Exhibit 10.1

COMMITMENT AND ACCEPTANCE
 

 
This Commitment and Acceptance (this “Commitment and Acceptance”) dated as of
December 2, 2005, 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 assigned to them in the Credit Agreement (as defined
below).
 
PRELIMINARY STATEMENTS
 
Reference is made to that certain Amended and Restated Credit Agreement dated
April 22, 2005 by and among M/I Homes, Inc., JPMorgan Chase Bank, N.A., as
Agent, and the Lenders party thereto (as amended, modified, supplemented or
restated from time to time, the “Credit Agreement”).
 
Pursuant to subsection 2.6(b) of the Credit Agreement, Borrower has requested an
increase in the Aggregate Commitment from $600,000,000 to $725,000,000. Such
increase in the Aggregate Commitment is to become effective on December 2, 2005
(the “Increase Date”). In connection with such requested increase in the
Aggregate Commitment, Borrower, Agent and the lenders identified on Schedule I
hereto (each, an “Accepting Lender”) hereby agree as follows:
 
1. ACCEPTING LENDERS’ COMMITMENTS. Effective as of the Increase Date, (a) each
of the Accepting Lenders that was not heretofore party to the Credit Agreement
(each, a “New Lender”) shall become a party to the Credit Agreement as a Lender,
shall have (subject to the provisions of subsection 2.6(b) of the Credit
Agreement) 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 the amount set
forth in Schedule I hereto as its “New Commitment” and (b) the Commitment of
each Accepting Lender that was heretofore a party to the Credit Agreement shall
be increased from the amount set forth on Schedule I as its “Original
Commitment” to the amount set forth on Schedule I as its “New Commitment.”
 
2. REPRESENTATIONS AND AGREEMENTS OF ACCEPTING LENDERS. Each Accepting Lender
represents and warrants that it has full power and authority, and has taken all
action necessary, to execute and deliver this Commitment and Acceptance and to
consummate the transactions contemplated hereby and (in the case of each New
Lender) to become a Lender under the Credit Agreement. Each New Lender (a)
represents and warrants that (i) it satisfies the requirements, if any,
specified in the Credit Agreement that are required to be satisfied by it in
order to become a Lender, (ii) from and after the Increase Date, it shall be
bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of its Commitment, shall have the obligations of a Lender thereunder,
(iii) it has received a copy of the Credit Agreement, together with copies of
the most recent financial statements delivered pursuant to subsection 6.1
thereof 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 on the basis of which it has made such analysis and decision
independently and without reliance on the Agent or any other Lender, and (iv) if
it is a Non-U.S. Lender, attached to this Commitment and Acceptance is any
documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the New Lender; and (b) agrees that
(i) it will, independently and without reliance on the Agent or any other
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, and (ii) 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.

3. REPRESENTATIONS OF BORROWER. Borrower hereby represents and warrants that, as
of the date hereof and as of the Increase Date, (a) no event or condition shall
have occurred and then be continuing which constitutes a Default or Event of
Default and (b) the representations and warranties contained in Section 4 of the
Credit Agreement are true and correct in all material respects (except to the
extent any such representation or warranty is stated to relate solely to an
earlier date).
 
4. GOVERNING LAW. This Commitment and Acceptance shall be governed by the
internal laws (including §735ILCS 105/5-1 et seq., but otherwise without regard
to principles of conflict of law) of the State of Illinois but giving effect to
federal laws applicable to national banks.
 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Commitment and
Acceptance by their duly authorized officers as of the date first above written.
 
 
M/I HOMES, INC.
 
 
By: /s/ Phillip G. Creek
Name: Phillip G. Creek
Title: Senior Vice President & CFO
 
 
JPMORGAN CHASE BANK, N.A., as Agent
and as an Accepting Lender
 
 
By: /s/ Michael O’Keefe 
Name: Michael O’Keefe 
Title: Associate 
 

 
 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
U.S. BANK NATIONAL ASSOCIATION

By: /s/ Michael C. Dodge 
Name: Michael C. Dodge
Title: Banking Officer
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
BANK OF AMERICA, N.A.

By: /s/ Mark W. Lariviere 
Name: Mark W. Lariviere
Title: Senior Vice President
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
WACHOVIA BANK, NATIONAL ASSOCIATION

By: /s/ Timothy S. Blake 
Name: Timothy S. Blake
Title: Vice President
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
THE HUNTINGTON NATIONAL BANK

By: /s/ John M. Luehmann 
Name: John M. Luehmann
Title: Vice President
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
SUNTRUST BANK

By: /s/ W. John Wendler 
Name: W. John Wender
Title: Senior Vice President
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
GUARANTY BANK

By: /s/ Doug A. Dixon 
Name: Doug A. Dixon
Title: Senior Vice President
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
CHARTER ONE BANK, N.A.

By: /s/ Mark F. Windnagel 
Name: Mark F. Windnagel
Title: Senior Vice President
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
COMPASS BANK

By: /s/ H. L. Chase 
Name: H.L. Chase
Title: Vice President
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
FRANKLIN BANK, S.S.B., a Texas chartered bank

By: /s/ James C. York 
Name: James C. York
Title: Senior Vice President
 

 

 

 
 

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SIGNATURE PAGE OF THE UNDERSIGNED AS AN ACCEPTING LENDER UNDER
THE COMMITMENT AND ACCEPTANCE WITH M/I HOMES, INC.

 
LASALLE BANK NATIONAL ASSOCIATION

By: /s/ Nathan Weyer 
Name: Nathan Weyer 
Title: Vice President
 

 

 

 
 

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SCHEDULE 1
 
 

 
 
COMMITMENTS
 

Accepting Lender
 
Original Commitment
 
New Commitment
JPMorgan Chase Bank, N.A.
 
$
 
47,500,000
 
55,000,000
U.S. Bank National Association
 
$
 
47,500,000
 
50,000,000
Bank of America, N.A.
 
$
 
47,500,000
 
55,000,000
Wachovia Bank, National Association
 
$
 
47,500,000
 
55,000,000
The Huntington National Bank
 
$
 
45,000,000
 
55,000,000
SunTrust Bank
 
$
 
35,000,000
 
40,000,000
Guaranty Bank
 
$
 
30,000,000
 
35,000,000
Charter One Bank, N.A.
 
$
 
25,000,000
 
40,000,000
Compass Bank
 
$
 
-0-
 
15,000,000
Franklin Bank, S.S.B., a Texas chartered bank
 
$
 
-0-
 
25,000,000
LaSalle Bank National Association
 
$
 
-0-
 
25,000,000