Document:

Exhibit 10.18

 

Exhibit 10.18

FOREST CITY ENTERPRISES, INC.

Restricted Stock Agreement

          THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) effective as of April ___, 2005 is made by
and between Forest City Enterprises, Inc., an Ohio corporation (the “Company”), and the individual
who is named as the Grantee (the “Grantee”) on the signature page of this Agreement. All
capitalized terms have the meanings set forth in the Forest City Enterprises, Inc. 1994 Stock Plan
(As Amended, Restated and Renamed as of June 8, 2004) (the “Plan”) unless otherwise specifically
provided.

          The execution of a restricted stock agreement substantially in the form hereof has been
authorized by a resolution of the Compensation Committee (the “Committee”) of the Board of
Directors of the Company (the “Board”) on April ___, 2005.

          In consideration of the Grantee’s acceptance of the terms and conditions of this Agreement,
and subject to the terms of this Agreement and the Plan, the Company hereby grants permit to the
Plan to the Grantee, effective April ___, 2005 (the “Date of Grant”), the number of shares the
shares of the Company’s Class A Common Stock, par value $.33-1/3 per share (“Shares”), that are
shown on the signature page of this Agreement as the Original Award.

AGREEMENT:

          1. Issuance of Restricted Shares. The Shares will be issued on the Date of Grant as
fully paid and nonassessable shares and will be represented by certificates registered in the name
of the Grantee and bearing a legend referring to the restrictions set forth in this Agreement.

          2. Restriction on Transfer. The Shares may not be transferred, sold, pledged,
exchanged, assigned or otherwise encumbered or disposed of by the Grantee, except to the Company,
until they have become nonforfeitable in accordance with Section 3 of this Agreement. Any
purported transfer, encumbrance or other disposition of the Shares that is in violation of this
Section 2 will be null and void, and the other party to any such purported transaction will not
obtain any rights to or interest in the Shares.

          3. Vesting. (a) The Shares will become nonforfeitable upon the occurrence of the
following:

	 	 	 	 	 
	 	 	Amount Nonforfeitable	 	Date Nonforfeitable
	

	 	1/4 of the Original Award
	 	On the second anniversary of the Date of
Grant.

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	 	 	Amount Nonforfeitable	 	Date Nonforfeitable
	

	 	1/4 of the Original Award
	 	On the third anniversary of the Date of
Grant.
	 
	 	 	 	 
	

	 	All Forfeitable Shares
	 	Fourth anniversary of the Date of Grant.

          (b) Notwithstanding the provisions of Section 3(a), all of the Shares will immediately become
nonforfeitable if a Change in Control occurs after the Date of Grant. “Change of Control” means if
at any time any of the following events has occurred:

	 	(i)  	the Company merges itself, or is merged or consolidated with,
another corporation and as a result of such merger or consolidation less than
51% of the voting power of the then-outstanding voting securities of the
surviving corporation immediately after such transaction are directly or
indirectly beneficially owned in the aggregate by the former shareholders of
the Company immediately prior to such transaction;
	 
	 	(ii)  	all or substantially all the assets accounted for on the
Consolidated Balance Sheet of the Company are sold or transferred to one or
more corporations or persons, and as a result of such sale or transfer less
than 51% of the voting power of the then-outstanding voting securities of such
corporation or person immediately after such sale or transfer is directly or
indirectly beneficially held in the aggregate by the former shareholders of the
Company immediately prior to such transaction or series of transactions;
	 
	 	(iii)  	a person, within the meaning of Section 3(a)(9) or 13(d)(13)
(as in effect on the date of the award) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), becomes the beneficial owner (as defined in
Rule 13d-3 of the Securities and Exchange Commission pursuant to the Exchange
Act) of (i) 15% or more but less than 35% of the voting power of the
then-outstanding voting securities of the Company without prior approval of the
Company’s Board, or (ii) 35% or more of the voting power of the
then-outstanding voting securities of the Company; provided,
however, that the foregoing does not apply to any such acquisition that
is made by (w) any Subsidiary of the Company (x) any employee benefit plan of
the Company or any Subsidiary or (y) any person or group of which employees of
the Company or of any Subsidiary control a greater than 25% interest unless the
Board determines that such person or group is making a “hostile acquisition;”
	 
	 	(iv)  	a majority of the members of the Board are not Continuing
Directors, where a “Continuing Director” is any member of the Board who (x) was
a member of the Board on the date of the award or (y) was nominated for
election or elected to such Board with the affirmative vote of a majority of
the Continuing Directors who were members of such Board at the time of such
nomination or election.

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          (c) Notwithstanding the provisions of Section 3(a), all of the Shares will immediately become
nonforfeitable if the Grantee

	 	(i)  	dies or becomes permanently disabled while in the employ of the
Company or a Subsidiary after the Date of Grant, or
	 
	 	(ii)  	ceases to be employed by the Company or a Subsidiary due to
Retirement of the Grantee, or
	 
	 	(iii)  	ceases to be employed by the Company or any Subsidiary as the
result of a termination by the employer without Cause.

          4. Termination of Rights and Forfeiture of Shares. Except for Shares that have become
nonforfeitable, all of the Shares will be forfeited if the Grantee ceases to be employed by the
Company or a Subsidiary at any time prior to the fourth anniversary of the Date of Grant. In the
event of a forfeiture, any certificate(s) representing the Shares will be canceled.

          5. Dividend, Voting and Other Rights. Except as otherwise provided in this Agreement,
the Grantee will have all of the rights of a shareholder with respect to the Shares, including the
right to vote the Shares and receive any dividends that may be paid thereon; provided,
however, that any additional shares of Common Stock or other securities that the Grantee
may become entitled to receive pursuant to a stock dividend, stock split, combination of shares,
recapitalization, merger, consolidation, separation or reorganization or any other change in the
capital structure of the Company will be subject to the same restrictions as the Shares.

          6. Retention of Stock Certificate(s) by Company. Any certificates representing Shares
will be held in custody by the Company together with a stock power endorsed in blank by the Grantee
with respect thereto, until those shares have become nonforfeitable in accordance with Section 3.

          7. Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal, state and other applicable securities laws; provided, however,
notwithstanding any other provision of this Agreement, the Company will not be obligated to issue
any securities pursuant to this Agreement if the issuance thereof would result in a violation of
any such law.

