Document:

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

PELICAN FINANCIAL, INC. 

(a Delaware Corporation)

 

 

THIS REGISTRATION RIGHTS AGREEMENT (“Agreement”) is made as of the 15th
day of December, 2005, by and between Pelican Financial, Inc. a Delaware
corporation (the “Company”), and Stark Bank Group, Ltd. (“Shareholder”).

 

RECITALS

 

WHEREAS, Shareholder (the “Investor”) has purchased shares of the
Series A Preferred Stock of the Company (the “Series A Preferred Stock”) in a
private placement offering of the Series A Preferred Stock by the Company (the
“Private Placement”); and

 

WHEREAS, the terms of the Series A Preferred Stock and of the Private
Placement provide, among other things, that the Company and each Investor shall
enter into this Agreement to provide for certain arrangements with respect to
the registration of the shares of the Common Stock of the Company which are
issuable upon a conversion of the shares of the Series A Preferred Stock in
accordance with the conversion terms of the Series A Preferred Stock; and

 

WHEREAS, the Company and Shareholder accordingly desire to enter into
this Agreement, all upon the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Investor
hereby agrees as follows:

 

1.             Registration
Rights.  The Company and Shareholder
covenant and agree as follows:

 

1.1           Definitions.  For purposes of this Paragraph 1:

 

(a)           The
terms “register”, “registered”, and “registration” each refer to a registration
effected by preparing and filing a registration statement under the Securities
Act and the declaration or ordering of effectiveness of such registration
statement by the SEC.

 

(b)           The
term “Registrable Securities” means the shares of the Common Stock of the
Company issued or issuable upon a conversion of the shares of the Series A
Preferred Stock (the “Series A Preferred Stock”) in accordance with the terms
of the Series A Preferred Stock, excluding in all cases, however, any
Registrable Securities which have been previously sold by a person or entity in
a transaction in which such person’s or entity’s rights under this Section 1
are not assigned or pursuant to an effective registration statement or pursuant
to an exemption from the registration requirements 

 

 

under the Securities Act and any Registrable Securities that are
eligible for sale pursuant to Rule 144(k) promulgated under the Securities Act
of 1933.

 

(c)           The
term “Holder” means any person or entity owning or having the right to acquire
Registrable Securities or any permitted assignee thereof in accordance with
Section 1.10 hereof.

 

(d)           The
term “Form S-3” means such form under the Securities Act as in effect on the
date hereof or any other registration form under the Securities Act which
permits inclusion or incorporation of substantial information by reference to
other documents previously filed by the Company with the SEC.

 

(e)           The
term “Securities Act” means the United States Securities Act of 1933, as
amended.

 

(f)            The
term “SEC” means the United States Securities and Exchange Commission.

 

1.2.          Company
Demand and Piggy Back Registration.

 

(a)           Demand Registration.

 

                                (i)            Holders
shall be entitled to one demand registration right (a “Demand Registration”)
under the 1933 Act covering all or part of the Registrable Securities as
Holders may request, commencing on or after October 1, 2006, provided, however,
that Holders may exercise such right only in the event that they shall have
converted all their Series A Preferred Stock into Common Stock.  Any such registration right shall be
exercised by a majority of the Holders consenting to and giving notice thereof
to the Company.  Upon receipt of such
notice the Company shall, (i) promptly give written notice of the proposed
registration to all Holders; and (ii) as expeditiously as possible, prepare and
file a registration statement covering the number of Registrable Securities
requested by the Holders, together with all or such portion of Registrable
Securities of any Holder or Holders joining in such request as are specified in
a written request received by the Company within Twenty (20) days after receipt
of such written notice from the Company and shall use its reasonable efforts to
cause such registration statement to become effective and remain open for a
period not to less than one hundred twenty (120) days.  The Company shall be required to effect only
one Demand Registration on behalf of all of the Holders.

 

                                                                (ii)           In the event (i) Holders shall determine for any reason
not to proceed with a registration at any time before the registration
statement has been declared effective by the SEC, (ii) such registration
statement is thereafter withdrawn with respect to the Registrable Securities,
and (iii) Holders shall agree to bear its own expenses incurred in connection
therewith and to reimburse the Company for such expenses incurred by the
Company attributable to the registration of the 
Registrable Securities, Holders shall not 

 

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                                                be deemed to
have exercised a right to require the Company to register the Shares pursuant
to this Section at the expense of the Company.

