Document:

exv10w1

 

EXHIBIT 10.1

FIFTH AMENDMENT

TO

CREDIT AGREEMENT

Dated as of December 23, 2004

among

MERITAGE HOMES CORPORATION,

as the Borrower

GUARANTY BANK,

as Administrative Agent and Swing Line Lender,

BANK ONE, NA,

as Syndication Agent

FLEET NATIONAL BANK,

as Documentation Agent

and

The Other Lenders Party Thereto

GUARANTY BANK,

as Joint Lead Arranger and Joint Book Manager

and

BANC ONE CAPITAL MARKETS, INC.,

as Joint Lead Arranger and Joint Bank Manager

 

 

FIFTH AMENDMENT TO CREDIT AGREEMENT

     THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”), dated
as of December 23, 2004, is entered into among MERITAGE HOMES CORPORATION, a
Maryland corporation (the “Borrower”), the lenders listed on the signature
pages hereof as Lenders (the “Lenders”), GUARANTY BANK, as Administrative Agent
and Swing Line Lender, BANK ONE, NA, as Syndication Agent, and FLEET NATIONAL
BANK, as Documentation Agent.

BACKGROUND

     A. The Borrower, certain of the Lenders, the Syndication Agent, the
Documentation Agent, the Administrative Agent and the Swing Line Lender are
parties to that certain Credit Agreement, dated as of December 12, 2002, as
amended by that certain First Amendment to Credit Agreement, dated as of
September 8, 2003, that certain Second Amendment to Credit Agreement, dated as
of December 3, 2003, that certain Third Amendment to Credit Agreement, dated as
of April 20, 2004, and that certain Fourth Amendment to Credit Agreement dated
as of October 28, 2004 (said Credit Agreement, as amended, the “Credit
Agreement”). The terms defined in the Credit Agreement and not otherwise
defined herein shall be used herein as defined in the Credit Agreement.

     B. The Borrower has requested certain amendments to the Credit Agreement.

     C. The Lenders, the Syndication Agent, the Documentation Agent, the
Administrative Agent and the Swing Line Lender hereby agree to amend the Credit
Agreement, subject to the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the covenants, conditions and
agreements hereafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are all hereby acknowledged, the Borrower,
the Lenders, the Syndication Agent, the Documentation Agent, the Swing Line
Lender and the Administrative Agent covenant and agree as follows:

     1. AMENDMENTS.

     (a) The definition of “Guarantee” set forth in Section 1.01 of the Credit
Agreement is hereby amended to read as follows:

      “Guarantee” means as to any Person, any (a) obligation,
contingent or otherwise, of such Person guaranteeing or having the
economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and
including any obligation of such Person, direct or indirect, (i)
to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other obligation, (ii) to
purchase or lease property, securities or services for the purpose
of assuring the obligee in respect of such Indebtedness or other
obligation of the payment or performance of such Indebtedness or
other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or
level of income or cash flow of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other

FIFTH AMENDMENT TO CREDIT AGREEMENT -  1

 

 

obligation, or (iv) entered into for the purpose of assuring
in any other manner the obligee in respect of such Indebtedness or
other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or
in part), or (b) any Lien on any assets of such Person securing
any Indebtedness or other obligation of any other Person, whether
or not such Indebtedness or other obligation is assumed by such
Person; provided, however, that a Springing Guarantee shall not be
deemed to be a Guarantee until the earlier to occur of (i) the
demand by a lender for payment under such Springing Guaranty, (ii)
the occurrence or failure to occur of any event, act or
circumstance that, with or without the giving of notice and/or
passage of time, entitles a lender to make a demand for payment
thereunder or (iii) a Bankruptcy Event. The amount of any
Guarantee shall be deemed to be an amount equal to the stated or
determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guarantee is made or, if not
stated or determinable, the maximum reasonably anticipated
liability in respect thereof as determined by the guaranteeing
Person in good faith. The term “Guarantee” as a verb has a
corresponding meaning.

     (b) The definition of “Off-Balance Sheet Liabilities” set forth in Section
1.01 of the Credit Agreement is hereby amended to read as follows:

