Document:

Exhibit 10.37

 

DISTILLER’S
GRAIN PURCHASE AGREEMENT

 

THIS DISTILLER’S GRAIN PURCHASE AGREEMENT
(the “Agreement”), is entered into effective
as of January 11, 2008 (the “Effective
Date”), by Ottertail Ag. Enterprises LLC, a Minnesota Limited
Liability Company whose address is 24096 170th Avenue, Fergus Falls Minnesota,
56537 (“Seller”) and Bilden Farms,
LLC, a Minnesota Limited Liability Company whose address is 20898 County
Highway 24, Erhard, MN 56534 (“Buyer”).

 

W I T
N E S S E T H:

 

WHEREAS, Seller desires to sell and Buyer
desires to purchase the Seller’s production of Wet Distiller’s Grains (“WDG”)
and Modified Distiller’s Grain (“MDG”) (hereinafter WDG and MDG are referred to
collectively as the “Products”) output of the Seller’s ethanol production plant
which Seller has underdevelopment near Fergus Falls Minnesota, commencing on or
about March 1, 2008 or such later or earlier date as production of the
Products commences (the “Start Date”).

 

WHEREAS, Seller and Buyer wish to agree in
writing on the terms and conditions of such sale and purchase of the Products
and the price formula, payment, delivery and other terms thereof in
consideration of the mutually promised performance of the other;

 

NOW, THEREFORE, in consideration of the
promises and the mutual covenants and conditions herein contained, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by both parties, it is hereby agreed:

 

BUYER PERFORMANCE. Buyer agrees to peform its
obligations hereunder in a timely and professional manner.

 

1.             PURCHASE
AND SALE. Seller agrees to sell to Buyer, and Buyer agrees to purchase from
Seller, the Products at Seller’s plant located at 24096 170th Avenue, Fergus
Falls Minnesota, 56537 (the “Plant”), subject to all terms and conditions set
forth in this Agreement. Buyer is purchasing the Products for its own account
and resale, and is not a sales representative or other agent of Seller. Buyer
shall label all Product that is sold by Buyer.

 

2.             EXCLUSIVITY.
Buyer shall have the first right and option to purchase (the “Option”) the
Products, with no minimum production requirement on Seller and no minimum
purchase requirement or obligation other than Buyer shall utilize its best
efforts to purchase and resell the Products. Seller may sell the Products to
other parties with the prior consent of Buyer.

 

Seller shall have the right at any time to
sell, without the consent of Buyer, the Products to Jerry Enderson or Enderson
Farms. Seller is not restricted in any manner by this Agreement from
producting, processing or selling Dried Distiller’s Grains (“DDG”).

 

3.                                       TERM. The
initial term of this Agreement shall be for a two (2) year period commencing
as of the Start Date (the “Initial Term”). Upon expiration of the Initial Term,
this Agreement shall automatically renew for up to two (2) consecutive
terms of one (1) year each (each an “Extension Term”).   During any Extension Term, this Agreement
may be terminated by

 

 

either party, at its unqualified option, by providing the other party
hereto not less than ninety (90) days written notice of its election to
terminate this Agreement. This Agreement shall, in such event, terminate
effective the ninetieth (90th) day after the date such notice of termination is
given.  This Agreement may be terminated
by Seller in the event Buyer does not purchase any Products for a rolling
period of ninety (90) days. In no event shall this Agreement have a term
exceeding four (4) years, absent the mutual written agreement of the
parties.

 

4.                                 DELIVERY
AND TITLE.

 

A.                            The
place of delivery for all the Products sold pursuant to this Agreement shall be
FOB Plant. Buyer and Buyer’s agents shall be given access to Seller’s Plant in
a manner and at all times reasonably necessary and convenient for Buyer to take
delivery as provided herein. Buyer shall schedule the loading and shipping of
all outbound Products purchased hereunder which is shipped by truck and
trailer. Buyer shall supply adequate trucks and trailers to timely accept loads
of Product ordered. All labor and equipment necessary to load trailers shall be
supplied by Seller without charge to Buyer. Title to the Products, and risk of
loss of the Products, shall shift to Buyer upon loading. All freight charges
shall be the responsibility of Buyer and shall be paid directly by Buyer.

 

B.                              Buyer
shall give to Seller a schedule of quantities of the Products to be removed by truck
and trailer by forty-eight (48) hours advance written or electronic notice to
allow Seller to provide the required quantity of Product. Product availability
may be limited by Seller at any time. A minimum purchase of five (5) tons
per order of Product is required. Purchase orders shall be directed to Seller’s
main office address or email address(es) provided by Seller to Buyer.

