Document:

Exhibit 10.1

EXECUTION COPY

FIRST AMENDMENT TO CREDIT AGREEMENT

          THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) is entered into as of May 25, 2006 (the “First Amendment Effective Date”) among THE PRINCETON REVIEW, INC., a Delaware corporation (“Borrower”), the other Loan Parties signatory hereto, the Lenders a party hereto and Golub Capital Incorporated, a New York corporation, as administrative agent for the Lenders (“Administrative Agent”). 

W I T N E S S E T H:

          WHEREAS, Borrower, the other Loan Parties, Lenders and Administrative Agent are parties to that certain Credit Agreement dated as of April 10, 2006 (the “Credit Agreement”), pursuant to which Lenders extended a revolving credit facility to Borrower in the amount of Six Million Dollars ($6,000,000);

          WHEREAS, Borrower desires that Lenders increase the Revolving Loan Commitment to an amount of Ten Million Dollars ($10,000,000) for the purposes of financing the Fletcher Repurchase (as hereafter defined) and to fund working capital; 

          WHEREAS, the parties to the Credit Agreement desire to amend the terms of the Credit Agreement to, among other things, increase the Revolving Loan Commitment upon the terms and subject to the conditions set forth herein.

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

          1.        Defined Terms.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Credit Agreement. 

          2.        Amendments to Credit Agreement.  Upon satisfaction of the conditions set forth in Section 3 hereof, the Credit Agreement is hereby amended as follows:

	
  
 
  	
  
(i)  In Section 2.3(a) of the Credit Agreement,   the reference to $3,000,000 is hereby deleted and replaced with “$5,000,000.”
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(ii)  Section 2.4 of the Credit Agreement is   hereby deleted in its entirety and the following is substituted therefor:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Borrower   shall utilize the proceeds of the Revolving Loan solely for the financing of   the Fletcher Repurchase and Borrower’s working capital.”
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(iii)  Section 2.5(a) of the Credit Agreement is   hereby deleted in its entirety and the following is substituted therefor:
  

	
  
 
  	
  
 
  	
  
“Borrower   shall pay interest to Administrative Agent, for the ratable benefit of   Lenders in accordance with the Loans being made by each Lender, in arrears on   each applicable Interest Payment Date, with respect to the Revolving Credit   Advances, the Index Rate plus the Revolver Index Margin per annum or, at the   election of Borrower, the applicable LIBOR Rate plus the Revolver LIBOR   Margin per annum, based on the aggregate Revolving Credit Advances   outstanding from time to time.  The   Revolver Index Margin will be 1.95% per annum and the Revolver LIBOR Margin   will be 4.00% per annum; provided, that with respect to the Revolving   Loans outstanding prior to the First Amendment Effective Date, the Revolver   Index Margin will be 1.45% per annum, and the Revolver LIBOR Margin will be   3.50% per annum for the period beginning on the date such Revolving Loans   were issued and ending on the date immediately prior to the First Amendment
 Effective Date.”
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
(iv)  In Sections 2.3(a) and 6.10 of the Credit   Agreement, the references to “forty (40)” are hereby deleted and replaced   with “seventy (70).”
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(v)  Section 2.9 (a) of the Credit Agreement is   hereby deleted in its entirety and the following is substituted therefor:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“(a)     Borrower   shall have paid to Administrative Agent on the Closing Date a closing fee in   an amount equal to 1.00% of the aggregate amount of the Commitments on such   date (i.e. $60,000) and shall pay to Administrative Agent on the First   Amendment Effective Date a closing fee in an amount equal to 1.00% of the   aggregate increase in the Commitments on such date (i.e. $40,000).”
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(vi)  Section 2.9 (b) of the Credit Agreement is   hereby deleted in its entirety and the following is substituted therefor:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“(b)     Borrower   shall pay to Administrative Agent a termination fee in the amount of $100,000   in the event the Revolving Loan Commitment is reduced to an amount less than   $5,000,000 at any time prior to October 10, 2010.”
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(vii)  Section 5.1 (a) of the Credit Agreement is   hereby deleted in its entirety and the following is substituted therefor:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“(a)     Monthly   Financials.  To Administrative   Agent and Lenders, within thirty (30) days after the end of each Fiscal   Month, financial information regarding Borrower and its Subsidiaries,   certified by the Chief Financial Officer of Borrower, consisting of the   financial information provided on Exhibit 5.1(a) hereto.  Such financial information shall be   accompanied by the certification of the Chief Financial Officer of Borrower   that (i) such financial information presents fairly in accordance with GAAP   (subject to normal year-end adjustments and the absence of footnotes) the   financial position and results of operations of Borrower and its   Subsidiaries, on a consolidated basis, in each case as at the end of such   month and for the period then ended and (ii) any other information   presented is true, correct and complete in all material respects and that   there was no Default or
Event of Default in existence as of such time or, if   a Default or Event of Default shall have occurred and be continuing,   describing the nature thereof and all efforts undertaken to cure such Default   or Event of Default;”
  

