Exhibit 10.1

SECOND AMENDMENT TO THIRD AMENDED AND RESTATED REVOLVING
CREDIT AGREEMENT

This SECOND AMENDMENT TO THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
(this “Amendment”), made as of May 12 , 2017, among FORESTAR (USA) REAL ESTATE
GROUP INC., a Delaware corporation (“Borrower”), the undersigned Guarantors,
KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”), and
the other financial institutions party to the Credit Agreement as lenders (each
individually a “Lender” and collectively, “Lenders”), and KEYBANK NATIONAL
ASSOCIATION, as Agent for the Lenders (in such capacity, “Agent”) and Swing Line
Lender.
W I T N E S S E T H:
WHEREAS, Borrower, Guarantors, Agent and certain of the Lenders previously
entered into a Revolving and Term Credit Agreement dated as of December 14,
2007, as amended by that certain First Amendment to Revolving and Term Credit
Agreement and Other Loan Documents dated as of March 12, 2008, that certain
Second Amendment to Revolving and Term Credit Agreement dated as of July 16,
2009, as amended and restated by that certain Amended and Restated Revolving and
Term Credit Agreement dated as of August 6, 2010, as amended by that certain
First Amendment to Amended and Restated Revolving and Term Credit Agreement
dated as of May 6, 2011, that certain Second Amendment to Amended and Restated
Revolving and Term Credit Agreement dated as of September 30, 2011, as amended
and restated by that certain Second Amended and Restated Revolving and Term
Credit Agreement dated as of September 14, 2012, as amended by that certain
First Amendment to Second Amended and Restated Revolving and Term Credit
Agreement dated as of March 14, 2014 and that certain Second Amendment to Second
Amended and Restated Revolving and Term Credit Agreement dated as of May 15,
2014, which amended and restated and re-designated such Revolving and Term
Credit Agreement as the “Third Amended and Restated Credit Agreement”, as
amended by that certain First Amendment to Third Amended and Restated Credit
Agreement dated as of December 30, 2015 (as so amended and restated, the
“Existing Credit Agreement”), pursuant to which Lenders established and
continued a revolving credit facility and a term loan facility for the benefit
of Borrower (all capitalized terms used but not defined herein shall have the
meanings ascribed thereto in the Existing Credit Agreement); and
WHEREAS, Borrower has requested that certain terms of the Credit Agreement be
modified and amended as hereinafter set forth in connection with a reduction in
commitments and an extension of Revolving Credit Maturity Date; and
WHEREAS, Lenders and Agent have agreed to such amendments as set forth herein,
subject to the terms and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties to this
Amendment hereby agree as follows:
1.Amendments to §2.5 of the Credit Agreement. Section 2.5 of the Credit
Agreement, Reduction and Termination of Revolving Commitment, is hereby modified
and amended by deleting

