Document:

Green Brick Partners, Inc. 8-K

 

EXHIBIT 10.4

 

THIRD AMENDMENT
dated as of September 1, 2017 (this “Agreement”) by and among GREEN BRICK PARTNERS, INC. (the “Borrower”),
the LENDERS party hereto, the NEW LENDERS party hereto, FLAGSTAR BANK, FSB (“Flagstar”), in its capacity as
the successor administrative agent (the “Successor Administrative Agent”), and CITIBANK, N.A. (“Citibank”),
in its capacity as the existing administrative agent (the “Existing Administrative Agent”), to the CREDIT Agreement
dated as of December 15, 2015 (as amended by the First Amendment, dated as of August 31, 2016, and the Second Amendment, dated
as of December 1, 2016, as in effect prior to the effectiveness of this Agreement, the “Credit Agreement”),
among the Borrower, the Lenders from time to time party thereto and the Existing Administrative Agent.

WHEREAS the Lenders
have agreed to extend credit to the Borrower under the Credit Agreement on the terms and subject to the conditions set forth therein;
capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement;

WHEREAS the Borrower
and the Lenders party hereto desire that certain provisions of the Credit Agreement be amended as provided herein (as so amended,
the “Amended Credit Agreement”); and

WHEREAS Citibank wishes
to resign as the Existing Administrative Agent under the Credit Agreement and the other Loan Documents and this Agreement shall
be deemed to constitute the notice of resignation of Citibank in such capacity in accordance with Section 8.06 of the Credit Agreement,
and the Required Lenders wish to appoint Flagstar as, and Flagstar wishes to accept its appointment as, the Successor Administrative
Agent pursuant to this Agreement;

NOW, THEREFORE, in
consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. Amendment.
Effective as of the Amendment Effective Date, the Credit Agreement is hereby amended as follows:

(a)       

Schedule I to the Credit Agreement
shall be replaced with Schedule I attached hereto, which reflects the Revolving Credit Commitments of all Lenders after
giving effect to the new Revolving Credit Commitments established on the Amendment Effective Date as set forth on Schedule II
hereto (such new Revolving Credit Commitments, the “New Commitments”).

(b)       

Clause (a) of the definition of “Base
Rate” shall be replaced in its entirety as follows:

“the rate of interest announced publicly
by the Wall Street Journal as the “Wall Street prime rate;”

(c)       

The first sentence of Section 2.21
up to, but excluding, the first “provided that” shall be restated as follows:

“The Borrower
may, at its option, at any time or from time to time prior to the Termination Date, increase the Revolving Credit Commitments by
up to $70,000,000 to an aggregate principal amount not to exceed $200,000,000 by requesting the existing Lenders or new lenders
to commit to any such increase;”

    	 		 

    	 

    

 

(d)        Section
9.02(a)(ii), and any comparable notice provision in any other Loan Document, shall be replaced in its entirety as follows:

“if to the Agent, to Flagstar
Bank, FSB at 5151 Corporate Drive, MS E-203-4, Troy, MI 48098 (Facsimile: 800-541-3585; Email: BFGops@flagstar.com);”

SECTION 2. Revolving
Credit Commitments. (a) As of the Amendment Effective Date, each Lender shall have a Revolving Credit Commitment in the amount
set forth opposite such Lender’s name on Schedule I hereto and the aggregate principal amount of the Revolving Credit
Commitments shall be $130,000,000.

(b) The New Commitments
and the Revolving Credit Advances made thereunder shall have the terms applicable to the Revolving Credit Commitments in effect
on the Amendment Effective Date and the Revolving Credit Advances and other extensions of credit made thereunder. On the Amendment
Effective Date, each Lender providing New Commitments pursuant to this Agreement (each, a “New Lender”) shall
become a Lender under the Amended Credit Agreement having the Revolving Credit Commitment set forth opposite its name on Schedule
I attached hereto and shall be bound by the obligations in the Amended Credit Agreement as a Lender and entitled to the benefits
of the Amended Credit Agreement, effective as of the Amendment Effective Date.

