Document:

exv10w1

Exhibit 10.1

Execution Version

SECOND AMENDMENT TO REVOLVING

AND TERM CREDIT AGREEMENT

     This Second Amendment to Revolving and Term Credit Agreement (this “Amendment”), made as of
July 16, 2009, among FORESTAR (USA) REAL ESTATE GROUP INC., a Delaware corporation (“Borrower”),
the undersigned Guarantors, KEYBANK NATIONAL ASSOCIATION, a national banking association
(“KeyBank”), and the other financial institutions party to the Credit Agreement as lenders (each
individually a “Lender” and collectively, “Lenders”), and KEYBANK NATIONAL ASSOCIATION, as Agent
for the Lenders (in such capacity, “Agent”) and Swing Line Lender.

WITNESSETH:

     WHEREAS, Borrower, Guarantors, Lenders, Agent, Swing Line Lender, General Electric Capital
Corporation and AgFirst Farm Credit Bank, as Co-Syndication Agents, and KeyBanc Capital Markets, as
sole arranger and sole bookrunner, entered into that certain Revolving and Term Credit Agreement
dated as of December 14, 2007, as amended by the First Amendment to Revolving and Term Credit
Agreement and Other Loan Documents dated as of March 12, 2008 (as amended, the “Credit Agreement”),
pursuant to which Lenders established a revolving credit facility and a term loan facility for the
benefit of Borrower; and

     WHEREAS, Borrower has requested that certain terms of the Credit Agreement be modified and
amended as hereinafter set forth; and

     WHEREAS, Lenders and Agent have agreed to such amendments as set forth herein, subject to the
terms and conditions hereinafter set forth;

     NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Amendment hereby agree that all capitalized terms used
but not defined herein shall have the meanings ascribed thereto in the Credit Agreement, and hereby
further agree as follows:

     1. Amendments to §1.1 of the Credit Agreement.

          (a) Section 1.1 of the Credit Agreement, Definitions, is hereby modified and amended
by adding the following new definitions in their appropriate alphabetical order:

          “Base Rate Spread. The per annum rate of two and one-half percent (2.5%).

          Bulk Sales. See §2.9.

          Commodity Hedge Agreement. Any agreement with respect to any swap, forward,
future or derivative transaction or option or similar agreement involving, or settled by
reference to, one or more commodities, or economic, financial or pricing indices or measures
of economic, financial or pricing risk or value or any similar transaction or any
combination of these transaction (but not including any Hedge

 

 

Agreement), in each case entered into to hedge or mitigate risks to which the Borrower
reasonably believes it has actual exposure. For avoidance of doubt, obligations and
liabilities under Commodity Hedge Agreements shall not be part of the Obligations.

          Defaulting Lender. Any Lender that has (a)(i) become or is insolvent or has a
parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed
for it, or has taken any action in furtherance of, or indicating its consent to, approval of
or acquiescence in any such proceeding or appointment or has a parent company that has
become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee or custodian appointed for it, or has taken any action in furtherance
of, or indicating its consent to, approval of or acquiescence in any such proceeding or
appointment, (b) given notice to Agent or Borrower that it will not make, or that it has
disaffirmed or repudiated any obligation to make, any Loan hereunder (unless such notice is
given by or on behalf of all Lenders), or (c) become and remains a Delinquent Lender under
§14.5(c).

          Extending Lenders. All Lenders in agreement with the Maturity Date extension
option set forth in §3.1(c) with respect to their respective Loans, initially being all
Lenders listed on Schedule 1.2 attached to the Second Amendment, which Schedule
shall also indicate the Commitment of each Extending Lender after giving effect to the
Second Amendment.

          Hancock Sale. See §2.9(a).

          Interest Rate Floor. A minimum per annum rate equal to two percent (2%) which
shall be applied with respect to Outstanding Loans of the Extending Lenders except those
subject to a Hedge Agreement on the effective date of the Second Amendment.

          LIBOR Rate Spread. The per annum rate of four and one-half percent (4.5%).

          Non-Extending Lender. The Lenders who are not in agreement with the Maturity
Date extension option set forth in §3.1(c) with respect to their Loans, initially being all
Lenders listed on Schedule 1.3 attached to the Second Amendment, which Schedule
shall also indicate the Commitment of each Non-Extending Lender after giving effect to the
Second Amendment.

          Second Amendment. The Second Amendment to Revolving and Term Credit Agreement
dated as of July 16, 2009, by and among the Loan Parties, Lenders and Agent.

          TEMCO Investment. See §8.3(u).”

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          (b) Section 1.1 of the Credit Agreement, Definitions, is hereby modified and amended
by deleting the definitions of “Base Rate”, “Borrowing Base Assets”, “Entitled
Land Under Development” “Forestar Group” “High Value Timberland”,
“Indebtedness”, “Maturity Date”, “Mortgaged Property or Mortgaged
Properties,” “Mortgaged Property Documents”, “Net Income”, “Permitted
Refinancing Indebtedness”, Raw Entitled Land,” “Required Lenders”, and
“Requisite Class Lenders” in their entirety and by substituting the following new
definitions in lieu thereof, respectively:

     “Base Rate. The term Base Rate shall mean either:

     (a) with respect to Base Rate Loans of the Extending Lenders, for any day, a
fluctuating interest rate per annum as shall be in effect from time to time which rate per
annum shall at all times be equal to the greatest of: (i) the rate of interest established
by KeyBank from time to time as its “prime rate” whether or not publicly announced, which
interest rate may or may not be the lowest rate charged by it for commercial loans or other
extensions of credit, plus the Base Rate Spread; (ii) the Federal Funds Effective Rate in
effect from time to time, determined one Business Day in arrears, subject to the Interest
Rate Floor, plus 1/2 of one percent (0.5%) per annum, plus the Base Rate Spread; or (iii) the
then-applicable LIBOR Rate for a one (1) month Interest Period, subject to the Interest Rate
Floor, plus one percent (1.0%) per annum, plus the LIBOR Rate Spread; or

     (b) with respect to Base Rate Loans of the Non-Extending Lenders, the greater of (a)
the variable annual rate of interest announced from time to time by Agent at Agent’s Office
as its “prime rate” or (b) one-half of one percent (0.5%) above the Federal Funds Effective
Rate (rounded upwards, if necessary, to the next one-eighth of one percent). The Base Rate
is a reference rate and does not necessarily represent the lowest or best rate being charged
to any customers. Any change in the rate of interest payable hereunder resulting from a
change in the Base Rate shall become effective as of the opening of business on the date on
which such change in the Base Rate becomes effective, without notice or demand of any kind.

     Borrowing Base Assets. Collectively, the Timberland, the High Value
Timberland, the Raw Entitled Land, the Entitled Land Under Development and the Mineral
Business, subject to §9.2(a). With respect to Borrowing Base Assets other than the Mineral
Business, parcels of Real Estate may from time to time move from one classification of
Borrowing Base Asset to another upon designation by Borrower on the Borrowing Base
Certificate most recently delivered to Agent, but can never be in more than one
classification at any point in time.

     Entitled Land Under Development. Real Estate owned in fee simple absolute by
any Loan Party and described in Schedule 8 as of November 24, 2007, together with
all other Real Estate acquired thereafter in fee simple absolute or formerly classified as
another type of Borrowing Base Asset or was Negative Pledge Property that has been
designated for inclusion in the Borrowing Base in accordance with §5.5, in each case for
which all material required zoning, utilities and development permits and approvals have
been obtained and for which such Loan Party has commenced construction for a

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Development (all as certified in the Borrowing Base Certificate most recently delivered
by Borrower).