          8. Withholding Taxes. If the Company shall be required to withhold any federal,
state, local or foreign tax in connection with the vesting of the Shares, and the amounts available
to the Company for such withholding are insufficient, it shall be a condition to delivery of
Certificates representing such Shares that the Grantee make provisions that are satisfactory to the
Company for the payment of the balance of such taxes required to be withheld. The Grantee may
elect that all or any part of such withholding requirement be satisfied by retention by the Company
of a portion of such Shares. If such election is made, the shares so retained shall be credited
against such withholding requirement at the Market Value Per Share on the date of such delivery.

3

 

          9. Right to Terminate Employment. No provision of this Agreement will limit in any
way whatsoever any right that the Company or a Subsidiary may otherwise have to terminate the
employment of the Grantee at any time.

          10. Relation to Other Benefits. Any economic or other benefit to the Grantee under
this Agreement will not be taken into account in determining any benefits to which the Grantee may
be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained
by the Company or a Subsidiary and will not affect the amount of any insurance coverage available
to any beneficiary under any insurance plan covering employees of the Company or a Subsidiary.

          11. Severability. In the event that one or more of the provisions of this Agreement
are invalidated for any reason by a court of competent jurisdiction, any provision so invalidated
will be deemed to be separable from the other provisions hereof, and the remaining provisions
hereof will continue to be valid and fully enforceable.

          12. Governing Law. This Agreement is made under, and will be construed in accordance
with, the internal substantive laws of the State of Ohio without regard to conflict of law
principles of such state.

          13. Restrictive Legends. The Grantee acknowledges that the Shares are subject to the
terms of this Agreement and to transfer restrictions imposed by the securities laws, and that the
certificates representing the Shares will bear a restrictive legend substantially as follows:

The Shares represented by this certificate were issued pursuant to a
Restricted Stock Agreement effective as of April ___, 2005 between Forest
City Enterprises, Inc. and the holder named on the face of this certificate,
and are subject to the terms and conditions, including restrictions on
transfer, of that Agreement. Any purported transfer, encumbrance or other
disposition in violation of that Agreement will be null and void.

          14. Definitions. As used in this Agreement, the following terms have the following
meanings:

          “Cause” means gross neglect of duty, dishonesty, conviction of a felony, disloyalty,
intoxication, drug addiction, or other similar misconduct adverse to the best interests of the
Company.

          “Original Award” means the number of Shares of Common Stock indicated as the Original Award on
the signature page of this Agreement.

          “Subsidiary” has the meaning set forth in the Plan, except that for the purpose of Section
3(b) of this Agreement only, any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if each of such corporations (or a group of

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corporations that themselves are Subsidiaries) other than the last corporation in the unbroken
chain owns stock possessing fifty percent or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.

          This Restricted Stock Agreement has been executed by the parties at Cleveland, Ohio as of
April ___, 2005.

	 	 	 	 	 	 	 
	 	 	FOREST CITY ENTERPRISES, INC.
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	 	 	 	 	 
	

	 	 	 	Name:
	 	Charles A. Ratner
	

	 	 	 	Title:
	 	Chief Executive Office and
	

	 	 	 	 	 	President
	 
	 	 	 	 	 	 
	 	 	The Grantee:

	 	 
	 	 	 
	

	 	Name:	 	 	 	 

	 	 	 	 	 
	Name of Grantee:
	 	 	 	 
	

	 	 	 	 
	 
	 	 	 	 
	Date of Grant:

	 	April        ,
2005	 	 
	

	 	
	 	 
	 
	 	 	 	 
	Original Award:

	 	# Shares of Class A
Common
Stock at
$          
per ShareExhibit 10.43

 

Exhibit 10.43

SECOND AMENDMENT TO CREDIT AGREEMENT

     This SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into as of
this 7th day of April, 2005, by and among FOREST CITY RENTAL PROPERTIES CORPORATION, an
Ohio corporation (the “Borrower”), KEYBANK NATIONAL ASSOCIATION, as Administrative Agent (the
“Administrative Agent”), NATIONAL CITY BANK, as Syndication Agent (the “Syndication Agent” and,
together with the Administrative Agent, the “Agents”) and the banks party to the Credit Agreement
(as hereinafter defined) as of the date hereof (collectively, the “Banks” and individually a
“Bank”). Capitalized terms not otherwise defined herein shall have the respective meanings
attributed to them in the Credit Agreement, as hereinafter defined.

W  I  T  N  E  S  S  E  T  H  :

     WHEREAS, the Borrower, the Banks and the Agents have previously entered into a certain Credit
Agreement dated as of March 22, 2004, as amended by that certain First Amendment to Credit
Agreement dated as of January 19, 2005, among the Borrower, the Banks and the Agents (as so
amended, the “Credit Agreement”); and

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

     WHEREAS, the Borrower, the Banks and the Agents desire to make certain amendments to the
Credit Agreement to, among other things, extend the Termination Date, increase the Total Revolving
Loan Commitments and provide for a swing line facility, subject to the terms and conditions
contained herein; and

     WHEREAS, the Banks and the Agents are willing to amend the Credit Agreement on the respective
terms and conditions set forth herein and such terms and conditions are agreeable to the Borrower
and to the Parent.

     NOW, THEREFORE, it is mutually agreed as follows:

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

          (a) Amendment of Definition of “Commitment”. The definition of “Commitment” contained
in Article I of the Credit Agreement shall be amended by deleting it in its entirety and replacing
it with the following:

          “Commitment” shall mean the obligation of each Bank, during the applicable
Commitment Period, to make Revolving Loans and to participate in Swing Loans, in an
aggregate amount not to exceed the amount set forth opposite such Bank’s name under
the column headed “Maximum Amount” on Exhibit A attached hereto (as such Exhibit A
may be amended or otherwise modified from

 

 

time to time pursuant to Section 5.07(a) or Section 13.08 hereof), or such
lesser amount as shall be determined pursuant to Section 5.07(b) hereof.

          (b) Amendment of Definition of “Commitment Increase Period”. The definition of
“Commitment Increase Period” contained in Article I of the Credit Agreement shall be amended by
deleting it in its entirety and replacing it with the following:

          “Commitment Increase Period” shall mean the period from the Second Amendment
Closing Date to the second anniversary of the Second Amendment Closing Date, or such
later date as shall be agreed to in writing by the Agent.

          (c) Amendment of Definition of “Commitment Period”. The definition of Commitment
Period contained in Article I of the Credit Agreement shall be amended by deleting it in its
entirety and replacing it with the following:

          “Commitment Period” shall mean (a) with respect to the Banks other than the Additional
Banks, and with respect to the Closing Date Commitment Amount, the period from the Closing
Date until the Termination Date and (b) with respect to each Additional Bank and each Bank
with an Additional Commitment, if any, the period from the Additional Bank Assumption
Effective Date applicable to such Additional Bank or such Bank with an Additional Commitment
until the Termination Date.