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(viii)  In clause (i) of the second sentence of   each of Section 5.1(b) and Section 5.1(d) of the Credit Agreement, the words   “and consolidating” are hereby deleted.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(ix)  A new Section 6.17 is hereby inserted into   the Credit Agreement:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“Borrower   shall complete the Fletcher Repurchase and retire the Fletcher Redeemed Stock   in accordance with the terms and conditions of the Fletcher Preferred Stock   Financing, on or before June 2, 2006.”
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(x)  Section 7.14 of the Credit Agreement is   hereby amended by deleting “and” before subsection (e) and inserting the   following at the end of such section:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
“and (f) the   Fletcher Repurchase.”
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
(xi)  Section 9.1(b) of the Credit Agreement is   hereby amended by inserting “6.17,”    after “6.12,”.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
(xii)  Schedule 1.1 (Definitions) of the Credit   Agreement is hereby amended by:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(a)     deleting   the definition of “Commitments” in its entirety and replacing it  as follows:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
“ ‘Commitments’   shall mean (a) as to any Lender, the aggregate of such Lender’s Revolving   Loan Commitment as set forth on the signature page to the First Amendment (as   adjusted to reflect any assignments as permitted hereunder) and (b) as to all   Lenders, the aggregate of all Lenders’ Revolving Loan Commitments which   aggregate commitment shall be ten million dollars ($10,000,000) on the First   Amendment Effective Date, as such amount may be adjusted, if at all, from   time to time in accordance with this Agreement.”
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(b)     inserting   the following definitions in appropriate alphabetical order:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
“ ‘First   Amendment’ shall mean that certain First Amendment to Credit Agreement,   by and among Borrower, the other Loan Parties thererto, Administrative Agent   and Lenders, dated as of May 25, 2006.’
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
‘First   Amendment Effective Date’ has the meaning give to such term by the First   Amendment.’
  

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‘Fletcher   Repurchase’ shall mean the redemption by Borrower of all Fletcher   Redeemed Stock pursuant to the terms and conditions of the Fletcher Preferred   Stock Financing.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
‘Fletcher   Redeemed Stock’ shall mean 4,000 shares of Borrower’s Series B-1   Cumulative Convertible Preferred Stock held by Fletcher and to be redeemed   pursuant to those certain redemption notices dated May 1, 2006 and May 3,   2006, and otherwise in accordance with the terms and conditions of the Fletcher   Preferred Stock Financing.”
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(c)     deleting   the definition of “Revolving Loan Commitment” in its entirety and replacing   it  as follows:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
“ ‘Revolving   Loan Commitment’ shall mean (a) as to any Lender, the aggregate   commitment of such Lender to make Revolving Credit Advances as set forth in   the signature page to the First Amendment (as adjusted to reflect any   assignments as permitted hereunder) and (b) as to all Lenders, the aggregate   commitment of all Lenders to make Revolving Credit Advances, which aggregate   commitment shall be ten million dollars ($10,000,000) on the First Amendment   Effective Date, as such amount may be adjusted, if at all, from time to time   in accordance with this Agreement.”
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
3.       Conditions.  The effectiveness of this First Amendment   is subject to the following conditions:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
a.     The   execution and delivery of this First Amendment by Borrower and the other Loan   Parties, Lenders and Administrative Agent;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
b.     Administrative   Agent shall have received a certificate from each Loan Party, executed by   such Loan Party’s corporate secretary or an assistant secretary, dated as of   the date of the First Amendment Effective Date, (i) providing that that there   have been no amendments or other modifications to such Loan Party’s charter   and/or certificate of formation provided on the Closing Date and that such   charter and/or certificate of formation remain true, complete and in full   force and effect, (ii) providing that there have been no amendments or other   modifications to such Loan Party’s bylaws or operating agreement, as   applicable, provided on the Closing Date and that such bylaws or operating   agreement, as applicable, remains true, complete and in full force and   effect, (iii) attaching resolutions of such Loan Party’s Governing Body or   members, as applicable, approving and authorizing the execution,
delivery and   performance of the First Amendment and the transactions to be consummated in   connection therewith, (iv) providing that the signature and incumbency   certificates of the officers of such Loan Party provided on the Closing Date   are still true, complete, and in full force and effect, (v) attaching   bringdown certificates, covering the period beginning on the Closing Date and   ending on the First Amendment Effective Date, regarding the good standing of   such Loan Party (including verification of tax status) in its state of   incorporation/formation, (vi) attaching bringdown certificates, covering the   period beginning on the Closing Date and ending on the First Amendment   Effective Date, regarding the good standing (including verification of tax   status) and certificates of qualification to conduct business in each of New   York, Delaware, California and Pennsylvania.
  