 

(b)           Piggy-Back
Registration.  If at any time after
October 1, 2006, the Company proposes to file a registration statement
under the Securities Act with respect to an offering by the Company for its own
account or for the account of any of its securityholders (a “Selling Securityholder”)
of any class of equity security (other than (i) a registration statement on
Form S-4 or S-8 (or any substitute form that may be adopted by the
SEC) or (ii) a registration statement filed in connection with an exchange
offer or offering of securities solely to the Company’s existing
securityholders), then the Company shall give written notice of such proposed
filing to the Holders of Registrable Securities as soon as practicable (but in
no event less than 20 days before the anticipated filing date), and such notice
shall offer such Holders the opportunity to register such number of shares of
Registrable Securities as each such Holder may request (which request shall
specify the Registrable Securities intended to be disposed of by such Holder
and the intended method of distribution thereof) (a “Piggy-Back Registration”);
provided, however, that Holders may exercise such right only in the event that
they shall have converted all their Series A Preferred Stock into Common Stock.  The Company shall use its reasonable best
efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be
included in a Piggy-Back Registration to be included on the same terms
and conditions as those of the Selling Securityholder or the Company, as the
case may be, and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method of distribution thereof. Any
Holder shall have the right to withdraw its request for inclusion of its
Registrable Securities in any Registration Statement pursuant to this Section
2(b) by giving written notice to the Company of its request to withdraw prior
to the effective date of such registration statement.  The Company may withdraw a Piggy-Back
Registration at any time prior to the time it becomes effective, provided that
the Company shall give prompt notice thereof to participant Holders and shall
reimburse Holders of Registrable Securities requested to be included in such
Piggy-Back Registration of all reasonable out-of-pocket expenses
(including counsel fees and expenses) incurred prior to such withdrawal.

 

(c)           Anything in this
Agreement to the contrary notwithstanding, the Company shall not be required to
register any Registrable Securities (and shall be entitled to suspend the
availability of any registration statement and prospectus then in effect) for a
period of up to 180 days after it issues the Holders a notice (“Deferral
Notice”) that there exists a pending corporate development that, in the
reasonable discretion of the Board of Directors, makes it appropriate to
suspend the filing or availability of such registration statement and related
prospectus.

 

1.3.          Obligations of
the Company.  Whenever required under
this Paragraph 1 to effect the registration of any Registrable Securities, the
Company shall, as expeditiously as reasonably possible:

 

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(a)           Prepare
and file with the SEC a registration statement with respect to such Registrable
Securities and use its reasonable best efforts to cause such registration
statement to become effective and, upon the request of the Holders of a
majority of the Registrable Securities registered thereunder, keep such
registration statement effective for up to one hundred twenty (120) days for
the purpose of attempting to sell all of the Common Stock which was registered
with the SEC under the registration statement.

 

(b)           Prepare
and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration
statement as may be necessary to comply with the provisions of the Securities
Act.

 

(c)           Furnish
to a Holder such number of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such
other documents as the Holder may reasonably request in order to facilitate the
disposition of Registrable Securities owned by that Holder.

 

(d)           Use
its reasonable best efforts to register and qualify the Common Stock covered by
such registration statement under such other securities or Blue Sky laws of
such states in the United States as shall be reasonably requested by the
Holders of a majority of the Registrable Securities registered thereunder,
provided that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to
service of process in any such states.

 

(e)           In
the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with
the managing underwriter of such offering. 
Each Holder participating in the offering shall also enter into and
perform is obligations under such underwriting agreement, as provided in
Section 1.6 hereof

 

(f)            Notify
each Holder of Registrable Securities covered by such registration statement,
at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, of the happening of any event as a result of which
the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing (in which event
the Holders agree to suspend their sales under the registration statement and
prospectus until notified by the Company that it has filed an amendment to the
registration statement or prospectus supplement to correct such untrue
statement or omission).

