EXHIBIT 10.24
April 22, 0000
Xxxxxxxx Xxxxx Xxxxxxx, Inc.
as Administrative Agent
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
The Lenders signatory to the Credit
Agreement referred to below
$305,000,000 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
Ladies and Gentlemen:
We refer to the Amended and Restated Revolving Credit Agreement dated as of
April 4, 2003, among the undersigned, as Borrower, the Lenders, the Issuers (as
defined therein), Citicorp North America, as administrative agent for the
Lenders and the Issuers (in such capacity, the "ADMINISTRATIVE AGENT"), Fleet
National Bank as documentation agent and Xxxxxxx Xxxxx Xxxxxx Inc. as sole
arranger and sole book manager (the "CREDIT AGREEMENT").
This letter shall serve as notice that, pursuant to the requirements of SECTION
2.19 (FACILITY INCREASE) of the Credit Agreement, the undersigned hereby
requests an increase in the aggregate Revolving Credit Commitments by
$10,000,000 (the "FACILITY INCREASE"). The Facility Increase is being offered to
all existing Lenders, but we understand that Washington Mutual Bank, FA has
agreed to participate in the Facility Increase for the full $10,000,000 should
none of the other existing Lenders wish to participate.
Consistent with Section 2.19, we hereby certify that as of the date hereof, (i)
the Borrower is in PRO FORMA compliance with the financial covenants set forth
in ARTICLE V (FINANCIAL COVENANTS) of the Credit Agreement and (ii) that no
Default or Event of Default has occurred and is continuing.
Very truly yours,
TECHNICAL OLYMPIC USA, INC.
By: /s/ Xxxxx X. XxXxxx
----------------------------------
Name: Xxxxx X. XxXxxx
Title: Vice President - Finance
and Administration and
Chief Financial Officer
