Document:

EX-10.1

EXHIBIT 10.1

FOURTH AMENDMENT TO CREDIT AGREEMENT

This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into as of
this 3rd day of October, 2006, by and among FOREST CITY RENTAL PROPERTIES CORPORATION, an Ohio
corporation (the “Borrower”), KEYBANK NATIONAL ASSOCIATION, as Administrative Agent (the
“Administrative Agent”), NATIONAL CITY BANK, as Syndication Agent (the “Syndication Agent” and,
together with the Administrative Agent, the “Agents”), BANK OF AMERICA, N. A. and LASALLE BANK
NATIONAL ASSOCIATION, as Co-Documentation Agents, and the banks party to the Credit Agreement (as
hereinafter defined) as of the date hereof (collectively, the “Banks” and individually a “Bank”).
Capitalized terms not otherwise defined herein shall have the respective meanings attributed to
them in the Credit Agreement, as hereinafter defined.

W I T N E S S E T H:

WHEREAS, the Borrower, the Banks and the Agents have previously entered into a certain Credit
Agreement, dated as of March 22, 2004, as amended by that certain First Amendment to Credit
Agreement, dated as of January 19, 2005, as further amended by that certain Second Amendment to
Credit Agreement, dated as of April 7, 2005, and as further amended by that certain Third Amendment
to Credit Agreement, dated as of June 30, 2006, in each case, among the Borrower, the Banks and the
Agents (as so amended, the “Credit Agreement”); and

WHEREAS, in connection with the Credit Agreement, Forest City Enterprises, Inc. (the “Parent”)
made and entered into a certain Guaranty of Payment of Debt in favor of the Agents and the Banks,
dated as of March 22, 2004, as amended by that certain First Amendment to Guaranty of Payment of
Debt, dated as of January 19, 2005, as further amended by that certain Second Amendment to Guaranty
of Payment of Debt, dated as of April 7, 2005, as further amended by that certain Third Amendment
of Guaranty of Payment of Debt, dated as of June 30, 2006 and as further amended by that certain
Fourth Amendment to Guaranty of Payment of Debt, dated as of the date hereof (as so amended, the
“Guaranty”); and

WHEREAS, the Borrower, the Banks and the Agents desire to make certain amendments to the
Credit Agreement to acknowledge and allow the Parent to incur additional Indebtedness of up to
$287,500,000, subject to the terms and conditions contained herein and in the Fourth Amendment to
Guaranty (as defined below); and

WHEREAS, the Banks and the Agents are willing to amend the Credit Agreement and the Guaranty,
on the respective terms and conditions set forth herein and in the Fourth Amendment to Guaranty of
Payment of Debt of even date herewith (the “Fourth Amendment to Guaranty”), respectively, and such
terms and conditions are agreeable to the Borrower and to the Parent.

NOW, THEREFORE, it is mutually agreed as follows:

1. AMENDMENT TO ARTICLE I OF THE CREDIT AGREEMENT. Article I of the Credit Agreement
shall be amended as follows:

(a) Addition of Definition of “Puttable Notes Hedge and Warrant Transactions".
Section 1 of the Credit Agreement shall be amended by adding in its appropriate alphabetical place,
the following definition for “Puttable Notes Hedge and Warrant Transactions”:

“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
Parent, with respect to its common stock, in connection with the 2006 Puttable
Senior Notes.

(b) Addition of Definition of “2006 Indenture". Article 1 of the Credit Agreement
shall be amended by adding in its appropriate alphabetical place, the following definition for
“2006 Indenture”:

“2006 Indenture” shall mean the indenture dated as of October 10, 2006, between
the Parent and The Bank of New York Trust Company, N. A., as indenture trustee,
relating to the 2006 Puttable Senior Notes.

