Document:

fs1ex10xxxii_soligenix.htm

     

    
      EXHIBIT
10.32

      

      [DOR
BIOPHARMA, INC. LETTERHEAD]

    

     

     

    September
25, 2009

     

    Hal
Mintz

    Managing
Member

    BAM
Opportunity Fund, LP

    44 Wall
Street, Suite 1603

    New York,
NY 10005

     

    Dear Mr.
Mintz:

     

    In
consideration for BAM Opportunity Fund, LP’s investment of $2,000,000 in our
equity financing that is closing on this date, we hereby offer BAM the right to
participate in an amount up to $2,000,000 in our next equity financing within 12
months from the date of this letter.  In order for BAM to have the
right to purchase the securities offered in such financing, BAM must
unconditionally commit in writing to participate in accordance with the terms of
the financing within 10 days after we provide written notice thereof to
you.

     

    If you
are in agreement with this letter, please sign this letter in the space provided
below.

     

    Very
truly yours,

     

    /s/ Christopher J.
Schaber                                           

    Christopher
J. Schaber, PhD

    Chief
Executive Officer

     

     

    AGREED
AND ACCEPTED

    

    BAM
Opportunity Fund, LP

    

    
      By: /s/ Hal
Mintz

    

    Hal
Mintz

    
            
General
Partnerfs1ex10xxxiii_soligenix.htm

     

    
      EXHIBIT
10.33

      

      [DOR
BIOPHARMA, INC. LETTERHEAD]

    

     

    September
23, 2009

     

     

    Joshua
Silverman

    Managing
Member

    Iroquois
Capital Management, LLC

    641
Lexington Avenue, 26th
Floor

    New York,
NY 10022

     

    Dear Mr.
Silverman:

     

    In
consideration for Iroquois’ investment of $750,000 in our equity financing that
is closing on this date, we hereby offer Iroquois the right to participate in an
amount up to $750,000 in our next equity financing within 12 months from the
date of this letter.  In order for Iroquois to have the right to
purchase the securities offered in such financing, Iroquois must unconditionally
commit in writing to participate in accordance with the terms of the financing
within 10 days after we provide written notice thereof to you.

     

    If you
are in agreement with this letter, please sign this letter in the space provided
below.

     

    Very
truly yours,

     

    /s/ Christopher J.
Schaber                                                      

    Christopher
J. Schaber, PhD

    Chief
Executive Officer

    

    

    AGREED
AND ACCEPTED

    

    Iroquois
Master Fund, Ltd.

     

    
      By: /s/ Joshua
Silverman 

    

    
            
 Joshua
SilvermanAmended Manitoba Agreement

AMENDMENT TO AN AGREEMENT

AMONG

THE SHAREHOLDERS OF 2588111 MANITOBA LTD.

AND

CLIFTON STAR RESOURCES INC.

AND

2588111 MANITOBA LTD.

AND

173714 CANADA INC.

MADE AS OF THE 8th DAY OF APRIL, 2009

Amendment to an Agreement made as of the 8th day of April, 2009 

BETWEEN

THE SHAREHOLDERS OF 2588111 MANITOBA LTD. , all of 2147 Portage Avenue, in the City of Winnipeg, in the Province of Manitoba, R3J OL4;

(hereinafter referred to as the "Optionor")

OF THE FIRST PART

AND:

CLIFTON STAR RESOURCES INC., having its registered office at 430-580 Hornby Street, in the City of Vancouver, in the Province of British Columbia, V6C 3B6;

(hereinafter called the "Optionee")

OF THE SECOND PART

AND:

2588111 MANITOBA LTD., having its registered office at 2147 Portage Avenue, in the City of Winnipeg, in the Province of Manitoba, R3.1 0L4;

(hereinafter called "2588111")

OF THE THIRD PART

AND:

173714 CANADA_INC., having its registered office at 2147 Portage Avenue, in the City of Winnipeg, in the Province of Manitoba, R3J 0L4;

(hereinafter called "1'73714")

OF THE FOURTH PART

WHEREAS the Parties hereto entered into an Agreement dated May 1st, 2008, which was amended July 22nd, 2008, and November 24th, 2008 (hereinafter referred to as "the Agreement") and which is attached as Schedule A.

AND WHEREAS there has been unforeseeable delay associated with the performance of the due diligence required by the Optionee in order to make a decision whether or not to continue with the Agreement. In consideration of the Parties hereto continuing to honour it, the Agreement is amended as follows:

1.

Under the terms of Paragraph 1(b) of the. Agreement, the Parties agree to extend to December 1st, 2009, the time allowed for the Optionee to perform due diligence and make a decision whether or not to continue under the terms of the Agreement. On or before December 1st, 2009, if the Optionee decides to proceed with the Agreement, it shall deliver to the Optionors written notice of that decision. The date of such notice shall be the "Confirmation Date". The payment to be made on the Confirmation Date shall be the amount of $3,400,000.00 as outlined in the Amendment of November 24th, 2008.Eldorado Agreement Amended April 2009

AMENDMENT TO AN

AGREEMENT

AMONG

RHONDA SMERCHANSKI, THE SOLE SHAREHOLDER

OF 2699681 CANADA LTD.

AND

CLIFTON STAR RESOURCES INC.

AND

ELDORADO GOLD MINES INC.

