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EXECUTION VERSION [[3679594v16]] AMENDMENT NO. 5 dated as of January 26, 2018
(this “Amendment”), to the SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as
of July 13, 2011 (as amended, supplemented or otherwise modified prior to the
date hereof, the “Credit Agreement”), among TAYLOR MORRISON COMMUNITIES, INC., a
Delaware corporation (the “U.S. Borrower”), TMM HOLDINGS LIMITED PARTNERSHIP, a
British Columbia limited partnership (“Holdings”), TAYLOR MORRISON HOLDINGS II,
INC. (f/k/a MONARCH COMMUNITIES INC., and the surviving corporation of the
amalgamation with Taylor Morrison Communities II, Inc.), a company continued
under the laws of the province of British Columbia (“Canada Holdings”), TAYLOR
MORRISON HOLDINGS, INC., a Delaware corporation (“U.S. Holdings”), TAYLOR
MORRISON FINANCE, INC., a Delaware corporation (“U.S. FinCo”), each lender from
time to time party thereto (each individually referred to therein as a “Lender”
and collectively as “Lenders”) and CREDIT SUISSE AG, as administrative agent for
the Lenders (in such capacity, the “Administrative Agent”). A. Holdings has
requested that the Credit Agreement be amended as set forth herein. B. The
Lenders are willing to so amend the Credit Agreement on the terms and subject to
the conditions set forth herein. Accordingly, in consideration of the mutual
agreements herein contained and other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, the parties hereto
agree as follows: SECTION 1. Defined Terms. Capitalized terms used and not
defined herein shall have the meanings assigned to such terms in the Credit
Agreement. The rules of interpretation set forth in Section 1.2A of the Credit
Agreement are hereby incorporated by reference herein, mutatis mutandis. SECTION
2. Assignments. (a) Effective as of the Amendment Effective Date (as defined
below), each of the lenders listed on Exhibit A hereto under the captions
“Departing Lenders” (the “Departing Lenders”), “Continuing Lenders” (the
“Continuing Lenders”) and “Additional Lenders” (the “Additional Lenders”) shall
sell, assign and transfer, or purchase and assume, as the case may be, such
interests in (i) the Commitments and (ii) the participations in the Letters of
Credit outstanding as of the Amendment Effective Date (the “Existing Letters of
Credit”), in each case as shall be necessary in order that, after giving effect
to all such assignments and purchases, the Commitments and the participations in
the Existing Letters of Credit will be held by the Continuing Lenders and
Additional Lenders ratably in accordance with their Commitments as set forth in
Schedule 2.1 of the Credit Agreement, as amended by this

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2 [[3679594v16]] Amendment. Each Lender purchasing interests of any type under
this Section 2 shall be deemed to have purchased such interests from each
Departing Lender and Continuing Lender selling interests of such type ratably in
accordance with the amounts of such interests sold by them. The assignments and
purchases provided for in this Section 2 shall be without recourse, warranty or
representation, except that each assigning Lender shall be deemed to have
represented that it is the legal and beneficial owner of the interests assigned
by it and that such interests are free and clear of any adverse claim. (b) Each
of the parties hereto hereby consents to the assignments and purchases provided
for in paragraph (a) above and agrees that (i) each Additional Lender and each
Continuing Lender that is purchasing interests in the Commitments and the
Existing Letters of Credit pursuant to paragraph (a) above are Eligible
Assignees permitted under Section 10.1 of the Credit Agreement, (ii) each
Additional Lender shall become a “Lender” for all purposes of the Credit
Agreement and the other Loan Documents, in accordance with the terms thereof and
(iii) each Additional Lender and each Continuing Lender shall have all the
rights and obligations of a Lender under the Credit Agreement with respect to
the interests purchased by it pursuant to such paragraphs, in accordance with
the terms thereof. SECTION 3. Commitments. Effective as of the Amendment
Effective Date, (i) the Commitment of each Departing Lender shall terminate,
(ii) the Commitment of each Continuing Lender and each Additional Lender shall
be as set forth in Schedule 2.1 of the Credit Agreement, as amended by this
Amendment, and (iii) each Departing Lender shall cease to be a party to the
Credit Agreement and shall be released from all further obligations thereunder,
in each case under this clause (iii) in accordance with terms of the Credit
Agreement, including such terms with respect to continuing benefits under
Sections 2.7 and 10.2 of the Credit Agreement which the Departing Lenders are
entitled to. SECTION 4. Amendments. Effective as of the Amendment Effective
Date, the Credit Agreement is hereby amended as follows: (a) Section 1.1 of the
Credit Agreement is hereby amended by inserting the following new defined terms
in the appropriate alphabetical order therein: “Amendment No. 5” means Amendment
No. 5 dated as of January 26, 2018 to this Agreement. “Amendment No. 5 Effective
Date” has the meaning assigned to the term “Amendment Effective Date” in
Amendment No. 5. “Bail-In Action” means the exercise of any Write-Down and
Conversion Powers by the applicable EEA Resolution Authority in respect of any
liability of an EEA Financial Institution.

