Document:

Exhibit
10.3

 

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

 

This First Amendment to Employment Agreement (this “Amendment”)
is effective as of December 21, 2007 (“Effective Date”), by and among
James H. Burgess (“Executive”) and 1st Pacific Bank of California, a California
state-chartered bank (the “Bank”).

 

RECITALS

 

A.            Executive
and the Bank, have entered into that certain Employment Agreement dated November 17,
2006 (the “Agreement”);

 

B.            Executive
and the Bank desire to amend the Agreement pursuant to the terms and conditions
of this Amendment.

 

NOW, THEREFORE, in consideration of the foregoing
premises and the mutual covenants and conditions set forth below, and for other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

 

1.             Definitions.           Unless otherwise defined in this
Amendment, all capitalized terms herein shall have the meanings ascribed to
them in the Agreement.

 

2.             Salary.  Section 3.1 of the Agreement is
deleted in its entirety and replaced with the following:

 

“3.1           Salary.  The Bank shall pay Executive a minimum annual
salary, pro rated for partial years, at the rate of One Hundred Fifty Two
Thousand Dollars ($152,000) for the period of the Effective Date through November 15,
2007, increasing to One Hundred Sixty Six Thousand Four Hundred Dollars
($166,400) for the period of November 15, 2007 through December 31,
2008, due and payable biweekly, or otherwise in accordance with the Bank’s
policy for the scheduling of salary payments to employees as in effect from
time to time.  Other salary increases, if
any, shall only be as approved by the Bank Board in its sole discretion.”

 

3.             Stock Option grant.  A new Section 3.8 shall be added to the
Agreement and shall read as follows:

 

“3.8         Stock Option Grant.
The Bank shall provide or cause to be provided to Executive one grant of stock
options pursuant to the 1st Pacific Bancorp 2007 Omnibus Stock Incentive
Plan.  The grant will be for 20,000 stock
options subject to the terms and conditions set forth in a Non-Qualified Stock
Option Agreement attached hereto as Exhibit D approved by the Bank Board
and the Board of  Directors of 1st
Pacific Bancorp, the parent company of the Bank.  The Non-Qualified Stock Option Agreement is
incorporated by reference to this Agreement.”

 

4.             Exhibit D.  Exhibit D attached hereto to this
Amendment shall be added and attached to the Agreement as a new Exhibit D
thereto.

 

1

 

5.             Counterparts.  This Amendment may be executed in several
counterparts that together shall be originals and constitute one and the same
instrument.  Each of the parties warrants
to each of the other parties that the individual executing this Amendment on
behalf of such party has the requisite authority to execute this Amendment and
to bind such party to all the provisions of this Amendment.

 

6.             Continuing Validity.  Except as expressly modified by this
Amendment, the terms and conditions of the Agreement will remain unchanged and
in full force and effect, and are expressly incorporated by reference in this
Amendment.  In the event of a conflict
between the terms of this Amendment and the Agreement, the terms of this
Amendment will prevail.

 

[The remainder of this page intentionally
left blank.]

 

2

 

IN WITNESS WHEREOF, the parties have executed this
Amendment as of the Effective Date.

 

	
  BANK:

  	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
  1st PACIFIC BANK OF
  CALIFORNIA,

  a California state-chartered bank

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
        /s/
  A. Vincent Siciliano 

  	
   

  	
         /s/
  James H. Burgess 

  
	
    A. Vincent
  Siciliano, President and CEO

  	
   

  	
  James H. Burgess

  
				

 

3

 

Exhibit D

 

Stock Option Agreement

 

1ST PACIFIC BANCORP 2007 OMNIBUS STOCK
INCENTIVE PLAN

 

Non-Qualified Stock Option Agreement

 

THIS Non-Qualified Stock Option Agreement (“Award
Agreement”) is made this 21st day of December, 2007, between 1st
Pacific Bancorp (the “Company”) and James H. Burgess  (“Participant”) pursuant and subject to the
provisions of the 1st Pacific Bancorp 2007 Omnibus Stock Incentive
Plan (the “Plan”).  Unless otherwise
defined herein, all terms used in this Award Agreement that are defined in the
Plan shall have the meaning as defined in the Plan.

 

1.                                       Award of Non-Qualified Stock Option. 
Pursuant to the provisions of the Plan, the Company will and hereby does
award to the Participant a Non-Qualified Stock Option to purchase up to Twenty
Thousand (20,000) shares of Common Stock (“Shares”).  Subject to the other terms of this Award
Agreement and the provisions of the Plan that accelerate or terminate vesting
or result in early termination in certain circumstances, this Non-Qualified
Stock Option shall be exercisable only with respect to vested shares, on or
after the applicable Vesting Date, under the following terms:

 

(a)                   Vesting Schedule: 
Vesting is subject to a performance-based graded vesting schedule that
annually measures ROAE of 1st Pacific Bank of California (the “Bank”)
for the Performance Period against ROAE of the Comparative Group for that same
Performance Period.  Each “Performance
Period” shall be the calendar year.  The
first Performance Period under this Agreement shall run from January 1,
2008 to December 31, 2008.  A
maximum of 4,000 shares can become vested for any single Performance
Period.  Vesting shall be based on the
Bank’s ROAE during each Performance Period relative to the Comparative Group
for that same Performance Period, as shown on the following table:

 

	
  Bank
  ROAE Relative to Comparative Group

  (Performance Standard)

  	
   

  	
  Vesting Amount

  
	
   

  	
   

  	
   

  
	
  2008 Performance
  Period: Bank ROAE must be equal to or greater than the ROAE at the top of the
  lower 33rd percentile of members of the Comparative Group

  	
   

  	
  4,000
  Shares

  
	
   

  	
   

  	
   

  
	
  2009 Performance
  Period: Bank ROAE must be equal to or greater than the ROAE at the top of the
  50th percentile of members of the Comparative Group

  	
   

  	
  4,000
  Shares

  
	
   

  	
   

  	
   

  
	
  2010 Performance
  Period: Bank ROAE must be equal to or greater than the ROAE at the top of the
  50th percentile of members of the Comparative Group

  	
   

  	
  4,000
  Shares

  
	
   

  	
   

  	
   

  
	
  2011 Performance
  Period: Bank ROAE must be equal to or greater than the ROAE at the top of the
  50th percentile of members of the Comparative Group

  	
   

  	
  4,000
  Shares

  

 

1

 

	
  2012 Performance
  Period: Bank ROAE must be equal to or greater than the ROAE at the top of the
  50th percentile of members of the Comparative Group

  	
   

  	
  4,000
  Shares

  
	
   

  	
   

  	
   

  
	
  Each Performance
  Period after 2012: Bank ROAE must be equal to or greater than the ROAE at the
  top of the 50th percentile of members of the Comparative Group

  	
   

  	
  100% of
  available Roll Forward Shares, if any, provided that a maximum of 4,000
  Shares may vest for any given Performance Period)

  

 

Vesting can occur for a given Performance Period only
if the Participant is still employed by the Company (or a subsidiary thereof)
on the last day of that Performance Period.

