SECOND AMENDMENT TO CREDIT AGREEMENT
Exhibit 10.1
SECOND AMENDMENT TO CREDIT AGREEMENT
SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”) dated as of November 22, 2013, among MERITAGE HOMES CORPORATION, a Maryland corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A., as a Lender (“JPM”), CITIBANK, NATIONAL ASSOCIATION, as a Lender (“Citi”), DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender (“DB”), BANK OF AMERICA, N.A., as a Lender (“BOA”), U.S. BANK NATIONAL ASSOCIATION, as a Lender (“US Bank”), and REGIONS BANK, as a Lender (“Regions”; and together with JPM, Citi, DB, BOA, US Bank and any other party who becomes a Lender to the Credit Agreement (as defined below) after the date hereof pursuant to Section 10.6 of the Credit Agreement, collectively, the “Lenders”), JPM, as administrative agent on behalf of the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”), and as Swingline Lender and as Issuing Lender, and X.X. XXXXXX SECURITIES LLC and CITIBANK N.A., as Joint Lead Bookrunners and Joint Lead Arrangers.
RECITALS:
A. The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement, dated as of July 24, 2012, as amended by that certain First Amendment to Credit Agreement, dated as of June 12, 2013 (as so amended and as the same may be further amended, modified and supplemented and in effect from time to time, the “Credit Agreement”; and, except as otherwise herein expressly provided, all capitalized terms used herein shall have the meaning assigned to such terms in the Credit Agreement), which Credit Agreement provides, among other things, for loans and other extensions of credit to be made by the Lenders to the Borrower in an aggregate amount of up to $125,000,000, which amount has been increased prior to the date hereof to $135,000,000 in accordance with the rights granted to Borrower under Section 2.21 of the Credit Agreement, and which amount may be further increased in accordance with and subject to Section 2.21 of the Credit Agreement.
B. The Borrower desires to exercise its rights under Section 2.21 of the Credit Agreement and to further increase the Total Commitments to $200,000,000.
C. In connection with such increase in the Commitments, the Borrower, the Administrative Agent and the Lenders desire to, among other things, decrease the pricing under the Credit Agreement, subject to the terms and conditions of this Second Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
Section 1. Amendment of Credit Agreement. Effective as of the Effective Date (as hereinafter defined), the Credit Agreement is hereby amended as follows:
(a) The definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Applicable Margin”: means (a) 1.50%, in the case of ABR Loans and (b) 2.50%, in the case of Eurodollar Loans.
(b) The definition of “Commitment Fee Rate” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Commitment Fee Rate”: one-half of one percent (0.50%) per annum.
Section 2. Issuing Lender; Letters of Credit.
(a) Borrower and the Administrative Agent hereby acknowledge and agree that, effective as of the Effective Date, BOA and US Bank, together with their respective affiliates in such capacity, are each approved to act as an “Issuing Lender” under the Credit Agreement.
(b) On the Effective Date, the letters of credit set forth on Schedule 1 attached hereto (collectively, the “Existing LCs”) shall be transferred to the revolving credit facility under the Credit Agreement and from and after the date hereof, notwithstanding any language to the contrary contained in any of the Existing LCs, the Existing LCs shall be deemed Letters of Credit issued under the Credit Agreement, and Borrower and Administrative Agent shall execute such acknowledgements and agreements as Borrower and Administrative Agent may reasonably request to evidence the foregoing.
Section 3. Effective Date. Subject to the satisfaction of the conditions set forth in Section 5 hereof, this Second Amendment shall be effective as of the date of this Second Amendment (the “Effective Date”).