(c) Addition of Definition of “2006 Puttable Senior Notes". Article 1 of the Credit
Agreement shall be amended by adding in its appropriate alphabetical place, the following
definition for “2006 Puttable Senior Notes”:

“2006 Puttable Senior Notes” shall mean the puttable equity-linked senior notes
of the Parent to be issued on or about October 10, 2006, pursuant to the 2006
Indenture, in an original aggregate principal amount of up to $287,500,000.

2. AMENDMENT TO SECTION 8.16 OF THE CREDIT AGREEMENT. Section 8.16 of the Credit
Agreement shall be amended by deleting it in its entirety and replacing it with the following:

SECTION 8.16. SENIOR NOTES; 2006 PUTTABLE SENIOR NOTES. (a) The Borrower
shall not alter, amend, change or modify the terms of any of the Senior Notes (i) to allow
the maturity date of any of the Senior Notes to be less than ten (10) years from the
respective date of issue, (ii) to provide for payment of interest under any of the Senior
Notes more frequently than quarterly, or (iii) to modify the redemption provisions contained
therein, including adding additional redemption provisions.

(b) The Borrower shall not alter, amend, change or modify the terms of any of the 2006
Puttable Senior Notes (i) to allow the maturity of any of the 2006 Puttable Senior Notes to
be less than five (5) years from the date of issue, (ii) to provide for payment of interest
under any of the 2006 Puttable Senior Notes more frequently than quarterly, (iii) to provide
additional circumstances pursuant to which holders of the 2006 Puttable Senior Notes may put
their Notes to the Parent or to increase the put rate available to such holders, other than
as provided in the 2006 Indenture in effect as of the date hereof, or (iv) to permit the
Parent to redeem the 2006 Puttable Senior Notes prior to their maturity.

3. REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants to the Agents
and each of the Banks as follows:

(a) INCORPORATION OF REPRESENTATIONS AND WARRANTIES. Each and every representation
and warranty made by the Borrower in Article IX of the Credit Agreement is incorporated herein as
if fully rewritten herein at length and is true, correct and complete as of the date hereof (after
giving effect to any revisions to Schedule 9.22 or Schedule 9.23 that may have been delivered to
the Agents on or before the Amendment Closing Date (as hereinafter defined)).

(b) REQUISITE AUTHORITY. The Borrower has all requisite power and authority to
execute and deliver and to perform its obligations in respect of this Amendment and each and every
other agreement, certificate, or document required by this Amendment. The Borrower has all
requisite power and authority to perform its obligations under the Credit Agreement as amended by
this Amendment.

(c) DUE AUTHORIZATION; VALIDITY. The Borrower has taken all necessary action to
authorize the execution, delivery, and performance by it of this Amendment and every other
instrument, document, and certificate relating thereto. This Amendment has been duly executed and
delivered by the Borrower and is the legal, valid, and binding obligation of the Borrower
enforceable against it in accordance with its terms.

(d) NO CONSENT. No consent, approval, or authorization of, or registration with, any
governmental authority or other Person is required in connection with the execution, delivery and
performance of this Amendment and the transactions contemplated hereby.

(e) NO DEFAULTS.  After giving effect to this Amendment, no event has occurred and no
condition exists which, with the giving of notice or the lapse of time, or both, would constitute
an Event of Default or Possible Default under the Credit Agreement.

4. CONDITIONS TO EFFECTIVENESS OF AMENDMENT.

(a) CLOSING CONDITIONS. Except as otherwise expressly provided in this Amendment,
prior to or concurrently with the Amendment Closing Date (as hereinafter defined), and as
conditions precedent to the effectiveness of the waiver and the amendments to the Credit Agreement
provided for herein, the following actions shall be taken, all in form and substance satisfactory
to the Agents and the Banks and their respective counsel:

(i) LOAN DOCUMENTS AND CORPORATE DOCUMENTS. The Borrower shall deliver or cause to be
delivered to the Agents and the Banks the following documents, in all cases duly executed, and
delivered by the Borrower and/or the Parent, and/or certified, as the case may be:

(1) Certified copy of the resolutions of the board of directors of the Borrower
evidencing approval of the execution, delivery and performance of this Amendment;

(2) Certified copy of the resolutions of the board of directors of the Parent
evidencing approval of the execution, delivery and performance of the Fourth
Amendment to Guaranty and the 2006 Senior Puttable Notes, 2006 Indenture and the
Puttable Hedge and Warrant Transactions (as defined in the Guaranty);

(3) Copies of the 2006 Indenture, the form of the 2006 Senior Puttable Notes and each
document evidencing the Puttable Hedge and Warrant Transactions (as defined in the
Guaranty), in each case, duly executed by each of the parties thereto, certified as being
true, accurate and complete by the secretary or assistant secretary of the Parent;

(4) A good standing certificate, dated as of a recent date, from the State of
Ohio for the Borrower;

(5) A good standing certificate, dated as of a recent date, from the State of
Ohio for the Parent;

(6) A certificate of the secretary or assistant secretary of the Borrower
certifying the names of the officers of the Borrower authorized to sign this
Amendment, together with the true signatures of such officers;

(7) A certificate of the secretary or assistant secretary of the Parent
certifying the names of the officers of the Parent authorized to sign the Fourth
Amendment to Guaranty, together with the true signatures of such officers;

(8) Counterparts of this Amendment, executed and delivered by the Borrower, the
Agents, and the Banks and of the Parent’s Acknowledgement of this Amendment executed
and delivered by the Parent;

(9) Copies of the Articles of Incorporation and Code of Regulations of the
Borrower, certified by the secretary or the assistant secretary of the Borrower as
being true and complete as of the Amendment Closing Date;

(10) Copies of the Articles of Incorporation and Code of Regulations of the
Parent, certified by the secretary or the assistant secretary of the Parent as being
true and complete as of the Amendment Closing Date;

(11) Counterparts of the Fourth Amendment to Guaranty, executed and delivered
by the Parent, the Agents and the Banks; and

(12) A certificate of the secretary or assistant secretary of the Borrower and
the Parent certifying that as of the date of this Amendment and after giving effect
to this Amendment and to the incurrence of the Indebtedness under the 2006 Senior
Puttable Notes and the Puttable Hedge and Warrant Transactions, no Event of Default
or Possible Default exists or will exist under the Credit Agreement, as amended
hereby, or the Guaranty, as amended by the Fourth Amendment to Guaranty.

(ii) OPINION OF COUNSEL FOR PARENT. The Borrower shall deliver or caused to be
delivered to the Agents and the Banks a favorable opinion of counsel for the Parent as to the due
authorization, execution, and delivery, and legality, validity and enforceability of the Fourth
Amendment to Guaranty, the 2006 Indenture, the 2006 Senior Puttable Notes and the Puttable Hedge
and Warrant Transactions (as defined in the Guaranty) and such other matters as the Agents or the
Banks may request.

(iii) OPINION OF COUNSEL FOR BORROWER. The Borrower shall deliver or caused to be
delivered to the Agents and the Banks a favorable opinion of counsel for the Borrower as to the due
authorization, execution, and delivery, and legality, validity and enforceability of this Amendment
and such other matters as the Agents or the Banks may request.

(iv) PAYMENT OF FEES TO BANKS. On or before the Amendment Closing Date, the Borrower
shall have paid to the Agents and the Banks all costs, fees and expenses incurred by them through
the Amendment Closing Date in the preparation, negotiation and execution of this Amendment and the
Fourth Amendment to Guaranty (including, without limitation, the reasonable legal fees and expenses
of Thompson Hine LLP). The Borrower shall pay an amendment fee to the Administrative Agent for
distribution to the Banks that have approved this Amendment and the Fourth Amendment to Guaranty in
the amount agreed to among the Agents and the Borrower.

(v) REVISED SCHEDULES. If necessary to make the representations and warranties
contained in Section 3(a) above true, correct and complete, the Borrower shall have delivered to
the Agents and the Banks a new Schedule 9.22 and/or Schedule 9.23.