     Forestar Group. Forestar Group Inc., a Delaware corporation and formerly known
as Forestar Real Estate Group Inc.

     High Value Timberland. The Real Estate owned in fee simple absolute by a Loan
Party and described on Schedule 6 hereof as of November 27, 2007, together with any
other Real Estate hereafter acquired in fee simple absolute by any Loan Party or formerly
classified as another type of Borrowing Base Asset or was Negative Pledge Property that has
been designated for inclusion in the Borrowing Base in accordance with §5.5, in each case on
which, or on a portion of which, Timber is located and for which the applicable Loan Party
shall have commenced the entitlement process by submitting, or beginning to prepare, one or
more applications for the zoning, utilities, access and subdivision approvals, licenses and
permits required in order to commence construction and installation of the infrastructure
improvements for a Development, but for which all necessary approvals, licenses and permits
have not yet been received (all as certified in the Borrowing Base Certificate most recently
delivered by Borrower).

     Indebtedness. With respect to any Person means: (a) all indebtedness for
money borrowed and any obligations evidenced by bonds, debentures, notes or similar debt
instruments; (b) all liabilities secured by any mortgage, deed of trust, deed to secure
debt, pledge, security interest, lien, charge or other encumbrance existing on property
owned or acquired subject thereto, whether or not the liability secured thereby shall have
been assumed; (c) all guarantees, endorsements and other contingent obligations whether
direct or indirect in respect of indebtedness of others, including any obligation to supply
funds to or in any manner to invest directly or indirectly in a Person, to purchase
indebtedness, or to assure the owner of indebtedness against loss through an agreement to
purchase goods, supplies or services for the purpose of enabling the debtor to make payment
of the indebtedness held by such owner, through indemnity or otherwise, and the obligation
to reimburse the issuer in respect of any letter of credit; (d) any obligation as a lessee
or obligor under a Capitalized Lease; (e) all reimbursement obligations with respect to
letters of credit or similar instruments issued by a Person; and (f) all indebtedness,
obligations or other liabilities under or with respect to (i) interest rate swap, collar,
cap or similar agreements providing interest rate protection, including, without limitation,
any Hedge Agreement, (ii) any Commodity Hedge Agreement, and (iii) foreign currency exchange
agreements.

     Maturity Date. December 1, 2010, or, with respect to the Loans of the
Extending Lenders only, June 30, 2012 if the Maturity Date is extended pursuant to §3.1(c),
or, with respect to all Loans, such earlier date on which the Loans shall become due and
payable pursuant to the terms hereof. All references herein to “Maturity Date” shall be
deemed to be references to the applicable Maturity Date in respect of the applicable Lender
as described in this definition.

     Mortgaged Property or Mortgaged Properties. Individually and
collectively, the property described on Schedule 3 attached hereto and on
Schedule 1A attached to the

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Second Amendment, each by this reference incorporated herein, which has been conveyed
as security for the Obligations pursuant to the Security Deeds, and any other property which
is added as a Mortgaged Property pursuant to §5.1 or §5.3 hereof.

     Mortgaged Property Documents. See Schedule 2 attached hereto and
Schedule 2A attached to the Second Amendment, each by reference made a part hereof.

     Net Income. With respect to Forestar Group and its Subsidiaries for any Test
Period, the net income (or deficit) of such Persons, after deduction of all expenses, taxes
and other property charges, determined in accordance with GAAP, except that contributions or
other transfers of Real Estate to one or more Joint Ventures shall be considered a “sale”
with 100% of any resulting “gain on sale” included in Net Income for the fiscal quarter in
which such contributions or transfers occurs notwithstanding any requirement for any
computation to be made in accordance with GAAP so long as the structure of such Joint
Venture has been approved by Agent, such approval not to be unreasonably withheld,
conditioned or delayed.

     Permitted Refinancing Indebtedness. Any Indebtedness of the Loan Parties
issued in exchange for, or the net proceeds of which are used to extend, refinance, renew,
replace, defease or refund, Permitted Existing Indebtedness, Indebtedness otherwise
permitted by this Agreement or other Permitted Refinancing Indebtedness of such Person,
provided, that:

     (a) the principal amount of such Indebtedness (not including accrued or capitalized
interest and premiums, fees and expenses) does not exceed the then outstanding principal
amount of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded;

     (b) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded is Permitted Existing Indebtedness which is Non-Recourse Indebtedness, the
Permitted Refinancing Indebtedness with respect thereto must also be Non-Recourse
Indebtedness; and

     (c) no Default or Event of Default has occurred and is continuing or would result from
the issuance or origination of such Indebtedness.

     Raw Entitled Land. The Real Estate described on Schedule 7 hereof as
of November 24, 2007 together with any other Real Estate acquired thereafter or formerly
classified as another type of Borrowing Base Asset or was Negative Pledge Property that has
been designated for inclusion in the Borrowing Base in accordance with §5.5, in each case
consisting of Real Estate owned in fee simple by a Loan Party (i) that is suitable for
Development and (ii) for which all major discretionary land-use approvals have been obtained
(all as certified in the Borrowing Base Certificate most recently delivered by Borrower).

     Required Lenders. As of any date, the Lender or Lenders (not including any
Defaulting Lender which shall not be entitled to vote) whose aggregate Commitment Percentage
equals or exceeds the Applicable Approval Percentage. For purposes of this

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definition, a Revolving Lender (other than Swing Line Lender) shall be deemed to hold a
Swing Line Loan or participate in a Letter of Credit to the extent such Lender has acquired
a participation therein under the terms of this Agreement and has not failed to perform its
obligations in respect of such participation.

     Requisite Class Lenders. At any time of determination, (i) for the Revolving
Lenders, Revolving Lenders (not including any Defaulting Lender which shall not be entitled
to vote) holding at least the Applicable Approval Percentage of the aggregate Revolving
Loans (or if there are no Revolving Loans Outstanding, of the Revolving Commitment,
disregarding the Outstanding Loans or Commitment of any Defaulting Lender, as applicable)
and (ii) for the Term Lenders, Term Lenders holding at least the Applicable Approval
Percentage of the aggregate Outstanding principal amount of the Term Loans (disregarding the
Outstanding Term Loans of any Defaulting Lender). For purposes of this definition, a
Revolving Lender (other than Swing Line Lender) shall be deemed to hold a Swing Line Loan or
participate in a Letter of Credit to the extent such Lender has acquired a participation
therein under the terms of this Agreement and has not failed to perform its obligations in
respect of such participation.

     Total Revenues. For the relevant period, the aggregate amount of all gross
revenues derived from the operations of Forestar Group and its Subsidiaries, plus their pro
rata share of operating revenues from unconsolidated Joint Ventures; provided that any “gain
on sale” resulting from the contributions or other transfers of Real Estate to one or more
Joint Ventures shall be considered revenues derived from the operations of Forestar Group
and its Subsidiaries for the fiscal quarter in which such contributions or transfers occur
so long as the structure of such Joint Venture has been approved by Agent, such approval not
to be unreasonably withheld, conditioned or delayed.