MADE AS OF THE 8th DAY OF APRIL, 2009

Amendment to an Agreement made as of the 8th day of April, 2009 

BETWEEN

RHONDA SMERCHANSKI, THE SOLE SHAREHOLDER

OF 2699681 CANADA LTD. , of 2147 Portage Avenue, in the City

of Winnipeg, in the Province of Manitoba, R3J 0L4;

(hereinafter referred to as the "Optionor'')

OF THE FIRST PART

AND:

CLIFTON STAR RESOURCES INC., having its registered office at 

430-580 Hornby Street, in the City of Vancouver, in the Province

of British Columbia, V6C 3B6;

(hereinafter called the "Optionee")

OF THE SECOND PART

AND:

ELDORADO GOLD MINES INC., having its registered office at 2147

Portage Avenue, in the City of Winnipeg, in the Province of Manitoba,

R3J 0L4

(hereinafter called "Eldorado")

OF THE THIRD PART

WHEREAS the Parties hereto entered into an Agreement dated May 1st, 2008, which was amended July 22nd, 2008 and November 24th, 2008 (hereinafter referred to as "the Agreement") and which is attached as Schedule A.

AND WHEREAS there has been unforeseeable delay associated with the performance of the due diligence required by the Optionee in order to make a decision whether or not to continue with the Agreement. In consideration of the Parties hereto continuing to honour it, the Agreement is amended as follows:

Under the terms of Paragraph 1(b) of the Agreement, the Parties agree to extend to December 1st, 2009, the time allowed for the Optionee to perform due diligence and make a decision whether or not to continue under the terms of the Agreement. On or before December 1st, 2009, if the Optionee decides to proceed with the Agreement, it shall deliver to the. Optionors written notice of that decision. The date of such notice shall be the "Confirmation Date". The payment to be made on the Confirmation Date shall be the amount of $1,700,000.00 as outlined in the Amendment of November 24th, 2008.

In Witness Whereof this Agreement has been executed by the parties hereto as of the day and year first above written.Beattie Amended Agreement April 2009

AMENDMENT TO AN

AGREEMENT

AMONG

THE SHAREHOLDERS OF BEATTIE GOLD MINES LTD.

AND

CLIFTON STAR RESOURCES INC.

AND

BEATTIE GOLD MINES LTD.

MADE AS OF THE 8th Day OF APRIL, 2009

Amendment to an Agreement made as of the 8th day of April, 2009 

BETWEEN

THE SHAREHOLDERS OF BEATTIE, GOLD MINES LTD., all of 2147 Portage Avenue, in the -City of Winnipeg, in the Province of Manitoba, R3.1 OL4;

(hereinafter referred to as the "Optionor")

OF THE FIRST PART

AND:

CLIFTON STAR RESOURCES INC., having its registered office at 430-580 Homby Street, in the City of Vancouver, in the Province of British Columbia, V6C 3B6;

(hereinafter called the "Optionee")

OF THE SECOND PART

AND:

BEATTIE GOLD MINES LTD., having its registered office at 2147 Portage Avenue, in the City of Winnipeg, in the Province of Manitoba, R3J OL4;

(hereinafter called "Beattie")

OF THE THIRD PART

WHEREAS the Parties hereto entered into an Agreement dated May 1st, 2008, which was amended July 22nd, 2008, and November 24th, 2008 (hereinafter referred to as "the Agreement") and which is attached as Schedule A.

AND WHEREAS there has been unforeseeable delay associated with the performance of the due diligence required by the Optionee in order to make a decision whether or not to continue with the Agreement. In consideration of the Parties hereto continuing to honour it, the Agreement is amended as follows:

Under the terms of Paragraph 1(b) of the Agreement, the Parties agree to extend to December 2009, the time allowed for the Optionee to perform due diligence and make a decision whether or not to continue under the terms of the Agreement. On or before December l', 2009, if the Optionee decides to proceed with the Agreement, it shall deliver to the Optionors written notice of that decision. The date of such notice shall be the "Confirmation Date", The payment to be made on the Confirmation Date shall be the amount of $3,400,000.00 as outlined in the Amendment of November 24th, 2008.EX-10.1

EXHIBIT 10.1

THIRD AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT AND 

AMENDED AND RESTATED GUARANTY OF PAYMENT OF DEBT

This THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND AMENDED AND RESTATED
GUARANTY OF PAYMENT OF DEBT (this “Third Amendment”) is made and entered into this 5th
day of October, 2009 (the “Effective Date”), by and among FOREST CITY RENTAL PROPERTIES
CORPORATION, an Ohio corporation (the “Borrower”), FOREST CITY ENTERPRISES, INC., an Ohio
corporation (the “Parent” or the “Guarantor”), KEYBANK NATIONAL ASSOCIATION, as Administrative
Agent (the “Agent”), NATIONAL CITY BANK, as Syndication Agent (the “Syndication Agent” and,
together with the Agent, the “Agents”), BANK OF AMERICA, N.A., as Documentation Agent, 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 and as
amended by this Third Amendment.