(c)       

On the Amendment
Effective Date, each Lender shall fund its pro rata share (calculated after giving effect to the New Commitments) of the Revolving
Credit Advances that are outstanding immediately prior to the Amendment Effective Date.

(d)       

The Successor Administrative
Agent hereby consents to this Agreement and confirms that each Lender set forth on Schedule I is acceptable to it.

(e)       

Each New Lender,
by delivering its signature page to this Agreement, shall be deemed to have acknowledged receipt of, and consented to and approved,
each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Successor Administrative
Agent or any Class of Lenders on or prior to the Amendment Effective Date (it being understood and agreed that by delivering its
signature page to this Agreement, each such New Lender need not execute a separate New Lender Supplement).

SECTION 3. Resignation
and Appointment of Administrative Agent.

(a)       

Pursuant to Section 8.06 of the
Credit Agreement, (i) the Required Lenders and the Borrower hereby accept the resignation of the Existing Administrative Agent
as the Administrative Agent under the Loan Documents, (ii) the Required Lenders hereby appoint, and the Borrower hereby consents
to the appointment of, Flagstar to act as the Successor Administrative Agent under the Loan Documents, (iii) Flagstar hereby accepts
its appointment as Successor Administrative Agent and (iv) each of the parties hereto waives any applicable notice or consent requirements
under the Loan Documents with respect to the actions described in the immediately preceding clauses (i), (ii) and (iii), in each
case effective as of the Amendment Effective Date. Until the Amendment Effective Date, the Existing Administrative Agent continues
to have full authority to act as Administrative Agent in accordance with the terms of the Credit Agreement and the other Loan Documents.

    	 	2	 

    	 

    

 

(b)       

In connection with the resignation referred
to in Section 3(a) above, the parties hereto acknowledge and agree that:

(i) the Successor Administrative
Agent succeeds to the rights and obligations of the Existing Administrative Agent under the Loan Documents and becomes vested with
all of the rights, powers, privileges and duties of the Existing Administrative Agent under each of the Loan Documents, and all
provisions of Article VIII of the Credit Agreement shall be applicable to the Successor Administrative Agent; and the Existing
Administrative Agent is discharged from all of its duties and obligations as the Administrative Agent under the Loan Documents,
in each case as of the Amendment Effective Date, except as specifically set forth in this Agreement and except that the Existing
Administrative Agent shall distribute the interest and commitment fees that it receives pursuant to Section 5(h) to the
Lenders entitled thereto;

(ii) the Borrower shall indemnify
the Existing Administrative Agent and each Related Party (each such Person, an “Indemnitee”) against, and hold
each Indemnitee harmless from any and all losses, claims, damages, costs, expenses (including reasonable fees, out-of-pocket disbursements
and other charges of counsel to the Indemnitees) and liabilities incurred by or asserted against any Indemnitee arising out of,
in any way connected with, or as a result of the performance by the Existing Administrative Agent or its representatives of its
obligations hereunder or the compliance with any instructions provided by the Successor Administrative Agent to the Existing Administrative
Agent and any claim, litigation, investigation or proceeding relating to the foregoing; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages, costs, expenses or liabilities are determined
by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee or its Related Party;

(iii) each of the Borrower, any
other Loan Party, the Successor Administrative Agent and the Lenders (including each New Lender) hereby irrevocably waives any
and all claims, suits, debts, losses, causes of action, demands, rights, damages or costs, or expenses of any kind, character or
nature whatsoever, known or unknown, fixed or contingent, which any of them might have or claim to have against the Existing Administrative
Agent, any of its sub-agents or any Related Party (collectively, the “Released Parties”) of any of the foregoing,
arising out of, in any way connected with or as a result of, this Agreement, the Credit Agreement or any other Loan Document (in
the case of the Credit Agreement or the other Loan Documents, arising after the date of this Agreement), including, without limitation,
Citibank’s resignation as Administrative Agent under the Loan Documents and any claim or cause of action with respect to
the validity, legality, completeness, sufficiency, collectibility or enforceability of any Loan Document;

