Exhibit 10.1
FIRST AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT
     THIS FIRST AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made as of the 11th day of January, 2007, by and among ASHTON
WOODS USA L.L.C. (the “Borrower”), the LENDERS party hereto, WACHOVIA BANK,
NATIONAL ASSOCIATION, as agent (the “Agent”), and the GUARANTORS party hereto.
R E C I T A L S:
          The Borrower, the Agent and the Lenders have entered into a certain
First Amended and Restated Credit Agreement dated as of December 16, 2005 (the
“Credit Agreement”). Capitalized terms used in this Amendment which are not
otherwise defined in this Amendment shall have the respective meanings assigned
to them in the Credit Agreement.
          The Guarantors consist of Owner Guarantors that have executed or
otherwise become a party to the Owner Guaranty Agreement and Subsidiary
Guarantors that have executed or otherwise become a party to the Subsidiary
Guaranty Agreement.
          The Borrower and the Guarantors have requested the Agent and the
Lenders to amend the Credit Agreement to extend the Maturity Date in accordance
with Section 2.7 of the Credit Agreement and to make other such changes as the
parties hereunder deem appropriate upon the terms and conditions hereinafter set
forth.
          NOW, THEREFORE, in consideration of the Recitals and the mutual
promises contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Agent and the Lenders, intending to be legally bound hereby, agree as follows:
          SECTION 1. Recitals. The Recitals are incorporated herein by reference
and shall be deemed to be a part of this Amendment.
          SECTION 2. Amendment. Section 1.1 of the Credit Agreement is hereby
amended as follows:
     2.1 The definition of “EBITDA” is hereby amended and restated in its
entirety to read as follows:
          “EBITDA” means, for any period, the sum of (a) net income for such
period, less (b) franchise taxes payable in Texas, less (c) any non-cash or
extraordinary gains, to the extent included in calculating net income for such
period, plus (d) the following, to the extent deducted in calculating net income
for such period, (i) depreciation expense and amortization expense for such
period, (ii) interest expense in cost of goods sold for such period,
(iii) interest expense from operations for such period, and (iv) any non-cash or
extraordinary losses or charges

 

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in such period, all as determined for Borrower and its Subsidiaries on a
consolidated basis in accordance with GAAP.
     2.2 The definition of “Maturity Date” is hereby amended and restated in its
entirety to read as follows:
          “Maturity Date” shall mean January 19, 2011 or such later date as
determined in accordance with Section 2.7(b).
          SECTION 3. Conditions to Effectiveness. The effectiveness of this
Amendment and the obligations of the Lenders hereunder are subject to the
following conditions:
          (a) receipt by the Agent of a duly executed counterpart of this
Amendment signed by the Borrower, the Guarantors, and the Required Lenders;
          (b) receipt by the Agent from the Borrower of any and all fees and
expenses to be paid by the Borrower to the Agent and the Lenders in connection
with this Amendment; and
          (c) the fact that the representations and warranties of the Borrower
contained in Article 4 of the Credit Agreement and in Section 5 of this
Amendment shall be true in all material respects on and as of the date hereof.
          SECTION 4. No Other Amendment. Except for the amendments set forth
above, the text of the Credit Agreement shall remain unchanged and in full force
and effect. This Amendment is not intended to effect, nor shall it be construed
as, a novation. The Credit Agreement and this Amendment shall be construed
together as a single agreement. Nothing herein contained shall waive, annul,
vary or affect any provision, condition, covenant or agreement contained in the
Credit Agreement, except as herein amended, nor affect nor impair any rights,
powers or remedies under the Credit Agreement as hereby amended. The Lenders and
the Agent do hereby reserve all of their rights and remedies against all parties
who may be or may hereafter become secondarily liable for the repayment of the
Obligations. The Borrower promises and agrees to perform all of the
requirements, conditions, agreements and obligations under the terms of the
Credit Agreement, as heretofore and hereby amended. The Credit Agreement, as so
amended, is hereby ratified and affirmed. The Borrower hereby expressly agrees
that the Credit Agreement, as amended, is in full force and effect.
          SECTION 5. Representations and Warranties. The Borrower hereby
represents and warrants to each of the Lenders as follows:
          (a) No Default under the Credit Agreement has occurred and is
continuing on the date hereof.
          (b) The Borrower and Guarantors have the power and authority to enter
into this Amendment and to do all acts and things as are required or
contemplated hereunder to be done, observed and performed by them.