          (d) Amendment of Definition of “Loans”. The definition of “Loan” contained in Article
I of the Credit Agreement shall be amended by deleting it in its entirety and replacing it with the
following:

          “Loan” means a Revolving Loan or a Swing Loan.

          (e) Amendment of Definition of “Note” and “Notes”. The definitions of “Note” and
“Notes” contained in Article I of the Credit Agreement shall be amended by deleting them in their
entirety and replacing them with the following:

          “Note” or “Notes” shall mean (a) a note or notes substantially in the form of
Exhibit D attached hereto, executed and delivered by the Borrower pursuant to
Section 2.05, 5.07 or 13.08 hereof, as applicable, and as each such Note may be,
from time to time, amended, restated or otherwise modified and all replacements
therefor, or (b) a Swing Line Note.

          (f) Amendment of Definition of “Required Banks”. The definition of Required Banks
contained in Article I of the Credit Agreement shall be amended by deleting it in its entirety and
replacing it with the following:

          “Required Banks” means, at any time, Banks having at least 66.67% of the Total
Revolving Loan Commitments or, if the Total Revolving Loan Commitments shall have
been terminated, Banks holding at least 66.67% of the aggregate unpaid principal
amount outstanding under the Notes (other than the Swing Line Notes).

          (g) Amendment of Definition of “Termination Date”. The definition of “Termination
Date” contained in Article I of the Credit Agreement shall be amended by deleting

 

 

the date of “March 22, 2007” contained therein and replacing it with the date “March 31,
2008”, but leaving it the same in all other respects.

          (h) Addition of Definition of “Mandatory Request”. Article I of the Credit Agreement
shall be amended by adding, in its appropriate alphabetical place, the following definition for
“Mandatory Request”:

          “Mandatory Request” shall have the meaning set forth in Section 2.07(b) hereof.

          (i) Addition of Definition of “Maximum Swing Line Amount”. Article I of the Credit
Agreement shall be amended by adding, in its appropriate alphabetical place, the following
definition for “Maximum Swing Line Amount”:

          “Maximum Swing Line Amount” shall mean Forty Million Dollars ($40,000,000).

          (j) Addition of Definition of “Revolving Credit Exposure”. Article I of the Credit
Agreement shall be amended by adding, in its appropriate alphabetical place, the following
definition for “Revolving Credit Exposure”:

          “Revolving Credit Exposure” shall mean, at any time, the sum of (a) the
aggregate principal amount of all Revolving Loans outstanding, (b) the Swing Line
Exposure and (c) the LC Obligations outstanding.

          (k) Addition of Definition of “Second Amendment Closing Date”. Article I of the
Credit Agreement shall be amended by adding, in its appropriate alphabetical place, the following
definition for “Second Amendment Closing Date”:

          “Second Amendment Closing Date” shall mean the date upon which all of the
conditions to the effectiveness of the Second Amendment to Credit Agreement have
been satisfied by the Borrower or waived in writing by the Agents.

          (l) Addition of Definition of “Second Amendment to Credit Agreement”. Article I of
the Credit Agreement shall be amended by adding, in its appropriate alphabetical place, the
following definition for “Second Amendment to Credit Agreement”:

          “Second Amendment to Credit Agreement” shall mean the Second Amendment to
Credit Agreement, dated as of April 7, 2005, among the Borrower, the Banks party to
the Agreement as of the date thereof and the Agents.

          (m) Addition of Definition of “Swing Line”. Article I of the Credit Agreement shall
be amended by adding in its appropriate alphabetical place, the following definition for “Swing
Line”:

          “Swing Line” shall mean the credit facility established by the Swing Line
Lenders for the Borrower in accordance with Section 2.07 hereof.

 

 

          (n) Addition of Definition of “Swing Line Commitment”. Article I of the Credit
Agreement shall be amended by adding, in its appropriate alphabetical place, the following
definition for “Swing Line Commitment”:

          “Swing Line Commitment” shall mean the commitment of each Swing Line Lender to
make Swing Loans to the Borrower, on an equal basis, up to the Maximum Swing Line
Amount.

          (o) Addition of Definition of “Swing Line Exposure”. Article I of the Credit
Agreement shall be amended by adding, in its appropriate alphabetical place, the following
definition for “Swing Line Exposure”:

          “Swing Line Exposure” shall mean, at any time, the aggregate principal amount
of all Swing Loans outstanding.

          (p) Addition of Definition of “Swing Line Lenders”. Article I of the Credit Agreement
shall be amended by adding, in its appropriate alphabetical place, the following definition for
“Swing Line Lenders”:

          “Swing Line Lenders” shall mean KeyBank National Association and National City
Bank, as the holders of the Swing Line Commitment.

          (q) Addition of Definition of “Swing Line Note”. Article I of the Credit Agreement
shall be amended by adding, in its appropriate alphabetical place, the following definition for
“Swing Line Note”:

          “Swing Line Note” shall mean a note or notes substantially in the form of Exhibit D-1
attached hereto, executed and delivered by the Borrower pursuant to Section 2.07(d) hereof,
and as such Swing Line Note may be, from time to time, amended, restated or otherwise
modified and replacements therefor

          (r) Addition of Definition of “Swing Loan”. Article I of the Credit Agreement shall
be amended by adding, in its appropriate alphabetical place, the following definition for “Swing
Loan”:

          “Swing Loan” shall mean a loan granted to the Borrower by the Swing Line
Lenders under the Swing Line.

          (s) Addition of Definition of “Swing Loan Maturity Date”. Article I of the Credit
Agreement shall be amended by adding, in its appropriate alphabetical place, the following
definition for “Swing Loan Maturity Date”:

          “Swing Loan Maturity Date” shall mean, with respect to any Swing Loan, the
earlier of (a) three (3) Cleveland Banking Days after the date such Swing Loan is
made or (b) the Termination Date.

 

 

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

          (a) Amendment to Section 2.01. Section 2.01 of the Credit Agreement shall be amended
by deleting it in its entirety and replacing it with the following:

          SECTION 2.01. AMOUNT OF THE REVOLVING LOAN FACILITY. The aggregate
outstanding principal amount of the Revolving Loans plus the LC Obligations
outstanding from time to time plus the Swing Line Exposure shall not exceed the
Total Revolving Loan Commitments in effect at the time. No Bank shall be obligated
to make any Revolving Loans or issue any letter of credit if, after giving effect to
such Revolving Loan or LC Obligations, (a) such Bank’s Pro rata share of all
Revolving Loans, Swing Loans and LC Obligations then outstanding would exceed such
Bank’s Commitment or (b) the aggregate amount of all Revolving Loans, Swing Loans
and LC Obligations then outstanding plus the Permitted Non-Affiliate Loan Reserve
would exceed the Total Revolving Loan Commitments in effect at the time.

