EXHIBIT 10.2
FIRST AMENDMENT TO CREDIT AGREEMENT
     This FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as
of August 4, 2009, is entered into by and among NVR, INC., as borrower
(“Borrower”), the Lenders party hereto and BANK OF AMERICA, N.A., as
administrative agent (“Administrative Agent,” and collectively with Borrower and
Lender, the “Parties”).
RECITALS
     WHEREAS, the Borrower and the Lenders entered into that certain Credit
Agreement dated as of December 7, 2005 (the “Credit Agreement”), providing for a
revolving credit loan facility in the maximum principal amount of $600,000,000
in the aggregate; and
     WHEREAS, the Parties now wish to amend the Credit Agreement as set forth
below.
     NOW THEREFORE, in consideration of the mutual promises contained herein,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereto agree as follows:
1. Defined Terms. All capitalized terms used herein, unless otherwise defined
herein, shall have the meanings given them in the Credit Agreement, and each
reference in the Credit Agreement to “this Agreement” and each other similar
reference shall be deemed to refer to the Credit Agreement as amended hereby.
All references to the Credit Agreement in the Loan Documents shall be deemed to
refer to the Credit Agreement as amended hereby.
2. Amendment to Definitions Section. Article 1 of the Credit Agreement is hereby
amended as follows:
(i) The definition of “Aggregate Commitment” is deleted in its entirety and
replaced with the following:
“ ‘ Aggregate Commitment’ means $300,000,000 as such amount may be reduced from
time to time pursuant to the terms of this Agreement.”
(ii) The definition of “Commitment” is deleting in its entirety and replaced
with the following:
“ ‘Commitment’ means, for each Lender, the obligation of such Lender to make
Loans not exceeding the amount set forth on Exhibit A to the First Amendment, as
such amounts may be modified as a result of any assignment that has become
effective pursuant to Section 10.04 or as otherwise modified from time to time
pursuant to the terms hereof.”
(iii) The definition of “Commitment and Acceptance” is deleted in its entirety.

 

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(iv) The definition of “Facility Increase” is deleted in its entirety.
(v) The following definition is added to Article 1:
“ ‘First Amendment’ means that certain First Amendment to Credit Agreement,
dated August 4, 2009, by and among Borrower, Administrative Agent and the
Lenders party thereto.”
(vi) The definition of “Land” is deleted in its entirety.
(vii) The definition of “New Lender” is deleted in its entirety.
3. Deletion of Section 2.14. Section 2.14 is hereby deleted in its entirety
(except for the heading “SECTION 2.14.”) and replaced with “Intentionally
Omitted.” Any and all references to Section 2.14, and any and all obligations
thereunder are hereby deleted throughout the Credit Agreement and shall be of no
further force and effect.
4. Amendment to Section 7.06(c). Section 7.06(c) is hereby amended as follows:
(i) In the lead-in phrase, the following is deleted in its entirety: “ ,other
than Land purchases permitted by Section 7.12”; and
(ii) In Section 7.06(c)(ii), “$50,000,000” is deleted in its entirety and
replaced with “$250,000,000”.
5. Deletion of Section 7.12. Section 7.12 is hereby deleted in its entirety
(except for the heading “SECTION 7.12.”) and replaced with “Intentionally
Omitted.” Any and all references to Section 7.12, and any and all obligations
thereunder are hereby deleted throughout the Credit Agreement and shall be of no
further force and effect.
6. Amendments to Schedules. Schedule I to the Credit Agreement is amended by
deleting such schedule in its entirety and replacing it with the new Schedule I
attached hereto and incorporated herein as Exhibit A, and Schedule III to the
Credit Agreement is amended by deleting such schedule in its entirety and
replacing it with the new Schedule III attached hereto and incorporated herein
as Exhibit B.
7. Amendment to Exhibit F. Exhibit F to the Credit Agreement is amended by
deleting such exhibit in its entirety (except for the heading “EXHIBIT F”) and
replacing it with “Not Applicable.” Any and all references to Exhibit F, and any
and all obligations thereunder are hereby deleted throughout the Credit
Agreement and shall be of no further force and effect.
8. Conditions Precedent. This First Amendment shall be effective as of the date
(“First 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 First Amendment signed on behalf of each
such Party.

