Document:

Document

Exhibit 4(a)

September 13, 2021

Company Order and Officers’ Certificate
2.90% Senior Notes, Series R, due 2051

The Bank of New York Mellon Trust Company, N.A., as Trustee
2 North LaSalle Street
Chicago, Illinois 60602

Ladies and Gentlemen:

Pursuant to Articles Two and Thirteen of the Indenture, dated as of September 1, 1997 (as it may be amended or supplemented, the “Indenture”), from Ohio Power Company (the “Company”) to The Bank of New York Mellon Trust Company, N.A., as successor trustee (the “Trustee”), and the Board Resolutions dated February 26, 2021, copies of which certified by the Secretary or an Assistant Secretary of the Company are being delivered herewith under Section 2.01 of the Indenture, and unless otherwise provided in a subsequent Company Order pursuant to Section 2.04 of the Indenture,

1.    The Company’s 2.90% Senior Notes, Series R, due 2051 (the “Notes”) are hereby established.  The Notes shall be in substantially the form attached hereto as Exhibit 1. 

2.    The terms and characteristics of the Notes shall be as follows (the numbered clauses set forth below corresponding to the numbered subsections of Section 2.01 of the Indenture, with terms used and not defined herein having the meanings specified in the Indenture):

(i)    The aggregate principal amount of Notes which may be authenticated and delivered under the Indenture shall be limited to $600,000,000 for the Notes, except as contemplated in Section 2.01(i) of the Indenture and except that such principal amount may be increased from time to time; all Notes need not be issued at the same time and the series may be reopened at any time, without the consent of any securityholder, for issuance of additional Notes, which Notes will have the same interest rate, maturity and other terms as those initially issued (other than the date of issuance, the issue price and, in some circumstances, the initial interest accrual date and the initial interest payment date);

(ii)    The date on which the principal of the Notes shall be payable shall be October 1, 2051;

(iii)    Interest shall accrue from the date of authentication of the Notes; the Interest Payment Dates on which such interest will be payable shall be April 1 and October 1, and the Regular Record Date for the determination of holders to whom interest is payable on any such Interest Payment Date shall be the March 15 or September 15, respectively; provided that the first Interest Payment Date shall be April 1, 2022 and interest payable on the Stated Maturity Date of the Notes or any Redemption Date shall be paid to the Person to whom principal shall be paid;

(iv)     The interest rate at which the Notes shall bear interest shall be 2.90% per annum;

(v)     The Notes may be redeemed by the Company at its option, in whole at any time or in part from time to time, upon not less than thirty but not more than sixty days’ prior notice (either by mail or in compliance with the applicable procedures of DTC).  At any time prior to April 1, 2051  (six months prior to the maturity date (the “Par Call Date”)), the Company may redeem the Notes 

either as a whole or in part at a redemption price calculated by the Independent Investment Banker equal to the greater of (1) 100% of the principal amount of the Notes  being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Par Call Date (excluding the portion of any such interest accrued to but excluding the date of  redemption), discounted (for purposes of determining present value) to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the date of redemption.

At any time on or after the Par Call Date the Company may redeem the Notes in whole or in part at 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the date of redemption.

    “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“remaining life”) of the Notes (assuming, for this purpose, that the Notes being redeemed matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining life of the Notes.

    “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such quotations.

    “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company and notified by the Company to the Trustee.

    “Reference Treasury Dealer” means a primary U.S. Government securities dealer or dealers selected by the Company and notified by the Company to the Trustee.

    “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company and notified to the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by such Reference Treasury Dealer at or before 3:30 p.m., New York City time, on the third Business Day preceding such redemption date.
    
    “Treasury Rate” means, with respect to any redemption, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated by the Independent Investment Banker using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

(vi)     (a) the Notes  shall be issued in the form of a Global Note; (b) the Depositary for the Global Note shall be The Depository Trust Company; and (c) the procedures with respect to transfer and exchange of Global Notes shall be as set forth in the form of the Note attached hereto;
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(vii)    the title of the Notes shall be “2.90% Senior Notes, Series R, due 2051”;

(viii)    the forms of the Notes shall be as set forth in Paragraph 1, above;

(ix)    not applicable;

(x)    the Notes may be subject to a Periodic Offering;

(xi)    not applicable;

(xii)    not applicable;

(xiii)    not applicable;

(xiv)    the Notes shall be issuable in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof;

(xv)    not applicable;

(xvi)    the Notes shall not be issued as Discount Securities;

(xvii)    not applicable;

(xviii)    not applicable; 

(xix)    Limitations on Liens:

So long as any of the Notes are outstanding, the Company will not create or suffer to be created or to exist any mortgage, pledge, security interest, or other lien (collectively, “Liens”) on any of the Company’s utility properties or tangible assets now owned or hereafter acquired to secure any indebtedness for borrowed money (“Secured Debt”), without providing that such Notes will be similarly secured.  This restriction does not apply to the Company’s subsidiaries, nor will it prevent any of them from creating or permitting to exist Liens on their property or assets to secure any Secured Debt.  In addition, this restriction does not prevent the creation or existence of:

•Liens on property existing at the time of acquisition or construction of such property (or created within one year after completion of such acquisition or construction), whether by purchase, merger, construction or otherwise, or to secure the payment of all or any part of the purchase price or construction cost thereof, including the extension of any Liens to repairs, renewals, replacements substitutions, betterments, additions, extensions and improvements then or thereafter made on the property subject thereto; 

•Financing of the Company’s accounts receivable for electric service; 

•Any extensions, renewals or replacements (or successive extensions, renewals or replacements), in whole or in part, of liens permitted by the foregoing clauses; and

•The pledge of any bonds or other securities at any time issued under any of the Secured Debt permitted by the above clauses.