W I T N E S S E T H:

WHEREAS, the Borrower, the Banks and the Agents have previously entered into that certain
Amended and Restated Credit Agreement, dated as of June 6, 2007 (the “Original Credit Agreement”),
as amended by that certain First Amendment to Amended and Restated Credit Agreement, dated as of
September 10, 2008 and effective as of July 31, 2008, and by that certain Second Amendment to
Amended and Restated Credit Agreement and Amended and Restated Guaranty of Payment of Debt, dated
and effective as of January 30, 2009 (the Original Credit Agreement as so amended, the “Credit
Agreement”);

WHEREAS, in connection with the Original Credit Agreement, the Parent made and entered into
that certain Amended and Restated Guaranty of Payment of Debt in favor of the Agents and the Banks,
dated as of June 6, 2007, as amended by that certain First Amendment to Amended and Restated
Guaranty of Payment of Debt, dated as of September 10, 2008 and effective as of July 31, 2008, and
by that certain Second Amendment to Amended and Restated Credit Agreement and Amended and Restated
Guaranty of Payment of Debt, dated and effective as of January 30, 2009 (as so amended, the
“Guaranty”);

WHEREAS, the Borrower, the Parent, the Banks and the Agents desire to make certain amendments
to the Guaranty and the Credit Agreement to modify certain provisions thereof, subject to the terms
and conditions contained herein; and

WHEREAS, the Banks and the Agents are willing to enter into this Third Amendment, on the terms
and conditions set forth herein, and such terms and conditions are agreeable to the Borrower and to
the Parent.

NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00), the
mutual covenants and promises contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is mutually agreed as follows:

1. AMENDMENTS TO THE CREDIT AGREEMENT. The Credit Agreement shall be amended as
follows:

(a) Amendment to Definitions. The following new definitions are inserted in Article I
of the Credit Agreement in the appropriate alphabetical order:

“2009 Puttable Senior Notes Indenture” shall mean one or more
indentures between the Parent and the applicable indenture trustee, relating
to the 2009 Puttable Senior Notes, such indenture(s) initially to be
approved by the Agent as provided in Section 3 of the Third Amendment and
thereafter subject to the terms of Section 3 of the Third Amendment, Section
8.16(b) of this Agreement and Section 9.10(h)(vii) of the Guaranty.

“2009 Puttable Senior Notes” shall mean the puttable equity senior
notes of the Parent issued at any time and from time to time pursuant to the
2009 Puttable Senior Notes Indenture, subject to the terms of Section 3 of
the Third Amendment, Section 8.16(b) of this Agreement and Section
9.10(h)(vii) of the Guaranty.

“Third Amendment” shall mean that certain Third Amendment to Amended
and Restated Credit Agreement and Amended and Restated Guaranty of Payment
of Debt dated as of October 5, 2009 by and among Borrower, Parent, Agent and
the Banks party thereto.

(b) Amendment to Section 8.16. 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; 2009
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 or the 2009 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 allow the maturity of
any of the 2009 Puttable Senior Notes to be prior to July 1, 2014, (iii) to
provide for payment of interest under any of the 2006 Puttable Senior Notes
or the 2009 Puttable Senior Notes more frequently than quarterly, (iv) to
provide additional circumstances pursuant to which holders of the 2006
Puttable Senior Notes or the 2009 Puttable Senior Notes may put their 2006
Puttable Senior Notes or the 2009 Puttable Senior Notes, as applicable, to
the Parent or to increase the put rate available to such holders, other than
as provided in the 2006 Indenture or the 2009 Puttable Senior Notes
Indentures, as applicable, (v) to permit the Parent to redeem the 2006
Puttable Senior Notes prior to their maturity or (vi) to modify the
redemption provisions contained in the 2009 Puttable Senior Notes, including
adding additional redemption provisions.”

(c) Amendment to Section 10.10. Section 10.10 of the Credit Agreement shall be
amended by deleting it in its entirety and replacing it with the following:

“SECTION 10.10. DEFAULT UNDER GUARANTY, SENIOR NOTES, 2006
PUTTABLE SENIOR NOTES OR 2009 PUTTABLE SENIOR NOTES. If an Event of
Default (as defined in the Guaranty) has occurred and is continuing or the
Guaranty shall for any reason cease to be valid and binding against the
Parent or the Parent shall so state in writing. If the Parent defaults in
the payment or performance of any obligation under any of the Senior Notes,
the 2006 Puttable Senior Notes, the 2009 Puttable Senior Notes, the
Indenture, the 2006 Indenture or any 2009 Puttable Senior Notes Indenture
(after giving effect to any applicable grace periods), or in the performance
of any other agreement, covenant, term or condition in any of the Senior
Notes, the 2006 Puttable Senior Notes, the 2009 Puttable Senior Notes, the
Indenture, the 2006 Indenture or any 2009 Puttable Senior Notes Indenture
(after giving effect to any applicable grace periods).”

2. AMENDMENTS TO THE GUARANTY. The Guaranty shall be amended as follows:

(a) Amendment to Definitions. The following new definitions are inserted in Article I
of the Credit Agreement in the appropriate alphabetical order:

“2009 Puttable Senior Notes Indenture” shall mean one or more
indentures between the Guarantor and the applicable indenture trustee,
relating to the 2009 Puttable Senior Notes, such indenture(s) initially to
be approved by the Agent as provided in Section 3 of the Third Amendment and
thereafter subject to the terms of Section 3 of the Amendment, Section
8.16(b) of the Agreement and Section 9.10(h)(vii) of this Guaranty.

“2009 Puttable Senior Notes” shall mean the puttable equity senior
notes of the Guarantor issued at any time and from time to time pursuant to
the 2009 Puttable Senior Notes Indenture, subject to the terms of Section 3
of the Third Amendment, Section 8.16(b) of the Agreement and Section
9.10(h)(vii) of this Guaranty.

“Third Amendment” shall mean that certain Third Amendment to Amended
and Restated Credit Agreement and Amended and Restated Guaranty of Payment
of Debt dated as of October 5, 2009 by and among Borrower, Guarantor, Agent
and the Banks party thereto.