      “Off-Balance Sheet Liabilities” means with respect to any
Person as of any date of determination thereof, without
duplication and to the extent not included as a liability on the
consolidated balance sheet of such Person and its Subsidiaries in
accordance with GAAP: (a) with respect to any asset
securitization transaction (including any accounts receivable
purchase facility) (i) the unrecovered investment of purchasers or
transferees of assets so transferred, and (ii) any other payment,
recourse, repurchase, hold harmless, indemnity or similar
obligation of such Person or any of its Subsidiaries in respect of
assets transferred or payments made in respect thereof, other than
limited recourse provisions that are customary for transactions of
such type and that neither (x) have the effect of limiting the
loss or credit risk of such purchasers or transferees with respect
to payment or performance by the obligors of the assets so
transferred nor (y) impair the characterization of the transaction
as a true sale under applicable Laws (including Debtor Relief
Laws); (b) the monetary obligations under any financing lease or
so-called “synthetic,” tax retention or off-balance sheet lease
transaction which, upon the application of any Debtor Relief Law
to such Person or any of its Subsidiaries, would be characterized
as indebtedness; (c) any other monetary obligation arising with
respect to any other transaction which (i) upon the application of
any Debtor Relief Law to such Person or any of its Subsidiaries,
would be characterized as indebtedness or (ii) is the functional
equivalent of or takes the place of borrowing but which does not
constitute a liability on the consolidated balance sheet of such
Person and its Subsidiaries (for purposes of this clause (c), any
transaction structured to provide tax deductibility as interest
expense of any dividend, coupon or other periodic payment will be
deemed to be the functional equivalent of a borrowing); provided,
however, that (A) liabilities arising under rolling options and
similar contracts for the acquisition of real property incurred in
the ordinary course of business (B) liabilities arising under
model home leases in the ordinary course of

FIFTH AMENDMENT TO CREDIT AGREEMENT -  2

 

 

business and (C) liabilities arising under Guarantees shall
not be deemed to be “Off-Balance Sheet Liabilities”.

     (c) Section 1.01 of the Credit Agreement is hereby amended by adding the
defined terms “Bankruptcy Event” and “Springing Guarantee” thereto in proper
alphabetical order to read as follows:

      “Bankruptcy Event” means the commencement of any case under
the Bankruptcy Code (Title 11 of the United States Code) or the
commencement of any other bankruptcy, reorganization,
receivership, or similar proceeding under any federal, state or
foreign law or by or against any Person for whom any Loan Party
has executed a Springing Guaranty for the benefit of such Person;
provided, however, that the filing of an involuntary case against
such Person shall only be a Bankruptcy Event if: (i) such
involuntary case is filed in whole or in part by a Loan Party, any
member in such Person which is an affiliate of a Loan Party, or
any other affiliate of a Loan Party, or (ii) if a Loan Party, any
member in such Person which is an affiliate of a Loan Party, or
any other affiliate of a Loan Party shall in any way induce or
participate in the filing, whether directly or indirectly, of an
involuntary bankruptcy case against such Person or any other
Person, and such involuntary case or proceeding is not dismissed
with prejudice within 120 days of the filing thereof.

      “Springing Guarantee” means a Guarantee by a Person which by
its express terms does not become effective until the occurrence
of a Bankruptcy Event.

     (d) Section 7.02(i) of the Credit Agreement is hereby amended and restated
in its entirety to read as follows:

      (i) Investments other than those permitted by subsections (a)
through (h) above (but including any Investments in Unrestricted
Subsidiaries in existence on the Closing Date and Investments
disclosed on Schedule 5.13(b) that are not in Guarantors) in
Persons that are in the business described in Section 5.19 not to
exceed in aggregate amount outstanding at any time 30% of
Consolidated Tangible Net Worth.

     (e) Exhibit D to the Credit Agreement is hereby amended to be in the form
of Exhibit D to this Fifth Amendment.

     2. WAIVER. Subject to the satisfaction of the conditions of effectiveness
set forth in Section 4 hereof, the Lenders hereby waive any Events of Default
that may have occurred prior to the effectiveness of this Fifth Amendment with
respect to Section 7.02(i) of the Credit Agreement. The waiver provided herein
is limited and does not affect any other covenant or provision of the Credit
Agreement or any other Loan Document.

     3. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its
execution and delivery hereof, the Borrower represents and warrants that, as of
the date hereof and after giving effect to the waiver set forth in the
foregoing Section 2:

FIFTH AMENDMENT TO CREDIT AGREEMENT -  3

 

 

     (a) the representations and warranties contained in the Credit Agreement
and the other Loan Documents are true and correct on and as of the date hereof
as made on and as of such date;

     (b) no event has occurred and is continuing which constitutes a Default or
an Event of Default;

     (c) (i) the Borrower has full power and authority to execute and deliver
this Fifth Amendment, (ii) this Fifth Amendment has been duly executed and
delivered by the Borrower, and (iii) this Fifth Amendment and the Credit
Agreement, as amended hereby, constitute the legal, valid and binding
obligations of the Borrower, enforceable in accordance with their respective
terms, except as enforceability may be limited by applicable debtor relief laws
and by general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at law) and except as rights to indemnity
may be limited by federal or state securities laws;

     (d) neither the execution, delivery and performance of this Fifth
Amendment or the Credit Agreement, as amended hereby, nor the consummation of
any transactions contemplated herein or therein, will conflict with any Law or
Organization Documents of the Borrower, or any indenture, agreement or other
instrument to which the Borrower or any of its properties are subject; and

     (e) no authorization, approval, consent, or other action by, notice to, or
filing with, any governmental authority or other Person not previously obtained
is required for (i) the execution, delivery or performance by the Borrower of
this Fifth Amendment or (ii) the acknowledgement by each Guarantor of this
Fifth Amendment.

