##### 



EXHIBIT
10.47
 AMENDMENT AGREEMENT
 Amendment Administrative Borrower Subsidiary Borrower Subsidiary Borrowers Borrower Borrowers CNAI Administrative Agent First
Amended and Restated Credit Agreement Lenders
   Section 2.13(c) 10.4




---



##### 



Annex I Annex I Second Amended and Restated Revolving Credit
Agreement
  Amendment Effective Date
 Executed Counterparts
 Fees Section 2.11(c)
 Conditions in Second Amended and Restated Revolving Credit Agreement Section 3.1 Section 3.2
   -2-




---



##### 



Credit
Agreement thereunder thereof Obligations Obligations Loan Documents Collateral Documents Loan Documents Collateral Documents
      -3-




---



##### 



provided however
        -4-




---



##### 



IN WITNESS WHEREOF
 ADMINISTRATIVE BORROWER:
TOUSA, INC.,

     as the Administrative BorrowerBy:
    /s/ Stephen WagmanName:
    Stephen WagmanTitle:
    Executive Vice President [Amendment Agreement]




---



##### 



By:
    /s/ Stephen WagmanName:
    Stephen WagmanTitle:
    Executive Vice President [Amendment Agreement]




---



##### 



NEWMARK HOMES BUSINESS TRUSTBy:
    /s/ Paul BerkowitzName:
    Paul BerkowitzTitle:
    Co-Managing Trustee of the TrustBy:
    /s/ Stephen WagmanName:
    Stephen WagmanTitle:
    Co-Managing Trustee of the TrustBy:
    /s/ Russell DevendorfName:
    Russell DevendorfTitle:
    Co-Managing Trustee of the Trust [Amendment Agreement]




---



##### 



ENGLE HOMES DELAWARE, INC.
TOUSA DELAWARE, INC.
TOUSA FUNDING, LLCBy:
    /s/ Paul BerkowitzName:
    Paul BerkowitzTitle:
    President [Amendment Agreement]




---



##### 



CITICORP NORTH AMERICA, INC.,

     as Administrative AgentBy:
    /s/ Svetoslav NikovName:
    Svetoslav NikovTitle:
    Vice PresidentCITIBANK, N.A., 

     as an IssuerBy:
    /s/ Svetoslav NikovName:
    Svetoslav NikovTitle:
    Vice President [Amendment Agreement]




---



##### 



DEUTSCHE BANK TRUST COMPANY AMERICAS,

     as a LenderBy:
    /s/ Mark B. CohenName:
    Mark B. CohenTitle:
    Managing DirectorBy:
    /s/ Dusan LazarovName:
    Dusan LazaroTitle:
    Vice President [Amendment Agreement]




---



##### 



WACHOVIA BANK, N.A.,

     as a LenderBy:
    /s/ R. Scott HoltzappleName:
    R. Scott HoltzappleTitle:
    Senior Vice President




---



##### 



GUARANTY BANK, 
     as a LenderBy:
    /s/ Dan KillianName:
    Dan KillianTitle:
    Senior Vice President [Amendment Agreement]




---



##### 



QUADRANGLE MASTER FUNDING LTD.By:
    /s/ Christopher SantanaName:
    Christopher SantanaTitle:
    Managing Principal, Quadrangle
Debt Recovery Advisors LP, its
investment advisor [Amendment Agreement]




---



##### 



WASHINGTON MUTUAL,
     as a LenderBy:
    /s/ Gordon KovacsName:
    Gordon KovacsTitle:
    Senior Vice President [Amendment Agreement]




---



##### 



PNC Bank, National Association,
     as a LenderBy:
    /s/ Douglas G. PaulName:
    Douglas G. PaulTitle:
    Senior Vice President [Amendment Agreement]




---



##### 



COMERICA BANK,
     as a LenderBy:
    /s/ Charles WeddellName:
    Charles WeddellTitle:
    Vice President [Amendment Agreement]




---



##### 



NATIXIS,
     as a LenderBy:
    /s/ Marie-Edith DugenyName:
    Marie-Edith DugenyTitle:
    Managing Director Real Estate FinanceBy:
    /s/ Timothée DelpontName:
    Timothée DelpontTitle:
    Associate Real Estate Finance [Amendment Agreement]




---



##### 



Sovereign Bank, as a LenderBy:
    /s/ T. Gregory DonohueName:
    T. Gregory DonohueTitle:
    Senior Vice President [Amendment Agreement]




---



##### 



COMPASS BANK,
as a LenderBy:
    /s/ Johanna Duke PaleyName:
    Johanna Duke PaleyTitle:
    Senior Vice President [Amendment Agreement]




---



##### 



RAYMOND JAMES BANK, FSB,
     as a LenderBy:
    /s/ William J. HindmanName:
    William J. HindmanTitle:
    Vice President [Amendment Agreement]




---



##### 



U.S. Bank National Association,
     as a LenderBy:
    /s/ Greg WilsonName:
    Greg WilsonTitle:
    VP [Amendment Agreement]




---



##### 



National City Bank,
     as a LenderBy:
    David W. OlenikName:
    David W. OlenikTitle:
    SVP [Amendment Agreement]




---



##### 



GOLDMAN SACHS CREDIT PARTNERS, L.P.,
     as a LenderBy:
    /s/ Philip F. GreenName:
    Philip F. GreenTitle:
    Authorized Signatory [Amendment Agreement]




---



##### 



CITIBANK, N.A.,
     as a LenderBy:
    /s/ Thomas A. NevilleName:
    Thomas A. NevilleTitle:
    Attorney-In-Fact [Amendment Agreement]




---



##### 



Grand Central Asset Trust, SAN Series,
     as a LenderBy:
    /s/ Pam GwinName:
    Pam GwinTitle:
    Attorney-in-Fact [Amendment Agreement]




---



##### 



BANK OF AMERICA, N.A.,
     as a LenderBy:
    /s/ Jonathan M. BarnesName:
    Jonathan M. BarnesTitle:
    Vice President [Amendment Agreement]




