Document:

Exhibit 10(k)

  
 EXHIBIT 10(k)

  
 [GRAPHIC] 
  
 FIRST AMENDED AND RESTATED WAREHOUSING 
 CREDIT AND SECURITY AGREEMENT 
  
 BETWEEN 
  
 UNIVERSAL AMERICAN MORTGAGE COMPANY, LLC, 
 a Florida limited liability company

 EAGLE HOME MORTGAGE, INC., a Washington corporation, 
 AMERISTAR FINANCIAL SERVICES, INC., a California corporation, 
 UNIVERSAL AMERICAN MORTGAGE COMPANY
OF CALIFORNIA, 
 a California corporation, 
 UAMC ASSET CORP. II, a Nevada corporation 
  
 The Lenders Party Hereto 
  
 AND 
  
 RESIDENTIAL FUNDING CORPORATION,

 a Delaware corporation 
  
 Dated as of October 23, 2003 
  

 TABLE OF CONTENTS 
  

							
	1.	  	THE CREDIT	  	1-1
	 	  	1.1.	  	 The Warehousing Commitment
	  	1-1
	 	  	1.2.	  	 Expiration of Warehousing Commitment
	  	1-2
	 	  	1.3.	  	 The RFC Direct Commitment
	  	1-2
	 	  	1.4.	  	 Expiration of RFC Direct Commitment
	  	1-2
	 	  	1.5.	  	 Swingline Facility
	  	1-2
	 	  	1.6.	  	 Notes 1-3
	  	 
	 	  	1.7.	  	 Non-Receipt of funds by Credit Agent
	  	1-3
	 	  	1.8.	  	 Replacement Notes
	  	1-4
	 	  	1.9.	  	 Joint and Several Liability
	  	1-4
	 	  	1.10.	  	 Limitation on Warehousing Advances
	  	1-4
			
	2.	  	PROCEDURES FOR OBTAINING ADVANCES	  	2-1
	 	  	2.1.	  	 Warehousing Advances, Swingline Advances and RFC Direct Advances
	  	2-1
			
	3.	  	INTEREST, PRINCIPAL AND FEES	  	3-1
	 	  	3.1.	  	 Interest
	  	3-1
	 	  	3.2.	  	 Interest Limitation
	  	3-2
	 	  	3.3.	  	 Principal Payments
	  	3-2
	 	  	3.4.	  	 Buydowns
	  	3-5
	 	  	3.5.	  	 Warehousing Commitment Fees
	  	3-5
	 	  	3.6.	  	 Agent’s Fee
	  	3-5
	 	  	3.7.	  	 Loan Package Fees, Wire Fees, Warehousing Fees
	  	3-6
	 	  	3.8.	  	 Miscellaneous Fees and Charges
	  	3-6
	 	  	3.9.	  	 [Intentionally Omitted.]
	  	3-6
	 	  	3.10.	  	 Method of Making Payments
	  	3-6
	 	  	3.11.	  	 Illegality
	  	3-7
	 	  	3.12.	  	 Increased Costs; Capital Requirements
	  	3-7
	 	  	3.13.	  	 Withholding Taxes
	  	3-8
			
	4.	  	COLLATERAL	  	4-1
	 	  	4.1.	  	 Grant of Security Interest
	  	4-1
	 	  	4.2.	  	 Maintenance of Collateral Records
	  	4-2
	 	  	4.3.	  	 Release of Security Interest in Pledged Assets
	  	4-3
	 	  	4.4.	  	 Collection and Servicing Rights
	  	4-4
	 	  	4.5.	  	 Return of Collateral at End of Commitments
	  	4-4
	 	  	4.6.	  	 Delivery of Collateral Documents
	  	4-5
	 	  	4.7.	  	 Borrowers Remains Liable
	  	4-5
	 	  	4.8.	  	 Further Assurance
	  	4-5
			
	5.	  	CONDITIONS PRECEDENT	  	5-1
	 	  	5.1.	  	 Initial Advance
	  	5-1
	 	  	5.2.	  	 Each Advance
	  	5-4
	 	  	5.3.	  	 Force Majeure
	  	5-5
			
	6.	  	GENERAL REPRESENTATIONS AND WARRANTIES	  	6-1
	 	  	6.1.	  	 Place of Business
	  	6-1
	 	  	6.2.	  	 Organization; Good Standing; Subsidiaries
	  	6-1
	 	  	6.3.	  	 Authorization and Enforceability
	  	6-2
	 	  	6.4.	  	 Authorization and Enforceability of Lennar Undertaking
	  	6-2
	 	  	6.5.	  	 Approvals
	  	6-2

  
  

							
	 	  	6.6.	  	 Financial Condition
	  	6-2
	 	  	6.7.	  	 Litigation
	  	6-3
	 	  	6.8.	  	 Compliance with Laws
	  	6-3
	 	  	6.9.	  	 Regulation U
	  	6-3
	 	  	6.10.	  	 Investment Company Act
	  	6-3
	 	  	6.11.	  	 Payment of Taxes
	  	6-3
	 	  	6.12.	  	 Agreements
	  	6-4
	 	  	6.13.	  	 Title to Properties
	  	6-4
	 	  	6.14.	  	 ERISA
	  	6-4
	 	  	6.15.	  	 No Retiree Benefits
	  	6-4
	 	  	6.16.	  	 Assumed Names
	  	6-4
	 	  	6.17.	  	 Servicing
	  	6-5
			
	7.	  	AFFIRMATIVE COVENANTS	  	7-1
	 	  	7.1.	  	 Payment of Obligations
	  	7-1
	 	  	7.2.	  	 Financial Statements
	  	7-1
	 	  	7.3.	  	 Other Borrower Reports
	  	7-1
	 	  	7.4.	  	 Maintenance of Existence; Conduct of Business
	  	7-2
	 	  	7.5.	  	 Compliance with Applicable Laws
	  	7-2
	 	  	7.6.	  	 Inspection of Properties and Books; Operational Reviews
	  	7-2
	 	  	7.7.	  	 Notice
	  	7-3
	 	  	7.8.	  	 Payment of Debt, Taxes and Other Obligations
	  	7-3
	 	  	7.9.	  	 Insurance
	  	7-4
	 	  	7.10.	  	 Closing Instructions
	  	7-4
	 	  	7.11.	  	 Subordination of Certain Indebtedness
	  	7-4
	 	  	7.12.	  	 Other Loan Obligations
	  	7-4
	 	  	7.13.	  	 ERISA
	  	7-4
	 	  	7.14.	  	 Use of Proceeds of Advances
	  	7-5
			
	8.	  	NEGATIVE COVENANTS	  	8-1
	 	  	8.1.	  	 Contingent Liabilities
	  	8-1
	 	  	8.2.	  	 Restrictions on Fundamental Changes
	  	8-1
	 	  	8.3.	  	 Deferral of Subordinated Debt
	  	8-1
	 	  	8.4.	  	 Loss of Eligibility
	  	8-1
	 	  	8.5.	  	 Accounting Changes
	  	8-2
	 	  	8.6.	  	 Tangible Leverage Ratio
	  	8-2
	 	  	8.7.	  	 Minimum Tangible Net Worth
	  	8-2
	 	  	8.8.	  	 Distributions to Members
	  	8-2
	 	  	8.9.	  	 Transactions with Affiliates
	  	8-2
	 	  	8.10.	  	 Recourse Servicing Contracts
	  	8-2
	 	  	8.11.	  	 Limitation on Liens
	  	8-2
	 	  	8.12.	  	 Limitation on Debt
	  	8-3
			
	9.	  	SPECIAL REPRESENTATIONS, WARRANTIES AND COVENANTS CONCERNING
COLLATERAL	  	9-1
	 	  	9.1.	  	 Special Representations and Warranties Concerning Eligibility as Seller/Servicer of Mortgage Loans
	  	9-1
	 	  	9.2.	  	 Special Representations and Warranties Concerning Eligibility as Seller/Servicer of Mortgage Loans
	  	9-1
	 	  	9.3.	  	 Special Representations and Warranties Concerning Warehousing Collateral
	  	9-2
	 	  	9.4.	  	 Special Affirmative Covenants Concerning Warehousing Collateral
	  	9-4
	 	  	9.5.	  	 Special Negative Covenants Concerning Warehousing Collateral
	  	9-5
	 	  	9.6.	  	 Special Affirmative Covenants Concerning Construction/Perm Mortgage Loans and Third-Party Builder Construction Mortgage
Loans
	  	9-6

  

							
	 	  	9.7.	  	 Special Representations Concerning Construction/Perm Mortgage Loans and Third Party Builder Construction Mortgage Loans
	  	9-6
	 	  	9.8.	  	 Special Representations and Warranties Concerning Receivables
	  	9-7
	 	  	9.9.	  	 Special Representations Concerning Pledged Shares
	  	9-7
	 	  	9.10.	  	 Special Representations and Warranties Concerning Foreclosure Claim Receivables and Foreclosure Mortgage Loans
	  	9-8
	 	  	9.11.	  	 Voting Rights; Dividends; Etc.
	  	9-8
			
	10.	  	DEFAULTS; REMEDIES	  	10-1
	 	  	10.1.	  	 Events of Default
	  	10-1
	 	  	10.2.	  	 Remedies
	  	10-2
	 	  	10.3.	  	 Application of Proceeds
	  	10-5
	 	  	10.4.	  	 Credit Agent Appointed Attorney-in-Fact
	  	10-7
	 	  	10.5.	  	 Right of Set-Off
	  	10-7
	 	  	10.6.	  	 Sharing of Payments
	  	10-7
			
	11.	  	AGENT11-1	  	 
	 	  	11.1.	  	 Appointment
	  	11-1
	 	  	11.2.	  	 Duties of Agent
	  	11-1
	 	  	11.3.	  	 Standard of Care
	  	11-1
	 	  	11.4.	  	 Delegation of Duties
	  	11-2
	 	  	11.5.	  	 Exculpatory Provisions
	  	11-2
	 	  	11.6.	  	 Reliance by Agent
	  	11-2
	 	  	11.7.	  	 Non-Reliance on Agent or Other Lenders
	  	11-3
	 	  	11.8.	  	 Agent in Individual Capacity
	  	11-3
	 	  	11.9.	  	 Successor Agent
	  	11-3
	 	  	11.10.	  	 Inspection
	  	11-4
			
	12.	  	MISCELLANEOUS	  	12-1
	 	  	12.1.	  	 Notices
	  	12-1
	 	  	12.2.	  	 Reimbursement Of Expenses; Indemnity
	  	12-1
	 	  	12.3.	  	 Indemnification by Lenders
	  	12-2
	 	  	12.4.	  	 Financial Information
	  	12-2
	 	  	12.5.	  	 Terms Binding Upon Successors; Survival of Representations
	  	12-3
	 	  	12.6.	  	 Lenders in Individual Capacity
	  	12-3
	 	  	12.7.	  	 Assignment and Participation
	  	12-3
	 	  	12.8.	  	 Commitment Increases
	  	12-4
	 	  	12.9.	  	 Amendments
	  	12-4
	 	  	12.10.	  	 Governing Law
	  	12-5
	 	  	12.11.	  	 Relationship of the Parties
	  	12-5
	 	  	12.12.	  	 Severability
	  	12-6
	 	  	12.13.	  	 Consent to Credit References
	  	12-6
	 	  	12.14.	  	 Counterparts
	  	12-6
	 	  	12.15.	  	 Headings/Captions
	  	12-6
	 	  	12.16.	  	 Entire Agreement
	  	12-6
	 	  	12.17.	  	 Consent to Jurisdiction
	  	12-6
	 	  	12.18.	  	 Waiver of Jury Trial
	  	12-7
	 	  	12.19.	  	 Waiver of Punitive, Consequential, Special or Indirect Damages
	  	12-7
	 	  	12.20.	  	 Confidentiality
	  	12-7
			
	13.	  	DEFINITIONS	  	13-1
	 	  	13.1.	  	 Defined Terms
	  	13-1
	 	  	13.2.	  	 Other Definitional Provisions; Terms of Construction
	  	13-13

  

 EXHIBITS 
  

			
	Exhibit A-SF	  	Request for Advance
		
	Exhibit A-Construction	  	Request for Advance (Construction/Rehab)
		
	Exhibit A-Other Investments	  	Request for Advance Against Other Investments
		
	Exhibit A-SF/UNI	  	Request for Advance – Unimproved Land Loans
		
	Exhibit B-SF	  	Procedures and Documentation for Warehousing Single Family Mortgage Loans
		
	Exhibit B-Construction	  	 Procedures and Documentation for Warehousing Construction/Perm Mortgage
 Loans and Third-Party Builder Construction Mortgage Loans

		
	Exhibit B-Foreclosure Claim Receivable	  	 Procedures and Documentation for Warehousing Foreclosure
 Claim Receivable

		
	Exhibit B-Investment Mortgage Loans	  	 Procedures and Documentation for Warehousing Investment
 Mortgage Loans

		
	Exhibit C	  	Schedule of Servicing Portfolio
		
	Exhibit D	  	Subsidiaries
		
	Exhibit E	  	Compliance Certificate
		
	Exhibit F	  	Schedule of Lines of Credit
		
	Exhibit G	  	Assumed Names
		
	Exhibit H	  	Eligible Loans and Other Assets
		
	Exhibit I	  	Collateral Operations Fee Schedule
		
	Exhibit J	  	Commitments and Maturity Dates
		
	Exhibit K	  	Advance Certificate
		
	Exhibit L	  	Existing Liens
		
	Exhibit M	  	Existing Debt
		
	Exhibit N	  	Terms of Guaranteed Obligations
		
	Exhibit O	  	Commitment Summary/Takeout Report

  

 FIRST AMENDED AND RESTATED WAREHOUSING CREDIT 
 AND SECURITY AGREEMENT 
  
 FIRST AMENDED AND RESTATED WAREHOUSING CREDIT AND SECURITY AGREEMENT, dated as of October 23, 2003 between UNIVERSAL AMERICAN MORTGAGE COMPANY, LLC, a Florida
limited liability company (“UAMCLLC”), EAGLE HOME MORTGAGE, INC., a Washington corporation (“EHMI”), AMERISTAR FINANCIAL SERVICES, INC., a California corporation (“AFSI”), UNIVERSAL AMERICAN
MORTGAGE CO. OF CALIFORNIA, a California corporation (“UAMCC”), and UAMC ASSET CORP. II, a Nevada corporation (“UAMC Asset”) (UAMCLLC, EHMI, AFSI, UAMCC and UAMC Asset, collectively, “Borrowers”)
RESIDENTIAL FUNDING CORPORATION, a Delaware corporation (“RFC”), BANK ONE, NA, a national banking association (“Bank One”), U.S. BANK NATIONAL ASSOCIATION, a national banking association (“U.S.
Bank”), SUNTRUST BANK, a state bank organized under the laws of Georgia (“Suntrust”), NATIONAL CITY BANK OF KENTUCKY, a national banking association (“NCBK”), COMERICA BANK (“Comerica”),
and CREDIT LYONNAIS NEW YORK BRANCH (“Credit Lyonnais”) (RFC, Bank One, U.S. Bank, Suntrust, NCBK, Comerica and Credit Lyonnais, any additional lender (“Additional Lender”) as may from time to time become a party
hereto and their respective successors and permitted assigns being referred to individually as a “Lender” and collectively as the “Lenders”), and RFC as credit agent for the Lenders (in such capacity, the
“Credit Agent”). 
  

	A.	Borrowers have requested certain financing from Lenders. 

  

	B.	Borrowers have asked Lenders and Credit Agent to amend and restate the Existing Agreement (as defined below) and to set forth the terms and conditions upon which Lenders will
provide certain financing to Borrowers. 

  

	C.	Credit Agent and Lenders have agreed to amend and restate the Existing Agreement to provide that financing to Borrowers subject to the terms and conditions of this Agreement.

  

	D.	Subject to Borrowers’ satisfaction of the conditions set forth in Article 5, the “Closing Date” for the transactions contemplated by this Agreement is the date
set forth as the Closing Date on the signature page of Credit Agent to this Agreement. 

  
 NOW, THEREFORE, the parties to this Agreement agree that the Existing Agreement is amended and restated as follows: 
  

	1.	 	THE CREDIT 

  

	1.1.	 	The Warehousing Commitment 

  
 On the terms and subject to the conditions and limitations of this Agreement, including Exhibit H, Lenders agree, severally and not jointly, to make Warehousing
Advances against Eligible Assets other than Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, to Borrowers from the Closing Date to the Business Day immediately preceding the Warehousing Maturity Date, pro rata in accordance
with their respective Percentage Shares, during which period Borrowers may borrow, repay and reborrow in accordance with the provisions of this Agreement. The total aggregate principal amount of all Warehousing Advances and Swingline Advances
outstanding at any one time may not exceed the Warehousing Credit Limit. While a Default or Event of Default exists, Lenders may refuse to make any additional Warehousing Advances to Borrowers. Effective as of the Closing Date, all outstanding
“Warehousing 

  

 Page 1-1 

 
Advances” and “Swingline Advances” made under the Existing Agreement are deemed to be Warehousing Advances and Swingline Advances, as
applicable, made under this Agreement and the Interest Rates and fees set forth in the Existing Agreement, or any separate letter agreement entered into under the Existing Agreement, will no longer apply. All Warehousing Advances under this
Agreement constitute a single indebtedness, and all of the Collateral is security for the Warehousing Note and Swingline Note and for the performance of all of the Obligations. 
  

	1.2.	 	Expiration of Warehousing Commitment 

  
 The Warehousing Commitment expires on the earlier of (“Warehousing Maturity Date”): (a) with respect to each Lender’s Warehousing Commitment, as set
forth on Exhibit J, as such date(s) may be extended in writing by the applicable Lenders and Credit Agent, in their sole discretion, on which dates each Lender’s Warehousing Commitment will expire of its own term and the related
Warehousing Advances will become due and payable, in each case without the necessity of Notice or action by Lenders, and (b) the date the Warehousing Commitment is terminated and the Warehousing Advances become due and payable under Section 10.2.

  

	1.3.	 	The RFC Direct Commitment 

  
 On the terms and subject to the conditions of this Agreement, including Exhibit H, RFC agrees to make RFC Direct Advances to Borrowers against Third-Party Builder
Construction Mortgage Loans and Unimproved Land Loans from the Closing Date to the Business Day immediately preceding the Warehousing Maturity Date, during which period Borrowers may borrow, repay and reborrow RFC Direct Advances in accordance with
the provisions of this Agreement. The total aggregate principal amount of all RFC Direct Advances outstanding at any one time may not exceed the RFC Direct Commitment Amount. While a Default or Event of Default exists, RFC may refuse to make any
additional RFC Direct Advances to Borrowers. Effective as of the Closing Date, all outstanding RFC Direct Advances under the Existing Agreement are deemed to be RFC Direct Advances under this Agreement and the Interest Rates and fees set forth in
the Existing Agreement, or any separate letter agreement entered into under the Existing Agreement, will no longer apply. All RFC Direct Advances under this Agreement constitute a single indebtedness, and all of the Collateral is security for the
Notes and for the performance of all of the Obligations. 
  

	1.4.	 	Expiration of RFC Direct Commitment 

  
 The RFC Direct Commitment expires on RFC’s Warehousing Maturity Date. 
  

	1.5.	 	Swingline Facility 

  
 On the terms and subject to the conditions set forth herein, RFC may, from time to time to, but not including the Business Day immediately preceding the Warehousing Maturity Date, make Advances (“Swingline
Advances”) requested by Borrowers against Eligible Assets other than Third Party Builder Construction Mortgage Loans and Unimproved Land Loans, in an aggregate amount not to exceed the Swingline Facility Amount, without requesting
Warehousing Advances from the other Lenders. At such time as Borrowers have borrowed the maximum amount available under the Swingline Facility Amount, RFC agrees to provide Borrowers 1 day’s Notice. The total aggregate principal amount of all
Swingline Advances and Warehousing Advances outstanding at any one time may not exceed the Warehousing Credit Limit. Lenders hereby agree to purchase from RFC an undivided participation interest in all outstanding Swingline Advances at any time in
an amount equal to each Lender’s Percentage Share of such Swingline Advances. RFC may at any time in its sole and absolute discretion (and shall no less frequently than weekly and upon the acceleration of the Obligations following an Event of
Default) request the Lenders to make Warehousing Advances in principal amounts equal to their Percentage Shares of outstanding Swingline Advances, and each Lender absolutely and unconditionally 

  

 Page 1-2 

 
agrees to fund such Warehousing Advances, regardless of any Default or Event of Default or other condition which would otherwise excuse such Lender from
funding Warehousing Advances, provided that no Lender is required to make Warehousing Advances to repay Swingline Advances or purchase participations in Swingline Advances that would cause such Lender’s aggregate Warehousing Advances (including
participations in Swingline Advances) then outstanding to exceed the amount of such Lender’s Warehousing Commitment Amount. Each Lender’s Warehousing Advances made pursuant to the preceding sentence shall be delivered directly to RFC in
immediately available funds at the office of Credit Agent by 4:00 p.m. on the day of the request therefor by RFC if such request is made on or before 11:00 a.m., or by 9:00 a.m. on the 1st Business Day following such request if such request is made
after 11:00 a.m., and shall be promptly applied against the outstanding Swingline Advances. At the time of any request for Warehousing Advances from Lenders pursuant to this Section 1.5, Credit Agent will deliver to each Lender a certificate in the
form of Exhibit K attached hereto (the “Advance Certificate”), certified by Credit Agent. For purposes of the limitations set forth in Exhibit H hereto, Swingline Advances shall be deemed to be Warehousing Advances.

  

	1.6.	 	Notes 

  
 Warehousing Advances made by each Lender against Eligible Assets other than Agreements for Deed and Foreclosure Claim Receivables are evidenced by Borrowers’ promissory notes, payable to each Lender, in the form
prescribed by Credit Agent (each, a “Warehousing Note”). Warehousing Advances made by each Lender against Agreements for Deed or Foreclosure Claim Receivables are evidenced by Borrowers’ promissory notes, payable to each
Lender, in the form prescribed by the Credit Agent (each, a “Sublimit Note”). RFC Direct Advances made by RFC are evidenced by Borrowers’ promissory note, payable to RFC, in the form prescribed by the Credit Agent (the
“RFC Direct Note”). Swingline Advances made by RFC are evidenced by Borrowers’ promissory note, payable to RFC, in the form prescribed by Credit Agent (the “Swingline Note”). The terms “Warehousing
Notes,” “Sublimit Notes,” “RFC Direct Note” and “Swingline Note,” as used in this Agreement, include all amendments, restatements, renewals or replacements of the original “Warehousing Notes,”
“Sublimit Notes,” “RFC Direct Note” and “Swingline Note,” and all substitutions for any of them. All terms and provisions of the “Warehousing Notes,” “Sublimit Note,” “RFC Direct Note” and
“Swingline Note” are incorporated into this Agreement. 
  

	1.7.	 	Non-Receipt of funds by Credit Agent. 

  
 If Credit Agent receives notice from a Lender that such Lender does not intend to make its Percentage Share of any Warehousing Advances, neither Credit Agent nor any
other Lender shall have any obligation to fund such Lender’s Percentage Share. Notwithstanding the foregoing, unless a Lender notifies Credit Agent by 3:00 p.m. on the date of a proposed Warehousing Advance that it does not intend to make its
Percentage Share of such Warehousing Advance available to Credit Agent at such time and on such date, Credit Agent may assume that such Lender will make such amount available to Credit Agent to be advanced to Borrowers, and in reliance on such
assumption, Credit Agent may, at its option, make a corresponding amount available to the Borrowers. 
  

	1.7 (a) 	If Credit Agent makes such corresponding amount available to the Borrowers and such amount is not made available to Credit Agent by such Lender by close of business on the date of
the Warehousing Advance, such Lender shall pay such amount to Credit Agent upon demand plus interest to the date of payment at a rate per annum equal to the Federal Funds Rate. 

  

	1.7 (b) 	If a Lender fails to pay as provided herein, the Borrowers shall pay such amount to Credit Agent upon demand plus interest (at the rate applicable to the Borrowers for such
Warehousing Advance) to the date of repayment. 

  

 Page 1-3 

	1.7 (c)	Nothing in this Section 1.7 shall relieve any Lender from its obligation to fund its Percentage Share of any Warehousing Advance, or prejudice any rights the Borrowers may have
against any Lender as a result of such Lender’s failure to make its Percentage Share of any Warehousing Advance. 

  

	1.8.	 	Replacement Notes. 

  
 Upon receipt by Credit Agent of an affidavit of an officer of any Lender as to the loss, theft, destruction or mutilation of any Note, and, in the case of any such mutilation, upon receipt by Credit Agent of such
Note, Borrowers will issue, in lieu thereof, a replacement note in the same principal amount thereof and otherwise of like tenor. 
  

	1.9.	 	Joint and Several Liability 

  
 Advances shall be made to any Borrower (except to the extent otherwise provided herein), as shall be requested in the Advance Request, but each Advance, regardless of
which Borrower it is made to, shall be deemed made to or for the benefit of all Borrowers, and all Borrowers jointly and severally shall be obligated to repay all Advances. With respect to the obligations to repay Advances made to the other
Borrowers, each Borrower agrees to the terms set forth in Exhibit N. 
  

	1.10.	 	Limitation on Warehousing Advances 

  
 Lenders will make Warehousing Advances against Eligible Assets other than Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, and RFC will make RFC
Direct Advances against Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, upon the request of Borrowers, in the manner provided in Article 2, for the purposes set forth in Section 7.14. Lenders’ obligation to make
Warehousing Advances against Eligible Assets other than Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, and RFC’s obligations to make RFC Direct Advances against Third-Party Builder Construction Mortgage Loans and
Unimproved Land Loans are subject to the limitations set forth in Exhibit H. 
  
 End of Article 1 
  

 Page 1-4 

	2.	 	PROCEDURES FOR OBTAINING ADVANCES 

  

	2.1.	 	Warehousing Advances, Swingline Advances and RFC Direct Advances 

  

	2.1 (a)	To obtain a Warehousing Advance, a Swingline Advance or an RFC Direct Advance under this Agreement, a Borrower must deliver to Credit Agent either a completed and signed request for
a Warehousing Advance, a Swingline Advance or an RFC Direct Advance on the then current form approved by Credit Agent, or an Electronic Advance Request, together with a list of the Mortgage Loans for which the request is being made and a signed
RFConnects Pledge Agreement sent by facsimile (“Warehousing Advance Request”), not later than (i) in the case of Electronic Advance Requests, 3:30 p.m. on the Business Day, and (ii) in all other cases, 1 Business Day before the
Business Day on which a Borrower desires the Warehousing Advance, Swingline Advance or an RFC Direct Advance. Subject to the delivery of a Warehousing Advance Request and the satisfaction of the conditions set forth in Sections 5.1 and 5.2, a
Borrower may obtain a Warehousing Advance, a Swingline Advance or an RFC Direct Advance under this Agreement upon compliance with the procedures set forth in this Section and in the applicable Exhibit B, including delivery to Credit Agent of
all required Collateral Documents. Credit Agent’s current form of Warehousing Advance Request is set forth in the applicable Exhibit A. Upon not less than 3 Business Days’ prior Notice to Borrowers, Credit Agent may modify its form
of Warehousing Advance Request, RFConnects Pledge Agreement and any other Exhibit or document referred to in this Section to conform to either current legal requirements or Credit Agent practices and, as so modified, those Exhibits and documents
will become part of this Agreement. Credit Agent will promptly notify Lenders of any changes made to any document under the preceding sentence. 

  

	2.1 (b)	In making the determination whether a Warehousing Advance or Swingline Advance will be made against an Eligible Asset, Credit Agent will be permitted to rely, without independent
investigation of the correctness thereof, on the most recent information supplied by Borrowers to Credit Agent with respect to the Weighted Average Committed Purchase Price. 

  

	2.1 (c)	Credit Agent has a reasonable time to examine Borrowers’ Advance Request and the Collateral Documents to be delivered by Borrower before funding the requested Advance, and may
reject any Eligible Asset that does not meet the requirements of this Agreement or of the related Purchase Commitment. 

  

	2.1 (d)	Borrowers must hold or cause a custodian to hold, in trust for Credit Agent, those original Collateral Documents of which only copies are required to be delivered to Credit Agent
under Exhibit B. Unless a Pledged Loan is being held by an Investor for purchase or has been redeemed from pledge by Borrowers, promptly upon request by Credit Agent or, if the recorded Collateral Documents have not yet been returned from the
recording office, immediately upon receipt by Borrowers or a custodian of those recorded Collateral Documents, Borrowers must deliver or cause a custodian to deliver to Credit Agent any or all of the original Collateral Documents.

  

	2.1 (e)	To fund Warehousing Advances, RFC Direct Advances and Swingline Advances under this Agreement, Credit Agent will cause the Funding Bank to credit either the Wire Disbursement
Account or Check Disbursement Account upon compliance by Borrowers with the terms of the Loan Documents. Credit Agent will determine, in its sole discretion, the method by which Advances and other amounts on deposit in the Wire Disbursement Account
or Check Disbursement Account are disbursed by the Funding Bank to or for the account of Borrowers. 

  
 End of Article 2 
  

 Page 2-1 

	3.	 	INTEREST, PRINCIPAL AND FEES 

  

	3.1.	 	Interest 

  

	3.1 (a)	Except as otherwise provided in this Section, Borrowers must pay interest on the unpaid amount of each Advance from the date the Advance is made until it is paid in full at the
Interest Rate specified in Exhibit H. 

  

	3.1 (b)	Borrowers and any Lender may enter into an agreement (the “Balance Funded Agreement”) pursuant to which Borrowers agree to maintain Eligible Balances on deposit
with such Lender or a Designated Bank in consideration of the funding of all or a portion of such Lender’s Warehousing Advances at a Balance Funded Rate or another reduction in the interest and fees payable to such Lender. Borrowers may give
written notice to any Lender with which it has a Balance Funded Agreement, as and when provided in such Balance Funded Agreement, of Borrowers’ election to have a portion (the “Balance Funded Portion”) of the principal amount
of such Lender’s Warehousing Advances bear interest at the Balance Funded Rate during any calendar month. In the event Borrowers elect to have all or a portion of any Lender’s Warehousing Advances bear interest at the Balance Funded Rate
during any month, such Lender shall notify the Credit Agent no later than 12:00 Noon on the second Business Day of the following month of the estimated amount by which the interest to be paid by Borrowers on such Lender’s Warehousing Advances
during such month was reduced as a result of the application of such Balance Funded Agreement. If the Eligible Balances maintained by Borrowers with such Lender or its Designated Bank during such month are less than the Balance Funded Portion, if
the estimate provided by a Lender pursuant to the previous sentence is not accurate, or if a Lender agrees to another reduction in the interest and fees payable to such Lender, the Lender may charge and separately bill Borrowers a deficiency fee (a
“Balance Deficiency Fee”), or credit Borrowers with any amount by which interest billed exceeded interest actually due, the amount of which shall be set forth in the Balance Funded Agreement between Borrowers and such Lender.

  

	3.1 (c)	Credit Agent computes interest on the basis of the actual number of days in each month and a year of 360 days (“Accrual Basis”). 

  

	3.1 (d)	If, for any reason (1) Borrowers repay an Advance on the same day that it was made by Credit Agent, or (2) Borrowers instruct Credit Agent not to make a previously requested Advance
after Credit Agent has reserved funds or made other arrangements necessary to enable Credit Agent to fund that Advance, Borrowers agree to pay to Credit Agent for the benefit of Lenders an administrative fee equal to 1 day of interest on that
Advance at the Interest Rate that would otherwise be applicable under Exhibit H for the applicable Eligible Asset type. 

  

	3.1 (e)	After an Event of Default occurs and upon Notice to Borrowers by Credit Agent, the unpaid amount of each Advance will bear interest at the Default Rate until the Event of Default
has been waived or cured, as provided in this Agreement, or the Advances have been paid in full. 

  

	3.1 (f)	Credit Agent will adjust the rates of interest provided for in this Agreement as of the effective date of each change in the applicable index. Credit Agent’s determination of
such rates of interest as of any date of determination are conclusive and binding, absent manifest error. 

  

 Page 3-1 

	3.2.	 	Interest Limitation 

  
 Credit Agent and Lenders do not intend, by reason of this Agreement, the Notes or any other Loan Document, to receive interest in excess of the amount permitted by applicable law. If Credit Agent or any Lender
receives any interest in excess of the amount permitted by applicable law, whether by reason of acceleration of the maturity of this Agreement, the Notes or otherwise, Credit Agent will apply the excess to the unpaid principal balance of the
Warehousing Advances or RFC Direct Advance and not to the payment of interest. If all Warehousing Advances or RFC Direct Advances have been paid in full and the Commitments have expired or have been terminated, Credit Agent will remit any excess to
Borrowers. This Section controls every other provision of all agreements between Borrowers, Credit Agent and Lenders and is binding upon and available to any subsequent holder of the Notes. 
  

	3.3.	 	Principal Payments 

  

	3.3 (a)	Borrowers must pay to Credit Agent (i) for the pro rata benefit of Lenders in the case of Warehousing Advances, and (ii) for RFC in the case of Swingline Advances and RFC Direct
Advances, the outstanding principal amount of all Advances on the Warehousing Maturity Date. 

  

	3.3 (b)	Except as otherwise provided in Section 3.1(d), Borrowers may prepay any portion of the Advances without premium or penalty at any time. 

  

	3.3 (c)	Borrowers must pay to Credit Agent for the pro rata benefit of Lenders, without the necessity of prior demand or Notice from Credit Agent, and Borrowers authorize Credit Agent to
cause the Funding Bank to charge Borrowers’ Operating Account for, or reduce the Buydown by the amount of any outstanding Advance against a specific Pledged Asset upon the earliest occurrence of any of the following events:

  

	 	(1)	One (1) Business Day elapses from the date an Advance was made if the Pledged Loan to be funded by that Advance is not closed and funded. 

  

	 	(2)	Fifteen (15) Business Days elapse without the return of a Collateral Document delivered by Credit Agent to a Borrower under a Trust Receipt for correction or completion.

  

	 	(3)	On the date on which a Pledged Asset is determined to have been originated based on untrue, incomplete or inaccurate information or otherwise to be subject to fraud, whether or not
any Borrower had knowledge of the misrepresentation, incomplete or incorrect information or fraud, or on the date on which any Borrower knows, has reason to know, or receives Notice from Credit Agent, that (A) one or more of the representations and
warranties set forth in Article 9 were inaccurate or incomplete in any material respect on any date when made or deemed made, or (B) any Borrower has failed to perform or comply with any covenant, term or condition set forth in Article 9.

  

	 	(4)	Except in the case of Foreclosure Claim Receivables and Foreclosure Mortgage Loans, on the date a Pledged Asset or a Lien prior to a Mortgage securing repayment of a Pledged Asset
is defaulted and remains in default for a period of 60 days or more. 

  

	 	(5)	Upon the sale, other disposition or prepayment of any Pledged Asset or, with respect to a Pledged Loan included in an Eligible Mortgage Pool, upon the sale or other disposition of
the related Agency Security. 

  

 Page 3-2 

	 	(6)	One (1) Business Day immediately preceding the date scheduled for the foreclosure or trustee sale of the premises securing a Pledged Loan, unless such foreclosure or trustee sale
will give rise to a Foreclosure Claim Receivable against which the related Advance may remain outstanding hereunder. 

  

	 	(7)	If the outstanding Advances against Pledged Loans exceed the aggregate Purchase Commitments for Pledged Loans. 

  

	3.3 (d)	Upon telephonic or written Notice to Borrowers by Credit Agent, Borrowers must pay to Credit Agent for the benefit of Lenders, and Borrowers authorize Credit Agent to cause the
Funding Bank to charge Borrowers’ Operating Account for, or reduce the Buydown by, the amount of any outstanding Advance against a specific Pledged Asset upon the earliest occurrence of any of the following events: 

  

	 	(1)	For any Pledged Loan, the Warehouse Period elapses. 

  

	 	(2)	Forty-five (45) days elapse from the date a Pledged Loan was delivered to an Investor or Approved Custodian for examination and purchase or for inclusion in a Mortgage Pool, without
the purchase being made or an Eligible Mortgage Pool being initially certified, or upon rejection of a Pledged Loan as unsatisfactory by an Investor or Approved Custodian. 

  

	 	(3)	Seven (7) Business Days elapse from the date a Wet Settlement Advance was made against a Pledged Loan without receipt by Credit Agent of all Collateral Documents relating to the
Pledged Loan. 

  

	 	(4)	Three (3) Business Days after the mandatory delivery date of the related Purchase Commitment if the specific Pledged Loan or the Pledged Security backed by that Pledged Loan has not
been delivered under the Purchase Commitment prior to such mandatory delivery date, or on the date the related Purchase Commitment expires or is terminated, unless, in each case, the Pledged Loan or Pledged Security is eligible for delivery to
another Investor under a comparable Purchase Commitment. 

  

	 	(5)	With respect to any Pledged Loan, any of the Collateral Documents, upon examination by Credit Agent (and at the reasonable discretion of the Credit Agent), are found not to be in
compliance with the requirements of this Agreement or the related Purchase Commitment, unless such non-compliance is, in Credit Agent’s reasonable judgment, readily curable. 

  

	3.3 (e)	In addition to the payments required by Sections 3.3(a), 3.3(c) and 3.3(d), if the principal amount of any Pledged Asset is prepaid in whole or in part while an Advance is
outstanding against the Pledged Asset, Borrowers must pay to Credit Agent, without the necessity of prior demand or Notice from Credit Agent, and Borrowers authorize Credit Agent to cause the Funding Bank to charge Borrowers’ Operating Account
for the amount of the prepayment to be applied against the Advance. 

  

	3.3 (f)	 The proceeds of the sale or other disposition of Pledged Assets must be paid directly by the Investor or other obligor to the Cash Collateral Account. Borrowers
must give Notice to Credit Agent in writing, by telephone or by RFConnects Delivery to Credit Agent (and if by telephone, followed promptly by written Notice) of the Pledged Assets for which proceeds have been received. Upon receipt of
Borrowers’ Notice, Credit Agent will apply any proceeds deposited into the Cash Collateral Account to the payment of the Advances related to the Pledged Assets identified by Borrowers in their Notice, and those Pledged Assets will be considered
to have been redeemed from pledge. Credit 

  

 Page 3-3 

	 	 
Agent is entitled to rely upon Borrowers’ affirmation that deposits in the Cash Collateral Account represent payments from Investors or obligors for the
purchase of the Pledged Assets specified by Borrowers in their Notice. If the payment from an Investor for the purchase of Pledged Assets is less than the outstanding Advances against the Pledged Assets identified by Borrowers in their Notice,
Borrowers must pay to Credit Agent, and Borrowers authorize Credit Agent to cause the Funding Bank to charge Borrowers’ Operating Account in, an amount equal to that deficiency. As long as no Default or Event of Default exists, Credit Agent
will return to Borrowers any excess payment from an Investor or obligor for Pledged Assets. For the purposes of this Section 3.3(f), payments made by check into the Cash Collateral Account will be deemed received when the check has cleared in
accordance with Credit Agent’s usual procedures. 

  

	3.3 (g)	Credit Agent reserves the right to revalue any Pledged Loan that is not covered by a Purchase Commitment from Fannie Mae or Freddie Mac. Credit Agent reserves the right to revalue
any Pledged Loan that is to be exchanged for an Agency Security if that Agency Security is not covered by a Purchase Commitment. Credit Agent reserves the right to revalue any other Pledged Asset. Borrowers must pay to Credit Agent, without the
necessity of prior demand or Notice from Credit Agent, and Borrowers authorize Credit Agent to cause the Funding Bank to charge Borrowers’ Operating Account for, any amount required after any such revaluation to reduce the principal amount of
the Advances outstanding against the revalued Eligible Asset to an amount equal to the Advance Rate for the applicable type of Eligible Asset multiplied by the Fair Market Value of the Eligible Asset. 

  

	3.3 (h)	Upon the occurrence of any event described in Section 10.1(g) with respect to Lennar, Borrowers shall, at the request of Credit Agent or Majority Lenders, repay all Advances
outstanding against Agreements for Deed, Construction/Perm Mortgage Loans and Unimproved Land Loans, and no further Advances will thereafter be made against Agreements for Deed, Construction/Perm Mortgage Loans or Unimproved Land Loans.

  

	3.3 (i)	Prior to the occurrence of an Event of Default and acceleration of all Advances outstanding hereunder or termination of the Warehousing Commitment or the RFC Direct Commitment,
amounts received by Credit Agent as proceeds of the sale or other disposition of Pledged Assets, shall be allocated among Lenders as follows: 

  

	 	(1)	With respect to proceeds from the disposition of Pledged Assets other than Third-Party Builder Construction Loans and Unimproved Land Loans, first, to RFC until the aggregate
outstanding principal amount of the Swingline Advances have been paid in full; and second, pro rata to Lenders in accordance with their respective Percentage Shares, until the principal amount of the related Warehousing Advances have been paid in
full. 

  

	 	(2)	With respect to proceeds from the disposition of Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, to RFC until the principal amount of the related RFC
Direct Advances have been paid in full. 

  

	 	(3)	Finally, the balance, if any, to Borrower. 

  
 Following the occurrence of an Event of Default and acceleration of any Obligations outstanding hereunder or termination of the Warehousing Commitment or
the RFC Direct Commitment, all amounts received by Credit Agent on account of the Obligations shall be disbursed by Credit Agent in accordance with the provisions of Section 10.3 hereof. 
  

 Page 3-4 

	3.3 (j)	In addition to the payments required pursuant to Sections 3.3(a) – 3.3(i), Borrower shall repay the Warehousing Advances, RFC Direct Advances and Swingline Advances as set
forth in Exhibit H. 

  

	3.4.	 	Buydowns 

  
 Borrowers may prepay a portion of the Warehousing Advances outstanding in an amount equal to at least $1,000,000 pursuant to this Section 3.4 (any such prepayment is hereafter referred to as a
“Buydown”). A Buydown is a reduction in the aggregate amount of Warehousing Advances outstanding under this Agreement, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrowers to
the release of any Collateral. All or any portion of a Buydown may be reborrowed (“Buyup”) in an amount equal to at least $1,000,000, provided no Default or Event of Default has occurred and is continuing and all other conditions
precedent have been satisfied or waived. Credit Agent may apply Buydowns to reduce interest payable by Borrowers on outstanding Warehousing Advances in any order that Credit Agent determines in its sole discretion. Credit Agent will withdraw each
Buydown from Borrowers’ Operating Account by 4:00 p.m. on the day thereof, and will distribute to each Lender its Percentage Share of the Buydown by wire transfer by 12:00 noon on the following Business Day. Each request for a Buydown or Buyup
will be on the corporate letterhead of UAMC LLC. In the event Credit Agent receives a payment of Warehousing Advances that would, as a result of Buydowns by Borrowers, reduce the outstanding principal balance of the Warehousing Advances to an amount
less than zero, a portion of the Buydowns sufficient to eliminate such shortfall, will be readvanced to Borrowers. Credit Agent will notify each Lender not later than 11:00 a.m. on the date of any Buyup or other readvance of a Buydown, and each
Lender shall make its Percentage Share thereof available to Credit Agent in immediately available funds at the office of Credit Agent by 4:00 p.m. on the day of the request therefor. 
  

	3.5.	 	Warehousing Commitment Fees 

  
 Borrowers must pay each Lender, through Credit Agent, an annual non-refundable fee (“Warehousing Commitment Fee”) in the amount set forth in Exhibit
I. The Warehousing Commitment Fee is payable in advance on the Closing Date and on each anniversary of the Closing Date. If any Lender increases its Warehousing Commitment Amount, if the Warehousing Credit Limit is increased by an Additional
Lender becoming a party to this Agreement, or if RFC increases the RFC Direct Commitment Amount, Borrowers will pay the prorated portion of the applicable Commitment Fee on the amount of such increase or the amount of such Additional Lender’s
Warehousing Commitment Amount from the effective date of such increase to the applicable Maturity Date. If, at any time, the Warehousing Maturity Date of any Commitment is extended, Borrowers will pay an additional Warehousing Commitment Fee in the
prorated amount determined pursuant to the calculations set forth in Exhibit I from the day after the original Warehousing Maturity Date to the extended Warehousing Maturity Date. Borrowers are not entitled to a reduction in the amount of the
Warehousing Comitment Fee if (a) the Warehousing Commitment Amount is reduced or (b) the Warehousing Commitment is terminated at the request of Borrowers or as a result of an Event of Default. Credit Agent’s determination of the Warehousing
Comitment Fee for any period is conclusive and binding, absent manifest error. 
  

	3.6.	 	Agent’s Fee 

  
 Borrowers shall pay to Credit Agent, for its own account, such fees as shall be separately agreed between Borrowers and Credit Agent. 
  

 Page 3-5 

	3.7.	 	Loan Package Fees, Wire Fees, Warehousing Fees 

  
 At the time of each Advance against an Eligible Asset, Borrowers will incur a loan package fee (“Loan Package Fee”) and a wire fee (“Wire
Fee”). Loan Package Fees and Wire Fees may, at Credit Agent’s discretion, be billed separately or combined into a single warehousing fee (“Warehousing Fee”). Borrowers must pay all Loan Package Fees, Wire Fees or
Warehousing Fees in the amount separately agreed between Borrowers and Credit Agent within 9 days after the date of Credit Agent’s invoice or, if applicable, within 2 days after the date of Credit Agent’s account analysis statement.

  

	3.8.	 	Miscellaneous Fees and Charges 

  
 Borrowers must reimburse Credit Agent for all Miscellaneous Fees and Charges. Borrowers must pay all Miscellaneous Fees and Charges within 9 days after the date of Credit
Agent’s invoice or, if applicable, within 2 days after the date of Credit Agent’s account analysis statement. 
  

	3.9.	 	[Intentionally Omitted.] 

  

	3.10.	 	Method of Making Payments 

  

	3.10 (a)	Credit Agent shall, on or before the 5th Business Day of each month, deliver to Borrowers billings for interest due and payable on Advances, Agent’s Fees, Miscellaneous Charges
and other fees and charges calculated through the end of the preceding month. On or before the 10th Business Day of
each month, Borrowers will pay to Credit Agent the full amount of interest, fees and changes billed as described above. 

  

	3.10 (b)	All payments made on account of the Obligations shall be made by Borrowers to Credit Agent for distribution to Lenders, except for Balance Deficiency Fees, which shall be made
directly to the applicable Lender, and fees and charges payable to Credit Agent for its own account. All payments made on account of the principal of and interest on the Warehousing Advances or Swingline Advances in which the Lenders have paid for
their participations pursuant to Section 1.3 shall be distributed to the Lenders on a pro-rata basis. All payments made on account of the Obligations shall be made without setoff or counterclaim, free and clear of and without deduction for any
taxes, fees or other charges of any nature whatsoever imposed by any taxing authority, and must be received by Credit Agent by 4:00 p.m. on the day of payment, it being expressly agreed and understood that if a payment is received after 4:00 p.m. by
Credit Agent such payment will be considered to have been made on the next succeeding Business Day and interest thereon shall be payable by Borrowers at the then applicable rate during such extension. No principal payments resulting from the sale of
Pledged Mortgages or Pledged Securities shall be deemed to have been received by Credit Agent until Credit Agent has also received the Notice required under Section 4.3(f). All payments shall be made in lawful money of the United States of America
in immediately available funds transferred via wire to the Cash Collateral Account. If any payment required to be made by Borrowers hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the
next succeeding Business Day and interest shall be payable on Advances so extended at the then applicable rate during such extension. 

  

	3.10 (c)	 All amounts received by Credit Agent on account of the Obligations (except amounts received in respect of fees, Miscellaneous Charges or expenses payable hereunder
to Credit Agent for its own account or amounts payable to RFC for RFC Direct Advances or 

  

 Page 3-6 

	 	 
Swingline Advances) shall be disbursed to Lenders by wire transfer by 12:00 noon on the Business Day after the date of receipt. 

 

	3.10 (d)	Without limiting any other right that Credit Agent or any Lender may have under applicable law or otherwise, while a Default or Event of Default exists, Borrowers authorize Credit
Agent to cause the Funding Bank to charge Borrower’s Operating Account for any Obligations due and owing, without the necessity of prior demand or Notice from Credit Agent. 

  

	3.11.	 	Illegality 

  
 In the event that any Lender shall have determined (which determination shall be conclusive and binding absent manifest error) at any time that the introduction of, or any change in, any applicable law, rule,
regulation, order or decree or in the interpretation or the administration thereof by any Person charged with the interpretation or administration thereof, or compliance by such Lender with any request or directive (whether or not having the force
of law) of any such Person, shall make it unlawful or impossible for such Lender to charge interest at the Balance Funded Rate based on Borrowers’ Eligible Balances as contemplated by this Agreement, then such Lender shall forthwith give Notice
thereof to Credit Agent and Borrowers describing such illegality in reasonable detail. Upon the giving of such Notice, the obligation of such Lender to charge interest at the Balance Funded Rate based on Borrowers’ Eligible Balances shall be
immediately suspended for the duration of such illegality and with respect to Advances bearing interest at the Balance Funded Rate, each such Advance of such Lender shall bear interest at the applicable Interest Rate described in Exhibit H.
If and when such illegality ceases to exist, such Lender shall notify Credit Agent and Borrowers thereof and such suspension shall cease. 
  

	3.12.	 	Increased Costs; Capital Requirements 

  
 In the event any applicable law, order, regulation or directive issued by any governmental or monetary authority, or any change therein or in the governmental or judicial
interpretation or application thereof, or compliance by any Lender with any request or directive (whether or not having the force of law) by any governmental or monetary authority: 
  

	3.12 (a)	Does or shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement or any Advances made hereunder, or change the basis of taxation on payments to such
Lender of principal, fees, interest or any other amount payable hereunder (except for change in the rate of tax on the overall gross or net income of such Lender by the jurisdiction in which such Lender principal office is located); or

  

	3.12 (b)	Does or shall impose, modify or hold applicable any reserve, capital requirement, special deposit, compulsory loan or similar requirement against assets held by, or deposits or
other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, such Lender which are not otherwise included in the determination of the interest rate as calculated hereunder;

  
 and the result of any of the foregoing is to increase the cost
to such Lender of making, renewing or maintaining any Advance or to reduce any amount receivable in respect thereof or to reduce the rate of return on the capital of such Lender or any Person controlling such Lender as it relates to credit
facilities in the nature of that evidenced by this Agreement, then, in any such case, Borrowers shall promptly pay any additional amounts necessary to compensate such Lender for such additional cost or reduced amounts receivable or reduced rate of
return as determined by such Lender with respect to this Agreement or Advances made hereunder. If a Lender becomes entitled to claim any additional amounts pursuant to this Section, it shall notify Borrowers through Credit Agent of the event by
reason of which it has become so entitled and Borrowers shall pay such amount within 15 days thereafter. A certificate as to any additional amount payable 

  

 Page 3-7 

 
pursuant to the foregoing sentence containing the calculation thereof in reasonable detail submitted by a Lender, through Credit Agent, to Borrowers shall be
conclusive in the absence of manifest error. 
  

	3.13.	 	Withholding Taxes 

  

	3.13 (a) (1)	Any and all payments by Borrowers hereunder or under the Notes shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts,
deductions, charges or withholdings, and all liabilities with respect thereto imposed on it by any jurisdiction (excluding, in the case of each Lender and Credit Agent, (y) franchise taxes imposed on or measured by its income by the jurisdiction
under the laws of which such Lender or Credit Agent, as the case may be, is organized or any political subdivision thereof, and, (z) if such Lender or Credit Agent is entitled at such time to a total or partial exemption from withholding that is
required to be evidenced by a United States Internal Revenue Service Form, taxes imposed on it by reason of any failure of such Lender or Credit Agent to deliver to Credit Agent or the Borrowers, from time to time as required by Credit Agent or
Borrowers, such Form, completed in a manner reasonably satisfactory to Credit Agent or the Borrowers) (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as
“Taxes”). If Borrowers shall be required by law to deduct any taxes from or in respect of any sum payable hereunder or under any Note to any Lender or Credit Agent (i) the sum payable shall be increased as may be necessary so that after
making all required deductions (including deductions applicable to additional sums payable under this Section 3.13) such Lender or Credit Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions
been made, (ii) Borrowers shall make such deductions, and (iii) Borrowers shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law. 

  

	 	(2)	Borrowers will indemnify each Lender and Credit Agent for the full amount of taxes (including, without limitation, any taxes imposed by any jurisdiction on amounts payable under
this Section 3.13 paid by such Lender or Credit Agent (as the case may be), and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such taxes were correctly or legally asserted. This
indemnification shall be made within 30 days from the date such Lender or Credit Agent (as the case may be) makes written demand therefor. 

  

	 	(3)	Within 30 days after the date of any payment of taxes, Borrowers will furnish to Credit Agent the original or a certified copy of a receipt evidencing payment thereof.

  

	 	(4)	 Prior to the Closing Date, in the case of each Lender which is an original signatory hereto, and on the date of the assignment pursuant to which it becomes a
Lender, in the case of each other Lender, and from time to time thereafter if requested by Borrowers or Credit Agent, each Lender organized under the laws of a jurisdiction outside the United States that is entitled to an exemption from United
States withholding tax, or that is subject to such tax at a reduced rate under an applicable tax treaty, shall provide Credit Agent and Borrowers with an Internal Revenue Service Form W-8BEN or W-8ECI or other applicable form, certificate or
document prescribed by the Internal Revenue Service of the United States certifying as to such Lender’s entitlement to such exemption or reduced rate with respect to all payments to be made to such 

  

 Page 3-8 

	 	 
Lender hereunder and under the Notes. Unless Borrowers and Credit Agent have received forms or other documents satisfactory to them indicating that payments
hereunder or under any Note are not subject to United States withholding tax or are subject to such tax at a rate reduced by an applicable tax treaty, Borrowers or Credit Agent shall withhold taxes from such payments at the applicable statutory rate
in the case of payments to or for any Lender organized under the laws of a jurisdiction outside the United States. 

  

	 	(5)	Any Lender claiming any additional amounts payable pursuant to this Section 3.13 shall use its best efforts (consistent with its internal policy and legal and regulatory
restrictions) to change the jurisdiction of its applicable lending office to a jurisdiction in which such Lender already has a lending office if the making of such a change would avoid the need for, or reduce the amount of, any such additional
amounts which may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. 

  

	 	(6)	Without prejudice to the survival of any other agreement of the Borrowers hereunder, the agreements and obligations of the Borrowers contained in this Section 3.13 shall survive the
payment in full of principal and interest hereunder and under the Notes. 

  

	3.13 (b)	If Borrowers become obligated to pay additional amounts described in Section 3.13(a) as a result of any condition described in such Section and payment of such amount is demanded by
any Lender, then unless a Default or an Event of Default shall have occurred and be continuing or such Lender has theretofore taken steps that will promptly remove or cure the conditions creating the cause for such obligation to pay such additional
amounts, or has revoked such election, as the case may be, Borrowers may, on 10 Business Days’ prior written Notice to Credit Agent, who shall promptly send a copy of such notice to each Lender, cause such Lender to (and such Lender shall, upon
payment in full of all amounts outstanding in respect of such Lender’s Advances, including accrued interest thereon, and all other amounts due and payable to such Lender hereunder) assign pursuant to Section 12.7 all of its rights and
obligations under this Agreement to a Lender or other Person selected by Borrowers and reasonably acceptable to Credit Agent. 

  
 End of Article 3 
  

 Page 3-9 

	4.	 	COLLATERAL 

  

	4.1.	 	Grant of Security Interest 

  
 As security for the payment of the Notes and for the performance of all of Borrowers’ Obligations, Borrowers grant a security interest to Credit Agent, for the
benefit of the Lenders, in all of Borrowers’ right, title and interest in and to the following described property, whether now owned or acquired after the date of this Agreement (“Collateral”): 
  

	4.1 (a)	All amounts advanced by Credit Agent to or for the account of Borrowers under this Agreement to fund a Mortgage Loan until that Mortgage Loan is closed and those funds disbursed.

  

	4.1 (b)	All Mortgage Loans, including all Mortgage Notes, Mortgages and Security Agreements evidencing or securing those Mortgage Loans, that are delivered or caused to be delivered to
Credit Agent or any Lender (including delivery to a third party on behalf of Credit Agent), or that otherwise come into the possession, custody or control of Credit Agent or any Lender (including the possession, custody or control of a third party
on behalf of Credit Agent) for the purpose of pledge or in respect of which Credit Agent has made an Advance under this Agreement (collectively, “Pledged Loans”). 

  

	4.1 (c)	All Agreements for Deed in respect of which Advances have been made under this Agreement (collectively, “Pledged Agreements for Deed”) 

  

	4.1 (d)	All Mortgage-backed Securities that are created in whole or in part on the basis of Pledged Loans or that are delivered or caused to be delivered to Credit Agent or any Lender
(including delivery to a third party on behalf of Credit Agent), or that otherwise come into the possession, custody or control of Credit Agent or any Lender (including the possession, custody or control of a third party on behalf of Credit Agent)
or that are registered by book-entry in the name of Credit Agent or any Lender (including registration in the name of a third party on behalf of Credit Agent), in each case for the purpose of pledge, or in respect of which an Advance has been made
by Credit Agent under this Agreement (collectively, “Pledged Securities”). 

  

	4.1 (e)	All private mortgage insurance and all commitments issued by the VA or FHA to insure or guarantee any Mortgage Loans included in the Pledged Loans; all Purchase Commitments held by
Borrowers covering Pledged Loans or Pledged Securities, and all proceeds from the sale of Pledged Loans or Pledged Securities to Investors pursuant to those Purchase Commitments; and all personal property, contract rights, servicing rights or
contracts and servicing fees and income or other proceeds, amounts and payments payable to Borrowers as compensation or reimbursement, accounts, payments, intangibles and general intangibles of every kind relating to Pledged Loans, Pledged
Securities, Purchase Commitments, VA commitments or guaranties, FHA commitments, private mortgage insurance and commitments, and all other documents or instruments relating to Pledged Loans and Pledged Securities, including any interest of Borrowers
in any fire, casualty or hazard insurance policies and any awards made by any public body or decreed by any court of competent jurisdiction for a taking or for degradation of value in any eminent domain proceeding as the same relate to Pledged
Loans. 

  

	4.1 (f)	 All accounts and general intangibles owned by Borrowers (“Receivables”) for the payment of money against (1) VA under a VA Guaranty of, FHA or a
private mortgage insurer under an FHA or private insurer’s mortgage insurance policy insuring payment of, or any other Person under any other agreement (including a Servicing Contract) relating to, all or part of 

  

 Page 4-1 

	 	 
a defaulted Mortgage Loan (A) repurchased by Borrowers from an investor or out of a pool of Mortgage Loans serviced by Borrowers or (B) being serviced by
Borrowers, (2) obligors and their accounts, Fannie Mae, Freddie Mac, Ginnie Mae or any other investor under a Servicing Contract covering, or out of the proceeds of any sale of or foreclosure sale in respect of, any Mortgage Loan (A) repurchased by
Borrowers out of a pool of Mortgage Loans serviced by Borrowers or (B) being serviced by Borrowers, in either case, for the reimbursement of real estate taxes or assessments, or casualty or liability insurance premiums, paid by Borrowers in
connection with Mortgage Loans and (3) obligors and their accounts, or Fannie Mae, Freddie Mac, Ginnie Mae or any other investor under or in respect of any Mortgage Loans serviced by Borrowers for repayment of advances made by Borrowers to cover
shortages in principal and interest payments. 

  

	4.1 (g)	All escrow accounts, documents, instruments, files, surveys, certificates, correspondence, appraisals, computer programs, tapes, discs, cards, accounting records (including all
information, records, tapes, data, programs, discs and cards necessary or helpful in the administration or servicing of the Collateral) and other information and data of Borrowers relating to the Collateral. 

  

	4.1 (h)	All cash delivered to or otherwise in the possession of Credit Agent or any Lender, the Funding Bank or Credit Agent’s agent, bailee or custodian or designated on the books and
records of Borrowers as assigned and pledged to Credit Agent, including all cash deposited in the Cash Collateral Account, the Wire Disbursement Account and the UAMC Asset Account. 

  

	4.1 (i)	All Hedging Arrangements related to the Collateral (“Pledged Hedging Arrangements”) and Borrowers’ accounts in which those Hedging Arrangements are held
(“Pledged Hedging Accounts”), including all rights to payment arising under the Pledged Hedging Arrangements and the Pledged Hedging Accounts, except that Credit Agent’s security interest in the Pledged Hedging Arrangements and
Pledged Hedging Accounts applies only to benefits, including rights to payment, related to the Collateral. 

  

	4.1 (j)	All shares of the capital stock of UAMC Asset now owned or hereafter acquired by any Borrower (collectively, the “Pledged Shares”); all certificates representing
the Pledged Shares; and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares. 

  

	4.1 (k)	All accounts, contract rights and general intangibles related to the Collateral. 

  

	4.1 (l)	All cash and non-cash proceeds of the Collateral, including all dividends, distributions and other rights in connection with, and all additions to, modifications of and replacements
for, the Collateral, and all products and proceeds of the Collateral, together with whatever is receivable or received when the Collateral or proceeds of Collateral are sold, collected, exchanged or otherwise disposed of, whether such disposition is
voluntary or involuntary, including all rights to payment with respect to any cause of action affecting or relating to the Collateral or proceeds of Collateral. 

  

	4.2.	 	Maintenance of Collateral Records 

  
 As long as the Commitments are outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, each Borrower
must preserve and maintain, at its respective chief executive office and principal place of business or in a regional office approved by Credit Agent, or in the office of a computer service bureau engaged by Borrowers and approved by Credit Agent
and, upon request, make available to Credit Agent or Lenders, the originals, or copies in any case where the originals have been delivered to Credit 

  

 Page 4-2 

 
Agent, Lenders or to an Investor, of its Mortgage Notes, Mortgages and Security Agreements included in Pledged Loans, its Agreements for Deeds,
Mortgage-backed Securities delivered to Credit Agent as Pledged Securities, Purchase Commitments, and all related Mortgage Loan documents and instruments, and all files, surveys, certificates, correspondence, appraisals, computer programs, tapes,
discs, cards, accounting records and other information and data relating to the Collateral. 
  

	4.3.	 	Release of Security Interest in Pledged Assets 

  

	4.3 (a)	Except as provided in Section 4.3(b), Credit Agent will release its security interest in Pledged Loans and Agreements for Deed only against payment to Credit Agent of the Release
Amount in connection with those Pledged Loans and Agreements for Deed. If Pledged Loans are transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Credit Agent’s security interest in the Pledged Loans included in
the Mortgage Pool is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Credit Agent’s security interest continues in the Pledged Loans backing that
Pledged Security and Credit Agent is entitled to possession of the Pledged Security in the manner provided in this Agreement. 

