Document:

Filed by Bowne Pure Compliance

Exhibit 10.1

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is made as of the
26th day of June, 2008, by and among D.R. HORTON, INC., a Delaware corporation
(the “Borrower”), the lenders listed on the signature pages hereof (collectively referred to herein
as the “Lenders”), the Guarantors listed on Schedule 1 attached hereto (each a “Guarantor” and
collectively, the “Guarantors”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent for
the Lenders (the “Administrative Agent”), Swingline Lender and a Letter of Credit Issuer.

R E C I T A L S:

The Borrower, the Administrative Agent and the Lenders have entered into that certain
Revolving Credit Agreement dated as of December 16, 2005 (the “Original Credit Agreement”) and the
Borrower, the Administrative Agent and certain of the Lenders have entered into that certain First
Amendment to Revolving Credit Agreement dated as of November 1, 2006 (the “First Amendment”), that
certain Second Amendment to Revolving Credit Agreement dated as of March 14, 2007 (the “Second
Amendment”), that certain Third Amendment to Revolving Credit Agreement dated as of July 6, 2007
(the “Third Amendment”), and that certain Fourth Amendment to Revolving Credit Agreement dated as
of January 4, 2008 (the “Fourth Amendment”; the Original Credit Agreement, as amended by the First
Amendment, the Second Amendment, the Third Amendment, and the Fourth Amendment, is hereinafter
referred to as the “Credit Agreement”). Capitalized terms used in this Amendment which are not
otherwise defined in this Amendment shall have the respective meanings assigned to them in the
Credit Agreement.

The Borrower, the Administrative Agent and the Lenders desire to amend the Credit Agreement in
certain respects.

NOW, THEREFORE, in consideration of the Recitals and the mutual promises contained herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrower, the Guarantors, the Administrative Agent and the Lenders, intending to
be legally bound hereby, agree as follows:

SECTION 1. Recitals. The Recitals are incorporated herein by reference and shall be
deemed to be a part of this Amendment.

 

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SECTION 2. Amendments.

(a)
The first table in the definition of “Applicable Margin” in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Eurodollar	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Senior	 	Rate or	 	 	 	 	 	 	 	 	 	 	Unused	 
	Pricing	 	Leverage	 	 	 	Unsecured	 	LIBOR	 	 	Base	 	 	Letters of	 	 	Commitment	 
	Level	 	Ratio	 	 	 	Debt Rating	 	Rate	 	 	Rate	 	 	Credit	 	 	Fee	 
	1
	 	Less than or equal	 	 	 	BBB/Baa2	 	 	1.05	%	 	 	0.00	%	 	 	0.925	%	 	 	0.15	%
	 
	 	to 0.30 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2
	 	Greater than 0.30	 	 	 	BBB-/Baa3	 	 	1.25	%	 	 	0.00	%	 	 	1.125	%	 	 	0.15	%
	 
	 	to 1 but less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	or equal to 0.40 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3
	 	Greater than 0.40	 	 	 	BB+/Ba1	 	 	1.45	%	 	 	0.00	%	 	 	1.325	%	 	 	0.20	%
	 
	 	to 1 but less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	or equal to 0.50 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4
	 	Greater than 0.50	 	 	 	BB/Ba2	 	 	1.70	%	 	 	0.00	%	 	 	1.575	%	 	 	0.20	%
	 
	 	to 1 but less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	.55 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5
	 	Equal to or greater	 	 	 	BB-/Ba3	 	 	2.00	%	 	 	0.00	%	 	 	1.875	%	 	 	0.25	%
	 
	 	than 0.55 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

(b) The definition of “Net Funded Notes Payable” in Section 1.1 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

“Net Funded Notes Payable” means, for Borrower and its Restricted Subsidiaries as of
any date, (a) the aggregate amount of all Indebtedness (including the pro rata portion of
Indebtedness of a joint venture in which Borrower or a Restricted Subsidiary holds an equity
interest, based on Borrower’s or such Restricted Subsidiary’s equity interest in such joint
venture) minus (b) unrestricted cash and cash equivalents, net of outstanding cash
borrowings under this Agreement, in excess of $50,000,000 based upon the average of the
month-end balances of unrestricted cash, cash equivalents and outstanding cash borrowings
under the Credit Agreement for the fiscal quarter most recently ended.

 

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(c) The definition of “Tangible Net Worth” in Section 1.1 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

“Tangible Net Worth” means, with respect to Borrower and its Restricted Subsidiaries,
the sum of (i) the net worth of Borrower and its Restricted Subsidiaries, as defined under
GAAP, plus (ii) to the extent not otherwise included in clause (i), amounts
reflected on the consolidated balance sheet of the Borrower and its Restricted
Subsidiaries attributable to capital stock that does not constitute Indebtedness, less (iii)
all “intangible assets”, but excluding any non-cash gain or loss resulting from any
mark-to-market adjustments made directly to the net worth of Borrower and its Restricted
Subsidiaries on a consolidated basis as a result of fluctuations in the value of financial
instruments owned by Borrower or any such Restricted Subsidiaries as mandated under SFAS
133.

(d) Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions
in alphabetical order:

“Deferred Tax Valuation Allowance” means any valuation allowance applied to deferred
tax assets as determined in accordance with GAAP and included in the financial statements of
the Borrower.

“Net Book Value of Land and Lots” means the net book value determined in accordance
with GAAP of Developed Lots, Lots Under Development, and Land Parcels as of the date of
determination.

(e) The definition of “Total Revolving Credit Commitment” in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

“Total Revolving Credit Commitment” means, as of any date of determination, the sum of
all Revolving Credit Commitments for all Lenders then in effect, which sum shall not exceed
$1,650,000,000 unless the Total Revolving Credit Commitment is increased pursuant to
Section 2.10(b).

(f) Section 6.8 of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:

Financial and Inventory Covenants. Until the Obligations are repaid in full and the
expiration or termination of all Letters of Credit and the Total Revolving Credit
Commitment, Borrower shall adhere to the following financial covenants, all on a
consolidated basis with the Restricted Subsidiaries and determined as of the last day of
each fiscal quarter of Borrower:

(a) Borrower shall maintain at all times a Leverage Ratio of not more than 0.55 to 1;

(b) If the Borrower shall fail to maintain for any two consecutive fiscal quarters
ending on and after December 31, 2007 an Interest Coverage Ratio equal to or greater than
1.50 to 1.00 for the period of four consecutive fiscal quarters then ended, then as of the
end of such second consecutive fiscal quarter and as of the end of all fiscal quarters
thereafter until the Interest Coverage Ratio is greater than or equal to 1.50 to 1.00, the
Borrower shall either maintain (i) a ratio of (A) Adjusted Cash Flow from Operations to (B)
Interest Incurred of greater than or equal to 1.50 to 1.00 or (ii) a sum of (y) Loan Funding
Availability plus (z) unrestricted cash and cash equivalents, to the extent such
unrestricted cash and cash equivalents are not included in calculating Loan Funding
Availability, equal to or greater than $500,000,000.

