Document:

EX-10.3

Exhibit 10.3

COMMON STOCK PURCHASE WARRANT

NEITHER THE WARRANT REPRESENTED BY THIS CERTIFICATE NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF
ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE
SKY LAWS.

FX REAL ESTATE AND ENTERTAINMENT INC.

No. [      ] [      ] Shares

THIS CERTIFIES that, for value received, William J. Kitchen [and/or the Designees specified in
the License Agreement] (the “Holder”), is entitled to subscribe for and purchase from FX Real
Estate and Entertainment Inc., a Delaware corporation (the “Company”), upon the terms and
conditions set forth herein, at any time after the date hereof (the “Initial Issue Date”), and
before 5:00 p.m., New York City time, on September   , 2015 (the “Exercise Period”) up to Three
Million Seven Hundred Fifty Thousand (3,750,000) shares, $0.01 par value, of the Company (“Common
Stock”), at an exercise price of $0.20 per share (the “Exercise Price”). As used herein the term
“this Warrant” shall mean and include this Warrant and any Warrant or Warrants hereafter issued as
a consequence of the exercise or transfer of this Warrant in whole or in part. All capitalized
terms used in this Warrant but not otherwise defined herein shall have the meanings ascribed to
them in the License Agreement (as defined below).

This Warrant is being issued pursuant to that certain Exclusive License Agreement dated the
date even herewith by and between Circle Entertainment SV-I, LLC, the Holder and US ThrillRides,
LLC (the “License Agreement”).

The number of shares of Common Stock issuable upon exercise of the Warrant (the “Warrant
Shares”) and the Exercise Price may be adjusted from time to time as hereinafter set forth.

1. This Warrant may be exercised, at any time or times and from time to time, during the
Exercise Period (unless such period is earlier terminated in accordance with Section 18 hereof), as
to the whole or any lesser number of the respective whole Warrant Shares, as follows:

(a) By the surrender of this Warrant (with the Form of Election attached hereto duly executed)
to the Company at its office as set forth in the Form of Election attached hereto, or at such other
place as is designated in writing by the Company, together with payment to the Company of an amount
equal to the then applicable Exercise Price multiplied by the number of respective Warrant Shares
for which this Warrant is being exercised. Such payment may be made by certified or bank cashier’s
check payable to the order of the Company or by wire transfer of immediately available funds to an
account or accounts specified in advance by the Company; or

(b) By surrender of this Warrant (with the Notice of Cashless Exercise attached hereto duly
executed) to the Company at its office as set forth in the Notice of Cashless Exercise attached
hereto, or at such other place as is designated in writing by the Company, in which event the
Company shall issue to the Holder the number of Warrant Shares determined as follows:

X = Y (A-B)/A

where:

X = the number of Warrant Shares to be issued to the Holder.

Y = the number of Warrant Shares with respect to which this Warrant is being
exercised.

A = the last sale price of the Common Stock for the trading day immediately
prior to the date of exercise, as reported on any national securities
exchange, market or quotation system on which the Common Stock is then
listed for trading or quoted.

B = the Exercise Price.

2. Upon the exercise of the Holder’s rights to purchase Warrant Shares, either pursuant to
Section 1(a) or 1(b) above, the Holder shall be deemed to be the holder of record of the Warrant
Shares issuable upon such exercise, notwithstanding that the transfer books of the Company shall
then be closed or instruments representing such Warrant Shares shall not then have been actually
delivered to the Holder. For purposes of Rule 144 promulgated under the Securities Act of 1933, as
amended (the “Act”), it is intended, understood and acknowledged that the Warrant Shares issued in
a cashless exercise transaction pursuant to Section 1(b) above shall be deemed to have been
acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have
commenced, on the issue date of this Warrant. As soon as practicable after the exercise of this
Warrant either pursuant to Section 1(a) or 1(b) above, the Company shall cause a statement from its
transfer agent and registrar for the Common Stock (the “Transfer Agent”) evidencing ownership of
the Warrant Shares issuable upon such exercise, registered in the name of the Holder or its
designee on the Transfer Agent’s records in book-entry form under The Direct Registration System,
to be issued by the Transfer Agent to the Holder. If the Warrant should be exercised in part only,
the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new
Warrant evidencing the right of the Holder to purchase the balance of the Warrant Shares (or
portions thereof) subject to purchase hereunder.