 

1.4.          Furnish
Information.  It shall be a condition
precedent to the obligations of the Company to take any action pursuant to this
Paragraph 1 with respect to the Registrable Securities of any selling Holder
that such Holder shall furnish the Company with all such information regarding
the Holder, the Registrable Securities held by the Holder, and the intended
method of disposition of such securities as shall be necessary or appropriate
to effect the registration of such Holder’s Registrable Securities.

 

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1.5.          Expenses of
Company Registration.  Except as
provided below in this Section 1.5, the Company shall bear and pay all expenses
incurred in connection with any registration of Registrable Securities pursuant
to Section 1.2 hereof for each Holder, including, without limitation, all
registration, filing, and qualification fees, printers and accounting fees
relating or apportionable thereto and the fees and disbursements of one legal
counsel for the selling Holders selected by the Holders of a majority of the
Registrable Securities which are being registered (provided, that the Company
shall not be required to pay more than $5,000 in the aggregate under this
Agreement for all such counsel fees and expenses), but excluding, however,
underwriting discounts and commissions relating to Registrable Securities
(which shall be paid by the Holders).

 

1.6.          Underwriting
Requirements.  In connection with any
offering involving an underwriting of shares of the Company’s Common Stock, the
Company shall not be required under Section 1.2 to include any holder’s
Registrable Securities in such underwriting unless the Holder accepts the terms
of the underwriting as agreed upon between the Company and the underwriters
selected by the Company, and then only in such quantity as the underwriters
determine in their sole discretion will not jeopardize the success of the
offering by the Company. If the total amount of shares of Registrable
Securities and of the Common Stock to be sold by other shareholders in such
offering exceeds the amount that the underwriters determine in their sole
discretion is compatible with the success of the offering, then the Company
shall be required to include in the offering only that number of such shares
which the underwriters determine in their sole discretion will not jeopardize
the success of the offering (with the number of shares as so determined by the
underwriters to be apportioned pro rata among the respective Holders and other
selling shareholders according to the total amount of shares entitled to be
included therein by each such respective Holder and other selling shareholder).
For purposes of the preceding parenthetical concerning apportionment of shares
among Holders and other selling shareholders, in apportioning shares to a
Holder which is a partnership or corporation, the partners, retired partners
and shareholders of such Holder, or the estates and family members of any such
partners, retired partners or shareholders, and any trusts for the benefit of
any of the foregoing described persons or entities shall be deemed to be a
single “Holder”, and any pro rata reduction with respect to such “Holder” shall
be based upon the aggregate amount of shares of Registrable Securities owned by
all persons and entities included in such “Holder”, as defined in this
sentence.

 

1.7.          No Delay of
Registration.  No Holder shall have
any right to obtain or seek any injunction restraining or otherwise delaying
any registration as a result of any controversy that might arise with respect
to the interpretation or implementation of this Agreement.

 

1.8.          Indemnification.
 In the event any Registrable Securities
are included in a registration statement under this Paragraph 1:

 

(a)           To
the extent permitted by law the Company will indemnify and hold harmless each
Holder, and each person or entity, if any, who or which controls such Holder
within the meaning of the Securities Act or the United States Securities
Exchange Act of 1934, as amended (the “1934 Act”), against any losses, claims,
damages, or liabilities (joint or several) to which they may become subject
under the Securities Act, the 1934 Act or other federal or state law, but only
insofar as such losses, claims, damages, or 

 

5

 

liabilities (or actions in respect thereof) arise out of or are based
upon any of the following statements, omissions or violations (collectively, a
“Violation”): (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement, including in any
preliminary prospectus or final prospectus contained therein or in any
amendments or supplements thereto, (ii) the omission or alleged omission to
state therein a material fact required to be started therein, or necessary to
make the statements therein not misleading, or (iii) any violation or alleged
violation by the Company of the Securities Act, the 1934 Act, any state
securities law or any rule or regulation promulgated under the Securities Act,
the 1934 Act or any state securities law; and the Company will pay to each such
Holder, or controlling person or entity, as incurred, any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this subsection 1.8(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability, or
action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in
any case or in any respect whatsoever for any such loss, claim, damage,
liability, or action to the extent that it arises out of or is based in any way
upon a Violation which occurs in reliance upon and in conformity with any
written information furnished expressly for use in connection with such registration
by such Holder or any controlling person of such Holder.