Section 4. Representations. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders, as follows:
(a) Each of the representations and warranties contained in the Credit Agreement, as amended by this Second Amendment, or any of the other Loan Documents, is true and correct in all material respects on and as of the date hereof except if any such representation or warranty was made as of a specific date, then the same shall have been true and correct in all material respects as of such specific date;
(b) As of the date hereof and immediately after giving effect to this Second Amendment and the actions contemplated hereby, no Default or Event of Default has occurred and is continuing;
(c) Borrower has all necessary corporate power and authority to execute, deliver and perform its obligations under this Second Amendment; the execution, delivery and performance of this Second Amendment has been duly authorized by all necessary corporate action on the part of Borrower; and this Second Amendment has been duly and validly executed and delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower, enforceable in accordance with its respective terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (ii) the application of general principles of
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equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and
(d) This Second Amendment (i) does not require any consent or approval of, registration or filing with, or any other action by, any governmental authority, except for such as have been obtained or made and are in full force and effect, (ii) will not violate any applicable law or regulation, the certificate of incorporation or by-laws of Borrower, or any order of any governmental authority and (iii) will not violate or result in a default under any Contractual Obligation of Borrower.
Section 5. Conditions to the Effectiveness of this Agreement. It shall be a condition precedent to the effectiveness of this Second Amendment that each of the following conditions are satisfied:
(a) the parties hereto shall have executed and delivered counterparts of this Second Amendment to the Administrative Agent;
(b) each Guarantor shall have executed and delivered a Second Reaffirmation of Guarantee Agreement, in the form of the Second Reaffirmation of Guarantee Agreement attached hereto as Exhibit A;
(c) no Default or Event of Default shall exist as of the Effective Date; and
(d) Borrower shall have paid to the Administrative Agent all of the Administrative Agent’s reasonable out of pocket costs and expenses, including legal fees, incurred in connection with this Second Amendment.
Section 6. Reaffirmation and Ratification. Borrower hereby: (a) reaffirms, ratifies, confirms, and acknowledges its obligations under the Loan Documents and agrees to continue to be bound thereby and perform thereunder; (b) agrees and acknowledges that all such Loan Documents and all of Borrower’s obligations thereunder are and remain in full force and effect and, except as expressly provided herein, have not been modified; and (c) acknowledges and agrees that to its knowledge it has no defenses, offsets or counterclaims of any kind or nature whatsoever to its obligations under the Loan Documents.
Section 7. Miscellaneous.
(a) GOVERNING LAW. THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
(b) Amendments, Etc. The terms of this Second Amendment may be waived, modified and amended only by an instrument in writing duly executed by Borrower and the Administrative Agent (with any required consent of the Lenders pursuant to the Credit Agreement). Any such waiver, modification or amendment shall be binding upon Borrower, the Administrative Agent and each Lender (including the Swingline Lender and Issuing Lender).
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(c) Successors and Assigns. This Second Amendment shall be binding upon and inure to the benefit of the respective successors and assigns of Borrower, the Administrative Agent and the Lenders (including the Swingline Lender and Issuing Lender).
(d) Captions. The captions and section headings used herein are for convenience of reference only, are not part of this Second Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Second Amendment.
(e) Counterparts. This Second Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Second Amendment by signing any such counterpart. Delivery of an executed signature page of this Second Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.
(f) Severability. Any provision of this Second Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
[Signature pages follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed and delivered as of the day and year first above written.
| MERITAGE HOMES CORPORATION, as Borrower | ||
| By: | /s/ Xxxxx X. Xxxx | |
| Name: Xxxxx X. Xxxx | ||
| Title: EVP & CFO | ||
[Signatures continue on the next page.]
S-1
| JPMORGAN CHASE BANK, N.A., as Administrative Agent, Issuing Lender, Swingline Lender and as a Lender | ||
| By: | /s/ Xxxxxxxx X. Xxxxx | |
| Name: Xxxxxxxx X. Xxxxx | ||
| Title: Vice President | ||
[Signatures continue on the next page.]
S-2
| CITIBANK, NATIONAL ASSOCIATION, as a Lender | ||
| By: | /s/ Xxxx X. Xxxxxxx | |
| Name: Xxxx X. Xxxxxxx | ||
| Title: Vice President | ||
[Signatures continue on the next page.]