 

The Company may, in its
discretion, lower the performance standards for any given Performance
Period.  The Company shall lower the
performance standards for any given Performance Period to match the actual and
ultimate performance goals applicable under the 1st  Pacific
Bank of California Incentive Compensation Plan for Senior Management.

 

(b)                  Roll Forward Shares:  Any unvested
shares that do not become vested for a Performance Period shall be rolled
forward for possible vesting in a subsequent Performance Period.  For example, if the performance standards are
not met for the first two Performance Periods (2008 and 2009), then there will
still be 20,000 unvested shares available for vesting after 2009.  Continuing this example, if the performance
standards are met for 2010, then 4,000 of the 20,000 unvested shares will vest
for that 2010 Performance Period, and the remaining 16,000 shares will roll
forward for possible vesting in subsequent Performance Periods.  All unvested shares will continue to roll
forward to subsequent Performance Periods during the term of this Award
Agreement.  A maximum of 4,000 shares can
become vested for any single Performance Period.

 

(c)                   Vesting Date: 
The Committee shall make the determination of whether the above vesting
Schedule is satisfied for a given Performance Period using the information
applicable to the Performance Period for the Bank and the Comparative
Group.  Such determination shall occur as
soon as administratively possible following such Performance Period, and in no
event later than two weeks after such data is available by the FFIEC following
the Performance Period for which ROAE would be measured.  Notwithstanding anything in this Agreement to
the contrary, if ROAE of one or more members of a Comparative Group cannot be
calculated as of the end of a Performance Period because such information is
not available or for any other reason, then ROAE of such member of the
Comparative Group shall be calculated and construed in a manner that is most
favorable to the Participant.

 

(d)                  ROAE Defined:  For purposes
of this Agreement, and as applied to the Bank and each member of the
Comparative Group, ROAE for the Performance shall be as set forth in the FFIEC
data base.

 

2

 

(e)                   Comparative Group Defined: 
Until Such time as changed with the consent of the Participant, the
Comparative Group for purposes of this Agreement shall consist of the
following:

 

	
  1. 1st Centennial Bank

  	
  Redlands, California

  
	
  2. American Business Bank

  	
  Los Angeles, California

  
	
  3. American River Bank

  	
  Sacramento, California

  
	
  4. Bank of Alameda

  	
  Alameda, California

  
	
  5. Bridge Bank, N.A.

  	
  San Jose, California

  
	
  6. Butte Community Bank

  	
  Chico, California

  
	
  7. Desert Hills Bank

  	
  Phoenix, Arizona

  
	
  8. First Commerce Bank

  	
  Encino, California

  
	
  9. First National Bank of Northern California

  	
  Daly City, California

  
	
  10. Heritage Oaks Bank

  	
  Paso Robles, California

  
	
  11. National Bank of California

  	
  Los Angeles, California

  
	
  12. Nevada Security Bank

  	
  Reno, Nevada

  
	
  13. Pacific State Bank

  	
  Stockton, California

  
	
  14. Premier Commercial Bank

  	
  Anaheim, California

  
	
  15. Premier Valley Bank

  	
  Fresno, California

  
	
  16. Regents Bank, N.A.

  	
  La Jolla, California

  
	
  17. Valley Business Bank

  	
  Visalia, California

  

 

Notwithstanding the
foregoing, the Company reserves the right to adjust the Plan’s Comparative
Group from time to time.  If the
Participant and the Company do not agree on the Company’s proposed adjustments,
then the Participant shall have the right to present his position to the full
board of directors.  In that event,
implementing the adjustments proposed by the Company shall require a two-thirds
majority of those directors present and eligible to vote.

 

2.                                       Exercise Price. 
The exercise price of this Award is Ten Dollars ($10.00) per Share,
which is not less than the Fair Market Value of Common Stock on the date of
grant of this Award.  The exercise price
per Share shall be paid upon exercise of all or any part of each installment
which has become exercisable by the Participant.  Payment of the exercise price shall be made
by cash at the time of exercise.

 

3.                                       Minimum Exercise. 
The minimum number of Shares with respect to which this Award may be
exercised at any one time is the lesser of 500 or the number of Shares as to
which this Award is exercisable at the date of exercise.

 

4.                                       Taxation.  The
Participant acknowledges that federal and state income and payroll tax may
apply upon exercise of this Award.  The
Participant hereby agrees that if withholding is required, the Company shall
withhold applicable taxes on such amount from other income or assets payable to
the Participant as required to satisfy all withholding requirements.  If withholding pursuant to the foregoing
sentence is insufficient (in the sole judgment of the Company) to satisfy the
full withholding obligation, the Participant agrees that he or she will pay
over to the Company the amount of cash necessary to satisfy such remaining
withholding 

 

3

 

obligation on the date this Award is exercised or at a
time thereafter specified in writing by the Company.

 

5.                                       Assurances Upon Exercise. 
The Participant hereby makes the following representations, and the
Company may require any person to whom this Award is transferred under Section 9
of this Award Agreement to make the following representations, as a condition
of exercising this Award: (i) that he or she has the requisite knowledge
and experience in financial and business matters and/or he or she will employ a
purchaser representative reasonably satisfactory to the Company who is
knowledgeable and experienced in financial and business matters, and that he or
she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising this Award; and (ii) that
he or she is acquiring Shares subject to this Award for such person’s own
account and not with any present intention of selling or otherwise distributing
the Shares.  The foregoing requirements
and assurances given pursuant to such requirements, shall be inoperative if: (i) the
issuance of the Shares upon the exercise of this Award has been registered
under a then currently effective registration statement under the Securities
Act of 1933, as amended; or (ii) as to any particular requirement, a
determination is made by counsel for the Company that such requirement need not
be met in the circumstances under the then applicable securities laws.  The Company may, upon advice of counsel to
the Company, place legends on stock certificates issued upon exercise of this
Award as such counsel deems necessary or appropriate in order to comply with
Applicable Laws, including, but not limited to, legends restricting the
transfer of the stock.

 

6.                                       Term.  The term of
this Award Agreement commences on the date hereof and, unless sooner terminated
as set forth in the Plan, terminates ten (10) years from the date it was
granted.  Notwithstanding the provisions
of Section 6.4(b) of the Plan, if the Participant’s employment with
the Bank is terminated as described in Section 4.1.5 of the Participant’s
Employment Agreement dated November 17, 2006, as amended (the “Employment
Agreement”), then this Option shall remain exercisable for the remainder of the
otherwise applicable term of the Award Agreement, notwithstanding such
termination, provided that the Participant complies with the Business
Protection Covenants of Section 6.6 of the Employment Agreement.  If the Participant fails to comply with the
Business Protection Covenants of Section 6.6 of the Employment Agreement,
then the Options under this Award Agreement shall be automatically terminated.

 

7.                                       Participant Acknowledgments. By executing this Award Agreement, the
Participant acknowledges and agrees as follows:

 

(a)                                  The Participant and his or her
transferees have no rights as a shareholder with respect to any Shares covered
by this Award Agreement until the date of the issuance of a stock certificate
for such Shares.

 

(b)                                 The Company is not providing the
Participant with advice, warranties or representations regarding any of the
legal or tax effects to the Participant with respect to this Award Agreement or
the Fair Market Value of the Common Stock.