 

(b)           To
the extent permitted by law, each selling Holder will indemnify and hold
harmless the Company, each of its directors, each of its officers who has
signed the registration statement, each person or entity, if any, who or which
controls the Company within the meaning of the Securities Act or the 1934 Act,
any underwriter, any other Holder selling securities under such registration
statement, and any person or entity who or which controls any such underwriter
or other Holder within the meaning of the Securities Act or the 1934 Act,
against any losses, claims, damages, or liabilities (joint or several) to which
any of the foregoing persons or entities may become subject, under the Securities
Act, the 1934 Act or other federal or state law, insofar as such losses,
claims, damages, or liabilities (or actions in respect thereto) arise out of or
are in any way based on reliance upon and in conformity with any written
information furnished for use in connection with such registration by such
Holder or any controlling person or entity of such Holder; and each such Holder
will pay, as incurred, any legal or other expenses reasonably incurred by any
person or entity to be indemnified pursuant to this subsection 1.08(b) in
connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity agreement contained
in this subsection 1.08(b) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably
withheld; and provided that in no event shall any indemnity under this
subsection 1.08(b) exceed the gross proceeds received by such Holder from the
sale of the Holder’s Registrable Securities in the offering.

 

6

 

(c)           Promptly
after receipt by an indemnified party under this Section 1.08 of notice of the
commencement of any action (including any governmental action), such
indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this Section 1.08, deliver to the indemnifying party a
written notice of the commencement thereof and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, assume
the defense thereof with counsel mutually satisfactory to the indemnifying
party and the indemnified party; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel,
with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party and the indemnifying party by the
counsel retained by the indemnifying party would be inappropriate, in the view
of such counsel, under applicable legal ethical standards due to actual or
potential differing interests between the indemnified party and the
indemnifying party or any other indemnified parties. The failure to deliver
written notice to the indemnifying party within a reasonable time of the
commencement of any such action, if prejudicial to the indemnifying party’s
ability to defend such action, shall relieve such indemnifying party of any
liability to the indemnified party under this Section 1.08, but the omission to
deliver written notice to the indemnifying party will not relieve the
indemnifying party of any liability that it may have to any indemnified party
otherwise than under this Section 1.08.

 

(d)           If
the indemnification provided for in this Section 1.08 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect
to any loss, liability, claim, damage, action, or expense, then the
indemnifying party, in lieu of indemnifying such indemnified party hereunder,
shall contribute to the amount paid or payable by such indemnified party as a
result of such loss, liability, claim, damage, action or expense in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party, on the one hand, and of the indemnified party, on the other, in
connection with the statements or omissions that resulted in such loss,
liability, claim, damage, action or expense, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things,
whether the statement or omission relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information, and opportunity to correct or prevent
such statement or omission.

 

(e)           Notwithstanding
the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection
with an underwritten public offering are in conflict with this Section 1.08,
the provisions in the underwriting agreement shall control to the full extent
of such inconsistency.

 

(f)            The
obligations of the Company and the Holders under this Section 1.08 shall
survive the completion of any offering of Registrable Securities under a
registration statement under this Paragraph 1, and otherwise.

 

7

 

1.9.          Reports Under
Securities Exchange Act of 1934.  With
a view to making available to the Holders the benefits of Rule 144 promulgated
under the Securities Act and any other rule or regulation of the SEC that may
at any time permit a Holder to sell shares of the Common Stock of the Company
to the public without registration or pursuant to a registration on SEC Form
S-3, the Company agrees to:

 

(a)           make
and keep public information available, as those terms are understood and
defined in SEC Rule 144, at all times after ninety (90) days after the
effective date of the initial public offering filed by the Company for the
offering of its Common Stock to the general public; provided, however, that the
Company has no obligation to make such initial public offering;

 

(b)           take
such action as is reasonably necessary to enable the Holders to utilize SEC
Form S-3 for the sale of their Registrable Securities; and

 

(c)           file
with the SEC in a timely manner all reports and other documents required of the
Company under the Securities Act and the 1934 Act;

 

provided,
however, that the Company shall not be deemed to be in breach of this Section
in the event that it is unable to file any report with the SEC because of any
unresolved accounting issue.

