SEVENTH AMENDMENT TO CREDIT AGREEMENT
This SEVENTH AMENDMENT TO CREDIT AGREEMENT, dated as of February [9], 2016 (this
“Amendment”), is by and among Carriage Services, Inc., a Delaware corporation
(the “Borrower”), certain Lenders (as defined below) and Bank of America, N.A.,
as administrative agent (the “Administrative Agent”) for itself and the other
Lenders party to that certain Credit Agreement, dated as of August 30, 2012 (as
amended, supplemented, and restated or otherwise modified and in effect from
time to time, the “Credit Agreement”), by and among the Borrower, the lending
institutions party thereto (the “Lenders”) and the Administrative Agent.
Capitalized terms used herein without definition shall have the meanings
assigned to such terms in the Credit Agreement as set forth on Annex I.
WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement
to make certain revisions to the terms and conditions of the Credit Agreement as
specifically set forth in this Amendment.
NOW THEREFORE, in consideration of the foregoing premises and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Borrower, the Lenders and the Administrative Agent hereby
agree as follows:
§1.Amendment to Credit Agreement. The Credit Agreement (excluding the Schedules
and Exhibits thereto) is hereby amended in its entirety and replaced with the
document attached hereto as Annex I.
§2.    Amendment to Exhibit D to Credit Agreement. Exhibit D to the Credit
Agreement is hereby amended in its entirety and replaced with the document
attached hereto as Exhibit D to Annex II.
§3.    Amendment to Restate Schedules 2.01, 5.06, 5.08(b), 5.08(c), 5.08(d)(i),
5.08(d)(ii), 5.08(e), 5.13, 5.17, 5.20, 6.12, and 10.02 to Credit Agreement.
Schedules 2.01, 5.06, 5.08(b), 5.08(c), 5.08(d)(i), 5.08(d)(ii), 5.08(e), 5.13,
5.17, 5.20, 6.12, and 10.02 to the Credit Agreement are hereby amended in their
entirety and replaced with the documents attached hereto as Schedules 2.01,
5.06, 5.08(b), 5.08(c), 5.08(d)(i), 5.08(d)(ii), 5.08(e), 5.13, 5.17, 5.20,
6.12, and 10.02 to Annex II.
§4.    Amendment to add Schedules 1.01(a) and 6.19 to the Credit Agreement.
Schedules 1.01(a) and 6.19 are hereby added to the Credit Agreement in the form
of Schedules 1.01(a) and 6.19 attached hereto to Annex II.
§5.    Conditions to Effectiveness. This Amendment shall become effective as of
the date set forth above upon the satisfaction of the following conditions:
(a)    the Administrative Agent shall have received a counterpart signature page
to this Amendment, duly executed and delivered by the Borrower, each Guarantor
and the Lenders;

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(b)    the Administrative Agent shall have received a certified resolution of
the Borrower authorizing the execution, delivery and performance of this
Amendment and the Replacement Notes (as defined below);
(c)    the Administrative Agent shall have received a favorable opinion of
counsel to the Borrower covering the matters set forth in Sections 6(c), (d) and
(e) hereof;
(d)    the Administrative Agent shall have received fully-executed Revolving
Credit Notes and Term Notes payable to the order of each Lender in the amount of
their respective Revolving Credit Commitments and Term Commitments, as amended
hereby (collectively, the “Replacement Notes”);
(e)    the Administrative Agent shall have received for its benefit and for the
benefit of each Lender the fees in immediately available funds as agreed upon by
the Borrower, the Arranger, the Administrative Agent and the Lenders;
(f)    the Administrative Agent shall have received, in form and substance
reasonably acceptable to it, all incumbency certificates, certificates of no
default, and such other certificates and documents as reasonably requested by
the Administrative Agent;
(g)    the Administrative Agent shall have received updated flood certificates
(and where necessary, verification of flood insurance) with respect to the Real
Property Collateral; [Moved to Post-Closing – Schedule 6.19]
(h)    the Administrative Agent shall have received all invoiced out of pocket
fees and expenses due and owing in connection with this Amendment;
(i)    the Borrower shall have paid all reasonable invoiced fees and expenses of
the Administrative Agent’s counsel, Winstead PC; and
(j)    the Administrative Agent shall have received, in form and substance
satisfactory to the Administrative Agent and its counsel, such other documents,
certificates and instruments as the Administrative Agent shall reasonably
require.
§6.    Representations and Warranties. The Borrower represents and warrants to
the Administrative Agent and the Lenders as follows:
(a)    the representations and warranties made by the Borrower contained in
Article V of the Credit Agreement and the other Loan Documents that are subject
to materiality or Material Adverse Effect qualifications are true and correct in
all respects and the representations and warranties by the Borrower and each
other Loan Party contained in Article V of the Credit Agreement and the other
Loan Documents that are not subject to materiality or Material Adverse Effect
qualifications are true and correct in all material respects, in each case on
the date of this Amendment, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true
and correct as of such earlier date, and except that the representations
contained in Sections 5.05(a) and (c) of the Credit Agreement shall be deemed to
refer to the most