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3 [[3679594v16]] “Bail-In Legislation” means, with respect to any EEA Member
Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for
such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. “EEA Financial Institution” means (a) any credit
institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity
established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution
defined in clause (a) or (b) of this definition and is subject to consolidated
supervision with its parent. “EEA Member Country” means (a) any of the member
states of the European Union, (b) Iceland, (c) Liechtenstein and (d) Norway.
“EEA Resolution Authority” means any public administrative authority or any
Person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA
Financial Institution. “EU Bail-In Legislation Schedule” means the EU Bail-In
Legislation Schedule published by the Loan Market Association (or any successor
Person), as in effect from time to time. “Interpolated Rate” means, at any time,
the rate per annum determined by the Administrative Agent (which determination
shall be conclusive and binding absent manifest error) to be equal to the rate
that results from interpolating on a linear basis between: (a) the Screen Rate
for the longest period (for which that Screen Rate is available in Dollars) that
is shorter than the Impacted Interest Period and (b) the Screen Rate for the
shortest period (for which the Screen Rate is available in Dollars) that exceeds
the Impacted Interest Period, in each case, at such time; provided that if the
Interpolated Rate shall be less than 0.00%, such rate shall be deemed to be
0.00% for purposes of this Agreement. “Write-Down and Conversion Powers” means,
with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the Bail-In
Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule. (b) The
definition of the term “Canadian Dollar Letter of Credit” in Section 1.1 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

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4 [[3679594v16]] “Canadian Dollar Letter of Credit” means any Letter of Credit
denominated in Canadian Dollars. Notwithstanding the foregoing, from and after
the Amendment No. 5 Effective Date, no Canadian Dollar Letters of Credit may be
requested or issued under this Agreement. (c) The definition of the term
“Canadian Loan” in Section 1.1 of the Credit Agreement is hereby amended and
restated in its entirety as follows: “Canadian Loan” means any Loan denominated
in Canadian Dollars. Notwithstanding the foregoing, from and after the Amendment
No. 5 Effective Date, no Canadian Loans may be requested or made under this
Agreement. (d) The definition of the term “Canadian Sublimit” in Section 1.1 of
the Credit Agreement is hereby amended and restated in its entirety as follows:
“Canadian Sublimit” means $0. (e) The definition of the term “Commitment
Termination Date” in Section 1.1 of the Credit Agreement is hereby amended by
deleting therefrom the words “April 12, 2019” and substituting therefor the
words “January 26, 2022”. (f) The definition of the term “Eurodollar Base Rate”
in Section 1.1 of the Credit Agreement is hereby amended and restated in its
entirety as follows: “Eurodollar Base Rate” shall mean, with respect to any
borrowing of Eurodollar Rate Loans for any Interest Period, the rate per annum
determined by the Administrative Agent at approximately 11:00 a.m., London time,
on the date which is two Business Days prior to the beginning of such Interest
Period by reference to the ICE Benchmark Administration Interest Settlement
Rates for deposits in Dollars (as published by any service selected by the
Administrative Agent which has been nominated by the ICE Benchmark
Administration Limited (or its successor) as an authorized information vendor
for the purpose of displaying such rates, in each case, the “Screen Rate”) for a
period equal to such Interest Period; provided that, if such rate is not
available at such time for such Interest Period (an “Impacted Interest Period”)
for any reason, the “Eurodollar Base Rate” shall be the Interpolated Rate;
provided further that, to the extent that an interest rate is not ascertainable
pursuant to the foregoing provisions of this definition for any Interest Period,
then the “Eurodollar Base Rate” shall mean (x) such other interbank rate with
respect to such Interest Period set forth by any authorized service selected by
the Administrative Agent that reflects an alternative index rate widely
recognized in the U.S. syndicated loan market as the successor to the ICE
Benchmark Administration Interest Settlement Rates for deposits in Dollars or
(y) if there is no such authorized service with respect to an alternative index
rate widely

