Guarantor or any material permit, license or
authorization, (c) conflict with or result in a breach of any of the terms, conditions or
provisions of any restriction or of any agreement or instrument to which the Guarantor is now a
party or constitute a default thereunder, (d) other than as provided in the Security Documents,
result in the creation or imposition of any Lien upon any of the properties or assets of the
Guarantor, or (e) other than the filing of a Form 8-K and this Guaranty as an exhibit to periodic
reports on Form 10-Q and/or Form 10-K by the Guarantor with the Securities and Exchange Commission,
require any consent or approval of or filing with any governmental authority or any other Person.

          7.8. Each of the representations and warranties in the Agreement concerning the Guarantor is
true and correct.

          8. NOTICES. The Agents and/or the Banks shall be deemed to have knowledge or to have
received notice of any event, condition or thing only if the Agents and/or the Banks shall have
received written notice thereof as provided in the Agreement. A written notice shall be deemed to
have been duly given to the Guarantor whenever a writing to that effect shall have been sent by
registered or certified mail to the Guarantor at the address set forth opposite the Guarantor’s
signature below (or to such other address of the Guarantor as the Guarantor may hereafter furnish
to the Banks in writing for such purpose), but no other method of giving notice to or making a
request of the Guarantor is hereby precluded.

          9. COVENANTS. The Guarantor hereby agrees to perform and observe and to cause each of
its Subsidiaries to perform and observe, all of the following covenants and agreements:

          9.1. INSURANCE. Each Company will:

          (a) insure itself and all of its insurable properties to such extent, by such insurers
and against such hazards and liabilities as is generally done by businesses similarly
situated, it being understood that the Guarantor has obtained a fidelity bond for such of
its employees as handle funds belonging to the Borrower or the Guarantor,

          (b) give the Administrative Agent prompt written notice of any material reduction or
adverse change in that Company’s insurance coverage and the details of such reduction or
such change, and

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          (c) forthwith upon any Bank’s or the Administrative Agent’s written request, furnish to
each Bank and the Administrative Agent such information in writing about that Company’s
insurance as any Bank or the Administrative Agent, as applicable, may from time to time
reasonably request.

          9.2. MONEY OBLIGATIONS. Each Company will pay in full:

          (a) prior in each case to the date when penalties would attach, all taxes, assessments
and governmental charges and levies (except only those so long as, and to the extent that,
the same shall be contested in good faith by appropriate and timely proceedings diligently
pursued and there shall be set aside on its books such reserves with respect thereto as are
required by GAAP and taxes and assessments on inconsequential parcels of vacant land), the
nonpayment of which does not materially adversely affect the financial condition of the
Guarantor for which it may be or become liable or to which any or all of its properties may
be or become subject,

          (b) all of its wage obligations to its employees in compliance with the Fair Labor
Standards Act (29 U.S.C. Section 206-207) or any comparable provisions, and

          (c) all of its other obligations calling for the payment of money (except only those so
long as and to the extent that the same shall be contested in good faith by appropriate and
timely proceedings diligently pursued) before such payment becomes overdue; provided
that, (i) notwithstanding the foregoing, the Guarantor shall not make any payment on account
of any of the Senior Notes in the event of and during the continuance of any Payment Default
and (ii) with respect to such obligations that constitute Indebtedness, the foregoing shall
only apply to such Indebtedness to the extent any violation of this clause (c) would result
in an Event of Default under Section 10(d) below.

          9.3. RECORDS. Each Company will:

          (a) at all times maintain true and complete records and books of account and, without
limiting the generality of the foregoing, maintain appropriate reserves for possible losses
and liabilities, all in accordance with GAAP applied on a basis not inconsistent with its
present accounting procedures,

          (b) at all reasonable times and upon reasonable notice permit each Bank to examine that
Company’s books and records and to make excerpts therefrom and transcripts thereof, and

          (c) permit each Agent and each Bank to discuss the affairs, finances and accounts of
the Guarantor and its Subsidiaries with, and be advised as to the same by, their respective
executive officers, partners or members (or those officers who report directly to any of
them), all at such reasonable times and intervals as either Agent or any Bank may reasonably
request.

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          The Banks shall use good faith efforts to coordinate any visits or inspections so as to
minimize the interference with and disruption to the normal business operations of the Companies.

          9.4. FRANCHISES. Each Company will preserve and maintain at all times its corporate
existence, rights and franchises; provided, that this Section shall not (a) apply to (i)
any merger of a Subsidiary of the Guarantor into the Guarantor or into another Subsidiary of the
Guarantor, (ii) any consolidation of a Subsidiary of the Guarantor with another Subsidiary of the
Guarantor, or (iii) any dissolution of any Subsidiary of the Guarantor, except in each case where
that Subsidiary is the Borrower or (b) prohibit any merger, consolidation, dissolution or transfer
permitted by Section 8.02 of the Agreement.

          9.5. NOTICE. The Guarantor will cause its Chief Financial Officer, or in his or her
absence another officer designated by the Chief Financial Officer, to promptly notify the Banks
whenever (a) any Event of Default or Possible Default may occur (including, without limitation, any
default under any of the Senior Notes, any of the Senior Notes Indentures or any other document
relating thereto (after giving effect to any applicable grace period)) or any representation or
warranty made herein may for any reason cease in any material respect to be true and complete,
and/or (b) any Subsidiary shall (i) be in default of any material (with respect to the Guarantor)
obligation for payment of borrowed money, or, to the knowledge of the Guarantor, any material
obligations in respect of guarantees, taxes and/or Indebtedness for goods or services purchased by,
or other contractual obligations of, such Subsidiary (it being understood and agreed that for
purposes of this clause (b)(i) a “material” obligation of such Subsidiary with respect to the
Guarantor shall include any non-recourse Indebtedness constituting in principal amount more than
ten percent (10%) of the aggregate non-recourse Indebtedness of the Guarantor and its Subsidiaries)
and/or (ii) not, to the knowledge of the Guarantor, be in compliance with any law, order, rule,
judgment, ordinance, regulation, license, franchise, lease or other agreement that has or could
reasonably be expected to have a Material Adverse Effect and/or (c) the Guarantor and/or any
Restricted Subsidiary shall have received notice, or have knowledge, of any actual, pending or
threatened claim, notice, litigation, citation, proceeding or demand relating to any matter(s)
described in subclauses (b)(i) and (b)(ii) of this Section 9.5. Further, the Guarantor shall
provide to the Administrative Agent a copy of any proposed amendment or modification of the terms
and conditions applicable to any of the Senior Notes or the Senior Notes Indentures and any
proposed termination of or amendment or modification to the Convertible Notes Hedge Transactions,
in each case not less than three (3) Cleveland Banking Days in advance of entering into the same,
whether or not the Guarantor believes that the consent of the Required Banks is needed therefor
pursuant to Section 9.10(h)(iii) or (ix) hereof; provided, that, with respect to any
proposed termination of or amendment or modification to the Convertible Notes Hedge Transactions
that does not require the consent of the Required Banks as a result of the proviso contained in
Section 9.10(h)(ix) hereof, the Guarantor shall only be required to provide to the Administrative
Agent a copy of such proposed termination of or amendment or modification in advance of entering
into the same.

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          9.6. ERISA COMPLIANCE.

          (a) No Company will incur any material accumulated funding deficiency within the
meaning of ERISA or any material liability to the PBGC in connection with any Plan.

          (b) Each Company will furnish promptly after receipt thereof a copy of any notice
received from the PBGC, the Internal Revenue Service, any governmental agency, or any other
party with respect to any Plan administered by such Company or any ERISA Affiliate;
provided, that this clause shall not apply to notices of general application
promulgated by the PBGC or the Internal Revenue Service.

          (c) Each Company will furnish as soon as possible and in any event within thirty (30)
days after such Company knows or has reason to know that any of the following with respect
to any Plan has occurred, a statement of the Chief Financial Officer of such Company setting
forth details as to such event and the action which such Company proposes to take with
respect thereto, together with a copy of any related notice if a copy of such notice is
available to such Company:

          (i) that a Reportable Event has occurred, and, promptly after filing the PBGC Form 10,
PBGC Form 10-Advance, or PBGC Form 200, as applicable, with the PBGC or otherwise disclosing
a Reportable Event to the Department of Labor in writing pursuant to an application for a
private letter ruling or exemption, each Company shall furnish copies of such filing or
disclosure of the Reportable Event and copies of each annual report (Form 5500) with respect
to each Plan established or maintained by such Company for each plan year that is required
to be filed with the Internal Revenue Service, including (x) where required by law, a
statement of assets and liabilities of such Plan as of the end of such plan year and
statements of changes in fund balance and in financial position, or a statement of changes
in net assets available for plan benefits, for such plan year, certified by an independent
public accountant satisfactory to the Banks, and (y) an actuarial statement of such Plan
applicable to such plan year, certified by an enrolled actuary of recognized standing
acceptable to the Banks;

          (ii) that a material accumulated funding deficiency has been incurred or any
application may be or has been made to the Secretary of the Treasury for a waiver or
modification of the minimum funding standard (including any required installment payments)
or an extension of any amortization period under Section 412 of the Code with respect to a
Plan;

          (iii) that a material contribution required to be made to a Plan has not been timely
made;

          (iv) that a Plan has been or may be terminated, reorganized, partitioned or declared
insolvent under Title IV of ERISA;

          (v) that a Plan has an Unfunded Current Liability giving rise to a Lien under ERISA or
the Code;

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          (vi) that proceedings may be or have been instituted to terminate or appoint a trustee
to administer a Plan;

          (vii) that a proceeding has been instituted pursuant to Section 515 of ERISA to collect
a delinquent contribution to a Plan;

          (viii) that such Company will or may incur any material liability (including any
indirect, contingent or secondary liability) to or on account of the termination of or
withdrawal from a Plan under Section 4062, 4069, 4201, 4204 or 4212 of ERISA or with respect
to a Plan under Section 401(a)(29), 4971, 4975, or 4980 of the Code or Sections 409 or
502(i) or 501(1) of ERISA;

          (ix) that such Company may incur any material liability pursuant to any employee
welfare benefit plan (as defined in Section 3(1) of ERISA) that provides benefits to retired
employees or other former employees (other than as required by Section 601 of ERISA) or any
employee pension benefit plan (as defined in Section 3(2) of ERISA);

          (x) with respect to any Multiemployer Plan, the following: (a) the imposition on any
Company of a “withdrawal liability” (as defined in Section 4201 of ERISA) that is material,
(b) a determination that such Multiemployer Plan is or is expected to be in reorganization
(as defined in Section 4241 of ERISA), endangered, or critical status (under Section 305 of
ERISA), in circumstances that could reasonably be expected to result in material liability
to such Company or any ERISA Affiliate, (c) the termination of such Multiemployer Plan, (d)
material liability incurred or expected to be incurred by a Company in connection with an
event described in this subsection or the withdrawal by any of them from a Multiemployer
Plan during a plan year;

          (xi) that a Plan has engaged in a non-exempt prohibited transaction within the meaning
of Section 4975 of the Code or Section 406 of ERISA;

          (xii) that such Company adopts or commences contributions to any Plan;

          (xiii) that such Company adopts any amendment to a Plan subject to Section 412 of the
Code which results in a material increase in contribution obligations of such Company; or

          (xiv) that any other event or condition may occur that might reasonably be expected to
constitute grounds under Section 4042 of ERISA for the termination of, or for the
appointment of a trustee to administer, any Plan, other than a standard termination.

          As used in this Section 9.6, “material” means the measure of a matter of significance which
shall be determined as being an amount equal to five percent (5%) of the applicable Company’s ERISA
Net Worth.

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          9.7. FINANCIAL STATEMENTS; ETC. The Guarantor will (or will cause the Borrower to)
furnish to each Bank:

          (a) within forty-five (45) days (or fifty (50) days so long as the Guarantor will not
be reporting an Event of Default on such Form 10-Q report) after the end of each
quarter-annual fiscal period of each fiscal year of the Guarantor, a copy of the Guarantor’s
Form 10-Q quarterly report and Form 8-K disclosing the information to be set forth therein
as contemplated or required by this Guaranty, each as filed by the Guarantor (or on its
behalf) with the Securities and Exchange Commission,

          (b) within forty-five (45) days (or fifty (50) days so long as the Guarantor shall not
have reported an Event of Default to the Securities and Exchange Commission during such
fiscal period or on its most recent filing with the Securities and Exchange Commission)
after the end of each of the first three (3) quarter-annual fiscal periods of each fiscal
year of the Guarantor, an unaudited consolidated and consolidating balance sheet of the
Guarantor as at the end of that period and an unaudited consolidated and consolidating
statement of income of the Guarantor for the Guarantor’s current fiscal year to date, all
prepared in form and detail in accordance with GAAP, consistently applied, or the Pro Rata
Consolidation Method, as applicable, and certified by a Senior Officer of the Guarantor,
subject to changes resulting from quarter-end adjustments, together with a certificate of a
Senior Officer of the Guarantor in the form of Schedule 9.7(b) attached hereto (a “Covenant
Compliance Certificate”) (i) specifying the nature and period of existence of each Event of
Default and/or Possible Default, if any, and the action taken, being taken or proposed to be
taken by the Guarantor in respect thereof or if none, so stating, and (ii) certifying that
the representations and warranties of the Guarantor set forth herein are true and correct in
all material respects as of the date of such certificate, or, if not, all respects in which
they are not, and (iii) certifying whether there has been compliance with the covenants set
forth in Sections 9.13, 9,14, 9.15 and 9.25 hereof as of the end of such fiscal quarterly
period,

          (c) within ninety (90) days (or ninety-five (95) days so long as the Guarantor shall
not have reported an Event of Default to the Securities and Exchange Commission during such
fiscal period or on its most recent filing with the Securities and Exchange Commission)
after the end of each fiscal year of the Guarantor, an annual report on Form 10-K as filed
by the Guarantor (or on its behalf) with the Securities and Exchange Commission, including
the complete audited consolidated balance sheets and statements of income of the Guarantor
for that year certified by an independent public accountant satisfactory to the Banks, and
an unaudited consolidating balance sheet and statement of income of the Guarantor for the
current fiscal year, each in form and detail satisfactory to the Banks, and prepared in
accordance with GAAP, consistently applied, or the Pro Rata Consolidation Method, as
applicable, together with (i) a report of the independent certified public accountant with
an opinion that is not qualified as to the scope of the audit or as to the status of the
Guarantor or the Borrower as a going concern, (ii) a Covenant Compliance Certificate
relating to such fiscal year and (iii) a Form 8-K disclosing the information to be set forth
therein as contemplated or required by this Guaranty, as filed by the Guarantor (or on its
behalf) with the Securities and Exchange Commission,

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          (d) concurrently with furnishing any quarterly financial statement or audit report
pursuant to this Section 9.7, a certificate from any Senior Officer of the Guarantor stating
whether any Company has made any guaranty or incurred any Indebtedness referred to in
Section 9.10(d) or Section 9.12(g) hereof and, if so, the details thereof,

          (e) as soon as available, copies of all notices, reports, proxy statements and other
similar documents sent by the Guarantor to its shareholders, to the holders of any of its
debentures or bonds or the trustee of any indenture securing the same or pursuant to which
they have been issued, to any securities exchange or to the Securities and Exchange
Commission or any similar federal agency having regulatory jurisdiction over the issuance of
the Guarantor’s securities,

          (f) within forty-five (45) days (or fifty (50) days so long as the Guarantor shall not
have reported an Event of Default to the Securities and Exchange Commission during such
fiscal period or on its most recent filing with the Securities and Exchange Commission)
after the end of each of the first three (3) quarter-annual fiscal periods of each fiscal
year of the Guarantor and within ninety (90) days (or ninety-five (95) days so long as the
Guarantor shall not have reported an Event of Default under this Guaranty to the Securities
and Exchange Commission during such fiscal period or on its most recent filing with the
Securities and Exchange Commission) after the end of each fiscal year of the Guarantor (i) a
schedule setting forth the aggregate Measured Credit Risk as of the last day of such fiscal
quarter, along with the remaining available Measured Credit Risk permitted by Section
9.10(k) hereof and (ii) a statement of the aggregate notional amount of all Hedge Agreements
on which the Guarantor, the Borrower, FCCC and/or any other Subsidiary of the Borrower
(other than a SPE Subsidiary) are obligated as of the last day of such fiscal quarter and
the aggregate amount of the cash risk to the Guarantor, the Borrower, FCCC and such other
Subsidiaries in respect of such Hedge Agreements as of the last day of such fiscal quarter,

          (g) [Reserved],

          (h) within forty-five (45) days (or fifty (50) days so long as the Guarantor shall not
have reported an Event of Default to the Securities and Exchange Commission during such
fiscal period or on its most recent filing with the Securities and Exchange Commission)
after July 31 of each year and within ninety (90) days (or ninety five (95) days so long as
the Guarantor shall not have reported an Event of Default under this Guaranty to the
Securities and Exchange Commission during such fiscal period or on its most recent filing
with the Securities and Exchange Commission) after January 31 of each year, an updated
budget of cash sources of the Borrower, the Guarantor and their respective Subsidiaries and
the uses thereof, for the portion of the fiscal year following such January 31 or July 31
date, as applicable, and the immediately subsequent fiscal year of the Guarantor, such
updated budget to be consistent in form with the “Sources and Uses Projection” attached as
Schedule A to the Side Letter,

          (i) [Reserved],

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          (j) concurrently with furnishing any covenant compliance worksheet under Section 9.7(b)
or (c) above, such schedules, details and explanations supporting the calculations contained
in such covenant compliance worksheet as may be reasonably required by the Banks,

          (k) [Reserved],

          (l) within forty-five (45) days (or fifty (50) days so long as the Guarantor shall not
have reported an Event of Default to the Securities and Exchange Commission during such
fiscal period or on its most recent filing with the Securities and Exchange Commission)
after the end of each of the first three (3) quarter-annual fiscal periods of each fiscal
year of the Guarantor and within ninety (90) days (or ninety-five (95) days so long as the
Guarantor shall not have reported an Event of Default under this Guaranty to the Securities
and Exchange Commission during such fiscal period or on its most recent filing with the
Securities and Exchange Commission) after the end of each fiscal year of the Guarantor, a
schedule setting forth the face amount and date of each outstanding Performance Surety Bond
issued at the request of the Guarantor pursuant to an Indemnity Agreement along with all
other Surety Bonds then outstanding,

          (m) [Reserved],

          (n) within one hundred twenty (120) days after the end of each fiscal year of the
Guarantor, a calculation of the consolidated leverage of the Guarantor as of the last day of
such fiscal year, with such details and explanations as may be reasonably required by the
Banks, and

          (o) forthwith upon Agent’s or any Bank’s written request, such other information of any
Company’s financial condition, properties and operations, including, but not limited to,
financial statements and any management letters of accountants addressed to the Guarantor or
the Borrower in each case as the Agent or such Bank may from time to time reasonably
request.

          9.8. [RESERVED].