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recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit
Agreement, respectively;
(b)    no event has occurred and is continuing which constitutes a Default or an
Event of Default;
(c)    (i) Borrower has full power and authority to execute and deliver this
Amendment and the Replacement Notes and (ii) this Amendment and the Replacement
Notes have been duly executed and delivered by the Borrower and (iii) this
Amendment, the Credit Agreement, as amended hereby, and the Replacement Notes
constitute the legal, valid and binding obligations of the Borrower, enforceable
in accordance with their respective terms, except as enforceability may be
limited by applicable Debtor Relief Laws and by general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at
law);
(d)    neither the execution, delivery and performance of this Amendment, the
Replacement Notes, or the Credit Agreement, as amended hereby, nor the
consummation of any transactions contemplated herein or therein, will violate
any Law or conflict with any Organization Documents of the Borrower, or any
indenture, agreement or other instrument to which the Borrower or any of its
property is subject;
(e)    no authorization, approval, consent, or other action by, notice to, or
filing with, any Governmental Authority or other Person not previously obtained
is required for (i) the execution, delivery or performance by the Borrower of
this Amendment or the Replacement Notes, or (ii) the acknowledgement by any
Guarantor of this Amendment;
(f)    since December 31, 2014, there shall not have occurred any event or
condition that has had or could be reasonably expected, either individually or
in the aggregate, to have a Material Adverse Effect; and
(g)    there is no action, suit, investigation or proceeding pending or, to the
knowledge of the Borrower, threatened in any court or before any arbitrator or
governmental authority that could reasonably be expected to have a Material
Adverse Effect.
§7.    Purchase/Sale by Lenders. Simultaneously with the satisfaction of the
conditions to effectiveness set forth in Section 5 of this Amendment, each
Lender (other than the Exiting Lenders) shall purchase or sell (as the case may
be), without recourse, an amount of the Term Loans and Revolving Credit Loans
outstanding such that, after giving effect to this Amendment, (a) the amount of
Term Loans owed to each Lender will be equal to its Applicable Percentage
thereof after giving effect to this Amendment, and (b) the amount of each
Lender’s Revolving Credit Commitment utilized and the amount of Revolving Loans
owed to each Lender will be equal to its Applicable Percentage thereof after
giving effect to this Amendment. The Borrower shall pay each Lender compensation
for any losses pursuant to Section 3.05 of the Credit Agreement as a result of
any purchases or sales. Each Lender hereby waives the requirement in
Section 2.13 that all payments on the Obligations be made pro rata solely for
purposes of payment of all Obligations due and owing to the Exiting Lender.

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§8.    No Other Amendments, etc. Except as expressly provided in this Amendment,
(a) all of the terms and conditions of the Credit Agreement and the other Loan
Documents (as amended and restated in connection herewith, if applicable) remain
unchanged, and (b) all of the terms and conditions of the Credit Agreement, as
amended hereby, and of the other Loan Documents (as amended and restated in
connection herewith, if applicable) are hereby ratified and confirmed and remain
in full force and effect. Nothing herein shall be construed to be an amendment,
consent or a waiver of any requirements of the Borrower, or of any other Person
under the Credit Agreement or any of the other Loan Documents except as
expressly set forth herein or pursuant to a written agreement executed in
connection herewith. Nothing in this Amendment shall be construed to imply any
willingness on the part of the Administrative Agent or any Lender to grant any
similar or future amendment, consent or waiver of any of the terms and
conditions of the Credit Agreement or the other Loan Documents.
§9.    Reference to the Credit Agreement.
(a)    Upon the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, or words of like import shall mean
and be a reference to the Credit Agreement, as modified hereby. This Amendment
shall be a Loan Document.
(b)    The Credit Agreement, as modified herein, shall remain in full force and
effect and is hereby ratified and confirmed.
§10.    Costs, Expenses and Taxes. The Borrower agree to pay on demand all costs
and expenses of the Administrative Agent in connection with the preparation,
reproduction, execution and delivery of this Amendment and the other instruments
and documents to be delivered hereunder (including the reasonable fees and
out-of-pocket expenses of counsel for the Administrative Agent with respect
thereto).
§11.    Execution in Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed to be an original and
all of which when taken together shall constitute but one and the same
instrument. For purposes of this Amendment, a counterpart hereof (or signature
page thereto) signed and transmitted by any Person party hereto to the
Administrative Agent (or its counsel) by facsimile or other electronic imaging
means (e.g., “pdf” or “tif”) is to be treated as an original. The signature of
such Person thereon, for purposes hereof, is to be considered as an original
signature, and the counterpart (or signature page thereto) so transmitted is to
be considered to have the same binding effect as an original signature on an
original document.
§12.    Governing Law; Binding Effect. This Amendment shall be deemed to be a
contract made under and governed by and continued in accordance with the
internal laws of the State of Texas applicable to agreements made and to be
performed entirely within such state, provided that each party shall retain all
rights arising under federal law. This Amendment shall be binding upon the
parties hereto and their respective successors and assigns.
§13.    Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

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§14.    ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT,
AND THE OTHER LOAN DOCUMENTS, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES.

