Document:

Form of Certificate

 

 
 THE TRUST WILL FURNISH TO ANY SHAREHOLDER ON REQUEST AND WITHOUT CHARGE A FULL STATEMENT OF THE
DESIGNATIONS AND ANY PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS OR DISTRIBUTIONS, QUALIFICATIONS, AND TERMS AND CONDITIONS OF REDEMPTION OF THE SHARES OF EACH CLASS WHICH THE TRUST IS
AUTHORIZED TO ISSUE, OF THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE 
 THEY HAVE BEEN SET, AND OF THE
AUTHORITY OF THE BOARD OF TRUSTEES TO SET THE RELATIVE RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES OF A PREFERRED OR SPECIAL CLASS OF SHARES. SUCH REQUEST MAY BE MADE TO THE SECRETARY OF THE TRUST OR TO ITS TRANSFER AGENT. 
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR DESTROYED, THE TRUST WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO
THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
 The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN
COM - as tenants in common UNIF GIFT MIN ACT-. Custodian TT3XTT3XTT . u .u .- ^ (Cust:) (Minor) TENENT -as tenants by the entireties under Uniform Gifts to Minors JT TEN — as joint tenants with right of a ^ 
 survivorship and not as tenants (state) in common 
 UNIF TRF MIN ACT- Custodian (until age .) (Cust) 
 under Uniform Transfers
(Minor) 
 to Minors Act (State) 
 Additional abbreviations may also be used though not in the above list. 
 For
Value received, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING POSTAL ZIP CODE, OF ASSIGNEE 
 of the Series C Preferred Shares represented by the within Certificate, and do
hereby 
 irrevocably constitute(s) and appoint(s) 
 Attorney to transfer the said Series C Preferred Shares on the books of the Trust with full power of substitution in the premises.

 Dated: Assignor 
 Assignor In presence of 
 NOTI CE1 THE SIGNATURED) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE
NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER. 
 Signature(s) Guaranteed: By 
 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
 AMERICAN BANK NOTE COMPANY PRODUCTION COORDINATOR: DENISE LITTLE 931 -490-1 706 711 ARMSTRONG LANE PROOF OF JUNE 15, 2007 COLUMBIA,
TENNESSEE 38401 RAIT FINANCIAL TRUST (931) 388-3003 TSB 27375 BK 
 SALES: C. SHARKEY 302-731-7088 Operator: AP ETHER 7 / LIVE
JOBS / R / RAIT 27375 BK NEW PLEASE INITIAL THE APPROPRIATE SELECTION FOR THIS PROOF: OK AS IS OK WITH CHANGES MAKE CHANGES AND SEND ANOTHER PROOF 

 

 
 The Series C Preferred Shares represented by this certificate are subject to restrictions on
transfer for the purpose of the Trust’s 
 maintenance of its status as a real estate investment trust under the Internal
Revenue Code of 1986, as amended (the “Code”). 
 Subject to certain further restrictions and except as provided in
the Declaration of Trust (defined below), no Person may (i) 
 Beneficially or Constructively Own Common Shares in excess of
8.3% (or such other percentage as may be determined by the 
 Board of Trustees) of the number of outstanding Common Shares,
unless such Person is the Excluded Holder (in which case the 
 Excluded Holder Limit shall be applicable); (ii) Beneficially
or Constructively Own Preferred Shares of any series of Preferred 
 Shares in excess of 9.8% of the number of outstanding
Preferred Shares of such series; (iii) Beneficially Own Equity Shares that 
 would result in the Equity Shares being
beneficially owned by fewer than 100 Persons (determined without reference to any rules 
 Of attribution); (iv) Beneficially
Own Equity Shares that would result in the Trust being “closely held” under Section 856(h) of the 
 Code; or (v)
Constructively Own Equity Shares that would cause the Trust to Constructively Own 10% or more of the ownership 
 interests in
a tenant of the Trust’s real property, within the meaning of Section 856(d)(2)(B) of the Code. Any Person who attempts 
 to Beneficially or Constructively Own shares of Equity Shares in excess of the above limitations must immediately notify the Trust 
 in writing. If any restrictions above are violated, the Equity Shares represented hereby will be transferred automatically to a Share 
 Trust and shall be designated Shares-in-Trust to a trustee of a trust for the benefit of one or more charitable beneficiaries. In 
 addition, upon the occurrence of certain events, attempted transfers in violation of the restrictions described above may be void

