Document:

Exhibit 4.47

(FORM OF FACE OF DEBENTURE)

IF THE DEBENTURE IS TO BE A GLOBAL DEBENTURE, INSERT — [This Debenture
is a Global Debenture within the meaning of the Indenture hereinafter referred
to and is registered in the name of a Depositary or a nominee of a
Depositary.  This Debenture is
exchangeable for Debentures registered in the name of a person other than the
Depositary or its nominee only in the limited circumstances described in the
Indenture, and except as otherwise provided in Section 2.11 of the Indenture
(as defined herein) this Debenture may be transferred, in whole but not in
part, only to another nominee of the Depositary or to a successor Depositary or
to a nominee of such successor Depositary.

Unless this Debenture is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the
issuer or its agent for registration of transfer, exchange or payment, and any
Debenture issued is registered in the name of Cede & Co. or such other name
as requested by an authorized representative of The Depository Trust Company
and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.]

Certificate
No. R-1

COUNTRYWIDE
FINANCIAL CORPORATION

6.75%
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURE

DUE APRIL 1, 2033

	
  $515,463,925

  	
   

  	
  [CUSIP# 222372 AF 1]

  

 

COUNTRYWIDE FINANCIAL CORPORATION, a Delaware corporation (the “Company”,
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to The Bank of New
York, as Institutional Trustee of Countrywide Capital IV under that certain
Amended and Restated Declaration of Trust dated as of April 11, 2003, or
registered assigns, the principal sum of Five Hundred Fifteen Million Four
Hundred Sixty Three Thousand Nine Hundred and Twenty Five Dollars
($515,463,925) on April 1, 2033, (the “Stated Maturity”), and to pay interest
on said principal sum from April 11, 2003, or from the most recent interest
payment date (each such date, an “Interest Payment Date”) to which interest has
been paid or duly provided for, quarterly (subject to deferral as set forth
herein) in arrears on January 1, April 1, July 1, and October 1 of each year,
commencing July 1, 2003, at the rate of 6.75% per annum (the “Coupon Rate”)
until the principal hereof shall have become due and payable, and on any
overdue principal and premium, and (without duplication and to the extent that
payment of such interest is enforceable under applicable law) on any overdue
installment of interest at the same rate per annum compounded quarterly.  The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve 30-day
months  and, except as provided in the
following sentences, the amount of interest payable for any period shorter than
a full quarterly period for which interest is computed, will be computed on the
basis of the actual number of days elapsed per calendar month (but not to
exceed 30 days in any month). In the event that any date on which interest is
payable on this Debenture is not a Business Day, then payment of interest payable
on such date will be made on the next succeeding day that is a Business Day
(and without any interest or other payment in respect of any such delay),
except that, if such Business Day is in the next succeeding calendar year, such
payment shall be made on the immediately preceding Business Day, in each case
with the same force and effect as if made on the date such payment

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otherwise
would have been payable.  The interest
installment so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the person
in whose name this Debenture (or one or more Predecessor Securities, as defined
in said Indenture) is registered at the close of business on the relevant
record dates, which will be, as long as this Debenture remains in book-entry
form, one Business Day prior to the relevant Interest Payment Date and, in the
event this Debenture is not in book-entry form, the December 15, March 15, June
15 and September 15 next preceding the relevant Interest Payment Date.  Payments of interest may be deferred by the
Company pursuant to the provisions of Article IV of the First Supplemental
Indenture to the Indenture (as defined herein). 
Any such interest installment not punctually paid or duly provided for
shall forthwith cease to be payable to the registered Holders on such regular
record date and may be paid to the Person in whose name this Debenture (or one
or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such
defaulted interest, notice whereof shall be given to the registered Holders of
this series of Debentures not less than 10 days prior to such special record
date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Debentures may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture.  The
principal of and the interest on this Debenture shall be payable at the office
or agency of the Trustee maintained for that purpose in any coin or currency of
the United States of America that at the time of payment is legal tender for
the payment of public and private debts; provided, however, that if this Note
is not a Global Debenture payment of interest may be made at the option of the
Company by check mailed to the registered Holder at such address as shall
appear in the Security Register.  Notwithstanding
the foregoing, so long as the Holder of this Debenture is the Institutional
Trustee, the payment of the principal of (and premium, if any) and interest on
this Debenture will be made at such place and to such account as may be
designated by the Institutional Trustee.