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In addition to the permitted issuances above, Secured Debt not otherwise so permitted may be issued in an amount that does not exceed 15% of Net Tangible Assets as defined below.  

“Net Tangible Assets” means the total of all assets (including revaluations thereof as a result of commercial appraisals, price level restatement or otherwise) appearing on the Company’s balance sheet, net of applicable reserves and deductions, but excluding goodwill, trade names, trademarks, patents, unamortized debt discount and all other like intangible assets (which term shall not be construed to include such revaluations), less the aggregate of the Company’s current liabilities appearing on such balance sheet.  For purposes of this definition, the Company's balance sheet does not include assets and liabilities of the Company’s subsidiaries.

This restriction also will not apply to or prevent the creation or existence of leases made, or existing on property acquired, in the ordinary course of business; and

3.    You are hereby requested to authenticate Global Notes representing $600,000,000 aggregate principal amount of 2.90% Senior Notes, Series R, due 2051, executed by the Company and delivered to you concurrently with this Company Order and Officers’ Certificate, in the manner provided by the Indenture, by manual, facsimile or electronic signature, provided that any such electronic signature is a true representation of the signatory’s actual signature.

4.    You are hereby requested to hold the Global Notes as custodian for DTC in accordance with the Blanket Issuer Letter of Representations dated July 9, 2003, from the Company to DTC.

5.    Concurrently with this Company Order and Officers’ Certificate, an Opinion of Counsel under Sections 2.04 and 13.06 of the Indenture is being delivered to you.

6.    The undersigned, Renee V. Hawkins and William E. Johnson, the Assistant Treasurer and Assistant Secretary, respectively, of the Company do hereby certify that:

(i)The form and terms of the Notes have been established in conformity with the provisions of the Indenture;

(ii)    We have read the relevant portions of the Indenture, including without limitation the conditions precedent provided for therein relating to the action proposed to be taken by the Trustee as requested in this Company Order and Officers’ Certificate, and the definitions in the Indenture relating thereto;

(iii)    We have read the Board Resolutions of the Company and the Opinion of Counsel referred to above;

(iv)    We have conferred with other officers of the Company, have examined such records of the Company and have made such other investigation as we deemed relevant for purposes of this certificate;

(v)    In our opinion, we have made such examination or investigation as is necessary to enable us to express an informed opinion as to whether or not such conditions have been complied with; and 

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(vi)    On the basis of the foregoing, we are of the opinion that all conditions precedent provided for in the Indenture with respect to authentication relating to the action proposed to be taken by the Trustee as requested herein have been complied with.
    
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Kindly acknowledge receipt of this Company Order and Officers’ Certificate, including the documents listed herein, and confirm the arrangements set forth herein by signing and returning the copy of this document attached hereto.

Very truly yours,

OHIO POWER COMPANY

By:     /s/ Renee V. Hawkins       
    Renee V. Hawkins
    Assistant Treasurer

And:   /s/ William E. Johnson       
    William E. Johnson    
    Assistant Secretary

Acknowledged by Trustee:

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

By:      /s/ Lawrence M. Kusch      
     Authorized Signatory
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Exhibit 1

Unless this certificate 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 certificate to be issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depository or to a successor Depository or to a nominee of such successor Depository.

												
	No.   R-1	
				
	OHIO POWER COMPANY
	2.90% Senior Notes, Series R, due 2051
				
				
	CUSIP/ISIN:  677415 CU3/US677415CU30	Original Issue Date:  September 13, 2021
				
	Stated Maturity:  October 1, 2051	Interest Rate:    2.90%
				
	Principal Amount:  $600,000,000	
				
	Redeemable:	Yes      
	No  
	
	In Whole:	Yes  
	No  
	
	In Part:	Yes  
	No  
	

                                                        

OHIO POWER COMPANY, a corporation duly organized and existing under the laws of the State of Ohio (herein referred to as the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the Principal Amount specified above on the Stated Maturity specified above, and to pay interest on said Principal Amount from the Original Issue Date specified above 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, semi-annually in arrears on April 1 and October 1 in each year, commencing on April 1, 2022, at the Interest Rate per annum specified above, until the Principal Amount shall have been paid or duly provided for.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, as provided in the Indenture, as hereinafter defined, shall be paid to the Person in whose name this Note (or one or more Predecessor Securities) shall have been registered at the close of business on the Regular Record Date with respect to such Interest Payment Date, which shall be the March 15 or September 15 (whether or not a Business Day) prior to such Interest Payment Date, provided that interest payable on the Stated Maturity or any redemption date shall be paid to the Person to whom principal is paid.  Any such 

interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid as provided in said Indenture.