  

	4.3 (b)	If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Credit Agent’s security interest in the Pledged Loans included in the
Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Credit Agent (including delivery to or registration in the name of a third party on behalf of Credit Agent) and that Agency Security is a Pledged Security. Credit
Agent’s security interest in that Pledged Security will be released only against payment to Credit Agent of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. 

  

	4.3 (c)	Credit Agent has the exclusive right to possession of all Pledged Securities or, if Pledged Securities are issued in book-entry form or issued in certificated form and delivered to
a clearing corporation (as that term is defined in the Uniform Commercial Code of Minnesota) or its nominee, Credit Agent has the right to have the Pledged Securities registered in the name of a securities intermediary (as that term is defined in
the Uniform Commercial Code of Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holder. Credit Agent has no duty or obligation to deliver
Pledged Securities to an Investor or to credit Pledged Securities to the account of an Investor or an Investor’s designee except against payment for those Pledged Securities. Borrowers acknowledge that Credit Agent may enter into one or more
standing arrangements with securities intermediaries with respect to Pledged Securities issued in book entry form or issued in certificated form and delivered to a clearing corporation or its designee, under which the Pledged Securities are
registered in the name of the securities intermediary, and Borrowers agree, upon request of Credit Agent, to execute and deliver to those securities intermediaries Borrowers’ written concurrence in any such standing arrangements.

  

	4.3 (d)	 If no Default or Event of Default occurs, Borrowers may redeem a Pledged Loan, a Pledged Security or an Agreement for Deed from Credit Agent’s security
interest by notifying Credit Agent of its intention to redeem the Pledged Loan, Pledged Security or Agreement for Deed from pledge and either (1) paying, or causing an Investor to pay, to Credit Agent, for application as a prepayment on the
principal balance of the Warehousing Notes, the Release Amount in connection with the Pledged Loan or the Pledged Loans backing that Pledged Security or the Agreement for Deed, or (2) delivering substitute Collateral that, in addition to being
acceptable to Credit Agent in 

  

 Page 4-3 

	 	 
its sole discretion, will, when included with the remaining Collateral, result in a Warehousing Collateral Value of all Collateral held by Credit Agent that
is at least equal to the aggregate outstanding Advances. 

  

	4.3 (e)	After a Default or Event of Default occurs, Credit Agent may, with no liability to Borrowers or any Person, continue to release its security interest in any Pledged Loan, Pledged
Security or Pledged Agreement for Deed against payment of the Release Amount for that Pledged Loan, or for the Pledged Loans backing that Pledged Security or for that Pledged Agreement for Deed. 

  

	4.3 (f)	The amount to be paid by Borrowers to obtain the release of Credit Agent’s security interest in a Pledged Loan or Pledged Agreement for Deed (“Release Amount”)
will be (1) in connection with the sale of a Pledged Loan or Pledged Agreement for Deed by Borrowers, the payment required in any bailee letter pursuant to which Credit Agent ships that Pledged Loan or Pledged Agreement for Deed to an Investor,
Approved Custodian, pool custodian or other party, (2) in connection with the sale of a Pledged Loan or Pledged Agreement for Deed by Credit Agent while an Event of Default exists, the amount paid to Credit Agent in a commercially reasonable
disposition of that Pledged Loan or Pledged Agreement for Deed and (3) otherwise, until an Event of Default occurs, the principal amount of the Warehousing Advance outstanding against the Pledged Loan or Pledged Agreement for Deed.

  

	4.4.	 	Collection and Servicing Rights 

  

	4.4 (a)	If no Event of Default exists, Borrowers may service and receive and collect directly all sums payable to Borrowers in respect of the Collateral other than proceeds of any Purchase
Commitment or proceeds of the sale of any Collateral. All proceeds of any Purchase Commitment or any other sale of Collateral must be paid directly to the Cash Collateral Account for application as provided in this Agreement.

  

	4.4 (b)	After an Event of Default, Credit Agent or its designee is entitled to service and receive and collect all sums payable to Borrowers in respect of the Collateral, and in such case
(1) Credit Agent or its designee in its discretion may, in its own name, in the name of Borrowers or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the
Collateral, but Credit Agent has no obligation to do so, (2) Borrowers must, if Credit Agent requests them to do so, hold in trust for the benefit of Credit Agent and immediately pay to Credit Agent at its office designated by Notice, all amounts
received by Borrowers upon or in respect of any of the Collateral, advising Credit Agent as to the source of those funds and (3) all amounts so received and collected by Credit Agent will be held by it as part of the Collateral.

  

	4.5.	 	Return of Collateral at End of Commitments 

  
 If (a) the Commitments have expired or been terminated, and (b) no Advances, interest or other Obligations are outstanding and unpaid, Credit Agent will release its
security interest and will deliver all Collateral in its possession to Borrowers at Borrowers’ expense. Borrowers’ acknowledgement or receipt for any Collateral released or delivered to Borrowers under any provision of this Agreement is a
complete and full acquittance for the Collateral so returned, and Credit Agent is discharged from any liability or responsibility for that Collateral. 
  

 Page 4-4 

	4.6.	 	Delivery of Collateral Documents 

  

	4.6 (a)	Credit Agent may deliver documents relating to the Collateral to Borrowers for correction or completion under a Trust Receipt. 

  

	4.6 (b)	If no Default or Event of Default exists, upon delivery by Borrowers to Credit Agent of shipping instructions pursuant to the applicable Exhibit B, Credit Agent will deliver
the Mortgage Notes evidencing Pledged Loans or Pledged Securities, together with all related loan documents and pool documents previously received by Credit Agent under the requirements of the applicable Exhibit B, to the designated Investor
or Approved Custodian or to another party designated by Borrowers and acceptable to Credit Agent in its sole discretion. 

  

	4.6 (c)	If a Default or Event of Default exists, Credit Agent may, without liability to Borrowers or any other Person, continue to deliver Pledged Loans or Pledged Securities, together with
all related loan documents and pool documents in Credit Agent’s possession, to the applicable Investor, or Approved Custodian or to another party acceptable to Credit Agent in its sole discretion. 

  

	4.6 (d)	Upon receipt of Notice from Borrowers under Section 3.3(g), and payment of the Release Amount with respect to a Pledged Asset identified by Borrowers, Credit Agent will, at
Borrowers’ request, release to Borrowers any Collateral Documents relating to the redeemed Pledged Asset or the Pledged Loans backing a Pledged Security that Credit Agent has in its possession and that have not been delivered to an Investor or
Approved Custodian; provided, that Credit Agent shall, if requested by an Investor or Approved Custodian or consistent with past practices, provide the Collateral Documents for any Pledged Asset purchased to such Investor, and the Collateral
Documents for any Pledged Loan backing Mortgage-backed Securities to the Approved Custodian. 

  

	4.7.	 	Borrowers Remains Liable 

  
 Anything herein to the contrary notwithstanding, Borrowers shall remain liable under each item of the Collateral to observe and perform all the conditions and obligations
to be observed and performed by it thereunder, all in accordance with the terms thereof and any other agreement giving rise thereto, and in accordance with and pursuant to the terms and provisions thereof. Whether or not Credit Agent has exercised
any rights in any of the Collateral, neither Credit Agent, nor any Lender shall have any obligation or liability under any of the Collateral (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by
Credit Agent of any payment relating thereto, nor shall Credit Agent nor any Lender be obligated in any manner to perform any of the obligations of Borrowers under or pursuant to any of the Collateral (or any agreement giving rise thereto) to make
any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party under any of the Collateral (or any agreement giving rise thereto), to present or file any
claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 
  

	4.8.	 	Further Assurance 

  
 Borrowers authorize Credit Agent to file any financing statements, and Borrowers agree to take whatever other actions are requested by Credit Agent to perfect and continue Credit Agent’s security interest in the
Collateral. Borrowers will execute and cooperate with Credit Agent in obtaining from third parties control agreements in form satisfactory to Credit Agent with respect to collateral consisting of investment property, deposit accounts,
letter-of-credit rights, and electronic chattel paper. 
  
 End
of Article 4 
  

 Page 4-5 

	5.	 	CONDITIONS PRECEDENT 

  

	5.1.	 	Initial Advance 

  
 Lenders’ obligation to make Warehousing Advances and RFC’s obligation to make RFC Direct Advances, is subject to the satisfaction, in the sole discretion of Credit Agent, of the following conditions
precedent: 
  

	5.1 (a)	Credit Agent must receive the following, all of which must be satisfactory in form and content to Credit Agent, in its sole discretion: 

  

	 	(1)	The Notes and this Agreement duly executed by Borrowers. 

  

	 	(2)	The Lennar Undertaking, on the form prescribed by Credit Agent, duly executed by Lennar. 

  

	 	(3)	UAMCLLC’s articles of organization, together with all amendments, as certified by the Secretary of State of Florida, UAMCLLC’s operating agreement, together with all
amendments, certified by the manager of UAMCLLC, or a certificate of UAMCLLC stating that there has been no change in either UAMCLLC’s articles of organization or operating agreement since those delivered in connection with the Existing
Agreement, and certificates of good standing dated within 60 days of the date of this Agreement. 

  

	 	(4)	A resolution, consent or approval of all of the members of UAMCLLC authorizing the execution, delivery and performance of this Agreement and the other Loan Documents, each Advance
Request and all other agreements, instruments or documents to be delivered by UAMCLLC under this Agreement. 

  

	 	(5)	A certificate as to the incumbency and authenticity of the signatures of the managers of UAMCLLC executing this Agreement and the other Loan Documents. 

  

	 	(6)	Assumed Name Certificates dated within 30 days of the date of this Agreement for any assumed name used by UAMCLLC in the conduct of its business. 

  

	 	(7)	EHMI’s articles of incorporation, together with all amendments, as certified by the Secretary of State of Washington; EHMI’s bylaws, together with all amendments,
certified by the corporate secretary or assistant secretary of EHMI; or a certificate of EHMI stating that there has been no change in either EHMI’s articles of incorporation or bylaws since those delivered in connection with the Existing
Agreement, and certificates of good standing dated within 60 days of the date of this Agreement. 

  

	 	(8)	A resolution of the board of directors of EHMI authorizing the execution, delivery and performance of this Agreement and the other Loan Documents, each Advance Request and all other
agreements, instruments or documents to be delivered by EHMI under this Agreement. 

  

	 	(9)	A certificate as to the incumbency and authenticity of the signatures of the officers of EHMI executing this Agreement and the other Loan Documents. 

  

 Page 5-1 

	 	(10)	Assumed Name Certificates dated within 30 days of the date of this Agreement for any assumed name used by EHMI in the conduct of its business. 

  

	 	(11)	AFSI’s articles of incorporation, together with all amendments, as certified by the Secretary of State of California; AFSI’s bylaws, together with all amendments,
certified by the corporate secretary or assistant secretary of AFSI; or a certificate of AFSI stating that there has been no change in either AFSI’s articles of incorporation or bylaws since those delivered in connection with the Existing
Agreement, and certificates of good standing dated within 30 days of the date of this Agreement. 

  

	 	(12)	A resolution of the board of directors of AFSI authorizing the execution, delivery and performance of this Agreement and the other Loan Documents, each Advance Request and all other
agreements, instruments or documents to be delivered by AFSI under this Agreement. 

  

	 	(13)	A certificate as to the incumbency and authenticity of the signatures of the officers of AFSI executing this Agreement and the other Loan Documents. 

  

	 	(14)	Assumed Name Certificates dated within 30 days of the date of this Agreement for any assumed name used by AFSI in the conduct of its business. 

  

	 	(15)	UAMCC’s articles of incorporation, together with all amendments, as certified by the Secretary of State of California; UAMCC’s bylaws, together with all amendments,
certified by the corporate secretary or assistant secretary of UAMCC; or a certificate of UAMCC stating that there has been no change in either UAMCC’s articles of incorporation or bylaws since those delivered in connection with the Existing
Agreement, and certificates of good standing dated within 30 days of the date of this Agreement. 

  

	 	(16)	A resolution of the board of directors of UAMCC authorizing the execution, delivery and performance of this Agreement and the other Loan Documents, each Advance Request and all
other agreements, instruments or documents to be delivered by UAMCC under this Agreement. 

  

	 	(17)	A certificate as to the incumbency and authenticity of the signatures of the officers of UAMCC executing this Agreement and the other Loan Documents. 

  

	 	(18)	Assumed Name Certificates dated within 30 days of the date of this Agreement for any assumed name used by UAMCC in the conduct of its business. 

  

	 	(19)	UAMC Asset’s articles of incorporation, together with all amendments, as certified by the Secretary of State of Nevada; UAMC Asset’s bylaws, together with all amendments,
certified by the corporate secretary or assistant secretary of UAMC Asset; or a certificate of UAMC Asset stating that there has been no change in either UAMC Asset articles of incorporation or bylaws since those delivered in connection with the
Existing Agreement, and certificates of good standing dated within 30 days of the date of this Agreement. 

  

	 	(20)	A resolution of the board of directors of UAMC Asset authorizing the execution, delivery and performance of this Agreement and the other Loan Documents, each Advance Request and all
other agreements, instruments or documents to be delivered by UAMC Asset under this Agreement. 

  

 Page 5-2 

	 	(21)	A certificate as to the incumbency and authenticity of the signatures of the officers of UAMC Asset executing this Agreement and the other Loan Documents. 

 

	 	(22)	Assumed Name Certificates dated within 30 days of the date of this Agreement for any assumed name used by UAMC Asset in the conduct of its business. 

  

	 	(23)	Lennar’s articles or certificate of incorporation, together with all amendments, as certified by the Secretary of State of Florida, bylaws certified by the corporate secretary
of Lennar, or a certificate of Lennar stating that there has been no change in either Lennar’s articles or certificate of incorporation or bylaws since those delivered in connection with the Existing Agreement, and certificates of good standing
dated within 30 days of the date of this Agreement. 

  

	 	(24)	A resolution of the board of directors of Lennar, certified as of the date of the Agreement by its corporate secretary, authorizing the execution, delivery and performance of Lennar
Undertaking, and all other agreements, instruments or documents to be delivered by Lennar under this Agreement. 

  

	 	(25)	A certificate as to the incumbency and authenticity of the signatures of the officers of Lennar executing Lennar Undertaking and all other agreements, instruments or documents to be
delivered under this Agreement (Lender being entitled to rely on that certificate until a new incumbency certificate has been furnished to Lender). 

  

	 	(26)	A favorable written opinion of counsel to Borrowers and Lennar (or of separate counsel at the option of Borrowers and Lennar), addressed to Lenders and dated as of the date of this
Agreement, covering such matters as Lenders may reasonably request. 

  

	 	(27)	Uniform Commercial Code, tax lien and judgment searches of the appropriate public records for each Borrower that do not disclose the existence of any prior Lien on the Collateral
other than in favor of Credit Agent or as permitted under this Agreement. 

  

	 	(28)	Copies of the certificates, documents or other written instruments that evidence Borrowers’ eligibility described in Section 9.1, all in form and substance satisfactory to
Credit Agent. 

  

	 	(29)	Copies of each Borrowers’ errors and omissions insurance policy or mortgage impairment insurance policy, and blanket bond coverage policy, or certificates in lieu of policies,
showing compliance by each Borrower as of the date of this Agreement with the provisions of Section 7.9. 

  

	 	(30)	An agreement among each Borrower that is selling Loans to Fannie Mae, Credit Agent and Fannie Mae in which Fannie Mae agrees to send all cash proceeds of Mortgage Loans sold by such
Borrower to Fannie Mae to the Cash Collateral Account, each in form and substance satisfactory to Credit Agreement. 

  

	 	(31)	Receipt by Credit Agent and Lenders of any fees due on the date of this Agreement. 

  

	 	(32)	 An executed Electronic Tracking Agreement among Borrowers, Credit Agent and Mortgage Electronic Registration Systems, Inc. (“MERS”), and MERCORP, Inc.,
pursuant to which Credit Agent will have the authority to, among other things, withdraw Mortgages from the MERS system, if either the Mortgage Loan has 

  

 Page 5-3 

	 	 
been registered on the MERS system naming Borrowers as servicer or subservicer, or the Mortgage Loan has not yet been registered on the MERS system.

  

	5.1 (b)	If, as of the date of this Agreement, any Borrower has any indebtedness for borrowed money to any of its managers, members or Affiliates or any director, officer or shareholder of
any manager, member or Affiliate of any manager or member, which indebtedness, when added to all other such indebtedness of each Borrower, results in an aggregate amount of such indebtedness in excess of $35,000,000, the Person to whom that Borrower
is indebted must have executed a Subordination of Debt Agreement, on the form prescribed by Credit Agent; and Credit Agent must have received an executed copy of that Subordination of Debt Agreement, certified by the secretary of the respective
Borrower to be true and complete and in full force and effect as of the date of the Advance. 

  

	5.1 (c)	No Borrower must have incurred any material liabilities, direct or contingent, other than in the ordinary course of its business, since the Audited Statement Date.

  

	5.2.	 	Each Advance 

  
 Lenders’ obligation to make the each Warehousing Advance and RFC’s obligation to make each RFC Direct Advance is subject to the satisfaction, in the sole discretion of Credit Agent, as of the date of each
Advance, of the following additional conditions precedent: 
  

	5.2 (a)	Borrowers must have delivered to Credit Agent the applicable Warehousing Advance Request and Collateral Documents required by, and must have satisfied the procedures set forth in,
Article 2 and the Exhibits described in that Article. All items delivered to Credit Agent must be satisfactory to Credit Agent in form and content, and Credit Agent may reject any item that does not satisfy the requirements of this Agreement or of
the related Purchase Commitment. 

  

	5.2 (b)	Credit Agent must have received evidence satisfactory to it confirming the making or continuation of any book entry or the due filing and recording in all appropriate offices of all
financing statements and other instruments necessary to perfect the security interest of Credit Agent in the Collateral under the Uniform Commercial Code or other applicable law. 

  

	5.2 (c)	The representations and warranties of Borrowers contained in Article 6 and Article 9 and the representations and warranties of Lennar under the Lennar Undertaking must be accurate
and complete in all material respects as if made on and as of the date of each Advance. 

  

	5.2 (d)	Borrowers must have performed all agreements to be performed by each of them under this Agreement, and after giving effect to the requested Advance, no Default or Event of Default
will exist under this Agreement. 

  

	5.2 (e)	Lennar must have performed all agreements to be performed by it under the Lennar Undertaking. 

  
 Delivery of a Warehousing Advance Request by a Borrower will be deemed a representation by Borrowers that all conditions set
forth in this Section have been satisfied as of the date of the Advance. 
  

 Page 5-4 

	5.3.	 	Force Majeure 

  
 Notwithstanding Borrowers’ satisfaction of the conditions set forth in this Agreement, Credit Agent and Lenders have no obligation to make a Warehousing Advance and RFC has no obligation to make an RFC Direct
Advance, if Lenders or Credit Agent are prevented from obtaining the funds necessary to make an Advance, or are otherwise prevented from making an Advance as a result of any fire or other casualty, failure of power, strike, lockout or other labor
trouble, banking moratorium, embargo, sabotage, confiscation, condemnation, riot, civil disturbance, insurrection, act of terrorism, war or other activity of armed forces, act of God or other similar reason beyond the control of Lenders or Credit
Agent. Lenders and Credit Agent will make the requested Warehousing Advance and RFC will make the requested RFC Direct Advance as soon as reasonably possible following the occurrence of such an event. 
  
 End of Article 5 
  

 Page 5-5 

	6.	 	GENERAL REPRESENTATIONS AND WARRANTIES 

  
 Each Borrower represents and warrants to Credit Agent and Lenders, as of the date of this Agreement and as of the date of each Warehousing Advance Request and the making
of each Advance, that: 
  

	6.1.	 	Place of Business 

  
 As of the Closing Date, and thereafter until Borrowers provide Credit Agent with Notice of any change: 
  

	6.1 (a)	UAMCLLC’s chief executive office and principal place of business is 311 Park Place Boulevard, 5th Floor, Clearwater, FL 33758. 

  

	6.1 (b)	EHMI’s chief executive office and principal place of business is 11000 NE 33rd Place, Suite 300, Bellevue, Washington 98004. 

  

	6.1 (c)	AFSI’s chief executive office and principal place of business is 24896 Chrisanta Drive, Mission Viejo, CA 92691. 

  

	6.1 (d)	UAMCC’s chief executive office and principal place of business is 24896 Chrisanta Drive, Mission Viejo, CA 92691. 

  

	6.1 (e)	UAMC Asset’s chief executive office and principal place of business is 700 NW 107th Avenue, 3rd Floor, Miami, Florida 33173. 

  
 From and after the time Borrower provides Lenders with Notice of any change of address, the new address shall remain the chief executive office and principal place of business of the applicable Borrower(s) until
Notice of a subsequent change of address is given. 
  

	6.2.	 	Organization; Good Standing; Subsidiaries 

  
 UAMCLLC is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Florida, and has the full legal power and
authority to own its property and to carry on its business as currently conducted. EHMI is a corporation duly organized, validly existing and in good standing under the laws of the State of Washington, and has the full legal power and authority to
own its property and to carry on its business as currently conducted. AFSI is a corporation duly organized, validly existing and in good standing under the laws of the State of California, and has the full legal power and authority to own its
property and to carry on its business as currently conducted. UAMCC is a corporation duly organized, validly existing and in good standing under the laws of the State of California, and has the full legal power and authority to own its property and
to carry on its business as currently conducted. UAMC Asset is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, and has the full legal power and authority to own its property and to carry on
its business as currently conducted. Each Subsidiary of each Borrower is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, and has the full legal power and authority to own its property and
conduct its business as currently conducted. Each Borrower and each Subsidiary of each Borrower is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction in which the transaction of its business makes
qualification necessary, except in jurisdictions, if any, where a failure to be in good standing has no material adverse effect on Borrowers’ or the Subsidiaries’ business, operations, assets or financial condition as a whole. For the
purposes of this Agreement, good standing includes qualification for any and all licenses and payment of any and all taxes required in the 

  

 Page 6-1 

 
jurisdiction of its incorporation and in each jurisdiction in which Borrower transacts business. As of the date of this Agreement, no Borrower has any
Subsidiaries except as set forth on Exhibit D, which sets forth with respect to each Subsidiary, its name, address, place of incorporation, each state in which it is qualified as a foreign corporation, and the percentage ownership of its
capital stock by the respective Borrower. 
  

	6.3.	 	Authorization and Enforceability 

  
 Each Borrower has the power and authority to execute, deliver and perform this Agreement, the Notes and other Loan Documents to which Borrowers are party and to make the
borrowings under this Agreement. The execution, delivery and performance by Borrowers of this Agreement, the Notes and the other Loan Documents to which Borrowers are party and the making of the borrowings under this Agreement and the Notes, have
been duly and validly authorized by all necessary company action on the part of each Borrower (none of which actions has been modified or rescinded, and all of which actions are in full force and effect) and do not and will not (a) conflict with or
violate any provision of law, of any judgments binding upon any Borrower, or of the organizational documents of each Borrower, or (b) conflict with or result in a breach of, constitute a default or require any consent under, or result in or require
the acceleration of any indebtedness of any Borrower under any agreement, instrument or indenture to which any Borrower is a party or by which any Borrower or its property may be bound or affected, or result in the creation of any Lien upon any
property or assets of any Borrower (other than the Lien on the Collateral granted under this Agreement). This Agreement, the Notes and the other Loan Documents constitute the legal, valid and binding obligations of Borrowers, enforceable in
accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors’ rights. 
  

	6.4.	 	Authorization and Enforceability of Lennar Undertaking 

  
 Lennar has the power and authority to execute, deliver and perform the Lennar Undertaking. The Lennar Undertaking constitutes the legal, valid, and binding obligation of
Lennar, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors’ rights. 
  

	6.5.	 	Approvals 

  
 The execution and delivery of this Agreement, the Notes and the other Loan Documents and the performance of each Borrower’s obligations under this Agreement, the Notes and the other Loan Documents and the
validity and enforceability of this Agreement, the Notes and the other Loan Documents do not require any license, consent, approval or other action of any state or federal agency or governmental or regulatory authority other than those that have
been obtained and remain in full force and effect. 
  

	6.6.	 	Financial Condition 

  
 The balance sheet of UAMCLLC (and its Subsidiaries, on a consolidated basis) as of each Statement Date, and the related statements of income, cash flows and changes in stockholders’ equity for the fiscal period
ended on each Statement Date, previously furnished to Credit Agent, fairly present the financial condition of UAMCLLC (and its Subsidiaries) as at that Statement Date and the results of its operations for the fiscal period ended on that Statement
Date. Each Borrower had, on each Statement Date, no known material liabilities, direct or indirect, fixed or contingent, matured or unmatured, or liabilities for taxes, long-term leases or unusual forward or long-term commitments not disclosed by,
or reserved against in, said balance sheet and related statements, and at the present time there are no material unrealized or anticipated losses from any loans, advances or other commitments of any Borrower except as previously disclosed to 

  

 Page 6-2 

 
Credit Agent in writing. Those financial statements were prepared in accordance with GAAP applied on a consistent basis throughout the periods involved.
Since the Audited Statement Date, there has been no material adverse change in the business, operations, assets or financial condition of any Borrower, nor is any Borrower aware of any state of facts that (with or without notice or lapse of time or
both) would or could result in any such material adverse change. 
  

	6.7.	 	Litigation 

  
 There are no actions, claims, suits or proceedings pending or, to any Borrower’s knowledge, threatened or reasonably anticipated against or affecting Borrowers or any Subsidiary of Borrowers in any court or
before any arbitrator or before any government commission, board, bureau or other administrative agency that, if adversely determined, may reasonably be expected to result in a material adverse change in any Borrower’s business, operations,
assets or financial condition as a whole, or that would affect the validity or enforceability of this Agreement, the Notes or any other Loan Document. 
  

	6.8.	 	Compliance with Laws 

  
 No Borrower nor any Subsidiary of any Borrower is in violation of any provision of any law, or of any judgment, award, rule, regulation, order, decree, writ or injunction of any court or public regulatory body or
authority that could result in a material adverse change in any Borrower’s business, operations, assets or financial condition as a whole or that would affect the validity or enforceability of this Agreement, the Notes or any other Loan
Document. 
  

	6.9.	 	Regulation U 

  
 No Borrower is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Advance made
under this Agreement will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock. 
  

	6.10.	 	Investment Company Act 

  
 No Borrower is an “investment company” or controlled by an “investment company” within the meaning of the Investment Company Act. 
  

	6.11.	 	Payment of Taxes 

  
 Each Borrower and each of their respective Subsidiaries has filed or caused to be filed all federal, state and local income, excise, property and other tax returns that are required to be filed with respect to the
operations of Borrowers and their Subsidiaries, all such returns are true and correct and Borrowers and each of their Subsidiaries has paid or caused to be paid all taxes shown on those returns or on any assessment, to the extent that those taxes
have become due, including all FICA payments and withholding taxes, if appropriate. The amounts reserved as a liability for income and other taxes payable in the financial statements described in Section 6.6 are sufficient for payment of all unpaid
federal, state and local income, excise, property and other taxes, whether or not disputed, of Borrowers and their Subsidiaries accrued for or applicable to the period and on the dates of those financial statements and all years and periods prior to
those financial statements and for which Borrowers and their Subsidiaries may be liable in their own right or as transferee of the assets of, or as successor to, any other Person. No tax Liens have been filed and no material claims are being
asserted against any Borrower, any Subsidiary of any Borrower or any property of any Borrower or any Subsidiary of any Borrower with respect to any taxes, fees or charges. 
  

 Page 6-3 

	6.12.	 	Agreements 

  
 No Borrower nor any Subsidiary of any Borrower is a party to any agreement, instrument or indenture or subject to any restriction materially and adversely affecting its business, operations, assets or financial
condition, except as disclosed in the financial statements described in Section 6.6. No Borrower nor any Subsidiary of any Borrower is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in any agreement, instrument, or indenture which default could result in a material adverse change in any Borrower’s business, operations, properties or financial condition as a whole. No holder of any indebtedness of any Borrower or
of any of their respective Subsidiaries has given notice of any asserted default under that indebtedness, and no liquidation or dissolution of any Borrower or of any of their Subsidiaries and no receivership, insolvency, bankruptcy, reorganization
or other similar proceedings relative to Borrowers or of any of their Subsidiaries or any of their properties is pending, or to the knowledge of Borrowers, threatened. 
  

	6.13.	 	Title to Properties 

  
 Each Borrower and each Subsidiary of each Borrower has good, valid, insurable and (in the case of real property) marketable title to all of its properties and assets (whether real or personal, tangible or intangible)
reflected on the financial statements described in Section 6.6, except for those properties and assets that Borrowers have disposed of since the date of those financial statements either in the ordinary course of business or because they were no
longer used or useful in the conduct of Borrowers’ or the respective Subsidiary’s business. All of Borrowers’ properties and assets are free and clear of all Liens except as disclosed in Borrowers’ financial statements.

  

	6.14.	 	ERISA 

  
 Each Plan is in compliance with all applicable requirements of ERISA and the Internal Revenue Code and with all material applicable rulings and regulations issued under the provisions of ERISA and the Internal Revenue
Code setting forth those requirements, except where any failure to comply would not result in a material loss to Borrowers or any ERISA Affiliate. All of the minimum funding standards or other contribution obligations applicable to each Plan have
been satisfied. No Plan is a defined-benefit pension plan subject to Title IV of ERISA, and there is no Multiemployer Plan. 
  

	6.15.	 	No Retiree Benefits 

  
 Except as required under Section 4980B of the Internal Revenue Code, Section 601 of ERISA or applicable state law, no Borrower nor, if applicable, any Subsidiary, is obligated to provide post-retirement medical or
insurance benefits with respect to employees or former employees. 
  

	6.16.	 	Assumed Names 

  
 No Borrower originates Mortgage Loans or otherwise conducts business under any names other than its legal name and the assumed names set forth on Exhibit G. Each Borrower has made all filings and taken all
other action as may be required under the laws of any jurisdiction in which it originates Mortgage Loans or otherwise conducts business under any assumed name. To the best of Borrowers’ knowledge, each Borrower’s use of the assumed names
set forth on Exhibit G does not conflict with any other Person’s legal rights to any such name, nor otherwise give rise to any liability by Borrowers to any other Person. Borrowers may amend Exhibit G to add or delete any assumed
names used by Borrowers to conduct business. An amendment to Exhibit G to add an assumed name is not effective until Borrowers have delivered to Credit Agent an assumed name certificate in the jurisdictions in which the assumed name is to be
used, which must be 

  

 Page 6-4 

 
satisfactory in form and content to Credit Agent, in its sole discretion. In connection with any amendment to delete a name from Exhibit G, Borrowers
represent and warrant that they have ceased using that assumed name in all jurisdictions. 
  

	6.17.	 	Servicing 

  
 Exhibit C is a true and complete list of Borrowers’ Servicing Portfolio. All of Borrowers’ Servicing Contracts are in full force and effect, and are unencumbered by Liens other than Liens disclosed in
Exhibit C. No default or event that, with notice or lapse of time or both, would become a default, exists under any of Borrowers’ Servicing Contracts. 
  
 End of Article 6 
  

 Page 6-5 

	7.	 	AFFIRMATIVE COVENANTS 

  
 As long as the Commitments are outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, Borrowers must:

  

	7.1.	 	Payment of Obligations 

  
 Punctually pay or cause to be paid all Obligations, including the Obligations payable under this Agreement and under the Notes, in accordance with their terms.

  

	7.2.	 	Financial Statements 

  
 Deliver to Credit Agent and each Lender: 
  

	7.2 (a)	As soon as available and in any event within 45 days after the end of each fiscal quarter, including the last fiscal quarter of UAMCLLC’s fiscal year, an interim statement of
income of UAMCLLC (and its Subsidiaries, on a consolidated basis) for the immediately preceding fiscal quarter, and the related balance sheet as at the end of the immediately preceding fiscal quarter, all in reasonable detail, subject, however, to
year-end audit adjustments. 

  

	7.2 (b)	As soon as available and in any event within 90 days after the end of each fiscal year of Borrowers, fiscal year-end statements of income, changes in members’ equity and cash
flow of UAMCLLC (and its Subsidiaries, on a consolidated basis) for that year, and the related balance sheet as of the end of that year (setting forth in comparative form the corresponding figures for the preceding fiscal year), all in reasonable
detail and accompanied by (1) an opinion as to those financial statements in form and substance satisfactory to Credit Agent and prepared by independent certified public accountants of recognized standing acceptable to Credit Agent and (2) any
management letters, management reports or other supplementary comments or reports delivered by those accountants to any Borrower or its board of directors. 

  

	7.2 (c)	Together with each delivery of financial statements required by this Section, a Compliance Certificate for each Borrower substantially in the form of Exhibit E.

  

	7.2 (d)	Copies of all regular or periodic financial and other reports that any Borrower files with the Securities and Exchange Commission or any successor governmental agency or other
entity. 

  

	7.3.	 	Other Borrower Reports 

  
 Deliver to Credit Agent and each Lender: 
  

	7.3 (a)	If at any time Borrowers’ consolidated Servicing Portfolio exceeds $500,000,000, then as soon as available and in any event within 45 days after the end of each Calendar
Quarter, a consolidated report (“Servicing Portfolio Report”) as of the end of the Calendar Quarter, as to all Mortgage Loans the servicing rights to which are owned by Borrowers (specified by investor type, recourse and
non-recourse) regardless of whether the Mortgage Loans are Pledged Loans. The Servicing Portfolio Report must indicate which Mortgage Loans (1) are current and in good standing, (2) are more than 30, 60 or 90 days past due, (3) are the subject of
pending bankruptcy or foreclosure proceedings, or (4) have been converted (through foreclosure or other proceedings in lieu of foreclosure) into real estate owned by Borrowers. 

  

 Page 7-1 

	7.3 (b)	With each Officer’s Certificate, a monthly status report on each Construction/Perm Mortgage Loan, including, without limitation, the loan number, mortgagor name(s), property
address, general contractor name, completion status (percent completed or staged draw no. and brief description), estimated completion date (if completion date is behind schedule, then an explanation of delay), date of last on-site inspection, and
Pledged Mortgage payment status. 

  

	7.3 (c)	Weekly or more frequently as Credit Agent may from time to time request, a commitment summary and pipeline report substantially in the form of Exhibit O (“Commitment
Summary Report”) including a report on Borrower’s Weighted Average Committed Purchase Price for each type of Mortgage Loan owned by Borrowers and dated as of the close of business on the first Business Day of each week and provided to
Credit Agent by facsimile by the close of business on the next succeeding Business Day. 

  

	7.3 (d)	As soon as available and in any event within 45 days after the end of each fiscal quarter, a consolidated loan production report as of the end of that fiscal quarter, presenting the
total dollar volume and the number of Mortgage Loans originated and closed or purchased during that fiscal quarter and for the fiscal year-to-date, in form acceptable to Credit Agent in its sole discretion. 

  

	7.3 (e)	As soon as available and in any event within 30 days after filing with the Securities and Exchange Commission, a copy of the 10-Q and 10-K of Lennar. 

  

	7.3 (f)	Other reports in respect of Pledged Assets, including copies of purchase confirmations issued by Investors purchasing Pledged Loans from Borrowers, in such detail and at such times
as Credit Agent in its discretion may reasonably request. 

  

	7.3 (g)	With reasonable promptness, such further information regarding the business, operations, properties or financial condition of each Borrower as Credit Agent, or any Lender, through
Credit Agent, may reasonably request, including copies of any audits completed by HUD, Ginnie Mae, Fannie Mae or Freddie Mac. 

  

	7.4.	 	Maintenance of Existence; Conduct of Business 

  
 Preserve and maintain each Borrower’s organizational existence in good standing and all of its rights, privileges, licenses and franchises necessary or desirable in
the normal conduct of its business, including its eligibility as lender, seller/servicer and issuer described under Section 9.1; conduct its business in an orderly and efficient manner; maintain a net worth of acceptable assets as required for
maintaining each Borrower’s eligibility as lender, seller/servicer and issuer described under Section 9.1; and make no material change in the nature or character of its business or engage in any business in which it was not engaged on the date
of this Agreement. 
  

	7.5.	 	Compliance with Applicable Laws 

  
 Comply with the requirements of all applicable laws, rules, regulations and orders of any governmental authority, a breach of which could result in a material adverse
change in each Borrower’s business, operations, assets, or financial condition as a whole or on the enforceability of this Agreement, the Notes, any other Loan Document or any Collateral, except where contested in good faith and by appropriate
proceedings. 
  

	7.6.	 	Inspection of Properties and Books; Operational Reviews 

  

	7.6 (a)	 Permit Credit Agent, any Lender or any Participant (and their authorized representatives) to discuss the business, operations, assets and financial condition of
each Borrower and their respective Subsidiaries with each Borrower’s officers, agents and employees, and to 

  

 Page 7-2 

	 	 
examine and make copies or extracts of each Borrower’s and their respective Subsidiaries’ books of account, all at such reasonable times and, as
long as no Default or Event of Default has occurred and is continuing, on such reasonable Notice, as Credit Agent, any Lender or any Participant may request. 

  

	7.6 (b)	Provide its accountants with a copy of this Agreement promptly after its execution and authorize and instruct them to answer candidly all questions that the officers of Credit
Agent, any Lender or any Participant or any authorized representatives of Credit Agent, any Lender or any Participant may address to them in reference to the financial condition or affairs of each Borrower and their respective Subsidiaries. As long
as no Default or Event of Default has occurred and is continuing, Credit Agent or any Lender will provide Borrowers with advance notice of any such inquiry to Borrowers’ accountants. Each Borrower may have its representatives in attendance at
any meetings held between the officers or other representatives of Credit Agent, any Lender or any Participant and each Borrower’s accountants under this authorization. 

  

	7.6 (c)	Permit Credit Agent, any Lender or any Participant (and their authorized representatives) access to each Borrower’s premises and records for the purpose of conducting a review
of each Borrower’s general mortgage business methods, policies and procedures, auditing its loan files and reviewing the financial and operational aspects of such Borrower’s business. 

  

	7.7.	 	Notice 

  
 Give prompt Notice to Credit Agent of (a) any action, suit or proceeding instituted by or against any Borrower or any of its Subsidiaries in any federal or state court or before any commission or other regulatory body
(federal, state or local, domestic or foreign), which action, suit or proceeding has at issue in excess of $1,000,000, or any such proceedings threatened against any Borrower or any of its Subsidiaries in writing containing the details of that
action, suit or proceeding; (b) the filing, recording or assessment of any federal, state or local tax Lien against any Borrower, or any of its assets or any of its Subsidiaries; (c) an Event of Default; (d) a Default that continues for more than 4
days; (e) the suspension, revocation or termination of any Borrower’s eligibility, in any respect, as lender, seller/servicer or issuer as described under Section 9.1; (f) the transfer, loss, nonrenewal or termination of any Servicing Contracts
to which any Borrower is a party, or which is held for the benefit of such Borrower, and the reason for that transfer, loss, nonrenewal or termination; (g) any Prohibited Transaction with respect to any Plan, specifying the nature of the Prohibited
Transaction and what action such Borrower proposes to take with respect to it; and (h) any other action, event or condition of any nature that could lead to or result in a material adverse change in the business, operations, assets or financial
condition of Borrowers or any of their respective Subsidiaries. 
  

	7.8.	 	Payment of Debt, Taxes and Other Obligations 

  
 Pay, perform and discharge, or cause to be paid, performed and discharged, all of the obligations and indebtedness of each Borrower and its Subsidiaries, all taxes,
assessments and governmental charges or levies imposed upon Borrowers or their respective Subsidiaries or upon their respective income, receipts or properties before those taxes, assessments and governmental charges or levies become past due, and
all lawful claims for labor, materials and supplies or otherwise that, if unpaid, could become a Lien or charge upon any of their respective properties or assets. Each Borrower and their respective Subsidiaries are not required to pay, however, any
taxes, assessments and governmental charges or levies or claims for labor, materials or supplies for which such Borrower or its Subsidiaries have obtained an adequate bond or insurance or that are being contested in good faith and by proper
proceedings that are being reasonably and diligently pursued and for which proper reserves have been created. 
  

 Page 7-3 

	7.9.	 	Insurance 

  
 Maintain blanket bond coverage and errors and omissions insurance or mortgage impairment insurance, with such companies and in such amounts as satisfy prevailing requirements applicable to a lender, seller/servicer
and issuer described under Section 9.1, and liability insurance and fire and other hazard insurance on its properties, in each case with responsible insurance companies acceptable to Credit Agent, in such amounts and against such risks as is
customarily carried by similar businesses operating in the same location. Within 30 days after Notice from Credit Agent, obtain such additional insurance as Credit Agent may reasonably require, all at the sole expense of Borrowers. Copies of such
policies must be furnished to Credit Agent without charge upon request of Credit Agent. 
  

	7.10.	 	Closing Instructions 

  
 Indemnify and hold Credit Agent and Lenders harmless from and against any loss, including reasonable attorneys’ fees and costs, attributable to the failure of any title insurance company, agent or attorney to
comply with any Borrower’s disbursement or instruction letter relating to any Mortgage Loan. Credit Agent has the right to pre-approve Borrowers’ choice of title insurance company, agent or attorney and Borrowers’ disbursement or
instruction letter to them in any case in which Borrowers intend to obtain a Warehousing Advance against the Mortgage Loan to be created at settlement or to pledge that Mortgage Loan as Collateral under this Agreement. 
  

	7.11.	 	Subordination of Certain Indebtedness 

  
 Cause any indebtedness of any Borrower for borrowed money to any member, manager or Affiliate or any shareholder, director or officer of any manager, member or Affiliate
of Borrower, which indebtedness, when added to all other such indebtedness of each Borrower, results in an aggregate amount of such indebtedness in excess of $35,000,000, to be subordinated to the Obligations by the execution and delivery to Credit
Agent of a Subordination of Debt Agreement, on the form prescribed by Credit Agent, certified by the corporate secretary of that Borrower to be true and complete and in full force and effect. 
  

	7.12.	 	Other Loan Obligations 

  
 Perform all material obligations under the terms of each loan agreement, note, mortgage, security agreement or debt instrument by which any Borrower is bound or to which
any of its property is subject, and promptly notify Credit Agent in writing of a declared default under or the termination, cancellation, reduction or nonrenewal of any of its other lines of credit or agreements with any other lender. Exhibit
F is a true and complete list of all such lines of credit or agreements as of the date of this Agreement. Borrowers must give Credit Agent at least 30 days Notice before entering into any additional lines of credit or agreements. 
  

	7.13.	 	ERISA 

  
 Maintain (and, if applicable, cause each ERISA Affiliate to maintain) each Plan in compliance with all material applicable requirements of ERISA and of the Internal Revenue Code and with all applicable rulings and
regulations issued under the provisions of ERISA and of the Internal Revenue Code, and not (and, if applicable, not permit any ERISA Affiliate to), (a) engage in any transaction in connection with which any Borrower or any ERISA Affiliate would be
subject to either a civil penalty assessed pursuant to Section 502(i) of ERISA or a tax imposed by Section 4975 of the Internal Revenue Code, in either case in an amount exceeding $25,000 or (b) fail to make full payment when due of all amounts
that, under the provisions of any Plan, any Borrower or any ERISA Affiliate is required to pay as contributions to that Plan, or permit to exist 

  

 Page 7-4 

 
any accumulated funding deficiency (as such term is defined in Section 302 of ERISA and Section 412 of the Internal Revenue Code), whether or not waived,
with respect to any Plan in an aggregate amount exceeding $25,000. 
  

	7.14.	 	Use of Proceeds of Advances 

  
 Use the proceeds of each Advance solely for the purpose of funding Eligible Assets and against the pledge of those Eligible Assets as Collateral or, in the case of
Advances against Foreclosure Mortgage Loans and Foreclosure Claim Receivables, repaying Advances outstanding against or repurchase obligations with respect to the related Mortgage Loans. 
  
 End of Article 7 
  

 Page 7-5 

	8.	 	NEGATIVE COVENANTS 

  
 As long as the Commitments are outstanding or there remain any Obligations to be paid or performed, Borrowers must not, either directly or indirectly, without the prior written consent of Credit Agent : 
  

	8.1.	 	Contingent Liabilities 

  
 Assume, guarantee, endorse or otherwise become contingently liable for the obligation of any Person (including any Subsidiary that is not a Borrower), except by
endorsement of negotiable instruments for deposit or collection in the ordinary course of business, and except for obligations arising in connection with the sale of Mortgage Loans without credit recourse (but subject to recourse for breaches of
normal representations, warranties and other provisions) in the ordinary course of Borrowers’ business, obligations arising in connection with the sale of Mortgage Loans without credit recourse (but subject to recourse for breaches of normal
representations, warranties and other provisions) to UAMC Capital in connection with the UAMC Capital Warehousing Facility, and other contingent liabilities in an aggregate amount not greater than $10,000,000. 
  

	8.2.	 	Restrictions on Fundamental Changes 

  

	8.2 (a) 	Consolidate, merge or enter into any analogous reorganization or transaction with any Person, except that any Borrower may merge with another Borrower and any Borrower may enter
into a merger if the surviving corporation will be a wholly-owned Subsidiary of UAMCLLC. 

  

	8.2 (b) 	Liquidate, wind up or dissolve (or suffer any liquidation or dissolution). 

  

	8.2 (c) 	Cease actively to engage in the business of originating or acquiring Mortgage Loans or make any other material change in the nature or scope of the business in which each Borrower
engages as of the date of this Agreement. 

  

	8.2 (d) 	Sell, assign, lease, convey, transfer or otherwise dispose of (whether in one transaction or a series of transactions) all or any substantial part of each Borrower’s business
or assets, whether now owned or acquired after the Closing Date, other than, in the ordinary course of business and to the extent not otherwise prohibited by this Agreement, sales of (1) Mortgage Loans, (2) Mortgage-backed Securities and (3)
Servicing Contracts. 

  

	8.2 (e) 	Change its name or jurisdiction of incorporation or formation without providing 30 days prior written notice to Credit Agent. 

  

	8.3.	 	Deferral of Subordinated Debt 

  
 Pay any Subordinated Debt of any Borrower in advance of its stated maturity or, after a Default or Event of Default under this Agreement has occurred, make any payment of
any kind on any Subordinated Debt of any Borrower until all of the Obligations have been paid and performed in full and any applicable preference period has expired. 
  

	8.4.	 	Loss of Eligibility 

  
 Take any action that would cause any Borrower to lose all or any part of its status as an eligible lender, seller/servicer or issuer as described under Section 9.1. 
  

 Page 8-1 

	8.5.	 	Accounting Changes 

  
 Make, or permit any Subsidiary of any Borrower to make, any significant change in accounting treatment or reporting practices, except as required by GAAP, or change its fiscal year or the fiscal year of any Subsidiary
of any Borrower. 
  

	8.6.	 	Tangible Leverage Ratio 

  
 Permit UAMCC’s Tangible Leverage Ratio at any time to exceed 10 to 1. 
  

	8.7.	 	Minimum Tangible Net Worth 

  
 Permit UAMCC’s Tangible Net Worth at any time to be less than $75,000,000. 
  

	8.8.	 	Distributions to Members 

  
 Make any distributions to UAMCLLC’s Members or EHMI’s, AFSI’s, UAMCC’s and UAMC Asset’s shareholders (including any purchase or redemption of
stock) if a Default or Event of Default exists or would occur as a result of the dividend or distribution. 
  

	8.9.	 	Transactions with Affiliates 

  
 Directly or indirectly (a) make any loan, advance, extension of credit or capital contribution to any of Borrowers’ Affiliates, except (i) any Borrower may make
loans, advances, extensions of credit or capital contributions to another Borrower, (ii) UAMCLLC may make loans to Lennar, and (iii) Borrowers may make additional loans, advances, extensions of credit and capital contributions to Affiliates in an
aggregate amount at any time outstanding not in excess of $30,000,000, in each case as long as both before and after giving effect thereto, no Default or Event of Default will exist, (b) sell, transfer, pledge or assign any of its assets to or on
behalf of those Affiliates, except for sales and repurchases of Mortgage Loans to and from UAMC Capital (which may be evidenced by appropriate intercompany accounting entries) in connection with the UAMC Capital Warehousing Facility, or (c) pay
management fees to or on behalf of those Affiliates. 
  

	8.10.	 	Recourse Servicing Contracts 

  
 Acquire or enter into Servicing Contracts under which Borrowers must repurchase or indemnify the holder of the Mortgage Loans as a result of defaults on the Mortgage
Loans at any time during the term of those Mortgage Loans (but subject to recourse for breaches of normal representations, warranties and other provisions), if the aggregate principal amount of Mortgage Loans serviced pursuant to such Servicing
Contracts would exceed by all Borrowers $250,000,000. 
  

	8.11.	 	Limitation on Liens. 

  
 Create, incur, assume or permit to exist any Lien with respect to any property now owned or hereafter acquired by any Borrower or any Subsidiary, or any income or profits therefrom, except (a) the security interests
granted to Credit Agent, for the benefit of Lenders, under the Loan Documents; (b) Liens described on Exhibit L; (c) Liens in connection with deposits or pledges to secure payment of workers’ compensation, unemployment insurance, old age
pensions or other social security obligations, in the ordinary course of business of any Borrower or any Subsidiary; (d) Liens for taxes, fees, assessments and governmental charges not delinquent or which are being contested in good faith by
appropriate proceedings and for which appropriate reserves 

  

 Page 8-2 

 
have been established in accordance with GAAP; (e) encumbrances consisting of zoning regulations, easements, rights of way, survey exceptions and other
similar restrictions on the use of real property and minor irregularities in title thereto which do not materially impair their use in operation of its business; (f) contingent Liens on office equipment arising under leases of office space; (g)
Liens on equipment to secure Debt incurred to finance the acquisition of such Equipment, including, without limitations, capitalized leases, (h) Liens incurred in connection with gestation agreements with respect to the property described in the
definition of such term, and (i) other Liens, provided the Debt secured by such Liens is permitted pursuant to Section 8.12. 
  

	8.12.	 	Limitation on Debt. 

  
 Incur or permit to remain outstanding any Debt other than (a) Debt incurred under this Agreement, (b) Debt described on Exhibit M hereto, (c) Debt incurred to finance the acquisition by any Borrower or a
Subsidiary of equipment used in the ordinary course of its business, (d) Debt incurred under gestation agreements, (e) current liabilities, not overdue unless contested in good faith, incurred by any Borrower or any Subsidiary otherwise than for
borrowed money, (f) deferred taxes arising from capitalized excess servicing fees and capitalized servicing rights, (g) Subordinated Debt, (h) Debt arising under Hedging Arrangements, and (i) other Debt in an aggregate amount at any time outstanding
of not more than $50,000,000. 
  
 End of Article 8

  

 Page 8-3 

	9.	 	SPECIAL REPRESENTATIONS, WARRANTIES AND COVENANTS CONCERNING COLLATERAL 

  

	9.1.	 	Special Representations and Warranties Concerning Eligibility as Seller/Servicer of Mortgage Loans 

  
 Borrowers represent and warrant to Credit Agent and Lenders, as of the date of this
Agreement and as of the date of each Warehousing Advance Request and the making of each Warehousing Advance, that each Borrower is approved and qualified and in good standing as a lender, seller/servicer or issuer, as set forth below, and meets all
requirements applicable to its status as such: 
  

	9.2.	 	Special Representations and Warranties Concerning Eligibility as Seller/Servicer of Mortgage Loans 

  

	9.2 (a) 	UAMCLLC is approved and qualified and in good standing as a lender or seller/servicer, as set forth below, and meets all requirements applicable to its status as:

  

	 	(i)	An FHA-approved mortgagee, eligible to originate, purchase, hold, sell and service FHA fully insured Mortgage Loans. 

  

	 	(ii)	A Ginnie Mae-approved seller/servicer of Mortgage Loans and issuer of Mortgage-backed Securities guaranteed by Ginnie Mae. 

  

	 	(iii)	A lender in good-standing under the VA loan guarantee program eligible to originate, purchase, hold, sell and service VA-guaranteed Mortgage Loans. 

  

	 	(iv)	A Fannie Mae-approved seller/servicer of Mortgage Loans, eligible to originate, purchase, hold, sell and service Mortgage Loans to be sold to Fannie Mae. 

 

	 	(v)	A Freddie Mac-approved seller/servicer of Mortgage Loans, eligible to originate, purchase, hold, sell and service Mortgage Loans to be sold to Freddie Mac. 

 

	 	(vi)	An RFC-approved seller/servicer of Mortgage Loans, eligible to originate, purchase, hold, sell and service Loans to be sold to RFC. 

  

	9.2 (b) 	EHMI is approved and qualified and in good standing as a lender or seller/servicer, as set forth below, and meets all requirements applicable to its status as:

  

	 	(i)	FHA-approved mortgagee, eligible to originate, purchase, hold, sell and service FHA fully insured Mortgage Loans. 

  

	 	(ii)	A Ginnie Mae-approved seller/servicer of Mortgage Loans and issuer of Mortgage-backed Securities guaranteed by Ginnie Mae. 

  

	 	(iii)	A lender in good-standing under the VA loan guarantee program eligible to originate, purchase, hold, sell and service VA-guaranteed Mortgage Loans. 

  

	 	(iv)	A Fannie Mae-approved seller/servicer of Mortgage Loans, eligible to originate, purchase, hold, sell and service Mortgage Loans to be sold to Fannie Mae. 

 

 Page 9-1 

	 	(v)	A Freddie Mac-approved seller/servicer of Mortgage Loans, eligible to originate, purchase, hold, sell and service Mortgage Loans to be sold to Freddie Mac. 

 

	 	(vi)	An RFC-approved seller/servicer of Mortgage Loans, eligible to originate, purchase, hold, sell and service Loans to be sold to RFC. 

  

	9.2 (c)	AFSI is approved and qualified and in good standing as a lender or seller/servicer, as set forth below, and meets all requirements applicable to its status as:

  

	 	(i)	FHA-approved mortgagee, eligible to originate, purchase, hold, sell and service FHA fully insured Mortgage Loans. 

  

	 	(ii)	A lender in good-standing under the VA loan guarantee program eligible to originate, purchase, hold, sell and service VA-guaranteed Mortgage Loans. 

  

	9.2 (d)	UAMCC is approved and qualified and in good standing as a lender or seller/servicer, as set forth below, and meets all requirements applicable to its status as:

  

	 	(i)	FHA-approved mortgagee, eligible to originate, purchase, hold, sell and service FHA fully insured Mortgage Loans. 

  

	 	(ii)	A lender in good-standing under the VA loan guarantee program eligible to originate, purchase, hold, sell and service VA-guaranteed Mortgage Loans. 

  

	9.3.	 	Special Representations and Warranties Concerning Warehousing Collateral 

  
 Each Borrower represents and warrants to Credit Agent and Lenders, as of the date of this Agreement and as of the date of each Warehousing
Advance Request and the making of each Advance, that: 
  

	9.3 (a)	No Borrower has selected the Collateral in a manner so as to affect adversely Lenders’ interests. 

  

	9.3 (b)	Borrowers are the legal and equitable owner and holder, free and clear of all Liens (other than Liens granted under this Agreement) of the Pledged Assets. All Pledged Assets and
related Purchase Commitments have been duly authorized and validly issued to Borrowers, and all of the foregoing items of Collateral comply with all of the requirements of this Agreement, and have been and will continue to be validly pledged or
assigned to Credit Agent, subject to no other Liens. 

  

	9.3 (c)	Each Borrower has, and will continue to have, the full right, power and authority to pledge the Collateral pledged and to be pledged by it under this Agreement.

  

	9.3 (d)	Each Mortgage Loan and each related document included in the Pledged Loans (1) has been duly executed and delivered by the parties to that Mortgage Loan and that related document,
(2) has been made in compliance with all applicable laws, rules and regulations (including all laws, rules and regulations relating to usury), (3) is and will continue to be a legal, valid and binding obligation, enforceable in accordance with its
terms, without setoff, counterclaim or defense in favor of the mortgagor under the Mortgage Loan or any other obligor on the Mortgage Note, (4) has not been modified, amended or any requirements of which waived, except in writing that is part of the
Collateral Documents, and (5) is an Eligible Asset as described on Exhibit H. 

  

 Page 9-2 

	9.3 (e)	Each Pledged Loan is secured by a Mortgage, and each Pledged Agreement for Deed constitutes a Lien, on real property and improvements located in one of the states of the United
States or the District of Columbia. 

  

	9.3 (f)	Except for open-ended Second Mortgage Loans, Construction/Perm Mortgage Loans and Third Party Builder Construction Mortgage Loans, each Pledged Loan has been closed or will be
closed and funded with the Advance made against it. 

  

	9.3 (g)	Each First Mortgage Loan is secured by a First Mortgage on the real property and improvements described in or covered by that Mortgage. 

  

	9.3 (h)	Each First Mortgage Loan has or will have a title insurance policy, in ALTA form or equivalent, from a recognized title insurance company, insuring the priority of the Lien of the
Mortgage and meeting the usual requirements of Investors purchasing those Mortgage Loans. 

  

	9.3 (i)	Each Second Mortgage Loan is secured by a Second Mortgage on the real property and improvements described in or covered by that Mortgage. 

  

	9.3 (j)	To the extent required by the related Purchase Commitment or by Investors generally for similar Mortgage Loans, each Second Mortgage Loan has or will have a title insurance policy,
in ALTA form or equivalent, from a recognized title insurance company, insuring the priority of the Lien of the Mortgage and meeting the usual requirements of Investors purchasing those Mortgage Loans. 

  

	9.3 (k)	Each Mortgage Loan has been evaluated or appraised in accordance with Title XI of FIRREA. 

  

	9.3 (l)	The Mortgage Note for each Pledged Loan is (1) payable or endorsed to the order of Borrower, (2) an “instrument” within the meaning of Article 9 of the Uniform Commercial
Code of all applicable jurisdictions and (3) is denominated and payable in United States dollars. 

  

	9.3 (m)	No default has existed for 60 days or more under any Mortgage Loan included in the Pledged Loans, except for a Foreclosure Mortgage Loan, or under any Pledged Agreement for Deed.

  

	9.3 (n)	No party to an Eligible Asset or any related document is in violation of any applicable law, rule or regulation that would impair the collectibility of the Eligible Asset or the
performance by the mortgagor or any other obligor of its obligations under the Eligible Asset or any related document. 

  

	9.3 (o)	All fire and casualty policies covering the real property and improvements encumbered by each Mortgage included in the Pledged Loans and each Pledged Agreement for Deed (1) name and
will continue to name a Borrower and its successors and assigns as the insured under a standard mortgagee clause, (2) are and will continue to be in full force and effect and (3) afford and will continue to afford insurance against fire and such
other risks as are usually insured against in the broad form of extended coverage insurance generally available. 

  

	9.3 (p)	Pledged Loans and Pledged Agreements for Deed secured by real property and improvements located in a special flood hazard area designated as such by the Director of the Federal
Emergency Management Agency are and will continue to be covered by special flood insurance under the National Flood Insurance Program. 

  

 Page 9-3 

	9.3 (q)	Each Pledged Loan against which an Advance is made on the basis of a Purchase Commitment meets all of the requirements of that Purchase Commitment, and each Pledged Security against
which an Advance is outstanding meets all of the requirements of the related Purchase Commitment. 

  

	9.3 (r)	Pledged Loans that are intended to be exchanged for Agency Securities comply or, prior to the issuance of the Agency Securities will comply, with the requirements of any
governmental instrumentality, department or agency issuing or guaranteeing the Agency Securities. 

  

	9.3 (s)	Pledged Loans that are intended to be used in the formation of Mortgage-backed Securities (other than Agency Securities) comply with the requirements of the issuer of the
Mortgage-backed Securities (or its sponsor) and of the Rating Agencies. 

  

	9.3 (t)	The original assignments of Mortgage delivered to Credit Agent for each Pledged Loan and Pledged Agreement for Deed are in recordable form and comply with all applicable laws and
regulations governing the filing and recording of such documents. 

  

	9.3 (u)	None of the mortgagors, guarantors or other obligors of any Pledged Asset is a Person named in any Restriction List and to whom the provision of financial services is prohibited or
otherwise restricted by applicable law. 

  

	9.3 (v)	No Pledged Loan delivered to Lender is a Discontinued Loan. 

  

	9.3 (w)	Each Pledged Asset secured by real property to which a Manufactured Home is affixed will create a valid Lien on that Manufactured Home that will have priority over any other Lien on
the Manufactured Home, whether or not arising under applicable real property law. 

  

	9.4.	 	Special Affirmative Covenants Concerning Warehousing Collateral 

  
 As long as the Commitments are outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, each Borrower
will: 
  

	9.4 (a)	Warrant and defend the right, title and interest of Credit Agent and Lenders in and to the Collateral against the claims and demands of all Persons. 

  

	9.4 (b)	Service or cause to be serviced all Pledged Loans in accordance with the standard requirements of the issuers of Purchase Commitments covering them and all applicable HUD, Fannie
Mae and Freddie Mac requirements, including taking all actions necessary to enforce the obligations of the obligors under such Mortgage Loans. Service or cause to be serviced all Mortgage Loans backing Pledged Securities in accordance with
applicable governmental requirements and requirements of issuers of Purchase Commitments covering them. Hold all escrow funds collected in respect of Pledged Loans and Mortgage Loans backing Pledged Securities in trust, without commingling the same
with non-custodial funds, and apply them for the purposes for which those funds were collected. 

  

	9.4 (c)	Execute and deliver to Credit Agent with respect to the Collateral those further instruments of sale, pledge, assignment or transfer, and those powers of attorney, as required by
Credit Agent, and do and perform all matters and things necessary or desirable to be done or observed, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded Credit Agent under this
Agreement. 

  

 Page 9-4 

	9.4 (d)	Notify Credit Agent within 2 Business Days of any default under, or of the termination of, any Purchase Commitment relating to any Pledged Loan, Eligible Mortgage Pool, or Pledged
Security. 

  

	9.4 (e)	Promptly comply in all respects with the terms and conditions of all Purchase Commitments, and all extensions, renewals and modifications or substitutions of or to all Purchase
Commitments. Deliver or cause to be delivered to the Investor the Pledged Loans and Pledged Securities to be sold under each Purchase Commitment not later than the mandatory delivery date of the Pledged Loans or Pledged Securities under the Purchase
Commitment. 

  

	9.4 (f)	Compare the names of every mortgagor, guarantor and other obligor of every Mortgage Loan, together with appropriate identifying information concerning those Persons obtained by any
Borrower, against every Restriction List, and make certain that none of the mortgagors, guarantors or other obligors of any Mortgage Loan is a Person named in any Restriction List and to whom the provision of financial services is prohibited or
otherwise restricted by applicable law. 

  

	9.4 (g)	Prior to the origination by any Borrower of any Mortgage Loans for sale to Fannie Mae, enter into an agreement among such Borrower, Lender and Fannie Mae, pursuant to which Fannie
Mae agrees to send all cash proceeds of Mortgage Loans sold by such Borrower to Fannie Mae to the Cash Collateral Account. 