S-3
| DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender | ||
| By: | /s/ Xxxxxxx Xxxxxxxxx | |
| Name: Xxxxxxx Xxxxxxxxx | ||
| Title: Director | ||
| By: | /s/ Xxxxxxx Xxxx | |
| Name: Xxxxxxx Xxxx | ||
| Title: Vice President | ||
[Signatures continue on the next page.]
S-4
| BANK OF AMERICA, N.A., as a Lender | ||
| By: | /a/ Xxx X. Xxxxxx | |
| Name: Xxx X. Xxxxxx | ||
| Title: Vice President | ||
[Signatures continue on the next page.]
S-5
| REGIONS BANK, as a Lender | ||
| By: | /s/ Xxxxxx XxXxxxxxx | |
| Name: Xxxxxx XxXxxxxxx | ||
| Title: Vice President | ||
[Signatures continue on the next page.]
S-6
| U.S. BANK National Association, as a Lender | ||
| By: | /s/ Xxxxxx Xxxxxxx | |
| Name: Xxxxxx Xxxxxxx | ||
| Title: Senior Vice President | ||
S-7
Schedule 1
Existing LCs
[See attached]
1
Issued by Bank of America:
| - L/C Daily Outstandings App/Ben Name and Currency of Credit | ||||||||||||||||||||||||||||||||
| As Of November 13, 2013 | ||||||||||||||||||||||||||||||||
| Prod Type | Istm ID | Iss Dt | Exp Dt | Ext Per | Chg Rt% | Not Days | App Nm | Ben Nm | Curr | Liab USD Amt | Cus ID | Cus Nm | ||||||||||||||||||||
| SBYTRD |
00000003100532 | 8/21/2009 | 8/20/2014 | 0.5 | 0 | XXXXXXXX XXXXX XXXXX | XXXXX XX XXXXXX COMM | USD | $ | 270,708.45 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||||
| SBYTRD |
00000003100534 | 8/20/2009 | 10/31/2014 | 0.5 | 0 | MERITAGE HOMES CORPO | LAND TITLE GUARANTEE | USD | $ | 263,768.43 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||||
| SBYTRD |
00000003119357 | 3/1/2012 | 3/1/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF FL | CITY OF WINTER SPRIN | USD | $ | 197,623.31 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003124705 | 4/26/2012 | 12/26/2014 | 0.5 | 0 | MERITAGE HOMES OF CO | LEYDEN ROCK DEVELOPM | USD | $ | 1,565,602.69 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||||
| SBYTRD |
00000003124710 | 4/24/2012 | 3/29/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 38,475.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003124711 | 4/24/2012 | 3/29/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 24,808.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003124955 | 5/10/2012 | 10/10/2014 | 0.5 | 0 | MERITAGE HOMES OF CO | FIRST AMERICAN TITLE | USD | $ | 75,070.34 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||||
| SBYTRD |
00000003125387 | 7/2/2012 | 7/1/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 36,408.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003125388 | 7/2/2012 | 7/1/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 48,324.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003125389 | 7/2/2012 | 7/1/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 32,869.95 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003125390 | 7/2/2012 | 7/1/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 138,761.40 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003125391 | 7/2/2012 | 7/1/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 76,004.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003125392 | 7/2/2012 | 7/1/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 107,458.95 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYPER |
00000003125801 | 11/15/2012 | 8/22/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF FL | CITY OF WINTER SPRIN | USD | $ | 84,163.30 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYPER |
00000003126188 | 10/17/2012 | 10/9/2014 | 0.5 | 0 | MERITAGE HOMES OF CO | LAND TITLE GUARANTY | USD | $ | 320,422.84 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||||
| SBYPER |
00000003126574 | 11/29/2012 | 11/27/2014 | 0.5 | 0 | MERITAGE HOMES OF CO | FIRST AMERICAN TITLE | USD | $ | 395,791.10 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||||
| SBYPER |
00000003126807 | 12/21/2012 | 12/20/2014 | 0.5 | 0 | MERITAGE HOMES OF CO | FIRST AMERICAN TITLE | USD | $ | 710,051.09 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||||
| SBYPER |
00000003126826 | 12/27/2012 | 12/21/2013 | XXX | 0.5 | 60 | MERITAGE HOMES OF CO | FIRST AMERICAN TITLE | USD | $ | 7,240,539.96 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYPER |
00000003126929 | 1/17/2013 | 3/30/2014 | XXX | 0.5 | 45 | MERITAGE HOMES OF FL | ORANGE COUNTY, FLORI | USD | $ | 26,085.76 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYPER |
00000003127161 | 3/11/2013 | 3/11/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF CO | CITY OF FORT XXXXXXX | USD | $ | 320,543.95 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYPER |
00000003127180 | 2/11/2013 | 2/11/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 264,910.20 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003128094 | 5/23/2013 | 5/23/2014 | XXX | 0.5 | 30 | MERITAGE HOMES OF CO | THE XXXXXX WATER AND | USD | $ | 676,236.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003128095 | 5/23/2013 | 5/23/2014 | XXX | 0.5 | 30 | MERITAGE HOMES OF CO | THE XXXXXX WATER AND | USD | $ | 1,597,996.80 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003128096 | 5/23/2013 | 5/23/2014 | XXX | 0.5 | 30 | MERITAGE HOMES OF CO | THE XXXXXX WATER AND | USD | $ | 343,423.20 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYTRD |
00000003128098 | 5/23/2013 | 5/23/2014 | XXX | 0.5 | 30 | MERITAGE HOMES OF CO | THE XXXXXX WATER AND | USD | $ | 854,725.20 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYPER |
00000003128211 | 6/4/2013 | 6/3/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF NO | TOWN OF XXXX | USD | $ | 141,272.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYPER |
00000003128323 | 6/17/2013 | 6/17/2014 | 0.5 | 0 | MERITAGE HOMES OF CA | OLD REPUBLIC TITLE I | USD | $ | 100,000.00 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||||
| SBYFIN |
00000003128806 | 8/12/2013 | 8/10/2014 | XXX | 0.5 | 45 | MERITAGE HOMES OF XX | XXXXXX COUNTY MUNICI | USD | $ | 852,778.30 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
| SBYPER |
00000003128821 | 8/15/2013 | 8/14/2014 | XXX | 0.5 | 120 | MERITAGE HOMES OF | NORTH CAROLINA DEPAR | USD | $ | 150,000.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||||
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| SBYPER |
00000003128920 | 8/27/2013 | 8/27/2014 | 0.5 | 0 | MERITAGE HOMES OF CA | OLD REPUBLIC TITLE I | USD | $ | 100,000.00 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||
