Exhibit 10.3

SECOND AMENDMENT TO CREDIT AGREEMENT

This SECOND AMENDMENT TO CREDIT AGREEMENT (“Amendment”), dated as of January 23,
2008, among LENNAR CORPORATION, a Delaware corporation (the “Borrower”), the
Lenders that are identified on the signature pages hereto and JPMORGAN CHASE
BANK, N.A., as Administrative Agent (the “Administrative Agent”).

RECITALS

WHEREAS, the Borrower, the Lenders identified on the signature pages hereto,
certain other Lenders and Administrative Agent are parties to that certain
Credit Agreement dated as of July 21, 2006 (as amended by First Amendment to
Credit Agreement dated August 21, 2007 (the “First Amendment”) and as it may be
amended, renewed and restated from time to time, the “Credit Agreement”) (all
capitalized terms not defined herein shall have the meanings given such terms in
the Credit Agreement);

WHEREAS, the Borrower and the Lenders desire to amend the Credit Agreement as
hereinafter set forth;

NOW, THEREFORE, for good and valuable consideration, the parties hereto hereby
agree as follows:

1. Aggregate Commitment. Effective as of the date hereof, the Aggregate
Commitment is hereby reduced to $1,500,000,000, Section 2.17 and Exhibit G are
hereby deleted from the Credit Agreement and Schedule 1 of the Credit Agreement
is amended and restated in its entirety with the Schedule 1 attached hereto.

2. Definitions. (a) The following defined terms in Article 1 of the Credit
Agreement are hereby amended and restated in their entirety as follows:

“Aggregate Commitment” means $1,500,000,000 as such amount may be reduced from
time to time pursuant to the terms of this Agreement.

“Borrowing Base” means, from time to time, the sum of the following amounts, all
as reflected from time to time in accordance with GAAP consistently applied in
the consolidated balance sheet of the Borrower: (a) 100% of the Unrestricted
Cash of the Loan Parties up to a maximum of $500,000,000 (with any excess cash
being excluded from the Borrowing Base); (b) 100% of the Net Housing Unit
Proceeds due to any Loan Party at closing as a result of the consummation of the
sale of any Housing Unit, which Net Housing Unit Proceeds have been paid to the
closing agent handling such sale but which have not yet been received by such
Loan Party; provided, however, that if, and to the extent that, such Net Housing
Unit Proceeds which are reported as outstanding on the last day of any fiscal
quarter of the Borrower are not received by such Loan Party on or before the
tenth (10th) day following the end of any such fiscal quarter, such Net Housing
Unit Proceeds shall not be included in the Borrowing Base; (c) 90% of the Net
Book Value of all Housing Units Under Contract; (d) 75% of the Net Book Value of
all Housing Units (including, without limitation, model Housing Units) that are
not subject to a contract for sale; (e) 70% of the Net Book Value of all
Finished Lots; (f) 50% of the Net Book Value of all Land Under Development; and
(g) 30% of the Net Book

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Value of all Unimproved Entitled Land, provided that the sum of the amounts
determined pursuant to clauses (f) and (g) shall not exceed 40% of the Borrowing
Base (with any excess being excluded from the Borrowing Base); provided further,
that notwithstanding anything to the contrary provided herein, any asset which
is encumbered by a Lien (other than a Lien described in clauses (b), (c), (e) or
(j) of the definition of “Permitted Liens”) shall not be included in the
calculation of the Borrowing Base pursuant to clauses (a) through (g) above.

“Borrowing Base Debt” means all Consolidated Indebtedness, including without
limitation the Obligations but excluding (a) any Subordinated Debt of the
Borrower, (b) any Non-Recourse Indebtedness secured solely by Real Estate that
is owned by any Loan Party and that, if the same did not secure such
Indebtedness, would be included in the determination of the Borrowing Base and
(c) only during the JV Debt Waiver Period, Recourse JV Obligations.