     2. Amendment to §2.3 of the Credit Agreement. §2.3 of the Credit Agreement,
Interest on Loans, is hereby modified and amended by deleting clauses (a) and (b) thereof
in their entirety and by substituting the following new clauses (a) and (b) in lieu thereof:

          ”(a) Extending Lender Loans. With respect to the Loans of the Extending
Lenders:

               (i) Each LIBOR Rate Loan shall bear interest for the period commencing with the
Drawdown Date thereof and ending on the last day of the Interest Period with respect thereto
or the date on which such LIBOR Rate Loan is converted to a Base Rate Loan at a rate per
annum equal to the sum of (A) the LIBOR Rate, subject to the Interest Rate Floor, plus (B)
the LIBOR Rate Spread; and

               (ii) Each Base Rate Loan shall bear interest for the period commencing with the
Drawdown Date thereof and ending on the date on which such Base Rate Loan is repaid or
converted to a LIBOR Rate Loan at a rate per annum equal to the Base Rate.

          (b) Non-Extending Lender Loans. With respect to the Loans of the Non-Extending
Lenders:

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               (i) Each LIBOR Rate Loan shall bear interest for the period commencing with the
Drawdown Date thereof and ending on the last date of the Interest Period with respect
thereto or the date on which such LIBOR Rate Loan is converted to a Base Rate Loan at a rate
per annum equal to the sum of (i) the LIBOR Rate plus (ii) the applicable percentage for
such Loan as set forth on the table below:

	 	 	 
	Loan	 	Percentage
	 	 	 
	Revolving Loans
	 	Four percent (4.0%)
	 	 	 
	Term Loans
	 	Four percent (4.0%)

               (ii) Each Base Rate Loan shall bear interest for the period commencing with the
Drawdown Date thereof and ending on the date on which such Base Rate Loan is repaid or
converted to a LIBOR Rate Loan at a rate per annum equal to the sum of (i) the Base Rate
plus (ii) the applicable percentage for such Loan as set forth on the table below:

	 	 	 
	Loan	 	Percentage
	 	 	 
	Revolving Loans
	 	Two percent (2.0%)
	 	 	 
	Term Loans
	 	Two percent (2.0%)

     3. Amendments to §2.9 of the Credit Agreement. §2.9 of the Credit Agreement,
Increase in Commitments, is hereby modified and amended by deleting the existing language
thereof in its entirety and by substituting the following language in lieu thereof:

     “2.9 Reductions of the Commitments.

          (a) Bulk Sales. The parties acknowledge that the Loan Parties have sold or
intend to sell up to 175,000 acres of Timberland in one or more bulk sales identified as
such by Borrower in writing to Agent (the “Bulk Sales” and each, a “Bulk
Sale”). The parties acknowledge that a Bulk Sale of approximately 75,000 acres to
affiliates of Hancock Timber Resource Group closed on June 16, 2009 (the “Hancock
Sale”). In conjunction with the Bulk Sales, the aggregate Commitments will be reduced
by $850 per acre sold in each Bulk Sale, or such greater amount per acre as Borrower may
elect, with such reduction applied sixty percent (60%) to the total Term Commitments and
forty percent (40%) to the total Revolving Commitments, such reductions being further
applied pro rata to the Term Commitment of each Term Lender based upon such Lender’s Term
Commitment Percentage and pro rata to the Revolving Commitment of each Revolving Lender
based upon such Lender’s Revolving Commitment Percentage, as applicable. Except with
respect to the Hancock Sale, such Commitment reductions shall occur at the end of each
calendar quarter (or earlier, at Borrower’s election) based on a Loan Party’s receipt of the
net cash proceeds from the

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closing of such Bulk Sales during such calendar quarter, except
that with respect to any Bulk Sales of more than 25,000 acres, such Commitment reductions
shall occur within two (2) Business Days of a Loan Party’s receipt of the net cash proceeds
from the closing of such Bulk Sale. As a result of the Hancock Sale, the total Revolving
Commitments
shall be reduced by $25,500,000 to $264,500,000 on the date that the Second Amendment
becomes effective and the total Term Commitments were reduced by $39,000,000 to $136,000,000
at the time of the Hancock Sale. In the event Borrower elects to reduce the aggregate
Commitments with respect to any Bulk Sale by more than $850 per acre, Borrower may elect to
apply such excess reduction against the $850 per acre required reduction with respect to
subsequent Bulk Sales, thereby reducing the aggregate Commitment reduction required with
respect to such subsequent Bulk Sales, until such excess has been fully applied. Any
reductions under this §2.9(a) shall be permanent and may require mandatory prepayments to
the extent required under §3.2(a).

          (b) Compliance with §9.3. The aggregate Commitments shall be permanently
reduced from time to time if necessary to maintain compliance with the covenant set forth in
§9.3. Such reductions may require mandatory prepayments to the extent required under
§3.2(a).

          (c) Maturity of Loans of Non-Extending Lenders. Upon the maturity and payment
in full of the Loans of the Non-Extending Lenders, the aggregate Revolving Commitments and
the aggregate Term Commitments, and a corresponding amount of the aggregate Commitments,
will be reduced by the amount of the Non-Extending Lender’s Revolving Commitment and Term
Commitment.

          (d) Revised Schedule 1.1. After any Commitment reductions under this §2.9,
Agent shall promptly provide each Lender and Borrower with a new Schedule 1.1 to
this Agreement (and each Lender acknowledges that its Commitment Percentage under
Schedule 1.1 and allocated portion of the Outstanding Revolving Loans, Swing Line
Loans and Letters of Credit on the one hand, or the Outstanding Term Loans on the other (or
both, as applicable), will change in accordance with its pro rata share of the decreased
Revolving Commitments or Term Commitments (or both, as applicable)).”

     4. Amendment to §2.10 of the Credit Agreement. §2.10 of the Credit Agreement,
Letters of Credit, is hereby modified and amended by deleting the existing language of
clause (ii) in the first sentence of subsection 2.10(a) in its entirety and substituting the
following language in lieu thereof:

“(ii) upon issuance of such Letter of Credit, the Outstanding Letters of Credit shall not
exceed the lesser of (A) $100,000,000, and (B) twenty-two percent (22%) of the aggregate
Commitments.”

     5. Amendment to §3.1 of the Credit Agreement. §3.1 of the Credit Agreement,
Amortization; Stated Maturity, is hereby modified and amended by deleting the existing
language thereof in its entirety and substituting the following language in lieu thereof:

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     “§3.1 Amortization; Stated Maturity; Extension Option

          (a) Term Loan Amortization. Commencing on January 1, 2010 and continuing on
the first day of each calendar month thereafter through and including November 1, 2010, or
May 1, 2012 if the Maturity Date with respect to the Loans of the Extending Lenders is
extended pursuant to §3.1(c), Borrower shall pay to Agent for the account of Term Lenders
equal monthly installments, each in the amount of one-twelfth (1/12th) of one
percent (1%) of the aggregate principal amount of the Term Loans Outstanding on December 31,
2009, which amounts shall be applied against the then Outstanding principal balance of the
Term Loans; provided, however, that any prepayments of the Term Loans as a
result of the reductions in the Term Commitments pursuant to §2.9 shall be credited against
the amortization required pursuant to this §3.1(a) in direct order of maturity of such
installments.

          (b) Maturity Date. Borrower promises to pay on the applicable Maturity Date,
and there shall become absolutely due and payable on such Maturity Date, the entire
Outstanding principal amount of all Loans subject to such Maturity Date outstanding on such
date, together with any and all accrued and unpaid interest thereon.