          9.9. COMBINATIONS, BULK TRANSFERS. (a) No Restricted Company will be a party to any
consolidation or merger or lease, sell or otherwise transfer all or any substantial part of its
assets or sell, pledge, hypothecate or transfer its stock or other ownership interests in any
Subsidiary of the Guarantor; provided, that this Section 9.9 shall not apply to any
transfer (as opposed to a pledge) by any Restricted Subsidiary of its assets effected in the normal
course of business on commercially reasonable terms and provided, further, that a
Restricted Company shall only be permitted to pledge its stock or other ownership interests in any
of its Subsidiaries that is a single asset or special purpose entity (it being acknowledged and
agreed that the Borrower is not and shall not be a single asset or special purpose entity) (each, a
“Pledged Subsidiary”) and such pledge may only secure the following:

          (i) additional or mezzanine Indebtedness incurred with respect to a project encumbered
by a first mortgage at the time such additional or mezzanine Indebtedness is incurred, so
long as such additional or mezzanine Indebtedness is

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permitted under Section 9.10 hereof; provided, that the sum of the then
existing Indebtedness with respect to such project plus such additional or mezzanine
Indebtedness does not exceed eighty percent (80%) of the appraised value of the project at
the time such additional or mezzanine Indebtedness is incurred; or

          (ii) primary Indebtedness (or the re-financing thereof) incurred solely for the purpose
of acquiring real property or for construction or redevelopment purposes, so long as such
primary Indebtedness is permitted under Section 9.10 hereof; provided, that such
primary Indebtedness (or the re-financing thereof) does not exceed one hundred percent
(100%) of the appraised value of the acquired property at the time of such financing or
re-financing, as applicable.

          (b) In addition to the foregoing, except to the extent permitted by Section 9.19(b)(i)
hereof, (i) such pledges of stock or other ownership interests in a Pledged Subsidiary may
only be made to secure Indebtedness incurred with respect to a project owned or to be
acquired by such Pledged Subsidiary (or any direct or indirect wholly-owned Subsidiary of
such Pledged Subsidiary) and not to secure Indebtedness incurred with respect to a project
owned or to be acquired by any other Subsidiary, (ii) such pledges of stock or other
ownership interests in a Pledged Subsidiary given to secure Indebtedness described in
Section 9.9(a)(i) above may only secure the additional or mezzanine Indebtedness being
incurred with respect to such project and not all of the Indebtedness on such project and
(iii) such pledges of stock or other ownership interests in a Pledged Subsidiary given to
secure Indebtedness described in Section 9.9(a)(ii) above may only secure the primary
Indebtedness being incurred with respect to the acquisition of real property or such
construction or redevelopment purposes.

          (c) The Guarantor will deliver to the Agents and the Banks an updated schedule, in the
form of Schedule 9.9 attached hereto, listing all of the properties as to which a pledge of
stock or other ownership interests has been provided to a lender in accordance with Section
9.9(b) above, within forty-five (45) days after each of the first three (3) quarter-annual
fiscal periods of each fiscal year of the Guarantor and within ninety (90) days (or
ninety-five (95) days so long as the Guarantor shall not have reported an Event of Default
under this Guaranty to the Securities and Exchange Commission during such fiscal period or
on its most recent filing with the Securities and Exchange Commission) after the end of each
fiscal year of the Guarantor.

          9.10. BORROWINGS. No Restricted Company will create, assume or suffer to exist any
Indebtedness of any kind including, but not limited to, leases required to be capitalized under
Financial Accounting Standards Board Standard No. 13 or any reimbursement obligations or other
liabilities with respect to letters of credit issued for any Restricted Company’s account;
provided, that this Section 9.10 shall not apply to any of the following (collectively,
“Permitted Debt”):

          (a) [Reserved],

          (b) any loan obtained from the Guarantor or any Restricted Subsidiary by any Restricted
Subsidiary, provided, that (i) such loans shall be made only in the

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ordinary course of business and (ii) Guarantor shall not cause or permit any Restricted
Subsidiary to take any action to enforce any payment of any loan made by a Restricted
Subsidiary to another Restricted Subsidiary without the prior written consent of the Banks,

          (c) any real estate loan heretofore or hereafter obtained or guaranteed by a Restricted
Company for the purpose of financing any building or purchasing equipment, furniture or
fixtures related thereto to be used only for the business of a Restricted Company,
provided, that (i) no such loan shall exceed eighty percent (80%) of the lender’s
appraisal of the real estate being financed and (ii) except as permitted in Sections
9.12(d), (f), (g), (h), (i), (j), (l) and (m) below, no Restricted Company (other than a
Restricted Company whose sole assets consist of contiguous parcels of land which are being
purchased or developed with such financing, the improvements, if any, thereon, furniture,
fixtures and other equipment used in connection therewith, receivables arising from tenants
in connection therewith and the proceeds of such receivables and other property directly
obtained from the ownership of such assets) shall have any personal liability for such
Indebtedness, the creditors’ recourse being solely to the property being pledged as
collateral for such Indebtedness and the income therefrom,

          (d) any loan or letter of credit that is obtained or guaranteed by a Restricted
Company; provided, that such Restricted Company’s aggregate personal liability in
respect of all such loans (other than any loan obtained by such Restricted Company and
permitted by any other clause of this Section 9.10) and letters of credit and in respect of
all guaranteed loans referred to in clause (f) of Section 9.12 hereof, does not then exceed
and after incurring such loan or letter of credit or the guarantee thereof in question would
not exceed, Ten Million Dollars ($10,000,000),

          (e) leases required to be capitalized under Financial Accounting Standards Board
Standard No. 13 in the aggregate amount for all Restricted Subsidiaries of Eighteen Million
Dollars ($18,000,000); provided, that (i) the foregoing dollar limitation shall not
apply to any such capitalized lease, the obligations of which are not recourse to the
Guarantor or the Borrower or any of its Subsidiaries (other than Barclays Event Center, LLC,
a Delaware limited liability company) and which relates solely to the Atlantic Yards Arena
project located in Brooklyn, New York and (ii) all Indebtedness incurred under Section
8.04(k) of the Agreement shall be included, without duplication, in calculating whether the
dollar limitation contained in this clause (e) has been met,

          (f) any secured Indebtedness of a Restricted Company created in the course of
purchasing or developing real estate or financing construction (or any refinancings thereof)
or other improvements thereon or purchasing furniture, fixtures or other equipment therefor
or any other Indebtedness of any Restricted Company or any refinancings thereof;
provided, that, except as permitted in Sections 9.12(d), (f), (g), (h), (i), (j),
(l) and (m) below, no Restricted Company (other than a Restricted Company whose sole assets
consist of contiguous parcels of land which are being purchased or developed with such
financing, the improvements, if any, thereon, furniture, fixtures and other equipment used
in connection therewith, receivables arising from tenants in connection therewith and the
proceeds of such receivables and other property directly

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obtained from the ownership of such assets) shall have any personal liability for such
Indebtedness, the creditors’ recourse being solely to the property being pledged as
collateral for such Indebtedness and the income therefrom,

          (g) any Indebtedness or other obligations under any Performance Surety Bond or the
related Indemnity Agreement; provided, that (i) the terms and conditions of each
such Indemnity Agreement shall be substantially the same as the terms and conditions of the
Agreement of Indemnity dated November 14, 2005, between the Guarantor and Zurich American
Insurance Company, that was previously delivered to the Agents and (ii) there shall not be
outstanding at any time Performance Surety Bonds of the type described in clause (g) of such
definition in excess of Five Million Dollars ($5,000,000) in the aggregate,

          (h) any Indebtedness or obligations of the Guarantor under the Senior Notes existing as
of the date hereof, any new Indebtedness under New Senior Notes as permitted under Section
9.10(h)(x) hereof and any refinancing of any such Senior Notes as permitted by Section
9.13(d) hereof, the Puttable Notes Hedge and Warrant Transactions and/or the Convertible
Notes Hedge Transactions; provided, that:

          (i) [Reserved];

          (ii) the Indebtedness represented by the Senior Notes, the Puttable Notes Hedge
and Warrant Transactions and the Convertible Notes Hedge Transactions shall be
unsecured, pari passu with the Guarantor’s obligations under this Guaranty and
structurally subordinate to the Debt;

          (iii) none of the Senior Notes or the Senior Notes Indentures shall be amended
or modified (x) without the prior written consent of the Required Banks including,
without limitation, (A) to allow the maturity of any of the 2003 Senior Notes, the
2004 Senior Notes, the 2005 Senior Notes or any New Senior Notes to be less than ten
(10) years from the date of issuance, (B) to allow the maturity of any of the 2006
Puttable Senior Notes or the 2009 Convertible Senior Notes to be less than five (5)
years from the date of issuance, (C) to allow the maturity of any of the 2009
Puttable Senior Notes to be earlier than July 1, 2014, (D) with respect to any
Senior Notes with a maturity prior to the Termination Date, to provide for a new
maturity date of such Senior Notes that is prior to the Termination Date, (E) to
provide for payment of interest under any of the Senior Notes more frequently than
quarterly, (F) to provide additional circumstances pursuant to which holders of the
2006 Puttable Senior Notes or any of the 2009 Puttable Senior Notes may put the same
to the Guarantor or to increase the put rate available to such holders, other than
as provided in the 2006 Puttable Senior Notes Indenture or the 2009 Puttable Senior
Notes Indenture, as applicable, (G) to provide any circumstances pursuant to which
holders of the 2009 Convertible Senior Notes may put to the Guarantor, or any
additional circumstances pursuant to which such holders may require the Guarantor to
repurchase the 2009 Convertible Senior Notes, other than as provided in the 2009
Convertible Senior Notes Indenture as the same exists as of the date hereof, (H) to

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permit the Guarantor to redeem any of the Senior Notes prior to their maturity
other than in accordance with Section 9.10(h)(x) or Section 9.13(d) or (e) hereof or
to modify any redemption provisions contained in the Senior Notes, including adding
additional redemption provisions, (I) to allow any New Senior Notes to have any
mandatory repurchase or put feature which is exercisable prior to ten (10) years
after the date of issuance of any such New Senior Notes, or (J) to increase the rate
of interest payable on or any fees associated with any of the Senior Notes and (y)
to the extent any such amendment or modification is to be entered into in connection
with a refinancing permitted by Section 9.13(d) hereof or an issuance of New Senior
Notes pursuant to Section 9.10(h)(x) hereof, without the prior written consent of
the Administrative Agent; provided that amendments or modifications that do
not adversely affect the Agreement or this Guaranty or their relationship to any of
the Senior Notes or the Senior Notes Indentures shall not require the consent of the
Required Banks as provided in subclause (x) of this Section 9.10(h)(iii) (but may
require the consent of the Administrative Agent to the extent provided in Section
9.10(h)(x) or Section 9.13 hereof);

          (iv) the outstanding and unredeemed principal amount of the 2003 Senior Notes,
the 2004 Senior Notes and the 2005 Senior Notes shall not, at any time, exceed Five
Hundred Fifty Million Dollars ($550,000,000) in the aggregate, less the aggregate
principal amount of any such Senior Notes Retired, converted or exchanged;

          (v) the outstanding and unredeemed principal amount of the 2006 Puttable Senior
Notes and 2009 Puttable Senior Notes shall not, at any time, exceed Three Hundred
Five Million One Hundred Thousand Dollars ($305,100,000) in the aggregate, less the
aggregate principal amount of any such Senior Notes Retired, converted or exchanged;

          (vi) without duplication of the limitation set forth in the immediately
preceding clause (v), the outstanding and unredeemed principal amount of the 2009
Puttable Senior Notes shall not, at any time, exceed Two Hundred Million Dollars
($200,000,000) in the aggregate, less the aggregate principal amount of any such
Senior Notes Retired, converted or exchanged;

          (vii) the outstanding and unredeemed principal amount of the 2009 Convertible
Senior Notes shall not, at any time, exceed Two Hundred Million Dollars
($200,000,000) in the aggregate, less the aggregate principal amount of any such
Senior Notes Retired, converted or exchanged;

          (viii) the full amount of the Senior Notes have been issued and the Guarantor
has no further right under this Guaranty or the Agreement to issue any additional
Senior Notes, except as provided in Section 9.10(h)(x) hereof;

          (ix) the Convertible Notes Hedge Transactions shall not be terminated, amended
or modified without the prior written consent of the Required Banks; provided that
no such prior written consent shall be required in

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connection with (A) an amendment to the Convertible Notes Hedge Transactions
for the purpose of limiting the counterparties’ termination rights with respect to
the options relating to such of the 2009 Convertible Senior Notes as may be
repurchased, exchanged, converted or repaid prior to the Maturity Date (as defined
in the 2009 Convertible Senior Notes Indenture) or (B) any termination or amendment
that does not and could not result in any liability to the Guarantor; and

          (x) with respect to any Indebtedness of the Guarantor under New Senior Notes
(A) the maximum issued, outstanding and unredeemed principal amount of such New
Senior Notes shall not exceed One Hundred Fifty Million Dollars ($150,000,000) in
the aggregate, (B) the maturity date of such New Senior Notes shall not be less than
ten (10) years from the date of issuance, (C) the effective interest rate applicable
to all such New Senior Notes (after giving effect to any discount) shall not exceed
eight and one-half percent (8.5%) per annum, (D) such New Senior Notes shall not
provide any circumstances pursuant to which holders thereof may put such New Senior
Notes to the Guarantor, except in connection with any default by the Guarantor
thereunder or in exchange for shares of the Guarantor, (E) the issuance of such New
Senior Notes is accomplished through an amendment of an existing Senior Notes
Indenture (which amendment shall be subject to the terms of the Loan Documents,
including, without limitation, the requirement of obtaining Administrative Agent’s
approval thereof) or through other documentation approved by Administrative Agent,
and (F) not less than two-thirds (2/3rds) of the gross proceeds of such issuance
(net of issuance costs, but not hedge costs, if any), shall be used to promptly, but
in any event within fifteen (15) days of such issuance, repay or Retire non-recourse
mortgage Indebtedness of the Borrower and its Subsidiaries or Indebtedness of the
Guarantor which is recourse to the Guarantor (the amount of such Indebtedness equal
to two-thirds (2/3rds) of such gross proceeds the “Subject Debt”); provided,
however, the Guarantor shall be permitted to extend such fifteen (15) day
period for up to an additional one hundred sixty-five (165) days so long as (1) the
Guarantor has given the Administrative Agent, within five (5) days of such issuance,
written notice of its election to so extend such fifteen (15) day period (the
“Extension Notice”) and has otherwise satisfied the requirements of this Section
9.10(h)(x) and (2) a portion of the Total Revolving Loan Commitments equal to the
applicable gross proceeds of such issuance to be applied to the repayment or
Retirement of the Subject Debt as identified by the Guarantor (the “Section 9.10
Reserved Commitment”) is otherwise available and has been reserved solely for
purposes of repaying or Retiring the Subject Debt (or, if a Reserve Deficiency
exists after giving effect to the Reserved Commitment then in effect, including the
Section 9.10 Reserved Commitment, the Guarantor has deposited into the Reserve
Deficiency Account an amount of Cash sufficient to eliminate any Reserve Deficiency)
(and upon receipt of any Extension Notice, the Section 9.10 Reserved Commitment will
be so established or increased); provided, further, that in the
event such fifteen (15) day period has been so extended, so long as the Guarantor
has, at least thirty (30) days prior to the expiration of such extended period,

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provided to the Administrative Agent a plan to repay or Retire Subject Debt
with such gross proceeds, drawings under the Section 9.10 Reserved Commitment and/or
funds so deposited into the Reserve Deficiency Account on or before a specified date
no later than two hundred seventy (270) days of such issuance of New Senior Notes,
the Administrative Agent may extend such one hundred eighty (180) day period for up
to an additional ninety (90) days. In connection with any such extension of such
fifteen (15) day period, the Guarantor shall, on or before the one hundred-eightieth
(180th) day after such issuance of New Senior Notes (or, such later date
to the extent the Administrative Agent has so extended such one-hundred eighty (180)
day period), (i) apply such gross proceeds from the issuance of such New Senior
Notes to the repayment or Retirement of such Subject Debt and/or (ii) to the extent
the Section 9.10 Reserved Commitment has been established and/or Cash deposited into
the Reserve Deficiency Account, draw on the Section 9.10 Reserved Commitment and/or
withdraw from the Reserve Deficiency Account an amount up to (but not exceeding)
those funds deposited into the Reserve Deficiency Account for purposes of
eliminating any Reserve Deficiency in connection with such issuance of New Senior
Notes, and shall have applied such funds to the repayment or Retirement of such
Subject Debt. Upon issuance of any such New Senior Notes, Guarantor shall promptly
provide to the Banks a copy of all documentation entered into, or provided to
investors, by the Guarantor in connection therewith. Prior to the issuance of any
New Senior Notes, the Guarantor shall deliver to Administrative Agent a pro-forma
covenant calculation compliance certificate indicating compliance with the financial
covenants in this Guaranty after issuance. Not later than the fifth
(5th) Cleveland Banking Day following the date of the repayment or
Retirement of the Subject Debt as required by clause (F) of this Section 9.10(h)(x),
the Guarantor shall notify the Administrative Agent in writing of the Subject Debt
that has been so repaid or Retired. Furthermore, in the event the Guarantor has
satisfied the requirements contained in the first proviso of this Section 9.10(h)(x)
and has extended the fifteen (15) day deadline by which the Subject Debt is to be
repaid or Retired, no later than thirty (30) days prior to the expiration of such
extended period, to the extent the Guarantor has not previously repaid or Retired
the Subject Debt and notified the Administrative Agent as required by the prior
sentence, the Guarantor shall have either notified the Administrative Agent in
writing of the Subject Debt that will be so repaid or Retired or satisfied the
requirements contained in the second proviso of this Section 9.10(h)(x).

          (i) any Indebtedness or obligations of the Guarantor under the Preferred Equity Hedge
Transaction; provided, that:

          (i) the Indebtedness represented by the Preferred Equity Hedge Transaction
shall be unsecured, pari passu with the Guarantor’s obligations under this Guaranty
and structurally subordinate to the Debt; and

          (ii) the Preferred Equity Hedge Transaction shall not be terminated, amended or
modified without the prior written consent of the Required Banks; provided, that no
such prior written consent shall be required in

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connection with any termination or amendment that does not and could not result
in any liability to the Guarantor,

          (j) any Indebtedness or obligations of the Guarantor under the Surety Bonds or the
related Indemnity Agreements to a maximum aggregate principal amount of Thirty Million
Dollars ($30,000,000) minus the aggregate stated amount of all Letters of Credit
then outstanding for the account of the Borrower under the Agreement in excess of Ten
Million Dollars ($10,000,000); provided, such Indebtedness is fully subordinated to
the obligations of the Guarantor under this Guaranty as set forth in the related
Subordination Agreement,

          (k) any Indebtedness of the Guarantor under any Hedge Agreement relating to
Indebtedness otherwise permitted under this Guaranty or the Agreement, provided that
any Hedge Agreement proposed to be entered into or guaranteed by the Guarantor, along with
all Hedge Agreements entered into or guaranteed by the Borrower, FCCC or any other
Subsidiary of the Borrower (other than a SPE Subsidiary), in each case with a Person that is
not a Bank that results in an aggregate Measured Credit Risk for all Hedge Agreements
entered into with Persons other than a Bank, in excess of Thirty Three Million Five Hundred
Thousand Dollars ($33,500,000), shall require the prior written consent of the Required
Banks (such written consent to be delivered by each consenting Bank to the Administrative
Agent not more than three (3) Cleveland Banking Days after the request for such consent has
been delivered by the Guarantor to the Administrative Agent, provided that each Bank
that does not deliver such written consent within such three (3) Cleveland Banking Day
period shall be deemed to have denied the request for such Hedge Agreement),

          (l) any Indebtedness of the Guarantor with respect to deferred taxes that are due and
payable in excess of twelve (12) months from the date of the incurrence of such tax
liability,

          (m) any guarantee or indemnity permitted by Section 9.12 hereof to the extent such
guarantee or indemnity constitutes Indebtedness,

          (n) any Indebtedness of the Guarantor permitted by Section 9.13(d) hereof that
refinances the Indebtedness evidenced by the Senior Notes, or

          (o) any Indebtedness of the Guarantor, up to a maximum principal amount outstanding at
any time of Five Million Dollars ($5,000,000), which is incurred in the ordinary course of
business; provided that all Indebtedness incurred under Section 8.04(j) of the
Agreement shall be included, without duplication, in calculating whether the dollar
limitation contained in this clause (o) has been met.