 

1.10.        Assignment of
Registration Rights.  The rights of a
Holder under this Agreement may be assigned (but only with all related
obligations) by the Holder to an affiliate (as defined in Rule 144 promulgated
under the Securities Act) of the Holder to whom all of the Registrable
Securities of the Holder have been transferred; provided the Company is within
a reasonable time after such transfer or assignment, furnished with written
notice of the name and address of such transferee or assignee and the
Registrable Securities with respect to which such rights and obligations are
being assigned; and provided, further, that such transfer or assignment shall
be effective only if immediately following such transfer or assignment the
further disposition of such Registrable Securities by the transferee or
assignee is restricted under the Securities Act.

 

1.11.        “Market
Stand-Off” Agreement.  Shareholder
hereby agrees that, during the period of duration specified by the Company and
an underwriter of the Company (such period not to exceed 180 days), following
the effective date of a registration statement of the Company filed under the
Securities Act with respect to the Common Stock or other securities of the
Company, Shareholder shall not, to the extent requested by the Company and such
underwriter, directly or indirectly sell, offer to sell, contract to sell
(including, without limitation, any short sale), grant any option to purchase
or otherwise transfer or dispose of (other than to donees who agree to be
similarly bound) any Registrable Securities of the Company held by Shareholder
at any time during such period, except only shares of Common Stock of the
Company held by the Shareholder and which are included in such registration
statement; provided however, that all executive officers and directors of the
Company and all other persons or entities with 

 

8

 

registration rights (whether or not pursuant to this Agreement) are
required by the underwriter to enter into similar agreements.

 

In order to enforce the foregoing covenant, the Company may impose stop
transfer instructions with respect to the Registrable Securities held by
Shareholder (and the shares or securities of every other person or entity
subject to the foregoing restriction) until the end of such period.

 

1.12.        Termination of
Registration Rights.  No Holder shall
be entitled to exercise or shall otherwise have any rights provided for in this
Paragraph 1 after December 31, 2015.

 

2.             Miscellaneous.

 

2.1.          Successors and
Assigns.  Except as otherwise
provided herein, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective successors and assigns of the
parties (including transferees or assignees of the Series A Preferred Stock or
the Registrable Securities).

 

2.2.          Governing Law.
 This Agreement shall be governed by and
construed under the laws of the State of Iowa, but without regard to provisions
thereof relating to conflicts of law.

 

2.3.          Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

2.4.          Titles and
Subtitles.  The titles and subtitles
used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement.

 

2.5.          Notices.  Unless otherwise provided herein, any notice
required or permitted to be given under this Agreement shall be given in
writing and shall be deemed effectively given upon personal delivery to the
party to be notified or upon deposit with the United States Post Office, by
registered or certified mail, postage prepaid and addressed to the party to be
notified at the address indicated for such party on the signature page hereto,
or at such either address as such party may designate by ten (10) days advance
written notice to the other party.

 

2.6.          Amendments and
Waivers.  Any term of this Agreement
may be amended and the observance of any term or this Agreement may be waived
(either generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the Holders of
a majority of the Series A Preferred Stock and Registrable Securities then
outstanding, except that this Agreement may be amended to include as parties
hereto all holders of Common Stock of the Company on the date hereof (the
“Common Holders”) by a written instrument executed by the Company and each
Common Holder electing to be included as a party hereto. Any amendment or
waiver effected in accordance with this Section 2.6 shall be binding upon each
Holder of any Registrable Securities then outstanding, each future holder of
all such Registrable Securities, and the Company.

 

9

 

2.7.          Severability.
 If one or more provisions of this
Agreement are held to be unenforceable under applicable law, such provision
shall be excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable is
accordance with its terms.

 

2.8.          Entire Agreement.
 This Agreement (including the Exhibits
hereto, if any) constitutes the full and entire understanding and agreement
between the parties with regard to the subject matters hereof and thereof.

 

 

(remainder of page intentionally left blank)

 

10

 

IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first above written.

 

Pelican
Financial, Inc.