The indebtedness evidenced by this Debenture is, to the extent provided
in the Indenture, subordinate and junior in right of payment to the prior
payment in full of all Senior Indebtedness of the Company and this Debenture is
issued subject to the provisions of the Indenture with respect thereto.  Each Holder of this Debenture, by accepting
the same, (a) agrees to and shall be bound by such provisions, (b) authorizes
and directs the Trustee on his or her behalf to take such action as may be
necessary or appropriate to acknowledge or effectuate the subordination so
provided and (c) appoints the Trustee his or her attorney-in-fact for any and
all such purposes.  Each Holder hereof,
by his or her acceptance hereof, hereby waives all notice of the acceptance of
the subordination provisions contained herein and in the Indenture by each
holder of Senior Indebtedness, whether now outstanding or hereafter incurred,
and waives reliance by each such holder upon said provisions.

This Debenture shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until
the Certificate of Authentication hereon shall have been signed by or on behalf
of the Trustee.

The Company agrees, and by acceptance of a beneficial ownership interest
in the Debentures, each beneficial owner of the Debentures will be deemed to
have agreed to treat the Debentures as indebtedness of the Company for United
States federal income tax purposes.

The provisions of this Debenture are continued on the reverse side
hereof and such continued provisions shall for all purposes have the same
effect as though fully set forth at this place.

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IN WITNESS WHEREOF, the Company has caused this instrument to be
executed.

	
  

  	
  COUNTRYWIDE FINANCIAL CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
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 3Exhibit 10.11.3

AMENDMENT NO. 3 TO CREDIT AGREEMENT 

This Amendment No.
3 to Credit Agreement (this “Agreement”) dated as of September 14th, 2006, is made by
and among WALTER INDUSTRIES, INC., a Delaware corporation (the “Borrower”), BANK OF
AMERICA, N.A., a national banking association organized and existing under the
laws of the United States (“Bank of America”), in its capacity as administrative
agent for the Lenders (as defined in the Credit Agreement (as defined below))
(in such capacity, the “Administrative
Agent”), and each of the Lenders signatory hereto, and each of
the Guarantors (as defined in the Credit Agreement) signatory hereto.

W
I T N E S S E T H:

WHEREAS,
the Borrower, the Administrative Agent and the Lenders have entered into that
certain Credit Agreement dated as of October 3, 2005 (as amended by Amendment
No. 1 to Credit Agreement dated as of January 24, 2006, as further amended by
Amendment No. 2 to Credit Agreement and Waiver dated as of February 14, 2006, as
hereby amended and as from time to time hereafter further amended, modified,
supplemented, restated, or amended and restated, the “Credit Agreement”;
the capitalized terms used in this Agreement not otherwise defined herein shall
have the respective meanings given thereto in the Credit Agreement), pursuant
to which the Lenders have made available to the Borrower a term loan facility
and a revolving credit facility, including a letter of credit facility and a
swing line facility; and

WHEREAS,
each of the Guarantors has entered into a Guaranty pursuant to which it has
guaranteed certain or all of the obligations of the Borrower under the Credit
Agreement and the other Loan Documents; and

WHEREAS,
the Borrower has requested that the Administrative Agent and the Lenders agree
to amend certain terms of the Credit Agreement, which the Administrative Agent
and the Lenders party hereto are willing to do on the terms and conditions
contained in this Agreement; and

NOW,
THEREFORE, in consideration of the premises and further
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

1.             Amendments
to Credit Agreement.  Subject to the
terms and conditions set forth herein, the Credit Agreement is hereby amended
as follows:

(a)           Section
8.02(p) is hereby amended by deleting the reference to “$20,000,000”
contained therein and replacing it with “$27,000,000” in lieu thereof.

(b)           Section
8.12(d) is hereby amended by deleting the proviso following the table in
such section and replacing it with the following in lieu thereof:

“provided, however, that so long as no Default has
occurred and is

continuing or would result
from such expenditure, (i) up to $15,000,000 of any amount set forth above
other than the amount for 2006, if not expended in the fiscal year for which it
is permitted above, may be carried over for expenditure in the next following
fiscal year and (ii) up to $25,000,000 of the amount available but not used in
2006 may be carried over for expenditure in 2007.”

