Document:

exv10w28w1

Exhibit 10.28.01

April 21, 2011

KeyBank National Association

127 Public Square

Cleveland, Ohio 44114-1306

Attn: Real Estate Capital Services

Ladies and Gentlemen:

          Pursuant to the provisions of Section 5.08 of the Third Amended and Restated Credit Agreement
dated as of March 30, 2011, as from time to time in effect (as the same may be varied, extended,
supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time,
the “Credit Agreement”), by and among Forest City Rental Properties Corporation, an Ohio
corporation (“Borrower”), KeyBank National Association (“KeyBank”), for itself and
as Administrative Agent, PNC Bank, National Association, as successor to National City Bank
(“PNC”), for itself and as Syndication Agent, Bank of America, N.A., for itself and as
Documentation Agent and the other Banks from time to time party thereto, the Borrower hereby
requests an increase in the Total Revolving Loan Commitments as further set forth below.

	 	1.	 	In connection with the request for such increase:

                     (a)       Request for Increase. Borrower hereby requests an increase in the Total Revolving
Loan Commitments from $425,000,000.00 to $450,000,000.00 pursuant to Section 5.08 of the Credit
Agreement (the “Increase”).

                     (b)       Certifications. Each of Borrower and Parent certifies that:

                                (i)       as of the date hereof and as of the effective date of the Increase, both immediately
before and after giving effect to the Increase, there exists and shall exist no Possible Default or
Event of Default;

                                (ii)      as of the date hereof, the representations and warranties made by or on behalf of
Borrower and Parent in the Credit Agreement, the Guaranty and the other Related Writings or
otherwise made by or on behalf of Borrower or Parent in connection therewith or after the date
thereof were true and correct in all material respects when made, are true and correct in all
material respects as of the date hereof, and shall be true and correct in all material respects as
of the effective date of the Increase (except to the extent of changes resulting from transactions
permitted by the Credit Agreement, the Guaranty and each other Related Writing, and except that if
any representation and warranty is as of a specified date, such representation and warranty shall
be true and correct in all material respects as of such date) both immediately

 

 

before and after giving effect to the Increase, as though such representations and warranties
were made on and as of that date; and

                                (iii)     Borrower has paid all fees required by Section 5.08 of the Credit Agreement.

                     (c)       New Commitment.

                                (i)       Borrower hereby acknowledges and agrees that following satisfaction of all conditions
precedent to the effectiveness of the Increase as provided in Section 5.08 of the Credit Agreement,
the amount of each Bank’s Commitment shall be the amount set forth on Exhibit A attached
hereto and the Total Revolving Loan Commitments under the Credit Agreement will include the
Increase.

                                (ii)      In connection with the Increase, (x) Crédit Agricole Corporate & Investment Bank
(“New Bank”) shall be issued a Revolving Loan Note in the principal face amount of
$20,000,000.00 and New Bank shall, as of the date thereof, become a “Bank” under the Credit
Agreement with a Commitment in the amount set forth opposite New Bank’s name on Exhibit A
attached hereto (the “New Commitment”) and (y) KeyBank shall be issued a replacement
Revolving Loan Note in the principal face amount of $47,500,000.00 and PNC shall be issued a
replacement Revolving Loan Note in the principal face amount of $47,500,000.00 and each such Bank
shall, as of the date thereof, have a Commitment in the amount set forth opposite such Bank’s name
on Exhibit A attached hereto. Each such new or replacement note shall, as of the date of
issuance of same, be a “Revolving Loan Note” under the Credit Agreement.

