Exhibit 10.53
EXECUTION VERSION
AMENDMENT NO. 1 dated as of December 18, 2018 (this “Amendment”), to the CREDIT
AGREEMENT dated as of May 21, 2018 (as amended, supplemented or otherwise
modified prior to the date hereof, the “Credit Agreement”), among WILLIAM LYON
HOMES, INC., a California corporation (the “Borrower”), WILLIAM LYON HOMES, a
Delaware corporation (“Parent”), the lenders from time to time party thereto
(the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent (in such
capacity, the “Administrative Agent”) for the Lenders.
A.Pursuant to the Credit Agreement, the Lenders have extended, and have agreed
to extend, credit to the Borrower.

B.The Borrower and Parent have requested, and the Required Lenders have agreed,
to amend the Credit Agreement as provided herein.

Accordingly, in consideration of the mutual agreements herein contained and
other good and valuable consideration, the sufficiency and receipt of which are
hereby acknowledged, the parties hereto agree as follows:
SECTION 1. Defined Terms. Capitalized terms used but not defined herein shall
have the meanings given to them in the Credit Agreement.

SECTION 2. Amendment to the Credit Agreement. Subject to the satisfaction of the
conditions set forth in Section 4 hereof, the table set forth in Section 7.1(a)
of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:
PERIOD
MAXIMUM LEVERAGE RATIO
March 31, 2018 through and including June 29, 2018
70%
June 30, 2018 through and including December 30, 2018
65%
December 31, 2018 through and including December 30, 2019
62.5%
December 31, 2019 and thereafter
60%

SECTION 3. Representations and Warranties. To induce the other parties hereto to
enter into this Amendment, Parent and the Borrower represent and warrant to each
of the Lenders and the Administrative Agent that, after giving effect to this
Amendment, (a) the representations and warranties set forth in Section 4 of the
Credit Agreement are true and correct in all material respects (except any
representations and warranties which are qualified by materiality, which are
correct and accurate in all respects) on and as of the Amendment No. 1 Effective
Date (as defined below) as if made on and as of the Amendment No. 1 Effective
Date, provided if any such representations and warranties are expressly made
only as of a prior date, such representations and warranties are true and
correct in all material respects (except any representations and warranties
which are qualified by materiality are correct and accurate in all respects) as
of such prior date; and (b) no Default or Event of Default shall have occurred
and be continuing on the Amendment No. 1 Effective Date.

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SECTION 4. Amendment Effectiveness. This Amendment shall become effective on the
date (the “Amendment No. 1 Effective Date”) on which the Administrative Agent
shall have received:
(a)counterparts of this Amendment that, when taken together, bear the signatures
of the Borrower, Parent and the Required Lenders;

(b)payment from the Borrower, for the account of each Lender that shall have
unconditionally and irrevocably delivered to the Administrative Agent (or its
counsel) its executed signature page to this Amendment at or prior to 12:00
p.m., New York City time, on December 14, 2018 (each, a “Consenting Lender”), an
amendment fee in an amount equal to 0.05% of the aggregate outstanding principal
amount of such Consenting Lender’s Commitments (whether drawn or undrawn) as of
the Amendment No. 1 Effective Date; and

(c)reimbursement of all expenses required to be paid by the Borrower in
connection with the transactions contemplated hereby.

SECTION 5. Effect of Amendment. Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a
waiver of, or otherwise affect the rights and remedies of the Lenders, the
Issuing Lenders or the Administrative Agent under the Credit Agreement or any
other Loan Document, and shall not alter, modify, amend or in any way affect any
of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement or any other Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Nothing
herein shall be deemed to entitle any Loan Party to a consent to, or a waiver,
amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document in similar or different circumstances. This Amendment shall
apply and be effective only with respect to the provisions of the Credit
Agreement specifically referred to herein. After the date hereof, any reference
to the Credit Agreement shall mean the Credit Agreement as modified hereby. This
Amendment shall constitute a “Loan Document” for all purposes of the Credit
Agreement and the other Loan Documents.

SECTION 6. Acknowledgement and Consent. Each Loan Party hereby acknowledges that
it has read this Amendment and consents to the terms hereof and further hereby
affirms, confirms and agrees that (a) notwithstanding the effectiveness of this
Amendment, the obligations of such Loan Party under each of the Loan Documents
to which it is a party shall not be impaired and each of the Loan Documents to
which such Loan Party is a party is, and shall continue to be, in full force and
effect and is hereby confirmed and ratified in all respects, in each case, as
amended hereby; and (b) its guaranty of the Obligations as and to the extent
provided in the Guarantee Agreement as originally executed shall continue in
full force and effect in respect of the Obligations as modified hereby.

SECTION 7. 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 an original, but all such
counterparts together shall constitute but one and the same contract. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile or
other customary means of electronic transmission (e.g., “pdf”) shall be as
effective as delivery of a manually executed counterpart hereof.

SECTION 8. Applicable Law. THIS AMENDMENT AND ALL CLAIMS AND

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CONTROVERSIES IN CONNECTION HEREWITH SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

SECTION 9. Submission to Jurisdiction; Waivers. Section 10.12 of the Credit
Agreement is hereby incorporated by reference in this Amendment, mutatis
mutandis, and each of the parties hereto shall be bound by the terms and
provisions of Section 10.12 as if such terms and provisions were originally set
forth herein.

SECTION 10. Headings. The headings of this Amendment are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof.
[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their duly authorized officers, all as of the date and year first
above written.

WILLIAM LYON HOMES, INC.,
By /s/ Colin T. Severn
 
 
 
Name: Colin T. Severn
 
Title: Senior Vice President and Chief Financial Officer
 
 

                                
WILLIAM LYON HOMES,
By /s/ Colin T. Severn
 
 
 
Name: Colin T. Severn
 
Title: Senior Vice President and Chief Financial Officer
 
 

[Signature Page to Amendment No. 1 to Credit Agreement]

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JPMORGAN CHASE BANK, N.A.,
individually and as Administrative Agent,
By /s/ Chiara Carter
 
 
 
Name: Chiara Carter
 
Title: Executive Director

[Signature Page to Amendment No. 1 to Credit Agreement]

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SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                
Name of Lender: CITIBANK N.A.
By /s/ Anita Philip
 
 
 
Name: Anita Philip
 
Title: Vice President
 
 

[CS Signature Page to New Lender Supplement]

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SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
By /s/ William O'Daly
 
 
 
Name: William O'Daly
 
Title: Authorized Signatory
 
 
By /s/ Michael Del Genio
 
 
 
Name: Michael Del Genio
 
Title: Authorized Signatory
 
 

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SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                
Name of Lender SunTrust Bank
By /s/ Lisa Smith Boyer
 
 
 
Name: Lisa Smith Boyer
 
Title: Senior Vice President

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SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                
Name of Lender
Compass Bank, an Alabama banking corporation
By /s/ Ben Weimer
 
 
 
Name: Ben Weimer
 
Title: Sr Vice President

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SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                
Comerica Bank
By /s/ David Plattner
 
 
 
Name: David Plattner
 
Title: Vice President

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SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                
Name of Lender: ZB, N.A. dba California Bank & Trust
By /s/ Stefan Junus
 
 
 
Name: Stefan Junus
 
Title: Senior Vice President

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SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                
Name of Lender: FLAGSTAR BANK
By /s/ Philip Trujillo
 
 
 
Name: PHILIP TRUJILLO
 
Title: VICE PRESIDENT