  

	9.4 (h)	Prior to the origination by any Borrower of any Mortgage Loan to be registered on the MERS system, obtain the approval of Credit Agent and enter into an Electronic Tracking
Agreement. 

  

	9.5.	 	Special Negative Covenants Concerning Warehousing Collateral 

  
 As long as the Commitments are outstanding or there remain any Obligations to be paid or performed, no Borrower will, either directly or indirectly, without the prior
written consent of Credit Agent: 
  

	9.5 (a)	Amend or modify, or waive any of the terms and conditions of, or settle or compromise any claim in respect of, any Pledged Asset, except in a manner consistent with the terms of the
related Purchase Commitment, if applicable, and any FHA Insurance policy or VA guaranty. 

  

	9.5 (b)	Sell, transfer or assign, or grant any option with respect to, or pledge (except under this Agreement and, with respect to each Pledged Asset, the related Purchase Commitment) any
of the Collateral or any interest in any of the Collateral. 

  

	9.5 (c)	Make any compromise, adjustment or settlement in respect of any of the Collateral or accept other than cash in payment or liquidation of the Collateral. 

  

	9.5 (d)	Cause UAMC Asset to issue any stock or other securities in addition to or in substitution for the Pledged Shares, except to UAMCLLC, and UAMCLLC will pledge hereunder, immediately
upon its acquisition (directly or indirectly) thereof, any and all additional shares of stock or other securities of UAMC Asset. 

  

 Page 9-5 

	9.6.	 	Special Affirmative Covenants Concerning Construction/Perm Mortgage Loans and Third-Party Builder Construction Mortgage Loans 

  
 As long as the Commitments are outstanding or there remain any Obligations to be paid or
performed under this Agreement or under any other Loan Document, each Borrower will: 
  

	9.6 (a)	Prior to the submission of a request for an initial RFC Direct Advance against a Third Party Builder Construction Mortgage Loan, Borrowers reviewed the financial and business
ability of the builder to complete the improvements to the premises encumbered by a Pledged Mortgage in a timely and cost efficient manner. 

  

	9.6 (b)	Notify Credit Agent within 2 Business Days of the following events: (1) a lien filed against premises encumbered by a Pledged Mortgage and not removed within 15 days of the filing,
(2) a Pledged Mortgage being out of balance with the Cost Breakdown and not brought back in balance by the mortgagor within 15 days after such determination by such Borrower, and (3) any damage or destruction of the premises encumbered by a Pledged
Mortgage. 

  

	9.7.	 	Special Representations Concerning Construction/Perm Mortgage Loans and Third Party Builder Construction Mortgage Loans 

  
 Borrowers represent and warrant to Credit Agent and Lenders, as of the date of this
Agreement and as of the date of each Advance Request, that: 
  

	9.7 (a)	Each Construction/Perm Mortgage Loan and Third Party Builder Construction Loan included in the Pledged Loans (1) has an American Land Title Association Lender’s construction
loan policy or commitment, (2) has “all risk” builder’s insurance and workers’ compensation insurance, (3) has a survey prepared and certified by a duly registered surveyor or title company showing no encroachments of the
improvements or the proposed improvements to be constructed on the premises encumbered by the Pledged Loan on to other lands or easements or restrictions, unless such encroachments have been insured over or are acceptable to the Investor, (4) has
building permits and all necessary licenses and approvals for the construction of the improvements on the premises encumbered by the Pledged Loan, (5) has a “as completed” appraisal, (6) has a fixed price general contract issued by a
licensed contractor, and (7) has all necessary utilities available to the premises encumbered by the Pledged Loan. 

  

	9.7 (b)	Prior to the initial Advance against a Construction/Perm Mortgage Loan or a Third Party Builder Construction Mortgage Loan included in the Pledged Loans, Borrowers shall have
received (1) a Cost Breakdown, (2) a draw schedule, and (3) an inspection report. 

  

	9.7 (c)	Prior to each Advance against a Construction/Perm Mortgage Loan or a Third Party Builder Construction Mortgage Loan included in the Pledged Loans, Borrowers (i) shall have received
(A) an inspection report confirming completion of the work for which such Advance is being requested and the Total Hard Costs are adequate to complete the improvements and (B) invoices for each soft cost reimbursement for which such Advance is being
requested, and (ii) shall not have received a notice of intent to assert a Lien from any contract, subcontractor, material supplier or other Person. 

  

	9.7 (d)	 Prior to the final Advance against a Construction/Perm Mortgage Loan or a Third Party Builder Construction Mortgage Loan included in the Pledged Loans, Borrowers
shall have received, (1) a final inspection report or certificate of occupancy confirming completion of all work in accordance with the plans and specifications, (2) final lien waivers, (3) final certificate of appraiser that the premises encumbered
by the Pledged Loan equals the As 

  

 Page 9-6 

	 	 
Completed Appraised Value, and (4) a datedown endorsement from the title insurance company showing clear title as of the date of disbursement of such
Advance. 

  

	9.7 (e) 	Within 15 days after the final Advance against a Construction/Perm Mortgage Loan or a Third Party Builder Construction Mortgage Loan included in the Pledged Loan, Borrowers shall
receive any Mortgage Note modification or modified Mortgage Note delivered in connection with a Construction/Perm Mortgage Loan and a Mortgage Note or Wet Settlement package evidencing a Mortgage Loan which refinances a related Mortgage Loan.

  

	9.8.	 	Special Representations and Warranties Concerning Receivables 

  
 Borrowers hereby represent and warrant to Credit Agent and Lenders, as of the date of this Agreement and as of the date of each Advance Request and the making of each
Advance that: 
  

	9.8 (a) 	Borrowers are the legal and equitable owners and holders, free and clear of all Liens (other than Liens granted hereunder) of the Receivables, and the Receivables have been and will
continue to be subject to a security interest in favor of the Credit Agent, subject to no other Liens. 

  

	9.8 (b) 	Borrowers have, and will continue to have, the full right, power and authority to grant a security interest in the Receivables to the Credit Agent. 

  

	9.8 (c) 	Each Receivable is a valid, enforceable right to retain amounts received from obligors under Mortgage Loans serviced by Borrowers, or a valid, enforceable right to payment from
Fannie Mae, Freddie Mac, Ginnie Mae, VA, FHA or a private mortgage insurer, is currently due, and as to which no condition exists that will impair or materially delay payment thereof. 

  

	9.8 (d) 	To the best of Borrowers’ knowledge, with respect to any Receivables, the mortgagor who is liable for payments that will be applicable to such Receivables, or Fannie Mae,
Freddie Mac, Ginnie Mae, FHA, VA or the private mortgage insurer, obligated thereon, has no defense, setoff, claim or counterclaim against Borrowers which can be asserted against the Credit Agent, whether in any proceeding to enforce the Credit
Agent’s security interest in such Receivable or otherwise. 

  

	9.8 (e) 	Except for the Acknowledgment Agreements, to the extent required, no consent of any Person is required for the grant of a security interest in the Receivables to the Credit Agent,
and no consent will need to be obtained upon the occurrence of an Event of Default for the Credit Agent to exercise its rights with respect to any of the Receivables. 

  
 9.9. Special Representations Concerning Pledged Shares 
  
 Borrowers hereby represent and warrant to Credit Agent and Lenders, as of the date of this Agreement and as of the date of each Advance
Request for an Advance and the making of each such Advance, that: 
  

	9.9 (a) 	UAMCLLC has title to the Pledged Shares and will have title to all further Pledged Shares hereafter issued, free of all Liens except the security interest in favor of the Credit
Agent. 

  

	9.9 (b) 	UAMCLLC has full power and authority to subject the Pledged Shares to the security interest created hereby. 

  

	9.9 (c) 	No financing statement covering all or part of the Pledged Shares is on file in any public office (except for any financing statements filed by the Credit Agent).

  

 Page 9-7 

	9.9 (d) 	The Pledged Shares have been duly authorized and validly issued by UAMC Asset and are fully paid and non-assessable. The certificates representing the Pledged Shares are genuine.
The Pledged Shares are not subject to any offset or similar right or claim of the issuers thereof. 

  

	9.9 (e) 	The Pledged Shares constitute 100% of the issued and outstanding shares of capital stock of UAMC Asset. 

  

	9.10.	 	Special Representations and Warranties Concerning Foreclosure Claim Receivables and Foreclosure Mortgage Loans 

  
 Borrowers hereby represent and warrant to Credit Agent and Lenders, as of the date of this
Agreement and as of the date of each Advance Request for an Advance against Foreclosure Claim Receivables or Foreclosure Mortgage Loans and the making of each such Advance, that: 
  

	9.10 (a) 	The Mortgage Loan with respect to which such Advance was made by Borrowers is in foreclosure, or there will be commenced and continuing bankruptcy or similar proceedings involving
the obligor on such Mortgage Loan, or a Borrower has commenced loss mitigation action with respect to such Mortgage Loans. 

  

	9.10 (b) 	In the event the obligor on such Mortgage Loan fails to make the payment as to which said receivable relates, Borrowers are entitled to reimbursement therefore on a priority basis
pursuant to the terms of the applicable Servicing Contract out of proceeds of the sale or other disposition or liquidation of said Mortgage Loan or out of insurance proceeds, including, without limitation, private mortgage insurance proceeds and the
proceeds of any guaranty of the obligations of the obligor thereunder. 

  

	9.10 (c) 	Said receivable is and will be free and clear of all Liens, claims and encumbrances, except Liens in favor of the Credit Agent for the benefit of the Lenders.

  

	9.11.	 	Voting Rights; Dividends; Etc. 

  

	9.11 (a) 	Subject to paragraph (d) of this Section 9.11, UAMCLLC shall be entitled to exercise or refrain form exercising any and all voting and other consensual rights pertaining to the
Pledged Shares for any purpose not inconsistent with the terms of this Agreement; provided, however, that UAMCLLC shall not exercise or refrain from exercising any such right if such action could reasonably be expected to have a material adverse
effect on the value of the Collateral or any material part thereof. 

  

	9.11 (b) 	Any and all dividends paid in respect of the Pledged Shares after the occurrence and during the continuance of any Default or Event of Default shall be forthwith delivered to the
Credit Agent to hold as Collateral and shall, if received by any Borrower, be received in trust for the benefit of Lenders, be segregated from the other property or funds of Borrowers, and be forthwith delivered to Credit Agent as Collateral in the
same form as so received (with any necessary endorsement or assignment). Each Borrower shall, upon request by Lenders, promptly execute all such documents and do all such acts as may be necessary or desirable to give effect to the provisions of this
Section 9.11(b). 

  

	9.11 (c) 	Credit Agent will execute and deliver (or cause to be executed and delivered) to UAMCLLC all such proxies and other instruments as UAMCLLC may reasonable request for the purpose of
enabling UAMCLLC to exercise the voting and other rights that it is entitled to exercise pursuant to Section 9.11(a) and to receive the dividends that it is authorized to receive and retain pursuant to Section 9.11(b). 

  

 Page 9-8 

	9.11 (d) 	Upon the occurrence and during the continuance of any Event of Default, Credit Agent shall have the right in its sole discretion, and Borrowers shall execute and deliver all such
proxies and other instruments as may be necessary or appropriate to give effect to such right, to terminate all rights of Borrowers to exercise or refrain from exercising the voting and other consensual rights that it would otherwise be entitled to
exercise pursuant to Section 9.11(a) hereof, and all such rights shall thereupon become vested in Credit Agent who will thereupon have the sole right to exercise or refrain from exercising such voting and other consensual rights; provided, however,
that Credit Agent and Lenders shall not be deemed to possess or have control over any voting rights with respect to any Collateral unless and until Credit Agent has given written notice to Borrowers that any further exercise of such voting rights by
Borrowers is prohibited and that Credit Agent and/or its assigns will henceforth exercise such voting rights; and provided further, that neither the registration of any item of Collateral in Credit Agent’s name nor the exercise of any voting
rights with respect thereto shall be deemed to constitute a retention by Credit Agent or Lenders of any such Collateral in satisfaction of the Obligations or any part thereof. 

  
 End of Article 9 
  

 Page 9-9 

	10.	 	DEFAULTS; REMEDIES 

  

	10.1.	 	Events of Default 

  
 The occurrence of any of the following is an event of default (“Event of Default”): 
  

	10.1 (a) 	Any Borrower fails to pay the principal of any Advance when due, whether at stated maturity, by acceleration, or otherwise; or fails to pay any installment of interest on any
Advance within 9 days after the date of Credit Agent’s invoice or, if applicable, within 2 days after the date of Credit Agent’s account analysis statement; or fails to pay, within any applicable grace period, any other amount due under
this Agreement or any other Obligation of Borrowers to Credit Agent and Lenders. 

  

	10.1 (b) 	Any Borrower or any of their Subsidiaries, other than USH Funding Inc. or Edgewater Reinsurance Ltd., fails to pay, or defaults in the payment of any principal or interest on, any
other indebtedness or any contingent obligation within any applicable grace period; breaches or defaults with respect to any other material term of any other indebtedness or of any loan agreement, mortgage, indenture or other agreement relating to
that indebtedness, if the effect of that breach or default is to cause, or to permit the holder or holders of that indebtedness (or a trustee on behalf of such holder or holders) to cause, indebtedness of Borrower or its Subsidiaries, other than USH
Funding Inc. or Edgewater Reinsurance Ltd., in the aggregate amount of $2,000,000 or more to become or be declared due before its stated maturity (upon the giving or receiving of notice, lapse of time, both, or otherwise). 

 

	10.1 (c) 	Any Borrower fails to perform or comply with any term or condition applicable to it contained in Sections 7.4 or 7.14 or in any Section of Article 9. 

  

	10.1 (d) 	Any representation or warranty made or deemed made by any Borrower under this Agreement, in any other Loan Document or in any written statement or certificate at any time given by
such Borrower, other than the representations and warranties set forth in Article 9 with respect to specific Pledged Loans, is inaccurate or incomplete in any material respect on the date as of which it is made or deemed made.

  

	10.1 (e) 	Any Borrower defaults in the performance of or compliance with any term contained in this Agreement or any other Loan Document other than those referred to in Sections 10.1(a),
10.1(c) or 10.1(d) and such default has not been remedied or waived within 30 days after the earliest of (1) receipt by Borrowers of Notice from Credit Agent of that default, (2) receipt by Credit Agent of Notice from Borrowers of that default or
(3) the date Borrowers should have notified Credit Agent of that default under Section 7.7(c) or 7.7(d). 

  

	10.1 (f) 	An “event of default” (however defined) occurs under any agreement between Borrowers and Credit Agent other than this Agreement and the other Loan Documents.

  

	10.1 (g) 	 A case (whether voluntary or involuntary) is filed by or against any Borrower under any applicable bankruptcy, insolvency or other similar federal or state law; or
a court of competent jurisdiction appoints a receiver (interim or permanent), liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Borrower or over all or a substantial part of their respective properties or
assets; or any Borrower (1) consents to the appointment of or possession by a receiver (interim or permanent), liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Borrower, or over all or a substantial part
of their respective properties or assets, 

  

 Page 10-1 

	 	 
(2) makes an assignment for the benefit of creditors, or (3) fails, or admits in writing its inability, to pay its debts as those debts become due.

  

	10.1 (h) 	Any Borrower fails to perform any contractual obligation to repurchase Mortgage Loans, if such obligations in the aggregate exceed $2,000,000. 

  

	10.1 (i) 	Any money judgment, writ or warrant of attachment or similar process involving an amount in excess of $2,000,000 is entered or filed against any Borrower or any of their
Subsidiaries or any of their respective assets and remains undischarged, unvacated, unbonded or unstayed for a period of 30 days or 5 days before the date of any proposed sale under that money judgment, writ or warrant of attachment or similar
process. 

  

	10.1 (j) 	Any order, judgment or decree decreeing the dissolution of any Borrower is entered and remains undischarged or unstayed for a period of 20 days. 

  

	10.1 (k) 	Any Borrower purports to disavow the Obligations or contests the validity or enforceability of any Loan Document. 

  

	10.1 (l) 	Lennar purports to disavow its obligations under the Lennar Undertaking or contests the validity or enforceability of the Lennar Undertaking. 

  

	10.1 (m) 	Credit Agent’s security interest on any portion of the Collateral becomes unenforceable or otherwise impaired and all Advances made against any of that Collateral are not paid
in full, or the impairment is not cured, within 10 days after earliest of (i) receipt by Borrower of Notice from Credit Agent of the impairment, (ii) receipt by Credit Agent of Notice from Borrower of the impairment, or (iii) the date Borrower
should have notified Credit Agent of the impairment under Article 7. 

  

	10.1 (n) 	A material adverse change occurs in any Borrower’s financial condition, business, properties, operations or prospects, or in any Borrower’s ability to repay the
Obligations. 

  

	10.1 (o) 	Any Lien for any taxes, assessments or other governmental charges (1) is filed against any Borrower or any of its property, or is otherwise enforced against any Borrower or any of
its property, or (2) obtains priority that is equal to or greater than the priority of Credit Agent’s security interest in any of the Collateral. 

  

	10.1 (p) 	UAMCLLC ceases to own, directly, all of the capital stock of each other Borrower, or Lennar ceases to own, directly or indirectly, a majority of each class of the capital stock of
UAMCLLC. 

  

	10.1 (q) 	UAMC Asset shall incur any Debt, other than Debt owed to Lenders, or any Pledged Asset owned by UAMC Asset shall become subject to any Lien, other than Liens in favor of the Credit
Agent. 

  

	10.2.	 	Remedies 

  

	10.2 (a) 	If a Lender shall have knowledge of a Default or an Event of Default, it shall immediately give Notice thereof to Credit Agent. If Credit Agent has knowledge of a Default or an
Event of Default, it shall give Notice thereof to each Lender and to Borrowers. Credit Agent will not be deemed to have knowledge or Notice of the occurrence of a Default or an Event of Default unless Credit Agent has received Notice from a Lender
or a Borrower. No Lender will be deemed to have knowledge or Notice of the occurrence of a Default or an Event of Default unless such Lender has received Notice from the Credit Agent or a Borrower. 

  

 Page 10-2 

	10.2 (b) 	If an Event of Default described in Section 10.1(g) occurs with respect to any Borrower, the Commitments will automatically terminate and the unpaid principal amount of and accrued
interest on the Notes and all other Obligations will automatically become due and payable, without presentment, demand or other Notice or requirements of any kind, all of which Borrowers expressly waive. 

  

	10.2 (c) 	If any other Event of Default occurs, Majority Lenders may, by Notice to each Borrower, terminate the Commitments and declare the Obligations to be immediately due and payable.

  

	10.2 (d) 	If any Event of Default occurs, Credit Agent may, on behalf of Lenders, and shall at the direction of the Majority Lenders (subject to Section 11.3(c)), also take any of the
following actions: 

  

	 	(1)	Foreclose upon or otherwise enforce its security interest in any Lien on the Collateral to secure all payments and performance of the Obligations in any manner permitted by law or
provided for in the Loan Documents. 

  

	 	(2)	Notify all obligors under any of the Collateral that the Collateral has been assigned to Credit Agent (or to another Person designated by Credit Agent) and that all payments on that
Collateral are to be made directly to Credit Agent (or such other Person); settle, compromise or release, in whole or in part, any amounts any obligor or Investor owes on any of the Collateral on terms acceptable to Credit Agent; enforce payment and
prosecute any action or proceeding involving any of the Collateral; and where any Collateral is in default, foreclose on and enforce any Liens securing that Collateral in any manner permitted by law and sell any property acquired as a result of
those enforcement actions. 

  

	 	(3)	Prepare and submit for filing Uniform Commercial Code amendment statements evidencing the assignment to Credit Agent or its designee of any Uniform Commercial Code financing
statement filed in connection with any item of Collateral. 

  

	 	(4)	Act, or contract with a third party to act, at Borrowers’ expense, as servicer or subservicer of Collateral requiring servicing, and perform all obligations required under any
Collateral, including Servicing Contracts and Purchase Commitments. 

  

	 	(5)	Require Borrowers to assemble and make available to Credit Agent the Collateral and all related books and records at a place designated by Credit Agent. 

  

	 	(6)	Enter onto property where any Collateral or related books and records are located and take possession of those items with or without judicial process; and obtain access to
Borrowers’ data processing equipment, computer hardware and software relating to the Collateral and use all of the foregoing and the information contained in the foregoing in any manner Credit Agent deems necessary for the purpose of
effectuating its rights under this Agreement and any other Loan Document. 

  

	 	(7)	Before the disposition of the Collateral, prepare it for disposition in any manner and to the extent Credit Agent deems appropriate. 

  

	 	(8)	 Exercise all rights and remedies of a secured creditor under the Uniform Commercial Code of Minnesota or other applicable law, including selling or 

  

 Page 10-3 

	 	 
otherwise disposing of all or any portion of the Collateral at one or more public or private sales, whether or not the Collateral is present at the place of
sale, for cash or credit or future delivery, on terms and conditions and in the manner as Credit Agent may determine, including sale under any applicable Purchase Commitment. Borrowers waive any right they may have to prior notice of the sale of all
or any portion of the Collateral to the extent allowed by applicable law. If notice is required under applicable law, Credit Agent will give Borrowers not less than 10 days’ notice of any public sale or of the date after which any private sale
may be held. Borrowers agree that 10 days’ notice is reasonable notice. Credit Agent may, without notice or publication, adjourn any public or private sale one or more times by announcement at the time and place fixed for the sale, and the sale
may be held at any time or place announced at the adjournment. In the case of a sale of all or any portion of the Collateral on credit or for future delivery, the Collateral sold on those terms may be retained by Credit Agent until the purchaser
pays the selling price or takes possession of the Collateral. Credit Agent has no liability to Borrowers if a purchaser fails to pay for or take possession of Collateral sold on those terms, and in the case of any such failure, Credit Agent may sell
the Collateral again upon notice complying with this Section. 

  

	 	(9)	Instead of or in conjunction with exercising the power of sale authorized by Section 10.2(c)(8), Credit Agent may proceed by suit at law or in equity to collect all amounts due on
the Collateral, or to foreclose Credit Agent’s Lien on and sell all or any portion of the Collateral pursuant to a judgment or decree of a court of competent jurisdiction. 

  

	 	(10)	Proceed against Borrowers on the Notes or against Lennar under the Lennar Undertaking. 

  

	 	(11)	Retain all excess proceeds from the sale or other disposition of the Collateral, and apply them to the payment of the Obligations under Section 10.3. 

  
 Credit Agent will follow the instructions of the Majority Lenders in
exercising or not exercising its rights under this Section 10.2, but (i) Credit Agent will have no obligation to take or not to take any action which it believes may expose it to any liability, and (ii) Credit Agent may, but is under no obligation
to, await instructions from the Majority Lenders before exercising or not exercising its rights under this Section 10.2. 
  

	10.2 (e) 	Neither Credit Agent nor any Lender will incur liability as a result of the commercially reasonable sale or other disposition of all or any portion of the Collateral at any public
or private sale or other disposition. Borrowers waive (to the extent permitted by law) any claims they may have against Credit Agent or any Lender arising by reason of the fact that the price at which the Collateral may have been sold at a private
sale was less than the price that Credit Agent might have obtained at a public sale, or was less than the aggregate amount of the outstanding Advances, accrued and unpaid interest on those Advances, and unpaid fees, even if Credit Agent accepts the
first offer received and does not offer the Collateral to more than one offeree. Borrowers agree that any sale of Collateral under the terms of a Purchase Commitment, or any other disposition of Collateral arranged by Borrowers, whether before or
after the occurrence of an Event of Default, will be deemed to have been made in a commercially reasonable manner. 

  

	10.2 (f) 	 Each Borrower acknowledges that Mortgage Loans are collateral of a type that is the subject of widely distributed standard price quotations and that Mortgage-backed
Securities are collateral of a type that is customarily sold on a recognized market. Each Borrower waives any right it may have to prior notice of the sale of Pledged Securities, 

  

 Page 10-4 

	 	 
and agrees that Credit Agent or Lenders may purchase Pledged Loans and Pledged Securities at a private sale of such Collateral. 

 

	10.2 (g) 	Each Borrower specifically waives and releases (to the extent permitted by law) any equity or right of redemption, stay or appraisal that Borrowers have or may have under any rule
of law or statute now existing or adopted after the date of this Agreement, and any right to require Credit Agent to (1) proceed against any Person, (2) proceed against or exhaust any of the Collateral or pursue its rights and remedies against the
Collateral in any particular order, or (3) pursue any other remedy within its power. Credit Agent is not required to take any action to preserve any rights of Borrowers against holders of mortgages having priority to the Lien of any Mortgage or
Security Agreement included in the Collateral or to preserve Borrowers’ rights against other prior parties. 

  

	10.2 (h) 	Credit Agent may, but is not obligated to, advance any sums or do any act or thing necessary to uphold or enforce the Lien and priority of, or the security intended to be afforded
by, any Mortgage or Security Agreement included in the Collateral, including payment of delinquent taxes or assessments and insurance premiums. All advances, charges, costs and expenses, including reasonable attorneys’ fees and disbursements,
incurred or paid by Credit Agent in exercising any right, power or remedy conferred by this Agreement, or in the enforcement of this Agreement, together with interest on those amounts at the Default Rate, from the time paid by Credit Agent until
repaid by Borrowers, are deemed to be principal outstanding under this Agreement and the Notes. 

  

	10.2 (i) 	No failure or delay on the part of Credit Agent or any Lender to exercise any right, power or remedy provided in this Agreement or under any other Loan Document, at law or in
equity, will operate as a waiver of that right, power or remedy. No single or partial exercise by Credit Agent or any Lender of any right, power or remedy provided under this Agreement or any other Loan Document, at law or in equity, precludes any
other or further exercise of that right, power, or remedy by Credit Agent or any Lender, or Credit Agent’s or any Lender’s exercise of any other right, power or remedy. Without limiting the foregoing, Borrowers waive all defenses based on
the statute of limitations to the extent permitted by law. The remedies provided in this Agreement and the other Loan Documents are cumulative and are not exclusive of any remedies provided at law or in equity. 

  

	10.2 (j) 	Borrowers grant Credit Agent and Lenders a license or other right to use, without charge, Borrowers’ computer programs, other programs, labels, patents, copyrights, rights of
use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any of the Collateral and Borrowers’
rights under all licenses and all other agreements related to the foregoing inure to Credit Agent’s and Lenders’ benefit until the Obligations are paid in full. 

  

	10.3.	 	Application of Proceeds 

  
 The proceeds of any sale, disposition or other enforcement of Credit Agent’s security interest in all or any part of the Collateral shall be applied by Credit Agent
as follows: 
  

	10.3 (a) 	With respect to the proceeds of Eligible Loans, other than Unimproved Land Loans and Third-Party Builder Construction Mortgage Loans, and related Collateral:

  
 First, to the payment of the costs and
expenses of such sale or enforcement, including reasonable compensation to Credit Agent’s agents and counsel, and all expenses, liabilities and advances made or incurred by or on behalf of Credit Agent in connection therewith. 
  

 Page 10-5 

 Second, to the payment of the costs and expenses of such sale or enforcement, including reasonable
compensation to the Lenders’ agents and counsel, and all expenses, liabilities and advances made or incurred by or on behalf of any Lender in connection therewith. 
  
 Third, to RFC, in an amount equal to the amount of accrued interest owed to RFC in respect of Swingline Advances,
until paid in full. 
  
 Fourth, to RFC until the principal
amount of all Swingline Advances outstanding are paid in full. 
  
 Fifth, to Lenders holding Warehousing Advances, pro rata in accordance with their respective Percentage Shares of accrued interest owed to each of them in respect to Warehousing Advances until the amount is paid in full. 

 
 Sixth, to Lenders holding Warehousing Advances, pro rata in
accordance with their respective Percentage Shares, until the principal amounts of all Warehousing Advances outstanding are paid in full. 
  
 Seventh, to Lenders holding Warehousing Advances, pro rata in accordance with their respective Percentage Shares, until all fees and other
Obligations accrued by or due each Lender and Credit Agent are paid in full. 
  
 Eighth, to RFC until all interest, fees and principal relating to RFC Direct Advances are paid in full. 
  
 Ninth, to the remaining Obligations. 
  
 Finally, to the payment to Borrowers, or to their successors or assigns, or as a court of competent jurisdiction may direct, of any surplus then
remaining from such proceeds. 
  

	10.3 (b) 	With respect to the proceeds of Unimproved Land Loans and Third-Party Builder Construction Mortgage Loans and related Collateral: 

  
 First, to the payment of the costs and expenses of such sale or
enforcement, including reasonable compensation to Credit Agent’s agents and counsel, and all expenses, liabilities and advances made or incurred by or on behalf of Credit Agent in connection therewith. 
  
 Second, to RFC until all interest, fees and principal relating to RFC
Direct Advances outstanding are paid in full. 
  
 Third,
to Lenders holding Warehousing Advances, pro rata in accordance with their respective Percentage Shares until all Obligations owed to Lenders are paid in full. 
  

Finally, to Borrowers, or to their successors or assigns, or as a court of competent jurisdiction may direct, of any surplus then remaining from
such proceeds. 
  

	10.3 (c) 	If the proceeds of any such sale, disposition or other enforcement are insufficient to cover the costs and expenses of such sale, as aforesaid, and the payment in full of all
Obligations, Borrowers will remain liable for any deficiency. 

  

 Page 10-6 

	10.4.	 	Credit Agent Appointed Attorney-in-Fact 

  
 Each Borrower appoints Credit Agent its attorney-in-fact, with full power of substitution, for the purpose of carrying out the provisions of this Agreement, the Notes and
the other Loan Documents and taking any action and executing any instruments that Credit Agent deems necessary or advisable to accomplish that purpose. Borrowers’ appointment of Credit Agent as attorney-in-fact is irrevocable and coupled with
an interest. Without limiting the generality of the foregoing, Credit Agent may give notice of its Lien on the Collateral to any Person, either in Borrowers’ name or in its own name, endorse all Pledged Loans or Pledged Securities payable to
the order of Borrowers, change or cause to be changed the book-entry registration or name of subscriber or Investor on any Pledged Security, prepare and submit for filing Uniform Commercial Code amendment statements with respect to any Uniform
Commercial Code financing statements filed in connection with any item of Collateral or receive, endorse and collect all checks made payable to the order of Borrowers representing payment on account of the principal of or interest on, or the
proceeds of sale of, any of the Pledged Loans or Pledged Securities and give full discharge for those transactions. 
  

	10.5.	 	Right of Set-Off 

  
 If Borrowers default in the payment of any Obligation or in the performance of any of their duties under the Loan Documents, each Lender may, without Notice to or demand on Borrowers (which Notice or demand each
Borrower expressly waives), set-off, appropriate or apply any property of Borrowers held at any time by each Lender, or any indebtedness at any time owed by each Lender to or for the account of Borrowers, against the Obligations, whether or not
those Obligations have matured. 
  

	10.6.	 	Sharing of Payments 

  
 If upon the occurrence of an Event of Default and acceleration of the Obligations any Lender shall hold or receive and retain any payment, whether by setoff, application of deposit balance or security, or otherwise,
in respect of the Obligations, then such Lender shall purchase from the other Lenders for cash and at face value and without recourse, such participation in the Obligations held by them as shall be necessary to cause such payment to be shared
ratably with each of them; provided, that if such payment or part thereof is thereafter recovered from such purchasing Lender, the related purchases from the other Lenders shall be rescinded ratably and the purchase price restored as to the
portion of such excess payment so recovered, but without interest thereon unless the purchasing Lender is required to pay interest on such amounts to the Person recovering such payment, in which case with interest thereon, computed at the same rate,
and on the same basis, as the interest that the purchasing Lender is required to pay; provided, further, this provision shall not apply to payments held or received by RFC with respect to RFC Direct Advances against Unimproved Land
Loans and Third-Party Builder Construction Mortgage Loans. If any Lender receives a payment from Borrowers not in respect of the Obligations, but relating to another relationship of such Lender and Borrowers, such Lender may apply the payment first
to the indebtedness arising out of the other relationship and then against the Obligations as provided above. 
  
 End of Article 10 
  

 Page 10-7 

	11.	 	AGENT 

  

	11.1.	 	Appointment 

  
 Each Lender hereby irrevocably designates and appoints Credit Agent as the agent of such Lender under the Loan Documents and each such Lender hereby irrevocably authorizes Credit Agent to take such action on its
behalf under the provisions of the Loan Documents and to exercise such powers and perform such duties as are expressly delegated to Credit Agent by the terms of the Loan Documents, together with such other powers as are reasonably incidental
thereto. Credit Agent hereby accepts such appointment and agrees to act in accordance with this Agreement. 
  

	11.2.	 	Duties of Agent 

  

	11.2 (a) 	The provisions of the Loan Documents set forth the exclusive duties of Credit Agent and no implied duties or obligations shall be read into the Loan Documents against Credit Agent.
Credit Agent shall not be bound in any way by any agreement or contract other than the Loan Documents and any other agreement to which it is a party. Credit Agent shall act as an independent contractor in performing its obligations as Credit Agent
under the Loan Documents and nothing herein contained shall be deemed to create any fiduciary relationship among or between Credit Agent, Borrowers or the Lenders. 

  

	11.2 (b) 	Credit Agent shall examine the Pledged Loans delivered by or on behalf of the Borrowers hereunder to determine whether each Pledged Loan: (i) includes the documents and instruments
to be delivered for each Pledged Loan required pursuant to Section 2.1 and the applicable Exhibits, (ii) conforms with the requirements of this Agreement (including the limitations of Exhibit H), and (iii) is otherwise in conformity with any
customary collateral review criteria that Credit Agent may use from time to time. If Credit Agent shall have determined that any Mortgage Loan delivered to Credit Agent does not meet the requirements of this Agreement, Credit Agent may return to
Borrowers all Collateral Documents relating thereto. 

  

	11.2 (c) 	As to any Pledged Loan against which Advances may be made, if Credit Agent shall note any minor discrepancies or deficiencies in any Collateral Documents pertaining thereto, Credit
Agent shall: (a) immediately notify Borrowers thereof, (b) if such discrepancies or deficiencies can be cured without returning any Collateral Documents to Borrowers, request that Borrowers cure such discrepancies or deficiencies immediately, and
(c) if such discrepancies or deficiencies can only be cured by returning Collateral Documents to Borrowers, return any Collateral Documents containing any discrepancy or deficiency to Borrowers for correction against a Trust Receipt pursuant to
Section 4.6(a). 

  

	11.2 (d) 	Not later than the 10th day of each month,
Credit Agent will deliver to each Lender a loans-in-warehouse report for the immediately preceding month setting forth in detail all Pledged Loans and Advances against such Pledged Loans for such month. 

  

	11.3.	 	Standard of Care 

  
 Credit Agent shall act in accordance with customary standards for those engaged as credit agents or collateral agents of commercial transactions in similar capacities. 
  

	11.3 (a) 	 Credit Agent is not required to ascertain or inquire as to the performance or observance of any of the conditions or agreements to be performed or observed by any
other party, except as specifically provided in the Loan Documents. Credit Agent disclaims any 

  

 Page 11-1 

	 	 
responsibility for the validity or accuracy of the recitals to the Loan Documents and any representations and warranties contained herein, unless
specifically identified as recitals, representations or warranties of Credit Agent. 

  

	11.3 (b) 	Credit Agent has no responsibility for ascertaining the value, collectibility, insurability, enforceability, effectiveness or suitability of any Collateral, the title of any party
therein, the validity or adequacy of the security afforded thereby, or the validity of the Loan Documents (except as to (i) its authority to enter into this Agreement and the other Loan Documents and (ii) its undertaking to perform its duties and
obligations hereunder and thereunder). 

  

	11.3 (c) 	No provision of this Agreement requires Credit Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or
in the exercise of any of its rights or powers, if, in its sole judgment, it shall believe that repayment of such funds or adequate indemnity against such risk or liability is not assured to it. 

  

	11.3 (d) 	Credit Agent is not responsible for preparing or filing any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than for its
compensation or for reimbursement of expenses. 

  

	11.4.	 	Delegation of Duties 

  
 Credit Agent may execute any of its duties under the Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Credit Agent
shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
  

	11.5.	 	Exculpatory Provisions 

  
 Credit Agent or any of its respective officers, directors, employees, agents, attorneys-in-fact or Affiliates shall not be (a) liable for any action lawfully taken or
omitted to be taken by it or such Person under or in connection with the Loan Documents (except for its or such Person’s own gross negligence or willful misconduct), or (b) responsible in any manner to any of the Lenders for any recitals,
statements, representations or warranties made by Borrowers or any officer thereof contained in the Loan Documents or in any certificate, report, statement or other document referred to or provided for in, or received by Credit Agent under or in
connection with, the Loan Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Loan Documents or for any failure of Borrowers to perform their obligations under any Loan Document. Credit Agent shall
not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, the Loan Documents or to inspect the properties, books or records of Borrowers or any
of their Subsidiaries. 
  

	11.6.	 	Reliance by Agent 

  
 Credit Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certification, affidavit, letter, cablegram, telegram, telecopy, telex or teletype
message, statement, order or other document or conversation reasonably believed by it to be correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation,
counsel to Borrowers), independent accountants (including, without limitation, accountants to Borrowers) and other experts selected by Credit Agent. Credit Agent may deem and treat the payee of any Note as the owner thereof for all purposes. Credit
Agent shall be fully justified in failing or refusing to take any 

  

 Page 11-2 

 
action under the Loan Documents unless it shall first receive such advice or concurrence of the Majority Lenders or all of the Lenders, as appropriate, or it
shall first be indemnified to its satisfaction by the Lenders ratably in accordance with their respective Percentage Shares against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any action
(except for liabilities and expenses resulting from Credit Agent’s gross negligence or willful misconduct), (b) Credit Agent shall in all cases be fully protected in acting, or in refraining from acting, under the Loan Documents in accordance
with a request of the Majority Lenders or all of the Lenders, as appropriate, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders, (c) Credit Agent shall be fully justified in failing or
refusing to take any action under the Loan Documents unless it shall first receive such advice or concurrence of Credit Agent, and (d) Credit Agent shall in all cases be fully protected in acting, or in refraining from acting, under the Loan
Documents in accordance with a request of or instructions from Credit Agent, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. 
  

	11.7.	 	Non-Reliance on Agent or Other Lenders 

  
 Each Lender expressly acknowledges that neither Credit Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any
representations or warranties to such Lender and that no act by Credit Agent hereafter taken, including any review of the affairs of Borrowers, shall be deemed to constitute any representation or warranty by Credit Agent to any Lender. Each Lender
represents to Credit Agent that it has, independently and without reliance upon Credit Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and creditworthiness of Borrowers and made its own decision to enter into and make Warehousing Advances or RFC Direct Advances under the Agreement. Each Lender also represents that it
will, independently and without reliance upon Credit 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 analysis, appraisals and decisions in taking or not
taking action under the Agreement, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of Borrowers. Except for notices, reports and other
documents expressly required to be furnished to Lenders by Credit Agent hereunder, Credit Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial
or other condition or creditworthiness of Borrowers or any Subsidiary which may come into the possession of Credit Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
  

	11.8.	 	Agent in Individual Capacity 

  
 Credit Agent may make loans to, purchase Mortgage Loans and other assets from, and generally engage in any kind of business with Borrowers as though it were not an agent
hereunder. With respect to the Warehousing Advances or RFC Direct Advances made or renewed by it and any Note issued to it, Credit Agent shall have the same rights and powers under the Loan Documents as any Lender and may exercise the same as though
it were not Credit Agent, and the terms “Lender” and “Lenders” shall include Credit Agent in its individual capacity. 
  

	11.9.	 	Successor Agent 

  
 Credit Agent may resign as such at any time upon giving 30 days Notice to Borrowers and Lenders. Credit Agent may be removed immediately with cause or at any time upon 10 days Notice from the Majority Lenders to
Credit Agent and Borrowers. Upon Notice of such resignation or removal, the Majority Lenders may appoint a successor Credit Agent (which successor Credit Agent, assuming that no Default or Event of Default exists, shall be reasonably acceptable to
Borrowers). The date on which Borrowers, Credit Agent and Lenders have received Notice from 

  

 Page 11-3 

 
such successor of its acceptance of appointment as Credit Agent shall constitute the effective date of resignation or removal of the resigning or removed
Credit Agent. If no successor Credit Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment within the allotted time period, then, upon 5 days Notice to Borrowers, the resigned or removed Credit Agent
may, on behalf of the Lenders, appoint a successor. Upon the effective date of resignation or removal of the resigning or removed Credit Agent, such successor will thereupon succeed to and become vested with all the rights, powers, privileges, and
duties of the resigning or removed Credit Agent, but the resigning or removed Credit Agent shall not be discharged from any liability as a result of its or its directors’, officers’, agents’, or employees’ gross negligence or
willful misconduct in the performance of its duties and obligations under this Agreement prior to the effective date of its resignation or removal. Upon the effective date of its resignation or removal, Credit Agent shall assign all of its right,
title and security interest in and to all Collateral to its successor, without recourse, warranty or representation, express or implied. 
  

	11.10.	 	Inspection 

  
 Each of the Lenders and their agents, accountants, attorneys and auditors will be permitted during normal business hours at any time and from time to time upon reasonable notice to the Credit Agent to examine (to the
extent permitted by applicable law) the files, documents, records and other papers in the possession or under the control of the Credit Agent relating to any or all of the Collateral and to make copies thereof. As long as no Default or Event of
Default shall have occurred and be continuing, any such activity will be at no cost or expense to Borrowers; if a Default or Event of Default shall have occurred and be continuing, all costs and expenses associated with the exercise from time to
time by any Lender of its rights under this Section shall be promptly paid by Borrowers upon demand. 
  
 End of Article 11 
  

 Page 11-4 

	12.	 	MISCELLANEOUS 

  

	12.1.	 	Notices 

  
 Except where telephonic or facsimile notice is expressly authorized by this Agreement, all communications required or permitted to be given or made under this Agreement (“Notices”) must be in writing
and must be sent by manual delivery, overnight courier or United States mail (postage prepaid), addressed as follows (or at such other address as may be designated by it in a Notice to the other): 
  

			
	If to Borrowers:	  	Universal American Mortgage Company, LLC
	 	  	700 NW 107th Avenue
	 	  	3rd Floor
	 	  	Miami, FL 33173
	 	  	Attention: Janice Munoz,
	 	  	                  Vice President and Treasurer
	 	  	Facsimile: (303) 229-6657
		
	If to Credit Agent:	  	Residential Funding Corporation
	 	  	7501 Wisconsin Avenue
	 	  	Bethesda, MD 20814
	 	  	Attention: Jim Clapp, Director
	 	  	Facsimile: (301) 215-6288
		
	If to Lenders:	  	As set forth on the signature pages hereof or of any amendment hereto.

  
 In addition, Credit Agent will use its
best efforts to provide a copy of any Notice to counsel as Borrower may designate, but failure to provide such copy shall not render any such Notice ineffective. 
  
 All periods of Notice will be measured from the date of delivery if delivered manually or by facsimile, from the first Business Day after
the date of sending if sent by overnight courier or from 4 days after the date of mailing if sent by United States mail, except that Notices to Credit Agent under Article 2 and Section 3.3(f) shall be deemed to have been given only when actually
received by Credit Agent. Borrowers authorize Credit Agent to accept Borrowers’ bailee pledge agreements, Warehousing Advance Requests, shipping requests, wire transfer instructions and security delivery instructions transmitted to Credit Agent
by facsimile or RFConnects Delivery, and those documents, when transmitted to Credit Agent by facsimile or by RFConnects Delivery, have the same force and effect as the originals. 
  

	12.2.	 	Reimbursement Of Expenses; Indemnity 

  
 Borrowers must: (a) pay such documentation production fees as Credit Agent may require and all out-of-pocket costs and expenses of Credit Agent, including reasonable
fees, service charges and disbursements of counsel (including allocated costs of internal counsel), in connection with the amendment, enforcement and administration of this Agreement, the Notes, and other Loan Documents and the making and repayment
of the Advances, and the payment of interest thereon; (b) indemnify, pay, and hold harmless Credit Agent, and any other holder of the Notes from and against, all present and future stamp, documentary and other similar taxes with respect to the
foregoing matters and save Credit Agent, and any other holder of the Notes harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes; and (c) indemnify, pay and hold harmless Credit
Agent, each Lender, any of their officers, 

  

 Page 12-1 

 
directors, employees or agents and any subsequent holder of the Notes (collectively called the “Indemnitees”) from and against all
liabilities, obligations, actual losses, damages, penalties, judgments, direct suits, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel of the Indemnitees (including
allocated costs of internal counsel), exclusive of indirect, consequential and other similar losses, in connection with any investigative, administrative or judicial proceeding, whether or not the Indemnitees have been designated as parties to such
proceeding) that may be imposed upon, incurred by or asserted against such Indemnitees in any manner relating to or arising out of this Agreement, the Notes, or any other Loan Document or any of the transactions contemplated hereby or thereby,
including against all liabilities, obligations, losses, damages, penalties, judgments, suits, costs, expenses and disbursements of every kind or nature (including the reasonable fees and disbursements of counsel to the Indemnitees (including
allocated costs of internal counsel) in connection with any investigative, administrative or judicial proceeding, whether or not the Indemnitees have been designated as parties to such proceeding) arising from any breach of Sections 9.3(u) or 9.4(f)
or the making of any Mortgage Loan in which any mortgagor, guarantor or other obligor is a Person named in any Restriction List and to whom the provision of financial services is prohibited or otherwise restricted by applicable law
(“Indemnified Liabilities”), except that Borrowers have no obligation under this Agreement to any Indemnity with respect to Indemnified Liabilities arising from the gross negligence or willful misconduct of such Indemnitee. To the
extent that the undertaking to indemnify, pay and hold harmless as set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy, Borrowers must contribute the maximum portion that they are permitted to
pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnitees or any of them. The agreement of Borrowers contained in this Article survives the expiration or termination of this
Agreement and the payment in full of the Notes. Attorneys’ fees and disbursements incurred in enforcing, or on appeal from, a judgment under this Agreement are recoverable separately from and in addition to any other amount included in such
judgment, and this clause is intended to be severable from the other provisions of this Agreement and to survive and not be merged into such judgment. 
  

	12.3.	 	Indemnification by Lenders 

  
 Each Lender agrees to indemnify Credit Agent in its capacity as such (to the extent not reimbursed by Borrowers and without limiting the obligation of Borrowers to do
so), ratably according to the respective amounts of their Percentage Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which
may at any time (including without limitation at any time following the payment of the Obligations) be imposed on, incurred by or asserted against Credit Agent in any way relating to or arising out of the Loan Documents or any documents contemplated
by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by Credit Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from Credit Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive
the payment of the Obligations and the termination of this Agreement. Attorneys’ fees and disbursements incurred in enforcing, or on appeal from, a judgment pursuant hereto shall be recoverable separately from and in addition to any other
amount included in such judgment, and this clause is intended to be severable from the other provisions of this Agreement and to survive and not be merged into such judgment. 
  

	12.4.	 	Financial Information 

  
 All financial statements and reports furnished to Credit Agent and Lenders under this Agreement must be prepared in accordance with GAAP, applied on a basis consistent
with that applied in 

  

 Page 12-2 

 
preparing the financial statements as at the end of and for each Borrower’s most recent fiscal year (except to the extent otherwise required to conform
to good accounting practice). 
  

	12.5.	 	Terms Binding Upon Successors; Survival of Representations 

  
 The terms and provisions of this Agreement are binding upon and inure to the benefit of each Borrower, Credit Agent, each Lender and their respective successors and
assigns. All of Borrowers’ representations, warranties, covenants and agreements survive the making of any Warehousing Advance, and except where a longer period is set forth in this Agreement, remain effective for as long as the Commitments are
outstanding or there remain any Obligations to be paid or performed. 
  

	12.6.	 	Lenders in Individual Capacity 

  
 Any Lender and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with Borrowers, any Subsidiary and/or Lennar regardless
of its capacity as a Lender hereunder. Any Lender may disclose to the other Lenders information regarding other relationships which it may have with Borrowers and Borrowers hereby consent to these disclosures. 
  

	12.7.	 	Assignment and Participation 

  
 This Agreement and the Obligations of Borrowers may not be assigned by Borrowers. Any Lender may, subject to the limitations set forth below, assign or transfer, in whole
or in part, its Warehousing Commitments in excess of $15,000,000 and the related Warehousing Advances, together with its corresponding rights under this Agreement and the other Loan Documents, and further may sell participations in all or any part
of any of its Warehousing Commitment and the related Warehousing Advances or any other interest in the Obligations or any of its obligations hereunder to another Person, in which event: (a) in the case of an assignment, upon consent by Credit Agent
and Borrowers (such consent in each case not to be unreasonably withheld), the assignee shall have, to the extent of such assignment (unless otherwise provided thereby), the same rights and benefits as it would have if it were a “Lender”
hereunder, and, if the assignee has expressly assumed, for the benefit of Borrowers, such Lender’s obligations hereunder, such Lender shall be relieved of its obligations hereunder to the extent of such assignment and assumption, and (b) in the
case of a participation, the participating Person’s (a “Participant”) rights against the Lender from whom it has purchased such participation in respect of such participation are those set forth in the agreement executed by such
Lender in favor of the Participant relating thereto. Such Lender shall remain solely responsible to the other parties hereto for the performance of such Lender’s obligations under the Loan Documents, whether or not such Lender shall remain the
holder of any Note. Such Lender shall retain all voting rights with respect to such Note, the Advances hereunder and such Lender’s Warehousing Commitment Amount. Borrowers, Credit Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents. Without limiting any Lender’s exclusive right to collect and enforce the Obligations owed to it, Borrowers agree that each
participation will give rise to a debtor-creditor relationship between Borrowers and Participant, and Borrowers authorize each Participant, upon an occurrence of an Event of Default, to proceed directly by right of setoff, bankers’ lien or
otherwise, against any assets of Borrowers that may be held by that Participant. Notwithstanding the foregoing, nothing contained herein shall in any manner or to any extent affect the right of any Lender to pledge or assign Notes and interests in
this Agreement to any Federal Reserve Bank pursuant to applicable laws and regulations, or to assign its Notes and its right to receive and retain payments on its Notes provided such Lender remains primarily and directly liable pursuant to the terms
and conditions of this Agreement to keep, observe and perform all of its obligations under this Agreement, and all such assignments shall be treated, considered and administered as a sale of a participation and not as an assignment and shall be
subject to and governed by the provisions of this Section. Any Lender may furnish any information concerning Borrowers in the possession of such Lender from time to time to 

  

 Page 12-3 

 
Affiliates of such Lender and to assignees and Participants (including prospective assignees and Participants) and Borrowers hereby consent to the provision
of such information. 
  

	12.8.	 	Commitment Increases 

  

	12.8 (a)	At any time and from time to time after the Closing Date, the Warehousing Credit Limit may be increased either by an Additional Lender establishing a Warehousing Commitment or by
one or more then existing Lenders (“Increase Lender”) increasing its Warehousing Commitment Amount (each such increase by either means, a “Commitment Increase”) provided that no Commitment Increase shall become
effective unless and until (i) Borrowers, Credit Agent and the Additional Lender or the Increase Lender shall have executed and delivered an amendment with respect to such Commitment Increase, and (ii) if, after giving effect thereto, the
Warehousing Credit Limit would exceed $500,000,000, such Commitment Increase shall have been consented to in an amendment of this Agreement by each of the other Lenders. Prior to the effective date (“Effective Date”) of any
Commitment Increase that involves an Additional Lender, Borrowers shall issue promissory notes to the Additional Lender. Such new promissory note or notes shall constitute a “Warehousing Note” or “Sublimit Note,” as applicable,
for the purposes of the Loan Documents. The Credit Agent will distribute to each Lender an original (if executed by such Lender) or a copy (if not executed by such Lender) of each amendment effecting a Commitment Increase on or prior to the
Effective Date of such amendment. No Lender has implicitly or explicitly agreed to make any future Commitment Increase by entering into this Agreement. 

  

	12.8 (b)	On the Effective Date of such Commitment Increase, Credit Agent shall recompute the Percentage Share for each Lender based on the new Warehousing Credit Limit which results from the
Commitment Increase, and Credit Agent shall request Warehousing Advances from or shall direct prepayments to each Lender so that the total amount of all then outstanding Warehousing Advances are shared pro rata by each Lender. On the effective date
of any reduction of the Warehousing Credit Limit resulting from the expiration of a temporary increase in any Lender’s Warehousing Commitment Amount, Borrowers shall prepay the Warehousing Advances in an amount equal to the amount by which the
aggregate unpaid principal balance of such Lender’s Warehousing Advances exceeds its permanent Warehousing Commitment Amount, and Credit Agent shall direct such prepayments to such Lender. 

  

	12.9.	 	Amendments 

  

	12.9 (a)	 Other than as permitted by Section 12.8, this Agreement may not be amended or terms or provisions hereof waived unless such amendment or waiver is in writing and
signed by the Majority Lenders, Credit Agent and Borrower; provided, however, that without the prior written consent of 100% of the Lenders, no amendment or waiver shall: (1) waive or amend any term or provision of Sections 7.4 or 7.14 hereof or the
definition of any type of Collateral or the provisions of Section 4.1 hereof, (2) reduce the principal of, or rate of interest or fees on, the Warehousing Advances or any Lender’s Warehousing Commitment, (3) other than as permitted by Section
12.8, modify the Warehousing Credit Limit, (4) other than as permitted by Section 12.8, modify any Lender’s Percentage Share of the Warehousing Credit Limit, (5) modify the definition of “Majority Lenders,” or of the number or
percentage of Lenders that are required to take action under the Loan Documents, (6) extend the Warehousing Maturity Date or modify the times that payments are due from Borrowers under this Agreement, (7) release any portion of the Collateral,
except as expressly contemplated by the Loan Documents or in connection with a sale of such Collateral permitted hereunder, (8) release any Borrower from its obligations under Section 1.9, or amend or waive Section 1.9 or Exhibit N, (9)
modify the several nature of each Lender’s obligations under this 

  

 Page 12-4 

	 	 
Agreements, (10) amend or waive the first sentence of Section 12.7, (11) amend or waive Section 3.11, Section 3.12, or Section 3.13, (12) amend Exhibit
H, or (13) amend this Section. It is expressly agreed and understood that the failure by the Majority Lenders to elect to accelerate amounts outstanding hereunder or to terminate the obligation of Lenders to make Warehousing Advances or RFC
Direct Advances hereunder shall not constitute an amendment or waiver of any term or provision of this Agreement. 

  

	12.9 (b)	Borrowers hereby agree that they shall, upon requesting the third and any subsequent amendments of this Agreement or any other Loan Document or any waiver of any material term or
provision of this Agreement or any other Loan Document (except an extension of the Warehousing Maturity Date), pay at the time of such request a modification fee (1) to Credit Agent in a minimum amount of $1,000 or such greater amount as may be
notified to Borrowers by Credit Agent in its sole discretion and (2) to each Lender (except any Lender which becomes party to the Agreement by virtue of such amendment) in a minimum amount of $1,000 or such greater amount as may be notified to
Borrowers by the Majority Lenders, acting through Credit Agent, in their sole discretion. The payment of such modification fees shall be in addition to and shall not limit Borrowers’ reimbursement obligations pursuant to Section 11.2 hereof,
and any other fee or charge imposed by Credit Agent or Lenders as a condition to any amendment. 

  

	12.10.	 	Governing Law 

  
 This Agreement and the other Loan Documents are governed by the laws of the State of Minnesota, without reference to its principles of conflicts of laws. 
  

	12.11.	 	Relationship of the Parties 

  
 This Agreement provides for the making and repayment of Warehousing Advances or RFC Direct Advances by Lenders (in their capacities as lenders) to Borrowers (in their
capacity as a borrower), for the payment of interest on those Warehousing Advances or RFC Direct Advances and for the payment of certain fees by Borrowers to Lenders and Credit Agent. The relationship between Lenders and Borrowers is limited to that
of creditor and secured party on the part of Lenders and of debtor on the part of Borrowers. The provisions of this Agreement and the other Loan Documents for compliance with financial covenants and the delivery of financial statements and other
operating reports are intended solely for the benefit of Lenders and Credit Agent to protect their interest as a creditors and secured party. Nothing in this Agreement creates or may be construed as permitting or obligating Credit Agent or any
Lender to act as a financial or business advisor or consultant to Borrowers, as permitting or obligating Lenders or Credit Agent to control Borrowers or to conduct Borrowers’ operations, as creating any fiduciary obligation on the part of
Credit Agent or any Lender to Borrowers, or as creating any joint venture, agency, partnership or other relationship between Credit Agent or any Lender and Borrowers other than as explicitly and specifically stated in the Loan Documents. Borrowers
acknowledge that they have had the opportunity to obtain the advice of experienced counsel of its own choice in connection with the negotiation and execution of the Loan Documents and to obtain the advice of that counsel with respect to all matters
contained in the Loan Documents, including the waivers of jury trial and of punitive, consequential, special or indirect damages contained in Sections 12.18 and 12.19, respectively. Borrowers further acknowledge that they are experienced with
respect to financial and credit matters and have made their own independent decisions to apply to Lenders for credit and to execute and deliver this Agreement. 
  

 Page 12-5 

	12.12.	 	Severability 

  
 If any provision of this Agreement is declared to be illegal or unenforceable in any respect, that provision is null and void and of no force and effect to the extent of the illegality or unenforceability, and does
not affect the validity or enforceability of any other provision of the Agreement. 
  

	12.13.	 	Consent to Credit References 

  
 Borrowers consent to the disclosure of information regarding each Borrower and its Subsidiaries and their relationships with Credit Agent and Lenders to Persons making
credit inquiries to Credit Agent or any Lender. This consent is revocable by Borrowers at any time upon Notice to Credit Agent and Lenders as provided in Section 12.1. 
  

	12.14.	 	Counterparts 

  
 This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which together constitute but one and the same instrument. 
  

	12.15.	 	Headings/Captions 

  
 The captions or headings in this Agreement and the other Loan Documents are for convenience only and in no way define, limit or describe the scope or intent of any provision of this Agreement or any other Loan
Document. 
  

	12.16.	 	Entire Agreement 

  
 This Agreement, the Notes and the other Loan Documents represent the final agreement among the parties with respect to their subject matter, and may not be contradicted by evidence of prior or contemporaneous oral
agreements among the parties. There are no oral agreements among the parties with respect to the subject matter of this Agreement, the Notes and the other Loan Documents. 
  

	12.17.	 	Consent to Jurisdiction 

  
 AT THE OPTION OF CREDIT AGENT, THIS AGREEMENT, THE NOTES AND THE OTHER LOAN DOCUMENTS MAY BE ENFORCED IN ANY STATE OR FEDERAL COURT WITHIN THE STATE OF MINNESOTA. EACH
BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF THOSE COURTS, AND WAIVES ANY OBJECTION TO THE JURISDICTION OR VENUE OF ANY OF THOSE COURTS, INCLUDING THE OBJECTION THAT VENUE IN THOSE COURTS IS NOT CONVENIENT. ANY SUCH SUIT, ACTION OR PROCEEDING
MAY BE COMMENCED AND INSTITUTED BY SERVICE OF PROCESS UPON EACH BORROWER BY FIRST CLASS REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO BORROWER AT ITS ADDRESS LAST KNOWN TO CREDIT AGENT. EACH BORROWER’S CONSENT AND
AGREEMENT UNDER THIS SECTION DOES NOT AFFECT CREDIT AGENT’S RIGHT TO ACCOMPLISH SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY BORROWER IN ANY OTHER JURISDICTION OR
COURT. IN THE EVENT ANY BORROWER COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, CREDIT AGENT AT ITS
OPTION MAY HAVE THE CASE TRANSFERRED TO A STATE OR FEDERAL COURT WITHIN THE STATE OF 

  

 Page 12-6 

 
MINNESOTA OR, IF A TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, MAY HAVE BORROWER’S ACTION DISMISSED WITHOUT PREJUDICE. 
  

	12.18.	 	Waiver of Jury Trial 

  
 EACH BORROWER, EACH OF LENDERS AND CREDIT AGENT EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY A JURY, AND FULLY WAIVES ANY RIGHT TO TRIAL BY JURY TO THE EXTENT THAT ANY SUCH
RIGHT NOW EXISTS OR HEREAFTER ARISES. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN, KNOWINGLY AND VOLUNTARILY, BY BORROWER AND CREDIT AGENT, AND IS INTENDED TO ENCOMPASS EACH INSTANCE AND EACH ISSUE FOR WHICH THE RIGHT TO TRIAL BY JURY
WOULD OTHERWISE APPLY. CREDIT AGENT, EACH OF LENDERS AND BORROWER ARE EACH AUTHORIZED AND DIRECTED TO SUBMIT THIS AGREEMENT TO ANY COURT HAVING JURISDICTION OVER THE SUBJECT MATTER AND THE PARTIES TO THIS AGREEMENT AS CONCLUSIVE EVIDENCE OF THIS
WAIVER OF THE RIGHT TO JURY TRIAL. FURTHER, EACH BORROWER, EACH OF LENDERS AND CREDIT AGENT EACH CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF THE OTHER PARTY, INCLUDING THE OTHER PARTY’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, TO ANY
OF ITS REPRESENTATIVES OR AGENTS THAT THE OTHER PARTY WILL NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO TRIAL BY JURY. 
  

	12.19.	 	Waiver of Punitive, Consequential, Special or Indirect Damages 

  
 BORROWERS WAIVE ANY RIGHT THEY MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES FROM CREDIT AGENT, ANY LENDER OR ANY OF THEIR AFFILIATES, OFFICERS,
DIRECTORS, EMPLOYEES OR AGENTS WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY BORROWERS AGAINST ANY LENDER, CREDIT AGENT OR ANY OF THEIR AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS
WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT. THIS WAIVER OF THE RIGHT TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES IS KNOWINGLY AND VOLUNTARILY GIVEN BY BORROWERS, AND IS
INTENDED TO ENCOMPASS EACH INSTANCE AND EACH ISSUE FOR WHICH THE RIGHT TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES WOULD OTHERWISE APPLY. CREDIT AGENT AND EACH LENDER IS AUTHORIZED AND DIRECTED TO SUBMIT THIS AGREEMENT TO ANY COURT
HAVING JURISDICTION OVER THE SUBJECT MATTER AND THE PARTIES TO THIS AGREEMENT AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF THE RIGHT TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES. 
  