     4. CONDITIONS TO EFFECTIVENESS. This Fifth Amendment shall be effective
upon satisfaction or completion of the following:

     (a) the Administrative Agent shall have received counterparts of this
Fifth Amendment executed by all of the Lenders;

     (b) the Administrative Agent shall have received counterparts of this
Fifth Amendment executed by the Borrower and acknowledged by each Guarantor;

     (c) the Administrative Agent shall have received a certified resolution of
the Board of Directors of the Borrower authorizing the execution, delivery and
performance of this Fifth Amendment; and

     (d) the Administrative Agent shall have received, in form and substance
satisfactory to the Administrative Agent and its counsel, such other documents,
certificates and instruments as the Administrative Agent shall require.

     5. REFERENCE TO THE CREDIT AGREEMENT.

     (a) Upon the effectiveness of this Fifth Amendment, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, or words of like import
shall mean and be a reference to the Credit Agreement, as affected and amended
hereby.

FIFTH AMENDMENT TO CREDIT AGREEMENT -  4

 

 

     (b) The Credit Agreement, as amended by the amendments referred to above,
shall remain in full force and effect and is hereby ratified and confirmed.

     6. COSTS, EXPENSES AND TAXES. The Borrower agrees to pay on demand all
costs and expenses of the Administrative Agent in connection with the
preparation, reproduction, execution and delivery of this Fifth Amendment and
the other instruments and documents to be delivered hereunder (including the
reasonable fees and out-of-pocket expenses of counsel for the Administrative
Agent with respect thereto).

     7. GUARANTOR’S ACKNOWLEDGMENT. By signing below, each Guarantor (a)
acknowledges, consents and agrees to the execution, delivery and performance by
the Borrower of this Fifth Amendment, (b) acknowledges and agrees that its
obligations in respect of its Guaranty are not released, diminished, waived,
modified, impaired or affected in any manner by this Fifth Amendment or any of
the provisions contemplated herein, (c) ratifies and confirms its obligations
under its Guaranty, and (d) acknowledges and agrees that it has no claims or
offsets against, or defenses or counterclaims to, its Guaranty.

     8. EXECUTION IN COUNTERPARTS. This Fifth Amendment may be executed in any
number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which when taken together shall constitute but one
and the same instrument. For purposes of this Fifth Amendment, a counterpart
hereof (or signature page thereto) signed and transmitted by any Person party
hereto to the Administrative Agent (or its counsel) by facsimile machine,
telecopier or electronic mail is to be treated as an original. The signature
of such Person thereon, for purposes hereof, is to be considered as an original
signature, and the counterpart (or signature page thereto) so transmitted is to
be considered to have the same binding effect as an original signature on an
original document.

     9. GOVERNING LAW; BINDING EFFECT. This Fifth Amendment shall be governed
by and construed in accordance with the laws of the State of Texas applicable
to agreements made and to be performed entirely within such state, provided
that each party shall retain all rights arising under federal law, and shall be
binding upon the parties hereto and their respective successors and assigns.

     10. HEADINGS. Section headings in this Fifth Amendment are included
herein for convenience of reference only and shall not constitute a part of
this Fifth Amendment for any other purpose.

     11. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS FIFTH
AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

FIFTH AMENDMENT TO CREDIT AGREEMENT -  5

 

 

     IN WITNESS WHEREOF, this Fifth Amendment is executed as of the date first
set forth above.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	MERITAGE HOMES CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Larry W. Seay
	 	 	 	 	

	

	 	 	 	 Name:	 	Larry W. Seay
	

	 	 	 	 Title:	 	VP-CFO

FIFTH AMENDMENT TO CREDIT AGREEMENT -  6

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	GUARANTY BANK, as Administrative Agent	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Sam A. Meade
	 	 	 	 	

	

	 	 	 	 Name:	 	Sam A. Meade
	

	 	 	 	 Title:	 	Senior Vice President
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Sam A. Meade
	 	 	 	 	

	

	 	 	 	 Name:	 	Sam A. Meade
	

	 	 	 	 Title:	 	Senior Vice President

FIFTH AMENDMENT TO CREDIT AGREEMENT -  7

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	FLEET NATIONAL BANK, as a Lender and
Documentation Agent	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Mark W. Lariviere
	 	 	 	 	

	

	 	 	 	 Name:	 	Mark W. Lariviere
	

	 	 	 	 Title:	 	Senior Vice President

FIFTH AMENDMENT TO CREDIT AGREEMENT -  8

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	BANK ONE, NA, as a Lender and Syndication
Agent	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Paul Engler
	 	 	 	 	

	

	 	 	 	 Name:	 	Paul Engler
	

	 	 	 	 Title:	 	First Vice President

FIFTH AMENDMENT TO CREDIT AGREEMENT -  9

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK ARIZONA NATIONAL

ASSOCIATION, as a Lender	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Patricia A. Richards
	 	 	 	 	