          (c) Extension Option. The Borrower shall have the option to extend the
Maturity Date with respect to the Loans of the Extending Lenders only to June 30, 2012 by
giving Agent written Notice of such election to extend not more than 120 days and not less
than 60 days prior to the original Maturity Date, provided that (i) no Default or Event of
Default exists either on the date such notice is given or on the original Maturity Date,
(ii) each of the representations and warranties made by Borrower or the other Loan Parties
in this Agreement or the other Loan Documents or in any document or instrument delivered
pursuant to or in connection with this Agreement shall be true in all material respects as
of the date they were made, as of the date notice of extension is given and as of the
original Maturity Date (except to the extent of changes resulting from transactions
permitted by the Loan Documents, it being understood and agreed that any representation or
warranty which by its terms is made as of a specified date shall be required to be true and
correct in all material respects only as of such specified date), (iii) as of the date such
extension is effective (A) the aggregate Revolving Commitments of the Extending Lenders are
equal to or less than 92.25% of the aggregate Revolving Commitments of the Extending Lenders
(and any Non-Extending Lenders who become Extending Lenders pursuant to §3.1(d)) as of the
effective date of the Second Amendment and after giving effect to the Second Amendment, and
(B) the aggregate Term Commitments of the Extending Lenders are equal to or less than 77.94%
of the aggregate Term Commitments of the Extending Lenders (and any Non-Extending Lenders
who become Extending Lenders pursuant to §3.1(d)) as of the effective date of the Second
Amendment and after giving effect to the Second Amendment, (iv) the Loan Parties execute and
deliver such amendments or modifications to the Security Deeds as Agent may require in order
to evidence such extension and to maintain the effectiveness and priority of the Security
Deeds, together with payment of all mortgage, recording, intangible, documentary stamp or
other similar taxes and charges which Agent determines to be payable as a result of such
extension and the recording of such amendments or modifications, and affidavits or other
information which Agent

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determines to be necessary in connection therewith, and (v) Borrower shall have paid to
Agent, for the account of the Extending Lenders in accordance with their respective
percentage of the aggregate Commitments of all Extending Lenders, an extension fee equal to
thirty-five one hundredths of one percent (0.35%) of the aggregate Commitments of the
Extending Lenders as of the date such extension is effective.”

          (d) From and after the date of the Second Amendment until July 1, 2010, each
Non-Extending Lender may, at its option, and with the written consent of both Borrower and
Agent, elect to become an Extending Lender, thereby agreeing to the Maturity Date extension
option set forth in §3.1(c) with respect to all of its Loans. Upon such election becoming
effective, (i) such Lender shall be entitled to interest on its Loans on and after such
effectiveness as provided in §2.3(a), and (ii) such Lender shall be deemed an Extending
Lender for all other purposes under this Agreement. After any additions to the Extending
Lenders, Agent shall promptly provide each Lender with new Schedules 1.2 and
1.3 reflecting the new lists of Extending Lenders and Non-Extending Lenders,
respectively.

     6. Amendment to §3.2 of the Credit Agreement. §3.2 of the Credit Agreement,
Mandatory Prepayments, is hereby modified and amended by deleting the existing language of
subsection 3.2(a) in its entirety and substituting the following in lieu thereof:

     “(a) Loans Exceed Commitments, Borrowing Base or Commitment to Value Ratio. If
at any time (i) the sum of the aggregate Outstanding principal amount of the Revolving Loans
(including Swing Line Loans) plus the amount of Outstanding Letters of Credit exceeds the
aggregate Revolving Commitments, (ii) the aggregate Outstanding principal amount of the Term
Loans exceeds the aggregate Term Commitments, (iii) the aggregate Outstanding principal
balance of the Loans (including Swing Line Loans) plus the amount of Outstanding Letters of
Credit exceeds the Borrowing Base, or (iv) the sum of the Outstanding principal balance of
the Loans (including Swing Line Loans) plus the Outstanding Letters of Credit exceeds the
aggregate Commitments permitted in order to comply with the covenant set forth in §9.3, then
Borrower shall pay within five (5) days of written demand from Agent the amount of such
excess to Agent for the respective accounts of Lenders, as applicable, for application for
the Revolving Loans or Term Loans, as applicable, as provided in §3.4, together with any
additional amounts payable pursuant to §4.8; provided however that until such time as
Borrower has paid such amount to Agent for the respective accounts of the appropriate
Lenders pursuant to the preceding clause, Revolving Lenders shall have no obligation to make
additional funds available to Borrower pursuant to this Agreement. For the avoidance of
doubt, the Term Commitment shall be a reference to the Outstanding principal amount of the
Term Loans notwithstanding that no Term Lender has any remaining commitment to make Term
Loans.”

     7. Amendment to §5.1 of the Credit Agreement. §5.1 of the Credit Agreement,
Collateral, is hereby modified and amended by adding the following sentence to the end of
such Section as follows:

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“Effective with the Second Amendment, the Loan Parties agree that all existing and
thereafter acquired Timberland and High Value Timberland shall be included in the Mortgaged
Properties except for Real Estate distributed as part of the TEMCO Investment and as
otherwise agreed by Agent.”

     8. Amendments to §5.3 of the Credit Agreement. § 5.3 of the Credit Agreement,
Release of Mortgaged Property, is hereby modified and amended as follows:

          (a) Clause (a) thereof is modified and amended by deleting the existing language thereof in
its entirety and substituting the following language in lieu thereof:

          “(a) Borrower shall deliver to Agent a written notice of its desire to obtain such
release no later than five (5) Business Days prior to the date on which such release is to
be effected (or such lesser amount of time as agreed to by Agent), and, if the Mortgaged
Property to be released in connection with any sale or related series of sales contains
more than 5,000 acres in the aggregate, such notice shall be accompanied by a pro forma
Compliance Certificate showing that no Default or Event of Default exists either immediately
prior, or after giving effect, to such release and that immediately after giving effect to
such release, Loan Parties remain in compliance with the financial covenant in §9.3.

          (b) Clause (d) thereof is modified and amended by deleting the existing language thereof in
its entirety and substituting the following language in lieu thereof:

          “(d) such release shall be in conjunction with either (i) bona fide, arm’s-length sale
or like-kind exchange of the property to be released to an unaffiliated third-party, or the
transfer of such property to a Joint Venture as a capital contribution or sale, in either
case for reasonably equivalent value or consideration, otherwise permitted under the terms
of this Agreement, or (ii) a donation, grant, dedication or other transfer of property
(including, without limitation, donations, grants or other transfers of Mortgaged Property
for use as schools, parks, utilities, rights-of-way or other public or quasi-public
purposes) for a value or consideration (whether cash or non-cash, or any combination
thereof) determined in good faith by Borrower to be reasonable and appropriate taking into
account the actual or expected benefits to be received, directly or indirectly, by a Loan
Party in respect of such donation, grant, dedication or other transfer, which determination
shall be set forth in an officer’s certificate of Borrower in substantially the form of
Exhibit B to the First Amendment delivered to the Agent prior to or
contemporaneously with the release and, in the case of any donation, grant, dedication or
other transfer of property pursuant to this clause (ii) in excess of 500 acres, shall be
approved by the Agent, such approval not to be unreasonably withheld, conditioned or
delayed.”

     9. Amendment to §7.4(e) of the Credit Agreement. §7.4(e) of the Credit Agreement,
Financial Statements, Certificates and Information, is hereby modified and amended by
adding the following text immediately prior to the period appearing at the end of the first
sentence as follows:

-11-

 

          “; provided that Borrower may, at its option, deliver one additional Borrowing Base
Certificate each month in connection with a redesignation or addition of Borrowing Base
Assets as contemplated hereunder”

     10. Amendment to §8.1 of the Credit Agreement. §8.1 of the Credit Agreement,
Restrictions on Indebtedness, is hereby modified and amended by adding thereto a new clause
(xv) as follows:

          “(xv) Indebtedness under Commodity Hedge Agreements incurred for bona fide hedging
purposes up to a maximum aggregate exposure at any time of $25,000,000; provided that the
aggregate exposure amount may exceed such maximum amount for a period not to exceed five (5)
consecutive Business Days.”