	12.20.	 	Confidentiality 

  
 The Credit Agent and each Lender shall use reasonable efforts to assure that information about the Borrower and its operations, affairs and financial condition, not generally disclosed to the public or to trade and
other creditors, which is furnished to the Credit Agent or such Lender pursuant to the provisions hereof is used only for the purposes of this Agreement and any other relationship between the Credit Agent or such Lender and the Borrower and not
divulged to any Person other than the Credit Agent, such Lender, its Affiliates and their respective officers, directors, employees and agents, except: (a) to their attorneys and accountants, (b) in connection with the enforcement of the rights of
the Credit Agent or such Lender hereunder and under the other Loan Documents or otherwise in connection with applicable litigation, (c) in connection with assignments and participations and the solicitation of prospective assignees and participants
referred to in Section 12.7 (provided such assignees, participants and prospecting assignees and participants agree to be bound by this Section 12.20) and (d) as may otherwise be required or requested by any regulatory authority having jurisdiction
over the Credit Agent or by any applicable law, rule, regulation or judicial process, the opinion of the Credit Agent’s counsel concerning the making of such disclosure to be binding on the parties hereto. 
  
 End of Article 11 
  

 Page 12-7 

	13.	 	DEFINITIONS 

  

	13.1.	 	Defined Terms 

  
 Capitalized terms defined below or elsewhere in this Agreement have the following meanings or, as applicable, the meanings given to those terms in Exhibits to this Agreement: 
  
 “Accrual Basis” has the meaning set forth in Section 3.1(c). 
  
 “Acquisition Cost” means, with respect to any Mortgage Loan, the cash
purchase price paid by Borrowers to acquire such Mortgage Loan minus any portion thereof attributable to amounts other than principal payable with respect to such Mortgage Loan. 
  
 “Additional Lender” means a Person admitted as a Lender under the Agreement by assignment or by the terms of an amendment
hereto. Credit Agent will use its best efforts to notify Borrowers of the identity of any Person (other than RFC) proposed by Credit Agent to be admitted as a Lender at least 10 Business Days prior to the date on which such Person is proposed to be
admitted as a Lender, provided that Credit Agent shall incur no liability to Borrowers or any other Person for any failure to give such notification. 
  
 “Advance” means a Warehousing Advance, a Swingline Advance, or an RFC Direct Advance. 
  
 “Advance Certificate” has the meaning set forth in Section 1.5. 
  
 “Advance Rate” means, with respect to any Eligible Loan, the Advance Rate
set forth in Exhibit H for that type of Eligible Loan. 
  
 “Advance
Request” means a Warehousing Advance Request Against Eligible Assets or a Warehousing Advance Request Against Constructon/Perm Mortgage Loans. 
  
 “Affiliate” means, when used with reference to any Person, (a) each Person that, directly or indirectly, controls, is controlled by or is under common
control with, the Person referred to, (b) each Person that beneficially owns or holds, directly or indirectly, 5% or more of any class of voting Equity Interests of the Person referred to, (c) each Person, 5% or more of the voting Equity Interests
of which is beneficially owned or held, directly or indirectly, by the Person referred to, and (d) each of such Person’s officers, directors, joint venturers and partners. For these purposes, the term “control” (including the terms
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the Person in question. 
  
 “Agency Security” means a Mortgage-backed Security issued or guaranteed by
Fannie Mae, Freddie Mac or Ginnie Mae. 
  
 “Agent’s Fee” has
the meaning set forth in Section 3.6 of the Agreement. 
  
 “Agreement” means this First Amended and Restated Warehousing Credit and Security Agreement, either as originally executed or as it may be amended, restated, renewed or replaced. 
  
 “Agreement for Deed” means an agreement between Lennar and the purchaser of
the Single Family Properties in a development built by Lennar, pursuant to which the purchasers agree to make payments to Lennar and its assigns over a period of time and Lennar agrees, upon receipt of all such payments, to transfer title to the
common areas in such development to such purchaser or a homeowners association. 
  

 Page 13-1 

 “Appraised Property Value” means with respect to an interest in real property, the then current fair
market value of the real property and any improvements on it as of recent date determined in accordance with Title XI of FIRREA by a qualified appraiser who is a member of the American Institute of Real Estate Appraisers or other group of
professional appraisers. 
  
 “Approved Custodian” means a pool
custodian or other Person that Lender deems acceptable, in its sole discretion, to hold Mortgage Loans for inclusion in a Mortgage Pool or to hold Mortgage Loans as agent for an Investor that has issued a Purchase Commitment for those Mortgage
Loans. 
  
 “Audited Statement Date” means the date of each
Borrower’s most recent audited financial statements (and, if applicable, such Borrower’s Subsidiaries, on a consolidated basis) delivered to Credit Agent and Lenders under the Existing Agreement or this Agreement. 
  
 “Balance Deficiency Fee” has the meaning set forth in Section 3.1(b).

  
 “Balance Funded Agreement” has the meaning set forth in
Section 3.1(b). 
  
 “Balance Funded Portion” has the meaning set
forth in Section 3.1(b). 
  
 “Balance Funded Rate” means, for
Warehousing Advances made by any Lender that is a party to a Balance Funded Agreement, the applicable rate set forth Exhibit H. 
  
 “Bank One” means Bank One, National Association, or any successor bank. 
  
 “Bank One Prime Rate” means, as of any date of determination, the highest prime rate quoted by Bank One and most recently
published by Bloomberg L.P. If the prime rate for Bank One is not quoted or published for any period, then during that period the term “Bank One Prime Rate” means the highest prime rate published in the most recent edition of The Wall
Street Journal in its regular column entitled “Money Rates.” 
  
 “Borrowers” has the meaning set forth in the first paragraph of this Agreement. 
  
 “BPO Value” means, with respect to the improved real property securing any Mortgage Loan, the lowest fair market value for such real property or ownership interest and occupancy rights as set forth in
an opinion of a real estate broker acceptable to the Lender as to the value of such improved real property if sold within a 30-day marketing period. Each such broker price opinion shall be obtained from a real estate broker with substantial
experience in the purchase and sale of similar properties in the geographic area in which the real property or ownership interest and occupancy rights to be value is located. 
  
 “Business Day” means any day other than Saturday, Sunday or any other day on which national banking associations are closed
for business. 
  
 “Buydown” has the meaning set forth in Section
3.4. 
  
 “Calendar Quarter” means the 3 month period beginning on
each January 1, April 1, July 1 or October 1. 
  
 “Cash Collateral
Account” means a demand deposit account maintained at the Funding Bank in Credit Agent’s name and designated for receipt of the proceeds of the sale or other disposition of Collateral. 
  
 “Closing Date” has the meaning set forth on the signature page of Credit
Agent to this Agreement. 
  

 Page 13-2 

 “Collateral” has the meaning set forth in Section 4.1. 
  
 “Collateral Documents” means, with respect to each Mortgage Loan, (a) the
Mortgage Note, the Mortgage and all other documents including, if applicable, any Security Agreement, executed in connection with or relating to the Mortgage Loan; (b) as applicable, the original lender’s ALTA Policy of Title Insurance or its
equivalent, documents evidencing the FHA Commitment to Insure, the VA Guaranty or private mortgage insurance, the appraisal, the Regulation Z statement, the environmental assessment, the engineering report, certificates of casualty or hazard
insurance, credit information on the maker of the Mortgage Note, the HUD-1 or corresponding purchase advice; (c) any other document listed in Exhibit B; and (d) any other document that is customarily desired for inspection or transfer
incidental to the purchase of any Mortgage Note by an Investor or that is customarily executed by the seller of a Mortgage Note to an Investor. 
  
 “Commitment Increase” has the meaning set forth in Section 12.8. 
  

“Commitments” mean the Warehousing Commitment and the RFC Direct Commitment. 
  
 “Committed Purchase Price” means for an Eligible Loan (a) the dollar price as set forth in the Purchase Commitment or, if
the price is not expressed in dollars, the product of the Mortgage Note Amount multiplied by the price (expressed as a percentage) as set forth in the Purchase Commitment for the Eligible Loan, or (b) if the Eligible Loan is to be used to back an
Agency Security, an amount equal to the product of the Mortgage Note Amount multiplied by the price (expressed as a percentage) as set forth in the Purchase Commitment for the Agency Security. 
  
 “Compliance Certificate” means a certificate executed on behalf of Borrowers
by UAMCLLC’s manager having principal financial accounting responsibilities, substantially in the form of Exhibit E. 
  
 “Cost Breakdown” means a list of the costs and expenses to be financed by Advances against a Third Party Builder Construction Mortgage Loan or a
Construction/Perm Mortgage Loan, including, without limitation, real property acquisition costs, hard and soft construction costs, architectural fees, the Rehab Escrow and any other costs and expenses budgeted to construct and complete the
improvements. 
  
 “Construction/Perm Mortgage Loan” has the
meaning set forth in Exhibit H. 
  
 “Credit Agent” has the
meaning set forth in the first paragraph of this Agreement. 
  
 “Credit
Score” means a mortgagor’s overall consumer credit rating, represented by a single numeric credit score using the Fair, Isaac consumer credit scoring system, provided by a credit repository acceptable to Credit Agent and the Investor
that issued the Purchase Commitment covering the related Mortgage Loan (if a Purchase Commitment is required by Exhibit H). 
  
 “Debt” means (a) all indebtedness or other obligations of a Person (and, if applicable, that Person’s Subsidiaries, on a consolidated basis) that,
in accordance with GAAP, would be included in determining total liabilities as shown on the liabilities side of a balance sheet of that Person on the date of determination, plus (b) all indebtedness or other obligations of that Person (and, if
applicable, that Person’s Subsidiaries, on a consolidated basis) for borrowed money or for the deferred purchase price of property or services. For purposes of calculating a Person’s Debt, Subordinated Debt due more than 1 year after the
Warehousing Maturity Date may be excluded from that Person’s indebtedness. 
  
 “Default” means the occurrence of any event or existence of any condition that, but for the giving of Notice or the lapse of time, would constitute an Event of Default. 
  

 Page 13-3 

 “Default Rate” means, for any Advance, the Interest Rate applicable to that Advance plus 2% per annum.
If no Interest Rate is applicable to an Advance, “Default Rate” means, for that Advance, the highest Interest Rate then applicable to any outstanding Advance plus 2% per annum. 
  
 “Depository Benefit” means the compensation received by any Lender, directly or indirectly, as a result of Borrowers’
maintenance of Eligible Balances with a Designated Bank. 
  
 “Designated
Bank” means any bank designated by any Lender as a Designated Bank, but only for as long as such Lender has an agreement under which that Lender receives Depository Benefits from that bank. 
  
 “Designated Bank Charges” means any fees, interest or other charges that
would otherwise be payable to a Designated Bank in connection with Eligible Balances maintained at the Designated Bank, including deposit insurance premiums, service charges and any other charges that may be imposed by governmental authorities from
time to time. 
  
 “Discontinued Loan” has the meaning set forth
in the GMAC-RFC Client Guide. 
  
 “Electronic Advance Request”
means an electronic transmission through RFConnects Delivery containing the same information as Exhibit A to this Agreement. 
  
 “Electronic Tracking Agreement” means an Electronic Tracking Agreement, on the form prescribed by Credit Agent, among a Borrower, Credit Agent, MERS and
MERSCORP, Inc. 
  
 “Eligible Asset” means a Mortgage Loan,
Agreement for Deed or Foreclosure Claim Receivable that satisfies the conditions and requirements set forth in Exhibit H or the UAMC Asset Account. 
  
 “Eligible Balances” means all funds of or maintained by Borrowers (and, if applicable, Borrowers’ Subsidiaries) in demand deposit or time deposit
accounts at a Designated Bank, minus balances to support float, reserve requirements and any other reductions that may be imposed by governmental authorities from time to time. 
  
 “Eligible Loan” means a Single Family Mortgage Loan that satisfies the conditions and requirements set forth in Exhibit
H. 
  
 “Eligible Mortgage Pool” means a Mortgage Pool for
which (a) an Approved Custodian has issued its initial certification, (b) there exists a Purchase Commitment covering the Agency Security to be issued on the basis of that certification and (c) the Agency Security will be delivered to Credit Agent.

  
 “Equity Interests” means all shares, interests,
participations or other equivalents, however, designated, of or in a Person (other than a natural person), whether or not voting, including common stock, membership interests, warrants, preferred stock, convertible debentures and all agreements,
instruments and documents convertible, in whole or in part, into any one or more of the foregoing. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974 and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules, and regulations.

  
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) that is a member of a group of which any Borrower is a member and that is treated as a single employer under Section 414 of the Internal Revenue Code. 
  
 “Event of Default” means any of the conditions or events set forth in Section 10.1. 
  

 Page 13-4 

 “Excess Buydown” has the meaning set forth in Section 3.4. 
  
 “Exchange Act” means the Securities Exchange Act of 1934 and all rules and
regulations promulgated under that statute, as amended, and any successor statute, rules, and regulations. 
  
 “Exhibit A” means Exhibit A-SF, Exhibit A-Construction, Exhibit A-Other Investments and Exhibit A-UNI, as applicable to the type of Eligible Asset being financed.

  
 “Exhibit B” means Exhibit B-SF, Exhibit
B-Construction, Exhibit B-Foreclosure Claim Receivable and Exhibit B-Investment Mortgage Loans, as applicable to the type of Eligible Asset being financed. 
  
 “Existing Agreement” means the Warehousing Credit and Security Agreement dated as of June 25, 2001, as amended, between
Borrowers, Credit Agent and Lenders. 
  
 “Fair Market Value”
means, at any time for an Eligible Loan or a related Agency Security (if the Eligible Loan is to be used to back an Agency Security) as of any date of determination, (a) the Committed Purchase Price if the Eligible Loan is covered by a Purchase
Commitment from Fannie Mae or Freddie Mac or the Eligible Loan is to be exchanged for an Agency Security and that Agency Security is covered by a Purchase Commitment from an Investor, or (b) otherwise, the market price for such Eligible Loan or
Agency Security, determined by Credit Agent based on market data for similar Mortgage Loans or Agency Securities and such other criteria as Credit Agent deems appropriate in its sole discretion. 
  
 “Fannie Mae” means Fannie Mae, a corporation created under the laws of the
United States, and any successor corporation or other entity. 
  
 “Federal
Funds Rate” means, for each week, the effective Federal Funds Rate (per annum) of interest in effect on the first Business Day of that week, as published by Bloomberg L.P. If the Federal Funds Rate is not published by Bloomberg L.P. on the
first Business Day of any week, then the term “Federal Funds Rate” means the highest Federal Funds Rate published in the The Wall Street Journal in its regular column entitled “Money Rates” on the first Business Day
of that week. 
  
 “FHA” means the Federal Housing Administration
and any successor agency or other entity. 
  
 “FICA” means the
Federal Insurance Contributions Act and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules and regulations. 
  

“FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and all rules and regulations promulgated under that statute,
as amended, and any successor statute, rules, and regulations. 
  
 “First
Mortgage” means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage. 
  
 “First Mortgage Loan” means a Mortgage Loan secured by a First Mortgage. 
  
 “Foreclosure Claim Receivable” means a valid, readily enforceable and liquidated claim of UAMC Asset for the payment of
money against FHA or VA under an FHA mortgage insurance policy insuring payment of, or VA guaranty of, all or a part of a defaulted Single Family Mortgage Loan foreclosed by one of the Borrowers. 
  

 Page 13-5 

 “Foreclosure Mortgage Loan” means a Mortgage Loan that has been repurchased by a Borrower from an
Investor or out of a Mortgage Pool and assigned to UAMC Asset, and is in the process of foreclosure. 
  
 “Freddie Mac” means the Federal Home Loan Mortgage Corporation, a corporation created under the laws of the United States, and any successor corporation or other entity. 
  
 “Funding Bank” means Bank One or any other bank designated by Credit Agent
as a Funding Bank. 
  
 “Funding Bank Agreement” means a letter
agreement on the form prescribed by Credit Agent between the Funding Bank and Borrowers authorizing Credit Agent’s access to the Operating Account. 
  
 “GAAP” means generally accepted accounting principles set forth in opinions and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants and in statements and pronouncements of the Financial Accounting Standards Board, or in opinions, statements or pronouncements of any other entity approved by a significant segment of the accounting
profession, which are applicable to the circumstances as of the date of determination. 
  
 “Ginnie Mae” means the Government National Mortgage Association, an agency of the United States government, and any successor agency or other entity. 
  
 “GMAC-RFC Client Guide” means the applicable loan purchase guide issued by RFC, as the same may be amended or replaced.

  
 “Government Mortgage Loan” means a closed-end First Mortgage
Loan that is either HUD/FHA insured (other than a HUD 203(K) Mortgage Loan or a Title I Mortgage Loan) or VA guaranteed. 
  
 “Hedging Arrangements” means, with respect to any Person, any agreements or other arrangements (including interest rate swap agreements, interest rate
cap agreements and forward sale agreements) entered into to protect that Person against changes in interest rates or the market value of assets. 
  
 “HUD” means the Department of Housing and Urban Development, and any successor agency or other entity. 
  
 “HUD 203(K) Mortgage Loan” means an FHA-insured closed-end First Mortgage
Loan to an individual obligor the proceeds of which will be used for the purpose of rehabilitating and repairing the related single family property, and which satisfies the definition of “rehabilitation loan” in 24 C.F.R. 203.50(a).

  
 “Indemnified Liabilities” has the meaning set forth in
Section 12.2. 
  
 “Indemnitees” has the meaning set forth in
Section 12.2. 
  
 “Interest Rate” means, for any Advance, the
floating rate of interest specified for that Advance in Exhibit H. 
  
 “Interim Statement Date” means the date of the most recent unaudited financial statements of each Borrower (and, if applicable, each Borrower’s Subsidiaries, on a consolidated basis) delivered to Credit Agent and
Lender under the Existing Agreement or this Agreement. 
  

 Page 13-6 

 “Internal Revenue Code” means the Internal Revenue Code of 1986, Title 26 of the United States Code, and
all rules, regulations and interpretations issued under those statutory provisions, as amended, and any subsequent or successor federal income tax law or laws, rules, regulations and interpretations. 
  
 “Investment” means any direct or indirect purchase or other acquisition by
any Person of, or a beneficial interest in, stock or other securities of any other Person, or any direct or indirect loan, advance (other than advances to employees for moving and travel expenses, drawing accounts and similar expenditures in the
ordinary course of business) or capital contribution by that Person to any other Person, including all Debt and accounts receivable from that Person which are not current assets or did not arise from sales to that other Person in the ordinary course
of business. 
  
 “Investment Company Act” means the Investment
Company Act of 1940 and all rules and regulations promulgated under that statute, as amended, and any successor statute, rules, and regulations. 
  
 “Investment Mortgage Loan” means a Prime First Mortgage Loan or a Subprime Mortgage Loan held by a Borrower for investment rather than sale. 

 
 “Investor” means Fannie Mae, Freddie Mac or a financially responsible
private institution that Lender deems acceptable, in its sole discretion, to issue Purchase Commitments with respect to a particular category of Eligible Loans. 
  

“Lenders” has the meaning set forth in the first paragraph of this Agreement. 
  
 “Lennar” means LENNAR CORPORATION, a Delaware corporation. 
  
 “Lennar Undertaking” means a guaranty of certain of Borrowers’ Obligations by Lennar. 
  
 “LIBOR” means, for each week, the rate of interest per annum that is equal
to the arithmetic mean of the U.S. Dollar London Interbank Offered Rates for 1 month periods of certain U.S. banks as of 11:00 a.m. (London time) on the first Business Day of each week on which the London Interbank market is open, as published by
Bloomberg L.P. If those interest rates are not offered or published for any period, then during that period LIBOR means the London Interbank Offered Rate for 1 month periods as published in The Wall Street Journal in its regular column entitled
“Money Rates” on the first Business Day of each week on which the London Interbank market is open. 
  
 “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature
of such an agreement and any agreement to give any security interest). 
  
 “Loan Documents” means this Agreement, the Notes, the Lennar Undertaking, any agreement of Borrowers relating to Subordinated Debt, and each other document, instrument or agreement executed by Borrowers in connection with
any of those documents, instruments and agreements, as originally executed or as any of the same may be amended, restated, renewed or replaced. 
  
 “Loan Package Fee” has the meaning set forth in Section 3.7. 
  
 “Loan-to-Value Ratio” means, for any Mortgage Loan, the ratio of (a) the maximum amount that may be borrowed under the Mortgage Loan (whether or not
borrowed) at the time of origination, plus the Mortgage Note Amounts of all other Mortgage Loans secured by senior or pari passu Liens on the related property, to (b) the Appraised Property Value of the related property. 
  

 Page 13-7 

 “Majority Lenders” means at any date Lenders holding not less than 66-2/3% of the aggregate Warehousing
Credit Limit. Notwithstanding the foregoing, if there are only 2 Lenders the term “Majority Lenders” shall, except for purposes of Section 11.2(c), include both Lenders. 
  
 “Manufactured Home” means a structure that is built on a permanent chassis (steel frame) with the wheel assembly necessary
for transportation in one or more sections to a permanent site or semi-permanent site. 
  
 “Margin Stock” has the meaning assigned to that term in Regulation U of the Board of Governors of the Federal Reserve System, as amended. 
  
 “MERS” means Mortgage Electronic Registrations Systems, Inc. and any successor entity. 
  
 “Miscellaneous Fees and Charges” means the Collateral Operations Fees set
forth on Lender’s fee schedule attached as Exhibit I and all miscellaneous disbursements, charges and expenses incurred by or on behalf of Lender for the handling and administration of Advances and Collateral, including costs for Uniform
Commercial Code, tax lien and judgment searches conducted by Lender, filing fees, charges for wire transfers and check processing charges, charges for security delivery fees, charges for overnight delivery of Collateral to Investors, recording fees,
Funding Bank service fees and overdraft charges and Designated Bank Charges. Upon not less than 3 Business Days’ prior Notice to Borrower, Lender may modify the Collateral Operations Fees set forth in Exhibit I to conform to current
Lender practices and, as so modified, the revised Exhibit I will become part of this Agreement. 
  
 “Mortgage” means a mortgage or deed of trust on real property that is improved and substantially completed (including real property to which a Manufactured Home has been affixed in a manner such that
the Lien of a mortgage or deed of trust would attach to the Manufactured Home under applicable real property law). 
  
 “Mortgage-backed Securities” means securities that are secured or otherwise backed by Mortgage Loans. 
  
 “Mortgage Loan” means any loan evidenced by a Mortgage Note and secured by a
Mortgage and, if applicable, a Security Agreement. 
  
 “Mortgage
Note” means a promissory note secured by one or more Mortgages and, if applicable, one or more Security Agreements. 
  
 “Mortgage Note Amount” means, as of any date of determination, the then outstanding and unpaid principal amount of a Mortgage Note (whether or not an
additional amount is available to be drawn under that Mortgage Note). 
  
 “Mortgage Pool” means a pool of one or more Pledged Loans on the basis of which a Mortgage-backed Security is to be issued. 
  
 “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, to which either Borrower or any ERISA Affiliate of
Borrower has any obligation with respect to its employees. 
  
 “Notes” means the Warehousing Notes, the Sublimit Notes, the RFC Direct Promissory Note and the Swingline Note. 
  
 “Notices” has the meaning set forth in Section 12.1. 
  

 Page 13-8 

 “Obligations” means any and all indebtedness, obligations and liabilities of each Borrower to Lenders
and Credit Agent (whether now existing or arising after the date of this Agreement, voluntary or involuntary, joint or several, direct or indirect, absolute or contingent, liquidated or unliquidated, or decreased or extinguished and later increased
and however created or incurred) under the Loan Documents. 
  
 “Operating
Account” means the demand deposit account number 1078657 maintained at the Funding Bank in Borrowers’ name and designated for funding that portion of each Eligible Asset not funded by an Advance made against that Eligible Asset and for
returning any excess payment from an Investor for a Pledged Asset. 
  
 “Other Investments” has the meaning set forth on Exhibit H. 
  
 “Participant” has the meaning set forth in Section 12.7. 
  
 “Percentage Share” means, for any Lender at any date, the percentage which such Lender’s Warehousing Commitment Amount bears to the Warehousing Credit Limit. 
  
 “Person” means and includes natural persons, corporations, limited liability
companies, limited liability partnerships, limited partnerships, general partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or
not legal entities, and governments and agencies and political subdivisions of those governments. 
  
 “Plan” means each employee benefit plan (whether in existence on the date of this Agreement or established after that date), as that term is defined in Section 3 of ERISA, maintained for the benefit
of directors, officers or employees of Borrower or any ERISA Affiliate. 
  
 “Pledged Agreements for Deed” has the meaning set forth in Section 4.1(c). 
  
 “Pledged Assets” means, collectively, Pledged Loans, Pledged Agreements for Deed, Foreclosure Claim Receivables and Pledged Securities. 
  
 “Pledged Hedging Accounts” has the meaning set forth in Section 4.1 (i). 
  
 “Pledged Hedging Arrangements” has the meaning set forth in Section 4.1 (i).

  
 “Pledged Loans” has the meaning set forth in Section 4.1(b).

  
 “Pledged Securities” has the meaning set forth in Section
4.1(d). 
  
 “Pledged Shares” has the meaning set forth in Section
4.1(j). 
  
 “Prime Mortgage Loan” has the meaning set forth in
Exhibit H. 
  
 “Prohibited Transaction” has the meanings
set forth for such term in Section 4975 of the Internal Revenue Code and Section 406 of ERISA. 
  
 “Purchase Commitment” means a written commitment, in form and substance satisfactory to Lender, issued in favor of Borrower by an Investor under which that Investor commits to purchase Mortgage Loans
or Mortgage-backed Securities. 
  
 “Rating Agency” means any
nationally recognized statistical rating organization that in the ordinary course of its business rates Mortgage-backed Securities. 
  

 Page 13-9 

 “Receivables” has the meaning set forth in Section 4.1(f). 
  
 “Release Amount” has the meaning set forth in Section 4.3(f). 
  
 “Restriction List” and “Restriction Lists” means each and
every list of Persons to whom the Government of the United States prohibits or otherwise restricts the provision of financial services. For the purposes of this Agreement, Restriction Lists include the list of Specifically Designated Nationals and
Blocked Persons established pursuant to Executive Order 13224 (September 23, 2001) and maintained by the Office of Foreign Assets Control, U.S. Department of the Treasury, current as of the day the Restriction List is used for purposes of comparison
in accordance with the requirements of this Agreement. 
  
 “RFC
Advance” has the meaning set forth in Section 3.4. 
  
 “RFC
Direct Advance” means a disbursement by RFC under the RFC Direct Commitment. 
  
 “RFC Direct Commitment” means the obligation of RFC to make RFC Direct Advances to Borrowers under Section 1.3. 
  
 “RFC Direct Commitment Amount” means as of any date of determination, the lesser of (a) $55,000,000, and (b) the difference between RFC’s
Warehousing Commitment Amount and the aggregate principal amount of RFC’s Warehousing Advances as of such date. 
  
 “RFC Direct Note” has the meaning set forth in Section 1.6. 
  
 “RFConnects Delivery” means Credit Agent’s proprietary service to support the electronic exchange of information between Credit Agent and Borrowers,
including Warehousing Advance Requests, shipping requests, payoff requests, wire transfer instructions, security delivery instructions, activity reports and exception reports. 
  
 “RFConnects Pledge Agreement” means an agreement (on the then current form prescribed by Credit Agent) granting Credit
Agent on behalf of Lenders a security interest in Mortgage Loans for which Borrowers have requested Warehousing Advances using RFConnects Delivery. 
  
 “Second Mortgage” means a Mortgage that constitutes a second Lien on the real property and improvements described in or covered by that Mortgage.

  
 “Second Mortgage Loan” means a Mortgage Loan secured by a
Second Mortgage. 
  
 “Security Agreement” means a security
agreement or other agreement that creates a Lien on personal property, including furniture, fixtures and equipment, to secure repayment of a Mortgage Loan. 
  
 “Servicing Contract” means, with respect to any Person, the arrangement, whether or not in writing, under which that Person has the right to service
Mortgage Loans. 
  
 “Servicing Portfolio” means, as to any
Person, the unpaid principal balance of Mortgage Loans serviced by that Person under Servicing Contracts, minus the principal balance of all Mortgage Loans that are serviced by that Person for others under subservicing arrangements. 
  
 “Servicing Portfolio Report” has the meaning set forth in Section 7.3(a).

  
 “Single Family Mortgage Loan” means a Mortgage Loan secured
by a Mortgage on improved real property on which is located a 1-to-4 family residence. 
  

 Page 13-10 

 “Single Family Property” means improved real property containing one to four family residences.

  
 “Statement Date” means the Audited Statement Date or the
Interim Statement Date, as applicable. 
  
 “Sublimit” means the
aggregate amount of Advances (expressed as a dollar amount of the Warehousing Credit Amount) that is permitted to be outstanding at any one time against a specific type of Eligible Loan. 
  
 “Subordinated Debt” means (a) all indebtedness of Borrowers for borrowed money that is effectively subordinated in right of
payment to all present and future Obligations either (1) under a Subordination of Debt Agreement on the form prescribed by Credit agent or (2) otherwise on terms acceptable to Credit Agent, and (b) solely for purposes of Section 8.3, all
indebtedness of Borrowers that is required to be subordinated by Sections 5.1(b) and 7.11. 
  
 “Subprime Mortgage Loan” has the meaning set forth in Exhibit H. 
  
 “Subsidiary” means any corporation, partnership, association or other business entity in which more than 50% of the shares of stock or other ownership
interests having voting power for the election of directors, managers, trustees or other Persons performing similar functions is at the time owned or controlled by any Person either directly or indirectly through one or more Subsidiaries of that
Person. 
  
 “Swingline Advance” means an Advance made by RFC
under Section 1.5. 
  
 “Swingline Facility Amount” means the
maximum amount of Swingline Advances to be made by RFC from time to time, but not to exceed $75,000,000. 
  
 “Swingline Note” has the meaning set forth in Section 1.6. 
  
 “Tangible Leverage Ratio” means the ratio of a Person’s Debt to Tangible Net Worth. 
  
 “Tangible Net Worth” means the excess of a Person’s (and, if applicable, the Person’s Subsidiaries, on a consolidated basis) total assets over
total liabilities as of the date of determination, each determined in accordance with GAAP applied in a manner consistent with UAMCLLC’s audited financial statements as of November 30, 2002, plus that portion of Subordinated Debt not due
within 1 year of that date. For purposes of calculating a Person’s Tangible Net Worth, advances or loans to shareholders, directors, officers, employees or Affiliates (but not including advances and loans to Lennar and Lennar Financial
Services, LLC), investments in Affiliates, assets pledged to secure any liabilities not included in the Debt of the Person, intangible assets, Servicing Contracts of the type described in Section 8.10, those other assets that would be deemed by HUD
to be non-acceptable in calculating adjusted net worth in accordance with its requirements in effect as of that date, as those requirements appear “Consolidated Audit Guide for Audits of HUD Programs,” and other assets Credit Agent deems
unacceptable, in its sole discretion, must be excluded from a Person’s total assets. 
  
 “Taxes” has the meaning set forth in Section 3.13(a)(1). 
  
 “Third Party Builder Construction Mortgage Loan” has the meaning set forth on Exhibit H. 
  
 “Third Party Originated Loan” means a Mortgage Loan originated and funded by a third party (other than with funds provided by a Borrower at closing to
purchase the Mortgage Loan) and subsequently purchased by a Borrower. 
  

 Page 13-11 

 “Title I Mortgage Loan” means an FHA co-insured closed-end First Mortgage Loan or Second Mortgage Loan
that is underwritten in accordance with HUD underwriting standards for the Title I Property Improvement Program set forth in, and that is reported for insurance under, the Mortgage Insurance Program authorized and administered under Title I of the
National Housing Act of 1934, as amended, and the regulations related to that statute. 
  
 “Total Hard Costs” means the total of the costs and expenses listed on the Cost Breakdown. 
  
 “Trust Receipt” means a trust receipt in a form approved by and under which Credit Agent may deliver any document relating to the Collateral to Borrowers
for correction or completion. 
  
 “UAMC Capital” means UAMC
Capital, LLC, a Delaware limited liability company. 
  
 “UAMC Capital
Warehousing Facility” means the warehousing facility created pursuant to the Loan Agreement dated as of May 23, 2003, by and among UAMC Capital (the “Issuers”) party thereto, Credit Lyonnais New York Branch, as
administrative agent (the “Managing Agent”) party thereto and UAMC, as Servicer, either as originally executed or as it may be amended, restated, renewed or replaced. 
  
 “Warehouse Period” means, for any Eligible Loan, the maximum number of days a Warehousing Advance against that type of
Eligible Loan may remain outstanding as set forth in Exhibit H. 
  
 “Warehousing Advance” means a disbursement by a Lender under its Warehousing Commitment. 
  
 “Warehousing Advance Request” has the meaning set forth in Section 2.1. 
  
 “Warehousing Collateral Value” means, as of any date of determination, (a) with respect to any Eligible Loan, the lesser of
(1) the amount of any Warehousing Advance made, or that could be made, against such Eligible Loan under Exhibit H or (2) an amount equal to the Advance Rate for the applicable type of Eligible Loan multiplied by the Fair Market Value of such
Eligible Loan; (b) if Eligible Loans have been exchanged for Agency Securities, the lesser of (1) the amount of any Warehousing Advances outstanding against the Eligible Loans backing the Agency Securities or (2) an amount equal to the Advance Rates
for the applicable types of Eligible Loans backing the Agency Securities multiplied by the Fair Market Value of the Agency Securities; and (c) with respect to cash, the amount of the cash. 
  
 “Warehousing Commitment” means the obligation of each Lender to make
Warehousing Advances to Borrowers under Section 1.1. 
  
 “Warehousing
Commitment Amount” means, for any Lender at any date, that dollar amount designated as such opposite such Lender’s name on Exhibit J as its Warehousing Commitment Amount, as the same may be amended from time to time in
accordance with this Agreement. 
  
 “Warehousing Commitment Fee”
has the meaning set forth in Section 3.4. 
  
 “Warehousing Credit
Limit” means the sum of the Warehousing Commitment Amounts of all of the Lenders. 
  
 “Warehousing Fee” has the meaning set forth in Section 3.5. 
  
 “Warehousing Maturity Date” has the meaning set forth in Section 1.2. 
  
 “Warehousing Note” has the meaning set forth in Section 1.6. 
  

 Page 13-12 

 “Weighted Average Committed Purchase Price” means the weighted average of the Committed Purchase Prices
of the unfilled Purchase Commitments (expressed as a percentage) for Mortgage Loans or Mortgage-backed Securities of the same type, interest rate and term. 
  
 “Wet Settlement Advance” means with respect to any Warehousing Advance, the time from the date the Warehousing Advance is made until the date of Credit
Agent’s receipt of the Collateral Documents required by Article 2 and the Exhibits and documents referenced in that Article. 
  
 “Wire Disbursement Account” means a demand deposit account maintained at the Funding Bank in Credit Agent’s name for clearing wire transfers
requested by Borrowers to fund Warehousing Advances. 
  
 “Wire
Fee” has the meaning set forth in Section 3.7. 
  

	13.2.	 	Other Definitional Provisions; Terms of Construction 

  

	13.2 (a) 	Accounting terms not otherwise defined in this Agreement have the meanings given to those terms under GAAP. 

  

	13.2 (b) 	Defined terms may be used in the singular or the plural, as the context requires. 

  

	13.2 (c) 	All references to time of day mean the then applicable time in Chicago, Illinois, unless otherwise expressly provided. 

  

	13.2 (d) 	References to Sections, Exhibits, Schedules and like references are to Sections, Exhibits, Schedules and the like of this Agreement unless otherwise expressly provided.

  

	13.2 (e) 	The words “include,” “includes” and “including” are deemed to be followed by the phrase “without limitation.” 

  

	13.2 (f) 	Unless the context in which it is used otherwise clearly requires, the word “or” has the inclusive meaning represented by the phrase “and/or.”

  

	13.2 (g) 	All incorporations by reference of provisions from other agreements are incorporated as if such provisions were fully set forth into this Agreement, and include all necessary
definitions and related provisions from those other agreements. All provisions from other agreements incorporated into this Agreement by reference survive any termination of those other agreements until the Obligations of Borrower under this
Agreement and the Warehousing Note are irrevocably paid in full and the Warehousing Commitment is terminated. 

  

	13.2 (h) 	All references to the Uniform Commercial Code shall be deemed to be references to the Uniform Commercial Code in effect on the date of this Agreement in the applicable jurisdiction.

  

	13.2 (i) 	Unless the context in which it is used otherwise clearly requires, all references to days, weeks and months mean calendar days, weeks and months. 

  
 End of Article 13 
  

 Page 13-13 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first above written.

  

							
	BORROWERS:	 	UNIVERSAL AMERICAN MORTGAGE
COMPANY, LLC,
	 	 	 	 	 a Florida limited liability company

				
	 	 	 	 	By:	 	 /s/    Janice Muñoz

	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Vice President/Treasurer

	 	 	 	 	 	 	

  

							
	 	 	EAGLE HOME MORTGAGE, INC.,
	 	 	 	 	 a Washington corporation

				
	 	 	 	 	By:	 	/s/    Janice Muñoz
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Vice President

	 	 	 	 	 	 	

  

							
	 	 	AMERISTAR FINANCIAL SERVICES, INC.,
	 	 	 	 	 a California corporation

				
	 	 	 	 	By:	 	/s/    Janice Muñoz
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Vice President

	 	 	 	 	 	 	

  

							
	 	 	UNIVERSAL AMERICAN MORTGAGE
COMPANY OF CALIFORNIA,
	 	 	 	 	 a California corporation

				
	 	 	 	 	By:	 	/s/    Janice Muñoz
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Vice President/Treasurer

	 	 	 	 	 	 	

  

							
	 	 	UAMC ASSET CORP. II,
	 	 	 	 	 a Nevada corporation

				
	 	 	 	 	By:	 	/s/    Janice Muñoz
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Vice President/Treasurer

	 	 	 	 	 	 	

  

							
	CREDIT AGENT:	 	RESIDENTIAL FUNDING CORPORATION,
	 	 	 	 	 a Delaware Corporation

				
	 	 	 	 	By:	 	/s/    Jim Clapp
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Director

			
	 	 	 	 	 CLOSING DATE:    October 23,
2003                                      
          

  

 Page 13-14 

							
	 LENDERS:
	 	RESIDENTIAL FUNDING CORPORATION,
	 	 	 	 	 a Delaware corporation

				
	 	 	 	 	By:	 	/s/    Jim Clapp
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Director

  

							
	 	 	BANK ONE, NA,
	 	 	 	 	 a national banking association

				
	 	 	 	 	By:	 	/s/    Rodney Davis
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Associate Director

	 	 	 	 	 	 	

  

							
	 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	 	 	 a national banking association

				
	 	 	 	 	By:	 	/s/    Kathleen Connor
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Vice President

	 	 	 	 	 	 	

  

							
	 	 	SUNTRUST BANK, a state bank organized
	 	 	 	 	 under the laws of Georgia

				
	 	 	 	 	By:	 	/s/    Robert E. Hummel
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Senior Vice President

	 	 	 	 	 	 	

  

							
	 	 	NATIONAL CITY BANK OF KENTUCKY
	 	 	 	 	 a national banking association

				
	 	 	 	 	By:	 	/s/    Pat Morrison
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Vice President

	 	 	 	 	 	 	

  

							
	 	 	COMERICA BANK
				
	 	 	 	 	By:	 	/s/    Robert W. Marr
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Vice President

	 	 	 	 	 	 	

  

							
	 	 	CREDIT LYONNAIS NEW YORK BRANCH
				
	 	 	 	 	By:	 	/s/    Attila Koc
	 	 	 	 	 	 	

	 	 	 	 	Its:	 	 Senior Vice President

	 	 	 	 	 	 	

  

 Page 13-15Exhibit 10(m)

 Exhibit 10(m) 
  
 Execution Copy 
  
 SECOND AMENDED AND RESTATED 
  
 CREDIT AGREEMENT 
  
 among 
  
 LENNAR CORPORATION 
  
 and 
  
 the Lenders Party
Hereto 
  
 and 
  
 BANK ONE, NA, 
 as Administrative Agent, 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Syndication Agent, 
  
 and 
  
 BANK OF AMERICA, N.A. CREDIT LYONNAIS NEW YORK BRANCH, 
 WACHOVIA BANK, N.A., and COMERICA BANK 
 as Documentation Agents,

  
 and 
  
 SUNTRUST BANK, GUARANTY BANK, CITICORP NORTH AMERICA, INC. and

 THE ROYAL BANK OF SCOTLAND 
 as Managing Agents, 
  
 with 
  
 BANC ONE CAPITAL MARKETS, INC. 
  
 and 
  
 DEUTSCHE BANK SECURITIES, INC., 
 as Joint Lead Arrangers and Joint Book Runners 
  
 Dated: May 30, 2003 
  

 Table of Contents 
  

							
	 ARTICLE I
	  	 CERTAIN DEFINED TERMS
	  	1
	SECTION 1.01.	  	 Certain Defined Terms
	  	1
	SECTION 1.02.	  	 Computation of Time Periods
	  	29
	SECTION 1.03.	  	 Accounting Terms
	  	29
			
	 ARTICLE II
	  	 THE CREDITS
	  	30
	SECTION 2.01.	  	 Facility A Commitment
	  	30
	SECTION 2.02.	  	 Facility B Commitment
	  	31
	SECTION 2.03.	  	 Facility C Advances
	  	31
	SECTION 2.04.	  	 Swing Line Loans
	  	32
	SECTION 2.05.	  	 Types of Advances
	  	33
	SECTION 2.06.	  	 Principal Payments
	  	33
	SECTION 2.07.	  	 Commitment Fees; Reductions of Commitments
	  	35
	SECTION 2.08.	  	 Method of Borrowing
	  	36
	SECTION 2.09.	  	 Method of Selecting Types and Interest Periods for Advances
	  	36
	SECTION 2.10.	  	 Method of Selecting Types and Interest Periods for Conversion and Continuation of Advances
	  	37
	SECTION 2.11.	  	 Minimum Amount of Each Advance
	  	38
	SECTION 2.12.	  	 Rate after Maturity
	  	38
	SECTION 2.13.	  	 Method of Payment
	  	38
	SECTION 2.14.	  	 Notes; Telephonic Notices
	  	39
	SECTION 2.15.	  	 Interest Payment Dates; Interest and Fee Basis
	  	39
	SECTION 2.16.	  	 Notification of Advances, Interest Rates, Prepayments and Commitment Reductions
	  	40
	SECTION 2.17.	  	 Lending Installations
	  	40
	SECTION 2.18.	  	 Increase in Facilities
	  	40
	SECTION 2.19.	  	 Extension of Facility B Termination Date
	  	43
	SECTION 2.20.	  	 Facility B Term-Out
	  	45
	SECTION 2.21.	  	 Facility Letters of Credit
	  	46
	SECTION 2.22.	  	 Non-Receipt of Funds by the Administrative Agent
	  	53
	SECTION 2.23.	  	 Withholding Tax Exemption
	  	54
	SECTION 2.24.	  	 Unconditional Obligation to Make Payment
	  	54
	SECTION 2.25.	  	 Compensating Balances
	  	55
	SECTION 2.26.	  	 Extension of Facility A Termination Date
	  	55
	SECTION 2.27.	  	 Replacement of Certain Lenders
	  	55
	SECTION 2.28.	  	 Obligations Under Prior Credit Agreement
	  	56
			
	 ARTICLE III
	  	 CHANGE IN CIRCUMSTANCES
	  	57
	SECTION 3.01.	  	 Yield-Protection
	  	57
	SECTION 3.02.	  	 Changes in Capital Adequacy Regulation
	  	57
	SECTION 3.03.	  	 Availability of Types of Advances
	  	58
	SECTION 3.04.	  	 Funding Indemnification
	  	58
	SECTION 3.05.	  	 Lender Statements Survival of Indemnity
	  	58
			
	 ARTICLE IV
	  	 REPRESENTATIONS AND WARRANTIES
	  	59
	SECTION 4.01.	  	 Organization, Powers, etc.
	  	59
	SECTION 4.02.	  	 Authorization and Validity of this Agreement, etc.
	  	59
	SECTION 4.03.	  	 Financial Statements
	  	60
	SECTION 4.04.	  	 No Material Adverse Effect
	  	60
	SECTION 4.05.	  	 Title to Properties
	  	60

  

 i 

							
	SECTION 4.06.	  	 Litigation
	  	61
	SECTION 4.07.	  	 Payment of Taxes
	  	61
	SECTION 4.08.	  	 Agreements
	  	61
	SECTION 4.09.	  	 Foreign Direct Investment Regulations
	  	61
	SECTION 4.10.	  	 Federal Reserve Regulations.
	  	62
	SECTION 4.11.	  	 Consents, etc
	  	62
	SECTION 4.12.	  	 Compliance with Applicable Laws
	  	62
	SECTION 4.13.	  	 Relationship of the Loan Parties
	  	63
	SECTION 4.14.	  	 Subsidiaries; Joint Ventures
	  	63
	SECTION 4.15.	  	 ERISA
	  	63
	SECTION 4.16.	  	 Investment Company Act
	  	64
	SECTION 4.17.	  	 Public Utility Holding Company Act
	  	64
	SECTION 4.18.	  	 Subordinated Debt
	  	64
	SECTION 4.19.	  	 Post-Retirement Benefits
	  	64
	SECTION 4.20.	  	 Insurance
	  	64
	SECTION 4.21.	  	 Environmental Representations
	  	64
	SECTION 4.22.	  	 Intentionally Omitted.
	  	64
	SECTION 4.23.	  	 Minimum Adjusted Consolidated Tangible Net Worth
	  	64
	SECTION 4.24.	  	 Intentionally Omitted.
	  	64
	SECTION 4.25.	  	 No Misrepresentation
	  	65
			
	 ARTICLE V
	  	 CONDITIONS PRECEDENT; TERMINATION
	  	65
	SECTION 5.01.	  	 Conditions of Effectiveness
	  	65
	SECTION 5.02.	  	 Conditions Precedent to All Advances and Facility Letters of Credit.
	  	67
			
	 ARTICLE VI
	  	 AFFIRMATIVE COVENANTS
	  	68
	SECTION 6.01.	  	 Existence, Properties, etc.
	  	68
	SECTION 6.02.	  	 Notice
	  	69
	SECTION 6.03.	  	 Payments of Debts, Taxes, etc.
	  	69
	SECTION 6.04.	  	 Accounts and Reports
	  	69
	SECTION 6.05.	  	 Access to Premises and Records
	  	73
	SECTION 6.06.	  	 Maintenance of Properties and Insurance
	  	73
	SECTION 6.07.	  	 Financing: New Investing
	  	74
	SECTION 6.08.	  	 Compliance with Applicable Laws
	  	74
	SECTION 6.09.	  	 Advances to the Mortgage Banking Subsidiaries
	  	74
	SECTION 6.10.	  	 Use of Proceeds
	  	75
	SECTION 6.11.	  	 REIT Subsidiary
	  	75
			
	 ARTICLE VII
	  	 NEGATIVE COVENANTS
	  	75
	SECTION 7.01.	  	 Minimum Consolidated Tangible Net Worth
	  	75
	SECTION 7.02.	  	 Limitation on Indebtedness
	  	76
	SECTION 7.03.	  	 Guaranties
	  	76
	SECTION 7.04.	  	 Sale of Assets; Acquisitions; Merger
	  	76
	SECTION 7.05.	  	 Investments
	  	77
	SECTION 7.06.	  	 Disposition; Encumbrance or Issuance of Certain Stock
	  	78
	SECTION 7.07.	  	 Subordinated Debt
	  	78
	SECTION 7.08.	  	 Housing Units
	  	78
	SECTION 7.09.	  	 Construction in Progress
	  	78
	SECTION 7.10.	  	 No Margin Stock
	  	78
	SECTION 7.11.	  	 Mortgage Banking Subsidiaries’ Capital Ratio
	  	79
	SECTION 7.12.	  	 Transactions with Affiliates
	  	79

  

 ii 

							
	SECTION 7.13.	  	 Restrictions on Advances to Mortgage Banking Subsidiaries
	  	79
	SECTION 7.14.	  	 Mortgage Banking Subsidiaries Adjusted Net Worth
	  	80
	SECTION 7.15.	  	 Investments in Land
	  	80
	SECTION 7.16.	  	 Liens and Encumbrances
	  	80
			
	 ARTICLE VIII
	  	COLLATERAL	  	80
	SECTION 8.01.	  	 Pledge Agreement
	  	80
	SECTION 8.02.	  	 Mortgage Banking Subsidiaries Note
	  	81
	SECTION 8.03.	  	 Collateral Trusts
	  	82
			
	 ARTICLE IX
	  	EVENTS OF DEFAULT	  	82
	SECTION 9.01.	  	 Events of Default
	  	82
	SECTION 9.02.	  	 Remedies
	  	84
	SECTION 9.03.	  	 Application of Payments
	  	84
			
	 ARTICLE X
	  	THE ADMINISTRATIVE AGENT	  	85
	SECTION 10.01.	  	 Appointment
	  	85
	SECTION 10.02.	  	 Powers
	  	86
	SECTION 10.03.	  	 General Immunity
	  	86
	SECTION 10.04.	  	 No Responsibility for Loans, Recitals, Etc.
	  	86
	SECTION 10.05.	  	 Employment of Agents and Counsel
	  	86
	SECTION 10.06.	  	 Reliance on Documents; Counsel
	  	87
	SECTION 10.07.	  	 No Waiver of Rights
	  	87
	SECTION 10.08.	  	 Knowledge of Event of Default
	  	87
	SECTION 10.09.	  	 Administrative Agent’s Reimbursement and Indemnification
	  	87
	SECTION 10.10.	  	 Notices to the Borrower
	  	88
	SECTION 10.11.	  	 Action on Instructions of Lenders
	  	88
	SECTION 10.12.	  	 Lender Credit Decision
	  	88
	SECTION 10.13.	  	 Collateral
	  	88
	SECTION 10.14.	  	 Resignation or Removal of the Administrative Agent
	  	89
	SECTION 10.15.	  	 Benefits of Article X
	  	90
			
	 ARTICLE XI
	  	SETOFF; RATABLE PAYMENTS	  	90
	SECTION 11.01.	  	 Set-off
	  	90
	SECTION 11.02.	  	 Ratable Payments
	  	90
			
	 ARTICLE XII
	  	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	  	91
	SECTION 12.01.	  	 Successors and Permitted Assigns
	  	91
	SECTION 12.02.	  	 Participations
	  	91
	SECTION 12.03.	  	 Assignments
	  	92
			
	 ARTICLE XIII
	  	MISCELLANEOUS	  	93
	SECTION 13.01.	  	 Notice
	  	93
	SECTION 13.02.	  	 Survival of Representations
	  	93
	SECTION 13.03.	  	 Expenses
	  	93
	SECTION 13.04.	  	 Indemnification of the Lenders and the Administrative Agent
	  	94
	SECTION 13.05.	  	 Maximum Interest Rate
	  	94
	SECTION 13.06.	  	 Modification of Agreement
	  	94
	SECTION 13.07.	  	 Register
	  	96
	SECTION 13.08.	  	 Preservation of Rights
	  	96
	SECTION 13.09.	  	 Several Obligations of Lenders
	  	97

  

 iii 

							
	SECTION 13.10.	  	 Severability
	  	97
	SECTION 13.11.	  	 Counterparts
	  	97
	SECTION 13.12.	  	 Right to Terminate Certain Commitments
	  	97
	SECTION 13.13.	  	 Loss, etc., Notes
	  	97
	SECTION 13.14.	  	 Governmental Regulation
	  	97
	SECTION 13.15.	  	 Taxes
	  	98
	SECTION 13.16.	  	 Headings
	  	98
	SECTION 13.17.	  	 Entire Agreement
	  	98
	SECTION 13.18.	  	 CHOICE OF LAW
	  	98
	SECTION 13.19.	  	 CONSENT TO JURISDICTION
	  	98
	SECTION 13.20.	  	 WAIVER OF JURY TRIAL
	  	98

  

 iv 

 SCHEDULES 
  

					
	Schedule

	  	 Description

	  	 References

			
	I	  	Lenders	  	Preamble and Section 12.03(a)
			
	II	  	Existing Letters Of Credit	  	Definitions of “Existing Letters Of Credit” and “Issuer”
			
	III	  	Real Estate	  	Definition of “Joint Venture” and Sections 4.05 and 6.04(h)
			
	IV	  	Permitted Liens	  	Definition
			
	V	  	Consents	  	Section 4.11
			
	VI	  	Subsidiaries	  	Section 4.14
			
	VII	  	Subsidiaries Not Required to Deliver Guaranties	  	Sections 4.14, 5.01(b), 7.03 and 7.05
			
	VIII	  	Subordinated Debt	  	Section 4.18
			
	IX	  	Intentionally Omitted	  	 
			
	X	  	Permitted Dispositions	  	Section 7.04(a)

  

 EXHIBITS 
  

					
	Exhibit

	  	 Description

	  	 Reference

	A	  	Intentionally Omitted	  	 
	B	  	Intentionally Omitted	  	 
	C	  	Requirements for Entitled Land	  	Definition of “Entitled Land”
	D	  	Facility A Note	  	Definition
	E	  	Facility B Revolver Note	  	Definition
	F	  	Facility B Term Note	  	Definition
	G	  	Facility C Note	  	Definition
	H	  	Guaranty	  	Definition
	I	  	Intercreditor Agreement	  	Definition
	J	  	Intentionally Omitted	  	 
	K	  	Intentionally Omitted	  	 
	L-1	  	Borrower Pledge Agreement	  	Definition of “Pledge Agreement”
	L-2	  	Subsidiary Pledge Agreement	  	Definition of “Pledge Agreement”
	M	  	Pricing Grid	  	Definition
	N	  	Intentionally Omitted	  	 
	O	  	Commitment and Acceptance	  	Section 2.18(a)
	P	  	Compliance Report	  	Section 6.04(l)
	Q	  	Intentionally Omitted	  	 
	R	  	Intentionally Omitted	  	 
	S	  	Intentionally Omitted	  	 
	T	  	Collateral Trust Agreement	  	Section 8.03(a)
	U	  	Intentionally Omitted	  	 
	V	  	Assignment and Assumption	  	Section 12.03(a)

  

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 30, 2003, among LENNAR CORPORATION, a
corporation organized and existing under the laws of the State of Delaware (the “Borrower”), the lenders listed in Schedule I hereto (hereinafter collectively referred to as the “Lenders”), and BANK ONE, NA, as
Administrative Agent (the “Administrative Agent”). 
  
 RECITALS 
  
 A. The Borrower, certain of the Lenders (and
certain other lenders) and Administrative Agent are party to a certain Amended and Restated Credit Agreement dated as of May 24, 2002, which Prior Credit Agreement amended and restated the Original Credit Agreement (defined herein) (which Amended
and Restated Credit Agreement, as amended by First Amendment to Amended and Restated Credit Agreement dated as of February 28, 2003, is herein referred to as the “Prior Credit Agreement”). 
  
 B. The parties hereto desire to amend and restate the Prior Credit Agreement
(1) to add certain Lenders as parties, (2) to remove certain of the “Facility A Lenders” and “Facility B Lenders” who have elected not to remain as parties, (3) to extend the Facility A Termination Date and Facility B Termination
Date (as described below), (4) to increase the Aggregate Letter of Credit Commitment and (5) as otherwise provided herein. 
  
 C. This Second Amended and Restated Credit Agreement shall become effective upon (1) the execution and delivery hereof by Borrower, the Administrative
Agent, the Facility A Lenders party hereto, the Facility B Lenders party hereto and Lenders (including such Facility A Lenders and Facility B Lenders) that collectively constitute the “Required Lenders” under the Prior Credit Agreement and
(2) the satisfaction of the other conditions set forth in Sections 5.01 and 5.02 hereof. 
  
 AGREEMENT 
  
 In consideration of the foregoing recitals and the mutual covenants and agreements hereinafter set forth, the parties hereto hereby agree, and amend and restate the Prior Credit Agreement, as follows: 
  
 ARTICLE I 
  
 CERTAIN DEFINED TERMS 
  
 SECTION 1.01. Certain Defined Terms. As used herein, each of the following terms shall have the meaning ascribed to it below, which meaning shall
be applicable to both the singular and plural forms of the terms defined: 
  
 “Acquisition” means any transaction, or any series of related transactions, consummated after the Closing Date, by which the Borrower or any of its Subsidiaries (a) acquires any going business or all
or substantially all of the assets of any firm, corporation or division thereof, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of
transactions) at least a majority (in the number of votes) of the Securities of a corporation which have ordinary voting power for the election of directors (other than Securities having such power only by reason of the happening of 

  

 
a contingency) or a majority (by percentage of voting power) of the outstanding equity interests of another Person. 
  
 “Adjusted Consolidated Tangible Net Worth” means, at any
date, Consolidated Tangible Net Worth at such date less, to the extent not already deducted in the definition of Consolidated Tangible Net Worth, the aggregate of all of the following at such date: (a) the consolidated stockholders’
equity of the Mortgage Banking Subsidiaries, and (b) the stockholders’ equity of each other Subsidiary of the Borrower which is not a Loan Party. 
  
 “Administrative Agent” means Bank One, NA in its capacity as Administrative Agent for the Lenders pursuant to Article X, and not
in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 
  
 “Advance” means, with respect to a Facility, a borrowing hereunder or, in the case of Facility C, a borrowing under the Prior Credit
Agreement to the extent outstanding on the Closing Date (or the conversion or continuation of any such borrowing) consisting of the aggregate amount of the several loans made by the Lenders under such Facility to the Borrower of the same Type and,
in the case of Eurodollar Rate Advances, for the same Interest Period. 
  
 “Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person. Solely for purposes of this definition, a Person shall be deemed to control
another Person if the controlling Person owns 50% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or
policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 
  
 “AFSI” means Ameristar Financial Services, Inc. 
  

“Aggregate Commitment” means, at any time, the sum of the then applicable Aggregate Facility A Commitment, the then applicable
Aggregate Facility B Commitment, the then outstanding principal balance of the Facility B Term Loans and the then outstanding principal balance of the Facility C Loans. 
  
 “Aggregate Facility A Commitment” means $712,250,000 as such amount may be increased from time to time
pursuant to Section 2.18 hereof or reduced from time to time pursuant to the terms of this Agreement. 
  
 “Aggregate Facility B Commitment” means $315,250,000 as such amount may be increased from time to time pursuant to Section 2.18(e)
hereof or reduced from time to time pursuant to the terms of this Agreement. 
  
 “Aggregate Letter of Credit Commitment” means $500,000,000, as such amount may be reduced from time to time pursuant to the terms hereof. 
  
 “Agreement” means this Second Amended and Restated Credit Agreement, including the exhibits and schedules
hereto, as it may be amended, renewed, modified or restated and in effect from time to time. 
  

 2 

 “Agreement Date” means May 30, 2003. 
  
 “Alternate Base Rate” means, for any day, a rate per annum
equal to the higher of (a) the Prime Rate for such day or (b) the sum of the Federal Funds Effective Rate plus 0.5%, in each case changing when and as the Prime Rate and the Federal Funds Effective Rate change. 
  
 “Applicable Commitment Fee Rate” means (a) with respect to
Facility A, a rate per annum equal to the “Facility A Unused Commitment Fee” as determined from time to time pursuant to the Pricing Grid, and (b) with respect to Facility B, a rate per annum equal to the “Facility B Unused Commitment
Fee” as determined from time to time pursuant to the Pricing Grid. 
  
 “Applicable Margin” means (a) with respect to Eurodollar Rate Loans for Facility A and Facility B, a rate per annum equal to the “Applicable Margin for Facility A and Facility B Eurodollar Rate Loans” as
determined from time to time pursuant to the Pricing Grid; (b) with respect to Eurodollar Rate Loans for Facility C, a rate per annum equal to the “Applicable Margin for Facility C Eurodollar Rate Loans” as determined from time to time
pursuant to the Pricing Grid; (c) with respect to Floating Rate Loans for Facility A and Facility B, a rate per annum equal to the “Applicable Margin for Facility A and Facility B Floating Rate Loans” determined from time to time pursuant
to the Pricing Grid; and (d) with respect to Floating Rate Loans for Facility C, a rate per annum equal to the “Applicable Margin for Facility C Floating Rate Loans” as determined from time to time pursuant to the Pricing Grid. 

 
 “Applicable Pro Rata Share” means, for any Lender, such
Lender’s Facility A Pro Rata Share, Facility B Revolver Pro Rata Share, Facility B Term Pro Rata Share or Facility C Pro Rata Share, as applicable. 
  
 “Article” means an article of this Agreement unless another document is specifically referenced. 
  
 “Asset Sale” means, with respect to any Person, (a) the
sale, conveyance, disposition or other transfer by such Person of (i) any of its Real Estate other than in the ordinary course of business, or (ii) any of the equity Securities of any Subsidiary of such Person or (b) any Bulk Land Sale by such
Person. 
  
 “Assignment and Assumption Agreement”
is defined in Section 12.03(a). 
  
 “Authorized
Financial Officer” means any of the chief financial officer, treasurer or controller of the Borrower. 
  
 “Authorized Officer” means any of Stuart Miller, Bruce Gross, Waynewright Malcolm, David McCain, Diane Bessette or any other Person
designated by the Borrower in writing to act as an Authorized Officer hereunder, acting singly. 
  
 “Bank One” means Bank One, NA, in its individual capacity, and its successors. 
  
 “BOCM” means Banc One Capital Markets, Inc., one of the
Joint Lead Arrangers hereunder. 
  

 3 

 “Borrower” is defined in the introductory paragraph of this Agreement. 
  
 “Borrower Audited Financial Statements” is defined in
Section 4.03. 
  
 “Borrower Unaudited Financial
Statements” is defined in Section 4.03. 
  
 “Borrowing Base” means, from time to time, the sum of the following amounts, all as reflected from time to time in accordance with GAAP consistently applied in the consolidated balance sheet of the Borrower: (a) 100% of the
Loan Parties’ unrestricted cash up to a maximum of $30,000,000 (with any excess cash being excluded from the Borrowing Base); (b) 100% of the Net Housing Unit Proceeds due to any Loan Party at closing as a result of the consummation of the sale
of any Housing Unit, which Net Housing Unit Proceeds have been paid to the closing agent handling such sale but which have not yet been received by such Loan Party; provided, however, that if, and to the extent that, such Net Housing Unit
Proceeds which are reported as outstanding on the last day of any fiscal quarter of the Borrower are not received by such Loan Party on or before the tenth (10th) day following the end of any such fiscal quarter, such Net Housing Unit Proceeds shall
not be included in the Borrowing Base; (c) 90% of the Net Book Value of all Housing Units Under Contract; (d) 75% of the Net Book Value of all Housing Units (including, without limitation, model Housing Units) that are not subject to a contract for
sale; (e) 70% of the Net Book Value of all Finished Lots; (f) 50% of the Net Book Value of all Land Under Development; and (g) 30% of the Net Book Value of all Unimproved Entitled Land, provided that the sum of the amounts determined pursuant
to clauses (f) and (g) shall not exceed 30% of the Borrowing Base (with any excess being excluded from the Borrowing Base); provided further, that notwithstanding anything to the contrary provided herein, any asset which is
encumbered by a Lien (other than a Lien described in clauses (b), (c), (e) or (k) of the definition of “Permitted Liens”) shall not be included in the calculation of the Borrowing Base pursuant to clauses
(a) through (g) above. 
  