 

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(c) Borrower shall maintain at all times Tangible Net Worth of not less than the sum of
(i) $2,000,000,000, plus (ii) fifty percent (50%) of annual net profits (with no deduction
for any annual net loss and excluding the effect on annual net profits of any reversal in
any Deferred Tax Valuation Allowance) for each fiscal year ending after September 30, 2007,
plus (iii) fifty percent (50%) of the aggregate increase in shareholders’ equity of Borrower
after September 30, 2007 exceeding $500,000,000, by reason of the issuance of capital stock
of Borrower (including upon conversion of Indebtedness into such capital stock but excluding
(x) stock issued in connection with an employee stock ownership plan, an employee stock
option plan, or an employee stock purchase plan, and (y) any portion of such increase in
shareholders’ equity attributable to goodwill recognized in connection with an Acquisition),
plus (iv) 100% of the effect on annual net profits for each fiscal year ending after
September 30, 2007 of any reversal in any Deferred Tax Valuation Allowance as of the date of
determination;

(d) The total number of Speculative Lots owned by Borrower and its Restricted
Subsidiaries at any given time shall not exceed forty percent (40%) of all Closed Sales
during the immediately preceding twelve (12) calendar months. Models shall not be
considered “Speculative Lots” for purposes of this Section 6.8(d); and

(e) The Net Book Value of Land and Lots shall not exceed at any time (i) one hundred
fifty percent (150%) of the Adjusted Tangible Net Worth when the Net Book Value of Land and
Lots exceeds $4,740,000,000; and (ii) two hundred percent (200%) of the Adjusted Tangible
Net Worth when the Net Book Value of Land and Lots is equal to or less than $4,740,000,000;

provided, however, that the limitations set forth in the preceding subsections (d) and
(e) shall not be operative during any period in which Borrower maintains an Investment Grade
Rating by at least two (2) of Moody’s, S&P, and Fitch.

(g) Exhibit D to the Credit Agreement is hereby amended and restated in its entirety to read
as Exhibit D attached hereto.

 

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(h) The Borrower’s notice address in Schedule 2.1 to the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

	 	 	 
	BORROWER:	 	ADDRESS
	 
	 	 
	D.R. Horton, Inc.

	 	301 Commerce Street
	 

	 	Suite 500
	 

	 	Fort Worth, Texas 76102
	 

	 	Attn: Bill W. Wheat
	 

	 	Stacey
H. Dwyer

	 

	 	Tel: 817-390-8200
	 

	 	Fax: 972-620-6813 (Mr. Wheat)
	 

	 	Fax: 817-390-1715 (Ms. Dwyer)
	 

	 	E-mail: bwheat@drhorton.com

	 

	 	    sdwyer@drhorton.com

	 
	 	 
	 

	 	With a copy to:
	 
	 	 
	 

	 	301 Commerce Street
	 

	 	Suite 500
	 

	 	Fort Worth, Texas 76102
	 

	 	Attn: Ted I. Harbour, Esq.
	 

	 	Tel: 817-390-8200
	 

	 	Fax: 972-620-6863
	 

	 	E-mail: tharbour@drhorton.com

SECTION 3. Reduction of Aggregate Commitment. At the request of the Borrower, the
amount of the Total Revolving Credit Commitment is hereby reduced to $1,650,000,000 and such
reduction shall be allocated to each Lender’s Revolving Credit Commitment ratably in accordance
with its Commitment Ratio. The Borrower represents, warrants and certifies that this reduction in
the Total Revolving Credit Commitment is in accordance with Section 2.14 of the Credit Agreement.

SECTION 4. Conditions to Effectiveness. The effectiveness of this Amendment and the
obligations of the Lenders hereunder are subject to satisfaction of the following conditions, and
upon satisfaction of the following conditions, this Amendment shall be effective as of the day and
year first above written:

(a) receipt by the Administrative Agent from the Borrower, the Guarantors, the Administrative
Agent and the Lenders constituting Required Lenders (as defined in the Credit Agreement) of a duly
executed counterpart of this Amendment;

(b) the fact that the representations and warranties of the Borrower and each Guarantor
contained in Article 5 of the Credit Agreement and Section 6 of this Amendment shall be
true on and as of the date hereof;

(c) payment by the Borrower to the Administrative Agent of an amendment fee of .20% of each
Lender’s Revolving Credit Commitment for each Lender approving this Amendment after giving effect
to the reduction of the Total Revolving Credit Commitment in Section 3 of this Amendment
and all other fees and expenses (including without limitation the fees and expenses of counsel to
the Administrative Agent and fees related to the reduction of the Total Revolving Credit Commitment
in accordance with Section 2.14 of the Credit Agreement and Section 3 of this Amendment)
payable on the date of this Amendment to the applicable
Lenders and the Administrative Agent;

 

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(d) payment by the Borrower of all other fees and expenses (including without limitation the
fees and expenses of counsel to the Administrative Agent) payable on the date of this Amendment in
connection herewith; and

(e) receipt of such other documents that the Administrative Agent may reasonably require.

SECTION 5. No Other Amendment. Except for the amendments set forth herein, the text
of the Credit Agreement shall remain unchanged and in full force and effect. This Amendment is not
intended to effect, nor shall it be construed as, a novation. The Credit Agreement and this
Amendment shall be construed together as a single agreement. Nothing herein contained shall waive,
annul, vary or affect any provision, condition, covenant or agreement contained in the Credit
Agreement, except as herein amended or waived, nor affect or impair any rights, powers or remedies
under the Credit Agreement as hereby amended. The Lenders and the Administrative Agent do hereby
reserve all of their rights and remedies against all parties who may be or may hereafter become
secondarily liable for the repayment of the Obligations. The Borrower promises and agrees to
perform all of the requirements, conditions, agreements and obligations under the terms of the
Credit Agreement, as heretofore and hereby amended, the Credit Agreement, as amended, being hereby
ratified and affirmed. The Borrower hereby expressly agrees that the Credit Agreement, as amended,
is in full force and effect.

SECTION 6. Representations and Warranties. The Borrower and each Guarantor hereby
represents and warrants to the Administrative Agent and the Lenders as follows:

(a) No Default or Event of Default under the Credit Agreement has occurred and is continuing
on the date hereof.

(b) The Borrower and each Guarantor each has the power and authority to enter into this
Amendment and to do all acts and things as are required or contemplated hereunder, or thereunder,
to be done, observed and performed by it.