“Consolidated EBITDA” means, for any period, the Consolidated Net Income of the
Loan Parties plus, to the extent deducted from revenues in determining
Consolidated Net Income, (a) Consolidated Interest Expense, (b) expense for
income taxes paid or accrued, (c) depreciation, (d) amortization,
(e) extraordinary losses incurred other than in the ordinary course of business
and (f) all non-cash charges and expenses (including but not limited to asset
impairment charges for inventory, investments in Joint Ventures, goodwill,
receivables and option deposit forfeitures, including, without limitation, any
losses from the write-off or forfeiture of option deposits, whether in the form
of cash or a Letter of Credit), minus, to the extent included in Consolidated
Net Income, (i) extraordinary gains realized other than in the ordinary course
of business, (ii) all non-cash gains and credits and (iii) interest income, all
calculated for the Loan Parties (and excluding the Mortgage Banking Subsidiaries
and any other Subsidiary of the Borrower that is not a Loan Party) on a
consolidated basis.

“Housing Unit Under Contract” means a Housing Unit owned by a Loan Party as to
which such Loan Party has a bona fide contract of sale, in a form customarily
employed by such Loan Party and reasonably satisfactory to the Administrative
Agent, entered into not more than 15 months (or, in the case of a condominium
Housing Unit, 24 months) prior to the date of determination with a Person who is
not an Affiliate of a Loan Party, under which contract no defaults then exist;
provided, however, that in the case of any Housing Unit the purchase of which is
to be financed in whole or in part by a loan insured by the Federal Housing
Administration or guaranteed by the Veterans Administration, the minimum down
payment shall be the amount (if any) required under the rules of the relevant
agency.

“Land Under Development” means Entitled Land upon which construction of
Improvements has commenced but not been completed and for which: (a) to the
extent required, a performance bond, surety or other security has been issued to
and in favor of and unconditionally accepted by each local agency and all
relevant Governmental Authorities, including any municipal utility district in
which the Real Estate is situated with regard to all work to be performed
pursuant to each and all of said subdivision

 

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improvement agreements or other agreements; (b) all material necessary plans
have been approved by all relevant Governmental Authorities for the installation
of any and all Improvements required to be installed upon such Real Estate;
(c) all material and non-discretionary necessary permits have been issued for
the installation of said Improvements; and (d) utility services necessary for
construction of Improvements and residential dwelling units and the operation
thereon for the purpose intended will be available to such Real Estate upon
completion of the Improvements and there exists a binding obligation on the part
of each and every utility company to deliver necessary utility services to such
Real Estate.

“Material Adverse Effect” means a material adverse effect on (a) the business,
properties, assets, condition (financial or otherwise), results of operations,
or prospects of (i) the Loan Parties, taken as a whole, or (ii) if so specified,
the Borrower or any Guarantor, (b) the ability of any Loan Party to perform any
of its obligations under the Loan Documents, or (c) the validity or
enforceability of any of the Loan Documents or the rights or remedies of the
Administrative Agent or the Lenders thereunder. Notwithstanding the foregoing,
none of the financial condition, events or circumstances described in the
Borrower’s unaudited balance sheet and income statement for the period ending on
November 30, 2007 heretofore furnished to the Lenders and/or the Borrower’s
report on Form 10Q for the fiscal quarter ended August 31, 2007 constitutes or
will constitute a Material Adverse Effect.

(b) The following definitions are added to Article 1 of the Credit Agreement.

“Borrowing Availability Covenant” is defined in Section 7.02(d).

“Borrowing Availability Test” is defined in Section 5.02(a)(vi).

“Borrowing Base Covenant” is defined in Section 7.02(a).

“Cash Equivalents” means (i) short-term obligations of, or fully guaranteed by,
the United States of America, (ii) commercial paper rate A-1 or better by S&P or
P-1 or better by Moody’s, (iii) demand deposit accounts maintained in the
ordinary course of business, (iv) certificates of deposit issued by and time
deposits with commercial banks (whether domestic or foreign) having capital and
surplus in excess of $100,000,000, provided in each case that the same provides
for payment of both principal and interest (and not principal alone or interest
alone) and is not subject to any contingency regarding the payment of principal
or interest and (v) money market funds substantially all the assets of which are
described in the preceding clauses.

“JV Debt Waiver Period” means the period from November 30, 2007 to November 30,
2009 (both inclusive).

“JV Cross-Default Limitation” is defined in Section 9.01(d).

“Recourse JV Obligations” means the maximum contractual liability (whether
actual or contingent) from recourse obligations, repayment guaranties and
Maintenance Guaranties of the Borrower or any of its Subsidiaries with respect
to Indebtedness (other than Joint Venture Non-Recourse Indebtedness) of any
Joint Venture.

