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EXHIBIT 10.7
COMMITMENT AND ACCEPTANCE
This Commitment and Acceptance (this "Commitment and Acceptance")
dated as of October 8, 1997, is entered into among the parties listed on
the signature pages hereof. Capitalized terms used herein and not otherwise
defined herein shall have the meanings attributed to them in the Credit
Agreement (as defined below).
PRELIMINARY STATEMENTS
Reference is made to that certain Amended and Restated Credit
Agreement dated as of May 28, 1997, by and among U.S. Home Corporation, as
Borrower, The First National Bank of Chicago, as Agent, and the Lenders
that are parties thereto (as the same has been and may from time to time be
amended, modified, supplemented or restated, in whole or in part and
without limitation as to amount, terms, conditions or covenants, the
"Credit Agreement").
Pursuant to Section 2.5(b) of the Credit Agreement, the Borrower
has requested an increase in the Aggregate Commitment from $130,000,000.00
to $180,000,000.00. Such increase in the Aggregate Commitment is to become
effective on October 9, 1997 (the "Increase Date"). In connection with such
requested increase in the Aggregate Commitment, the Borrower, the Agent and
AmSouth Bank (the "Accepting Lender") hereby agree as follows:
1. ACCEPTING LENDER'S COMMITMENT. Effective as of the Increase
Date, the Accepting Lender shall become a party to the Credit Agreement as
a Lender, shall have all of the rights and obligations of a Lender
thereunder, shall agree to be bound by the terms and provisions thereof and
shall thereupon have a Commitment under and for purposes of the Credit
Agreement in an amount equal to the amount set forth opposite the Accepting
Lender's name on the signature pages hereof.
2. REPRESENTATIONS AND AGREEMENTS OF ACCEPTING LENDER. The
Accepting Lender hereby (i) confirms that it has received a copy of the
Credit Agreement, together with copies of the financial statements
requested by the Accepting Lender and such other documents and information
as it has deemed appropriate to make its own credit analysis and decision
to enter into this Commitment and Acceptance, (ii) agrees that it will,
independently and without reliance upon the Agent or any Lender and based
on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action
under the Loan Documents, (iii) appoints and authorizes the Agent to take
such action as agent on its behalf and to exercise such powers under the
Loan Documents as are delegated to the Agent by the terms thereof, together
with such powers as are reasonably incidental thereto, (iv) agrees that it
will perform in accordance with their terms all of the obligations which by
the terms of the Loan Documents are required to be performed by it as a
Lender, (v) agrees that its payment instructions and notice instructions
are as set forth in the attachment to Schedule 1, and (vi) confirms that
none of the funds, monies, assets or other consideration being used to make
the Commitment hereunder are "plan assets" under ERISA.
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3. REPRESENTATION OF BORROWER. The Borrower hereby represents
and warrants that as of the date hereof and as of the Increase Date, no
event or condition shall have occurred and then be continuing which
constitutes a Default or Unmatured Default.
4. GOVERNING LAW. This Commitment and Acceptance shall be
governed by the internal law, and not the law of conflicts, of the State of
Illinois.
5. NOTICES. For the purpose of notices to be given under the
Credit Agreement, the address of the Accepting Lender (until notice of a
change is delivered) shall be the address set forth in Schedule 1.
IN WITNESS WHEREOF, the parties hereto have executed this
Commitment and Acceptance by their duly authorized officers as of the date
first above written.
BORROWER:
U.S. HOME CORPORATION
By: __________________________
Name:
Title:
AGENT:
THE FIRST NATIONAL BANK OF CHICAGO,
as Agent
By: ___________________________
Name:
Title:
ACCEPTING LENDER:
Commitment:
AMSOUTH BANK
$15,000,000.00 By: ___________________________
Name:
Title:
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COMMITMENT AND ACCEPTANCE
This Commitment and Acceptance (this "Commitment and Acceptance")
dated as of October 8, 1997, is entered into among the parties listed on
the signature pages hereof. Capitalized terms used herein and not otherwise
defined herein shall have the meanings attributed to them in the Credit
Agreement (as defined below).
PRELIMINARY STATEMENTS
Reference is made to that certain Amended and Restated Credit
Agreement dated as of May 28, 1997, by and among U.S. Home Corporation, as
Borrower, The First National Bank of Chicago, as Agent, and the Lenders
that are parties thereto (as the same has been and may from time to time be
amended, modified, supplemented or restated, in whole or in part and
without limitation as to amount, terms, conditions or covenants, the
"Credit Agreement").