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     (b) The Administrative Agent shall have received such documents and
certificates 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 First Amendment and any other legal matters
relating to the Borrower, the Credit Agreement or this First Amendment, all in
form and substance satisfactory to the Administrative Agent and its counsel.
     (c) The Administrative Agent shall have received all amounts due and
payable on or prior to the First Amendment Effective Date, including
reimbursement or payment of all out-of-pocket expenses required to be reimbursed
or paid by the Borrower under the Loan Documents.
          The Administrative Agent shall notify the Borrower and the Lenders of
the First Amendment Effective Date, and such notice shall be conclusive and
binding.
9. Representations and Warranties. The Borrower hereby represents and warrants
that as of the date hereof:
     (a) The representations and warranties of the Borrower in the Credit
Agreement (as amended hereby) are true and correct in all material respects.
     (b) There exists no Default or Unmatured Default.
10. Release. In consideration of this First Amendment, Borrower hereby fully and
unconditionally releases and forever discharges Administrative Agent and each
Lender and their respective directors, officers, employees, subsidiaries,
branches, affiliates, attorneys, agents, representatives, successors and assigns
and all persons, firms, corporations and organizations acting on their behalf
(collectively, the “Released Parties”), of and from any and all claims,
allegations, causes of action, costs or demands and liabilities pertaining to or
arising out of the Credit Agreement, at any time prior to the First Amendment
Effective Date, whether known or unknown, liquidated or unliquidated, fixed or
contingent, asserted or unasserted, foreseen or unforeseen, matured or
unmatured, suspected or unsuspected, anticipated or unanticipated, which
Borrower has, had, claims to have or to have had or hereafter claims to have or
have had against the Released Parties by reason of any act or omission on the
part of the Released Parties, or any of them, occurring prior to the First
Amendment Effective Date, including all such loss or damage of any kind
heretofore sustained or that may arise as a consequence of the dealings among
the parties up to and including the First Amendment Effective Date, including
the administration or enforcement of the Credit Agreement (collectively, all of
the foregoing are the “Claims”), and Borrower hereby represents and warrants
that the foregoing constitutes a full and complete release of all such Claims by
or on behalf of Borrower. Borrower further represents and warrants that it has
no knowledge of any Claim against the Released Parties or of any facts or acts
or omissions of the Released Parties which on the date hereof would be the basis
of a Claim by it against the Released Parties which is not released hereby. The
inclusion of a release provision in this First Amendment shall not give rise to
any inference that but for such release, any Claim otherwise would exist.

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11.   Effectiveness of the Loan Documents. Except as expressly stated in this
First Amendment, the Credit Agreement remains in full force and effect, and all
other Loan Documents remain in full force and effect.   12.   Governing Law.
This First Amendment shall be construed in accordance with and governed by the
laws of the State of New York.   13.   Headings. The headings contained in the
titling of this First Amendment are intended to be used for convenience only and
shall not be deemed to be part of, or affect the interpretation of, the
provisions hereof or thereof.   14.   Severability. Any provision of this First
Amendment held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such
provision in any other jurisdiction.   15.   Counterparts. This First Amendment
may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which, when so executed and delivered,
shall be an original, but all of which counterparts shall together constitute
one and the same instrument. Delivery of an executed counterpart of a signature
page to this First Amendment by facsimile transmission (or by e-mail
transmission of an electronic copy in pdf format or other image file format)
shall be as effective as delivery of a manually executed counterpart of this
First Amendment.