          (b) Amendment to Section 2.03(a). Section 2.03(a) of the Credit Agreement shall be
amended by adding the phrase “and outstanding Swing Loans (if a participant in Swing Loans pursuant
to Section 2.07(c) hereof)” after the term “LC Obligations” in the second sentence thereof, but
leaving it the same in all other respects.

          (c) Amendment to Section 2.06. Section 2.06 of the Credit Agreement shall be amended
by adding the phrase “evidencing the Revolving Loans” after the word “Notes”, but leaving it the
same in all other respects.

          (d) Addition of New Section 2.07. Article II of the Credit Agreement shall be amended
by adding a new Section 2.07 as follows:

          SECTION 2.07. SWING LOANS. (a) Subject to and upon the terms and
conditions of this Agreement, during the Commitment Period, each Swing Line Lender
agrees to make a Swing Loan or Swing Loans to the Borrower in an amount equal to
one-half (1/2) of the amount or amounts as the Borrower may from time to time request;
provided, that the Borrower shall not request any Swing Loan if, after giving effect
thereto (i) the aggregate outstanding principal amount of all Revolving Loans plus
the Swing Line Exposure plus the LC Obligations then outstanding plus the Permitted
Non-Affiliate Loan Reserve would exceed the Total Revolving Loan Commitments then in
effect or (ii) the Swing Line Exposure would exceed the Maximum Swing Line Amount.
Each Swing Loan shall bear interest at a per annum rate equal to the Federal Funds
Effective Rate plus 195 basis points (for each day elapsed) and shall be due and
payable on the Swing Loan Maturity Date applicable thereto. The Borrower shall not
request that more than one (1) Swing Loan to each Swing Line Lender be outstanding
at any time.

          (b) On any Cleveland Banking Day, the Swing Line Lenders may, in their sole
discretion, give notice to the Banks and the Borrower that one or more of their
outstanding Swing Loans shall be refinanced as a Revolving Loan; provided, that (i)
each such notice shall be deemed to have been

 

 

automatically given upon the occurrence of an Event of Default under Section
10.06 or 10.07 hereof or upon the exercise of any of the remedies provided in
Section 11.01(b) or 11.02(b) hereof and (ii) no Swing Line Lender shall make such
request without the other Swing Line Lender joining in such request. Such Revolving
Loan initially shall bear interest based on the Base Rate Option. On the Cleveland
Banking Day immediately following the date such notice has been given (or deemed
given), the Borrower shall be deemed to have requested (the “Mandatory Request”) a
Revolving Loan in the aggregate principal amount of the Swing Loans of each Swing
Line Lender in accordance with Section 5.01 hereof (other than the requirement set
forth in Section 5.01(a)(i)). Each Bank agrees to make a Revolving Loan in an
amount equal to its Pro rata share of such Revolving Loan on the date of the
Mandatory Request, subject to no conditions precedent whatsoever. Each Bank
acknowledges and irrevocably agrees that such Bank’s obligation to make a Revolving
Loan when required by this Section 2.07(b) is absolute and unconditional and shall
not be affected by any circumstance whatsoever, including without limitation, the
occurrence and continuance of a Possible Default or Event of Default or whether or
not the agreements and conditions of Article V are then satisfied and that its
payment to the Agent, for the respective accounts of the Swing Line Lenders, of the
proceeds of such Revolving Loan shall be made without any offset, abatement,
recoupment, counterclaim, withholding or reduction whatsoever and whether or not
such Bank’s Commitment shall have been reduced or terminated. The Borrower
irrevocably authorizes and instructs the Agent to apply the proceeds of any
borrowing pursuant to this Section 2.07(b) to repay in full such Swing Loans.

          (c) If, for any reason, the Agent is unable to or, in the opinion of the Agent,
it is impracticable to, convert any Swing Loan to a Revolving Loan pursuant to the
preceding Section 2.07(b), then on any day that a Swing Loan is outstanding (whether
before or after the maturity thereof), the Agent shall have the right to request
that each Bank purchase a participation in such Swing Loan, and the Agent shall
promptly notify each Bank thereof (by facsimile or telephone, confirmed in writing).
Upon such notice, but without further action being necessary or required, each
Swing Line Lender hereby agrees to grant to each Bank and each Bank hereby agrees to
acquire from each Swing Line Lender, an individual participation interest in each
Swing Loan in an amount equal to such Bank’s Pro rata share of the principal amount
of such Swing Loan. In consideration and in furtherance of the foregoing, each Bank
hereby absolutely and unconditionally agrees, upon receipt of notice as provided
above, to pay to the Agent, for the benefit of each Swing Line Lender, such Bank’s
Pro rata share of such Swing Loan. Each Bank acknowledges and agrees that its
obligation to acquire participations in Swing Loans pursuant to this Section 2.07(c)
is absolute and unconditional, and shall not be affected by any circumstance
whatsoever, including without limitation, the occurrence and continuance of a
Possible Default or Event of Default or whether or not the agreements and conditions
of Article V are then satisfied and that each such payment shall be made without any
offset, abatement, recoupment, counterclaim, withholding or reduction whatsoever and
whether or not such Bank’s Commitment shall have been reduced or terminated. Each
Bank shall comply with its obligation under this Section 2.07(c) by wire

 

 

transfer of immediately available funds, in the same manner as provided in
Section 5.02 hereof with respect to Revolving Loans to be made by such Bank.

          (d) On the Second Amendment Closing Date, the Borrower shall execute and
deliver to each Swing Line Lender, a Swing Line Note with all blanks appropriately
completed in conformity herewith. The Swing Line Note issued to each Swing Line
Lender shall (i) be executed by the Borrower, (ii) be payable to the order of such
Swing Line Lender and dated as of the Second Amendment Closing Date, (iii) be in a
stated principal amount equal to the Swing Line Commitment of such Swing Line Lender
and payable in the principal amount of the Swing Loans evidenced thereby and (iv) be
entitled to the benefits of this Agreement and the other Related Writings. The
Swing Line Notes shall be subject to the terms of this Agreement.

          (e) The proceeds of Swing Loans shall be used by the Borrower for general
working capital purposes of the Borrower.