(b) Amendment to Section 9.2(c). Section 9.2(c) of the Guaranty shall be amended by
deleting it in its entirety and replacing it with the following:

“(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, notwithstanding
the foregoing, the Guarantor shall not make any payment on account of any of
the Senior Notes, the 2006 Puttable Senior Notes or the 2009 Puttable Senior
Notes in the event of and during the continuance of any Payment Default
under the Agreement or this Guaranty.”

(c) Amendment to Section 9.5. Section 9.5 of the Guaranty shall be amended by
deleting it in its entirety and replacing it with the following:

“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 hereunder (including, without limitation, any
default under any of the Senior Notes, the Indenture, the 2006 Puttable
Senior Notes, any 2009 Puttable Senior Notes, the 2006 Indenture, any 2009
Puttable Senior Notes Indenture 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 Restricted Subsidiary shall (i) be in
default of any material (either with respect to the Borrower or 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, 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 on the business,
operations, property or financial condition of such Subsidiary, 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 notify the Banks not less than thirty (30) days in
advance of entering into any proposed amendment or modification of any of
the Senior Notes or the Indenture or the 2006 Puttable Senior Notes or the
2006 Indenture or any 2009 Puttable Senior Notes or any 2009 Puttable Senior
Notes Indenture, whether or not the Guarantor believes that the consent of
the Required Banks is needed therefor pursuant to Section 9.10 (i)(iii) or
9.10(h)(iii), as applicable, of this Guaranty.”

(d) Amendment to Section 9.10(h). Section 9.10(h) of the Guaranty shall be amended by
deleting it in its entirety and replacing it with the following:

“(h) any Indebtedness or obligations of the Guarantor under the 2006
Puttable Senior Notes, the 2009 Puttable Senior Notes and/or the Puttable
Notes Hedge and Warrant Transactions; provided, that:

(i) none of the 2006 Puttable Senior Notes, 2009 Puttable Senior Notes,
the 2006 Indenture or any 2009 Puttable Senior Notes Indenture or 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, the 2009
Puttable Senior Notes, the 2006 Indenture or any 2009 Puttable Senior Notes
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,
the 2009 Puttable Senior 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 Debt to
the Banks under the Agreement;

(iii) none of the 2006 Puttable Senior Notes, the 2009 Puttable Senior
Notes, the 2006 Indenture nor any 2009 Puttable Senior Notes 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 allow the maturity of any of the 2009 Puttable Senior Notes to
be earlier than July 1, 2014, (C) to provide for payment of interest under
any of the 2006 Puttable Senior Notes or any of the 2009 Puttable Senior
Notes more frequently than quarterly, (D) 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 Indenture or the 2009 Puttable Senior Notes Indenture, as
applicable, or (E) to permit the Guarantor to redeem the 2006 Puttable
Senior Notes or any of the 2009 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, the 2009 Puttable Senior Notes, the 2006
Indenture or any 2009 Puttable Senior Notes Indenture;

(iv) the outstanding and unredeemed principal amount of the 2006
Puttable Senior Notes and 2009 Puttable Senior Notes shall not, at any time,
exceed Two Hundred Seventy-Two Million Five Hundred Thousand Dollars
($272,500,000) in the aggregate; provided, however, such amount shall be
increased on a dollar-for-dollar basis up to Three Hundred Forty-Seven
Million Five Hundred Thousand Dollars ($347,500,000) by an amount equal to
the amount deposited into a reserve account maintained with the Agent in
accordance with Section 3(c) of the Third Amendment;

(v) without duplication of the limitation set forth in the immediately
preceding clause (iv), the aggregate amount of the 2009 Puttable Senior
Notes shall not, at any time, exceed the limit in Section 3(a)(ii) of the
Third Amendment;

(vi) 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; and

(vii) the terms and conditions of the 2009 Puttable Senior Notes and
the 2009 Puttable Senior Notes Indenture shall comply with the terms of
Section 3 of the Third Amendment, and shall be satisfactory in form and
substance to the Agent;”

(e) Amendment to Section 9.13(b). Section 9.13(b) of the Guaranty shall be amended by
deleting it in its entirety and replacing it with the following:

“(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 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, the Guarantor shall not make any payment on
account of the Senior Notes, the 2006 Puttable Senior Notes or any 2009
Puttable Senior Notes in the event of and during the continuance of any
Payment Default under the Agreement or this Guaranty,”

(f) Amendment to Section 9.13(e). Section 9.13(e) of the Guaranty shall be amended by
deleting it in its entirety and replacing it with the following:

“(e) In the event of and during the continuance of any Event of Default
under the Agreement or under this Guaranty other than a Payment Default, 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, or, notwithstanding any other provision of the Agreement or this
Guaranty to the contrary, any loans or advances to the Guarantor (any such
Dividends or loans are referred to herein as “Distributions”) in excess of
the sum of the amount sufficient to pay, when due, all interest payments in
respect of the Senior Notes, the 2006 Puttable Senior Notes and the 2009
Puttable Senior Notes and the amounts sufficient to pay, when due, all taxes
of the Guarantor (collectively, “Permitted Distributions”); provided, that
any Permitted Distributions shall be applied by the Guarantor strictly to
the permitted uses specified above, and”

(g) Amendment to Section 9.19(b)(v). Section 9.19(b)(v) of the Guaranty shall be
amended by deleting it in its entirety and replacing it with the following:

“(v) the Indenture, the 2006 Indenture, the 2009 Puttable Senior Notes
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, any 2009 Puttable Senior Notes Indenture or
the Puttable Notes Hedge and Warrant Transactions, as applicable, and”

(h) Amendment to Section 10(d). Section 10(d) of the Guaranty shall be amended by
deleting it in its entirety and replacing it with the following:

“The Guarantor and/or any Restricted Subsidiary defaults (i) in any
payment of principal or interest due and owing upon any Indebtedness in
excess of $1,000,000 (whether due and owing by scheduled maturity, required
prepayment, acceleration, demand or otherwise), 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 $1,000,000, 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 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 Restricted Subsidiary shall not
constitute Events of Default under this Section 10(d) unless such defaults
have, individually or in the aggregate, a material adverse effect on the
business or financial condition of the Guarantor; provided, that it shall be
an Event of Default hereunder if any default occurs (after giving effect to
any applicable grace period) under (i) the Senior Notes permitted by Section
9.10(h) of this Guaranty or under the Indenture or (ii) the 2006 Puttable
Senior Notes or under the 2006 Indenture, or (iii) any 2009 Puttable Senior
Notes or under any 2009 Puttable Senior Notes Indenture, or”

3. CONSENT TO PUTTABLE NOTES EXCHANGE AND 2009 PUTTABLE SENIOR NOTES ISSUANCE.

(a) Guarantor desires at its option to:

(i) from time to time exchange up to $200,000,000 in the aggregate (including any new senior
puttable notes then issued under Section 3(a)(ii) below) of the 2006 Puttable Senior Notes for
either (a) new senior puttable notes with a maturity date no earlier than July 1, 2014, an actual
documented interest rate not to exceed 5% per annum without regard to required GAAP treatment or
adjustment (other than any additional interest related to a reasonable and customary default
interest rate) and otherwise on terms and conditions substantially similar to the 2006 Indenture
except for the distinguishing terms described in the box summary attached as Exhibit A hereto,
provided that there is no tightening or addition of covenants, no tightening or addition of default
provisions, no collateral provided, no negative pledges provided, no other obligors, and no
increase in outstanding recourse debt, there is a corresponding reduction in outstanding 2006
Puttable Senior Notes, and the terms and conditions thereof shall otherwise be satisfactory to the
Agent and/or (b) Guarantor’s common stock (such transactions, the “Puttable Notes Exchange”);
and/or

(ii) from time to time issue up to $75,000,000 in the aggregate of new senior puttable notes
with a maturity date no earlier than July 1, 2014, an actual documented interest rate not to exceed
5% per annum without regard to required GAAP treatment or adjustment (other than any additional
interest related to a reasonable and customary default interest rate) and otherwise on terms and
conditions substantially similar to the 2006 Indenture except for the distinguishing terms
described in the box summary attached as Exhibit A hereto, provided that there is no tightening or
addition of covenants, no tightening or addition of default provisions, no collateral provided, no
negative pledges provided, no other obligors, and no net increase in outstanding recourse debt,
except to the extent the Guarantor has complied with the requirements of Section 3(c) below, there
is a corresponding reduction in outstanding 2006 Puttable Senior Notes, and the terms and
conditions thereof shall otherwise be satisfactory to the Agent; provided that the proceeds of such
issuance, less costs of issuance, shall be used solely for the purpose of retiring or repaying
indebtedness of the Guarantor or the Borrower or its Subsidiaries as approved by the Agent and
paying the reasonable and customary costs and expenses related thereto (such transaction, the “2009
Puttable Notes Issuance”); provided further that, after giving effect to any such issuance, the
aggregate amount of such new puttable notes, together with the aggregate amount of the 2006
Puttable Senior Notes that have been exchanged under Section 3(a)(i) above, does not exceed
$200,000,000.

(b) Subject to the terms of this Third Amendment, the Agents and the Banks consent to the
Puttable Notes Exchange and the 2009 Puttable Notes Issuance (any or all of which shall constitute
the 2009 Puttable Senior Notes), provided that any Puttable Notes Exchange or 2009 Puttable Notes
Issuance shall be fully consummated in accordance with and at all times comply with the terms of
this Third Amendment. The Agents and the Banks consent to such transactions to the extent required
by Section 8.16(b) of the Credit Agreement and Section 9.10 of the Guaranty, and to any conversion
of the 2009 Puttable Senior Notes to common equity of the Guarantor; provided that the 2009
Puttable Senior Notes shall not be issued at a discount of greater than ten percent (10%) of face
value of such 2009 Puttable Senior Notes.