 

5.                                PRICE
AND PAYMENT Buyer agrees to pay Seller as follows: for all WDG removed by Buyer
from the Plant a price equal to _ per ton of Product; and for MDG removed by
Buyer from the Plant a price equal to _ per ton of Product. The pricing set
forth herein shall be adjusted by notice from Seller to Buyer from time to time
on sixty (60) day intervals. Price changes shall be applicable to Product
produced after the price change notice date.

 

Invoices for Product purchases will be
invoiced daily on each date of individual loading of Product and are due and
payable not later than the 10th day after each invoice date. An interest rate
of 18% APR or 1.5% per month is applicable to all over due invoices. A
financial statement and letter of credit or other security may be required to
be provided by Buyer to Seller to secure payment of invoices. Seller shall not
be obligated to make any deliveries of Product if Buyer is delinquent on
invoices. In the event Product is ordered but is not accepted for delivery by
Buyer, Buyer shall pay to Seller the purchase price for the ordered Product.

 

6.                                 QUANTITY
AND WEIGHTS.

 

A.                            It is
understood that the output of the Products shall be determined by Seller’s production
schedule and that no warranty or representation has been made by Seller as to
the exact quantities of Products to be sold pursuant to this Agreement.

 

B.                              The
quantity of Products delivered to Buyer from Seller’s Plant shall be
established by weight certificates obtained from Seller’s scale at the Plant
which is certified as of the

 

2

 

time of weighing and which complies with all applicable laws, rules and
regulations or in the event that the scale at the Plant is inoperable then at
other scales which are certified as of the time of weighing and which comply
with all applicable laws, rules and regulations. The outbound weight
certificates shall be determinative of the quantity of the Products for which
Buyer is obligated to pay pursuant to Section 5.

 

7.                                 QUALITY.

 

A.                            Seller
understands that Buyer intends to sell the Products purchased from Seller as a
livestock feed ingredient. Seller agrees and warrants that the Products
produced at its Plant at the time it is delivered to Buyer shall have a
moisture content for the WDG of 70% or less and the moisture content for the
MDG of 50% or less.

 

B.                              Buyer
shall inspect any shipment of Product upon delivery to Buyer’s trucks and trailers,
and either accept or then reject any shipment of Product at the time of
loading. Shipments not then rejected shall be deemed acceptable to Buyer and
not subject to return or disposal by Seller.

 

C.                              Seller
will provide Buyer, free of charge, with labels and up-to-date nutrient/feed analysis
of the Products. Buyer may reproduce the labels for distribution to its
customers. Labels shall include: Seller as the manufacturer of the Products:
all items required by Minn. Stat. 25.35; the dry matter/moisture content of the
Product and the presence and quantity of any micro toxins, sulfur, phosphorous
and antibiotics, if any, in the Product. Seller shall obtain and maintain a
commercial feed license, and assume full responsibility for the tonnage
inspection fee under Minn. Stat. 25.31 through 25.43.

 

8.                                 REPRESENTATIONS
AND WARRANTIES

 

Other than as expressly set forth herein,
Buyer accepts the Product in its condition upon delivery to Buyer, in an “as-is,”
“where is,” “with all faults” condition, with no warranties or representations
of any nature, express or implied, and any warranties and representations of
any nature or type whatsoever are hereby expressly disclaimed by Seller and
released by Buyer. Buyer waives any disclosures, warranties, or representations
whatsoever concerning such matters, and Buyer relies upon its own inspection
and knowledge concerning such matters. Buyer shall hold harmless and indemnify
Seller from and against any and all claims, causes, damages, liability and
related expenses arising out of or related to further sales of the Product.

 

9.                                EVENTS
OF DEFAULT. The occurrence of any of the following shall be an event of default
under this Agreement: (1) failure of either party to make payment to the
other when due; (2) default by either party in the performance of the
covenants and agreements set forth in this Agreement; (3) if either party
shall become insolvent, or make a general assignment for the benefit of
creditors or to an agent authorized to liquidate any substantial amount of its assets,
or be adjudicated bankrupt, or file a petition in bankruptcy, or apply to a
court for the appointment of a receiver for any of its assets or properties
with or without consent, and such receiver shall not be discharged within sixty
(60) days following appointment.