     3. AMENDMENT TO SECTION 3.01(a) OF THE CREDIT AGREEMENT. Section 3.01(a) of the
Credit Agreement shall be amended by deleting the amount of “$50,000,000” contained therein and
replacing it with the amount of “$60,000,000”, but leaving it the same in all other respects.

     4. AMENDMENT TO SECTION 4.01(d) OF THE CREDIT AGREEMENT. Section 4.01(d) of the
Credit Agreement shall be deleted in its entirety and replaced with the following:

          SECTION 4.01(d). INDICATED SPREAD. The Indicated Spread is measured
in basis points and from and including the Second Amendment Closing Date to the
Termination Date, shall be 50 basis points for the Base Rate Option and 195 basis
points for the LIBOR Rate Option.

     5. AMENDMENT TO SECTION 4.05 OF THE CREDIT AGREEMENT. Section 4.05 of the Credit
Agreement shall be amended by deleting the word “Revolving” each of the first two times it appears
in said Section 4.05, but leaving it the same in all other respects.

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

          (a) Addition of New Section 5.01(c). Section 5.01 of the Credit Agreement shall be
amended by adding a new Section 5.01(c) as follows:

          (c) Whenever the Borrower desires to incur a Swing Loan, it shall give the
Agent, prior to 2:00 p.m. (Cleveland time) on the proposed date of borrowing of any
Swing Loan, written notice (or telephonic notice promptly confirmed in writing) in
the form of a Notice of Borrowing of each such Swing Loan. The Agent shall promptly
give each Swing Line Lender written notice (or telephonic notice promptly confirmed
in writing) of each proposed Swing Loan, of such Swing Line Lender’s pro rata share
thereof and of other matters covered by the Notice of Borrowing relating to such
Swing Loan.

 

 

          (b) Addition of New Section 5.02(c). Section 5.02 of the Credit Agreement shall be
amended by adding a new Section 5.02(c) as follows:

          (c) No later than 3:00 p.m. (Cleveland time) on the date specified in each
Notice of Borrowing relating to a Swing Loan, each Swing Line Lender will make
available its pro rata portion of each Swing Loan requested to be made on such date
in the manner provided below in this Section 5.02(c). All amounts shall be made
available to the Agent in U.S. dollars and immediately available funds at its office
listed on the signature pages hereto and the Agent promptly will make available to
the Borrower by depositing to its account at the Agent’s office the aggregate of the
amounts so made available in the type of funds received.

          (c) Amendment to Section 5.06. Section 5.06 of the Credit Agreement shall be amended
by deleting it in its entirety and replacing it with the following:

          SECTION 5.06. UNUSED COMMITMENTS. (a) For each day that the Revolving
Credit Exposure equals or exceeds fifty percent (50%) of the Total Revolving Loan
Commitments, the Borrower shall pay to the Agent, for the Pro rata benefit of the
Banks, an unused commitment fee at the rate per annum (based on a year of 360 days
and calculated for the actual number of days elapsed) of fifteen (15) basis points
times the excess of the Total Revolving Loan Commitments then in effect over
the Revolving Credit Exposure on that day and (b) for each day that the Revolving
Credit Exposure is less than fifty percent (50%) of the Total Revolving Loan
Commitments, the Borrower shall pay to the Agent, for the Pro rata benefit of the
Banks, an unused commitment fee at the rate per annum (based on a year of 360 days
calculated for the actual number of days elapsed) of twenty-five (25) basis points
times the excess of the Total Revolving Loan Commitments then in effect over
the Revolving Credit Exposure on that day. The unused commitment fee shall be
payable on the first Cleveland Banking Day after each Fiscal Quarterly Date
commencing May 2, 2005 and continuing on the first Cleveland Banking Day after each
Fiscal Quarterly Date thereafter. After any permanent reduction of the Total
Revolving Loan Commitments pursuant to Section 5.07, the unused commitment fees
payable hereunder shall be calculated upon the Total Revolving Loan Commitments of
the Banks as so reduced.

          (d) Amendment of Section 5.07(a). Section 5.07(a) of the Credit Agreement shall be
amended by deleting it in its entirety and replacing it with the following:

          (a) At any time during the Commitment Increase Period, the Borrower may request
the Agent to increase the Total Revolving Loan Commitments from the Closing Date
Commitment Amount of $450,000,000 up to an amount that shall not exceed
$550,000,000. Each such increase may be made by either (i) proportionally
increasing, for one or more Banks, with their prior written consent, their
respective Commitments, in increments of at least Five Million Dollars ($5,000,000),
or (ii) including one or more Additional Banks, each with a new Commitment of at
least Twenty Five Million Dollars ($25,000,000), as a party to this Agreement
(collectively, the “Additional Commitments”). During the Commitment Increase
Period, all of the Banks agree that the Agent, in its sole discretion, exercised in
good faith, may permit one or more Additional Commitments upon satisfaction of the
following requirements:

 

 

(A) each Additional Bank, if any, shall execute an Additional Bank Assumption
Agreement, (B) the Agent shall provide to each Bank a revised Exhibit A to this
Agreement, at least three Cleveland Banking Days prior to the effectiveness of such
Additional Commitments (each, an “Additional Bank Assumption Effective Date”), (C)
the Borrower shall execute and deliver to the Agent, the Banks and the Additional
Banks such replacement or additional Notes as shall be required by the Agent, the
Banks or such Additional Banks, as the case may be, and (D) the Borrower shall pay
to the Agent for the benefit of each Bank and Additional Bank with an Additional
Commitment, a commitment fee in an amount equal to 25 basis points times the
amount of such Bank’s or Additional Bank’s Additional Commitment. The Banks hereby
authorize the Agent to execute each Additional Bank Assumption Agreement on behalf
of the Banks. On each Additional Bank Assumption Effective Date, the Banks shall
make adjustments among themselves with respect to the Revolving Loans and LC
Obligations then outstanding, participations in Swing Loans outstanding, if any, and
amounts of principal, interest, fees and other amounts paid and payable with respect
thereto as shall be necessary, in the opinion of the Agent, in order to reallocate
among such Banks such outstanding amounts, based on their respective Pro rata shares
of the then effective Total Revolving Loan Commitments and to otherwise carry out
fully the intent and terms of this Section 5.07(a). In connection therewith, it is
understood and agreed that the Maximum Amount of any Bank as set forth under such
Bank’s name on Exhibit A hereto will not be increased (or decreased except pursuant
to Section 5.07(b) hereof) without the prior written consent of such Bank. The
Borrower shall not request any increase in the Total Revolving Loan Commitments
pursuant to this Section 5.07(a) if a Possible Default or an Event of Default shall
then exist, or immediately after giving effect to any such increase would exist.

