Exhibit 10.1

 

THIRTEENTH AMENDMENT TO

LOAN AGREEMENT

 

THIS THIRTEENTH AMENDMENT TO LOAN AGREEMENT (the “Amendment”) dated as of August
25, 2005 between NVR MORTGAGE FINANCE, INC., a Virginia corporation
(“Borrower”), the Lenders party to the Loan Agreement referred to below (the
“Lenders”), and U.S. BANK NATIONAL ASSOCIATION, as agent (the “Agent”) for the
Lenders.

 

WITNESSETH THAT:

 

WHEREAS, the Borrower, the Lenders and the Agent are parties to a Loan Agreement
dated as of September 7, 1999, as amended by a Consent, Waiver and First
Amendment to Loan Agreement dated as of November 19, 1999, a Second Amendment to
Loan Agreement and Second Amendment to Pledge and Security Agreement dated as of
September 1, 2000, a Third Amendment to Loan Agreement dated as of February 16,
2001, a Fourth Amendment to Loan Agreement dated as of August 31, 2001, a Fifth
Amendment to Loan Agreement dated as of November 1, 2001, a Consent, Waiver and
Sixth Amendment to Loan Agreement dated as of December 14, 2001, a Seventh
Amendment to Loan Agreement dated as of May 17, 2002, an Eighth Amendment to
Loan Agreement dated as of August 15, 2002, a Ninth Amendment to Loan Agreement
dated as of April 16, 2003, a Tenth Amendment to Loan Agreement dated as of
August 28, 2003, an Eleventh Amendment to Loan Agreement dated as of August 26,
2004 and a Twelfth Amendment to Loan Agreement dated as of October 22, 2004 (as
so amended, the “Loan Agreement”), pursuant to which the Lenders provide the
Borrower with a revolving mortgage warehousing credit facility,

 

WHEREAS, the Borrower and the Lenders have agreed to amend the Loan Agreement
upon the terms and conditions herein set forth.

 

NOW, THEREFORE, for value received, the receipt and sufficiency of which are
hereby acknowledged, the Borrower, the Lenders and the Agent agree as follows:

 

1. Certain Defined Terms. Each capitalized term used herein without being
defined herein that is defined in the Loan Agreement shall have the meaning
given to it therein.

 

2. Amendments to Loan Agreement. The Loan Agreement is hereby amended as
follows:

 

(a) Subsections (ii) and (iv) of the definition of “Borrowing Base” in Section
1.1 of the Loan Agreement are hereby amended in their entireties to read as
follows:

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(ii) Second Lien Loans shall be 10% of the then Total Commitment,

 

(iv) Jumbo Loans shall be 50% of the then Total Commitment,

 

(b) The definition of “Scheduled Termination Date” in Section 1.1 of the Loan
Agreement is hereby amended in its entirety to read as follows:

 

“Scheduled Termination Date” means August 24, 2006.

 

(c) Section 2.1(g) of the Loan Agreement is amended by deleting therefrom the
dollar amount “$200,000,000” and inserting in its place the dollar amount
“$300,000,000”.

 

(d) Sections 2.11(b) and 2.11 (c) of the Loan Agreement are hereby amended in
their entireties to read as follows:

 

(b) Balance Funded Rate Segment. A Balance Funded Rate Segment consisting of any
portion of a Construction/LotLoan Tranche shall bear interest at the rate of
1.125% per annum. A Balance Funded Rate Segment consisting of any portion of a
Gestation Loan Tranche shall bear interest at the rate of 0.65% per annum. A
Balance Funded Rate Segment consisting of any portion of a Regular Tranche shall
bear interest at the rate of 1.125% per annum.

 

(c) LIBOR Segments. A LIBOR Segment consisting of any portion of a
Construction/Lot Loan Tranche shall bear interest at a rate per annum equal to
the sum of LIBOR plus 1.125% per annum. A LIBOR Segment consisting of any
portion of a Gestation Loan Tranche shall bear interest at a rate per annum
equal to the sum of LIBOR plus 0.65% per annum. A LIBOR Segment consisting of
any portion of a Regular Tranche shall bear interest at a rate per annum equal
to the sum of LIBOR plus 1.125% per annum.

 

(e) Schedule 1.1(a) to the Loan Agreement is hereby amended and restated to read
as set forth in Exhibit A attached hereto.

 

3. Conditions to Effectiveness of this Amendment. This Amendment shall be
effective as of the date first above written (the “Effective Date”), provided
the Agent shall have received at least nine (9) counterparts of this Amendment,
duly executed by the Borrower and all of the Lenders, and the following
conditions are satisfied:

 

(a) Before and after giving effect to this Amendment, the representations and
warranties of the Borrower in Section 5 of the Loan Agreement and Section 5 of
the Security Agreement shall be true and correct as though made on the date
hereof, except to the extent such representations and warranties by their terms
are made as of a specific date and except for changes that are permitted by the
terms of the Loan Agreement.

 

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(b) Before and after giving effect to this Amendment, no Event of Default and no
Default shall have occurred and be continuing.

 

(c) No material adverse change in the business, assets, financial condition or
prospects of the Borrower shall have occurred since June 30, 2005.