	

	 	 	 	 Name:	 	Patricia A. Richards
	

	 	 	 	 Title:	 	Vice President

FIFTH AMENDMENT TO CREDIT AGREEMENT -  10

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Adrian B. Montero
	 	 	 	 	

	

	 	 	 	 Name:	 	Adrian B. Montero
	

	 	 	 	 Title:	 	Vice President

FIFTH AMENDMENT TO CREDIT AGREEMENT -  11

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	CALIFORNIA BANK AND TRUST, as a Lender	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Stephanie L. Lantz
	 	 	 	 	

	

	 	 	 	 Name:	 	Stephanie L. Lantz
	

	 	 	 	 Title:	 	VP

FIFTH AMENDMENT TO CREDIT AGREEMENT -  12

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	COMPASS BANK, as a Lender	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Steven J. Heslep
	 	 	 	 	

	

	 	 	 	 Name:	 	Steven J. Heslep	 	 	 	 
	

	 	 	 	 Title:	 	SVP	 	 	 	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  13

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	COMERICA BANK, as a Lender	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Casey L. Ostrander
	 	 	 	 	

	

	 	 	 	 Name:	 	Casey L. Ostrander	 	 	 	 
	

	 	 	 	 Title:	 	Vice President	 	 	 	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  14

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Douglas G. Paul
	 	 	 	 	

	

	 	 	 	 Name:	 	Douglas G. Paul	 	 	 	 
	

	 	 	 	 Title:	 	Senior Vice President	 	 	 	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  15

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	SOUTHTRUST BANK, as a Lender	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Sam Boroughs
	 	 	 	 	

	

	 	 	 	 Name:	 	Sam Boroughs	 	 	 	 
	

	 	 	 	 Title:	 	VP	 	 	 	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  16

 

 

	 	 	 	 	 
	 	ACKNOWLEDGED AND AGREED TO:

MONTEREY HOMES ARIZONA, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	MONTEREY HOMES CONSTRUCTION, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	MERITAGE HOMES OF ARIZONA, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 	 	 
	 	 	MERITAGE PASEO CROSSING, LLC
	 
	 	 	 	 	 	 
	

	 	By:
	 	Meritage Homes of Arizona, Inc., its Sole
Member	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  17

 

 

	 	 	 	 	 
	 	MERITAGE HOMES CONSTRUCTION, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 	 	 
	 	 	MERITAGE PASEO CONSTRUCTION, LLC
	 
	 	 	 	 	 	 
	

	 	By:
	 	Meritage Homes Construction, Inc., its Sole
Member	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	MTH-TEXAS GP, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	MTH-TEXAS LP, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  18

 

 

	 	 	 	 	 	 	 
	 	 	LEGACY/MONTEREY HOMES L.P.
	 
	 	 	 	 	 	 
	

	 	By:
	 	MTH-Texas GP, Inc., its General Partner	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 	 	 
	 	 	MERITAGE HOLDINGS, L.L.C.
	 
	 	 	 	 	 	 
	

	 	By:
	 	Legacy/Monterey Homes L.P., its Sole
Member	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	MTH-Texas GP, Inc., its General Partner	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 	 	 
	 	 	LEGACY OPERATING COMPANY, L.P.
	 
	 	 	 	 	 	 
	

	 	By:
	 	Meritage Holdings, L.L.C., its General
Partner	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	Legacy/Monterey Homes L.P., its Sole
Member	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	MTH-Texas GP, Inc., its General Partner	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  19

 

 

	 	 	 	 	 	 	 
	 	 	HULEN PARK VENTURE, LLC
	 
	 	 	 	 	 	 
	

	 	By:
	 	Legacy/Monterey Homes L.P., its Sole
Member	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	MTH-Texas GP, Inc., its General Partner	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	MTH-TEXAS GP II, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	MTH-TEXAS LP II, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 	 	 
	 	 	MTH HOMES-TEXAS, L.P.
	 
	 	 	 	 	 	 
	

	 	By:
	 	MTH-Texas GP II, Inc., its General Partner	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  20

 

 

	 	 	 	 	 
	 	MERITAGE HOMES OF CALIFORNIA, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	MTH-HOMES NEVADA, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 	 	 
	 	 	MTH-CAVALIER, LLC
	 
	 	 	 	 	 	 
	

	 	By:
	 	Monterey Homes Construction, Inc., its
Sole Member	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 	 	 
	 	 	MTH GOLF, LLC
	 
	 	 	 	 	 	 
	

	 	By:
	 	Hancock-MTH Builders, Inc., its Sole
Member	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  21

 

 

	 	 	 	 	 	 	 
	 	 	LEGACY-HAMMONDS MATERIALS, L.P.
	 