     7. AMENDMENT TO SECTION 7.17 OF THE CREDIT AGREEMENT. Section 7.17 of the Credit
Agreement shall be amended by deleting it in its entirety and replacing it with the following:

          SECTION 7.17. USE OF PROCEEDS. All proceeds of the Revolving Loans
shall be used as provided in Section 2.04 and all proceeds of the Swing Loans shall
be used as provided in Section 2.07(e).

     8. AMENDMENT TO SECTION 12.13 OF THE CREDIT AGREEMENT. Section 12.13 of the Credit
Agreement shall be amended by deleting the parenthetical contained in the first sentence thereof
and replacing it with the following parenthetical, but leaving it the same in all other respects:

(except as to Swing Loans prior to the Agent’s giving of notice to
participate and under Sections 4.06, 4.07, 4.08, 4.09, 4.10 and/or
4.11, hereof).

 

 

     9. AMENDMENT TO SECTION 13.02 OF THE CREDIT AGREEMENT. Section 13.02 of the Credit
Agreement shall be amended by deleting it in its entirety and replacing it with the following:

          SECTION 13.02. AMENDMENTS, CONSENTS. No amendment, modification,
termination, or waiver of any provision of this Agreement or of the Notes or of the
Guaranty, nor any consent to any variance therefrom, shall be effective unless the
same shall be in writing and signed by the Required Banks, the Super Majority Banks
or all of the Banks, as appropriate, under this Section 13.02, and any such waiver
or consent shall be effective only in the specific instance and for the specific
purpose for which given. Unanimous consent of the Banks, or, if there is any
borrowing hereunder, the holders of one hundred percent (100%) (by outstanding
principal amount) of the Notes (excluding the Swing Line Notes), shall be required
with respect to (a) an increase in any Commitment, an increase in the Maximum Swing
Line Amount, the extension of maturity of the Notes (other than the Swing Line
Notes) or the payment date of interest thereunder, (b) any reduction in the rate of
interest on the Notes (other than the Swing Line Notes), or in any amount of
principal or interest due on any Note (other than the Swing Line Notes) or in the
amount of fees or other amounts due to the Banks (or any of them) hereunder or under
the Related Writings or any change in the manner of Pro rata application of any
payment made by the Borrower to the Banks hereunder, or any change in amortization
schedules, or in the manner of calculating fees or prepayment penalties, (c) any
change in any percentage voting requirements in this Agreement, (d) the release of
all of the value of the Guaranty, or any material amendment or modification thereto,
or any other guarantee in favor of the Banks, provided, that only the consent of the
Required Banks will be required to increase the outstanding and unredeemed principal
amount of Indebtedness that may be incurred by the Parent under the Indenture and to
modify the provisions of, and definitions in the Guaranty related thereto, (e) any
amendment to the definitions of Required Banks, Super Majority Banks or Reference
Banks set forth herein or to this Section 13.02, or (f) any material amendment to
any representation, warranty, covenant, Possible Default, Event of Default or remedy
provided herein or under any Related Writing. The consent of the holders of eighty
percent (80%) (by outstanding principal amount) of the Notes (excluding the Swing
Line Notes) (the “Super Majority Banks”) shall be required for any amendments,
modifications or other changes to Section 8.13 or Section 9.14 of the Guaranty.
Notice of amendments or consents ratified by the Banks hereunder shall immediately
be forwarded by the Agent to all Banks, provided, that, notwithstanding anything
contained herein to the contrary, the Agent and the Swing Line Lenders shall have
the right to decrease the interest rate on the Swing Loans, extend the maturity of
payments on the Swing Loans for ten (10) days beyond the applicable Swing Loan
Maturity Date and decrease the amount of payments on the Swing Loans, without the
consent of any other Banks, other than the other Swing Line Lender and any Bank that
has purchased a participation in such Swing Loans pursuant to Section 2.07(c)
hereof. Each Swing Line Lender must consent to any increase in the Maximum Swing
Line Amount. Each Bank or other holder of a Note shall be bound by any amendment,
waiver or consent obtained as authorized by this Section 13.02, regardless of its
failure to agree thereto.

 

 

          10. REPLACEMENT OF EXHIBITS A AND F. The Credit Agreement is hereby
amended to replace Exhibit A and Exhibit F thereto with Exhibit A and Exhibit F,
respectively, attached to this Amendment.

          11. ADDITION OF EXHIBIT D-1. The Credit Agreement is hereby amended to
add as an Exhibit thereto, the Exhibit D-1 attached to this Amendment.

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

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

          (b) REQUISITE AUTHORITY. The Borrower has all requisite power and authority to
execute and deliver and to perform its obligations in respect of this Amendment and each and every
other agreement, certificate, or document required by this Amendment; including, without
limitation, each Swing Line Note.

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

          (e) NO DEFAULTS. 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.

     13. CONDITIONS TO EFFECTIVENESS OF AMENDMENT.

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

 

 

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

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

               (2) Certified copy of the resolutions of the board of directors of the Parent
evidencing approval of the execution, delivery and performance of the Second
Amendment to Guaranty dated as of the date hereof, by the Parent in favor of the
Agents and the Banks (the “Second Amendment to Guaranty”);

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

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

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

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

               (7) Counterparts of this Amendment, executed and delivered by the Borrower, the
Agents, and the Banks and of the Parent’s Acknowledgment and Consent of this
Amendment executed and delivered by the Parent;

               (8) A Swing Line Note, executed and delivered by the Borrower and made payable
to each Swing Line Lender in the amount of its respective Swing Line Commitment;

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

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

 

 

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

               (12) A certificate of the secretary or assistant secretary of the Borrower and
the Parent certifying that as of the date of this Amendment, no Event of Default or
Possible Default exists or will exist under the Credit Agreement, as amended hereby,
or the Guaranty.

               (ii) OPINION OF COUNSEL FOR PARENT. The Borrower shall deliver or caused to be
delivered to the Agents and the Banks a favorable opinion of counsel for the Parent as to the due
authorization, execution, and delivery, and legality, validity and enforceability of the Second
Amendment to Guaranty and the Parent’s Acknowledgment and Consent of this Amendment and such other
matters as the Agents or the Banks may request.