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5 [[3679594v16]] recognized as the successor to the ICE Benchmark Administration
Interest Settlement Rates for deposits in Dollars, such other index rate as may
be agreed to by the Administrative Agent and Borrower with the consent of the
Requisite Lenders; provided further that the Eurodollar Base Rate with respect
to any Loans shall be deemed to be not less than 0.00% per annum. (g) The
definition of the term “Initial Yield” in Section 1.1 of the Credit Agreement is
hereby amended by deleting therefrom the words “(i) any “Facility Fee Rate”
applicable on the date of the calculation and (ii)”. (h) The definition of the
term “Lender Default” in Section 1.1 of the Credit Agreement is hereby amended
by inserting immediately after the words “any such proceeding or appointment” in
clause (d) thereof the words “or becomes the subject of a Bail-In Action”. (i)
The definition of the term “Letter of Credit Commitment” is hereby amended and
restated in its entirety as follows: “Letter of Credit Commitment” means, with
respect to each Issuing Bank, the commitment of such Issuing Bank to issue
Letters of Credit hereunder as set forth on Schedule 3.1. The aggregate Letter
of Credit Commitments of all Issuing Banks on the Amendment No. 5 Effective Date
is $160,000,000. (j) The definition of the term “Revolving Loan Yield” in
Section 1.1 of the Credit Agreement is hereby amended by deleting the
parenthetical “(as increased by the Facility Fee Rate applicable on such date)”
from clause (i) thereof. (k) Section 2.3A of the Credit Agreement is hereby
amended and restated in its entirety as follows: A. Facility Fees. The Borrower
agrees to pay to the Administrative Agent, for distribution to each Lender in
proportion to that Lender’s Pro Rata Share of the Commitments, facility fees
(the “Facility Fees”) for the period from and including the Amendment No. 5
Effective Date to and excluding the Commitment Termination Date equal to (i) the
actual daily amount of the unused aggregate Commitments (i.e., the aggregate
Commitments minus the Total Utilization of Commitments) multiplied by (ii) a
rate per annum equal to the Facility Fee Rate at such time. In addition, the
Facility Fees accrued with respect to the Commitment of a Defaulting Lender
during the period prior to the time such Lender became a Defaulting Lender and
unpaid at such time shall not be payable by the Borrower so long as such Lender
shall be a Defaulting Lender except to the extent that the Facility Fees shall
otherwise have been due and payable by the Borrower prior to such time;
provided, that no Facility Fees shall