(c) To the extent the Guarantor consummates the 2009 Puttable Notes Issuance and does not
simultaneously therewith retire the 2006 Puttable Senior Notes with the proceeds of such issuance
(less cost of issuance), an amount equal to the aggregate face amount of the 2009 Puttable Notes
issued in the 2009 Puttable Notes Issuance (without giving effect to any discount or cost of
issuance) shall be deposited into an interest bearing reserve account (the “Account”) maintained
with the Agent within one (1) business day of receipt by the Guarantor for purposes of increasing
the permitted amount of outstanding and unredeemed 2006 Puttable Senior Notes and 2009 Puttable
Senior Notes as contemplated by Section 9.10(h)(iv) of the Guaranty, as amended by this Third
Amendment, and thereafter such deposit (together with any amount deposited into the Account as
contemplated by the following sentence) shall be subject to withdrawal solely for purposes of
retiring or repaying indebtedness of the Guarantor or the Borrower or its Subsidiaries as approved
by the Agent and paying the reasonable and customary costs and expenses related thereto, and shall
otherwise be held and disbursed by the Agent pursuant to terms and conditions reasonably acceptable
to the Agent. Furthermore, notwithstanding anything to the contrary in the Credit Agreement or the
Guaranty, the Guarantor shall be permitted to deposit into the Account up to an amount equal to ten
percent (10%) of the aggregate face amount of the 2009 Puttable Senior Notes issued in the 2009
Puttable Notes Issuance from cash on hand (exclusive of any direct or indirect proceeds from a
drawing under the Credit Agreement for the purpose of funding such deposit), such additional
deposited amount to be used to cover any shortfall in proceeds resulting from issuing the 2009
Puttable Senior Notes at a discount and any reasonable and customary costs and expenses related to
the 2009 Puttable Notes Issuance. In connection with any withdrawal of funds on deposit in the
Account, the Guarantor shall deliver to the Agent such evidence as the Agent may reasonably require
to establish that such funds are to be and/or have been applied within one (1) business day of such
withdrawal on a dollar-for-dollar basis to retire or repay indebtedness of the Guarantor or the
Borrower or its Subsidiaries as approved by the Agent and to pay the reasonable and customary costs
and expenses related thereto and as otherwise contemplated by this Section 3.

(d) The consents and waivers in this Section 3 apply solely to the Puttable Notes Exchange and
the 2009 Puttable Notes Issuance and shall not apply to the issuance or exchange of any other
Indebtedness, including, without limitation, the Senior Notes. Furthermore, for the avoidance of
doubt, nothing contained in this Third Amendment, including, without limitation, the consents and
waivers in this Section 3, shall be, or shall be deemed to be, a consent to or approval by the
Agent or the Banks of the exercise by the Guarantor, directly or indirectly, of any right to redeem
the 2009 Puttable Senior Notes pursuant to the terms of the 2009 Puttable Senior Notes Indenture,
any such redemption being prohibited by Section 9.13(b) of the Guaranty.

4. REPRESENTATIONS AND WARRANTIES. Each of the Borrower and the Parent 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 and by the
Parent 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.

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

(c) DUE AUTHORIZATION; VALIDITY. Each of the Borrower and the Parent has taken all
necessary action to authorize the execution, delivery, and performance by it of this Third
Amendment and every other instrument, document, and certificate relating hereto or delivered
contemporaneously herewith and to authorize the performance of the Credit Agreement and the
Guaranty, in each case as amended by this Third Amendment. This Third Amendment and each other
document and agreement delivered contemporaneously herewith has been duly executed and delivered by
the Borrower and the Parent and this Third Amendment and the Credit Agreement and the Guaranty,
each as amended by this Third Amendment, is the legal, valid, and binding obligation of each of the
Borrower and the Parent, enforceable against each of them in accordance with its respective 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 by the Borrower or the Parent of this Third Amendment or any other instrument,
document, and certificate relating hereto or delivered contemporaneously herewith and the
transactions contemplated hereby or thereby or in connection with the performance of the Credit
Agreement and the Guaranty, in each case as amended by this Third Amendment.

(e) NO DEFAULTS. After giving effect to this Third 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 or the Guaranty.

(f) Neither the execution and delivery of this Third Amendment nor the performance by the
Borrower and the Parent of their respective obligations under this Third Amendment or the Credit
Agreement or the Guaranty, in each case as amended by this Third Amendment, will violate the
provisions of any applicable law or of any applicable order or regulations of any governmental
authority having jurisdiction over the Parent or the Borrower or any of its Subsidiaries, or will
conflict with the organizational documents of the Parent or the Borrower or any of their material
permits, licenses or authorizations, or will 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
Parent or the Borrower is now a party, or will constitute a default thereunder, or will result in
the creation or imposition of any Lien upon any of the properties or assets of the Borrower or any
of its Subsidiaries.

5. CONDITIONS TO EFFECTIVENESS OF THIRD AMENDMENT.

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

(i) AMENDMENT. The Agent shall have received counterparts of this Third Amendment,
executed and delivered by the Borrower, the Parent, the Agents, and the Required Banks.

(ii) PAYMENT OF EXPENSES. On or before the Closing Date, the Borrower shall have paid
to the Agents all costs, fees and expenses incurred by them through the Closing Date in the
preparation, negotiation and execution of this Third Amendment (including, without limitation, the
reasonable legal fees and expenses of McKenna Long & Aldridge LLP).

(b) DEFINITION. The “Closing Date” shall mean the date this Third Amendment is
executed and delivered by the Borrower, the Parent, the Required Banks and the Agents and all the
conditions set forth in subsection (a) of this Section 5 have been satisfied or waived in writing
by the Agents.

6. NO WAIVER. Except as otherwise expressly provided herein, the execution and
delivery of this Third 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, or the Parent
under the Guaranty, in each case as in effect prior to the effectiveness of this Third 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, the Guaranty or any of the other Related
Writings or consent to any transaction or event, 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, the Guaranty or under any other Related
Writing.