If any Interest Payment Date, any redemption date or Stated Maturity is not a Business Day, then payment of the amounts due on this Note on such date will be made on the next succeeding Business Day, and no interest shall accrue on such amounts for the period from and after such Interest Payment Date, redemption date or Stated Maturity, as the case may be, with the same force and effect as if made on such date.  The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, New York, in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest (other than interest payable on the Stated Maturity or any redemption date) 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.

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”), specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture dated as of September 1, 1997 duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association formed under the laws of the United States (herein referred to as the “Trustee”) as successor to Deutsche Bank Trust Company Americas (formerly Bankers Trust Company) (such Indenture, as originally executed and delivered and as thereafter supplemented and amended being hereinafter referred to as the “Indenture”), to which Indenture and all indentures supplemental thereto or Company Orders reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Notes.  By the terms of the Indenture, the Notes are issuable in series which may vary as to amount, date of maturity, rate of interest and in other respects as in the Indenture provided.  This Note is one of the series of Notes designated on the face hereof.

This Note may be redeemed by the Company at its option, in whole at any time or in part from time to time, upon not less than thirty but not more than sixty days’ prior notice (either by mail or in compliance with the applicable procedures of DTC).  At any time prior to April 1, 2051 (six months prior to the maturity date (the “Par Call Date”)), the Company may redeem the Notes either as a whole or in part at a redemption price calculated by the Independent Investment Banker equal to the greater of (1) 100% of the principal amount of the Notes  being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Par Call Date (excluding the portion of any such interest accrued to but excluding the date of  redemption), discounted (for purposes of determining present value) to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the date of redemption.

At any time on or after the Par Call Date the Company may redeem the Notes in whole or in part at 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the date of redemption.

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“remaining life”) of the Notes (assuming, for this purpose, that the Notes being redeemed matured on the Par Call Date) that 
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would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining life of the Notes.

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such quotations.

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company and notified by the Company to the Trustee.

“Reference Treasury Dealer” means a primary U.S. Government securities dealer or dealers selected by the Company and notified by the Company to the Trustee.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company and notified to the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by such Reference Treasury Dealer at or before 3:30 p.m., New York City time, on the third Business Day preceding such redemption date.
    
“Treasury Rate” means, with respect to any redemption, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated by the Independent Investment Banker using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

The Company shall not be required to (i) issue, exchange or register the transfer of any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the outstanding Notes of the same series and ending at the close of business on the day of such mailing, nor (ii) register the transfer of or exchange of any Notes of any series or portions thereof called for redemption.  This Global Note is exchangeable for Notes in definitive registered form only under certain limited circumstances set forth in the Indenture.

In the event of redemption of this Note in part only, a new Note or Notes of this series, of like tenor, for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender of this Note.

In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of all of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions set forth therein.

As described in the Company Order and Officers’ Certificate, the Company is subject to a limitation on Liens as described therein.

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture 
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or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall (i) extend the fixed maturity of any Notes of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, or reduce the amount of the principal of a Discount Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to the Indenture, without the consent of the holder of each Note then outstanding and affected; (ii) reduce the aforesaid percentage of Notes, the holders of which are required to consent to any such supplemental indenture, or reduce the percentage of Notes, the holders of which are required to waive any default and its consequences, without the consent of the holder of each Note then outstanding and affected thereby; or (iii) modify any provision of Section 6.01(c) of the Indenture (except to increase the percentage of principal amount of securities required to rescind and annul any declaration of amounts due and payable under the Notes), without the consent of the holder of each Note then outstanding and affected thereby.  The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Notes of all series at the time outstanding affected thereby, on behalf of the Holders of the Notes of such series, to waive any past default in the performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences, except a default in the payment of the principal of or premium, if any, or interest on any of the Notes of such series.  Any such consent or waiver by the registered Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed.

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder hereof on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company as may be designated by the Company accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees.  No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto.

Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any 
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predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of the same authorized denomination, as requested by the Holder surrendering the same.

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

This Note 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, which signature may be manual, facsimile or electronic, provided any electronic signature is a true representation of the signer’s actual signature.

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

                    OHIO POWER COMPANY

                    By:  _________________________                    
                        Renee V. Hawkins
                        Assistant Treasurer
Attest:

By: __________________________                      
    William E. Johnson
    Assistant Secretary

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CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series of Notes designated in accordance with, and referred to in, the within‐mentioned Indenture.

Dated:  September 13, 2021

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

By: ___________________________
Authorized Signatory
    
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FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

(PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE)

_______________________________________

________________________________________________________________

________________________________________________________________
(PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
________________________________________________________________
ASSIGNEE) the within Note and all rights thereunder, hereby
________________________________________________________________
irrevocably constituting and appointing such person attorney to 
________________________________________________________________
transfer such Note on the books of the Issuer, with full
________________________________________________________________
power of substitution in the premises.