---



##### 



QUATTRO SPECIAL SITUATIONS, LLC,
     as a LenderBy:
    /s/ Patrick CriscilloName:
    Patrick CriscilloTitle:
    CFO [Amendment Agreement]




---



##### 



SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
  [Amendment Agreement]




---



##### 








---



##### 



PageARTICLE IDEFINITIONS, INTERPRETATION AND ACCOUNTING TERMSSection 1.1 Defined Terms
    
    
    2Section 1.2 Computation of Time Periods
    
    
    46Section 1.3 Accounting Terms and Principles
    
    
    46Section 1.4 Certain Terms
    
    
    46ARTICLE IITHE REVOLVING CREDIT FACILITYSection 2.1 The Revolving Credit Commitments
    
    
    47Section 2.2 Borrowing Procedures
    
    
    47Section 2.3 Swing Loans
    
    
    49Section 2.4 Letters of Credit
    
    
    51Section 2.5 Reduction and Termination of the Revolving Credit Commitments
    
    
    56Section 2.6 Repayment of Loans
    
    
    56Section 2.7 Evidence of Debt
    
    
    56Section 2.8 Prepayments
    
    
    57Section 2.9 Interest
    
    
    58Section 2.10 Conversion/Continuation Option
    
    
    59Section 2.11 Fees
    
    
    60Section 2.12 Payments and Computations
    
    
    60Section 2.13 Special Provisions Governing Eurodollar Rate Loans
    
    
    63Section 2.14 Capital Adequacy
    
    
    65Section 2.15 Taxes
    
    
    65Section 2.16 Substitution of Lenders
    
    
    67Section 2.17 Revolving Credit Facility Extension
    
    
    68Section 2.18 Revolving Credit Facility Increase
    
    
    70Section 2.19 Certain Accounts
    
    
    70ARTICLE IIICONDITIONS TO LOANS AND LETTERS OF CREDITSection 3.1 Conditions Precedent to the Effectiveness of This Agreement
    
    
    71Section 3.2 Conditions Precedent to Each Loan and Letter of Credit
    
    
    75
 i




---



##### 



PageARTICLE IVREPRESENTATIONS AND WARRANTIESSection 4.1 Existence; Compliance with Law
    
    
    76Section 4.2 Power; Authorization; Enforceable Obligations
    
    
    76Section 4.3 Ownership of Subsidiaries
    
    
    77Section 4.4 Financial Statements
    
    
    78Section 4.5 Material Adverse Change
    
    
    79Section 4.6 Litigation
    
    
    79Section 4.7 Taxes
    
    
    79Section 4.8 Full Disclosure
    
    
    80Section 4.9 Margin Regulations
    
    
    80Section 4.10 No Burdensome Restrictions; No Defaults
    
    
    80Section 4.11 Investment Company Act
    
    
    81Section 4.12 Use of Proceeds
    
    
    81Section 4.13 Insurance
    
    
    81Section 4.14 Labor Matters
    
    
    81Section 4.15 ERISA
    
    
    82Section 4.16 Environmental Matters
    
    
    82Section 4.17 Intellectual Property
    
    
    83Section 4.18 Title; Real Property
    
    
    83Section 4.19 Anti-Terrorism Laws
    
    
    83Section 4.20 Solvency
    
    
    84Section 4.21 Collateral Documents
    
    
    85Section 4.22 Related Documents
    
    
    85Section 4.23 Subordinated Indebtedness
    
    
    85ARTICLE VFINANCIAL COVENANTSSection 5.1 Adjusted Consolidated Tangible Net Worth
    
    
    86Section 5.2 Maximum Total Leverage Ratio
    
    
    86Section 5.3 Minimum Interest Coverage Ratio
    
    
    86Section 5.4 Total Land to Adjusted Consolidated Tangible Net Worth
    
    
    87Section 5.5 Unsold Units to Units Closed
    
    
    87Section 5.6 Maximum Land Supply
    
    
    88ARTICLE VIAFFIRMATIVE COVENANTSSection 6.1 Reporting Requirements
    
    
    88Section 6.2 Preservation of Corporate Existence, Etc
    
    
    93Section 6.3 Compliance with Laws, Etc
    
    
    93
 ii




---



##### 



PageSection 6.4 Conduct of Business
    
    
    93Section 6.5 Payment of Taxes, Etc
    
    
    93Section 6.6 Maintenance of Insurance
    
    
    93Section 6.7 Asset Sales
    
    
    94Section 6.8 Access
    
    
    94Section 6.9 Keeping of Books
    
    
    95Section 6.10 Maintenance of Properties, Etc
    
    
    95Section 6.11 Application of Proceeds
    
    
    95Section 6.12 Environmental
    
    
    95Section 6.13 Additional Subsidiary Borrowers; Additional Collateral
    
    
    95Section 6.14 Security Interests; Further Assurances
    
    
    97Section 6.15 Information Regarding Collateral
    
    
    98Section 6.16 Designation of Restricted and Unrestricted Subsidiaries
    
    
    98Section 6.17 Mortgage Requirements
    
    
    100Section 6.18 Release of Mortgaged Property; Subordination; Consent
    
    
    102Section 6.19 Appraised Value Percentage
    
    
    103Section 6.20 Designated Account Deposits
    
    
    104Section 6.21 Maintenance of Ratings
    
    
    105Section 6.22 Post-Closing Requirements
    
    
    105ARTICLE VIINEGATIVE COVENANTSSection 7.1 Liens, Etc
    
    
    105Section 7.2 Investments
    
    
    107Section 7.3 Restricted Payments
    
    
    110Section 7.4 Limitation on Indebtedness
    
    
    111Section 7.5 Restriction on Fundamental Changes
    
    
    112Section 7.6 Change in Nature of Business
    
    
    113Section 7.7 Transactions with Affiliates
    
    
    113Section 7.8 Restrictions on Subsidiary Distributions; No New Negative Pledge
    
    
    113Section 7.9 Sale/Leasebacks
    
    
    114Section 7.10 Compliance with ERISA
    
    
    114Section 7.11 Environmental
    
    
    115Section 7.12 Designated Account Proceeds
    
    
    115Section 7.13 Limitation on Issuance of Stock
    
    
    115Section 7.14 Prepayments of Second Lien Loans; Modifications of Constituent Documents and Other Documents
    