 

(d) The Agent shall have received the following, each duly executed or
certified, as the case may be, and dated as of the date of delivery thereof:

 

(i) a copy of resolutions of the Board of Directors of the Borrower, certified
by its respective Secretary or Assistant Secretary, authorizing or ratifying the
execution, delivery and performance of this Amendment;

 

(ii) a certified copy of any amendment or restatement of the Articles of
Incorporation or the Bylaws of the Borrower made or entered following the date
of the most recent certified copies thereof furnished to the Lenders; and

 

(iii) such other documents, instruments and approvals as the Agent may
reasonably request.

 

4. Acknowledgments. The Borrower and each Lender acknowledges that, as amended
hereby, the Loan Agreement remains in full force and effect with respect to the
Borrower and the Lenders, and that each reference to the Loan Agreement in the
Loan Documents shall refer to the Loan Agreement, as amended hereby. The
Borrower confirms and acknowledges that it will continue to comply with the
covenants set out in the Loan Agreement and the other Loan Documents, as amended
hereby, and that its representations and warranties set out in the Loan
Agreement and the other Loan Documents, as amended hereby, are true and correct
as of the date of this Amendment, except to the extent such representations and
warranties by their terms are made as of a specific date and except for changes
that are permitted by the terms of the Loan Agreement. The Borrower represents
and warrants that (i) the execution, delivery and performance of this Amendment
is within its corporate powers and have been duly authorized by all necessary
corporate action; (ii) this Amendment has been duly executed and delivered by
the Borrower and constitutes the legal, valid and binding obligations of the
Borrower, enforceable against the Borrower in accordance with its terms (subject
to limitations as to enforceability which might result from bankruptcy,
insolvency, or other similar laws affecting creditors’ rights generally and
general principles of equity) and (iii) no Events of Default or Default exist.

 

5. General.

 

(a) The Borrower agrees to reimburse the Agent upon demand for all reasonable
expenses (including filing and recording costs and fees, charges and
disbursements of outside counsel to the Agent (determined on the basis of such
counsel’s generally applicable rates, which may be higher than the rates such
counsel charges the Agent in certain matters) and/or the allocated costs of
in-house counsel incurred from time to time) incurred by the Agent in the
preparation, negotiation and execution of this Amendment and any other document
required to be furnished herewith, and to pay and save the Lenders harmless from
all liability for any stamp or other taxes which may be payable with respect to
the execution or delivery of this Amendment, which obligations of the Borrower
shall survive any termination of the Loan Agreement.

 

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(b) This Amendment may be executed in several counterparts, each of which, when
so executed, shall be deemed an original but all such counterparts shall
constitute but one and the same instrument.

 

(c) Any provision of this Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provisions in any
other jurisdiction.

 

(d) This Amendment shall be governed by, and construed in accordance with, the
internal law, and not the law of conflicts, of the State of Minnesota, but
giving effect to federal laws applicable to national banks.

 

(e) This Amendment shall be binding upon the Borrower, the Lenders, the Agent
and their respective successors and assigns, and shall inure to the benefit of
the Borrower, the Lenders, the Agent and the successors and assigns of the
Lenders and the Agent.

 

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
as of the day and year first above written.

 

NVR MORTGAGE FINANCE, INC. By:  

William J. Inman

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Its:   President U.S. BANK NATIONAL ASSOCIATION, as Agent and Lender By:  

Kathleen M. Connor

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Its:   Vice President

 

S-1

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GUARANTY BANK By:  

Jenny Ray Stilwell

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Its:   Vice President

 

S-2

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NATIONAL CITY BANK OF KENTUCKY By:  

Jerry Johnston

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Its:   Executive Vice President

 

S-3

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COMERICA BANK By:  

Steve D. Clear

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Its:   Officer

 

S-4

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JPMORGAN CHASE BANK By:  

Cynthia E. Crites

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Its:   Senior Vice President

S-5

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EXHIBIT A TO

THIRTEENTH AMENDMENT

TO CREDIT AGREEMENT

 

Schedule 1.1(a) to Loan Agreement

 

Commitment Schedule

 

Lender

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Commitment

Amount

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U.S. Bank National Association

Mortgage Banking Services

U.S. Bank Place

800 Nicollet Mall

Mail Station BC-MN-H03B

Minneapolis, Minnesota 55402

Attention: Kathleen Connor

Telephone: 612-973-0306

Telecopy: 612-973-0826

   $ 50,667,500

Guaranty Bank

8333 Douglas, 11th Floor

Dallas, Texas 75225

Attention: Jenny Stilwell

Telephone: 214-360-2837

Telecopy: 214-360-1660

   $ 35,000,000

Comerica Bank

Comerica Tower at Detroit Center

500 Woodward Avenue

Detroit, MI 48226

Attention: Steve D. Clear

Telephone: 313-222-3042

Telecopy: 313-222-9295

   $ 25,000,000

National City Bank of Kentucky

101 South 5th Street

Louisville, KY 40202

Attention: Mary Jo Reiss

Telephone: 502-581-4197

Telecopy: 502-581-4154

   $ 24,332,500

JPMorgan Chase Bank

707 Travis – 6 CBBN 91

Houston, TX 77002-8091

Attention: Ms. Cynthia E. Crites

Telephone: 713-216-4425

Telecopy: 713-216-1567

   $ 40,000,000     

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TOTAL

   $ 175,000,000     

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Ex A-1