 abinitia. All capitalized terms in this legend have the meanings defined in the Declaration of Trust (defined below), a
copy Of which, 
 including the restrictions on transfer, will be sent without charge to each shareholder who so requests.
Such requests must be 
 made to the secretary of the Trust at its principal office or to the transfer agent. 
 RAIT FINANCIAL TRUST % SERIES C CUMULATIVE REDEEMABLE PREFERRED SHARES OF BENEFICIAL INTEREST PAR VALUE $.01 PER SHARE CUSIP 749227 50 0
SEE REVERSE FOR CERTAIN DEFINITIONS 
 (the “Holder”)is the owner of % SERIES C CUMULATIVE REDEEMABLE PREFERRED
SHARES 
 of beneficial interest (the “Series C Preferred Shares”) of RAIT FINANCIAL conditions of redemption of the
Series C Preferred Shares are set forth in, and 
 TRUST (the “Trust”), a statutory real estate investment trust
formed under the this certificate and the Series C Preferred Shares represented hereby are 
 laws of the State of Maryland,
representing undivided beneficial interests in the issued and shall in all respects be subject to the terms and provisions of, the 
 Trust. Subject to the restrictions set forth in Article VII of the declaration of trust Declaration of Trust. 
 of the Trust, as previously amended and as the same may be further amended, rec , certificate] the Holder is bound by the Declaration of corrected or supplemented from time to time (the Declaration of Trust) he Tms/and |s ^^ (he
benefi(s ,hereunder 
 Series C Preferred Shares are transferable on the books and records of the 
 Trust, in person or by a duly authorized attorney, upon surrender of this This certificate is not valid unless countersigned and
registered by the 
 certificate duly endorsed and in proper form for transfer. Transfer Agent and Registrar. 
 The designations, preferences, rights, voting powers, restrictions, IN WITNESS WHEREOF, the Trust has caused this certificate to be signed

 limitations as to dividends or other distributions, qualifications, and terms and in facsimile by its duly authorized
officers. 
 Countersigned and Registered by: AMERICAN STOCK TRANSFER & TRUST COMPANY, 
 TRANSFER AGENT AND REGISTRAR CHAIRMAN OF THE BOARD By: AUTHORIZED SIGNATURE SECRETARYAmendment No. 2 to Loan Agreement

 EXHIBIT 10.1 
 Bank of America Logo 
 AMENDMENT NO. 2 TO LOAN AGREEMENT 
 This Amendment No. 2 (the “Amendment”) dated as of June 28, 2007, is between Bank of America, N.A. (the “Bank”) and K-Swiss
Inc. (the “Borrower”). 
 RECITALS 
 A.
The Bank and the Borrower entered into a certain Loan Agreement dated as of June 1, 2005 (together with any previous amendments, the “Agreement”). 
 B. The Bank and the Borrower desire to amend the Agreement. 
 AGREEMENT 
 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meaning given to them in the Agreement. 
 2. Amendments. The Agreement is hereby amended as follows: 
 2.1 Paragraph 1.2 is hereby amended to read in its entirety as follows: 
 “1.2
Availability Period. The line of credit is available between the date of this Agreement and July 1, 2010, or such earlier date as the availability may terminate as provided in this Agreement (the ‘Facility No. 1 Expiration
Date’). 
 The availability period for this line of credit will be considered renewed if and only if the Bank has sent to the Borrower a
written notice of renewal effective as of the Facility No. 1 Expiration Date for the line of credit (the ‘Renewal Notice’). If this line of credit is renewed, it will continue to be subject to all the terms and conditions set forth in
this Agreement except as modified by the Renewal Notice. If this line of credit is renewed, the term ‘Expiration Date’ shall mean the date set forth in the Renewal Notice as the Expiration Date and the same process for renewal will apply
to any subsequent renewal of this line of credit. A renewal fee may be charged at the Bank’s option. The amount of the renewal fee will be specified in the Renewal Notice.” 
 2.2 Paragraph 10.4 is hereby amended to read in its entirety as follows: 
 10.4 Dispute Resolution Provision. This paragraph, including the subparagraphs below, is referred to as the “Dispute Resolution Provision.” This Dispute Resolution Provision is a material inducement
for the parties entering into this agreement. 
 (a) This Dispute Resolution Provision concerns the resolution of any controversies or
claims between the parties, whether arising in contract, tort or by statute, including but not limited to controversies or claims that arise out of or relate to: (i) this agreement (including any renewals, extensions or modifications); or
(ii) any document related to this agreement (collectively a “Claim”). For the purposes of this Dispute Resolution Provision only, the term “parties” shall include any parent corporation, subsidiary or affiliate of the Bank
involved in the servicing, management or administration of any obligation described or evidenced by this agreement. 
  