(iv) each of the Borrower, any other
Loan Party, the Successor Administrative Agent and the Lenders (including each New Lender) hereby further agrees forever to refrain
from commencing, instituting or prosecuting any lawsuit, action, claim or other proceeding against any Release Parties with respect
to any and all of the foregoing described waived, released, acquitted and discharged claims; and

(v) each of the Released Parties
shall be a third party beneficiary of this Agreement;

provided that, for the avoidance of doubt, the Successor
Administrative Agent shall bear no responsibility for any actions taken or omitted to be taken by Citibank while it served as the
Existing Administrative Agent under the Loan Documents, and Citibank shall bear no responsibility for any actions taken or omitted
to be taken by Flagstar (or its successors) while serving as the Successor Administrative Agent under the Loan Documents.

    	 	3	 

    	 

    

 

(c)       

Nothing contained in this Agreement shall
affect or limit the provisions of Article VIII of the Credit Agreement, including Section 8.06 thereof.

SECTION 4. Representations
and Warranties. To induce the other parties hereto to enter into this Agreement, the Borrower hereby represents and warrants
to the Successor Administrative Agent, the Existing Administrative Agent and the Lenders (including the New Lenders) that:

(i) This Agreement has been duly
authorized, executed and delivered by the Borrower and constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at
law.

(ii) On the Amendment Effective
Date, and after giving effect to this Agreement, the representations and warranties of the Borrower set forth in the Credit Agreement
are true and correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse
Effect, which shall be true and correct in all respects), as though made on and as of the Amendment Effective Date.

(iii) On and as of the Amendment
Effective Date, no event has occurred and is continuing that constitutes a Default or Event of Default.

(iv) After giving effect to the
establishment on the Amendment Effective Date of the New Commitments, (A) the Borrower will be in compliance with the covenants
set forth in Section 6.01(a), (b), and (c) of the Credit Agreement and (B) the compliance certificate dated
as of August 8, 2017 previously delivered to the Existing Administrative Agent by the Borrower remains true and accurate on and
as of the Amendment Effective Date.

(b) The Existing Administrative Agent hereby represents and
warrants to the Successor Administrative Agent that (i) it has provided the Successor Administrative Agent with the current list
of Lenders maintained by the Existing Administrative Agent with respect to the Credit Agreement, which list sets forth the legal
name and outstanding Revolving Credit Advances and Revolving Credit Commitments as of September 1, 2017 of such Lenders under the
Credit Agreement and accrued and unpaid interest on such Revolving Credit Advances and accrued and unpaid commitment fees for any
Unused Commitments, in each case, to (but not including) September 1, 2017, and (ii) it has not recorded any assignments of Revolving
Credit Advances or Revolving Credit Commitments since September 1, 2017. The Existing Administrative Agent makes no other representation
or warranty of any kind, nature or description under this Agreement, except as expressly set forth in this clause (b).

SECTION 5. Conditions
to Effectiveness. This Agreement and the Revolving Credit Commitments shall become effective on the date and at the time (the
“Amendment Effective Date”) on which each of the following conditions is first satisfied:

(a)       

The Successor Administrative Agent shall
have executed this Agreement and shall have received from the Borrower, the Existing Administrative Agent, each New Lender and
the Lenders constituting Required Lenders under the Credit Agreement (i) a counterpart of this Agreement signed on behalf
of such party or (ii) evidence satisfactory to the Successor Administrative Agent (which may include a facsimile transmission
or other electronic transmission of a signed counterpart of this Agreement) that such party has signed a counterpart of this Agreement.

(b)       

The Borrower shall
have executed and delivered to the Successor Administrative Agent the agency fee letter dated as of the Amendment Effective Date
by and between the Successor Administrative Agent and the Borrower (the “Flagstar Agency Fee Letter”).