(c) The execution, delivery and performance by each of the Borrower and each Guarantor of this
Amendment and each Loan Document to which such Person is a party that is being delivered in
connection with this Amendment have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (i) contravene the terms of any of such Person’s
Organizational Documents or Authority Documents, (ii) conflict with or result in any breach or
contravention of, or the creation of any Lien under, any contractual obligation to which such
Person is party or another order, injunction, writ or decree of any Governmental Authority to which
such Person or its property is subject, or (iii) violate any Applicable Law.

(d) This Amendment and each Loan Document being delivered in connection with this Amendment
have each been duly executed and delivered by the Borrower and each Guarantor that is party hereto
and thereto. This Amendment and each such Loan Document each constitutes the legal, valid and
binding obligation of the Borrower and each Guarantor that is a party thereto, enforceable against
the Borrower and each Guarantor in accordance with its terms, except as enforceability may be
limited by applicable Debtor Relief Laws and general principles of equity.

 

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SECTION 7. Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed to be an original and all of which, taken together, shall constitute
one and the same agreement.

SECTION 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NORTH CAROLINA; PROVIDED THAT THE ADMINISTRATIVE AGENT,
LETTER OF CREDIT ISSUERS AND LENDERS SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

SECTION 9. Consent by Guarantors. The Guarantors consent to this Amendment. Each
Guarantor promises and agrees to perform all of the requirements, conditions, agreements and
obligations under the terms of the Subsidiary Guaranty to which it is a party, such Subsidiary
Guaranty being hereby ratified and affirmed. Each Guarantor hereby expressly agrees that the
Subsidiary Guaranty to which it is a party is in full force and effect.

[Signature Pages Follow]

 

-7-

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered, or have caused their
respective duly authorized officers or representatives to execute and deliver, this Amendment as of
the day and year first above written.

	 	 	 	 	 
	 	BORROWER:

D.R. HORTON, INC., a Delaware corporation

 	 
	 	By:  	/s/ Bill W. Wheat
 	 
	 	 	Name:  	Bill W. Wheat 	 
	 	 	Title:  	EVP, CFO 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	GUARANTORS:

 	 
	 	By:  	/s/ Bill W. Wheat
 	 
	 	 	Bill W. Wheat, in the capacities described and on behalf of the entities set forth in 	 
	 	 	Exhibit A 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

EXHIBIT A

INITIAL GUARANTORS as of December 16, 2005

C. Richard Dobson Builders, Inc., a Virginia corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

CH Investments of Texas, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

CHI Construction Company, an Arizona corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

CHTEX of Texas, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

Continental Homes of Texas, L.P., a Texas limited partnership, by CHTEX of Texas, Inc., its General
Partner, by Bill W. Wheat in his capacity as Chief Financial Officer

Continental Homes, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

Continental Residential, Inc., a California corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D. R. Horton, Inc. — Fresno, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton — Emerald, Ltd., a Texas limited partnership, by Meadows I, Ltd., its General Partner,
by Bill W. Wheat in his capacity as Chief Financial Officer

D.R. Horton — Texas, Ltd., a Texas limited partnership, by Meadows I, Ltd., its General Partner, by
Bill W. Wheat in his capacity as Chief Financial Officer

D.R. Horton LA North, Inc. (f/k/a DRH Regrem X, Inc.), a Delaware corporation, by Bill W. Wheat in
his capacity as Chief Financial Officer

D.R. Horton Los Angeles Holding Company, Inc., a California corporation, by Bill W. Wheat in his
capacity as Chief Financial Officer

D.R. Horton Management Company, Ltd., a Texas limited partnership, by Meadows I, Ltd., its General
Partner, by Bill W. Wheat in his capacity as Chief Financial Officer

D.R. Horton Materials, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton OCI, Inc., (f/k/a D.R. Horton Orange County, Inc.), a Delaware corporation, by Bill W.
Wheat in his capacity as Chief Financial Officer

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

D.R. Horton VEN, Inc. (f/k/a D.R. Horton San Diego Holding Company, Inc.), a California
corporation, by Bill W. Wheat in his capacity as Chief Financial Officer

D.R. Horton, Inc. — Birmingham, an Alabama corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Chicago, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Denver, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Dietz-Crane, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Greensboro, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Gulf Coast, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Jacksonville, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Louisville, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Minnesota, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — New Jersey, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Portland, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Sacramento, a California corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton, Inc. — Torrey, a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

D.R. Horton-Schuler Homes, LLC, a Delaware limited liability company, by Vertical Construction
Corporation, a manager, by Bill W. Wheat in his capacity as Chief Financial Officer

DRH Cambridge Homes, Inc., a California corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

DRH Cambridge Homes, LLC, a Delaware limited liability company, by D.R. Horton, Inc. — Chicago, a
managing member, by Bill W. Wheat in his capacity as Chief Financial Officer

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

DRH Construction, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

DRH Regrem VII, LP, a Texas limited partnership, by Meadows I, Ltd., its General Partner, by Bill
W. Wheat in his capacity as Chief Financial Officer

DRH Regrem VIII, LLC, a Delaware limited liability company, by D.R. Horton, Inc. — Chicago, a
managing member, by Bill W. Wheat in his capacity as Chief Financial Officer

DRH Regrem XI, Inc. a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

DRH Regrem XII, LP, a Texas limited partnership, by Meadows I, Ltd., its General Partner, by Bill
W. Wheat in his capacity as Chief Financial Officer

DRH Southwest Construction, Inc., a California corporation, by Bill W. Wheat in his capacity as
Chief Financial Officer

DRH Tucson Construction, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

DRHI, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial Officer

HPH Homebuilders 2000, L.P., a California limited partnership, by Western Pacific Housing
Management, Inc., a General Partner, by Bill W. Wheat in his capacity as Chief Financial Officer

KDB Homes, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

Meadows I, Ltd., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

Meadows II, Ltd., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

Meadows IX, Inc., a New Jersey corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

Meadows VIII, Ltd., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

Meadows X, Inc., a New Jersey corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

Melmort Co., a Colorado corporation, by Bill W. Wheat in his capacity as Chief Financial Officer

Melody Homes, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

Schuler Homes of Arizona LLC, a Delaware limited liability company, by SRHI LLC, a managing member,
by Bill W. Wheat in his capacity as Chief Financial Officer

Schuler Homes of California, Inc., a California corporation, by Bill W. Wheat in his capacity as
Chief Financial Officer

Schuler Homes of Oregon, Inc., an Oregon corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

Schuler Homes of Washington, Inc., a Washington corporation, by Bill W. Wheat in his capacity as
Chief Financial Officer

Schuler Mortgage, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

Schuler Realty Hawaii, Inc., a Hawaii corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

SGS Communities at Grande Quay, LLC, a New Jersey limited liability company, by Meadows IX, Inc., a
managing member, by Bill W. Wheat in his capacity as Chief Financial Officer

SHA Construction LLC, a Delaware limited liability company, by SRHI, LLC, a managing member, by
Bill W. Wheat in his capacity as Chief Financial Officer

