Document:

Exhibit

Exhibit 10.52
EXECUTION VERSION

New Lender Supplement
November 9, 2018
Reference is made to the Credit Agreement, dated as of May 21, 2018 (as amended, amended and restated, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”; unless otherwise defined herein, terms defined therein being used herein as therein defined), among WILLIAM LYON HOMES, INC., a California corporation, WILLIAM LYON HOMES, a Delaware corporation, the lenders from time to time party thereto (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”).
Upon (a) execution and delivery of this New Lender Supplement, dated as of the date hereof, by the parties hereto as provided in Section 2.21 of the Credit Agreement and (b) receipt by the Administrative Agent and the undersigned (the “New Lender”) of the certificate referred to in such Section 2.21 the New Lender hereby becomes a Lender under the Credit Agreement having the Commitment set forth in Schedule 1 attached hereto and shall be bound by the obligations in the Credit Agreement as a Lender and entitled to the benefits of the Credit Agreement, effective as of the Increased Facility Closing Date referred to below.
The Borrower hereby makes to each of the Administrative Agent and the New Lender, on the date hereof and on the Increased Facility Closing Date, each of the representations and warranties contained in Section 4 of the Credit Agreement, and each of such representations and warranties is hereby incorporated by reference herein.  The New Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this New Lender Supplement and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement and (iii) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter in this New Lender Supplement on the basis of which it has made such analysis and decision; and (b) agrees that (i) it will, independently and without reliance on 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 the Loan Documents and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
THIS NEW LENDER SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
This New Lender Supplement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature 

page hereof by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.  This New Lender Supplement shall be a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.
[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused this New Lender Supplement to be duly executed and delivered by their proper and duly authorized officers as of the date first written above.
	
		
	COMPASS BANK,

	 

	By /s/ Ben Weimer

	 
	 

	 
	Name: Ben Weimer

	 
	Title: Senior Vice President

Signature page to New Lender Supplement (Compass Bank)

	
		
	Accepted and agreed:

	 

	WILLIAM LYON HOMES, INC.,

	 

	By /s/ Colin T. Severn

	 
	 

	 
	Name: Colin T. Severn

	 
	Title: Senior Vice President and Chief Financial Officer

Signature page to New Lender Supplement (Compass Bank)

	
		
	JPMORGAN CHASE BANK, NA.,

	as Administrative Agent,

	 

	By /s/ Chiara Carter

	 
	 

	 
	Name: Chiara Carter

	 
	Title: Executive Director

Signature page to New Lender Supplement (Compass Bank)

ATTACHMENT 1
Commitment and Notice Address
	
			
	1.
	Name of Lender:
	Compass Bank

	 
	Notice Address:
	8080 N. Central Expressway

	 
	 
	Dallas, TX 75206

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	Attention:
	Ben Weimer

	 
	Telephone:
	(214) 360-1610

	 
	Facsimile:
	(205) 524-9584

	 
	 
	 

	2.
	Commitment:
	$40,000,000

	3.
	Increased Facility Closing Date
	November 9, 2018Exhibit

Exhibit 10.53
EXECUTION VERSION
AMENDMENT NO. 1 dated as of December 18, 2018 (this “Amendment”), to the CREDIT AGREEMENT dated as of May 21, 2018 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among WILLIAM LYON HOMES, INC., a California corporation (the “Borrower”), WILLIAM LYON HOMES, a Delaware corporation (“Parent”), the lenders from time to time party thereto (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.
A.Pursuant to the Credit Agreement, the Lenders have extended, and have agreed to extend, credit to the Borrower.

B.The Borrower and Parent have requested, and the Required Lenders have agreed, to amend the Credit Agreement as provided herein.

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement.

SECTION 2.  Amendment to the Credit Agreement.   Subject to the satisfaction of the conditions set forth in Section 4 hereof, the table set forth in Section 7.1(a) of the Credit Agreement is hereby amended  and restated in its entirety to read as follows: 
	
		
	PERIOD
	MAXIMUM LEVERAGE RATIO

	March 31, 2018 through and including June 29, 2018
	70%

	June 30, 2018 through and including December 30, 2018
	65%

	December 31, 2018 through and including December 30, 2019
	62.5%

	December 31, 2019 and thereafter
	60%

SECTION 3.  Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, Parent and the Borrower represent and warrant to each of the Lenders and the Administrative Agent that, after giving effect to this Amendment, (a) the representations and warranties set forth in Section 4 of the Credit Agreement are true and correct in all material respects (except any representations and warranties which are qualified by materiality, which are correct and accurate in all respects) on and as of the Amendment No. 1 Effective Date (as defined below) as if made on and as of the Amendment No. 1 Effective Date, provided if any such representations and warranties are expressly made only as of a prior date, such representations and warranties are true and correct in all material respects (except any representations and warranties which are qualified by materiality are correct and accurate in all respects) as of such prior date; and (b) no Default or Event of Default shall have occurred and be continuing on the Amendment No. 1 Effective Date.

