Document:

Share Purchase Agreement -Carlo Tassara International S.A. for 7 million shares

 Exhibit 4.9 
  
  
 SHARE PURCHASE AGREEMENT 
 by and between 
 CARLO TASSARA
INTERNATIONAL S.A., 
 and 
 ARCELORMITTAL 
  
  
 February 19, 2008 

 TABLE OF CONTENTS 
  

			
	 ARTICLE 1 DEFINITIONS AND INTERPRETATION
	  	1
		
	 ARTICLE 2 SALE AND PURCHASE
	  	3
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES
	  	4
		
	 ARTICLE 4 COVENANTS
	  	6
		
	 ARTICLE 5 NOTICES
	  	6
		
	 ARTICLE 6 WAIVER, AMENDMENT
	  	7
		
	 ARTICLE 7 ASSIGNMENT, SUBSTITUTION
	  	7
		
	 ARTICLE 8 PUBLIC ANNOUNCEMENT
	  	8
		
	 ARTICLE 9 GOVERNING LAW AND JURISDICTION
	  	8
		
	 ARTICLE 10 SEVERABILITY
	  	8
		
	 ARTICLE 11 ENTIRE AGREEMENT
	  	8
		
	 ARTICLE 12 SPECIFIC PERFORMANCE
	  	8

  

 i 

 SHARE PURCHASE AGREEMENT 
 This share purchase agreement (the “Agreement”) is hereby made by and among: 
  

	•	 	 Arcelor Mittal S.A., a société anonyme organized under the laws of the Grand Duchy of Luxembourg, whose registered office is located at 19,
avenue de la Liberté R.C.S. Luxembourg B 82.454 (“Purchaser” or the “Company”), on the one hand, 

  

	•	 	 Carlo Tassara International S.A., a société anonyme, organized under the laws of Luxembourg having its registered office located at 6, rue
Dicks, L-1417, Luxembourg, registered with the registry of commerce and companies of Luxembourg under number B 98410 (“Seller”), on the second hand, 

 (Purchaser and Seller are collectively referred to as the “Parties” and, each individually, as a “Party”) 
 WHEREAS: 
  

	(A)	Seller currently owns 66,927,466 shares of the Company, representing as at the date hereof approximately 4.60% of the share capital of the Company, out of which 18,000,000 shall be
transferred to the Purchaser on February 22, 2008, in accordance with the terms and conditions of a share purchase agreement entered into between the Purchaser and the Seller on the date hereof; 

  

	(B)	Seller is willing to sell an additional 7,000,000 shares of the Company (the “Shares”). The Shares are listed on the Eurolist of Euronext Paris and Amsterdam, on
the Luxembourg, Spanish and New York Stock Exchanges; and 

  

	(C)	Purchaser wishes to acquire, directly or through an Affiliate, the Shares from Seller, and Seller wishes to sell the Shares to Purchaser, upon the terms and subject to the
conditions contained in this Agreement (the “Transaction”). 

 IT IS AGREED AS FOLLOWS: 
 ARTICLE 1 
 DEFINITIONS AND
INTERPRETATION 
 Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly provided or
unless the context clearly requires otherwise: 
 “Affiliate” means, with respect to any Person, any other Person directly or
indirectly Controlling, Controlled by, or under common Control with, such Person. 
 “Authorities” means the French
Autorité des marchés financiers. 
 “Business Day” means any day other than a Saturday, a Sunday or a
day on which banks in Paris, France, and London, United Kingdom, are authorized or obligated by Law to close. 
 “Company”
has the meaning set forth in the recitals. 
  