 

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“Unrestricted Cash” means cash and Cash Equivalents of the Loan Parties that are
free and clear of all Liens and not subject to any restrictions on the use
thereof to pay Indebtedness and other obligations of the applicable Loan Party.

(c) The following definitions are deleted from Article 1 of the Credit
Agreement: Borrowing Base Limitation, Commitment and Acceptance, Commitment
Increase and New Lender.

3. Pricing. The grid set forth on Exhibit F is amended and restated in its
entirety as follows (without in any way amending or modifying any other part of
Exhibit F, including without limitation the portion thereof amended pursuant to
Section 2(c) of the First Amendment):

 

    

LEVEL I

  

LEVEL II

  

LEVEL III

  

LEVEL IV

  

LEVEL V

Ratings

  

BBB/Baa2 or

better

   BBB-/Baa3    BB+/Ba1    BB/Ba2   

BB-/Ba3 or below

(or only one or no Rating)

Applicable Margin for Eurodollar Loans/LC Fee Rate

   97.5 bps    107.5 bps    130.0 bps    152.5 bps    175.0 bps

Facility Fee

   15.0 bps    17.5 bps    20.0 bps    22.5 bps    25.0 bps

4. Section 4.03 is hereby amended and restated in its entirety as follows:

Section 4.03 Financial Statements. The Borrower heretofore has provided to the
Lenders (i) the consolidated balance sheet of the Borrower and its Subsidiaries
as of November 30, 2006, and the related consolidated statements of earnings,
stockholders’ equity and cash flows for the 12-month period ended on that date,
audited and reported upon by Deloitte & Touche, an independent registered public
accounting firm (the “Borrower Audited Financial Statements”), and (ii) the
consolidated balance sheet of the Borrower as of August 31, 2007, and the
consolidated statements of earnings and cash flows of the Borrower and its
Subsidiaries for the three-month period ended on that date, unaudited but
certified to be true and accurate (subject to normal year-end audit adjustments)
by the President and an Authorized Financial Officer of the Borrower (the
“Borrower Unaudited Financial Statements”). Those financial statements and
reports (subject, in the case of the Borrower Unaudited Financial Statements, to
normal year-end audit adjustments), and the related notes and schedules (if
any), (a) were prepared in accordance with GAAP consistently applied throughout
the period covered thereby, (b) present fairly the consolidated financial
condition of the Borrower and its Subsidiaries as of the date thereof, (c) show
all material liabilities, direct or contingent, of the Borrower and

 

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its Subsidiaries as of that date (including, without limitation, liabilities for
taxes and material commitments), and (d) present fairly the consolidated
shareholders’ equity, results of operations and cash flows of the Borrower and
its Subsidiaries at the date and for the period covered thereby.

5. Conditions. (a) Section 5.02(a) is hereby amended: (a) to strike the word
“and” at the end of clause iv, (b) to strike the period at the end of clause
(v) and replace it with “; and” and (c) to add the new following clause (vi);

(vi) At any time at which the Borrower does not have an Investment Grade Rating
from at least two of the Rating Agencies, the making of the Advance or issuance
of the Facility Letter of Credit will not result in (A) the sum of the aggregate
outstanding amount of all Borrowing Base Debt exceeding the Borrowing Base (the
“Borrowing Availability Test”); or (B) a breach of the Borrowing Base Covenant.

(b) Section 5.02(b) is hereby amended and restated in its entirety as follows:

(b) Each Borrowing Notice with respect to each such Advance and each Letter of
Credit Request shall constitute a representation and warranty by the Borrower
that all of the conditions contained in Section 5.02(a)(i), (ii), (iii),
(iv) and (v) above have been satisfied, and a representation and warranty by
Borrower to the best of Borrower’s knowledge that all of the conditions
contained in Section 5.02(a)(vi) above have been satisfied.