    
    116Section 7.15 Fiscal Year
    
    
    116
 iii




---



##### 



PageARTICLE VIIIEVENTS OF DEFAULTSection 8.1 Events of Default
    
    
    116Section 8.2 Remedies
    
    
    119Section 8.3 Actions in Respect of Letters of Credit
    
    
    119Section 8.4 Rescission
    
    
    119ARTICLE IXTHE ADMINISTRATIVE AGENTSection 9.1 Authorization and Action
    
    
    120Section 9.2 Administrative Agents Reliance, Etc
    
    
    121Section 9.3 The Administrative Agent Individually
    
    
    121Section 9.4 Lender Credit Decision
    
    
    123Section 9.5 Indemnification
    
    
    124Section 9.6 Successor Administrative Agent
    
    
    124ARTICLE XMISCELLANEOUSSection 10.1 Amendments, Waivers, Etc. by Lenders
    
    
    125Section 10.2 Assignments and Participations
    
    
    127Section 10.3 Costs and Expenses
    
    
    130Section 10.4 Indemnities
    
    
    131Section 10.5 Limitation of Liability
    
    
    132Section 10.6 Right of Set-off
    
    
    133Section 10.7 Sharing of Payments, Etc
    
    
    133Section 10.8 Notices, Etc
    
    
    134Section 10.9 No Waiver; Remedies
    
    
    135Section 10.10 Binding Effect
    
    
    135Section 10.11 Governing Law
    
    
    135Section 10.12 Submission to Jurisdiction; Service of Process
    
    
    135Section 10.13 Waiver of Jury Trial
    
    
    136Section 10.14 Section Titles
    
    
    136Section 10.15 Execution in Counterparts
    
    
    137Section 10.16 Entire Agreement
    
    
    137Section 10.17 Confidentiality
    
    
    137Section 10.18 USA Patriot Act
    
    
    138Section 10.19 Agent Communications
    
    
    138Section 10.20 Joint and Several Liability
    
    
    139Section 10.21 Administrative Borrower
    
    
    141Section 10.22 No Release
    
    
    142Section 10.23 Intercreditor Agreement
    
    
    142
 iv




---



##### 



SchedulesSchedule I
    
    -
    
    Revolving Credit CommitmentsSchedule II
    
    -
    
    Applicable Lending Offices and Addresses for NoticesSchedule 1.1(a)
    
    -
    
    Refinancing Indebtedness to be RepaidSchedule 1.1(b)
    
    -
    
    Land Supply Ratio AdjustmentsSchedule 3.1(a)(viii)
    
    -
    
    Local CounselSchedule 2.4
    
    -
    
    Existing Letters of CreditSchedule 4.2
    
    -
    
    ConsentsSchedule 4.3
    
    -
    
    Ownership of Subsidiaries; InvestmentsSchedule 4.4
    
    -
    
    Material ObligationsSchedule 4.6
    
    -
    
    LitigationSchedule 4.7
    
    -
    
    TaxesSchedule 4.13(a)
    
    -
    
    InsuranceSchedule 4.13(b)
    
    -
    
    InsuranceSchedule 6.22
    
    -
    
    Bank Accounts of the Transeastern JV EntitiesSchedule 7.1
    
    -
    
    Existing LiensSchedule 7.2
    
    -
    
    Existing InvestmentsSchedule 7.4(b)
    
    -
    
    Existing IndebtednessSchedule 7.8
    
    -
    
    Restrictions on Subsidiary Distributions
 ExhibitsExhibit A
    
    Form of Assignment and AcceptanceExhibit B
    
    Form of Assumption AgreementExhibit C
    
    Form of Revolving Credit NoteExhibit D
    
    Form of Notice of BorrowingExhibit E
    
    Form of Borrowing Base CertificateExhibit F
    
    Form of Notice of Conversion or ContinuationExhibit G
    
    Form of Credit Agreement SupplementExhibit H
    
    Form of Amended and Restated GuarantyExhibit I
    
    Form of Solvency CertificateExhibit J
    
    Form of Intercreditor AgreementExhibit K
    
    Form of Amended and Restated Security AgreementExhibit L
    
    Form of Compliance CertificateExhibit M
    
    Form of Amendment AgreementExhibit N
    
    Form of Deposit Account Security Agreement
 v




---



##### 



Administrative
Borrower Subsidiary Borrower Subsidiary Borrowers Borrower Borrowers CNAI Administrative Agent
  January 2007 Credit Agreement
 Section 2.18 Section 4.12




---



##### 



Defined Terms
  Acquisition Schedule 1.1(a)
 Adjusted Consolidated Tangible Net Worth plus
 Administrative Agent
 Administrative Borrower
 Affected Lender Section 2.16
 Affiliate control Section 7.7
 Affiliated Title Company
 -2-




---



##### 



Agreement
 Amendment Agreement Exhibit M
 Anti-Terrorism Laws Section
4.19(a)
 Applicable Lending Office
 Applicable Margin Section 6.1(c)
 Total Leverage
    
    
    
    Eurodollar
    
    
    Base Rate
    
    
    Letters ofLevel
    
    Ratio
    
    Ratings
    
    Rate Loans
    
    
    Loans
    
    
    Credit1
    
    Less than or equal to 1.0
    
    Ba1/BB+ or higher
    
    
    1.50
    %
    
    
    -0-
    
    
    
    1.50
    %2
    
    Greater than 1.0 but less than or equal to 1.25
    
    Ba2/BB
    
    
    1.60
    %
    
    
    -0-
    
    
    