[SIGNATURES FOLLOW ON THE NEXT PAGE]

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

            Borrower:

NVR, INC.
      By:   /s/ Dennis M. Seremet         Dennis M. Seremet        Senior Vice
President and Chief Financial Officer     

[SIGNATURES CONTINUE ON THE NEXT PAGE]
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            Administrative Agent:

BANK OF AMERICA, N.A.
      By:   /s/ Stephen B. Carlson         Stephen B. Carlson        Vice
President     

[SIGNATURES CONTINUE ON THE NEXT PAGE]
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            Lenders:

BANK OF AMERICA, N.A.
      By:   /s/ Stephen B. Carlson         Stephen B. Carlson        Vice
President     

[SIGNATURES CONTINUE ON THE NEXT PAGE]
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                  JPMORGAN CHASE BANK, N.A.    
 
           
 
  By:
Name:   /s/ Vanessa Chiu
 
Vanessa Chiu    
 
  Title:   Vice President    

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                  WACHOVIA BANK, NATIONAL ASSOCIATION
 
           
 
  By:
Name:   /s/ John Cory Bennett
 
John Cory Bennett    
 
  Title:   Officer    

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                  U.S. BANK, NATIONAL ASSOCIATION    
 
           
 
  By:
Name:   /s/ A. Jeffrey Jacobson
 
A. Jeffrey Jacobson    
 
  Title:   Senior Vice President    

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                  SUNTRUST BANK    
 
           
 
  By:
Name:   /s/ Katherine Bass
 
Katherine Bass    
 
  Title:   First Vice President    

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                  REGIONS BANK    
 
           
 
  By:
Name:   /s/ Daniel McClurkin
 
Daniel McClurkin    
 
  Title:   Vice President    

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                  COMERICA BANK    
 
           
 
  By:   /s/ Adam Sheets    
 
  Name:  
 
Adam Sheets    
 
  Title:   Vice President    

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                  CALYON NEW YORK BRANCH    
 
           
 
  By:
Name:   /s/ Robert Smith
 
Robert Smith    
 
  Title:   Managing Director    
 
           
 
  By:
Name:   /s/ David Cagle
 
David Cagle    
 
  Title:   Managing Director    

[SIGNATURES CONTINUE ON THE NEXT PAGE]
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                  CREDIT SUISSE, CAYMAN ISLANDS BRANCH    
 
           
 
  By:
Name:   /s/ Mikhail Faybusovich
 
Mikhail Faybusovich    
 
  Title:   Vice President    
 
           
 
  By:
Name:   /s/ Nupar Kumar
 
Nupar Kumar    
 
  Title:   Vice President    

[SIGNATURES CONTINUE ON THE NEXT PAGE]
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                  THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND    
 
           
 
  By:
Name:   /s/ Conor Linehan
 
Conor Linehan    
 
  Title:   Authorised Signatory    
 
           
 
  By:
Name:   /s/ Robert D. Gominiak
 
Robert D. Gominiak    
 
  Title:   Director    

[SIGNATURES CONTINUE ON THE NEXT PAGE]
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                  FIRST COMMERCIAL BANK, LOS ANGELES BRANCH
 
           
 
  By:
Name:   /s/ Wen-Han Wu
 
Wen-Han Wu    
 
  Title:   Deputy General Manager    

[SIGNATURES CONTINUE ON THE NEXT PAGE]
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                  THE NORINCHUKIN BANK, NEW YORK BRANCH
 
           
 
  By:
Name:   /s/ Kaoru Yamada
 
Kaoru Yamada    
 
  Title:   Joint General Manager    

[END OF SIGNATURES]
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EXHIBIT A
SCHEDULE I TO THE CREDIT AGREEMENT
SCHEDULE I
LENDERS AND COMMITMENTS

          Lender   Commitment  
Bank of America, N.A.
  $ 27,500,000  
JPMorgan Chase Bank, N.A.
  $ 35,000,000  
Mizuho Corporate Bank, Ltd.
  $ 27,500,000  
Wachovia Bank, National Association
  $ 27,500,000  
U.S. Bank, National Association
  $ 25,000,000  
SunTrust Bank
  $ 22,500,000  
Regions Bank
  $ 20,000,000  
Comerica Bank
  $ 17,500,000  
RBC Bank (USA)
  $ 17,500,000  
Calyon New York Branch
  $ 12,500,000  
Credit Suisse, Cayman Islands Branch
  $ 12,500,000  
The Governor and Company of the Bank of Ireland
  $ 12,500,000  
Chevy Chase Federal Savings Bank
  $ 10,000,000  
Compass Bank
  $ 7,500,000  
Chang Hwa Commercial Bank, Ltd. New York Branch
  $ 5,000,000  
First Commercial Bank, Los Angeles Branch
  $ 5,000,000  
Guaranty Bank
  $ 5,000,000  
Malayan Banking Berhad, New York Branch
  $ 5,000,000  
National City Bank
  $ 2,500,000  
The Norinchukin Bank, New York Branch
  $ 2,500,000  
 