 “Borrowing Base
Debt” means all Consolidated Indebtedness, including without limitation the Secured Obligations and the Indebtedness under the Old U.S. Home Debt Issues (whether senior or senior subordinated), but excluding (a) any Subordinated Debt of the
Borrower and (b) any Non-Recourse Indebtedness secured solely by Real Estate that is owned by any Loan Party and that, if the same did not secure such Indebtedness, would be included in the determination of the Borrowing Base. 
  
 “Borrowing Base Limitation” is defined in Section
7.02. 
  
 “Borrowing Date” means a date on
which an Advance is made hereunder. 
  
 “Borrowing
Notice” is defined in Section 2.09. 
  
 “Bulk Land Sale” means the sale of all or any part of a Project (or more than one Project), whether or not in the ordinary course of business, in a single transaction (or a series of related transactions), to a single
purchaser, or to purchasers that are Affiliates of each other, for which the aggregate consideration paid in such transaction (or series of related transactions) exceeds $20,000,000. 
  

 4 

 “Business Day” means (a) with respect to any borrowing, payment or rate selection of
Eurodollar Rate Advances, a day (other than a Saturday or Sunday) on which banks are open for business in Chicago, Illinois and New York, New York and on which dealings in United States dollars are carried on in the London interbank market, (b) with
respect to Facility Letters of Credit, a day (other than a Saturday or Sunday) on which banks are open for business in Chicago, Illinois, and the city in which the office of the applicable Issuer is located and (c) for all other purposes, a day
(other than a Saturday or Sunday) on which banks are open for business in Chicago, Illinois and New York, New York. 
  
 “Capitalized Lease” of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of
such Person prepared in accordance with GAAP. 
  
 “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP.

  
 “Capitalized Mortgage Servicing” of the
Mortgaged Banking Subsidiaries means, at any date, the following capitalized assets of the Mortgaged Banking Subsidiaries net of any amortization or write downs with respect thereto, all as determined in accordance with GAAP: (a) purchased mortgage
servicing rights, (b) originated mortgage servicing rights and (c) excess servicing. 
  
 “Capital Stock” means, with respect to any corporation, any and all shares, interests, rights to purchase (other than convertible or exchangeable Indebtedness), warrants, options, participations or
other equivalents of or interests (however designated) in stock issued by that corporation. 
  
 “Change in Control” means the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as amended) of the outstanding shares of voting stock of the Borrower that hold in excess of 50% of the voting rights held by all stockholders of all classes of common stock of the Borrower. 
  
 “Closing Date” means the date on which the Lenders shall
first become obligated to make Advances after satisfaction or waiver of all of the conditions precedent set forth in Sections 5.01 and 5.02. 
  
 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time. 
  
 “Collateral” means, at any time, any assets owned by any
Loan Party that then are subject to a security interest or other Lien in favor of the Administrative Agent (or a collateral trustee provided for in Section 8.03) for the benefit of the Lenders as security for the Secured Obligations.

  
 “Collateral Trust Agreement” is defined in
Section 8.03(a). 
  

 5 

 “Commitment” means, for each of the Facility A Lenders and Facility B Lenders, the
Facility A Commitment and Facility B Commitment of such Lender. 
  
 “Commitment and Acceptance” is defined in Section 2.18(a). 
  
 “Commitment Fees” means the fees provided for in Section 2.07(a). 
  
 “Completed Housing Unit” means, at any time, a Housing Unit the construction of which was commenced more than 10 months, in the case of a
single family home, more than 12 months, in the case of a townhouse, or more than 18 months, in the case of a condominium, before that time or was completed prior to the expiration of the applicable period. 
  
 “Consolidated EBITDA” means, for any period, the
Consolidated Net Income of the Loan Parties plus, to the extent deducted from revenues in determining Consolidated Net Income, (a) Consolidated Interest Expense, (b) expense for income taxes paid or accrued, (c) depreciation, (d) amortization
and (e) extraordinary losses incurred other than in the ordinary course of business, minus, to the extent included in Consolidated Net Income, extraordinary gains realized other than in the ordinary course of business, all calculated for the
Loan Parties (and excluding the Mortgage Banking Subsidiaries and any other Subsidiary of the Borrower that is not a Loan Party) on a consolidated basis. 
  
 “Consolidated Indebtedness” means the Indebtedness of the Loan Parties on a consolidated basis, and shall not include (i) Indebtedness of
any Subsidiary that is not a Loan Party, (ii) Indebtedness of a Loan Party to the REIT Subsidiary or (iii) any other Indebtedness of a Loan Party to another Loan Party. 
  
 “Consolidated Interest Expense” means, for any period, the interest expense of the Loan Parties (and
excluding the Mortgage Banking Subsidiaries and any other Subsidiary of the Borrower that is not a Loan Party) calculated on a consolidated basis for such period. 
  
 “Consolidated Interest Incurred” means, for any period, the aggregate amount (without duplication and
determined in each case in accordance with GAAP) of (a) interest (excluding interest on Indebtedness of a Loan Party to another Loan Party) incurred, whether such interest was expensed or capitalized, paid, accrued, or scheduled to be paid or
accrued by any of the Loan Parties (and excluding the Mortgage Banking Subsidiaries and any other Subsidiary of the Borrower that is not a Loan Party) during such period, including (i) original issue discount and non-cash interest payments or
accruals, (ii) the interest portion of all deferred payment obligations, and (iii) all commissions, discounts and other fees and charges owed with respect to bankers’ acceptances and letter of credit financings and interest swap and hedging
obligations, in each case to the extent attributable to such period plus (b) the amount of dividends accrued or payable by the Loan Parties (and excluding the Mortgage Banking Subsidiaries and any other Subsidiary of the Borrower that is not
a Loan Party) in respect of Disqualified Capital Stock (excluding any amount payable to any Loan Party), which amount shall be “grossed up” to include applicable taxes on income that would be used to pay such dividends, provided,
however, that interest, dividends or other payments or accruals of a consolidated Subsidiary that is not wholly owned shall be included only to the extent of the interest of such Person in such Subsidiary. For purposes of this definition, (x)
interest on Capitalized Lease Obligations shall be 

  

 6 

 
deemed to accrue at an interest rate reasonably determined by the Borrower to be the rate of interest implicit in such Capitalized Lease Obligations in
accordance with GAAP and (y) interest expense attributable to any Indebtedness represented by the guaranty of an obligation of another Person shall be deemed to be the interest expense attributable to the Indebtedness guaranteed. 
  
 “Consolidated Net Income” means, with respect to any Person
for any period, the net income (or loss) of such Person and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that (a) net income (or loss) of any other Person which is not a Subsidiary of
the Person or is accounted for by such specified Person by the equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid to the specified Person or a Subsidiary of such Person, (b) the net
income (or loss) of any other Person acquired by such specified Person or a Subsidiary of such Person in a pooling of interests transaction for any period prior to the date of such acquisition shall be excluded, (c) all gains and losses which are
either extraordinary (as determined in accordance with GAAP) or are either unusual or nonrecurring (including any gain from the sale or other disposition of assets outside the ordinary course of business or from the issuance or sale of any Capital
Stock), shall be excluded, and (d) the net income, if positive, of any of such Person’s consolidated Subsidiaries (other than non-guarantor Subsidiaries) to the extent that the declaration or payment of dividends or similar distributions is not
at the time permitted by operation of the terms of its charter or bylaws or any other agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such consolidated Subsidiary shall be excluded, provided,
however, in the case of exclusions from Consolidated Net Income set forth in clauses (b), (c) and (d) above, such amounts shall be excluded only to the extent included in computing such net income (or loss) in accordance
with GAAP and without duplication; provided further, however, that for purposes of determining Consolidated Net Income of the Loan Parties, the net income of the Mortgage Banking Subsidiaries and any other Subsidiary of the Borrower that is
not a Loan Party shall be excluded. 
  
 “Consolidated
Tangible Net Worth” means, at any date, the Net Worth of the Borrower and its Subsidiaries less the aggregate amount of all goodwill and other assets that are properly classified as “intangible assets” at such date in accordance
with GAAP. 
  
 “Contingent Obligation” of a
Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or
liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person (including, without limitation, any LTV Maintenance Agreement), or otherwise assures any creditor of such other
Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract, “put” agreement or other similar arrangement, but excluding Repurchase Guaranties. With respect to each Loan Party,
Contingent Obligation includes, without limitation of the foregoing, obligations under reimbursement agreements with financial institutions (including the Lenders) relating to Letters of Credit (other than Performance Letters of Credit) issued by
such financial institutions for the account of such Loan Party and does not include reimbursement obligations to an issuer of a performance bond. 
  

 7 

 “Controlled Group” means all members of a controlled group of corporations and all
trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code. 
  
 “Conversion/Continuation Notice” is defined in Section
2.10(d). 
  
 “Default Rate” means, for any
day, a rate per annum equal to the sum of (a) the Alternate Base Rate for such date plus (b) five percent (5%) per annum. 
  
 “Disqualified Capital Stock” means (a) except as set forth in clause (b) below, with respect to any Person, Capital Stock of such
Person that, by its terms or by the terms of any security into which it is convertible, exercisable or exchangeable, is, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased (including at the
option of the holder thereof) by such Person or any of its Subsidiaries, in whole or in part, on or prior to the stated maturity of the securities, and (b) with respect to any Subsidiary of such Person (including with respect to any Subsidiary of
the Borrower), any Capital Stock other than any common stock with no preference, privileges, or redemption or repayment provisions. 
  
 “Dollars” and the sign “$” each means lawful money of the United States of America. 
  
 “Eligible Assignee” means a commercial bank, financial
institution, other “accredited investor” (as defined in Regulation D of the Securities Act) or a “qualified institutional buyer” as defined in Rule 144A of the Securities Act. 
  
 “Entitled Land” means a parcel of Real Estate owned by a
Loan Party which is to be developed primarily for residential dwelling units and which satisfies the requirements for the state and county wherein it is located as more particularly described in the Requirements for Entitled Land attached hereto as
Exhibit C. 
  
 “Environmental Laws” means
any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental
restrictions relating to (a) the protection of the environment, (b) the effect of the environment on human health, (c) emissions, discharges or releases of pollutants, contaminants, Hazardous Substances or wastes into surface water, ground water or
land, or (d) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, Hazardous Substances or wastes or the clean-up or other remediation thereof. 
  
 “Equity Investment” means the ownership of, or participation
in the ownership of, an equity interest in Real Estate or an equity interest in a Person in the business of owning, developing, improving, operating or managing Real Estate. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any
rule or regulation issued thereunder. 
  
 “Eurodollar Base
Rate” means, with respect to a Eurodollar Rate Advance for the relevant Eurodollar Interest Period, the applicable British Bankers’ Association London 

  

 8 

 
Interbank offered rate for deposits in U.S. dollars reported by any generally recognized financial information service at 11:00 a.m. (London time) two
Business Days prior to the first day of such Eurodollar Interest Period, having a maturity approximately equal to such Eurodollar Interest Period. 
  
 “Eurodollar Interest Period” means, with respect to a Eurodollar Rate Advance, a period of one, two, three or six months, as available,
commencing on a Business Day selected by the Borrower pursuant to this Agreement (subject to the provisions of the last sentence of this paragraph). Such Eurodollar Interest Period shall end on (but exclude) the day which corresponds numerically to
such date one, two, three or six months thereafter, provided, however, that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Eurodollar Interest Period shall end on the last
Business Day of such next, second, third or sixth succeeding month. If a Eurodollar Interest Period would otherwise end on a day which is not a Business Day, such Eurodollar Interest Period shall end on the next succeeding Business Day, provided,
however, that if said next succeeding Business Day falls in a new calendar month, such Eurodollar Interest Period shall end on the immediately preceding Business Day. 
  
 “Eurodollar Rate” means, with respect to a Eurodollar Rate Advance for the relevant Eurodollar Interest
Period, the sum of (a) the quotient of (i) the Eurodollar Base Rate applicable to such Eurodollar Interest Period, divided by (ii) one minus the Reserve Requirement (expressed as a decimal) applicable to such Eurodollar Interest Period, plus
(b) the Applicable Margin for the Facility with respect to which the Eurodollar Rate is being determined. The Eurodollar Rate shall be rounded to the next higher multiple of 1/16 of 1% if the rate is not such a multiple. 
  
 “Eurodollar Rate Advance” means an Advance which bears
interest at a Eurodollar Rate. 
  
 “Eurodollar Rate
Loan” means a Loan which bears interest at a Eurodollar Rate. 
  
 “Event” means an event, circumstance, condition or state of facts. 
  
 “Event of Default” is defined in Section 9.01. 
  
 “Existing Borrower Public Debt” means the Borrower’s 7-5/8% Senior Notes due 2009, the Borrower’s 9.95% Senior Notes due 2010,
the Borrower’s 5.95% Senior Notes due 2013, the Borrower’s Zero Coupon Senior Convertible Debentures due 2018 and the Borrower’s Zero Coupon Senior Subordinated Convertible Debentures due 2021. 
  
 “Existing Letters of Credit” means the outstanding Letters
of Credit listed in Schedule II hereto issued for the account of the Borrower prior to the Agreement Date by the applicable Facility A Lender identified in Schedule II. 
  
 “Facilities” means Facility A, Facility B and Facility C. 
  
 “Facility A” means the revolving credit, swing line and
letter of credit facilities described in Sections 2.01, 2.04 and 2.21, respectively. 
  
 “Facility A Advance” means an Advance of Facility A. 
  

 9 

 “Facility A Commitment” means, for each of the Facility A Lenders, the obligation of
such Facility A Lender to make revolving credit loans pursuant to Facility A and to purchase participations in Facility Letters of Credit in the aggregate not exceeding the amount set forth in Schedule I hereto as its “Facility A
Commitment,” as such amount may be decreased from time to time pursuant to the terms hereof or increased pursuant to Section 2.18 hereof; provided, however, that the Facility A Commitment of a Lender may not be increased without
its prior written approval. 
  
 “Facility A Extension
Request” is defined in Section 2.26. 
  
 “Facility A Lender” means each of the Lenders holding an interest in Facility A. 
  
 “Facility A Loan” means, with respect to a Facility A Lender, a loan made by such Facility A Lender with respect to Facility A pursuant
to Section 2.01 and any conversion or continuation thereof. 
  
 “Facility A Maturity Date” means the date upon which the outstanding principal amount of the Facility A Notes, all accrued and unpaid interest thereon, and all other Facility A Obligations become due and payable, whether as
a result of the occurrence of the stated maturity date or the acceleration of maturity pursuant to the terms of any of the Loan Documents. 
  
 “Facility A Note” means (a) a promissory note in substantially the form of Exhibit D hereto, executed and delivered by the
Borrower payable to the order of the Administrative Agent in the amount of the Aggregate Facility A Commitment, including any amendment, modification, restatement, renewal or replacement of such promissory note, (b) any “Facility A Note”
executed and delivered pursuant to the Original Credit Agreement or the Prior Credit Agreement by the Borrower payable to the order of a Lender that is a Facility A Lender hereunder, including any amendment, modification, restatement, renewal or
replacement of such promissory note (including without limitation a replacement delivered pursuant to clause (c) below), and (c) in the event that any Facility A Lender requests a Facility A Note in accordance with this Agreement (including
without limitation a replacement of a note described in clause (b) above), a promissory note satisfactory in form to the Administrative Agent, executed and delivered by the Borrower payable to the order of such Facility A Lender in the amount
of its Facility A Commitment, including any amendment, modification, restatement, renewal or replacement of such promissory note. 
  
 “Facility A Obligations” means all unpaid principal of and accrued and unpaid interest on the Facility A Loans and Swing Line Loans, all
accrued and unpaid fees with respect to Facility A, the Swing Line Loans and the Facility Letters of Credit, and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Facility A Lenders or to any Facility A
Lender, the Swing Line Lender, any Issuer, the Administrative Agent or any indemnified party with respect to Facility A, the Swing Line Loans and the Facility Letters of Credit arising under the Loan Documents. 
  
 “Facility A Pro Rata Share” means, at any time for any
Facility A Lender, the ratio that such Facility A Lender’s Facility A Commitment bears to the Aggregate Facility A Commitment. 
  

 10 

 “Facility A Reply Date” is defined in Section 2.26. 
  
 “Facility A Termination Date” means May 29, 2008, or such
later date, if any, to which the Facility A Termination Date may be extended pursuant to Section 2.26, subject, however, to earlier termination in whole of the Aggregate Facility A Commitment pursuant to the terms of this Agreement.

  
 “Facility B” means the revolving credit
facility described in Section 2.02 (subject to conversion of revolving credit loans to term loans pursuant to Section 2.19 or Section 2.20). 
  
 “Facility B Advance” means a Facility B Revolver Advance or an Advance of a Facility B Term Loan (as
applicable). 
  
 “Facility B Commitment” means,
for each of the Facility B Revolver Lenders, the obligation of such Facility B Revolver Lender to make Facility B Revolver Loans in the aggregate not exceeding the amount set forth in Schedule I hereto as its “Facility B
Commitment,” as such amount may be decreased from time to time pursuant to the terms hereof or increased pursuant to the terms of Section 2.18(e) hereof, provided that the Facility B Commitment of a Lender may not be increased without
its prior written approval. 
  
 “Facility B Extension
Request” is defined in Section 2.19(a). 
  
 “Facility B Lender” means each of the Lenders holding an interest in Facility B. 
  
 “Facility B Obligations” means all unpaid principal of and accrued and unpaid interest on the Facility B Revolver Loans and Facility B
Term Loans, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Facility B Lenders or to any Facility B Lender, the Administrative Agent or any indemnified party arising under
the Loan Documents. 
  
 “Facility B Reply Date”
is defined in Section 2.19(a). 
  
 “Facility B
Revolver Advance” means an Advance of Facility B but does not include an Advance of a Facility B Term Loan. 
  
 “Facility B Revolver Lender” means each of the Lenders that has a Facility B Commitment. 
  
 “Facility B Revolver Loan” means, with respect to a Facility
B Lender, a revolving credit loan made by such Facility B Lender with respect to Facility B pursuant to Section 2.02 and any conversion or continuation thereof but does not include any Facility B Term Loan. 
  
 “Facility B Revolver Maturity Date” means the date upon
which the outstanding principal amount of the Facility B Revolver Notes, all accrued but unpaid interest thereon, and all other Facility B Obligations (but not necessarily the Facility B Term Notes) become due and payable, whether as a result of the
occurrence of the stated maturity date or the acceleration of maturity pursuant to the terms of any of the Loan Documents. 
  

 11 

 “Facility B Revolver Note” means (a) a promissory note in substantially the form of
Exhibit E hereto, executed and delivered by the Borrower and payable to the order of the Administrative Agent in the amount of the Aggregate Facility B Commitment, including any amendment, modification, restatement, renewal or replacement of
such promissory note, (b) any “Facility B Revolver Note” executed and delivered pursuant to the Original Credit Agreement or the Prior Credit Agreement by the Borrower, payable to the order of a Lender that is a Facility B Lender
hereunder, including any amendment, modification, restatement, remainder or replacement of such promissory note (including without limitation a replacement delivered pursuant to clause (c) below), and (c) in the event that any Facility B
Revolver Lender requests a Facility B Revolver Note in accordance with this Agreement (including without limitation a replacement of a note described in clause (b) above), a promissory note, satisfactory in form to the Administrative Agent,
executed and delivered by the Borrower payable to the order of such Facility B Lender in the amount of its Facility B Commitment, including any amendment, modification, restatement, renewal or replacement of such promissory note. 
  
 “Facility B Revolver Pro Rata Share” means, at any time for
any Facility B Revolver Lender, the ratio that its Facility B Commitment bears to the Aggregate Facility B Commitment. 
  
 “Facility B Term Lender” means each of the Lenders holding an interest in the Facility B Term Loans. 
  
 “Facility B Term Loan” means a loan under Facility B which
is converted to a term loan pursuant to Section 2.19 or Section 2.20. 
  
 “Facility B Term Maturity Date” means May 29, 2008. 
  
 “Facility B Term Note” means (a) a promissory note in substantially the form of Exhibit F hereto, executed and delivered by the
Borrower payable to the order of the Administrative Agent in the amount of the Aggregate Facility B Commitment, including any amendment, modification, restatement, renewal or replacement of such promissory note, (b) any “Facility B Term
Note” executed and delivered pursuant to the Original Credit Agreement or the Prior Credit Agreement by the Borrower payable to the order of a Lender that is a Facility B Lender hereunder, including any amendment, modification, restatement,
remainder or replacement of such promissory note (including without limitation a replacement delivered pursuant to clause (c) below), and (c) in the event that any Facility B Term Lender requests a Facility B Term Note in accordance with this
Agreement (including without limitation a replacement of a note described in clause (b) above), a promissory note, satisfactory in form to the Administrative Agent, executed and delivered by the Borrower payable to the order of such Facility
B Term Lender in the amount of its Facility B Commitment, including any amendment, modification, restatement, renewal or replacement of such promissory note. 
  
 “Facility B Term Pro Rata Share” means, at any time for any Facility B Term Lender, the ratio that the outstanding principal balance of
its Facility B Term Loans bears to the aggregate principal balance of all Facility B Term Loans. 
  
 “Facility B Termination Date” means May 27, 2004, or such later date, if any, to which Facility B Termination Date is extended pursuant
to Section 2.19, subject, however, to earlier 

  

 12 

 
termination in whole of the Aggregate Facility B Commitment pursuant to the terms of this Agreement. 
  
 “Facility C” means the term loan facility described in
Section 2.03. 
  
 “Facility C Advance”
means the Advance of Facility C on the Original Closing Date or an Advance of Facility C pursuant to Section 2.18. 
  
 “Facility C Increase” is defined in Section 2.18(a). 
  
 “Facility C Lender” means each of the Lenders holding an interest in Facility C. 
  
 “Facility C Loan” means, with respect to a Facility C
Lender, a loan made by such Facility C Lender (or its predecessor in interest) with respect to “Facility C” pursuant to the Original Credit Agreement (to the extent outstanding on the Closing Date) or by a New Facility C Lender pursuant to
Section 2.18 and any conversion or continuation of any such Loan. 
  
 “Facility C Maturity Date” means the date upon which the outstanding principal amount of the Facility C Notes, all accrued and unpaid interest thereon, and all other Facility C Obligations become due
and payable, whether as a result of the occurrence of the stated maturity date or the acceleration of maturity pursuant to the terms of any of the Loan Documents. 
  
 “Facility C Note” means (a) the promissory note in substantially the form of Exhibit G to the
Original Credit Agreement, executed and delivered by the Borrower payable to the order of the Administrative Agent in the amount of $400,000,000, including any amendment, modification, restatement, renewal or replacement of such promissory note, (b)
any Facility C Note executed and delivered by the Borrower to a Facility C Lender pursuant to the Original Credit Agreement or the Prior Credit Agreement including any amendment, restatement, renewal or replacement of such promissory note (including
without limitation a replacement delivered pursuant to clause (c) below), and (c) in the event that any Facility C Lender requests a Facility C Note in accordance with this Agreement (including without limitation a replacement of a note
described in clause (b) above), a promissory note, satisfactory in form to the Administrative Agent, executed and delivered by the Borrower payable to the order of such Facility C Lender in the amount of its then outstanding Facility C Loans,
including any amendment, modification, restatement, renewal or replacement of such promissory note. 
  
 “Facility C Obligations” means all unpaid principal of and accrued and unpaid interest on the Facility C Loans, all accrued and unpaid
fees with respect to Facility C and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Facility C Lenders or to any Facility C Lender, the Administrative Agent or any indemnified party with respect to Facility
C arising under the Loan Documents. 
  
 “Facility C Pro
Rata Share” means, at any time for any Facility C Lender, the ratio that the outstanding principal balance of such Facility C Lender’s Facility C Loan bears to the outstanding principal balance of all Facility C Loans. 
  
 “Facility Increase” is defined in Section 2.18(a).

  

 13 

 “Facility Letter of Credit” means (a) each of the Existing Letters of Credit and (b) a
Letter of Credit issued by an Issuer pursuant to Section 2.21. 
  
 “Facility Letter of Credit Fee” is defined in Section 2.21(f). 
  
 “Facility Letter of Credit Fee Rate” means a rate per annum equal to the Applicable Margin with respect to Eurodollar Rate Loans under
Facility A in effect from time to time during the term of any Facility Letter of Credit. 
  
 “Facility Letter of Credit Obligations” means, as at the time of determination thereof, without duplication, an amount equal to the sum of (a) the aggregate of the amount then available for drawing
under each of the Facility Letters of Credit, (b) the face amount of all outstanding drafts on Facility Letters of Credit, which drafts have been honored by the applicable Issuer, (c) the aggregate amount of all Reimbursement Obligations at such
time and (d) the face amount of all Facility Letters of Credit requested by the Borrower but not yet issued (unless the request for an unissued Facility Letter of Credit has been denied or revoked). 
  
 “Facility Termination Date” means (a) with respect to
Facility A, the Facility A Termination Date and (b) with respect to Facility B, the Facility B Termination Date. 
  
 “Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. (Chicago time) on such day on such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion. 
  
 “Fee Letter” means that certain letter dated April 8, 2003 from BOCM and the Administrative Agent to the Borrower, and accepted by the
Borrower on April 9, 2003. 
  
 “Finished Lot”
means a parcel of Entitled Land which satisfies the requirements for Land Under Development and in which the owner (including any prior owner) thereof has invested 85% or more of the cost to complete the Improvements thereon, and which constitutes a
valid, legally subdivided lot within the meanings of the applicable laws of the states, county and/or municipality within which it is located, and other requirements governing the subdivision of land and constitutes a lot reflected on a duly
recorded plat, subdivision map or parcel map in compliance with the requirements of all applicable laws and other requirements governing the subdivision of land and approved by the appropriate Governmental Authority. 
  
 “Fitch” means Fitch Investors Service, L.P. or any Person
succeeding to the securities rating business of such company. 
  
 “Floating Rate” means, for any day, a rate per annum equal to the sum of (a) the Alternate Base Rate for such day plus (b) the Applicable Margin for such day Floating Rate Advances with respect to the Facility for
which such Floating Rate is determined. 
  

 14 

 “Floating Rate Advance” means an Advance which bears interest at the Floating Rate.

  
 “Floating Rate Loan” means a Loan which bears
interest at the Floating Rate. 
  
 “GAAP” means
United States generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as approved by a significant segment of the accounting profession as in effect from time to time, applied on a consistent basis from time to time. 
  
 “Governmental Authority” means any foreign governmental
authority, the United States of America, any state of the United States of America and any subdivision of any of the foregoing, and any agency, department, commission, board, authority or instrumentality, bureau or court having jurisdiction over the
Lender, the Borrower, any Subsidiaries of the Borrower or any of their respective properties. 
  
 “Guarantor” means a Subsidiary of the Borrower which has executed a Guaranty prior to the Closing Date and each Subsidiary of the Borrower that executes a Guaranty (including, if applicable, a
Supplemental Guaranty) on or after the Closing Date. 
  
 “Guaranty” means each of those certain guaranties executed prior to the Closing Date pursuant to the Original Credit Agreement or the Prior Credit Agreement by Subsidiaries of the Borrower, and each of those certain
guaranties (including, if applicable, a Supplemental Guaranty) executed on the Closing Date or from time to time after the Closing Date by Subsidiaries of the Borrower, in substantially the form of Exhibit H hereto, in each case in favor of
the Administrative Agent, for the benefit of the Holders of Secured Obligations, as any such guaranties may be amended, restated, supplemented or otherwise modified from time to time. 
  
 “Hazardous Substances” means any toxic or hazardous wastes, pollutants or substances, including, without
limitation, asbestos, PCBs, petroleum products and by-products, substances defined or listed as “hazardous substances” or “toxic substances” or similarly identified in or pursuant to the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, 42 U.S.C. § 9061 et seq., hazardous materials identified in or pursuant to the Hazardous Materials Transportation Act 49 U.S.C. § 1802 et seq., hazardous
wastes identified in or pursuant to The Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., any chemical substance or mixture regulated under the Toxic Substance Control Act of 1976, as amended, 15 U.S.C. § 2601
et seq., any “toxic pollutant” under the Clean Water Act, 33 U.S.C. § 466 et seq., as amended, any hazardous air pollutant under the Clean Air Act, 42 U.S.C. § 7401 et seq., and any
hazardous or toxic substance or pollutant regulated under any other applicable federal, state or local Environmental Laws. 
  
 “Hedging Obligations” of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and
whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all agreements, devices or arrangements designed to protect at least one of the parties
thereto from the fluctuations of interest rates, commodity prices, exchange rates or forward rates 

  

 15 

 
applicable to such party’s assets, liabilities or exchange transactions, including, but not limited to, dollar-denominated or cross-currency interest
rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection agreements, forward rate currency or interest rate options, puts and warrants, and (b) any and all cancellations, buy backs, reversals,
terminations or assignments of any of the foregoing. 
  
 “Holders of Secured Obligations” means the holders of the Secured Obligations from time to time and shall include their respective successors, transferees and assigns. 
  
 “Housing Unit” means a residential housing unit owned by a
Loan Party that is (or, upon completion of construction thereof, will be) available for sale. 
  
 “Housing Unit Closing” means a closing of the sale of a Housing Unit by a Loan Party to a bona fide purchaser for value that is not an Affiliate of a Loan Party. 
  
 “Housing Unit Under Contract” means a Housing Unit owned by
a Loan Party as to which such Loan Party has a bona fide contract of sale, in a form customarily employed by such Loan Party and reasonably satisfactory to the Administrative Agent, entered into not more than 15 months prior to the date of
determination with a Person who is not an Affiliate of a Loan Party, under which contract no defaults then exist; provided, however, that in the case of any Housing Unit the purchase of which is to be financed in whole or in part by a loan
insured by the Federal Housing Administration or guaranteed by the Veterans Administration, the minimum down payment shall be the amount (if any) required under the rules of the relevant agency. 
  
 “Improvements” means on and off-site development work,
including but not limited to filling to grade, main water distribution and sewer collection systems and drainage system installation, paving, and other improvements necessary for the use of residential dwelling units and as required pursuant to
development agreements which may have been entered into with Governmental Authorities. 
  
 “Indebtedness” of any Person means, without duplication, (a) all liabilities and obligations, contingent or otherwise, of such Person, (i) in respect of borrowed money (whether or not the recourse of
the lender is to the whole of the assets of such Person or only to a portion thereof), (ii) evidenced by bonds, notes, debentures or similar instruments, (iii) representing the balance deferred and unpaid of the purchase price of any property or
services, except those incurred in the ordinary course of its business that would constitute ordinarily a trade payable to trade creditors (but specifically excluding from such exception the deferred purchase price of Real Estate), (iv) evidenced by
bankers’ acceptances, (v) consisting of obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (vi) consisting of Capitalized Lease
Obligations (including any Capitalized Leases entered into as a part of a sale/leaseback transaction), (vii) consisting of liabilities and obligations under any receivable sales transactions, (viii) consisting of a Letter of Credit, other than a
Performance Letter of Credit, or a reimbursement obligation of such Person with respect to any Letter of Credit, (ix) consisting of Hedging Obligations, (x) consisting of Off-Balance Sheet Liabilities or (xi) consisting of Contingent Obligations;
and (b) obligations of such Person to purchase Securities or other property arising out of or in connection with the sale of the same or substantially similar securities or property. With respect to the 

  

 16 

 
Borrower, Indebtedness includes, without limitation of the foregoing, (x) the Loans and (y) the Borrower’s and any Joint Venture Subsidiary’s pro
rata shares of the Indebtedness of any Joint Venture (excluding any Indebtedness in which recourse is limited to the Joint Venture, provided that the Borrower’s or Joint Venture Subsidiary’s Investments in such Joint Venture are excluded
from Consolidated Tangible Net Worth). 
  
 “Intercreditor
Agreement” means an Intercreditor Agreement by and among the Borrower, the Administrative Agent, UAMC, UAMC Asset Corp. II and certain lenders to UAMC and UAMC Asset Corp. II, either in substantially the form of Exhibit I to the
Original Credit Agreement and delivered pursuant thereto or substantially in the form of Exhibit I hereto, as any such agreement may be amended, modified, supplemented or restated from time to time. 
  
 “Interest Coverage Ratio” on any date means the ratio of (a)
Consolidated EBITDA for the four fiscal quarters ended on such date to (b) total Consolidated Interest Incurred for such fiscal quarters. 
  
 “Interest Period” means a Eurodollar Interest Period. 
  
 “Investment” of a Person means any loan, advance (other than commission, travel and similar advances to
officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit account or contribution of capital by such
Person to any other Person or any investment in, or purchase or other acquisition of, the stock, partnership interests, membership interests, notes, debentures or other securities of any other Person made by such Person. 
  
 “Issuance Date” is defined in Section 2.21(c)(i)(B).

  
 “Issuance Notice” is defined in Section
2.21(c)(iii). 
  
 “Issuer” means, with
respect to each Existing Letter of Credit, the Issuer thereof identified in Schedule II, and with respect to each Facility Letter of Credit issued on or after the Closing Date, Bank One or such other Facility A Lender selected by the Borrower
with the approval of the Administrative Agent, to issue such Facility Letter of Credit, provided such other Facility A Lender consents to act in such capacity. 
  
 “Joint Lead Arrangers” means Banc One Capital Markets, Inc. and Deutsche Bank Securities, Inc. 

 
 “Joint Venture” means a joint venture (whether in the
form of a corporation, a partnership, limited liability company or otherwise) (a) to which the Borrower or a Joint Venture Subsidiary is or becomes a party (other than the tenancies in common listed in Schedule III annexed hereto), (b)
whether or not Borrower is required to consolidate the joint venture in its financial statements in accordance with GAAP, and (c) in which the Borrower or any Joint Venture Subsidiary has or will have a total investment exceeding $25,000 or which
has total assets plus contingent liabilities exceeding $100,000. For the purposes of this definition, the Borrower’s or Joint Venture Subsidiary’s investment in a joint venture shall be deemed to include any Securities of the joint venture
owned by the Borrower or any Joint Venture 

  

 17 

 
Subsidiary, any loans, advances or accounts payable to the Borrower or any Joint Venture Subsidiary from the joint venture, any commitment, arrangement or
other agreement by the Borrower or any Joint Venture Subsidiary to provide funds or credit to the joint venture and the Borrower’s or Joint Venture Subsidiary’s share of the undistributed profits of the joint venture. 
  
 “Joint Venture Subsidiary” means a Subsidiary of the
Borrower which is a partner, shareholder or other equity owner in a Joint Venture which is not a Loan Party. 
  
 “Land Under Development” means Entitled Land upon which construction of Improvements has commenced but not been completed and for which:
(a) to the extent required, a performance bond, surety or other security has been issued to and in favor of and unconditionally accepted by each local agency and all relevant Governmental Authorities, including any municipal utility district in
which the Real Estate is situated with regard to all work to be performed pursuant to each and all of said subdivision improvement agreements or other agreements; (b) all necessary plans have been approved by all relevant Governmental Authorities
for the installation of any and all Improvements required to be installed upon such Real Estate; (c) all necessary permits have been issued for the installation of said Improvements; and (d) utility services necessary for construction of
Improvements and residential dwelling units and the operation thereon for the purpose intended will be available to such Real Estate upon completion of the Improvements and there exists a binding obligation on the part of each and every utility
company to deliver necessary utility services to such Real Estate. 
  
 “Lenders” means the lending institutions listed on the signature pages of this Agreement and the respective successors and permitted assigns of such lending institutions. 
  
 “Lending Installation” means, with respect to a Lender or
the Administrative Agent, any office, branch, subsidiary or affiliate of such Lender or the Administrative Agent. 
  
 “Letter of Credit” of a Person means a letter of credit or similar instrument which is issued upon the application of such Person or upon
which such Person is an account party or for which such Person is in any way liable. 
  
 “Letter of Credit Collateral Account” is defined in Section 2.21(h). 
  
 “Letter of Credit Commitment” means, for each Facility A Lender, the obligation of such Facility A Lender to participate in Facility
Letters of Credit in an amount not exceeding the lesser of (a) its Facility A Pro Rata Share of the Aggregate Letter of Credit Commitment or (b) its Facility A Pro Rata Share of the Unused Commitment for Facility A. 
  
 “Letter of Credit Request” is defined in Section
2.21(c)(i). 
  
 “Leverage Ratio” means a
fraction (expressed as the decimal equivalent), the numerator of which is the sum of (i) all Obligations, including Facility Letter of Credit Obligations (other than with respect to Performance Letters of Credit), plus (ii) all other
Consolidated Indebtedness, less (iii) the lesser of (A) $300,000,000 and (B) unrestricted cash of the Loan Parties in excess of $15,000,000, and the denominator of which is the sum of (x) the Adjusted Consolidated Tangible Net Worth and (y)
the lesser of (A) $300,000,000 and (B) 50% of the Subordinated Debt. 
  

 18 

 “Lien” means any lien (statutory or other), mortgage (including, without limitation,
purchase money mortgages), pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the
interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement or any financing lease having substantially the same economic effect as any of the foregoing) and, in the case of Securities, any
purchase option, call or similar right of any Person (other than the issuer of such Securities) with respect to such Securities. 
  
 “LLP” means each of Lennar Land Partners, a Florida general partnership, and Lennar Land Partners II, a Florida general partnership.

  
 “LLP Partner” means each of Lennar Land
Partners Sub, Inc., a Delaware corporation and wholly-owned Subsidiary of the Borrower which holds a 50% interest in Lennar Land Partners, and Lennar Land Partners Sub II, Inc., a Delaware corporation and wholly-owned Subsidiary of the Borrower
which holds a 50% interest in Lennar Land Partners II. 
  
 “LNR” means LNR Property Corporation, a Delaware corporation, and its successors. 
  
 “Loan” means a Facility A Loan, Swing Line Loan, Facility B Revolver Loan, Facility B Term Loan or Facility C Loan, as applicable.

  
 “Loan Documents” means (a) this Agreement,
the Facility A Notes, the Swing Line Note, the Facility B Revolver Notes, the Facility B Term Notes, the Facility C Notes, the Guaranties, the Pledge Agreements, and (if and when delivered) the Mortgage Banking Subsidiaries Note Pledge Agreement and
(b) any and all other instruments or documents delivered or to be delivered by the Loan Parties pursuant hereto or pursuant to any of the other documents described in clause (a) above, as such documents in clause (a) or
(b) may be amended or modified and in effect from time to time. 
  
 “Loan Parties” means the Borrower and the Guarantors (including any Subsidiary that executes and delivers a Guaranty after the Closing Date); “Loan Party” means any of the Loan Parties. 
  
 “LTV Maintenance Agreement” means a guaranty or other
agreement entered into by the Borrower or another Loan Party, for the benefit of the holder of any secured Indebtedness of a Person that is not a Loan Party, to maintain a specified loan-to-value ratio with respect to the Real Estate that secures
such Indebtedness. For purposes of determining the amount of Consolidated Indebtedness under this Agreement and for purposes of Section 7.03(e) of this Agreement, the aggregate amount of the Contingent Obligations under all LTV Maintenance
Agreements shall equal the amount (if any) by which (a) the sum of the LTV Maintenance Exposure with respect to all LTV Maintenance Agreements for which the LTV Maintenance Exposure is positive exceeds (b) the sum of the LTV Maintenance Exposure
with respect to all LTV Maintenance Agreements for which the LTV Maintenance Exposure is negative. 
  
 “LTV Maintenance Exposure” means, with respect to any LTV Maintenance Agreement, the amount (whether positive or negative) equal to (a)
the amount of the Indebtedness with 

  

 19 

 
respect to which the LTV Maintenance Agreement is delivered exceeds (b) the product of (i) the book value of the Real Estate securing such Indebtedness (or
such lesser value as is provided in or determined under the agreements governing such Indebtedness) and (ii) a percentage equal to the lesser of (A) the loan-to-value ratio (stated as a percentage) that the Borrower or such other Loan Party agrees
to maintain under the applicable LTV Maintenance Agreement and (B) sixty percent (60%); provided, however, if the Borrower and other Loan Parties are liable severally but not jointly and severally with one or more other obligors under the LTV
Maintenance Agreement, the amount (whether positive or negative) of the Contingent Obligation in respect of such LTV Maintenance Agreement shall be the product of (x) the amount determined as set forth above and (y) the maximum percentage of the
aggregate liability under such LTV Maintenance Agreement with respect to which Borrower and any other Loan Parties are liable. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the business, properties, assets, condition (financial or otherwise),
results of operations, or prospects of (i) the Loan Parties, taken as a whole, or (ii) if so specified, the Borrower or any Guarantor, (b) the ability of any Loan Party to perform any of its obligations under the Loan Documents, or (c) the validity
or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent or the Lenders thereunder. 
  
 “Merger” means the merger of Old U.S. Home into New U.S. Home (then known as Len Acquisition Corporation) on or about the Original
Closing Date. 
  
 “Moody’s” means
Moody’s Investors Service, Inc. or any Person succeeding to the securities rating business of such company. 
  
 “Monthly Payment Date” means the first Business Day of each calendar month, commencing in June, 2003. 
  
 “Mortgage” means any mortgage, deed of trust or other
security deed in Real Estate, or in rights or interests, including leasehold interests, in Real Estate. 
  
 “Mortgage Banking Subsidiaries Adjusted Net Worth” means, at any date, the Net Worth of the Mortgage Banking Subsidiaries on a
consolidated basis as determined in accordance with GAAP (including in the assets used to determine Net Worth the amount of the Capitalized Mortgage Servicing as of such date), less the amount of all goodwill and other assets that are
properly classified as “intangible assets” at such date in accordance with GAAP. 
  
 “Mortgage Banking Subsidiaries Note” means the promissory note dated the Prior Closing Date, in the principal amount of $300,000,000, executed by the Mortgage Banking Subsidiaries as joint makers
payable to the order of the Borrower and each Guarantor that lends funds to any of the Mortgage Banking Subsidiaries, held by the Administrative Agent pursuant to Section 6.09. 
  
 “Mortgage Banking Subsidiaries Note Pledge Agreement” is defined in Section 8.02(b)(i), and includes
any amendment, supplement, restatement or other modification of such agreement. 
  

 20 

 “Mortgage Banking Subsidiary” means a Subsidiary of the Borrower which is engaged or
hereafter engages in the mortgage banking business, including the origination, servicing, packaging and/or selling of mortgages on residential single- and multi-family dwellings and/or commercial property, and in any event shall include AFSI, UAMC,
UAMC Asset Corp. II, Universal American Mortgage Corporation of California and Eagle Home Mortgage, Inc. 
  
 “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which the Borrower
or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions. 
  
 “Net Asset Sale Proceeds” means, with respect to any Asset Sale by any Person, (a) cash received by such Person or any Subsidiary of such
Person from such Asset Sale (including cash received as consideration for the assumption or incurrence of liabilities incurred in connection with or in anticipation of such Asset Sale) after (i) provisions for all income or other taxes measured by
or resulting from such Asset Sale, (ii) payment of all brokerage commissions and other fees and expenses and commissions related to such Asset Sale provided that, if the same are payable to an Affiliate of a Loan Party, such costs comply with
Section 7.12, (iii) repayment of Indebtedness (and any premium or penalty thereon) secured by a Lien on any asset disposed of in such Asset Sale or which is or may be required (by the express terms of the instrument governing such
Indebtedness or by applicable law) to be repaid in connection with such Asset Sale (including payments made to obtain or avoid the need for the consent of any holder of such Indebtedness but excluding payments to a Loan Party), and (iv) deduction of
appropriate amounts to be provided by such Person or a Subsidiary of such Person after such Asset Sale and (b) cash payments in respect of any other consideration received by such Person or any Subsidiary of such Person from such Asset Sale upon
receipt of such cash payments by such Person or such Subsidiary. 
  
 “Net Book Value” means, with respect to an asset owned by a Loan Party, the gross investment of such Loan Party in the asset, less all reserves (including loss reserves and reserves for depreciation) attributable to that
asset, all determined in accordance with GAAP consistently applied, including, in the case of Unimproved Entitled Land, any unamortized land credits. 
  
 “Net Housing Unit Proceeds” means, in connection with the sale of any Housing Unit by a Loan Party, the gross sales price less (a) all
bona fide prorations and adjustments to the sales price required to be made pursuant to the terms of the sales contract and (b) the aggregate amount of bona fide closing costs due to any Person, provided that if such closing costs are due to
an Affiliate of a Loan Party, such costs comply with Section 7.12. 
  
 “Net Worth” means, at any date, with respect to any Person the amount of consolidated stockholders’ equity of such Person and its consolidated Subsidiaries as shown on its balance sheet as of
such date in accordance with GAAP. 
  
 “New Facility C
Lender” means either a Lender or an Eligible Assignee, in each case approved by the Borrower and the Administrative Agent, that agrees to become a Facility C Lender or to increase the amount of its Facility C Loans, in accordance with the
provisions of Section 2.18. 
  

 21 

 “New Lender” means either a New Revolver Lender or a New Facility C Lender, as
applicable under the provisions of Section 2.18. 
  
 “New Revolver Lender” means either a Facility A Lender, a Facility B Revolver Lender or an Eligible Assignee, in each case approved by the Borrower and the Administrative Agent, that agrees to become a Facility A Lender
and, if applicable under Section 2.18(e), a Facility B Revolver Lender or that agrees to increase its Facility A Commitment and, if applicable under Section 2.18(e), Facility B Commitment, in accordance with the provisions of
Section 2.18. 
  
 “New U.S. Home” means
U.S. Home Corporation (formerly known as Len Acquisition Corporation), a Delaware corporation. 
  
 “Non-Consenting Facility A Lender” is defined in Section 2.26. 
  
 “Non-Consenting Facility B Lenders” is defined in Section 2.19(a). 
  
 “Non-Recourse Indebtedness” means Indebtedness of a Loan Party for which its liability is limited to the
Real Estate upon which it grants a Lien to the holder of such Indebtedness as security for such Indebtedness, but only to the extent that the amount of such Indebtedness does not exceed such Loan Party’s original cost of purchase of such Real
Estate or the most current appraised value of such Real Estate. 
  
 “Notes” means, collectively, the Facility A Notes, the Swing Line Note, the Facility B Revolver Notes, the Facility B Term Notes, and the Facility C Note or Facility C Notes; and “Note” means any one of the Notes.

  
 “Obligations” means all Loans, Facility
Letter of Credit Obligations, advances, debts, liabilities, obligations, covenants and duties owing by any Loan Party to the Administrative Agent, any Lender, the Swing Line Bank, the Joint Lead Arrangers, any Affiliate of the Administrative Agent
or any Lender, any Issuer or any Person entitled to indemnification by any Loan Party under this Agreement or any other Loan Document, of any kind or nature, present or future, arising under this Agreement or any other Loan Documents, whether or not
evidenced by any note, guaranty or other instrument, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification, or in any other manner, whether direct or indirect (including those
acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired. The term includes, without limitation, all Facility A Obligations, Facility B Obligations and Facility C Obligations, all
interest, charges, expenses, fees, reasonable attorneys’ fees and disbursements, reasonable paralegals’ fees and any other sum chargeable to any Loan Party under this Agreement or any other Loan Document. 
  
 “Off-Balance Sheet Liabilities” of a Person means (a) any
repurchase obligation or liability of such Person or any of its Subsidiaries with respect to accounts or notes receivable sold by such Person or any of its Subsidiaries, (b) any liability of such Person or any of its Subsidiaries under any financing
lease, any synthetic lease (under which all or a portion of the rent payments made by the lessee are treated, for tax purposes, as payments of interest, notwithstanding that the lease may constitute an operating lease under GAAP) or any other
similar lease transaction, or (c) any obligations of such Person or any of its Subsidiaries arising 

  

 22 

 
with respect to any other transaction which is the functional equivalent of or takes the place of borrowing and which has an actual or implied interest
component but which does not constitute a liability on the consolidated balance sheets of such Person and its Subsidiaries. 
  
 “Old U.S. Home” means U.S. Home Corporation, a Delaware corporation, which was merged into New U.S. Home (then known as Len Acquisition
Corporation) on or about the Original Closing Date. 
  
 “Old U.S. Home Debt Issues” means the following debt Securities issued by Old U.S. Home prior to the Merger: (i) the 8.25% Senior Notes due 2004 and (ii) the 8.875% Senior Subordinated Notes due 2009. 
  
 “Original Closing Date” means May 3, 2000, being the
“Closing Date” under the Original Credit Agreement. 
  
 “Original Credit Agreement” means that certain Credit Agreement dated as of May 3, 2000 among the Borrower, certain of the Lenders (and certain other lenders), and the Administrative Agent, which Credit Agreement was
amended and restated in its entirety by the Prior Credit Agreement. 
  
 “Participants” is defined in Section 12.02. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 
  
 “Performance Letter of Credit” means a Letter of Credit
issued to a Governmental Authority or a quasi-governmental agency to insure the completion by a Loan Party of a development of land improvements or to insure payment by a Loan Party of escrow accounts. 
  
 “Permitted Dispositions” is defined in Section
7.04(a). 
  
 “Permitted Hedging Agreement”
means an interest rate swap, collar or similar agreement entered into by the Borrower and any Lender or Affiliate of a Lender, pursuant to which the Borrower hedges its actual interest rate risk under this Agreement, in a notional amount not to
exceed, in the aggregate, the amount of the Aggregate Commitment at the time the Borrower enters into such agreement. In the event a Lender or any of its Affiliates elects to enter into any Permitted Hedging Agreement with the Borrower, the Hedging
Obligations of the Borrower under such Permitted Hedging Agreement shall be Secured Obligations secured by the Collateral. 
  
 “Permitted Liens” means (a) Liens existing on the date of this Agreement and described on Schedule IV hereto; (b) Liens imposed by
governmental authorities for taxes, assessments or other charges not yet subject to penalty or which are being contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the
Borrower in accordance with GAAP; (c) statutory liens of carriers, warehousemen, mechanics, materialmen, landlords, repairmen or other like Liens arising by operation of law in the ordinary course of business provided that (i) the underlying
obligations are not overdue for a period of more than 30 days or (ii) such Liens are being contested in good faith and by appropriate proceedings and adequate reserves with respect thereto are maintained on the books 

  

 23 

 
of the Borrower in accordance with GAAP; (d) Liens securing the performance of bids, trade contracts (other than borrowed money), leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; (e) easements, rights-of-way, zoning restrictions, assessment district or similar Liens in connection with
municipal financing, and similar restrictions, encumbrances or title defects which, singly or in the aggregate, do not in any case materially detract from the value of the Real Estate subject thereto (as such Real Estate is used by the Borrower or
any of its Subsidiaries) or interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries; (f) Liens arising by operation of law in connection with judgments, only to the extent, for an amount and for a period not
resulting in a default with respect thereto; (g) pledges or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security legislation; (h) Liens securing
Indebtedness of a Person existing at the time such Person becomes a Subsidiary or is merged with or into the Borrower or a Subsidiary or Liens securing Indebtedness incurred in connection with an acquisition of Real Estate, provided that (1)
such Liens were in existence prior to the date of such acquisition, merger or consolidation, were not incurred in anticipation thereof, and do not extend to any other assets or (2) such Liens are granted to the seller of such Real Estate to secure
the purchase price therefor; (i) Liens securing Indebtedness incurred to refinance any Indebtedness that was previously so secured and permitted hereunder (which refinancing Indebtedness may exceed the amount refinanced, provided such
refinancing Indebtedness is otherwise permitted under this Agreement) in a manner no more adverse to the Lenders than the terms of the Liens securing such refinanced Indebtedness, provided, however, that, Liens securing refinancing of the
Indebtedness held by the REIT Subsidiary (as described in clause (k) below) shall not be permitted; (j) Liens securing the Secured Obligations, which Liens may also secure, equally and ratably, to the extent provided in Section
8.03(a), senior debt Securities of the Borrower; and (k) mortgages, deeds of trust and other similar instruments granted by any Loan Party to the REIT Subsidiary and held by the REIT Subsidiary as security for Indebtedness of such Loan Party to
the REIT Subsidiary, provided that (i) the REIT Subsidiary is a Guarantor, (ii) such mortgages, deeds of trust and similar instruments are in a form reasonably approved by Administrative Agent and are not recorded or filed in any real property
records or other public or official records and (iii) the REIT Subsidiary executes and delivers to Administrative Agent an agreement reasonably satisfactory to Administrative Agent subordinating to the Obligations, the REIT Subsidiary’s rights,
liens and claims against the Borrower and the other Loan Parties, together with certified resolutions, opinions of counsel and other supporting documentation with respect to such subordination reasonably satisfactory to Administrative Agent.

  
 “Person” means any natural person,
corporation, firm, enterprise, trust, association, company, partnership, limited liability company, joint venture or other entity or organization, or any government or political subdivision or any agency, department, or instrumentality thereof.

  
 “Plan” means an employee pension benefit plan
which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the Borrower or any member of the Controlled Group may have any liability. 
  
 “Pledge Agreement” means each of those certain pledge
agreements (i) executed by the Borrower pursuant to the Original Credit Agreement or the Prior Credit Agreement prior to the Closing Date hereunder or executed by the Borrower pursuant hereto on or after the Closing 

  

 24 

 
Date substantially in the form of Exhibit L-1 hereto (or, in the case of a pledge with respect to the equity interests of any Significant Subsidiary
that is not a corporation, a similar form of pledge agreement satisfactory to the Administrative Agent in form and substance), or (ii) executed by a Guarantor pursuant to the Original Credit Agreement or the Prior Credit Agreement prior to the
Closing Date hereunder or executed by a Guarantor pursuant hereto on or after the Closing Date substantially in the form of Exhibit L-2 hereto (or, in the case of a pledge with respect to the equity interests of any Significant Subsidiary
that is not a corporation, a similar form of pledge agreement satisfactory to the Administrative Agent in form and substance), including in each case any amendment, modification, renewal or restatement thereof. 
  
 “Pricing Grid” means the pricing grid attached hereto as
Exhibit M. 
  
 “Prime Rate” means the rate
per annum equal to the prime rate of interest announced by Bank One from time to time as its “prime rate” (it being acknowledged that such announced prime rate may not necessarily be the lowest rate charged by Bank One to any of its
customers), changing when and as said prime rate changes. 
  
 “Prior Closing Date” means May 24, 2002, being the “Closing Date” under the Prior Credit Agreement. 
  
 “Prior Credit Agreement” is defined in the Recitals of this Agreement. 
  
 “Project” means a parcel of Real Estate owned by a Loan
Party which is to be developed or sold as part of a common scheme. 
  
 “Pro Rata Share” means, for each Lender at any time, the ratio that the aggregate amount of such Lender’s Facility A Commitment, Facility B Commitment, the outstanding balance of such Lender’s Facility B Term
Loans and the outstanding balance of such Lender’s Facility C Loans bears to the Aggregate Commitment, all as determined at such time. 
  
 “Qualified Finished Lots” means, at any date, the sum of (a) the Net Book Value of Finished Lots that are under a bona fide contract for
sale by a Loan Party to a Person that is not an Affiliate of a Loan Party and (b) the lesser of (i) the product of (A) the total number of Housing Units with respect to which the Loan Parties entered into such contracts during the period of six
consecutive calendar months most recently ended at such date, provided that Housing Units shall include housing units of entities that were acquired and became Loan Parties during the applicable period, multiplied by (B) the average Net Book Value
of all Finished Lots as of the end of such six-month period and (ii) an amount equal to 40% of Adjusted Consolidated Tangible Net Worth at such date. 
  
 “Quarterly Payment Date” means the first Business Day of each January, April, July and October, commencing in July, 2003. 
  
 “Rating Agency” means any one of Fitch, Moody’s or
S&P. 
  
 “Real Estate” means land, rights in
land and interests therein (including, without limitation, leasehold interests), and equipment, structures, improvements, furnishings, fixtures and buildings (including a mobile home of the type usually installed on a developed site) located 

  

 25 

 
on or used in connection with land, rights in land or interests therein (including leasehold interests), but shall not include Mortgages or interests
therein. 
  
 “Real Estate Business” means
homebuilding, housing construction, home sales, real estate development or construction, a plant/tree nursery for landscaping of Housing Units, and related real estate activities, including the provision of mortgage financing, title insurance and
other goods and services to home buyers, home owners and other occupants of homes, including without limitation, cable TV services, home security, home design, broadband communications and other communications services and home office support
services. 
  
 “Recent Balance Sheet” is defined
in Section 4.05. 
  
 “Register” is defined
in Section 13.07. 
  
 “Regulation D” means
Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to
member banks of the Federal Reserve System. 
  
 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating
to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System. 
  
 “Reimbursement Obligations” means at any time, the aggregate of the Obligations of the Borrower to the Facility A Lenders, the Issuers
and the Administrative Agent in respect of all unreimbursed payments or disbursements made by the Facility A Lenders, the Issuers and the Administrative Agent under or in respect of the Facility Letters of Credit. 
  
 “REIT Subsidiary” means a corporation or business trust that
the Borrower may hereafter cause to be organized as an indirect Subsidiary of the Borrower and that elects to be treated as a “qualified real estate investment trust” in accordance with Section 856 of the Code, the business purpose of
which Subsidiary is to centralize the internal financing of the Borrower’s real estate development and construction activities. 
  
 “Replacement Lender” is defined in Section 2.27. 
  
 “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued
under such section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event, provided,
however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance with either
Section 4043(a) of ERISA or Section 412(d) of the Code. 
  
 “Repurchase Guaranty” means a guaranty by Borrower or any other Loan Party of the obligations of any Mortgage Banking Subsidiary (i) as seller under an agreement for the sale of 

  

 26 

 
mortgage loans to a special purpose entity in connection with the securitization of such mortgage loans and (ii) as servicer of such mortgage loans following
such sale, provided, however, that such obligations shall not include any guaranty of the obligations of any obligor under any mortgage loan. 
  
 “Required Lenders” means, subject to the provisions of Section 13.06(c), (a) except as otherwise provided in clause (b)
below, Lenders whose Pro Rata Shares, in the aggregate, are greater than 66-2/3%; provided, however, that if all of the Commitments have been terminated pursuant to the terms of this Agreement, “Required Lenders” means Lenders whose
aggregate ratable shares (stated as a percentage) of the aggregate outstanding principal balance of all Loans and Facility Letter of Credit Obligations are greater than 66-2/3%, and (b) solely with respect to any amendment, modification or waiver of
the provisions of Section 2.06(b)(iii), Lenders whose Facility A Pro Rata Shares, in the aggregate, are greater than 66-2/3% and Lenders whose Facility B Pro Rata Shares, in the aggregate, are greater than 66-2/3% and Lenders
whose Facility C Pro Rata Shares, in the aggregate, are greater than 66-2/3%; provided, however, that if all of the Commitments have been terminated pursuant to the terms of this Agreement, “Required Lenders” under this clause (b)
means Facility A Lenders whose aggregate ratable shares (stated as a percentage) of the aggregate outstanding principal balance of all Facility A Loans and Facility Letter of Credit Obligations are greater than 66-2/3%, and Facility B Lenders
whose aggregate ratable shares (stated as a percentage) of the aggregate outstanding principal balance of all Facility B Loans are greater than 66-2/3% and Facility C Lenders whose aggregate ratable shares (stated as a percentage) of the
aggregate outstanding principal balance of all Facility C Loans are greater than 66-2/3%. 
  
 “Reserve Requirement” means, with respect to a Eurodollar Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed
under Regulation D on Eurocurrency liabilities. 
  
 “Revolver Increase” is defined in Section 2.18(a). 
  
 “Section” means a numbered section of this Agreement, unless another document is specifically referenced. 
  
 “Secured Obligations” means, collectively, (i) the Obligations and (ii) all Hedging Obligations owing under Permitted Hedging Agreements
to any Lender or any Affiliate of any Lender. 
  
 “Securities” of any Person means equity securities and debt securities and any other instrument commonly understood to be a security issued by that Person. 
  
 “Securities Act” is defined in Section 6.04(j). 
  
 “Significant Joint Venture” means a Joint Venture of the
Borrower which has total assets that exceed an amount equal to 21⁄2% of the total assets of the Borrower and its Subsidiaries on a consolidated basis as of the end of the most recently completed fiscal quarter. 
  

 27 

 “Significant Subsidiary” means a Subsidiary of the Borrower which meets any of the
following conditions: 
  
 (a) such Subsidiary is a direct
Subsidiary of the Borrower; or 
  
 (b) the total assets of such
Subsidiary exceed an amount equal to 21⁄2% of the total assets of the Borrower and its Subsidiaries on a consolidated basis as of the end of the most recently completed fiscal quarter; or 
  
 (c) such Subsidiary is a Joint Venture Subsidiary with respect to which a
Pledge Agreement is required to be executed and delivered pursuant to Section 7.05 hereof. 
  
 “Single Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled Group for employees of the Borrower or any
member of the Controlled Group. 
  
 “S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc., or any Person succeeding to the securities rating business of such company. 
  
 “Subordinated Debt” means any Indebtedness of the Borrower which by its terms is subordinated, in form and
substance and in a manner satisfactory to the Administrative Agent, in time and right of payment to the prior payment in full of the Obligations, but which in any event matures not earlier than twelve months after the latest of the Facility A
Termination Date, Facility B Termination Date and Facility C Maturity Date. 
  
 “Subsidiary” of a Person means (a) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly,
by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (b) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership
interests having ordinary voting power of which shall at the time be so owned or controlled. 
  
 “Supplementary Guaranty” means a “Supplemental Guaranty” in the form provided for (and as defined in) the Guaranty delivered on the Prior Closing Date or (if applicable) the form of Guaranty
attached hereto as Exhibit H. 
  
 “Swing Line
Bank” means Bank One or any other Facility A Lender as a successor Swing Line Bank. 
  
 “Swing Line Commitment’ means the obligation of the Swing Line Bank to make Swing Line Loans up to a maximum of $60,000,000 at any one time outstanding. 
  
 “Swing Line Loan” means a Loan made available to the
Borrower by the Swing Line Bank pursuant to Section 2.04 hereof. 
  
 “Swing Line Note” means the promissory note executed by the Borrower pursuant to the Original Credit Agreement payable to the order of the Swing Line Bank in the amount of the Swing Line Commitment, including any amendment,
modification, renewal, restatement or replacement of such note. 
  
 “Syndication Agent” means Bankers Trust Company. 
  

 28 

 “Term Out Notice” is defined in Section 2.20(a). 
  
 “Transferee” is defined in Section 12.03(c).