 1 

 “Control” in relation to a Person, means the possession of the power to direct or cause
the direction (alone or in concert with other(s)) of the management or policies of such Person, whether through the direct or indirect ownership of voting securities, by contract or otherwise. 
 “Governmental Authorization” means any license, certificate of authority, permit, order, consent, approval, registration, authorization,
qualification or filing granted by or with any Governmental Authority. 
 “Governmental Authorities” means any competent
international, multinational, supranational or national body with regulatory, judicial, legislative or administrative regulatory or supervisory authority including any ministry, department, agency, office, organization thereof. 
 “Investment Services Provider” means the investment services provider (prestataire de services d’investissement), which will
be jointly appointed by the Seller and the Purchaser with respect to the acquisition and sale of the Shares, i.e., CA Cheuvreux. 
 “Law” means any and all applicable laws, including all applicable statutes, codes, ordinances, decrees, rules and regulations. 
 “Lien” means any lien, pledge, charge, claim, mortgage, put or call option, pre-emption right, right of first refusal, security interest, encumbrance, or other limitation or restriction on any right,
property or asset (including any restriction on the voting rights or right to sell or otherwise dispose of the Shares), in each case other than pursuant to this Agreement. 
 “Number of Shares” shall mean the number of Shares set forth in paragraph (A) of the Preamble, i.e., 7,000,000. 
 “Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity or organization,
including any Governmental Authority, whether or not it has all the characteristics of legal personality. 
 “Per Share Purchase
Price” shall mean the price per Share at closing of trading on Euronext Paris on February 18, 2008, as published by Euronext Paris, less 2.5%, i.e. Euros 46.60 per Share. 
 “Purchase Price” has the meaning set forth in Section 2.1. 
 “Shares” has the meaning set forth in paragraph (A) of the Preamble. 
 “Substituted Affiliate” has the meaning set forth in Section 7.2. 
 “Transaction” has the meaning set forth in paragraph (B) of the Preamble. 
 Section 1.2 Interpretation. 
 (a)
When a reference is made in this Agreement to a section or article, such reference shall be to a section or article of this Agreement unless otherwise clearly indicated to the contrary. In addition a reference to a section or an article of this
Agreement and references to this Agreement shall include its schedules, exhibits and any other annexes. 
  

 2 

 (b) When a reference is made to any specified provision of this Agreement, such reference shall be
construed as a reference to that provision of this Agreement as amended or substituted with the agreement of the relevant parties and in force at any relevant time. 
 (c) Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.” 
 (d) The use of such phrases as “shall use its best efforts” and “shall take such actions as are in their power” shall inter
alia not require the Party to which such obligation applies to undertake any financial commitments. 
 (e) Words importing the singular
include the plural and vice versa, words importing a gender include other genders. 
 (f) A reference to any statute, ordinance or other law
shall include all regulations and other instruments thereunder and all consolidations, amendments, re-enactments or replacement thereof in force at the date of execution of this Agreement and as generally and publicly interpreted as of such
date by the relevant competent judicial or regulatory authorities. 
 (g) A reference to any Party to this Agreement or any other agreement
or document shall include such Party’s legal successors and permitted assigns. 
 (h) The Parties have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring
or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 
 (i) Subsequent to the signature hereof, no prior
drafts of this Agreement may in the event of litigation arising be used for any purpose including to show the intention of the Parties. 
 (j) Any undertakings and agreements which are included in “Definitions” set forth in this Agreement shall have the same full force and effect as if they were independently made. 
 ARTICLE 2 
 SALE AND PURCHASE

 Section 2.1 Sale and Purchase. Upon the terms and conditions of this Agreement, the Seller irrevocably agrees to sell
to the Purchaser, and the Purchaser irrevocably agrees to purchase from the Seller, directly or through a Substituted Affiliate as set forth in Section 7.2, all the Shares on the Closing Date for a total consideration payable by Purchaser to
Seller in cash at Closing equal to the Per Share Purchase Price multiplied by the Number of Shares (the “Purchase Price”). 
  

 3 

 Any dividend or other distribution decided by the Company in respect of the Shares on or after the date
hereof shall be to the sole benefit of the Purchaser. 
 The legal title to the Shares shall be transferred to the Purchaser on the Closing
Date, upon confirmation from the Investment Services Provider of the receipt by it of the Purchase Price. 
 Section 2.2 Form of
Sale. The Shares shall be sold and purchased by means of an off-market block trade (cession de bloc hors marché) and with the relevant Euroclear procedure for delivery versus payment (règlement contre
livraison) on the Closing Date. 
 Section 2.3 Closing. The closing of the sale and purchase of the Shares (the
“Closing”) shall take place on February 28, 2008 at 6pm (Paris time) (the “Closing Date”) at a place to be agreed upon by the Parties. 
 At the Closing: 
  

	 	(a)	The Seller and the Purchaser shall deliver to the Investment Services Provider a joint transfer instruction with respect to the sale by the Seller and the purchase by the Purchaser
of the Shares. 

