Common use of Subsidiary Letters of Credit Clause in Contracts

Subsidiary Letters of Credit. Borrower has requested that Letters of Credit from time to time upon its request be issued by an Issuing Bank (the “Subsidiary Letters of Credit”) with Borrower and any one or more of Borrower’s Subsidiaries or Home Building Joint Ventures (collectively, the “Letter of Credit Subsidiaries”) as the “account parties” (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “Letters of Credit” hereunder, and all terms and conditions specified above in this Section 3.9 with respect to Letters of Credit shall be applicable to such Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower is obligated to repay (as more fully set forth in Section 3.9(b)(ii) above), all amounts remaining undrawn on under all such Subsidiary Letters of Credit shall constitute part of the “L/C Obligations,” and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e) above to the issuance of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s request). All waivers and releases made by Borrower which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s obligation to repay such Loans) made or to be made under Section 3.9(b)(ii) with respect to draws under the Subsidiary Letters of Credit.

Subsidiary Letters of Credit. Borrower has requested that Letters of Credit from time to time upon its request be issued by an Issuing Bank (the “Subsidiary Letters of Credit”) with Borrower and any one or more of Borrower’s Subsidiaries or Home Building Joint Ventures (collectively, the “Letter of Credit Subsidiaries”) as the “account parties” (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “Letters of Credit” hereunder, and all terms and conditions specified above in this Section 3.9 with respect to Letters of Credit shall be applicable to such Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower is obligated to repay (as more fully set forth in Section 3.9(b)(ii) above3.9(g)), all amounts remaining undrawn on under all such Subsidiary Letters of Credit shall constitute part of the “L/C Obligations,” and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e3.9(d) above to the issuance of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s request). All waivers and releases made by Borrower which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s obligation to repay such Loans) made or to be made under Section 3.9(b)(ii3.9(g) with respect to draws under the Subsidiary Letters of Credit.

Subsidiary Letters of Credit. Borrower has requested that Letters of Credit from time to time upon its request be issued by an Issuing Bank (the “"Subsidiary Letters of Credit”") with Borrower and any one or more of Borrower’s 's Subsidiaries or Home Building Joint Ventures (collectively, the “"Letter of Credit Subsidiaries”") as the “"account parties” " (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “"Letters of Credit” " hereunder, and all terms and conditions specified above in this Section 3.9 with respect to Letters of Credit shall be applicable to such Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower is obligated to repay (as more fully set forth in Section 3.9(b)(ii) above), all amounts remaining undrawn on under all such Subsidiary Letters of Credit shall constitute part of the “"L/C Obligations,” " and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e) above to the issuance of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s 's request). All waivers and releases made by Borrower which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s 's obligation to repay such Loans) made or to be made under Section 3.9(b)(ii) with respect to draws under the Subsidiary Letters of Credit.

Subsidiary Letters of Credit. Borrower The Company has requested ---------------------------- that Letters of Credit from time to time upon its request be issued by an the Issuing Bank (the “"Subsidiary Letters of Credit”") with Borrower Standard Pacific of Texas, Inc., Standard Pacific of Arizona, Inc. and Standard Pacific Construction, Inc. (together with any one or more of Borrower’s other Subsidiaries or Home Building Joint Ventures (which the Issuing Bank and Majority Banks approve in writing, collectively, the “"Letter of Credit Subsidiaries”") as the “"account parties” party" (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “"Letters of Credit” " hereunder, and all terms and conditions specified above in this Section 3.9 with respect to Letters of Credit shall be applicable to such ----------- Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower the Company is obligated to repay (as more fully set forth in Section 3.9(b)(ii------- 3.9.2(c) above), all amounts remaining undrawn on under all such Subsidiary -------- Letters of Credit shall constitute part of the “"L/C Obligations,” " and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e) 3.9.5 above to the issuance ------------- of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower the Company shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s Issuing Bank's request). All waivers and releases made by Borrower the Company which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s the Company's obligation to repay such Loans) made or to be made under Section 3.9(b)(ii3.9.2(c) hereof with ---------------- respect to draws under the Subsidiary Letters of Credit.

Subsidiary Letters of Credit. Borrower The Company has requested ---------------------------- that Letters of Credit from time to time upon its request be issued by an the Issuing Bank (the “"Subsidiary Letters of Credit”") with Borrower Standard Pacific of Texas, Inc. (together with any other Subsidiaries which the Issuing Bank and any one or more of Borrower’s Subsidiaries or Home Building Joint Ventures (Majority Banks approve in writing, collectively, the “"Letter of Credit Subsidiaries”") as the “"account parties” party" (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “"Letters of Credit” " hereunder, and all terms and conditions specified above in this Section 3.9 with respect to Letters of Credit shall be applicable to such ----------- Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower the Company is obligated to repay (as more fully set forth in Section 3.9(b)(ii------- 3.9.2(c) above), all amounts remaining undrawn on under all such Subsidiary -------- Letters of Credit shall constitute part of the “"L/C Obligations,” " and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e) 3.9.5 above to the issuance ------------- of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower the Company shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s Issuing Bank's request). All waivers and releases made by Borrower the Company which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s the Company's obligation to repay such Loans) made or to be made under Section 3.9(b)(ii3.9.2(c) ---------------- hereof with respect to draws under the Subsidiary Letters of Credit.