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

               (iv) PAYMENT OF FEES TO BANKS. On or before the Second Amendment Closing Date, the
Borrower shall have paid to the Agents and the Banks all costs, fees and expenses incurred by them
through the Second Amendment Closing Date in the preparation, negotiation and execution of this
Amendment and the Second Amendment to Guaranty (including, without limitation, the reasonable legal
fees and expenses of Thompson Hine LLP). The Borrower shall pay an amendment fee to the
Administrative Agent for distribution to the Banks in the amount set forth in the fee letter from
the Agents to the Borrower dated as of March 11, 2005.

               (v) REVISED SCHEDULES. If necessary to make the representations and warranties
contained in Section 2(a) above true, correct and complete, the Borrower shall have delivered to
the Agents and the Banks a new Schedule 9.22 and/or Schedule 9.23.

          (b) DEFINITION. The “Second Amendment Closing Date” shall mean the date this
Amendment is executed and delivered by the Borrower, the Banks and the Agents and all the
conditions set forth in subsection (a) of this Section 13 have been satisfied or waived in writing
by the Agents.

     14. NO WAIVER. Except as otherwise expressly provided herein, the execution and
delivery of this Amendment by the Agents and the Banks shall not constitute a waiver or release of
any obligation or liability of the Borrower under the Credit Agreement as in effect prior to the
effectiveness of this Amendment or as amended hereby or waive or release any Event of Default or
Possible Default existing at any time.

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

 

 

Exhibit 10.43

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

	 	 	 	 	 	 	 
	 	 	FOREST CITY RENTAL PROPERTIES

CORPORATION	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Thomas G. Smith _____________________	 	 
	

	 	 	 	Title: Vice President and Secretary _________	 	 
	 
	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION,

Individually and as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Donald Woods _______________________	 	 
	

	 	 	 	Title: Assistant Vice President _____________	 	 
	 
	 	 	 	 	 	 
	 	 	NATIONAL CITY BANK, Individually and

as Syndication Agent	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Anthony DiMare _____________________	 	 
	

	 	 	 	Title: Senior Vice President _______________	 	 
	 
	 	 	 	 	 	 
	 	 	THE HUNTINGTON NATIONAL BANK	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Richard Gross ________________________	 	 
	

	 	 	 	Title: Vice President______________________	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Dennis J. Redpath _____________________	 	 
	

	 	 	 	Title: Senior Vice President _______________	 	 
	 
	 	 	 	 	 	 
	 	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Charles Weddell ______________________	 	 
	

	 	 	 	Title: Vice President _____________________	 	 

(Signature page to Second Amendment to Credit Agreement)

 

 

Exhibit 10.43

	 	 	 	 	 	 	 
	 	 	FIRST MERIT BANK	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ R. W. Carpenter ______________________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Executive Vice President ____________	 	 
	 
	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Marilyn Maloney _____________________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Senior Vice President _______________	 	 
	 
	 	 	 	 	 	 
	 	 	MANUFACTURERS AND TRADERS

TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Kevin B. Quinn _______________________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Vice President _____________________	 	 
	 
	 	 	 	 	 	 
	 	 	FIFTH THIRD BANK	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ R. C. Lanctot _________________________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Vice President _____________________	 	 
	 
	 	 	 	 	 	 
	 	 	FLEET NATIONAL BANK	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ James Magaldi _______________________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Vice President _____________________	 	 
	 
	 	 	 	 	 	 
	 	 	CALYON NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ John A Wain _________________________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Managing Director __________________	 	 

(Signature page to Second Amendment to Credit Agreement)

 

 

Exhibit 10.43

	 	 	 	 	 	 	 
	 	 	BANK OF MONTREAL	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Thomas A. Batterham _____________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Managing Director _____________	 	 
	 
	 	 	 	 	 	 
	 	 	CHARTER ONE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Chet C. Shedloski ________________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Vice President_________________	 	 

(Signature page to Second Amendment to Credit Agreement)

 

 

ACKNOWLEDGMENT AND CONSENT OF GUARANTOR

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

	 	 	 	 	 	 	 
	Dated: April 7, 2005	 	FOREST CITY ENTERPRISES, INC.	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Thomas G. Smith _______________________	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title: Vice President and Secretary ____________	 	 

 

 

EXHIBIT A

	 	 	 	 	 
	Bank	 	Maximum Amount	 
	National City Bank
	 	$	70,000,000	 
	 
	 	 	 	 
	KeyBank National Association
	 	$	50,000,000	 
	 
	 	 	 	 
	The Huntington National Bank
	 	$	45,000,000	 
	 
	 	 	 	 
	U.S. Bank National Association
	 	$	40,000,000	 
	 
	 	 	 	 
	Fifth Third Bank
	 	$	30,000,000	 
	 
	 	 	 	 
	Fleet National Bank
	 	$	30,000,000	 
	 
	 	 	 	 
	LaSalle Bank National Association
	 	$	30,000,000	 
	 
	 	 	 	 
	Manufacturers and Traders Trust Company
	 	$	30,000,000	 
	 
	 	 	 	 
	Comerica Bank
	 	$	27,500,000	 
	 
	 	 	 	 
	Calyon
	 	$	25,000,000	 
	 
	 	 	 	 
	First Merit Bank
	 	$	25,000,000	 
	 
	 	 	 	 
	Bank of Montreal
	 	$	23,750,000	 
	 
	 	 	 	 
	Charter One Bank
	 	$	23,750,000	 
	 
	 	 	 
	 
	 	 	 	 
	TOTAL
	 	$	450,000,000	 

 

 

EXHIBIT D-1

SWING LINE NOTE

(Bank)

	 	 	 
	$                    

	 	Cleveland, Ohio
	

	 	April ___, 2005

          FOR VALUE RECEIVED, the undersigned, FOREST CITY RENTAL PROPERTIES CORPORATION, an Ohio
corporation (the “Borrower”), hereby promises to pay to the order of                                                             
the “Holder”), in lawful money of the United States of America at
the main office of KeyBank National Association, Administrative Agent, 127 Public Square,
Cleveland, Ohio 44114, the principal sum of                                                              DOLLARS ($                    ),
or, if lesser, the aggregate unpaid principal amount of all Swing Loans evidenced by this Swing
Line Note (this “Note”) made by the Holder to the Borrower pursuant to Section 2.07 of the Credit
Agreement (as defined hereinafter). The unpaid principal balance outstanding on this Note from
time to time and interest thereon shall be determined by the ledgers and records of the Holder as
accurately maintained.