SHLR of California, Inc., a California corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

SHLR of Colorado, Inc., a Colorado corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

SHLR of Nevada, Inc., a Nevada corporation, by Bill W. Wheat in his capacity as Chief Financial
Officer

SHLR of Utah, Inc., a Utah corporation, by Bill W. Wheat in his capacity as Chief Financial Officer

SHLR of Washington, Inc., a Washington corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

SRHI LLC, a Delaware limited liability company, by SHLR of Nevada, Inc., a managing member, by Bill
W. Wheat in his capacity as Chief Financial Officer

SSHI LLC, a Delaware limited liability company, by SHLR of Washington, a managing member, by Bill
W. Wheat in his capacity as Chief Financial Officer

Vertical Construction Corporation, a Delaware corporation, by Bill W. Wheat in his capacity as
Chief Financial Officer

Western Pacific Funding, Inc., a California corporation, by Bill W. Wheat in his capacity as
Executive Vice President

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

Western Pacific Housing — Aviara, L.P., a California limited partnership, by Western Pacific
Housing Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing — Oso, L.P., a California limited partnership, by Western Pacific Housing
Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial Officer

Western Pacific Housing — Scripps, L.P., a California limited partnership, by Western Pacific
Housing Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing — Seacove, L.P., a California limited partnership, by Western Pacific
Housing Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing — Windflower, L.P., a California limited partnership, by Western Pacific
Housing Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing Co., a California limited partnership, by Western Pacific Housing
Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial Officer

Western Pacific Housing Management, Inc., a California corporation, by Bill W. Wheat in his
capacity as Chief Financial Officer

Western Pacific Housing, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-Antigua, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Boardwalk, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial Officer

Western Pacific Housing-Broadway, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its manager member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Canyon Park, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Carmel, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

Western Pacific Housing-Carrillo, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Communications Hill, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-Copper Canyon, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-Creekside, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Culver City, L.P., a California limited partnership, by Western Pacific
Housing Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Del Valle, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Lomas Verdes, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Lost Hills Park, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-McGonigle Canyon, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-Mountaingate, L.P. a California limited partnership, by Western Pacific
Housing Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Norco Estates, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-Pacific Park II, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

Western Pacific Housing-Park Avenue East, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Park Avenue West, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Playa Vista, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial Officer

Western Pacific Housing-Poinsettia, L.P., a California limited partnership, by Western Pacific
Housing Management, Inc., its General Partner, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-River Ridge, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial Officer

Western Pacific Housing-Robinhood Ridge, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-Santa Fe, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Scripps II, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Studio 528, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial Officer

Western Pacific Housing-Terra Bay Duets, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Torrance, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial Officer

Western Pacific Housing-Torrey Commercial, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

Western Pacific Housing-Torrey Meadows, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial
Officer

Western Pacific Housing-Torrey Multi-Family, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-Torrey Village Center, LLC, a Delaware limited liability company, by
Western Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as
Chief Financial Officer

Western Pacific Housing-Vineyard Terrace, LLC, a Delaware limited liability company, by Western
Pacific Housing Management, Inc., its managing member, by Bill W. Wheat in his capacity as Chief
Financial Officer

Western Pacific Housing-Windemere, LLC, a Delaware limited liability company, by Western Pacific
Housing Management, Inc., its manager, by Bill W. Wheat in his capacity as Chief Financial Officer

WPH-Camino Ruiz, LLC, a Delaware limited liability company, by Western Pacific Housing Management,
Inc., its managing member, by Bill W. Wheat in his capacity as Chief Financial Officer

ADDITIONAL GUARANTORS as of June 13, 2006

DRH Regrem XIII, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XIV, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XV, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XVI, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XVII, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XVIII, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XIX, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XX, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

DRH Regrem XXI, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XXII, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XXIII, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XXIV, Inc., a Delaware corporation, by Bill W. Wheat in his capacity as Executive Vice
President and Chief Financial Officer

DRH Regrem XXV, Inc. (f/k/a D.R. Horton, Inc. — Los Angeles), a Delaware corporation, by Bill W.
Wheat in his capacity as Executive Vice President and Chief Financial Officer

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as
Administrative Agent

 	 
	 	By:  	/s/ R. Scott Holtzapple
 	 
	 	 	Name:  	R. Scott Holtzapple 	 
	 	 	Title:  	Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender,

Swingline Lender and a Letter of Credit Issuer

 	 
	 	By:  	/s/ R. Scott Holtzapple
 	 
	 	 	Name:  	R. Scott Holtzapple 	 
	 	 	Title:  	Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF
SCOTLAND, PLC,
 as a Lender
 	 
	 
	 	By:  	/s/ Timothy McNaught
 	 
	 	 	Name:  	Timothy McNaught 	 
	 	 	Title:  	Managing Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender

 	 
	 	By:  	/s/ Stephen B. Carlson
 	 
	 	 	Name:  	Stephen B. Carlson 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH, as a Lender

 	 
	 	By:  	/s/ Brian Myers
 	 
	 	 	Name:  	Brian Myers 	 
	 	 	Title:  	Managing Director 	 
	 

	 	By:  	                         /s/ Robert S. Smith
 	 
	 	 	Name:  	Robert S. Smith 	 
	 	 	Title:  	Managing Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	CITICORP, N.A., as a Lender

 	 
	 	By:  	/s/ Marni McManus
 	 
	 	 	Name:  	Marni McManus 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as a Lender

 	 
	 	By:  	/s/ Vanessa Chiu
 	 
	 	 	Name:  	Vanessa Chiu 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC, as a Lender

 	 
	 	By:  	/s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director

Banking Products

Services. US 	 
	 	 	 
	 	By:  	 /s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director

Banking Products

Services. US 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	BNP PARIBAS, as a Lender

 	 
	 	By:  	/s/ Alain Kasfereit
 	 
	 	 	Name:  	Alain Kasfereit 	 
	 	 	Title:  	Managing Director 	 
	 	 	 
	 	By:  	 /s/ PJ de Filippis
 	 
	 	 	Name:  	PJ de Filippis 	 
	 	 	Title:  	Managing Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	SUNTRUST BANK, as a Lender

 	 
	 	By:  	/s/ W. John Wendler
 	 
	 	 	Name:  	W. John Wendler 	 
	 	 	Title:  	Senior Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	WASHINGTON MUTUAL BANK, as a Lender

 	 
	 	By:  	/s/ Gary Handcox
 	 
	 	 	Name:  	Gary Handcox 	 
	 	 	Title:  	Senior Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	REGIONS BANK (successor by merger to 

 AmSouth Bank), as a Lender

 	 
	 	By:  	/s/ Daniel McClurkin
 	 
	 	 	Name:  	Daniel McClurkin 	 
	 	 	Title:  	Assistant Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as a Lender