Dated:________________________        _________________________

NOTICE:    The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever and NOTICE:  Signature(s) must be guaranteed by a financial institution that is a member of the Securities Transfer Agents Medallion Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”) or the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”).

8Exhibit 10.1

  

  
    
      

      

    

    FIRST AMENDMENT AND COMMITMENT INCREASE AGREEMENT

     

    Dated as of September 8, 2021

     

    among

     

    DREAM FINDERS HOMES, INC.,

    as Borrower,

     

    BANK OF AMERICA, N.A.,

    as Administrative Agent

    and

    an L/C Issuer,

     

    The Other L/C Issuers Party Hereto,

     

    and

     

    The Other Lenders Party Hereto

     

    U.S. BANK NATIONAL ASSOCIATION

    D/B/A HOUSING CAPITAL COMPANY,

    and

    FLAGSTAR BANK, FSB,

    as

    Syndication Agents

     

    BMO HARRIS BANK N.A.,

    as

    Documentation Agent

     

    BOFA SECURITIES, INC.,

    as

    Sole Bookrunner

     

    BOFA SECURITIES, INC.,

    U.S. BANK NATIONAL ASSOCIATION

    D/B/A HOUSING CAPITAL COMPANY,

    and

    FLAGSTAR BANK, FSB,

    as

    Joint Lead Arrangers

     

    
      1

      
        

    

    FIRST AMENDMENT AND COMMITMENT INCREASE AGREEMENT

    

    

    THIS FIRST AMENDMENT AND COMMITMENT INCREASE AGREEMENT (this “Amendment”) is dated as of September 8, 2021, by and among DREAM FINDERS HOMES, INC., a Delaware corporation (“Borrower”),

      BANK OF AMERICA, N.A., as administrative agent for the lenders (in such capacity, “Administrative Agent”), and the Lenders (defined below)
      party hereto.

    

    

    W I T N E S S E T H

    

    

    A.          Reference is made to the Credit Agreement, dated as of
        January 25, 2021, by and among Borrower, each of the Lenders defined therein (collectively, together with the New Lenders defined below, “Lenders”),

        Administrative Agent and the other parties thereto (as renewed, extended, modified, and amended from time to time prior to the date hereof, the “Credit

          Agreement”).  Terms defined in the Credit Agreement and not otherwise defined herein are used herein as therein defined.

     

    B.           Pursuant to Section 2.14 of the Credit Agreement, Borrower has requested an increase in the Aggregate Commitments.

     

    C.          Each New Lender identified on the signature pages
        hereof (each, a “New Lender” and collectively, “New Lenders”) has agreed to join the Credit Agreement as a Lender and provide a Commitment thereunder, and certain Lenders identified on the signature pages hereof (each, an “Increasing Lender” and collectively, the “Increasing Lenders”) have
        agreed to increase their existing Commitments under the Credit Agreement, in each case, to accommodate Borrower’s request.

     

    D.          The parties hereto have also agreed to amend certain
        terms and provisions of the Credit Agreement as more particularly described herein.

     

    NOW, THEREFORE, the parties hereto agree as follows:

     

    1.            Amendments.  On and after the Effective Date (defined below):

     

    (a)          The following definitions are hereby added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

     

    “Acquisition” means a
      transaction or series of transactions resulting in acquisition of a business, division, or all or substantially all of the assets of a Person, acquisition of record or beneficial ownership of the equity interests of a Person, or merger, consolidation
      or combination of a Person with or into another Person.

     

    “Credit Party” has the
      meaning set forth in Section 9.12.

     

    “Debt to Capitalization Surge
        Period” has the meaning set forth in Section 7.13(a).

     

    “Earnout Obligations”
      means contingent earnout obligations payable to one or more sellers incurred in connection with an Acquisition.

     

    “MHI Acquisition”
      means the Acquisition by the Loan Parties of the assets of McGuyer Homebuilders, Inc.

     

    “Rescindable Amount”
      has the meaning set forth in Section 2.11(b)(ii).

     

    
      2

      
        

    

    (b)         The definitions of “Indebtedness,” “Interest Period” and “Tangible Net Worth” in Section 1.01
        of the Credit Agreement are hereby deleted in their entireties and replaced with the following:

     

    “Indebtedness” means,
      as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

     

    (a)          all obligations of such Person for
        borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

     

    (b)         all direct or contingent
        obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds, comfort letters, keep-well agreements, capital maintenances agreements and similar instruments, to
        the extent such instruments and agreements support financial, rather than performance, obligations;

     

    (c)          net obligations of such Person
        under any Swap Contract;

     

    (d)         all obligations of such Person to
        pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business and, in each case, not past due for more than 60 days after the date on which such trade account payable was created
        and (ii) Earnout Obligations);

     

    (e)       indebtedness (excluding prepaid
        interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such
        Person or is limited in recourse;

     

    (f)          Capital Leases and Synthetic Lease
        Obligations;

     

    (g)         all obligations of such Person to
        purchase, redeem, retire, defease or otherwise make any payment in respect of any Disqualified Stock or other equity interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its
        voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

     

    (h)          all Guarantees of such Person in
        respect of any of the foregoing.