(b) DEFINITION. The “Amendment Closing Date” shall mean the date this Amendment is
executed and delivered by the Borrower, the Banks and the Agents and all the conditions set forth
in subsection (a) of this Section 4 have been satisfied or waived in writing by the Agents.

5. NO WAIVER. Except as otherwise expressly provided herein, the execution and
delivery of this Amendment by the Agents and the Banks shall not (a) constitute a waiver or release
of any obligation or liability of the Borrower under the Credit Agreement as in effect prior to the
effectiveness of this Amendment or as amended hereby, (b) waive or release any Event of Default or
Possible Default existing at any time, (c) give rise to any obligation on the part of the Agents
and the Banks to extend, modify or waive any term or condition in the Credit Agreement or any of
the other Related Writings, or (d) give rise to any defenses or counterclaims to the right of the
Agents and the Banks to compel payment of the Debt or to otherwise enforce their rights and
remedies under the Credit Agreement and Related Writings.

6. EFFECT ON OTHER PROVISIONS. Except as expressly amended by this Amendment, all
provisions of the Credit Agreement continue unchanged and in full force and effect and are hereby
confirmed and ratified. All provisions of the Credit Agreement shall be applicable to this
Amendment.

7. EXECUTION IN COUNTERPARTS. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute but one
and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment
by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.

8. GOVERNING LAW. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of Ohio, without regard to its principles of conflict of laws.

[Remainder of page intentionally left blank.]

1

S.CONT

IN WITNESS WHEREOF, the parties hereto, each by an officer thereunto duly authorized, have
caused this Fourth Amendment to Credit Agreement to be executed and delivered as of the date first
above written.

FOREST CITY RENTAL PROPERTIES

CORPORATION

By:/s/ CHARLES A. RATNER

Title: Chairman of the Board

KEYBANK NATIONAL ASSOCIATION,

Individually and as Administrative Agent

By: /s/ JOSHUA K. MAYERS

Title: Assistant Vice President

NATIONAL CITY BANK, Individually and

as Syndication Agent

By: /s/ ANTHONY J. DIMARE

Title: Senior Vice President

THE HUNTINGTON NATIONAL BANK

By: /s/ RYAN TERRANO

Title: Vice President

U.S. BANK NATIONAL ASSOCIATION

By: /s/ DENNIS J. REDPATH

Title: Senior Vice President

COMERICA BANK

	 	 	 
	By:

	 	/s/ ADAM SHEETS
	 

	 	

	Title: Account Office

	 	

(Signature page to Fourth Amendment to Credit Agreement)

FIRST MERIT BANK

By: /s/ JOHN F. NEUMANN

Title: Senior Vice President

MANUFACTURERS AND TRADERS

TRUST COMPANY

By: /s/ BRIAN D. BEITZ

Title: Vice President

FIFTH THIRD BANK

By: /s/ R. C. LANCTOT

Title: Vice President

BANK OF AMERICA, N. A.

By: /s/ JAMES J. MAGALDI

Title: Senior Vice President

BANK OF MONTREAL

By: /s/ VIRGINIA NEALE

Title: Vice President

CHARTER ONE BANK, N.A.

By: /s/ MICHELE S. JAWYN

Title: Vice President 

(Signature page to Fourth Amendment to Credit Agreement)