 

8.                                       Notice of Exercise. 
This Award may be exercised, to the extent specified above, by
delivering written notice of exercise together with the exercise price to the
Secretary of the 

 

4

 

Company, or to such other person as the Company may
designate, during regular business hours, together with such additional
documents as the Company may then require pursuant to the Plan.  The notice must specify the number of Shares
to be purchased upon exercise and a date within fifteen (15) days after receipt
of the notice by the Company on which the purchase is to be completed.

 

9.                                       Transferability. 
Other than pursuant to a domestic relations order (within the meaning of
Rule 16a-12 promulgated under the Exchange Act) and unless determined
otherwise by the Administrator, this Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or
by the laws of descent or distribution, and may be exercised, during the
lifetime of the Participant, only by the Participant.

 

10.                                 Securities Registration.  THE SECURITIES BEING OFFERED HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
UNLESS SUCH SECURITIES ARE INCLUDED IN AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT AND ARE QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, OR SUCH
OFFER, SALE OR TRANSFER IS EXEMPT THEREFROM.

 

11.                                 Successors and Assigns. 
Except as otherwise expressly provided herein, this Award Agreement
shall be binding upon and inure to the benefit of the parties hereto, and their
respective representatives, successors and assigns.  The Participant may not assign any of his or
her rights or delegate any of his or her duties hereunder, without the written
consent of the Company, which may be withheld in its sole and absolute
discretion, and any such attempted assignment or delegation without such
consent shall be void.

 

12.                                 Notices.  All notices,
requests, demands and other communications hereunder shall be in writing and
shall be deemed to have been duly given to the Company when received by the
Secretary of the Company, and to the Participant on the second business day
following the date mailed by United States Mail, postage prepaid, at the
following addresses, or at such other address as shall be given in writing by
either party to the other:

 

	
   

  	
  Company:

  	
  A. Vincent
  Siciliano

  
	
   

  	
   

  	
  Chief Executive
  Officer

  
	
   

  	
   

  	
  1st Pacific Bank
  of California

  
	
   

  	
   

  	
  9333 Genesee,
  Suite 300

  
	
   

  	
   

  	
  San Diego, CA
  92121

  
	
   

  	
   

  	
  Fax: (858)
  875-2020

  
	
   

  	
   

  	
   

  
	
   

  	
  Participant:

  	
  James H. Burgess

  
	
   

  	
   

  	
  C/O 1st Pacific
  Bank of California

  
	
   

  	
   

  	
  9333 Genesee,
  Suite 300

  
	
   

  	
   

  	
  San Diego, CA
  92121

  
	
   

  	
   

  	
  Fax: (858)
  875-2020

  

 

5

 

13.                                 Choice of Law and Venue. 
This Award Agreement and all questions relating to its validity,
interpretation, performance and enforcement shall be governed by and construed
in accordance with the laws of the State of California, without giving effect
to the conflict of laws provisions thereof. 
Any legal proceeding arising out of this Award Agreement shall be
brought only in a state or federal court of competent jurisdiction located in
San Diego, California.

 

14.                                 Amendment.  This Award
Agreement may be amended or modified only by the written agreement of all
parties hereto.

 

15.                                 Entire Agreement. 
The Plan and this Award Agreement and the other documents delivered
hereunder constitute the full and entire understanding and agreement between
the parties with regard to the subject matter hereof, and supersede all prior
agreements, understanding, inducements or conditions, express or implied, oral
or written, relating to the subject matter hereof, except as herein
contained.  The express terms of the Plan
and this Award Agreement control and supersede any course of performance and/or
usage of trade inconsistent with any of the terms hereof.

 

16.                                 Attorney Fees. 
If any legal action is necessary to enforce the terms of this Award
Agreement, the prevailing party shall be entitled to recover, in addition to
other amounts to which the prevailing party may be entitled, actual attorneys’
fees and costs.

 

17.                                 Severability. 
The provisions of this Award Agreement are severable.  In the event that one or more of the
provisions contained in the Plan or this Award Agreement or in any other
agreement referred to herein shall, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity or unenforceability
shall not effect the remaining provisions of the Plan or the Award
Agreement.  Further a court of competent
jurisdiction shall have the authority to rewrite, interpret or construe the
terms of the Plan and Award Agreement so as to render them enforceable to the
maximum extent allowed by law, consistent with the intent of the parties as
evidenced hereby.

 

18.                                 Counterparts. 
This Award Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same
instrument.

 

[The remainder of this page intentionally left
blank.]

 

6

 

IN WITNESS WHEREOF, 1st
Pacific Bancorp has caused this Award Agreement to be signed by the
Administrator, and the Participant has affixed his or her signature hereto.

 

1st
Pacific Bancorp:

 

 

	
   

  
	
  A. Vincent
  Siciliano, Chief Executive Officer

  

 

ACCEPTANCE AND ACKNOWLEDGMENT

 

I, a resident of the State of California, accept the
Non-Qualified Stock Option Award described in this Award Agreement and in the
Plan, and acknowledge receipt of a copy of the Plan and this Award
Agreement.  I further acknowledge that I
have read the Plan and Award Agreement carefully, I fully understand their
contents, and I agree to be bound by the same.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  James H. BurgessEXHIBIT 10.1

 

FIFTH AMENDMENT TO AMENDED AND RESTATED

REVOLVING CREDIT LOAN AGREEMENT

 

GREENWOOD FINANCIAL, INC.,

A DELAWARE CORPORATION,

AND CERTAIN AFFILIATES

Borrowers

 

ORLEANS HOMEBUILDERS, INC.,

A DELAWARE CORPORATION

Guarantor

 

WACHOVIA BANK, NATIONAL ASSOCIATION

Administrative Agent

 

WACHOVIA CAPITAL MARKETS, LLC

Lead Arranger

 

BANK OF AMERICA, N.A.

Syndication Agent

SOVEREIGN BANK

Documentation Agent

MANUFACTURERS AND TRADERS TRUST COMPANY

Documentation Agent

NATIONAL CITY BANK

Documentation Agent

WACHOVIA BANK, NATIONAL ASSOCIATION

FIRSTRUST BANK

GUARANTY BANK

CITIZENS BANK OF PENNSYLVANIA

COMMERCE BANK, N.A.

SUNTRUST BANK

REGIONS BANK

FRANKLIN BANK, SSB

COMERICA BANK

COMPASS BANK, an Alabama Banking Corporation

JPMORGAN CHASE BANK, N.A.

LASALLE BANK NATIONAL ASSOCIATION

DEUTSCHE BANK TRUST COMPANY AMERICAS

Lenders

 

Executed: as of December 21, 2007

 

 

FIFTH AMENDMENT TO AMENDED AND RESTATED

REVOLVING CREDIT LOAN AGREEMENT

 

This Fifth Amendment to Amended and Restated
Revolving Credit Loan Agreement (this “Amendment”), executed as of December 21,
2007, but effective as of the Effective Date, by and among GREENWOOD FINANCIAL,
INC., a Delaware corporation (“Master Borrower”), each of the other entities
identified on Schedule 1.1A that is attached hereto as “Borrowers,” ORLEANS
HOMEBUILDERS, INC., as Delaware corporation as guarantor (“Guarantor”), the
Lenders who are a party hereto, and WACHOVIA BANK, NATIONAL ASSOCIATION, as
Agent for the Lenders (“Agent”).