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6 [[3679594v16]] accrue on the Commitment of a Defaulting Lender so long as such
Lender shall be a Defaulting Lender. The Facility Fees shall be payable in
arrears on the last Business Day in each of March, June, September and December
of each year, commencing on March 31, 2018, and ending on the Commitment
Termination Date, and shall be calculated based on the actual number of days
elapsed over a 360-day year. (l) Section 3.2 of the Credit Agreement is hereby
amended by inserting the following phrase at the end of the second sentence: ;
provided that, subject to Section 3.6B, no Defaulting Lender shall be entitled
to receive Letter of Credit fees pursuant to clause (i)(b) of this Section 3.2
for any period during which that Lender is a Defaulting Lender except to the
extent allocable to its Pro Rata Share of the stated amount of Letters of Credit
for which it has provided Cash Collateral. (m) Section 3.6B of the Credit
Agreement is hereby amended by inserting at the end thereof the following: With
respect to any Letter of Credit fee not required to be paid to any Defaulting
Lender pursuant to Section 3.2, the U.S. Borrower shall (x) pay to each Lender
that portion of any such fee with respect to participation in Letters of Credit
that has been reallocated to such Lender pursuant to this Section and (y)
without duplication of clause (x) above, pay to each Issuing Bank the amount of
any such fee otherwise payable to such Defaulting Lender to the extent allocable
to such Issuing Bank’s Fronting Exposure to such Defaulting Lender (subject to
decreases in such Fronting Exposure pursuant to the terms hereof, including
Section 3.6A and 3.6C). (n) Section 5.15 of the Credit Agreement is hereby
amended and restated as follows: 5.15 Anti-Corruption Laws; Sanctions. A.
Anti-Corruption Laws. Holdings, U.S. Holdings, Canada Holdings, Canada
Intermediate Holdings, U.S. FinCo, the U.S. Borrower, and each of their
respective Subsidiaries and, to the Knowledge of Holdings and the Borrower, any
director, officer, agent or employee of Holdings, U.S. Holdings, Canada
Holdings, Canada Intermediate Holdings, U.S. FinCo, the Borrower or any of their
respective Subsidiaries are in compliance with all applicable sanctions
administered or enforced by the U.S. Department of the Treasury’s Office of
Foreign Assets Control (“OFAC”), the U.S.

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7 [[3679594v16]] Department of State, the United Nations Security Council, the
European Union or Her Majesty’s Treasury (“Sanctions”) and with the Foreign
Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the “FCPA”) and any other applicable anti-corruption law, in all
material respects. Holdings, U.S. Holdings, Canada Holdings, Canada Intermediate
Holdings, U.S. FinCo, the Borrower, and each of their respective Subsidiaries
have instituted and maintain policies and procedures designed to ensure
continued compliance with applicable Sanctions, the FCPA and any other
applicable anti-corruption laws. (b) None of Holdings, U.S. Holdings, Canada
Holdings, Canada Intermediate Holdings, U.S. FinCo, the Borrower or any of their
respective Subsidiaries nor, to the Knowledge of Holdings or the U.S. Borrower,
any director, officer, agent or employee of Holdings, U.S. Holdings, Canada
Holdings, Canada Intermediate Holdings, U.S. FinCo, the Borrower or any of their
respective Subsidiaries is currently (i) the target of any U.S. sanctions
administered by the Office of Foreign Assets Control of the U.S. Treasury
Department or (ii) located, organized or resident in a country or territory that
is, or whose government is, the target of comprehensive Sanctions. (c) The
Borrower will not, directly or indirectly, use the proceeds of the Loans or use
the Letters of Credit, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other Person, (i) in
furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in
violation of the FCPA or any other applicable anti- corruption law, or (ii) (A)
to fund any activities or business of or with any Person, or in any country or
territory, that, at the time of such funding, is, or whose government is, the
target of Sanctions, or (B) in any other manner that would result in a violation
of Sanctions by any Person (including any Person participating in the Loans or
Letters of Credit, whether as Administrative Agent, Arranger, Issuing Bank,
Lender, underwriter, advisor, investor, or otherwise). (o) Section 6.9 of the
Credit Agreement is hereby amended by inserting immediately after the words “or
any entity that becomes a Restricted Subsidiary” in clause (a) thereof the words
“or a Loan Party”. (p) Clause (a)(i) to the proviso to Section 7.6A of the
Credit Agreement is hereby amended by inserting immediately after the words “or
any territory thereof” the words “and, at least five Business Days prior to such
merger, amalgamation or consolidation, the Administrative Agent and the Lenders
shall have received all documentation and other information required by
regulatory authorities under applicable “know your customer” and anti-money
laundering rules and regulations”.