 

3

 

10.                          REMEDIES.
Upon the happening of an Event of Default, the parties hereto shall have all
remedies available under applicable law with respect to a Event of Default by
the other parrty.  Without limiting the
foregoing, the parties shall have the following remedies whether in addition to
or as one the remedies otherwise available to them; (l) to declare all amounts
owed immediately due and payable; and (2) immediately to terminate this
Agreement effective upon receipt by the party in default of the notice of
termination, provided, however, the parties shall be allowed 30 days from the
date of receipt of notice of default for to cure any default, except for
payment defaults which shall not be subject to cure or notice.

 

11.                          INDEMNIFICATION.

 

A.                            Seller
shall indemnify, defend and hold Buyer and its officers, governors, employees
and agents harmless, from any and all losses, liabilities, damages, expenses
(including reasonable attorneys’ fees), costs, claims, demands, that Buyer or
its officers, governors, employees or agents may suffer, sustain or become
subject to, or as a result of (i) any misrepresentation or breach of
warranty, covenant or agreement of Seller contained herein or (ii) the Seller’s
negligence or willful misconduct.

 

B.                              Buyer
shall indemnify, defend and hold Seller and its officers, governors, employees
and agents harmless, from any and all losses, liabilities, damages, expenses
(including reasonable attorneys’ fees), costs, claims, demands, that Seller or
its officers, governors, employees or agents may suffer, sustain or become subject
to, or as a result of (i) any misrepresentation or breach of warranty,
covenant or agreement of Buyer contained herein or (ii) the Buyer’s negligence
or willful misconduct.

 

C.                              Where
personal injury, death or loss of or damage to property is the result of negligence
on the part of both Seller and Buyer, each party’s duty of indemnification
shall be in proportion to the percentage of that party’s negligence or faults.

 

D.                             Notwithstanding
any other provision in this Agreement, or any remedy available at law or in
equity to Buyer, in no event shall the liability of Seller to Buyer, its
officers, governors, employees and agents exceed the cost of the Products
purchased by Buyer in a year  year
period.

 

12.                          RELATIONSHIP
OF PARTIES. This Agreement creates no relationship other than that of buyer and
seller between the parties hereto. Specifically, there is no agency,
partnership, joint venture or other joint or mutual enterprise or undertaking
created hereby. Nothing contained in this Agreement authorizes one party to act
for or on behalf of the other and neither party is entitled to commissions from
the other.

 

13.                          MISCELLANEOUS.

 

A.                            This
writing is intended by the parties as a final expression of their agreement and
a complete and exclusive statement of the terms thereof.

 

4

 

B.                              No
course of prior dealings between the parties and no usage of trade, except where
expressly incorporated by reference, shall be relevant or admissible to
supplement, explain, or vary any of the terms of this Agreement.

 

C.                              No
representations, understandings or agreements have been made or relied upon in
the making of this Agreement other than as specifically set forth herein.

 

D.                             This
Agreement can only be modified by a writing signed by all of the parties or their
duly authorized agents.

 

E.                               This
Agreement shall be construed and performed in accordance with the laws of the
State of Minnesota.

 

F.                               This
Agreement, and the respective rights, obligations and liabilities of the
parties under this Agreement, are not assignable or delegable without the prior
written consent of the other party, which consent will not unreasonably be
withheld, delayed or conditioned.

 

G.                              Any
notices required or given under this Agreement shall be mailed to the addresses
of the parties set forth above, or such other address directed by a party in
writing to the other, via certified mail, return receipt requested and shall be
deemed received three (3) days after deposit in the mail.

 

IN WITNESS THEREOF, the parties have caused
this Agreement to be executed the day and year first above written.

 

	
   

  	
  BILDEN FARMS, LLC

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Ed Bilden

  	
   

  
	
   

  	
  Title 

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OTTER TAIL AG ENTERPRISES, LLC

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Kelly Longtin

  	
   

  
	
   

  	
  Title CEO

  
					

 

5ex10-1.htm

     

    Exhibit
      10.1

     

    
      Execution
        Version

    

    

    First
      Amendment To Revolving

    Credit
      and Term Loan Agreement

    

    This
      FIRST AMENDMENT TO REVOLVING CREDIT AND TERM LOAN AGREEMENT (this “First
      Amendment”) is entered into as of January 22, 2008, by and
      among:  Centerline Holding Company and Centerline Capital Group Inc.
      (collectively, the “Borrowers”); those Persons listed as Guarantors on Schedule 1 hereto
      (each, a “Guarantor,” and, collectively, the “Guarantors”); and those Lenders
      constituting the Required Lenders, each as set forth on a counterpart signature
      page hereto, substantially in the form of Schedule 2 hereto
      (the “Required Lenders”).