     

    For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other
      than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation
      under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any Capital Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness
      in respect thereof as of such date.

     

    “Interest Period”
      means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a

     

    
      3

      
        

    

     

      Eurodollar Rate Loan and ending on the date one, three or six months thereafter (in each case, subject to availability), as selected by Borrower in its Loan Notice; provided
      that:

     

    

    (a)          any Interest Period that would
        otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end
        on the next preceding Business Day;

     

    (b)          any Interest Period pertaining to
        a Eurodollar Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the
        calendar month at the end of such Interest Period; and

     

    (c)          no Interest Period shall extend
        beyond the Maturity Date.

     

    “Tangible Net Worth”
      means, for the Consolidated Group as of any date of determination, (a) total equity on a consolidated basis determined in accordance with GAAP, minus (b) all
      intangible assets on a consolidated basis determined in accordance with GAAP, excluding the portion of goodwill attributable to Earnout Obligations, plus (c)
      all depreciation determined in accordance with GAAP.

     

    (c)          Section 2.11(b)(ii) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

     

    (ii)          Payments by Borrower; Presumptions by Administrative Agent. Unless Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to
        Administrative Agent for the account of the Lenders or any L/C Issuer hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance
        upon such assumption, distribute to the Lenders or the applicable L/C Issuer, as the case may be, the amount due. With respect to any payment that Administrative Agent makes for the account of the Lenders or any L/C Issuer hereunder as to which
        Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the “Rescindable Amount”): (1) Borrower has not in fact made such payment; (2) Administrative Agent has made a payment in excess of the amount so paid by Borrower (whether or not then owed); or (3) Administrative agent has
        for any reason otherwise erroneously made such payment; then each of the Lenders or the applicable L/C Issuers, as the case may be, severally agrees to repay to Administrative Agent forthwith on demand the Rescindable Amount so distributed to such
        Lender or such L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent, at the greater of the Federal
        Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation.

     

    (d)          Section 2.14(a) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

     

    
      4

      
        

    

    

    

    (a)        Request for Increase. Provided there exists no Default, upon notice to Administrative Agent (which shall promptly notify the Lenders), Borrower may from time to time, request an increase
        in the Aggregate Commitments (which increase may take the form of additional Commitments, new revolving loan tranches, new term loan tranches or any combination of the foregoing) to an amount (for all such requests) not exceeding $1,050,000,000; provided that any such request for an increase shall be in a minimum amount of $25,000,000 (or such lesser amount approved by Administrative Agent in writing). At
        the time of sending such notice, Borrower (in consultation with Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery
        of such notice to the Lenders).

     

    (e)          The hanging paragraph following Section 3.03(c) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

     

    then, in the case of clauses (i)-(iii)
      above, on a date and time determined by Administrative Agent (any such date, the “LIBOR Replacement Date”), which date shall be at the end of
      an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and shall occur within a reasonable period of time after the occurrence of any of the events or circumstances under clauses (i), (ii) or (iii) above and, solely with respect to clause (ii) above,
      no later than the Scheduled Unavailability Date, LIBOR will be replaced hereunder and under any Loan Document with, subject to the proviso below, the first available alternative set forth in the order below for any payment period for interest
      calculated that can be determined by Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the “LIBOR Successor Rate”; and any such rate before giving effect to the Related Adjustment, the “Pre-Adjustment Successor Rate”):

     

    (f)          Section 7.03 of the Credit Agreement is hereby amended to (i) delete “and” in clause (h)
        thereof; (ii) replace “.” with “; and” in clause (i) thereof; and (iii) add a new clause (j) in appropriate alphabetical order to read in its entirety as follows:

     

    (j)         obligations under contracts to
        purchase real property in the ordinary course of business so long as such obligations are not evidenced by a promissory note and are not secured by a Lien on any property or other assets of any member of the Consolidated Group.

     

    (g)          Section 7.13(a) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

     

    (a)         Maximum Debt to Capitalization Ratio. Permit the Debt to Capitalization Ratio as of the last day of any fiscal quarter of Borrower to be greater than the ratio set forth below opposite
        such fiscal quarter, provided that, as of the last day of the fiscal quarter in which the MHI Acquisition occurred and the fiscal quarter immediately
        following such fiscal quarter (such period, a “Debt to Capitalization Surge Period”), the Debt to Capitalization Ratio may not be greater
        than the applicable ratio set forth below in the “Debt to Capitalization Surge Period Ratio” column:

     

    	
            Four Fiscal Quarters Ending

          	
            Maximum Debt to

            Capitalization Ratio

          	
            Debt to

            Capitalization Surge

            Period Ratio

          
	
            Closing Date through December 2021

          	
            65.00%

          	
            70.00%

          

    

    

    
      5

      
        

    

    
      	