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8 [[3679594v16]] (q) Section 7.6A of the Credit Agreement is hereby amended by
amending and restating clause (iii) thereof in its entirety as follows: “Canada
Holdings may sell, lease, transfer or otherwise dispose of any or all of its
assets (upon voluntary liquidation or otherwise) to Holdings, U.S. Holdings or
any one or more Subsidiaries of U.S. Holdings;”. (r) Section 7.6A of the Credit
Agreement is hereby amended by inserting immediately after the words “or any one
or more Subsidiaries of Canada Holdings” in clause (iv) thereof the words “and
Canada Holdings may be merged, amalgamated or consolidated with or into
Holdings, U.S. Holdings or any one or more Subsidiaries of U.S. Holdings”. (s)
Section 10.25A of the Credit Agreement is hereby amended by inserting
immediately after the words “that the Administrative Agent” in the first
sentence thereof the words “and the Lenders”. (t) A new Section 10.27 of the
Credit Agreement is hereby added to read as follows: 10.27 Acknowledgment and
Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to
the contrary in any Loan Document or in any other agreement, arrangement or
understanding among the parties hereto, each party hereto acknowledges that any
liability of any EEA Financial Institution arising under any Loan Document to
the extent such liability is unsecured, may be subject to the Write-Down and
Conversion Powers of any EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by: (i) the application of any
Write-Down and Conversion Powers by an EEA Resolution Authority to any such
liabilities arising hereunder which may be payable to it by any party hereto
that is an EEA Financial Institution; and (ii) the effects of any Bail-In Action
on any such liability, including, if applicable, (a) a reduction in full or in
part or cancellation of any such liability, (b) a conversion of all, or a
portion of, such liability into shares or other instruments of ownership in such
EEA Financial Institution, its parent entity or a bridge institution that may be
issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Loan Document or
(c) the variation of the terms of such liability in connection with the exercise
of the Write- Down and Conversion Powers of any EEA Resolution Authority.

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9 [[3679594v16]] (u) Schedule 2.1 of the Credit Agreement is hereby amended and
restated in its entirety with Schedule 2.1 attached as Exhibit B to this
Amendment. (v) Schedule 3.1 of the Credit Agreement is hereby amended and
restated in its entirety with Schedule 3.1 attached as Exhibit E to this
Amendment. SECTION 5. Representations and Warranties. To induce the other
parties hereto to enter into this Agreement, each of Holdings, U.S. Holdings,
Canada Holdings, U.S. FinCo and the U.S. Borrower, jointly and severally, hereby
represents and warrants to the Administrative Agent and each of the other
parties hereto that: (a) As of the Amendment Effective Date, each Loan Party has
duly executed and delivered and authorized this Amendment and this Amendment
constitutes the legal, valid and binding obligation of such Loan Party
enforceable in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization and other similar laws
relating to or affecting creditors’ rights generally and general principles of
equity (whether considered in a proceeding in equity or law). (b) As of the
Amendment Effective Date, (i) the representations and warranties set forth in
Section 5 of the Credit Agreement and in the other Loan Documents are true and
correct in all material respects (unless qualified as to materiality or Material
Adverse Effect, in which case such representations and warranties shall be true
and correct in all respects) on and as of the Amendment Effective Date to the
same extent as though made on and as of such date, except (x) to the extent such
representations and warranties specifically relate to an earlier date, in which
case such representations and warranties were true and correct in all material
respects (unless qualified as to materiality or Material Adverse Effect, in
which case such representations and warranties were true and correct in all
respects) on and as of such earlier date, and (y) the reference to the
Restatement Effective Date in Section 5.12 of the Credit Agreement shall, for
purposes of this Section 3(b), be deemed to refer to the Amendment Effective
Date, and (ii) no Default or Event of Default has occurred and is continuing.
SECTION 6. Fees. On the Amendment Effective Date, the Borrower shall pay to the
Administrative Agent, for the accounts of the Departing Lender(s) and the
Continuing Lenders, the fees payable pursuant to Sections 2.3 and 3.2 of the
Credit Agreement which have accrued for the period from the last date such fees
were paid to but excluding the Amendment Effective Date. The fees described in
this Section 6 shall be payable in immediately available funds. Once paid, such
fees shall not be refundable under any circumstances. SECTION 7. Conditions to
Effectiveness. The effectiveness of this Amendment is subject to the
satisfaction or waiver, on or prior to January 26, 2018, of the following
conditions precedent (the date on which all such conditions are satisfied or
waived, the “Amendment Effective Date”):