3. The Company shall register this Warrant, upon records to be maintained by the Company for
that purpose (the “Warrant Register”), in the name of the record holder from time to time. The
Company shall be entitled to treat the registered holder of any Warrant on the Warrant Register as
the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or
other claim to or interest in such Warrant on the part of any other person, and shall not be liable
for any registration or transfer of Warrants which are registered or to be registered in the name
of a fiduciary or the nominee of a fiduciary unless made with the actual knowledge that a fiduciary
or nominee is committing a breach of trust in requesting such registration or transfer, or with the
knowledge of such facts that its participation therein amounts to bad faith. This Warrant shall be
transferable only on the books of the Company upon delivery thereof duly endorsed by the Holder or
by his duly authorized attorney or representative, or accompanied by proper evidence of succession,
assignment, or authority to transfer. In all cases or transfer by an attorney, executor,
administrator, guardian, or other legal representative, duly authenticated evidence of his or its
authority shall be produced. Upon any registration of transfer, the Company shall promptly deliver
a new Warrant or Warrants to the person entitled thereto. The Company shall have no obligation to
cause Warrants to be transferred on its books to any person if, in the opinion of counsel to the
Company, such transfer does not comply with the provisions of the Act, and the rules and
regulations promulgated thereunder.

4. The Company shall at all times reserve and keep available out of its authorized and
unissued Common Stock, solely for the purpose of providing for the exercise of the rights to
purchase all Warrant Shares granted pursuant to this Warrant, such number of shares of Common Stock
as shall, from time to time, be sufficient therefor. The Company covenants that all shares of
Common Stock issuable upon exercise of this Warrant, upon receipt by the Company of the full
Exercise Price therefor if such exercise is pursuant to Section 1(a) above, or upon receipt by the
Company of the Notice of Cashless Exercise duly executed if such exercise is pursuant to Section
1(b) above, shall be duly authorized, validly issued, fully paid, nonassessable, and free of
preemptive rights.

5. (a) In case the Company shall at any time after the date this Warrant was first issued (i)
declare a dividend on the outstanding shares of its Common Stock payable in shares of its capital
stock, (ii) subdivide the outstanding shares of its Common Stock, (iii) combine the outstanding
shares of its Common Stock into a smaller number of shares, or (iv) issue any shares of its capital
stock by reclassification of the Common Stock (including any such reclassification in connection
with a consolidation or merger in which the Company is the continuing corporation), then, in each
case, the Exercise Price, and the number of Warrant Shares issuable upon exercise of this Warrant,
in effect at the time of the record date for such dividend or of the effective date of such
subdivision, combination, or reclassification, shall be proportionately adjusted so that the Holder
after such time shall be entitled to receive the aggregate number and kind of shares which, if such
Warrant had been exercised immediately prior to the record date therefor, he would have owned upon
such exercise and been entitled to receive by virtue of such dividend, subdivision, combination, or
reclassification. Such adjustment shall be made successively whenever any event listed above shall
occur.

(b) No adjustment in the Exercise Price shall be required if such adjustment is less than
$.01; provided, however, that any adjustments which by reason of this Section 5 are not required to
be made shall be carried forward and taken into account in any subsequent adjustment. All
calculations under this Section 5 shall be made to the nearest cent or to the nearest
one-thousandth of a share, as the case may be.

(c) In any case in which this Section 5 shall require that an adjustment in the Exercise Price
be made effective as of a record date for a specified event, the Company may elect to defer, until
the occurrence of such event, issuing to the Holder, if the Holder exercised this Warrant after
such record date, the shares of Common Stock, if any, issuable upon such exercise over and above
the shares of Common Stock, if any, issuable upon such exercise on the basis of the Exercise Price
in effect prior to such adjustment; provided, however, that the Company shall deliver to the Holder
a due bill or other appropriate instrument evidencing the Holder’s right to receive such additional
shares upon the occurrence of the event requiring such adjustment.

(d) Whenever there shall be an adjustment as provided in this Section 5, the Company shall
promptly cause written notice thereof to be sent by registered mail, postage prepaid, to the
Holder, at its address as it shall appear in the Warrant Register, which notice shall be
accompanied by an officer’s certificate setting forth the number of Warrant Shares purchasable upon
the exercise of this Warrant and the Exercise Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment and the computation thereof, which officer’s
certificate shall be conclusive evidence of the correctness of any such adjustment absent manifest
error.