  

	 	(b)	The Purchaser shall pay the Purchase Price by transferring immediately available funds to the Seller’s account opened with the Investment Services Provider, in accordance with
the requirements of the payment mechanism referred to in Section 2.2. 

  

	 	(c)	The Parties shall execute all instruments and documents and otherwise take all actions as shall be necessary or required under Law and this Agreement to transfer the Shares and
consummate the Transaction. 

 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Representations and Warranties of the
Parties. Each Party makes to the other Party the following representations and warranties as of the date hereof and as of the Closing Date. 
  

	 	3.1.1	Organization and Standing. Each Party is a legal entity having the corporate form specified in this Agreement, duly organized and incorporated, validly existing and is not
subject to any reorganization, liquidation, insolvency or other similar proceedings under the Laws of its jurisdiction of incorporation. 

  

	 	3.1.2	Authority to Execute and Perform the Agreement. 

  

	 	(a)	Each Person signing this Agreement on behalf of a Party has all requisite power and authority to execute this Agreement and bind such Party as contemplated herein.

  

	 	(b)	The execution and performance of this Agreement and the completion of the Transaction by each Party have been duly authorized by all necessary corporate action on behalf of such
Party. 

  

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	 	(c)	Assuming the due authorization and execution by the other Party, this Agreement constitutes a legal, valid and binding obligation of each Party, enforceable against it in accordance
with its terms. 

  

	 	3.1.3	No Violation. The execution and performance of this Agreement and the completion of the Transaction, does not and will not breach or constitute a default under (i) any
provision of its memorandum or articles of association (statuts) or equivalent constitutional documents, (ii) any Law applicable to it, (iii) any agreement or instrument to which it is a party or by which it is bound, except to the
extent that such breach or default would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of such Party to complete the Transaction or perform its obligations hereunder.

 Section 3.2 Representations and Warranties specific to the Seller. Except as otherwise set forth herein, the
Seller makes to the Purchaser the following representations and warranties as of the date hereof and as of the Closing Date. 
  

	 	3.2.1	Title to the Shares. 

  

	 	(a)	The Seller is, and will be at Closing, the sole and valid owner of the Shares. 

  

	 	(b)	The ownership of the Shares will be at Closing free and clear from any Lien and there exists no commitment to give or create any Lien affecting any of the Shares.

  

	 	(c)	The Seller will transfer and deliver, or cause to be transferred and delivered, to the Purchaser, valid and marketable title to such Shares, free and clear of any Lien.

  

	 	3.2.2	Seller’s Required Approvals. No Governmental Authorization, and no consent, approval, authorization or waiver is required to be obtained from, and, except for any
notices to the Company with respect to the crossing of ownership thresholds in the Company, no notice is required to be given to, any other Person by Seller in connection with the execution, delivery and performance by Seller of this Agreement

 Section 3.3 Representations and Warranties specific to the Purchaser. The Purchaser makes to the Seller the
following representations and warranties as of the date hereof and as of the Closing Date. 
  

	 	3.3.1	Financing. The Purchaser will have sufficient available funds to finance the payment of the Purchase Price at Closing. 

  

	 	3.3.2	Purchaser Required Approvals. No Governmental Authorization, and no consent, approval, authorization or waiver is required to be obtained from, and, except for any notices to
the authorities with respect to the acquisition by the Purchaser of its own shares, no notice is required to be given to, any other Person by Purchaser in connection with the execution, delivery and performance by such Purchaser of this Agreement.