 	 
	 	By:  	/s/ Ning Cai
 	 
	 	 	Name:  	Ning Cai 	 
	 	 	Title:  	Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	SCOTIABANC INC., as a Lender

 	 
	 	By:  	/s/ J.F. Todd
 	 
	 	 	Name:  	J.F. Todd 	 
	 	 	Title:  	Managing Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	BARCLAYS BANK PLC, as a Lender

 	 
	 	By:  	/s/ Alicia Borys
 	 
	 	 	Name:  	Alicia Borys 	 
	 	 	Title:  	Manager 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	COMERICA BANK, as a Lender

 	 
	 	By:  	/s/ Casey L. Stevenson
 	 
	 	 	Name:  	Casey L. Stevenson 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	FANNIE MAE, as a Lender

 	 
	 	By:  	/s/ Lisa F. Carlson
 	 
	 	 	Name:  	Lisa F. Carlson 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	LLOYDS TSB BANK PLC, as a Lender

 	 
	 	By:  	/s/ Jonathan Smith
 	 
	 	 	Name:  	Jonathan Smith 	 
	 	 	Title:  	Assistant Vice President

Risk Management & Business

Support S025 	 
	 	 	 
	 	By:  	 /s/ Nicholas J. Bruce
 	 
	 	 	Name:  	Nicholas J. Bruce 	 
	 	 	Title:  	Vice President & Manager

Risk Management & Business

Support B081 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	NATIXIS (fka NATEXIS BANQUES
 POPULAIRES), as a Lender

 	 
	 	By:  	/s/ Marie-Edith Dugeny
 	 
	 	 	Name:  	Marie-Edith Dugeny 	 
	 	 	Title:  	Managing Director 	 
	 	 	 
	 	By:  	 /s/ Zinda Bouazzoui
 	 
	 	 	Name:  	Zinda Bouazzoui 	 
	 	 	Title:  	Associate Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	GUARANTY BANK, as a Lender

 	 
	 	By:  	/s/ Ross Evans
 	 
	 	 	Name:  	Ross Evans 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	EMIGRANT BANK, as a Lender

 	 
	 	By:  	/s/ David J. Feingold
 	 
	 	 	Name:  	David J. Feingold 	 
	 	 	Title:  	Managing Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/ Luis Donoso
 	 
	 	 	Name:  	Luis Donoso 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	 THE GOVERNOR AND COMPANY OF THE

 BANK OF IRELAND, as a Lender

 	 
	 	By:  	/s/ Elaine Crowley
 	 
	 	 	Name:  	Elaine Crowley 	 
	 	 	Title:  	Authorised Signatory 	 
	 	 	 
	 	By:  	 /s/ Emer Dalton
 	 
	 	 	Name:  	Emer Dalton 	 
	 	 	Title:  	Authorised Signatory 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	CALIFORNIA BANK & TRUST, a California

banking corporation, as a Lender

 	 
	 	By:  	/s/ Bruce Weyers
 	 
	 	 	Name:  	Bruce Weyers 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	CITY NATIONAL BANK, a national banking 

association, as a Lender

 	 
	 	By:  	/s/ Xavier Barrera
 	 
	 	 	Name:  	Xavier Barrera 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender

 	 
	 	By:  	/s/ Mike Mendenhall
 	 
	 	 	Name:  	Mike Mendenhall 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD., as a Lender

 	 
	 	By:  	/s/ Noel Purcell
 	 
	 	 	Name:  	Noel Purcell 	 
	 	 	Title:  	Authorized Signatory 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	SOCIÉTÉ GÉNÉRALE, as a Lender

 	 
	 	By:  	/s/ Milissa A. Goeden
 	 
	 	 	Name:  	Milissa A. Goeden 	 
	 	 	Title:  	Director 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	CHEVY CHASE BANK, F.S.B., as a Lender

 	 
	 	By:  	/s/ Constance G. Beck
 	 
	 	 	Name:  	Constance G. Beck 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	COMPASS BANK, as a Lender

 	 
	 	By:  	/s/ Johanna Duke Paley
 	 
	 	 	Name:  	Johanna Duke Paley 	 
	 	 	Title:  	SVP 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	AMERICAN SAVINGS BANK FSB, as a Lender

 	 
	 	By:  	/s/ Carl A. Morita
 	 
	 	 	Name:  	Carl A. Morita 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	BANK OF HAWAII, as a Lender

 	 
	 	By:  	/s/ Brian H. Uemori
 	 
	 	 	Name:  	Brian H. Uemori 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	FIRST HAWAIIAN BANK, as a Lender

 	 
	 	By:  	/s/ Jon T. Fukagawa
 	 
	 	 	Name:  	Jon T. Fukagawa 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY, as a Lender

 	 
	 	By:  	/s/ Morgan A. Lyons
 	 
	 	 	Name:  	Morgan A. Lyons 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	CHANG HWA COMMERCIAL BANK, LTD.,

NEW YORK BRANCH, as a Lender

 	 
	 	By:  	/s/ Jim C.Y. Chen
 	 
	 	 	Name:  	Jim C.Y. Chen 	 
	 	 	Title:  	VP & General Manager 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	MEGA INTERNATIONAL COMMERCIAL
 BANK CO., LTD. NEW YORK BRANCH,

 as a Lender

 	 
	 	By:  	/s/ Tsang - Pei Hsu
 	 
	 	 	Name:  	Tsang - Pei Hsu 	 
	 	 	Title:  	VP & DGM 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	NATIONAL CITY BANK, as a Lender

 	 
	 	By:  	/s/ Jerry W. Johnston
 	 
	 	 	Name:  	Jerry W. Johnston 	 
	 	 	Title:  	Executive Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	COMMERZBANK AG, NEW YORK AND

GRAND CAYMAN BRANCHES, as a Lender

 	 
	 	By:  	/s/ Edward C.A. Forsberg, Jr.
 	 