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CONSENT OF GUARANTOR

FOREST CITY ENTERPRISES, INC., an Ohio corporation, Guarantor under that certain Guaranty of
Payment of Debt issued on or about March 22, 2004, as amended by that certain First Amendment to
Guaranty of Payment of Debt, dated as of January 19, 2005, as further amended by that certain
Second Amendment to Guaranty of Payment of Debt, dated as of April 7, 2005, as further amended by
that certain Third Amendment to Guaranty of Payment of Debt, dated as of June 30, 2006, and as
further amended by that certain Fourth Amendment to Guaranty of Payment of Debt, dated as of
October 3, 2006 (as so amended, the “Guaranty of Payment of Debt”) to and in favor of the Agents
and the Banks in respect of, inter alia., the indebtedness of FOREST CITY RENTAL PROPERTIES
CORPORATION under the Credit Agreement referenced in the foregoing Fourth Amendment to Credit
Agreement, hereby acknowledges that it consents to the foregoing Fourth Amendment to Credit
Agreement and confirms and agrees that its Guaranty of Payment of Debt, as amended to the date
hereof, is and shall remain in full force and effect with respect to the Credit Agreement as in
effect prior to, and from and after, the amendment thereof pursuant to the foregoing Fourth
Amendment to Credit Agreement.

Dated: October 3, 2006 FOREST CITY ENTERPRISES, INC.

By: /s/ CHARLES A. RATNER

Title: Chief Executive Officer and President

3EX-10.2

EXHIBIT 10.2

FOURTH AMENDMENT TO 

GUARANTY OF PAYMENT OF DEBT

This FOURTH AMENDMENT TO GUARANTY OF PAYMENT OF DEBT (this “Fourth Amendment to Guaranty”) is
made and entered into as of this 3rd day of October, 2006, by and among FOREST CITY ENTERPRISES,
INC., an Ohio corporation (the “Guarantor”), KEYBANK NATIONAL ASSOCIATION, as Administrative Agent
(the “Administrative Agent”), NATIONAL CITY BANK, as Syndication Agent (the “Syndication Agent”
and, together with the Administrative Agent, the “Agents”), BANK OF AMERICA, N. A. and LASALLE BANK
NATIONAL ASSOCIATION, as Co-Documentation Agents, and the banks party to the Credit Agreement (as
hereinafter defined) as of the date hereof (collectively, the “Banks” and individually, a “Bank”).
Capitalized terms not otherwise defined herein shall have the respective meanings attributed to
them in the Guaranty, as hereinafter defined.

W I T N E S S E T H;

WHEREAS, Forest City Rental Properties Corporation (the “Borrower”), the Banks, and the Agents
previously entered into a certain Credit Agreement, dated as of March 22, 2004, as amended by that
certain First Amendment to Credit Agreement, dated as of January 19, 2005, as further amended by
that certain Second Amendment to Credit Agreement, dated as of April 7, 2005, and as further
amended by that certain Third Amendment to Credit Agreement, dated as of June 30, 2006 (as so
amended, the “Original Credit Agreement”); and

WHEREAS, the Banks required, as a condition to entering into the Original Credit Agreement,
that the Guarantor execute and deliver to the Agents and the Banks a certain Guaranty of Payment of
Debt, dated as of March 22, 2004, as amended by that certain First Amendment to Guaranty of Payment
of Debt dated as of January 19, 2005, as further amended by that certain Second Amendment to
Guaranty of Payment of Debt dated as of April 7, 2005, and as further amended by that certain Third
Amendment to Guaranty of Payment of Debt, dated as of June 30, 2006 (as so amended, the “Guaranty”)
and the Guarantor agreed to and did execute and deliver the Guaranty to the Agents and the Banks;
and

WHEREAS, the Borrower and the Guarantor have requested that the Banks and the Agents agree to
certain amendments to the Original Credit Agreement and to the Guaranty; and

WHEREAS, the Borrower, the Banks and the Agents have entered into a Fourth Amendment to Credit
Agreement, dated as of the date hereof (said Amendment together with the Original Credit Agreement,
the “Credit Agreement”), that requires as one of its conditions that the Guarantor enter into this
Fourth Amendment to Guaranty.

NOW, THEREFORE, it is mutually agreed as follows:

1. AMENDMENT TO SECTION 1 OF THE GUARANTY. Section 1 of the Guaranty shall be
amended as follows:

(a) Addition of Definition of “Puttable Notes Hedge and Warrant Transactions".
Section 1 of the Guaranty shall be amended by adding in its appropriate alphabetical place, the
following definition for “Puttable Notes Hedge and Warrant Transactions”:

“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.