 

 

	
  By:

  	
  /s/
  Charles C. Huffman

  	
   

  
	
   

  	
  Charles
  C. Huffman

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Chairman

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
  Pelican
  Financial, Inc.

  
	
   

  	
   

  	
  3767
  Ranchero Drive

  
	
   

  	
   

  	
  Ann
  Arbor, MI 48108

  
	
   

  	
   

  	
  Attention:
  Charles C. Huffman, Chief Executive Officer

  
	
   

  
	
  SHAREHOLDER

  
	
  Stark
  Bank Group, Ltd.

  
	
   

  
	
   

  
	
  /s/
  Thomas G. Schnurr

  	
   

  
	
  [Type
  or Print Name] Thomas G. Schnurr

  
				

 

Print
Title: Chief Executive Officer

 

Address:
Stark Bank Group Ltd.

1207
Central Avenue

P.
O. Box 798

Fort
Dodge, IA  50501

Attention:  Thomas G. Schnurr 

 

11Exhibit 10.1

 

	
   

  

 

 

SEVENTH AMENDMENT

TO

CREDIT AGREEMENT

 

Dated as of
December 20, 2005

among

MERITAGE HOMES
CORPORATION,

as the Borrower

GUARANTY BANK,

as Administrative Agent
and Swing Line Lender,

JPMORGAN CHASE BANK,
N.A.,

as Syndication Agent

BANK OF AMERICA, N.A.,

as Documentation Agent

and

The Other Lenders Party
Thereto

 

 

	
   

  

 

GUARANTY BANK,

as Joint Lead Arranger
and Joint Book Manager

and

J. P. MORGAN SECURITIES,
INC.,

as Joint Lead Arranger
and Joint Bank Manager

 

 

SEVENTH AMENDMENT TO CREDIT
AGREEMENT

 

THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Seventh
Amendment”), dated as of December 20, 2005, is entered into among
MERITAGE HOMES CORPORATION, a Maryland corporation (the “Borrower”), the
lenders listed on the signature pages hereof as Lenders (the “Lenders”),
GUARANTY BANK, as Administrative Agent and Swing Line Lender, JPMORGAN CHASE
BANK, N.A., as Syndication Agent, and BANK OF AMERICA, N.A., as
Documentation Agent.

 

BACKGROUND

 

A.            The
Borrower, the Lenders, the Syndication Agent, the Documentation Agent, the
Administrative Agent and the Swing Line Lender are parties to that certain
Credit Agreement, dated as of December 12, 2002, as amended by that
certain First Amendment to Credit Agreement, dated as of September 8, 2003,
that certain Second Amendment to Credit Agreement, dated as of December 3,
2003, that certain Third Amendment to Credit Agreement, dated as of April 20,
2004, that certain Fourth Amendment to Credit Agreement dated as of October 28,
2004, that certain Fifth Amendment to Credit Agreement, dated as of
December 23, 2004, and that certain Sixth Amendment to Credit Agreement,
dated as of April 29, 2005, and as modified pursuant to that certain
Commitment Increase Agreement, dated as of November 18, 2005, among the
Borrower, the Administrative Agent and certain of the Lenders (the “Commitment
Increase Agreement”) (said Credit Agreement, as so amended and modified,
the “Credit Agreement”).  The
terms defined in the Credit Agreement and not otherwise defined herein shall be
used herein as defined in the Credit Agreement.

 

B.            Pursuant
to the Commitment Increase Agreement, the Aggregate Commitments were increased
from $400,000,000 to $600,000,000.

 

C.            The
Borrower has requested an amendment to the Credit Agreement so that the
Aggregate Commitments could be increased in the future to $800,000,000.

 

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

 

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

 

1.             AMENDMENT.  The first sentence of Section 2.15(a)
of the Credit Agreement is hereby amended to read as follows:

 

Provided there
exists no Default, upon notice to the Administrative Agent (which shall
promptly notify the Lenders), the Borrower may from time to time request an 

 

1

 

increase in the
Aggregate Commitments, provided that after giving effect to all such increases,
the Aggregate Commitments shall not exceed $800,000,000.