6. Reporting. (a) Section 6.04(d) is hereby amended and restated in its entirety
as follows:

(d) at the same time at which Borrower is required to furnish a report with
respect to the Borrowing Base under Section 6.04(i) (but only at such times as
required under the last clause of this subparagraph (d)), a report, in
reasonable detail and in form and substance satisfactory to the Administrative
Agent, setting forth, as of the end of that quarter, with respect to each
Project owned by the Loan Parties, (i) the number of Housing Unit Closings,
(ii) the number of Housing Units either completed or under construction,
specifying the number thereof that are Completed Housing Units and (iii) the
number of Housing Units Under Contract, provided, however, that the foregoing
report shall only be required if, as of the last day of the applicable quarter
or fiscal year, the Borrower does not have an Investment Grade Rating from at
least one of the three Rating Agencies;

(b) Section 6.04(i) is hereby amended and restated in its entirety as follows:

(i) the following reports: (A) within 60 days after the end of each of the first
three quarters, and within 90 days after the end of each fiscal year of the
Borrower (commencing with the quarter ending August 31, 2006 and fiscal year
ending November 30, 2006), a report which (subject to the last sentence of this
subsection (i)) shall include the information and

 

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calculations provided for in Exhibit H attached hereto and such other condition
in reasonable detail and be in form and substance satisfactory to the
Administrative Agent, with calculations indicating that the Borrower is in
compliance, as of the last day of such quarterly or annual period, as the case
may be, with the provisions of Articles VI and VII of this Agreement; without
limiting the generality of the foregoing (but subject to the last sentence of
this subsection (i)), the Borrower shall provide to the Lenders a report
containing the calculations necessary to indicate that the Borrower is in
compliance with the provisions of Sections 6.09 (if applicable) and 7.14,
including (if applicable) a certification of the outstanding principal amount of
all loans and advances made by any Loan Party to each of the applicable Mortgage
Banking Subsidiaries, as the case may be, and that all such loans and advances
are duly evidenced by the Mortgage Banking Subsidiaries Note in the possession
of Administrative Agent; (B) subject to the last sentence of this subsection
(i), within 60 days after the end of each of the first three quarters, and
within 90 days after the end of each fiscal year of the Borrower (commencing
with the quarter ending November 30, 2007), a report in form and substance
satisfactory to Administrative Agent calculating the Borrowing Base, Borrowing
Base Debt, Borrowing Base Covenant and Borrowing Availability Covenant as of the
last day of such fiscal quarter or annual period, as the case may be; and
(C) within 60 days after the end of each of the first three quarters, and within
90 days after the end of each fiscal year of the Borrower (commencing with the
fiscal year ending November 30, 2007), a report, in reasonable detail and in
form and substance satisfactory to Administrative Agent, setting forth, as of
the end of that fiscal quarter or annual period, as the case may be, any
defaults arising under Indebtedness or Contingent Obligations in respect of
Joint Ventures, as well as a description of such defaults (which description
must include, without limitation, the following information: the name of the
Project affected by the default, the amount of the loan or other obligation
under which the default occurred, the amount of the Loan Parties’ obligations in
respect of such defaulted loan or other obligation, the amount in dispute with
respect to the default, the date of the default and length of any applicable
grace periods, and the general status of the default, including any actions
taken or intended to be taken to cure the default and, to the Borrower’s
knowledge, any actions taken by the applicable lender or other creditor with
respect to the default). The reports furnished pursuant to this subsection
(i) shall each be certified to be true and correct by an Authorized Financial
Officer of the Borrower and shall also contain such Authorized Financial
Officer’s certification that (x) in the case of the reports provided for in
clause (A) above, the Borrower is in full compliance with the provisions of
Article VII of this Agreement and (y) in the case of the reports provided for in
clause (B) above, the Borrower is in full compliance with the Borrowing Base
Covenant and the Borrowing Availability Covenant. Notwithstanding the foregoing,
the reports evidencing compliance with Sections 6.09, and 7.08 shall only be
required if, as of the last day of the applicable quarter or fiscal year, the
Borrower does not have an Investment Grade Rating from at least one of the three
Rating Agencies; and the reports provided for in clause (B) above shall be
required within 45 days after the first three fiscal quarters of Borrower and
within 75 days after the fourth fiscal quarter of Borrower, if, as of the last
day of the applicable fiscal quarter, the Borrower does not have an Investment
Grade Rating from at least two of the three Rating Agencies; and

 

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(c) The information and calculations provided for in Exhibit H will be modified
to conform to the amendments of the covenants provided for in this Amendment.