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IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the
date first set forth above.
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RATIFICATION OF GUARANTORS
Each of the undersigned Guarantors hereby (a) acknowledges and consents to the
foregoing Amendment and the Borrower’s execution thereof; (b) joins the
foregoing Amendment for the purpose of consenting to and being bound by the
provisions thereof, (c) ratifies and confirms all of its obligations and
liabilities under the Loan Documents to which it is a party and ratifies and
confirms that such obligations and liabilities extend to and continue in effect
with respect to, and continue to guarantee and secure the Obligations of the
Borrower under the Credit Agreement, as amended pursuant to the terms of the
Amendment; (d) acknowledges and agrees that such Guarantor does not have any
claim or cause of action against the Administrative Agent or any Lender (or any
of their respective directors, officers, employees, agents, attorneys or other
representatives) under or in connection with the Credit Agreement and the other
Loan Documents; and (e) acknowledges, affirms and agrees that such Guarantor
does not have any defense, claim, cause of action, counterclaim, offset or right
of recoupment of any kind or nature against any of its obligations, indebtedness
or liabilities to the Administrative Agent or any Lender, in each case under or
in connection with the Credit Agreement and the other Loan Documents.
The Guarantors:

CARRIAGE CEMETERY SERVICES, INC.
CARRIAGE CEMETERY SERVICES OF     CALIFORNIA, INC.
CARRIAGE CEMETERY SERVICES OF IDAHO,     INC.
CARRIAGE FLORIDA HOLDINGS, INC.
CARRIAGE FUNERAL HOLDINGS, INC.
CARRIAGE FUNERAL MANAGEMENT, INC.
CARRIAGE FUNERAL SERVICES OF     CALIFORNIA, INC.
CARRIAGE FUNERAL SERVICES OF     KENTUCKY, INC.
CARRIAGE FUNERAL SERVICES OF     MICHIGAN, INC.
CARRIAGE HOLDING COMPANY, INC.
CARRIAGE INSURANCE AGENCY OF     MASSACHUSETTS, INC.
CARRIAGE INTERNET STRATEGIES, INC.
CARRIAGE LIFE EVENTS, INC.
CARRIAGE MANAGEMENT, INC. (formerly     Carriage Management, L.P.)
CARRIAGE MERGER VI, INC.
CSRE HOLDINGS, INC.
CARRIAGE MERGER VIII, INC.
CARRIAGE MERGER IX, INC.
CARRIAGE MERGER X, INC.

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CARRIAGE MUNICIPAL CEMETERY     SERVICES OF NEVADA, INC.
CARRIAGE PENNSYLVANIA HOLDINGS, INC.
CARRIAGE SERVICES OF CONNECTICUT,     INC.
CARRIAGE SERVICES OF NEVADA, INC.
CARRIAGE SERVICES OF NEW MEXICO, INC.
CARRIAGE SERVICES OF OHIO, LLC
CARRIAGE SERVICES OF OKLAHOMA, L.L.C.
CARRIAGE TEAM CALIFORNIA     (CEMETERY), LLC
CARRIAGE TEAM CALIFORNIA (FUNERAL),     LLC
CARRIAGE TEAM FLORIDA (CEMETERY),     LLC
CARRIAGE TEAM FLORIDA (FUNERAL), LLC
CARRIAGE TEAM KANSAS, LLC
CATAUDELLA FUNERAL HOME, INC.
CFS FUNERAL SERVICES, INC.
CHC INSURANCE AGENCY OF OHIO, INC.
CLOVERDALE PARK, INC.
COCHRANE’S CHAPEL OF THE ROSES, INC.
CSI FUNERAL SERVICES OF     MASSACHUSETTS, INC.
FORASTIERE FAMILY FUNERAL SERVICE,     INC.
HORIZON CREMATION SOCIETY, INC.
HUBBARD FUNERAL HOME, INC.
ROLLING HILLS MEMORIAL PARK
WILSON & KRATZER MORTUARIES
CARRIAGE SERVICES OF LOUISIANA, INC.
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Annex I
[See Attached]

Annex I to Seventh Amendment to Credit Agreement

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Annex II
[See Attached]

Annex II to Seventh Amendment to Credit Agreement