	 	 	Name:  	Edward C.A. Forsberg, Jr. 	 
	 	 	Title:  	Senior Vice President  & Manager 	 

	 	 	 	 	 
	 	By:  	 /s/ David A. Bennett
 	 
	 	 	Name:  	David A. Bennett 	 
	 	 	Title:  	Vice President 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

	 	 	 	 	 
	 	CAMULOS MASTER FUND LP, as a Lender

 	 
	 	By:  	/s/ Michael Iuliano
 	 
	 	 	Name:  	Michael Iuliano 	 
	 	 	Title:  	Attorney-in-Fact 	 

SIGNATURE PAGE TO FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

SCHEDULE
1

GUARANTORS

INITIAL GUARANTORS as of December 16, 2005

C. Richard Dobson Builders, Inc., a Virginia corporation

CH Investments of Texas, Inc., a Delaware corporation

CHI Construction Company, an Arizona corporation

CHTEX of Texas, Inc., a Delaware corporation

Continental Homes, Inc., a Delaware corporation

Continental Homes of Texas, L.P., a Texas limited partnership

Continental Residential, Inc., a California corporation

D.R. Horton — Emerald, Ltd., a Texas limited partnership

D.R. Horton, Inc. — Birmingham, an Alabama corporation

D.R. Horton, Inc. — Chicago, a Delaware corporation

D.R. Horton, Inc. — Denver, a Delaware corporation

D.R. Horton, Inc. — Dietz-Crane, a Delaware corporation

D.R. Horton, Inc. — Fresno, a Delaware corporation

D.R. Horton, Inc. — Greensboro, a Delaware corporation

D.R. Horton, Inc. — Gulf Coast, a Delaware corporation

D.R. Horton, Inc. — Jacksonville, a Delaware corporation

D.R. Horton, Inc. — Louisville, a Delaware corporation

D.R. Horton, Inc. — Minnesota, a Delaware corporation

D.R. Horton, Inc. — New Jersey, a Delaware corporation

D.R. Horton, Inc. — Portland, a Delaware corporation

D.R. Horton, Inc. — Sacramento, a California corporation

D.R. Horton, Inc. — Torrey, a Delaware corporation

D.R. Horton LA North, Inc. (f/k/a DRH Regrem X, Inc.), a Delaware corporation

 

 

 

D.R. Horton Los Angeles Holding Company, Inc., a California corporation

D.R. Horton Management Company, Ltd., a Texas limited partnership

D.R. Horton Materials, Inc., a Delaware corporation

D.R. Horton OCI, Inc. (f/k/a D.R. Horton Orange County, Inc.), a Delaware corporation

D.R. Horton VEN, Inc. (f/k/a D.R. Horton San Diego Holding Company, Inc.), a California corporation

D.R. Horton — Texas, Ltd., a Texas limited partnership

DRH Cambridge Homes, Inc., a California corporation

DRH Cambridge Homes, LLC, a Delaware limited liability company

DRH Construction, Inc., a Delaware corporation

DRH Regrem VII, LP, a Texas limited partnership

DRH Regrem VIII, LLC, a Delaware limited liability company

DRH Southwest Construction, Inc., California corporation

DRH Tucson Construction, Inc., a Delaware corporation

DRHI, Inc., a Delaware corporation

KDB Homes, Inc., a Delaware corporation

Meadows I, Ltd., a Delaware corporation

Meadows II, Ltd., a Delaware corporation

Meadows VIII, Ltd., a Delaware corporation

Meadows IX, Inc., a New Jersey corporation

Meadows X, Inc., a New Jersey corporation

SGS Communities at Grande Quay, LLC, a New Jersey limited liability company

D.R. Horton-Schuler Homes, LLC, a Delaware limited liability company

HPH Homebuilders 2000, L.P., a California limited partnership

Melody Homes, Inc., a Delaware corporation

Melmort Co., a Colorado corporation

Schuler Homes of Arizona LLC, a Delaware limited liability company

 

 

 

Schuler Homes of California, Inc., a California corporation

Schuler Homes of Oregon, Inc., an Oregon corporation

Schuler Homes of Washington, Inc., a Washington corporation

Schuler Mortgage, Inc., a Delaware corporation

Schuler Realty Hawaii, Inc., a Hawaii corporation

SHA Construction LLC, a Delaware limited liability company

SHLR of California, Inc., a California corporation

SHLR of Colorado, Inc., a Colorado corporation

SHLR of Nevada, Inc., a Nevada corporation

SHLR of Utah, Inc., a Utah corporation

SHLR of Washington, Inc., a Washington corporation

SRHI LLC, a Delaware limited liability company

SSHI LLC, a Delaware limited liability company

Vertical Construction Corporation, a Delaware corporation

Western Pacific Funding, Inc., a California corporation

Western Pacific Housing Co., a California limited partnership

Western Pacific Housing Management, Inc., a California corporation

Western Pacific Housing, Inc., a Delaware corporation

Western Pacific Housing-Antigua, LLC, a Delaware limited liability company

Western Pacific Housing — Aviara, L.P., a California limited partnership

Western Pacific Housing-Boardwalk, LLC, a Delaware limited liability company

Western Pacific Housing-Broadway, LLC, a Delaware limited liability company

Western Pacific Housing-Canyon Park, LLC, a Delaware limited liability company

Western Pacific Housing-Carmel, LLC, a Delaware limited liability company

Western Pacific Housing-Carrillo, LLC, a Delaware limited liability company

Western Pacific Housing-Communications Hill, LLC, a Delaware limited liability company

 

 

 

Western Pacific Housing-Copper Canyon, LLC, a Delaware limited liability company

Western Pacific Housing-Creekside, LLC, a Delaware limited liability company

Western Pacific Housing-Culver City, L.P., a California limited partnership

Western Pacific Housing-Del Valle, LLC, a Delaware limited liability company

Western Pacific Housing-Lomas Verdes, LLC, a Delaware limited liability company

Western Pacific Housing-Lost Hills Park, LLC, a Delaware limited liability company

Western Pacific Housing-McGonigle Canyon, LLC, a Delaware limited liability company

Western Pacific Housing-Mountaingate, L.P. a California limited partnership

Western Pacific Housing-Norco Estates, LLC, a Delaware limited liability company

Western Pacific Housing — Oso, L.P., a California limited partnership

Western Pacific Housing-Pacific Park II, LLC, a Delaware limited liability company

Western Pacific Housing-Park Avenue East, LLC, a Delaware limited liability company

Western Pacific Housing-Park Avenue West, LLC, a Delaware limited liability company

Western Pacific Housing-Playa Vista, LLC, a Delaware limited liability company

Western Pacific Housing-Poinsettia, L.P., a California limited partnership

Western Pacific Housing-River Ridge, LLC, a Delaware limited liability company

Western Pacific Housing-Robinhood Ridge, LLC, a Delaware limited liability company

Western Pacific Housing-Santa Fe, LLC, a Delaware limited liability company

Western Pacific Housing-Scripps II, LLC, a Delaware limited liability company

Western Pacific Housing — Scripps, L.P., a California limited partnership

Western Pacific Housing — Seacove, L.P., a California limited partnership

Western Pacific Housing-Studio 528, LLC, a Delaware limited liability company

Western Pacific Housing-Terra Bay Duets, LLC, a Delaware limited liability company

Western Pacific Housing-Torrance, LLC, a Delaware limited liability company

Western Pacific Housing-Torrey Commercial, LLC, a Delaware limited liability company

Western Pacific Housing-Torrey Meadows, LLC, a Delaware limited liability company

 

 

 

Western Pacific Housing-Torrey Multi-Family, LLC, a Delaware limited liability company

Western Pacific Housing-Torrey Village Center, LLC, a Delaware limited liability company

Western Pacific Housing-Vineyard Terrace, LLC, a Delaware limited liability company