     

    RECITALS

     

    Reference
      is made to the following facts that constitute the background of this First
      Amendment:

     

    A.           
      The parties hereto, among others, have entered into that certain Revolving
      Credit and Term Loan Agreement, dated as of December 27, 2007 (as amended,
      restated, supplemented or otherwise modified from time to time, the “Loan
      Agreement”).  Capitalized terms used herein and not otherwise defined
      herein shall have the same meanings herein as ascribed to them in the Loan
      Agreement;

     

    B.           
      The Borrowers, the Guarantors and the Required Lenders desire to amend Section
      4.2.3 of the Loan Agreement to correct a scrivener’s error and to conform to the
      understanding of the parties with respect to such provision.

     

    NOW,
      THEREFORE, in consideration of the foregoing recitals and of the
      representations, warranties, covenants and conditions set forth herein and
      in
      the Loan Agreement, and for other valuable consideration the receipt and
      adequacy of which is hereby acknowledged, the parties hereto agree as
      follows:

     

    Section
      1.               The
      Loan Agreement is hereby amended as follows:

     

    (a)           
      Section 4.2.3(b) is hereby deleted and replaced in its entirety with the
      following:

     

    
    

    
      	 	
              (b)     All
                payments made pursuant to subclause (ii) of Section 1) of Schedule
                4.2.2,
                pursuant to clause (c) of Section 4.2.2, shall be applied (a) first,
                to
                fund the Unfunded Escrow until the remaining balance of the Unfunded
                Escrow equals zero Dollars, and (b) second, to repay the outstanding
                principal amount of the Term Loan (to be applied to installments
                of the
                Term Loan in direct order of maturity) pro rata among the Lenders
                in
                accordance with their respective Term Loan Commitment Percentages.

            	 

    

    
       

    

    (b)           
      Section 4.2.3(c) is hereby deleted and replaced in its entirety with the
      following:

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
      	(c)           
              All payments made pursuant to subclauses
              (i) and
              (iii) of Section 1), Section
              2) and
              Section
              3) of Schedule
              4.2.2,
              pursuant to
              clause (c) of Section
              4.2.2,
              and all payments made pursuant to clauses
              (d) and
              (e)
              of
              Section
              4.2.2, shall be applied to repay the outstanding principal amount
              of the Term Loan (to be applied to installments of the Term Loan in
              direct
              order of maturity) pro rata among the Lenders in accordance with their
              respective Term Loan Commitment
              Percentages.

    

     

    Section
      2.               Representations
      and
      Warranties.  The Borrowers and Guarantors, jointly and
      severally, represent and warrant to the Lenders, the Swingline Lender, the
      Issuing Bank and the Administrative Agent as of the date of this First Amendment
      that: (a) no Default is in
      existence from and after, or will result from, the execution and delivery of
      this First Amendment, or the consummation of any transactions contemplated
      hereby; (b) each of the representations and warranties of the Borrowers
      and the Guarantors in the Loan Agreement and the other Loan Documents is true
      and correct in all material respects on the effective date of this First Amendment (except for
      representations and warranties limited as to time or with respect to a specific
      event, which representations and warranties shall continue to be limited to
      such
      time or event); and (c) this First Amendment and the Loan Agreement are legal,
      valid and binding agreements of the Borrowers and the Guarantors and are
      enforceable against them in accordance with their terms.

     

    Section
      3.               Ratification.  Except
      as hereby amended, the Loan Agreement, all other Loan Documents and each
      provision thereof are hereby ratified and confirmed in every respect and shall
      continue in full force and effect, and this First Amendment shall not be, and
      shall not be deemed to be, a waiver of any Default or of any covenant, term
      or
      provision of the Loan Agreement or the other Loan Documents.  In
      furtherance of the foregoing ratification, by executing this First Amendment in the spaces
      provided below, each of the Guarantors, on a joint and several basis, hereby
      absolutely and unconditionally (a) reaffirms its obligations under the
      Guaranties, and (b) absolutely and unconditionally consents to (i) the execution
      and delivery by the Borrowers of this First Amendment, (ii) the
      continued implementation and consummation of arrangements and transactions
      contemplated by the Loan Agreement (including, without limitation, as amended
      or
      waived hereby) and the other Loan Documents, and (iii) the performance and
      observance by each Borrower and each Guarantor of all of its respective
      agreements, covenants, duties and obligations under the Loan Agreement
      (including, without limitation, as amended hereby) and the other Loan
      Documents.