    	 	4	 

    	 

    

 

(c)       

On such date and
after giving effect to this Agreement, (i) no Default or Event of Default shall have occurred and be continuing, (ii) the Borrower
shall be in compliance with the financial covenants set forth in Section 6.01(a), (b), and (c) of the Credit
Agreement, (iii) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be
true and correct in all material respects; provided that to the extent any such representation or warranty is already qualified
by materiality or reference to Material Adverse Effect, such representation or warranty shall be true and correct in all respects,
and (iv) the Successor Administrative Agent shall have received a certificate, dated as of the Amendment Effective Date and signed
by a Financial Officer, confirming compliance with (x) clauses (i), (ii) and (iii) of this Section 5(c)
and (ii) the representations and warranties contained in Section 4 above.

(d)       

The Successor Administrative
Agent shall have received a favorable opinion (addressed to the Successor Administrative Agent and the Lenders (including the Incremental
Revolving Lenders)) and dated the Amendment Effective Date) of (i) Mier Law PLLC, counsel for the Loan Parties and (ii) Morris,
Manning & Martin, LLP, special Georgia counsel to the Loan Parties, in form and substance reasonably satisfactory to the Successor
Administrative Agent.

(e)       

The Successor Administrative
Agent shall have received certified copies of resolutions of the Board of Directors (or its equivalent) of each Loan Party approving
this Agreement and the New Commitments, articles of incorporation and by-laws (or the equivalent) of each Loan Party and certificates
of incumbency and good standing (or such other documents and certificates as the Successor Administrative Agent or its counsel
may reasonably request in lieu thereof), all in form and substance reasonably satisfactory to the Successor Administrative Agent.

(f)       

The Lenders (including
the New Lenders) shall have received, to the extent requested, all documentation and other information required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.

(g)       

The Successor Administrative
Agent shall have received, in immediately available funds, payment of all fees and reimbursement or payment of all out-of-pocket
expenses required to be reimbursed or paid by the Borrower under the Credit Agreement, the Flagstar Agency Fee Letter or under
Section 6 hereof.

(h)       

The Existing Administrative Agent shall
have received, in immediately available funds, all accrued and unpaid interest on the Revolving Credit Advances and all accrued
and unpaid commitment fees for any Unused Commitments, in each case, to (but not including) the Amendment Effective Date.

The Successor Administrative Agent shall
notify the Borrower and the Lenders (including the New Lenders) of the Amendment Effective Date, and such notice shall be conclusive
and binding. Notwithstanding the foregoing, the obligations of the New Lenders to provide New Commitments hereunder shall not become
effective unless each of the foregoing conditions shall have been satisfied (or waived) at or prior to 5:00 p.m., New York City
time, on September 1, 2017 (and, in the event such conditions shall not have been so satisfied or waived, the New Commitments shall
terminate at such time).

SECTION 6. Fees
and Expenses.

(a)       

The Borrower agrees to pay to each New
Lender an upfront fee of 0.50% of the aggregate amount of such Lender’s New Commitments as set forth in Schedule II,
which fee shall be due and payable on the Amendment Effective Date.

    	 	5	 

    	 

    

 

(b)       

The Borrower agrees to reimburse the Successor
Administrative Agent for its reasonable out-of-pocket expenses in connection with this Agreement and the transactions contemplated
hereby, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP.

SECTION 7. Effect
of this Agreement. (a) Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair,
constitute a waiver of or otherwise affect the rights and remedies of the Successor Administrative Agent, the Existing Administrative
Agent or the Lenders under the Credit Agreement, the Amended Credit Agreement and the other Loan Documents, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement,
the Amended Credit Agreement or any of the other Loan Documents, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment,
modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement
or the Amended Credit Agreement in similar or different circumstances. This Agreement shall constitute a “Loan Document”
for all purposes of the Credit Agreement, the Amended Credit Agreement and the other Loan Documents.