  

 5 

 ARTICLE 4 
 COVENANTS 
 Section 4.1 Cooperation. The Parties shall co-operate with each other
to the extent reasonably required in order to fully effect the Transaction. 
 Section 4.2 Notices of Certain Events relating to
Representations, Warranties and Covenants. During the period beginning on the date hereof and ending on the Closing Date, each Party shall promptly notify the other Party of (i) the occurrence, or failure to occur, of any event, that would
be likely to cause any of the representations or warranties made by such Party contained in this Agreement to be untrue or inaccurate in any material respect as of the Closing Date and (ii) any material failure to comply with or satisfy any of
the covenants, conditions or agreements to be complied with or satisfied by such Party under this Agreement. 
 Section 4.3
Expenses. All fees, costs and other expenses incurred in connection with this Agreement and the Transaction shall be borne by the Party that incurred such fee, cost or other expenses and neither Party will at any time for any reason
whatsoever be under any obligation to compensate the other for such fees, costs or other expenses. Notwithstanding anything herein to the contrary, the Purchaser and the Seller will share equally any stamp or registration duties or other transfer
taxes, as well as all fees and commissions of the Investment Service Provider, incurred on, or in connection with, the sale and transfer of the Shares to be sold by the Seller and the execution and delivery of this Agreement. 
 ARTICLE 5 
 NOTICES

 Section 5.1 Any notice required or permitted to be served hereunder shall be in writing and communicated to the receiving
Party either by hand courier, or sent by prepaid registered mail and addressed as indicated below. E-mail communications shall not be regarded as satisfying the requirements of this Article 5. 
  

 6 

	 	5.1.1	Purchaser: 

 Arcelor Mittal S.A. 
 19, avenue de la Liberté, Luxembourg 
 Fax: + 44207 629 7993 
 Attn: Mr. Sudhir Maheshwari / Mr. Henk Scheffer 
  

	 	5.1.2	Seller: 

 Carlo Tassara International S.A.6, rue Dicks,
L-1417 Luxembourg 
 Fax : + 352 26 89 40 45 
 Attn: Hélène Zaleski / Claude Le Monnier 
 Section 5.2 Any notice served by courier shall
be deemed served upon delivery, any notice served by prepaid registered mail shall be deemed served upon receipt. 
 Section 5.3 In the
event of any change in the details listed in Section 5.1 or any new details as subsequently notified to the other Party, the Party concerned shall be obliged to notify the other Party about the new details within seven (7) days from their
change otherwise any notice sent with the use of previous details shall be deemed to have been duly delivered. 
 Section 5.4 Any
notices shall be in English. 
 ARTICLE 6 
 WAIVER, AMENDMENT 
 Section 6.1 Any provision of this Agreement may be waived if, and
only if, such waiver is in writing and signed by the Party against whom the waiver is to be effective. 
 Section 6.2 No failure or
delay by one Party to exercise any of its rights and privileges granted or arising hereunder shall be deemed a waiver of any of these rights or privileges nor shall it bar their exercise in the future. 
 Section 6.3 There shall be no amendments to this Agreement without the prior written agreement of all Parties hereto. No course of action adopted by
any of the Parties shall be deemed an amendment (whether express or implied) to any of the provisions hereof. 
 ARTICLE 7 

ASSIGNMENT, SUBSTITUTION 
 Section 7.1 No Party to this Agreement may assign any of its rights or obligations under this Agreement without the prior written consent of the other Party. 
 Section 7.2 Notwithstanding the above, the Purchaser shall have the right to require that one of its Affiliates (a “Substituted
Affiliate”) succeed to and be substituted for all of its rights and obligations under this Agreement and become the Purchaser under this Agreement provided that (i) Purchaser shall provide written notice to Seller of any such
substitution prior to such substitution and (iii) Purchaser hereby guarantees, and shall remain jointly (solidairement) and indivisibly (indivisiblement entre eux) liable for, the Substituted Affiliate’s performance of any
and all obligations of the Purchaser under this Agreement. 
  