     11. Amendment to §8.3 of Credit Agreement. §8.3 of the Credit Agreement,
Restrictions on Investments, is hereby modified and amended as follows:

          (a) Clause (q) thereof is modified and amended by deleting the existing language thereof in
its entirety and substituting the following language in lieu thereof:

          “(q) Investments in connection with Hedge Agreements and Commodity Hedge Agreements
permitted under this Agreement;”

     (b) New clauses (u) and (v) are hereby added as follows:

          “(u) Investment in Real Estate to the extent of a fifty percent (50%) undivided
interest in approximately 6000 acres in the form of a distribution in respect of a fifty
percent (50%) interest in a Joint Venture with Cousins Properties (or an Affiliate of
Cousins Properties) in a project known as “TEMCO Associates” (the “TEMCO
Investment”); and

          (v) Investments constituting (i) interests in oil and gas minerals (notwithstanding,
for the avoidance of doubt, the provisions set forth in §7.19) so long as the Loan Parties
are not the operators of any production activity in respect of such interests and (ii) the
acquisition of additional mineral interest acreage.”

     12. Amendment to §8.7 of the Credit Agreement. §8.7 of the Credit Agreement,
Distributions, is hereby modified and amended by deleting the existing language of clause
(h) thereof in its entirety and substituting the following language in lieu thereof:

          “(h) Borrower may make other Distributions to Forestar Group (and Forestar Group may
make Distributions to its stockholders), provided that, for purposes of this clause (h), (i)
Borrower has, since the closing of the Hancock Sale and including payments made in
conjunction therewith, made principal payments on the Loans of not less than $125,000,000,
(ii) the Total Leverage Ratio as of the last day of the most recently completed fiscal
quarter is less than thirty percent (30%), (iii) the Interest Coverage Ratio for the most
recent Test Period exceeds 3.0:1.0, (iv) the Revenues/Capital Expenditures Ratio for the
most recent Test Period is greater than 1.5:1.0, and (v) Available Liquidity as of the last
day of the most recently completed

-12-

 

fiscal quarter is not less than $125,000,000, all of the requirements of clauses (ii),
(iii) (iv) and (v) tested after giving pro forma effect to the proposed Distribution, as if
such Distribution had occurred on the last day of the most recently completed fiscal quarter
or the first day of the relevant Test Period, as applicable.”

     13. Amendment to §8.12 of the Credit Agreement. §8.12 of the Credit Agreement,
Negative Pledges; Restrictive Agreements, etc., is hereby modified and amended by deleting
the existing language of clause (F) thereof in its entirety and substituting the following in lieu
thereof:

          “(F) restrictions contained in the operative agreements of any Joint Ventures against
transferring, assigning or pledging the Equity Interests in such Joint Ventures or any Real
Estate held by a Loan Party in connection with the TEMCO Investment.”

     14. Amendment to §9.1 of the Credit Agreement. §9.1 of the Credit Agreement,
Corporate Financial Covenants of Loan Parties, is hereby modified and amended as follows:

          (a) Subsection (a), Interest Coverage Ratio, is modified and amended by deleting the
existing language thereof in its entirety and substituting the following in lieu thereof:

          “(a) Interest Coverage Ratio. The Loan Parties will not, as of the end of any
fiscal quarter of Forestar Group, permit the Interest Coverage Ratio for the fiscal quarter
then ended and the immediately preceding three (3) fiscal quarters (treated as a single
accounting period) (the “Test Period”), to be not less than (i) 1.50:1.0 for each
Test Period ending on or before December 31, 2009, and (ii) 1.75:1.0 for each Test Period
ending thereafter; provided, however, that unless the Interest Coverage
Ratio equals or exceeds 2.0:1.0 for the most recent Test Period, the Loan Parties may not,
after July 16, 2009, make additional Investments otherwise permitted under subsections (i)
(solely in respect of newly formed or created Joint Ventures), (j) (solely in respect of the
acquisition of Real Estate), (r), (s) or (v) of §8.3 except with the prior written approval
of Agent.”

          (b) Subsection (d), Minimum Liquidity, is modified and amended by deleting the
existing language thereof in its entirety and substituting the following in lieu thereof:

          “(d) Minimum Liquidity. Borrower shall at the end of each fiscal quarter have
Available Liquidity of at least the lesser of (i) $35,000,000, and (ii) seven and one-half
percent (7.5%) of the aggregate Commitments as of the end of such fiscal quarter (after
giving effect to any reductions in the aggregate Commitments on the last day of such fiscal
quarter).”

          (c) Subsection (e), Net Worth, is modified and amended by deleting the percentage
“fifty percent (50%)” in clause (iii) thereof and substituting the percentage “seventy-five percent
(75%)” in lieu thereof.

-13-

 

     15. New §9.3. A new §9.3 is hereby added to the Credit Agreement in §9 thereof as
follows:

     “9.3 Commitment to Value. Borrower shall not at any time permit the ratio of
(i) the sum of Timberland Value, plus High Value Timberland Amount, plus the Raw Entitled
Land Value with respect to any Raw Entitled Land that is part of the Mortgaged Property, and
plus Mineral Business Enterprise Value to (ii) the aggregate Commitments (after giving
effect to any reductions in the aggregate Commitments on such day), to be less than
1.75:1.0; it being understood that for purposes of this §9.3, High Value Timberland Amount
shall be determined solely in accordance with clause (b) of the definition thereof.”

     16. Amendment to §18.8 of the Credit Agreement. §18.8 of the Credit Agreement,
Mandatory Assignment, is hereby modified and amended by deleting the existing language of
the first sentence thereof in its entirety and substituting the following in lieu thereof:

     “In the event (i) Borrower requests that certain amendments, modifications or waivers
be made to this Agreement or any of the other Loan Documents which request is approved by
Agent or Required Lenders but is not approved by one or more of Lenders (any such
non-consenting Lender shall hereafter be referred to as the “Non-Consenting Lender”,
it being agreed that a Non-Extending Lender is not a Non-Consenting Lender for purposes
hereof), (ii) Borrower becomes obligated to pay additional amounts to any Lender pursuant to
§4.4 or §4.9, or any Lender gives notice of the occurrence of any
circumstances described in §4.10, (iii) any Lender with a Revolving Loan Commitment
defaults in the obligation to make Revolving loans hereunder or is otherwise a Defaulting
Lender, or (iv) any Lender is a Non-Extending Lender (any such Lender, including a
Non-Consenting Lender, shall hereafter be referred to as an “Affected Lender”) then,
within thirty (30) days after Borrower’s receipt of notice of such disapproval by such
Non-Consenting Lender, or, in the case of clause (ii), (iii) or (iv) above at any time after
the occurrence of such event, Borrower shall have the right as to such Affected Lender, to
be exercised by delivery of written notice delivered to Agent and the Affected Lender, to
elect to cause the Affected Lender to transfer its Loans and Commitments.”

     17. Amendment to §27 of the Credit Agreement. §27 of the Credit Agreement,
Consents, Amendments, Waivers, Etc., is hereby modified and amended by adding a new
sentence to the end of such Section as follows:

“The right of any Lender to consent under subsections (a) and (b) of this §27 shall not
apply to a Defaulting Lender.”

     18. New Exhibit B. The existing Exhibit B, Compliance Certificate, is
hereby deleted and the Exhibit B attached to this Amendment is substituted therefor.