Western Pacific Housing-Windemere, LLC, a Delaware limited liability company

Western Pacific Housing — Windflower, L.P., a California limited partnership

WPH-Camino Ruiz, LLC, a Delaware limited liability company

DRH Regrem XI, Inc. a Delaware corporation

DRH Regrem XII, LP, a Texas limited partnership

ADDITIONAL GUARANTORS as of June 13, 2006

DRH Regrem XIII, Inc., a Delaware corporation

DRH Regrem XIV, Inc., a Delaware corporation

DRH Regrem XV, Inc., a Delaware corporation

DRH Regrem XVI, Inc., a Delaware corporation

DRH Regrem XVII, Inc., a Delaware corporation

DRH Regrem XVIII, Inc., a Delaware corporation

DRH Regrem XIX, Inc., a Delaware corporation

DRH Regrem XX, Inc., a Delaware corporation

DRH Regrem XXI, Inc., a Delaware corporation

DRH Regrem XXII, Inc., a Delaware corporation

DRH Regrem XXIII, Inc., a Delaware corporation

DRH Regrem XXIV, Inc., a Delaware corporation

DRH Regrem XXV, Inc. (f/k/a D.R. Horton, Inc. — Los Angeles), a Delaware
corporation

 

 

 

EXHIBIT D

FORM OF QUARTERLY COMPLIANCE CERTIFICATE

FOR                      ENDED                                         ,

DATE:                                         ,

	 	 	 
	ADMINISTRATIVE AGENT:

	 	Wachovia Bank, National Association, a national
banking association
	 
	 	 
	BORROWER:

	 	D. R. Horton, Inc., a Delaware
corporation

This certificate is delivered under the Revolving Credit Agreement dated as of December
 _____,
2005 (as modified, amended, renewed, extended, supplemented, or restated from time to time, the
“Credit Agreement”), among Borrower, Administrative Agent, the Letter of Credit Issuers defined
therein, the Swingline Lender defined therein and the Lenders defined therein. Capitalized terms
used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit
Agreement.

I certify to Administrative Agent and Lenders that:

(a) I am an Authorized Signatory of Borrower and its Restricted Subsidiaries (for purposes
hereof “Companies”) in the position(s) set forth under my signature below;

(b) the consolidated Current Financials of Borrower and its Subsidiaries delivered to
Administrative Agent concurrently with the delivery hereof were prepared in accordance with GAAP;
present fairly in all material respects the consolidated financial condition and results of
operations of Borrower and its Subsidiaries; and serve as the basis for the status of compliance by
Borrower with certain covenants in the Credit Agreement set forth on Annex I as of, and for the
(three, six, or nine months, or fiscal year) ended on _____, 
_____, 
 (the “Subject Period”); and

(c) the status of compliance by Borrower with Sections 6.8(a), (b), (c), (d) and (e) of the
Credit Agreement at the end of the Subject Period is as set forth on Annex I to this certificate;
provided that Sections 6.8(d) and (e) may be labeled “not applicable” so long as Borrower has, as
of the date hereof, an Investment Grade Rating by at least two (2) of Moody’s, S&P and Fitch.

	 	 	 	 	 
	 	D. R. HORTON, INC., a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	
 	 
	 	 	Title:  	
 	 

Exhibit D

 

 

 

ANNEX I TO QUARTERLY COMPLIANCE CERTIFICATE

Status of Compliance with

Sections 6.8(a), (b), (c), (d) and (e)

of the Credit Agreement

(Dollar Amounts in Millions)

[(Unless otherwise indicated, all calculations are made on a consolidated basis for

Borrower and its Restricted Subsidiaries at the date of determination

with respect to the most recently-ended fiscal quarter)]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Current	 	 	 	 
	 	 	 	 	Covenant	 	 	 	 
	Section	 	Limitation/Covenant	 	Amount	 	Status, _______, 200___	 	Notes*
	6.8(a)

	 	Leverage Ratio – Net Funded Notes
Payable divided by Total
Capitalization (Net Funded Notes
Payable plus net shareholders
equity) of 0.55 to 1.0 or less
	 	 	0.55	 	 	Indebtedness
	 	$
	 	 	 	 	 	 	 	
Less: Average of month end
balances for the 3 applicable
fiscal calendar months of cash
& cash equiv, net of
outstanding cash borrowings
under the Credit Agreement, in
excess of $50,000,000

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	Net Funded Notes Payable 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	Plus: Net shareholders equity	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	Total Capitalization  	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	Leverage Ratio 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.8(b)

	 	Ratio of EBITDA (generally income before interest expense, provision for income taxes, depreciation and
amortization, extraordinary and
other non-cash losses, etc.) for
most recent 12 months to Interest
Incurred for any two consecutive
fiscal quarters of at least 1.50
to 1.00 or the Borrower shall
either maintain (i) a ratio of (A)
Adjusted Cash Flow from Operations
to (B) Interest Incurred of
greater than or equal to 1.50 to
1.00 or (ii) a sum of (y) Loan
Funding Availability plus (z)
unrestricted cash and cash
equivalents, to the extent such
unrestricted cash and cash
equivalents are not included in
calculating Loan Funding
Availability, equal to or greater
than $500,000,000.

	 	 	1.50	 	 	EBITDA
	 	$
	 

	 	 	 	 	 	 	Interest incurred	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	Coverage Ratio (times)	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	1.50	 	 	Adjusted Cash Flow from

Operations	 	 	 	 	 	 	 	 
	 

	 	 	 	$500	 	 	Ratio of Adjusted Cash Flow
from Operations to Interest
Incurred
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	Sum of Loan Funding Availability	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	Plus Unrestricted cash and cash
equivalents

	 	 	 	 	 	 	 	 

Annex I to Exhibit D

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Current	 	 	 	 
	 	 	 	 	Covenant	 	 	 	 
	Section	 	Limitation/Covenant	 	Amount	 	Status, _______, 200___	 	Notes*
	6.8(c)

	 	Minimum Tangible Net Worth of at
least $2,000,000,000
 plus
(generally) 50% of annual net
profits subsequent to September
30, 2007, (generally) 50% of
additional future equity offerings
in excess of $500,000,000, and
100% of Deferred Tax Valuation
Allowance reversals for each
fiscal year ended after September
30, 2007
	 	 	$2,000	 	 	Total Net Worth
Plus: capital stock not
Indebtedness

Less: Intangible Assets

Less: Non-cash gain or loss
from
SFAS 133 Mark to Market
Adjustments 

Tangible Net Worth
	 	$	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	
 _____ 
/
 _____ 
/
 _____ 
minimum (in millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.8(d)1

	 	Speculative Lots not to exceed 40%
of trailing twelve months’ unit
closings (excludes models)
	 	 	40%	 	 	Speculative Lots

Trailing twelve months’ closings

Percentage	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.8(e)1

	 	Net book value of Developed Lots,
Lots Under Development and Land
Parcels not to exceed or 150% (or
200% so long as net book value of
such does not exceed $4.74
billion) of Adjusted Tangible Net
Worth
	 	150% (or 200%)
	 	Net Book Value of Lots & Land
150% (or 200%) of Adjusted
Tangible Net Worth
	 	$
	 

	 	 	 	 	 	 	 	 	 	$
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Applicable Margin (see grid below):
	 	 	 	 	 	Pricing Level

Pricing Premium, if applicable
Applicable Margin (bps) – Cash
borrowing

Applicable Margin (bps) –
Letters of Credit

Unused Commitment Fee (bps)	 	 	 	 	 	 	 	 

	 	 	 
	*	 	See attached Calculation Worksheets, which are incorporated herein by reference.