          This Note is one of the Swing Line Loan Notes defined and referred to in, and is entitled to
the benefits of, a certain Credit Agreement, dated as of March 22, 2004, by and among the Borrower,
the Banks named therein, KeyBank National Association, as Administrative Agent, and National City
Bank, as Syndication Agent (said Credit Agreement, as it may be amended, restated, or otherwise
modified from time to time, being herein called the “Credit Agreement”). A statement of the rights
of the Holder and the duties and obligations of the Borrower in relation thereto is made by
reference to the Credit Agreement, but neither this reference to the Credit Agreement nor any
provision thereof shall affect or impair the absolute and unconditional obligation of the Borrower
to pay the principal of and interest on this Note when due. Capitalized terms used in this Note
but not defined herein shall have the respective meanings ascribed to them in the Credit Agreement.

          The principal of this Note shall be due and payable on the earlier of the Swing Loan Maturity
Date applicable thereto and the Termination Date. The Borrower also promises to pay interest on
the unpaid principal amount of this Note from time to time outstanding from the date of this Note
until the payment in full thereof at the rates per annum determined in accordance with Section 2.07
of the Credit Agreement. Interest shall be payable on each date provided for in or determined in
accordance with the provisions of the Credit Agreement; provided, that interest on any principal
not paid when due shall be due and payable on demand.

          Interest on this Note shall be calculated on the basis of a 360 day year for the actual number
of days elapsed.

          Reference is hereby made to the Credit Agreement, which contains provisions for the
acceleration of the maturity hereof upon the happening of certain stated events and for

 

 

voluntary prepayments hereon. The term “Holder” includes the successors and assigns, if any,
of the Holder named in the first paragraph hereof.

          If this Note shall not be paid at maturity, whether such maturity occurs by reason of lapse of
time or by operation of any provision for acceleration of maturity contained in the Credit
Agreement, the principal hereof and the unpaid interest thereon shall bear interest, until paid, at
a rate(s) equal to the rate(s) otherwise in effect pursuant to the Credit Agreement plus two
percent (2%) per annum. All payments of principal and interest on this Note shall be made in
immediately available funds.

          The Borrower waives demand, presentment for payment, notice of dishonor, protest, notice of
protest, and diligence in collection and bringing suit, and agrees that the Holder may extend the
time for payment, accept partial payment, take security therefor or exchange or release any
collateral, without discharging or releasing the Borrower.

          This Note was executed in Cleveland, Cuyahoga County, Ohio. The construction, validity and
enforceability of this Note shall be governed by and interpreted according to the laws of the State
of Ohio.

          The Borrower authorizes any attorney at law to appear before any court of record, whether
state or Federal, in the county where this Note was executed or where the Borrower resides or may
be found, after the unpaid principal balance of this Note becomes due, either by lapse of time or
by operation of any provision for acceleration of maturity contained in the Credit Agreement, and
waive the issuance and service of process, admit the maturity of this Note, by reason of
acceleration or otherwise, and confess judgment against the Borrower in favor of the Holder of this
Note for the amount then appearing due on this Note, together with interest thereon and costs of
suit, and thereupon to release all errors and waive all rights of appeal and stays of execution.
The Borrower expressly authorizes any attorneys or agents for the Holder to receive compensation
from the Holder for services rendered in exercising the foregoing warrant of attorney and in the
enforcement of any judgment obtained against the Borrower in favor of the Holder on this Note, and
the Borrower expressly waives any conflict of interest to which any attorneys for the Holder may be
subject that may arise in connection with such attorneys exercising any of the rights and/or powers
of the Holder provided for herein or the enforcement of any judgment hereon in favor of the Holder.
The foregoing warrant of attorney shall survive any judgment and may be used from time to time
without exhausting the right to further use the warrant of attorney and, if any judgment be vacated
for any reason, the Holder of this Note nevertheless may use the foregoing warrant of attorney to
obtain an additional judgment or judgments against the Borrower.

     “WARNING — BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF
YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND
THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST
THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE
AGREEMENT, OR ANY OTHER CAUSE.”

 

 

	 	 	 	 	 
	 	FOREST CITY RENTAL PROPERTIES

CORPORATION

 	 
	 	By:  	 	 
	 	 	Thomas G. Smith 	 
	 	 	Vice President and Assistant Secretary 	 

 

 

	 	 	 	 	 

EXHIBIT F

FORM OF NOTICE OF BORROWING

                     ____, 200_

KeyBank National Association, as Administrative Agent under the

               Credit Agreement (referred to below)

127 Public Square

Cleveland, Ohio 44114

Attention:

Ladies and Gentlemen:

The undersigned, Forest City Rental Properties Corporation (the “Borrower”), hereby gives you
notice, irrevocably, pursuant to Section 5.01 of the Credit Agreement, dated as of March 22, 2004
(as amended from time to time, the “Credit Agreement”; the terms defined therein being used herein
as so defined), among the Borrower, various Banks from time to time party thereto, National City
Bank, as Syndication Agent, and you, as Administrative Agent for such Banks, that the undersigned
requests a Loan under the Credit Agreement and for that purpose sets forth below the information
relating to such Loan (the “Proposed Loan”):

     (i) The proposed borrowing is to be a [Revolving Loan] [Swing Loan].

     (ii) The aggregate principal amount of the Proposed Loan is $                                        .

     (iii) The Cleveland Banking Day of the Proposed Loan is                                         .1

     (iv) The Proposed Loan, if a Revolving Loan, shall be initially maintained subject to
the [Base Rate Option] [the LIBOR Rate Option].

	1	 	Shall be a Cleveland Banking Day at least one
Cleveland Banking Day in the case of Loans subject to the Base Rate Option and
two Cleveland Banking Days in the case of Loans subject to the LIBOR Rate
Option, in each case, after the date hereof and may be the same day as the date
hereof if a Swing Loan.

 

 

     (v) The initial Interest Period for the Proposed Loan (if subject to the LIBOR Rate
Option) is                      month(s).

The undersigned hereby certifies that the following statements are true and correct on the date
hereof, and will be true and correct on the date of the Proposed Loan:

     (A) the representations and warranties contained in the Credit Agreement and the
Related Writings are and will be true and correct in all material respects, both before and
after giving effect to the Proposed Loan and to the application of the proceeds thereof, as
though made on such date (it being understood and agreed that any representation or warranty
which by its terms is made as of a specified date shall be required to be true and correct
in all material respects only as of such specified date); and

     (B) no Possible Default or Event of Default has occurred and is continuing, or would
result from such Proposed Loan or from the application of the proceeds thereof.

	 	 	 	 	 
	 	FOREST CITY RENTAL PROPERTIES

CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]