  
 “Type” means, with respect to any Advance,
its nature as a Floating Rate Advance or Eurodollar Rate Advance. 
  
 “UAMC” means Universal American Mortgage Company, LLC. 
  
 “Unfunded Liabilities” means the amount (if any) by which the present value of all vested nonforfeitable benefits under all Single Employer Plans exceeds the fair market value of all such Plan assets
allocable to such benefits, all determined as of the then most recent valuation date for such Plans. 
  
 “Unimproved Entitled Land” means Entitled Land upon which no Improvements have been commenced. 
  
 “Unmatured Default” means an event, act or condition which
but for the lapse of time or the giving of notice, or both, would constitute an Event of Default. 
  
 “Unused Commitment” means, at any date, (i) with respect to each Facility A Lender, the amount by which its Facility A Commitment exceeds
the sum of the outstanding balance of its Facility A Loans and its Facility A Pro Rata Share of the aggregate amount then available for drawing under the Facility Letters of Credit and (ii) with respect to each Facility B Revolver Lender, the amount
by which its Facility B Commitment exceeds the outstanding principal balance of its Facility B Revolver Loans. 
  
 “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding voting securities of which shall at the time be
owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, association, joint venture or
similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 
  
 SECTION 1.02. Computation of Time Periods. For the purposes of this Agreement, in the computation of periods of time from a specified date to a
later specified date, the word “from” means “from and including”, the words “to” and “until” each means “to but excluding” and the word “through” means “to and including”.

  
 SECTION 1.03. Accounting Terms. 
  
 (a) All accounting terms used and not specifically defined herein shall be
construed in accordance with GAAP. All references herein to GAAP shall be deemed to refer to those principles; provided, however, that notwithstanding the requirements imposed by GAAP which require the consolidation of the operations of the
Mortgage Banking Subsidiaries with the operations of the Borrower, for the purposes of the calculations set forth in Article VII hereof, the operations of such Subsidiary shall be so included only as specifically provided for herein.

  

 29 

 (b) In the event that the Borrower shall acquire, pursuant to a transaction permitted under this
Agreement, all of the equity Securities of a corporation (the “Acquired Company”) which have ordinary voting power for the election of directors of the Acquired Company and, provided that (i) the Borrower shall have furnished to the
Administrative Agent, and the Administrative Agent shall have approved (A) consolidated balance sheets and related consolidated statements of earnings, stockholders’ equity and cash flows of the Acquired Company for the most recently concluded
fiscal year of the Acquired Company, prepared in accordance with GAAP consistently applied and audited and reported upon by a firm of independent certified public accountants of recognized standing acceptable to the Administrative Agent (such audit
to be unqualified) and (B) for any quarters of the next succeeding fiscal year that are concluded as of the date of such Acquisition, a consolidated balance sheet of the Acquired Company as of the end of the most recent quarter, and the related
consolidated statement of earnings and cash flows of the Acquired Company for the period from the beginning of the current fiscal year to the end of that quarter, all prepared in accordance with GAAP consistently applied, unaudited but certified to
be true and accurate, subject to normal year-end audit adjustments, by the chief financial officer of the Acquired Company and (ii) the Acquired Company shall either become or be merged into a Guarantor hereunder, then, from and after such
Acquisition, the Borrower shall include in the determination of Consolidated EBITDA, Consolidated Interest Expense, Consolidated Interest Incurred and Consolidated Net Income, for any applicable period for which such amounts are to be determined
pursuant to this Agreement, such Acquired Company as if such Acquired Company had been a Loan Party during such period. 
  
 ARTICLE II 
  
 THE CREDITS 
  
 SECTION 2.01. Facility A Commitment. 
  
 (a)
Commitment. On and after the Closing Date and prior to the Facility A Termination Date, upon the terms and conditions set forth in this Agreement and in reliance upon the representations and warranties of the Borrower herein set forth, each
Facility A Lender severally agrees to make Facility A Advances to the Borrower from time to time in amounts not to exceed in the aggregate at any one time outstanding the amount of its Facility A Commitment, provided that (i) in no event may
the aggregate principal amount of all outstanding Facility A Advances exceed the Aggregate Facility A Commitment and (ii) in no event may the sum of the aggregate principal amount of all outstanding Facility A Advances, all outstanding Swing Line
Loans and the Facility Letter of Credit Obligations exceed the Aggregate Facility A Commitment. Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow under Facility A at any time prior to the Facility A Termination
Date. The Facility A Commitments to lend hereunder shall expire on the Facility A Termination Date. 
  
 (b) Letter of Credit Commitment. On and after the Closing Date and prior to the Facility A Termination Date, each Facility A Lender severally
agrees, on the terms and conditions set forth in this Agreement and in reliance upon the representations and warranties of the Borrower herein set forth, to participate in the Existing Letters of Credit and in other Facility Letters of Credit issued
pursuant to Section 2.21 for the account of the Borrower; provided that 

  

 30 

 
in no event may the aggregate amount of all Facility Letter of Credit Obligations exceed the lesser of (A) the Aggregate Letter of Credit Commitment and (B)
an amount equal to the Aggregate Facility A Commitment minus the sum of all outstanding Facility A Advances and all outstanding Swing Line Loans. 
  
 (c) Advances and Participations Pro Rata. Facility A Advances hereunder shall be made ratably by the several Facility A Lenders in accordance with
their respective Facility A Pro Rata Shares. Participations in Facility Letters of Credit hereunder shall be ratable among the several Facility A Lenders in accordance with their respective Facility A Pro Rata Shares. 
  
 (d) Maturity. All Facility A Obligations shall be due and payable by
the Borrower on the Facility A Termination Date unless such Facility A Obligations shall sooner become due and payable pursuant to Section 9.02 or as otherwise provided in this Agreement. 
  
 SECTION 2.02. Facility B Commitment. 
  
 (a) Commitments. On and after the Closing Date and prior to the
Facility B Termination Date, upon the terms and conditions set forth in this Agreement and in reliance upon the representations and warranties of the Borrower herein set forth, each Facility B Revolver Lender severally agrees to make Facility B
Revolver Advances to the Borrower from time to time in amounts not to exceed in the aggregate at any one time outstanding the amount of its Facility B Commitment, provided that in no event may the aggregate principal amount of all outstanding
Facility B Revolver Advances exceed the Aggregate Facility B Commitment. Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow under Facility B at any time prior to the Facility B Termination Date. The Facility B
Commitments to lend hereunder shall expire on the Facility B Termination Date. 
  
 (b) Advances Pro Rata. Facility B Revolver Advances hereunder shall be made by the several Facility B Revolver Lenders ratably in accordance with their respective Facility B Revolver Pro Rata Shares.

  
 (c) Maturity. All Facility B Obligations shall be due
and payable by the Borrower on the Facility B Termination Date except to the extent such Facility B Obligations are converted to Facility B Term Loans pursuant to Section 2.19 or Section 2.20 or shall sooner become due and payable
pursuant to Section 9.02 or as otherwise provided in this Agreement. 
  
 SECTION 2.03. Facility C Advances. 
  
 (a) Advances. On the Original Closing Date, in reliance upon the representations and warranties of the Borrower set forth in the Original Credit Agreement, the Facility C Lenders (or their predecessors in
interest) made Facility C Advances to the Borrower in the amounts provided for in the Original Credit Agreement, the outstanding principal balance of which has been reduced to the aggregate amount of $299,000,000 by principal payments made pursuant
to the Original Credit Agreement or the Prior Credit Agreement. Facility C Loans that have been or are repaid may not be reborrowed. There shall be no Facility C Advances made hereunder (except to the extent that the making of additional Facility C
Loans is approved pursuant to Section 2.18). 
  

 31 

 (b) Intentionally Omitted. 
  
 (c) Maturity. All Facility C Obligations shall be due and payable by the Borrower on December 15, 2008 unless such
Facility C Obligations shall sooner become due and payable pursuant to Section 9.02 or as otherwise provided in this Agreement. 
  
 SECTION 2.04. Swing Line Loans. 
  
 (a) Swing Line Commitment. In addition to the Advances pursuant to Sections 2.01, 2.02 and 2.03, but subject to the terms and
conditions of this Agreement (including but not limited to those limitations set forth in Section 2.01), the Swing Line Bank agrees to make the Swing Line Loans to the Borrower in accordance with this Section 2.04 up to the amount of
the Swing Line Commitment. Swing Line Loans shall not be limited by the amount of the Swing Line Bank’s Facility A Commitment but shall be subject to the limitations set forth in Section 2.01. Amounts borrowed under this Section
2.04 may be borrowed, repaid and reborrowed to, but not including, the Facility A Termination Date. All outstanding Swing Line Loans shall bear interest at the Floating Rate. 
  
 (b) Swing Line Request. The Borrower may request a Swing Line Loan from the Swing Line Bank on any Business Day
before the Facility A Termination Date by giving the Administrative Agent and the Swing Line Bank notice by 1:00 p.m. (Chicago time) on such Borrowing Date specifying the aggregate amount of such Swing Line Loan, which shall be an amount not less
than $500,000. The Administrative Agent shall promptly notify each Facility A Lender of such request. 
  
 (c) Making of Swing Line Loans. The Swing Line Bank shall, no later than 3:00 p.m. (Chicago time) on such Borrowing Date, make the funds for such
Swing Line Loan available to the Borrower at the Administrative Agent’s address, or at such other place as indicated in written money transfer instructions from the Borrower, signed by an Authorized Officer. 
  
 (d) Swing Line Note. The Swing Line Loans shall be evidenced by the
Swing Line Note and each Swing Line Loan shall be paid in full by the Borrower on or before the earlier of the fifth Business Day after the Borrowing Date for such Swing Line Loan or the Facility A Termination Date. 
  
 (e) Repayment of Swing Line Loans. The Borrower may at any time pay,
without penalty or premium, all outstanding Swing Line Loans, or, in a minimum amount of $500,000, any portion of the outstanding Swing Line Loans upon notice to the Administrative Agent and the Swing Line Bank. In addition, the Administrative
Agent: (i) may at any time in its sole discretion or (ii) shall on the fifth Business Day after the Borrowing Date for such Swing Line Loan, require the Facility A Lenders (including the Swing Line Bank) to make a Facility A Advance at the Floating
Rate in an amount up to the amount of Swing Line Loans outstanding on such date for the purpose of repaying Swing Line Loans; provided, however, that the obligation of each Facility A Lender to make any such Advance is subject to the
condition that the Swing Line Bank believed in good faith that all conditions under Section 5.02 were satisfied at the time the Swing Line Loan was made. If the Swing Line Bank receives notice from any Facility A 

  

 32 

 
Lender that a condition under Section 5.02 has not been satisfied, no Swing Line Loan shall be made until (A) such notice is withdrawn by that
Facility A Lender or (B) the Required Lenders have waived satisfaction of any such condition. The Facility A Lenders shall deliver the proceeds of such Facility A Advance to the Administrative Agent by 12:00 noon (Chicago time) on the applicable
Borrowing Date for application to the Swing Line Bank’s outstanding Swing Line Loans. Subject to the proviso contained in the second sentence of this Section 2.04(e), each Facility A Lender’s obligation to make available its
Facility A Pro Rata Share of the Facility A Advance referred to in this Section shall be absolute and unconditional and shall not be affected by any circumstances, including without limitation, (1) any set-off, counterclaim, recoupment, defense or
other right which such Facility A Lender may have against the Swing Line Bank, or anyone else, (2) the occurrence or continuance of an Event of Default or Unmatured Default, (3) any adverse change in the condition (financial or otherwise) of the
Borrower or (4) any Event whatsoever. If for any reason a Facility A Lender does not make available its Facility A Pro Rata Share of the foregoing Facility A Advance, such Facility A Lender shall be deemed to have unconditionally and irrevocably
purchased from the Swing Line Bank, without recourse or warranty, an undivided interest and participation in each Swing Line Loan then being repaid, equal to its Facility A Pro Rata Share of all such Swing Line Loans being repaid, so long as such
purchase would not cause such Facility A Lender to exceed its Facility A Commitment. If any portion of any amount paid (or deemed paid) to the Administrative Agent is recovered by or on behalf of the Borrower from the Administrative Agent in
bankruptcy or otherwise, the loss of the amount so recovered shall be shared ratably among all Facility A Lenders in accordance with their respective Facility A Pro Rata Shares. 
  
 SECTION 2.05. Types of Advances. The Facility A Advances, Facility B Advances and Facility C Advances may be Floating
Rate Advances, or Eurodollar Rate Advances, or a combination thereof, selected by the Borrower in accordance with Section 2.09; provided, however, that there shall not be more than five Facility A Advances, five Facility B Advances and
five Facility C Advances which are Eurodollar Rate Advances outstanding at any time and (iii) the Borrower may not select a Eurodollar Rate Advance if and for as long as the Facilities have no “Rating” from either Moody’s or S&P.

  
 SECTION 2.06. Principal Payments. 
  
 (a) Optional Principal Payments. Subject to and except as otherwise
provided in Sections 2.06(g) and 2.06(i), (i) the Borrower may from time to time pay with respect to any Facility, without penalty or premium, all outstanding Floating Rate Advances of such Facility, or, in a minimum aggregate amount
of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the outstanding Floating Rate Advances of such Facility upon notice to the Administrative Agent not later than 10:00 a.m. (Chicago time) on the date of payment,
and (ii) the Borrower may, upon three Business Days’ prior notice to the Administrative Agent, (A) pay any Eurodollar Advance in full on the last day of the Interest Period for such Eurodollar Advance, and (B) prepay any Eurodollar Advance in
full prior to the last day of the Interest Period for such Eurodollar Advance. 
  
 (b) Asset Sales. 
  
 (i) Intentionally Omitted. 
  

 33 

 (ii) Asset Sales Following Covenant Violation. At any time that the Borrower shall
fail to maintain a Leverage Ratio that is less than or equal to 2.25 or shall fail to maintain an Interest Coverage Ratio that is greater than or equal to 2.0 to 1.0, the Borrower shall cause all Net Asset Sale Proceeds of any Asset Sale by any Loan
Party to be paid to the Administrative Agent as a mandatory principal payment of the Obligations to be applied to the Facilities in accordance with the provisions of Section 2.06(b)(iii). 
  
 (iii) Application of Net Asset Sale Proceeds. All
amounts required to be paid to the Administrative Agent from the Net Asset Sale Proceeds of any Asset Sale provided for in Section 2.06(b)(ii) shall be paid to the Administrative Agent and applied on a pro rata basis among the Facilities
based upon the outstanding principal amounts thereof. Amounts to be applied to a Facility shall be paid to each Lender of such Facility in the amount of its Applicable Pro Rata Share thereof, provided, however, that, (A) to the extent that
such Applicable Pro Rata Share exceeds the outstanding principal balance of such Facility held by such Lender, such excess shall be applied pro rata to the other Facilities and (B) any payment that a Facility C Lender elects not to accept pursuant
to Section 2.06(g) shall be applied pro rata on a pro rata basis to Facility A and Facility B. Amounts applied to the outstanding principal balance of Facility A shall reduce the Aggregate Facility A Commitment by the amount so applied, and
amounts applied to the outstanding principal balance of the Facility B Revolver Loans shall reduce the Aggregate Facility B Commitment by the amount so applied. In the event that, upon application of such payments to the Facilities as herein
provided, the amount to be applied to Facility A or Facility B exceeds the outstanding principal balance thereof, the amounts to be applied to such Facility shall be limited to the outstanding principal balance of such Facility, but the Aggregate
Facility A Commitment or Aggregate Facility B Commitment (as applicable) shall nevertheless be reduced (in addition to any reduction resulting from repayment of such Facilities as herein provided), on a pro rata basis, by the amount of such excess.

  
 (c) Facility C Amortization. The Borrower shall pay to
the Administrative Agent for the benefit of the Facility C Lenders, on each Quarterly Payment Date commencing July 1, 2003, as a principal repayment of Facility C, the sum of $1,000,000 (subject to the pro rata reduction of the amount of any such
quarterly payment as provided in Section 2.06(e)). The payments provided for in this Section 2.06(c) shall not be applied toward any additional Facility C Loan made by any New Facility C Lender under Section 2.18. 
  
 (d) Payments of Mortgage Banking Subsidiaries Note. The Borrower shall
prepay the principal of the Notes in the amount, and promptly upon its receipt, of any principal payment made with respect to the Mortgage Banking Subsidiaries Note from and after the date the Administrative Agent is granted a security interest
therein pursuant to Section 8.02; provided, however, that if the Borrower does not designate which of the Facilities is to be reduced by such prepayment, the prepayment shall be applied (as applicable) first to any Facility C
Obligations, 

  

 34 

 
then to any outstanding Facility B Obligations and then to any outstanding Facility A Obligations. 
  
 (e) Reduction of Quarterly Payments. Any payments or prepayments of
the Facility B Term Loans or the Facility C Loans, whether voluntary or otherwise (other than the regularly scheduled quarterly payments) shall reduce, on a pro rata basis, the amount of each quarterly payment thereafter required to be made to any
Facility B Term Lender or Facility C Lender that received such payment or prepayment. 
  
 (f) Intentionally Omitted. 
  
 (g) Rights of Facility C Lender Not to Accept Certain Payments. Upon receipt from the Administrative Agent of notice that the Borrower intends to make or has made an optional partial prepayment of Facility C or any payment of
Facility C required to be made pursuant to Section 2.06(b), any Facility C Lender may elect not to accept such payment of Facility C if and only if (i) such prepayment is made on or before November 20, 2003 or (ii) such payment, together with
all other payments of Facility C (other than those required to be made under Section 2.06(c)) made after February 28, 2003, exceeds $100,000,000 in the aggregate. In the event a Facility C Lender so rejects a payment, the amount of the
payment so rejected shall (except as otherwise expressly provided herein) be applied to the outstanding Loans under Facility A and Facility B on a pro rata basis, based upon the amounts thereof (if any) then outstanding. 
  
 (h) Application of Payments to Facility B. Whenever this Agreement
provides that any payment is to be applied to Facility B but does not specify that the same shall be applied to the Facility B Revolver Loans or the Facility B Term Loans, such payment shall be allocated among the Facility B Revolver Loans and
Facility B Term Loans on a pro rata basis, based upon the amounts thereof (if any) then outstanding. 
  
 (i) Funding Indemnification. The provisions of Section 3.04 shall apply to any payment or prepayment provided for in this Section
2.06 or Section 2.18(d). 
  
 (j) Application
of Payments. Unless this Agreement specifically provides for the application of principal payments to specified Obligations, the Borrower may, as long as no Event of Default has occurred that is continuing, direct the Administrative Agent to
apply prepayments of the principal amount of the Obligations against any of the Facilities. 
  
 SECTION 2.07. Commitment Fees; Reductions of Commitments. 
  
 (a) Commitment Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Facility A Lender a Commitment Fee, at a
rate per annum equal to the Applicable Commitment Fee Rate for Facility A, on the daily average of such Facility A Lender’s Unused Commitment for Facility A from the date hereof to and including the Facility A Termination Date, payable in
arrears on each Quarterly Payment Date and on the Facility A Termination Date and (ii) to the Administrative Agent for the account of each Facility B Revolver Lender a Commitment Fee, at a rate per annum equal to the Applicable Commitment Fee Rate
for Facility B, on the daily average of such Facility B Revolver Lender’s Unused Commitment for Facility B from the date hereof to and including the Facility B Termination 

  

 35 

 
Date, payable in arrears on each Quarterly Payment Date and on the Facility B Termination Date. All accrued Commitment Fees with respect to Facility A under
this Section 2.07 shall be payable on the effective date of any termination of the obligations of the Facility A Lenders to make Facility A Loans hereunder, and all accrued Commitment Fees with respect to Facility B under this Section
2.07 shall be payable to each Facility B Revolver Lender on the effective date of any termination of its obligations to make Facility B Revolver Loans hereunder. The fees payable under this Section 2.07, once paid, shall not be refundable
for any reason. 
  
 (b) Voluntary Reduction of Commitments.
The Borrower may permanently reduce the Aggregate Facility A Commitment in whole, or in part ratably among the Facility A Lenders in the minimum amount of $5,000,000, and, if in excess thereof, in integral multiples of $1,000,000, upon at least
three Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Facility A Commitment may not be reduced below the sum of
(i) the aggregate principal amount of the outstanding Facility A Advances and (ii) the Facility Letter of Credit Obligations. The Borrower may permanently reduce the Aggregate Facility B Commitment in whole, or in part ratably among the Facility B
Lenders in the minimum amount of $5,000,000, and, if in excess thereof, in integral multiples of $1,000,000, upon at least three Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such
reduction, provided, however, that the amount of the Aggregate Facility B Commitment may not be reduced below the aggregate principal amount of the outstanding Facility B Revolver Advances. 
  
 SECTION 2.08. Method of Borrowing. Not later than noon (Chicago time)
on each Borrowing Date with respect to a Facility, each Lender with respect to such Facility shall make available its Loan, in funds immediately available in Chicago to the Administrative Agent at its address specified pursuant to Section
13.01. The Administrative Agent will make the funds so received from the Lenders available to the Borrower by deposit into an account maintained by the Borrower at Bank One. 
  
 SECTION 2.09. Method of Selecting Types and Interest Periods for Advances. 
  
 (a) Borrowing Notices. The Borrower shall select the Type of each
Advance and, in the case of each Eurodollar Rate Advance, the Interest Period applicable to each Advance from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) not later than 10:00
a.m. (Chicago time) on the Borrowing Date for each Floating Rate Advance and prior to 10:00 a.m. (Chicago time) on the date which is two Business Days before the Borrowing Date for each Eurodollar Rate Advance, specifying: 
  
 (i) the Borrowing Date, which shall be a Business Day, of
such Advance, 
  
 (ii) the aggregate amount of
such Advance, 
  
 (iii) the Type of Advance
selected, and 
  
 (iv) in the case of each
Eurodollar Rate Advance, the Interest Period applicable thereto. 
  

 36 

 The Borrower shall be entitled to obtain, on the Closing Date, only one Facility A Advance and only one Facility B
Revolver Advance and, in any single Business Day after the Closing Date, only one Facility A Advance and only one Facility B Revolver Advance, any of which Advances may (subject to the provisions of Section 2.05) be comprised in whole or in
part of any Eurodollar Rate Advance. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Floating Rate. Each Eurodollar Rate Advance shall bear
interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Rate Advance. The Borrower shall select
Interest Periods with respect to Eurodollar Rate Advances so that it is not necessary to repay a Eurodollar Rate Advance prior to the last day of the applicable Interest Period in order to make any mandatory payment required to be made pursuant to
this Agreement or to repay all Facility A Loans in full on the Facility A Maturity Date, to repay all Facility B Revolver Loans in full on the Facility B Termination Date, to repay all Facility B Term Loans in full on the Facility B Term Maturity
Date and to repay all Facility C Loans in full on the Facility C Maturity Date. 
  
 (b) Borrowing Notices Irrevocable. Each Borrowing Notice shall be irrevocable and binding on the Borrower and, in respect of the borrowing specified in the Borrowing Notice, the Borrower shall indemnify each
Lender against any loss or expense incurred by that Lender as a result of any failure to fulfill the applicable conditions set forth in Section 5.02 on or before the proposed Borrowing Date specified in the Borrowing Notice, including,
without limitation, any loss (including loss of profit) or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund the Loan to be made by that Lender as part of that borrowing when that
Loan, as a result of that failure, is not made on that date. 
  
 SECTION 2.10. Method of Selecting Types and Interest Periods for Conversion and Continuation of Advances. 
  
 (a) Right to Convert. The Borrower may elect from time to time, subject to the provisions of Section 2.10(c), to convert all or any part of
an Advance of any Type into any other Type or Types of Advances; provided that any conversion of any Eurodollar Rate Advance shall be made on, and only on, the last day of the Interest Period applicable thereto. 
  
 (b) Automatic Conversion and Continuation. Floating Rate Advances
shall continue as Floating Rate Advances unless and until such Floating Rate Advances are converted into Eurodollar Rate Advances. Eurodollar Rate Advances of any Type shall continue as Eurodollar Rate Advances of such Type until the end of the then
applicable Interest Period therefor, at which time such Eurodollar Rate Advance shall be automatically converted into a Floating Rate Advance unless the Borrower shall have given the Administrative Agent notice in accordance with Section
2.10(d), requesting that, at the end of such Interest Period, such Eurodollar Rate Advance either continue as a Eurodollar Rate Advance of such Type for the same or another Interest Period or be converted into an Advance of another Type.

  
 (c) No Conversion in Case of an Event of Default or
Unmatured Default. Notwithstanding anything to the contrary contained in Section 2.10(a) or 2.10(b), no Advance may be converted into or continued as a Eurodollar Rate Advance (except with the consent of the 

  

 37 

 
Required Lenders) when any Event of Default or Unmatured Default has occurred and is continuing. 
  
 (d) Conversion/Continuation Notice. The Borrower shall give the
Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of an Advance or continuation of a Eurodollar Rate Advance not later than 10:00 a.m. (Chicago time) on the day of any conversion into a
Floating Rate Advance or prior to 10:00 a.m. (Chicago time) on the date which is two Business Days prior to the date of the requested conversion into or continuation of a Eurodollar Rate Advance, specifying: 
  
 (i) the requested date (which shall be a Business Day) of
such conversion or continuation; 
  
 (ii) the
amount and Type of the Advance to be converted or continued; and 
  
 (iii) the amount and Type(s) of Advance(s) into which such Advance is to be converted or continued and, in the case of a conversion into or continuation of a Eurodollar Rate Advance, the duration of the Interest
Period applicable thereto. 
  
 SECTION 2.11. Minimum Amount of
Each Advance. Each Advance shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof) provided, however, that any Floating Rate Advance may be in the amount of the unused Aggregate Facility A
Commitment or Aggregate Facility B Commitment (as applicable). 
  
 SECTION 2.12. Rate after Maturity. Any Advance which is not paid at maturity for such Advance, whether by acceleration or otherwise, shall bear interest until paid in full at a rate per annum equal to the Default Rate. 
  
 SECTION 2.13. Method of Payment. All payments of principal, interest,
and fees hereunder with respect to each Facility shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article
XIII, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, by 1:00 p.m. (Chicago time) on the date when due and shall be made ratably by the Administrative Agent among
the Lenders of such Facility with respect to their Loans. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds which the
Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. The Administrative Agent is hereby authorized to
charge any account of the Borrower maintained with Bank One for each payment of principal, interest and fees as it becomes due hereunder. The Administrative Agent shall endeavor in good faith to provide telephonic notice to Borrower prior to any
such charge, but the Administrative Agent shall not be liable to Borrower or any other Person if Administrative Agent fails to provide any such notice. If and to the extent payment owed to any Lender is not made by the Borrower to the Administrative
Agent or that Lender, as the case may be, when due hereunder or under the Note held by that Lender, the Borrower further authorizes such Lender to charge from time to time against any or all of the accounts maintained by the 

  

 38 

 
Borrower with the Lender, its subsidiaries, affiliates or branches any amount so due, subject to the provisions of Article XI. 
  
 SECTION 2.14. Notes; Telephonic Notices. 
  
 (a) The Facility A Advances shall be evidenced by the Facility A Note payable
to the order of the Administrative Agent; the Facility B Revolver Loans shall be evidenced by the Facility B Revolver Note payable to the order of the Administrative Agent; the Facility B Term Loans shall be evidenced by the Facility B Term Note
payable to the order of the Administrative Agent; and the Facility C Advances shall be evidenced by the Facility C Note payable to the order of the Administrative Agent. Notwithstanding the foregoing, any Lender may request, by written notice to the
Administrative Agent, that any Loans made or to be made by it hereunder each be evidenced by a Note or Notes payable to such Lender, and, in such event, the Borrower shall execute and deliver to the Administrative Agent the applicable Note or Notes
payable to the order of such Lender in a form approved by the Administrative Agent and consistent with the terms of this Agreement. Upon the execution and delivery of such Note or Notes, the Loans theretofore or thereafter made by such Lender shall
be evidenced by the applicable Note or Notes payable to such Lender and shall no longer be evidenced by the applicable Note or Notes payable to the Administrative Agent. Without limitation of the foregoing, any Facility A Note, Facility B Revolver
Note, Facility B Term Note or Facility C Note delivered to and held by a Lender under the Original Credit Agreement or the Prior Credit Agreement and that is in a principal amount that equals or exceeds such Lender’s Facility A Commitment
hereunder (in the case of a Facility A Note), such Lender’s Facility B Commitment hereunder (in the case of a Facility B Revolver Note and Facility B Term Note) or such Lender’s Facility C Loans (in the case of a Facility C Note) shall,
and the Borrower hereby ratifies and confirms that such Notes shall, continue to evidence the applicable Loans held by such Lender (which Loans shall not be evidenced by the applicable Note or Notes payable to the Administrative Agent).
Notwithstanding the provisions of the immediately preceding sentence, a Lender that holds a Note delivered under the Original Credit Agreement or the Prior Credit Agreement may require a replacement Note in accordance with the foregoing provisions
of this Section 2.14(a). Payments under all Notes shall be made to the Administrative Agent 
  
 (b) The Borrower hereby authorizes the Administrative Agent to extend, convert or continue Advances, effect selections of Types of Advances and to
transfer funds based on telephonic notices made by any person or persons the Administrative Agent or any Lender in good faith believes to be an Authorized Officer. All actions taken by the Lenders and the Administrative Agent upon such telephonic
notices are hereby approved by the Borrower, and the Lenders and the Administrative Agent shall incur no liability as a result of any such actions. The Borrower agrees to deliver promptly to the Administrative Agent a written confirmation, if such
confirmation is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and the
Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. 
  
 SECTION 2.15. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Floating Rate Advance shall be payable on each Monthly
Payment Date, commencing with the first such date to occur after the date hereof, on any date on which the Floating Rate Loan is 

  

 39 

 
prepaid, whether due to acceleration or otherwise, and on the applicable Facility Termination Date. Interest accrued on that portion of the outstanding
principal amount of any Floating Rate Advance converted into a Eurodollar Rate Advance on a day other than a Monthly Payment Date shall be payable on the date of conversion. Interest accrued on each Eurodollar Rate Advance shall be payable on the
last day of its applicable Interest Period, on any date on which the Eurodollar Rate Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Rate Advance having an Interest Period longer than
three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Floating Rate Loans, Commitment Fees and Facility Letter of Credit Fees shall be calculated for actual days elapsed on the basis
of a 365-day year; interest on Eurodollar Rate Loans shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if
payment is received prior to 1:00 p.m. (Chicago time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business
Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 
  
 SECTION 2.16. Notification of Advances, Interest Rates, Prepayments and Commitment Reductions. Promptly after receipt thereof, the Administrative
Agent will notify each Lender of the contents of each notice of reduction of the Aggregate Facility A Commitment or Aggregate Facility B Commitment received by the Administrative Agent and will notify each Lender of a Facility of the contents of
each Borrowing Notice, Conversion/Continuation Notice and repayment notice received by the Administrative Agent hereunder with respect to such Facility. The Administrative Agent will notify each Lender of a Facility of the interest rate applicable
to each Eurodollar Rate Advance of such Facility promptly upon determination of such interest rate. 
  
 SECTION 2.17. Lending Installations. Each Lender may book its Loans at any Lending Installation selected by such Lender and may change its Lending
Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Notes shall be deemed held by each Lender for the benefit of such Lending Installation. Each Lender may, by written or telex notice to
the Administrative Agent and the Borrower, designate a Lending Installation through which Loans will be made by it and for whose account Loan payments are to be made. 
  
 SECTION 2.18. Increase in Facilities. 
  
 (a) Request for Increase. The Borrower may, at any time and from time to time, request, by notice to the
Administrative Agent, the Administrative Agent’s approval of either (i) an increase of the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment (a “Revolver Increase”) or
(ii) additional Facility C Loans (a “Facility C Increase”), or both (in each case, a “Facility Increase”) within the limitations hereafter described, which request shall set forth the amount of each such requested Revolver
Increase and Facility C Increase. Within twenty (20) days of such request, the Administrative Agent shall advise the Borrower of its approval or disapproval of such request; failure to so advise the Borrower shall constitute disapproval. If the
Administrative Agent approves any such 

  

 40 

 
Facility Increase, then (x) in the case of a Revolver Increase, the Aggregate Facility A Commitment and, if applicable under Section 2.18(e),
Aggregate Facility B Commitment may be so increased (up to the amount of such approved Revolver Increase, in the aggregate) by having one or more New Revolver Lenders increase the amount of their then existing Facility A Commitments and, if
applicable under Section 2.18(e), Facility B Commitments or become Facility A Lenders and, if applicable under Section 2.18(e), Facility B Lenders and (y) in the case of a Facility C Increase, additional Facility C Loans may be made
(up to the amount of such approved Facility C Increase) by one or more New Facility C Lenders, subject to and in accordance with the provisions of this Section 2.18. Any Facility Increase shall be subject to the following limitations and
conditions: (i) any increase (in the aggregate) in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, and the amount (in the aggregate) of any new Facility A Commitment and, if
applicable under Section 2.18(e), new Facility B Commitment of any New Revolver Lender or the amount (in the aggregate) of any increase in the Facility A Commitment and, if applicable, under Section 2.18(e), Facility B Commitment of
any New Revolver Lender, shall not be less than $5,000,000 (and shall be in integral multiples of $1,000,000 if in excess thereof); (ii) any additional Facility C Loans by any New Facility C Lender shall not be less than $5,000,000 (and shall be in
integral multiples of $1,000,000 if in excess thereof); (iii) no Facility Increase pursuant to this Section 2.18 shall increase the Aggregate Commitment to an amount in excess of $1,399,000,000 or increase the sum of the Aggregate Facility A
Commitment and the Aggregate Facility B Commitment to an amount in excess of $1,100,000,000; (iv) the Borrower and each New Lender shall have executed and delivered a commitment and acceptance (the “Commitment and Acceptance”)
substantially in the form of Exhibit O hereto, and the Administrative Agent shall have accepted and executed the same; (v) the Borrower shall have executed and delivered to the Administrative Agent such Note or Notes as the Administrative
Agent shall require to reflect such Facility Increase; (vi) the Borrower shall have delivered to the Administrative Agent opinions of counsel (substantially similar to the forms of opinions provided for in Section 5.01 modified to apply to
the Facility Increase and each Note and Commitment and Acceptance executed and delivered in connection therewith); (vii) the Guarantors and the pledgors under the Pledge Agreements shall have consented in writing to the Facility Increases and shall
have agreed that their Guaranties and Pledge Agreements continue in full force and effect; and (viii) the Borrower and each New Lender shall otherwise have executed and delivered such other instruments and documents as the Administrative Agent shall
have reasonably requested in connection with such Facility Increase. The form and substance of the documents required under clauses (iv) through (viii) above shall be fully acceptable to the Administrative Agent. The Administrative
Agent shall provide written notice to all of the Lenders hereunder of any Facility Increase. 
  
 (b) Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment pursuant to the
provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, each New Revolver Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the
application of such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the
principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New 

  

 41 

 
Revolver Lender) to be in the amount of its Facility A Pro Rata Share (upon the effective date of such increase) of all outstanding Facility A Loans and, if
applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver Lender (including any New Revolver Lender) to be in the amount of its Facility B Revolver Pro Rata Share (upon the effective date of
such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to the Administrative Agent the payment required to be made pursuant to the immediately preceding sentence for
application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders and, if applicable, the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the
Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the
Administrative Agent for the benefit of any of the Facility A Lenders and, if applicable, Facility B Revolver Lenders holding a Eurodollar Rate Loan any loss or cost incurred by such Lender resulting therefrom in accordance with Section 3.04.
Upon the effective date of such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the
New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the
Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10. 
  
 (ii) On the effective date of any Facility C Increase, which date shall be mutually agreed upon by the Borrower, each New Facility C
Lender and the Administrative Agent, each New Facility C Lender shall make its additional Facility C Loans subject to and in accordance with the provisions of this Agreement relating to the making of Advances after the Closing Date, and all Facility
C Loans (including such new Facility C Loans made on such date) shall be (or shall be converted to) Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the
provisions of Section 2.10. If as a result of the conversion of Facility C Loans to Floating Rate Loans on the date of the making of such additional Facility C Loans, any payment of a Eurodollar Rate Advance occurs on a day which is not the
last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent for the benefit of any of the Facility C Lenders holding a Eurodollar Rate Loan any loss or cost incurred by such Facility C Lender resulting therefrom in
accordance with Section 3.04. 
  
 (c) New Facility A
Lenders’ Participation in Facility Letters of Credit. Upon the effective date of any increase in the Aggregate Facility A Commitment and the making of the Facility A Loans by the New Revolver Lenders in accordance with the provisions of
Section 2.18(b)(i), each New Revolver Lender shall also be deemed to have irrevocably and unconditionally purchased and received, without recourse or warranty, from the Facility A Lenders party to this Agreement immediately prior to the
effective date of such increase, an undivided interest and participation in any Facility Letter of Credit then outstanding, ratably, such that each Facility A Lender (including each New Revolver Lender) holds a participation interest in each such
Facility Letter of Credit in proportion to the ratio that such Facility A 

  

 42 

 
Lender’s Facility A Commitment (upon the effective date of such increase in the Aggregate Facility A Commitment) bears to the Aggregate Facility A
Commitment as so increased. 
  
 (d) Amortization Payments with
Respect to Facility C Increase. Commencing on the first Quarterly Payment Date following the advance of any additional Facility C Loan by any New Facility C Lender as provided in Section 2.18(b)(ii) above and on each Quarterly Payment
Date thereafter, the Borrower shall pay to the Administrative Agent, for the benefit of such New Facility C Lender, as a principal repayment of such additional Facility C Loan, a sum equal to one quarter of one percent (1/4%) of the original
principal amount of such additional Facility C Loan (subject to the pro rata reduction of the amount of any such quarterly payment as provided in Section 2.06(e)). 
  
 (e) Facility B. If on the effective date of any Revolver Increase any Facility B Commitment exists under this
Agreement, then (unless otherwise agreed by the Borrower and the Administrative Agent) such Revolver Increase shall be effected by increases in both the Aggregate Facility A Commitment and Aggregate Facility B Commitment, proportionately based on
the amounts of the Aggregate Facility A Commitment and Aggregate Facility B Commitment as of such effective date, and the amount, or increase in the amount, of the Facility A Commitment and Facility B Commitment of each New Revolver Lender shall be
effected on the same proportionate basis. There shall be no increase on the Aggregate Facility B Commitment under this Section 2.18 except to the extent provided for in this Section 2.18(e). 
  
 (f) No Obligation to Increase Commitment. Nothing contained herein
shall constitute, or otherwise be deemed to be, a commitment or agreement on the part of the Borrower or the Administrative Agent to give or grant any Lender the right to increase its Commitment hereunder or to make additional Facility C Loans at
any time or a commitment or agreement on the part of any Lender to increase its Commitment hereunder at any time or to make any additional Facility C Loans, and no Commitment of a Lender shall be increased without its prior written approval.

  
 SECTION 2.19. Extension of Facility B Termination Date.

  
 (a) Extension Request. The Borrower may request an
extension of the Facility B Termination Date by submitting a written request for an extension to the Administrative Agent (a “Facility B Extension Request”) not more than 90 nor less than 60 days prior to the Facility B Termination Date.
The new Facility B Termination Date shall be no more than 364 days after the Facility B Termination Date in effect at the time the Facility B Extension Request is received, including the Facility B Termination Date as one of the days in the
calculation of the days elapsed. Promptly following receipt of a Facility B Extension Request, the Administrative Agent shall notify each Facility B Revolver Lender of the contents thereof, shall request each Facility B Revolver Lender to approve
the Facility B Extension Request, and shall specify the date (which must be at least 30 days after the Facility B Extension Request is delivered to the Facility B Revolver Lenders) as of which the Facility B Revolver Lenders must respond to the
Facility B Extension Request (the “Facility B Reply Date”). Each Facility B Revolver Lender approving the Facility B Extension Request shall deliver its written consent no later than the Reply Date. If the written consent of all of the
Facility B Revolver Lenders is received by the Administrative Agent on or prior to the Reply Date, the Facility B Termination Date specified in 

  

 43 

 
the Facility B Extension Request shall (subject to the provisions of Section 2.20(b)) become effective on the existing Facility B Termination Date and
the Administrative Agent shall promptly notify the Borrower and each Lender of the new Facility B Termination Date. If Facility B Revolver Lenders whose Facility B Revolver Pro Rata Shares equal or exceed 66-2/3% in the aggregate, but less than
100%, of all Facility B Revolver Pro Rata Shares consent to such extension on or before the Facility B Reply Date, the Borrower may, by notice given to the Administrative Agent within ten days of the Administrative Agent’s notification to the
Borrower of the failure of such Facility B Revolver Lenders to consent to such extension, elect to take one of the following actions with respect to all Facility B Revolver Lenders (each a “Non-Consenting Facility B Lender”) that do not
consent to such extension: (i) to convert any outstanding Facility B Revolver Loans of the Non-Consenting Facility B Lenders to Facility B Term Loans as provided in Section 2.19(b), (ii) to terminate the Facility B Commitment of the
Non-Consenting Facility B Lenders as provided in Section 2.19(c) or (iii) to replace the Non-Consenting Facility B Lenders in accordance with Section 2.19(d) and, to the extent that the Facility B Commitments of the Non-Consenting
Facility B Lenders are not entirely replaced, to terminate the Facility B Commitment of such Non-Consenting Facility B Lenders. Any such election made by the Borrower pursuant to clause (i), (ii), or (iii) of the preceding
sentence shall be made with respect to all Non-Consenting Facility B Lenders pursuant to such clause. Provided the Borrower gives the Administrative Agent timely notice of such election and, in the case of an election under clause (ii) or
clause (iii), pays or causes to be paid to each of the Non-Consenting Facility B Lenders, on or before the Facility B Termination Date, an amount equal to all Facility B Obligations (other than those outstanding under any Facility B Term
Notes) of such Non-Consenting Facility B Lender, then (A) the Facility B Termination Date shall be extended with respect to the Facility B Revolver Lenders that consented thereto (subject to the provisions of Section 2.20(b)) and (B) the
Aggregate Facility B Commitments shall be reduced by the amount of the Non-Consenting Facility B Lenders’ Facility B Commitments (except such as are replaced in accordance with Section 2.19(d)). Notwithstanding the foregoing, if the
consent to such extension of the Facility B Termination Date is not given by Facility B Revolver Lenders whose Facility B Revolver Pro Rata Shares equal or exceed 66-2/3% of all Facility B Revolver Pro Rata Shares or such consent is given but the
Borrower shall fail to give timely notice of an election under clauses (i), (ii) or (iii) above or, having given such notice, shall fail to pay or cause to be paid to the Non-Consenting Facility B Lenders, on or before the
Facility Termination Date, the amounts required to be paid hereunder, then the Facility B Termination Date shall not be extended, and, on the Facility B Termination Date, all outstanding Facility B Revolver Loans shall convert to Facility B Term
Loans and all Facility B Commitments shall terminate. The Borrower may not request more than four (4) extensions of the Facility B Termination Date pursuant to this Section. 
  
 (b) Conversion of Non-Consenting Facility B Lenders’ Facility B Revolver Loans. If Facility B Revolver Lenders
whose Facility B Revolver Pro Rata Shares equal or exceed 66-2/3% in the aggregate, but less than 100%, of all Facility B Pro Rata Shares consent to a Facility B Extension Request and the Borrower gives the Administrative Agent timely notice of the
Borrower’s election to convert, pursuant to clause (i) of Section 2.19(a), the outstanding Facility B Revolver Loans of all Non-Consenting Facility B Lenders to Facility B Term Loans, the Administrative Agent shall so notify all
Facility B Revolver Lenders, and, on such Facility B Termination Date, the outstanding Facility B Revolver Loans of all Non-Consenting Facility B 

  

 44 

 
Lenders shall convert to Facility B Term Loans, and the Facility B Commitments of all Non-Consenting Facility B Lenders shall terminate. 
  
 (c) Termination of Non-Consenting Facility B Lenders’ Facility B
Commitments. If Facility B Revolver Lenders whose Facility B Revolver Pro Rata Shares equal or exceed 66-2/3% in the aggregate, but less than 100%, of all Facility B Pro Rata Shares consent to a Facility B Extension Request and the Borrower
gives the Administrative Agent timely notice of the Borrower’s election to terminate, pursuant to clause (ii) of Section 2.19(a), the Facility B Commitments of all Non-Consenting Facility B Lenders, the Administrative Agent shall
so notify all Facility B Revolver Lenders, and on or before such Facility B Termination Date the Borrower shall pay in full the Facility B Obligations (other than those outstanding under any Facility B Term Notes) of all Non-Consenting Facility B
Lenders, and the Facility B Commitments of all Non-Consenting Facility B Lenders shall terminate on such Facility B Termination Date. 
  
 (d) Replacement of Non-Consenting Facility B Revolver Lenders. If Facility B Revolver Lenders whose Facility B Revolver Pro Rata Shares equal or
exceed 66-2/3% in the aggregate, but less than 100%, of all Facility B Pro Rata Shares consent to a Facility B Extension Request and the Borrower gives the Administrative Agent timely notice of the Borrower’s election to replace, pursuant to
clause (iii) of Section 2.19(a), the Facility B Commitments of all Non-Consenting Facility B Lenders, the Administrative Agent shall so notify all Facility B Revolver Lenders, and on or before such Facility B Termination Date the
Borrower shall replace such Non-Consenting Facility B Lenders in accordance with Section 2.27 or, to the extent that it does not replace such Non-Consenting Facility B Lenders, shall pay in full the Facility B Obligations (other than those
outstanding under any Facility B Term Notes) of all Non-Consenting Facility B Lenders. To the extent the Non-Consenting Facility B Lenders are not replaced, their Facility B Commitments shall terminate on such Facility B Termination Date. In no
event shall any Lender have any obligation to issue a new or increased Commitment to replace all or any part of a Non-Consenting Facility B Lender’s Facility B Commitment 
  
 (e) Facility B Term Loans. Upon the conversion of any Facility B Revolver Loans to Facility B Term Loans as provided
in Section 2.19(a) or 2.19(b), such Facility B Term Loans shall be governed by the provisions of Section 2.20(c). 
  
 (f) Aggregate Facility B Commitment. The Aggregate Facility B Commitment shall be reduced by the amount of any Facility B Commitments that are
terminated pursuant to this Section 2.19. 
  
 (g)
Term-Out Obligation. The provisions of this Section 2.19 are subject to the provisions of Section 2.20(b). 
  
 SECTION 2.20. Facility B Term-Out. 
  
 (a) Term-Out Option. Without limitation of the Borrower’s obligations under Section 2.20(b), the Borrower shall have the option to
convert the Facility B Revolver Loans outstanding on the Facility B Termination Date (as extended pursuant to Section 2.19) to Facility B Term Loans which shall mature and become due and payable in full on the Facility B Term 

  

 45 

 
Maturity Date. In order to request such conversion, the Borrower shall give written notice (the “Term-Out Notice”) to the Administrative Agent not
less than 30 or more than 90 days prior to the Facility B Termination Date, which notice shall specify the principal amount of the Facility B Revolver Loans (the “Conversion Amount”) which the Borrower desires to convert to Facility B Term
Loans, provided, however, that the aggregate amount of the Facility B Revolver Loans that may be converted to Facility B Term Loans shall not be less than $1,000,000. Promptly following its receipt of the Term-Out Notice, the Administrative
Agent shall send a copy of the Term-Out Notice to each of the Facility B Revolver Lenders. If the Borrower has given the Term-Out Notice as provided herein, the lesser of (i) the Conversion Amount or (ii) the Facility B Revolver Loans outstanding on
the Facility B Termination Date shall automatically convert to Facility B Term Loans, with each Facility B Revolver Lender being deemed to have made its Facility B Revolver Pro Rata Share of such Facility B Term Loans, and the Administrative Agent
shall promptly notify each Facility B Revolver Lender of the principal amount thereof. 
  
 (b) Term-Out Obligation. Notwithstanding the provisions of Section 2.19, if the Facility B Termination Date is extended pursuant to Section 2.19 with respect to all or, to the extent permitted
under Section 2.19, less than all of the Facility B Revolver Lenders but on the Facility B Termination Date (as determined prior to such extension), the Facilities have a rating from S&P of BB- or less or from Moody’s of Ba3 or less,
the outstanding principal balance of the Facility B Revolver Loans (including any Facility B Revolver Loans purchased by Replacement Lenders pursuant to Section 2.27) shall automatically convert to Facility B Term Loans on such Facility B
Termination Date and the Aggregate Facility B Commitment shall be reduced by the amount of such Facility B Term Loans. 
  
 (c) Facility B Term Loans. The principal amount of each Facility B Term Loan shall be repayable in full in equal quarterly installments on each
Quarterly Payment Date (subject to reduction of such installments as provided in Section 2.06(e)), commencing with the first such date following the Facility B Termination Date on which the Facility B Revolver Loan is converted to a Facility
B Term Loan (whether pursuant to Section 2.19 or this Section 2.20), with the final installment due and payable on the Facility B Term Maturity Date, unless such Facility B Term Loan shall sooner become due and payable pursuant to
Section 9.02 or as otherwise provided in this Agreement. Facility B Term Loans shall be either Eurodollar Rate Loans or Floating Rate Loans, with interest accruing and being paid in the same manner as Facility B Revolver Loans, and with the
Facility B Term Loans to be designated as, continued as, or converted into Eurodollar Rate Loans in the same manner as Facility B Revolver Loans could be designated as, continued as, or converted into Eurodollar Rate Loans or Floating Rate Loans as
provided in Section 2.10. In the event of any conversion of Facility B Revolver Loans to Facility B Term Loans, the Facility B Term Note payable to and held by the Administrative Agent shall thereafter evidence such Facility B Term Loans,
except that any Facility B Term Note payable to and held by any Facility B Term Lender shall thereafter evidence the Facility B Term Loans held by such Facility B Term Lender hereunder. 
  
 SECTION 2.21. Facility Letters of Credit. 
  
 (a) Obligation to Issue. Subject to the terms and conditions of this Agreement and in reliance upon the
representations and warranties of the Borrower herein set forth, each Issuer hereby agrees to issue upon the request of and for the account of the Borrower, through such of 

  

 46 

 
the Issuer’s Lending Installations or Affiliates as the Issuer and the Borrower may jointly agree, one or more Facility Letters of Credit in accordance
with this Section 2.21 from time to time during the period commencing on the Closing Date and ending on the fourteenth day prior to the Facility A Termination Date. 
  
 (b) Conditions for Issuance. In addition to being subject to the satisfaction of the conditions contained in
Section 5.02, the obligation of an Issuer to issue any Facility Letter of Credit is subject to the satisfaction in full of the following conditions: 
  
 (i) the aggregate maximum amount then available for drawing under Facility Letters of Credit issued by such Issuer, after giving effect to
the Facility Letter of Credit requested hereunder, shall not exceed any limit imposed by law or regulation upon such Issuer; 
  
 (ii) after giving effect to the requested issuance of any Facility Letter of Credit, the Facility Letter of Credit Obligations do not
exceed the lesser of (A) the Aggregate Letter of Credit Commitment, or (B) an amount equal to the Aggregate Facility A Commitment minus the sum of the outstanding Facility A Advances and all outstanding Swing Line Loans; 
  
 (iii) the Facility Letter of Credit shall be a standby
Letter of Credit and not a trade Letter of Credit, shall only provide for drawings by sight draft and shall be issued in U.S. Dollars; 
  
 (iv) the requested Facility Letter of Credit has an expiration date not later than the earlier of (A) fourteen days prior to the Facility
A Termination Date and (B) one year after its Issuance Date; provided, however, that the requested Facility Letter of Credit may provide for automatic renewal periodically beyond the first anniversary of its Issuance Date but not beyond the
date provided for in clause (A) above; 
  
 (v) the Borrower shall have delivered to such Issuer at such times and in such manner as such Issuer may reasonably prescribe such documents and materials as may be required pursuant to the terms of the proposed Facility Letter of Credit,
and the proposed Facility Letter of Credit shall be satisfactory to such Issuer as to form and content; and 
  
 (vi) as of the Issuance Date, no order, judgment or decree of any court, arbitrator or governmental authority shall purport by its terms
to enjoin or restrain such Issuer from issuing the Facility Letter of Credit and no law, rule or regulation applicable to such Issuer and no request or directive (whether or not having the force of law) from any governmental authority with
jurisdiction over the Issuer shall prohibit or request that such Issuer refrain from the issuance of Letters of Credit generally or the issuance of that Facility Letter of Credit (and in any such case, such Issuer shall promptly notify the
Administrative Agent and the Borrower of such fact). 
  
 (c)
Procedure for Issuance. 
  
 (i) The
Borrower shall give an Issuer and the Administrative Agent at least three Business Days’ prior written notice of any requested issuance of a Facility Letter of 

  

 47 

 
Credit under this Agreement (a “Letter of Credit Request”). The Letter of Credit Request shall be in a form acceptable to the Administrative Agent,
the Issuer and the Borrower and shall specify: 
  

	 	(A)	the stated amount of the Facility Letter of Credit requested; 

  

	 	(B)	the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit (the “Issuance Date”); 

  

	 	(C)	the date on which such requested Facility Letter of Credit is to expire (which date shall comply with the provisions of Section 2.21(b)(iv)); 

  

	 	(D)	the name of the Issuer chosen by the Borrower to issue the requested Facility Letter of Credit; 

  

	 	(E)	the purpose for which such Facility Letter of Credit is to be issued; and 

  

	 	(F)	the Person for whose benefit the requested Facility Letter of Credit is to be issued. 

  
 At the time the Letter of Credit Request is made, the Borrower shall also provide the Administrative Agent and the Issuer
with a copy of the form (if specified by the beneficiary) of the Facility Letter of Credit it is requesting be issued. Such Letter of Credit Request, to be effective, must be received by such Issuer and the Administrative Agent not later than 2:00
p.m. (Chicago time) on the last Business Day on which a Letter of Credit Request can be given under this Section 2.21(c)(i). Promptly after receipt of any Letter of Credit Request, the Issuer shall confirm with the Administrative Agent (by
telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower and, if not, the Issuer shall promptly provide the Administrative Agent with a copy thereof. 
  
 (ii) Subject to the terms and conditions of Section
2.21(b) and provided that (A) the applicable conditions set forth in Sections 5.01 and 5.02 hereof have been satisfied and (B) the Issuer shall have received written or telephonic notice from the Administrative Agent stating that
the issuance of such Facility Letter of Credit would not violate Section 2.21(b), such Issuer shall, on the Issuance Date, issue a Facility Letter of Credit on behalf of the Borrower in accordance with the Issuer’s usual and customary
business practices unless the Issuer has actually received (1) written notice from the Borrower specifically revoking the Letter of Credit Request with respect to such Facility Letter of Credit or (2) written notice from a Facility A Lender, which
complies with the provisions of Section 2.21(e)(i). 
  
 (iii) Each Issuer shall promptly give the Administrative Agent and the Borrower written notice or telex notice, or telephonic notice confirmed promptly thereafter in writing, of the issuance, amendment, extension of
cancellation of a Facility Letter of Credit (the “Issuance Notice”), together with (for the Borrower and the Administrative Agent) a copy of such Facility Letter of Credit (or amendment or extension thereof). Notices and copies of Facility
Letters of Credit (or amendments or 

  

 48 

 
extensions thereof) required to be furnished to the Administrative Agent under this Section 2.21(c)(iii) shall also be delivered to Bank One, NA,
Global Trade Financing Unit, 300 South Riverside, Mail Suite IL1-0236, Chicago, IL 60670 (Attention: Catherine Deal). Upon receipt of the Issuance Notice, the Administrative Agent shall notify each Facility A Lender of the issuance, amendment,
extension or cancellation of such Facility Letter of Credit, which notice shall identify the Issuance Date, the Issuer, the amount and the expiration date of such Facility Letter of Credit (as amended or extended, if applicable). 
  
 (iv) An Issuer shall not extend or amend any Facility Letter
of Credit or allow a Facility Letter of Credit to be automatically extended unless the requirements of this Section 2.21(c) are met as though a new Facility Letter of Credit was being requested and issued. 
  
 (d) Payment of Reimbursement Obligations; Duties of Issuers

  
 (i) Each Issuer shall promptly notify the
Borrower and the Administrative Agent (which shall promptly notify the Facility A Lenders) of any draw under a Facility Letter of Credit and the Borrower shall reimburse such Issuer in accordance with Section 2.21(d)(iii). Any Reimbursement
Obligation with respect to any Facility Letter of Credit shall bear interest from the date on which the Issuer honors a drawing under such Facility Letter of Credit until payment in full is received by such Issuer at (A) the Floating Rate until the
second succeeding Business Day after such date and (B) the Default Rate thereafter. 
  
 (ii) Any action taken or omitted to be taken by an Issuer under or in connection with any Facility Letter of Credit, if taken or omitted
in the absence of bad faith, willful misconduct or gross negligence as determined in a final judgment by a court of competent jurisdiction, shall not (A) put that Issuer under any resulting liability to any Lender or (B) assuming that such Issuer
has complied with the procedures specified in Section 2.21(c), all conditions to the issuance of a Facility Letter of Credit have been satisfied and any such Lender has not given a notice contemplated by Section 2.21(e)(i) that
continues in full force and effect, relieve any such Lender of its obligations hereunder to that Issuer. In determining whether to pay under any Facility Letter of Credit, an Issuer shall have no obligation relative to the Lenders or to the Borrower
other than to confirm that any documents required to be delivered under such Facility Letter of Credit have been delivered in compliance and that they comply on their face (including that any draw request has been purportedly executed by an
authorized signatory, if and to the extent such a requirement is specified in the related Facility Letter of Credit), with the requirements of such Facility Letter of Credit. 
  
 (iii) The Borrower agrees to pay to each Issuer the amount of all Reimbursement Obligations, interest and
other amounts payable to such Issuer under or in connection with any Facility Letter of Credit immediately when due (and in any event shall reimburse an Issuer for drawings under a Facility Letter of Credit issued by it no later than two (2)
Business Days after payment by that Issuer), irrespective of any claim, set-off, defense or other right which the Borrower or any Subsidiary may have at any 

  

 49 

 
time against any Issuer or any other Person, under all circumstances, including without limitation, any of the following circumstances: 
  

	 	(A)	any lack of validity or enforceability of this Agreement or any of the other Loan Documents; 

  

	 	(B)	the existence of any claim, set-off, defense or other right which the Borrower or any Subsidiary may have at any time against a beneficiary named in a Facility Letter of Credit or,
if such Facility Letter of Credit is transferable, any transferee of any Facility Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the Issuer, any Lender, or any other Person, whether in
connection with this Agreement, any Facility Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transactions between the Borrower or any Subsidiary and the beneficiary named in any Facility
Letter of Credit); 

  

	 	(C)	any draft, certificate or any other document presented under the Facility Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being
untrue or inaccurate in any respect (except to the extent any such invalidity or insufficiency is found in a final judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Issuer).

  

	 	(D)	the surrender or impairment of any guaranty or security for the performance or observance of any of the terms of any of the Loan Documents; or 

  

	 	(E)	the occurrence of any Event of Default or Unmatured Default. 

  
 (iv) As among the Borrower, the Issuers, the Administrative Agent and the Lenders, the Borrower assumes all risks of the acts and
omissions of, or misuse of the Facility Letters of Credit by, the respective beneficiaries of the Facility Letters of Credit (except such as are found in a final judgment by a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of an Issuer). In furtherance and not in limitation of the foregoing, the Issuers, the Administrative Agent and the Lenders shall not be responsible (absent gross negligence or willful misconduct in connection
therewith, as determined by the final judgment of a court of competent jurisdiction) for (A) the forms, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and
issuance of any Facility Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or
purporting thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) failure of the beneficiary of a Facility Letter of Credit to comply fully with underlying conditions required in order to 

  

 50 

 
draw upon such Facility Letter of Credit, so long a such beneficiary has presented the omissions, interruptions or delays in transmission or delivery of any
messages, by mail, cable, telegraph, telex or otherwise; (E) errors in interpretation of technical terms; (F) misapplication by the beneficiary of a Facility Letter of Credit of the proceeds of any drawing under such Facility Letter of Credit; or
(G) any consequences arising from causes beyond the control of any Issuer, the Administrative Agent or any Facility A Lender. 
  
 (e) Participation. 
  
 (i) Upon the Closing Date, each of the Facility A Lenders shall be deemed to have irrevocably and unconditionally purchased and received
from the Issuer, without recourse or warranty, an undivided interest and participation equal to its Facility A Pro Rata Share of the Existing Letters of Credit (including, without limitation, all rights and obligations of the Issuer with respect
thereto) and any security therefor or guaranty pertaining thereto. Immediately upon issuance by an Issuer of any Facility Letter of Credit in accordance with the procedures set forth in Section 2.21(c) each Facility A Lender shall be deemed
to have irrevocably and unconditionally purchased and received from the Issuer, without recourse or warranty, an undivided interest and participation equal to its Facility A Pro Rata Share of such Facility Letter of Credit (including, without
limitation, all rights and obligations of the Issuer with respect thereto) and any security therefor or guaranty pertaining thereto, provided, that a Letter of Credit issued by any Issuer shall not be deemed to be a Facility Letter of Credit
for purposes of this Agreement if the Administrative Agent and such Issuer shall have received written notice from any Facility A Lender on or before the Business Day prior to the date of its issuance of such Letter of Credit that one or more of the
conditions contained in Sections 5.01 and 5.02 is not then satisfied, and in the event an Issuer receives such notice, it shall have no further obligation to issue any Facility Letter of Credit until such notice is withdrawn by that
Facility A Lender or the Issuer receives a notice from the Administrative Agent that such condition has been effectively waived in accordance with the provisions of this Agreement. 
  
 (ii) In the event that any Issuer makes any payment under any Facility Letter of Credit and the Borrower
shall not have repaid such amount to such Issuer pursuant to Section 2.21(d), such Issuer shall promptly notify the Administrative Agent, which shall promptly notify each Facility A Lender, of such failure, and each Facility A Lender shall
promptly and unconditionally pay to the Administrative Agent for the account of such Issuer the amount of such Facility A Lender’s Facility A Pro Rata Share of the unreimbursed amount of any such payment. The failure of any Facility A Lender to
make available to the Administrative Agent its Facility A Pro Rata Share of the unreimbursed amount of any such payment shall not relieve any other Facility A Lender of its obligation hereunder to make available to the Administrative Agent its
Facility A Pro Rata Share of the unreimbursed amount of any payment on the date such payment is to be made, but no Facility A Lender shall be responsible for the failure of any other Facility A Lender to make available to the Administrative Agent
its Facility A Pro Rata Share of the unreimbursed amount of any payment on the date such payment is to be made. 
  

 51 

 (iii) Whenever an Issuer receives a payment on account of a Reimbursement Obligation,
including any interest thereon, it shall promptly pay to the Administrative Agent and the Administrative Agent shall promptly pay to each Facility A Lender which has funded its participating interest therein, in immediately available funds, an
amount equal to its Facility A Pro Rata Share thereof. 
  