 7 

 ARTICLE 8 
 PUBLIC ANNOUNCEMENT 
 Insofar as is reasonably practicable and legally permissible before
complying with any applicable obligation, no publicity, public announcement, press release, or other public disclosure regarding this Agreement or the transactions specifically contemplated herein shall be made without having first informed the
other Party on the time, form and content of such public announcement, release or disclosure. 
 ARTICLE 9 
 GOVERNING LAW AND JURISDICTION 
 Section 9.1 This Agreement shall be governed by and construed in accordance with the laws of the Republic of France, including validity, interpretation and effect without regard to principles of conflicts of law. 
 Section 9.2 Any dispute, claim or controversy arising out of or relating to this Agreement, or the interpretation or breach hereof, shall be
referred to the exclusive jurisdiction of the Tribunal de Commerce of Paris. 
 ARTICLE 10 
 COUNTERPARTS 
 This Agreement
may be signed by counterparts, each of which shall be deemed an original. This Agreement and any counterpart so executed shall be deemed to be one and the same instrument. The exchange (by facsimile) of facsimile copies of executed counterparts of
this Agreement shall be deemed execution and delivery thereof. 
 ARTICLE 11 
 SEVERABILITY 
 If any provision of this Agreement is held to be
unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order to achieve the intent of the Parties to this Agreement. In any event, the invalidity or unenforceability of any provision of this Agreement in any
jurisdiction shall not affect the validity or enforceability of this Agreement, including that provision, in any other competent jurisdiction. 
 ARTICLE 12 
 ENTIRE AGREEMENT 
 This Agreement represents the entire agreement existing between the Parties relative to the subject matter hereof and supersede all previous negotiations, discussions, correspondence, communications, understandings
and agreements between the Parties relating to such subject matter. 
  

 8 

 ARTICLE 13 
 SPECIFIC PERFORMANCE 
 Each Party agrees that it could be irreparably injured by a breach of
this Agreement by the other Party, that money damages will not be an adequate and/or fully sufficient remedy for any breach of this Agreement and that, in addition to all other remedies available at law, each Party shall be entitled to injunctive
relief and specific performance as a remedy for any such breach. 
  

							
	in Paris, France, on February 19, 2008	 	in two(2) counterparts,
	Carlo Tassara International S.A.	 	ArcelorMittal SA
		
	 /s/ Hélène Zaleski
	 	 /s/ Sudhir Maheshwari

	Name:	 	Hélène Zaleski	 	Name:	 	Sudhir Maheshwari
	Président	 		 	
			
	 /s/ Claude Le Monnier
	 		 	
	Name:	 	Claude Le Monnier	 		 	
	Managing Director	 		 	

  

 9Senior Secured Revolving Credit Agreement dated March 17, 2008

 Exhibit 10.1 
 As of March 17, 2008 
 Bank of America, N.A., 
 as Administrative Agent 
 Bank of America, N.A. 
 231 South LaSalle Street, 10th Floor 
 Mail
Code IL1-231-10-35 
 Chicago, Illinois 60697 
 Re:         WCI Communities Senior Secured Revolving Credit Agreement 
 Ladies and Gentlemen: 
 Reference is hereby made to that certain Senior Revolving Credit Agreement dated as of June 13, 2006
(as amended, the “Credit Agreement”), executed by Borrower, the Lenders defined therein, and Bank of America, N.A., as Administrative Agent, Swing Line Lender, and an L/C Issuer (Administrative Agent, Swing Line Lender, L/C
Issuers, and Lenders are individually referred to herein as a “Credit Party” and collectively referred to herein as the “Credit Parties”). Capitalized terms used herein shall, unless otherwise
indicated, have the respective meanings set forth in the Credit Agreement. 
 Section 1.        Requests by Borrower.  Pursuant to Section 6.01(a) of the Credit Agreement, Borrower is required to deliver to Administrative Agent, as soon
as available, but in any event within ninety (90) days after the end of each fiscal year of Borrower, annual financial statements of Borrower and its subsidiaries (the “Annual Financial Statements”) that are audited and
accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to Administrative Agent, which report and opinion shall be prepared in accordance with GAAP and shall not be
subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit. Borrower has notified Administrative Agent that the Annual Financial Statements for the fiscal year ended
December 31, 2007 will be subject to a “going concern” qualification (the “Going Concern Qualification”). As a result, Borrower is requesting that the Required Lenders waive any Default or Event of Default
arising as a result of the Annual Financial Statements for the fiscal year ended December 31, 2007 being subject to the Going Concern Qualification (the “Subject Event of Default”). 
 Section 2.        Limited Waiver.  Subject to the terms and conditions set forth herein,
each Lender that executes this letter hereby agrees to waive the Subject Event of Default (the “Limited Waiver”). 
 Section 3.        Conditions Precedent.  The Limited Waiver is subject to the following terms and conditions: 
 (a)        this letter shall have been executed by each Loan Party, Administrative Agent,
and the Required Lenders; 
 (b)        after giving effect to this letter,
the representations and warranties in this letter shall be true and correct in all material respects; 
 (c)        after giving effect to this letter, no Default or Event of Default shall exist; 