6. (a) In case of any consolidation with or merger of the Company with or into another entity
(other than a merger or consolidation in which the Company is the surviving or continuing entity),
or in case of any sale, lease, or conveyance to another entity of the property and assets of any
nature of the Company as an entirety or substantially as an entirety, before the Company is
permitted to complete or consummate any such merger, consolidation, sale, lease or conveyance, the
Company shall cause such successor, leasing, or purchasing entity, as the case may be, to (i)
execute with the Holder an agreement providing that the Holder shall have the right thereafter to
receive upon exercise of this Warrant solely the kind and amount of shares of stock and other
securities, property, cash, or any combination thereof receivable upon such consolidation, merger,
sale, lease, or conveyance by a holder of the number of shares of Common Stock for which this
Warrant might have been exercised immediately prior to such consolidation, merger, sale, lease, or
conveyance and (ii) take or cause to be taken all necessary equity holder and corporate action,
including amending its Certificate of Incorporation or otherwise, required to effect such
agreement. Such agreement shall provide for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 5.

(b) In case of any reclassification or change of the shares of Common Stock issuable upon
exercise of this Warrant (other than a change in par value, or from no par value to a specified par
value that is less than the Exercise Price, as the same may be adjusted from time to time
hereunder, or as a result of a subdivision or combination, but including any change in the shares
into two or more classes or series of shares), or in case of any consolidation or merger of another
entity into the Company in which the Company is the continuing entity and in which there is a
reclassification or change (including a change to the right to receive cash or other property) of
the shares of Common Stock (other than a change in par value, or from no par value to a specified
par value that is less than the Exercise Price, as the same may be adjusted from time to time
hereunder, or as a result of a subdivision or combination which is subject to the provisions of
Section 5 of this Warrant, but including any change in the shares into two or more classes or
series of shares), the Holder shall have the right thereafter to receive upon exercise of this
Warrant solely the kind and amount of shares of stock and other securities, property, cash, or any
combination thereof receivable upon such reclassification, change, consolidation, or merger by a
holder of the number of shares of Common Stock for which this Warrant might have been exercised
immediately prior to such reclassification, change, consolidation, or merger. Thereafter,
appropriate provision shall be made for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 5.

(c) In the event that the Company (i) issues as a dividend or other similar distribution (an
“Extraordinary Dividend”) on all of its then outstanding Common Stock, (A) securities of the
Company of a class other than Common Stock, (B) rights, warrants or options (individually, a
“Right” and collectively, the “Rights”) to acquire any securities of the Company (including Common
Stock) or (C) evidences of its indebtedness or assets, or (ii) issues any dividend or other similar
distribution (a “Secondary Extraordinary Dividend”) on any such securities in the form of
securities of the Company (including Common Stock) (any securities (other than Rights) issued as an
Extraordinary Dividend or Secondary Extraordinary Dividend or issued upon exercise of any Rights
issued as an Extraordinary Dividend or Secondary Extraordinary Dividend shall be referred to as
“Dividend Securities”):

(x) this Warrant shall thereafter be exercisable for (1) the
original number of shares of Common Stock (subject to adjustment as
herein provided), (2) such Dividend Securities and Rights as would
theretofore have been issued in respect of such shares (adjusted as
herein provided) had such shares been outstanding at the time of
such Extraordinary Dividend, and (3) any Dividend Securities that
would theretofore have been issued as a Secondary Extraordinary
Dividend in respect of such Dividend Securities had such Dividend
Securities been outstanding at the time of such Secondary
Extraordinary Dividend; and

(d) any Right issued as an Extraordinary Dividend or a Secondary Extraordinary Dividend shall
(1) expire upon the later of (a) the original expiration date of such Right or (b) the 180th day
following the exercise of this Warrant, and (2) be exercisable for (a) the Dividend Securities
issuable upon exercise of such Right and (b) any property theretofore issued as a Secondary
Extraordinary Dividend in respect of such Dividend Securities.