    1.60
    %3
    
    Greater than 1.25 but less than or equal to 1.50
    
    Ba3/BB-
    
    
    2.00
    %
    
    
    1.00
    %
    
    
    2.00
    %4
    
    Greater than 1.50 but less than or equal to 1.75
    
    B1/B+
    
    
    2.50
    %
    
    
    1.50
    %
    
    
    2.50
    %5
    
    Greater than 1.75 but less than or equal to 2.75
    
    B2/B or lower
    
    
    4.00
    %
    
    
    3.00
    %
    
    
    4.00
    %6
    
    Greater than 2.75
    
    B2/B or lower
    
    
    4.25
    %
    
    
    3.25
    %
    
    
    4.25
    %
 Ratings
 -3-




---



##### 



Section 6.1(c) Section 6.1(c)
  e.g
 Section 6.1(c) Section 2.9(c)
 Applicable Person Section 6.17(a)
 -4-




---



##### 



Applicable Unused Revolving Commitment Fee Rate
 Unused RevolvingUnused Revolving Commitment Percentage
    
    Commitment Fee RateHigher than 66 2/3%
    
    
    0.50
    %Higher than 33 1/3% and lower than or equal to 66 2/3%
    
    
    0.375
    %Lower or equal to 33 1/3%
    
    
    0.25
    %
 Appraised Value multiplied by
 Appraised Value Percentage Section 6.19
 Appraiser
 Approved Fund
 Arranger
 Asset Sale Section 7.1(b)(i)
 -5-




---



##### 



clause (a) (b)
 Assignment and Acceptance Exhibit A
 Assumption Agreement Exhibit B
 Available Credit plus
 Available Revolving Credit
 minus
  Bankruptcy Code
 Base Rate plus
 Base Rate Loan
 Board of Directors
 Borrower Borrowers
 Borrowing
 -6-




---



##### 



Borrowing Base
       clause (a) clauses (b) (f)
 minus
 provided clauses (b) (f) Section 6.19 st clause (g)
 -7-




---



##### 



clauses
(e) (f)
  Borrowing Base Assets
 provided Section
8.1(f) (g) (h) provided Section 8.1(g)
    -8-




---



##### 



clauses (a) (f) Transeastern Property
 Borrowing Base Certificate Exhibit E
 Business Day
 Capital Assets
 Capital Expenditures
 Capital Lease
 Capital Lease Obligations
 Cash Equivalents
  -9-




---



##### 



clause (a) clause (b)
 clauses (a) (b) (c) (d)
 provided however clauses (a) (b) (c) (d)
 Cash Interest Incurred less
 Casualty Event
 Change of Control
  -10-




---



##### 



parent entity
 Citibank
 Class
 CNAI
 Code
 -11-




---



##### 



Collateral
 Collateral Documents
 Communications Section 10.19(a)
 Completed Unsold Homes
 Compliance Certificate Section
6.1(c)
 Consenting Lenders Section 2.17(a)
 Consolidated
 Consolidated Current Assets plus provided
 -12-




---



##### 



Consolidated Current Liabilities plus provided
 Consolidated Net Income
 Constituent Documents
 Contaminant
 Contract for Sale
 Contractual Obligation
 Credit Agreement Supplement Exhibit G
 Customary Permitted Liens
  -13-




---



##### 



Debt Issuance Section 7.4
 Debt Service
 -14-




---



##### 



Default
 Deposit Account
 Deposit Account Control Agreement
 Deposit Account Security Agreement Exhibit N
 Designated Account
 Disclosure Documents
 Disqualified Capital Stock
 -15-




---



##### 



provided however
 Disqualified Capital Stock Issuance
 Dollars $
 Domestic Lending Office Schedule II
 Domestic Subsidiary
 Early Maturity Date 1 2 1 4 3 8
 EBITDA plus
 -16-




---



##### 



provided
  Effective Date Section 3.1
 Eligible Assignee
 Entitled Land
 Environmental Laws
 -17-




---



##### 



Environmental Lien
 Equity Issuance provided however Section 7.3(c)
 Equity Pledge Agreement
 ERISA
 ERISA Affiliate
 ERISA Event
 -18-




---



##### 



Escrow Proceeds Receivables
 Eurocurrency Liabilities
 Eurodollar Base Rate
 Eurodollar Lending Office Schedule II
 Eurodollar Rate minus
 Eurodollar Rate Loan
 Event of Default Section 8.1
 -19-




---



##### 



Excess Cash Flow minus
   provided
      -20-




---



##### 



provided provided further
 plus
    -21-




---



##### 



clause (c) clause (c)
    Excess Cash Flow Period
 Exchange Act
 Excluded Real Property
 Excluded Taxes
 -22-




---



##### 



Section 2.16 Section 2.15 Section 2.15(f)
 Executive Order Section 4.19(a)
 Existing Letters of Credit Schedule
2.4
 Existing Notes
 Extension Request Section 2.17(a)
 Facility Information Section
10.17(b)
 Fair Market Value
 Falcone Ritchie
 Falcone Settlement Agreement
 Federal Funds Rate
 Federal Reserve Board
 -23-




---



##### 



Financial Statements Sections 4.4 6.1
 FIRREA
 First Lien Term Loan Administrative Agent
 First Lien Term Loan Commitments
 First Lien Term Loan Credit Agreement
 First Lien Term Loan Documents
 First Lien Term Loans
 First Lien Term Loan Secured Parties
 Fitch
 Five Year Projections
 Foreign Subsidiary
 -24-




---



##### 



Fund
 GAAP provided
 Governmental Authority
 Guarantor
 Guaranty Exhibit H
 Hedging Contracts
 Hedging Obligations
 Indebtedness
 -25-




---



##### 



clauses (a)
 Indebtedness Associated with Assets Not Owned clause (g)
 Indemnified Matter Section 10.4
 Indemnified Taxes
 Indemnitees Section 10.4
 Intercreditor Agreement Section 3.1(a)(vi) Exhibit J
 Interest Coverage Ratio
 Interest Expense
 -26-




---



##### 



Interest Incurred
  Interest Period Section 2.2 2.10 Section 2.10
 -27-




---



##### 



Section 2.10 provided however
      Interest Rate Contracts
 Internally Generated Funds
 Investment
 -28-