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10 [[3679594v16]] (a) The Administrative Agent (or its counsel) shall have
received from each Loan Party and each Lender either (i) a counterpart of this
Agreement signed on behalf of such parties or (ii) written evidence satisfactory
to the Administrative Agent (which may include facsimile or other electronic
transmission of a signed signature page of this Agreement) that such parties
have signed a counterpart of this Agreement. (b) The Administrative Agent shall
have received reimbursement of all costs and expenses required to be paid by the
Loan Parties in connection with the transactions contemplated hereby. (c) The
representations and warranties set forth in Section 5 shall be true and correct,
and the Administrative Agent shall have received a certificate to that effect
dated as of the Amendment Effective Date and executed by a Responsible Officer
of Holdings. (d) The Administrative Agent and its counsel shall have received
executed copies of favorable written opinions of Paul, Weiss, Rifkind, Wharton &
Garrison LLP, counsel for the Loan Parties, and each local counsel listed on
Exhibit C, in each case, in form and substance reasonably satisfactory to the
Administrative Agent and its counsel, dated as of the Amendment Effective Date.
(e) On or before the Amendment Effective Date, each Loan Party shall deliver or
cause to be delivered to the Administrative Agent and each of the Lenders the
following, each, unless otherwise noted, dated the Amendment Effective Date: (i)
Certified copies of the certificate of incorporation, organization or formation,
together with a good standing certificate, certificate of status or certificate
of compliance (as applicable) from the applicable Governmental Authority of its
jurisdiction of incorporation, organization or formation, each dated a recent
date prior to the Amendment Effective Date (or, in lieu of such certificate of
incorporation, organization or formation, a certification by a Responsible
Officer that there has been no change to such certificate of incorporation,
organization or formation since the most recent copy delivered to the
Administrative Agent, together with a good standing certificate, certificate of
status or certificate of compliance (as applicable) from the applicable
Governmental Authority of its jurisdiction of incorporation, organization or
formation dated a recent date prior to the Amendment Effective Date); (ii)
Copies of its Organizational Documents, other than such Organizational Documents
required to be delivered under clause (i) above, certified as of the Amendment
Effective Date by its corporate secretary or an assistant secretary (or, in lieu
of such Organizational Documents, a certification by a Responsible Officer that
there has been no change to such Organizational Documents since the most recent
copy delivered to the Administrative Agent);