(e) In the event that at any time while this Warrant is outstanding, the Company shall offer
to sell to all of the holders of Common Stock as a class, rights or options to purchase Common
Stock or rights or options to purchase any stock or securities convertible into or exchangeable for
Common Stock (such exchangeable or convertible stock or securities being herein called “Convertible
Securities”), whether or not such rights or options are immediately exercisable, and the price per
share for which Common Stock is issuable upon the exercise of such rights or options or upon
conversion or exchange of such Convertible Securities (determined by dividing (i) the total amount
received or receivable by the Company upon issuance and sale of such rights or options, plus the
aggregate amount of additional consideration payable to the Company upon the exercise of all such
rights or options, plus, in the case of rights or options which relate to Convertible Securities,
the aggregate amount of additional consideration, if any, payable upon the conversion or exchange
of all such Convertible Securities, by (ii) the total maximum number of shares of Common Stock
issuable upon the exercise of all such rights or options or upon the conversion or exchange of all
such Convertible Securities issuable upon the exercise of all such rights or options) shall be less
than the Exercise Price in effect immediately prior to the initial sale of any such rights or
options, the Company shall offer to sell to the Holder, at the price and upon the terms at which
such rights or options are offered to holders of its Common Stock, such number of such rights or
options as the Holder would have been entitled to purchase had the Holder exercised this Warrant
immediately prior to the commencement of the offering of such rights or options.

(f) The above provisions of this Section 6 shall similarly apply to successive
reclassifications and changes of shares of Common Stock and to successive consolidations, mergers,
sales, leases, and/or conveyances.

7. In case at any time the Company shall propose:

(a) to pay any dividend or make any distribution on shares of Common Stock in shares of Common
Stock or make any other distribution (other than regularly scheduled cash dividends which are not
in a greater amount per share than the most recent such cash dividend paid prior to the date this
Warrant was issued) to all holders of Common Stock; or

(b) to issue any rights, warrants, or other securities to all holders of Common Stock
entitling them to purchase any additional shares of Common Stock or any other rights, warrants, or
other securities; or

(c) to effect any reclassification or change of outstanding shares of Common Stock, or any
consolidation, merger, sale, lease, or conveyance, described in Section 6; or

(d) to effect any liquidation, dissolution, or winding-up of the Company; or

(e) to take any other action which under the express terms of this Warrant would cause an
adjustment to the Exercise Price and/or to which the provisions of Section 5 and/or Section 6
apply;

then, and in any one or more of such cases, the Company shall give written notice thereof, by
registered mail, postage prepaid, to the Holder at the Holder’s address as it shall appear in the
Warrant Register, mailed at least 30 days prior to (i) the date as of which the holders of record
of shares of Common Stock to be entitled to receive any such dividend, distribution, rights,
warrants, or other securities are to be determined, (ii) the date on which any such
reclassification, change of outstanding shares of Common Stock, consolidation, merger, sale, lease,
conveyance, liquidation, dissolution, or winding-up is expected to become effective, and the date
as of which it is expected that holders of record of shares of Common Stock shall be entitled to
exchange their shares for securities or other property, if any, deliverable upon such
reclassification, change of outstanding shares, consolidation, merger, sale, lease, conveyance of
property, liquidation, dissolution, or winding-up, or (iii) the date of such action which would
require an adjustment to the Exercise Price.

8. The issuance of any Warrant Shares or other securities upon the exercise of this Warrant,
and the delivery of certificates or other instruments representing such shares or other securities,
shall be made without charge to the Holder for any tax or other charge in respect of such issuance.
The Company shall not, however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of any certificate or other instrument in a name other
than that of the Holder and, if the transfer is subject to withholding, the Company shall not be
required to issue or deliver any such certificate or instrument unless and until the person or
persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall
have established to the reasonable satisfaction of the Company that such tax has been paid.

9. Any certificate evidencing the Warrant Shares issued upon exercise of the Warrant and
registered in the name of the Holder on the Transfer Agent’s records in book-entry form under The
Direct Registration System shall contain the following notation:

“THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS.”

10. (a) If, at any time after the issuance of this Warrant, the Securities Act or any rules or
regulations promulgated thereunder shall be amended to prevent or limit the ability of a Holder to
be able to acquire the Warrant Shares through a cashless exercise, as contemplated by Sections 1(b)
and 2 above, and thereafter to sell the Warrant Shares so acquired after a holding period not
exceeding one year without registration, then, but only then, the Company agrees the Holder shall
have “piggy-back” registration rights, provided that: (i) such rights do not require the Company
to suffer or incur any material costs or liabilities it would not otherwise suffer or incur; and
(ii) such rights shall provide that they cannot be exercised at any time or in any manner which
would materially impede or interfere with the ability of the Company to raise necessary capital.
Such registration rights shall be exercisable by the Holder and/or his designee until all Warrant
Shares issuable hereunder are sold or may be resold under Rule 144 without limitations.

