Exhibit 10(a)
SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT
AGREEMENT
          This SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
(“Amendment”), dated as of February 15, 2008, among PULTE HOMES, INC., a
Michigan 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 Third Amended and Restated Credit Agreement dated as of June 20, 2007
(as amended by First Amendment to Third Amended and Restated Credit Agreement
dated November 21, 2007 and as it may be further 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 for the purposes 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 $1,600,000,000 and Schedule 1.1(a) of the Credit
Agreement is amended and restated in its entirety and replaced by
Schedule 1.1(a) attached hereto.
     2. Definitions. (a) The following definition in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety as follows:
     “Debt to Capitalization Ratio” means, as of any date, the ratio (stated as
a percentage) of (a) Indebtedness of the Credit Parties (other than to the
REITs, provided such REIT has complied with Section 6.1(h)) less (i) 50% of
Qualified Subordinated Debt and (ii) all Unrestricted Cash held by the Credit
Parties in excess of $25,000,000 but not to exceed $300,000,000 to
(b) Capitalization.
     (b) The following defined terms are added to Section 1.1 of the Credit
Agreement:
     “Deferred Tax Valuation Allowance” means any valuation allowance applied to
deferred tax assets as determined in accordance with GAAP and shown on the
financial statements of the Borrower.
     “Unrestricted Cash” means cash and Cash Equivalents of the Credit Parties
that are free and clear of all Liens (other than Liens securing the Credit Party
Obligations) and not subject to any restrictions on the use thereof to pay
Indebtedness and other obligations of the Credit Parties.

 

--------------------------------------------------------------------------------

 

     3. Permitted Debt to Capitalization Ratio. Notwithstanding anything to the
contrary contained in Section 5.2(a) of the Credit Agreement, if the first
fiscal quarter of the Borrower in which the Permitted Debt to Capitalization
Ratio would, pursuant to the provisions of Section 5.2(a)(i), decrease is either
the first or second fiscal quarter of 2008 (such quarter, whether the first or
second quarter of 2008, but not both, being the “Affected Quarter”), such
decrease shall not occur with respect to the Affected Quarter, and the Permitted
Debt to Capitalization Ratio shall remain unchanged until the first fiscal
quarter (if any) after the Affected Quarter in which the Permitted Debt to
Capitalization Ratio would decrease pursuant to the provisions of
Section 5.2(a)(i).
     4. Tangible Net Worth. Section 5.2(b) of the Credit Agreement is hereby
amended and restated in its entirety as follows:
     (b) Tangible Net Worth. As of the last day of each fiscal quarter of the
Borrower (beginning with the fiscal quarter ended December 31, 2007), Tangible
Net Worth shall be greater than or equal to the following (the “Minimum Tangible
Net Worth”): the sum of (i) $4,000,000,000, plus (ii) 50% of the cumulative Net
Income of the Borrower and its Subsidiaries (without deduction for losses and
excluding the effect of any decrease in any Deferred Tax Valuation Allowance)
earned for each completed fiscal quarter subsequent to December 31, 2007 to the
date of determination, minus (iii) the cumulative net amount of any Deferred Tax
Valuation Allowance as of the date of determination; provided, however, that in
no event shall the Minimum Tangible Net Worth be less than $2,900,000,000.
     5. 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.
     (c) 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 Amendment and any other legal matters
relating to the Borrower, the Agreement or 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.
          The Administrative Agent shall notify the Borrower and the Lenders of
the Amendment Effective Date, and such notice shall be conclusive and binding.
     6. Representations and Warranties. The Borrower hereby represents and
warrants that as of the date hereof:

2

--------------------------------------------------------------------------------

 

     (a) The representations and warranties of the Borrower and the other Credit
Parties in the Credit Agreement and the other Credit Documents are true and
correct in all material respects.
     (b) There exists no Default or Event of Default.
     7. Ratification. The Credit Agreement, as amended hereby, is hereby
ratified and remains in full force and effect.
     8. 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.
     9. Choice of Law. This Amendment and the other Credit Documents shall be
construed in accordance with the internal laws (but without regard to the
conflict of laws provisions other than Section 5-1401 of the New York General
Obligations Law ) of the State of New York, but giving effect to federal laws
applicable to national banks.

3

--------------------------------------------------------------------------------

 

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

            Borrower:

PULTE HOMES, INC.
      By:   /s/ Bruce E. Robinson         Vice President and Treasurer         
 

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            Lenders:

JPMORGAN CHASE BANK, N.A.,
As Lender and Administrative Agent
      By:   /s/ Kimberly Turner         Executive Director           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            CITICORP NORTH AMERICA, INC.
      By:   /s/ Marni Mcmanus         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            BANK OF AMERICA, N.A.
      By:   /s/ Eyal Namordi         Senior Vice President             

 

--------------------------------------------------------------------------------

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            BARCLAYS BANK PLC
      By:   /s/ Nicholas Bell         Director           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            BNP PARIBAS
      By:   /s/ Berangere Allen         Vice President                     
By:   /s/ Melissa Balley         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            CALYON NEW YORK BRANCH
      By:   /s/ Robert S. Smith         Managing Director                     
By:   /s/ Brian Myers         Managing Director           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            COMERICA BANK
      By:   /s/ Charles Weddell         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            DEUTSCHE BANK TRUST COMPANY
AMERICAS
      By:   /s/ Omayra Laucella         Vice President                     
By:   /s/ Erin Morrissey         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            THE ROYAL BANK OF SCOTLAND PLC
      By:   /s/ William McGinty         Senior Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            UBS LOAN FINANCE LLC
      By:   /s/ Irja R. Otsa         Associate Director                     
By:   /s/ Mary E. Evans         Associate Director             