 Bank of America, N.A., as Administrative Agent 
 As of March 17, 2008 
 Page 2 
 (d)        Borrower shall have provided evidence reasonably satisfactory to Administrative
Agent that, simultaneously with the effectiveness of this letter, the provisions of the Senior Term Loan will have been waived to the extent necessary to correspond to the Limited Waiver; and 
 (e)          Borrower shall have paid to Administrative Agent all out-of-pocket
expenses of Administrative Agent and of Wachovia, as Syndication Agent, (including their reasonable attorneys’ fees and financial advisors’ fees) incurred in connection with the Credit Agreement and the other Loan Documents. 
 Section 4.        Ratification.  By execution of this letter in the space provided below,
Borrower (a) represents and warrants that, after giving effect to this letter, the representations and warranties in the Credit Agreement are true and correct in all material respects, on and as of the date of this letter, except to the extent
that (i) any of them speak to a different specific date, or (ii) the facts on which any of them were based have been changed by transactions contemplated or permitted by the Credit Agreement, and (b) ratifies and confirms that the
Credit Agreement and all other Loan Documents, and all renewals, extensions, and restatements of, and amendments and supplements to, any of the foregoing, are and remain in full force and effect in accordance with their respective terms. 

Section 5.        No Impairment.  The Limited Waiver hereby granted by Lenders does not,
other than to the extent expressly waived or amended hereby, (a) constitute a waiver or modification of any other terms or provisions set forth in the Credit Agreement or any other Loan Document, (b) impair any right that any Credit Party
may now or hereafter have under or in connection with the Credit Agreement or any other Loan Document, or (c) impair any Credit Party’s rights to insist upon strict compliance with the Credit Agreement, as amended or otherwise modified
hereby, or the other Loan Documents. The Loan Documents continue to bind and inure to the Loan Parties and their respective successors and permitted assigns. 
 Section 6.        RELEASE.  EACH OF THE LOAN PARTIES HEREBY ACKNOWLEDGES THAT THE OBLIGATIONS ARE ABSOLUTE AND UNCONDITIONAL WITHOUT ANY RIGHT OF
RESCISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF
OR DAMAGES OF ANY KIND OR NATURE FROM ANY CREDIT PARTY. THE LOAN PARTIES HEREBY VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE EACH CREDIT PARTY AND ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS, AND ASSIGNS (COLLECTIVELY, THE
“RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED,
CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AGREEMENT IS EXECUTED, WHICH THE LOAN PARTIES MAY NOW OR HEREAFTER HAVE AGAINST THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY
SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY 

 Bank of America, N.A., as Administrative Agent 
 As of March 17, 2008 
 Page 3 
 “LOANS,” INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE
HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS LETTER. 
 Section 7.        Counterparts.  This letter, when countersigned by all required parties, shall be a “Loan Document”
as defined and referred to in the Credit Agreement and the other Loan Documents, and may be signed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
THIS LETTER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 8.        ENTIRE AGREEMENT.  THIS LETTER, THE CREDIT AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
 [Remainder of
Page Intentionally Left Blank; 
 Signature Pages to Follow.] 

 Please execute a copy of this letter in the space provided below to acknowledge your agreement to the
foregoing. 
  