Pursuant to Section 2.5(b) of the Credit Agreement, the Borrower
has requested an increase in the Aggregate Commitment from $130,000,000.00
to $180,000,000.00. Such increase in the Aggregate Commitment is to become
effective on October 9, 1997 (the "Increase Date"). In connection with such
requested increase in the Aggregate Commitment, the Borrower, the Agent and
The First National Bank of Chicago (the "Accepting Lender") hereby agree as
follows:
1. ACCEPTING LENDER'S COMMITMENT. Effective as of the Increase
Date, the Commitment of the Accepting Lender under the Credit Agreement
shall be increased from $30,000,000.00 to the amount set forth opposite the
Accepting Lender's name on the signature pages hereof.
2. REPRESENTATION OF BORROWER. The Borrower hereby represents and
warrants that, as of the date hereof and as of the Increase Date, no event
or condition shall have occurred and then be continuing which constitutes a
Default or Unmatured Default.
3. GOVERNING LAW. This Commitment and Acceptance shall be governed
by the internal law, and not the law of conflicts, of the State of
Illinois.
IN WITNESS WHEREOF, the parties hereto have executed this
Commitment and Acceptance by their duly authorized officers as of the date
first above written.
BORROWER:
U.S. HOME CORPORATION
By: __________________________
Name: Xxxxxx X. Xxxxxx
Title: Vice President
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AGENT:
THE FIRST NATIONAL BANK OF CHICAGO,
as Agent
By: ___________________________
Name: _________________________
Title: ________________________
ACCEPTING LENDER:
Commitment:
THE FIRST NATIONAL BANK OF CHICAGO
$40,000,000.00 By: ___________________________
Name: _________________________
Title: ________________________
273
COMMITMENT AND ACCEPTANCE
This Commitment and Acceptance (this "Commitment and Acceptance")
dated as of October 8, 1997, is entered into among the parties listed on
the signature pages hereof. Capitalized terms used herein and not otherwise
defined herein shall have the meanings attributed to them in the Credit
Agreement (as defined below).
PRELIMINARY STATEMENTS
Reference is made to that certain Amended and Restated Credit
Agreement dated as of May 28, 1997, by and among U.S. Home Corporation, as
Borrower, The First National Bank of Chicago, as Agent, and the Lenders
that are parties thereto (as the same has been and may from time to time be
amended, modified, supplemented or restated, in whole or in part and
without limitation as to amount, terms, conditions or covenants, the
"Credit Agreement").
Pursuant to Section 2.5(b) of the Credit Agreement, the Borrower
has requested an increase in the Aggregate Commitment from $130,000,000.00
to $180,000,000.00. Such increase in the Aggregate Commitment is to become
effective on October 9, 1997 (the "Increase Date"). In connection with such
requested increase in the Aggregate Commitment, the Borrower, the Agent and
Comerica Bank (the "Accepting Lender") hereby agree as follows:
1. ACCEPTING LENDER'S COMMITMENT. Effective as of the Increase
Date, the Commitment of the Accepting Lender under the Credit Agreement
shall be increased from $15,000,000.00 to the amount set forth opposite the
Accepting Lender's name on the signature pages hereof.
2. REPRESENTATION OF BORROWER. The Borrower hereby represents and
warrants that, as of the date hereof and as of the Increase Date, no event
or condition shall have occurred and then be continuing which constitutes a
Default or Unmatured Default.
3. GOVERNING LAW. This Commitment and Acceptance shall be governed
by the internal law, and not the law of conflicts, of the State of
Illinois.
IN WITNESS WHEREOF, the parties hereto have executed this
Commitment and Acceptance by their duly authorized officers as of the date
first above written.
BORROWER:
U.S. HOME CORPORATION
By: __________________________
Name: Xxxxxx X. Xxxxxx
Title: Vice President
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AGENT:
THE FIRST NATIONAL BANK OF CHICAGO,
as Agent
By: ___________________________
Name: _________________________
Title: ________________________
ACCEPTING LENDER:
Commitment:
COMERICA BANK
$25,000,000.00 By: ___________________________
Name: _________________________
Title: ________________________
275
COMMITMENT AND ACCEPTANCE
This Commitment and Acceptance (this "Commitment and Acceptance")
dated as of October 8, 1997, is entered into among the parties listed on
the signature pages hereof. Capitalized terms used herein and not otherwise
defined herein shall have the meanings attributed to them in the Credit
Agreement (as defined below).