---



##### 



clause (a) (b) (c) (d)
 IRS
 Issue Issued Issuance
 Issuer
 January 2007 Credit Agreement
 Joint Venture clause (b) (d) provided
 Joint Venture Acquisitions provided Section 6.13
 Land/Lots Under Development provided
 -29-




---



##### 



Land Supply Ratio provided Schedule
1.1(b)
 Lender Schedule I
 Letter of Credit Section 2.4
 Letter of Credit Obligations
 Letter of Credit Request Section
2.4(c)
 Letter of Credit Undrawn Amounts
 Lien
 Linked Deposit Accounts
 Loan
 Loan Documents
 -30-




---



##### 



Loan Party
 Management Services Agreement provided
 Material Adverse Change
 Material Adverse Effect
 Model Homes
 Moodys
 Mortgage
 Mortgaged Property
 Mortgage Requirements
 provided
 -31-




---



##### 



provided
  Multiemployer Plan
 Net Cash Proceeds
  -32-




---



##### 



provided provided
   Net Working Capital
 Non-Consenting Lender Section
10.1(c) Section 10.1A(b)
 Non-Funding Lender Section
2.2(d)
 Non-U.S. Lender
 Notice of Borrowing Section 2.2(a)
 Notice of Conversion or Continuation Section 2.10(a)
 Obligations
 -33-




---



##### 



Officers Certificate
 Original Effective Date
 Other Taxes Section 2.15(b)
 PBGC
 Performance Letters of Credit
 Permit
 Permitted Acquisition Target Acquisition provided
 Permitted Holders
 -34-




---



##### 



Permitted Markets
 Permitted Refinancing Indebtedness Refinance provided
 Person
 Platform Section 10.19(b)
 Pledge Agreement
 Previous Scheduled Revolving Credit Termination Date Section 2.17(c)
 Proposed Change Section 10.1(c) Section 10.1A(b)
 Purchasing Lender Section 10.7(a)
 Qualified Capital Stock
 -35-




---



##### 



Ratable Portion ratably
 Real Property Land
 Register Section 10.2(c)
 Reimbursement Date Section 2.4(g)
 Reimbursement Obligations
 Rejecting Lenders Section 2.17(b)
 Release
 Remedial Action
 Replacement Lenders Section
2.17(b)
 Required Title Insurance Amount
 -36-




---



##### 



Requirement of Law
 Requisite Lenders
 Responsible Officer
 Restricted Payment
 Restricted Subsidiary Section 6.16
 Revolving Credit Commitment Schedule I
 Revolving Credit Facility
 Revolving Credit Facility Increase Section 2.18
 -37-




---



##### 



Revolving Credit Facility Increase Effective Date Section 2.18
 Revolving Credit Note Exhibit C
 Revolving Credit Outstandings plus plus
 Revolving Credit Termination Date Section 2.5 Section 8.2
 Revolving Loan Section 2.1
 S&P
 Scheduled First Lien Term Loan Termination Date
 Scheduled Revolving Credit Termination Date Section 2.17
 Scheduled Second Lien Term Loan Termination Date
 SEC
 Second Lien Administrative Agent
 Second Lien Credit Agreement
 -38-




---



##### 



Second Lien Loans
 Second Lien Loan Documents
 Second Lien Secured Parties
 Secured Hedging Contract
 Secured Parties
 Securities Account
 Security
 Security Agreement Exhibit K
 Selling Lender Section 10.7(a)
 Senior Notes
 -39-




---



##### 



1 4
 Senior Unsecured Indebtedness pari passu
 Settlement Documents
 Falcone Ritchie Falcone
Settlement Agreement
    -40-




---



##### 



DBSI Action
  Settlement Preferred Stock
 Settlement Subordinated Debt
 Sold Homes
 Stock
 Stock Equivalents
 Subordinated Indebtedness
 Subordinated Notes 3 8 1 2 1 2
 -41-




---



##### 



clauses (i) (ii) (iii)
 Subsidiary
 Subsidiary Borrower Subsidiary Borrowers
 Swing Loan Section 2.3(a)
 Swing Loan Borrowing
 Swing Loan Lender
 Swing Loan Request Section 2.3(b)
 Tangible Net Worth
 Tax Affiliate
 Tax Allocation Agreement
 Tax Return Section 4.7(a)
 Taxes
 -42-




---



##### 



Title IV Plan
 TOSA
 TOSI
 Total Assets minus
 Total Land
 Total Leverage Ratio
  Total Revolving Credit Commitment Section 2.18
 Transactions Schedule 1.1(a)
 -43-




---



##### 



Transeastern Credit Agreement Senior Debt EHT TE/TOUSA
Senior Deutsche Bank
 Transeastern Events
 Transeastern Junior Mezzanine Credit Agreement Junior Mezz
Debt TE/TOUSA
Mezz Two
 Transeastern JV Credit Agreements
 Transeastern JV Entities
 Transeastern Property
 Transeastern Senior Mezzanine Credit Agreement Senior
Mezz Debt
 Type
 -44-




---



##### 



UCC
 Unaffiliated
 Unimproved Land
 Unit
 Units Closed
 Unrestricted Cash
 Unrestricted Subsidiary Section 6.16
 Unsold Homes Under Construction
 Unsold Units
 Unused Revolving Commitment
 Unused Revolving Commitment Percentage
 USA Patriot Act Section 4.19(a)
 -45-




---



##### 



U.S. Bank Accounts
 Voting Stock
 Warrants Section 3.1(c)(v)
 Wholly-Owned Subsidiary
 Computation of Time Periods
  Accounting Terms and Principles
  Certain Terms
   Article I
 -46-




---



##### 



Section
9.6 Section 9.3
     The Revolving Credit Commitments
 Revolving Loan Schedule I provided however Section 2.1
 Borrowing Procedures
 Exhibit D Notice of
Borrowing
 -47-




---



##### 



Section 2.13 Section
2.3(a)
 Section
2.13(a) Section
10.8 Section 3.1 Section 3.2
 Section 2.2
  -48-