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11 [[3679594v16]] (iii) A certification by a Responsible Officer, certified as
of the Amendment Effective Date, that board resolutions or similar authorizing
documents authorizing the execution, delivery and performance of this Amendment
have been approved by the board of directors or similar governing body of each
Loan Party and that such resolutions or documents are in full force and effect
without modification or amendment; and (iv) An incumbency certificate of its
Responsible Officers executing this Amendment (or, in lieu of such incumbency
certificate, a certification by a Responsible Officer that there has been no
change to such incumbency certificate since the most recent copy delivered to
the Administrative Agent). (f) The Borrower shall have paid the fees required to
be paid pursuant to Section 6 hereof. (g) The Borrower shall have paid (i) to
the Administrative Agent, for the account of each Continuing Lender, an upfront
fee in an amount equal to the sum of (A) 0.15% of the amount of such Continuing
Lender’s Commitment under the Credit Agreement as in effect immediately prior to
the Amendment Effective Date and (B) 0.35% of the amount by which such
Continuing Lender’s Commitment under the Credit Agreement as in effect on the
Amendment Effective Date, as amended by this Amendment, exceeds such Continuing
Lender’s Commitment under the Credit Agreement as in effect immediately prior to
the Amendment Effective Date and (ii) to the Administrative Agent, for the
account of each Additional Lender, an upfront fee in an amount equal to 0.35% of
the amount of such Additional Lender’s Commitment under the Credit Agreement as
in effect on the Amendment Effective Date, as amended by this Amendment. The
Administrative Agent shall notify the U.S. Borrower and the Lenders of the
Amendment Effective Date, and such notice shall be conclusive and binding.
SECTION 8. Consent and Reaffirmation. Each of the Loan Parties hereby (i)
consents to this Amendment and the transactions contemplated hereby, (ii) agrees
that, notwithstanding the effectiveness of this Amendment, the Guaranty and each
of the other Loan Documents continues to be in full force and effect, (iii)
affirms and confirms its guarantee (in the case of a Guarantor) of the
Obligations pursuant to the Guaranty, all as provided in the Loan Documents, and
(iv) acknowledges and agrees that such guarantee continues in full force and
effect in respect of, the Obligations under the Credit Agreement and the other
Loan Documents. The parties hereto expressly acknowledge that it is not their
intention that this Amendment or any of the other Loan Documents executed or
delivered pursuant hereto constitute a novation of any of the obligations,
covenants or agreements contained in the Credit Agreement or any other Loan
Document, but a modification thereof pursuant to the terms contained herein.
SECTION 9. Loan Documents. This Amendment shall constitute a “Loan Document” for
all purposes of the Credit Agreement and the other Loan Documents.

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12 [[3679594v16]] SECTION 10. Counterparts. This Amendment may be executed in
counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together
shall constitute a single contract. Delivery of an executed counterpart of a
signature page of this Amendment by facsimile or other electronic transmission
shall be as effective as delivery of an original executed counterpart of this
Amendment. SECTION 11. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. SECTION 12.
Headings. Section headings used herein are for convenience of reference only,
are not part of this Amendment and shall not affect the construction of, or be
taken into consideration in interpreting, this Amendment. SECTION 13. Tax
Matters. For purposes of determining withholding Taxes imposed under FATCA, from
and after the Amendment Effective Date, the U.S. Borrower and the Administrative
Agent shall treat (and the Lenders hereby authorize the Administrative Agent to
treat) the Credit Agreement as not qualifying as a “grandfathered obligation”
within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). [Remainder
of page intentionally left blank]

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SIGNATURE PAGE TO AMENDMENT NO. 5 TO THE TAYLOR MORRISON COMMUNITIES INC. SECOND
AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF JULY 13, 2011, AS AMENDED NAME
OF LENDER: MIZUHO BANK, LTD. By: CWC~, Na . John Davies Title: Authorized
Signatory By: Name: Title *For any Lender requiring a second signature.
[Signature Page to Amendment No. SJ

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SIGNATURE PAGE TO AMENDMENT NO.S TO THE TAYLOR MORRISON COMMUNITIES INC. SECOND
AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF JULY 13, 2011, AS AMENDED NAME
OF LENDER: GOLDMAN SACHS BANK USA By: ame: Josh Rosenthal Title: Authorized
Signatory [Signature Page to Amendment No. S]

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[[3679594v16]] EXHIBIT A Departing Lenders Continuing Lenders Additional Lenders
HSBC Bank USA, N.A. Credit Suisse AG, Cayman Islands Branch U.S. Bank National
Association d/b/a Housing Capital Company Deutsche Bank AG, New York Branch
Citibank, N.A. Mizuho Bank, Ltd. Comerica Bank Goldman Sachs Bank USA JPMorgan
Chase Bank, N.A. Texas Capital Bank, N.A. Wells Fargo Bank, N.A. Bank of
America, N.A.