| SBYPER |
00000003128992 | 11/12/2013 | 11/11/2014 | 0.5 | 0 | MERITAGE HOMES OF | CHATHAM COUNTY | USD | $ | 152,649.00 | C0092936 | MERITAGE HOMES CORPORATION | ||||||||||||||||||
| SBYPER |
00000003129119 | 9/25/2013 | 9/20/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF | DUKE ENERGY PROGRESS | USD | $ | 34,272.48 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||
| SBYPER |
00000003129272 | 10/11/2013 | 10/11/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF | WAKE COUNTY PLANNING | USD | $ | 26,294.10 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||
| SBYPER |
00000003129323 | 10/22/2013 | 10/16/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF CO | LAND TITLE GUARANTEE | USD | $ | 1,350,000.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||
| SBYPER |
00000003129398 | 10/28/2013 | 10/25/2014 | XXX | 0.5 | 60 | MERITAGE HOMES OF | DUKE ENERGY PROGRESS | USD | $ | 73,275.00 | C0092936 | MERITAGE HOMES CORPORATION | |||||||||||||||||
| $ | 18,691,312.80 |
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| USER : CDJ6 | U.S. BANK NATIONAL ASSOCIATION INTLP MSP | DATE : 11/18/13 | ||
| RPT ID : SLCI CA | Outstanding L/Cs by Guarantor | PAGE : 1 | ||
| Standby Letter of Credit—SI3.1 |
| For Guarantor: | MERITAGE HOMES CORPORATION | |
| AS Of: | 11/18/13 |
| Status |
Applicant Name |
Beneficiary Name |
LC Number | L/C Balance in FCY | L/C Balance in US$ | Expiry | ||||||||||||||
| Issued | MERITAGE HOMES CORPORATION | CAROLINA POWER AND LIGHT | SLCPPDX05880 | USD | 29,003.40 | US$ | 29,003.40 | 01/25/14 | ||||||||||||
| CITY OF DURHAM | XXXXXXX00000 | USD | 50,000.00 | US$ | 50,000.00 | 11/16/13 | ||||||||||||||
| CITY OF OCEANSIDE | SLCPPDX05584 | USD | 96,196.00 | US$ | 96,196.00 | 12/05/13 | ||||||||||||||
| ILLINOIS UNION INSURANCE | SLCPPDX05547 | USD | 1,500,000.00 | US$ | 1,500,000.00 | 10/01/14 | ||||||||||||||
| NATIONAL UNION FIRE INSURANCE | SLCPPDX05546 | USD | 3,000,000.00 | US$ | 3,000,000.00 | 10/01/14 | ||||||||||||||
| Subtotal | : Appl Name | MERITAGE HOMES CORPORATION | ||||||||||||||||||
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| 5 | 4,675,199.40 | |||||||||||||||||||
| Issued | MERITAGE HOMES OF CALIFORNIA | CITY OF OCEANSIDE | SLCPPDX05690 | USD | 7,317.00 | US$ | 7,317.00 | 05/21/14 | ||||||||||||
| Subtotal | : Appl Name | MERITAGE HOMES OF CALIFORNIA, INC. | ||||||||||||||||||
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| 1 | 7,317.00 | |||||||||||||||||||
| Issued | MERITAGE HOMES OF COLORADO | CITY OF LAFAYETTE | SLCPPDX05869 | USD | 1,989,248.89 | US$ | 1,989,248.89 | 12/31/13 | ||||||||||||
| CITY OF LONGMONT | SLCPPDX05852 | USD | 99,146.10 | US$ | 99,146.10 | 12/07/13 | ||||||||||||||
| CITY OF LONGMONT | XXXXXXX00000 | USD | 222,941.00 | US$ | 222,941.00 | 12/07/13 | ||||||||||||||
| CITY OF LONGMONT | XXXXXXX00000 | USD | 700,118.00 | US$ | 700,118.00 | 03/18/14 | ||||||||||||||
| CITY OF LONGMONT | SLCPPDX06034 | USD | 459,080.60 | US$ | 459,080.60 | 08/08/14 | ||||||||||||||
| CITY OF LONGMONT | SLCPPDX06035 | USD | 882,654.41 | US$ | 882,654.41 | 12/21/13 | ||||||||||||||