7. EFFECT ON OTHER PROVISIONS. Except as expressly amended by this Third Amendment,
all provisions of the Credit Agreement and the Guaranty continue unchanged and in full force and
effect and are hereby confirmed and ratified. All provisions of the Credit Agreement and the
Guaranty shall be applicable to this Third Amendment. Nothing in this Third Amendment or any other
document delivered in connection herewith 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 the Borrower
and the Parent under the Credit Agreement, the Guaranty or any of the other Related Writings.
Parent hereby acknowledges that it consents to this Third Amendment and confirms and agrees that
the Guaranty, 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 this Third Amendment.

8. EXECUTION IN COUNTERPARTS. This Third 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, when taken together, shall constitute
but one and the same agreement. Delivery of an executed counterpart of a signature page to this
Third Amendment by telecopier or .pdf file shall be effective as delivery of a manually executed
counterpart of this Third Amendment.

9. GOVERNING LAW. This Third 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.

10. JURY TRIAL WAIVER. THE BORROWER, THE PARENT, THE AGENTS AND EACH OF THE BANKS
WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE, AMONG BORROWER, THE PARENT, THE AGENTS AND THE BANKS, OR ANY THEREOF, ARISING
OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN
CONNECTION WITH THE CREDIT AGREEMENT, THE GUARANTY, THIS THIRD AMENDMENT OR ANY OTHER INSTRUMENT,
DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED
THERETO. THIS THIRD AMENDMENT SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY ANY
BANK’S ABILITY TO PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION
CONTAINED IN ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT AMONG THE BORROWER, THE PARENT AND
THE BANKS, OR ANY THEREOF.

[Remainder of page intentionally left blank.]

1

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be executed and
delivered as of the date set forth above, each by an officer thereunto duly authorized.

FOREST CITY RENTAL PROPERTIES CORPORATION

By: /s/ Charles A. Ratner

Name: Charles A. Ratner

Title: Chairman of the Board

FOREST CITY ENTERPRISES, INC.

By: /s/ Charles A. Ratner

Name: Charles A. Ratner

Title: Chief Executive Officer and President

KEY BANK NATIONAL ASSOCIATION, individually

and as Agent

By: /s/ Joshua K. Mayers

Name: Joshua K. Mayers

Title: Vice President

NATIONAL CITY BANK individually and

as Syndication Agent

By: /s/ John E. Wilgus, II

Name: John E. Wilgus, II

Title: Senior Vice President

2

THE HUNTINGTON NATIONAL BANK

By: /s/ Michael L. Kauffman

Name: Michael L. Kauffman

Title: Senior Vice President

U.S. BANK NATIONAL ASSOCIATION

By: /s/ Dennis Redpath

Name: Dennis Redpath

Title: Senior Vice President

COMERICA BANK

By: /s/ Thomas W. Million

Name: Thomas W. Million

Title: Vice President

FIRST MERIT BANK, N.A.

By: /s/ Robert G. Morlan

Name: Robert G. Morlan

Title: Senior Vice President

MANUFACTURERS AND TRADERS TRUST COMPANY

By: /s/ David Ladori

Name: David Ladori

Title: Vice President

FIFTH THIRD BANK

By: /s/ Tim Pace

Name: Tim Pace

Title: Vice President

3

BANK OF AMERICA, N.A.

By: /s/ Michael J. Pappas

Name: Michael J. Pappas

Title: Vice President

RBS CITIZENS, N.A.

By: /s/ Andrew Romanosky

Name: Andrew Romanosky

Title: Vice President

BMO CAPITAL MARKETS FINANCING, INC.

By: /s/ Barry Stratton

Name: Barry Stratton

Title: Senior Vice President

CALYON NEW YORK BRANCH

By: /s/ Paul T. Ragusin

Name: Paul T. Ragusin

Title: Director

By: /s/ John A. Wain

Name: John A. Wain

Title: Managing Director

WACHOVIA BANK, N.A.

By: /s/ William F. Carmody

Name: William F. Carmody

Title: Managing Director

THE BANK OF NEW YORK MELLON

By: /s/ Kenneth R. McDonnell

Name: Kenneth R. McDonnell

Title: Managing Director

4

Exhibit A

(see attached)

5

Exhibit A

FOR THE INFORMATION OF THE BANKS AND THE AGENTS FOR THE PURPOSE OF ENTERING INTO THE THIRD
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND AMENDED AND RESTATED GUARANTY OF PAYMENT OF
DEBT

Material Differences between the Outstanding Notes and the New Notes

The material differences between the terms of Forest City Enterprises, Inc.’s
(the “Company”) existing 3.625% Puttable Equity-Linked Senior Notes due 2011 (the “Outstanding
Notes”) and the terms of the new 3.625% Puttable Equity-Linked Senior Notes due 2014 (the “New
Notes”) are set forth in the table below. The description of the terms of the Outstanding Notes in
the table below is qualified in its entirety by reference to the indenture dated as of October 10,
2006 between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Current Indenture”), and the description of the terms of the New Notes in the table below is
qualified in its entirety by reference to the proposed indenture between the Company and The Bank
of New York Mellon Trust Company, N.A., as trustee, (the “New Indenture”). Capitalized terms used
but not defined in the table below have the meaning set forth in the Current Indenture or the New
Indenture, as applicable.