 (iv) Upon the request of the Administrative Agent or any Facility A Lender, an Issuer shall furnish to such Administrative Agent or Facility A Lender copies of any Facility Letter of Credit to which that Issuer is party and such other
documentation as may reasonably be requested by the Administrative Agent or Facility A Lender. 
  
 (v) The obligations of a Facility A Lender to make payments to the Administrative Agent for the account of an Issuer with respect to a
Facility Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, set-off, qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under any
circumstances. 
  
 (vi) In the event any payment
by the Borrower received by an Issuer with respect to a Facility Letter of Credit and distributed by the Administrative Agent to the Facility A Lenders on account of their participations is thereafter set aside, avoided or recovered from that Issuer
in connection with any such distribution, such Facility A Lender shall, upon demand by that Issuer, contribute such Facility A Lender’s Facility A Pro Rata Share of the amount set aside, avoided or recovered together with interest at the rate
required to be paid by that Issuer upon the amount required to be repaid by it. 
  
 (f) Compensation for Facility Letters of Credit. 
  
 (i) The Borrower shall pay to the Administrative Agent, for the account of the Facility A Lenders, a fee (the “Facility Letter of
Credit Fee”) with respect to each Facility Letter of Credit for the period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in a per annum
amount equal to the product, calculated on a daily basis for each day during such period, of (A) the undrawn amount of such Facility Letter of Credit for such day multiplied by (B) the Facility Letter of Credit Fee Rate for such day, less 0.125% per
annum. The Facility Letter of Credit Fees shall be due and payable quarterly in arrears not later than five (5) Business Days following Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees
and, to the extent any such fees are then due and unpaid, on the Facility A Termination Date. The Administrative Agent shall promptly remit such Facility Letter of Credit Fees, when received by the Administrative Agent, to the Facility A Lenders
(including the Issuer) in accordance with their Facility A Pro Rata Shares thereof. The Facility Letter of Credit Fees, once paid, shall not be refundable for any reason. 
  
 (ii) The Borrower shall also pay to each Issuer, solely for its own account, as an issuing fee, with respect
to each Facility Letter of Credit issued by such Issuer for the period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in an amount equal to (A)

  

 52 

 
the product, calculated on a daily basis for each day during such period, of (x) the undrawn amount of such Facility Letter of Credit for such day multiplied
by (y) 0.125% per annum, plus (B) in the case of any Facility Letter of Credit in a stated amount of less than $10,000.00, an additional fee in an amount to be agreed upon by the Borrower and the Issuer. The foregoing fees payable to the Issuer
shall also be due and payable quarterly in arrears on the date on which Facility Letter of Credit Fees are payable and, to the extent any such fees are then due and unpaid, on the Facility A Termination Date. The foregoing fees, once paid, shall not
be refundable for any reason. Each Issuer shall be entitled to receive its reasonable out-of-pocket costs of issuing and servicing Facility Letters of Credit. 
  

(iii) The Administrative Agent shall, with reasonable promptness following receipt from all Issuers of the reports provided for in
Section 2.21(g) for the months of March, June, September and December, respectively, deliver to the Borrower a quarterly statement of the Letter of Credit Fees then due and payable. 
  
 (g) Issuer Reporting Requirements. Each Issuer shall, no later than
the third (3rd) Business Day following the last day of each month, provide to the Administrative Agent a schedule of
the Facility Letters of Credit issued by it, in form and substance reasonably satisfactory to the Administrative Agent, showing the Issuance Date, account party, original face amount (if any) paid thereunder, expiration date and the reference number
of each Facility Letter of Credit outstanding at any time during such month (and whether such Facility Letter of Credit is a Performance Letter of Credit or financial Letter of Credit) and the aggregate amount (if any) payable by the Borrower to
such Issuer during the month pursuant to Section 3.02. Copies of such reports shall be provided promptly to each Facility A Lender and the Borrower by the Administrative Agent. The reporting requirements hereunder are in addition to those set
forth in Section 2.21(c). 
  
 (h) Letter of Credit
Collateral Account. From and after the occurrence and during the continuance of an Event of Default, the Borrower hereby agrees that it will, until the later of the Facility A Termination Date or the date on which all Facility LCs have expired
and all Obligations have been paid in full, maintain a special collateral account (the “Letter of Credit Collateral Account”) at the Administrative Agent’s office at the address specified pursuant to Article XIII, in the name
of the Borrower but under the sole dominion and control of the Administrative Agent, and hereby grants to the Administrative Agent for the benefit of the Facility A Lenders, as security for repayment of the Facility A Obligations, a security
interest in and to the Letter of Credit Collateral Account and any funds that may hereafter be on deposit in such account pursuant to Section 9.03. 
  
 SECTION 2.22. Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case may be, notifies the Administrative
Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of the Borrower, a payment of principal, interest or fees to the Administrative
Agent for the account of any one or more of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount
of such payment available to the intended recipient in reliance upon such assumption. If 

  

 53 

 
such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on
demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative
Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective Rate for such day or (ii) in the case of payment by the Borrower, the interest rate
applicable to the relevant Loan. 
  
 SECTION 2.23. Withholding
Tax Exemption. Each Lender that is not incorporated under the laws of the United States of America or a state thereof (each a “Non-U.S. Lender”) agrees that (if it has not done so prior to the Closing Date) it will, not more than five
(5) Business Days after the date of this Agreement, (i) deliver to each of the Borrower and the Administrative Agent two duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI (or a successor form) or, in the case of a
Lender claiming exemption from withholding of any United States federal income taxes under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest,” a certificate representing that such Lender is not (i) a
“bank” for purposes of Section 881(c) of the Code, (ii) a ten-percent shareholder of the Borrower (within the meaning of Section 871(h)(3)(B) of the Code), or (iii) a controlled foreign corporation related to the Borrower (within the
meaning of Section 864(d)(4) of the Code), and a Form W-8BEN (or a successor form), in all cases properly completed and duly executed, certifying in either case that such Lender is entitled to receive payments under this Agreement without deduction
or withholding of any United States federal income taxes, and (ii) deliver to each of the Borrower and the Administrative Agent a United States Internal Revenue Form W-8 or W-9, as the case may be, and certify that it is entitled to an exemption
from United States backup withholding tax. Each Non-U.S. Lender further undertakes to deliver to each of the Borrower and the Administrative Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such
form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by the Borrower or the
Administrative Agent. All forms or amendments described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, unless
an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from
duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrower and the Administrative Agent that it is not capable of receiving payments without any deduction or withholding of United States federal
income tax. 
  
 SECTION 2.24. Unconditional Obligation to Make
Payment. To the fullest extent permitted by law, the Borrower shall make all payments hereunder, under the Notes and under all of the other Loan Documents regardless of any defense or counterclaim, including any defense or counterclaim based on
any law, rule or policy which is now or hereafter promulgated by any governmental authority or regulatory body and which may adversely affect the Borrower’s obligations to make, or the right of the holder of any Note to receive, those payments.

  

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 SECTION 2.25. Compensating Balances. Bank One shall have the right (but no obligation) to enter
into a separate agreement with the Borrower which provides for the reduction of the interest rate payable to Bank One hereunder in the event that the Borrower maintains collected balances in non-interest bearing accounts at Bank One, but in no event
shall such agreement affect the amounts payable under this Agreement to any other Lender. Similarly, each other Lender shall have the right (but no obligation) to enter into a separate agreement with the Borrower which provides for the rebate to
Borrower of a portion of the interest paid to such Lender under this Agreement in the event that the Borrower maintains collected balances in non-interest bearing accounts at such Lender, but in no event shall any such agreement affect the amounts
payable under this Agreement to such Lender. 
  
 SECTION 2.26.
Extension of Facility A Termination Date. Not more than once in any fiscal year of the Borrower, the Borrower may request a one-year extension of the Facility A Termination Date by submitting a written request for an extension to the
Administrative Agent (a “Facility A Extension Request”), provided the Facility A Extension Request shall be delivered not later than one year before the Facility A Termination Date and that the requested Facility A Termination Date shall
be no more than five (5) years after the date on which the Facility A Extension Request is received. Promptly following receipt of a Facility A Extension Request, the Administrative Agent shall notify each Facility A Lender of the contents thereof,
shall request each Facility A Lender to approve the Facility A Extension Request, and shall specify the date (which must be at least 30 days after the Facility A Extension Request is delivered to the Facility A Lenders) as of which the Facility A
Lenders must respond to the Facility A Extension Request (the “Facility A Reply Date”). If Facility A Lenders whose Facility A Pro Rata Shares equal or exceed in the aggregate 66-2/3% of all Facility A Pro Rata Shares do not consent in
writing to such extension on or before the Facility A Reply Date, the Facility A Extension Request shall be denied. If such written consent is received on or before the Facility A Reply Date from Facility A Lenders whose Facility A Pro Rata Shares
equal or exceed in the aggregate 66 2/3% of all Facility A Pro Rata Shares, the Facility A Termination Date shall be extended by one year as requested in such Facility A Extension Request, but such extension shall only apply to the Facility A
Lenders that have so consented and shall not apply to any Facility A Lender that has not so consented (each, a “Non-Consenting Facility A Lender”). Except to the extent that a Non-Consenting Facility A Lender is replaced (as provided in
Section 2.27 hereof) prior to the Facility A Termination Date (as determined prior to such Facility A Extension Request), then on such date (i) the Facility A Commitment of each such Non-Consenting Facility A Lender shall terminate, (ii) the
Aggregate Facility A Commitment shall be reduced by the aggregate amount of such terminated Facility A Commitments and (iii) all Facility A Loans and other Facility A Obligations to each such Non-Consenting Facility A Lender shall be paid in full by
the Borrower. 
  
 SECTION 2.27. Replacement of Certain
Lenders. In the event a Lender (the “Affected Lender”) is a Non-Consenting Facility A Lender under Section 2.26, a Non-Consenting Facility B Lender under Section 2.19(a) or a non-consenting Lender under Section
13.06(b), the Borrower may, upon written notice to such Affected Lender and to the Administrative Agent, require such Affected Lender to assign, and such Affected Lender shall assign, within five Business Days after the date of such notice, to
one or more assignees selected by the Borrower and that are Eligible Assignees and otherwise comply with the provisions of Section 12.03 (each, a “Replacement Lender”), all of such Affected Lender’s rights and 

  

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obligations under this Agreement and the other Loan Documents (including without limitation its Commitments and all Loans owing to it) in accordance with
Section 12.03; provided, however, that, (i) in the case of a Non-Consenting Facility A Lender, such assignment shall, at the election of the Borrower, be limited to an assignment of its Facility A Commitment and Facility A Loans and
(ii) in the case of a Non-Consenting Facility B Lender, such assignment shall, at the election of the Borrower, be limited to an assignment of its Facility B Commitment and Facility B Revolver Loans. With respect to any such assignment, the Affected
Lender shall concurrently with such assignment receive payment in full of all amounts due and owing to it hereunder or under any of the other Loan Documents with respect to the Loans and Commitments so assigned, including without limitation the
aggregate outstanding principal amount of such Loans owed to such Affected Lender, together with accrued interest thereon through the date of such assignment, amounts payable to such Affected Lender under Article III with respect to such
Loans and all fees payable to such Affected Lender hereunder with respect to such Loans and Commitments so assigned. Any assignment to a Replacement Lender pursuant to the provisions of this Section 2.27 shall be in accordance with the
provisions of Section 12.03 hereof. In no event shall any Lender have any obligation to issue a new or increased Commitment to replace all or any part of any Commitment of any Non-Consenting Facility A Lender, Non-Consenting Facility B Lender
or any non-consenting Lender under Section 13.06(b). 
  
 SECTION 2.28. Obligations Under Prior Credit Agreement. (a) If there are any “Facility A Loans” outstanding under the Prior Credit Agreement on the Closing Date, the Borrower shall request that a Facility A Advance be made
hereunder on the Closing Date in an amount sufficient to repay in full the “Facility A Loans” outstanding under the Prior Credit Agreement. 
  
 (b) If there are any “Facility B Revolver Loans” outstanding under the Prior Credit Agreement on the Closing Date, the Borrower
shall request that a Facility B Advance be made hereunder on the Closing Date in an amount sufficient to repay in full the “Facility B Revolver Loans” outstanding under the Prior Credit Agreement. 
  
 (c) If the Closing Date is not the last day of an
“Interest Period” of each loan (each, a “Repaid Loan”) under the Prior Credit Agreement required to be repaid on the Closing Date under paragraph (a) or (b) above, the Borrower will also pay to the Administrative
Agent on the Closing Date all losses and costs incurred by the holder of each such Repaid Loan in accordance with Section 3.04 of the Prior Credit Agreement. 
  
 (d) The Borrower hereby agrees to pay the Administrative Agent on the Closing Date, for the benefit of the
“Lenders” (other than the Facility C Lenders) party to the Prior Credit Agreement, the amount of all interest (if any) that has accrued to the Closing Date but has not been paid under the Prior Credit Agreement, all “Commitment
Fees” that have accrued to the Closing Date but have not been paid under the Prior Credit Agreement and all “Facility Letter of Credit Fees” that have accrued to the Closing Date but have not been paid under the Prior Credit
Agreement. Interest and other amounts payable to Facility C Lenders under the Prior Credit Agreement that have accrued to the Closing Date shall be paid to the Facility C Lenders hereunder on the dates on which the same were payable under the Prior
Credit Agreement. 
  

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 ARTICLE III 
  
 CHANGE IN CIRCUMSTANCES 
  
 SECTION 3.01. Yield-Protection. If the adoption, on or after the Agreement Date, of any law or any governmental or quasi-governmental rule,
regulation, policy, guideline or directive (whether or not having the force of law), or any change, on or after the Agreement Date, in interpretation thereof, or the compliance of any Lender (which term, for purposes of this Article III,
shall be deemed to include each Issuer in such capacity) therewith, 
  
 (i) subjects any Lender or any applicable Lending Installation to any tax, duty, charge or withholding on or from payments due from the Borrower (excluding federal taxation of the overall net income of any Lender or
applicable Lending Installation), or changes the basis of taxation of payments to any Lender in respect of its Loans or other amounts due it hereunder, or 
  
 (ii) imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against
assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation (other than reserves and assessments taken into account in determining the interest rate applicable to Eurodollar Rate
Advances), or 
  
 (iii) imposes any other
condition the result of which is to increase the cost to any Lender or any applicable Lending Installation of making, funding or maintaining loans (or letters of credit or participations therein) or reduces any amount receivable by any Lender or any
applicable Lending Installation in connection with loans (or letters of credit or participations therein), or requires any Lender or any applicable Lending Installation to make any payment calculated by reference to the amount of loans (or letters
of credit or participations therein) held or interest received by it, by an amount deemed material by such Lender, 
  
 then, within 15 days of demand by such Lender, the Borrower shall pay such Lender that portion of such increased expense incurred or reduction in an amount received which
such Lender determines is attributable to making, funding and maintaining its Loans, its applicable Commitment, the Facility Letters of Credit or any participations therein. 
  
 SECTION 3.02. Changes in Capital Adequacy Regulation. If a Lender reasonably determines the amount of capital
required or expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased as a result of a Change, and such increase will have the effect of reducing the rate of return on
such Lender’s capital as a consequence of such Lender’s obligations hereunder to a level below that which such Lender or such corporation, as the case may be, could have achieved but for such Change (taking into account such Lender’s
or such corporation’s policies, as the case may be, with respect to capital adequacy and any payments made to such Lender pursuant to Section 3.01 which relate to capital adequacy and assuming that such Lender’s capital was fully
utilized prior to such Change), then within 15 days of demand by such Lender, the Borrower shall pay to the Administrative Agent, for the account of such Lender, such additional amount or amounts as will 

  

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compensate such Lender for such reduction. If any Lender becomes entitled to claim any additional amounts pursuant to this Section 3.02 it shall
promptly notify the Borrower through the Administrative Agent of the event by reason of which it has become so entitled, but in any event within 90 days, after such Lender obtains actual knowledge thereof; provided that if such Lender fails
to give such notice within the 90-day period after it obtains actual knowledge of such an event, such Lender shall, with respect to such compensation in respect of any costs resulting from such event, only be entitled to payment for costs incurred
from and after the date 90 days prior to the date that such Lender does give such notice. A certificate setting forth in reasonable detail the computation of any additional amount payable pursuant to this Section 3.02, submitted by such
Lender to the Borrower through the Administrative Agent, shall be delivered to the Borrower promptly after the initial incurrence of such additional amounts. “Change” means (i) any change after the Agreement Date in the Risk-Based Capital
Guidelines or (ii) any adoption of or change in any other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) after the date of this Agreement which
affects the amount of capital required or expected to be maintained by any Lender or any Lending Installation or any corporation controlling any Lender or any Lending Institution. “Risk-Based Capital Guidelines” means (i) the risk-based
capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States implementing the July 1988
report of the Basle Committee on Banking Regulation and Supervisory Practices entitled “International Convergence of Capital Measurements and Capital Standards,” including transition rules, and any amendments to such regulations adopted
prior to the date of this Agreement. 
  
 SECTION 3.03.
Availability of Types of Advances. If any Lender determines that maintenance of its Eurodollar Rate Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of
law, or if the Administrative Agent determines that (i) deposits of a type and maturity appropriate to match fund Eurodollar Rate Advances are not available or (ii) the interest rate applicable to a Type of Advance does not accurately reflect the
cost of making or maintaining such Advance, then the Administrative Agent shall suspend the availability of the affected Type of Advance and require any Eurodollar Rate Advances of the affected Type of Advance to be repaid or to be converted (in
accordance with the terms of this Agreement) to any Type of Advance which is not affected and is then available under this Agreement. 
  
 SECTION 3.04. Funding Indemnification. If any payment of a Eurodollar Rate Advance occurs on a date which is not the last day of the applicable
Interest Period, whether because of acceleration, prepayment or otherwise, or a Eurodollar Rate Advance is not made on the date specified by the Borrower for any reason other than default by the Lenders, the Borrower will indemnify each Lender for
any loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain the Eurodollar Rate Advance. 
  
 SECTION 3.05. Lender Statements Survival of Indemnity. To the extent
reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurodollar Rate Loans to reduce any liability of the Borrower to such Lender under Sections 3.01 and 3.02 or to avoid the
unavailability of a Type of Advance under Section 3.03, so long as 

  

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such designation is not disadvantageous to such Lender. Each Lender shall deliver a written statement of such Lender as to the amount due, if any, under
Sections 3.01, 3.02 or 3.04. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of
manifest error. Determination of amounts payable under such Sections in connection with a Eurodollar Rate Loan shall be calculated as though each Lender funded its Eurodollar Rate Loan through the purchase of a deposit of the type and maturity
corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the amount specified in the written statement shall be payable on
demand after receipt by the Borrower of the written statement. The obligations of the Borrower under Sections 3.01, 3.02 and 3.04 shall survive payment of the Obligations and termination of this Agreement. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES 
  
 The Borrower represents and warrants to each of the Lenders that: 
  
 SECTION 4.01. Organization, Powers, etc. Each of the Loan Parties (a)
is a corporation, limited partnership or limited liability company (as applicable) duly organized or formed, validly existing and in good standing under laws of its state of incorporation or formation, (b) has the power and authority to own or hold
under lease the properties it purports to own or hold under lease and to carry on its business as now conducted, (c) is duly qualified or licensed to transact business in every jurisdiction in which such qualification or licensing is necessary to
enable it to enforce all of its material contracts and other material rights and to avoid any material penalty or forfeiture. 
  
 SECTION 4.02. Authorization and Validity of this Agreement, etc. Each of the Loan Parties has the power and authority to execute and deliver this
Agreement, the Notes, the Guaranties and the other Loan Documents to which it is a party and to perform all its obligations hereunder and thereunder. The execution and delivery by the Borrower of this Agreement and the Notes and by each of the Loan
Parties of the Guaranties and the other Loan Documents to which it is a party and its performance of its obligations hereunder and thereunder and any and all actions taken by the Loan Parties (a) have been duly authorized by all requisite corporate
action or other applicable limited partnership or limited liability company action, (b) will not violate or be in conflict with (i) any provisions of law (including, without limitation, any applicable usury or similar law), (ii) any order, rule,
regulation, writ, judgment, injunction, decree or award of any court or other agency of government, or (iii) any provision of its certificate of incorporation or by-laws, certificate of limited partnership or limited partnership agreement, or
articles or certificate of formation or operating agreement (as applicable), (c) will not violate, be in conflict with, result in a breach of or constitute (with or without the giving of notice or the passage of time or both) a default under any
material indenture, agreement or other instrument to which such Loan Party is a party or by which it or any of its properties or assets is or may be bound (including without limitation any indentures pursuant to which any debt Securities of the
Borrower or the Old U.S. Home Debt Issues were issued), and (d) except as otherwise contemplated by this Agreement, will not result in the creation or imposition of any 

  

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lien, charge or encumbrance upon, or any security interest in, any of its properties or assets. Each of this Agreement, the Notes, the Guaranties and the
other applicable Loan Documents has been duly executed and delivered by the applicable Loan Parties. The Loan Documents constitute legal, valid and binding obligations of the applicable Loan Parties enforceable against the applicable Loan Parties in
accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 
  
 SECTION 4.03. Financial Statements. The Borrower heretofore has provided to the Lenders (i) the consolidated balance
sheet of the Borrower and its Subsidiaries as of November 30, 2002, and the related consolidated statements of earnings, stockholders’ equity and cash flows for the 12-month period ended on that date, audited and reported upon by Deloitte &
Touche, independent certified public accountants (the “Borrower Audited Financial Statements”), and (ii) the consolidated balance sheet of the Borrower as of February 28, 2003, and the consolidated statements of earnings and cash flows of
the Borrower and its Subsidiaries for the three-month period ended on that date, unaudited but certified to be true and accurate (subject to normal year-end audit adjustments) by the President and an Authorized Financial Officer of the Borrower (the
“Borrower Unaudited Financial Statements”). Those financial statements and reports (subject, in the case of the Borrower Unaudited Financial Statements, to normal year-end audit adjustments), and the related notes and schedules (if any),
(a) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, (b) present fairly the consolidated financial condition of the Borrower and its Subsidiaries as of the date thereof, (c) show all material
liabilities, direct or contingent, of the Borrower and its Subsidiaries as of that date (including, without limitation, liabilities for taxes and material commitments), and (d) present fairly the consolidated shareholders’ equity, results of
operations and cash flows of the Borrower and its Subsidiaries at the date and for the period covered thereby. 
  
 SECTION 4.04. No Material Adverse Effect. Since the date of the Borrower Audited Financial Statements, no event has occurred which has had or could
reasonably be expected to have a Material Adverse Effect. There are no material unrealized or expected losses in connection with loans, advances and other commitments of the Loan Parties. 
  
 SECTION 4.05. Title to Properties. Schedule III hereto contains a complete and accurate list of all Real
Estate owned by the Loan Parties (identifying the Loan Party that is the owner thereof), except those properties (i) acquired or disposed of after November 30, 2002 or (ii) the loss or forfeiture of which individually or in the aggregate would not
have a Material Adverse Effect. Each of the Loan Parties has good and marketable fee title, or title insurable by a reputable and nationally recognized title insurance company, to the Real Estate owned by it listed in Schedule III hereto, and
to all the other assets owned by it and either reflected on the balance sheet and related notes and schedules most recently delivered by the Borrower to the Lenders (the “Recent Balance Sheet”) or acquired by it after the date of that
balance sheet and prior to the date hereof, except (x) for those properties and assets which have been disposed of since the date of the Recent Balance Sheet or which no longer are used or useful in the conduct of its business and (y) that good and
marketable fee title, or title insurable by a reputable and nationally recognized title insurance company, to certain of the properties located in Arizona listed in Schedule III is held by the Persons and in the manner described in
Schedule III hereto. 
  

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 All such Real Estate and other assets owned by the Loan Parties including the properties referred to in clause (y) above,
are free and clear of all Mortgages, Liens, charges and other encumbrances (other than Permitted Liens), except (i) in the case of Real Estate, as reflected on title insurance policies insuring the interest of the applicable Loan Party in the Real
Estate or in title insurance binders issued with respect to the Real Estate (some of which title insurance binders have expired but were valid at the time of acquisition of the relevant Real Estate), and (ii) as reflected in the Recent Balance
Sheet, and none of those Mortgages, Liens, charges or other encumbrances, individually or in the aggregate, prevents or has a Material Adverse Effect upon the use by the Loan Parties of any of their respective properties or assets as currently
conducted or as planned for the future. 
  
 SECTION 4.06.
Litigation. There is no action, suit, proceeding, arbitration, inquiry or investigation (whether or not purportedly on behalf of the Borrower or any of its Subsidiaries) pending or, to the best knowledge of the Borrower, threatened against or
affecting the Borrower or any of the Subsidiaries which could reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is in default with respect to any final judgment, writ, injunction, decree, rule
or regulation of any court or federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which default would or could have a Material Adverse Effect. Neither the Borrower
nor any of the other Loan Parties has any material contingent obligations not provided for or disclosed in the Borrower Audited Financial Statements or Borrower Unaudited Financial Statements or in any financial statements delivered hereafter in
accordance with this Agreement. 
  
 SECTION 4.07. Payment of
Taxes. There have been filed all federal, state and local tax returns with respect to the operations of the Loan Parties which are required to be filed, except where extensions of time to make those filings have been granted by the appropriate
taxing authorities and the extensions have not expired. The Loan Parties have paid or caused to be paid to the appropriate taxing authorities all taxes as shown on those returns and on any assessment received by any of them, to the extent that those
taxes have become due, except for taxes the failure to pay which do not violate the provisions of Section 6.03 hereof. The Internal Revenue Service has completed an examination of the Borrower’s federal income tax returns for the years
ended 1980 through 1998, and the Borrower has paid all additional taxes, assessments, interest and penalties with respect to such years. 
  
 SECTION 4.08. Agreements. Neither the Borrower nor any Subsidiary is a party to any agreement or instrument or is subject to any charter or other
restriction that could reasonably be expected to have a Material Adverse Effect on it. Neither the Borrower nor any Subsidiary is in material default in the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in any material agreement or instrument to which it is a party, and consummation of the transactions contemplated hereby and in the other Loan Documents will not cause any Loan Party to be in material default thereof. 
  
 SECTION 4.09. Foreign Direct Investment Regulations. Neither the
making of the Advances nor the repayment thereof nor any other transaction contemplated hereby will involve or constitute a violation by any Loan Party of any provision of the Foreign Direct Investment Regulations of the United States Department of
Commerce or of any license, ruling, order, or direction of the Secretary of Commerce thereunder. 
  

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 SECTION 4.10. Federal Reserve Regulations. 
  
 (a) Regulations U and X. Neither the Borrower nor any other Loan Party
is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any margin stock (within the meaning of Regulation U or Regulation X of the Board of Governors of the
Federal Reserve System of the United States). Margin stock (as defined in Regulation U) constitutes less than 25% of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale, pledge, or other restriction
hereunder. 
  
 (b) Use of Proceeds. No part of the proceeds
of any of the Advances will be used to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock. If requested by the Lenders, the Borrower shall furnish to the Lenders a
statement in conformity with the requirements of Federal Reserve Form U-1 referred to in Regulation U of said Board of Governors. No part of the proceeds of the Advances will be used for any purpose that violates, or which is inconsistent with, the
provisions of Regulation X of said Board of Governors. 
  
 SECTION
4.11. Consents, etc. Except as set forth on Schedule V hereto, no order, license, consent, approval, authorization of, or registration, declaration, recording or filing (except for the filing of a Current Report on Form 8-K, and a
Quarterly Report on Form 10-Q, in each case with the Securities and Exchange Commission) with, or validation of, or exemption by, any governmental or public authority (whether federal, state or local, domestic or foreign) or any subdivision thereof
is required in connection with, or as a condition precedent to, the due and valid execution, delivery and performance by any Loan Party of this Agreement, the Notes, the Guaranties or the other Loan Documents, or the legality, validity, binding
effect or enforceability of any of the respective terms, provisions or conditions thereof. To the extent that any franchises, licenses, certificates, authorizations, approvals or consents from any federal, state or local (domestic or foreign)
government, commission, bureau or agency are required for the acquisition, ownership, operation or maintenance by any Loan Party of properties now owned, operated or maintained by any of them, those franchises, licenses, certificates,
authorizations, approvals and consents have been validly granted, are in full force and effect and constitute valid and sufficient authorization therefor. 
  
 SECTION 4.12. Compliance with Applicable Laws. The Borrower and its Subsidiaries are in compliance with and conform to all statutes, laws,
ordinances, rules, regulations, orders, restrictions and all other legal requirements of all domestic or foreign governments or any instrumentality thereof having jurisdiction over the conduct of their respective businesses or the ownership of their
respective properties, the violation of which would have a Material Adverse Effect on it, including, without limitation, regulations of the Board of Governors of the Federal Reserve System, the Federal Interstate Land Sales Full Disclosure Act, the
Florida Land Sales Act or any comparable statute in any other applicable jurisdiction. Neither the Borrower nor any Subsidiary has received any notice to the effect that its operations are not in material compliance with any of the requirements of
applicable Environmental Laws or any applicable federal, state and local health and safety statutes and regulations or the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any
Hazardous Substances into the environment, 

  

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which non-compliance or remedial action could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 4.13. Relationship of the Loan Parties. The Loan Parties are
engaged as an integrated group in the business of owning, developing and selling Real Estate and of providing the required services, credit and other facilities for those integrated operations. The Loan Parties require financing on such a basis that
funds can be made available from time to time to such entities, to the extent required for the continued successful operation of their integrated operations. The Advances to be made to the Borrower under this Agreement are for the purpose of
financing the integrated operations of the Loan Parties, and the Loan Parties expect to derive benefit, directly or indirectly, from the Advances, both individually and as a member of the integrated group, since the financial success of the
operations of the Loan Parties is dependent upon the continued successful performance of the integrated group as a whole. 
  
 SECTION 4.14. Subsidiaries; Joint Ventures. Schedule VI hereto contains a complete and accurate list of (a) all Subsidiaries of the
Borrower, including, with respect to each Subsidiary, (i) its state of incorporation, (ii) all jurisdictions (if any) in which it is qualified as a foreign corporation, (iii) the number of shares of its Capital Stock outstanding, and (iv) the number
and percentage of those shares owned by the Borrower and/or by any other Subsidiary, and (b) each Joint Venture, including, with respect to each such Joint Venture, (i) its jurisdiction of organization, (ii) all other jurisdictions in which it is
qualified as a foreign entity and (c) all Persons other than the Borrower that are parties thereto. All the outstanding shares of Capital Stock of each Subsidiary of the Borrower are validly issued, fully paid and nonassessable, except as otherwise
provided by state wage claim laws of general applicability. All of the outstanding shares of Capital Stock of each Subsidiary owned by the Borrower or another Subsidiary as specified in Schedule VI are owned free and clear of all Liens,
security interests, equity or other beneficial interests, charges and encumbrances of any kind whatsoever, except for Permitted Liens. Neither the Borrower nor any other Loan Party owns of record or beneficially any shares of the Capital Stock or
other equity interests of any Person that is not a Guarantor, except (x) the Mortgage Banking Subsidiaries, (y) Joint Ventures in which such Loan Party is permitted to invest pursuant to this Agreement and (z) the Subsidiaries listed in Schedule
VII hereto. Pursuant to the Pledge Agreements, the Borrower and its Subsidiaries have pledged to the collateral trustee referred to in Section 8.03(a), and such collateral trustee has a perfected first priority security interest in, all
of the Capital Stock or other equity interests in each Significant Subsidiary. 
  
 SECTION 4.15. ERISA. Neither the Borrower nor any other Loan Party is executing or delivering any of the Loan Documents or entering into any of the transactions contemplated hereby, directly or indirectly, in
connection with any arrangement or understanding in any respect involving any “employee benefit plan” with respect to which the Borrower or any other Loan Party is a “party in interest” within the meaning of the Employee
Retirement Income Security Act of 1974, or a “disqualified person”, within the meaning of the Internal Revenue Code 1986, as amended. No Unfunded Liabilities exist with respect to any Single Employer Plans. Each Plan complies in all
material respects with all applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan, neither the Borrower nor any other Loan Party nor any other members of the Controlled Group has withdrawn from any
Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan. 
  

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 SECTION 4.16. Investment Company Act. Neither the Borrower nor any Subsidiary of the Borrower is
an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
  
 SECTION 4.17. Public Utility Holding Company Act. Neither the Borrower nor any Subsidiary of the Borrower is a
“holding company” or a “subsidiary company” of a “holding company”, or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company”, within the
meaning of the Public Utility Holding Company Act of 1935, as amended. 
  
 SECTION 4.18. Subordinated Debt. The Obligations constitute senior indebtedness which is entitled to the benefits of the subordination provisions of all outstanding Subordinated Debt, which outstanding Subordinated Debt as of the
Closing Date is identified in Schedule VIII. 
  
 SECTION
4.19. Post-Retirement Benefits. The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in
accordance with procedures and assumptions deemed reasonable by the Administrative Agent, does not exceed $5,000,000. 
  
 SECTION 4.20. Insurance. The certificate signed by an Authorized Financial Officer of the Borrower, that attests to the existence and adequacy of,
and summarizes, the property, casualty, and liability insurance programs carried by the Loan Parties and that has been furnished by the Borrower to the Administrative Agent and the Lenders, is complete and accurate. This summary includes the
insurer’s or insurers’ name(s), policy number(s), expiration date(s), amount(s) of coverage, type(s) of coverage, exclusion(s), and deductibles. This summary also includes similar information, and describes any reserves, relating to any
self-insurance program that is in effect. 
  
 SECTION 4.21.
Environmental Representations. To the best of the Borrower’s knowledge and belief, no Hazardous Substances in material violation of any Environmental Laws are present upon any of the Real Estate owned by the Borrower or any Subsidiary or
any Real Estate which is encumbered by any Mortgage held by the Borrower or any Subsidiary, and neither the Borrower nor any Subsidiary has received any notice to the effect that any of the Real Estate owned by the Borrower or any Subsidiary or any
of their respective operations are not in compliance with any of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of
any Hazardous Substance into the environment which non-compliance or remedial action could be reasonably expected to have a Material Adverse Effect. 
  
 SECTION 4.22. Intentionally Omitted. 
  
 SECTION 4.23. Minimum Adjusted Consolidated Tangible Net Worth. On the Agreement Date, Adjusted Consolidated Tangible Net Worth is in excess of
$1,231,630,000. 
  
 SECTION 4.24. Intentionally Omitted.

  

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 SECTION 4.25. No Misrepresentation. No representation or warranty by any Loan Party contained
herein or made hereunder and no certificate, schedule, exhibit, report or other document provided or to be provided by any Loan Party in connection with the transactions contemplated hereby or thereby (including, without limitation, the negotiation
of and compliance with the Loan Documents) contains or will contain a misstatement of a material fact or omit to state a material fact required to be stated therein in order to make the statements contained therein, in the light of the circumstances
under which made, not misleading. 
  
 ARTICLE V 
  
 CONDITIONS PRECEDENT; TERMINATION 
  
 SECTION 5.01. Conditions of Effectiveness. This Agreement shall become
effective when the Administrative Agent shall have received counterparts of this Agreement executed by the Borrower, all Facility A Lenders, all Facility B Lenders and Lenders (including such Facility A Lenders and Facility B Lenders) that in the
aggregate constitute “Required Lenders” under the Prior Credit Agreement; provided, however, that the Lenders shall not be required to make any Advance hereunder nor shall the Issuer be required to issue any Facility Letter of
Credit hereunder, unless and until (i) the Administrative Agent shall have received the fees provided to be paid pursuant to the Fee Letter and (ii) the Administrative Agent shall have received each of the following items (with all documents
required below, except as otherwise specified, to be dated the Closing Date, which date shall be the same for all such documents, and each of such documents to be in form and substance satisfactory to the Administrative Agent, to be fully and
properly executed by all parties thereto, and (except for the Notes) to be in sufficient copies for each Lender), and the conditions specified below shall have been satisfied: 
  
 (a) A Facility A Note payable to the order of the Administrative Agent and a Facility A Note payable to the order of each
Facility A Lender that shall have requested a Facility A Note in accordance with this Agreement; a Facility B Revolver Note and a Facility B Term Note payable to the order of the Administrative Agent and a Facility B Revolver Note and Facility B
Term Note payable to the order of each of the Facility B Lenders that shall have requested such Notes in accordance with this Agreement; and a Facility C Note payable to the order of the Administrative Agent and a Facility C Note payable to the
order of each of the Facility C Lenders that shall have requested a Facility C Note in accordance with this Agreement. 
  
 (b) From each Subsidiary of the Borrower (except for the Mortgage Banking Subsidiaries and the Subsidiaries listed in Schedule VII hereto), a
Guaranty executed and delivered as of the Closing Date or, if such Subsidiary has heretofore executed and delivered a Guaranty pursuant to the Original Credit Agreement or the Prior Credit Agreement, a written instrument executed by such Guarantor
ratifying such Guaranties. 
  
 (c) From the Borrower and each of
the Guarantors that owns Capital Stock or other equity interests in any Significant Subsidiary and such other Subsidiaries as may be required pursuant to Section 8.01(a)(ii), Pledge Agreements executed and delivered as of the Closing Date or,
to the extent such Pledge Agreements have heretofore been executed and delivered pursuant to the Original Credit Agreement or the Prior Credit Agreement, a written instrument executed by the Borrower and such Subsidiaries ratifying such Pledge
Agreements, which Pledge 

  

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Agreements pledge (in each case) the Capital Stock of such Subsidiaries, together with such stock certificates and other documents provided to be delivered
pursuant to the Pledge Agreements and the Collateral Trust Agreement provided for in Section 8.03(a) (except to the extent previously delivered pursuant to the Original Credit Agreement or the Prior Credit Agreement). 
  
 (d) The favorable written opinions addressed to the Lenders, and in form and
substance satisfactory to the Administrative Agent, from (i) Bilzin Sumberg Baena Price & Axelrod, LLP (counsel to the Borrower), with respect to (A) Borrower and (B) any other Loan Parties (other than those (if any) that are Subsidiaries of New
U.S. Home) that are incorporated or formed under Florida, Delaware or New York law and that deliver a Guaranty or Pledge Agreement on the Closing Date, which opinion shall be substantially in the form delivered pursuant to the Prior Credit Agreement
but which shall be limited to this Agreement and the Notes, Guaranties and Pledge Agreements delivered on the Closing Date hereunder and (ii) (if applicable) from Steven Lane (Executive Director-Legal, of New U.S. Home) substantially in the form
delivered pursuant to the Prior Credit Agreement, but only with respect to the Subsidiaries of New U.S. Home (if any) that deliver Guaranties or Pledge Agreements on the Closing Date hereunder. The Borrower hereby instructs such counsel to prepare
their opinions and deliver such opinions to the Lenders for the benefit of the Lenders, and such opinions shall contain a statement to such effect. 
  
 (e) The following supporting documents with respect to each Loan Party (except as otherwise provided below): (i) a copy of its certificate or articles of
incorporation or formation or certificate of limited partnership (as applicable) certified as of a date reasonably close to the Closing Date to be a true and accurate copy by the Secretary of State of its state of incorporation or formation (except
as otherwise provided below); (ii) a certificate of that Secretary of State, dated as of a date reasonably close to the Closing Date, as to its existence and (if available) good standing (except as otherwise provided below); (iii) a certificate of
the Secretary of State of each jurisdiction, other than its state of incorporation, in which it does business, as to its qualification as a foreign corporation; (iv) a copy of its by-laws, partnership agreement or operating agreement (as
applicable), certified by its secretary or assistant secretary, general partner, manager or other appropriate Person (as applicable) to be a true and accurate copy of its by-laws, partnership agreement or operating agreement (as applicable) in
effect on the Closing Date (except as otherwise provided below); (v) a certificate of its secretary or assistant secretary, general partner, manager or other appropriate Person (as applicable), as to the incumbency and signatures of its officers or
other Persons who have executed any documents on behalf of such Loan Party in connection with the transactions contemplated by this Agreement; (vi) a copy of resolutions of its Board of Directors, certified by its secretary or assistant secretary to
be a true and accurate copy of resolutions duly adopted by such Board of Directors, or other appropriate resolutions or consents of, its partners or members certified by its general partner or manager (as applicable) to be true and correct copies
thereof duly adopted, approved or otherwise delivered by its partners or members (to the extent necessary and applicable), each of which is certified to be in full force and effect on the Closing Date, authorizing the execution and delivery by it of
this Agreement and any Notes, Guaranties and other Loan Documents delivered on the Closing Date to which it is a party and the performance by it of all its obligations thereunder; and (vii) such additional supporting documents and other information
with respect to its operations and affairs as the Administrative Agent may reasonably request; provided, however, that, with 

  

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respect to Loan Parties (other than the Borrower) that have delivered a Guaranty or Pledge Agreement prior to, and not on, the Closing Date, the items
identified in this subparagraph (e) shall not be required to be delivered to the extent that the Borrower delivers to the Administrative Agent a certificate certifying that the items referred to under clauses (i), (iv),
(v) and (vi) above (as applicable) delivered to the Administrative Agent on the Original Closing Date or the Prior Closing Date with respect to such Loan Parties have not been modified or amended since the date o which they were so
delivered. 
  
 (f) Certificates signed by a duly authorized
officer of the Borrower stating that: (i) the representations and warranties of the Borrower contained in Article IV hereof are correct and accurate on and as of the Closing Date as though made on and as of the Closing Date and (ii) no event
has occurred and is continuing which constitutes an Event of Default or Unmatured Default hereunder. 
  
 (g) A certificate signed by an Authorized Financial Officer of the Borrower showing in reasonable detail the calculations used to determine the Leverage
Ratio for the Pricing Grid. 
  
 (h) The certified financial
statements provided for in Section 6.04(b) and Section 6.04(c) hereof for the quarter ending February 28, 2003. 
  
 (i) The report provided for in Section 6.04(g) hereof for the month ending March 31, 2003. 
  
 (j) The certified report provided for in Section 6.04(l) hereof for
the quarter ending February 28, 2003. 
  
 (k) Such other documents
as the Administrative Agent or its counsel may reasonably request. 
  
 SECTION 5.02. Conditions Precedent to All Advances and Facility Letters of Credit. 
  
 (a) No Lender shall be required to make any Advance (but excluding any other Advance that, after giving effect thereto and to the application of the
proceeds thereof, does not increase the aggregate amount of outstanding Advances under the applicable Facility) and no Issuer shall be required to issue any Facility Letter of Credit, unless on the applicable Borrowing Date or Issuance Date:

  
 (i) the Administrative Agent shall have
received notice of Borrower’s request for the Advance as provided in Section 2.09(a) or Letter of Credit Request as provided in Section 2.21(a) and such other approvals, opinions or documents as the Administrative Agent may
reasonably request; 
  
 (ii) the representations
and warranties of the Borrower contained in Article IV hereof are true and correct as of such Borrowing Date or Issuance Date; provided, however, that for the purposes hereof, (A) from and after the date of delivery by the
Borrower pursuant to Section 6.04(a) of the consolidated financial statements for the year ended November 30, 2003, the references in Section 4.03 to “Borrower Audited Financial 

  

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Statements” shall be deemed to be references to the annual audited financial statements most recently delivered by the Borrower pursuant to Section
6.04(a) as of the date of the request for a Advance or Letter of Credit Request and (B) from and after that date of delivery by the Borrower pursuant to Section 6.04(b) of its consolidated financial statements for the quarter ending May
31, 2003, the references in Section 4.03 to “Borrower Unaudited Financial Statements” shall be deemed to be references to the quarterly unaudited financial statements most recently delivered by the Borrower pursuant to Section
6.04(b) as of the date of that request for an Advance or Letter of Credit Request; 
  
 (iii) All legal matters incident to the making of such Advance shall be satisfactory to the Lenders and their counsel; 
  
 (iv) There exists no Event of Default or Unmatured Default;
and 
  
 (v) The making of the Advance or issuance
of the Facility Letter of Credit will not result in any Event of Default or Unmatured Default. 
  
 (b) Each Borrowing Notice with respect to each such Advance and each Letter of Credit Request shall constitute a representation and warranty by the Borrower that all of the conditions contained in this Section
5.02 have been satisfied. 
  
 ARTICLE VI 
  
 AFFIRMATIVE COVENANTS 
  
 The Borrower covenants and agrees that from the date hereof until payment in
full of all the Obligations, termination of all Facility Letters of Credit and termination of all Commitments, unless the Required Lenders otherwise shall consent in writing as provided in Section 13.06 hereof, the Borrower will, and will
cause each of its Subsidiaries to: 
  
 SECTION 6.01. Existence,
Properties, etc. Do or cause to be done all things or proceed with due diligence with any actions or courses of action which may be necessary to preserve and keep in full force and effect its existence under the laws of their respective states
of incorporation or formation and all qualifications or licenses in jurisdictions in which such qualification or licensing is required for the conduct of its business or in which the Lenders shall request such qualification; provided, however,
that nothing herein shall be deemed to prohibit (a) a Loan Party from (i) merging into or consolidating with any other Loan Party or any other Subsidiary of the Borrower; provided the Borrower is the surviving entity in the case of a
merger involving the Borrower and the Loan Party is the surviving entity in the case of a merger involving a Loan Party and a Subsidiary that is not a Loan Party, and (ii) declaring and paying dividends in complete liquidation or (b) a Subsidiary
that is not a Loan Party from merging into or consolidating with any other Subsidiary that is not a Loan Party. The Borrower will, and will cause each Subsidiary to, carry on and conduct its business in substantially the same manner and in
substantially the same fields of enterprise as it is presently conducted and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

  

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The primary business of the Borrower and its Subsidiaries shall at all times be the acquisition, development and sale of real estate assets. 
  
 SECTION 6.02. Notice. Give prompt written notice to the Administrative
Agent of (a) any proceeding instituted by or against the Borrower or any of its Subsidiaries in any federal or state court or before any commission or other regulatory body, federal, state or local, or any such proceedings threatened against the
Borrower or any Subsidiary in writing by any federal, state or other governmental agency, which, if adversely determined, could reasonably be expected to have a Material Adverse Effect on the any Loan Party, and (b) any other Event which could
reasonably be expected to lead to or result in a Material Adverse Effect on any Loan Party, or which, with or without the giving of notice or the passage of time or both, would constitute an Event of Default or a default under any material agreement
other than this Agreement to which any Loan Party is a party or by which any of its properties or assets is or may be bound. 
  
 SECTION 6.03. Payments of Debts, Taxes, etc. Pay all its debts and perform all its obligations promptly and in accordance with the respective terms
thereof, and pay and discharge or cause to be paid and discharged promptly all taxes, assessments and governmental charges or levies imposed upon any Loan Party or upon any of their respective incomes or receipts or upon any of their respective
properties before the same shall become in default or past due, as well as all lawful claims for labor, materials and supplies or otherwise which, if unpaid, might result in the imposition of a Lien or charge upon such properties or any part
thereof; provided, however, that it shall not constitute a violation of the provisions of this Section 6.03 if any Loan Party shall fail to perform any such obligation or to pay any such debt (except for obligations for money
borrowed), tax, assessment, governmental charge or levy or claim for labor, materials or supplies which is being contested in good faith, by proper proceedings diligently pursued, and as to which adequate reserves have been provided. 
  
 SECTION 6.04. Accounts and Reports. Maintain a standard system of
accounting established and administered in accordance with GAAP, and provide to the Lenders the following: 
  
 (a) as soon as available and in any event within 120 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending
November 30, 2003), a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of that fiscal year and the related consolidated statements of earnings, stockholders’ equity and cash flows for that fiscal year, all with
accompanying notes and schedules, prepared in accordance with GAAP consistently applied and audited and reported upon by Deloitte & Touche or another firm of independent certified public accountants of similar recognized standing selected by the
Borrower and acceptable to the Administrative Agent (such audit report shall be unqualified except for qualifications relating to changes in GAAP and required or approved by the Borrower’s independent certified public accountants); 

 
 (b) as soon as available and in any event within 60 days after the end of
each of the first three quarters, and within 120 days after the end of the fourth quarter, of each fiscal year of the Borrower (commencing with the quarter ending May 31, 2003), a consolidated balance sheet of the Borrower and its Subsidiaries as of
the end of that quarter, and the related consolidated 

  

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statement of earnings and cash flows of the Borrower and its Subsidiaries for the period from the beginning of the fiscal year to the end of that quarter,
all prepared in accordance with GAAP consistently applied, unaudited but certified to be true and accurate, subject to normal year-end audit adjustments, by an Authorized Financial Officer of the Borrower; 
  
 (c) within 60 days after the end of each of the first three quarters, and
within 120 days after the end of the fourth quarter, of each fiscal year of the Borrower (commencing with the quarter ending May 31, 2003), (i) a consolidating balance sheet of the Loan Parties (in a form acceptable to the Administrative Agent) as
of the end of that quarter and the related consolidating statement of earnings of the Loan Parties (in a form acceptable to the Administrative Agent) for the period from the beginning of the fiscal year to the end of that quarter, and (ii) a
consolidating balance sheet of the Mortgage Banking Subsidiaries (in a form acceptable to the Administrative Agent) as of the end of that quarter and the related consolidating statement of earnings of the Mortgage Banking Subsidiaries (in a form
acceptable to the Administrative Agent) for the period from the beginning of the fiscal year to the end of that quarter, all prepared in accordance with GAAP consistently applied, unaudited but certified to be true and accurate, subject to normal
year-end audit adjustments, by an Authorized Financial Officer of the Borrower; 
  
 (d) intentionally omitted; 
  
 (e) intentionally omitted; 
  
 (f) concurrently
with the delivery of the financial statements described in subsection (a) above, a letter signed by that firm of independent certified public accountants to the effect that, during the course of their examination, nothing came to their
attention which caused them to believe that any Event of Default or Unmatured Default has occurred, or if such Event of Default or Unmatured Default has occurred, specifying the facts with respect thereto; and concurrently with the delivery of the
financial statements described in subsections (b) and (c) above, a certificate signed by the President or Executive Vice President and an Authorized Financial Officer of the Borrower to the effect that having read this Agreement, and
based upon an examination which they deemed sufficient to enable them to make an informed statement, there does not exist any Event of Default or Unmatured Default, or if such Event of Default or Unmatured Default has occurred, specifying the facts
with respect thereto; 
  
 (g) within 30 days after the end of each
calendar month (commencing with the month ending April 30, 2003), a report, in reasonable detail and in form and substance satisfactory to the Administrative Agent, setting forth, as of the end of the month, with respect to each Project owned by the
Loan Parties, (i) the number of Housing Unit Closings, (ii) the number of Housing Units either completed or under construction, specifying the number thereof that are Completed Housing Units, (iii) the number of Housing Units Under Contract;

  
 (h) within 120 days after the end of each fiscal year of the
Borrower (commencing with the fiscal year ending November 30, 2003), a schedule of all Real Estate owned by the Loan Parties in the form of Schedule III annexed hereto or as otherwise required by Administrative Agent, which schedule, in
addition to providing all the categories of information specified in Schedule III, shall specify those properties the interest and carrying charges attributable to which 

  

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are being deducted, for financial reporting purposes, for the fiscal year in which they are paid and shall contain all such other information as
Administrative Agent shall require; 
  
 (i) within 90 days after
the beginning of each fiscal year of the Borrower, a projection, in reasonable detail and in form and substance satisfactory to the Administrative Agent, on a quarterly basis, of the cash flow and of the earnings of the Borrower and its Subsidiaries
for that fiscal year and for the immediately succeeding fiscal year; 
  
 (j) promptly upon becoming available, copies of all financial statements, reports, notices and proxy statements sent by the Borrower to its stockholders, and of all regular and periodic reports and other material (including copies of all
registration statements and reports under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended) filed by the Borrower with any securities exchange or any governmental authority
or commission, except material filed with governmental authorities or commissions relating to the development of Real Estate in the ordinary course of the business of the Loan Parties and which does not relate to or disclose any Material Adverse
Effect; 
  
 (k) as soon as available and in any event within 90
days after the end of each of the first three quarters, and within 120 days after the end of the fourth quarter, of each fiscal year of each Joint Venture, a balance sheet of that Joint Venture as of the end of that quarter and a statement of
earnings of that Joint Venture for the period from the beginning of the fiscal year to the end of that quarter, prepared in accordance with GAAP consistently applied, unaudited but certified to be true and accurate, subject (in the case of the
financial statements delivered for the first three quarter of each fiscal year) to normal year-end adjustments, by an Authorized Financial Officer of the Borrower; 
  
 (l) within 60 days after the end of each of the first three quarters, and within 90 days after the end of each fiscal year
of the Borrower (commencing with the quarter ending February 28, 2003 and fiscal year ending November 30, 2003), a report which shall include the information and calculations provided for in Exhibit P attached hereto and such other condition
in reasonable detail and be in form and substance satisfactory to the Administrative Agent, with calculations indicating that the Borrower is in compliance, as of the last day of such quarterly or annual period, as the case may be, with the
provisions of Articles VII and VIII of this Agreement. Without limiting the generality of the foregoing, the Borrower shall provide to the Lenders (i) a report calculating the Borrowing Base in form and substance satisfactory to
Administrative Agent, in which report the Borrower shall include a report of all accounts receivable from the sales of Housing Units included in the Borrowing Base, showing all such receivables which remain uncollected on the tenth (10th) day after
the end of the quarter or fiscal year, as the case may be, provided, however, that the Borrower may, and upon request from the Administrative Agent shall, also deliver such report as of the end of any calendar month, and, (ii) a report containing
the calculations necessary to indicate that the Borrower is in compliance with the provisions of Sections 6.09 and 7.14, including a certification of the outstanding principal amount of all loans and advances made by any Loan Party to
each of the applicable Mortgage Banking Subsidiaries, as the case may be, and that all such loans and advances are duly evidenced by the Mortgage Banking Subsidiaries Note in the possession of Administrative Agent. The reports furnished pursuant to
this subsection (l) shall be certified to be true and correct by an Authorized Financial Officer of the Borrower and shall also contain a 

  

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representation and warranty by the Borrower that it is in full compliance with the provisions of Article VII of this Agreement; 
  
 (m) within 60 days after the end of each of the first three quarters, and
within 90 days after the end of each fiscal year of the Borrower (commencing with the quarter ending May 31, 2003 and fiscal year ending November 30, 2003), a report, in reasonable detail and in form and substance satisfactory to the Administrative
Agent, with calculations indicating whether the Borrower, as of the last day of such quarterly or annual period, as the case may be, is in compliance with the provisions of Section 7.02(c); 
  
 (n) if requested by Administrative agent, within 270 days after the close of
each fiscal year a statement of the Unfunded Liabilities of each Single Employer Plan, certified as correct by an actuary enrolled under ERISA, but the foregoing statement shall be required only if any Single Employer Plan shall exist; 

 
 (o) as soon as possible and in any event within 10 days after the Borrower
knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by an Authorized Financial Officer of the Borrower, describing said Reportable Event and the action which the Borrower proposes to take with respect thereto;

  
 (p) as soon as possible and in any event within 10 days after
receipt thereof by the Borrower or any of its Subsidiaries, a copy of (i) any notice or claim to the effect that the Borrower or any of its Subsidiaries is or may be liable to any Person as a result of the release by the Borrower, any of its
Subsidiaries, or any other Person of any Hazardous Substance into the environment, and (ii) any notice alleging any violation of any Environmental law or any federal, state or local health or safety law or regulation by the Borrower or any of its
Subsidiaries, which, in either case, could reasonably be expected to have a Material Adverse Effect; 
  
 (q) promptly upon the request of the Administrative Agent or any Lender, an accurate legal description with respect to any Real Estate included in the
calculation of the Borrowing Base; 
  
 (r) not more than 90 days
after the making of any investment in any Significant Joint Venture or within thirty (30) days following the Administrative Agent’s request in the case of any other Joint Venture, copies of each proposed shareholders’ agreement,
certificate or articles of incorporation, partnership agreement, joint venture agreement or similar organizational instrument or agreement, relating to the formation of each Joint Venture, and each material restatement, modification, amendment or
supplement thereto; 
  
 (s) concurrently with the quarterly
financial statements described in subsection (b) above following the end of any quarter in which each new Subsidiary that is to become a Guarantor under Section 6.07 hereof was formed, the Borrower shall deliver to the Administrative
Agent (i) a revised copy of Schedule VI to this Agreement, adding thereto the information with respect to such new Subsidiary required by Section 4.14 hereof; (ii) a Supplemental Guaranty, substantially in the form provided for in the
Guaranty, executed by a duly authorized officer of such new Subsidiary; (iii) if such Subsidiary is a Significant Subsidiary, a Pledge Agreement (or amendment to a previously delivered Pledge Agreement in 

  

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form satisfactory to the Administrative Agent) executed by a duly authorized officer of the Borrower or of such Guarantor that owns the Capital Stock or
other equity interests in such Significant Subsidiary, together with such stock certificates and other documents provided to be delivered under the Pledge Agreement; (iv) a copy of the certificate of incorporation or other organizational document of
such new Subsidiary, certified by the secretary of state or other official of the state or other jurisdiction of its incorporation; (v) a copy of the bylaws of such new Subsidiary, certified by the secretary or other appropriate officer or partner
of such Subsidiary; and (vi) if requested by the Administrative Agent, an opinion of the Borrower’s counsel in the form provided for in Section 5.01(d), modified to apply to the foregoing documents delivered hereunder; 
  
 (t) concurrently with the quarterly financial statements described in
subsection (b) above following the end of any quarter as of which any Subsidiary, the Capital Stock or other equity interests in which have not been pledged pursuant to a Pledge Agreement, becomes a Significant Subsidiary, the Borrower shall
deliver to the Administrative Agent (i) a Pledge Agreement (or amendment to a previously delivered Pledge Agreement in form satisfactory to the Administrative Agent) executed by a duly authorized officer of the Borrower or of such Guarantor that
owns the Capital Stock or other equity interests in such Significant Subsidiary, together with such stock certificates and other documents provided to be delivered under the Pledge Agreement; and (ii) if requested by the Administrative Agent, an
opinion of the Borrower’s counsel in the form provided for in Section 5.01(d), modified to apply to the foregoing documents delivered hereunder; and 
  

(u) such supplements to the aforementioned documents and additional information (including, but not limited to, leasing, occupancy and non-financial
information) and reports as the Administrative Agent or any Lender may from time to time reasonably require. 
  
 SECTION 6.05. Access to Premises and Records. At all reasonable times and as often as any Lender may reasonably request, permit authorized
representatives and agents (including accountants) designated by that Lender to (a) have access to the premises of the Borrower and each Subsidiary and to their respective corporate books and financial records, and all other records relating to
their respective operations and procedures, (b) make copies of or excerpts from those books and records and (c) upon reasonable notice to the Borrower, discuss the respective affairs, finances and operations of the Borrower and its Subsidiaries
with, and to be advised as to the same by, their respective officers and directors. 
  
 SECTION 6.06. Maintenance of Properties and Insurance. Maintain all its properties and assets in good working order and condition and make all necessary repairs, renewals and replacements thereof so that its
business carried on in connection therewith may be properly conducted at all times; and maintain or require to be maintained (a) adequate insurance, by financially sound and reputable insurers, on all properties of the Loan Parties which are of
character usually insured by Persons engaged in the same or a similar business (including, without limitation, all Real Estate encumbered by Mortgages securing mortgage loans made by any Loan Party, to the extent normally required by prudent
mortgagees, and all Real Estate which is subject of an Equity Investment by any Loan Party, to the extent normally carried by prudent builder-developers) against loss or damage resulting from fire, defects in title or other risks insured against by
extended coverage and of the kind customarily insured against by those 

  

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Persons, (b) adequate public liability insurance against tort claims which may be incurred by any Loan Party, and (c) such other insurance as may be required
by law. Upon the request of the Administrative Agent, the Borrower will furnish to the Lenders full information as to the insurance carried. Notwithstanding the foregoing provisions of this Section 6.06, the Borrower shall be permitted to
self-insure against all property and casualty risks associated with its construction of dwelling units up to a maximum aggregate construction exposure for any Project not to exceed at any time 10% of Adjusted Consolidated Tangible Net Worth.

  
 SECTION 6.07. Financing: New Investing. Give the
Administrative Agent (a) advance written notice of the establishment of any new Significant Joint Venture or the formation of any new Significant Subsidiary, which such new Significant Subsidiary shall become a Guarantor, by and effective upon
compliance with the provisions of Section 6.04(s), unless (i) such Subsidiary is a Joint Venture Subsidiary, (ii) the terms of the agreement creating such Joint Venture prohibit the joint venturers thereof from being or becoming liable for
any Indebtedness other than Indebtedness of the Joint Venture and (iii) all of the issued and outstanding equity Securities of such Subsidiary are pledged to the Lenders pursuant to Section 7.05 hereof, and (b) written notice of the formation
of any new Subsidiary which is not a Significant Subsidiary given not later than ninety (90) days after such formation, which new Subsidiary shall become a Guarantor by and effective upon compliance with the provisions of Section 6.04(s),
unless (x) such Subsidiary is a Joint Venture Subsidiary, (y) the terms of the agreement creating such Joint Venture prohibit the joint venturers thereof from being or becoming liable for any Indebtedness other than Indebtedness of the Joint Venture
and (z) all of the issued and outstanding equity Securities of such Subsidiary are pledged to the Lenders pursuant to Section 7.05 hereof; provided, however, that (A) nothing in this Section 6.07 shall be deemed to authorize the
Borrower or any of its Subsidiaries to enter into any such transaction if the same would violate any of the limitations set forth in Article VII hereof, (B) such Subsidiary shall not be required to deliver a Guaranty if applicable laws or
regulations (such as, by way of example, laws regulating insurance companies or providers of cable services) prohibit such Subsidiary from delivering a Guaranty and (C) a Subsidiary that is not a Wholly-Owned Subsidiary shall not be required to
deliver a Guaranty. 
  
 SECTION 6.08. Compliance with
Applicable Laws. Promptly and fully comply with, conform to and obey all present and future laws, ordinances, rules, regulations, orders, writs, judgments, injunctions, decrees, awards and all other legal requirements applicable to the Borrower,
its Subsidiaries and their respective properties, including, without limitation, Regulation Z of the Board of Governors of the Federal Reserve System, the Federal Interstate Land Sales Full Disclosure Act, ERISA, the Florida Land Sales Act or any
similar statute in any applicable jurisdiction, the violation of which would have a Material Adverse Effect on any Loan Party. 
  