(b)       

At and after the Amendment Effective Date,
all of the provisions of the Loan Documents, including, without limitation, Article VIII and Section 9.04 of the
Credit Agreement, to the extent they pertain to the Existing Administrative Agent or any Related Party of the Existing Administrative
Agent (collectively, the “Indemnified Citibank Parties”), continue in effect in accordance with their terms
for the benefit of the Existing Administrative Agent and the other Indemnified Citibank Parties in respect of any liabilities,
costs, expenses or other amounts as set forth in the Credit Agreement, arising from or relating to the Loan Documents (including
this Agreement) (whether now existing or hereinafter arising in respect of any actions taken or omitted to be taken by any of them
on or prior to the Amendment Effective Date and all actions taken by the Existing Administrative Agent pursuant to or in connection
with this Agreement) that would be required to be indemnified pursuant to Section 9.04 of the Credit Agreement or any other
applicable provisions of the Loan Documents and shall inure to the benefit of the Indemnified Citibank Parties, notwithstanding
the resignation of the Existing Administrative Agent at the Amendment Effective Date, and references in said Sections to the Administrative
Agent shall be deemed to include Citibank as predecessor Administrative Agent. Any amounts owed or owing to the Existing Administrative
Agent under this Agreement or under the Loan Documents, in its capacity as the Existing Administrative Agent, shall constitute
“Obligations” for all purposes of the Credit Agreement and the other Loan Documents irrespective of whether such amounts
were incurred before or after the Amendment Effective Date and shall be entitled to the priority currently afforded thereto by
the terms of the Loan Documents. The parties hereto hereby agree that, for purposes of this Agreement, including, without limitation,
the acknowledgement and agreement contained in this clause (b) regarding the continuing benefit of the Loan Documents for the benefit
of the Existing Administrative Agent, references to Article VIII and Section 9.04 of the Credit Agreement, including
the defined terms used in such provisions, shall be deemed to refer to such provisions or defined terms in the Credit Agreement
as they exist on the date hereof, without giving effect to any amendment, waiver or other modification thereof after the Amendment
Effective Date that is in any manner adverse to the Existing Administrative Agent.

SECTION 8. Further
Assurances.

(a)       

The Borrower and the Existing Administrative
Agent agree that, following the Amendment Effective Date, the Existing Administrative Agent shall furnish, at the Borrower’s
expense, customary documents and information as may be reasonably requested by the Borrower or the Successor Administrative Agent
from time to time in order to effect the matters covered hereby; provided that any document, instrument or agreement to
be furnished or executed by, or other action to be taken by, the Existing Administrative Agent shall be reasonably satisfactory
to it, and the Existing Administrative Agent shall be reasonably satisfied that the delivery of any information requested of it
would not breach any confidentiality restrictions binding on it.

    	 	6	 

    	 

    

 

(b)       

In the event that, after the Amendment
Effective Date, the Existing Administrative Agent receives any principal, interest or other amount owing to any Lender or the Successor
Administrative Agent under any Loan Document, the Existing Administrative Agent agrees that such payment shall be held in trust
for the Successor Administrative Agent, and the Existing Administrative Agent shall promptly return without setoff or counterclaim
such payment to the Successor Administrative Agent for payment to the Person entitled thereto.

(c)       

In the event that, after the Amendment
Effective Date, the Successor Administrative Agent receives any principal, interest or other amount owing to the Existing Administrative
Agent under any Loan Document, the Successor Administrative Agent agrees that such payment shall be held in trust for the Existing
Administrative Agent and the Successor Administrative Agent shall promptly return without setoff or counterclaim such payment to
the Existing Administrative Agent.

SECTION 9. Applicable
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

SECTION 10. Counterparts.
This Agreement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page hereof by facsimile
or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

SECTION 11. Headings.
The Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement.

SECTION 12. Arranger. Flagstar shall
act as the sole lead arranger and sole book runner in connection with this Agreement and the transactions contemplated hereby and,
for the avoidance of doubt, shall be considered an “Arranger” for all purposes of the Amended Credit Agreement.