 

BACKGROUND

 

A.            Master
Borrower, Agent, the Lenders, Guarantor and the Borrowers are parties to an
Amended and Restated Revolving Credit Loan Agreement dated as of January 24,
2006, and amended by a First Amendment to Amended and Restated Revolving Credit
Loan Agreement dated as of November 1, 2006, a Second Amendment to Amended
and Restated Revolving Credit Loan Agreement executed as of February 7,
2007, a Third Amendment to Amended and Restated Revolving Credit Loan Agreement
executed as of May 8, 2007, and a Fourth Amendment to Amended and Restated
Revolving Credit Loan Agreement executed as of September 6, 2007 (as so
amended, the “Agreement”).  All
capitalized terms used but not specifically defined herein have the meanings
defined in the Agreement.

 

B.            The
parties hereto desire to modify and amend the Agreement in the manner set forth
in this Amendment.

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are
acknowledged, and intending to be legally bound hereby, the parties hereto
agree as follows:

 

1.             Effect of this
Amendment.  This Amendment shall
become effective (but as of the Effective Date) only upon the execution of this
Amendment by the Borrowers, Guarantor, Agent and Requisite Lenders.

 

2.             Definitions.

 

2.1           The
following terms defined in this Section 2 of this Amendment shall replace,
as of the Effective Date, the definitions of such terms that were contained in Section 1.1
of the Agreement:

 

“Applicable
Spread” means the rate per annum determined from time to time in accordance
with the following:

 

	
  (i)

  	
  If the relevant Leverage Ratio is:

  	
   

  	
  the Applicable Spread shall be:

  
	
   

  	
  Not greater than 2.00:1

  	
   

  	
  2.500% (250.0 “basis points”)

  
	
   

  	
  Greater than 2.00:1 and not greater than 2.50:1

  	
   

  	
  2.625% (262.5 “basis points”)

  
	
   

  	
  Greater than 2.50:1 and not greater than 3.00:1

  	
   

  	
  2.750% (275.0 “basis points”)

  

 

 

	
  Greater than 3.00:1 and not greater than 3.25:1

  	
   

  	
  3.000% (300.0 “basis points”)

  
	
  Greater than 3.25:1 and not greater than 3.50:1

  	
   

  	
  3.500% (350.0 “basis points”)

  
	
  Greater than 3.50:1

  	
   

  	
  4.000% (400.0 “basis points”)

  

 

(ii)           The Applicable
Spread shall be adjusted quarterly as provided in Section 2.4.2.

 

“Borrower” means, individually and at any
time, Master Borrower, each Person identified on Schedule 1.1A and each Eligible Affiliate which has
theretofore qualified as a “Borrower” pursuant to Section 2.1.1.3, together with any Person that is a successor to all or substantially
all of the assets and liabilities of any Person that immediately prior to such
succession was a Borrower (including, in particular, any liabilities of such
Person arising out of this Agreement or any other Loan Document) and which
succession was a result of any merger, consolidation, conversion or other
reorganization undertaken pursuant to an Internal Reorganization;
provided that if any entity that is a successor to any Borrower(s) as a
result of an Internal Reorganization was not previously a Borrower, such entity
shall promptly execute and deliver to Agent and the Lenders such documents as
are required to be executed and delivered by new Borrowers by Section 2.1.1.3.

 

“Debt Service” means, with respect to a
Relevant Accounting Period, (i) interest paid (whether expensed or
capitalized) as reported on Guarantor’s Financial Statements (but excluding
interest attributable under GAAP to any Option Agreement) plus (ii) required
principal payments on any Debt (excluding (a) with, respect to any
permitted purchase money mortgage debt, release prices paid upon the conveyance
of any Unit, (b) principal payments of Loans, Swing Line Loans and Letter
of Credit Advances, and (c) any payments made pursuant to any Option
Agreement) plus (iii) mandatory preferred stock dividends minus
(iv) interest income.

 

“Leverage Ratio” means, at any time, the
ratio of Guarantor’s Consolidated Total Indebtedness to Guarantor’s Consolidated
Adjusted Tangible Net Worth; provided, however, that only for purposes of
determining Guarantor’s Leverage Ratio, the amount of Guarantor’s Consolidated
Total Indebtedness as of any date shall be reduced by (i) the amount by
which (a) the average of the aggregate month-end unrestricted cash, restricted cash due from
title companies and Cash Equivalents balances of Borrowers and
Guarantor, each on a consolidated basis, during the Fiscal Quarter then-ended
exceeds (b) $20,000,000, and (ii) the amount of any Permitted Debt
that is attributable to any Option Agreement.

 

2.2           The
following definitions are hereby added to Section 1.1 of the Agreement:

 

“Inventory Impairments” means the “after-tax” (with the after-tax
effect determined in accordance with GAAP) dollar amount of any impairment
charges, write-downs, asset write-offs, abandonment charges and deposit
forfeitures or write-offs of other pre-acquisition costs and similar amounts
and the amortization of intangibles arising pursuant to GAAP, and other similar
accruals or expenses, in each case recorded or accrued to or against any asset
(including without limitation owned or controlled Land, Units, works in
progress, option contracts and/or other similar items) as of a date that is
after November 30, 2007 and before April 1, 2008.

 

2

 

“Land Sales Impairments” means the “after tax” (with the after-tax
effect determined in accordance with GAAP) dollar amount of losses (including
without limitation any loss on sale), impairment charges, write-downs, asset
write-offs and other similar impairments, accruals or expenses that are
attributable to the settlement of the sale of any Land and/or Units and that
are accrued or recorded as of a date that is after November 30, 2007 and
on or before March 31, 2008.

 

“Option Agreement” means an agreement of sale or purchase, option
agreement, or any similar agreement executed by a Borrower or Guarantor, or a
subsidiary of either, whereby such entity has the right to purchase Land or
Units previously owned by a Borrower, Guarantor or a wholly-owned subsidiary of
either, or portions thereof (except any such agreement giving rise to any
liability recorded or reflected (or which would typically be recorded or
reflected) on Guarantor’s balance sheet pursuant to GAAP as “Inventory not
owned - Variable Interest Entities”); and provided further that any such
agreement shall be deemed to be an “Option Agreement” only if Agent determines,
in its sole discretion, that, in the event of any default by such entity under
such agreement such entity shall have no material financial obligations and no
material liability as a consequence of such entity’s default thereunder (other
than the termination of such agreement and/or forfeiture of any deposit made or
other amounts paid in connection with such agreement).