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          (c) This Amendment has been duly authorized, validly executed and
delivered by one or more authorized officers of the Borrower and Guarantors and
constitutes a legal, valid and binding obligation of the Borrower and each
Guarantor, enforceable against it in accordance with its terms, subject to the
effect, if any, of bankruptcy, insolvency, reorganization, arrangement or other
similar laws relating to or affecting the rights of creditors generally and the
limitations, if any, imposed by the general principles of equity and public
policy.
          (d) The execution and delivery of this Amendment and the performance
of the Borrower and Guarantors hereunder do not and will not require the consent
or approval of any regulatory authority or governmental authority or agency
having jurisdiction over the Borrower or any Guarantor, nor be in contravention
of or in conflict with the articles of incorporation or bylaws or other
applicable organizational documents of the Borrower, or any Guarantor, or the
provision of any statute, or any judgment, order or indenture, instrument,
agreement or undertaking, to which the Borrower, or any Guarantor is party or by
which the assets or properties of the Borrower or Guarantors are or may become
bound.
          SECTION 6. Counterparts. This Amendment may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of which,
taken together, shall constitute one and the same agreement. Transmission by
telecopy, facsimile, email or other form of electronic transmission of an
executed counterpart of this Amendment shall be deemed to constitute due and
sufficient delivery of such counterpart.
          SECTION 7. Governing Law. This Amendment shall be governed by, and
construed in accordance with, the law of the State of North Carolina.
          SECTION 8. Consent by Guarantors. The Guarantors consent to the
foregoing amendments. Each Guarantor promises and agrees to perform all of the
requirements, conditions, agreements and obligations under the terms of the
Guaranty Agreement to which it is a party, said Guaranty Agreement being hereby
ratified and affirmed. Each Guarantor hereby expressly agrees that the Guaranty
Agreement to which it is a party is in full force and effect.
[The remainder of this page intentionally left blank.]

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     IN WITNESS WHEREOF, the parties hereto have executed and delivered, or have
caused their respective duly authorized officers or representatives to execute
and deliver, under seal, this Amendment as of the day and year first above
written.

                  BORROWER:    
 
                ASHTON WOODS USA L.L.C.,         a Nevada limited liability
company    
 
           
 
  By:        
 
  Name:  
 
Robert Salomon    
 
  Title:   Chief Financial Officer, Treasurer and Secretary    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent and a Lender    
 
           
 
  By:
Name:   /s/ Michael R. Jordan
 
Michael R. Jordan    
 
  Title:   Sr. Vice President    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  BANK OF AMERICA, N.A., as a Lender    
 
           
 
  By:
Name:   /s/ Gene Walton
 
Gene Walton    
 
  Title:   Sr. Vice President    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  CITIBANK , N.A., as a Lender    
 
           
 
  By:
Name:   /s/ Rick Thompson
 
Rick Thompson    
 
  Title:   V.P. Citibank, N.A.    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  REGIONS BANK (successor by merger to AmSouth Bank), as a
Lender    
 
           
 
  By:
Name:   /s/ Daniel McClurkin
 
Daniel McClurkin    
 
  Title:   Assistant Vice President    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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              GUARANTY BANK, as a Lender
 
       
 
  By:   /s/ Dan M. Killian
 
       
 
  Name:   Dan M. Killian
 
  Title:   Senior Vice President

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  COMERICA BANK, as a Lender    
 
           
 
  By:
Name:   /s/ Charles Wedell
 
Charles Wedell    
 
  Title:   Vice President    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  KEY BANK, as a Lender    
 