---



##### 



Non-Funding Lender
 Swing Loans
 Swing Loan provided however Section 2.3(a) Section 2.3(a)
 Swing Loan Request Section 3.2 Section 3.2
  -49-




---



##### 



clause (e)
 clause (c) clause (d) Section 3.2 provided clause (b) clause (f)
 Section 8.1(g) clause (e) clause (e)
 -50-




---



##### 



clause (e) clause (f) clause (e) (f)
 Letters of Credit
 provided however
  Section 3.2 Section 2.4
    -51-




---



##### 



provided however clause (ii)
 Letter of Credit Request
 Section 2.4 Section 3.2 Section 3.2
  -52-




---



##### 



Reimbursement Date clause (g) Section 8.1(g) Section 3.2
 -53-




---



##### 



provided clause (d) clause (g) Section 8.3
     -54-




---



##### 



Section 2.4
  clause (g)
 -55-




---



##### 



provided however
 Repayment of Loans
 Section 8.3
 Evidence of Debt
   clauses (a) (b) Section 2.7 provided however
 -56-




---



##### 



Exhibit
C
 Prepayments
 Optional Prepayments of Loans provided however Section 2.13(e)
 Mandatory Prepayments of Loans plus Section 8.3
 Excess Cash Flow Section 6.1(a) Sections 2.8(d) (e) minus minus provided clause (c)
 -57-




---



##### 



Application of Prepayments Section 2.8(e) clause (d) clause (d) Section 2.12(f)
 Notice of Prepayment
 Interest
 Rate of Interest Section 2.9(c)
 plus
 plus
 Interest Payments
 -58-




---



##### 



Default Interest Section
2.9(a) clause (a)(i) (a)(ii) clause (a)(i)
 Conversion/Continuation Option
 provided however Exhibit F Notice of Conversion or Continuation
 Section 2.13 Section 2.10
 -59-




---



##### 



Fees
 Applicable Unused Revolving Commitment Fee
 Letter of Credit Fees
  provided however
 Additional Fees
 Payments and Computations
 Section 10.8 clauses (e) (f) Section 2.12
 -60-




---



##### 



provided however Section 2.13(c) Section 2.13(e) Section 2.14 Section 2.15
  provided however
  Section 2.12(f) Section 2.8 first second third
 -61-




---



##### 



clause (e) Section 8.2 Section 8.3
 first
 second
 third
 fourth
 fifth
 sixth
 provided however clauses (i) (vi)
 -62-




---



##### 



clauses (i) (vi) clause (f) clauses (i) (v) clause (f) Section 2.12 Section 10.23
 Section 2.3(a) Section 2.2(a) Section 3.2
 Special Provisions Governing Eurodollar Rate Loans
 Determination of Interest Rate
 Interest Rate Unascertainable, Inadequate or Unfair
 -63-




---



##### 



Increased Costs
 Illegality Section 2.13(d)
 Breakage Costs Section 2.9
 -64-




---



##### 



Section 2.10 Section
2.13(d)
 Capital Adequacy
  Taxes
 provided Section
2.15
  -65-




---



##### 



Other Taxes
 Section 2.15
 Section 10.8
 Section 2.15
  -66-




---



##### 



clause (a)
 Section 2.15
 Substitution of Lenders
 Section 2.13(c) Section 2.14 Section
2.13(d) Section
2.15 Section 2.17 clause
(a)(i) Affected Lender clause (a)(i) (ii) (iii) (iv) provided however Section 2.16
 -67-




---



##### 



provided
 Revolving Credit Facility Extension
 Extension Requests Extension Request Consenting Lenders Section 2.17(b) Section 2.17 Section 2.17(b) 2.17(c)
 Full Assignment Rejecting Lenders Section 2.16 10.2 Replacement Lenders
 -68-




---



##### 



Section 2.17(a)
 Partial Assignment Section 2.17(b) Previous Scheduled Revolving Credit Termination Date clause
(i) Section
2.13 2.14 Sections 10.1(a)(ii) 10.1(a)(v) Sections 2.13 2.14 2.15 Sections 10.3 10.4 Section 9.5
 Approval of Extension Section 2.17(a) (b) (c)
 No Default Section
2.17
 -69-




---



##### 



Revolving Credit Facility Increase
 Revolving Credit Facility Increase provided however Article V Section 3.2 provided however Revolving
Credit Facility Increase Effective Date
 Certain Accounts
  -70-




---



##### 



Conditions Precedent to the Effectiveness of This Agreement
 Effective Date
 Certain Documents
   Exhibit K Exhibit N
    -71-




---



##### 



Exhibit J
 Schedule 3.1(a)(viii)
   Article IV
 Exhibit I
  -72-




---



##### 



provided however
 Section 4.4
   Collateral Requirements
 Section 6.22
  -73-




---



##### 



Certain Transactions
     Warrants
   -74-




---



##### 



Fees and Expenses Paid Section 2.11(c)
 Consents, Etc Section 10.1
 Conditions Precedent to Each Loan and Letter of Credit
  Request for Borrowing or Issuance of Letter of Credit
 Representations and Warranties; No Defaults
 Article IV
 -75-




---



##### 



Section 3.2(b)
   Section 3.2(b)(i)
 Existence; Compliance with Law
  Power; Authorization; Enforceable Obligations
  -76-




---



##### 



Article III
  Schedule 4.2
  Ownership of Subsidiaries
 Schedule 4.3 Schedule 4.3
 -77-




---



##### 



Financial Statements
  Schedule 4.4
   -78-




---



##### 



Material Adverse Change
  Litigation
 Schedule 4.6
 Taxes
 Tax Returns Schedule 4.7
 -79-




---



##### 



Schedule 4.7
  Full Disclosure
   Margin Regulations
  No Burdensome Restrictions; No Defaults
 Section 7.1
  -80-




---



##### 



Investment Company Act
  Use of Proceeds
 provided
 Insurance
 Schedule 4.13(a) Schedule 4.13(b)
 Labor Matters
   -81-