2.             Effectiveness; Conditions Precedent.  The effectiveness of this Agreement and the
amendments to the Credit Agreement provided in Paragraph 1 hereof are
subject to the satisfaction of each the following conditions precedent:

(a)           The Administrative Agent shall have
received each of the following documents or instruments in form and substance
reasonably acceptable to the Administrative Agent:

(i)            counterparts of this Agreement, duly
executed by the Borrower, the Administrative Agent, each Guarantor and the
Required Lenders, which counterparts may be delivered by telefacsimile or other
electronic means, but such delivery will be promptly followed by the delivery
of four (4) original signature pages by each Person party hereto unless waived
by the Administrative Agent; and

(ii)           such other assurances, certificates,
documents, consents or opinions as the Administrative Agent reasonably may
require.

(b)           All fees and expenses payable to the
Administrative Agent and the Lenders (including the reasonable fees and
expenses of counsel to the Administrative Agent) shall have been paid in full
(without prejudice to final settling of accounts for such fees and expenses).

3.             Consent of the Guarantors.  Each Guarantor hereby consents, acknowledges
and agrees to the amendments and other matters set forth herein and hereby
confirms and ratifies in all respects the Guaranty to which such Guarantor is a
party  (including without limitation the
continuation of such Guarantor’s payment and performance obligations thereunder
upon and after the
effectiveness of this Agreement and the amendments contemplated hereby)
and the enforceability of such Guaranty against such Guarantor in accordance
with its terms.

4.             Representations and Warranties.  In order to induce the Administrative Agent
and the Lenders to enter into this Agreement, the Borrower represents and
warrants to the Administrative Agent and the Lenders as follows:

(a)           The
representations and warranties made by the Borrower  in Article VI of the Credit Agreement and in each of
the other Loan Documents to which it is a party are true and correct in all
material respects on and as of the date hereof, except to the extent that such
representations and warranties expressly relate to an earlier date;

(b)           The
Persons appearing as Guarantors on the signature pages to this Agreement
constitute all Persons who are required to be Guarantors pursuant to the terms
of the Credit Agreement and the other Loan Documents, including without
limitation all

Persons who became Subsidiaries or were otherwise required to become
Guarantors after the Closing Date, and each of such Persons has become and
remains a party to a Guaranty as a Guarantor;

(c)           This
Agreement has been duly authorized, executed and delivered by the Borrower and
Guarantors party hereto and constitutes a legal, valid and binding obligation
of such parties; and

(d)           After
giving effect to this Agreement, no Default or Event of Default has occurred
and is continuing.

5.             Entire Agreement. 
This Agreement, together with all the Loan Documents (collectively, the “Relevant Documents”),
sets forth the entire understanding and agreement of the parties hereto in
relation to the subject matter hereof and supersedes any prior negotiations and
agreements among the parties relating to such subject matter.  No promise, condition, representation or
warranty, express or implied, not set forth in the Relevant Documents shall
bind any party hereto, and no such party has relied on any such promise,
condition, representation or warranty.  Each
of the parties hereto acknowledges that, except as otherwise expressly stated
in the Relevant Documents, no representations, warranties or commitments,
express or implied, have been made by any party to the other in relation to the
subject matter hereof or thereof.  None
of the terms or conditions of this Agreement may be changed, modified, waived
or canceled orally or otherwise, except in writing and in accordance with Section
11.01 of the Credit Agreement.

6.             Full Force and Effect of Agreement.  Except as hereby specifically amended, modified
or supplemented, the Credit Agreement and all other Loan Documents are hereby
confirmed and ratified in all respects and shall be and remain in full force
and effect according to their respective terms.

7.             Counterparts. 
This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original as against any party whose signature appears
thereon, and all of which shall together constitute one and the same
instrument.  Delivery of an executed
counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement.

8.             Governing Law. 
This Agreement shall in all respects be governed by, and construed in
accordance with, the laws of the State of New York applicable to contracts
executed and to be performed entirely within such State, and shall be further
subject to the provisions of Sections 11.14 and 11.15 of the
Credit Agreement.

9.             Enforceability. 
Should any one or more of the provisions of this Agreement be determined
to be illegal or unenforceable as to one or more of the parties hereto, all
other provisions nevertheless shall remain effective and binding on the parties
hereto.

10.           References.  All references in any of the Loan Documents
to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.

11.           Successors and Assigns.  This Agreement shall be binding upon and
inure to the benefit of the Borrower, the Administrative Agent and each of the
Guarantors and Lenders, and their respective successors, legal representatives,
and assignees to the extent such assignees are permitted assignees as provided
in Section 11.06 of the Credit Agreement.

[Signature
pages omitted]

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