 

[Remainder of
page intentionally left blank]

    	 	7	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the day and year first above written.

	 	green brick partners, inc.
	 	 
	 	By	 
	 	 	/s/ James R. Brickman
	 	 	Name:  	James R. Brickman
	 	 	Title:  	Chief Executive Officer

 

 

[Signature page to Third Amendment]

 

    	 

    	 

    

 

	 	CITIBANK, N.A., 

as Existing Administrative Agent and a Lender
	 	 
	 	By	 
	 	 	/s/ Mike Vondriska
	 	 	Name:  	Mike Vondriska
	 	 	Title:  	Vice President

 

 

[Signature page to Third Amendment]

 

    	 

    	 

    

 

	 	FLAGSTAR BANK, FSB, as Successor Administrative Agent, a New Lender and a Lender
	 	 
	 	By	 
	 	 	/s/ John L. Brimberry
	 	 	Name:  	John L. Brimberry
	 	 	Title:  	SVP

 

 

[Signature page to Third Amendment]

 

    	 

    	 

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a New Lender and a Lender
	 	 
	 	By	 
	 	 	/s/ William O’Daly
	 	 	Name:  	William O’Daly
	 	 	Title:  	Authorized Signatory
	 	 
	 	By	 
	 	 	/s/ Karim Rahimtoola
	 	 	Name:  	Karim Rahimtoola
	 	 	Title:  	Authorized Signatory

 

 

[Signature page to Third Amendment]

 

 

    	 

    	 

    

 

REAFFIRMATION

September 1, 2017

Each of the undersigned Loan Parties (which,
for the avoidance of doubt, collectively constitute the Loan Parties to the Credit Agreement as of the date hereof) hereby consents
to this Agreement and the transactions contemplated thereby. Each of the undersigned Loan Parties further (a) affirms and confirms
its respective guarantees, pledges, grants of security interests and other obligations under the Amended Credit Agreement and each
of the other Loan Documents to which it is a party, in respect of, and to secure, the Obligations and (b) agrees that, notwithstanding
the effectiveness of this Agreement and the transactions contemplated thereby, the Loan Documents to which it is a party, and such
guarantees, pledges, grants of security interests and other obligations thereunder, shall continue to be in full force and effect
in accordance with the terms thereof. Borrower reaffirms and acknowledges its obligations to the Successor Administrative Agent
with respect to the Loan Documents.

 

[Signature page follows]

    	 

    	 

    

 

	 	green brick partners, inc.
	 	 
	 	By	 
	 	 	/s/ James R. Brickman
	 	 	Name:  	James R. Brickman
	 	 	Title:  	Chief Executive Officer

 

 

	 	
        CB
        JENI BERKSHIRE PLACE LLC

        CB
        JENI HOMES DFW LLC

        JBGL
        ATLANTA DEVELOPMENT, LLC

        JBGL
        BUILDER FINANCE LLC

        JBGL
        CHATEAU, LLC

        JBGL
        EXCHANGE LLC

        JBGL
        HAWTHORNE, LLC

        JBGL
        KITTYHAWK, LLC

        JBGL
        MUSTANG LLC

        JBGL OWNERSHIP LLC

        JOHNS
        CREEK 206, LLC

        THE
        PROVIDENCE GROUP OF GEORGIA, L.L.C.

        THE
        PROVIDENCE GROUP OF GEORGIA CUSTOM HOMES, L.L.C.

        CB JENI – BRICK ROW
        TOWNHOMES, LLC

        CB JENI MUSTANG PARK LLC

        NORMANDY HOMES LAKESIDE,
        LLC

        NORMANDY HOMES CYPRESS MEADOWS,
        LLC

        TPG Homes, l.l.c.