	 	 	 	 	 	 
	

	 	By:
	 	Meritage Holdings, L.L.C., its General
Partner	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	Legacy/Monterey Homes L.P., its Sole
Member	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	MTH-Texas GP, Inc., its General Partner	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  22

 

 

	 	 	 	 	 
	 	MERITAGE HOMES OF COLORADO, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	MERITAGE HOMES OF FLORIDA, INC.

 	 
	 	By:  	/s/ Larry W. Seay
 	 
	 	 	Larry W. Seay 	 
	 	 	Vice President and Secretary 	 
	 

FIFTH AMENDMENT TO CREDIT AGREEMENT -  23<PAGE>

                                                                    EXHIBIT 10.1

                                 THIRD AMENDMENT
                             TO DEBTOR-IN-POSSESSION
                                CREDIT AGREEMENT

            This THIRD AMENDMENT TO DEBTOR-IN-POSSESSION CREDIT AGREEMENT (this
"AMENDMENT") is dated as of December 23, 2004 and entered into by and among
INTERMET CORPORATION, a Georgia corporation ("COMPANY"), THE SUBSIDIARIES OF
COMPANY LISTED ON THE SIGNATURE PAGES HEREOF AS BORROWERS (collectively, Company
and such Subsidiaries of Company are "BORROWERS" and each a "BORROWER"), THE
BANK OF NOVA SCOTIA, as Administrative Agent for the Lenders ("ADMINISTRATIVE
AGENT") and as a Lead Lender, DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Collateral Agent and Co-Agent for the Lenders ("COLLATERAL AGENT") and as a Lead
Lender, and the undersigned Lenders, and is made with reference to that certain
Debtor-In-Possession Revolving Credit Agreement dated as of October 22, 2004 (as
amended, supplemented or otherwise modified to the date hereof, the "CREDIT
AGREEMENT"), by and among Borrowers, the Lenders, Administrative Agent and
Collateral Agent. Capitalized terms used herein without definition shall have
the same meanings herein as set forth in the Credit Agreement.

                                    RECITALS

            WHEREAS, Borrowers, Lead Lenders and the undersigned Lenders desire
to amend the Credit Agreement on the terms and conditions set forth below;

            NOW, THEREFORE, in consideration of the premises and agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT

      1.1   AMENDMENT TO SUBSECTION 1.1.

            A. Subsection 1.1 of the Credit Agreement is hereby amended by
inserting the following definitions in appropriate alphabetical order:

                  "THIRD AMENDMENT" means that certain Third Amendment to
            Debtor-In-Possession Credit Agreement dated as of December 23, 2004
            by and among Borrowers, Agents, Lead Lenders and the Lenders party
            thereto.

                  "THIRD AMENDMENT EFFECTIVE DATE" has the meaning assigned to
            that term in the Third Amendment.

            B. Subsection 1.1 of the Credit Agreement is hereby further amended
by deleting the definitions of "Budget" and "Customer Program Approval Date"
contained therein in their entirety and substituting therefor, respectively, the
following:

                  "BUDGET" means (i) until the Third Amendment Effective Date,
            the most recently approved Budget delivered pursuant to this
            Agreement as in effect prior

<PAGE>

            to the Third Amendment Effective Date, (ii) on and after the Third
            Amendment Effective Date until the date on which Borrowers shall
            have delivered (and Agents and Requisite Lenders shall be satisfied
            in their sole discretion with) the documents required to be
            delivered under clause (a) of the second sentence of subsection
            6.16, the weekly consolidated cash flow projections delivered
            pursuant to Section 3.1 of the Third Amendment (it being understood
            and agreed that the amount of all permitted disbursements and
            expenditures, and the maximum Revolving Loan usage and maximum
            Letter of Credit Usage, for the period commencing on January 15,
            2005 and ending on the date on which Borrowers shall have delivered
            (and Agents and Requisite Lenders shall be satisfied in their sole
            discretion with) the documents required to be delivered under clause
            (a) of the second sentence of subsection 6.16, shall be deemed to
            equal zero) and that portion of the consolidated and consolidating
            cash flow projections attached hereto as Schedule 1.1B that shows
            monthly (and not weekly) anticipated cash receipts and disbursements
            for the period from the Closing Date through the Budget Period, and
            (iii) on and after the date on which the Borrowers shall have
            delivered (and Agents and Requisite Lenders shall be satisfied in
            their sole discretion with) the documents required to be delivered
            under clause (a) of the second sentence of subsection 6.16,
            Borrowers' business plan in the Chapter 11 Cases approved by
            Administrative Agent and Collateral Agent pursuant to the second
            sentence of subsection 6.16; provided that, after the date referred
            to in clause (iii) above, upon approval by Administrative Agent and
            Collateral Agent (or Requisite Lenders, as applicable) in accordance
            with subsection 6.1(xvi) of the projected financial statements and
            cash flow projections delivered pursuant to such subsection, the
            Budget shall be deemed supplemented and/or restated (and Schedule
            1.1B shall be replaced) with respect to all periods covered by such
            approved projections. With respect to any date of determination, any
            reference in this Agreement to the "most recently approved Budget"
            or "most recently delivered Budget" shall be a reference to the
            projections referred to in clause (i), (ii) or (iii), as applicable,
            that constitute the "Budget" on such date of determination.