 

2.             REPRESENTATIONS
AND WARRANTIES TRUE; NO EVENT OF DEFAULT. 
By its execution and delivery hereof, the Borrower represents and
warrants that, as of the date hereof:

 

(a)           the
representations and warranties contained in the Credit Agreement and the other
Loan Documents are true and correct on and as of the date hereof as made on and
as of such date, except (i) to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true
and correct as of such earlier date, and (ii) that the representations and
warranties contained in subsections (a) and (b) of Section 5.05
of the Credit Agreement shall be deemed to refer to the most recent statements
furnished pursuant to subsections (a) and (b), respectively, of Section 6.01
of the Credit Agreement;

 

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

 

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

 

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

 

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

 

3.             CONDITIONS
TO EFFECTIVENESS.  This Seventh
Amendment shall be effective as of December 20, 2005, subject to
satisfaction or completion of the following:

 

(a)           the
Administrative Agent shall have received counterparts of this Seventh Amendment
executed by Lenders comprising the Required Lenders;

 

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

 

2

 

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

 

(d)           the
representations and warranties set forth in Section 2 of this
Seventh Amendment shall be true and correct; and

 

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

 

4.             REFERENCE
TO THE CREDIT AGREEMENT.

 

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

 

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

 

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

 

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

 

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

 

8.             GOVERNING
LAW; BINDING EFFECT.  This Seventh
Amendment shall be governed by and construed in accordance with the laws of the
State of Texas applicable to

 

3

 

agreements made and to be performed entirely within
such state, provided that each party shall retain all rights arising under
federal law, and shall be binding upon the parties hereto and their respective
successors and assigns.

 

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

 

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

 

REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK

 

4

 

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

 

	
   

  	
  MERITAGE HOMES CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President - Treasurer

  

 

5

 

	
   

  	
  GUARANTY BANK, as
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Sam A. Meade

  
	
   

  	
   

  	
  Sam
  A. Meade

  
	
   

  	
   

  	
  Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GUARANTY BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Sam A. Meade

  
	
   

  	
   

  	
  Sam
  A. Meade

  
	
   

  	
   

  	
  Senior
  Vice President

  

 

6

 

	
   

  	
  JPMORGAN CHASE BANK, N.A., as

  Syndication Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kent
  [ILLEGIBLE]

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

7

 

	
   

  	
  BANK OF AMERICA, N.A., as
  Documentation

  Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  W. Lariviere

  
	
   

  	
   

  	
  Name:

  	
  MARK
  W. LARIVIERE

  
	
   

  	
   

  	
  Title:

  	
  SENIOR
  VICE PRESIDENT

  

 

8

 

	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia
  A. Richards

  
	
   

  	
   

  	
  Name:

  	
  Patricia
  A. Richards

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

9

 

	
   

  	
  U. S. BANK NATIONAL ASSOCIATION,
  as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott
  McPherson

  
	
   

  	
   

  	
  Name:

  	
  Scott
  McPherson

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

10

 

	
   

  	
  WACHOVIA BANK, NATIONAL

  ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Brian A. Phillips

  
	
   

  	
   

  	
  Name:

  	
  Brian
  A. Phillips

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

11

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION,
  as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Douglas G. Paul

  
	
   

  	
   

  	
  Name:

  	
  Douglas
  G. Paul

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

12

 

	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Scottye Lindsey

  
	
   

  	
   

  	
  Name:

  	
  Scottye
  Lindsey

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Paul O’Leary

  
	
   

  	
   

  	
  Name:

  	
  Paul
  O’Leary

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

13

 

	
   

  	
  CALIFORNIA BANK & TRUST,

  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephanie
  Lantz

  
	
   

  	
   

  	
  Name:

  	
  Stephanie
  Lantz

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

14

 

	
   

  	
  COMPASS BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven J. Heslep

  
	
   

  	
   

  	
  Name:

  	
  STEVEN
  J. HESLEP

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

15

 

	
   

  	
  COMERICA BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Casey L. Ostrander

  
	
   

  	
   

  	
  Name:

  	
  CASEY
  L. OSTRANDER

  
	
   

  	
   

  	
  Title:

  	
  VICE
  PRESIDENT

  

 

16

 

	
   

  	
  SUNTRUST BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  W. John Wendler

  
	
   

  	
   

  	
  Name:

  	
  W.
  John Wendler

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

17

 