(b) The Company has and does hereby represent and warrant to the Holder that the Company does
not currently have any Warrants outstanding as of the date of this Warrant which contain any
economic anti-dilution provisions which are not included in this Warrant. If, at any time after
the issuance of this Warrant, the Company issues any other Warrants which do contain any such
economic anti-dilution provisions not contained in this Warrant, the Company agrees, at no cost to
the Holder, to reissue this Warrant to add such economic anti-dilution provisions to this Warrant.

11. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction, or mutilation of any Warrant (and upon surrender of any Warrant if mutilated), and
upon reimbursement of the Company’s reasonable incidental expenses, the Company shall execute and
deliver to the Holder thereof a new Warrant of like date, tenor, and denomination.

12. The Holder of any Warrant shall not have, solely on account of such status, any rights of
a stockholder of the Company, either at law or in equity, or to any notice of meetings of
stockholders or of any other proceedings of the Company, except as provided in this Warrant.

13. Any notice or other communication required or permitted to be given hereunder shall be in
writing and shall be mailed by certified mail, return receipt requested or sent by Federal Express,
Express Mail, or similar overnight delivery or courier service or delivered (in person or by
telecopy, telex, or similar telecommunications equipment) against receipt to the party to whom it
is to be given, if sent to the Company, at: 650 Madison Avenue, New York, NY 10022, Attention:
Corporate Secretary; or if sent to the Holder, at the Holder’s address as it shall appear on the
Warrant Register; or to such other address as the party shall have furnished in writing in
accordance with the provisions of this Section 12. Any notice or other communication given by
certified mail shall be deemed given five days after the time of certification thereof, except for
a notice changing a party’s address which will be deemed given at the time of receipt thereof. Any
notice given by other means permitted by this Section 12 shall be deemed given at the time of
receipt thereof.

14. This Warrant shall be binding upon the Company and its successors and assigns and shall
inure to the benefit of the Holder and his permitted successors and assigns. This Warrant may not
be assigned by the Holder in whole or in part without the prior written consent of the Company,
which consent shall not be unreasonably withheld, conditioned or delayed, and without compliance
with the Act and applicable state securities laws (such compliance to be evidenced to the Company’s
reasonable satisfaction).

15. This Warrant shall be construed in accordance with the laws of the State of New York
applicable to contracts made and performed within such State, without regard to principles of
conflicts of law, except to the extent that the Delaware General Corporation Law may govern by
virtue of the fact that the Company is incorporated under the laws of the State of Delaware.

16. The Company irrevocably consents to the jurisdiction of the US District Court for the
Southern District of New York and courts located in New York County in connection with any action
or proceeding arising out of or relating to this Warrant, any document or instrument delivered
pursuant to, in connection with or simultaneously with this Warrant, or a breach of this Warrant or
any such document or instrument. In any such action or proceeding, the Company waives personal
service of any summons, complaint or other process.

17. The Company shall not be required to issue or cause to be issued fractional Warrant Shares
on the exercise of this Warrant. If any fraction of a Warrant Share would, except for the
provisions of this Section, be issuable upon exercise of this Warrant, the number of Warrant Shares
to be issued will be rounded up to the nearest whole share.

18. In the event the License Agreement is validly terminated by the Holder as a result of the
failure of the Company (due to no Material Fault of either the Holder or ThrillRides) to meet the
Initial Performance Standard, this Warrant shall automatically terminate and be null and void
effective on the date of termination of the License Agreement. This Warrant shall be subject to
the provisions of the License Agreement. To the extent any provision of this Warrant conflicts with
any provision of the License Agreement, the provision of the License Agreement shall prevail and
govern.

	 	 	 
	Dated: September      , 2010
	 	FX REAL ESTATE AND ENTERTAINMENT

INC.