           
 
  By:
Name:   /s/ Andrew McKown
 
Andrew McKown    
 
  Title:   Vice President    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  OWNER GUARANTORS:    
 
                ELLY NEVADA, INC., a Nevada corporation    
 
           
 
  By:   /s/ Harry Rosenbaum
 
        Name: Harry Rosenbaum         Title: Vice President and Secretary    
 
                NORMAN NEVADA, INC., a Nevada corporation    
 
           
 
  By:   /s/ Harry Rosenbaum
 
        Name: Harry Rosenbaum         Title: Vice President and Secretary    
 
                LARRY NEVADA, INC., a Nevada corporation    
 
           
 
  By:   /s/ Harry Rosenbaum
 
        Name: Harry Rosenbaum         Title: Vice President and Secretary    
 
                BRUCE NEVADA, INC., a Nevada corporation    
 
           
 
  By:   /s/ Harry Rosenbaum
 
        Name: Harry Rosenbaum         Title: Vice President and Secretary    
 
                HARRY NEVADA, INC., a Nevada corporation    
 
           
 
  By:   /s/ Harry Rosenbaum
 
        Name: Harry Rosenbaum         Title: President and Secretary    
 
                SEYMOUR NEVADA, INC., a Nevada corporation    
 
           
 
  By:   /s/ Harry Rosenbaum
 
        Name: Harry Rosenbaum         Title: Vice President and Secretary    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  LITTLE SHOTS NEVADA L.L.C., a Nevada limited liability company
   
 
           
 
  By:   /s/ Harry Rosenbaum
 
        Name: Harry Rosenbaum         Title: Manager    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  SUBSIDIARY GUARANTORS:    
 
                ASHTON ATLANTA RESIDENTIAL, L.L.C.,         a Georgia limited
liability company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                ASHTON DALLAS RESIDENTIAL L.L.C.,         a Texas limited
liability company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                ASHTON HOUSTON RESIDENTIAL L.L.C.,         a Texas limited
liability company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                ASHTON WOODS ARIZONA L.L.C.,         a Nevada limited liability
company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                ASHTON ORLANDO RESIDENTIAL L.L.C.,         a Nevada limited
liability company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  ASHTON BURDEN, LLC,         a Florida limited liability
company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                ASHTON TAMPA RESIDENTIAL LLC,         a Nevada limited liability
company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                ASHTON DENVER RESIDENTIAL, LLC,         a Nevada limited
liability company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                PINERY JOINT VENTURE, a Colorado joint venture    
 
           
 
  By:   Ashton Woods USA L.L.C., a Nevada limited liability company, the member
authorized to act on its behalf    
 
           
 
  By:   /s/ Robert Salomon
 
   
 
      Name: Robert Salomon    
 
      Title: Manager    
 
                ASHTON WOODS FINANCE CO., a Delaware corporation    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Chief Financial Officer, Treasurer
and Secretary    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement

 

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                  ASHTON WOODS ORLANDO LIMITED PARTNERSHIP, a Florida limited
partnership    
 
           
 
  By:   Ashton Woods Lakeside L.L.C., a Nevada limited liability company, its
general partner    
 
           
 
  By:   /s/ Robert Salomon
 
   
 
      Name: Robert Salomon    
 
      Title: Manager    
 
                ASHTON WOODS CORPORATE, LLC,         a Nevada limited liability
company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                ASHTON WOODS TRANSPORTATION, LLC,         a Georgia limited
liability company    
 
           
 
  By:   /s/ Robert Salomon
 
        Name: Robert Salomon         Title: Manager    
 
                ASHTON WOODS CONSTRUCTION LLC,         an Arizona limited
liability company    
 
           
 
  By:   Ashton Woods Arizona L.L.C., a Nevada limited liability company    
 
           
 
  By:   /s/ Robert Salomon
 
   
 
      Name: Robert Salomon    
 
      Title: Manager    

Signature Page of
First Amendment to First Amended and Restated Credit Agreement