                  "CUSTOMER PROGRAM APPROVAL DATE" means the earliest date
            (which date, if it occurs, must be on or prior to January 14, 2005
            or such later date as Requisite Lenders and each Lead Lender shall
            agree upon) that Requisite Lenders and each Lead Lender shall have
            notified Company in writing that they are satisfied, in their
            respective sole discretion, with the Customer Agreements executed by
            each Major Customer.

      1.2   AMENDMENT TO SUBSECTION 6.1.

            A. Subsection 6.1(ii) of the Credit Agreement is hereby amended by
inserting immediately prior to each reference to "consolidating" contained
therein the phrase "(with respect to each month commencing with the month ending
December 31, 2004)".

            B. Subsection 6.1(v) of the Credit Agreement is hereby amended by
deleting the reference to "Tuesday" contained therein and substituting therefor
"Wednesday".

                                       2
<PAGE>

            C. Subsection 6.1(xviii) of the Credit Agreement is hereby amended
by deleting the reference to "January 15, 2005" contained therein and
substituting therefor "January 31, 2005".

      1.3   AMENDMENT TO SUBSECTION 6.12.

            Subsection 6.12(i) of the Credit Agreement is hereby amended by
deleting the reference to "Tuesday" in the second sentence of such subsection
and substituting therefor "Wednesday".

      1.4   AMENDMENT TO SUBSECTION 6.16.

            Subsection 6.16 of the Credit Agreement is hereby amended by
deleting the last sentence of such subsection in its entirety and substituting
therefor the following:

            "Notwithstanding anything to the contrary in this Agreement or in
            any limited waiver to this Agreement executed prior to the Third
            Amendment Effective Date, (a) the documents described in subsection
            4.2C (including Borrowers' business plan for the Chapter 11 Cases in
            form and substance satisfactory to each Agent in its sole
            discretion) shall be required to be delivered to Agents prior to
            5:00 p.m. New York City time on January 26, 2005 (and any earlier
            date of required delivery for such documents shall not apply); (b)
            the required daily transfer of amounts on deposit in Borrowers' Cash
            Management System described in subsection 4.1J and subsection 6.11
            shall not require such daily transfer from accounts with Standard
            Federal Bank N.A., Comerica Bank and Bank One, N.A. to the extent
            Borrowers' available funds on deposit with such banks do not exceed
            $1,000,000, $500,000 and $250,000, respectively; (c) the Control
            Agreements from LaSalle Bank, N.A. and Bank of America, N.A. and the
            exhibits to the Control Agreement with Bank One, N.A., in each case
            required to be delivered pursuant to subsection 6.16, shall be
            required to be delivered to Collateral Agent prior to 5:00 p.m. New
            York City time on January 26, 2005 (and any earlier date of required
            delivery for such Control Agreements shall not apply), provided,
            that Collateral Agent may extend such time for delivery in writing;
            (d) no Control Agreement shall be required from Comerica Bank so
            long as prior to March 31, 2005, (x) a bank reasonably acceptable to
            Collateral Agent replaces Comerica Bank in performing the cash
            management functions performed by Comerica Bank (as of the Third
            Amendment Effective Date) and (y) the cash management arrangements
            (and the Control Agreement) that would otherwise be required with
            respect to Comerica Bank (without giving effect to clause (d) of
            this sentence) shall be in full force and effect with respect to
            such replacement bank; (e) Borrowers shall not be required to
            deliver the Mortgage required under subsection 4.2H of the Credit
            Agreement for Lynchburg Foundry Company's property at 1605 W. Main,
            in Radford, Virginia unless and until Collateral Agent specifically
            requests such Mortgage in writing after the Third Amendment
            Effective Date, at which point Borrowers shall deliver such Mortgage
            within 30 days after Collateral Agent's request therefor; and (f)
            Borrowers shall deliver to Lead Lenders prior to 5:00 p.m. New York
            City time on January 14, 2005 a supplement

                                       3
<PAGE>

            to the Covenant Addendum meeting the requirements set forth in
            subsection 6.1(xvii) of this Agreement with respect to all periods
            ending after December 31, 2004 (and any earlier date of required
            delivery of such supplement shall not apply), which supplement
            together with the Covenant Addendum delivered to Agents on or about
            November 5, 2004 shall constitute the Covenant Addendum for all
            purposes under the Loan Documents.".

      1.5   AMENDMENT TO SECTION 7.

            Section 7 of the Credit Agreement is hereby amended by adding at the
end thereof the following new subsection 7.17:

                  "7.17 ASSUMPTION OF MAJOR CUSTOMER CONTRACTS.