	
   

  	
  CITICORP NORTH AMERICA, INC.,
  as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marni McManus

  
	
   

  	
   

  	
  Name:

  	
  Marni
  McManus

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  National Corporate Banking

  388 Greenwich Street, 21st Floor

  New York, New York 10013

  

 

18

 

	
   

  	
  UBS LOAN FINANCE LLC, as a
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Pamela Oh

  
	
   

  	
   

  	
  Name:

  	
  Pamela
  Oh

  
	
   

  	
   

  	
  Title:

  	
  Associate
  Director

  Banking Products

  Services, US

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Joselin Fernandes

  
	
   

  	
   

  	
  Name:

  	
  Joselin
  Fernandes

  
	
   

  	
   

  	
  Title:

  	
  Associate
  Director

  Banking Products

  Services, US

  

 

19

 

	
   

  	
  AMSOUTH BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ronny Hudspeth

  
	
   

  	
   

  	
  Name:

  	
  RONNY
  HUDSPETH

  
	
   

  	
   

  	
  Title:

  	
  SR.
  VICE PRESIDENT

  

 

20

 

	
   

  	
  KEYBANK, NATIONAL ASSOCIATION,
  as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Daniel L. Silbert

  
	
   

  	
   

  	
  Name:

  	
  DANIEL
  L. SILBERT

  
	
   

  	
   

  	
  Title:

  	
  SR. BANKER

  

 

21

 

	
   

  	
  THE NORTHERN TRUST COMPANY, as
  a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Morgan A. Lyons

  
	
   

  	
   

  	
  Name:

  	
  MORGAN
  A. LYONS

  
	
   

  	
   

  	
  Title:

  	
  VICE
  PRESIDENT

  

 

22

 

	
   

  	
  ACKNOWLEDGED
  AND AGREED TO:

  
	
   

  	
   

  
	
   

  	
  MERITAGE
  HOMES OF ARIZONA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MERITAGE
  PASEO CROSSING, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage
  Homes of Arizona, Inc., its Sole

  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MERITAGE
  HOMES CONSTRUCTION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MERITAGE
  PASEO CONSTRUCTION, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage
  Homes Construction, Inc., its Sole

  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  

 

23

 

	
   

  	
  MTH-TEXAS
  GP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MTH-TEXAS
  LP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  LEGACY/MONTEREY
  HOMES L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas
  GP, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MERITAGE
  HOLDINGS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Legacy/Monterey
  Homes L.P., its Sole

  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas
  GP, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  

 

24

 

	
   

  	
  LEGACY
  OPERATING COMPANY, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage
  Holdings, L.L.C., its General

  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Legacy/Monterey
  Homes L.P., its Sole

  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas
  GP, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  HULEN
  PARK VENTURE, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Legacy/Monterey
  Homes L.P., its Sole

  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas
  GP, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MTH-TEXAS
  GP II, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MTH-TEXAS
  LP II, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  

 

25

 

	
   

  	
  MTH
  HOMES-TEXAS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MERITAGE
  HOMES OF CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MTH-HOMES
  NEVADA, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MTH-CAVALIER,
  LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage
  Homes Construction, Inc., its

  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  

 

26

 

	
   

  	
  MTH
  GOLF, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage
  Homes Construction, Inc., its Sole

  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  LEGACY-HAMMONDS
  MATERIALS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage
  Holdings, L.L.C., its General

  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Legacy/Monterey
  Homes L.P., its Sole

  Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas
  GP, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MERITAGE
  HOMES OF COLORADO, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  MERITAGE
  HOMES OF FLORIDA, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  

 

27

 

	
   

  	
  CALIFORNIA
  URBAN BUILDERS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  CALIFORNIA
  URBAN HOMES, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage
  Homes of California, Inc., its Sole

  Member and Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  GREATER
  HOMES, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  
	
   

  	
   

  
	
   

  	
  GREATER
  INTERIORS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Greater
  Homes, Inc.

  
	
   

  	
  Its:

  	
  Sole
  Member and Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard T. Morgan

  
	
   

  	
   

  	
  Richard
  T. Morgan

  
	
   

  	
   

  	
  Vice
  President — Treasurer

  

 

28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]