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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-08-007620.txt : 20080211
<SEC-HEADER>0001144204-08-007620.hdr.sgml : 20080211
<ACCEPTANCE-DATETIME>20080211172500
ACCESSION NUMBER:		0001144204-08-007620
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080208
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080211
DATE AS OF CHANGE:		20080211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICAHN ENTERPRISES L.P.
		CENTRAL INDEX KEY:			0000813762
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED TEXTILE PRODUCTS [2390]
		IRS NUMBER:				133398766
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09516
		FILM NUMBER:		08594709

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		SUITE 4700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		212-702-4300

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		SUITE 4700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REAL ESTATE PARTNERS L P
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="CurrentSpot"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></a></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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      </div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
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      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
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            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font></td>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                communication pursuant to Rule 425 under the Securities Act (17 CFR
                230.425)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
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                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
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    <div>&#160;</div>
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      1.01 Entry Into A Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      February 8, 2008, American Entertainment Properties Corp. (&#8220;AEP&#8221;), a wholly
      owned subsidiary of Icahn Enterprises L.P. (&#8220;IE&#8221;), entered into the Second
      Amendment to Membership Partnership Agreement (the &#8220;Amendment&#8221;) with W2007/ACEP
      Holdings, LLC, an affiliate of Whitehall Street Real Estate Funds, a series
      of
      real estate investment funds affiliated with Goldman, Sachs &amp; Co., <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Whitehall
      Street Global Real Estate Limited Partnership 2007 and W2007/ACEP Managers
      VoteCo, LLC</font>, with respect to the sale of the issued and outstanding
      membership interests of American Casino &amp; Entertainment Properties, LLC,
      which comprise IE&#8217;s gaming operations. The Amendment is filed herewith as
      Exhibit 10.46 and is incorporated by reference in this Item 1.01.</font></div>
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            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></td>
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      10.46 - Second Amendment to Membership Purchase Agreement, dated February 8,
      2008, by and among W2007/ACEP Holdings, LLC, W2007/ACEP Managers VoteCo, LLC,
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Whitehall
      Street Global Real Estate Limited Partnership 2007 </font>and American
      Entertainment Properties Corp. </font></div>
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      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
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            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">ICAHN
                ENTERPRISES L.P.</font></div>
              <div><font size="2">(Registrant)</font></div>
            </td>
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            </td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Icahn
              Enterprises G.P. Inc. </font></td>
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            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left"><font size="2">its General Partner</font></td>
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            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
              Keith A. Meister<font size="3"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></font></font></td>
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            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Keith
              A. Meister</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Principal
              Executive Officer</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      11, 2008</font></font></div>
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<DOCUMENT>
<TYPE>EX-10.46
<SEQUENCE>2
<FILENAME>v102798_ex10-46.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXECUTION
      COPY</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECOND
      AMENDMENT TO </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MEMBERSHIP
      INTEREST PURCHASE AGREEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Second Amendment (this &#8220;Amendment&#8221;) to the Membership Interest Purchase
      Agreement by and between W2007/ACEP Holdings, LLC, a Delaware limited liability
      company (the &#8220;Original Buyer&#8221;), and American Entertainment Properties Corp., a
      Delaware corporation (&#8220;Seller&#8221;), dated as of April 22, 2007 (the &#8220;Original
      Purchase Agreement&#8221;), as amended by the First Amendment to Membership Interest
      Purchase Agreement, dated as of September 12, 2007 (the &#8220;First Amendment&#8221;, and
      together with the Original Purchase Agreement, the &#8220;Amended Agreement&#8221; and the
      Amended Agreement together with and as amended by this Amendment, the &#8220;Purchase
      Agreement&#8221;), is made by the Parties to the Purchase Agreement and Whitehall
      Street Global Real Estate Limited Partnership 2007 (&#8220;Whitehall&#8221;), this
      8</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      day of
      February, 2008. Capitalized terms used herein and not defined shall have the
      respective meanings given such terms in the Original Purchase