(b) Addition of Definition of “2006 Indenture". Section 1 of the Guaranty shall be
amended by adding in its appropriate alphabetical place, the following definition for “2006
Indenture”:

“2006 Indenture” shall mean the indenture dated as of October 10, 2006, between
the Guarantor and The Bank of New York Trust Company, N. A., as indenture trustee,
relating to the 2006 Puttable Senior Notes.

(c) Addition of Definition of “2006 Puttable Senior Notes". Section 1 of the Guaranty
shall be amended by adding in its appropriate alphabetical place, the following definition for
“2006 Puttable Senior Notes”:

“2006 Puttable Senior Notes” shall mean the puttable equity-linked senior notes
of the Guarantor to be issued on or about October 10, 2006, pursuant to the 2006
Indenture, in an original aggregate principal amount of up to $287,500,000.

2. AMENDMENT TO SECTION 9.10(g) OF THE GUARANTY. Section 9.10(g) of the Guaranty
shall be amended by deleting it in its entirety and replacing it with the following:

(g) any Indebtedness or obligations of the Guarantor under the 2006 Puttable Senior
Notes and/or the Puttable Notes Hedge and Warrant Transactions; provided, that,

(i) none of the 2006 Puttable Senior Notes nor the 2006 Indenture nor
the documents evidencing the Puttable Notes Hedge and Warrant Transactions
may provide that an Event of Default under the Agreement or this Guaranty
constitutes a default under any of the 2006 Senior Puttable Notes or the
2006 Indenture or any Puttable Notes Hedge and Warrant Transaction, 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;

(ii) the Indebtedness represented by the 2006 Senior Puttable Notes
and the Puttable Notes Hedge and Warrant Transactions shall be unsecured,
pari passu with the Guarantor’s obligations under this Guaranty and
structurally subordinate to the Borrower’s Obligations to the Banks under
the Agreement;

(iii) none of the 2006 Puttable Senior Notes nor the 2006 Indenture
shall be amended or modified without the prior written consent of the
Required Banks, including, without limitation, (A) to allow the maturity of
any of the 2006 Puttable Senior Notes to be less than five (5) years from
the date of issue, (B) to provide for payment of interest under any of the
2006 Puttable Senior Notes more frequently than quarterly, (C) to provide
additional circumstances pursuant to which holders of the 2006 Puttable
Senior Notes may put their Notes to the Guarantor or to increase the put
rate available to such holders, other than as provided in the 2006 Indenture
in effect as of the date hereof, or (D) to permit the Guarantor to redeem
the 2006 Puttable Senior Notes prior to their maturity, other than
amendments or modifications that do not adversely affect the Agreement or
this Guaranty or their relationship to any of the 2006 Puttable Senior Notes
or the 2006 Indenture;

(iv) the outstanding and unredeemed principal amount of the 2006
Puttable Senior Notes shall not, at any time, exceed Two Hundred Eighty
Seven Million Five Hundred Thousand Dollars ($287,500,000) in the aggregate;
and

(v) the terms and conditions of the 2006 Puttable Senior Notes, the
2006 Indenture and the Puttable Notes Hedge and Warrant Transactions shall
be satisfactory, in form and substance, to the Agents and the Banks,.