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          9.11. LIENS. No Restricted Company will:

          (a) sell or otherwise transfer any Receivables, including, but not limited to, any
mortgages held by the Guarantor or any of its Subsidiaries, other than in the ordinary
course of business,

          (b) acquire any property subject to any land contract, conditional sale contract or
other title retention contract, or

          (c) suffer or permit any property now owned or hereafter acquired by it to be or become
encumbered by any mortgage, security interest, financing statement, encumbrance or Lien of
any kind or nature;

provided, that this Section 9.11 shall not apply to:

          (i) any Lien for a tax, assessment or other governmental charge or levy so long as the
payment thereof is not required by Section 9.2(a) hereof,

          (ii) any Lien securing only worker’s compensation, unemployment insurance or similar
obligations,

          (iii) any mechanic’s, warehousemen’s, carrier’s or similar common law or statutory Lien
incurred in the normal course of business,

          (iv) any mortgage, security interest or other Lien encumbering property of any
Restricted Subsidiary for the purpose of securing any Permitted Debt owing by only that
Subsidiary,

          (v) any mortgage, security interest or other Lien encumbering property of a Restricted
Company and securing any Indebtedness or liability of such Restricted Company by Section
9.10(c) hereof,

          (vi) any Lien permitted by Section 8.05 of the Agreement,

          (vii) any Indemnification Lien granted pursuant to an Indemnity Agreement related to
one or more Performance Surety Bonds permitted under this Guaranty,

          (viii) any financing statement perfecting a security interest permitted by this Section
9.11, or

          (ix) any Lien permitted by Sections 9.19(b)(i) and (vi) hereof.

          9.12. GUARANTEES. No Restricted Company will be or become a guarantor of any kind;
provided, that this Section 9.12 shall not apply to:

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          (a) any endorsement of a check or other medium of payment for deposit or collection
through normal banking channels or any similar transaction in the normal course of business,

          (b) any indemnity or guaranty of a surety bond for the performance by a customer of a
Restricted Company of the customer’s obligations under a land development contract,

          (c) any guarantee by the Guarantor of a real estate loan permitted by clause (c) of
Section 9.10 hereof,

          (d) subject to the limitations set forth in Section 9.19 hereof, any Completion
Guaranty with respect to a real estate building project, if the Guarantor or any Company is
the developer of such project or has a property interest in such project (including, but not
limited to, a Non-Affiliate Construction Project),

          (e) the guarantee by the Guarantor set forth in Section 3 hereof,

          (f) any other guarantee by the Guarantor, provided, that the Guarantor’s
aggregate personal liability in respect of all of such other guarantees and all Indebtedness
described in subsection (a) of the definition of Indebtedness (other than any loan permitted
by clauses (a) through (c), inclusive, of Section 9.10 hereof) does not exceed, and after
making the guarantee in question would not exceed, Ten Million Dollars ($10,000,000),

          (g) any unsecured guarantee by the Guarantor or any Restricted Subsidiary of the equity
investment or performance of a Subsidiary of the Guarantor (other than any Indebtedness of
such Subsidiary incurred for borrowed money) in connection with a real estate project in
favor of a partner or member, or a partnership or limited liability company in which such
Subsidiary is a general partner or a member, as applicable, when the Guarantor or such
Restricted Subsidiary, as the case may be, deems it to be in its best interest not to be a
partner, a member, or have a direct interest in the partnership or limited liability
company, as applicable,

          (h) the guarantee by the Guarantor of the obligations of Franklin Town Towers
Associates located in Philadelphia, Pennsylvania, with respect to Museum Towers, in the
original principal amount of Twenty Million Four Hundred Thousand Dollars ($20,400,000);
provided, that such obligations shall only be amended, restated, extended or
refinanced on terms and conditions substantially similar to those initially applicable to
such obligations and the aggregate principal amount of such obligations will not be
increased thereby,

          (i) any guarantee or indemnity by the Guarantor or any Restricted Subsidiary for fraud,
misappropriation, misapplication or environmental problems, or as are otherwise usual and
customary in non-recourse carve-out guaranties given in commercial mortgage loan
transactions entered into by the Guarantor and/or such Restricted Subsidiary,
provided, that such a guarantee or indemnity may be given by the Guarantor or a
Restricted Subsidiary, but not both (unless such Restricted Subsidiary is

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also the borrower in the particular commercial mortgage loan transaction), in
connection with any particular commercial mortgage loan transaction,

          (j) subject to Section 9.10(k) hereof, any guarantee by the Guarantor of an unsecured
Hedge Agreement permitted by Section 8.04 of the Agreement entered into by a Subsidiary of
the Guarantor (other than the Borrower),

          (k) the MTA Guaranty; provided, that (i) the maximum principal amount of the
Guarantor’s obligations thereunder shall not exceed Thirty Million Dollars ($30,000,000) and
(ii) the Guarantor shall not enter into or agree to enter into any amendment, supplement or
other modification to the MTA Guaranty that, in the opinion of the Agents, is or would be
materially adverse to the interests of the Banks,

          (l) subject to the limitations set forth in Section 9.19 hereof, any Completion
Guaranty, or

          (m) the guarantee by the Guarantor in connection with the Park Creek Metropolitan
District and Stapleton Land LLC located in Stapleton, Colorado, with respect to the
$19,000,000 Park Creek District Subordinate Limited Property Tax Revenue Bonds, Series 2003A
and the $10,000,000 Park Creek District Subordinate Limited Property Tax Revenue Bonds,
Series 2003-B, provided, that such guarantee obligations shall not be amended,
restated or otherwise modified without the prior written consent of the Banks.

          9.13. REDEMPTIONS, PREPAYMENTS, AND DIVIDENDS.

          (a) The Guarantor will not directly or indirectly purchase, acquire, redeem or retire,
or make any cash payment upon the conversion of, any shares of its Capital Stock at any time
outstanding or set aside funds for any such purpose, except that, so long as no Event of
Default or violation of Section 9.14 hereof has occurred or will result after giving effect
thereto, and so long as the Debt remains outstanding, Guarantor shall be permitted to (i)
purchase shares of its Class A Common Stock, in an amount not to exceed Four Million Dollars
($4,000,000) in the aggregate unless the prior written approval of the Administrative Agent
is obtained, such purchases to be made solely for purposes of covering employees’ minimum
statutory tax withholding requirement in connection with the vesting of restricted stock
granted under the Guarantor’s 1994 Stock Plan, as amended, and only as the need to pay such
minimum statutory tax withholding requirement arises and (ii) make, and set aside funds for
purposes of making, cash payments to the holders of the March 2010 Preferred Equity and any
Additional Preferred Equity which is convertible preferred in lieu of issuing fractional
shares of its Class A Common Stock in connection with the exercise of conversion rights by
such holders of the Preferred Equity in accordance with the terms thereof.

          (b) The Guarantor will not directly or indirectly pay any principal of, make sinking
fund payments in respect of or purchase any Indebtedness now or hereafter owing by the
Guarantor other than any principal payment, sinking fund payment or purchase the omission of
which would (or with the giving of notice or the lapse of any

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applicable grace period or both would) accelerate, or give anyone the right to
accelerate, the maturity of such Indebtedness in accordance with the original terms thereof;
provided, that, notwithstanding the foregoing, (i) the Guarantor shall not make any
payment on account of any of the Senior Notes in the event of and during the continuance of
any Payment Default, and (ii) the Guarantor shall be permitted to Retire, refinance and/or
reserve for any or all of the Senior Notes only to the extent permitted by Section
9.10(h)(x) above and Sections 9.13(d) and (e) below.

          (c) The Guarantor will not directly or indirectly declare or pay (or set aside any
funds to pay) any Dividends; provided that so long as no Event of Default has
occurred and is continuing or would occur as a result, the Guarantor may accrue and/or pay
(i) (A) accrued and unpaid Dividends with respect to the outstanding March 2010 Preferred
Equity (and set aside funds for such purpose) at a rate not to exceed seven percent (7.0%)
annually and (B) an amount equal to the total value of Dividends that would have accrued and
become payable on the outstanding March 2010 Preferred Equity in connection with the
Guarantor’s election to convert its March 2010 Preferred Equity to Class A Common Stock
pursuant to clause 5(m)(vi) of the March 2010 Preferred Equity Designation, (ii) accrued and
unpaid Dividends with respect to all outstanding Additional Preferred Equity (and set aside
funds for such purpose), provided that, in each fiscal year of the Guarantor, the aggregate
Dividends accrued, paid or otherwise payable or set aside with respect to all Additional
Preferred Equity shall not exceed the sum of (1) the aggregate debt service which would have
been payable during such period on the portion of the Senior Notes Retired with the proceeds
of such Additional Preferred Equity plus (2) Three Million Dollars ($3,000,000), and (iii)
accrued and unpaid Dividends with respect to Guarantor’s outstanding Class A Common Stock
and/or Class B Common Stock in an amount for any Test Period not to exceed Twenty Million
Dollars ($20,000,000) in the aggregate.

          (d) The Guarantor shall not directly or indirectly exercise its optional redemption
rights, under the terms of any of the Senior Notes (other than the 2006 Puttable Senior
Notes or the 2009 Puttable Senior Notes in accordance with Sections 9.13(e) and (f) below)
or the Senior Notes Indentures (other than the 2006 Puttable Senior Notes Indenture or the
2009 Puttable Senior Notes Indenture in accordance with Sections 9.13(e) and (f) below) (it
being understood and agreed that as of the date of this Guaranty, the Guarantor has no
optional redemption rights under the 2009 Convertible Senior Notes or the 2009 Convertible
Senior Notes Indenture), to redeem any of the Senior Notes (other than the 2006 Puttable
Senior Notes or the 2009 Puttable Senior Notes in accordance with Sections 9.13(e) and (f)
below) prior to its respective maturity date, or to deposit monies or other assets with the
trustee under the Senior Notes Indentures (other than the 2006 Puttable Senior Notes
Indenture or the 2009 Puttable Senior Notes Indenture in accordance with Sections 9.13(e)
and (f) below) for the payment of any one or more Senior Notes (other than the 2006 Puttable
Senior Notes or the 2009 Puttable Senior Notes in accordance with Sections 9.13(e) and (f)
below) or the release of restrictive covenants thereunder, by defeasance, without in each
case the prior written consent of the Required Banks, except that the Guarantor may take any
of the above listed actions in connection with a refinancing of any or all of the
Indebtedness represented by the Senior Notes without the prior consent of the Banks, in each
case only

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so long as (i) it does not result in an increase of the aggregate principal amount of
Indebtedness of the Senior Notes outstanding immediately prior to such refinance, (ii) it
does not create new Indebtedness with a maturity date earlier than five (5) years from the
date of such new issuance unless otherwise approved by Administrative Agent, (iii) it does
not result in Indebtedness that is senior to the Banks, and (iv) such refinance is otherwise
on terms and conditions satisfactory to, and pursuant to documentation approved by, the
Administrative Agent. For the avoidance of doubt, as used in this Section 9.13(d), a
“refinance” shall mean only the issuance of a new recourse debt security of the Guarantor
(the “Refinance Notes”), which may include New Senior Notes, solely to Retire existing
Senior Notes (the “Subject Senior Notes”) prior to or at maturity thereof. Guarantor shall
not replace any existing Senior Notes upon the same converting into or being exchanged for
equity as a refinance without approval of the Required Banks; provided that the
Guarantor may issue New Senior Notes as provided in Section 9.10(h)(x). Prior to any
refinance of the Subject Senior Notes, Guarantor shall deliver to the Administrative Agent a
pro-forma covenant calculation compliance certificate indicating compliance with the
financial covenants in this Guaranty giving effect to such refinance. Notwithstanding
anything to the contrary in this Section 9.13(d) or Section 9.13(e) or (f) below, and so
long as no Material Possible Default or Event of Default then exists or would occur as a
result thereof, (x) the Guarantor shall be permitted to Retire an amount not to exceed Two
Hundred Million Dollars ($200,000,000) in the aggregate of the remaining Senior Notes so
long as such Senior Notes are Retired at a discount to par and (y) the Guarantor may issue
Refinance Notes for purposes of and up to thirty (30) days prior to the Retirement (the date
of such Retirement, the “Retirement Date”) of any Subject Senior Notes with the net proceeds
received by Guarantor in connection with such issuance so long as (1) the Guarantor has
given the Administrative Agent written notice of its election to delay the Retirement of the
Subject Senior Notes for a period of up to thirty (30) days as provided in this clause (y)
and has otherwise satisfied the requirements of this Section 9.13(d), (2) the Subject Senior
Notes have an aggregate face amount greater than or equal to the aggregate face amount of
the Refinance Notes, (3) a portion of the Total Revolving Loan Commitments equal to the
aggregate face amount of the Subject Senior Notes (the “Section 9.13 Reserved Commitment”)
is otherwise available and shall have been reserved solely for purposes of Retiring the
Subject Senior Notes (or, if a Reserve Deficiency exists after giving effect to the Reserved
Commitment then in effect, including the Section 9.13 Reserved Commitment, the Guarantor has
deposited into the Reserve Deficiency Account an amount of Cash sufficient to eliminate any
Reserve Deficiency) and (4) on or before the applicable Retirement Date, (i) the Guarantor
shall have applied such net proceeds to the repayment or Retirement of the Subject Notes
and/or, (ii) to the extent the Section 9.13 Reserved Commitment has been established and/or
Cash deposited into the Reserve Deficiency Account, the Guarantor shall have drawn on the
Section 9.13 Reserved Commitment and/or withdrawn from the Reserve Deficiency Account an
amount up to (but not exceeding) those funds deposited into the Reserve Deficiency Account
for purposes of eliminating any Reserve Deficiency in connection with such issuance of
Refinance Notes, and has applied such funds to the repayment or Retirement of the Subject
Senior Notes. Executed copies of any and all documentation (whether or not such
documentation is subject to the approval of the Administrative Agent as required by this
Section 9.13(d)) evidencing or relating to any

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such refinancing shall be delivered to the Administrative Agent within five (5)
Cleveland Banking Days of the execution of such documentation.

          (e) Other than with proceeds of Loans requested under the Section 2.02 Reserved
Commitment or funds on deposit in the Reserve Deficiency Account, the Guarantor shall not
directly or indirectly exercise its optional redemption rights, under the terms of any of
the 2006 Puttable Senior Notes or the 2006 Puttable Senior Notes Indenture, to Retire any of
the 2006 Puttable Senior Notes prior to its maturity date, or to deposit monies or other
assets with the trustee under the 2006 Puttable Senior Notes Indenture for the payment of
any one or more 2006 Puttable Senior Notes or the release of restrictive covenants
thereunder, by defeasance, without in each case the prior written consent of the Required
Banks.

          (f) Other than with proceeds of Loans requested under the Section 5.09 Reserved
Commitment or funds on deposit in the Reserve Deficiency Account, the Guarantor shall not
directly or indirectly exercise its optional redemption rights, under the terms of any of
the 2009 Puttable Senior Notes or the 2009 Puttable Senior Notes Indenture, to Retire any of
the 2009 Puttable Senior Notes prior to its maturity date, or to deposit monies or other
assets with the trustee under the 2009 Puttable Senior Notes Indenture for the payment of
any one or more 2009 Puttable Senior Notes or the release of restrictive covenants
thereunder, by defeasance, without in each case the prior written consent of the Required
Banks.

          (g) The Guarantor shall not cause the Borrower to declare, pay, or make, and shall not
accept payment of, any Dividends in respect of Capital Stock of the Borrower other than as
permitted under Section 8.14 of the Agreement, or, notwithstanding any other provision of
the Agreement or this Guaranty to the contrary, any loans or advances to the Guarantor.

          (h) The Guarantor shall not make, or set aside any funds for purposes of making, any
cash payments with respect to the Preferred Equity other than payments specifically
permitted by subclause (a)(ii) and clause (c) of this Section 9.13.

          9.14. CASH FLOW COVERAGE RATIO. The Guarantor will not at any time permit the Cash
Flow Coverage Ratio to be less than (a) 2.50:1.00 on and after the Restatement Effective Date
through and including January 31, 2013, (b) 2.75:1.00 on and after February 1, 2013 through and
including January 31, 2014, and (c) 3.00:1 thereafter.

          For purposes of calculating the Cash Flow Coverage Ratio, Net Operating Income for recently
completed development or redevelopment properties and debt service on construction and interim
loans, land loans, and other financings secured by such assets shall be excluded until the earlier
of (a) ninety percent (90%) occupancy (based on a rentable square footage basis or, with respect to
any residential property, based on the number of units for such property sold or occupied, as
applicable) of the improvements related to such development property or financed with the proceeds
of any such loan, and (b) twenty-four (24) months following the issuance of a certificate of
occupancy with respect to such improvements, so long as such debt service is covered by a funded
and available loan reserve or a deposit in the form of

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Cash or a letter of credit that is sufficient to cover applicable operating shortfalls and
debt service payments. If such reserve or deposit is insufficient to cover such debt service or is
unavailable, Net Operating Income and such debt service from the applicable assets and financings
shall be included in the calculation of the Cash Flow Coverage Ratio until such time as such
reserve or deposit is sufficient and available. The Guarantor shall provide the Administrative
Agent with a projection of the interest reserve or deposit necessary to cover debt service (from
the applicable project loan budget), which shall be subject to the Administrative Agent’s
reasonable review and approval.

          9.15. CONSOLIDATED SHAREHOLDERS’ EQUITY. The Guarantor will not permit the
Consolidated Shareholders’ Equity to be less than (a) on the Restatement Effective Date, Two
Billion Three Hundred Twenty Million One Hundred Seventy-Five Thousand Dollars ($2,320,175,000) and
(b) at any date of determination thereafter, the sum of (i) Two Billion Three Hundred Twenty
Million One Hundred Seventy-Five Thousand Dollars ($2,320,175,000), plus (ii) seventy-five
percent (75%) of the net cash proceeds from any sale or issuance of equity by the Guarantor.

          9.16. ENVIRONMENTAL COMPLIANCE. The Guarantor will comply with any and all
Environmental Laws including, without limitation, all Environmental Laws in jurisdictions in which
the Guarantor or any Restricted Subsidiary owns property, operates, arranges for disposal or
treatment of hazardous substances, solid waste or other wastes, accepts for transport any hazardous
substances, solid waste or other wastes or holds any interest in real property or otherwise. The
Guarantor will furnish to the Banks promptly after receipt thereof a copy of any notice the
Guarantor or any Restricted Subsidiary may receive from any governmental authority, private person
or entity or otherwise that any litigation or proceeding pertaining to any environmental, health or
safety matter has been filed or is threatened against the Guarantor or such Restricted Subsidiary,
any real property in which the Guarantor or such Restricted Subsidiary holds any interest or any
past or present operation of the Guarantor or such Restricted Subsidiary. The Guarantor will not,
and will not knowingly allow any other Person to, store, release or dispose of hazardous waste,
solid waste or other wastes on, under or to any real property in which the Guarantor holds any
direct or indirect interest or performs any of its operations, in violation of any Environmental
Law. As used in this Section, “litigation or proceeding” means any demand, claim, notice, suit,
suit in equity, action, administrative action, investigation or inquiry whether brought by any
governmental authority, private person or entity or otherwise. The Guarantor shall defend,
indemnify and hold harmless the Banks against all costs, expenses, claims, damages, penalties and
liabilities of every kind or nature whatsoever (including attorneys’ fees) arising out of or
resulting from the noncompliance of the Guarantor or any Restricted Subsidiary with any
Environmental Law, provided, that, so long as and to the extent that the Banks are not
required to make any payment or suffer to exist any unsatisfied judgment, order, or assessment
against them, the Guarantor may pursue rights of appeal to comply with such Environmental Laws. In
any case of noncompliance with any Environmental Law by a Restricted Subsidiary, the Banks’
recourse for such indemnity herein shall be limited solely to the property of the Restricted
Subsidiary holding title to the property involved in such noncompliance and such recovery shall not
be a lien, or a basis of a claim of lien or levy of execution, against either the Guarantor’s
general assets or the general assets of any of its Restricted Subsidiaries.