     

    Section
      4.               Conditions
      Precedent.  The agreements set forth in this First Amendment are conditional
      and this First Amendment
      shall not be effective until receipt by the Administrative Agent of a
      fully-executed counterpart of this First Amendment.

     

    Section
      5.             
Counterparts.  This
      First Amendment may be
      executed and delivered in any number of counterparts with the same effect as
      if
      the signatures on each counterpart were upon the same instrument.  Any
      counterpart delivered by facsimile or by other electronic method of transmission
      shall be deemed an original signature thereto.

     

    

    
      
        
          
          

        

        
          -
            2
            -

          
            

          

        

        
          
          

        

      

    

     

    Section
      6.                First
      Amendment as
      Loan Document.  Each party hereto agrees and acknowledges that
      this First Amendment
      constitutes a “Loan Document” under and as defined in the Loan
      Agreement.

    

    Section7.              
      GOVERNING
      LAW.  THIS FIRST
      AMENDMENT SHALL BE DEEMED TO CONSTITUTE A CONTRACT MADE UNDER THE LAWS OF
      THE STATE OF NEW YORK, INCLUDING ARTICLE 5 OF THE UCC, AND SHALL BE GOVERNED
      BY
      AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
      (INCLUDING SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT
      OTHERWISE WITHOUT REGARD TO ITS CONFLICTS OF LAW RULES).

     

    Section
      8.              
Successors
      and
      Assigns.  This First Amendment shall be binding
      upon each of the Borrowers, the Guarantors, the Lenders, the Swingline Lender,
      the Issuing Bank, the Administrative Agent, the Agents and their respective
      successors and assigns, and shall inure to the benefit of each such Person
      and
      their permitted successors and assigns.

     

    Section
      9.                Headings.  Section
      headings in this First Amendment are included herein for convenience of
      reference only and shall not constitute a part of this First Amendment for
      any
      other purpose.

     

    Section
      10.            
Expenses.  Each
      Borrower jointly and severally agrees to promptly reimburse the Administrative
      Agent for all expenses, including, without limitation, reasonable fees and
      expenses of outside legal counsel, such Person has heretofore or hereafter
      incurred or incurs in connection with the preparation, negotiation and execution
      of this First Amendment and all other instruments, documents and agreements
      executed and delivered in connection with this First Amendment.

     

    Section
      11.             Integration.  This
      First Amendment contains the entire understanding of the parties hereto and
      with
      any other Lenders and parties to the Loan Agreement with regard to the subject
      matter contained herein.  This First Amendment supersedes all prior or
      contemporaneous negotiations, promises, covenants, agreements and
      representations of every nature whatsoever with respect to the matters referred
      to in this First Amendment, all of which have become merged and finally
      integrated into this First Amendment.  Each of the parties hereto
      understands that in the event of any subsequent litigation, controversy or
      dispute concerning any of the terms, conditions or provisions of this First
      Amendment, no party shall be entitled to offer or introduce into evidence any
      oral promises or oral agreements between the parties relating to the subject
      matter of this First Amendment not included or referred to herein and not
      reflected by a writing included or referred to herein.

     

    Section
      12.             Jury Trial
      Waiver.  THE BORROWERS, GUARANTORS,
      ADMINISTRATIVE
      AGENT AND LENDERS BY ACCEPTANCE OF THIS FIRST AMENDMENT MUTUALLY HEREBY
      KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY
      IN
      RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION
      WITH THIS FIRST AMENDMENT, THE LOAN AGREEMENT, OR ANY OTHER LOAN DOCUMENTS
      CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR 

     

    

    
      
        
          
          

        

        
          -
            3
            -

          
            

          

        

        
          
          

        

      

    

    

    ANY
      COURSE OF CONDUCT, COURSE OF
      DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY,
      INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
      STATEMENTS OR ACTIONS OF ANY AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE LOAN
      DOCUMENTS, ARISING OUT OF TORT, STRICT LIABILITY, CONTRACT OR ANY OTHER LAW,
      AND
      AGREE THAT NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER
      ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN
      WAIVED.

     

    

     

    [Remainder
      of page intentionally left
      blank; signature pages follow]

     

     

     

     

     

     

     

    

    
      
        
          
          

        

        
          -
            4
            -

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties have caused this First Amendment to be duly
      executed by their duly authorized officers or representatives, all as of the
      date first above written.