       
Total
  $ 300,000,000  

Exhibit A - First Amendment to Credit Agreement

 

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EXHIBIT B
SCHEDULE III TO THE CREDIT AGREEMENT
SCHEDULE III
SUBSIDIARIES AND JOINT VENTURES

 

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SCHEDULE III
Subsidiaries; Joint Ventures of NVR, Inc. (“Borrower”)
Subsidiaries:
1. NVR Services, Inc.:

     
State of Incorporation:
  Delaware.
Jurisdictions of Qualification:
  Kentucky, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, South
Carolina, Tennessee, Virginia, and West Virginia.
Capital Stock Outstanding:
  1,000 Common Shares.
Shares Owned by Borrower:
  1,000 Common Shares.
Percentage of Shares Owned by Borrower:
  100%.

2. RVN, Inc.:

     
State of Incorporation:
  Delaware.
Jurisdictions of Qualification:
  North Carolina.
Capital Stock Outstanding:
  1,000 Common Shares.
Shares Owned by Borrower:
  1,000 Common Shares.
Percentage of Shares Owned by Borrower:
  100%.

3. NVR Funding II, Inc.:

     
State of Incorporation:
  Delaware.
Jurisdictions of Qualification:
  None.
Capital Stock Outstanding:
  1,000 Common Shares.
 
  1,000 Preferred Shares.
Shares Owned by Borrower:
  1,000 Common Shares.
 
  1,000 Preferred Shares.
Percentage of Common Shares Owned by Borrower:
  100%.
Percentage of Preferred Shares Owned by Borrower:
  100%.

4. NVR of Central Florida, LLC:

     
Jurisdiction of Organization:
  Florida.
Jurisdictions of Qualification:
  None.
Percentage of Membership Interest Owned by Borrower:
  100%.

 

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NVR, Inc.
Schedule III
Page 2
5. NVR Clarksburg, LLC:

     
Jurisdiction of Organization:
  Maryland.
Jurisdictions of Qualification:
  None.
Percentage of Membership Interest Owned by Borrower:
  100%.

Joint Venture of NVR Clarksburg, LLC
5.1 Artery Clarksburg, LLC:

     
Jurisdiction of Organization:
  Maryland.
Jurisdictions of Qualification:
  None.
Members:
  NVR Clarksburg, LLC.
 
  The Artery Group, LLC [unrelated].
 
   
Membership Interest of NVR Clarksburg, LLC:
  30%.
Membership Interest of The Artery Group, LLC.
  70%.

6. NVInsurance Brokers, Inc.:

     
State of Incorporation:
  Delaware.
Jurisdictions of Qualification:
  Maryland, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South
Carolina, Tennessee, Virginia, and West Virginia.
Capital Stock Outstanding:
  1,000 Common Shares.
Shares Owned by Borrower:
  1,000 Common Shares.
Percentage of Shares Owned by Borrower:
  100%

7. The Dillon Company (Inactive):

     
State of Incorporation:
  Ohio.
Jurisdictions of Qualification:
  Pennsylvania.
Capital Stock Outstanding:
  1,000 Common Shares.
Shares Owned by Borrower:
  1,000 Common Shares.
Percentage of Shares Owned by Borrower:
  100%.

8. NVR Rymarc Homes of South Carolina, LLC:

     
State of Organization:
  South Carolina.

 

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NVR, Inc.
Schedule III
Page 3

     
Jurisdiction of Qualification:
  None.
Membership Interest Outstanding:
  100%.
Percentage of Membership Interest Owned by Borrower:
  100%.