By:

	 	 	 

	 	 	Name:

	 	 	 

	 	 	Title:

	 	 	 

[WARRANT SIGNATURE PAGE]

1

FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the attached Warrant,
subject to compliance with Section )

FOR VALUE RECEIVED,        hereby sells, assigns, and transfers
unto        a Warrant to purchase shares of common stock, $0.01 par value,
of FX Real Estate and Entertainment Inc., a Delaware corporation (the “Company”), together with all
right, title, and interest therein, and does hereby irrevocably constitute and appoint
     attorney to transfer such Warrant on the books of the Company, with
full power of substitution.

Dated:      

Signature:

NOTICE

The signature on the foregoing Assignment must correspond to the name as written upon the face
of this Warrant in every particular, without alteration or enlargement or any change whatsoever.

2

To: FX Real Estate and Entertainment Inc.

650 Madison Avenue

New York, New York 10022

Attention: Corporate Secretary

ELECTION TO EXERCISE

The undersigned hereby exercises its rights to purchase        Warrant Shares covered
by the within warrant and tenders payment herewith in the amount of $      in accordance with
the terms thereof, and requests that such Warrant Shares be issued and registered in the name of
the person specified below on the Transfer Agent’s records in book-entry form under The Direct
Registration System:

(Print Name, Address and Social Security

or Tax Identification Number)

and, if such number of Warrant Shares shall not be all the Warrant Shares covered by the within
Warrant, that a new Warrant for the balance of the Warrant Shares covered by the within Warrant be
registered in the name of, and delivered to, the undersigned at the address stated below.

	 	 	 	 	 
	Dated:

	 	Name:
	 	

	 

	 	 	 	 
	Address:

	 	

	 	(Print)

	
 
	 	 
	 	 

(Signature)

3

To: FX Real Estate and Entertainment Inc.

650 Madison Avenue

New York, New York 10022

Attention: Corporate Secretary

NOTICE OF CASHLESS EXERCISE

(To be executed upon exercise of Warrant

pursuant to Section 1(b))

The undersigned hereby irrevocably elects to exchange its Warrant for        Warrant
Shares pursuant to the cashless exercise provisions of the within Warrant, as provided for in
Section 1(b) of such Warrant, and requests that a certificate or certificates for such Warrant
Shares be issued in the name of and delivered to:

(Print Name, Address and Social Security

or Tax Identification Number)

and, if such number of Warrant Shares shall not be all the Warrant Shares which the undersigned is
entitled to purchase in accordance with the within Warrant, that a new Warrant for the balance of
the Warrant Shares covered by the within Warrant be registered in the name of, and delivered to,
the undersigned at the address stated below.

	 	 	 	 	 
	Dated:

	 	Name:
	 	

	 

	 	 	 	 
	Address:

	 	

	 	(Print)

	
 
	 	 
	 	 

(Signature)

4EX-4.(f)(137)

SECOND AMENDMENT TO

LOAN AND SECURITY AGREEMENT

This SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT, dated as of September 10, 2010 (this
“Amendment”), is among CAC WAREHOUSE FUNDING III, LLC, a Delaware limited liability
company, as borrower (the “Borrower”), CREDIT ACCEPTANCE CORPORATION (in its individual
capacity, “CAC”), a Michigan corporation, as servicer (in such capacity, the
“Servicer”) and as custodian (in such capacity, the “Custodian”) and FIFTH THIRD
BANK, an Ohio banking corporation, as an investor for the Fifth Third Purchaser Group (in such
capacity, “Fifth Third” or an “Investor”), as deal agent (in such capacity, the
“Deal Agent”), as collateral agent (in such capacity, the “Collateral Agent”) and
as liquidity agent for the Fifth Third Purchaser Group (in such capacity, a “Liquidity
Agent”).

BACKGROUND

WHEREAS, the Borrower, the Servicer, the Custodian, Fifth Third, the Deal Agent, the
Collateral Agent, the Liquidity Agent and SYSTEMS & SERVICES TECHNOLOGIES, INC. are parties to the
Loan and Security Agreement dated as of May 23, 2008 (as amended, supplemented or otherwise
modified from time to time, the “Agreement”); and

WHEREAS, the parties hereto desire to amend the Agreement as set forth herein.

NOW, THEREFORE, in consideration of the provisions, covenants and the mutual agreements herein
contained, the parties hereto agree as follows:

AGREEMENT

SECTION 1. Definitions. Unless otherwise defined herein, terms that are capitalized
and used throughout this Amendment are defined in Section 1.1(b) of the Agreement.