     19. New Schedules. New Schedule 1.2, Extending Lenders, and
Schedule 1.3, Non-Extending Lenders, which are attached to this Amendment are
hereby added to the Credit Agreement.

-14-

 

     20. No other Amendments. The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided above, operate as an amendment or waiver of any right,
power or remedy of Agent or Lenders under the Credit Agreement or any of the other Loan Documents,
nor constitute an amendment or waiver of any provision of the Credit Agreement or any of the other
Loan Documents. Except for the amendments expressly set forth above, the text of the Credit
Agreement and all other Loan Documents (as modified by the Modification of Other Loan Documents
referenced in the First Amendment) shall remain unchanged and in full force and effect, and
Borrower and Guarantors hereby ratify and confirm their respective obligations thereunder, as
herein modified and amended. This Amendment shall not constitute a course of dealing with Agent or
Lenders at variance with the Credit Agreement or the other Loan Documents such as to require
further notice by Agent or Lenders to require strict compliance with the terms of the Credit
Agreement and the other Loan Documents in the future.

     21. Conditions of Effectiveness. This Amendment shall become effective as of the date
hereof when, and only when, Agent, on behalf of Lenders, shall have received, in form and substance
satisfactory to it, the following:

          (a) Counterparts of this Amendment duly executed by Borrower, each of the Guarantors and each
Lender;

          (b) The Mortgaged Property Documents described on Schedule 2A attached hereto with
respect to the Mortgaged Property described on Schedule 1A attached hereto shall have been
delivered to Agent at Borrower’s expense, granting Agent a first priority Lien on such Mortgaged
Property, subject only to Permitted Liens. Borrower will have paid to Agent any mortgage,
recording, intangible, documentary stamp or other similar taxes and charges which Agent reasonably
determines to be payable as a result of the Loans or the recording of such Mortgaged Property
Documents to any state or any county or municipality thereof in which any of such Mortgaged
Properties are located, and deliver to Agent such affidavits or other information which Agent
reasonably determines to be necessary in connection with payment in order to insure that the
Security Deeds on such Mortgaged Property located in such state secure Borrower’s obligations with
respect to the Loans;

          (c) True and correct copies of resolutions of the Borrower and the other Loan Parties that
authorize the execution, delivery and performance of this Amendment and the other documents
executed in connection herewith;

          (d) Legal opinions from counsel to Borrower and the others Loan Parties regarding due
organization, existence, good standing, due authorization, due execution and delivery,
enforceability and usury for the Borrower and the other Loan Parties, including opinions from
counsel in such other states as may be requested by Agent;

          (e) For the benefit of each Extending Lender, the payment by Borrower of an amendment fee
equal to .25% of the Commitment of each such Lender, in immediately available funds, such fee being
fully earned and non-refundable when paid;

-15-

 

          (f) The representations and warranties made pursuant to Section 22 of this Amendment shall be
true and correct; and

          (g) Payment of all reasonable and documented expenses incurred by Agent in connection with the
execution and delivery of this Amendment, together with reasonable fees and actually incurred
expenses of Agent’s counsel with respect to this Amendment and other post-closing matters, in each
case to the extent invoiced at least one (1) Business Day prior to the date hereof.

     22. Representations and Warranties. Each of the Loan Parties represents and warrants
as follows:

          (a) The execution, delivery and performance by Borrower and each Guarantor of this Amendment
and the Mortgaged Property Documents delivered in connection herewith (to the extent they are a
signatory thereto) are within each such party’s legal powers, have been duly authorized by all
necessary shareholder, partner or member action and do not contravene (i) Borrower’s or any such
Guarantor’s Organizational Documents, respectively, or (ii) any law or contractual restriction
binding on or affecting such Person;

          (b) No authorization, approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body, except for those already obtained or made and the filing
of Security Documents delivered in connection herewith in the appropriate records office with
respect thereto, is required for the due execution, delivery and performance by Borrower or any
Guarantor of the Amendment or the Mortgaged Property Documents delivered in connection herewith,
to which such Person is or will be a party;

          (c) This Amendment and the Mortgaged Property Documents delivered in connection herewith to
which the Loan Parties, or any of them, are respectively a party, constitute the legal, valid and
binding obligations of each such party, enforceable against such Person in accordance with their
respective terms, provided that enforcement may be limited by bankruptcy, insolvency, liquidation,
reorganization, reconstruction and other similar laws affecting enforcement of creditor’s rights
generally and except to the extent that availability of the remedy of specific performance or
injunctive relief is subject to the discretion of the court before which any proceeding therefore
may be brought;

          (d) All of the representations and warranties of the Loan Parties in the Loan Documents are
true and correct in all material respects as of the date hereof (or if such representations and
warranties by their terms relate solely to an earlier date, then as of such earlier date); and

          (e) No Default or Event of Default is existing and none would result upon this Amendment
becoming effective.

     23. Interest Accrual Prior to Second Amendment. Interest on Loans made prior to the
date of the Second Amendment shall accrue interest at the rates in effect prior to the
effectiveness of the Second Amendment and thereafter at the rate(s) set forth in §2.3 of the Credit
Agreement, as amended hereby.

-16-

 

     24. Reaffirmation of Guaranty. By execution of this Amendment, each Guarantor
reaffirms and restates its guaranty of the Obligations pursuant to the Guaranty Agreement and
agrees that its obligations thereunder are not released, diminished, impaired or reduced or
otherwise adversely affected by this Amendment.

     25. Reference to and Effect on the Loan Documents. Upon the effectiveness of this
Amendment, on and after the date hereof: each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and
each reference in the other Loan Documents to the “Credit Agreement,” “thereunder,” “thereof” or
words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit
Agreement as amended and modified hereby.

     26. Costs, Expenses and Taxes. Borrower agrees to pay on demand all reasonable
out-of-pocket expenses of Agent actually incurred in connection with the preparation, execution and
delivery of this Amendment and the other instruments and documents to be delivered hereunder,
including, without limitation, the reasonable fees and out-of-pocket expenses of Agent’s counsel
with respect thereto and with respect to advising Agent as to its rights and responsibilities
hereunder and thereunder.

     27. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of New York, without regard to the conflict of laws principles thereof.

     28. Loan Document. This Amendment shall be deemed to be a Loan Document for all
purposes.

     29. Exhibits and Schedules. The Exhibits and Schedules attached to this Amendment are
hereby incorporated herein by this reference.

     30. Counterparts. This Amendment may be executed by one or more of the parties hereto
on any number of separate counterparts, each of which shall be deemed an original and all of which,
taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart of this Amendment by facsimile or other electronic transmission shall be as effective
as delivery of a manually executed counterpart hereof.

[The remainder of this page is intentionally left blank]

-17-

 

     IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the date first set
forth above.