---



##### 



ERISA
  Environmental Matters
      Section 4.16
 -82-




---



##### 



Intellectual Property
  Title; Real Property
 Section 7.1
   Anti-Terrorism Laws
 Anti-Terrorism Laws Executive Order USA Patriot Act
 -83-




---



##### 



Solvency
  -84-




---



##### 



Collateral Documents
 clauses (a) (c) (d) (e) (f) Section 7.1
 Related Documents
  Subordinated Indebtedness
  -85-




---



##### 



Adjusted Consolidated Tangible Net Worth
 plus plus
 Maximum Total Leverage Ratio
  Maximum TotalFiscal Quarter Ending
    
    Leverage RatioSeptember 30, 2007 to and including
September 30, 2008
    
    
    3.20 to 1.0December 31, 2008
    
    
    3.05 to 1.0March 31, 2009 to and including
June 30, 2009
    
    
    3.00 to 1.0September 30, 2009
    
    
    2.75 to 1.0December 31, 2009
    
    
    2.25 to 1.0
 Minimum Interest Coverage Ratio
  -86-




---



##### 



Minimum InterestFiscal Quarter Ending
    
    Coverage RatioSeptember 30, 2007
    
    
    1.25 to 1.0December 31, 2007
    
    
    0.80 to 1.0March 31, 2008 to and including June 30, 2008
    
    
    0.55 to 1.0September 30, 2008
    
    
    0.70 to 1.0December 31, 2008 to and including
March 31, 2009
    
    
    0.80 to 1.0June 30, 2009
    
    
    0.95 to 1.0September 30, 2009
    
    
    1.20 to 1.0December 31, 2009
    
    
    1.50 to 1.0
 Total Land to Adjusted Consolidated Tangible Net Worth
  Unsold Units to Units Closed
 provided
 -87-




---



##### 



Maximum Land Supply
     Reporting Requirements
  Quarterly Reports clause (d) clause (a)
 Annual Reports
 -88-




---



##### 



Article V clause (b)
 Compliance Certificate clauses (a) (b) Section 6.1
 Compliance Certificate Article V Section 7.2(i) clause (b) Section 6.1
 -89-




---



##### 



Projections/Business Plan
 Default Notices
 Notice of Litigation
 ERISA Matters
   -90-




---



##### 



Environmental Matters clause (i) (ii)
 Borrowing Base Determination
 provided Section 6.1(i)(ii)
   -91-




---



##### 



Cash Flow Projections
 Recourse Obligations; Joint Venture Disclosures Sections 4.5 4.6 4.10 4.14 4.15 4.16 4.17 4.18 Sections 4.3 4.4
 Material Developments with Respect to Joint Ventures
 Other Information
 -92-




---



##### 



Preservation of Corporate Existence, Etc
 Section 7.5
 Compliance with Laws, Etc
  Conduct of Business
 provided clauses (a) (b)
 Payment of Taxes, Etc
  Maintenance of Insurance
 -93-
        Asset Sales
  Access
 Section 8.1(a) (b) (g) Section 6.8 provided -94-
        Keeping of Books
  Maintenance of Properties, Etc
  Application of Proceeds
 Section 4.12
 Environmental
  Additional Subsidiary Borrowers; Additional Collateral
 -95-
       Section 6.13
 Section 10.23(b) clause (a)
 -96-




---



##### 



clause (i) Section
6.13(b) clause (ii) Section 6.13(b) clause (1) (2) provided Section 6.13(b)
 Security Interests; Further Assurances
  -97-




---



##### 



Information Regarding Collateral
  Designation of Restricted and Unrestricted Subsidiaries
     -98-




---



##### 



provided however Section 7.2(i) Section 6.16
        -99-




---



##### 



Section 6.13
     Mortgage Requirements
 Applicable Person clause (i) clause (ii)
 Section 6.17(a)
 -100-




---



##### 



Section 6.17(a)
  Section 6.17(e)
 Current Title Insurance Value
 First Mortgage Group
 First Mortgage Group Title Policies
 -101-




---



##### 



Release of Mortgaged Property; Subordination; Consent
 Section 6.18(a)
    -102-




---



##### 



provided
        Appraised Value Percentage
 Section 6.19(b)
 -103-
       Section 6.19(c) subclause
(x) clause (i) Section 6.19(c) subclause
(x) clause (ii)
 Section 6.19(b) Section 6.19(a)
 Section 3.1(a)(xii) Section 6.19(b)
 Designated Account Deposits
 Section 6.22
 -104-
       Section 6.22
 Maintenance of Ratings
 Post-Closing Requirements
 Section 6.22(b)
 Schedule 6.22
     Liens, Etc
 -105-
        Schedule 7.1
   Section
7.4(e) provided however clause
(d)
 (a) (b) (d) (e) Section 7.1
       -106-




---



##### 



provided clause (f) (q) (s)
 Investments
  Schedule 7.2
   -107-




---



##### 



provided
   plus
 plus provided clause (i)
 -108-




---



##### 



Schedule 7.2
 provided
   Section 7.4
       Section 7.2
   -109-




---



##### 



Section 2.8(c)
 provided however less
 Restricted Payments
    plus
   provided however clause (b) (c)(i) provided further
 -110-




---



##### 



clause (b) (c)(i) Article V
 Limitation on Indebtedness
   Schedule
7.4(b) clause (i)
 provided
   -111-




---



##### 



provided however
    Section 7.4 provided
  Section 7.9
 provided however Section
7.4 Section 7.4(b) (h)
 Restriction on Fundamental Changes
  -112-




---



##### 



Section 7.2 Section 6.13 Section 7.2 provided provided further Section 7.5
 Change in Nature of Business
 provided
 Transactions with Affiliates
 provided however
 Restrictions on Subsidiary Distributions; No New Negative
Pledge
 -113-




---



##### 



Schedule 7.8 clauses (a) (b)(i)
 Sale/Leasebacks
 provided however
 Compliance with ERISA
  -114-