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c.     Administrative   Agent shall have received a duly executed original legal opinion of Patterson   Belknap Webb & Tyler LLP, counsel for the Loan Parties, in form and   substance satisfactory to Administrative Agent and its counsel, dated the   First Amendment Effective Date.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
d.     Borrower   shall have delivered to Administrative Agent such other certificates,   documents and agreements respecting any Loan Party as Administrative Agent   may reasonably request.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
e.     Borrower   shall have paid the Fees in the respective amounts specified in Section   2.9 of the Credit Agreement, as amended by this First Amendment, and   shall have reimbursed Administrative Agent and Lenders for all other fees,   costs and expenses as of the First Amendment Effective Date.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
          4.        Representations   and Warranties. Each Loan Party hereby represents and warrants to   Administrative Agent and each Lender as follows:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
a.     Except   as provided on Exhibit 4A hereto, the representations and warranties   made by such Loan Party contained in the Loan Documents are true and correct   in all material respects as of the date hereof (except to the extent such   representations and warranties expressly refer to an earlier date, in which   case they shall be true and correct as of such earlier date, and except to   the extent such representations and warranties are qualified by materiality,   contain dollar thresholds or have Material Adverse Effect qualifiers, in   which case, such representations and warranties shall be true and correct in   all respects);
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
b.     such   Loan Party is a corporation or limited liability company, duly organized,   validly existing and in good standing under the laws of the jurisdiction of   its incorporation or formation, as applicable;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
c.     such   Loan Party  has the power and   authority to execute, deliver and perform its obligations under this First   Amendment and the Credit Agreement, as amended hereby;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
d.     the   execution, delivery and performance by such Loan Party of this First   Amendment and the Credit Agreement, as amended hereby, have been duly   authorized by all necessary action;
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
e.     this   First Amendment and the Credit Agreement, as amended hereby, constitutes the   legal, valid and binding obligation of such Loan Party, enforceable against   such Person in accordance with their terms, except as enforceability may be   limited by applicable bankruptcy, insolvency, or similar laws affecting the   enforcement of creditor’s rights generally or by equitable principles   relating to enforceability; and
  

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f.     upon   the effectiveness of Section 2(iv) of this Amendment, no Default or Event of   Default exists (and the Loan Parties specifically acknowledge that any   misrepresentation of the provisions of this Section 4 shall constitute such   an Event of Default).
  

          5.        No Modification.  Except as amended hereby, the Credit Agreement and the other Loan Documents remain unmodified and in full force and effect.  All references in the Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as amended hereby.

          6.       Counterparts.  This First Amendment may be executed by one or more of the parties to this First Amendment and any number of separate counterparts, each of which when so executed, shall be deemed an original and all said counterparts when taken together shall be deemed to constitute but one and the same instrument.

          7.     Successors and Assigns.  This First Amendment shall be binding upon and inure to the benefit of Borrower and each Loan Party and their successors and assigns and Administrative Agent and Lenders and their successors and assigns.

          8.       Further Assurance.  Borrower hereby agrees from time to time, as and when requested by Administrative Agent or any Lender, to execute and deliver or cause to be executed and delivered, all such documents, instruments and agreements and to take or cause to be taken such further or other action as Administrative Agent or such Lender may reasonably deem necessary or desirable in order to carry out the intent and purposes of this First Amendment, the Credit Agreement and the Loan Documents.

          9.       GOVERNING LAW.  THIS FIRST AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

          10.       Severability.  Wherever possible, each provision of this First Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this First Amendment shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this First Amendment.

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          11.       Reaffirmation. Each of the Loan Parties as debtor, grantor, pledgor, guarantor, assignor, or in any other similar capacity in which such Loan Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Loan Party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed Borrower’s Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens
hereafter secure all of the Obligations as amended hereby.  Each of the Loan Parties hereby consents to this First Amendment and acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and reaffirmed.  The execution of this First Amendment shall not operate as a waiver of any right, power or remedy of Administrative Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations.

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

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EXECUTION COPY

          IN WITNESS WHEREOF, each of the undersigned has executed this First Amendment as of the date set forth above.