	 	 	 	 	 
	 	 	Outstanding Notes	 	New Notes
	Coupon
	 	 3.625%
	 	 3.625%

	 
	 	

	 	

	Put Value (conversion)

Price
	 	 $ 66.39

	 	 $ based on a share price of $

	 
	 	

	 	

	Termination Put Value

Price
	 	Not applicable

	 	 $ based on a share price of $

	 
	 	

	 	

	Initial Cash

Redemption Date
	 	October 15, 2011
	 	October 15, 2013, at the option

of the Company

	 
	 	

	 	

	Initial Holder Put Date
	 	July 15, 2011
	 	Not applicable

	 
	 	

	 	

	Maturity Date
	 	October 15, 2011
	 	October 15, 2014

	 
	 	

	 	

	Registration Rights
	 	Registration rights in

respect of the

Outstanding Notes were

provided pursuant to the

Registration Rights

Agreement dated as of

October 10, 2006.
	 	None.

	 
	 	

	 	

	Put by Holders
	 	The Outstanding Notes

are puttable by holders,

at their option, upon

the occurrence of

certain triggering

events, in each case set

forth in the Current

Indenture, including if

the closing price of the

Class A Common Stock

exceeds 130% of the put

value price for 20 out

of a 30 consecutive

trading day period, or

upon specified corporate

transactions .
	 	The New Notes are puttable by

holders at any time prior to the

earlier to occur of (i) stated

maturity of the New Notes and (ii)

20 days after the Company first

delivers a Put Termination Notice

as described below.

	 
	 	

	 	

	Termination of Put

Rights
	 	None
	 	If the Daily VWAP of the Class A

Common Stock has equaled or

exceeded 130% of the Put Value

Price then in effect for at least

20 trading days in any 30 trading

day period, the Company may, at

its option, elect to terminate the

right of the holders to put their

New Notes, such termination to be

effective on the Put Termination

Date (as defined below).

	 
	 	

	 	

	Put by Holders after

Put Termination Notice
	 	Not applicable
	 	After the Put Termination Date,

holders may not put their New

Notes as described above in “Put

by Holders.”

After the mailing of the first Put

Termination Notice, holders may

elect to put all or a portion of

their New Notes at any time prior

to a Put Termination Date (as

defined below).

	 
	 	

	 	

	Put Termination Date
	 	None
	 	The Put Termination Notice shall

designate an effective date on

which the post-termination Put

Rights shall terminate, which

shall be a date at least 20 days

after the date of mailing of such

Put Termination Notice (each such

date, a “Put Termination Date”).

	 
	 	

	 	

	Make-Whole Payment

upon Put After Mailing

of Put Termination

Notice
	 	Not applicable
	 	Holders electing to put their New

Notes after the mailing of a Put

Termination Notice shall receive a

Coupon Make-Whole Payment in an

amount equal to the remaining

scheduled interest payments

attributable to such New Notes

from the applicable last interest

payment date through and including

October 15, 2013.

The Company may, at its option,

make the Coupon Make-Whole Payment

in cash, Class A Common Stock, or

a combination thereof. In the

event that the Company elects to

make any portion of the Coupon

Make-Whole Payment in Class A

Common Stock, the Class A Common

Stock will be valued at 95% of the

Termination Put Value Price.

	 
	 	

	 	

	Payment upon Put
	 	Net Share Settlement:

Upon a put, the Company

has an option, in its

sole discretion, to

elect net share

settlement and pay cash

and shares of Class A

Common Stock, if any,

based on a daily put

value calculated on a

proportionate basis for

each day of the 30

trading-day observation

period.
	 	Share Settlement: The amount

payable upon a put of the New

Notes is payable in shares of

Class A Common Stock of the

Company, except for cash paid in

lieu of fractional shares.

	 
	 	

	 	

	Limitation on Number

of Shares of Class A

Common Stock Issuable

to a Related Party

upon Put
	 	None
	 	Unless the Company shall have

received shareholder approval to

issue the New Notes, including

approval of the issuance of the

underlying shares of Class A

Common Stock (which the Company

shall have no obligation to seek),

the Company shall not issue any

shares of Class A Common Stock

pursuant to the New Indenture upon

a put of the Notes by a Related

Party (as such term is defined in

Section 312.03 of the Listed

Company Manual of the New York

Stock Exchange) if the amount of

shares of Class A Common Stock

required to be issued to such

Related Party would exceed 1% of

the outstanding Class A Common

Stock or voting power of the

Company prior to the issuance. If

a Related Party is not entitled to

acquire shares of Class A Common

Stock upon exercise of its put

rights as noted above the Company

will satisfy the Put Value

Obligation for Notes put to the

Company by such Related Party by

delivering cash equal to the sum

of the Daily Put Values for each

day of the 10 trading-day

observation period.

	 
	 	

	 	

	Dividend Threshold

Amount for Calculation

of Adjustment to Put

Value Rate
	 	 $0.07 per fiscal quarter

	 	 $0.00 per fiscal quarter

	 
	 	

	 	

	Limitation on Remedies

for Event of Default

relating to a Filing

Failure
	 	Not applicable
	 	For the first 180 days after the

occurrence of an Event of Default

relating to a Filing Failure, the

Company may elect to pay an

Extension Fee accruing at the rate

of 1% per annum of the aggregate

principal amount of the New Notes

outstanding at that time.

	 
	 	

	 	

	Number of Additional

Shares by which the

Put Value Rate will be

increased upon a

Fundamental Change
	 	Schedule A

	 	Schedule A-1

	 
	 	

	 	

	Qualification under

Trust Indenture Act
	 	The Current Indenture

has been qualified under

the Trust Indenture Act

of 1934, as amended (the

“TIA”).
	 	As of the date of execution, the

New Indenture will not be

qualified under the TIA.

	 
	 	 
	 	 

6

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