	 	 
	 	 
	 	By	 
	 	 	/s/ James R. Brickman
	 	 	Name: 	James R. Brickman
	 	 	Title:   	Manager

 

 

[Signature
Page to Reaffirmation Agreement]

 

 

    	 

    	 

    

SCHEDULE I

 

 

Revolving Credit Commitments

	Lenders	Revolving Credit Commitments
	Flagstar Bank, FSB	$70,000,000
	Citibank, N.A.	$35,000,000
	Credit Suisse AG, Cayman Islands Branch	$25,000,000
	
         

        Total
	
         

        $130,000,000

 

    	 

    	 

    

SCHEDULE II

 

 

New Commitments

	New Lender	New Commitment
	Flagstar Bank, FSB	$35,000,000
	Credit Suisse AG, Cayman Islands Branch	$10,000,000
	
         

        Total
	
         

        $45,000,000Exhibit

EXHIBIT 10.89

 FIRST AMENDMENT TO THE 
NAVISTAR, INC. 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

 WHEREAS, Navistar, Inc. (the Company) maintains the Navistar, Inc. Supplemental Executive Retirement Plan, as amended and restated effective June 1, 2016 (the Plan); and 

WHEREAS, the Company has reserved the right to amend the Plan pursuant to Section 6.1 therein; 

NOW THEREFORE BE IT RESOLVED, that by virtue and in exercise of the power to amend the Plan reserved to the Company, the Plan be and is hereby amended, effective as of January 1, 2017, as follows: 

		
	1.
	By amending Section 1.10 of the Plan by adding the following at the end thereof: 

"Notwithstanding the foregoing, certain Participants who Retire or otherwise terminate employment with the Company on or after January 1, 2017, may have ‘Enhanced Final Average Compensation’ as defined in Section 4.9. "

		
	2.
	By amending Section 1.19 of the Plan to read in its entirety as follows: 

"1.19     ‘RPSE’ shall mean the Navistar, Inc. Retirement Plan for Salaried Employees (including the Navistar Financial Corporation Retirement Plan for Salaried Employees that was merged into said plan), as may be amended from time to time, and, on and after January 1, 2017, its continuing benefit structure within the Navistar, Inc. Salaried Employees Pension Plan. "

		
	3.
	By amending , Section 4 of the Plan by inserting a new Section 4.9, as follows, immediately following Section 4.8, and renumber current Sections 4.9 through 4.11 as Sections 4.10 through 4.12, respectively: 

"4.9     Enhanced Retirement Benefits for Certain Participants 

‘Enhanced Final Average Compensation’ shall mean, for certain Participants as described below in this Section 4.9, the Participant’s Final Average Compensation determined in accordance with the provisions of Section 1.10 by substituting for the ‘120-month period’ described therein the ‘period from January 1, 2008 to the Participant’s Actual Retirement Date.’ 

With regard to certain Participants, as further provided in this Section 4.9, whose dates of birth are on or before January 1, 1963, and who Retire or otherwise terminate employment with the Company and all of its affiliates on or after January 1, 2017, such Participants shall receive enhancements to their benefits otherwise determined under the Plan without regard to this Section 4.9. The amount of such enhancements, which shall constitute a Non-Grandfathered Amount and shall be subject to Code Section 409A, shall be equal to the excess, if any, by which the benefits determined by substituting the Participant’s Enhanced Final Average Compensation for the Participant’s Final Average Compensation exceed the benefits otherwise determined under the Plan absent this Section 4.9. Such enhancements to the benefits of a Participant or of a Participant’s 

DM_US 82847198-1.073825.0022 

surviving spouse, if applicable, shall be paid at the same time and in the same frequency, form and manner, and for the same duration as such Participant’s or surviving spouse’s benefits are otherwise payable under the Plan, except to the extent otherwise required by law. 

The above provisions of this Section 4.9 shall not apply to a Participant who, as of December 31, 2016, has been involuntarily terminated and is eligible for Grow In to early retirement under Section 3.2 of the Plan pursuant to Section 8, unless and until such Participant returns to active employment with the Company. "

* * * * * * * 

DM_US 82847198-1.073825.0022

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