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the amount “$75,000,000” in its entirety in the first sentence of Section 2.5
and by inserting “$50,000,000” in lieu thereof.
2.Amendments to §2.10 of the Credit Agreement. Section 2.10(a) of the Credit
Agreement, Issuance of Letters of Credit, is hereby modified and amended by
deleting clause (ii) in Section 2.10(a) in its entirety and by inserting
“intentionally omitted” in lieu thereof.
3.    No other Amendments. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided or permitted herein, operate
as an amendment or waiver of any right, power or remedy of Agent or Lenders
under the Credit Agreement or any of the other Loan Documents, nor constitute an
amendment or waiver of any provision of the Credit Agreement or any of the other
Loan Documents. Except for the amendments expressly set forth above, the text of
the Credit Agreement and all other Loan Documents shall remain unchanged and in
full force and effect, and Borrower and Guarantors hereby ratify and confirm
their respective obligations thereunder, as herein modified and amended. This
Amendment shall not constitute a course of dealing with Agent or Lenders at
variance with the Credit Agreement or the other Loan Documents such as to
require further notice by Agent or Lenders to require strict compliance with the
terms of the Credit Agreement and the other Loan Documents in the future.
4.    Conditions of Effectiveness. This Amendment shall become effective as of
the date hereof when, and only when, Agent, on behalf of Lenders, shall have
received, in form and substance satisfactory to it, the following:
(a)    Counterparts of this Amendment duly executed by Borrower, each of the
Guarantors and the Required Lenders;
(b)    The representations and warranties made pursuant to Section 5 of this
Amendment shall be true and correct; and
(c)    Payment of all reasonable and documented expenses incurred by Agent in
connection with the execution and delivery of this Amendment, together with
reasonable fees and actually incurred expenses of Agent’s counsel with respect
to this Amendment and other post-closing matters, in each case to the extent
invoiced at least one (1) Business Day prior to the date hereof.
5.    Representations and Warranties. Each of the Loan Parties represents and
warrants as follows:
(a)    The execution, delivery and performance by Borrower and each Guarantor of
this Amendment are within each such party’s legal powers, have been duly
authorized by all necessary shareholder, partner or member action and do not
contravene (i) Borrower’s or any such Guarantor’s Organizational Documents,
respectively, or (ii) any law or contractual restriction binding on or affecting
such Person;
(b)    No authorization, approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body, except for those already
obtained or made, is required for the due execution, delivery and performance by
Borrower or any Guarantor of this Amendment;

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(c)    This Amendment constitutes the legal, valid and binding obligations of
each such party, enforceable against such Person in accordance with their
respective terms, provided that enforcement may be limited by bankruptcy,
insolvency, liquidation, reorganization, reconstruction and other similar laws
affecting enforcement of creditor’s rights generally and except to the extent
that availability of the remedy of specific performance or injunctive relief is
subject to the discretion of the court before which any proceeding therefore may
be brought;
(d)    All of the representations and warranties of the Loan Parties in the Loan
Documents are true and correct in all material respects as of the date hereof
(or if such representations and warranties by their terms relate solely to an
earlier date, then as of such earlier date); and
(e)    No Default or Event of Default is existing and none would result, in each
case upon this Amendment becoming effective and after giving effect hereto.
6.    Reaffirmation of Guaranty and Security Documents. By execution of this
Amendment, each Guarantor reaffirms and restates its guaranty of the Obligations
pursuant to the Guaranty Agreement and agrees that its obligations thereunder
are not released, diminished, impaired or reduced or otherwise adversely
affected by this Amendment. Each Loan Party reaffirms and admits the validity
and enforceability of each Security Document to which it is a party and all of
its obligations thereunder and agrees and admits that (a) it has no defense to
any such obligation (as of the date of this Amendment) and (b) it shall not
exercise any setoff or offset to any such obligation.
7.    Reference to and Effect on the Loan Documents. Upon the effectiveness of
this Amendment, on and after the date hereof: each reference in the Credit
Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import
referring to the Credit Agreement, and each reference in the other Loan
Documents to the “Credit Agreement,” “thereunder,” “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement as amended and modified hereby.
8.    Costs, Expenses and Taxes. Borrower agrees to pay on demand all reasonable
and documented out-of-pocket expenses of Agent actually incurred in connection
with the preparation, execution and delivery of this Amendment and the other
instruments and documents to be delivered hereunder, including, without
limitation, the reasonable and documented fees and out-of-pocket expenses of
Agent’s counsel with respect thereto and with respect to advising Agent as to
its rights and responsibilities hereunder and thereunder.
9.    Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the
conflict of laws principles thereof.
10.    Loan Document. This Amendment shall be deemed to be a Loan Document for
all purposes.
11.    Counterparts. This Amendment may be executed by one or more of the
parties hereto on any number of separate counterparts, each of which shall be
deemed an original and all of which, taken together, shall be deemed to
constitute one and the same instrument. Delivery of an executed

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counterpart of this Amendment by facsimile or other electronic transmission
shall be as effective as delivery of a manually executed counterpart hereof.
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IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the
date first set forth above.
 