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 (b) At the request of any party to this agreement, any Claim shall be resolved by binding arbitration in
accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the “Act”). The Act will apply even though this agreement provides that it is governed by the law of a specified state. 
 (c) Arbitration proceedings will be determined in accordance with the Act, the then-current rules and procedures for the arbitration of financial
services disputes of the American Arbitration Association or any successor thereof (“AAA”), and the terms of this Dispute Resolution Provision. In the event of any inconsistency, the terms of this Dispute Resolution Provision shall
control. If AAA is unwilling or unable to (i) serve as the provider of arbitration or (ii) enforce any provision of this arbitration clause, both parties shall agree on a successor arbitrator, but if the parties can not agree on a
successor arbitrator within 30 days, then the Bank may appoint one unilaterally. 
 (d) The arbitration shall be administered by AAA and
conducted, unless otherwise required by law, in any U.S. state where real or tangible personal property collateral for this credit is located or if there is no such collateral, in the state specified in the governing law section of this agreement.
All Claims shall be determined by one arbitrator; however, if Claims exceed Five Million Dollars ($5,000,000), upon the request of any party, the Claims shall be decided by three arbitrators. All arbitration hearings shall commence within ninety
(90) days of the demand for arbitration and close within ninety (90) days of commencement and the award of the arbitrator(s) shall be issued within thirty (30) days of the close of the hearing. However, the arbitrator(s), upon a
showing of good cause, may extend the commencement of the hearing for up to an additional sixty (60) days. The arbitrator(s) shall provide a concise written statement of reasons for the award. The arbitration award may be submitted to any court
having jurisdiction to be confirmed and have judgment entered and enforced. 
 (e) The arbitrator(s) will give effect to statutes of
limitation in determining any Claim and may dismiss the arbitration on the basis that the Claim is barred. For purposes of the application of any statutes of limitation, the service on AAA under applicable AAA rules of a notice of Claim is the
equivalent of the filing of a lawsuit. Any dispute concerning this arbitration provision or whether a Claim is arbitrable shall be determined by the arbitrator(s), except as set forth at subparagraph (j) of this Dispute Resolution Provision.
The arbitrator(s) shall have the power to award legal fees pursuant to the terms of this agreement. 
 (f) The procedure described above
will not apply if the Claim, at the time of the proposed submission to arbitration, arises from or relates to an obligation to the Bank secured by real property. In this case, all of the parties to this agreement must consent to submission of the
Claim to arbitration. 
 (g) To the extent any Claims are not arbitrated, to the extent permitted by law the Claims shall be resolved in
court by a judge without a jury, except any Claims which are brought in California state court shall be determined by judicial reference as described below. 
 (h) Any Claim which is not arbitrated and which is brought in California state court will be resolved by a general reference to a referee (or a panel of referees) as provided in California Code of Civil Procedure
Section 638. The referee (or presiding referee of the panel) shall be a retired Judge or Justice. The referee (or panel of referees) shall be selected by mutual written agreement of the parties. If the parties do not agree, the referee shall be
selected by the Presiding Judge of the Court (or his or her representative) as provided in California Code of Civil Procedure Section 638 and the following related sections. The referee shall determine all issues in accordance with existing
California law and the California rules of evidence and civil procedure. The referee shall be empowered to enter equitable as well as legal relief, provide all temporary or provisional remedies, enter equitable orders that will be binding on the
parties and rule on any motion which would be authorized in a trial, including without limitation motions for summary judgment or summary adjudication . The award that results from the decision of the referee(s) will be entered as a judgment 