Subsidiary Letters of Credit. Borrower The Company has requested ---------------------------- that Letters of Credit from time to time upon its request be issued by an the Issuing Bank (the “"Subsidiary Letters of Credit”") with Borrower Standard Pacific of Texas, Inc., Standard Pacific of Arizona, Inc., Standard Pacific Construction, Inc., Standard Pacific of Orange County, Inc., Standard Pacific of Fullerton, Inc., The Writer Corporation and Standard Pacific Active Adult Communities, Inc. (together with any one or more of Borrower’s other Subsidiaries or Home Building Joint Ventures (which the Issuing Bank and Majority Banks approve in writing, collectively, the “"Letter of Credit Subsidiaries”") as the “"account parties” party" (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “"Letters of Credit” " hereunder, and all terms and conditions specified above in this Section 3.9 with respect to Letters of Credit shall ----------- be applicable to such Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower the Company is obligated to repay (as more fully set forth in Section 3.9(b)(ii3.9.2(c) above), all amounts remaining undrawn ---------------- on under all such Subsidiary Letters of Credit shall constitute part of the “"L/C Obligations,” " and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e) 3.9.5 above to the issuance of Letters of Credit, it shall be a ------------- condition to the issuance of any Subsidiary Letter of Credit that Borrower the Company shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s Issuing Bank's request). All waivers and releases made by Borrower the Company which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s the Company's obligation to repay such Loans) made or to be made under Section 3.9(b)(ii3.9.2(c) hereof with respect to draws under the Subsidiary ---------------- Letters of Credit.

Subsidiary Letters of Credit. Borrower The Company has requested ---------------------------- that Letters of Credit from time to time upon its request be issued by an the Issuing Bank (the “"Subsidiary Letters of Credit”") with Borrower and any one Standard Pacific of Texas, Inc. or more of Borrower’s Subsidiaries or Home Building Joint Ventures Panel Concepts (collectively, the “"Letter of Credit Subsidiaries”") as the “"account parties” party" (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “"Letters of Credit” " hereunder, and all terms and conditions specified above in this Section 3.9 with respect to ----------- Letters of Credit shall be applicable to such Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower the Company is obligated to repay (as more fully set forth in Section 3.9(b)(ii3.9.2(c) above), all amounts ---------------- remaining undrawn on under all such Subsidiary Letters of Credit shall constitute part of the “"L/C Obligations,” ", the $150,000 sublimit for Panel Concepts (specified in Section 3.9.2(b) above) shall include all Subsidiary ---------------- Letters of Credit in which Panel Concepts is the account party, and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e) 3.9.5 above to the issuance of Letters ---------------- of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower the Company shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s Issuing Bank's request). All waivers and releases made by Borrower the Company which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s the Company's obligation to repay such Loans) made or to be made under Section 3.9(b)(ii3.9.2(c) hereof with respect to draws ---------------- under the Subsidiary Letters of Credit.

Subsidiary Letters of Credit. Borrower has requested that Letters of Credit from time to time upon its request be issued by an Issuing Bank (the “Subsidiary Letters of Credit”) with Borrower and any one or more of Borrower’s Subsidiaries or Home Building Joint Ventures (collectively, the “Letter of Credit Subsidiaries”) as the “account parties” (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “Letters of Credit” hereunder, and all terms and conditions specified above in this Section 3.9 with respect to Letters of Credit shall be applicable to such Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower is obligated to repay (be repaid as more fully set forth in Section 3.9(b)(ii) above3.9(g), all amounts remaining undrawn on under all such Subsidiary Letters of Credit shall constitute part of the “L/C Obligations,” and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e3.9(d) above to the issuance of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s request). All waivers and releases made by Borrower which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s obligation to repay such Loans) made or to be made under Section 3.9(b)(ii3.9(g) with respect to draws under the Subsidiary Letters of Credit.

Subsidiary Letters of Credit. Borrower The Company has requested that ---------------------------- Letters of Credit from time to time upon its request be issued by an the Issuing Bank (the “"Subsidiary Letters of Credit”") with Borrower and any one Standard Pacific of Texas, Inc. or more of Borrower’s Subsidiaries or Home Building Joint Ventures Panel Concepts (collectively, the “"Letter of Credit Subsidiaries”") as the “"account parties” party" (which would be liable under the reimbursement agreements pertaining to such Subsidiary Letters of Credit) thereunder. Subsidiary Letters of Credit shall constitute “"Letters of Credit” " hereunder, and all terms and conditions specified above in this Section 3.9 with respect to ----------- Letters of Credit shall be applicable to such Subsidiary Letters of Credit. Without limiting the foregoing, any draws under such Subsidiary Letters of Credit shall constitute Loans hereunder which Borrower the Company is obligated to repay (as more fully set forth in Section 3.9(b)(ii3.9.2(c) above), all amounts ---------------- remaining undrawn on under all such Subsidiary Letters of Credit shall constitute part of the “"L/C Obligations,” ", the $150,000 sublimit for Panel Concepts (specified in Section 3.9.2(b) above) shall include all Subsidiary ---------------- Letters of Credit in which Panel Concepts is the account party, and the fees and issuance procedures shall be as specified above. In addition to all terms and conditions specified in Section 3.9(e) 3.9.5 above to the issuance ------------- of Letters of Credit, it shall be a condition to the issuance of any Subsidiary Letter of Credit that Borrower the Company shall have executed the Guaranty of the Subsidiary Letters of Credit as well as such other documents as the applicable Issuing Bank and/or Administrative Agent may reasonably request (and shall have reaffirmed such guaranty from time to time upon Administrative Agent’s Issuing Bank's request). All waivers and releases made by Borrower the Company which are set forth in the Guaranty of the Subsidiary Letters of Credit are incorporated herein by this reference and shall also be applicable to any Loans (and Borrower’s the Company's obligation to repay such Loans) made or to be made under Section 3.9(b)(ii3.9.2(c) ---------------- hereof with respect to draws under the Subsidiary Letters of Credit.