7. Covenants. (a) Section 7.01 of the Credit Agreement is hereby amended and
restated in its entirety as follows:

Section 7.01 Minimum Adjusted Consolidated Tangible Net Worth. Permit Adjusted
Consolidated Tangible Net Worth at any time commencing November 30, 2007 to be
less than the sum of (a) $2,800,000,000, plus (b) an amount equal to the amount
(if any) by which (i) 50% of the cumulative amount of positive Consolidated Net
Income of the Loan Parties for each fiscal quarter of the Borrower ending after
November 30, 2007 for which the Loan Parties, taken as a whole, had Consolidated
Net Income exceeds (ii) the aggregate amount paid by the Borrower after
November 30, 2007 to purchase or redeem its equity Securities, plus (c) an
amount equal to 50% of the aggregate amount of the increase in Adjusted
Consolidated Tangible Net Worth resulting from the issuance of equity Securities
of the Borrower after November 30, 2007, minus (d) the amount of any actual tax
valuation allowance taken in accordance with GAAP after November 30, 2007 on the
Borrower’s financial statement. For purposes of this Section 7.01, the term
“Consolidated Net Income,” when used in respect of any period, shall not include
any loss for such period.

(b) Section 7.02(a) of the Credit Agreement is hereby amended and restated in
its entirety as follows:

(a) Borrowing Base Covenant. At any time at which the Borrower does not have an
Investment Grade Rating from at least two of the Rating Agencies, permit the sum
of the aggregate outstanding amount of all Borrowing Base Debt to exceed the sum
of the Borrowing Base plus the Unrestricted Cash of the Loan Parties in excess
of $500,000,000 (the “Borrowing Base Covenant”).

(c) Section 7.02(b)(i) of the Credit Agreement is hereby amended by adding the
following as the new last sentence of Section 7.02(b)(i):

Notwithstanding the foregoing, in the event a tax valuation allowance is first
taken on Borrower’s financial statement anytime in Borrower’s fiscal year 2008
or the first quarter of Borrower’s fiscal year 2009, then the Permitted Leverage
Ratio shall not be decreased in accordance with subsection (A) or (B) herein for
the fiscal quarter in which such tax valuation allowance is taken.

(d) Section 7.02 of the Credit Agreement is hereby amended by adding the
following as a new subsection 7.02(d):

(d) Borrowing Availability Covenant. At any time at which (i) the Borrower does
not have an Investment Grade Rating from at least two of the Rating Agencies and
(ii) as of the last day of any fiscal quarter of the Borrower any Loans are
outstanding, permit the sum of the aggregate outstanding amount of all Borrowing
Base Debt to exceed the Borrowing Base, in each case as of the last day of such
fiscal quarter (the “Borrowing Availability Covenant”). A default in respect of
the Borrowing Availability Covenant may be cured either (A) by repayment of the
lesser of (1) the amount of all outstanding Loans and (2) a

 

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principal amount of the Loans equal to the amount by which the Borrowing Base
Debt exceeded the Borrowing Base as of the last day of such fiscal quarter or
(B) delivery to Administrative Agent of a report, certified by an Authorized
Financial Officer of the Borrower, evidencing that (x) the Borrowing Base (as
determined (i) for Unrestricted Cash, as of the end of the Business Day
immediately preceding the delivery of such certified report and (ii) for all
other assets in the Borrowing Base, as of the last day of the most recent month
for which information is available to make such determination) equals or exceeds
(y) the sum of the aggregate outstanding amount of all Borrowing Base Debt (as
determined as of the end of the Business Day immediately preceding the delivery
of such certified report).

(e) Section 7.08 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

Section 7.08 Housing Units. At any time at which the Borrower does not have an
Investment Grade Rating from at least one of the three Rating Agencies, permit
the total number of Housing Units owned by the Loan Parties, including Housing
Units under construction, but excluding model Housing Units and Housing Units
Under Contract, at any time to exceed 45% of the total number of Housing Unit
Closings during the immediately preceding 12-month period, provided that Housing
Unit Closings shall include closings of the sale of housing units by entities
that were acquired, and became Loan Parties, during the applicable period.

(f) Section 7.15 is hereby deleted from the Credit Agreement.

(g) The following new Section 7.17 is added to the Credit Agreement:

Section 7.17 Limitation on Financial Letters of Credit. Permit the outstanding
amount of all Letters of Credit (whether issued pursuant to the Agreement or
otherwise) of the Borrower and the other Loan Parties (other than Letters of
Credit that are (a) Performance Letters of Credit or (b) fully secured by cash
collateral held by the issuer of such Letter of Credit) to exceed $600,000,000.