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          9.17. PLAN. Neither the Guarantor nor any Restricted Subsidiary will suffer or permit
any Plan to be amended if, as a result of such amendment, the current liability under such Plan is
increased so that the actuarial present value of the accumulated plan benefits under such Plan is
less than sixty percent (60%) of the fair market value of the assets of such Plan, as determined in
accordance with Section 412 of the Code, or results in any material increase in liability for the
Guarantor or such Restricted Subsidiary.

          9.18. ANTI-TERRORISM LAWS. Neither the Guarantor nor any of its Subsidiaries shall be
in violation of any law, regulation, or list of any government agency (including, without
limitation, the U.S. Office of Foreign Asset Control list, Executive Order No. 13224 or the USA
Patriot Act) that prohibits or limits the conduct of business with or the receiving of funds, goods
or services to or for the benefit of any Persons specified therein or that prohibits or limits any
Bank or either Agent from making any advances or extensions of credit to the Guarantor or from
otherwise conducting business with the Guarantor.

          9.19. CROSS COLLATERALIZATION AND CROSS DEFAULTS.

          (a) Except as expressly permitted by this Section 9.19, neither the Guarantor nor any
Restricted Subsidiary will (i) cross-default or agree to cross-default any Permitted Debt to
this Guaranty or the Debt; (ii) agree to any financial covenants based on the performance of
the Guarantor under any other Permitted Debt (other than the Debt); or (iii)
cross-collateralize, or agree to cross-collateralize Permitted Debt (other than the Debt)
owing to any one lender under one or more different loan agreements or arrangements,
provided, that the cross-defaulted and/or cross-collateralized Indebtedness set
forth on Schedule 9.19 attached hereto shall be permitted, provided,
further, that such Schedule 9.19 shall not be amended or otherwise modified after
the Restatement Effective Date without the prior written consent of the Administrative
Agent.

          (b) Notwithstanding Section 9.19(a) above:

          (i) with respect to construction projects that are constructed in multiple phases
and/or stabilized properties, any Restricted Company shall be permitted to cross-default
and/or Cross-Collateralize any Permitted Debt with other Permitted Debt (other than, in each
case, the Debt), but only if the phases to be Cross-Collateralized and/or cross-defaulted
consist of a single identifiable project;

          (ii) under a Completion Guaranty granted by the Guarantor to a construction lender, the
Guarantor shall be permitted to agree to a financial covenant solely with respect to the
Guarantor’s net worth, but only if (A) the Indebtedness related to such Completion Guaranty
is in excess of One Hundred Million Dollars ($100,000,000), (B) the Indebtedness related to
such Completion Guaranty has a maturity of two (2) years or greater, not including
extensions, (C) any net worth financial covenant is calculated in substantially the same
manner as the covenant set forth in Section 9.15 hereof and requires a net worth for the
Guarantor of not more than Two Hundred Seventy Five Million Dollars ($275,000,000) and (D)
the aggregate of all Indebtedness subject to such Completion Guaranties shall not exceed
Four Hundred Million Dollars

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($400,000,000), exclusive of the Indebtedness incurred in connection with the projects
set forth on Schedule 9.19 attached hereto;

          (iii) under any Completion Guaranty granted by the Guarantor that contains the net
worth financial covenant referred to in Section 9.19(b)(ii) above, (A) the construction
lender shall not be permitted to call upon such Completion Guaranty due solely to a
violation of such net worth financial covenant and (B) the construction lender shall only be
permitted to call upon such Completion Guaranty if the project is not performing (i.e. not
on budget and/or schedule);

          (iv) with respect to Hedge Agreements permitted by this Guaranty, the related
documentation may provide that an Event of Default will constitute an event of default under
such Hedge Agreement, provided, that the Hedge Agreement also provides that the
counterparty may not terminate or exercise any remedy under the Hedge Agreement on account
of any Event of Default unless (A) the Banks have provided a written notice of such Event of
Default to the Borrower, (B) all applicable cure periods have lapsed without such Event of
Default being cured and (C) the Banks may accelerate the maturity of the Debt on the basis
of such Event of Default;

          (v) none of the Senior Notes Indentures or the documents evidencing the Puttable Notes
Hedge and Warrant Transactions and the Convertible Notes Hedge Transactions may provide that
an Event of Default constitutes a default under such Senior Notes Indenture, the Puttable
Notes Hedge and Warrant Transactions or the Convertible Notes Hedge Transactions, as
applicable, except in the case of an Event of Default that constitutes the failure to pay
the principal of any Debt when due and payable after the expiration of any applicable grace
period with respect thereto that results in the Debt becoming or being declared due and
payable prior to the date on which it would otherwise have become due and payable or
constitutes the failure to pay any portion of the principal of the Debt when due and payable
at maturity or by acceleration, and

          (vi) to the extent Permitted Debt of the Borrower or any Subsidiary of the Borrower may
be secured under Section 8.05 of the Agreement, the Guarantor may provide cash or letters of
credit as additional collateral to secure such Permitted Debt.

          9.20. OWNERSHIP OF LAND. The Guarantor shall not, and shall not permit any Restricted
Subsidiary to purchase, lease or otherwise acquire any real property of any kind after the
Restatement Effective Date, other than any real property to be used only for the business of the
Guarantor or any such Restricted Subsidiary, in each case, as such business has been conducted
prior to the Restatement Effective Date.

          9.21. PERMITTED NON-AFFILIATE LOAN REPORTS. Within forty-five (45) days after each
Fiscal Quarterly Date, the Guarantor will furnish to each Bank a report setting forth (a) each
Permitted Non-Affiliate Loan that is outstanding as of such Fiscal Quarterly Date and (b) for the
three year period ending on such Fiscal Quarterly Date, the aggregate amount of gain deferred for
federal income tax purposes on the consolidated return of the Guarantor in connection with any
Non-Affiliate Construction Projects, and, if requested by the

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Agents or any Bank, accompanied by all applicable tax forms filed or to be filed in connection
with such Non-Affiliate Construction Projects.

          9.22. LISTING. The common stock of the Guarantor shall at all times be listed for
trading and be traded on the New York Stock Exchange, the American Stock Exchange or another
national exchange approved by the Administrative Agent, unless otherwise consented to by the
Required Banks.

          9.23. COVENANTS IN AGREEMENT. The Guarantor shall comply with all covenants in the
Agreement which are applicable to the Guarantor.

          9.24. MARCH 2010 PREFERRED EQUITY DOCUMENTS; ADDITIONAL PREFERRED EQUITY. None of the
March 2010 Preferred Equity Documents shall be amended or modified (1) to increase the rate of
Dividends payable on the March 2010 Preferred Equity or to provide for payment of such Dividends
more frequently than quarterly, if and when declared by the Board of Directors, (2) to alter the
calculation of the conversion price or the conversion rate applicable to the March 2010 Preferred
Equity to make either such calculation less favorable to the Guarantor, (3) to provide for any
additional or more favorable voting rights (including the ability to elect or nominate board
members) of the holders of the March 2010 Preferred Equity or (4) to modify any redemption
provisions contained in the March 2010 Preferred Equity Documents, including adding additional
redemption provisions, without the prior written consent of the Administrative Agent. Guarantor
shall not issue any Additional Preferred Equity except as provided in this Section 9.24:

          (a) In connection with the issuance of any Additional Preferred Equity (i) the costs
and expenses (other than the costs and expenses of entering into an Additional Preferred
Equity Hedge Transaction for such transaction) of issuance of any Additional Preferred
Equity shall not exceed three percent (3%) of the face amount of the corresponding
Additional Preferred Equity issued, (ii) the Administrative Agent shall have given its prior
written approval of the terms and conditions of such Additional Preferred Equity and the
applicable Additional Preferred Equity Documents, and (iii) Guarantor shall have delivered
to the Administrative Agent pro forma evidence reasonably satisfactory to the Administrative
Agent that, following the issuance of such Additional Preferred Equity, Guarantor will be in
compliance with the covenant in Section 9.13(c) hereof; provided, that (A) in the event the
terms and conditions of such Additional Preferred Equity satisfy the requirements of clause
(i) or (ii) of the term “Additional Preferred Equity (Pre-Approved)” (x) Guarantor shall not
be required to so obtain the Administrative Agent’s prior written approval of the terms and
conditions of such Additional Preferred Equity and Additional Preferred Equity Documents and
(y) such pro forma evidence of compliance with the covenant in Section 9.13(c) hereof may be
delivered to the Administrative Agent after the applicable issuance of Additional Preferred
Equity (but in any event within three (3) Cleveland Banking Days of such issuance) and (B)
in the event the terms and conditions of any Additional Preferred Equity do not satisfy the
requirements of clause (i) of the term “Additional Preferred Equity (Pre-Approved)” but do
satisfy the requirements of clause (ii) of the term “Additional Preferred Equity
(Pre-Approved)”, Guarantor shall provide the

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Administrative Agent with at least one (1) Cleveland Banking Day’s prior notice of its
intention to issue such Additional Preferred Equity.

          (b) Further, in connection with the issuance of any Additional Preferred Equity, (i)
Guarantor shall deliver to the Administrative Agent true and complete copies of the
Additional Preferred Equity Documents and the documents evidencing any Additional Preferred
Equity Hedge Transaction related to such Additional Preferred Equity promptly upon entering
into the same, (ii) Guarantor shall provide written confirmation to the Administrative Agent
of the cost of obtaining any Additional Preferred Equity Hedge Transaction promptly
following the consummation of any such hedge transaction and (iii) Guarantor shall notify
Administrative Agent of each Additional Preferred Equity Exchange related thereto within
three (3) Cleveland Banking Days of the occurrence thereof.

          (c) [Reserved].

          (d) None of the Additional Preferred Equity Documents shall be amended or modified (i)
to increase the rate of Dividends payable on the Additional Preferred Equity to equal or
exceed any rate which would cause a violation of Section 9.13(c) hereof or to provide for
payment of such Dividends more frequently than quarterly, if and when declared by the Board
of Directors of the Guarantor, (ii) to alter the calculation of the conversion price or the
conversion rate applicable to the Additional Preferred Equity to make either such
calculation less favorable to the Guarantor, (iii) to provide for any additional or more
favorable voting rights (including the ability to elect or nominate board members) of the
holders of the Additional Preferred Equity, (iv) to alter or supplement any redemption
provisions contained in the Additional Preferred Equity Documents, including adding
additional redemption provisions, without the prior written consent of the Administrative
Agent, (v) in any manner that would cause the applicable Additional Preferred Equity or the
applicable Additional Preferred Equity Documents to no longer satisfy the requirements of
clause (i) or (ii) of the term “Additional Preferred Equity (Pre-Approved)”, as applicable,
to the extent such Additional Preferred Equity was issued as “Additional Preferred Equity
(Pre-Approved)” or (vi) in any manner without the prior written consent of the
Administrative Agent to the extent the Additional Preferred Equity evidenced by such
Additional Preferred Equity Documents was issued as “Additional Preferred Equity (Agent
Approved)”, other than, for purposes of this clause (vi), any amendment or modification (x)
that is administrative or ministerial in nature or (y) that would incorporate a term or
condition that would otherwise conform to the requirements of “Additional Preferred Equity
(Pre-Approved)” or, following such incorporation, would be an amendment or modification to
such term or condition not otherwise prohibited under the terms of clauses (i)-(iv) of this
Section 9.24(d).

          9.25. DEVELOPMENT LIMITATION. Guarantor will not at any time permit (a) the Total
Development Ratio to exceed seventeen percent (17%); provided that for one time only during the
term of the Loan Documents, as the same may be extended, the Total Development Ratio shall not
exceed eighteen and one-half percent (18.5%) for up to two (2) consecutive Fiscal Quarterly Dates
or (b) the Adjusted Total Development Ratio to exceed

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twenty-five percent (25%). In furtherance of the foregoing, Guarantor shall continue to
report on Guarantor’s Form 8-K furnished by it (or on its behalf) to the Securities and Exchange
Commission in a manner that is both timely and consistent with this Guaranty and which permits the
calculation of the Total Development Ratio.

          10. DEFAULT; REMEDIES. Each of the following shall be an “Event of Default” for
purposes of this Guaranty:

          (a) any representation or warranty made or deemed made by the Guarantor, or any of its
officers, herein, or in any written statement or certificate furnished at any time in
connection herewith, shall prove untrue in any material respect as of the date it was made
or deemed made, or

          (b) the Guarantor shall fail to observe, perform, or comply with any obligation,
covenant, agreement, or undertaking of the Guarantor set forth in Sections 3, 9.5(a),
9.10(h)(x)(F), 9.13, 9.14, 9.15, 9.24, 9.25 and/or (to the extent the proviso in Section
10(c) hereof does not eliminate the notice and cure period provided therein) 9.18 hereof, or

          (c) the Guarantor shall fail to observe, perform, or comply with any obligation,
covenant, agreement, or undertaking of the Guarantor set forth in any section or provision
hereof other than those identified specifically in subsections (a) and (b) above and the
Guarantor shall not have corrected such failure within thirty (30) days (or, in the case of
any failure or omission to perform or observe any provision of Section 9.5(b) or (c) hereof,
fifteen (15) days) after the giving of written notice thereof to the Guarantor by the
Administrative Agent that the specified failure is to be corrected; provided that
the thirty (30) day notice and cure period shall only apply to any failure to perform under
Section 9.18 hereof to the extent it is possible for the Guarantor to correct any such
failure, or

          (d) the Guarantor and/or any Subsidiary defaults (i) in any payment of principal or
interest due and owing upon any Indebtedness in excess of Five Million Dollars ($5,000,000)
(whether due and owing by scheduled maturity, required prepayment, acceleration, demand or
otherwise) beyond any period of grace provided with respect thereto, or (ii) in the case of
the Guarantor, in the payment or performance of any obligation permitted to be outstanding
or incurred pursuant to Sections 9.10 and/or 9.12 hereof in excess of Five Million Dollars
($5,000,000), beyond any period of grace provided with respect thereto or (iii) in the
performance of any other agreement, term or condition contained in any agreement under which
any such obligation is created, if the effect of such default under this clause (iii) is to
accelerate the maturity of the related Indebtedness or to permit the holder thereof to cause
such Indebtedness to become due or to cause the same to be purchased or redeemed prior to
its stated maturity or to foreclose on any Lien on property of the Guarantor securing the
same, except that defaults in payment or performance of non-recourse obligations of the
Guarantor or any Subsidiary shall not constitute Events of Default under this Section 10(d)
unless such defaults, individually or in the aggregate, (x) have a material adverse effect
on the business or financial condition of the Guarantor or (y) involve non-recourse
Indebtedness in principal

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amount in excess of twenty percent (20%) of all non-recourse Indebtedness of the
Guarantor and its Subsidiaries; provided, that it shall be an Event of Default if
any default occurs (after giving effect to any applicable grace period) under any of the
Senior Notes or under any of the Senior Notes Indentures, or

          (e) (i) any Restricted Subsidiary shall (A) generally not pay its debts as such debts
become due, or (B) make a general assignment for the benefit of creditors, or (C) apply for
or consent to the appointment of a receiver, a custodian, a trustee, an interim trustee or
liquidator of itself or all or a substantial part of its assets, or (D) be adjudicated a
debtor or have entered against it an order for relief under Title 11 of the Bankruptcy Code,
whether in a voluntary or involuntary case or proceeding, or (E) file a voluntary petition
in bankruptcy or file a petition or an answer seeking reorganization or an arrangement with
creditors or seeking to take advantage of any other law (whether federal or state) relating
to relief of debtors, or admit (by answer, by default or otherwise) the material allegations
of a petition filed against it in any bankruptcy, reorganization, insolvency or other
proceeding (whether federal or state) relating to relief of debtors, or (F) suffer or permit
to continue unstayed and in effect for thirty (30) consecutive days any judgment, decree or
order, entered by a court of competent jurisdiction, which approves a petition seeking its
reorganization or appoints a receiver, custodian, trustee, interim trustee or liquidator of
itself or of all or a substantial part of its assets, or (G) take or omit to take any other
action in order thereby to effect any of the foregoing or (H) fail to pay and discharge all
lawful taxes, assessments, and governmental charges or levies imposed upon it or its income,
profits, or properties, and/or all lawful claims for labor, materials, and supplies, which,
if unpaid, might become a Lien or charge against such properties, in all cases before the
same shall become in default, or (I) fail to comply with any and all Environmental Laws
applicable to such Subsidiary, its properties, or activities, or (J) fail to observe,
perform, or fulfill any of its obligations, covenants or conditions contained in any decree,
order, judgment, or instrument to which such Subsidiary is a party or by which it or its
assets are bound, and (ii) any such event or events described in (i) above shall in the
reasonable judgment of the Banks have a material adverse effect on the business or financial
condition of the Guarantor, or

          (f) an Event of Default specified in Article X of the Agreement shall have occurred and
be continuing, or

          (g) the Guarantor shall (i) discontinue business, or (ii) generally not pay its debts
as such debts become due, or (iii) make a general assignment for the benefit of creditors,
or (iv) apply for or consent to the appointment of a receiver, a custodian, a trustee, an
interim trustee or liquidator of all or a substantial part of its assets, or (v) be
adjudicated a debtor or have entered against it an order for relief under the Bankruptcy
Code, whether in a voluntary or involuntary case or proceeding, or (vi) file a voluntary
petition under any chapter or provision of the Bankruptcy Code or file a petition or an
answer seeking reorganization or an arrangement with creditors or seeking to take advantage
of any other law (whether federal or state) relating to relief of debtors, or admit (by
answer, by default or otherwise) the material allegations of a petition filed against it in
any bankruptcy, reorganization, insolvency or other proceeding (whether federal or state)
relating to relief of debtors, or (vii) suffer or permit to continue unstayed and in

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effect for thirty (30) consecutive days any judgment, decree or order entered by a
court or governmental commission of competent jurisdiction, which assumes custody or control
of the Guarantor, approves a petition seeking reorganization of the Guarantor or any other
judicial modification of the rights of its creditors, or appoints a receiver, custodian,
trustee, interim trustee or liquidator for the Guarantor or of all or a substantial part of
its assets, or (viii) take or omit to take any action in order thereby to effect any of the
foregoing, or

          (h) the Guarantor defaults in the performance of any obligation in the Subordination
Agreement or in the performance of any other agreement, covenant, term or condition in the
Subordination Agreement, or

          (i) an Event of Default specified in Section 10.05 of the Agreement shall have occurred
and be continuing, provided that any reference to Plan in that section shall mean a Plan
defined under this Guaranty and any reference to Borrower in that section shall mean a
Company defined under this Guaranty, or