SECTION 4.  Amendment Effectiveness.  This Amendment shall become effective on the date (the “Amendment No. 1 Effective Date”) on which the Administrative Agent shall have received:
(a)counterparts of this Amendment that, when taken together, bear the signatures of the Borrower, Parent and the Required Lenders;

(b)payment from the Borrower, for the account of each Lender that shall have unconditionally and irrevocably delivered to the Administrative Agent (or its counsel) its executed signature page to this Amendment at or prior to 12:00 p.m., New York City time, on December 14, 2018 (each, a “Consenting Lender”), an amendment fee in an amount equal to 0.05% of the aggregate outstanding principal amount of such Consenting Lender’s Commitments (whether drawn or undrawn) as of the Amendment No. 1 Effective Date; and

(c)reimbursement of all expenses required to be paid by the Borrower in connection with the transactions contemplated hereby.

SECTION 5.  Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Issuing Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein.  After the date hereof, any reference to the Credit Agreement shall mean the Credit Agreement as modified hereby.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

SECTION 6.  Acknowledgement and Consent. Each Loan Party hereby acknowledges that it has read this Amendment and consents to the terms hereof and further hereby affirms, confirms and agrees that (a) notwithstanding the effectiveness of this Amendment, the obligations of such Loan Party under each of the Loan Documents to which it is a party shall not be impaired and each of the Loan Documents to which such Loan Party is a party is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects, in each case, as amended hereby; and (b) its guaranty of the Obligations as and to the extent provided in the Guarantee Agreement as originally executed shall continue in full force and effect in respect of the Obligations as modified hereby.

SECTION 7.  Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall be as effective as delivery of a manually executed counterpart hereof.

SECTION 8.  Applicable Law.  THIS AMENDMENT AND ALL CLAIMS AND 

CONTROVERSIES IN CONNECTION HEREWITH SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

SECTION 9.  Submission to Jurisdiction; Waivers.  Section 10.12 of the Credit Agreement is hereby incorporated by reference in this Amendment, mutatis mutandis, and each of the parties hereto shall be bound by the terms and provisions of Section 10.12 as if such terms and provisions were originally set forth herein.

SECTION 10.  Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.
[Remainder of page intentionally left blank]

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

	
		
	WILLIAM LYON HOMES, INC.,

	By /s/ Colin T. Severn

	 
	 

	 
	Name: Colin T. Severn

	 
	Title: Senior Vice President and Chief Financial Officer

	 
	 

                                	
		
	WILLIAM LYON HOMES,

	By /s/ Colin T. Severn

	 
	 

	 
	Name: Colin T. Severn

	 
	Title: Senior Vice President and Chief Financial Officer

	 
	 

[Signature Page to Amendment No. 1 to Credit Agreement]

	
		
	JPMORGAN CHASE BANK, N.A.,

	individually and as Administrative Agent,

	By /s/ Chiara Carter

	 
	 

	 
	Name: Chiara Carter

	 
	Title: Executive Director

[Signature Page to Amendment No. 1 to Credit Agreement]

           SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                	
		
	Name of Lender: CITIBANK N.A.

	By /s/ Anita Philip

	 
	 

	 
	Name: Anita Philip

	 
	Title: Vice President

	 
	 

[CS Signature Page to New Lender Supplement]

  SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

	By /s/ William O'Daly

	 
	 

	 
	Name: William O'Daly

	 
	Title: Authorized Signatory

	 
	 

	By /s/ Michael Del Genio

	 
	 

	 
	Name: Michael Del Genio

	 
	Title: Authorized Signatory

	 
	 

  SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                	
		
	Name of Lender          SunTrust Bank

	By /s/ Lisa Smith Boyer

	 
	 

	 
	Name: Lisa Smith Boyer

	 
	Title: Senior Vice President

  SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                	
		
	Name of Lender 
Compass Bank, an Alabama banking corporation

	By /s/ Ben Weimer

	 
	 

	 
	Name: Ben Weimer

	 
	Title: Sr Vice President

  SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                	
		
	Comerica Bank

	By /s/ David Plattner

	 
	 

	 
	Name: David Plattner

	 
	Title: Vice President

SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                	
		
	Name of Lender: ZB, N.A. dba California Bank & Trust

	By /s/ Stefan Junus

	 
	 

	 
	Name: Stefan Junus

	 
	Title: Senior Vice President

SIGNATURE PAGE TO
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
CREDIT AGREEMENT DATED AS OF MAY 21, 2018

                                	
		
	Name of Lender: FLAGSTAR BANK

	By /s/ Philip Trujillo

	 
	 

	 
	Name: PHILIP TRUJILLO

	 
	Title: VICE PRESIDENT

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