(h) The following new Section 7.18 is hereby added to the Credit Agreement:

Section 7.18 Limitation on Recourse JV Obligations. Permit Recourse JV
Obligations to exceed the following amounts at the following times:

 

Time (both dates inclusive)

   Amount

From February 29, 2008 to May 30, 2008

   $ 975,000,000

From May 31, 2008 to August 30, 2008

   $ 905,000,000

From August 31, 2008 to November 29, 2008

   $ 825,000,000

From November 30, 2008 to February 27, 2009

   $ 735,000,000

From February 28, 2009 to May 30, 2009

   $ 685,000,000

 

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Time (both dates inclusive)

   Amount

From May 31, 2009 to August 30, 2009

   $ 635,000,000

From August 31, 2009 to November 29, 2009

   $ 585,000,000

On November 30, 2009

   $ 535,000,000

The provisions of this Section 7.18 shall not limit Recourse JV Obligations
after November 30, 2009.

8. Events of Default. Sections 9.01(d) and (e) are hereby amended and restated
in their entirety as follows:

(d) default shall be made with respect to any Indebtedness or Contingent
Obligations of any Loan Party (other than the Loans hereunder, Non-Recourse
Indebtedness and Indebtedness of a Loan Party to another Loan Party; and other
than Indebtedness or Contingent Obligations in respect of Joint Ventures not
exceeding $150,000,000 in the aggregate (the “JV Cross-Default Limitation”))
beyond any applicable period of grace, or default shall be made with respect to
the performance of any other obligation incurred in connection with any such
Indebtedness or Contingent Obligations beyond any applicable period of grace, or
default shall be made with respect to any other liability, and such
Indebtedness, Contingent Obligation or other liability described in this
Section 9.01(d) equals or exceeds $10,000,000, and the effect of any of the
foregoing defaults described in this Section 9.01(d) is to accelerate the
maturity of such Indebtedness, Contingent Obligation or liability or to cause
such Indebtedness, Contingent Obligation or liability to become due prior to its
stated maturity, or any such Indebtedness, Contingent Obligation or liability
shall not be paid when due and such default shall not have been remedied or
cured by such Loan Party or waived by the obligee;

(e) default shall be made in the due observance or performance of any of the
provisions of Article VI or Article VII or any other covenant, agreement or
condition on the part of any Loan Party to be performed under or in connection
with this Agreement or any Loan Document, and such default shall have continued
for a period of thirty (30) days after the Borrower has knowledge or notice of
the occurrence thereof or is required under this Agreement to provide a
certificate, report or other document with respect to compliance with or default
with respect to such covenant, agreement or condition;

9. Conditions Precedent. This Amendment shall be effective as of the date
(“Amendment Effective Date”) upon which the following conditions are satisfied:

(a) The Administrative Agent shall have received from the Borrower and the
Required Lenders a counterpart of this Amendment signed on behalf of each such
party.

(b) The Administrative Agent shall have received from the Guarantors the Consent
and Agreement substantially in the form attached hereto as Exhibit A.

 

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(c) The Administrative Agent shall have received such documents, certificates
and legal opinions as the Administrative Agent or its counsel may reasonably
request relating to the organization or formation, existence and good standing
of the Borrower, the authorization of this Amendment and any other legal matters
relating to the Borrower, the Agreement of this Amendment, all in form and
substance satisfactory to the Administrative Agent and its counsel.

(d) The Administrative Agent shall have received all fees and other amounts due
and payable on or prior to the Amendment Effective Date, including reimbursement
or payment of all out-of-pocket expenses required to be reimbursed or paid by
the Borrower hereunder or under the Credit Agreement.

The Administrative Agent shall notify the Borrower and the Lenders of the
Amendment Effective Date, and such notice shall be conclusive and binding. Upon
effectiveness of this Amendment, all amendments of the Agreement contained in
this Amendment shall be deemed to be in effect since November 30, 2007.