          (j) any failure by the Guarantor, any of its Subsidiaries, or an ERISA Affiliate to
make a required material contribution or other payment under Section 302(f)(1) of ERISA or
Section 412(n)(1) of the Code has resulted in a determination of liability under Section
302(f)(3) of ERISA or Section 412(n)(3) of the Code and such failure shall not have been
fully corrected or remedied to the full satisfaction of the Banks within thirty (30) days
after the giving of written notice of such determination to the Borrower by the Banks, or

          (k) the aggregate Unfunded Current Liabilities with respect to all Plans exceeds five
percent (5%) of the aggregate Companies’ ERISA Net Worth, and the same shall not have been
fully corrected or remedied to the full satisfaction of the Banks within thirty (30) days
after the giving of written notice of such determination to the Borrower by the Banks, or

          (l) the aggregate annual contributions and other payments required to be made by the
Guarantor, any of its Subsidiaries, or an ERISA Affiliate to any Plan as a result of any
withdrawal liability (as defined in Section 4201 of ERISA) or the reorganization or
termination of any Plan that is a Multiemployer Plan exceeds five percent (5%) of the
aggregate Companies’ ERISA Net Worth, or can reasonably be expected to exceed that amount as
a result of any additional withdrawal liability or any such reorganization or termination
which is the subject of a notice that any of them has received from the sponsor of such
Multiemployer Plan, or

          (m) the Guarantor denies that it has any liability or obligation under this Guaranty,
shall notify the Agent or any of the Banks of the Guarantor’s intention to attempt to cancel
or terminate this Guaranty or shall contest or challenge the validity or enforceability of
its obligations under this Guaranty,

then, in any such event (other than an Event of Default referred to in Section 10(g) above), and at
any time thereafter, the Administrative Agent may, and/or the Administrative Agent at the

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direction of the Required Banks shall, by written notice delivered or mailed to the Guarantor, do
any one or more of the following: (a) declare the Debt to be immediately due and payable, and upon
any such declaration such Debt shall become and be forthwith due and payable by Guarantor without
any further notice, presentment, or demand of any kind, all of which are expressly waived by the
Guarantor, or (b) require the Guarantor to purchase the Debt at par value, without recourse, within
ten (10) days after such notice, by paying to the Administrative Agent, in immediately available
U.S. funds, an amount equal to the unpaid principal amount then outstanding on the Notes and any
other matured or unmatured Debt owing to the Banks, plus the unpaid accrued interest on the Notes
at the rate or rates determined in accordance with the Agreement. If any Event of Default referred
to in Section 10.07(e), 10.07(f) or 10.07(g) of the Agreement or any Event of Default referred to
in Section 10(g) hereof shall occur, the Debt shall become and thereafter be immediately due and
payable by the Guarantor without any presentment, demand, or notice of any kind, all of which are
hereby waived by the Guarantor. The foregoing rights, powers, and remedies of the Administrative
Agent and the Banks are not exclusive and are in addition to any and all other rights, powers, and
remedies provided for hereunder (including, without limitation, under Section 13 hereof), at law,
and/or in equity. The exercise by the Administrative Agent and/or the Banks of any right, power,
or remedy shall not waive or preclude the exercise of any other rights, powers, and/or remedies.

          11. MISCELLANEOUS. The foregoing rights, powers, and remedies of the Administrative
Agent and the Banks are not exclusive and are in addition to any and all other rights, powers, and
remedies provided for hereunder, at law, and/or in equity. The exercise by the Administrative
Agent and/or the Banks of any right, power, or remedy shall not waive or preclude the exercise of
any other rights, powers, and/or remedies. This Guaranty shall bind the Guarantor and its
successors and assigns and shall inure to the benefit of the Agents and the Banks and their
respective successors and assigns including (without limitation) each holder of any Note, provided,
that the Guarantor may not assign or transfer any of its rights or obligations hereunder without
the prior written consent of all of the Banks (other than any Delinquent Bank). The provisions of
this Guaranty and the respective rights and duties of the Guarantor and the Agents and/or the Banks
hereunder shall be interpreted and determined in accordance with Ohio law, without regard to
principles of conflict of laws. If at any time one or more provisions of this Guaranty is or
becomes invalid, illegal or unenforceable in whole or in part, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
This Guaranty constitutes a final written expression of all of the terms of this Guaranty, is a
complete and exclusive statement of those terms and supersedes all oral representations,
negotiations, and prior writings, if any, with respect to the subject matter hereof. The
relationship between the Guarantor and the Agents and/or the Banks with respect to this Guaranty is
and shall be solely that of debtor and creditor, respectively, and the Agents and/or the Banks have
no fiduciary obligation to the Guarantor with respect to this Guaranty or the transactions
contemplated thereby. All representations and warranties of the Guarantor shall survive the
execution and delivery of this Guaranty and be and remain true and correct until this Guaranty is
discharged. Captions herein are for convenient reference only and shall have no effect on the
interpretation of any provision hereof. The Guarantor acknowledges that it, either directly or
indirectly through its representatives, has participated in the drafting of this Guaranty, and any
applicable rule of construction that ambiguities are to be resolved against the drafting party
shall not be applied in connection with the construction or interpretation of this Guaranty.

-41-

 

          12. JURY TRIAL WAIVER. THE GUARANTOR WAIVES THE RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN OR AMONG THE
GUARANTOR AND THE AGENTS, THE BANKS, AND/OR THE BORROWER ARISING OUT OF OR IN CONNECTION WITH THE
AGREEMENT, THIS GUARANTY, OR ANY OTHER AGREEMENT, INSTRUMENT OR DOCUMENT EXECUTED OR DELIVERED IN
CONNECTION THEREWITH OR THE TRANSACTIONS RELATED THERETO. THE GUARANTOR (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY BANK OR ANY AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH BANK OR AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT THE AGENTS AND THE BANKS HAVE BEEN INDUCED TO ENTER INTO THE AGREEMENT,
THE NOTES AND THE OTHER RELATED WRITINGS TO WHICH THEY ARE PARTIES, AND TO ACCEPT THIS GUARANTY,
BY, AMONG OTHER THINGS, THE WAIVER CONTAINED IN THIS SECTION 12. THE GUARANTOR ACKNOWLEDGES THAT
IT HAS HAD AN OPPORTUNITY TO REVIEW THIS SECTION 12 WITH LEGAL COUNSEL AND THAT THE GUARANTOR
AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT.

          13. NOTICES. Except as otherwise expressly provided herein, all notices, requests,
demands and other communications provided for hereunder shall be in writing (including telegraphic,
telex, facsimile, transmission or cable communication) and mailed, telexed, telegraphed, facsimile
transmitted, cabled or delivered, if to the Guarantor, addressed to it at the address specified on
the signature pages of this Guaranty, if to a Bank, addressed to the address of such Bank specified
on the signature pages of the Agreement (or in any Assignment and Assumption Agreement executed by
such Bank substantially in the form of Exhibit G attached to the Agreement) and if to the Agents,
addressed to them at the address of the Administrative Agent or the Syndication Agent, as
applicable, specified on the signature pages of the Agreement. All notices, statements, requests,
demands and other communications provided for hereunder shall be deemed to be given or made when
delivered or forty-eight (48) hours after being deposited in the mails with postage prepaid by
registered or certified mail or delivered to a telegraph company, addressed as aforesaid, except
that notices from the Guarantor to the Agents or the Banks pursuant to any of the provisions hereof
shall not be effective until received by the Agents or the Banks.

          14. CONSENT TO JURISDICTION. The Guarantor agrees that any action or proceeding to
enforce or arising out of this Guaranty may be commenced in the Court of Common Pleas for Cuyahoga
County, Ohio or in the District Court of the United States for the Northern District of Ohio, and
the Guarantor waives personal service of process and agrees that a summons and complaint commencing
an action or proceeding in any such court shall be properly served and shall confer personal
jurisdiction over the Guarantor if served on the Guarantor at the address listed opposite the
signature of the Guarantor at the end of this Guaranty or as otherwise provided by the laws of the
State of Ohio or the United States. In furtherance of the foregoing, the Guarantor irrevocably
waives any objection it may now or hereafter have as to the venue of any such proceeding brought in
such a court or that such a court is an inconvenient forum.

-42-

 

          15. ENTIRE AGREEMENT. This Guaranty and any other agreement, document or instrument
attached hereto or referred to herein or executed on or as of the date hereof integrate all the
terms and conditions mentioned herein or incidental hereto and supersede all oral representations
and negotiations and prior writings with respect to the subject matter hereof.

          16. INDEPENDENCE OF COVENANTS. All covenants hereunder shall be given independent
effect so that if a particular action or condition is not permitted by any of such covenants, the
fact that it would be permitted by an exception to, or be otherwise within the limitations of,
another covenant shall not avoid the occurrence of an Event of Default if such action is taken or
condition exists, and if a particular action or condition is expressly permitted under any
covenant, unless expressly limited to such covenant, the fact that it would not be permitted under
the general provisions of another covenant shall not constitute an Event of Default if such action
is taken or condition exists.

          17. GENERAL LIMITATION OF LIABILITY. No claim may be made by the Guarantor or any
Subsidiary of the Guarantor, against the Administrative Agent, the Syndication Agent, the
Documentation Agent or any Bank or the Affiliates, directors, officers, employees, attorneys or
agents of any of them for any damages other than compensatory damages in respect of any claim for
breach of contract or any other theory of liability arising out of or related to the transactions
contemplated by the Agreement, the Notes, this Guaranty or any other Related Writing, or any act,
omission or event occurring in connection therewith; and the Guarantor, hereby, to the fullest
extent permitted under applicable law, waives, releases and agrees not to sue or counterclaim upon
any such claim for any special, consequential or punitive damages, whether or not accrued and
whether or not known or suspected to exist in its favor.

[Remainder of page intentionally left blank; signature page follows]

-43-

 

          IN WITNESS WHEREOF, the Guarantor, by an officer thereunto duly authorized, has caused this
Guaranty to be executed as of the date set forth above.

	 	 	 	 	 	 	 

	Address:	 	FOREST CITY ENTERPRISES, INC., an Ohio corporation	 	 
	 
	 	 	 	 	 	 
	1100 Terminal Tower
	 	 	 	 	 	 
	Cleveland, Ohio 44113

	 	By:
	 	/s/ Charles A. Ratner	 	 
	 

	 	 	 	 

Name: Charles A. Ratner
	 	 
	 

	 	 	 	Title: President and Chief Executive Officer	 	 

 

 

SCHEDULE 9.7(b)

FORM OF COVENANT COMPLIANCE CERTIFICATE

          I, the undersigned, Chief Financial Office of Forest City Enterprises, Inc., a corporation
organized and existing under the laws of the State of Ohio (the “Company”), do hereby certify, as
such officer and not individually, that:

     1. This Certificate is furnished pursuant to Section 9.7 of the Third Amended and Restated
Guaranty of Payment of Debt dated as of March 30, 2011, executed and delivered by the Company in
favor of the Banks from time to time party to the Third Amended and Restated Credit Agreement,
KeyBank National Association, as Administrative Agent, PNC Bank, National Association, as successor
to National City Bank, as Syndication Agent and Bank of America, N.A., as Documentation Agent (such
Third Amended and Restated Guaranty of Payment of Debt, as in effect on the date of this
Certificate, being herein called the “Guaranty”). Unless otherwise defined herein, capitalized
terms used in this Certificate shall have the respective meanings set forth in the Guaranty.

     2. On the date hereof, the representations and warranties contained in the Guaranty are true
and correct in all material respects (it being understood and agreed that any representation or
warranty which by its terms is made as of a specified date shall be required to be true and correct
in all material respects only as of such specified date). [If any such representation or warranty
is not true and correct in all material respects as of the date of this certificate describe the
respects in which it is not.]

     3. On the date hereof, no Possible Default or Event of Default has occurred and is continuing.
[If any Possible Default or Event of Default exists, describe the nature and period of existence
thereof and the action taken, being taken or proposed to be taken in respect thereof or if none, so
state.]

     4. On the date hereof, the Company is in full compliance with the covenants set forth in
Sections 9.13, 9.14, 9.15 and 9.25 of the Guaranty as evidenced by the covenant compliance
worksheets accompanying this Certificate. [To the extent the Company is not in full compliance with
the covenants set forth in such Sections, identify such non-compliance here and in the attached
compliance worksheets.]

     IN WITNESS WHEREOF, I have hereunto set my hand this _____ day of __________, ______.

	 	 	 	 	 

	 

	 	 

Name:
	 	 
	 

	 	Chief Financial Officer	 	 

 

 

SCHEDULE 9.9

as of 1/31/11

	 	 	 	 	 
	Plodgor	 	Property
	1)

	 	F.C. White Flint, Inc.
	 	The Grand 
Apartments
	 
	 	 	 	 
	2)

	 	a) Post Office Plaza
	 	MK-Ferguson
	 
	 	 	 	 
	 

	 	b) Skylight Office Tower

     Limited Partnership
	 	Skylight Office Tower
	 
	 	 	 	 
	 

	 	c) Terminal Tower
	 	Terminal Tower

	 	 	 

	NOTE:
	 	Tower City Central Distribution Plant (TCCDP) is a
partnership comprised of the various building owners
within Tower City. This partnership purchases electricity
at wholesale prices and redistributes at market prices.
The proportionate share of profits/losses is allocated to
the various partners based on usage. While each building
owner has pledged it partnership interest in TCCDP as
additional security, it did not obtain any additional
indebtedness related specifically to this pledge.

	 	 	 	 	 

	3)

	 	FC Consolidated, LLC
	 	Tobacco Row
	 
	 	 	 	 
	4)

	 	FC Phillip Morris, Inc.
	 	Tobacco Row
	 
	 	 	 	 
	5)

	 	FC East River Associates, LLC
	 	Washbum Wire
	 
	 	 	 	 
	6)

	 	RRG Yonkers, LLC and FC Member, Inc.
	 	Ridge Hill Retail
	 
	 	 	 	 
	7)

	 	FC Eighth Ave., LLC
	 	New York Times Building
	 
	 	 	 	 
	8a)

	 	Forest City Capital Corporation
	 	Stapleton Land II
	 
	 	 	 	 
	8b)

	 	FC Stapleton Inc
	 	Stapleton Park Creek Jr Bonds
	 
	 	 	 	 
	9)

	 	FC Beekman Mezzanine, LLC
	 	Beekman
	 
	 	 	 	 
	10)

	 	Forest City Capital Corporation
	 	Fort Benning
	 
	 	 	 	 
	11)

	 	FC DeKalb Mezzanine, LLC
	 	80 DeKalb
	 
	 	 	 	 
	12)

	 	Forest City Capital Corporation
	 	Haverhill
	 
	 	 	 	 
	13)

	 	FC Echo/Barr SPE, LLC
	 	Echo Forest and Barrington
	 
	 	 	 	 
	14)

	 	FC Crossroads SPE, LLC
	 	Crossroads

 

 

SCHEDULE 9.19

Construction/Permanent Loans

With Cross-Default and/or Cross-Collateralization Provisions

As of March 28, 2011

NONE

-2-exv10w3

Exhibit 10.3

FIRST AMENDMENT TO PLEDGE AGREEMENT

     THIS FIRST AMENDMENT TO PLEDGE AGREEMENT (this “Amendment”), dated as of March 30, 2011, by
and among FOREST CITY RENTAL PROPERTIES CORPORATION, an Ohio corporation (“Pledgor”) and KEYBANK
NATIONAL ASSOCIATION (“KeyBank”), as Agent for itself and the other Banks (the “Banks”) from time
to time a party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as
Agent, is hereinafter referred to as “Agent”).

W I T N E S S E T H:

     WHEREAS, Pledgor, KeyBank, as Administrative Agent, PNC Bank, National Association, as
Syndication Agent, Bank of America, N.A., as Documentation Agent, and the Banks entered into that
certain Second Amended and Restated Credit Agreement, dated January 29, 2010 (the “Original Credit
Agreement”);

     WHEREAS, pursuant to the Original Credit Agreement, Pledgor executed that certain Pledge
Agreement, dated January 29, 2010 (as the same may be varied, extended, supplemented, consolidated,
amended, replaced, renewed, modified or restated, the “Pledge Agreement”), to secure the
obligations of Pledgor under the Original Credit Agreement and certain other agreements;

     WHEREAS, Pledgor KeyBank, as Administrative Agent, PNC Bank, National Association, as
Syndication Agent, Bank of America, N.A., as Documentation Agent, and the Banks are, simultaneously
herewith, entering into that certain Third Amended and Restated Credit Agreement (the “Credit
Agreement”);

     WHEREAS, as a condition to KeyBank’s, as Administrative Agent, PNC Bank, National
Association’s, as Syndication Agent, Bank of America, N.A.’s, as Documentation Agent, and the
Banks’ execution and delivery of the Credit Agreement, Pledgor has agreed to enter into this
Amendment;

     NOW, THEREFORE, in consideration of the mutual covenants, promises, and agreements set forth
hereinbelow, and for other good and valuable consideration, the receipt, adequacy, and sufficiency
of which are hereby acknowledged, the parties do hereby covenant and agree as follows:

     1. Definitions. Capitalized terms used in this Amendment, but which are not otherwise
expressly defined in this Amendment, shall have the respective meanings given thereto in the Credit
Agreement.

     2. Modification of the Pledge Agreement. Pledgor and Agent do hereby modify and amend
the Pledge Agreement as follows:

          (a) By deleting the reference to “$500,000,000” in the fourth “WHEREAS” clause thereof and
inserting in lieu thereof a reference to $450,000,000”.

 

 

          (b) By deleting Exhibit “A” and Exhibit “B” attached thereto in their entirety
and inserting in lieu thereof Exhibit “A” and Exhibit “B” attached to this
Amendment.

     3. References to Pledge Agreement. All references in the Loan Documents to the Pledge
Agreement shall be deemed a reference to the Pledge Agreement, as modified and amended herein.

     4. Representations. Pledgor represents and warrants to Agent and the Banks as
follows:

          (a) The execution, delivery and performance of this Amendment and the transactions
contemplated hereby (i) are within the authority of Pledgor, (ii) have been duly authorized by all
necessary proceedings on the part of Pledgor, (iii) do not and will not conflict with or result in
any breach or contravention of any provision of law, statute, rule or regulation to which Pledgor
or Parent is subject or any judgment, order, writ, injunction, license or permit applicable to
Pledgor or Parent, (iv) do not and will not conflict with or constitute a default (whether with the
passage of time or the giving of notice, or both) under any provision of the articles of
incorporation, bylaws, operating agreement, partnership agreement, declaration of trust or other
charter documents of, or any agreement or other instrument binding upon, Pledgor, Parent, or any of
their respective properties, (v) do not and will not result in or require the imposition of any
lien or other encumbrance on any of the properties, assets or rights of Pledgor or Parent other
than the liens and encumbrances in favor of Agent contemplated by this Amendment and the other Loan
Documents, and (vi) do not require the approval or consent of any Person other than those already
obtained and delivered to Agent.

          (b) The execution and delivery of this Amendment create valid and legally binding obligations
of Pledgor enforceable in accordance with the respective terms and provisions hereof, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws
relating to or affecting generally the enforcement of creditors’ rights and general principles of
equity.

          (c) The execution, delivery and performance of this Amendment and the transactions
contemplated hereby do not require the approval or consent of, or filing with, any governmental
agency or authority other than those already obtained.

          (d) The representations and warranties made by Pledgor under the Pledge Agreement, as amended
and modified by this Amendment, or otherwise made by or on behalf of Pledgor in connection
therewith were true and correct in all material respects when made and are true and correct in all
material respects as of the date hereof.

     5. No Default. By execution hereof, Pledgor certifies that no Possible Default or
Event of Default has occurred and is continuing.

