FIRST AMENDMENT TO CREDIT AGREEMENT
EXHIBIT 10.1
FIRST AMENDMENT TO CREDIT AGREEMENT
This FIRST AMENDMENT TO CREDIT AGREEMENT (“Amendment”), dated as of March 22, 2006, among BEAZER HOMES USA, INC., a Delaware corporation (the “Borrower”), those lenders that are identified on the signature pages hereto (hereinafter collectively referred to as the “Lenders”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”).
RECITALS
WHEREAS, the Borrower, the Lenders and Administrative Agent are parties to that certain Credit Agreement dated as of August 22, 2005 (the “Credit Agreement”);
WHEREAS, the parties hereto desire to amend the Credit Agreement to change the “Land Inventory” covenant contained in Section 7.05 of the Credit Agreement for the purposes set forth herein;
NOW, THEREFORE, the parties hereto hereby agree as follows:
AGREEMENT
1. Land Inventory. Section 7.05 of the Credit Agreement is hereby amended to change “1.0 to 1.0” to “1.25 to 1.0.”
2. Representations and Warranties. The Borrower hereby certifies that the representations and warranties contained in Article IV of the Credit Agreement are correct on the date hereof as though made on and as of such date except to the extent that any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty is correct as of such earlier date.
3. Ratification. The Credit Agreement, as amended hereby, is hereby ratified and remains in full force and effect.
4. Counterparts. This Amendment may be executed in two or more counterparts, each of which may be executed by one or more of the parties hereto, but all of which, when taken together, shall constitute a single agreement binding on all the parties hereto.
IN WITNESS WHEREOF, the Borrower and the Lenders have caused this
Amendment to be duly executed as of the date first above written.
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Borrower: |
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BEAZER HOMES USA, INC. |
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By: |
/s/ Xxxx X. Xxxxxxxx |
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Name: |
Xxxx X. Xxxxxxxx |
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Title: |
Senior Vice President |
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Lenders: |
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JPMORGAN CHASE BANK, N.A., |
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As Lender and Administrative Agent |
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By: |
/s/ Xxxxxxx X’Xxxxx |
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Name: |
Xxxxxxx X’Xxxxx |
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Its: |
Associate |
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BNP PARIBAS |
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By: |
/s/ Xxxxx Xxxxxxxxx |
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Name: |
Xxxxx Xxxxxxxxx |
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Title: |
Managing Director |
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By: |
/s/ Xxxxxx Xxxxxxx-Xxxxxx |
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Name: |
Xxxxxx Xxxxxxx-Xxxxxx |
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Title: |
Director |
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GUARANTY BANK |
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By: |
/s/ Xxx Xxxxxx |
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Name: |
Xxx Xxxxxx |
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Title: |
Vice President |
SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT
WITH BEAZER HOMES USA, INC.
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WACHOVIA BANK, NATIONAL |
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ASSOCIATION |
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By: |
/s/ Xxxxxxx X. Xxxxx |
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Name: |
Xxxxxxx X. Xxxxx |
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Title: |
Vice President |
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THE ROYAL BANK OF SCOTLAND PLC |
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By: |
/s/ Xxxxx Xxxx |
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Name: |
Xxxxx Xxxx |
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Title: |
Managing Director |
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CITICORP NORTH AMERICA, INC. |
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By: |
/s/ Xxxxx X. Xxxx |
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Name: |
Xxxxx X. Xxxx |
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Title: |
Vice President |
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SUNTRUST BANK |
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By: |
/s/ W. Xxxx Xxxxxxx |
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Name: |
W. Xxxx Xxxxxxx |
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Title: |
Senior Vice President |
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WASHINGTON MUTUAL BANK, FA |
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By: |
/s/ Xxxx X. Xxxxxxx |
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Name: |
Xxxx X. Xxxxxxx |
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Title: |
Vice President |
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COMERICA BANK |
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By: |
/s/ Xxxxx Xxxxxxxxx |
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Name: |
Xxxxx Xxxxxxxxx |
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Title: |
Vice President |
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PNC BANK, NATIONAL ASSOCIATION |
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By: |
/s/ Xxxxxxx X. Xxxx |
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Name: |
Xxxxxxx X. Xxxx |
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Title: |
Senior Vice President |
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UBS LOAN FINANCE LLC |
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By: |
/s/ Xxxx X. Xxxx |
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Name: |
Xxxx X. Xxxx |
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Title: |
Associate Director Banking Products Services, US |
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By: |
/s/ Xxxxxxx X. Xxxxxx |
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Name: |
Xxxxxxx X. Xxxxxx |
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Title: |
Director Banking Products Services, US |
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AMSOUTH BANK |
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By: |
/s/ Xxxxx Xxxxxxxx |
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Name: |
Xxxxx Xxxxxxxx |
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Title: |
Sr. Vice President |
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BANK UNITED, FSB |
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By: |
/s/ Xxxxxxxx X. Xxxxx |
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Name: |
Xxxxxxxx X. Xxxxx |
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Title: |
Vice President |
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CITY NATIONAL BANK |
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By: |
/s/ Xxxx Xxxxxx |
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Name: |
Xxxx Xxxxxx |
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Title: |
SVP |
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COMPASS BANK |
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By: |
/s/ Xxxxx Xxxxxxx |
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Name: |
Xxxxx Xxxxxxx |
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Title: |
Executive Vice President |
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DEUTSCHE BANK TRUST COMPANY |
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AMERICAS |
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By: |
/s/ Xxxxxxx Xxxxxxx |
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Name: |
Xxxxxxx Xxxxxxx |
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Title: |
Director |
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By: |
/s/ Xxxx Xxxxx |
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Name: |
Xxxx Xxxxx |
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Title: |
Vice President |
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FIFTH THIRD BANK, a Michigan banking |
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corporation |
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By: |
/s/ Xxxxxxx X. Xxxxxxxx |
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Name: |
Xxxxxxx X. Xxxxxxxx |
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Title: |
Vice President |
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REGIONS BANK |
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By: |
/s/ Xxxxx X. Xxxxxxxx |
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Name: |
Xxxxx X. Xxxxxxxx |
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Title: |
Vice President |
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UNION BANK OF CALIFORNIA |
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By: |
/s/ Xxxx Xxxxxxx |
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Name: |
Xxxx Xxxxxxx |
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Title: |
Vice President |
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U.S. BANK NATIONAL ASSOCIATION |
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By: |
/s/ Xxxxx X. Xxxxx |
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Name: |
Xxxxx X. Xxxxx |
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Title: |
SVP |