			
	 Sincerely,

	
	 WCI COMMUNITIES, INC., as Borrower

		
	 By:
	 	  

		 	 Ernest J. Scheidemann

		 	 Vice President and Treasurer

  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent, 
 and the Lenders Defined Therein 

			
	 BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender, an L/C Issuer, and as a Lender

		
	 By:
	 	  

		 	 Norman H. Trepner

		 	 Senior Vice President

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 WACHOVIA BANK, N.A., as an L/C Issuer and as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 KEYBANK NATIONAL ASSOCIATION,

	 a national banking association, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 BRANCH BANKING AND TRUST COMPANY, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 GRAND CENTRAL ASSET TRUST, SAN SERIES,
 as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 CITIGROUP FINANCIAL PRODUCTS INC., as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 COMERICA BANK, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A.,
as Administrative Agent, 
 and the Lenders Defined Therein 

					
	 COMMERCE BANK NA, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A.,
as Administrative Agent, 
 and the Lenders Defined Therein 

					
	 COMPASS BANK, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A.,
as Administrative Agent, 
 and the Lenders Defined Therein 

							
	 DK ACQUISITION PARTNERS, L.P., as a Lender

		
	 By:
	 	 M.H. DAVIDSON & CO., its General Partner

			
		 	 By:
	 	  

		 		 	 Name:
	 	  

		 		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A.,
as Administrative Agent, 
 and the Lenders Defined Therein 

					
	 FIFTH THIRD BANK, A Michigan Banking
 Corporation, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A.,
as Administrative Agent, 
 and the Lenders Defined Therein 

					
	 GUARANTY BANK, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A.,
as Administrative Agent, 
 and the Lenders Defined Therein 

					
	 INVESTMENT CBNA LOAN FUNDING LLC, as a
Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 iSTAR FINANCIAL INC., as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 KBC BANK NV, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 KS CAPITAL PARTNERS, LP, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 KS INTERNATIONAL INC., as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 LEHMAN COMMERCIAL PAPER, INC., as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 MIDFIRST BANK, A Federally Chartered Savings Association, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 NATIONAL CITY BANK, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 RAYMOND JAMES BANK, FSB, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 REGIONS BANK, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 THE ROYAL BANK OF SCOTLAND PLC, as a
 Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative
Agent, 
 and the Lenders Defined Therein 

					
	 SOF INVESTMENTS, L.P., as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 SOVEREIGN BANK, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 SUNTRUST BANK, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 UBS LOAN FINANCE LLC, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

					
	 WAYZATA RECOVERY FUND, LLC, as a Lender

		
	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  
  
  
  
  
  
  
  
  
  
  
 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent,

 and the Lenders Defined Therein 

 To induce the Credit Parties to enter into this letter, the undersigned jointly and
severally (a) consent and agree to this letter’s execution and delivery, (b) ratify and confirm that all guaranties, assurances, and Liens granted, conveyed, or assigned to the Credit Parties under the Loan Documents are not released,
diminished, impaired, reduced, or otherwise adversely affected by the Request for Waiver and continue to guarantee, assure, and secure the full payment and performance of all present and future Obligations (except to the extent specifically limited
by the terms of such guaranties, assurances, or Liens), (c) waive notice of acceptance of this consent and agreement, which consent and agreement binds the undersigned and their successors and permitted assigns and inures to the Credit Parties
and their respective successors and permitted assigns, and (d) expressly acknowledge and agree to the terms and conditions of Section 6 of this letter. 
  

			
	 GUARANTORS:

	
	 BAY COLONY - GATEWAY, INC.

	 BAY COLONY OF NAPLES, INC.

	 BAY COLONY REALTY ASSOCIATES, INC.

	 COMMUNITIES AMENITIES, INC.

	 COMMUNITIES FINANCE COMPANY, LLC

	 COMMUNITIES HOME BUILDERS, INC.

	 COMMUNITY SPECIALIZED SERVICES, INC.

	 CORAL RIDGE COMMUNITIES, INC.

	 CORAL RIDGE PROPERTIES, INC.