3. AMENDMENT TO SECTION 9.13(a) OF THE GUARANTY. Section 9.13(a) of the Guaranty
shall be amended by deleting it in its entirety and replacing it with the following:

(a) The Guarantor will not directly or indirectly purchase, acquire, redeem or retire
any shares of its capital stock at any time outstanding or set aside funds for any such
purpose, except that, (i) from and after the Closing Date, so long as no Event of Default
or violation of Section 9.14 of this Guaranty shall have occurred or will result after
giving effect to such purchase, acquisition, redemption or retirement, the Guarantor may
purchase, acquire, redeem or retire shares of its outstanding capital stock in an aggregate
amount not to exceed Forty Million Dollars ($40,000,000) minus any amounts paid as
permitted by Section 9.13(c) hereof, in any yearly period measured by the anniversary dates
of the Closing Date of the Agreement thereafter, and (ii) so long as no Event of Default or
violation of Section 9.14 of this Guaranty shall have occurred or will result after giving
effect to such purchase, acquisition, redemption or retirement, the Guarantor may purchase,
acquire, redeem or retire shares of its outstanding capital stock using proceeds from the
issuance of its 2006 Puttable Senior Notes in an aggregate amount not to exceed Fifty
Million Dollars ($50,000,000).

4. AMENDMENT TO SECTION 9.19(b) OF THE GUARANTY. Section 9.19(b) of the Guaranty
shall be amended by deleting clause (v) in its entirety and replacing it with the following:

(v) the Indenture, the 2006 Indenture and the documents evidencing the Puttable
Notes Hedge and Warrant Transactions may provide that a default by the Borrower or
the Guarantor in the payment of any portion of principal of the Debt when due and
payable after the expiration of any applicable grace period 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 the failure of the Borrower or the
Guarantor to pay any portion of the principal of the Debt when due and payable at
maturity or by acceleration, constitutes a default under the Indenture, the 2006
Indenture or the Puttable Notes Hedge and Warrant Transactions, as applicable.

5 REPRESENTATIONS AND WARRANTIES. The Guarantor represents and warrants to the Agents
and each of the Banks as follows:

(a) INCORPORATION OF REPRESENTATIONS AND WARRANTIES. Each and every
representation and warranty made by the Guarantor in Section 7 of the Guaranty is
incorporated herein as if fully rewritten herein at length and is true, correct and complete
as of the date hereof and no Event of Default or Possible Default exists, or will exist on
such date, after giving effect to this Fourth Amendment to Guaranty and the incurrence of
the Indebtedness under the 2006 Puttable Senior Notes and the Puttable Notes Hedge and
Warrant Transactions.

(b) REQUISITE AUTHORITY. The Guarantor has all requisite power and authority
to execute and deliver and to perform its obligations in respect of this Fourth Amendment to
Guaranty and each and every other agreement, certificate, or document required to be
delivered as a condition precedent to this Fourth Amendment to Guaranty or to the Fourth
Amendment to Credit Agreement. The Guarantor has all requisite power and authority to
perform its obligations under the Guaranty as amended by this Fourth Amendment to Guaranty.

(c) DUE AUTHORIZATION; VALIDITY. The Guarantor has taken all necessary action
to authorize the execution, delivery, and performance by it of this Fourth Amendment to
Guaranty and every other instrument, document, and certificate relating thereto. This
Fourth Amendment to Guaranty has been duly executed and delivered by the Guarantor and is
the legal, valid, and binding obligation of the Guarantor enforceable against it in
accordance with its terms.

(d) NO CONSENT. No consent, approval, or authorization of, or registration
with, any governmental authority or other Person is required in connection with the
execution, delivery, and performance of this Fourth Amendment to Guaranty and the
transactions contemplated hereby.

6. NO WAIVER. Except as otherwise expressly provided herein, the acceptance,
execution, and/or delivery of this Fourth Amendment to Guaranty by the Agents and the Banks shall
not (a) constitute a waiver or release of any obligation or liability of the Guarantor under the
Guaranty as in effect prior to the effectiveness of this Fourth Amendment to Guaranty, or as
amended hereby, (b) waive or release any Event of Default or Possible Default existing at any time,
(c) give rise to any obligation on the part of the Agents and the Banks to extend, modify or waive
any term or condition in the Guaranty or any of the other Related Writings, or (d) give rise to any
defenses or counterclaims to the right of the Agents and the Banks to compel payment of the Debt or
to otherwise enforce their rights and remedies under the Guaranty and Related Writings.