 

2.3           The
following is added as the last sentence of the definition of “Consolidated
Total Indebtedness” and “Debt”:  “Notwithstanding
anything to the contrary in this definition of Consolidated Total Indebtedness
and Debt, Consolidated Total Indebtedness and Debt shall not include (i) the
amount of any Permitted Debt that is attributable to any Option Agreement, or (ii) any
obligation arising out of the sale and/or sale and leaseback of any model
Units, provided that (a) each such transaction (or series of transactions)
with any purchaser or group of affiliated purchasers shall be with respect to
five (5) or fewer model Units in the aggregate, (b) Agent determines,
in its sole discretion, that if the Borrower, Guarantor or any wholly-owned
subsidiary of either that is party to such transaction defaults thereunder,
such entity shall have no material financial obligation and no material
liability as a consequence of such default, other than the termination of the
transaction, and (c) the maximum aggregate amount that may at any time be
excluded from Consolidated Total Indebtedness and Debt pursuant to this clause (ii) shall
not exceed $10,000,000.

 

2.4           The
following are added as Clauses (vii) and (viii) of the definition of “Permitted
Debt”:

 

(vii)         Debt
for GAAP purposes attributable to Option Agreements, but only to the extent
that the original notional principal amount of such Debt does not exceed
$35,000,000.

 

(viii)        Any
Debt arising out of any loan from one Borrower to another Borrower or Guarantor
or any loan from Guarantor to any Borrower.

 

2.5           Upon
the execution of this Amendment by Borrowers, Guarantor, Agent and Requisite
Lenders, this Amendment shall become effective as of December 1, 2007 (the
“Effective Date”), except that the
Applicable Spread shall be re-calculated and adjusted on and as of December 21,
2007, based upon the Covenant Compliance Certificate dated as of 

 

3

 

September 30,
2007, that was previously delivered to Agent (and without adjustment to such
Covenant Compliance Certificate on the basis of this Amendment).

 

3.             Borrowing Base
Availability.  Notwithstanding
anything to the contrary contained in Section 3.3.2.4 of the Agreement:

 

3.1           The
maximum Borrowing Base Availability attributable to Asset Class (ii),
including models, determined on the basis of any Borrowing Base Certificate
that is provided in accordance with Section 3.4 shall not exceed (a) 45%
of the aggregate Borrowing Base Availability attributable to Asset Classes (i) and
(ii) (including model Units) as shown on any such Borrowing Base
Certificate dated as of a date that is after November 30, 2007 and is
before May 31, 2008; (b) 40% of the aggregate Borrowing Base
Availability attributable to Asset Classes (i) and (ii) (including
model Units) as shown on any Borrowing Base Certificate dated as of a date that
is on or after May 31, 2008 and before August 31, 2008, and (c) 37.5%
of the aggregate Borrowing Base Availability attributable to Asset Classes (i) and
(ii) (including model Units) as shown on any Borrowing Base Certificate
that is dated as of a date that is on or after August 31, 2008.

 

3.2           The
maximum percentage of Borrowing Base Availability attributable to Asset Classes
(iii), (iv) and (v), based on Borrowing Base Certificates dated as of a
date that is before August 31, 2008, shall (a) be increased to 56%
if, as of the date of the relevant Borrowing Base Certificate, the aggregate
gross proceeds received from the disposition by Borrowers of model Units, which
dispositions were recorded by Borrowers and “closed” after October 31,
2007, are at least $10,000,000; and (b) shall be increased to 57% if, as
of the date of the relevant Borrowing Base Certificate, such aggregate gross
sales proceeds are at least $20,000,000.

 

4.             Financial
Covenants.  Article VIII of the
Agreement is hereby deleted, as of the Effective Date, and the following is
inserted in its place:

 

ARTICLE
VIII. FINANCIAL COVENANTS

 

So long as the Obligations shall remain
unpaid or Lenders have any obligation to make Loans or issue Letters of Credit
hereunder, Borrowers shall comply with the following covenants.  For purposes of all calculations made for purposes
of determining compliance with the financial covenants contained in this Article VIII
and the interpretation of any defined terms used in this Article VIII,
assets and liabilities associated with (i) any Option Agreement or (ii) option
or land bank arrangements of any Borrower or Affiliate of Guarantor that are
required to be included in the balance sheet of Guarantor, solely due to
Interpretation Number 46, as issued by the Financial Accounting Standards Board
in January 2003 (as revised), shall not be included within the calculation
performed to determine compliance with the covenants contained in Sections 8.1,
8.2, 8.3, 8.4, 8.5, 8.7 or 8.8 hereof. 
Compliance with the covenants contained in this Article VIII shall,
as appropriate, be determined on the combined Financial Statements of Guarantor
(which shall include all Borrowers, Guarantor and all consolidated subsidiaries
of any Borrower or Guarantor).

 

8.1           Debt
Service Coverage Ratio.  There shall
be no required Debt Service Coverage Ratio as of the last day of the Fiscal
Quarters ended December 31, 2007, or March 31, 

 

4

 

2008.  As of the last day of each of the following
Fiscal Quarters the Debt Service Coverage Ratio shall be greater than or equal
to the following applicable ratios:

 

	
  Fiscal Quarters Ended

  	
   

  	
  Minimum Required Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2008

  	
   

  	
  0.20:1

  	
   

  
	
  September 30, 2008

  	
   

  	
  0.50:1

  	
   

  
	
  December 31, 2008

  	
   

  	
  0.65:1

  	
   

  
	
  March 31, 2009

  	
   

  	
  0.65:1

  	
   

  
	
  June 30, 2009

  	
   

  	
  0.65:1

  	
   

  
	
  September 30, 2009

  	
   

  	
  1.00:1

  	
   

  

 

8.2           Consolidated
Tangible Net Worth.

 

8.2.1        Subject
to the provisions of Section 8.2.2, Guarantor shall maintain a minimum
Consolidated Tangible Net Worth that is equal to an amount that is not less
than (i) $192,000,000, plus (ii) an amount equal to fifty percent
(50%) of the positive net income of Guarantor earned during each Fiscal Quarter
that ends after June 30, 2007 plus (iii) all of the net proceeds of
equity securities issued by Guarantor or any of its subsidiaries after June 30,
2007.

 

8.2.2        The
minimum Consolidated Tangible Net Worth required of Guarantor at any time
pursuant to Section 8.2.1 shall be reduced by the aggregate of (i) Inventory
Impairments, up to a maximum aggregate amount of $35,000,000 and (ii) Land
Sales Impairments, up to a maximum aggregate amount of $50,000,000, of which a
maximum aggregate amount of not more than $15,000,000 may be attributable to
Land Sales Impairments accrued or recorded as of a date that is after December 31,
2007 and on or before March 31, 2008.

 

8.2.3 
Notwithstanding anything to the contrary set forth in Section 8.2.1
or 8.2.2, Guarantor must at all times maintain Consolidated Tangible Net Worth
of at least $130,000,000.

 

8.3           Leverage.

 

8.3.1        As of the last day of each Fiscal
Quarter that ends on or after December 31, 2007, Guarantor’s Leverage Ratio
shall not exceed 4.00:1.

 

8.3.2        As of the last day of each Fiscal
Quarter that ends on or after December 31, 2007, Guarantor’s Leverage
Ratio, adjusted to exclude the effect of Inventory Impairments and Land Sales
Impairments, shall not exceed 3.00:1.

 

8.4           Investments
in Joint Ventures.  The aggregate
value of Guarantor’s and Borrowers’ investments in Joint Ventures or in any
other entity that is not directly or indirectly wholly-owned by Guarantor shall
at no time exceed fifteen (15%) percent of Guarantor’s Consolidated Adjusted
Tangible Net Worth.