10. Representations and Warranties.

The Borrower hereby represents and warrants that, taking into account the terms
of this Amendment, as of the date hereof:

(i) The representations and warranties of the Borrower set forth in Article IV
of the Credit Agreement are true and correct, provided, however, that for the
purposes hereof, the reference in Section 4.03 of the Credit Agreement to
“Borrower Audited Financial Statements” shall be deemed to refer to the annual
audited financial statements most recently delivered by the Borrower pursuant to
Section 6.04(a) of the Credit Agreement as of the date hereof and the reference
in Section 4.03 of the Credit Agreement to “Borrower Unaudited Financial
Statements” shall be deemed to refer to the quarterly unaudited financial
statements most recently delivered by the Borrower pursuant to Section 6.04(b)
of the Credit Agreement as of the date hereof; and

(ii) There exists no Event of Default or Unmatured Default.

11. Ratification. The Credit Agreement, as amended hereby, is hereby ratified
and remains in full force and effect.

12. Counterparts. This Amendment may be executed in any number of counterparts,
all of which taken together shall constitute one agreement and any of the
parties hereto may execute this Amendment by signing any such counterpart.

13. Loan Documents. This Amendment and the First Amendment are each a Loan
Document.

14. Choice of Law. This Amendment shall be governed by and construed in
accordance with the internal laws (and not the law of conflicts) of the State of
New York but giving effect to federal laws applicable to national banks.

 

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IN WITNESS WHEREOF, the Borrower and the Lenders have caused this Amendment to
be duly executed as of the date first above written.

 

Borrower: LENNAR CORPORATION By:  

/s/ Jonathan M. Jaffe

Name:  

Jonathan M. Jaffe

Title:  

Vice President

 

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Lenders: JPMORGAN CHASE BANK, N.A., As Lender and Administrative Agent By:  

/s/ Kimberly L. Turner

Name:  

Kimberly L. Turner

Its:  

Executive Director

[Other Lenders]

 

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SIGNATURE PAGE TO SECOND AMENDMENT TO CREDIT AGREEMENT WITH

LENNAR CORPORATION

 

BANK OF AMERICA, N.A. By:  

/s/ Mark Lariviere

Name:   Mark Lariviere Title:   Senior Vice President

 

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SIGNATURE PAGE TO SECOND AMENDMENT TO CREDIT AGREEMENT WITH

LENNAR CORPORATION

 

BARCLAYS BANK PLC By:  

/s/ Nicholas Bell

Name:   Nicholas Bell Title:   Director

 

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CALYON NEW YORK BRANCH By:  

/s/ Samuel L. Hill

Name:   Samuel L. Hill Title:   Managing Director and Regional Head By:  

/s/ Robert Smith

Name:   Robert Smith Title:   Managing Director

 

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DEUTSCHE BANK TRUST COMPANY AMERICAS By:  

/s/ Omayra Laucella

Name:   Omayra Laucella Title:   Vice President By:  

/s/ Erin Morrissey

Name:   Erin Morrissey Title:   Vice President

 

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THE ROYAL BANK OF SCOTLAND PLC By:  

/s/ William McGinty

Name:   William McGinty Title:   Senior Vice President

 

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WACHOVIA BANK, NATIONAL ASSOCIATION By:  

/s/ R. Scott Holtzapple

Name:   R. Scott Holtzapple Title:   Senior Vice President

 

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LLOYDS TSB BANK PLC By:  

/s/ Nicholas J. Bruce

Name:   Nicholas J. Bruce Title:  

Vice President & Manager

Risk Management & Business Support

By:  

/s/ Deborah Carlson

Name:   Deborah Carlson Title:  

Director

Corporate Banking USA

 

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UBS LOAN FINANCE LLC By:  

/s/ Irja R. Otsa

Name:   Irja R. Otsa Title:   Associate Director By:  

/s/ Mary E. Evans

Name:   Mary E. Evans Title:   Associate Director

 

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SUNTRUST BANK By:  

/s/ W. John Wendler

Name:   W. John Wendler Title:   Senior Vice President

 

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CITICORP NORTH AMERICA, INC. By:  

/s/ R. Tucker Bordon

Name:   R. Tucker Bordon Title:   Vice President

 

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HSBC BANK USA, N.A. By:  

/s/ Michael S. Wadler

Name:   Michael S. Wadler Title:   Vice President

 

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COUNTRYWIDE BANK, F.S.B. By:  

/s/ Douglas Dixon

Name:   Douglas Dixon Title:   Senior Vice President

 

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GUARANTY BANK By:  

/s/ Ross Evans

Name:   Ross Evans Title:   Vice President

 

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COMERCIA BANK By:  