                        Borrowers shall not file with the Bankruptcy Court any
            motion or application to effect an assumption of any Customer
            Agreement unless (A)(i) such motion or application and all
            concurrently filed motions or applications for assumption of
            Customer Agreements apply to all or substantially all Customer
            Agreements with Major Customers, or (ii) after giving effect to all
            previously filed motions or applications to effect assumptions of
            Customer Agreements, such motion or application and all concurrently
            filed motions or applications for assumption of Customer Agreements
            apply to all or substantially all Customer Agreements with Major
            Customers, and (B) the hearing date for such motion or application
            is no earlier than January 10, 2005.".

      1.6   AMENDMENT TO SUBSECTION 10.6.

            Subsection 10.6 of the Credit Agreement is hereby amended by
deleting the phrase "(A) to change the terms and conditions, pricing, amount,
yield and structure of the revolving credit facility created hereunder" in its
entirety from the third sentence contained in such subsection and substituting
therefor the phrase "(A) [INTENTIONALLY OMITTED]".

SECTION 2. BORROWER'S REPRESENTATIONS AND WARRANTIES

            In order to induce the Lead Lenders and the Lenders to enter into
this Amendment and to amend the Credit Agreement in the manner provided herein,
Borrowers represent and warrant to each Lead Lender and Lender that the
following statements are true, correct and complete:

      2.1   CORPORATE POWER AND AUTHORITY. Each Borrower has all requisite
corporate power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, the Credit
Agreement as amended by this Amendment (the "AMENDED AGREEMENT").

      2.2   AUTHORIZATION OF AGREEMENTS. The execution and delivery of this
Amendment has been duly authorized by all necessary action on the part of each
Borrower and the performance of the Amended Agreement has been duly authorized
by all necessary action on the part of each Borrower.

                                       4
<PAGE>

      2.3   NO CONFLICT. The execution and delivery by each Borrower of this
Amendment and the performance by each Borrower of the Amended Agreement do not
and will not (i) violate any provision of any law or any governmental rule or
regulation applicable to any Borrower or any of its Subsidiaries, or the
Organizational Documents of any Borrower or any of its Subsidiaries or any
order, judgment or decree of the Bankruptcy Court of any other Government
Authority binding on any Borrower or any of its Subsidiaries, (ii) conflict
with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any Contractual Obligation of any Borrower or any of its
Subsidiaries or any applicable order of the Bankruptcy Court, (iii) result in or
require the creation or imposition of any Lien upon any of the properties or
assets of any Borrower or any of its Subsidiaries (other than Liens created
under any of the Loan Documents in favor of Collateral Agent on behalf of the
Lenders), or (iv) require any approval of stockholders or any approval or
consent of any Person under any Contractual Obligation of any Borrower or any of
its Subsidiaries.

      2.4   GOVERNMENTAL CONSENTS. The execution and delivery by each Borrower
of this Amendment and the performance by each Borrower of the Amended Agreement
do not and will not require any Governmental Authorization.

      2.5   BINDING OBLIGATION. This Amendment has been duly executed and
delivered by each Borrower, and each of this Amendment and the Amended Agreement
is the legally valid and binding obligations of each Borrower enforceable
against each Borrower in accordance with its respective terms.

      2.6   INCORPORATION OF REPRESENTATIONS AND WARRANTIES FROM CREDIT
AGREEMENT. The representations and warranties contained in Section 5 of the
Credit Agreement are and will be true, correct and complete in all material
respects on and as of the Third Amendment Effective Date (as hereinafter
defined) to the same extent as though made on and as of that date, except to the
extent such representations and warranties specifically relate to an earlier
date, in which case they were true, correct and complete in all material
respects on and as of such earlier date.

      2.7   ABSENCE OF DEFAULT. As of the date hereof after giving effect
hereto, there exists no Event of Default or Potential Event of Default under the
Credit Agreement.

      2.8   FINAL BORROWING ORDER. The Final Borrowing Order is in full force
and effect and has not been stayed by the Bankruptcy Court or any other court of
competent jurisdiction and has not been reversed, vacated or otherwise modified
after the entry thereof.

SECTION 3. CONDITIONS TO EFFECTIVENESS

            Section 1 of this Amendment shall become effective on the first date
on or prior to December 30, 2004 (such date being referred to herein as the
"THIRD AMENDMENT EFFECTIVE DATE") on which each of the following conditions
shall have been satisfied:

      3.1   REVISED BUDGET. Agents shall have received revised weekly
consolidated cash flow projections for the period commencing with the week
including December 24, 2004 and ending with the week including January 14, 2005,
setting forth on a line-item basis weekly anticipated cash receipts and
disbursements during such period together with weekly projected

                                       5
<PAGE>

utilization of Revolving Loans and Revolving Letters of Credit, such projections
to be in form and substance satisfactory to Agents.