	
   
  	
  
BORROWER:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
THE   PRINCETON REVIEW, INC., 
   a Delaware corporation
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Andrew   J. Bonnani
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name: 
  	
  
Andrew J.   Bonanni
  
	
  
 
  	
  
Title: 
  	
  
Chief   Financial Officer and Treasurer
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
GUARANTORS:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
PRINCETON   REVIEW OPERATIONS, L.L.C., 
   a Delaware limited liability company
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Andrew   J. Bonnani
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  
Name: 
  	
  
Andrew J.   Bonanni
  
	
  
 
  	
  
Title: 
  	
  
Chief   Financial Officer and Treasurer
  

	
  
 
  	
  
ADMINISTRATIVE   AGENT:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
GOLUB   CAPITAL INCORPORATED
  
	
  
 
  	
  
 
  
	
   
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Gregory   W. Cashman
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:  
  	
  
Gregory W.   Cashman
  
	
  
 
  	
  
Title: 
  	
  
Managing   Director
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
LENDERS:
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
GOLUB   CAPITAL CP FUNDING
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Gregory   W. Cashman
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:  
  	
  
Gregory W.   Cashman
  
	
  
 
  	
  
Title: 
  	
  
Managing   Director
  
	
  
 
  	
  
 
  
	
   
  	
   
  
	
   
  	
  Revolving   Loan Commitment: $10,000,000.00EXHIBIT 10.01

                                 LOAN AGREEMENT

     THIS  LOAN AGREEMENT (the "Loan Agreement") is made as of this _____ day of
May, 2006, among FIFTH THIRD BANK, an Ohio banking corporation, having a mailing
address  of  38  Fountain  Square  Plaza, MD 109058, Cincinnati, Ohio 45263 (the
"Bank"), DEER VALLEY HOMEBUILDERS, INC., an Alabama corporation authorized to do
business in the State of Florida (the "Borrower"), having its principal place of
business at 205 Carriage Street, Guin, Alabama 35563, CYTATION CORP., a Delaware
corporation,  having  a mailing address of 4902 Eisenhower Boulevard, Suite 185,
Tampa,  Florida  33634 and DEERVALLEY ACQUISITIONS CORP., a Florida corporation,
having a mailing address of 4902 Eisenhower Boulevard, Suite 185, Tampa, Florida
33634,  jointly  and  severally  (collectively,  the  "Guarantors").

                              RECITALS:

     A.     Borrower  has  made  application  for  a  loan  in  the  amount  of
$2,000,000.00  (the  "Loan") from the Bank, and the Bank has agreed to such loan
subject  to  the  terms  and  conditions  contained in the promissory note, this
Agreement  and  all  related  Loan  Documents.

     B.     The  purpose of the Loan is to provide mortgage financing secured by
two properties owned by Borrower in Guin, Marion County, Alabama, and Sulligent,
Lamar  County,  Alabama.

     C.     During  the term of the Loan, Borrower may seek additional financing
from  the Bank which, if approved by the Bank, shall be subject to the terms and
conditions  of  this  Agreement.

     NOW,  THEREFORE,  for  and  in  consideration of the promises and covenants
contained  herein, the sufficiency of which is acknowledged by the parties, they
hereby  agree  as  follows:

1.     The  Recitals  contained  hereinabove  are  true  and  correct.

2.     The  Borrower  shall execute its promissory note for any loan made by the
Bank  under this Agreement.  The Loan is secured by a first mortgage on the real
properties located in Guin, Marion County, Alabama, and Sulligent, Lamar County,
Alabama,  as  more  particularly  described  in EXHIBIT "A" attached hereto (the
"Properties",  and  improvements  thereon,  which shall also be security for all
other  indebtedness  of  the  Borrower  to  the  Bank,  whether now or hereafter
existing,  whether  by  way  of  renewal  or  modification,  or whether primary,
secondary,  direct  or  indirect,  by endorsement, guaranty or otherwise and any
default  by  the  Borrower  under  any obligation to the Bank shall be a default
under  this Agreement and the promissory note entitling the Bank to exercise all
legal  remedies allowed by law.  All documents that evidence and secure the Loan
to  the  Bank  are  herein  referred  to  as  the  "Loan  Documents".

3.     Borrower  hereby  covenants,  represents  and  warrants  as  follows:

<PAGE>

     a.     The  financial information that Borrower has heretofore delivered or
caused  to  be  delivered to the Bank in connection with the Loan transaction is
complete and correct and fairly presents the financial condition of Borrower and
the  results  of  its  operations  and  transactions.  There  are  no  material
liabilities,  direct or indirect, fixed or contingent, of the Borrower as of the
date  of  delivery  of  such  information  to  the  Bank  that are not reflected
therein.  Since  the  date  of the delivery of such financial information to the
Bank,  there  has  been no material adverse change in the financial condition of
the  Borrower.  Borrower  shall  immediately  advise  the  Bank  of any material
adverse  change  in  its  financial  position  and  the  nature  of such change.

     b.     There  is  no action, suit, investigation or proceeding by or before
any  court,  arbitrator,  administrative  agency or other governmental authority
pending  or,  to  the  knowledge  of  Borrower,  threatened against or affecting
Borrower  which,  if adversely determined, would materially adversely affect the
financial  condition  of  Borrower.  Borrower  is  not in default under: (1) any
order  writ,  injunction,  award,  or  decree  of  any  court,  arbitrator,
administrative  agency or other governmental authority  binding upon Borrower or
its  assets;  or  (2)  any indenture, mortgage, contract, agreement or any other
undertaking  or  instrument  to  which  it  is  a  party  or by which any of its
properties  may  be  bound,  and nothing has occurred which materially adversely
affects the Borrower's ability to perform its obligations under any such  order,
writ,  injunction,  award  or  decree or any such indenture, mortgage, contract,
agreement  or  other  undertaking.