9. NVR Management, LLC (formerly, NVR Management Co.):

     
State of Formation:
  Virginia.
Jurisdictions of Qualification:
  None.
Membership Interest Outstanding:
  100%.
Percentage of Membership Interest Owned by Borrower:
  100%.

10. NVR Linganore, LLC:

     
State of Formation:
  Maryland.
Jurisdictions of Qualification:
  None.
Membership Interest Outstanding:
  100%.
Percentage of Membership Interest Owned by Borrower:
  100%.

11. NVR Mid-Atlantic Asset Acquisition, LLC:

     
State of Formation:
  Virginia.
Jurisdictions of Qualification:
  None.
Membership Interest Outstanding:
  100%.
Percentage of Membership Interest Owned by Borrower:
  100%.

12. NVR Indianapolis Acquisition, LLC:

     
State of Formation:
  Indiana.
Jurisdictions of Qualification:
  None.
Membership Interest Outstanding:
  100%.
Percentage of Membership Interest Owned by Borrower:
  100%.

13. NVR Mortgage Finance, Inc. (“NVMF”):

     
State of Incorporation:
  Virginia.
Jurisdictions of Qualification:
  Delaware, District of Columbia, Georgia, Florida, Indiana, Kentucky, Louisiana
(withdrawal pending), Maryland, Michigan, North Carolina, New Jersey, New York,
Ohio, Pennsylvania, South Carolina, Tennessee, and West Virginia.

 

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NVR, Inc.
Schedule III
Page 4

     
Capital Stock Outstanding:
  1,000 Common Shares.
Shares Owned by Borrower:
  1,000 Common Shares.
Percentage of Shares Owned by Borrower:
  100%.

Subsidiaries of NVRM and Indirect Subsidiaries of Borrower:
13.1 NVR Funding III, Inc.:

     
State of Incorporation:
  Delaware.
Jurisdictions of Qualification:
  None.
Capital Stock Outstanding:
  1,000 Common Shares.
 
  1,000 Preferred Shares.
Shares Owned by NVRM:
  1,000 Common Shares.
 
  1,000 Preferred Shares.
 
   
Percentage of Shares Owned by NVRM:
  Common 100%.
 
  Preferred 100%.

13.2 NVR Settlement Services, Inc. (“NVRSS”):

     
State of Incorporation:
  Pennsylvania.
Jurisdictions of Qualification:
  Delaware, Florida, Kentucky, Michigan, New York, North Carolina, South
Carolina, Virginia, and West Virginia.
Capital Stock Outstanding:
  10,000 Common Shares.
Shares Owned by NVRM:
  10,000 Common Shares.
Percentage of Shares Owned by NVRM:
  Common Shares 100%.

Subsidiaries of NVRSS and Indirect Subsidiaries of Borrower:
13.2.1 NVR Settlement Services of Maryland, Inc.:

     
State of Incorporation:
  Maryland.
Jurisdictions of Qualification:
  None.
Capital Stock Outstanding:
  100 Common Shares.
Shares Owned by NVRSS:
  100 Common Shares.
Percentage of Shares Owned by NVRSS:
  Common Shares 100%.

 

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NVR, Inc.
Schedule III
Page 5
13.2.2 Settlement Services of Tennessee LLC:

     
Jurisdiction of Organization:
  Tennessee.
Jurisdiction of Qualification:
  None.
Members:
  NVRSS
Sidwell & Barrett, PC [unrelated]
Membership Interest of NVRSS:
  66.7%.
Membership Interest of Sidwell & Barrett, PC:
  33.3%.

Joint Ventures of NVRSS
13.2.3 First NVR Settlement Services LLC:

     
Jurisdiction of Organization:
  Ohio.
Jurisdiction of Qualification:
  None.
Members:
  NVRSS
 
  First Title Agency, Inc. [unrelated]
Membership Interest of NVRSS:
  49%.
Membership Interest of First Title Agency, Inc.:
  51%.