     

     

    

    
      	 	 BORROWERS:	 CENTERLINE
              HOLDING COMPANY
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
              
	 	 	 

    

                      

    
      	 	 	 	CENTERLINE
              CAPITAL
              GROUP INC.
	 	 	 	 By: 
              __________________________
	 	 	 	 	 Name: _____________________
	 	 	 	 	 Title: ______________________
	 	 	 	 

    

     

           

     

    

     

    (Signatures
      continued on next page)

     

    

    
      
        
          
            S-Borrowers

            Signature
              page to First Amendment to Revolving Credit and Term Loan
              Agreement

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	 	GUARANTORS:	CENTERLINE
              CAPITAL
              COMPANY LLC
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
              
	 	 	 

    

    

      	 	 	 	CENTERLINE
              AFFORDABLE HOUSING ADVISORS LLC
	 	 	 	 By: 
              __________________________
	 	 	 	 	 Name: _____________________
	 	 	 	 	 Title: ______________________
	 	 	 	 

 

    
      	 	 	 	CENTERLINE/AC
              INVESTORS LLC
	 	 	 	 By: 
              __________________________
	 	 	 	 	 Name: _____________________
	 	 	 	 	 Title: ______________________
	 	 	 	 

    

     

    
      	 	 	 	CENTERLINE
              HOLDING TRUST 
	 	 	 	 By: 
              __________________________
	 	 	 	 	 Name: _____________________
	 	 	 	 	 Title: ______________________
	 	 	 	 

    

     

    
      	 	 	 	CENTERLINE
              INVESTORS I LLC
	 	 	 	 By: 
              __________________________
	 	 	 	 	 Name: _____________________
	 	 	 	 	 Title: ______________________
	 	 	 	 

    

     

     

     

    (Signatures
      continued on next page)

     

    

    
      
        
          
            S-Guarantors

            Signature
              page to First Amendment to Revolving Credit and Term Loan
              Agreement

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
      	 	GUARANTORS
              (CONT.):	CENTERLINE
              REIT
              INC.
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
              
	 	 	 

    

     

    
      	 	 	CENTERLINE
              SERVICING INC.
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
	 	 	 

    

    

    
      	 	 	CENTERLINE
              FINANCE
              CORPORATION
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
	 	 	 

    

     

      	 	 	CENTERLINE
              INVESTOR
              LP LLC
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
	 	 	 

    

      

    
      	 	 	CENTERLINE
              INVESTOR
              LP II LLC
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
	 	 	 

    

     

      	 	 	CENTERLINE
              CREDIT
              MANAGEMENT LLC
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
	 	 	 

                                           

      	 	 	CM
              INVESTOR
              LLC
	 	 	 By: 
              __________________________
	 	 	 	 Name: _____________________
	 	 	 	 Title: ______________________
	 	 	 

    

      

     

    (Signatures
      continued on next page)

     

    

    
      
        
          
            S-Guarantors

            Signature
              page to First Amendment to Revolving Credit and Term Loan
              Agreement

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Schedule1

    

    Guarantors

     

    
      	
              1. 

            	
              Centerline
                Investor LP,

            
	2. 	Centerline
              Investor LP II,
	3. 	CCC,
	4. 	CAHA,
	5. 	Centerline/AC,
	6. 	Holding
              Trust,
	7. 	Centerline
              Investors,
	8. 	Centerline
              REIT Inc.,
	9. 	Centerline
              Servicing Inc.,
	10. 	Centerline
              Finance Corporation,
	11. 	Credit
              Management, and
	12. 	CM
              Investor LLC.

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Schedule
      2

    

    Form
      of Signature Page for
      Lenders included in Required Lenders for purposes of approving

    FIRST
      AMENDMENT TO REVOLVING
      CREDIT AND TERM LOAN AGREEMENT:

    

    

    The
      undersigned hereby evidences its agreement to the terms of the FIRST AMENDMENT
      TO REVOLVING CREDIT AND TERM LOAN AGREEMENT, and the consummation of the
      transactions contemplated thereby, amending that certain Revolving Credit and
      Term Loan Agreement dated as of December 27, 2007 by and among Centerline
      Holding Company and Centerline Capital Group Inc. as the Borrowers, the
      Guarantors described therein, the Lenders described therein, and Bank of
      America, N.A., as Administrative Agent, Swingline Lender and Issuing
      Bank.

    

    

    [Name
      of Lender]

    

    

    By:
      ________________________________

    Name:

    Title:

    

    

    Representing
      _____% of all Term Loans outstanding, all Revolving Exposure, unused Revolving
      Loan Commitments and unused Term Loan Commitments

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