 SECTION 6.09. Advances to the Mortgage Banking Subsidiaries. Cause the Mortgage Banking Subsidiaries to execute and deliver the Mortgage Banking
Subsidiaries Note in order to evidence all loans and advances that now exist or are hereafter made by any Loan Party to any of the Mortgage Banking Subsidiaries, respectively; deposit the original Mortgage Banking Subsidiaries Note with
Administrative Agent; and obtain, prior to or contemporaneously with the execution of this Agreement, written acknowledgments from each Mortgage Banking Subsidiary that the aggregate of all loans and advances hereafter made by any 

  

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applicable Loan Party to such Mortgage Banking Subsidiary shall be evidenced and governed by the Mortgage Banking Subsidiaries Note held by Administrative
Agent. At all times the principal amount of the Mortgage Banking Subsidiaries Note held by Administrative Agent must equal or exceed the aggregate principal amount of all loans and advances made by any Loan Party to Mortgage Banking Subsidiaries,
and upon the request of Administrative Agent (but no more frequently than monthly), the Borrower shall obtain and deliver to the Administrative Agent specific written acknowledgments from each of the Mortgage Banking Subsidiaries to the effect that
loans and advances theretofore made by any applicable Loan Party to the Mortgage Banking Subsidiaries are evidenced by the Mortgage Banking Subsidiaries Note. In the event that after the Agreement Date any Loan Party organizes or acquires any
Mortgage Banking Subsidiary, such Mortgage Banking Subsidiary shall, upon such organization or acquisition, join in and become a maker of a replacement Mortgage Banking Subsidiaries Note, such new Mortgage Banking Subsidiaries Note shall be
deposited with the Administrative Agent pursuant to this Section 6.09, and all references in this Agreement to Mortgage Banking Subsidiaries shall thereafter be deemed references to all such Mortgage Banking Subsidiaries. 
  
 SECTION 6.10. Use of Proceeds. Use the proceeds of the Advances for
working capital and general corporate purposes and to finance Acquisitions consummated with the prior approval of the Board of Directors or a majority of the shareholders of the Person to be acquired. 
  
 SECTION 6.11. REIT Subsidiary. If and when the REIT Subsidiary is
established and for as long as it remains a financing entity, it shall at all times maintain its status as a qualified real estate investment trust in accordance with Section 856 of the Code. 
  
 ARTICLE VII 
  
 NEGATIVE COVENANTS 
  
 The Borrower covenants and agrees that from the date hereof until payment in full of all the Obligations, termination of all Facility Letters of Credit
and termination of the Commitments, unless the Required Lenders otherwise shall consent in writing as provided in Section 13.06 hereof, the Borrower will not, either directly or indirectly: 
  
 SECTION 7.01. Minimum Adjusted Consolidated Tangible Net Worth. Permit
Adjusted Consolidated Tangible Net Worth at any time to be less than the sum of (a) $1,231,630,000, plus (b) an amount equal to the amount (if any) by which (i) 50% of the cumulative amount of positive Consolidated Net Income of the Loan
Parties for each fiscal quarter of the Borrower ending after the Prior Closing Date for which the Loan Parties, taken as a whole, had Consolidated Net Income exceeds (ii) the aggregate amount paid by the Borrower after the Prior Closing Date to
purchase or redeem its equity Securities, plus (c) an amount equal to 50% of the aggregate amount of the increase in Adjusted Consolidated Tangible Net Worth resulting from the issuance of equity Securities of the Borrower after the Prior
Closing Date. For purposes of this Section 7.01, the term “Consolidated Net Income,” when used in respect of any period, shall not include any loss for such period. 
  

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 SECTION 7.02. Limitation on Indebtedness. 
  
 (a) Borrowing Base Limitation. At any time at which the Facilities do
not have a rating of BBB- or higher from S&P or Baa3 or higher from Moody’s, permit the aggregate outstanding amount of the sum of all Borrowing Base Debt to exceed the Borrowing Base at such time (the “Borrowing Base
Limitation”). 
  
 (b) Maximum Leverage Ratio. At any
time, permit the Leverage Ratio to exceed 2.25. 
  
 (c) Minimum
Interest Coverage Ratio. At any time, permit the Interest Coverage Ratio to be less than 2.00 to 1.00. 
  
 SECTION 7.03. Guaranties. Make or suffer to exist any Contingent Obligation (including, without limitation, any Contingent Obligation with respect
to the obligations of a Subsidiary or Joint Venture but excluding any Repurchase Guaranty) or otherwise assume, guarantee or in any way become contingently liable or responsible for obligations of any other Person, whether by agreement to purchase
those obligations of any other Person, or by agreement for the furnishing of funds through the purchase of goods, supplies or services (whether by way of stock purchase, capital contribution, advance or loan) for the purpose of paying or discharging
the obligations of any other Person, except for: (a) guaranties of obligations of the Loan Parties issued in the ordinary course of business; (b) the endorsement of negotiable instruments in the ordinary course of business; (c) guaranties of
performance and completion and performance and completion bonds issued in connection with the construction of Real Estate developments owned by a Loan Party; (d) the Guaranties; or (e) guaranties (including without limitation LTV Maintenance
Agreements) of liabilities incurred by Joint Ventures to which the Borrower or a Joint Venture Subsidiary is a party, provided that all such guaranties outstanding at any one time, do not exceed 25% of the Adjusted Consolidated Tangible Net
Worth. For purposes of the foregoing clause (e) the outstanding amount of any LTV Maintenance Agreement shall be determined as provided in the definition of LTV Maintenance Agreement. None of the foregoing clauses, however, shall be deemed to
permit (i) any Loan Party to guaranty any obligations of any one or more of the Mortgage Banking Subsidiaries (other than a Repurchase Guaranty) or any Subsidiary identified in Schedule VII if any such guaranty would cause a violation of
Section 7.02 or any obligations of LNR or (ii) the Borrower to guaranty any obligations under any of the Old U.S. Home Debt Issues. 
  
 SECTION 7.04. Sale of Assets; Acquisitions; Merger. 
  

(a) Except for the transactions described in Schedule X (the “Permitted Dispositions”), do either of the following: (i) sell any
single asset with a book value of $50,000,000 or more for a sales price which is less than 60% of the book value of that asset, or (ii) sell any single asset with a book value of $20,000,000 or more unless such sale is in the ordinary course of
business; provided, however, that in no event shall the aggregate sales price of all assets sold or disposed of by the Loan Parties, other than those sold in the ordinary course of business, exceed $50,000,000 in any single calendar year.

  

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 (b) Do any of the following: 
  
 (i) sell, assign, lease or otherwise dispose of (whether in one transaction or in a series of transactions)
all or substantially all of the assets (whether now owned or hereafter acquired) of the Borrower and the Subsidiaries (on a consolidated basis) except for the sale of inventory in the ordinary course of business; 
  
 (ii) merge into or consolidate with any other Person or
permit any other Person to merge into or consolidate with it; 
  
 (iii) dissolve, liquidate or wind up its business by operation of law or otherwise; or 
  
 (iv) distribute to the stockholders of the Borrower any Securities of any Subsidiary; 
  
 provided, however, that any Subsidiary or any other Person may merge into or
consolidate with or may dissolve and liquidate into a Loan Party and any Subsidiary that is not a Loan Party may merge into or consolidate with or may dissolve and liquidate into another Subsidiary that is not a Loan Party, if (and only if), (1) in
the case of a merger or consolidation involving a Loan Party, the Loan Party is the surviving Person, (2) in the case of a merger or consolidation involving the Borrower, the Borrower is the surviving Person, (3) the character of the business of the
Borrower and the Subsidiaries on a consolidated basis will not be materially changed by such occurrence, and (4) such occurrence shall not constitute or give rise to an Event of Default or Unmatured Default or a default in respect of any of the
covenants contained in any agreement to which the Borrower or any such Subsidiary is a party or by which its property may be bound. 
  
 (c) Acquire another Person unless (i) the primary business of such Person is the Real Estate Business and (ii) the majority of shareholders (or other
equity interest holders), the board of directors or other governing body of such Person approves such Acquisition. 
  
 Nothing contained in this Section 7.04, however, shall restrict any sale of assets among the Borrower and the Guarantors which is in compliance
with all other provisions of this Agreement. 
  
 SECTION 7.05.
Investments. Purchase or otherwise acquire, hold or invest in the Securities (whether Capital Stock or instruments evidencing debt) of, make loans or advances to, enter into any arrangements for the purpose of providing funds or credit to, or
make any Equity Investment in, any Person which is not a Loan Party on the Closing Date or a Subsidiary which becomes a Guarantor upon the making of the investment, except for: (i) (A) Investments in or loans or advances to Joint Ventures to which
the Borrower or a Subsidiary is a party; and (B) Investments in or loans or advances to the Mortgage Banking Subsidiaries and the Subsidiaries listed in Schedule VII, provided that (1) the aggregate of all such Investments, loans and
advances outstanding at any time in this clause (i) does not exceed 30% of Adjusted Consolidated Tangible Net Worth through November 29, 2003 and 25% of Adjusted Consolidated Tangible Net Worth from and after November 30, 2003 and (2) with
respect to Investments in, or loans and advances to each Joint Venture Subsidiary which is not a Loan Party, all of the issued and outstanding equity Securities of such Joint Venture Subsidiary shall have been pledged to the Administrative Agent
pursuant to the terms and provisions of a Pledge 

  

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Agreement and such pledge shall not be prohibited by, or result in a breach or violation of, any agreement, indenture or other instrument to which the
Borrower or any Subsidiary is a party or is bound, and (ii) (A) purchases of direct obligations of the government of the United States of America or any agency thereof, or obligations unconditionally guaranteed by the United States of America; (B)
certificates of deposit of any bank, organized or licensed to conduct a banking business under the laws of the United States or any state thereof having capital, surplus and undivided profits of not less than $100,000,000; (C) Investments in
commercial paper which, at the time of acquisition by the Borrower or a Subsidiary, is accorded an “A” or equivalent rating by any of the Rating Agencies or any other nationally recognized credit rating agency of similar standing; (D)
investments in publicly traded, readily marketable securities traded on a recognized national exchange or over-the-counter; (E) loans or advances by the Borrower or a Guarantor to, or Securities or Indebtedness of, a real estate or homebuilding
company to be acquired by the Borrower for the purpose of obtaining control of specific homebuilding assets of that homebuilding company, provided, however, that such loans, advances or Indebtedness are secured by Mortgages on land, homes
under construction and/or homes inventory of such real estate or homebuilding company; and (F) loans by the REIT Subsidiary to other Loan Parties. 
  
 SECTION 7.06. Disposition; Encumbrance or Issuance of Certain Stock. Sell, transfer or otherwise dispose of, or pledge, grant a security interest,
equity interest or other beneficial interest in or otherwise encumber any of the outstanding shares of Capital Stock of any Mortgage Banking Subsidiary, or permit any Mortgage Banking Subsidiary to sell, issue or otherwise transfer any shares of its
Capital Stock to any Person other than a Loan Party. 
  
 SECTION
7.07. Subordinated Debt. Directly or indirectly make any payment of principal or interest with respect to any Subordinated Debt prior to the date the same is due, or amend or modify the terms of any Subordinated Debt except for extensions of
the due date thereof, or directly or indirectly redeem, retire, defease, purchase or otherwise acquire any Subordinated Debt. 
  
 SECTION 7.08. Housing Units. Permit the total number of Housing Units owned by the Loan Parties, including Housing Units under construction, but
excluding model Housing Units and Housing Units Under Contract, at any time to exceed 35% of the total number of Housing Unit Closings during the immediately preceding 12-month period, provided that Housing Unit Closings shall include closings of
the sale of housing units by entities that were acquired, and became Loan Parties, during the applicable period. 
  
 SECTION 7.09. Construction in Progress. Cause, suffer or permit to exist any Mortgage, security interest or other encumbrance (other than Liens
described in clause (k) of the definition of “Permitted Liens”) to secure Indebtedness on any Housing Unit or other building or structure (including, without limitation, any asset reported as “Construction in Progress” in
the financial statements of the Borrower) that is under construction on any land owned or leased by any Loan Party; provided, however, that the Borrower may cause, suffer or permit to exist purchase money Mortgages having an aggregate
outstanding principal balance not exceeding $25,000,000 at any time on assets so reported as “Construction in Progress.” 
  
 SECTION 7.10. No Margin Stock. Use any of the proceeds of the Advances to purchase or carry any “margin stock” (as defined in Regulation
U). 
  

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 SECTION 7.11. Mortgage Banking Subsidiaries’ Capital Ratio. Permit the ratio of the combined
total Indebtedness of the Mortgage Banking Subsidiaries to the Mortgage Banking Subsidiaries Adjusted Net Worth to exceed, at any time, eight (8) to one (1). 
  
 SECTION 7.12. Transactions with Affiliates. Enter into any transaction (including, without limitation, the purchase or sale of any property or
service) with, or make any payment or transfer to, any Affiliate, except in the ordinary course of business and pursuant to the reasonable requirements of the Borrower’s or a Subsidiary’s business and upon fair and reasonable terms no less
favorable to the Borrower or such Subsidiary than the Borrower or such Subsidiary would obtain in a comparable arms’-length transaction. 
  
 SECTION 7.13. Restrictions on Advances to Mortgage Banking Subsidiaries. Subject to Section 7.05, (a) permit any loan or advance to be made
by a Loan Party to a Mortgage Banking Subsidiary, except for loans and advances from a Loan Party to the Mortgage Banking Subsidiaries which are made under, and evidenced by, the Mortgage Banking Subsidiaries Note that is in the possession of
Administrative Agent and for which the Borrower shall have obtained a written acknowledgment from each Mortgage Banking Subsidiary that the same are evidenced and governed by the Mortgage Banking Subsidiaries Note; (b) permit the aggregate amount of
all loans and advances made by the Loan Parties to any Mortgage Banking Subsidiary outstanding at any time to exceed the sum of (i) the net carrying value of all mortgage loans held by such Mortgage Banking Subsidiary, less the aggregate principal
amount of all promissory notes payable by such Mortgage Banking Subsidiary to banks or other lenders, and less the aggregate principal amount of all mortgage loans held for sale by such Mortgage Banking Subsidiaries which are pledged, assigned or
otherwise encumbered, to the extent that said aggregate amount exceeds the aggregate principal amount of notes payable by such Mortgage Banking Subsidiary to banks or other lenders, and (ii) 1.5% of the principal amount of all mortgages serviced by
such Mortgage Banking Subsidiary, less any loans or other financing to such Mortgage Banking Subsidiary associated with the servicing portfolio (exclusive of those amounts deducted in the calculation required under clause (i) above) if, and
to the extent that, the servicing rights with respect to such mortgages are not subject to any Lien; (c) assign, transfer, pledge, hypothecate or encumber in any way the Mortgage Banking Subsidiaries Note, any interest therein or any sums due or to
become due thereunder; (d) modify, amend, extend or in any way change the terms of the Mortgage Banking Subsidiaries Note; (e) make any principal advances to any Mortgage Banking Subsidiary, under the Mortgage Banking Subsidiaries Note or otherwise,
at any time after the Administrative Agent has been granted a security interest in the Mortgage Banking Subsidiaries Note pursuant to Section 8.02 except to the extent of any principal prepayments under the Mortgage Banking Subsidiaries Note
in excess of the mandatory principal payments required thereunder; or (f) permit a Mortgage Banking Subsidiary to enter into any agreement or agreements which (i) in any way restrict the payment of dividends by such Mortgage Banking Subsidiary or
(ii) individually, or in the aggregate, impose any restriction on the repayment of any indebtedness of a Mortgage Banking Subsidiary to any Person (including, without limitation, the indebtedness payable under the Mortgage Banking Subsidiaries Note)
other than a restriction on the payment of the last $5,000,000 of principal indebtedness of UAMC (i.e., such permitted restriction shall be applicable only after the aggregate principal amount of indebtedness owed by UAMC to any Person shall be less
than or equal to $5,000,000). 
  

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 SECTION 7.14. Mortgage Banking Subsidiaries Adjusted Net Worth. Permit the Mortgage Banking
Subsidiaries Adjusted Net Worth at any time to be less than $30,000,000. 
  
 SECTION 7.15. Investments in Land. At any time, permit the (a) sum of (i) the Loan Parties’ investments in unimproved land plus (ii) the amount by which the Loan Parties’ investments in
improved land exceeds Qualified Finished Lots, plus (iii) the Loan Parties’ investments in and advances to LLP to exceed (b) the sum of (i) Adjusted Consolidated Tangible Net Worth plus (ii) the lesser of (A) $300,000,000 and (B)
50% of Subordinated Debt. 
  
 SECTION 7.16. Liens and
Encumbrances. 
  
 (a) Negative Pledge. Grant or suffer
or permit to exist any Liens on any of its rights, properties or assets other than Permitted Liens. 
  
 (b) No Agreement for Negative Pledge. Agree with any third party not to create, assume or suffer to exist any Lien securing the Obligations on or
of any of its property, real or personal, whether now owned or hereafter acquired. 
  
 ARTICLE VIII 
  
 COLLATERAL

  
 SECTION 8.01. Pledge Agreement. 
  
 (a) Pledges Securing Secured Obligations. 
  
 (i) Subject to the provisions of Section 8.03(a), the
Secured Obligations shall at all times be secured by a first priority pledge of and security interest in all Capital Stock of or other equity interests in each of the Significant Subsidiaries in favor of the Administrative Agent for the ratable
benefit of the Lenders. If and to the extent that any Subsidiary of the Borrower that is not a Significant Subsidiary thereafter becomes a Significant Subsidiary, the Borrower shall cause the Capital Stock or other equity interests in such
Subsidiary to be pledged pursuant to a Pledge Agreement. 
  
 (ii) In the event that at any time, whether on or after the Closing Date, the assets of all Subsidiaries with respect to which Pledge Agreements pledging the Capital Stock or other equity interests therein have been
delivered as Collateral hereunder which have not theretofore been released, constitute, in the aggregate, an amount that is less than 90% of all assets of the Borrower and its Subsidiaries on a consolidated basis determined as of the last day of the
most recent fiscal quarter of the Borrower (the “90% Test”), the Borrower shall cause to be pledged, pursuant to Pledge Agreements (or amendments to previously executed Pledge Agreements satisfactory to the Administrative Agent), the
Capital Stock or other equity interests in such additional Subsidiaries as may be required to satisfy the 90% Test. The specific Subsidiaries with respect to which such pledges shall be required shall be as mutually agreed upon by the Borrower and
the Administrative Agent, provided, however, that in the absence of such agreement, the Subsidiary or Subsidiaries having the greatest amount of assets (and with respect to which the pledge of such Capital Stock or equity interests would not be

  

 80 

 
prohibited by applicable laws or regulations) shall be pledged to the extent necessary to satisfy the 90% Test. For purposes of this Section
8.01(a)(ii), the assets of a Subsidiary shall exclude its interests (if any) in any other Subsidiary. Notwithstanding anything to the contrary contained herein, all of the Capital Stock of Strategic Technologies, Inc. shall be pledged pursuant
to a Pledge Agreement. 
  
 (b) Intentionally Omitted.

  
 (c) Release of Certain Pledges. In the event that any
Subsidiary with respect to which a Pledge Agreement pledging the Capital Stock or other equity interests therein has been delivered ceases to be a Significant Subsidiary (as determined as of the last day of two consecutive fiscal quarters of the
Borrower), the Administrative Agent shall, upon written request from the Borrower, cause the pledge with respect to such Subsidiary to be released, provided, however, that no such release shall be required if, as a result thereof, the 90% Test
provided for in Section 8.01(a)(ii) would not be satisfied. 
  
 SECTION 8.02. Mortgage Banking Subsidiaries Note. 
  
 (a) Pledge. Subject to the provisions of Section 8.03, upon the request of the Administrative Agent (which may not be made without the prior written consent from the Required Lenders and which shall be made upon the written
request of the Required Lenders), the Borrower shall grant, and shall cause any Guarantor that is a payee under the Mortgage Banking Subsidiaries Note to grant, the Administrative Agent on behalf of the Lenders as security for the payment in full of
all the Secured Obligations, a first lien and security interest in the Mortgage Banking Subsidiaries Note. Notwithstanding anything to the contrary provided in this Agreement, the Borrower agrees that the Mortgage Banking Subsidiaries Note Pledge
Agreement shall require all principal payments payable under the Mortgage Banking Subsidiaries Note to be made directly to the Administrative Agent and applied to the principal outstanding under the Notes as required under Section 2.06(d).

  
 (b) Collateral Documentation. If and when the Borrower
is required to grant the Administrative Agent a security interest in the Mortgage Banking Subsidiaries Note pursuant to Section 8.02(a), the Borrower shall deliver to the Administrative Agent: 
  
 (i) a pledge and security agreement (the “Mortgage
Banking Subsidiaries Note Pledge Agreement”), in form and substance satisfactory to the Administrative Agent, duly executed by the Borrower and each Guarantor that is a payee under the Mortgage Banking Subsidiaries Note, granting the
Administrative Agent on behalf of the Lenders, a first lien on, and security interest in, the Mortgage Banking Subsidiaries Note; 
  
 (ii) an endorsement or allonge to the Mortgage Banking Subsidiaries Note, in form and substance satisfactory to the Administrative Agent,
duly executed by the Borrower and each Guarantor that is a payee under the Mortgage Banking Subsidiaries Note, transferring the Mortgage Banking Subsidiaries Note to the Administrative Agent on behalf of the Lenders; and 
  
 (iii) a written acknowledgment duly executed by the Borrower
and each Guarantor that is a payee under the Mortgage Banking Subsidiaries Note, that the 

  

 81 

 
Administrative Agent holds the Mortgage Banking Subsidiaries Note as Collateral for the Secured Obligations. 
  
 All the foregoing documents shall be delivered to the Administrative Agent on or before the
date that the Borrower is required to grant the Administrative Agent the security interest in the Mortgage Banking Subsidiaries Note. All of the documentation and other items required under this Section 8.02 must be fully satisfactory, both
in form and substance, to the Administrative Agent. In addition to the foregoing, at the request of the Administrative Agent, the Borrower shall, and shall cause each Guarantor that is a payee under the Mortgage Banking Subsidiaries Note to, execute
and deliver to the Administrative Agent such assignments, pledges, financing statements and other documents, and cause to be done such further acts, all as the Administrative Agent from time to time may deem necessary or appropriate to evidence,
confirm, perfect or protect any security interest required to be granted to the Administrative Agent hereunder. 
  
 SECTION 8.03. Collateral Trusts. 
  
 (a) Notwithstanding the foregoing provisions of this Article VIII, in the event that, and for as long as, the terms of the Existing Borrower Public
Debt require that the holder of such Existing Borrower Public Debt shall have an equal and ratable Lien in any of the Collateral, the Liens upon such Collateral provided to be granted to the Administrative Agent hereunder shall instead be granted to
a collateral trustee reasonably satisfactory to the Administrative Agent under the terms of an agreement (“Collateral Trust Agreement”) either in the form heretofore delivered pursuant to the Original Credit Agreement or substantially in
the form of Exhibit T hereto, and providing for such Collateral to be for the equal and ratable benefit of the trustee of the Existing Borrower Public Debt (for the benefit of the holders of the Existing Borrower Public Debt) and the
Administrative Agent (for the benefit of the Holders of Secured Obligations). The fees and expenses of such collateral trustee shall be borne by the Borrower. 
  

(b) Intentionally Omitted. 
  
 ARTICLE IX 
  
 EVENTS OF DEFAULT 
  
 SECTION 9.01. Events of Default. The occurrence of any one or more of the following Events shall constitute an “Event of Default”: 
  
 (a) any representation or warranty made or deemed made by or on behalf of any Loan Party to the Lenders, the Issuer, the
Swing Line Bank or the Administrative Agent under or in connection with this Agreement or any Loan Document shall be false or misleading in any material respect when made; 
  
 (b) any report, certificate, financial statement or other document or instrument furnished in connection with this Agreement
or the Loans hereunder shall be false or misleading in any material respect when furnished; 
  
 (c) default shall be made in the payment of (i) the principal of any of the Notes when and as due and payable, or (ii) the interest on any of the Notes, any fees or any other sums due 

  

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pursuant to Article II, which default continues for five days after the same becomes due and payable; 
  
 (d) default shall be made with respect to any Indebtedness or Contingent
Obligations of any Loan Party (other than the Indebtedness evidenced by the Notes, Non-Recourse Indebtedness and Indebtedness of a Loan Party to another Loan Party), beyond any applicable period of grace, or default shall be made with respect to the
performance of any other obligation or incurred in connection with any such Indebtedness or liabilities beyond any applicable period of grace, or default shall be made with respect to any other liability of $5,000,000 or more, if the effect of any
such default is to accelerate the maturity of such Indebtedness or liability or to cause any other liability to become due prior to its stated maturity, or any such Indebtedness or liability shall not be paid when due and such default shall not have
been remedied or cured by such Loan Party or waived by the obligor; 
  
 (e) default shall be made in the due observance or performance of any of the provisions of Article VII or Article VIII or any other covenant, agreement or condition on the part of any Loan Party to be performed under or in
connection with this Agreement or any Loan Document, and such default shall have continued for a period of thirty (30) days after the occurrence thereof; 
  
 (f) any Loan Party shall (i) petition or apply for, seek, consent to, or acquiesce in, the appointment of a receiver, trustee, examiner, custodian,
liquidator or similar official of such Loan Party or any of its properties or assets, (ii) be unable, or admit in writing its inability, to pay its debts as they mature, (iii) make a general assignment for the benefit of or a composition with its
creditors, (iv) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (v) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in
effect, or file a petition or an answer seeking dissolution, winding up, liquidation or reorganization or an arrangement with creditors or a composition of its debts or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of
debts, dissolution or liquidation law or statute or other statute or law for the relief of debtors, or file any answer admitting the material allegations of a petition filed against it in any proceeding under such law, or fail to file an answer or
other pleading denying the material allegations of any such proceeding filed against it, or if corporate or other action shall be taken by such Loan Party for the purpose of effecting any of the foregoing, or (vi) fail to contest in good faith any
appointment or proceeding described in Section 9.01(g); 
  
 (g) an order, judgment, or decree shall be entered without the application, approval, or consent of any Loan Party by any court of competent jurisdiction appointing a receiver, trustee or liquidator of any Loan Party or a proceeding
described in Section 9.01(f) shall be instituted against the any Loan Party, and such appointment shall continue undischarged or such proceeding continues undismissed or unstayed for any period of 45 days; 
  
 (h) final judgment for the payment of money in excess of an aggregate of
$5,000,000 shall be rendered against the any Loan Party and the same shall remain undischarged or not appealed for a period of 30 days during which execution shall not be effectively stayed; 
  

 83 

 (i) there shall occur any Event or Events which, individually or in the aggregate, shall be deemed by the
Required Lenders to have had a Material Adverse Effect; 
  
 (j)
any Loan Party shall be the subject of any proceeding or investigation pertaining to the release by any Loan Party, any of its Subsidiaries or any other Person of any Hazardous Substance into the environment, or any violation of any Environmental
Law or any federal, state or local health or safety law or regulation, which, in either case, could reasonably be expected to have a Material Adverse Effect; or 
  

(k) there shall occur any Change in Control of the Borrower. 
  

SECTION 9.02. Remedies. 
  
 (a) Acceleration. If any Event of Default described in Section 9.01(f) or (g) occurs with respect to the Borrower, the obligations of
the Lenders to make Loans, the Swing Line Bank to make Swing Line Loans and the Issuer to issue Facility Letters of Credit hereunder shall automatically terminate and the Obligations (including all Facility Letter of Credit Obligations) shall
immediately become due and payable without any election or action on the part of the Administrative Agent or any Lender. If any other Event of Default occurs and is continuing, the Administrative Agent may, and upon written direction of the Required
Lenders shall, terminate or suspend the obligations of the Lenders to make Loans, the Swing Line Bank to make Swing Line Loans and the Issuer to issue Facility Letters of Credit hereunder, or declare the Obligations (including all Facility Letter of
Credit Obligations) to be due and payable, or both, whereupon the Obligations (including all Facility Letter of Credit Obligations) shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which
the Borrower hereby expressly waives 
  
 (b) Recission of
Acceleration. If, within 30 days after acceleration of the maturity of the Obligations or termination of the obligations of the Lenders to make Loans hereunder as a result of any Event of Default (other than any Event of Default as described in
Section 9.01 (f) or (g) with respect to the Borrower and before any judgment or decree for the payment of the Obligations due shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so direct, the
Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination. 
  
 SECTION 9.03. Application of Payments. 
  
 (a) Subject to the provisions of Section 11.02 and any provisions of this Agreement specifically providing for payments to be applied to a
particular Facility, the Administrative Agent shall, unless otherwise specified at the direction of the Required Lenders which direction shall be consistent with the last sentence of this Section 9.03, apply all payments and prepayments in
respect of any Obligations and all proceeds of the Collateral (except as hereinafter provided) in the following order: 
  
 (i) first, to pay interest on and then principal of any portion of the Loans which the Administrative Agent may have advanced on behalf of
any Lender for which the Administrative Agent has not then been reimbursed by such Lender or the Borrower; 
  

 84 

 (ii) second, to pay Obligations in respect of any fees, expenses, reimbursements or
indemnities then due to the Administrative Agent; 
  
 (iii) third, to pay Obligations in respect of any fees, expenses, reimbursements or indemnities then due to the Lenders and the Issuer(s); 
  
 (iv) fourth, to pay interest due in respect of Swing Line Loans; 
  
 (v) fifth, to pay interest due in respect of Loans (other than Swing Line Loans) and Facility Letter of
Credit Obligations; 
  
 (vi) sixth, to the
ratable payment or prepayment of principal outstanding on Swing Line Loans; 
  
 (vii) seventh, to the ratable payment or prepayment of principal outstanding on Loans (other than Swing Line Loans), Reimbursement Obligations, and Hedging Obligations under Permitted Hedging Agreements; 

 
 (viii) eighth, to the Letter of Credit Collateral Account
in an amount equal to the outstanding Facility Letter of Credit Obligations to the extent required under Section 2.21(h); and 
  
 (ix) ninth, to the ratable payment of all other Obligations. 
  
 Unless otherwise designated (which designation shall only be applicable prior to the occurrence of an Event of Default) by the Borrower, all
principal payments in respect of Loans (other than Swing Line Loans) under a Facility shall be applied first, to repay outstanding Floating Rate Loans under such Facility and then to repay outstanding Eurodollar Rate Loans under such Facility, with
those that have earlier expiring Interest Period being repaid prior to those that have later expiring Interest Periods. The order of priority set forth in this Section 9.03(a) and the related provisions of this Agreement are set forth solely
to determine the rights and priorities of the Administrative Agent, the Lenders, the Swing Line Bank and the Issuer(s) as among themselves. The order of priority set forth in clauses (i) through (ix) of this Section 9.03(a) may
at any time and from time to time be changed by the Required Lenders without necessity of notice to or consent of or approval by the Borrower or any other Person; provided, that the order of priority set forth in clauses (i) and
(ii) may be changed only with the prior written consent of the Administrative Agent and the order of priority of payments in respect of Swing Line Loans may be changed only with the prior written consent of the Swing Line Bank. 
  
 (b) Intentionally Omitted. 
  
 ARTICLE X 
  
 THE ADMINISTRATIVE AGENT 
  
 SECTION 10.01. Appointment. Bank One, NA is hereby appointed Administrative Agent hereunder and under each other Loan Document and, subject to the
provisions of Section 10.14 below, each of the Lenders irrevocably authorizes the Administrative Agent to act as the 

  

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Administrative Agent of such Lender. The Administrative Agent agrees to act as such upon the express conditions contained in this Article X. The
Administrative Agent shall not have a fiduciary relationship in respect of any Lender by reason of this Agreement. Deutsche Bank Trust Company Americas is hereby appointed to act as Syndication Agent hereunder. Bank of America, N.A., Credit Lyonnais
New York Branch,. Wachovia Bank, N.A. and Comerica Bank are hereby appointed as Documentation Agents hereunder. SunTrust Bank, Guaranty Bank, Citicorp North America, Inc. and The Royal Bank of Scotland are hereby appointed as Managing Agents
hereunder. Except for rights of consent or approval given to the Syndication Agent under this Agreement, neither the Syndication Agent, nor the Documentation Agents nor the Managing Agents shall have any right, power, obligation, liability,
responsibility or duty under this Agreement in such capacity. 
  
 SECTION 10.02. Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Administrative Agent by the terms of each thereof, together with such powers as are
reasonably incidental thereto. The Administrative Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the
Administrative Agent. 
  
 SECTION 10.03. General Immunity.
Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document
or in connection herewith or therewith except for its or their own gross negligence or willful misconduct. 
  
 SECTION 10.04. No Responsibility for Loans, Recitals, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees
shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the
covenants or agreements of any obligor under any Loan Document; (c) the satisfaction of any condition specified in Article V, except receipt of items required to be delivered to the Administrative Agent; or (d) the validity, effectiveness or
genuineness (except its own due execution thereof) of any Loan Document or any other instrument or writing furnished in connection therewith. Further, the Administrative Agent assumes no obligation to any other Lender as to the collectibility of any
Loans made by any Lender to the Borrower. Each Lender expressly acknowledges that the Administrative Agent has not made any representations or warranties to it on or prior to the date hereof and that no act by the Administrative Agent hereafter
taken shall be deemed to constitute any representation or warranty by the Administrative Agent to any other Lender. Each Lender acknowledges that it has taken and will take such action and make such investigation as it deems necessary to inform
itself as to the affairs and creditworthiness of the Borrower. 
  
 SECTION 10.05. Employment of Agents and Counsel. The Administrative Agent may execute any of its duties as Administrative Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and
shall not be answerable to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. 

  

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The Administrative Agent shall be entitled to advice of counsel concerning all matters pertaining to the agency hereby created and its duties hereunder and
under any other Loan Document. 
  
 SECTION 10.06. Reliance on
Documents; Counsel. The Administrative Agent shall not be under a duty to examine into or pass upon the validity, effectiveness, genuineness or value of this Agreement, the Notes, the Guaranties and other Loan Documents or any other document
furnished pursuant hereto or thereto or in connection herewith, and the Administrative Agent shall be entitled to assume that the same are valid, effective and genuine and what they purport to be. The Administrative Agent shall be entitled to rely
upon any Note, notice, consent, certificate, affidavit, letter, telegram, statement, paper or document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal
matters, upon the opinion of counsel selected by the Administrative Agent, which counsel may be employees of the Administrative Agent. The Administrative Agent shall not be liable for any action taken or suffered in good faith by it based on or in
accordance with any of the foregoing. 
  
 SECTION 10.07. No
Waiver of Rights. With respect to its Commitments, the Loans (including the Swing Loans) made by it and the Notes issued to it, the Administrative Agent shall have the same rights and powers hereunder and under any other Loan Document as any
Lender or Issuer and may exercise the same as though it was not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless the context otherwise indicates, include the Administrative Agent in its individual
capacity. The Administrative Agent may accept deposits from, lend money to and issue letters of credit for the account of, and generally engage in any kind of business with the Borrower or its Affiliates (including, without limitation, trust, debt,
equity and other transactions) in addition to the transactions contemplated by this Agreement or any other Loan Document; it being expressly understood and agreed that neither the Administrative Agent nor any other Lender shall be deemed by the
execution hereof to have waived any rights under any loan or other agreement with the Borrower or any of its Affiliates relating to any other business or loans to the Borrower or any of its Affiliates which are not a part of the Commitments under
this Agreement. 
  
 SECTION 10.08. Knowledge of Event of
Default. It is expressly understood and agreed that the Administrative Agent shall be entitled to assume that no Event of Default or Unmatured Default has occurred and is continuing, unless the officers of the Administrative Agent active on the
Borrower’s account have actual knowledge of such occurrence or have been notified by a Lender that such Lender considers that an Event of Default or Unmatured Default has occurred and is continuing and specifying the nature thereof.

  
 SECTION 10.09. Administrative Agent’s Reimbursement
and Indemnification. The Lenders agree to reimburse and indemnify the Administrative Agent ratably in accordance with their respective Pro Rata Shares (a) for any amounts not reimbursed by the Borrower for which the Administrative Agent is
entitled to reimbursement by the Borrower under the Loan Documents, (b) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of
the Loan Documents and (c) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the
Administrative Agent in any way 

  

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relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby, or the
enforcement of any of the terms thereof or of any such other documents, provided that no Lender shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct of the Administrative Agent.

  
 SECTION 10.10. Notices to the Borrower. In each
instance that a notice is required, pursuant to the terms hereof, to be given by one or more of the Lenders to the Borrower or any Subsidiary, the Lenders desiring that such notice be given shall so advise the Administrative Agent (which advice, if
given by telephone, shall be promptly confirmed by telex or letter to the Administrative Agent at its address listed in the signature pages hereto), which shall transmit such notice to the Borrower or such Subsidiary promptly after its having been
so advised by the appropriate number of Lenders; provided, however, that subject to the provisions of Section 10.15 hereof, if the Administrative Agent shall fail to transmit such notice within a reasonable period of time after its
having been so advised by the appropriate number of Lenders, the Lenders desiring that such notice be given may transmit such notice directly to the Borrower or such Subsidiary. In any event notices to the Borrower or any Subsidiary shall be sent to
the address of the Borrower provided for in this Agreement. 
  
 SECTION 10.11. Action on Instructions of Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written
instructions signed by the Required Lenders, or all of the Lenders, as the case may be, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders and on all holders of Notes and on all
Holders of Secured Obligations. Except where an action or inaction is expressly required under this Agreement, the Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Documents
unless it shall first be indemnified to its satisfaction by the Lenders in accordance with their respective Pro Rata Shares, against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action.

  
 SECTION 10.12. Lender Credit Decision. Each Lender
acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also acknowledges that it will, independently and without reliance upon the 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 this Agreement and the other Loan Documents. 
  
 SECTION 10.13. Collateral. 
  
 (a) Each Lender authorizes the Administrative Agent to enter into each of the
Loan Documents to which it is a party and to take all action contemplated by such Loan Documents and to enter into the Intercreditor Agreement and to take all action contemplated by the Intercreditor Agreement. Each Lender agrees that no Holder of
Secured Obligations, other than 

  

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the Administrative Agent acting on behalf of all Holders of Secured Obligations, shall have the right individually to seek to realize upon the security
granted by any Loan Document, it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Holders of Secured Obligations, upon the terms of the Loan Documents. 

 
 (b) In the event that any Collateral is pledged by any Person as
collateral security for the Obligations, the Administrative Agent is hereby authorized to execute and deliver on behalf of the Holders of Secured Obligations any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral
in favor of the Administrative Agent on behalf of the Holders of Secured Obligations. 
  
 (c) The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any Collateral (i) upon termination of the
Commitments and payment and satisfaction of all of the Obligations or the transactions contemplated hereby; (ii) as permitted by, but only in accordance with, the terms of the applicable Loan Document; or (iii) if approved, authorized or ratified in
writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to
release particular types or items of Collateral pursuant to this Section 10.13(c). 
  
 (d) Upon any sale or transfer of assets constituting Collateral which is expressly permitted pursuant to the terms of any Loan Documents, or consented to in writing by the Required Lenders, and upon at least ten (10)
Business Days’ prior written request by the Borrower, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the
Administrative Agent for the benefit of the Holders of Secured Obligations, upon the Collateral that was sold or transferred; provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms
which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall
not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Borrower or any other Loan Party) in respect of) all interests retained by the Borrower or any other Loan Party, including (without
limitation) the proceeds of the sale, all of which shall continue to constitute part of the Collateral. Notwithstanding the foregoing, each of the Lenders hereby acknowledges and agrees that upon the consummation of any Permitted Disposition, the
Administrative Agent, for itself and on behalf of the Lenders, shall release from its Guaranty any Loan Party whose stock is sold in such Permitted Disposition, and shall release such stock from the applicable Pledge Agreement. No release of
Collateral shall affect the obligations of the Borrower under Section 2.06(b). 
  
 SECTION 10.14. Resignation or Removal of the Administrative Agent. If, at any time, Lenders holding Notes having aggregate outstanding principal balances equal to at least 75% of the then outstanding amount of
the Aggregate Commitment (excluding from such computation the Administrative Agent and its Notes) shall deem it advisable, those Lenders may submit to the Administrative Agent notification by certified mail, return receipt requested of its 

  

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removal as Administrative Agent under this Agreement, which removal shall be effective as of the date of receipt of such notice by the Administrative Agent.
If, at any time, the Administrative Agent shall deem it advisable, in its sole discretion, it may submit to each of the Lenders written notification, by certified mail, return receipt requested, of its resignation as Administrative Agent under this
Agreement, which resignation shall be effective as of 60 days after the date of such notice. In the event of any such removal or resignation, the Required Lenders may appoint a successor to the Administrative Agent. In the event the Administrative
Agent shall have resigned and/or have been removed and so long as no successor shall have been appointed, the Borrower shall make all payments due each Lender hereunder directly to that Lender and all powers specifically delegated to the
Administrative Agent by the terms hereof may be exercised by the Required Lenders. Upon the removal or resignation of the Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under
the other Loan Documents. After the removal or resignation of the Administrative Agent, the provisions of this Article X shall continue in effect for its benefit in respect of any actions taken or omitted to be taken while it was acting as
the Administrative Agent hereunder and under the other Loan Documents. 
  
 SECTION 10.15. Benefits of Article X. None of the provisions of this Article X shall inure to the benefit of the Borrower or of any Person other than Administrative Agent and each of the Lenders and their respective successors
and permitted assigns. Accordingly, neither the Borrower nor any Person other than Administrative Agent and the Lenders (and their respective successors and permitted assigns) shall be entitled to rely upon, or to raise as a defense, the failure of
the Administrative Agent or any Lenders to comply with the provisions of this Article X. 
  
 ARTICLE XI 
  
 SETOFF; RATABLE
PAYMENTS 
  
 SECTION 11.01. Set-off. In addition to,
and without limitation of, any rights of the Lenders under applicable law, if any Loan Party becomes insolvent, however evidenced, or any Event of Default or Unmatured Default occurs, any indebtedness from any Lender to any Loan Party (including all
account balances, whether provisional or final and whether or not collected or available) may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part hereof, shall then be due.
Each Lender agrees promptly to notify the Borrower after any such set-off and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of any such set-off and application. The
rights of each Lender under this Section 11.01 are in addition to any other rights and remedies which that Lender may have under this Agreement or otherwise. 
  
 SECTION 11.02. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon any of
its Loans (other than payments received pursuant to Sections 3.01, 3.02 or 3.04) in a greater proportion than that received by any other Lender with respect to the Loans (other than payments with respect to a Facility that are
received ratably by the Lenders of such Facility in accordance with the provisions of this Agreement), such Lender agrees, promptly upon demand, to purchase a portion of such Loans held by the other Lenders so that after such purchase each Lender
will hold its Applicable Pro Rata Share of all Loans. If any 

  

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Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its
Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in accordance with their respective Pro Rata
Shares. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 
  
 ARTICLE XII 
  
 BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 
  
 SECTION 12.01. Successors and Permitted Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of
the Borrower and the Lenders and their respective successors and permitted assigns, except that (a) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents and (b) except as otherwise provided in the next
succeeding sentence, any assignment by any Lender must be made in compliance with Section 12.03. Nothing in this Agreement shall prevent or prohibit any Lender from pledging its Loans and Notes hereunder to a Federal Reserve Bank in support
of borrowings made by such Lender from such Federal Reserve Bank and, with the consent of the Administrative Agent, any Lender which is a fund may pledge all or any portion of its Loans and Notes to its trustee in support of its obligations to its
trustee. 
  
 SECTION 12.02. Participations. 
  
 (a) Permitted Participants; Effect. Any Lender may, in the ordinary
course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities (“Participants”) participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment
of such Lender or any other interest of such Lender under the Loan Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the holder of any such Note for all purposes under the Loan Documents, all amounts payable by the Borrower under
this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under the Loan Documents. 
  
 (b) Voting
Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any
Loan, Facility Letter of Credit Obligations or Commitment in which such Participant has an interest which forgives principal, interest or fees or reduces the interest rate or fees payable with respect to any such Loan, Facility Letter of Credit
Obligations or Commitment, postpones any date fixed for any regularly-scheduled payment of principal of, or interest or fees on, any such Loan or Commitment, releases any Guarantor of any such Loan, Facility Letter of Credit Obligations or releases
any substantial portion of Collateral, if any, securing any such Loan or Facility Letter of Credit Obligations. 
  

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 (c) Benefit of Setoff. The Borrower agrees that each Participant shall be deemed to have the right
of setoff provided in Section 11.01 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan
Documents, provided that each Lender shall retain the right of setoff provided in Section 11.01 with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each
Participant, by exercising the right of setoff provided in Section 11.01, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 11.02
as if each Participant were a Lender. 
  
 SECTION 12.03.
Assignments. 
  
 (a) Permitted Assignments. Any
Lender (or any Lender together with one or more other Lenders) may (x) assign all or a portion of its Commitments (and related outstanding Obligations) (including, without limitation, Facility C Loans) (i) to one or more other Lenders or to such
assigning Lender’s parent company and/or any Affiliate of such Lender which is at least 50% owned by such Lender or its parent company or (ii) in the case of any Lender that is a fund that invests in bank loans, any other fund that invests in
bank loans and is managed by the same investment advisor or such Lender or by an Affiliate of such investment advisor or (y) assign all or, if less than all, a portion equal to at least $5,000,000 in the aggregate for the assigning Lender or Lenders
of such Commitments (and related outstanding Obligations) to one or more Eligible Assignees (treating, solely for purposes of the foregoing $5,000,000 minimum limitation but not for any other purpose, including the fee payable to the Administrative
Agent as hereinafter provided, (A) any fund that invests in bank loans and (B) any other fund that invests in bank loans and is managed by the same investment advisor as such fund or by an Affiliate of such investment advisor, as a single Eligible
Assignee), each of which assignees shall become a party to this Agreement as a Lender by execution of an assignment and assumption agreement (“Assignment and Assumption Agreement”) substantially in form of Exhibit V (appropriately
completed), provided that (i) at such time Schedule I shall be deemed modified to reflect the Commitments and/or outstanding Loans, as the case may be) of such new Lender or the existing Lenders, (ii) upon surrender of the relevant
Notes, new Notes will be issued by the Borrower to such new Lender and to the assigning Lender upon the request of such new Lender or assigning Lender (but the Borrower shall not be obligated to pay the Administrative Agent’s or any
Lender’s costs and expenses with respect to the issuance of such Note or Notes unless the assignment is made pursuant to Section 2.27), (iii) the consent of the Administrative Agent shall be required in connection with any assignment
(which consent shall not be unreasonably withheld), (iv) unless an Event of Default has occurred and is continuing, the consent of the Borrower shall be required in connection with any assignment of Commitments to an assignee pursuant to clause
(y) above (which consent shall not be unreasonably withheld), and (v) the Administrative Agent shall receive at the time of each such assignment the payment of a non-refundable assignment fee of $3,500 payable by the assignor or assignee (as
agreed to by them) and, provided further, that such transfer or assignment will not be effective until recorded by the Administrative Agent on the Register pursuant to Section 13.07. To the extent of any assignment pursuant to this
Section 12.03, the assigning Lender shall be relieved of its obligations hereunder with respect to its assigned Commitments. 
  

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 (b) Tax Requirements. At the time of each assignment pursuant to this Section 12.03 to a
Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(3) of the Code) for U.S. federal income tax purposes, the respective assignee shall provide to the Borrower and the
Administrative Agent, the appropriate Internal Revenue Service Forms described in Section 2.23. 
  
 (c) Dissemination of Information. The Borrower authorizes each Lender to disclose to any Participant or any other Person acquiring an interest in
the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower and its Subsidiaries. 
  
 ARTICLE XIII 
  
 MISCELLANEOUS 
  
 SECTION 13.01. Notice. 
  
 (a) Except as otherwise permitted by Section 2.14(b) with respect to borrowing notices, all notices and other communications provided to any party
hereto under this Agreement or any other Loan Document shall be in writing or by telex or by facsimile and addressed or delivered to such party at its address set forth below its signature hereto or at such other address as may be designated by such
party in a notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid, shall be deemed given when received (or when delivery is refused); any notice, if transmitted by telex or facsimile, shall be deemed given
when transmitted (answerback confirmed in the case of telexes and facsimile confirmation in the case of a facsimile). 
  
 (b) The Borrower, the Administrative Agent and any Lender may each change the address for service of notice upon it by a notice in writing to the other
parties hereto. 
  
 SECTION 13.02. Survival of
Representations. All covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the making by the Lenders of any Loans herein contemplated and the execution and delivery to
the Lenders of the Notes evidencing the Commitments, and shall continue in full force and effect until all of the Obligations have been paid in full, all Facility Letters of Credit have been terminated and all of the Commitments have been
terminated. 
  
 SECTION 13.03. Expenses. The Borrower shall
pay (a) all expenses, including attorneys’ fees and disbursements (which attorneys may be employees of the Administrative Agent or any Lender), incurred by the Administrative Agent and any Lender in connection with the administration of this
Agreement and the other Loan Documents, any amendments, modifications or waivers with respect to any of the provisions thereof and the enforcement and protection of the rights of the Lenders and the Administrative Agent under this Agreement or any
of the other Loan Documents, including all recording and filing fees, documentary stamp, intangibles and similar taxes, title insurance premiums, appraisal fees and other costs and disbursements incurred in connection with the taking of collateral
and the perfection and preservation of the Lenders’ security therein, and (b) the reasonable fees and the disbursements 

  

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of Administrative Agent’s attorneys (which attorneys may be employees of the Administrative Agent) in connection with the preparation, negotiation,
execution, delivery and review of this Agreement, the Notes and the other Loan Documents (whether or not the transactions contemplated by this Agreement shall be consummated) and the closing of the transactions contemplated hereby. 
  
 SECTION 13.04. Indemnification of the Lenders and the Administrative
Agent. The Borrower shall indemnify and hold harmless the Administrative Agent and each Lender, and their respective directors, officers and employees against all losses, claims, damages, penalties, judgments, liabilities and expenses
(including, without limitation, all expenses of litigation or preparation therefor whether or not the Administrative Agent or any Lender is a party thereto) which any of them may pay or incur arising out of or relating to, directly or indirectly,
this Agreement, the other Loan Documents, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Loan hereunder; provided, however, that in no event shall the Administrative
Agent or a Lender have the right to be indemnified hereunder for its own gross negligence or willful misconduct nor shall the Administrative Agent be indemnified against any liabilities which arise as a result of any claims made or actions, suits or
proceedings commenced or maintained against any Lender (including the Administrative Agent, in its capacity as such) (i) by that Lender’s shareholders or any governmental regulatory body or authority asserting that such Lender or any of its
directors, officers, employees or agents violated any banking or securities law or regulation or any duty to its own shareholders, customers (excluding the Borrower) or creditors in any manner whatsoever in entering into or performing any of its
obligations contemplated by this Agreement or (ii) by any other Lender. The obligations of the Borrower under this Section shall survive the termination of this Agreement. 
  
 SECTION 13.05. Maximum Interest Rate. It is the intention of the Lenders and the Borrower that the interest (as
defined under applicable law) on the Indebtedness evidenced by the Notes which may be charged to, or collected or received from the Borrower shall not exceed the maximum rate permissible under applicable law. Accordingly, anything herein or in any
of the Notes to the contrary notwithstanding, should any interest (as so defined) be charged to, or collected or received from the Borrower by the Lenders pursuant hereto or thereto in excess of the maximum legal rate, then the excess payment shall
be applied to the Obligations with respect to which such excess payment applies or, if such excess payment applies to all Obligations, then pro rata among the Facility A Obligations, the Facility B Obligations and Facility C Obligations, and any
portion of the excess payment remaining after payment in full thereof shall be returned by the Lenders to the Borrower. 
  
 SECTION 13.06. Modification of Agreement. 
  
 (a) Neither this Agreement nor any Note or Guaranty nor any terms hereof or thereof may be changed, waived, discharged or terminated unless such change,
waiver, discharge or termination is in writing signed by the Borrower (or other applicable Loan Party to such Loan Document) and the Required Lenders, provided that no such change, waiver, discharge or termination shall, without the consent
of each Lender (with Obligations being directly affected in the case of the following clause (i)): (i) extend the final scheduled maturity of any Loan or Note or any portion thereof or extend the stated maturity of any Facility Letter of
Credit beyond the 

  

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Facility A Maturity Date, or reduce the rate or extend the time of payment of interest or fees thereon, or reduce the principal amount thereof (except to the
extent repaid in cash), (ii) amend, modify or waive any provision of Article XI or this Section 13.06, (iii) reduce the percentage specified in the definition of the Required Lenders or change the definitions of Applicable Pro Rata
Share, Facility A Pro Rata Share, Facility B Revolver Pro Rata Share, Facility B Term Pro Rata Share or Facility C Pro Rata Share, (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement,
(v) other than pursuant to a transaction permitted by the terms of this Agreement, release all or substantially all of the Collateral, or (vi) other than pursuant to a transaction permitted by the terms of this Agreement, release any Guarantor from
its obligations under its Guaranty; provided, further, that no such change, waiver, discharge or termination shall (A) increase any Commitment of any Lender over the amount thereof then in effect (it being understood that waivers or
modifications of conditions precedent, covenants, any Unmatured Default or Event of Default or of a mandatory reduction to the Aggregate Facility A Commitment or Aggregate Facility B Commitment or of a mandatory prepayment shall not constitute an
increase of the Commitment of any Lender, and that an increase in the available portion of any Commitment of any Lender shall not constitute an increase in the Commitment of such Lender), without the consent of such Lender, (B) without the consent
of each Issuer affected thereby, amend, modify or waive any provision of Section 2.21 or alter its rights or obligations with respect to Facility Letters of Credit, (C) without the consent of the Swing Line Bank, amend, modify or waive any
provision relating to the rights or obligations of the Swing Line Bank or with respect to the Swing Line Loans (including, without limitation, the obligations of the Lenders to make Advances in repayment of Swing Line Loans) or (D) without the
consent of the Administrative Agent, amend, modify or waive any provision of Article X or any other provision relating to the rights or obligations of the Administrative Agent; provided, however, that in any case the Required Banks may
waive, in whole or in part, any such prepayment, repayment or Commitment reduction, so long as the application of any such prepayment, repayment or Commitment reduction which is still required to be made is not altered. 
  
 (b) If, in connection with any proposed change, waiver, discharge or
termination of or to any of the provisions of this Agreement or other Loan Documents as contemplated in clauses (i) through (vi), inclusive, of the first proviso to Section 13.06(a), the consent of the Required Lenders is
obtained but the consent of one or more of such other Lenders whose consent is required is not obtained, then the Borrower shall have the right, so long as all non-consenting Lenders whose individual consent is required are treated as described in
either clauses (i) or (ii) below, either (i) to replace each such non-consenting Lender with one or more Replacement Lenders pursuant to Section 2.27 so long as at the time of such replacement, each such Replacement Lender
consents to the proposed change, waiver, discharge or termination or (ii) to terminate each such non-consenting Lender’s Commitments and repay in full its outstanding Loans, provided that, unless the Commitments that are terminated, and
Loans that are repaid, pursuant to the preceding clause (ii) are immediately replaced in full at such time through the addition of new Lenders or the increase of the Commitments and/or outstanding Loans of existing Lenders (who in each case
must specifically consent thereto in writing), then in the case of any action pursuant to preceding clause (ii) the Required Lenders (determined before giving effect to the proposed action) shall specifically consent thereto and, provided
further, that in any event the Borrower shall not have the right to replace a Lender, terminate its Commitments or 

  

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repay its Loans solely as a result of the exercise of such Lender’s rights (and the withholding of any required consent by such Lender) pursuant to the
second proviso to Section 13.06(a). 
  
 (c) Anything in
this Agreement to the contrary notwithstanding, if at a time when the conditions precedent set forth in Article V hereof to any Loan are, in the opinion of the Required Lenders, satisfied, any Lender (a “Defaulting Lender”) shall
fail to fulfill its obligations to make such Loan and such failure continues for at least two Business Days then, for so long as such failure shall continue, such Defaulting Lender shall (unless the Required Lenders, determined as if such Defaulting
Lender were not a “Lender” hereunder, shall otherwise consent in writing) be deemed for all purposes relating to changes, waivers, discharges and termination under this Agreement (including, without limitation, under Section
13.06(a)) to have no Loans or Commitments, shall not be treated as a “Lender” hereunder when performing the computation of Required Lenders, and shall have no rights under the first proviso of Section 13.06(a); provided
that any action taken by the other Lenders with respect to the matters referred to in clauses (i) through (iv), inclusive, of the first proviso of Section 13.06(a) shall not be effective as against such Defaulting Lender.

  
 SECTION 13.07. Register. The Agent shall maintain a
register (the “Register”), acting for this purpose (but only for this purpose) as the agent of the Borrower, on which Agent will record the Commitments from time to time of each of the Lenders, the Loans made by each of the Lenders and
each repayment in respect of the principal amount of the Loans of each Lender. Failure to make any such recordation, or any error in such recordation, shall not affect the Borrower’s obligations in respect of such Loans. With respect to any
Lender, the transfer of the Commitments of such Lender and the rights to the principal of, and interest on, any Loan made pursuant to such Commitment shall not be effective until such transfer is recorded on the Register maintained by the
Administrative Agent with respect to ownership of such Commitments and Loans, and prior to such recordation all amounts owing to the transferor with respect to such Commitments and Loans shall remain owing to the transferor. The registration of
assignment or transfer of all or part of any Commitments and Loans shall be recorded by the Administrative Agent on the Register only upon the acceptance by the Administrative Agent of a properly executed and delivered Assignment and Assumption
Agreement pursuant to Section 12.03. Coincident with the delivery of such an Assignment and Assumption Agreement to the Administrative Agent for acceptance and registration of assignment or transfer of all or part of a Loan, or as soon
thereafter as practicable, the assigning or transferor Lender shall surrender the applicable Note evidencing such Loan, and thereupon the Borrower shall, promptly upon request by the Administrative Agent, issue one or more new Notes in the same
aggregate principal amount to the assigning or transferor Lender and/or the new Lender. 
  
 SECTION 13.08. Preservation of Rights. No notice to or demand of the Borrower in any case shall entitle the Borrower to any other or further notice or demand in the same or similar circumstances. No delay or
omission of the Lenders or the Administrative Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Event of Default or an acquiescence therein, and the making of a Loan notwithstanding
the existence of an Event of Default or Unmatured Default, or the inability of the Borrower to satisfy the conditions precedent to such Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not
preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation 

  

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of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to
Section 13.06, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Lenders
until the Obligations have been paid in full and all Facility Letters of Credit have terminated and all Commitments have terminated. 
  
 SECTION 13.09. Several Obligations of Lenders. The respective obligations of the Lenders hereunder are several and not joint, and no Lender shall
be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its
obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns. 
  
 SECTION 13.10. Severability. If any one or more of the provisions
contained in this Agreement or the Notes is held invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired
thereby. 
  
 SECTION 13.11. Counterparts. This Agreement
may be executed in two or more counterparts, each of which may be executed by one or more of the parties hereto, but all of which, when taken together, shall constitute a single agreement binding on all the parties hereto. 
  
 SECTION 13.12. Right to Terminate Certain Commitments. In the event
that the Borrower at any time (a) requests the extension of the Facility B Termination Date and obtains all requisite consents to such extension provided for in this Agreement, except for those of one or more Facility B Lenders, and (b) desires to
exercise any right provided for in this Agreement to terminate a Commitment of any such non-consenting Lender, then, notwithstanding anything to the contrary contained in this Agreement, the Borrower may elect to terminate either all of such
non-consenting Lender’s Commitments or only the Facility B Commitment of such non-consenting Lender. Nothing herein contained shall limit the rights of the Borrower to terminate any Commitments otherwise provided for in this Agreement.

  
 SECTION 13.13. Loss, etc., Notes. Upon receipt by the
Borrower of reasonably satisfactory evidence of the loss, theft, destruction or mutilation of any of the Notes, upon reimbursement to the Borrower of all reasonable expenses incidental thereto and upon surrender and cancellation of the relevant
Note, if mutilated, the Borrower shall make and deliver in lieu of that Note (the “Prior Note”) a new Note of like tenor, except that no reference need be made in the new Note to any installment or installments of principal, if any,
previously due and paid upon the Prior Note. Any Note made and delivered in accordance with the provisions of this Section shall be dated as of the date to which interest has been paid on the unpaid principal amount of the Prior Note. 
  
 SECTION 13.14. Governmental Regulation. Anything contained in this
Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 
  

 97 

 SECTION 13.15. Taxes. Any taxes (excluding federal, state or local income taxes on the overall net
income of any Lender) or other similar assessments or charges payable or ruled payable by any governmental authority in respect of the Loan Documents shall be paid by the Borrower, together with interest and penalties, if any. 
  
 SECTION 13.16. Headings. Section headings in the Loan Documents are
for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents. 
  
 SECTION 13.17. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof,
provided, however, that the fees payable by Borrower are set forth in the Fee Letter. 
  
 SECTION 13.18. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW
OF CONFLICTS) OF THE STATE OF NEW YORK BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
  
 SECTION 13.19. CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR
NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF
THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE
AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
  
 SECTION 13.20. WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE
AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR
THE RELATIONSHIP ESTABLISHED THEREUNDER. 
  
 [Signatures appear on
following pages] 
  

 98 

 IN WITNESS WHEREOF, the Borrower and the Lenders have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	Borrower:
	
	LENNAR CORPORATION
		
	By:	 	 /s/    Waynewright E. Malcolm        

	 	 	

	
	 Address:
 Lennar Corporation
 700 Northwest 107th Avenue
 Miami, Florida 33172
 Attention: Bruce Gross, Chief Financial Officer
 Fax No.: (305) 227-7115

  

			
	 with copies to:

	  
 Lennar
Corporation
 700 Northwest 107th Avenue
 Miami, Florida 33172
 Attention: David McCain, General Counsel
 Fax No.: (305)
229-6650

  

			
	 and

	  
 Bilzin Sumberg
Baena Price & Axelrod LLP
 200 South Biscayne Boulevard
 Suite 2500
 Miami, FL 33131-2336
 Attention: Brian Bilzin
 Fax No.: (305) 374-7593

  

 99 

			
	Lenders:
	
	BANK ONE, NA,
	 As Lender, Administrative Agent, Issuer 
 and Swing Line Bank

		
	By:	 	 /s/    Patt Schiewitz        

	 	 	

	 Name:
	 	 Patt Schiewitz

	 	 	

	 Its:
	 	 Managing Director

	 	 	

  

			
	 Address:

	  
 Bank One,
NA
 1 Bank One Plaza
 14th Floor, Mail Suite IL1-0315
 Chicago, Illinois 60670-0151
 Attention: F. Patt Schiewitz
 Fax No.: (312) 732-5939

  

			
	 with a copy to:

	  
 Bank One,
NA
 1 Bank One Plaza, Mail Suite 0801
 Chicago, Illinois 60670-0801
 Attention: Law Department
 Fax No.: (312) 732-5144

  

 100

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