     c.     Borrower  shall  pay  from time to time as the same shall become due
and  payable,  the  full amount of all taxes of every nature and kind, including
without limitation, documentary stamps taxes and intangible taxes as well as all
of the tax-related interest and penalties due on any promissory note(s) executed
and delivered by Borrower to the Bank.  The Borrower further agrees to indemnify
and hold the Bank harmless from and against any and all documentary stamp taxes,
intangible  taxes and interest and penalties thereon assessed in connection with
any loan transaction subject to this Agreement.  Borrower shall pay when due all
taxes,  license  fees,  assessments and other liabilities and charges, except as
shall  be  contested  in  good faith by appropriate proceedings being diligently
prosecuted;  provided that with respect to such contested matter, Borrower shall
have  created  adequate  reserves against its possible liability thereunder; and
provided, further, that if the Bank shall notify Borrower that in its reasonable
opinion,  by  non-payment  of  any such matters, the Loan collateral or any part
thereof  will  be  subject  to  immediate  loss  or  forfeiture, any such taxes,
assessments  or  charges  shall  be  promptly  paid  by  Borrower.

     d.     As  to  any parties hereto which are corporations, said corporations
are  duly  formed,  validly  existing and in good standing under the laws of the
state  where  formed  and  have  all  the  power and authority to consummate the
transaction  contemplated  under this Agreement and any and all other agreements
and  instruments  executed  in  connection  this  loan  transaction.  These
corporations  shall  preserve  their  corporate existence and be qualified to do
business  in  all jurisdictions where its ownership of property or the nature of
its  business requires such qualifications. The terms and conditions of the Loan
Documents are binding upon and fully enforceable against said corporations. Said
corporations  shall  obtain  and  retain  all  necessary certificates, licenses,
permits and other permissions to conduct their business in accordance with legal
requirements.

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     e.     At  any  time and from time to time after the execution and delivery
of this Agreement, Borrower shall, upon request of the Bank, execute and deliver
such  further  documents  and  do  such  further acts and things as the Bank may
reasonably  request in order to fully effectuate the purposes of this Agreement.

     f.     Borrower  agrees  that it will not dissolve, consolidate, merge into
or  otherwise  materially  alter  the  organization or operation of the business
without  the  prior written consent of the Bank.  Additionally, there will be no
change  in  ownership  of  Borrower  without  the  Bank's prior written consent.

     g.     Borrower  and  each  Guarantor  shall maintain systems of accounting
established  and  administered  in accordance with Generally Accepted Accounting
Principles.  The Borrower and the Guarantor, as appropriate, will furnish to the
Bank:

          (1)     Within  120  days  after  the  end  of  each  fiscal year, the
Borrower  shall  deliver  to  the Bank, audited balance sheets and statements of
income,  retained  earnings  and changes in financial position for such year, an
audited  inventory  of Borrower, all of which shall be accompanied by supporting
schedules  and  the  unqualified  opinion  of  independent  certified  public
accountants  of  recognized standing reasonably acceptable to the Bank, together
with  copies  of  federal  corporate  tax returns within thirty (30) days of the
filing  thereof  and  upon  filing,  all filings required in accordance with SEC
regulations,  if  any.

          (2)     Within  30  days  after  the end of each calendar quarter, the
Borrower  shall  deliver to the Bank, quarterly covenant compliance certificates
signed  by  an  authorized  officer  of  Borrower.

          (3)     Within  120  days  after  the  end  of  each  fiscal year, the
Guarantors  shall  deliver to the Bank consolidated audited financial statements
and,  upon  filing,  all filings required in accordance with SEC regulations, if
any.

          (4)     Within  30  days  of  filing, the Guarantors shall provide the
Bank  with  consolidated  annual  corporate  tax  returns.

          (4)     Promptly,  from time to time, such other information regarding
the operation, business, affairs and financial condition of the Borrower and the
Guarantors  as  the  Bank  may  reasonably  request.

     h.     Permit  any  person  designated by the Bank to visit and inspect the
business  premises  and  books  and  records of Borrower, and discuss Borrower's
affairs  and finances with Borrower at reasonable times and as often as the Bank
may  reasonably  request.

     i.     Borrower has good and marketable title to all of its assets, subject
to  no  lien, mortgage, pledge, encumbrance or charge of any kind, except as set
forth in the financial statements which Borrower has previously furnished to the
Bank.

     j.     Maintain  its  corporate  depository  accounts  with  the  Bank.