     6. Ratification. Except as hereinabove set forth, all terms, covenants and provisions
of the Pledge Agreement remain unaltered and in full force and effect, and the parties hereto do
hereby expressly ratify and confirm the Pledge Agreement as modified and amended herein and the
other Loan Documents. Nothing in this Amendment shall be deemed or construed to constitute, and
there has not otherwise occurred, a novation, cancellation, satisfaction, release,

 

 

extinguishment or substitution of the indebtedness evidenced by the Notes or the other
obligations of Pledgor or Parent under the Loan Documents.

     7. Acknowledgment of Pledgor. Pledgor hereby acknowledges, represents and agrees that
the Loan Documents, as modified and amended herein, remain in full force and effect and constitute
the valid and legally binding obligation of Pledgor enforceable against Pledgor in accordance with
their respective terms, and that the execution and delivery of this Amendment does not constitute,
and shall not be deemed to constitute, a release, waiver or satisfaction of Pledgor’s obligations
under the Loan Documents.

     8. Grant of Security Interest; No Impairment; Continuing Security Interest.

          (a) As security for the payment and performance by Pledgor of each and all of the
indebtedness, liabilities, duties, responsibilities and obligations whether such indebtedness,
liabilities, duties, responsibilities and obligations are now existing or are hereafter created or
arising under the Pledge Agreement or any other Loan Document, Pledgor does hereby transfer,
assign, pledge, convey, and grant to Agent, for the benefit of itself and the Banks, and does
hereby grant a security interest to Agent, for the benefit of itself and the Banks, in, all of
Pledgor’s right, title and interest in and to all Collateral referenced on Exhibit “A”
attached hereto.

          (b) Except as otherwise expressly provided herein, nothing herein contained shall in any way
(a) impair or affect the validity and priority of the lien of the Pledge Agreement as to the
collateral originally encumbered prior to the date of this Amendment, (b) alter, waive, annul or
affect any provision, condition or covenant in the Loan Documents, or (c) affect or impair any
rights, powers or remedies under the Loan Documents.

          (c) In furtherance of the foregoing, Pledgor hereby acknowledges, represents and agrees that
the Pledge Agreement, as amended by this Amendment, creates a continuing security interest in the
Collateral listed on Exhibit “A” attached hereto and made a part hereof) and shall (x)
remain in full force and effect until the indefeasible payment in full of the Obligations (as
defined in the Pledge Agreement) and the Banks have no further obligation to make any advances or
issue Letters of Credit under the Credit Agreement, (y) be binding upon Pledgor and its permitted
heirs, successors and assigns, and (z) inure, together with the rights and remedies of Agent
hereunder and thereunder, to the benefit of Agent and the Banks and their respective successors,
transferees and assigns.

          (d) Nothing contained in this Amendment, including, without limitation, this Section 8, shall
in any way operate to override or limit the Collateral Exclusion (as defined in the Pledge
Agreement), and the grant of the security interest in the Collateral set forth herein is subject to
the Collateral Exclusion as if the terms applicable thereto (including the limitations on the
Collateral Exclusion contained in the proviso at the end of the last paragraph of Section 2 of the
Pledge Agreement) were fully set forth herein.

     9. Amendment as Related Writing. This Amendment shall constitute a Related Writing.

 

 

     10. Counterparts. This Amendment may be executed in any number of counterparts, all
of which taken together shall constitute one and the same instrument, and any of the parties hereto
may execute this Amendment by signing any such counterpart.

     11. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS
OF THE STATE OF OHIO EXCEPT TO THE EXTENT OF PROCEDURAL AND SUBSTANTIVE MATTERS RELATING ONLY TO
THE CREATION, PERFECTION (OTHER THAN PERFECTION OF A SECURITY INTEREST IN ANY CERTIFICATE
EVIDENCING COLLATERAL (TO THE EXTENT REQUIRED TO BE DELIVERED TO AGENT HEREUNDER) BY CONTROL
THEREOF, WHICH SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE SUCH CERTIFICATE IS LOCATED) AND
FORECLOSURE OF SECURITY INTERESTS AND LIENS, AND ENFORCEMENT OF RIGHTS AND REMEDIES AGAINST THE
COLLATERAL, WHICH MATTER SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF OHIO.

     12. Miscellaneous. This Amendment shall be effective upon the execution hereof by
Pledgor and Agent and shall be binding upon and shall inure to the benefit of the parties hereto
and their respective permitted successors, successors-in-title and assigns as provided in the
Credit Agreement. All captions in this Amendment are included herein for convenience of reference
only and shall not constitute part of this Amendment for any other purpose.

[remainder of this page intentionally left blank]

 

 

     IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly authorized
officers and/or other representatives, have duly executed this Amendment, under seal, as of the day
and year first above written.

	 	 	 	 	 	 	 

	 	 	PLEDGOR:	 	 
	 
	 	 	 	 	 	 
	 	 	FOREST CITY RENTAL
PROPERTIES CORPORATION, an Ohio
corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles A. Ratner
 

	 	 
	 	 	Name: Charles A. Ratner	 	 
	 	 	Title: President and Chief Executive Officer	 	 
	 	 	[SEAL]
	 	 

 

 

	 	 	 	 	 
	 	AGENT:

KEYBANK NATIONAL ASSOCIATION, a 

national banking association, as Agent

 	 
	 	By:  	/s/ Joshua K. Mayers
 	 
	 	 	Name:  	Joshua K. Mayers 	 
	 	 	Title:  	Vice President 	 
	 

 

 

PLEDGE AGREEMENT - EXHIBIT A

FCRPC Active Subs - January 31, 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	% Interest Directly	 	 Date	 	 	Jurisdiction	 	 
	Subsidiary	 	Held by FCRPC	 	 Acquired	 	 	Code	 	Entity Type 
	Artus Inc.
	 	100	 	 	2/2/1981	 	 	OH	 	Corporation
	Atlantic Center Fort Greene, Inc.
	 	100	 	 	9/30/1994	 	 	NY	 	Corporation
	Atlantic Center Housing Associates, L.P.
	 	12	 	 	5/26/1994	 	 	NY	 	Limited Partnership
	Ballston Common Associates, L.P.
	 	50	 	 	4/30/1994	 	 	DE	 	Limited Partnership
	Ballston Development Corporation
	 	100	 	 	3/28/1984	 	 	OH	 	Corporation
	Beachwood Venture Associates Limited Partnership
	 	99	 	 	8/18/2006	 	 	MI	 	Limited Partnership
	Boulevard Towers LLC
	 	2	 	 	12/15/1998	 	 	NY	 	Limited Liability Company
	Canton Centre Mall Limited Partnership
	 	89	 	 	12/20/2000	 	 	OH	 	Limited Partnership
	Center Courtland, Inc.
	 	100	 	 	8/2/1988	 	 	OH	 	Corporation
	Chagrin Office Building, L.L.C.
	 	66.66667	 	 	10/13/1998	 	 	OH	 	Limited Liability Company
	Chapel Hill Apartments, Ltd.
	 	100	 	 	6/11/2007	 	 	OH	 	Limited Liability Company
	F. C. Billboard, Inc.
	 	100	 	 	3/24/1995	 	 	PA	 	Corporation
	F. C. Canton Centre, Inc.
	 	100	 	 	3/3/1994	 	 	OH	 	Corporation
	F. C. Fairmont, L.L.C.
	 	85	 	 	2/1/2002	 	 	OH	 	Limited Liability Company
	F. C. Laurels Limited Partnership
	 	99	 	 	9/26/1995	 	 	IL	 	Limited Partnership
	F. C. Liberty, Inc.
	 	100	 	 	4/25/1995	 	 	PA	 	Corporation
	F. C. Regency Club Limited Partnership
	 	99	 	 	3/24/1994	 	 	NJ	 	Limited Partnership
	F. C. Rolling Acres, Inc.
	 	100	 	 	3/3/1994	 	 	OH	 	Corporation
	F. C. Southridge Corp.
	 	100	 	 	9/11/1986	 	 	OH	 	Corporation
	F.C. Fireland, Inc.
	 	100	 	 	9/3/1985	 	 	OH	 	Corporation
	F.C. Member, Inc.
	 	100	 	 	1/17/1997	 	 	NY	 	Corporation
	F.C. MIDTOWN, LLC
	 	2	 	 	10/1/2009	 	 	OH	 	Limited Liability Company
	F.C. Short Pump Land Investment, Inc.
	 	100	 	 	6/27/1996	 	 	VA	 	Corporation
	F.C. Stonecrest Land Investment, Inc.
	 	100	 	 	5/15/1997	 	 	GA	 	Corporation
	F.C. Stonecrest Mall, Inc.
	 	100	 	 	5/15/1997	 	 	GA	 	Corporation
	F.C. Temecula, Inc.
	 	100	 	 	7/21/1997	 	 	CA	 	Corporation
	F.C. Webster, LLC
	 	100	 	 	7/18/2001	 	 	OH	 	Limited Liability Company
	F.C. Westland, LLC
	 	100	 	 	7/18/2001	 	 	OH	 	Limited Liability Company
	F.C. WHITEACRES LLC
	 	2	 	 	7/13/2005	 	 	OH	 	Limited Liability Company
	FC 45/75 Sidney, Inc.
	 	100	 	 	6/20/1997	 	 	MA	 	Corporation
	FC 8 South, Inc.
	 	100	 	 	6/12/2001	 	 	NY	 	Corporation
	FC 816-818 Mission Street, LLC
	 	100	 	 	7/28/2008	 	 	DE	 	Limited Liability Company
	FC Bellevue Associates Limited Partnership
	 	99	 	 	2/24/1997	 	 	WA	 	Limited Partnership
	FC Emerald Park, Inc.
	 	100	 	 	7/9/1997	 	 	OH	 	Corporation
	FC LH, Inc.
	 	100	 	 	2/6/1996	 	 	OH	 	Corporation
	FC Manhattan, Inc.
	 	100	 	 	11/15/2001	 	 	KS	 	Corporation

 

 

FCRPC Active Subs - January 31, 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	% Interest Directly	 	Date	 	 	Jurisdiction	 	 
	Subsidiary	 	Held by FCRPC	 	Acquired	 	 	Code	 	Entity Type
	FC Master Associates III, Inc.
	 	100	 	 	7/25/2006	 	 	NY	 	Corporation
	FC Northern Boulevard, Inc.
	 	100	 	 	4/29/1996	 	 	NY	 	Corporation
	FC Ohio HTC Investor, LLC
	 	100	 	 	12/2/2010	 	 	DE	 	Limited Liability Company
	FC Pacific, Inc.
	 	100	 	 	12/26/1995	 	 	NY	 	Corporation
	FC Pittsburgh, Inc. (fka Harrah’s Pittsburgh
Investment Company, Inc.)
	 	100	 	 	11/13/1997	 	 	NV	 	Corporation
	FC University Park II, Inc.
	 	100	 	 	10/17/1996	 	 	MA	 	Corporation
	FC Ziegler Place LLC
	 	99	 	 	4/1/2004	 	 	MI	 	Limited Liability Company
	First Forest City Brookline Street, Inc.
	 	100	 	 	12/31/1991	 	 	MA	 	Corporation
	First New York Management Company, Inc.
	 	100	 	 	10/20/1987	 	 	NY	 	Corporation
	Forest Bay, Inc.
	 	100	 	 	6/7/1978	 	 	OH	 	Corporation
	Forest City 42nd Street, Inc.
	 	100	 	 	9/8/1995	 	 	NY	 	Corporation
	Forest City 64 Sidney Street, Inc.
	 	100	 	 	12/1/1988	 	 	OH	 	Corporation
	Forest City Antelope Valley, Inc.
	 	100	 	 	12/11/1987	 	 	OH	 	Corporation
	Forest City Atlantic Housing, Inc.
	 	100	 	 	4/15/1993	 	 	NY	 	Corporation
	Forest City B.U.G. Building, Inc.
	 	100	 	 	11/24/1986	 	 	NY	 	Corporation
	Forest City Bluffside Corporation
	 	100	 	 	3/8/1985	 	 	OH	 	Corporation
	Forest City Bruckner, Inc.
	 	100	 	 	6/20/1995	 	 	NY	 	Corporation
	Forest City California Commercial Construction, Inc.
	 	100	 	 	2/18/1988	 	 	CA	 	Corporation
	Forest City Cambridge, Inc.
	 	100	 	 	3/5/1984	 	 	OH	 	Corporation
	Forest City Central Station, Inc.
	 	100	 	 	6/12/1989	 	 	OH	 	Corporation
	Forest City Commercial Construction Co., Inc.
	 	100	 	 	2/23/1987	 	 	OH	 	Corporation
	Forest City Commercial Group, Inc.
	 	100	 	 	10/30/1997	 	 	OH	 	Corporation
	Forest City Commercial Holdings, Inc.
	 	100	 	 	3/24/1995	 	 	NY	 	Corporation
	Forest City Commercial Management, Inc.
	 	100	 	 	2/1/1985	 	 	OH	 	Corporation
	Forest City Development California, Inc.
	 	100	 	 	6/4/1986	 	 	CA	 	Corporation
	Forest City East Coast, Inc.
	 	100	 	 	5/8/1989	 	 	NY	 	Corporation
	Forest City Ely, Inc.
	 	100	 	 	3/11/1996	 	 	NY	 	Corporation
	Forest City Felix, Inc.
	 	100	 	 	12/17/1996	 	 	NY	 	Corporation
	Forest City Finance Corporation
	 	100	 	 	6/2/1988	 	 	OH	 	Corporation
	Forest City Flatbush, Inc.
	 	100	 	 	3/25/1996	 	 	NY	 	Corporation
	Forest City Fulton Street Building, Inc.
	 	100	 	 	3/14/1989	 	 	NY	 	Corporation
	Forest City Galaxy, Inc.
	 	100	 	 	3/7/1994	 	 	NV	 	Corporation
	Forest City Grand Avenue, Inc.
	 	100	 	 	6/26/1996	 	 	NY	 	Corporation
	Forest City Grant Liberty Associates
	 	99	 	 	12/15/1983	 	 	PA	 	Limited Partnership
	Forest City Hunting Park, Inc.
	 	100	 	 	3/14/1995	 	 	PA	 	Corporation
	Forest City International Plaza Corp.
	 	100	 	 	9/2/1981	 	 	OH	 	Corporation

 

 

FCRPC Active Subs - January 31, 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	% Interest Directly	 	Date	 	 	Jurisdiction	 	 
	Subsidiary	 	Held by FCRPC	 	Acquired	 	 	Code	 	Entity Type
	Forest City Mercy Campus, Inc.
	 	100	 	 	6/21/2005	 	 	OH	 	Corporation
	Forest City Metrotech Corp.
	 	100	 	 	9/30/1985	 	 	OH	 	Corporation
	Forest City N. Y., Inc.
	 	100	 	 	3/9/1989	 	 	NY	 	Corporation
	Forest City N.Y. Group, Inc.
	 	100	 	 	7/22/1998	 	 	NY	 	Corporation
	Forest City Park Manor, Inc.
	 	100	 	 	11/18/1987	 	 	OH	 	Corporation
	Forest City Peripheral Land, Inc.
	 	100	 	 	8/24/1989	 	 	DE	 	Corporation
	Forest City Pierrepont, Inc.
	 	100	 	 	6/25/1985	 	 	NY	 	Corporation
	Forest City Pittsburgh Land, Inc.
	 	100	 	 	8/24/1989	 	 	DE	 	Corporation
	Forest City Residential Group, Inc.
	 	100	 	 	3/5/1997	 	 	OH	 	Corporation
	Forest City Richmond, Inc.
	 	100	 	 	5/7/1996	 	 	NY	 	Corporation
	Forest City Robinson Mall, Inc.
	 	100	 	 	8/24/1989	 	 	DE	 	Corporation
	Forest City S.I.A.C. Building, Inc.
	 	100	 	 	11/24/1986	 	 	NY	 	Corporation
	Forest City San Vicente Corp.
	 	100	 	 	6/5/1979	 	 	OH	 	Corporation
	Forest City Sound View Associates
	 	99	 	 	1/16/1979	 	 	CT	 	Limited Partnership
	Forest City Station Square, Inc.
	 	100	 	 	5/19/1994	 	 	PA	 	Corporation
	Forest City Sustainable Resources, LLC
	 	100	 	 	11/10/2009	 	 	OH	 	Limited Liability Company
	Forest City Tech Place, Inc.
	 	100	 	 	3/1/1993	 	 	NY	 	Corporation
	Forest City Tilden, Inc.
	 	100	 	 	7/7/1993	 	 	NY	 	Corporation
	Forest City University Park Food Services, Inc.
	 	100	 	 	6/2/1992	 	 	OH	 	Corporation
	Forest City Waring, Inc.
	 	100	 	 	3/7/1996	 	 	NY	 	Corporation
	Forest City Washington, Inc.
	 	100	 	 	6/13/2002	 	 	DC	 	Corporation
	Franklin Town Towers Associates
	 	99	 	 	5/21/1997	 	 	PA	 	Limited Partnership
	HAI/FCD Partnership
	 	99	 	 	1/1/1978	 	 	CA	 	General Partnership
	Halle Garage Investments, LLC
	 	100	 	 	7/31/2009	 	 	OH	 	Limited Liability Company
	Halle Investments, LLC
	 	100	 	 	7/20/2009	 	 	OH	 	Limited Liability Company
	In Town Hotels, Inc.
	 	100	 	 	1/31/1980	 	 	OH	 	Corporation
	In Town Parking, Inc.
	 	100	 	 	4/13/1982	 	 	OH	 	Corporation
	In Town Shopping Center, Inc.
	 	100	 	 	6/2/1981	 	 	OH	 	Corporation
	Independence Place Associates, L.L.C.
	 	50	 	 	5/12/1999	 	 	OH	 	Limited Liability Company
	Manhattan Mall Company
	 	98	 	 	11/1/2001	 	 	KS	 	General Partnership
	Oracle-Wetmore Co. Limited Partnership
	 	1.35	 	 	1/1/1978	 	 	AZ	 	Limited Partnership
	Playhouse Square Investment, Inc.
	 	100	 	 	12/17/1980	 	 	OH	 	Corporation
	Post Office Building Co.
	 	78	 	 	9/12/1983	 	 	OH	 	Corporation
	RM Member, LLC
	 	80	 	 	12/13/2004	 	 	CA	 	Limited Liability Company
	Rolling Acres Properties Co. Limited Partnership
	 	27.57	 	 	6/14/2007	 	 	OH	 	Limited Partnership
	T.C. Avenue, Inc. F/K/A F.C. Parklabrea Towers, Inc.
	 	100	 	 	7/16/1986	 	 	OH	 	Corporation

 

 

FCRPC Active Subs - January 31, 2011

	 	 	 	 	 	 	 	 	 	 	 
	 	 	% Interest Directly	 	Date	 	 	Jurisdiction	 	 
	Subsidiary	 	Held by FCRPC	 	Acquired	 	 	Code	 	Entity Type
	Terminal Investments, Inc.
	 	100	 	 	10/19/1982	 	 	OH	 	Corporation
	Tower City Expansion, Inc.
	 	100	 	 	10/25/1991	 	 	OH	 	Corporation
	Tower City Hotel Associates Limited Partnership
	 	95	 	 	9/22/2005	 	 	DE	 	Limited Partnership
	Tower City Land Corporation
	 	100	 	 	12/4/1985	 	 	OH	 	Corporation
	Tower City Properties Ltd.
	 	50	 	 	3/24/1980	 	 	OH	 	Limited Partnership
	Tower City Riverview Company
	 	100	 	 	10/6/1989	 	 	OH	 	Corporation
	Tower City Skylight Tower, Inc.
	 	100	 	 	3/17/1989	 	 	OH	 	Corporation
	Tower Energy, Inc.
	 	100	 	 	4/28/1989	 	 	OH	 	Corporation
	Tower Hotels, Inc.
	 	100	 	 	7/29/1983	 	 	OH	 	Corporation
	Tusar, Inc.
	 	100	 	 	2/22/1978	 	 	OH	 	Corporation
	WBA Woodlake, L.L.C.
	 	99	 	 	7/27/1998	 	 	MI	 	Limited Liability Company