	 CORAL RIDGE REALTY SALES, INC.

	 CORAL RIDGE REALTY, INC.

	 FIRST FIDELITY TITLE, INC.

	 FLORIDA DESIGN COMMUNITIES, INC.

	 FLORIDA LIFESTYLE MANAGEMENT COMPANY

	 FLORIDA NATIONAL PROPERTIES, INC.

	 GATEWAY COMMUNICATIONS SERVICES, INC.

	 GATEWAY COMMUNITIES, INC.

	 GATEWAY REALTY SALES, INC.

	 HERON BAY GOLF COURSE PROPERTIES, INC.

	 HERON BAY, INC.

	 HOPEWELL CROSSING HOME & LAND COMPANY, LLC

	 JYC HOLDINGS, INC.

	 LAKE GROVE HOME & LAND COMPANY, LLC

	 MARBELLA AT PELICAN BAY, INC.

	 MHI – RUGBY ROAD, L.L.C.

	 PELICAN BAY PROPERTIES, INC.

	 PELICAN LANDING COMMUNITIES, INC.

	 PELICAN LANDING GOLF RESORT VENTURES, INC.

	 PELICAN LANDING PROPERTIES, INC.

	 PELICAN MARSH PROPERTIES, INC.

	 POPLAR TREE LLC

	 RENAISSANCE AT BEACON HILL, LLC

	 RENAISSANCE AT OAK CREEK CLUB, LLC

	 RENAISSANCE AT OCCOQUAN WALK, LLC

	 RENAISSANCE AT RIVER CREEK TOWNS, LLC

	 RENAISSANCE CENTRO ARLINGTON, LLC

	 RENAISSANCE CENTRO COLUMBIA, LLC

 Signature Page to March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank
of America, N.A., as Administrative Agent, 
 and the Lenders Defined Therein 

			
	 RESORT AT SINGER ISLAND PROPERTIES, INC.

	 SARASOTA TOWER, INC.

	 SUN CITY CENTER GOLF PROPERTIES, INC.

	 SUN CITY CENTER REALTY, INC.

	 TARPON COVE REALTY, INC.

	 TARPON COVE YACHT & RACQUET CLUB, INC.

	 THE COLONY AT PELICAN LANDING GOLF CLUB, INC.

	 TIBURON GOLF VENTURES, INC.

	 WATERMARK REALTY REFERRAL, INC.

	 WCI AMENITIES, INC.

	 WCI ARCHITECTURE & LAND PLANNING, INC.

	 WCI BUSINESS DEVELOPMENT, INC.

	 WCI CAPITAL CORPORATION

	 WCI COMMUNITIES PROPERTY MANAGEMENT, INC.

	 WCI GOLF GROUP, INC.

	 WCI HOMEBUILDING NORTHEAST U.S., INC.

	 WCI HOMEBUILDING, INC.

	 WCI HOMES NORTHEAST, INC.

	 WCI HOMES, INC.

	 WCI IRELAND INN CORP.

	 WCI MARKETING, INC.

	 WCI MID-ATLANTIC U.S. REGION, INC.

	 WCI NORTHEAST REAL ESTATE DEVELOPMENT, LLC

	 WCI NORTHEAST U.S. REGION, LLC (fka WCI/SPECTRUM COMMUNITIES,
LLC)

	 WCI OCALA 623, INC.

	 WCI REALTY CONNECTICUT, INC.

	 WCI REALTY NEW JERSEY, INC.

	 WCI REALTY NEW YORK, INC.

	 WCI REALTY, INC.

	 WCI TITLE, INC.

	 WCI TOWERS MID-ATLANTIC U.S.A., INC.

	 WCI TOWERS, INC.

	
	 By:                                      
                                        
              

		 	 Name:                                     
                                        
   

		 	 in his capacity as                                 
                               

		 	 [an Authorized Officer] of each Guarantor listed above

  
 Signature Page to
March 2008 Waiver Letter Between 
 WCI Communities, Inc. 
 Bank of America, N.A., as Administrative Agent, 
 and the Lenders
Defined Therein

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