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[[3679594v16]] EXHIBIT B Schedule 2.1 Commitments Lender Commitment Credit
Suisse AG, Cayman Islands Branch $75,000,000 Citibank, N.A. $75,000,000 JPMorgan
Chase Bank, N.A. $70,000,000 U.S. Bank National Association d/b/a Housing
Capital Company $64,000,000 Mizuho Bank, Ltd. $49,000,000 Wells Fargo Bank, N.A.
$39,000,000 Goldman Sachs Bank USA $34,000,000 Texas Capital Bank, N.A.
$34,000,000 Bank of America, N.A. $31,000,000 Comerica Bank $29,000,000

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[[3679594v16]] EXHIBIT C Local Counsel 1. Armbrust & Brown, PLLC, Texas counsel
2. GrayRobinson, P.A., Florida counsel 3. Holland & Hart LLP, Colorado counsel
4. Stikeman Elliot LLP, Canada counsel 5. Cox, Castle & Nicholson LLP,
California counsel 6. Brier, Irish, Hubbard & Erhart, P.L.C., Arizona counsel 7.
Meltzer, Purtill & Stelle LLC, Illinois counsel 8. Alexander Ricks PLLC, North
Carolina counsel 9. Schreeder, Wheeler & Flint, LLP, Georgia counsel

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[[3679594v16]] EXHIBIT D Subsidiary Guarantors ATPD, LLC DARLING HOMES OF TEXAS,
LLC DFP TEXAS (GP), LLC TAYLOR MORRISON, INC. TAYLOR MORRISON AT CRYSTAL FALLS,
LLC TAYLOR MORRISON HOLDINGS OF ARIZONA, INC. TAYLOR MORRISON MARBLEHEAD
HOLDINGS, LLC TAYLOR MORRISON OF CALIFORNIA, LLC TAYLOR MORRISON OF CAROLINAS,
INC. TAYLOR MORRISON OF COLORADO, INC. TAYLOR MORRISON OF FLORIDA, INC. TAYLOR
MORRISON OF GEORGIA, LLC TAYLOR MORRISON OF ILLINOIS, INC. TAYLOR MORRISON OF
TEXAS, INC. TAYLOR MORRISON PACIFIC POINT HOLDINGS, LLC TAYLOR MORRISON
SERVICES, INC. TAYLOR MORRISON TRAMONTO HOLDINGS, LLC TAYLOR MORRISON/ARIZONA,
INC. TAYLOR WOODROW COMMUNITIES – LEAGUE CITY, LTD. TAYLOR WOODROW COMMUNITIES
AT MIRASOL, LTD. TAYLOR WOODROW COMMUNITIES AT PORTICO, L.L.C. TAYLOR WOODROW
COMMUNITIES AT ST. JOHNS FOREST, L.L.C. TAYLOR WOODROW HOMES – CENTRAL FLORIDA
DIVISION, L.L.C. TAYLOR WOODROW HOMES – SOUTHWEST FLORIDA DIVISION, L.L.C.
TAYLOR WOODROW COMMUNITIES AT ARTISAN LAKES, L.L.C. TM CALIFORNIA SERVICES, INC.
TM HOMES OF ARIZONA, INC. TW ACQUISITIONS, INC. TWC/FALCONHEAD WEST, L.L.C.
TWC/MIRASOL, INC. TWC/STEINER RANCH, LLC TM OYSTER HARBOR, LLC TAYLOR MORRISON
ESPLANADE NAPLES, LLC

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[[3679594v16]] EXHIBIT E Schedule 3.1 Letter of Credit Commitments Lender
Commitment Credit Suisse AG, Cayman Islands Branch $40,000,000 Citibank, N.A.
$40,000,000 JPMorgan Chase Bank, N.A. $40,000,000 Goldman Sachs Bank USA
$40,000,000

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