---



##### 



Environmental
 provided however Section 7.11
 Designated Account Proceeds
 provided however
 Limitation on Issuance of Stock
 Section 7.13(b) Section 6.13
 -115-




---



##### 



Prepayments of Second Lien Loans; Modifications of



Constituent Documents and Other Documents
  Section 7.4(b)
   Fiscal Year
    Events of Default
     -116-




---



##### 



Article V Section 6.1(e) Section 6.1(i)(i) Section 6.2 Section 6.11 Section
6.15 Section 6.18 Section 8.3 Article VII
   provided however
 -117-




---



##### 



clause (g)
      -118-




---



##### 



Remedies
 provided however clauses (ii) (iii) (iv) Section 8.1(g)
 Actions in Respect of Letters of Credit
 Section
10.8 clause (f) Section 2.12 provided however
 Rescission
 -119-
       Section
10.1 provided however
   Authorization and Action
  provided however
 -120-
        Administrative Agents Reliance, Etc
 Section 10.2 Section 10.2(c)
 The Administrative Agent Individually
  Agents -121-
       Group Section 9.3 Activities
  -122-




---



##### 



Lender Credit Decision
 Related
Parties
      -123-




---



##### 



Indemnification
 provided however
 Successor Administrative Agent
 -124-
       Article IX
   Amendments, Waivers, Etc.
 provided however
 provided however Section 2.18
 Section 2.17
   -125-




---



##### 



Section 10.1
   Proposed Change Section 10.1 Non-Consenting Lender provided however -126-
        Assignments and Participations
 provided however
 Section 2.18 Section 2.16 Section 10.1(c) -127-
        Section 10.8 Register Section 10.2
 Section 10.2
 -128-
       Exhibit C
 Section 10.2 Section
10.1 provided however
 Participant
Register Section 2.14 Section 2.15 Section 2.13(c) provided however Section 2.14 Section 2.15 Section 2.13(c) -129-
        Section 10.2 Section 2.4
 Costs and Expenses
 Article III
 -130-
        Indemnities
 Article III Indemnitee Indemnified Matters provided however Section 10.4 clauses (i) (ii) (iii) (iv) Section 10.4 -131-
      Section 10.4
 Limitation of Liability
  -132-
      Right of Set-off
 provided however Section 10.6
 Sharing of Payments, Etc
 Section 10.3 Section 10.4 Section 2.14 Section 2.15 Section 2.16 Purchasing Lender Selling Lender
  Section 10.7
 -133-
      Notices, Etc
   pberkowitz@tousa.com
  rd     jkanner@kirkland.com
 Schedule II
 Schedule II
  david.g.maffett@citi.com
 st     david.g.maffett@citi.com
 -134-
      llp       mmichetti@cahill.com amakich@cahill.com
 provided however Article II IX
 No Waiver; Remedies
  Binding Effect
 provided however
 Governing Law
  Submission to Jurisdiction; Service of Process
  -135-
      Section 10.8
 Section 10.12
  Waiver of Jury Trial
  Section Titles
 provided however
 -136-
      Execution in Counterparts
  Entire Agreement
  Confidentiality
 Borrower Information Section
10.17 Section
10.2(f) Section 10.17
 -137-
      Facility Information
 USA Patriot Act
  Agent Communications
 Communications
 Platform
  -138-
      AGENT PARTIES
   Joint and Several Liability
  -139-
      Extensions of Credit
   -140-
      Accommodation Payment UFTA UFCA Section 10.20
 Administrative Borrower
  -141-
      No Release
   Intercreditor Agreement
  clause (b)
  -142-
      ADMINISTRATIVE BORROWER:
TOUSA, INC.,
     as the Administrative BorrowerBy:Name:
    Stephen WagmanTitle:
    Executive Vice President -143-
      SUBSIDIARY BORROWERS:
ENGLE HOMES RESIDENTIAL CONSTRUCTION, L.L.C.
ENGLE HOMES COMMERCIAL CONSTRUCTION, LLC
ENGLE SIERRA VERDE P4, LLC
ENGLE/JAMES LLC
LB/TE #1, LLC
LORTON SOUTH CONDOMINIUM, LLC
MCKAY LANDING LLC
NEWMARK HOMES PURCHASING, L.P.
NEWMARK HOMES, L.L.C.
NEWMARK HOMES, L.P.
PREFERRED BUILDERS REALTY, INC.
REFLECTION KEY, LLC
SILVERLAKE INTERESTS, L.C.
TOI, LLC
TOUSA/WEST HOLDINGS, INC.
TOUSA ASSOCIATES SERVICES COMPANY
TOUSA HOMES ARIZONA, LLC
TOUSA HOMES COLORADO, LLC
TOUSA HOMES FLORIDA, L.P.
TOUSA HOMES INVESTMENT #1, INC
TOUSA HOMES INVESTMENT #2, INC.
TOUSA HOMES INVESTMENT #2, LLC
TOUSA HOMES MID-ATLANTIC HOLDING, LLC
TOUSA HOMES MID-ATLANTIC, LLC
TOUSA HOMES NEVADA, LLC
TOUSA HOMES, INC.
TOUSA HOMES, L.P.
TOUSA INVESTMENT #2, INC.
TOUSA MID-ATLANTIC INVESTMENT, LLC
TOUSA REALTY, INC.
TOUSA VENTURES, LLC
TOUSA, LLCBy:Name:
    Stephen WagmanTitle:
    Executive Vice President -144-
      NEWMARK HOMES BUSINESS TRUSTBy:Name:
    Paul BerkowitzTitle:
    Co-Managing Trustee of the TrustBy:Name:
    Stephen WagmanTitle:
    Co-Managing Trustee of the TrustBy:Name:
    Russell DevendorfTitle:
    Co-Managing Trustee of the Trust -145-
      ENGLE HOMES DELAWARE, INC.
TOUSA DELAWARE, INC.
TOUSA FUNDING, LLCBy:Name:Title: -146-
      CITICORP NORTH AMERICA, INC.,
     as Administrative AgentBy:Name:Title:CITIBANK, N.A., as an IssuerBy:Name:Title: -147-