 

 

PLEDGE AGREEMENT - EXHIBIT B

Property List - 1/31/11 **

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	COMMERCIAL GROUP	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	OFFICE BUILDINGS	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	

FCRPC Subsidiary	 	 	

Location	 	 	

State	 
	 	Consolidated Office Buildings
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	2 Hanson Place

	 	 	FC Hanson Office Associates, LLC
	 	 	F.C. Member, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	250 Huron

	 	 	Tower City Hotel Associates Limited Partnership
	 	 	Tower Hotel, Inc. and Forest City Rental Properties Corporation
	 	 	Cleveland, OH
	 	 	OH	 
	 	3055 Roslyn (formerly Stapleton Medical Office)

	 	 	FC Stapleton III, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 	4930 Oakton

	 	 	FC 4930 Oakton LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Skokie, IL
	 	 	IL	 
	 	Ballston Common Office Center

	 	 	Ballston Office Center, LLC
	 	 	Chapel Hill Apartments, Ltd.
	 	 	Arlington, VA
	 	 	VA	 
	 	Colorado Studios

	 	 	FC Stapleton III, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 	Commerce Court

	 	 	Commerce Court, LLC
	 	 	Forest City N.Y. Group, Inc.
	 	 	Pittsburg, PA
	 	 	PA	 
	 	Edgeworth Building

	 	 	FC Edgeworth Lessor, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	Eleven MetroTech Center

	 	 	Forest City Tech Place Associates II, LLC
	 	 	Forest City Tech Place, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Fairmont Plaza

	 	 	FC Fairmont SPE, LLC
	 	 	F.C. Fairmount, LLC
	 	 	San Jose, CA
	 	 	CA	 
	 	Fifteen MetroTech Center

	 	 	Forest City Myrtle Associates, LLC
	 	 	F.C. Member Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Halle Building

	 	 	a) Halle Office Building Limited Partnership, (b) S & R 

Playhouse Realty Company
	 	 	(a) FC LH (b) Halle Investments LLC and Playhouse Square Investment, Inc.
	 	 	Cleveland, OH
	 	 	OH	 
	 	Harlem Center

	 	 	Harlem Center Office, LLC
	 	 	Forest City Master Associates III, LLC* and Forest City Commercial Holdings, Inc.
	 	 	Manhattan, NY
	 	 	NY	 
	 	Higbee Building

	 	 	Forest Bay Tower City, LLC
	 	 	Forest Bay, Inc.
	 	 	Cleveland, OH
	 	 	OH	 
	 	Illinois Science and Technology Park
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	- Building A

	 	 	FC 4901 Searle, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Skokie, IL
	 	 	IL	 
	 	- Building J

	 	 	FC Skokie SPE, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Skokie, IL
	 	 	IL	 
	 	- Building P

	 	 	FC Skokie SPE, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Skokie, IL
	 	 	IL	 
	 	- Building Q

	 	 	FC Skokie SPE, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Skokie, IL
	 	 	IL	 
	 	Johns Hopkins - 855 North Wolfe Street
	 	 	

855 N. WOLFE STREET, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	East Baltimore, MD
	 	 	MD	 
	 	New York Times

	 	 	FC Eighth Ave., LLC
	 	 	Forest City N.Y. Group, Inc. and FC 8 South, Inc.
	 	 	Manhattan, NY
	 	 	NY	 
	 	Nine MetroTech Center North

	 	 	FC Flatbush Associates II, LLC
	 	 	Forest City Flatbush, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	One MetroTech Center

	 	 	Forest City Jay Street Associates, L.P.
	 	 	Forest City B.U.G. Building, Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	One Pierrepont Plaza

	 	 	Forest City Pierrepont Associates
	 	 	Forest City Pierrepont, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Post Office Plaza

	 	 	Post Office Plaza Limited Partnership
	 	 	Forest City Commercial Group, Inc.
	 	 	Cleveland, OH
	 	 	OH	 
	 	Richmond Office Park

	 	 	(a) FC Richmond I, LLC, (b) FC Richmond II, LLC, (c) Highland II, L.L.C., and (d) Hillcrest Investments, LLC
	 	 	(a) Canton Centre Mall Limited Partnership, (b) F.C. Fireland, Inc., (c) F.C. Fireland, Inc. and (d) Canton Centre Mall Limited Partnership
	 	 	Richmond, VA
	 	 	VA	 
	 	Skylight Office Tower

	 	 	Skylight Office Tower SPE, LLC
	 	 	Forest City Skylight Tower, Inc.
	 	 	Cleveland, OH
	 	 	OH	 
	 

1

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	

FCRPC Subsidiary	 	 	

Location	 	 	

State	 
	 	Ten MetroTech Center

	 	 	625 Fulton Associates, LLC
	 	 	Forest City Fulton Street Building, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Terminal Tower

	 	 	Terminal Tower SPE, LLC
	 	 	Terminal Investments, Inc.
	 	 	Cleveland, OH
	 	 	OH	 
	 	Twelve MetroTech Center

	 	 	330 Jay Office Associates, LLC
	 	 	Forest City Commercial Holdings, Inc.
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Two MetroTech Center

	 	 	Forest City Bridge Street Associates, L.P.
	 	 	Forest City S.I.A.C. Building, Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	University of Pennsylvania

	 	 	PB 31st Street, LLC
	 	 	Forest City Equity Services, Inc.
	 	 	Philadelphia, PA
	 	 	PA	 
	 	Waterfront Station - East 4th and West 

4th Bldgs

	 	 	Waterfront Associates, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Washington, D.C.
	 	 	DC	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Unconsolidated Office Buildings
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	35 Landsdowne Street

	 	 	UP 35 Landsdowne, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	350 Massachusetts Ave

	 	 	University Park Phase II Limited Partnership
	 	 	FC University Park II, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	40 Landsdowne Street

	 	 	Forest City 40 Landsdowne, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	45/75 Sidney Street

	 	 	UP 45/75 Sidney, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	65/80 Landsdowne Street

	 	 	UP 65/80 Landsowne, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	818 Mission Street

	 	 	(a) FC 816-818 Mission Street LLC (b) Westfield 816-818
Mission Street, LLC
	 	 	(a) Forest City Rental Properties Corporation
	 	 	San Francisco, CA
	 	 	CA	 
	 	88 Sidney Street

	 	 	Forest City 88 Sidney Street, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	Bulletin Building

	 	 	Bulletin Building Owner, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	San Francisco, CA
	 	 	CA	 
	 	Chagrin Plaza I and II

	 	 	Chagrin Office Building, LLC
	 	 	Forest City Rental Properties Corporation
	 	 	Beachwood, OH
	 	 	OH	 
	 	Clark Building

	 	 	Thirty-Eight Sidney Street Limited Partnership
	 	 	Forest City Commercial Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	Enterprise Place

	 	 	Enterprise Operating Co., LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Beachwood, OH
	 	 	OH	 
	 	Jackson Building

	 	 	UP 26 Landsdowne, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	Liberty Center

	 	 	Liberty Center Venture
	 	 	Forest City Grant Liberty Associates and F.C. Liberty, Inc.
	 	 	Pittsburgh, PA
	 	 	PA	 
	 	Mesa del Sol - 5600 University SE (formerly Advent Solar)

	 	 	MDelS, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Albuquerque, NM
	 	 	NM	 
	 	Mesa del Sol - Aperture Center 

(Town Center)

	 	 	Mesa-Towncenter Building #1, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Albuquerque, NM
	 	 	NM	 
	 	Mesa del Sol - Fidelity

	 	 	Mesa-Innovation Park Building 2, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Albuquerque, NM
	 	 	NM	 
	 	Richards Building

	 	 	UP 64 Sidney Street, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	Signature Square I

	 	 	Signature Square SPE, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Beachwood, OH
	 	 	OH	 
	 	Signature Square II

	 	 	Signature Square SPE, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Beachwood, OH
	 	 	OH	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

2

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	COMMERCIAL GROUP	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	RETAIL CENTERS	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	

FCRPC Subsidiary	 	 	

Location	 	 	

State	 
	 	Consolidated Regional Malls
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Antelope Valley Mall

	 	 	Antelope Valley Mall, LLC
	 	 	Forest City Antelope Valley, Inc.
	 	 	Palmdale, CA
	 	 	CA	 
	 	Ballston Common Mall

	 	 	FC Ballston Common, LLC
	 	 	Ballston Development Corporation
	 	 	Arlington, VA
	 	 	VA	 
	 	Galleria at Sunset

	 	 	BPC Henderson, LLC
	 	 	Forest City N.Y. Group, Inc.
	 	 	Henderson, NV
	 	 	NV	 
	 	Mall at Robinson

	 	 	Robinson Mall - JCP Associates, LTD.
	 	 	Forest City Robinson Mall, Inc.
	 	 	Pittsburgh, PA
	 	 	PA	 
	 	Mall at Stonecrest

	 	 	Stonecrest Mall SPE, LLC
	 	 	F.C. Stonecrest Mall, Inc.
	 	 	Atlanta, GA
	 	 	GA	 
	 	Northfield at Stapleton

	 	 	Stapleton North Town, LLC
	 	 	WBA Woodlake, L.L.C. and Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 	Orchard Town Center

	 	 	FC Orchard Town Center, Inc.
	 	 	Forest City Commercial Group, Inc.
	 	 	Westminster, CO
	 	 	CO	 
	 	Promenade Bolingbrook

	 	 	(a) FC Janes Park, LLC, (b) Forest City Bolingbrook, LLC. (c) FC Bolingbrook, Inc.
	 	 	(a) FC Manhattan Inc. (b) Forest City Commercial Group, Inc. (c) Forest City Commercial Group, Inc.
	 	 	Bolingbrook, IL
	 	 	IL	 
	 	Promenade in Temecula

	 	 	Temecula Towne Center Associates, L.P.
	 	 	F.C. Temecula, Inc.
	 	 	Temecula, CA
	 	 	CA	 
	 	Ridge Hill

	 	 	FC Yonkers Associates, LLC
	 	 	F.C. Member, Inc.
	 	 	Yonkers, NY
	 	 	NY	 
	 	Shops at Wiregrass

	 	 	Goodforest LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Tampa, FL
	 	 	FL	 
	 	Short Pump Town Center

	 	 	Short Pump Town Center, LLC
	 	 	F.C. Short Pump Land Investment, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	South Bay Galleria

	 	 	South Bay Center SPE, LLC
	 	 	Tusar, Inc. GP and Forest City Rental Properties Corporation LP
	 	 	Redondo Beach, CA
	 	 	CA	 
	 	Victoria Gardens

	 	 	(a) Victoria Garden Mall, LLC (b) Rancho BP, LLC
	 	 	(a) Chapel Hill Mall, Ltd (b) Forest City Commercial Group, Inc.
	 	 	Rancho Cucamonga, CA
	 	 	CA	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Consolidated Specialty Retail Centers
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	42nd Street

	 	 	FC 42nd Street Associates, L.P.
	 	 	Forest City Commercial Holdings, Inc., Forest City 42nd Street, Inc. and Forest City Master Associates III, LLC*
	 	 	Manhattan, NY
	 	 	NY	 
	 	Atlantic Center

	 	 	Atlantic Center Fort Greene Associates, L.P.
	 	 	Atlantic Center Fort Greene, Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Atlantic Center Site V

	 	 	FC Pacific Associates, LLC
	 	 	FC Pacific, Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Atlantic Terminal

	 	 	FC Hanson Associates, LLC
	 	 	FC Member, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Avenue at Tower City Center

	 	 	Tower City Avenue, LLC
	 	 	T.C. Avenue, Inc., Tower City Land Corp. and Tower City Properties Ltd.
	 	 	Cleveland, OH
	 	 	OH	 
	 	Brooklyn Commons

	 	 	FC Gowanus Associates, LLC
	 	 	F.C. Member, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	Bruckner Boulevard

	 	 	FC Bruckner Associates, L.P.
	 	 	Forest City Bruckner, Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Bronx, NY
	 	 	NY	 
	 	Columbia Park Center

	 	 	FC/Treeco Columbia Park, LLC
	 	 	F.C. Member, Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	North Bergen, NJ
	 	 	NJ	 
	 	Court Street

	 	 	FC Court Street Associates, LLC
	 	 	F.C. Member, Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn, NY
	 	 	NY	 
	 	East 29th Avenue Town Center

	 	 	Town Center Rental, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 

3

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	

FCRPC Subsidiary	 	 	

Location	 	 	

State	 
	 	Eastchester

	 	 	FC Castle Center Associates II, LLC
	 	 	F.C. Member Inc., Forest City Commercial Holdings, Inc. and *Forest City Commercial Holdings, Inc.
	 	 	Bronx, NY
	 	 	NY	 
	 	Forest Avenue

	 	 	FC Forest Avenue Associates, LLC
	 	 	FC Member Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Staten Island, NY
	 	 	NY	 
	 	Gun Hill Road

	 	 	(a) FC Ely Associates, L.P. (b) FC Waring Associates, L.P.
	 	 	(a) Forest City Ely Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC* (b) Forest City Waring Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Bronx, NY
	 	 	NY	 
	 	Harlem Center

	 	 	Harlem Center, LLC
	 	 	Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Manhattan, NY
	 	 	NY	 
	 	Kaufman Studios

	 	 	FC Steinway Street Associates II, LLC
	 	 	F.C. Member Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Queens, NY
	 	 	NY	 
	 	Market at Tobacco Row

	 	 	Forest City Grocery, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	Northern Boulevard

	 	 	FC Northern Associates II, LLC
	 	 	FC Northern Boulevard, Inc., Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Queens, NY
	 	 	NY	 
	 	Quartermaster Plaza

	 	 	(a) FC Quartermaster Associates L.P. (b) FC Quartermaster Associates II, L.P. (c) FC Quartermaster Associates III, L.P.
	 	 	(a) Forest City Commercial Holdings, Inc. and *Forest City Commercial Holdings, Inc. (b) Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC* (c) Forest City Commercial Holdings, Inc. and Forest City Master Associates III, LLC*
	 	 	Philadelphia, PA
	 	 	PA	 
	 	Quebec Square

	 	 	Quebec Square SPE, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 	Queens Place

	 	 	FC Queens Place Associates, LLC
	 	 	Forest City Bluffside Corporation, Forest City Residential Group, Inc. and Forest City Master Associates III, LLC*
	 	 	Queens, NY
	 	 	NY	 
	 	Richmond Avenue

	 	 	FC Richmond Associates, L.P.
	 	 	Forest City Richmond Inc., Forest City Commercial Holdings, and Forest City Master Associates III, LLC*
	 	 	Staten Island, NY
	 	 	NY	 
	 	Station Square

	 	 	Forest City Station Square Associates, Freight House Operating Ltd. And Forest City Bessemer Court Associates
	 	 	(a) FC Pittsburgh Inc. and Forest City Station Square, Inc. (b) Forest City Commercial Group, Inc. (c) FC Pittsburgh, Inc. and Forest City Station Square, Inc.
	 	 	Pittsburgh, PA
	 	 	PA	 
	 	White Oak Village

	 	 	Lamburnum Investment, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

4

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	COMMERCIAL GROUP	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	RETAIL CENTERS	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	

FCRPC Subsidiary	 	 	

Location	 	 	

State	 
	 	Unconsolidated Regional Malls
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Boulevard Mall

	 	 	Boulevard Mall SPE, LLC
	 	 	FCRPC/Niasher, Inc. and Forest City Rental Properties Corporation
	 	 	Amherst, NY
	 	 	NY	 
	 	Charleston Town Center

	 	 	Charleston Town Center SPE, LLC
	 	 	In Town Shopping Center, Inc.
	 	 	Charleston, WV
	 	 	WV	 
	 	San Francisco Centre

	 	 	Emporium Mall LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	San Francisco, CA
	 	 	CA	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Unconsolidated Specialty Retail Centers
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	East River Plaza

	 	 	Tiago Holdings, LLC
	 	 	F.C. Member, Inc.
	 	 	Manhattan, NY
	 	 	NY	 
	 	Golden Gate

	 	 	Golden Gate Shopping Center LTD
	 	 	Golden Gate Shopping Center, Ltd.
	 	 	Mayfield Hts., OH
	 	 	OH	 
	 	Marketplace at Riverpark

	 	 	CCRP, a California limited partnership
	 	 	Forest City Commercial Group, Inc.
	 	 	Fresno, CA
	 	 	CA	 
	 	Plaza at Robinson Town Center

	 	 	Park Associates
	 	 	Forest City Park Manor, Inc.
	 	 	Pittsburgh, PA
	 	 	PA	 
	 	Village at Gulfstream

	 	 	The Village at Gulfstream Park, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Hallendale, FL
	 	 	FL	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	COMMERCIAL GROUP	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	HOTELS	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	

FCRPC Subsidiary	 	 	

Location	 	 	

State	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Consolidated Hotels
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Charleston Marriott

	 	 	Charleston Marriott SPE, LLC
	 	 	In Town Hotels, Inc.
	 	 	Charleston, WV
	 	 	WV	 
	 	Ritz-Carlton, Cleveland

	 	 	DCFC, LLC
	 	 	Forest City Commercial Group, Inc.
	 	 	Cleveland, OH
	 	 	OH	 
	 	Sheraton Station Square

	 	 	Forest City San Vincente Corp.
	 	 	Forest City San Vincente Corp.
	 	 	Pittsburgh, PA
	 	 	PA	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Unconsolidated Hotels
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Westin Convention Center

	 	 	Liberty Center Venture
	 	 	F.C. Liberty Inc.
	 	 	Pittsburgh, PA
	 	 	PA	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

5

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	RESIDENTIAL GROUP	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	APARTMENTS	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	

FCRPC Subsidiary	 	 	

Location	 	 	

State	 
	 	Consolidated Apartments
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	100 Landsdowne Street

	 	 	FC 100 Landsdowne Street, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	1251 S. Michigan

	 	 	FC Central Station Senior, LLC
	 	 	Forest City Central Station, Inc. and Forest City Residential Group, Inc.
	 	 	Chicago, IL
	 	 	IL	 
	 	American Cigar Company

	 	 	F.C. Philip Morris L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	Ashton Mill

	 	 	FC Ashton Mill Lessor, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Cumberland, RI
	 	 	RI	 
	 	Botanica II

	 	 	Botanica II, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 	Brookview Place

	 	 	Brookview Place Associates, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Dayton, OH
	 	 	OH	 
	 	Cameron Kinney

	 	 	FC Cameron Kinney, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	Cedar Place

	 	 	Cedarplace Associates Limited Dividend Housing Associates Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Lansing, MI
	 	 	MI	 
	 	Consolidated-Carolina

	 	 	F.C. Consolidated Lessor, L.L.C.
	 	 	Forest City Residential Group, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	Cutter’s Ridge at Tobacco Row

	 	 	Tobacco Row TownHouses, LLC, F/K/A Tobacco Row Land II, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	DKLB BKLN (formerly 80 DeKalb)

	 	 	FC 80 DeKalb Associates, LLC
	 	 	Forest City Fulton Street Building, Inc. and Forest City Master Associates III, LLC*
	 	 	Brooklyn. NY
	 	 	NY	 
	 	Drake