  

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in the court that appointed the referee, in accordance with the provisions of California Code of Civil Procedure Sections 644(a) and 645. The parties reserve
the right to seek appellate review of any judgment or order, including but not limited to, orders pertaining to class certification, to the same extent permitted in a court of law. 
 (i) This Dispute Resolution Provision does not limit the right of any party to: (i) exercise self-help remedies, such as but not limited to,
setoff; (ii) initiate judicial or non-judicial foreclosure against any real or personal property collateral; (iii) exercise any judicial or power of sale rights, or (iv) act in a court of law to obtain an interim remedy, such as but
not limited to, injunctive relief, writ of possession or appointment of a receiver, or additional or supplementary remedies. The filing of a court action is not intended to constitute a waiver of the right of any party, including the suing party,
thereafter to require submittal of the Claim to arbitration or judicial reference. 
 (j) Any arbitration, judicial reference or trial by
a judge of any Claim will take place on an individual basis without resort to any form of class or representative action (the “Class Action Waiver”). Regardless of anything else in this Dispute Resolution Provision, the validity and effect
of the Class Action Waiver may be determined only by a court or referee and not by an arbitrator. The parties to this Agreement acknowledge that the Class Action Waiver is material and essential to the arbitration of any disputes between the parties
and is nonseverable from the agreement to arbitrate Claims. If the Class Action Waiver is limited, voided or found unenforceable, then the parties’ agreement to arbitrate shall be null and void with respect to such proceeding, subject to the
right to appeal the limitation or invalidation of the Class Action Waiver. The Parties acknowledge and agree that under no circumstances will a class action be arbitrated. 
 (k) By agreeing to binding arbitration or judicial reference, the parties irrevocably and voluntarily waive any right they may have to a trial by jury as permitted by law in respect of any Claim. Furthermore,
without intending in any way to limit this Dispute Resolution Provision, to the extent any Claim is not arbitrated or submitted to judicial reference, the parties irrevocably and voluntarily waive any right they may have to a trial by jury to the
extent permitted by law in respect of such Claim. This waiver of jury trial shall remain in effect even if the Class Action Waiver is limited, voided or found unenforceable. WHETHER THE CLAIM IS DECIDED BY ARBITRATION, BY JUDICIAL REFERENCE, OR BY
TRIAL BY A JUDGE, THE PARTIES AGREE AND UNDERSTAND THAT THE EFFECT OF THIS AGREEMENT IS THAT THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW. 
 3. Representations and Warranties. When the Borrower signs this Amendment, the Borrower represents and warrants to the Bank that: (a) there is no event which is, or with notice or lapse of time or both
would be, a default under the Agreement except those events, if any, that have been disclosed in writing to the Bank or waived in writing by the Bank (b) the representations and warranties in the Agreement are true as of the date of this
Amendment as if made on the date of this Amendment, (c) this Amendment does not conflict with any law, agreement, or obligation by which the Borrower is bound, and (d) if the Borrower is a business entity or a trust, this Amendment is
within the Borrower’s powers, has been duly authorized, and does not conflict with any of the Borrower’s organizational papers. 
 4. Effect of Amendment. Except as provided in this Amendment, all of the terms and conditions of the Agreement shall remain in full force and effect. 
 5. Counterparts. This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 6. FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS DOCUMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS RELATING TO THE SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT
LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY 

  

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PROVIDES TO THE CONTRARY, (C) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY
EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES. 
 This Amendment is executed as
of the date stated at the beginning of this Amendment. 
  

			
	BANK:
	
	Bank of America, N.A.
		
	By:	 	 /s/ Craig McGuire

		 	Authorized Signer
	
	BORROWER(S):
	
	K-Swiss Inc.
		
	By:	 	 /s/ George Powlick

		 	George Powlick, Vice President and Director

  

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