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Background</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      as of December 4, 2007, the Original Buyer assigned its rights, interests and
      obligations in and to the Purchase Agreement to W2007/ACEP Managers Voteco,
      LLC,
      a Delaware limited liability company ("Buyer"), provided that such assignment
      did not relieve the Original Buyer from its obligations under the Purchase
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      Monday, February 4, 2008, representatives of Buyer and Whitehall called Seller
      and stated that, because of the current credit markets and the price of the
      transaction contemplated by the Purchase Agreement (the &#8220;Transaction&#8221;), Buyer
      and Whitehall were unwilling to proceed with the Transaction and wanted to
      speak
      further with Seller to discuss the possibility of changing the terms. As an
      accommodation to Buyer and Whitehall, and to enhance the probability that the
      Transaction will close on or before February 22, 2008, which is a result that
      Whitehall, Buyer and Seller desire, the parties hereto are agreeing to the
      terms
      set forth in this Amendment. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
      THEREFORE, in consideration of the mutual promises set forth herein and in
      the
      Purchase Agreement, the Parties, intending to be legally bound, agree as
      follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Closing
      Date</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Notwithstanding anything in the Purchase Agreement to the contrary, neither
      Party shall have any option or right to extend the date of the Closing beyond
      February 22, 2008, time being of the essence.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Purchase
      Price Revised</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Effective upon the payment of the Transferred Amount (as hereinafter defined)
      on
      February 11, 2008 in compliance with Section 4 of this Amendment, Section
      2.2(a)(i) of the Amended Purchase Agreement is amended and restated as follows:
      &#8220;One Billion Two Hundred Million Dollars ($1,200,000,000.00) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>minus</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      the
      Transferred Amount </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>minus</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>The
      Closing</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      phrase &#8220;Subject to the conditions set forth in this Agreement&#8221; is hereby deleted
      from (i) Section 2.1 of the Amended Purchase Agreement, and (ii) the beginning
      of Section 2.3(b) of the Amended Purchase Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Payment
      of Transferred Amount to Seller</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Whitehall
      agrees to, and shall pay, or cause to be paid on February 11, 2008 (time being
      of the essence), to Seller&#8217;s account specified below (or such other account as
      specified by Seller prior to 11:00 a.m. New York City time on February 11,
      2008), the sum of One Hundred Sixty Two Million Five Hundred Thousand Dollars
      ($162,500,000.00) (the &#8220;Transferred Amount&#8221;) by wire transfer of immediately
      available funds. The obligations of Whitehall under this Amendment are and
      shall
      be irrevocable, absolute and unconditional. If Whitehall fails
      to&#160;deliver&#160;the Transferred Amount to Seller on February 11, 2008,
      Whitehall hereby&#160;consents and agrees that Seller shall be entitled&#160;to
      the entry of a court order for the&#160;full amount of the Transferred Amount,
      without proof of actual damages.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If,
      on or
      prior to February 18, 2008, Whitehall has delivered written notice to Seller
      in
      good faith stating that Buyer will be closing the Transaction on or after
      February 20, 2008 and prior to February 23, 2008 (the &#8220;Section 4 Notice&#8221;), then
      Seller shall satisfy the Seller Requirements (as defined below) on or before
      February 20, 2008 and the Transferred Amount shall be the sole and exclusive
      property of Seller &#8220;come hell or high water,&#8221; as a non-refundable deposit and as
      liquidated damages and not as a penalty, and none of Buyer, Whitehall nor any
      other person shall have any rights or claims therein or to obtain the return
      thereof under any circumstance, whether or not the Closing occurs. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      Whitehall fails to give the Section 4 Notice on or prior to February 18, 2008,
      then the Transferred Amount shall be the sole and exclusive property of Seller
      &#8220;come hell or high water,&#8221; as a non-refundable deposit and as liquidated damages
      and not as a penalty, and none of Buyer, Whitehall nor any other person shall
      have any rights or claims therein or to obtain the return thereof under any
      circumstance, whether or not the Closing occurs. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Whitehall
      represents and warrants to Seller that it has the liquid assets to lawfully
      perform its obligations under this Section 4. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      wire
      instructions for Seller&#8217;s account are:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td width="7%">&#160;</td>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bank:</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="left" valign="top" width="76%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bank
                  of America, N.A.</font></div>
              </td>
            </tr>
            <tr>
              <td width="7%">&#160;</td>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ABA#:</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="left" valign="top" width="76%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">026
                  009 593</font></div>
              </td>
            </tr>
            <tr>
              <td width="7%">&#160;</td>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Account
                  Name:</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="left" valign="top" width="76%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
