Exhibit 10.1

EXECUTION VERSION

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING
AND TERM CREDIT AGREEMENT

This First Amendment to Second Amended and Restated Revolving and Term Credit
Agreement (this “Amendment”), made as of March 14, 2014, among FORESTAR (USA)
REAL ESTATE GROUP INC., a Delaware corporation (“Borrower”), the undersigned
Guarantors, KEYBANK NATIONAL ASSOCIATION, a national banking association
(“KeyBank”), and the other financial institutions party to the Credit Agreement
as lenders (each individually a “Lender” and collectively, “Lenders”), and
KEYBANK NATIONAL ASSOCIATION, as Agent for the Lenders (in such capacity,
“Agent”) and Swing Line Lender.
W I T N E S S E T H:
WHEREAS, Borrower, Guarantors, Lenders, Agent, Swing Line Lender, and KeyBanc
Capital Markets, as sole arranger and sole bookrunner, entered into that certain
Second Amended and Restated Revolving and Term Credit Agreement dated as of
September 14, 2012 (the “Credit Agreement”), pursuant to which Lenders
established a revolving credit facility and a term loan facility for the benefit
of Borrower; and
WHEREAS, Borrower has requested that certain terms of the Credit Agreement be
modified and amended as hereinafter set forth; and
WHEREAS, Lenders and Agent have agreed to such amendments as set forth herein,
subject to the terms and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties to this
Amendment hereby agree that all capitalized terms used but not defined herein
shall have the meanings ascribed thereto in the Credit Agreement, and hereby
further agree as follows:
1.Amendments to §1.1 of the Credit Agreement. Section 1.1 of the Credit
Agreement, Definitions, is hereby modified and amended by adding the following
new definitions in proper alphabetical sequence:
“Additional Bond Indebtedness. Bond Indebtedness issued after the effective date
of the First Amendment, in an aggregate principal amount not exceeding
$300,000,000 at any time.”
“Existing Bond Indebtedness. Bond Indebtedness in existence prior to the
effective date of the First Amendment.”
“First Amendment. The First Amendment to Second Amended and Restated Revolving
and Term Credit Agreement, dated as of March 14, 2014, which amends this
Agreement.”

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2.Amendment to §8.1 of the Credit Agreement. Section 8.1 of the Credit
Agreement, Restrictions on Indebtedness, is hereby amended in subsection (xvi)
thereof by deleting such subsection in its entirety and substituting the
following in lieu thereof:
“(xvi)    (1) Existing Bond Indebtedness; and (2) Additional Bond Indebtedness;
provided that (a) such Additional Bond Indebtedness is either unsecured or
secured as permitted by §8.2(xviii), (b) Borrower shall have provided to Agent a
certificate that no Default or Event of Default exists or would be caused by the
incurrence of such Additional Bond Indebtedness, giving pro forma effect to any
repayment of Indebtedness with the net cash proceeds of such Additional Bond
Indebtedness, (c) if such Additional Bond Indebtedness is not Convertible Bond
Indebtedness, the net cash proceeds from the issuance thereof must be applied
first to the repayment in full of the Term Loan and thereafter may be used for
general corporate purposes (it being understood and agreed that the net cash
proceeds from the issuance of Convertible Bond Indebtedness shall not be
required to be applied to prepay the Loans), and (d) if such Additional Bond
Indebtedness is Convertible Bond Indebtedness and a Call Option Overlay is
entered into in conjunction therewith, the terms of such Call Option Overlay
shall be those customary for such transactions; and,”
3.Amendment to §8.2 of the Credit Agreement. Section 8.2 of the Credit
Agreement, Restrictions on Liens, etc, is hereby amended in subsection (xviii)
by deleting such subsection its entirety and substituting the following in lieu
thereof:
“(xviii)    Liens on Mortgaged Properties and other Collateral securing
Additional Bond Indebtedness, subject to an intercreditor agreement, collateral
trust or similar agreement subordinating such Liens to Agent’s Liens thereon
securing the Obligations and containing terms satisfactory to Agent in its sole
discretion.”
4.Amendment to §14.11 of the Credit Agreement. Section 14.11 of the Credit
Agreement, Request for Agent Action, is hereby amended by adding the following
sentence at the end of such Section:
“In addition, Agent is hereby expressly authorized to execute and deliver any
intercreditor agreement, collateral trust or similar agreement contemplated by
§8.2(xviii) and to enter into such modifications of the Security Documents, if
any, as Agent may determine necessary or appropriate to effectuate the
provisions of any such intercreditor agreement, collateral trust or similar
agreement and the transactions and amendments contemplated thereby.”
5.No other Amendments. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided or permitted herein, operate
as an amendment or waiver of any right, power or remedy of Agent or Lenders
under the Credit Agreement or any of the other Loan Documents, nor constitute an
amendment or waiver of any provision of the Credit Agreement or any of the other
Loan Documents. Except for the amendments expressly set forth above, the text of
the Credit Agreement and all other Loan Documents shall remain unchanged and