	 
	1.	 	Not applicable when Borrower has an Investment Grade Rating by at least two (2) of Moody’s, S&P
and Fitch.

Annex I to Exhibit D

 

 

 

Applicable Margin

The sum of (i) the percentage per annum set forth in the first table below, as applicable, plus (ii)

 in the case of a Loan or a Letter of Credit, the percentage per annum set forth under the

column “Pricing Premium” in the second table below, as applicable:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Eurodollar	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Senior	 	 	Rate or	 	 	 	 	 	 	 	 	 	 	Unused	 
	Pricing	 	Leverage	 	 	Unsecured	 	 	LIBOR	 	 	Base	 	 	Letters of	 	 	Commitment	 
	Level 	 	Ratio	 	 	Debt Rating	 	 	Rate	 	 	Rate	 	 	Credit	 	 	Fee	 
	1
	 	Less than or equal	 	BBB/Baa2	 	 	1.05	%	 	 	0.00	%	 	 	0.925	%	 	 	0.15	%
	 
	 	to 0.30 to1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2
	 	Greater than 0.30	 	BBB-/Baa3	 	 	1.25	%	 	 	0.00	%	 	 	1.125	%	 	 	0.15	%
	 
	 	to 1 but less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	or equal to 0.40 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3
	 	Greater than 0.40	 	BB+/Ba1	 	 	1.45	%	 	 	0.00	%	 	 	1.325	%	 	 	0.20	%
	 
	 	to 1 but less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	or equal to 0.50 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4
	 	Greater than 0.50	 	BB/Ba2	 	 	1.70	%	 	 	0.00	%	 	 	1.575	%	 	 	0.20	%
	 
	 	to 1 but less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	.55 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5
	 	Equal to or greater	 	BB-/Ba3	 	 	2.00	%	 	 	0.00	%	 	 	1.875	%	 	 	0.25	%
	 
	 	than 0.55 to 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Annex I to Exhibit D

 

 

 

	 	 	 	 	 	 	 	 	 
	If Interest Coverage Ratio is:	 	AND if Leverage Ratio is:	 	 	Pricing Premium:	 
	 
	Greater than or equal to 2.0
	 	Not applicable	 	 	0	%
	to 1.0
	 	 	 	 	 	 	 	 
	 
	Greater than or equal to 1.5
	 	Less than or equal to	 	 	.125	%
	to 1.0 but less than 2.0 to 1.0
	 	 	0.50 to 1.0	 	 	 	 	 
	 
	Greater than or equal to 1.5
	 	Greater than 0.50 to 1.0	 	 	.25	%
	to 1.0 but less than 2.0 to
1.0
	 	 	 	 	 	 	 	 
	 
	Greater than or equal to 1.0
	 	Less than or equal to	 	 	.25	%
	to 1.0 but less than 1.5 to 1.0
	 	 	0.475 to 1.0	 	 	 	 	 
	 
	Greater than or equal to 1.0
	 	Greater than 0.475 to 1.0	 	 	.45	%
	to 1.0 but less than 1.5 to
1.0
	 	 	 	 	 	 	 	 
	 
	Less than 1.0 to 1.0
	 	Less than or equal to	 	 	.375	%
	 
	 	 	0.45 to 1.0	 	 	 	 	 
	 
	Less than 1.0 to 1.0
	 	Greater than 0.45 to 1.0	 	 	.65	%

Annex I to Exhibit D

 

 

 

SUPPLEMENT TO ANNEX I

Calculation Worksheets

[TO BE ATTACHED BY BORROWER.]

Annex I to Exhibit DFiled by Bowne Pure Compliance

Exhibit 10.1

PROMISSORY NOTE

$125,000.00

April 25th, 2008

FOR VALUE RECEIVED, the undersigned Global Clean Energy, Inc., a Maryland corporation (“Maker”) promises to pay to
the order of Profit Consultants Inc (“Lender”), at its principal office, or at such other place as may be designated in
writing by the holders of this Promissory Note (“Note”), the principal sum of ONE HUNDRED TWENTY FIVE THOUSAND 00/100
DOLLARS ($125,000.00) (the “Principal Sum”). The unpaid Principal Sum shall bear interest at 7.5% per annum and shall
be due in twelve (12) months.

All payments to be made under this Note shall be payable in lawful money of the United States of America which
shall be legal tender for public and private debts at the time of payment.

In the event that an action is instituted to collect this Note, or any portion thereof, Maker promises to pay all
costs of collection, including but not limited to reasonable attorneys’ fees, court costs, and such other sums as the
court may establish.

In the event of a default under this Note when due, then the holder of this Note, at its election, may declare the
entire unpaid Principal Sum due and payable.

Every provision hereof is intended to be several. If any provision of this Note is determined, by a court of
competent jurisdiction to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall
not affect the other provisions hereof, which shall remain binding and enforceable.

This Note is made in the State of Maryland and it is mutually agreed that Maryland law shall apply to the
interpretation of the terms and conditions of this Note.

All agreements between the holder of this Note and Maker are hereby expressly limited so that in no contingency or
event whatsoever, whether by reason of deferment or acceleration of the maturity of this Note or otherwise, shall the
rate of interest hereunder exceed the maximum permissible under applicable law with respect to the holder. If, from
any circumstances whatsoever, the rate of interest resulting from the payment and/or accrual of any amount of interest
hereunder, at any time that payment of interest is due and/or at any time that interest is accrued, shall exceed the
limits prescribed by such applicable law, then the payment and/or accrual of such interest shall be reduced to that
resulting from the maximum rate of interest permissible under such applicable law. This provision shall never be
superseded or waived.

The makers, endorsers, and/or guarantors of this Note do hereby severally waive presentment, demand, protest and
notices of protest, demand, dishonor and nonpayment.

 

1

 

IN WITNESS WHEREOF, this instrument is executed as of the date first hereinabove set forth.

GLOBAL CLEAN ENERGY, INC.

By:
/s/ Kenneth Adessky                                                      

Kenneth Adessky, CFO

 

2

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