7. CONDITIONS TO CLOSING. Except as otherwise expressly provided in this Fourth
Amendment to Guaranty, prior to or concurrently with the execution and delivery of this Fourth
Amendment to Guaranty, and as conditions precedent to the effectiveness of the amendments to the
Guaranty provided for herein, the Agents and the Banks and their respective counsel shall have
received such opinions of counsel to the Guarantor, certified copies of resolutions of the Board of
Directors of the Guarantor, and such other documents as shall be required by the Agents, the Banks,
or their respective counsel to evidence and confirm the due authorization, execution, and delivery
of this Fourth Amendment to Guaranty, all in form and substance satisfactory to the Agents and the
Banks and their respective counsel; the Agents and the Banks shall have received duly executed
copies of the 2006 Indenture, the form of the 2006 Puttable Senior Notes and each document
evidencing the Puttable Notes Hedge and Warrant Transactions and each shall be in form and
substance satisfactory to the Agents and the Banks; all conditions to the Fourth Amendment to
Credit Agreement shall have been satisfied; and all costs, fees, and expenses required by the
Fourth Amendment to Credit Agreement to have been paid by the Borrower in connection with the
Fourth Amendment to Credit Agreement and/or this Fourth Amendment to Guaranty shall have been paid.

8. CONFIRMATION OF GUARANTY. The Guarantor hereby confirms that the Guaranty is in
full force and effect on the date hereof and that, upon the amendments herein provided becoming
effective, the Guaranty will continue in full force and effect in accordance with its terms, as
hereby amended.

9. EXECUTION IN COUNTERPARTS. This Fourth Amendment to Guaranty may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute
but one and the same agreement. Delivery of an executed counterpart of a signature page to this
Fourth Amendment to Guaranty by telecopier shall be effective as delivery of a manually executed
counterpart of this Fourth Amendment to Guaranty.

10. GOVERNING LAW. This Fourth Amendment to Guaranty shall be governed by, and
construed in accordance with, the laws of the State of Ohio, without regard to its principles of
conflict of laws.

[Remainder of page intentionally left blank.]

1

IN WITNESS WHEREOF, the parties hereto, each by an officer thereunto duly authorized,
have caused this Fourth Amendment to Guaranty of Payment of Debt to be executed and delivered as of
the date first above written.

FOREST CITY ENTERPRISES, INC.

By: /s/ CHARLES A. RATNER

Title: Chief Executive Officer and

President

KEYBANK NATIONAL ASSOCIATION,

Individually and as Administrative Agent

By: /s/ JOSHUA K. MAYERS

	 	 	Title: Assistant Vice President

NATIONAL CITY BANK, Individually and as

Syndication Agent

By: /s/ ANTHONY J. DIMARE

Title: Senior Vice President

THE HUNTINGTON NATIONAL BANK

By: /s/ RYAN TERRANO

Title: Vice President

U.S. BANK NATIONAL ASSOCIATION

By: /s/ DENNIS J. REDPATH

Title: Senior Vice President

COMERICA BANK

By: /s/ ADAM SHEETS

Title: Account Officer

(Signature page to Fourth Amendment to Guaranty of Payment of Debt)

FIRST MERIT BANK

By: /s/ JOHN F. NEUMANN

Title: Senior Vice President

MANUFACTURERS AND TRADERS

TRUST COMPANY

By: /s/ BRIAN D. BEITZ

Title: Vice President

FIFTH THIRD BANK

By: /s/ R. C. LANCTOT

Title: Vice President

BANK OF AMERICA, N. A.

By: /s/ JAMES J. MAGALDI

Title: Senior Vice President

BANK OF MONTREAL

By: /s/ VIRGINIA NEALE

Title: Vice President

CHARTER ONE BANK, N.A.

By: /s/ MICHELE S. JAWYN

Title: Vice President

(Signature page to Fourth Amendment to Guaranty of Payment of Debt)

2

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