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in full force and effect, and Borrower and Guarantors hereby ratify and confirm
their respective obligations thereunder, as herein modified and amended. This
Amendment shall not constitute a course of dealing with Agent or Lenders at
variance with the Credit Agreement or the other Loan Documents such as to
require further notice by Agent or Lenders to require strict compliance with the
terms of the Credit Agreement and the other Loan Documents in the future.
6.Conditions of Effectiveness. This Amendment shall become effective as of the
date hereof when, and only when, Agent, on behalf of Lenders, shall have
received, in form and substance satisfactory to it, the following:
(a)Counterparts of this Amendment duly executed by Borrower, each of the
Guarantors and the Required Lenders;
(b)The representations and warranties made pursuant to Section 7 of this
Amendment shall be true and correct; and
(c)Payment of all reasonable and documented expenses incurred by Agent in
connection with the execution and delivery of this Amendment, together with
reasonable fees and actually incurred expenses of Agent’s counsel with respect
to this Amendment and other post-closing matters, in each case to the extent
invoiced at least one (1) Business Day prior to the date hereof.
7.Representations and Warranties. Each of the Loan Parties represents and
warrants as follows:
(a)    The execution, delivery and performance by Borrower and each Guarantor of
this Amendment are within each such party’s legal powers, have been duly
authorized by all necessary shareholder, partner or member action and do not
contravene (i) Borrower’s or any such Guarantor’s Organizational Documents,
respectively, or (ii) any law or contractual restriction binding on or affecting
such Person;
(b)    No authorization, approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body, except for those already
obtained or made and the filing of Security Documents delivered in connection
herewith in the appropriate records office with respect thereto, is required for
the due execution, delivery and performance by Borrower or any Guarantor of this
Amendment;
(c)    This Amendment constitutes the legal, valid and binding obligations of
each such party, enforceable against such Person in accordance with their
respective terms, provided that enforcement may be limited by bankruptcy,
insolvency, liquidation, reorganization, reconstruction and other similar laws
affecting enforcement of creditor’s rights generally and except to the extent
that availability of the remedy of specific performance or injunctive relief is
subject to the discretion of the court before which any proceeding therefore may
be brought;
(d)    All of the representations and warranties of the Loan Parties in the Loan
Documents are true and correct in all material respects as of the date hereof
(or if such representations and warranties by their terms relate solely to an
earlier date, then as of such earlier date); and

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(e)    No Default or Event of Default is existing and none would result, in each
case upon this Amendment becoming effective and after giving effect hereto.
8.Reaffirmation of Guaranty and Security Documents. By execution of this
Amendment, each Guarantor reaffirms and restates its guaranty of the Obligations
pursuant to the Guaranty Agreement and agrees that its obligations thereunder
are not released, diminished, impaired or reduced or otherwise adversely
affected by this Amendment. Each Loan Party reaffirms and admits the validity
and enforceability of each Security Document to which it is a party and all of
its obligations thereunder and agrees and admits that (a) it has no defense to
any such obligation (as of the date of this Amendment) and (b) it shall not
exercise any setoff or offset to any such obligation.
9.Reference to and Effect on the Loan Documents. Upon the effectiveness of this
Amendment, on and after the date hereof: each reference in the Credit Agreement
to “this Agreement,” “hereunder,” “hereof” or words of like import referring to
the Credit Agreement, and each reference in the other Loan Documents to the
“Credit Agreement,” “thereunder,” “thereof” or words of like import referring to
the Credit Agreement, shall mean and be a reference to the Credit Agreement as
amended and modified hereby.
10.Costs, Expenses and Taxes. Borrower agrees to pay on demand all reasonable
out-of-pocket expenses of Agent actually incurred in connection with the
preparation, execution and delivery of this Amendment and the other instruments
and documents to be delivered hereunder, including, without limitation, the
reasonable fees and out-of-pocket expenses of Agent’s counsel with respect
thereto and with respect to advising Agent as to its rights and responsibilities
hereunder and thereunder.
11.Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the
conflict of laws principles thereof.
12.Loan Document. This Amendment shall be deemed to be a Loan Document for all
purposes.
13.Counterparts. This Amendment may be executed by one or more of the parties
hereto on any number of separate counterparts, each of which shall be deemed an
original and all of which, taken together, shall be deemed to constitute one and
the same instrument. Delivery of an executed counterpart of this Amendment by
facsimile or other electronic transmission shall be as effective as delivery of
a manually executed counterpart hereof.
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IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the
date first set forth above.
 