              January 2022 through December 2022

            	
              62.50%

            	
              67.50%

            
	
              January 2023 and each fiscal quarter thereafter

            	
              60.00%

            	
              65.00%

            

    

     

      

    (h)          Article IX of the Credit Agreement is hereby amended to add the following new Section 9.12 in appropriate numerical order:

     

    9.12       Recovery of Erroneous Payments. Without limitation of any other provision in this Agreement, if at any time Administrative Agent makes a payment hereunder in error to any Lender or any
        L/C Issuer (the “Credit Party”), whether or not in respect of an Obligation due and owing by Borrower at such time, where such payment is a
        Rescindable Amount, then in any such event, each Credit Party receiving a Rescindable Amount severally agrees to repay to Administrative Agent forthwith on demand the Rescindable Amount received by such Credit Party in immediately available funds
        in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to Administrative Agent, at the greater of the Federal Funds Rate and a rate
        determined by Administrative Agent in accordance with banking industry rules on interbank compensation. Each Credit Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a
        right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount.  Administrative Agent shall inform each Credit Party promptly upon determining that
        any payment made to such Credit Party comprised, in whole or in part, a Rescindable Amount.

     

    (i)          Exhibit A of the Credit Agreement is hereby replaced with Exhibit A attached hereto.

     

    (j)          All references in the Loan Documents to the Credit
        Agreement shall henceforth include references to the Credit Agreement, as modified and amended hereby, and as may, from time to time, be further amended, modified, extended, renewed, and/or increased.

     

    (k)         Any and all of the terms and provisions of the Loan
        Documents are hereby amended and modified wherever necessary, even though not specifically addressed herein, so as to conform to the amendments and modifications set forth herein.

     

    2.           Lender Joinders. Subject to the terms and conditions set forth herein,

     

    (a)          Each New Lender hereby (i) agrees to become a “Lender” under the Credit Agreement; (ii) joins in, becomes a party to, and agrees to comply with and be bound by the terms and conditions of
        the Credit Agreement, to the same extent as if such New Lender were an original signatory thereto; and (iii) agrees to provide a Commitment to Borrower under the Credit Agreement on the Effective Date in the amount set forth opposite such New
        Lender’s name on Schedule 2.01A attached hereto; and

     

    (b)       Each New Lender hereby (i) represents and warrants that
        it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby; and (ii) agrees that it will (A) independently and without reliance on Administrative
        Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (B) perform in accordance with
        their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

     

    
      6

      
        

    

    3.          Increasing Lenders. Subject to the terms and conditions set forth herein, each Increasing Lender hereby agrees to increase its Commitment on the Effective Date to equal the amount set forth opposite such Increasing
        Lender’s name on Schedule 2.01A attached hereto. Each Increasing Lender hereby represents and warrants that it has full power and
        authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby.

     

    4.          Commitment Schedule; Reallocations. Upon the effectiveness of this Amendment, Borrower, Administrative Agent and Lenders shall make such reallocations, sales, assignments and other relevant actions in respect of each
        Lender’s Loans as are necessary in order that such Lender’s Loans reflect such Lender’s Applicable Percentage of the outstanding Aggregate Commitments on the Effective Date, and (unless otherwise waived by a Lender in its sole discretion) Borrower
        agrees to compensate each Lender for any loss, cost or expense incurred by such Lender in connection with the reallocation described above, in each case on the terms and in the manner set forth in Section 3.05 of the Credit Agreement.

     

    5.           Representations and Warranties. Borrower hereby represents and warrants that:

     

    (a)         Borrower has the power to execute and deliver this
        Amendment and to perform its obligations hereunder; and Borrower has duly authorized such execution, delivery and performance.

     

    (b)          This Amendment constitutes a legal, valid and binding
        obligation of Borrower, enforceable against Borrower in accordance with its terms, except as limited by Debtor Relief Laws and the applicable of general principles of equity (regardless of whether such enforceability is considered in proceedings in
        equity or at law).

     

    (c)       The representations and warranties of Borrower in the
        representations and warranties contained in Article V of the Credit Agreement and the other Loan Documents are true and correct on and as
        of this Amendment, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date and except that for purposes of this paragraph, the
        representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent
        statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement.

     

    (d)          No Default has occurred and is continuing or would
        result from giving effect to this Amendment.

     

    (e)          The conditions set forth in Section 2.14 of the Credit Agreement have been satisfied as of the date
        hereof.