	 	 	 	 	 
	 	BORROWER:

FORESTAR (USA) REAL ESTATE GROUP INC., a Delaware corporation

 	 
	 	By:  	/s/ Christopher L. Nines
 	 
	 	 	Name:  	Christopher L. Nines 	 
	 	 	Its:  	Chief Financial Officer

 	 
	 	 	 	[SEAL]	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

Second Amendment to Forestar Credit Agreement

S-1

 

	 	 	 	 	 
	 	GUARANTORS:

FORESTAR GROUP INC., a Delaware corporation

 	 
	 	By:  	/s/ Christopher L. Nines
 	 
	 	 	Name:  	Christopher L. Nines 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	FORESTAR MINERALS LLC, a Delaware limited liability company

 	 
	 	By:  	/s/ Christopher L. Nines
 	 
	 	 	Name:  	Christopher L. Nines 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	FIRSTLAND INVESTMENT CORPORATION, a Texas corporation

 	 
	 	By:  	/s/ Christopher L. Nines
 	 
	 	 	Name:  	Christopher L. Nines 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	LIC VENTURES, INC., a Delaware corporation

 	 
	 	By:  	/s/ Christopher L. Nines
 	 
	 	 	Name:  	Christopher L. Nines 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGES]

Second Amendment to Forestar Credit Agreement

S-2

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	GUARANTORS (cont’d):

FORESTAR REALTY INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Christopher L. Nines
 	 
	 	 	Name:  	Christopher L. Nines 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	FORESTAR HOTEL HOLDING COMPANY INC.,

a Nevada corporation

 	 
	 	By:  	/s/ Christopher L. Nines
 	 
	 	 	Name:  	Christopher L. Nines 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	CAPITOL OF TEXAS INSURANCE GROUP INC., a Delaware corporation

 	 
	 	By:  	/s/ Christopher L. Nines
 	 
	 	 	Name:  	Christopher L.Nines 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGES]

Second Amendment to Forestar Credit Agreement

S-3

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as a Lender, as Swing Line Lender and as Agent

 	 
	 	By:  	/s/ Nathan Weyer
 	 
	 	 	Name:  	Nathan Weyer 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

Second Amendment to Forestar Credit Agreement

S-4

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	AGFIRST FARM CREDIT BANK, as a Lender

 	 
	 	By:  	/s/ Matthew H. Jeffords
 	 
	 	 	Name:  	Matthew H. Jeffords 	 
	 	 	Title:  	Assistant Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[AgFirst Farm Credit Bank] Signature Page

S-5

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender

 	 
	 	By:  	/s/ Dwayne Coker
 	 
	 	 	Name:  	Dwayne Coker 	 
	 	 	Title:  	Duly Authorized Signatory 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[General Electric Capital Corporation] Signature Page

S-6

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender

 	 
	 	By:  	/s/ Roger C. Davis
 	 
	 	 	Name:  	Roger C. Davis 	 
	 	 	Title:  	Senior Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Bank of America] Signature Page

S-7

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	COMPASS BANK, a state banking association, as a Lender

 	 
	 	By:  	/s/ Brian Tuerff
 	 
	 	 	Name:  	Brian Tuerff 	 
	 	 	Title:  	Senior Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Compass Bank] Signature Page

S-8

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	AGCOUNTRY FARM CREDIT SERVICES, PCA, d/b/a FCS
COMMERCIAL FINANCIAL GROUP, as a Lender

 	 
	 	By:  	/s/ Lisa Caswell
 	 
	 	 	Name:  	Lisa Caswell 	 
	 	 	Title:  	Assistant Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[AgCountry Farm Credit Services] Signature Page

S-9

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/ Christopher Rogers
 	 
	 	 	Name:  	Christopher Rogers 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[U.S. Bank] Signature Page

S-10

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	ALLIED IRISH BANKS, p.l.c., as a Lender

 	 
	 	By:  	/s/ Jean Peirre Knight
 	 
	 	 	Name:  	Jean Peirre Knight 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                                             /s/ Eanna P. Mulkere
 	 
	 	 	Name:  	Eanna P. Mulkere 	 
	 	 	Title:  	Assistant Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Allied Irish] Signature Page

S-11

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/ Robert T. Caughlin
 	 
	 	 	Name:  	Robert T. Cauglin 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Amegy] Signature Page

S-12

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	MERCANTILE BANK (f/k/a Mercantile Trust & Savings

Bank), as a Lender

 	 
	 	By:  	/s/ Michael F. Waters
 	 
	 	 	Name:  	Michael F. Waters 	 
	 	 	Title:  	Senior Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Mercantile Bank] Signature Page

S-13

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	CAPITAL FARM CREDIT, as a Lender

 	 
	 	By:  	/s/ Robert P. Abbott
 	 
	 	 	Name:  	Robert P. Abbott   	 
	 	 	Title:  	President Corporate Lending 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Capital Farm Credit] Signature Page

S-14

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	NORTHWEST FARM CREDIT SERVICES, PCA, 

as a Lender

 	 
	 	By:  	/s/ Carol L. Sobson
 	 
	 	 	Name:  	Carol L. Sobson 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Northwest Farm Credit] Signature Page

S-15

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	CITIBANK, N.A., as a Lender

 	 
	 	By:  	/s/ Peter J. Thompson
 	 
	 	 	Name:  	Peter J. Thompson 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Citibank] Signature Page

S-16

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	EATON VANCE FLOATING-RATE INCOME 

TRUST, as a Lender

 	 
	 	By:  	Eaton Vance Management as Investment Advisor
 	 
	 
	 	By:  	                                               /s/ Scott H. Page
 	 
	 	 	Name:  	Scott H. Page 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Eaton Vance Floating-Rate Income Trust] Signature Page

S-17

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	EATON VANCE SENIOR FLOATING-RATE 

TRUST, as a Lender

 	 
	 	By:  	 Eaton Vance Management as Investment Advisor
 	 
	 
	 	By:  	                                               /s/ Scott H. Page
 	 
	 	 	Name:  	Scott H. Page 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Eaton Vance Senior Floating-Rate Trust] Signature Page

S-18

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	GRAYSON & CO, as a Lender

 	 
	 	By:  	Boston Management and Research as Investment Advisor
 	 
	 
	 	By:  	                                               /s/ Scott H. Page
 	 
	 	 	Name:  	Scott H. Page 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Grayson & Co] Signature Page

S-19

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	EATON VANCE INSTITUTIONAL SENIOR

LOAN FUND, as a Lender

 	 
	 	By:  	Eaton Vance Management as Investment Advisor
 	 
	 
	 	By:  	                                               /s/ Scott H. Page
 	 
	 	 	Name:  	Scott H. Page 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Eaton Vance Institutional Senior Loan Fund] Signature Page

S-20

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	EATON VANCE LIMITED DURATION INCOME 

FUND, as a Lender

 	 
	 	By:  	Eaton Vance Management as Investment Advisor
 	 
	 
	 	By:  	                                               /s/ Scott H. Page
 	 
	 	 	Name:  	Scott H. Page 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Eaton Vance Limited Duration Income Fund] Signature Page

S-21

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	SENIOR DEBT PORTFOLIO, as a Lender

 	 
	 	By:  	Boston Management and Research as
 	 
	 	 	Investment Advisor 	 
	 
	 	By:  	                                               /s/ Scott H. Page
 	 
	 	 	Name:  	Scott H. Page 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Senior Debt Portfolio] Signature Page

S-22

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	ATLAS-OCI ENHANCED LOAN INCOME FUND 

LLC, as a Lender

 	 
	 	By:  	/s/ Heather M. Jousma
 	 
	 	 	Name:  	Heather M. Jousma 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Altas-OCI Enhanced Loan Income Fund] Signature Page

S-23

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	HAMLET II, LTD., as a Lender

 	 
	 	By:  	OCTAGON CREDIT INVESTORS, LLC, as
 	 
	 	 	Portfolio Manager 	 
	 
	 	By:  	                                               /s/ Thomas A. Connors
 	 
	 	 	Name:  	Thomas A. Connors 	 
	 	 	Title:  	Chief Financial & Administrative
Officer 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Hamlet II] Signature Page

S-24

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	OCTAGON INVESTMENT PARTNERS V, LTD.,
as a Lender

 	 
	 	By:  	OCTAGON CREDIT INVESTORS, LLC, as
Portfolio Manager
 	 
	 
	 	 	 