13.2.4 NVR Title Agency LLC:

     
Jurisdiction of Organization:
  Ohio.
Jurisdiction of Qualification:
  None.
Members:
  NVRSS
 
  Title First Agency, Inc. [unrelated]
Membership Interest of NVRSS:
  49%.
Membership Interest of Title First Agency, Inc.:
  51%.

13.2.5 Legacy Title LLC:

     
Jurisdiction of Organization:
  New Jersey.
Jurisdiction of Qualification:
  None.
Members:
  NVRSS
 
  Title America Agency, Inc. [unrelated]
Membership Interest of NVRSS:
  49%.

 

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NVR, Inc.
Schedule III
Page 6
Membership Interest of Title America Agency, Inc.: 51%.
14. NVR Development, Inc. (“NVRD”) (Inactive):

     
State of Incorporation:
  Virginia.
Jurisdictions of Qualification:
  Maryland.
Capital Stock Outstanding:
  500 Common Shares.
Shares Owned by Borrower:
  500 Common Shares.
Percentage of Shares Owned by Borrower:
  Common Shares 100%.

Subsidiaries of NVRD and Indirect Subsidiaries of Borrower:
14.1. NVRD California, Inc. (“NVRDC”) (Inactive):

     
State of Incorporation:
  California.
Jurisdictions of Qualification:
  None.
Capital Stock Outstanding:
  1,000 Common Shares.
Shares Owned by NVRD :
  1,000 Common Shares.
Percentage of Shares Owned by NVRD:
  Common Shares 100%.

Subsidiaries of NVRDC and Indirect Subsidiaries of Borrower:
14.1.1 NV California L.P. (Inactive):

             
State of Formation:
  California.        
Jurisdictions of Qualification:
  None.        
General Partner:
  NVRDC.        
Limited Partner:
  NVRD.        
General Partner Interest:
  NVRDC: 1%.        
Limited Partner Interest:
  NVRD: 99%.        

14.1.2 H.R. Remington L.P. (Inactive):

             
State of Formation:
  California.        
Jurisdictions of Qualification:
  None.        
General Partner:
  NVRDC.        
Limited Partner:
  NVRD.        
General Partner Interest:
  NVRDC: 1%.        
Limited Partner Interest:
  NVRD: 99%.        

 

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NVR, Inc.
Schedule III
Page 7
15. NVR Ohio Acquisition, LLC:

     
Jurisdiction of Organization:
  Ohio.
Jurisdiction of Qualification:
  None.
Member:
  Borrower
Membership Interests of Borrower:
  100%.

Joint Ventures of Borrower
16. Cianciulli, LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%

17. Clymer-Rush Landis, LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%

18. Davis-D’Alexander LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

 

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NVR, Inc.
Schedule III
Page 8
19. Devos-Shelps, LLC (Inactive):

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

20. Domin LLC (Inactive):

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

21. Holcombe LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

22. Howland, LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.    
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

 

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NVR, Inc.
Schedule III
Page 9
23. Leatherman I LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

24. SOCO/Skarbak LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

25. S&S/Coventry, LLC:

     
Jurisdiction of Organization:
  Pennsylvania.    
Jurisdiction of Qualification:
  None.    
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

26. Snyder I, LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.

 

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NVR, Inc.
Schedule III
Page 10
Membership Interests of Heritage Land Partners, L.P.: 51%.
27. Strutynski-Soltys LLC (Inactive):

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.    
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

28. Yoder I LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

29. Zavitsanos, LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

30. Caulk, LLC:

     
Jurisdiction of Organization:
  Delaware.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]

 

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NVR, Inc.
Schedule III
Page 11

     
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

31. Webb I, LLC:

     
Jurisdiction of Organization:
  Delaware.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.

32. Heuscher, LLC:

     
Jurisdiction of Organization:
  Pennsylvania.
Jurisdiction of Qualification:
  None.
Members:
  Borrower
 
  Heritage Land Partners, L.P. [unrelated]    
Membership Interests of Borrower:
  49%.
Membership Interests of Heritage Land Partners, L.P.:
  51%.