	 	 	F.C. Drake Associates, L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	Philadelphia, PA
	 	 	PA	 
	 	Easthaven at the Village

	 	 	Village Green of Beachwood Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Beachwood, OH
	 	 	OH	 
	 	Emerald Palms

	 	 	Emerald Palms Phase II, LLLP
	 	 	Forest City Residential Group, Inc.
	 	 	Miami, FL
	 	 	FL	 
	 	Foundry Lofts

	 	 	SEFC 160, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Washington , D.C.
	 	 	DC	 
	 	Grand Lowry Lofts

	 	 	National Grand Lowry Lofts Associates, LP
	 	 	Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 	Hamel Mill Lofts

	 	 	FC HH F/K/A FC Haverhill, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Haverhill, MA
	 	 	MA	 
	 	Heritage

	 	 	FC Cortez Hill Associates, L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	San Diego, CA
	 	 	CA	 
	 	Independence Place I

	 	 	Independence Place Associates, L.L.C.
	 	 	Forest City Rental Properties Corporation
	 	 	Parma Hts., OH
	 	 	OH	 
	 	Independence Place II

	 	 	Parmatown Woods, LTD
	 	 	Forest City Residential Group, Inc.
	 	 	Parma Hts., OH
	 	 	OH	 
	 	Kennedy Biscuit Lofts

	 	 	Kennedy Lofts Associates Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	Knolls

	 	 	F.C. Orange Associates, L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	Orange, CA
	 	 	CA	 
	 	Loft 23

	 	 	FC 23 Sidney Street LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	Lofts at 1835 Arch

	 	 	FC Bell Associates, L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	Philadelphia, PA
	 	 	PA	 
	 	Lucky Strike

	 	 	FC Lucky Strike Lessor, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Richmond, VA
	 	 	VA	 
	 	Mercantile Place on Main (formerly Dallas Mercantile)

	 	 	FC Merc Complex, L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	Dallas, TX
	 	 	TX	 
	 	Metro 417

	 	 	FC Subway Terminal Lessor, L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	Los Angeles, CA
	 	 	CA	 
	 	Metropolitan

	 	 	Forest City Southpark Two, Inc.
	 	 	Forest City Residential Group, Inc.
	 	 	Los Angeles, CA
	 	 	CA	 
	 	Midtown Towers

	 	 	F.C. Midtown, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Parma, OH
	 	 	OH	 
	 	Millender Center

	 	 	Millender Center Associates Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Detroit, MI
	 	 	MI	 
	 	Museum Towers

	 	 	Franklin Town Towers Associates
	 	 	Forest City Residential Group, Inc.
	 	 	Philadelphia, PA
	 	 	PA	 
	 

6

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Fee Owner or Ground Lessee	 	 	FCRPC Subsidiary	 	 	Location	 	 	State	 
	 	New York by Gehry (formerly Beekman)

	 	 	FC Beekman Associates, LLC
	 	 	Forest City Residential Group, Inc. and Forest City Commercial Holdings, Inc.
	 	 	Manhattan, NY
	 	 	NY	 
	 	North Church Towers - Bldg. I

	 	 	North Church Towers I, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Parma Hts., OH
	 	 	OH	 
	 	North Church Towers - Bldg. II

	 	 	North Church Towers II, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Parma Hts., OH
	 	 	OH	 
	 	One Franklintown

	 	 	Forest City Franklin Town Corp.
	 	 	Forest City Residential Group, Inc.
	 	 	Philadelphia, PA
	 	 	PA	 
	 	Parmatown Towers and Gardens

	 	 	F.C. Parmatown Associates, L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	Parma, OH
	 	 	OH	 
	 	Pavilion

	 	 	F.C. Harris Pavilion Apartments Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Chicago, IL
	 	 	IL	 
	 	Perrytown

	 	 	Perrytown Place Associates
	 	 	Forest City Residential Group, Inc.
	 	 	Pittsburgh, PA
	 	 	PA	 
	 	Presidio Landmark

	 	 	FC Presidio PHSH Lessor, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	San Francisco, CA
	 	 	CA	 
	 	Queenswood

	 	 	Queenswood Associates, L.P.
	 	 	Forest City Residential Group, Inc. and Forest City Master Associates III, LLC*
	 	 	Corona, NY
	 	 	NY	 
	 	Sky55

	 	 	FC Central Station Residential, LLC
	 	 	Forest City Central Station, Inc. and Forest City Residential Group, Inc.
	 	 	Chicago, IL
	 	 	IL	 
	 	Southfield

	 	 	Southfield Partners Investors, LLC
	 	 	Center Courtland, Inc.
	 	 	Whitemarsh, MD
	 	 	MD	 
	 	Town Center (Crescent Flats )

	 	 	FC 29th Avenue Town Center, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 	Town Center (Botanica on the Green)

	 	 	FC 29th Avenue Town Center, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Denver, CO
	 	 	CO	 
	 	Wilson Building

	 	 	FC WP Building, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Dallas, TX
	 	 	TX	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Consolidated Supported Living Apartments
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Forest Trace

	 	 	SG Forest Trace SPE, LLC
	 	 	Forest City Bluffside Corporation, Forest City Residential Group, Inc. and Forest City Master Associates III, LLC*
	 	 	Lauderhill, FL
	 	 	FL	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

7

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	APARTMENTS (continued)	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	

FCRPC Subsidiary	 	 	

Location	 	 	

State	 
	 	Unconsolidated Apartments
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Arbor Glen

	 	 	Twinsburg Residential Associates
	 	 	Forest City Residential Group, Inc.
	 	 	Twinsburg, OH
	 	 	OH	 
	 	Autumn Ridge

	 	 	Autumn Ridge Associate, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Sterling Heights, MI
	 	 	MI	 
	 	Barrington Place

	 	 	Barrington Apartments, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Raleigh, NC
	 	 	NC	 
	 	Bayside Village

	 	 	Bayside Village Associates
	 	 	Forest City Residential Group, Inc.
	 	 	San Francisco, CA
	 	 	CA	 
	 	Big Creek

	 	 	Big Creek Apartments I, L.L.C., Big Creek Apartments II, LLC and Big Creek Apartments, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Parma Hts., OH
	 	 	OH	 
	 	Bowin Place

	 	 	Bowin Place Associates Limited Dividend Housing Association Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Detroit, MI
	 	 	MI	 
	 	Brookpark Place

	 	 	FC Brookpark Place LLC
	 	 	Forest City Residential Group, Inc. and Forest City Rental Properties Corporation
	 	 	Wheeling, WV
	 	 	WV	 
	 	Buckeye Towers

	 	 	Buckeye Towers, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	New Boston, OH
	 	 	OH	 
	 	Burton Place

	 	 	Burton Elderly Limited Dividend Housing Association Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Burton, MI
	 	 	MI	 
	 	Cambridge Towers

	 	 	Cambridge Tower Associates, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Detroit, MI
	 	 	MI	 
	 	Camelot

	 	 	Camelot Apartments, LLC
	 	 	Forest City Rental Properties Corporation
	 	 	Parma Hts., OH
	 	 	OH	 
	 	Canton Towers

	 	 	Canton Towers, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Canton, OH
	 	 	OH	 
	 	Carl D. Perkins

	 	 	Douglas Towers, LTD
	 	 	Forest City Residential Group, Inc.
	 	 	Pikeville, KY
	 	 	KY	 
	 	Cherry Tree

	 	 	Cherry Tree Village
	 	 	Forest City Residential Group, Inc.
	 	 	Strongsville, OH
	 	 	OH	 
	 	Chestnut Lake

	 	 	Chestnut Lake Apartments Limited Partnership
	 	 	Forest City Rental Properties Corporation and Forest City Residential Group, Inc.
	 	 	Strongsville, OH
	 	 	OH	 
	 	Cobblestone Court Apartments

	 	 	(1) Cobblestone Court Apartments, LLC and (2) Cobblestone Court Apartments I, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Painesville, OH
	 	 	OH	 
	 	Colonial Grand

	 	 	Colonial Grand, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Tampa, FL
	 	 	FL	 
	 	Connellsville Towers

	 	 	Connellsville Associates
	 	 	Forest City Residential Group, Inc.
	 	 	Connellsville, PA
	 	 	PA	 
	 	Coppertree

	 	 	Park Plaza Apartments, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Mayfield Hts., OH
	 	 	OH	 
	 	Coraopolis Towers

	 	 	Coraopolis Towers
	 	 	Forest City Residential Group, Inc.
	 	 	Coraopolis, PA
	 	 	PA	 
	 	Deer Run

	 	 	Deer Run Apartments Limited
	 	 	Forest City Residential Group, Inc. and Forest City Rental Properties Corporation
	 	 	Twinsburg, OH
	 	 	OH	 
	 	Donora Towers

	 	 	Donora Towers
	 	 	Forest City Residential Group, Inc.
	 	 	Donora, PA
	 	 	PA	 
	 	Eaton Ridge

	 	 	Eaton Ridge, Ltd.
	 	 	Doesn’t sit under Forest City Rental Properties Corporation
	 	 	Sagamore Hills, OH
	 	 	OH	 
	 	Farmington Place

	 	 	FC Farmington Place, LLC
	 	 	Forest City Residential Group, Inc. and Forest City Rental Properties Corporation
	 	 	Farmington, MI
	 	 	MI	 
	 	Fenimore Court

	 	 	Fenimore Limited Dividend Housing Association
	 	 	Forest City Residential Group, Inc.
	 	 	Detroit, MI
	 	 	MI	 
	 	Fort Lincoln II

	 	 	Fort Lincoln Senior Village II Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Washington, D.C.
	 	 	DC	 
	 	Fort Lincoln III and IV

	 	 	Fort Lincoln Senior Village III Limited Partnership
	 	 	Forest City Rental Properties Corporation
	 	 	Washington, D.C.
	 	 	DC	 
	 	Frenchtown Place

	 	 	Frenchtown Place Associates Limited Dividend Housing Association
	 	 	Forest City Residential Group, Inc.
	 	 	Monroe, MI
	 	 	MI	 
	 	Glendora Gardens

	 	 	Glendora Gardens Associates
	 	 	Forest City Residential Group, Inc.
	 	 	Glendora, CA
	 	 	CA	 
	 	Grand

	 	 	Wisconsin Park Associates Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	North Bethesda, MD
	 	 	MD	 
	 	Grove

	 	 	Grove Associates
	 	 	Forest City Residential Group, Inc.
	 	 	Ontario, CA
	 	 	CA	 
	 

8

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	FCRPC Subsidiary	 	 	Location	 	 	State	 
	 	Hamptons

	 	 	FCRP-Hamptons, LLC
	 	 	Forest City Rental Properties Corporation
	 	 	Beachwood, OH
	 	 	OH	 
	 	Hunter’s Hollow

	 	 	Hunters Hollow Apartments, L.L.C.
	 	 	Forest City Residential Group, Inc.
	 	 	Strongsville, OH
	 	 	OH	 
	 	Lakeland

	 	 	Lakeland Place Associates Limited Dividend Housing Association Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Waterford, MI
	 	 	MI	 
	 	Legacy Arboretum

	 	 	Echo Forest, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Charlotte, NC
	 	 	NC	 
	 	Legacy Crossroads

	 	 	The Apartments at Crossroads, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Cary, NC
	 	 	NC	 
	 	Lenox Club

	 	 	Lenox Club Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Arlington, VA
	 	 	VA	 
	 	Lenox Park

	 	 	F-C Harris Silver Spring Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Silver Spring, MD
	 	 	MD	 
	 	Liberty Hills

	 	 	Liberty Hill Apartments I, Ltd.
	 	 	Forest City Rental Properties Corporation
	 	 	Solon, OH
	 	 	OH	 
	 	Lima Towers

	 	 	Lima Towers, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Lima, OH
	 	 	OH	 
	 	Metropolitan Lofts

	 	 	FC Metropolitan Lofts Associates, L.P.
	 	 	Forest City Residential Group, Inc.
	 	 	Los Angeles, CA
	 	 	CA	 
	 	Miramar Towers

	 	 	Miramar Towers, a California limited partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Los Angeles, CA
	 	 	CA	 
	 	Newport Landing

	 	 	Newport Landing
	 	 	Forest City Residential Group, Inc.
	 	 	Coventry Township, OH
	 	 	OH	 
	 	Noble Towers

	 	 	Noble Towers Associates
	 	 	Forest City Residential Group, Inc.
	 	 	Pittsburgh, PA
	 	 	PA	 
	 	North Port Village

	 	 	North Port Associates Limited Dividend Housing Association
	 	 	Forest City Residential Group, Inc.
	 	 	Port Huron, MI
	 	 	MI	 
	 	Nu Ken Towers (Citizen’s Plaza)

	 	 	New Kensington Towers Associates
	 	 	Forest City Residential Group, Inc.
	 	 	New Kensington, PA
	 	 	PA	 
	 	Oceanpointe Towers

	 	 	Ocean View Towers Associates Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Long Branch, NJ
	 	 	NJ	 
	 	Panorama Towers

	 	 	HAI/FCD Partnership
	 	 	Forest City Rental Properties Corporation
	 	 	Panorama City, CA
	 	 	CA	 
	 	Park Place Towers

	 	 	Park Place Tower Associates Limited Dividend Housing Association
	 	 	Forest City Residential Group, Inc.
	 	 	Mt. Clemens, MI
	 	 	MI	 
	 	Parkwood Village

	 	 	Village in the Park
	 	 	Forest City Residential Group, Inc.
	 	 	Brunswick, OH
	 	 	OH	 
	 	Pine Grove Manor

	 	 	Pine Grove Manor Associates Limited Dividend Housing Association
	 	 	Forest City Residential Group, Inc.
	 	 	Muskegon Township, MI
	 	 	MI	 
	 	Pine Ridge Valley

	 	 	(1) Pine Ridge Valley Apartments-East, LLC, (2) Pine Ridge Apartments Co., II, Ltd., (3) Pine Ridge Apartments Co. Limited Partnership and (4) Pine Ridge Valley Apartments, Building H, LLC
	 	 	(1) Forest City Rental Properties Corporation, (2) Forest City Rental Properties Corporation, (3) Forest City Rental Properties Corporation and (4) Forest City Rental Properties Corporation
	 	 	Willoughby Hills, OH
	 	 	OH	 
	 	Plymouth Square

	 	 	FC Plymouth Square Village, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Detroit, MI
	 	 	MI	 
	 	Potomac Heights Village

	 	 	Potomac Village Associates Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	Keyser, WV
	 	 	WV	 
	 	Residences at University Park

	 	 	FC 91 Sidney Street, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Cambridge, MA
	 	 	MA	 
	 	Riverside Towers

	 	 	Riverside Towers, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Coshocton, OH
	 	 	OH	 
	 	Settler’s Landing at Greentree

	 	 	Settler’s Landing at Greentree I, LLC and Settlers Landing at Greentree, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Streetsboro, OH
	 	 	OH	 
	 	Shippan Avenue

	 	 	Forest City Sound View Associates
	 	 	Forest City Residential Group, Inc. and Forest City Rental Properties Corporation
	 	 	Stamford, CT
	 	 	CT	 
	 	St. Mary’s Villa

	 	 	St. Mary’s Villa Associates
	 	 	Forest City Residential Group, Inc.
	 	 	Newark, NJ
	 	 	NJ	 
	 	Stratford Crossing

	 	 	Stratford Crossings, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Wadsworth, OH
	 	 	OH	 
	 	Surfside Towers

	 	 	Surfside Apartments, LLC
	 	 	Forest City Residential Group, Inc. and Forest City Rental Properties Corporation
	 	 	Eastlake, OH
	 	 	OH	 
	 	Sutton Landing

	 	 	Sutton Landing Apartments, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Brimfield, OH
	 	 	OH	 
	 	Tamarac

	 	 	Tamarac Apartments, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Willoughby, OH
	 	 	OH	 
	 	The Springs

	 	 	La Mesa Springs Associates, a California Limited Partnership
	 	 	Forest City Residential Group, Inc.
	 	 	La Mesa, CA
	 	 	CA	 
	 	Tower 43

	 	 	Kent Tower 43 Associates, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Kent, OH
	 	 	OH	 
	 

9

 

PLEDGE AGREEMENT - EXHIBIT B

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	

Fee Owner or Ground Lessee	 	 	FCRPC Subsidiary	 	 	Location	 	 	State	 
	 	Towne Centre Place

	 	 	Towne Center Place Associates Limited Dividend Housing Association
	 	 	Forest City Residential Group, Inc.
	 	 	Ypsilanti, MI
	 	 	MI	 
	 	Twin Lake Towers

	 	 	Twin Lake Towers Venture
	 	 	Forest City Rental Properties Corporation
	 	 	Denver, CO
	 	 	CO	 
	 	Uptown Apartments

	 	 	Uptown Housing Partners, LP
	 	 	Forest City Residential Group, Inc.
	 	 	Oakland, CA
	 	 	CA	 
	 	Village Center

	 	 	

Village Center Associates Limited Dividend Housing Association
	 	 	Forest City Residential Group, Inc.
	 	 	Detroit, MI
	 	 	MI	 
	 	Village Square

	 	 	FC Village Square LLC
	 	 	Forest City Residential Group, Inc. and Forest City Rental Properties Corporation
	 	 	Williamsville, NY
	 	 	NY	 
	 	Westwood Reserve

	 	 	Center Towers, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Tampa, FL
	 	 	FL	 
	 	Woodgate / Evergreen Farms

	 	 	Olmsted Farms, Ltd.
	 	 	Forest City Residential Group, Inc.
	 	 	Olmsted Township, OH
	 	 	OH	 
	 	Worth Street

	 	 	FC Foley Square Associates, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Manhattan, NY
	 	 	NY	 
	 	Ziegler Place

	 	 	FC Ziegler Place, LLC
	 	 	Forest City Rental Properties Corporation/Forest City Residential Group, Inc.
	 	 	Livonia, MI
	 	 	MI	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Unconsolidated Military Housing
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Air Force Academy

	 	 	Air Force Academy Military Communities, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Colorado Springs, CO
	 	 	CO	 
	 	Midwest Millington

	 	 	Midwest Family Housing, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Memphis, TN
	 	 	TN	 
	 	Navy Midwest

	 	 	Midwest Military Communities, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Chicago, IL
	 	 	IL	 
	 	Ohana Military Communities, Hawaii Increment I

	 	 	Ohana Military Communities, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Honolulu, HI
	 	 	HI	 
	 	Ohana Military Communities, Hawaii Increment II

	 	 	Ohana Military Communities, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Honolulu, HI
	 	 	HI	 
	 	Ohana Military Communities, Hawaii Increment III

	 	 	Ohana Military Communities, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Honolulu, HI
	 	 	HI	 
	 	Ohana Military Communities, Hawaii Increment IV

	 	 	Ohana Military Communities, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Kaneohe, HI
	 	 	HI	 
	 	Pacific Northwest Communities

	 	 	Pacific Northwest Communities, LLC
	 	 	Forest City Residential Group, Inc.
	 	 	Seattle, WA
	 	 	WA	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*Forest City Master Associates, LLC (“Master III”) holds an interest in the property. Master III has Class A Common Units held by Bruce C. Ratner or affiliates of Bruce C. Ratner and Class B Common Units held by affiliates of Forest City Rental Properties Corporation. Forest City Commercial Holdings, Inc., a subsidiary of Forest City Rental Properties Corporation, is the largest holder of Class 
B Common Units and the managing member of Master III.	 
	 	**Schedule updated on an annual basis. The next update will be on 1/31/12.	 
	 

10

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