     

    6.         Conditions Precedent. The effectiveness of this Amendment (such date of effectiveness, the “Effective Date”)
        is subject to satisfaction of the following conditions precedent:

     

    (a)        Administrative Agent shall have received this
        Amendment, duly executed and delivered by each New Lender, each Increasing Lender, and other Lenders constituting Required Lenders, the L/C Issuers, Administrative Agent, and Borrower;

     

    (b)          A Note for each New Lender (to the extent requested
        by such Lender);

     

      

    (c)       Administrative Agent shall have received a certificate
        of each Loan Party dated as of the date hereof (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to this
        Amendment, and (ii) in the case of Borrower, certifying that, before and after giving effect to this 

     

    
      7

      
        

    

    Amendment, (A) the representations and warranties contained in Article V of the Credit Agreement and the other Loan Documents are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically
      refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this paragraph, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement, and (B) no Default exists or would result from giving effect to this Amendment;
     

    (d)          (x) upon the reasonable request of any Lender made at
        least fifteen days prior to the date hereof, Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer”
        and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least ten (10) days prior to the date hereof and (y) at least ten (10) days prior to the date hereof, any Loan Party that qualifies as a “legal entity
        customer” under the Beneficial Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party;

     

    (e)          the representations and warranties set forth herein
        shall be true and correct;

     

    (f)          no Default shall have occurred and be continuing or
        would result from giving effect to this Amendment;

     

    (g)         payment by Borrower of all fees and other amounts due
        and payable on or prior to the date hereof, including, without limitation, any applicable fees set forth in any applicable Fee Letter or any other Loan Document, and reimbursement or payment of all costs and expenses required to be reimbursed or
        paid by Borrower hereunder, including all fees, charges and disbursements of counsel to Administrative Agent (directly to such counsel if requested by Administrative Agent); and

     

    (h)       receipt by Administrative Agent of such other documents
        or instruments as Administrative Agent may reasonably require to evidence the increase in the Commitment of any Lender and to ratify each Loan Party's continuing obligations under the Credit Agreement and under the other Loan Documents.

     

    
      7.            Miscellaneous.

    

     

    (a)          Borrower hereby ratifies, confirms and agrees that,
        following the effectiveness of this Amendment: (i) the Loan Documents shall remain in full force and effect; and (ii) all guaranties and assurances granted, conveyed, assigned or otherwise in favor of Administrative Agent under the Loan Documents
        are not released, reduced, or otherwise adversely affected by this Amendment and continue to guarantee and assure full payment and performance of the present and future Obligations.

     

    (b)          This Amendment shall constitute one of the Loan
        Documents.

     

    (c)         This Amendment shall be binding upon, and inure to
        the benefit of, the parties hereto and their respective successors and assigns.  This Amendment may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page
        of this Amendment by telecopy shall be effective as delivery of a manually executed counterpart of this Amendment.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. This Amendment, together
        with the Credit Agreement and the other Loan Documents, embodies the entire agreement and understanding relating to the subject matter hereof.

     

    (d)       Unless stated otherwise (i) the singular number
        includes the plural and vice versa and words of any gender include each other gender, in each case, as appropriate, (ii) headings and captions may

      

     

    
      8

      
        

    

    not be construed in interpreting provisions, and (iii) if any part of this Amendment is for any reason found to be unenforceable, all other portions of it
        nevertheless remain enforceable.

     

      

    (e)          The amendments set forth herein are limited precisely
        as written and shall not be deemed: (i) to be a consent under or waiver of any other term or condition in the Credit Agreement or any of the other Loan Documents; or (ii) to prejudice any right or rights which Administrative Agent and Lenders now
        have or may have in the future under, or in connection with the Credit Agreement, as amended hereby, the other Loan Documents or any of the other documents referred to herein or therein.

     

    (f)          This Amendment may be in the form of an Electronic
        Record (and may be delivered by e-mail or facsimile) and may be executed using Electronic Signatures (including, without limitation, facsimile and .pdf) and shall be considered an original, and shall have the same legal effect, validity and
        enforceability as a paper record. This Amendment may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same letter agreement. For the
        avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by Bank of America, N.A. of a manually signed paper Communication which has been converted into electronic form (such as scanned into pdf
        format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. For purposes hereof, (a) “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as
        it may be amended from time to time and (b) “Communication” shall mean this Amendment and any document, amendment, approval, consent,
        information, notice, certificate, request, statement, disclosure or authorization related to this Amendment.

     

    [Signature Pages Follow.]

     

    

    
      9

      
        

    

    IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first stated above.

    

    

    	 	
            BORROWER:

          
	 	 
	 	
            DREAM FINDERS HOMES, INC.

          
	 	 
	 	
            By:

          	
            
              /s/ Patrick O. Zalupski

            

          
	 	 	
            Name:

          	
            Patrick O. Zalupski

          
	 	 	
            Title:

          	
            President

          

    

    

    Signature Page to

    First Amendment and Commitment Increase Agreement

    

    
      
        

    

    	 	
            ADMINISTRATIVE AGENT:

          
	 	 
	 	
            BANK OF AMERICA, N.A., as Administrative Agent

          
	 	 	 
	 	
            By:

          	
            /s/ William Campano

          

    	 	 	
            Name:

            

          	William Campano
	 	 	
            Title:

            

          	Senior Vice President

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

    

    

    

    
      
        

    

    	 	
            LENDERS:

          
	 	 
	 	
            BANK OF AMERICA, N.A., as an Increasing Lender and an
              L/C Issuer

          
	 	 	 
	 	
            By:

          	
            /s/ William Campano

          

    	 	 	
            Name:

            

          	William Campano
	 	 	
            Title:

            