                                        3
<PAGE>

     k.     Borrower  shall  keep insured all of Borrower's property at its full
insurable  value  against  such  risks  as  the  Bank  may  reasonably  require.
Regarding  collateral  pledged as security for any obligation of Borrower to the
Bank,  Borrower  shall maintain and provide to the Bank evidence of insurance in
such  amounts and for such hazards as the Bank may require.  The Bank shall be a
named  insured  on  all  policies  applicable  to  loan  collateral.

     l.     The  definitions  of  accounting terminology used herein shall be in
accordance  with  Generally  Accepted  Accounting  Principles  (GAAP).

     m.     Borrower  shall  comply  with  all land use, building, zoning, OSHA,
environmental,  pollution, Americans with Disabilities Act and like laws, rules,
ordinances,  and  regulations  promulgated  by  any  governmental  authority and
applicable  to  Borrower.

     n.     During  the  term  of the Loan, Borrower shall not create, assume or
permit  to  exist  any  additional  indebtedness in excess of $100,000.00 in the
aggregate, or indebtedness secured by the collateral pledged to secure the Loan,
other  than  the indebtedness to the Bank and other indebtedness incurred in the
normal  course of business, without the prior written consent of Bank, except as
may  be  permitted  hereunder.

     o.     At the mutual agreement of Borrower and the Bank, Borrower may enter
into  one or more interest rate hedge agreements, interest rate swap agreements,
interest  rate  caps  or  collars,  or  similar  agreements  with the Bank or an
affiliate of the Bank, in order to fix the interest payable hereunder for terms,
an  amortization  and frequency of settlement as may be agreed upon at such time
(the  "Swap  Agreement").  The  performance of obligations of the Borrower under
the  Swap  Agreement  shall  be  a  requirement  of  this Agreement and all such
obligations  shall  be  secured  by  the  lien  of  the  Loan  Documents.

     p.     Until  the  Loan  has been fully repaid to the Bank, Borrower shall:

          (1)     Maintain  a  Debt Service Coverage Ratio of not less than 1.25
to  1.00,  measured  on a rolling 4-quarter basis.  As used herein "Debt Service
Coverage  Ratio"  shall  be  defined as (i) (a) Net Income of Borrower, plus (b)
Interest Expense, plus (c) Depreciation & Amortization, minus (d) Distributions,
minus (e) Extraordinary Income/Non-Recurring Income, divided by (ii) (a) Current
Portion  of  Long  Term  Debt  Payments,  plus  (b)  Interest  Expense.

          (2)     Maintain  a  Debt to Tangible Net Worth Ratio of not more than
2.00  to  1.00.  As  used  herein  "Debt  to  Tangible Net Worth Ratio" shall be
defined  as  (i) (a) Total Liabilities of Borrower, minus (b) Subordinated Debt,
divided  by  (ii)  (a)  Net  Worth,  plus  (b)  Subordinated  Debt,  minus  (c)
Intangibles,  minus  (d)  Related  Party  Receivables.

4.     The  happening  of one or more of the following events (Event of Default)
shall  constitute  a  default  of  this  Loan:

                                        4
<PAGE>

     a.     If  Borrower  shall  fail to make any payment of principal, interest
or  other  amount  owing  to  the  Bank  when  the  same  shall  become  due.

     b.     The  occurrence  of  a  material  adverse  change  in  the financial
condition  of  Borrower.

     c.     If  Borrower shall fail to make any payment of principal or interest
on  any  other obligation for borrowed money or if Borrower shall default in the
performance  of  any  other  agreement,  term  or  condition,  contained  in any
agreement  under which such obligation is created, if the effect of such default
is  to  cause  or permit the holder or holders of such obligations to cause such
obligations  to  become  due  prior  to  stated  maturity.

     d.     If any representation or warranty made by Borrower or in any writing
furnished  in connection with or pursuant to this Agreement by Borrower shall be
false  in  any  material  respect  on  the  date  on  which  made.

     e.     If Borrower defaults in the performance of any covenant contained in
this  Agreement,  or  violates  any  other  term,  condition  or  representation
contained  in  this Agreement, the promissory note, any Swap Agreement or in any
instrument,  document  or  agreement  related  hereto  or  thereto.

     f.     If  there  are  final  judgments for the payment of money, which are
outstanding  against Borrower and any one of such judgments has been outstanding
for  more  than  ninety  (90)  days  from the date of its entry and has not been
discharged  in  full  or  stayed  pending  further  proceedings.