 
BORROWER:
FORESTAR (USA) REAL ESTATE GROUP INC., a Delaware corporation
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Its:
Chief Financial Officer
 
 
 
 
 
 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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[Execution of First Amendment to Second Amended and Restated
Revolving and Term Credit Agreement Continued]

 
GUARANTORS:
FORESTAR GROUP INC., a Delaware corporation
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
FORESTAR MINERALS LP, a Delaware limited partnership

By: Forestar Minerals GP, LLC, general partner
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 
 
FORESTAR OIL & GAS LLC, a Delaware limited liability company
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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[Execution of First Amendment to Second Amended and Restated
Revolving and Term Credit Agreement Continued]
 
GUARANTORS (cont’d):
FORESTAR REALTY INC.,
a Delaware corporation
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
FORESTAR HOTEL HOLDING COMPANY
INC., a Nevada corporation
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 
 
CAPITOL OF TEXAS INSURANCE GROUP
INC., a Delaware corporation
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 
 
SWR HOLDINGS LLC, a Delaware limited liability company
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 
 
SUSTAINABLE WATER RESOURCES LLC, a Texas limited liability company
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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[Execution of First Amendment to Second Amended and Restated
Revolving and Term Credit Agreement Continued]

 
GUARANTORS (cont’d):
HARBOR LAKES GOLF CLUB LLC,
a Delaware limited liability company
 

 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
JOHNSTOWN FARMS, LLC,
a Delaware limited liability company
 

 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 
 
SAN JACINTO I, LLC,
a Texas limited liability company
 

 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 

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GUARANTORS (cont’d):

FORESTAR PETROLEUM CORPORATION,
a Delaware corporation
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 
 
FORCO REAL ESTATE INC.,
a Delaware corporation
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 
 
SECO ENERGY CORPORATION,
a Nevada corporation
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
 
 
 

UNITED OIL CORPORATION,
an Oklahoma corporation
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer

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FORESTAR CAPITAL INC., a Delaware corporation
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
FORESTAR MINERALS GP LLC, a Delaware limited liability company
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
FORESTAR MINERALS HOLDINGS LLC, a Delaware limited liability company
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
HARBOR LAKES CLUB MANAGEMENT LLC, a Texas limited liability company
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 
 
STONEY CREEK PROPERTIES LLC, a Delaware limited liability company
 
 
 
 
By:
/s/ Christopher L. Nines  
 
Name:
Christopher L. Nines
 
Title:
Chief Financial Officer
 
 
 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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[Execution of First Amendment to Second Amended and Restated
Revolving and Term Credit Agreement Continued]

 
KEYBANK NATIONAL ASSOCIATION, as a Lender, as Swing Line Lender and as Agent
 
 
 
 
 
 
 
By:
/s/ Kristin Centracchio  
 
Name:
Kristin Centracchio
 
Title:
Vice President

KeyBank National Association
1200 Abernathy Road, NE
Suite 1550
Atlanta, Georgia 30328
Attn: Daniel Silbert
Facsimile: (770) 510-2195

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[Execution of First Amendment to Second Amended and Restated
Revolving and Term Credit Agreement Continued]

 
AgFIRST FARM CREDIT BANK, as a lender
 
 
 
 
By:
/s/ Matthew H Jeffords  
 
Name:
Matthew H Jeffords
 
Title:
Vice President

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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[execution continued from preceding page]

 
NORTHWEST FARM CREDIT SERVICES, PCA, as a lender
 
 
 
 
By:
/s/ Candy Boswell  
 
Name:
Candy Boswell
 
Title:
Vice President

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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[execution continued from preceding page]

 
AMEGY BANK NATIONAL ASSOCIATION, as a lender

 
 
 
 
By:
/s/ Jennifer Wilkinson  
 
Name:
Jennifer Wilkinson
 
Title:
Senior Vice President

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

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[execution continued from preceding page]

 
CAPITAL ONE N.A., as a lender

 
 
 
 
By:
/s/ Michael B. Perrine  
 
Name:
Michael B. Perrine
 
Title:
Commercial Banking President - Austin

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

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[execution continued from preceding page]

 
METROPOLITAN LIFE INSURANCE COMPANY, as a lender

 
 
 
 
By:
/s/ W. Kirk Purvis  
 
Name:
W. Kirk Purvis
 
Title:
Director

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

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[execution continued from preceding page]

 
TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, as a lender

 
 
 
 
By:
/s/ Monica Libbey  
 
Name:
Monica Libbey
 
Title:
Senior Vice President

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

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[execution continued from preceding page]

 
GOLDMAN SACHS BANK USA, as a lender

 
 
 
 
By:
/s/ Ashwin Ramakrishna  
 
Name:
Ashwin Ramakrishna
 
Title:
Authorized Signatory

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

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[execution continued from preceding page]

 
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a lender

 
 
 
 
By:
/s/ Joe Carroll
 
Name:
Joe Carroll
 
Title:
SVP

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

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[execution continued from preceding page]

 
WELLS FARGO BANK, NATIONAL ASSOCIATION, as a lender
 
 
 
 
By:
/s/ Andrew Lucas
 
Name:
Andrew Lucas
 
Title:
Vice President

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

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[execution continued from preceding page]

 
SYNOVUS BANK, as a lender

 
 
 
 
By:
/s/ David W. Bowman
 
Name:
David W. Bowman
 
Title:
SVP

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

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[execution continued from preceding page]

 
UNITED FCS, PCA, d/b/a FCS COMMERCIAL
FINANCE GROUP, as a lender

 
 
 
 
By:
/s/ Mike Frodermann
 
Name:
Mike Frodermann
 
Title:
Sr. Vice President

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CADENCE BANK, N.A., as a lender

 
 
 
 
By:
/s/ Melinda N. Jackson
 
Name:
Melinda N. Jackson
 
Title:
Senior Vice President

[END OF SIGNATURES]

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