BORROWER:

 
FORESTAR (USA) REAL ESTATE GROUP INC., a Delaware corporation
 
 
 
 
 
By:
 /s/ Charles D. Jehl
 
 
Name:
Charles D. Jehl
 
 
 Its:
Chief Financial Officer

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GUARANTORS:
 
FORESTAR GROUP INC., a Delaware corporation
By:/s/ Charles D. Jehl
Name: Charles D. Jehl
Title: Chief Financial Officer
 
FORESTAR REALTY INC., a Delaware corporation
 
FORESTAR HOTEL HOLDING COMPANY INC., a Nevada corporation
 
CAPITOL OF TEXAS INSURANCE GROUP INC., a Delaware corporation
 
FORESTAR CAPITAL INC., a Delaware corporation
 
JOHNSTOWN FARMS, LLC, a Delaware limited liability company
 
SAN JACINTO I LLC, a Texas limited liability company
 
SUSTAINABLE WATER RESOURCES LLC, a Texas limited liability company
 
SWR HOLDINGS LLC, a Delaware limited liability company
 
STONEY CREEK PROPERTIES LLC, a Delaware limited liability company
 
FORCO REAL ESTATE INC., a Delaware corporation
 
FORESTAR PETROLEUM CORPORATION, a Delaware corporation
 
SECO ENERGY CORPORATION, a Nevada corporation
 
UNITED OIL CORPORATION, an Oklahoma corporation
By: /s/ Charles D. Jehl
Name: Charles D. Jehl
Title: Chief Financial Officer

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KEYBANK NATIONAL ASSOCIATION, as a
Lender, as Swing Line Lender, and as Agent
 
 
 
 
 
By: /s/ Nathan Weyer
Name: Nathan Weyer
Title: Senior RM
 
 
 
 

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LENDERS:
 
AgFIRST FARM CREDIT BANK, as a lender

 

By:    /s/ Matt Jeffords         
Name:    Matt Jeffords            
Title:    Vice President            

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NORTHWEST FARM CREDIT SERVICES, PCA, as a lender

 

By:    /s/ Chris Eckman         
Name:    Chris Eckman            
Title:    Vice President – Capital Markets   

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ZB NA, d/b/a AMEGY BANK NATIONAL ASSOCIATION, as a lender

 

By:    /s/ Barrett Tondre         
Name:    Barrett Tondre            
Title:    Vice President            
 
 
 
 

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CAPITAL ONE N.A., as a lender

 

By:    /s/ Michael B. Perrine         
Name:    Michael B. Perrine         
Title:    Central Texas Market President      
 
 
 
 

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TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, as a lender

 

By:    /s/ Mike McConnell         
Name:    Mike McConnell         
Title:    Senior Vice President         
 
 
 
 

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GOLDMAN SACHS BANK USA, as a lender

 

By:    /s/ Ushma Dedhiya         
Name:    Ushma Dedhiya            
Title:    Authorized Signatory         
 
 
 
 

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JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a lender

 

By:    /s/ Melissa Burnett         
Name:    Melissa Burnett            
Title:    Relationship Executive         
 
 

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a lender

 

By:    /s/ Chris Garza            
Name:    Chris Garza            
Title:    Senior Vice President         

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SYNOVUS BANK, as a lender

 

By:    /s/ David W. Bowman         
Name:    David W. Bowman         
Title:    Director            

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METROPOLITAN LIFE INSURANCE COMPANY, as a Lender

 
By:    /s/ W. Kirk Purvis         
Name:    W. Kirk Purvis            
Title:    Director            

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UNITED FCS, PCA, d/b/a FCS COMMERCIAL
FINANCE GROUP, as a lender

 

By:    /s/ Lisa Caswell            
Name:    Lisa Caswell            
Title:    Vice President            
 
 

 

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CADENCE BANK, N.A.as a lender

 

By:    /s/ Melinda N. Jackson         
Name:    Melinda N. Jackson         
Title:    Executive Vice President      

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