 

5

 

8.5           Ownership
of Land.

 

On the last
day of each Fiscal Quarter that ends on or after June 30, 2007, (i) the
aggregate book value of all Approved Land and Raw Land owned by Borrowers,
Guarantor or any subsidiary of a Borrower or Guarantor shall not exceed twenty
five percent (25%) of Guarantor’s Consolidated Adjusted Tangible Net Worth and (ii) the
ratio of (a) the book value of all Land owned by Borrowers, Guarantor or
any subsidiary of a Borrower or Guarantor which is not subject to a Qualifying
Agreement of Sale and on which no Unit has been constructed or is being
constructed to (b) Guarantor’s Consolidated Adjusted Tangible Net Worth
shall not exceed the following applicable ratio:

 

	
  Fiscal Quarter Ending

  	
   

  	
  Applicable Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2007

  	
   

  	
  2.10:1

  	
   

  
	
  September 30, 2007

  	
   

  	
  2.00:1

  	
   

  
	
  December 31, 2007

  	
   

  	
  2.00:1

  	
   

  
	
  March 31, 2008

  	
   

  	
  2.00:1

  	
   

  
	
  June 30, 2008

  	
   

  	
  1.85:1

  	
   

  
	
  September 30, 2008

  	
   

  	
  1.85:1

  	
   

  
	
  December 31, 2008

  	
   

  	
  1.85:1

  	
   

  
	
  March 31, 2009 and thereafter

  	
   

  	
  1.75:1

  	
   

  

 

8.6           Units
in Inventory.  At no time shall the
aggregate number of Units (whether completed or under construction) owned by
Borrowers, Guarantor or any subsidiary of Guarantor and not subject to a Qualifying
Agreement of Sale exceed forty percent (40%) of the total number of Units sold
and settled by Borrowers, Guarantor and all subsidiaries of Guarantor during
the immediately preceding four (4) Fiscal Quarters.

 

8.7           Cash
Flow From Operations.  If as of the
last day of any Fiscal Quarter that ends on or after December 31, 2007,
the Debt Service Coverage Ratio is less than 1.25:1, the Cash Flow Coverage
Ratio as of such day shall be greater than or equal to 1.50:1; provided,
however, that if such Cash Flow Coverage Ratio is less than 1.50:1, such shall
not be deemed to be a breach of the covenant contained in this Section 8.7
if (a) such Cash Flow Coverage Ratio is at least 1.00:1 and (b) the
Cash Flow Coverage Ratio as of the last day of each of the three (3) immediately
preceding Fiscal Quarters ending on or after December 31, 2007 was at
least 1.50:1; provided further, however, that if the Cash Flow Coverage
Ratio as of the last day of a Fiscal Quarter ending on December 31, 2007, March 31,
2008, or June 30, 2008 is greater than 1.00:1 but less than 1.50:1 and the
covenant contained in the preceding clause (b) is not satisfied, such
shall not be a default hereunder unless the Cash Flow Coverage Ratio as of the
last day of any of the other of the Fiscal Quarters ending on December 31,
2007, March 31, 2008, June 30, 2008, and September 30, 2008 also
is less than 1.50:1.

 

8.8           Liquidity.  Each Borrowing Base Certificate delivered to
Agent as of a date after November 30, 2007, shall include a statement of
the then-current aggregate amounts Borrowers’ and Guarantor’s cash (including
without limitation restricted cash due from title companies) and Cash
Equivalents, each on a consolidated basis, as of the reporting date.  The 

 

6

 

aggregate of
Borrowers’ and Guarantor’s cash and Cash Equivalents, each on a consolidated
basis, as of the reporting date of each Borrowing Base Certificate dated as of
a date before August 31, 2008 shall not be less than $10,000,000, and shall
be not less than $15,000,000 thereafter. 
The Liquidity as of the reporting date of each Borrowing Base
Certificate dated as of a date before August 31, 2008 shall not be less
than $15,000,000, and shall be not less than $20,000,000 thereafter.

 

8.9           Reports
Regarding Financial Covenants. 
Within fifty (50) days following the end of each of the first three
Fiscal Quarters of each fiscal year, and within eighty (80) days after the end
of each fourth Fiscal Quarter of each fiscal year (or within five (5) Business
Days after Guarantor files its Annual Report on Form 10-K for such Fiscal
Year, if earlier), Borrowers shall submit to Agent a Covenant Compliance
Certificate, in the form attached hereto as Exhibit 8.7 and executed by
the chief financial officer of Guarantor, confirming that the Borrower is in
compliance with the financial covenants of this Article VIII as of the
dates provided herein for compliance.

 

5.             Internal
Reorganization.

 

5.1           Section 6.5 of the Loan Agreement is
hereby deleted and the following inserted in its place:  “Each Borrower (except for a Borrower that
ceases to maintain its existence solely as a result of an Internal
Reorganization) shall, and shall cause Guarantor to, preserve and maintain its
existence and good standing in the jurisdiction of its formation, and qualify
and remain qualified as a foreign entity in each jurisdiction in which such
qualification is required.

 

5.2           Section 7.3.1 of the Loan Agreement
is hereby amended to provide that an Internal Reorganization shall not be
subject to the provisions thereof.  For
purposes of the Agreement, “Internal Reorganization” means (i) any
reorganization (a) between or among any Borrower or Borrowers and Guarantor or
(b) between or among any Borrower and one or more other Borrowers or (c) any
combination thereof, by way of liquidations, mergers, consolidations,
conveyances, assignments, sales, transfers and other dispositions of all or
substantially all of the assets of a Borrower (whether in one transaction or in
a series of transactions) or (b) any conversion from one form of entity to
another (e.g., conversion from a corporation to a limited liability company);
provided that (a) the Guarantor shall preserve and maintain its status as a
validly existing corporation, and (b) all assets, liabilities, obligations and
guarantees of any Borrower party to such reorganization will continue to be
held by such Borrower or be assumed by another Borrower or Guarantor.

 

5.3           Section 7.3.2
of the Loan Agreement is hereby deleted and the following inserted in its
place:  “Sell, assign, lease or otherwise
dispose of (whether in one transaction or in a series of transactions) all or
substantially all of its assets (whether now owned or hereafter acquired) to
any Person or permit Guarantor to do any of the foregoing, except (a) for (i) the
sale or other disposition of Land, Lots and/or Units in the ordinary course of
business; (2) the sale or other disposition of assets no longer used or
useful in the conduct of its business; and (3) the sale and/or sale and
leaseback of model Units; and (b) sales, leases, assignments or other
dispositions made solely pursuant to an Internal Reorganization.

 

7

 

5.4           Section 9.4 of the Loan Agreement is
hereby deleted and the following inserted in its place:  “The dissolution or reorganization of
Borrower, other than a dissolution or reorganization of a Borrower solely as a
result of an Internal Reorganization.”

 

6.             No Defense.  Each of the Borrowers and Guarantor hereby
(i) ratifies and affirms their respective obligations and liabilities under the
Loan Documents to which they are a party and (ii) represents to, and agrees
with, Agent and Lenders that on the Effective Date it has no defense, set-off
or counterclaim to or against any of such liabilities or obligations.