| FIRST AMERICAN TITLE INSU | SLCPPDX05866 | USD | 1,485,000.00 | US$ | 1,485,000.00 | 06/21/14 | ||||||||||||||
| FIRST AMERICAN TITLE INSU | XXXXXXX00000 | USD | 6,157,222.16 | US$ | 6,157,222.16 | 10/31/14 | ||||||||||||||
| LAND TITLE GUARANTEE COMP | SLCPPDX05565 | USD | 130,658.84 | US$ | 130,658.84 | 04/10/14 | ||||||||||||||
| THE XXXXXX WATER AND SANI | SLCPPDX05939 | USD | 1,346,839,20 | US$ | 1,346,839.20 | 09/03/14 | ||||||||||||||
| THE PARKER WATER AND SANI | XXXXXXX00000 | USD | 1,079,366.40 | US$ | 1,079,366.40 | 04/02/14 | ||||||||||||||
| THE PARKER WATER AND SANI | SLCPPDX05928 | USD | 1,101,650,40 | US$ | 1,101,650.40 | |||||||||||||||
| Subtotal | : Appl Name | MERITAGE HOMES OF COLORADO, INC. | ||||||||||||||||||
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| 12 | 15,653,926.00 | |||||||||||||||||||
| Issued | MERITAGE HOMES OF FLORIDA | ORANGE COUNTY, FLORIDA | SLCPPDX06030 | USD | 340,376.80 | US$ | 340,376.80 | 06/30/14 | ||||||||||||
| ORANGE COUNTY, FLORIDA | SLCPPDX06061 | USD | 23,769.35 | US$ | 23,769.35 | 08/30/14 | ||||||||||||||
| ORANGE COUNTY, FLORIDA | SLCPPDX06062 | USD | 329,974.91 | US$ | 329,974.91 | 08/30/14 | ||||||||||||||
| Subtotal | : Appl Name | MERITAGE HOMES OF FLORIDA, INC. | ||||||||||||||||||
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| 3 | 694,121.06 | |||||||||||||||||||
| Issued | MERITAGE HOMES OF NORTH C | CAROLINA POWER & LIGHT CO | SLCPPDX05719 | USD | 22,752.10 | US$ | 22,752.10 | 06/30/14 | ||||||||||||
| CAROLINA POWER AND LIGHT | SLCPPDX05625 | USD | 55,228.48 | US$ | 55,228.48 | 11/05/14 | ||||||||||||||
Page Number: 1
| USER : CDJ6 | U.S. BANK NATIONAL ASSOCIATION INTLP MSP | DATE : 11/18/13 | ||
| RPT ID : SLCI CA | Outstanding L/Cs by Guarantor | PAGE : 2 | ||
| Standby Letter of Credit—SI3.1 |
| For Guarantor: | MERITAGE HOMES CORPORATION | |
| AS Of: | 11/18/13 |
| Status |
Applicant Name |
Beneficiary Name |
LC Number | L/C Balance in FCY | L/C Balance in US$ | Expiry | ||||||||||||||
| Subtotal | : Appl Name | MERITAGE HOMES OF NORTH CAROLINA | ||||||||||||||||||
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| 2 | 77,980.58 | |||||||||||||||||||
| Issued | MERITAGE HOMES OF TEXAS, | GCWN-04, LTD. | SLCPPDX05856 | USD | 269,575.00 | US$ | 269,575.00 | 12/15/13 | ||||||||||||
| GCWN-04, LTD. | SLCPPDX05997 | USD | 256,873.50 | US$ | 256,873.50 | 06/21/14 | ||||||||||||||
| Subtotal | : Appl Name | MERITAGE HOMES OF TEXAS, LLC | ||||||||||||||||||
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| 2 | 526,448.50 | |||||||||||||||||||
| Issued | MERITAGE HOMES OF THE CAR | CITY OF DUPHAM | SLCPPDX06044 | USD | 88,000.00 | US$ | 88,000.00 | 08/14/14 | ||||||||||||
| Subtotal | : Appl Name | MERITAGE HOMES OF THE CAROLINAS | ||||||||||||||||||
|
|
|
|
||||||||||||||||||
| 1 | 88,000.00 | |||||||||||||||||||
| Total | : Status | Issued | ||||||||||||||||||
|
|
|
|
||||||||||||||||||
| 26 | 21,722,992.54 | |||||||||||||||||||
| Grandtotal | : | |||||||||||||||||||
| 26 | USD | 21,722,992.54 | 21,722,992.54 | |||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
| 26 | 21,722,992.54 | |||||||||||||||||||
Page Number: 2
* * * * End of Report * * * *