PRELIMINARY STATEMENTS
Reference is made to that certain Amended and Restated Credit
Agreement dated as of May 28, 1997, by and among U.S. Home Corporation, as
Borrower, The First National Bank of Chicago, as Agent, and the Lenders
that are parties thereto (as the same has been and may from time to time be
amended, modified, supplemented or restated, in whole or in part and
without limitation as to amount, terms, conditions or covenants, the
"Credit Agreement").
Pursuant to Section 2.5(b) of the Credit Agreement, the Borrower
has requested an increase in the Aggregate Commitment from $130,000,000.00
to $180,000,000.00. Such increase in the Aggregate Commitment is to become
effective on October 9, 1997 (the "Increase Date"). In connection with such
requested increase in the Aggregate Commitment, the Borrower, the Agent and
Guaranty Federal Bank, F.S.B. (the "Accepting Lender") hereby agree as
follows:
1. ACCEPTING LENDER'S COMMITMENT. Effective as of the Increase
Date, the Commitment of the Accepting Lender under the Credit Agreement
shall be increased from $30,000,000.00 to the amount set forth opposite the
Accepting Lender's name on the signature pages hereof.
2. REPRESENTATION OF BORROWER. The Borrower hereby represents and
warrants that, as of the date hereof and as of the Increase Date, no event
or condition shall have occurred and then be continuing which constitutes a
Default or Unmatured Default.
3. GOVERNING LAW. This Commitment and Acceptance shall be governed
by the internal law, and not the law of conflicts, of the State of
Illinois.
IN WITNESS WHEREOF, the parties hereto have executed this
Commitment and Acceptance by their duly authorized officers as of the date
first above written.
BORROWER:
U.S. HOME CORPORATION
By: __________________________
Name: Xxxxxx X. Xxxxxx
Title: Vice President
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AGENT:
THE FIRST NATIONAL BANK OF CHICAGO,
as Agent
By: ___________________________
Name: _________________________
Title: ________________________
ACCEPTING LENDER:
Commitment:
GUARANTY FEDERAL BANK, F.S.B.
$37,500,000.00 By: ___________________________
Name: _________________________
Title: ________________________
277
COMMITMENT AND ACCEPTANCE
This Commitment and Acceptance (this "Commitment and Acceptance")
dated as of October 8, 1997, is entered into among the parties listed on
the signature pages hereof. Capitalized terms used herein and not otherwise
defined herein shall have the meanings attributed to them in the Credit
Agreement (as defined below).
PRELIMINARY STATEMENTS
Reference is made to that certain Amended and Restated Credit
Agreement dated as of May 28, 1997, by and among U.S. Home Corporation, as
Borrower, The First National Bank of Chicago, as Agent, and the Lenders
that are parties thereto (as the same has been and may from time to time be
amended, modified, supplemented or restated, in whole or in part and
without limitation as to amount, terms, conditions or covenants, the
"Credit Agreement").
Pursuant to Section 2.5(b) of the Credit Agreement, the Borrower
has requested an increase in the Aggregate Commitment from $130,000,000.00
to $180,000,000.00. Such increase in the Aggregate Commitment is to become
effective on October 9, 1997 (the "Increase Date"). In connection with such
requested increase in the Aggregate Commitment, the Borrower, the Agent and
Credit Lyonnais New York Branch (the "Accepting Lender") hereby agree as
follows:
1. ACCEPTING LENDER'S COMMITMENT. Effective as of the Increase
Date, the Commitment of the Accepting Lender under the Credit Agreement
shall be increased from $30,000,000.00 to the amount set forth opposite the
Accepting Lender's name on the signature pages hereof.
2. REPRESENTATION OF BORROWER. The Borrower hereby represents and
warrants that, as of the date hereof and as of the Increase Date, no event
or condition shall have occurred and then be continuing which constitutes a
Default or Unmatured Default.
3. GOVERNING LAW. This Commitment and Acceptance shall be governed
by the internal law, and not the law of conflicts, of the State of
Illinois.
IN WITNESS WHEREOF, the parties hereto have executed this
Commitment and Acceptance by their duly authorized officers as of the date
first above written.
BORROWER:
U.S. HOME CORPORATION
By: __________________________
Name: Xxxxxx X. Xxxxxx
Title: Vice President
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AGENT:
THE FIRST NATIONAL BANK OF CHICAGO,
as Agent
By: ___________________________
Name: _________________________
Title: ________________________
ACCEPTING LENDER:
Commitment:
CREDIT LYONNAIS NEW YORK BRANCH
$37,500,000.00 By: ___________________________
Name: _________________________
Title: ________________________
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SCHEDULE 1
to Commitment and Acceptance