 

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 shall be deemed to be an original and shall be binding
upon all parties, their successors and assigns, and all of which taken together
shall constitute one and the same agreement.

 

8.             Entire
Agreement.  The
Agreement (as amended by this Amendment) and the other Loan Documents contain
the entire agreement and understanding among Borrowers, Guarantor, Lenders and
Agent regarding the Facility.  All prior
negotiations and discussions between or among any of the parties hereto
regarding the Facility and the terms and conditions thereof are superseded by
the Agreement (as amended by this Amendment) and the other Loan Documents.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement under seal the day and year set
forth above.

 

	
  Master Borrower:

  	
  Greenwood Financial, Inc., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  LAWRENCE J. DUGAN

  	
   

  
	
   

  	
   

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  
	
  Corporate Borrowers:

  	
  Masterpiece Homes, Inc.

  
	
   

  	
  OHB Homes, Inc.

  
	
   

  	
  Orleans Corporation

  
	
   

  	
  Orleans Corporation of New Jersey

  
	
   

  	
  Orleans Construction Corp.

  
	
   

  	
  Parker & Lancaster Corporation

  
	
   

  	
  Parker & Orleans Homebuilders, Inc.

  
	
   

  	
  Sharp Road Farms, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  LAWRENCE J. DUGAN

  	
   

  
	
   

  	
   

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Vice President

  
					

 

[Borrowers’ signatures continued on the following page]

 

8

 

	
  Limited Liability Company

  	
   

  
	
  Borrowers:

  	
   

  
	
   

  	
  OPCNC, LLC

  
	
   

  	
  Orleans at Bordentown, LLC

  
	
   

  	
  Orleans at Cooks Bridge, LLC

  
	
   

  	
  Orleans at Covington Manor, LLC

  
	
   

  	
  Orleans at Crofton Chase, LLC

  
	
   

  	
  Orleans at East Greenwich, LLC

  
	
   

  	
  Orleans at Elk Township, LLC

  
	
   

  	
  Orleans at Evesham, LLC

  
	
   

  	
  Orleans at Hamilton, LLC

  
	
   

  	
  Orleans at Harrison, LLC

  
	
   

  	
  Orleans at Hidden Creek, LLC

  
	
   

  	
  Orleans at Jennings Mill, LLC

  
	
   

  	
  Orleans at Lambertville, LLC

  
	
   

  	
  Orleans at Lyons Gate, LLC

  
	
   

  	
  Orleans at Mansfield, LLC

  
	
   

  	
  Orleans at Maple Glen, LLC

  
	
   

  	
  Orleans at Meadow Glen, LLC

  
	
   

  	
  Orleans at Millstone, LLC

  
	
   

  	
  Orleans at Millstone River Preserve, LLC

  
	
   

  	
  Orleans at Moorestown, LLC

  
	
   

  	
  Orleans at Tabernacle, LLC

  
	
   

  	
  Orleans at Upper Freehold, LLC

  
	
   

  	
  Orleans at Wallkill, LLC (f/k/a Kabro of Middletown, LLC)

  
	
   

  	
  Orleans at Westampton Woods, LLC

  
	
   

  	
  Orleans at Woolwich, LLC

  
	
   

  	
  Orleans Arizona Realty, LLC (f/k/a Orleans at King Ranch, LLC)

  
	
   

  	
  Orleans DK, LLC

  
	
   

  	
  Parker Lancaster, Tidewater, LLC

  
	
   

  	
  Wheatley Meadows Associates, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  LAWRENCE J. DUGAN

  	
   

  
	
   

  	
   

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Vice President

  

 

[Borrowers’ signatures continued on the following page]

 

9

 

	
  Limited Partnership

  	
   

  
	
  Borrowers:

  	
   

  
	
   

  	
  Brookshire Estates, L.P. (f/k/a Orleans at Brookshire Estates, L.P.)

  
	
   

  	
  Orleans at Falls, LP

  
	
   

  	
  Orleans at Limerick, LP

  
	
   

  	
  Orleans at Lower Salford, LP

  
	
   

  	
  Orleans at Thornbury, LP

  
	
   

  	
  Orleans at Upper Saucon, L.P.

  
	
   

  	
  Orleans at Upper Uwchlan, LP

  
	
   

  	
  Orleans at West Bradford, LP

  
	
   

  	
  Orleans at West Vincent, LP

  
	
   

  	
  Orleans at Windsor Square, LP

  
	
   

  	
  Orleans at Wrightstown, LP

  
	
   

  	
  Stock Grange, LP

  
	
   

  	
  By:

  	
  OHI PA GP, LLC, sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  LAWRENCE J. DUGAN

  	
   

  
	
   

  	
   

  	
   

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  Orleans RHIL, LP

  
	
   

  	
  Realen Homes, L.P.

  
	
   

  	
  By:

  	
  RHGP, LLC, sole General Partner

  
	
   

  	
   

  	
  By:

  	
  Orleans Homebuilders, Inc.,

  
	
   

  	
   

  	
   

  	
  Authorized Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
  GARRY P. HERDLER

  	
   

  
	
   

  	
   

  	
   

  	
  Garry P. Herdler, Executive

  
	
   

  	
   

  	
   

  	
  Vice President &

  
	
   

  	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
  Guarantor:

  	
  Orleans Homebuilders, Inc., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GARRY P. HERDLER

  	
   

  
	
   

  	
   

  	
  Garry P. Herdler, Executive

  
	
   

  	
   

  	
  Vice President &

  
	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  Agent:

  	
  Wachovia Bank, National Association

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JEFFREY D. WALLACE

  	
   

  
	
   

  	
   

  	
  Jeffrey D. Wallace

  
	
   

  	
   

  	
  Senior Vice President

  
														

 

10

 

	
   

  	
  LENDER SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED
  REVOLVING CREDIT LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER
  BORROWER, DATED AS OF DECEMBER 21, 2007:

  

 

 

	
   

  	
  WACHOVIA BANK,

  
	
   

  	
  NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JEFFREY D. WALLACE

  	
   

  
	
   

  	
   

  	
  Jeffrey D. Wallace, Senior Vice President

  

 

11

 

	
   

  	
  LENDER SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED
  REVOLVING CREDIT LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER
  BORROWER, DATED AS OF DECEMBER 21, 2007:

  

 

 

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SEAN FINNEGAN

  	
   

  
	
   

  	
   

  	
  Name: Sean Finnegan

  
	
   

  	
   

  	
  Title:   Sr. Vice President

  

 

12

 

	
   

  	
  LENDER SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED
  REVOLVING CREDIT LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER
  BORROWER, DATED AS OF DECEMBER 21, 2007:

  

 

 

	
   

  	
  SOVEREIGN BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ERNEST J. KOCIBAN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Ernest J. Kociban

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice-President

  
					

 

13

 

	
   

  	
  LENDER SIGNATURE PAGE TO FIFTH AMENDMENT TO
  AMENDED AND RESTATED REVOLVING CREDIT LOAN AGREEMENT WITH GREENWOOD
  FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF DECEMBER 21, 2007:

  

 

 