SECTION 2. Amendments.

2.1 All references to “Exhibit J-3”, “Exhibit J-4”, “Exhibit J-5”and
“Exhibit J-6” are hereby deleted from the Agreement in each instance in which they appear
therein.

2.2 The definition of “Commitment Termination Date” set forth in Section 1.1(b) of the
Agreement is hereby amended by deleting the date “August 31, 2011” therein and substituting the
date “September 10, 2013” therefor.

2.3 The definition of “Credit Agreement” set forth in Section 1.1(b) of the Agreement
is hereby amended by (i) deleting “and” immediately after “June 14, 2007,” and (ii) adding the
following immediately after “January 25, 2008”:

“, the Fifth Amendment to Fourth Amended and Restated Loan Agreement dated as of July 31,
2008, the Sixth Amendment to Fourth Amended and Restated Loan Agreement dated as of December 9,
2008, the Seventh Amendment to Fourth Amended and Restated Loan Agreement dated as of June 15,
2009, the Eighth Amendment to Fourth Amended and Restated Loan Agreement dated as of October 20,
2009, the Ninth Amendment to Fourth Amended and Restated Loan Agreement dated as of February 1,
2010 and the Tenth Amendment to Fourth Amended and Restated Loan Agreement dated as of June 9,
2010”.

2.4 The definition of “Forecasted Collections” set forth in Section 1.1(b) of the
Agreement is hereby deleted in its entirety and replaced with the following:

Forecasted Collections: The expected amount of Collections to be
received with respect to all Loans each month as determined by Credit Acceptance in
accordance with its forecasting model, which amount shall be submitted to the Deal
Agent with each Funding Notice related to a proposed Advance when new Pools are
pledged to the Collateral Agent or in accordance with Section 6.5(e).

2.5 Section 2.1(c)(i) of the Agreement is hereby amended by deleting the date “August
31, 2012” therein and substituting the date “September 10, 2014” therefor.

2.6 Section 4.1(p) of the Agreement is hereby amended by adding the following proviso
to the end thereof:

“; provided, that, Credit Acceptance may temporarily (or permanently,
solely in the case of a Contract that is repurchased, liquidated or paid in full)
move or transfer individual Contract Files or Records, or any portion thereof
without notice in accordance with Section 6.2(c)(iii)”.

2.7 Section 5.2(g) of the Agreement is hereby amended by adding the following proviso
to the end thereof:

“; provided, that, Credit Acceptance may temporarily (or permanently, solely
in the case of a Contract that is repurchased, liquidated or paid in full) move or
transfer individual Contract Files or Records, or any portion thereof without notice
in accordance with Section 6.2(c)(iii)”.

2.8 Section 5.3 of the Agreement is hereby deleted in its entirety and replaced with
the following:

Section 5.3 Covenant of the Borrower Relating to the Hedging
Agreement. At all times during, on and after the Initial Funding until the
Collection Date, a Hedging Agreement shall be in place. In addition, the Borrower
hereby covenants and agrees that on or before October 15, 2010 it shall cause the
aggregate notional amount of all Hedging Transactions to at all times at least equal
to the greater of $37,500,000 or 50% of the aggregate amount of all Capital
outstanding at such time.

2.9 Section 5.5(b) of the Agreement is hereby amended by adding the following proviso
to the end thereof:

“; provided, that, Credit Acceptance may temporarily (or permanently, solely
in the case of a Contract that is repurchased, liquidated or paid in full) move or
transfer individual Contract Files or Records, or any portion thereof without notice
in accordance with Section 6.2(c)(iii)”.

2.10 Section 6.2(c)(iii) of the Agreement is hereby amended by deleting “move” and
inserting the following in its place:

“(or permanently, solely in the case of a Contract that is repurchased, liquidated
or paid in full) move or transfer to an agent of the Servicer”

2.11 Section 6.5 of the Agreement is hereby amended by adding the following new
Section 6.5(e) to the end thereof:

“(e) Forecasted Collections. On the last day of each fiscal quarter of
the Borrower, Credit Acceptance will submit to the Deal Agent a report setting forth
the Forecasted Collections as of the most recent month end in respect of all Loans
which are part of the Collateral, if no Forecasted Collections was otherwise
submitted to the Deal Agent during such fiscal quarter.”