          	Senior Vice President

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

    

    

    

    
      
        

    

    	 	
            U.S. BANK NATIONAL ASSOCIATION, d/b/a HOUSING CAPITAL COMPANY, as a Lender and an L/C Issuer

          
	 	 	 
	 	
            By:

          	
            /s/ Jamie Miller

          

    	 	 	
            Name:  Jamie Miller

          
	 	 	
            Title:  Senior Vice President

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

    

    

    

    
      
        

    

    	 	
            AMERIS BANK, as an Increasing Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Steve Felske

          

    	 	 	
            Name:  Steve Felske

          
	 	 	
            Title:  VP

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

       

    
      
        

    

    	 	
            ZIONS BANCORPORATION, N.A. DBA VECTRA BANK COLORADO, as an Increasing Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Shane Frazier

          

    	 	 	
            Name:  Shane Frazier

          
	 	 	
            Title:  VP

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

    

    

    

    
      
        

    

    	 	
            BMO HARRIS BANK N.A., as an Increasing Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Michael M. Mattick

          

    	 	 	
            Name:  Michael M. Mattick

          
	 	 	
            Title:  Vice President

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

       

    
      
        

    

    	 	
            ROYAL BANK OF CANADA, as a Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Edward McKenna

          

    	 	 	
            Name:  Edward McKenna

          
	 	 	
            Title:  Authorized Signatory

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

       

      

    

    
      
        

    

    	 	
            SYNOVUS BANK, as an Increasing Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Michael Sawicki

          

    	 	 	
            Name:  Michael Sawicki

          
	 	 	
            Title:  Director Corporate Banking

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

    

    

    

    
      
        

    

    	 	
            FLAGSTAR BANK, FSB, as an Increasing Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Drew Szilagyi

          

    	 	 	
            Name:  Drew Szilagyi

          
	 	 	
            Title:  Vice President

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

       

    
      
        

    

    	 	
            TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, as an Increasing Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Misty Lieb-Banatyne

          

    	 	 	
            Name:  Misty Lieb-Banatyne

          
	 	 	
            Title:  Senior Vice President

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

    

    

    

    
      
        

    

    	 	
            FIRST NATIONAL BANK OF PENNSYLVANIA, as a New Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Jay Hall

          

    	 	 	
            Name:  Jay Hall

          
	 	 	
            Title:  Senior Vice President

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

    

     

    
      
        

    

    	 	
            HOMETRUST, as a New Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Justin Dunn

          

    	 	 	
            Name:  Justin Dunn

          
	 	 	
            Title:  SVP

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

    

     

    
      
        

    

    	 	
            HANCOCK WHITNEY, as a New Lender

          
	 	 	 
	 	
            By:

          	
            /s/ Elizabeth L. Spangle

          

    	 	 	
            Name:  Elizabeth L. Spangle

          
	 	 	
            Title:  Vice President

          

    

    

    
      Signature Page to

      First Amendment and Commitment Increase Agreement

       

      

    

    
      
        

    

    To induce Administrative Agent, Lenders, and L/C Issuers to enter into this Amendment, the undersigned hereby (a) consent and agree to its execution
      and delivery and the terms and conditions thereof, (b) agree that this document in no way releases, diminishes, impairs, reduces, or otherwise adversely affects any guaranties, assurances, or other obligations or undertakings of any of the
      undersigned under any Loan Documents, (c) confirms and ratifies its continuing unconditional obligations as a Guarantor under the Guaranty, as it may be amended or otherwise modified hereby, with respect to all of the Guaranteed Obligations (as
      defined therein), and (d) waive notice of acceptance of this Amendment, which Amendment binds each of the undersigned and their respective successors and permitted assigns and inures to the benefit of Administrative Agent, the L/C Issuers and Lenders
      and their respective successors and permitted assigns.

     

    	 	
            GUARANTORS:

          
	 	 
	 	
            DREAM FINDERS HOMES, LLC

            H&H CONSTRUCTORS OF FAYETTEVILLE, LLC

            VILLAGE PARK HOMES, LLC

            DFH LAND, LLC

            DFH WILDWOOD, LLC

            DFH MANDARIN, LLC

          
	 	 
	 	
            By:

          	
            
              /s/ Robert E. Riva, Jr.

            

          
	 	 	
            Name:

          	
            Robert E. Riva, Jr., Esq.

          
	 	 	
            Title:

          	
            General Counsel and Vice President

          

    

    

    	 	
            DREAM FINDERS HOLDINGS LLC

          
	 	 
	 	
            By:

          	
            
              /s/ Robert E. Riva, Jr.

            

          
	 	 	
            Name:

          	
            Robert E. Riva, Jr., Esq.

          
	 	 	
            Title:

          	
            General Counsel and Vice President

          

    

    

    Signature Page to

    First Amendment and Commitment Increase Agreement

    

    

    
      
        

    

    SCHEDULE 2.01A

     

    COMMITMENTS AND APPLICABLE PERCENTAGES

    

    

    
      
        

    

    EXHIBIT A

     

    FORM OF LOAN NOTICE

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