 

--------------------------------------------------------------------------------

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            COUNTRYWIDE BANK, F.S.B.
      By:   /s/ Douglas Dixon         Senior Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            MERRILL LYNCH BANK USA
      By:   /s/ Derek Befus         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.
      By:   /s/ Thomas Danielson         Authorized Signatory           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            GUARANTY BANK
      By:   /s/ Ross Evans         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            LLOYDS TSB BANK PLC
      By:   /s/ Nicholas J. Bruce         Vice President                     
By:   /s/ Jonathan Smith         Assistant Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            MIZUHO CORPORATE BANK, LTD.
      By:   /s/ Noel Purcell         Authorized Signatory           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            PNC BANK, NATIONAL ASSOCIATION
      By:   /s/ Luis Donoso         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            NATIXIS (f/k/a NATEXIS BANQUES
POPULAIRES)
      By:   /s/ Marie-Edith Dugény         Managing Director                   
  By:   /s/ Timothée Delpont         Associate           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            WASHINGTON MUTUAL BANK
      By:   /s/ John L. Thomas         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            FIFTH THIRD BANK, a Michigan Banking Corporation
      By:   /s/ Brian Jelinski         Assistant Vice President             

 

--------------------------------------------------------------------------------

 

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            REGIONS BANK
      By:   /s/ Daniel McClurkin         Assistant Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            CITY NATIONAL BANK
      By:   /s/ Xavier Barrera         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            COMPASS BANK, an Alabama banking corporation
      By:   /s/ Steven J. Heslep         Senior Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            COMMERCE BANK, N.A.
      By:   /s/ Seth Mackler         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            BANK OF HAWAII, a Hawaii corporation
      By:   /s/ Brian H. Uemori         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            CALIFORNIA BANK & TRUST, a California
Banking Corporation
    By:   /s/ Stephanie Lantz         Vice President           

 

--------------------------------------------------------------------------------

 

         

SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT WITH PULTE HOMES, INC.

            MALAYAN BANKING BERHAD, NEW YORK BRANCH
      By:   /s/ Fauzi Zulkifli         General Manager             

 

--------------------------------------------------------------------------------

 

SCHEDULE 1.1(a)

          Lender   Commitment
JPMorgan Chase Bank, N.A.
  $ 86,021,505.38  
Citicorp North America, Inc.
    86,021,505.38  
Bank of America, N.A.
    86,021,505.38  
Barclays Bank PLC
    86,021,505.38  
BNP Paribas
    86,021,505.38  
Calyon New York Branch
    86,021,505.38  
Comerica Bank
    86,021,505.38  
Deutsche Bank Trust Company Americas
    86,021,505.38  
The Royal Bank of Scotland PLC
    86,021,505.38  
SunTrust Bank
    86,021,505.38  
UBS Loan Finance LLC
    86,021,505.38  
Wachovia Bank, National Association
    86,021,505.38  
Countrywide Bank, F.S.B.
    64,516,129.03  
Merrill Lynch Bank USA
    64,516,129.03  
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
    47,311,827.96  
Guaranty Bank
    43,010,752.69  
Lloyds TSB Bank PLC
    43,010,752.69  
Mizuho Corporate Bank, Ltd.
    43,010,752.69  
PNC Bank, National Association
    43,010,752.69  
Natixis
    34,408,602.15  
Washington Mutual Bank
    34,408,602.15  
Fifth Third Bank, a Michigan Banking Corporation
    30,107,526.88  
Regions Bank
    30,107,526.88  
City National Bank
    21,505,376.34  
Compass Bank
    21,505,376.34  
Commerce Bank, N.A.
    17,204,301.08  
Bank of Hawaii, a Hawaii corporation
    12,903,225.81  
California Bank & Trust, a California Banking Corporation
    12,903,225.81  
Malayan Banking Berhad, New York Branch
    4,301,075.27  
 
       
TOTAL
  $ 1,600,000,000  

 

--------------------------------------------------------------------------------

 

Exhibit A
CONSENT AND AGREEMENT OF GUARANTORS
     THIS CONSENT AND AGREEMENT OF GUARANTORS (“Consent”) is executed and
delivered as of ___, 2008, by the undersigned (the “Guarantors”), in favor of
the “Lenders” under that certain Third Amended and Restated Credit Agreement
dated as of June 20, 2007, among Pulte Homes, Inc., the Lenders from time to
time parties thereto and JPMorgan Chase Bank, N.A., in its capacity as
Administrative Agent. Such Third Amended and Restated Credit Agreement, as it
has been and may be amended, modified or supplemented from time to time, is
hereinafter referred to as the “Credit Agreement.” Unless otherwise defined
herein, capitalized terms used herein shall have the meanings ascribed to them
in the Credit Agreement.
W I T N E S S E T H:
     WHEREAS, the Guarantors have executed and delivered a Guaranty dated
June 20, 2007 in favor of the Lenders under the Credit Agreement (the
“Guaranty”); and
     WHEREAS, the Borrower, the Administrative Agent and the Required Lenders
have entered into that certain Second Amendment to Third Amended and Restated
Credit Agreement of even date herewith amending the Credit Agreement (the
“Amendment”); and
     WHEREAS, it is a condition to the Amendment that the Guarantors shall have
executed this Consent;
     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Guarantors hereby consent to
the Amendment and agree that the Guaranty continues in full force and effect
with respect to the undersigned Guarantors.

 

--------------------------------------------------------------------------------

 

     IN WITNESS WHEREOF, this Consent has been duly executed by the Guarantors
as of the day and year first set forth above.
[Guarantors]