/s/ Charles Weddell

Name:   Charles Weddell Title:   Vice President

 

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FIFTH THIRD BANK, a Michigan Banking Corporation By:  

/s/ John A. Marian

Name:   John A. Marian Title:   Vice President

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MIZUHO CORPORATE BANK, LTD By:  

/s/ Noel Purcell

Name:   Noel Purcell Title:   Authorized Signatory

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REGIONS BANK By:  

/s/ Ronny Hudspeth

Name:   Ronny Hudspeth Title:   Senior Vice President

 

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U.S. BANK NATIONAL ASSOCIATION By:  

/s/ Michael Raarup

Name:   Michael Raarup Title:   Senior Vice President

 

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MEGA INTERNATIONAL COMMERCIAL BANK NEW YORK BRANCH By:  

/s/ Tsang-Pei Hsu

Name:   Tsang-Pei Hsu Title:   VP & DGM

 

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NATIXIS (f/k/a NATEXIS BANQUES POPULAIRES By:  

/s/ Jari –Edith Dugeny

Name:   Jari –Edith Dugeny Title:   Managing Director By:  

/s/ Zineb Bouazzaoui

Name:   Zineb Bouazzaoui Title:   Associate

 

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BANKUNITED, FSB By:  

/s/ Fernando X. Gomez

Name:   Fernando X. Gomez Title:   Vice President

 

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MANUFACTURERS AND TRADERS TRUST COMPANY By:  

/s/ Laurel LB Magruder

Name:   Laurel LB Magruder Title: Vice President

 

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PNC BANK, NATIONAL ASSOCIATION By:  

/s/ Luis Donoso

Name:   Luis Donoso Title:   Vice President

 

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SOCIETE GENERALE By:  

/s/ Milissa A. Goeden

Name:   Milissa A. Goeden Title:   Director

 

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FORTIS BANK S.A./N.V., CAYMAN ISLANDS BRANCH By:  

/s/ Laure Marich

Name:   Laure Marich Title:   Loan Closer By:  

/s/ Mason Chau

Name:   Mason Chau Title:   AVP

 

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CITY NATIONAL BANK, a national banking association By:  

/s/ Xavier Barrera

Name:   Xavier Barrera Title:   Vice President

 

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LASALLE BANK NATIONAL ASSOCIATION By:  

/s/ Mark Lariviere

Name:   Mark Lariviere Title:   Senior Vice President

 

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COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES By:  

/s/ Edward Fesber

Name:   Edward Fesber Title:   Senior Vice President & Manager By:  

/s/ David A. Barnett

Name:   David A. Barnett Title:   Vice President

 

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MIDFIRST BANK, a Federally Chartered Savings Association By:  

/s/ Todd G. Wright

Name:   Todd G. Wright Title:   Vice President

 

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CALIFORNIA BANK & TRUST By:  

/s/ Aegea Lee

Name:   Aegea Lee Title:   Senior Vice President

 

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CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH By:  

/s/ Carol Sun

Name:   Carol Sun Title:   VP & AGM

 

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COMMERCE BANK, N.A. By:  

/s/ Gerald K. Hutchison

Name:   Gerald K. Hutchison Title:   Vice President

 

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COMPASS BANK By:  

/s/ Michael Del Rocco

Name:   Michael Del Rocco Title:   Senior Vice President

 

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ISRAEL DISCOUNT BANK OF NEW YORK By:  

/s/ Dillian G. Schulz

Name:   Dillian G. Schulz Title:   Senior Vice President By:  

/s/ Christopher Meade

Name:   Christopher Meade Title:   Vice President

 

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KEYBANK, NATIONAL ASSOCIATION By:  

/s/ Toni Ashasaft

Name:   Toni Ashasaft Title:   Vice President

 

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LENNAR CORPORATION

 

MALAYAN BANKING BERHAD, NEW YORK BRANCH By:  

/s/ Fauzi Zulkifti

Name:   Fauzi Zulkifti Title:   General Manager

 

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RBC CENTURA BANK, a North Carolina corporation By:  

/s/ Maria Ziegler

Name:   Maria Ziegler Title:   Vice-President

 

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LENNAR CORPORATION

 

BANK OF COMMUNICATIONS CO., LTD. NEW YORK BRANCH By:  

/s/ Shelly He

Name:   Shelly He Title:   Deputy General Manager