                  Entertainment Properties Corp.</font></div>
              </td>
            </tr>
            <tr>
              <td width="7%">&#160;</td>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="LineIP"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Account
                  Number:</font></a></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="left" valign="top" width="76%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0094
                  2938 1580</font></div>
              </td>
            </tr>
            <tr>
              <td width="7%">&#160;</td>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reference:</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="left" valign="top" width="76%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transferred
                  Amount Payment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Seller
      Requirements&#8221; means (i) the delivery by Seller of the items listed in Section
      2.3(b)(i)(A), and (C) through (F) of the Amended Purchase Agreement into escrow
      with the Fidelity National Title Insurance Company with irrevocable instructions
      that such items should be released against receipt by Fidelity National Title
      Insurance Company of the Closing Date Payment, (ii) the conversions as required
      by Section 6.17 of the Amended Purchase Agreement and (iii) the repayment
      (including through the closing of the tender offer of the Senior Secured Notes
      commenced by the Company on December 28, 2007) of the Indebtedness to be
      Discharged and release and discharge of all liens related thereto as required
      by
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
      8.1 of the Amended Purchase Agreement is hereby deleted in its entirety and
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Agreement will terminate automatically at 12:01 a.m., New York City time, on
      February 23, 2008 unless either: (x) the Closing has occurred prior to such
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      or (y)(i) Whitehall has delivered the Section 4 Notice on or prior to February
      18, 2008 and (ii) Seller has failed to satisfy the Seller
      Requirements.</font></div>
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      irrevocably keep and be entitled to retain the Transferred Amount, and this
      Agreement shall have no further force or effect. Following termination of this
      Agreement, there shall be no Liability or obligation on the part of the Parties
      or their respective Affiliates or any of the respective directors, officers,
      members, employees or stockholders of any such Person with respect to the
      Purchase Agreement or the Transaction; provided, that no such termination shall
      relieve any party of Liability for any willful breach or willful failure to
      comply with this Agreement occurring prior to the time of such termination;
      and
      provided, further, that the provisions of Section 4 of the Second Amendment
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      this Agreement, this Section 8.2 and the Confidentiality Agreement shall remain
      in full force and effect and shall survive any termination of this
      Agreement.</font></div>
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      The
      Parties hereby agree that, for purposes of the Tentative Purchase Price
      Allocation set forth in Annex B of the Letter Agreement dated December 11,
      2007,
      the entire One Hundred Million Dollar ($100,000,000.00) reduction of the Initial
      Purchase Price pursuant to this Amendment shall be allocated to reduce
      intangible property and goodwill.</font></div>
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      In no
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      circumstance, or the non-occurrence or non-existence of any matter, fact, event
      or circumstance, occurring or arising after the execution and delivery of this
      Amendment be the basis for any allegation or assertion by Buyer or Whitehall
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      the breach or inaccuracy of any representation or warranty of Seller or the
      Companies, and in no event shall any representation or warranty of Seller or
      the
      Companies be deemed to apply in any respect to any matter, fact, event or
      circumstance occurring or arising or failing to occur after the execution of
      this Amendment. By way of example and for the avoidance of doubt, even if the
      Hotels are destroyed after the date hereof, there shall not be or be deemed
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      be any violation of any representation or warranty by the Seller or any of
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      Companies, and neither Buyer nor Whitehall shall have any right to the
      Transferred Amount as a consequence thereof (or for any other reason). The
      foregoing is intended and shall be interpreted solely as a limitation on the
      Liability, duties and obligations of Seller and the Companies, and shall not
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      DELAWARE WILL GOVERN ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
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      Whitehall will pay all costs and expenses (including reasonable fees and
      disbursements of legal counsel) incurred by Seller and its affiliates to enforce
      Section 4 of this Amendment. If Whitehall fails to pay the Transferred Amount
      on
      February 11, 2008 as provided in Section 4 above, then such Transferred Amount
      shall accrue interest at the rate of 24% per annum (or if lower, then the
      highest amount permitted by law) until the date the Transferred Amount and
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                Limited Partnership 2007</font></div>
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            <td width="5%">&#160;</td>
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                /s/ <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">David
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            <td width="40%">&#160;<strong><font size="2">SELLER:</font></strong></td>
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