     g.     If  a receiver, liquidator or trustee of Borrower or of any material
portion  of  its property, is appointed by court order and such order remains in
effect  for  more  than thirty (30) days; or Borrower is adjudicated bankrupt or
insolvent;  or any material portion of the properties of Borrower is attached or
sequestered by court order and such order remains in effect for more than thirty
(30)  days;  or  a  petition  is  filed  against  Borrower under any bankruptcy,
reorganization,  arrangement,  insolvency,  readjustment of debt, dissolution or
liquidation  law of any jurisdiction, whether now or hereafter in effect, and is
not  dismissed  within  thirty  (30)  days  after  such  filing.

     h.     If Borrower files a petition in voluntary bankruptcy or seeks relief
under  any provision of any bankruptcy, reorganization, arrangement, insolvency,
readjustment  of  debt,  dissolution  or  liquidation  law  of any jurisdiction,
whether  now  or  hereafter in effect, or consents to the filing of any petition
against  it  under  such  law.

     i.     If Borrower makes an assignment for the benefit of its creditors, or
admits  in  writing its inability to pay its debts generally as they become due,
or  consent to the appointment of a receiver, trustee or liquidator of Borrower.

     j.     If  any  condition  or  situation  occurs,  which,  in  the  sole
determination  of  the  Bank, constitutes a danger or impairment to the security
and/or  repayment  of  the  Loan.

                                        5
<PAGE>

     k.     Any  Event  of  Default under the terms of the Loan shall constitute
and  hereby  is declared to be an immediate and absolute default under the terms
of  all  loans  between  Bank  and  Borrower,  including but not limited to that
certain  Revolving  Line  of  Credit  Loan  in  the  maximum principal amount of
$2,500,000.00.  Should  an event of default occur under the terms of any of said
loans,  which  event  is  subject to notice and cure periods, if any, failure to
cure  such  event  of  default  within  such curative period shall constitute an
immediate  default  under this Loan and all such other loans owed by Borrower to
Bank.  Each  of  the  foregoing  loans  between  Bank and Borrower shall also be
cross-collateralized,  whether  such loans are now existing or hereafter entered
into  between  Bank  and  Borrower  at  any  time.

5.     Upon  the  occurrence  of  any  Event  of  Default, the Bank may, without
notice,  declare the entire principal and all interest on the Loan and all other
indebtedness  of  Borrower  to  the  Bank,  whether  direct  or  indirect, to be
immediately  due  and  payable, and the Loan and all such indebtedness thereupon
shall  be  immediately  due and payable, and the Bank may proceed to collect the
same,  to  set  off  against  all  monies  owed  to  Borrower by the Bank in any
capacity,  including without limitation monies held in bank depository accounts,
or  as otherwise provided in the instruments, documents and/or agreements signed
by  Borrower, including but not limited to drawing on the letter(s) of credit or
cash deposits which secure the Loan.  The Bank shall also have such other rights
and  remedies  as  provided  herein  or  in  any  other  instrument, document or
agreement executed by Borrower at law or at equity, including but not limited to
the  right  to sue for and recover damages as a result of any such default.  All
of  the  Bank's  rights and remedies shall be cumulative and not alternative and
may  be  exercised  consecutively  or  concurrently  at  the Bank's option.  The
Borrower  promises  and  agrees  to pay all costs and expenses of collection and
reasonable  attorneys' fees, including costs, expenses and reasonable attorneys'
fees  on  appeal.

6.     No  waiver  by  the  Bank of any default shall operate as a waiver of any
other default or of the same default on a future occasion.  No delay or omission
on  the  part  of  the Bank in exercising any right or remedy shall operate as a
waiver  thereof,  and  no single or partial exercise by the Bank of any right or
remedy  shall  preclude any other or further exercise thereof or the exercise of
any  other  rights  or  remedy.  Time  is of the essence to this Agreement.  The
provisions of this Agreement are cumulative and in addition to the provisions of
any  liability  and any note or writing evidencing any liability secured hereby.
This Agreement is solely for the benefit of the parties hereto; no other persons
are  third  party beneficiaries of this Agreement or have any rights or benefits
hereunder.

7.     The singular pronoun, when used herein, shall include the plural, and the
neuter  shall  include  the  masculine  and  feminine.

8.     All  rights  of  the  Bank  hereunder  shall  inure to the benefit of its
successors  and  assigns;  and all obligations of Borrower shall bind the heirs,
executors,  administrators,  successors,  and  assigns  of  each  Borrower.

9.     Wherever  possible, each provision of this Agreement shall be interpreted
in  such  manner  as  to be effective and valid under applicable law, but if any
provision  of  this  Agreement  shall  be  ineffective,  the  invalidity of such
provision will not affect the enforceability of the remainder of this Agreement.

                                        6
<PAGE>

10.     This  Agreement  may be executed in counterparts, each of which shall be
deemed  an  original  and  consolidated  as  one  agreement.