2.12 Section 6.11 of the Agreement is hereby amended by deleting “or” immediately
after Section 6.11(k) and adding the following new Section 6.1(m) immediately after
Section 6.11(l):

“: or

(m) the occurrence of the thirtieth (30th) day after the end of the fiscal quarter in
which a breach of any covenant set forth in Sections 7.4, 7.5, 7.6 and 7.7 of the
Credit Agreement shall occur unless prior to such date, such breach is cured or
waived by the Deal Agent in the Deal Agent’s sole discretion”.

2.13 Section 10.1 of the Agreement is hereby amended by deleting Section
10.1(r) thereof and inserting “[Reserved]” in its place.

2.14 Section 10.2(c) of the Agreement is hereby amended by inserting “that occurs
following a Termination Event” immediately following “Upon any Termination Date”.

SECTION 3. Representations and Warranties. Each of the Borrower and the Servicer
hereby represents and warrants to Fifth Third as follows:

3.1 Representations and Warranties. The representations and warranties of such Person
contained in Section 4.1, Section 4.2 and Section 4.3 of the Agreement are
true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which
case such representations and warranties were true and correct as of such earlier date).

3.2 Enforceability. The execution and delivery by such Person of this Amendment, and
the performance of its obligations under this Amendment and the Agreement, as amended hereby, are
within its organizational powers and have been duly authorized by all necessary action on its part.
This Amendment and the Agreement, as amended hereby, are its valid and legally binding
obligations, enforceable in accordance with its terms, subject to the effect of bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally.

3.3 Termination Event. No Termination Event, Servicer Termination Event, Potential
Servicer Termination Event or Amortization Event has occurred, is continuing, or would occur as a
result of this Amendment.

SECTION 4. Effectiveness. This Amendment shall become effective as of the date hereof
upon receipt by the Deal Agent of counterparts of this Amendment and that certain Second Amended
and Restated Fee Letter, dated as of the date hereof (whether by facsimile or otherwise) duly
executed by each of the parties thereto and such other documents and instruments as the Deal Agent
may reasonably request, in each case, in form and substance satisfactory to the Deal Agent.

SECTION 5. Effect of Amendment. Except as expressly amended and modified by this
Amendment, all provisions of the Agreement shall remain in full force and effect. After this
Amendment becomes effective, all references in the Agreement (or in any other Transaction Document)
to “the Loan and Security Agreement,” “this Agreement,” “hereof,” “herein” or words of similar
effect, in each case referring to the Agreement, shall be deemed to be references to the Agreement
as amended by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive,
amend or supplement any provision of the Agreement other than as set forth herein.

SECTION 6. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties on separate counterparts, and each counterpart shall be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument.
Delivery of an executed counterpart of this Amendment by facsimile or other electronic transmission
shall be as effective as delivery of a manually executed counterpart.

SECTION 7. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the internal laws of the State of New York without regard to any otherwise
applicable conflict of law principles which would require the application of the laws of any
jurisdiction other than those of the state of New York.

SECTION 8. Section Headings. The various headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this Amendment or the
Agreement or any provision hereof or thereof.

SECTION 9. Notice. In accordance with Section 4.1(n) of the Contribution
Agreement, the Borrower and the Deal Agent are hereby notified that the Servicer may temporarily
(or permanently, solely in the case of a Contract that is repurchased, liquidated or paid in full)
move or transfer to an agent of the Servicer individual Contract Files or Records, or any portion
thereof without notice as necessary to allow the Servicer to conduct collection and other servicing
activities in accordance with its customary practices and procedures to the extent permitted under
the Agreement.

[Signatures begin on the following page]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above written.

CAC WAREHOUSE FUNDING III, LLC,

as Borrower

By:       /s/ Douglas W. Busk

Name: Douglas W. Busk

Title: Treasurer

CREDIT ACCEPTANCE CORPORATION,

as Servicer and as Custodian

By:      /s/ Douglas W. Busk

Name: Douglas W. Busk

Title: Treasurer

1

FIFTH THIRD BANK,

as an Investor, as Deal Agent, as Collateral Agent, as
Liquidity Bank and as a Liquidity Agent

By:       /s/ Brian Gardner

Name: Brian Gardner

Title: Vice President

2

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