	
   

  	
  MANUFACTURERS AND TRADERS TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BERNARD T. SHIELDS

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Bernard T. Shields

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

14

 

	
   

  	
  LENDER SIGNATURE PAGE TO FIFTH AMENDMENT TO
  AMENDED AND RESTATED REVOLVING CREDIT LOAN AGREEMENT WITH GREENWOOD
  FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF DECEMBER
          , 2007:

  

 

 

	
   

  	
  NATIONAL CITY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  

 

15

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  FIRSTRUST BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GARY S. KINN

  	
   

  
	
   

  	
   

  	
  Name: Gary S. Kinn

  
	
   

  	
   

  	
  Title:   Senior Vice President

  

 

16

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  GUARANTY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  LINDA GARCIA

  	
   

  
	
   

  	
   

  	
  Name: Linda Garcia

  
	
   

  	
   

  	
  Title:   SVP

  

 

17

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  CITIZENS BANK OF PENNSYLVANIA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BRUCE G. SHEARER

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Bruce G. Shearer

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

18

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  COMMERCE BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JOSEPH L. RAGO

  	
   

  
	
   

  	
   

  	
  Name: Joseph L. Rago

  
	
   

  	
   

  	
  Title: 
  Vice President

  

 

19

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER         , 2007:

  

 

 

	
   

  	
  SUNTRUST BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

20

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  REGIONS BANK, successor by merger to

  
	
   

  	
  Amsouth Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DANIEL McCLURKIN

  	
   

  
	
   

  	
   

  	
  Name: Daniel McClurkin

  
	
   

  	
   

  	
  Title:   Assistant Vice President

  

 

21

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER         , 2007:

  

 

 

	
   

  	
  FRANKLIN BANK, SSB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Virgil J. Haplea, Senior Vice President

  

 

22

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  COMERICA BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ADAM SHEETS

  	
   

  
	
   

  	
   

  	
  Name: Adam Sheets

  
	
   

  	
   

  	
  Title:   Assistant Vice President

  

 

23

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  COMPASS BANK, an Alabama Banking 

  
	
   

  	
  Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JOHANNA DUKE PALEY

  	
   

  
	
   

  	
   

  	
  Name: Johanna Duke Paley

  
	
   

  	
   

  	
  Title:   Senior Vice President

  

 

24

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER         , 2007:

  

 

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

25

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  LaSALLE BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SEAN FINNEGAN

  	
   

  
	
   

  	
   

  	
  Name: Sean Finnegan

  
	
   

  	
   

  	
  Title:   Sr. Vice President

  

 

26

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
  LOAN AGREEMENT WITH GREENWOOD FINANCIAL, INC. AS MASTER BORROWER, DATED AS OF
  DECEMBER 21, 2007:

  

 

 

	
   

  	
  DEUTSCHE BANK TRUST COMPANY 

  
	
   

  	
  AMERICAS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DUSAN LAZAROV

  	
  SILVIA L. SPEAR

  
	
   

  	
   

  	
  Name: Dusan Lazarov

  	
   

  	
  Silvia L. Spear

  
	
   

  	
   

  	
  Title:   Vice President

  	
   

  	
  Managing Director

  

 

27

 

Schedule 1.1A  -  Schedule of Borrowers

 

	
  Master:

  	
  Greenwood
  Financial, Inc.

  
	
   

  	
   

  
	
  Corporate:

  	
   

  
	
   

  	
  Masterpiece
  Homes, Inc.

  
	
   

  	
  OHB
  Homes, Inc.

  
	
   

  	
  Orleans
  Corporation

  
	
   

  	
  Orleans
  Corporation of New Jersey

  
	
   

  	
  Orleans
  Construction Corp.

  
	
   

  	
  Parker &
  Lancaster Corporation

  
	
   

  	
  Parker &
  Orleans Homebuilders, Inc.

  
	
   

  	
  Sharp
  Road Farms, Inc.

  
	
   

  	
   

  
	
  Limited
  Liability Companies:

  	
   

  
	
   

  	
  OPCNC,
  LLC

  
	
   

  	
  Orleans
  at Bordentown, LLC

  
	
   

  	
  Orleans
  at Cooks Bridge, LLC

  
	
   

  	
  Orleans
  at Covington Manor, LLC

  
	
   

  	
  Orleans
  at Crofton Chase, LLC

  
	
   

  	
  Orleans
  at East Greenwich, LLC

  
	
   

  	
  Orleans
  at Elk Township, LLC

  
	
   

  	
  Orleans
  at Evesham, LLC

  
	
   

  	
  Orleans
  at Hamilton, LLC

  
	
   

  	
  Orleans
  at Harrison, LLC

  
	
   

  	
  Orleans
  at Hidden Creek, LLC

  
	
   

  	
  Orleans
  at Jennings Mill, LLC

  
	
   

  	
  Orleans
  at Lambertville, LLC

  
	
   

  	
  Orleans
  at Lyons Gate, LLC

  
	
   

  	
  Orleans
  at Mansfield, LLC

  
	
   

  	
  Orleans
  at Maple Glen, LLC

  
	
   

  	
  Orleans
  at Meadow Glen, LLC

  
	
   

  	
  Orleans
  at Millstone, LLC

  
	
   

  	
  Orleans
  at Millstone River Preserve, LLC

  
	
   

  	
  Orleans
  at Moorestown, LLC

  
	
   

  	
  Orleans
  at Tabernacle, LLC

  
	
   

  	
  Orleans
  at Upper Freehold, LLC

  
	
   

  	
  Orleans
  at Wallkill, LLC (f/k/a Kabro of Middletown, LLC)

  
			

 

(Schedule of Borrowers continued on the following page)

 

 

	
   

  	
  Orleans
  at Westampton Woods, LLC

  
	
   

  	
  Orleans
  at Woolwich, LLC

  
	
   

  	
  Orleans
  Arizona Realty, LLC (f/k/a Orleans at King Ranch, LLC)

  
	
   

  	
  Orleans
  DK, LLC

  
	
   

  	
  Parker
  Lancaster, Tidewater, LLC

  
	
   

  	
  Wheatley
  Meadows Associates, LLC

  

 

	
  Limited
  Partnerships:

  	
   

  
	
   

  	
  Brookshire
  Estates, L.P.(f/k/a Orleans at Brookshire Estates, L.P.)

  
	
   

  	
  Orleans
  at Falls, LP

  
	
   

  	
  Orleans
  at Limerick, LP

  
	
   

  	
  Orleans
  at Lower Salford, LP

  
	
   

  	
  Orleans
  RHIL, LP

  
	
   

  	
  Orleans
  at Thornbury, LP

  
	
   

  	
  Orleans
  at Upper Saucon, L.P.

  
	
   

  	
  Orleans
  at Upper Uwchlan, LP

  
	
   

  	
  Orleans
  at West Bradford, LP

  
	
   

  	
  Orleans
  at West Vincent, LP

  
	
   

  	
  Orleans
  at Windsor Square, LP

  
	
   

  	
  Orleans
  at Wrightstown, LP

  
	
   

  	
  Realen
  Homes, L.P.

  
	
   

  	
  Stock
  Grange, LP

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}]]