      3.2   AMENDMENT FEE. Borrowers shall have paid on the Third Amendment
Effective Date, in immediately available funds to each Agent for its own
account, a nonrefundable amendment fee equal to such Agent's Pro Rata Share (as
of the Third Amendment Effective Date) of $125,000.

      3.3   PAYMENT OF EXPENSES. Borrowers shall have paid in full all
outstanding statements for fees and expenses of each of Collateral Agent and
Administrative Agent and their respective experts and counsel (including, but
not limited to, O'Melveny & Myers LLP, Wachtell, Lipton, Rosen & Katz, Pepper
Hamilton LLP and Capstone Corporate Recovery LLC) to the extent submitted to
Company prior to 12:00 Noon (New York City time) on December 30, 2004.

      3.4   BANKRUPTCY COURT APPROVAL. The Bankruptcy Court shall have approved
this Amendment and the payment of the fees required hereunder pursuant to an
order in form and substance satisfactory to Agents.

SECTION 4. ACKNOWLEDGEMENT AND CONSENT

            Each Borrower hereby acknowledges that such Borrower has read this
Amendment and consents to the terms hereof and further hereby confirms and
agrees that, notwithstanding the effectiveness of this Amendment, the
obligations of such Borrower under each of the Loan Documents to which such
Borrower is a party shall not be impaired and each of the Loan Documents to
which such Borrower is a party are, and shall continue to be, in full force and
effect and are hereby confirmed and ratified in all respects.

SECTION 5. MISCELLANEOUS

      5.1   REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT AND THE OTHER LOAN
            DOCUMENTS.

            A. On and after the Third Amendment Effective Date, each reference
in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
words of like import referring to the Credit Agreement, and each reference in
the other Loan Documents to the "Credit Agreement", "thereunder", "thereof" or
words of like import referring to the Credit Agreement shall mean and be a
reference to the Amended Agreement.

            B. Except as specifically amended by this Amendment, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

            C. The execution, delivery and performance of this Amendment shall
not constitute a waiver of any provision of, or operate as a waiver of any
right, power or remedy of any Agent or any Lender under, the Credit Agreement or
any of the other Loan Documents.

                                       6
<PAGE>

      5.2   FEES AND EXPENSES. Each Borrower acknowledges that all costs, fees
and expenses as described in subsection 10.2 of the Credit Agreement incurred by
Administrative Agent and Collateral Agent and their respective counsel
(including, without limitation, O'Melveny & Myers LLP, Wachtell, Lipton, Rosen &
Katz, Pepper Hamilton LLP and Capstone Corporate Recovery LLC) with respect to
this Amendment and the documents and transactions contemplated hereby shall be
for the account of Borrowers.

      5.3   HEADINGS. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

      5.4   APPLICABLE LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

      5.5   COUNTERPARTS. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. This Amendment (other than Section 1 hereof, the
effectiveness of which shall be governed by Section 3) shall become effective
upon the first date on which: (i) Borrowers, Lenders and each Lead Lender shall
have each executed a counterpart hereof, and (ii) Company and Agents shall have
received written or telephonic notification of such execution and authorization
of delivery of such counterparts.

                [Remainder of this page intentionally left blank]

                                       7
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

            BORROWERS:

                          INTERMET CORPORATION

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                              Name: Alan J. Miller
                              Title: Vice President

                          ALEXANDER CITY CASTING COMPANY, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          CAST-MATIC CORPORATION

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          COLUMBUS FOUNDRY, L.P.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President, SUDM, Inc., General Partner

                          DIVERSIFIED DIEMAKERS, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                                       S-1
<PAGE>

                          GANTON TECHNOLOGIES INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          INTERMET HOLDING COMPANY

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          INTERMET ILLINOIS, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          INTERMET INTERNATIONAL, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          INTERMET U.S. HOLDING, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          IRONTON IRON, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                                       S-2
<PAGE>

                          LYNCHBURG FOUNDRY COMPANY

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          NORTHERN CASTINGS CORPORATION

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          SUDBURY, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          SUDM, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          TOOL PRODUCTS, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                                       S-3
<PAGE>

                          WAGNER CASTINGS COMPANY

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                          WAGNER HAVANA, INC.

                          By: /s/ Alan J. Miller
                              -------------------------------------------------
                          Name: Alan J. Miller
                          Title: Vice President

                                       S-4
<PAGE>

AGENTS AND LENDERS:

                          THE BANK OF NOVA SCOTIA,
                          as Administrative Agent and as a Lead Lender
                          and a Lender

                          By: /s/ Stephen C. Levi
                              -------------------------------------------------
                              Name: Stephen C. Levi
                              Title: Director

                          DEUTSCHE BANK TRUST COMPANY AMERICAS,
                          as Collateral Agent and as a Lead Lender and
                          a Lender

                          By: /s/ Mark G. Funk
                              -------------------------------------------------
                              Name: Mark G. Funk
                              Title: Managing Director

                                       S-5

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