          2.       New Bank Agreements, Acknowledgements and Representations. By its signature below,
New Bank, subject to the terms and conditions hereof, hereby agrees to perform all obligations with
respect to its New Commitment as if such New Bank were an original Lender under and signatory to
the Credit Agreement having a Commitment, as set forth above, equal to its respective New
Commitment, which obligations shall include, but shall not be limited to, the obligation of such
New Lender to make Revolving Loans to Borrower with respect to its New Commitment, the obligation
to pay amounts due in respect of Swing Loans as required under Section 2.07 of the Credit
Agreement, the obligation to pay amounts due in respect of draws under Letters of Credit as
required under Section 3.01 of the Credit Agreement, and in any case the obligation to indemnify
the Administrative Agent as provided therein. New Bank makes and confirms to the Administrative
Agent and the other Banks all of the representations, warranties and covenants of a Bank under
Article XII of the Credit Agreement. Further, New Bank acknowledges that it has, independently and
without reliance upon the Administrative Agent, or on any affiliate or subsidiary thereof or any
other Bank and based on the financial statements supplied by Borrower and such other documents and
information as it has deemed appropriate, made its own credit analysis and decision to become a
Bank under the Credit Agreement. Except as expressly provided in the Credit Agreement, the
Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a
continuing basis, to provide New Bank with any credit or other information with respect to Borrower
or Parent or to notify New Bank of any Possible Default or Event of Default. New Bank has not
relied on the Administrative Agent as to any legal or factual matter in connection therewith or in
connection

 

 

with the transactions contemplated thereunder. New Bank (i) represents and warrants that it
is (1) legally authorized to enter into this agreement and (2) a commercial bank, financial
institution, mutual fund or institutional “accredited investor” (as such term is used in Regulation
D of the Securities Act of 1933, as amended); (ii) confirms that it has received a copy of the
Credit Agreement and each of the other Related Writings, together with copies of the financial
statements requested by New Bank and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision in taking or not taking action under the
Credit Agreement; (iii) agrees that it will, independently and without reliance upon any
Administrative Agent or any Bank and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement; (iv) appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement
as arc delegated to the Administrative Agent by the terms thereof, together with such powers and
discretion as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance
with their terms of all of the obligations that by the terms of the Credit Agreement are required
to be performed by it as a Bank. If New Bank is organized under the laws of a jurisdiction outside
the United States, New Bank acknowledges and confirms that it has delivered to the Administrative
Agent and Borrower the forms prescribed by the Internal Revenue Service of the United States
certifying as to New Bank’s status for purposes of determining exemption from United States
withholding taxes with respect to all payments to be made to New Bank under the Credit Agreement
and the Revolving Loan Notes or such other documents as are necessary to indicate that all such
payments are subject to such taxes at a rate reduced by an applicable tax treaty. New Bank
acknowledges and confirms that its address for notices is as set forth on its signature page
hereto.

          3.       Other Conditions. Borrower and Parent represent and warrant that all other
conditions to the Increase set forth in Section 5.08 of the Credit Agreement have been satisfied.

          4.       Definitions. Terms defined in the Credit Agreement are used herein with the
meanings so defined.

 

 

          IN WITNESS WHEREOF, we have hereunto set our hands this 20th day of April, 2011.

	 	 	 	 	 	 	 	 	 

	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	FOREST CITY RENTAL PROPERTIES

CORPORATION, an Ohio corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert G. O’Brien	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Robert G. O’Brien	 	 
	 	 	Title:	 	Executive Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PARENT:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	FOREST CITY ENTERPRISES, INC., an Ohio
corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert G. O’Brien	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Robert G. O’Brien	 	 
	 	 	Title:	 	Chief Financial Officer and	 	 
	 

	 	 	 	 	 	Executive Vice President	 	 

 

 

	 	 	 	 	 	 	 

	  For purposes of the matters set forth in
	  Section 2 above:	 	 
	 
	 	 	 	 	 	 
	NEW BANK:	 	 
	 
	 	 	 	 	 	 
	CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK
	 
	 	 	 	 	 	 
	By:	 	/s/ Paul T. Ragusin	 	 
	 	 	 	 	 
	Name:	 	Paul T. Ragusin	 	 
	Title:	 	Director	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ John A. Wain	 	 
	 	 	 	 	 
	Name: John A. Wain	 	 
	Title: Managing Director	 	 

  Address:

  Attn: Crédit Agricole Corporate & Investment Bank

  1301 Avenue of the Americas

  New York, NY 10019

  Attn: Paul T. Ragusin

 

 

ACKNOWLEDGED:

KEYBANK NATIONAL ASSOCIATION,

as Agent

	 	 	 

	By:

	 	/s/ Timothy Sylvain
	 
	 	 
	 
	 	 
	Name:  

	Timothy Sylvain
	 
	 	 
	Title:  

	AVP

 

 

ACKNOWLEDGED:

KEYBANC CAPITAL MARKETS,

as Lead Arranger

	 	 	 

	By:

	 	/s/ Tim Klespies
	 

	 	 
	 
	 	 
	Name:  

	Tim Klespies
	 
	 	 
	Title:

	Director

 

 

EXHIBIT A

COMMITMENTS

	 	 	 	 	 
	Bank
	 	Maximum Amount	 
	 
	 	 	 	 
	KeyBank National Association
	 	 	 $47,500,000	.00
	 
	 	 	 	 
	PNC Bank, National Association
	 	 	 $47,500,000	.00
	 
	 	 	 	 
	Bank of America, N.A.
	 	 	 $45,000,000	.00
	 
	 	 	 	 
	U.S. Bank National Association
	 	 	 $40,000,000	.00
	 
	 	 	 	 
	The Huntington National Bank
	 	 	 $40,000,000	.00
	 
	 	 	 	 
	The Bank of New York Mellon
	 	 	 $40,000,000	.00
	 
	 	 	 	 
	Fifth Third Bank
	 	 	 $30,000,000	.00
	 
	 	 	 	 
	Manufacturers and Traders Trust Company
	 	 	 $30,000,000	.00
	 
	 	 	 	 
	Goldman Sachs Lending Partners LLC
	 	 	 $25,000,000	.00
	 
	 	 	 	 
	Morgan Stanley Senior Funding, Inc.
	 	 	 $25,000,000	.00
	 
	 	 	 	 
	Credit Agricole Corporate & Investment Bank
	 	 	 $20,000,000	.00
	 
	 	 	 	 
	Comerica Bank
	 	 	 $20,000,000	.00
	 
	 	 	 	 
	FirstMerit Bank, N.A.
	 	 	 $20,000,000	.00
	 
	 	 	 	 
	Barclays Bank plc
	 	 	 $20,000,000	.00
	 
	 	 	 	 
	TOTAL
	 	 	 $450,000,000	.00exv10w7

Exhibit 10.7

PROMISSORY NOTE

	 	 	 	 	 

	 

	 	June 1, 2011
	 	 
	 
	 	 	 	 
	$200,000

	 	Hopkinton, Massachusetts	 	 

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $200,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All payments by the Maker under this Note shall be in immediately available funds.

Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

In no event shall any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law and if any such payment is paid by the Maker, then such
excess sum shall be credited by the holder as a payment of principal.

All payments by the Maker under this Note shall be made without set-off or counterclaim and be free
and clear and without any deduction or withholding for any taxes or fees of any nature whatever,
unless the obligation to make such deduction or withholding is imposed by law. The Maker shall pay
and save the holder harmless from all liabilities with respect to or resulting from any delay or
omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’ fees,
incurred by the holder in enforcing the obligations of the Maker under this Note.

 

 

No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right
on any future occasion. The Maker and every endorser or guarantor of this Note regardless of the
time, order or place of signing waives presentment, demand, protest and notices of every kind and
assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral, and to the addition or release of any other party
or person primarily or secondarily liable.

This Note may be prepaid in whole or in part at any time or from time to time upon five days’ prior
written notice with the consent of the holder, with the giving of such consent to be in the sole
discretion of the holder. Any such prepayment shall be without penalty or premium.

None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

	 	 	 	 	 
	 	Alseres Pharmaceuticals, Inc.

 	 
	 	By:  	/s/ Kenneth L. Rice Jr
 	 
	 	 	Title: EVP & CFO

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