11.     BORROWER  AND  THE  BANK HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE  THE  RIGHT EITHER MAY HAVE TO TRIAL BY JURY IN ANY ACTION ARISING OUT OF,
OR  BASED  UPON,  THIS  LOAN  AGREEMENT, THE PROMISSORY NOTE(S) REPRESENTING THE
LOAN(S),  THE  COLLATERAL  FOR THE LOAN(S), AND ANY AGREEMENT CONTEMPLATED TO BE
EXECUTED  IN  CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS  (WHETHER  WRITTEN  OR  VERBAL)  OR  ACTIONS  OF  EITHER  PARTY. THIS
PROVISION  IS  A  MATERIAL  INDUCEMENT  FOR  SUNTRUST  BANK  EXTENDING CREDIT TO
BORROWER.

     IN WITNESS WHEREOF, the parties hereto have caused this Loan Agreement to
be executed and delivered as of the day and year first above written.

WITNESSES:                         "BORROWER"

                                   DEER  VALLEY  HOMEBUILDERS,  INC.,
                                   an  Alabama  corporation

                                   By: /s/ Joel Logan
------------------------------        -----------------------------------
Signature  of  Witness                    Joel  Logan,  as  its  President

------------------------------
Print  or  type  Name  of  Witness

------------------------------          (CORPORATE  SEAL)
Signature  of  Witness

------------------------------
Print  or  type  Name  of  Witness

STATE  OF  ALABAMA
COUNTY  OF
           ------------------

     The  foregoing  instrument was acknowledged before me this ____ day of May,
2006,  by Joel Logan, as President of DEER VALLEY HOMEBUILDERS, INC., an Alabama
corporation,  on  behalf  of  the  corporation.

     Personally known               ------------------------------------
----                                     Notary Public
     Driver's License (St:    )
----                      ----
     Other Identification Produced
----
     -----------------              ------------------------------------
                                    Print or type name of Notary
     -----------------
                                              (SEAL)

                                        7
<PAGE>

                                  "GUARANTOR"

-----------------------------     CYTATION  CORP.,  a  Delaware  corporation
Signature  of  Witness

-----------------------------     By:/s/ Charles G. Masters
Print or type Name of Witness        ------------------------------------
                                      Charles G. Masters, as its President
-----------------------------
Signature  of  Witness                    (CORPORATE  SEAL)

-----------------------------
Print  or  type  Name  of  Witness

                                  DEERVALLEY  ACQUISITIONS  CORP.,
-----------------------------     a  Florida  corporation
Signature  of  Witness

-----------------------------     By:/s/ Charles G. Masters
Print or type Name of Witness        ------------------------------------
                                     Charles G. Masters, as its President
-----------------------------
Signature  of  Witness                    (CORPORATE  SEAL)

-----------------------------
Print  or  type  Name  of  Witness

STATE  OF
         -----------------------
COUNTY  OF
         -----------------------

     The  foregoing  instrument was acknowledged before me this ____ day of May,
2006,  by  Charles  G.  Masters,  as  President  of  CYTATION  CORP., a Delaware
corporation,  on  behalf  of  the  corporation.

     Personally known               ------------------------------------
----                                     Notary Public
     Driver's License (St:    )
----                      ----
     Other Identification Produced
----
     -----------------              ------------------------------------
                                    Print or type name of Notary
     -----------------
                                              (SEAL)
STATE  OF
          --------------------
COUNTY  OF
          --------------------

     The  foregoing  instrument was acknowledged before me this ____ day of May,
2006,  by  Charles  G. Masters, as President of DEERVALLEY ACQUISITIONS CORP., a
Florida  corporation,  on  behalf  of  the  corporation.

     Personally known               ------------------------------------
----                                     Notary Public
     Driver's License (St:    )
----                      ----
     Other Identification Produced
----
     -----------------              ------------------------------------
                                    Print or type name of Notary
     -----------------
                                              (SEAL)

                                        8
<PAGE>

                                   "BANK"

                                   FIFTH  THIRD  BANK,
                                   an  Ohio  banking  corporation

------------------------------     By: /s/ Lauris Turck
Signature  of  Witness                 -----------------------------------
                                       Lauris  Turck,  as  its Vice President
------------------------------
Print  or  type  Name  of  Witness

------------------------------                (CORPORATE  SEAL)
Signature  of  Witness

------------------------------
Print  or  type  Name  of  Witness

STATE  OF
           -------------------
COUNTY  OF
           --------------------

     The  foregoing  instrument  was acknowledged before me this ___ day of May,
2006,  by  Lauris  Turck, as Vice President of FIFTH THIRD BANK, an Ohio banking
corporation,  on  behalf  of  the  Bank.

     Personally known               ------------------------------------
----                                     Notary Public
     Driver's License (St:    )
----                      ----
     Other Identification Produced
----
     -----------------              ------------------------------------
                                    Print or type name of Notary
     -----------------
                                              (SEAL)

                                        9
<PAGE>

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