	 	By:  	                                               /s/ Thomas A. Connors
 	 
	 	 	Name:  	Thomas A. Connors 	 
	 	 	Title:  	Chief Financial & Administrative Officer 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Octagon Investment Partners V] Signature Page

S-25

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	OCTAGON INVESTMENT PARTNERS VI, LTD.,
as a Lender

 	 
	 	By:  	OCTAGON CREDIT INVESTORS, LLC, as
Collateral Manager
 	 
	 
	 	 	 
	 	By:  	                                               /s/ Thomas A. Connors
 	 
	 	 	Name:  	Thomas A. Connors 	 
	 	 	Title:  	Chief Financial & Administrative Officer 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Octagon Investment Partners VI] Signature Page

S-26

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	OCTAGON INVESTMENT PARTNERS VII, LTD., as a Lender

 	 
	 	By:  	OCTAGON CREDIT INVESTORS, LLC, as
Collateral Manager
 	 
	 
	 	 	 
	 	By:  	                                               /s/ Thomas A. Connors
 	 
	 	 	Name:  	Thomas A. Connors 	 
	 	 	Title:  	Chief Financial & Administrative Officer 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Octagon Investment Partners VII] Signature Page

S-27

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	OCTAGON INVESTMENT PARTNERS VIII, LTD., as a Lender

 	 
	 	By:  	OCTAGON CREDIT INVESTORS, LLC, as
Collateral Manager
 	 
	 
	 	 	 
	 	By:  	                                               /s/ Thomas A. Connors
 	 
	 	 	Name:  	Thomas A. Connors 	 
	 	 	Title:  	Chief Financial & Administrative Officer 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Octagon Investment Partners VIII] Signature Page

S-28

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	OCTAGON INVESTMENT PARTNERS IX, LTD.,
as a Lender

 	 
	 	By:  	OCTAGON CREDIT INVESTORS, LLC, as Manager
 	 
	 
	 	 	 
	 	By:  	                                               /s/ Thomas A. Connors
 	 
	 	 	Name:  	Thomas A. Connors 	 
	 	 	Title:  	Chief Financial & Administrative Officer 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Octagon Investment Partners IX] Signature Page

S-29

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	OCTAGON INVESTMENT PARTNERS X, LTD.,
 as a Lender

 	 
	 	By:  	OCTAGON CREDIT INVESTORS, LLC, as
Collateral Manager
 	 
	 
	 	 	 
	 	By:  	
/s/ Thomas A. Connors
 	 
	 	 	Name:  	Thomas A. Connors 	 
	 	 	Title:  	Chief Financial & Administrative Officer 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Octagon Investment Partners X] Signature Page

S-30

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	OCTAGON INVESTMENT PARTNERS XI, LTD.,
as a Lender

 	 
	 	By:  	OCTAGON CPREDIT INVESTORS, LLC, as
Collateral Manager
 	 
	 
	 	 	 
	 	By:  	                                               /s/ Thomas A. Connors
 	 
	 	 	Name:  	Thomas A. Connors 	 
	 	 	Title:  	Chief Financial & Administrative Officer 	 
	 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

KeyBank/Forestar — Second Amendment to Revolving and Term Credit Agreement

[Octagon Investment Partners XI] Signature Page

S-31

 

[Execution of Second Amendment to

Revolving and Term Credit Agreement Continued]

	 	 	 	 	 
	 	GSCP (NJ), L.P., on behalf of each of the following

funds, in its capacity as Collateral Manager:

GSC PARTNERS CDO FUND IV, LIMITED

 	 
	 	By:  	/s/ Alexander B. Wright
 	 
	 	 	Name:  	Alexander B. Wright 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	GSC PARTNERS GEMINI FUND LIMITED,

 	 
	 	By:  	GSCP (NJ), L.P., as Collateral Monitor

 	 
	 	By:  	GSCP (NJ), INC., its General Partners
 	 
	 
	 	 	 
	 	By:  	/s/ Alexander B. Wright
 	 
	 	 	Name:  	Alexander B. Wright 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	GSC Investment Corp. CLO 2007 LTD

 	 
	 	By:  	GSC Investment Corp, as Collateral Manager

 	 
	 	By:  	GSCP (NJ), L.P., as Investment Advisor to
GSC Investment Corp

 	 
	 	By:  	GSCP (NJ), Inc., its general partner
 	 
	 
	 	 	 
	 	By:  	/s/ Alexander B. Wright
 	 
	 	 	Name:  	Alexander B. Wright 	 
	 	 	Title:  	Authorized SignatoryExhibit 10.1

EXHIBIT 10.1

July 14, 2009

AMCON Distributing Company

7405 Irvington Road

Omaha, Nebraska 68122

And

Chamberlin Natural Foods, Inc.

430 North Orlando Avenue

Winter Park, Florida 32789

And

Health Food Associates, Inc.

7807 East 51st Street

Tulsa, Oklahoma 74145

			
	 Re:	 	Twelfth Amendment to Amended and Restated Loan and Security Agreement
(this “Amendment”) 

Ladies and Gentlemen:

AMCON Distributing Company, a Delaware corporation (“AMCON”), Chamberlin Natural Foods, Inc.,
a Florida corporation (“Chamberlin Natural”), and Health Food Associates, Inc., an Oklahoma
corporation (“Health Food”) (AMCON, Chamberlin Natural, and Health Food are each referred to as a
“Borrower” and are collectively referred to as “Borrowers”) and Bank of America, N.A., as successor
in interest to LaSalle Bank National Association, a national banking association (in its individual
capacity, “BofA”), as agent (in such capacity as agent, “Agent”) for itself, M&I Marshall & Ilsley
Bank (successor by merger to Gold Bank), and all other lenders from time to time party to the Loan
Agreement referred to below (“Lenders”), have entered into that certain Amended and Restated Loan
and Security Agreement dated September 30, 2004 (the “Loan Agreement”). From time to time
thereafter, Borrowers, Agent and Lenders have executed various amendments (each an “Amendment” and
collectively the “Amendments”) to the Loan Agreement (the Loan Agreement and the Amendments
hereinafter are referred to, collectively, as the “Agreement”). Borrowers, Agent and Lenders now
desire to further amend the Agreement as provided herein, subject to the terms and conditions
hereinafter set forth.

 

 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and
agreements set forth herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. The Agreement hereby is amended as follows:

(a) Subsection 2(a)(ii) of the Agreement is amended and restated in its entirety, to
read as follows:

(ii) Up to eighty-five percent (85%) of the lower of cost or market
value of Eligible Cigarette Inventory or Twenty-Five Million and
No/100 Dollars ($25,000,000.00), whichever is less; plus

(b) Subsection 13(d) of the Agreement is amended and restated in full, to read as
follows:

(d) Mergers, Sales, Acquisitions, Subsidiaries and Other
Transactions Outside the Ordinary Course of Business.

No Borrower shall (i) enter into any merger or consolidation; (ii)
change its state of organization or enter into any transaction which
has the effect of changing its state of organization; (iii) sell,
lease or otherwise dispose of any of its assets other than in the
ordinary course of business, provided that AMCON may sell and
dispose of assets with a value of less than $250,000.00 in any
transaction, or series of related transactions, provided that the
proceeds thereof, net of reasonable out of pocket disposition
expenses, are applied to the Liabilities; (iv) purchase the stock,
other equity interests or all or a material portion of the assets of
any Person or division of such Person; or (v) enter into any other
transaction outside the ordinary course of such Borrower’s business,
including, without limitation, any issuance of any shares of, or
warrants or other rights to receive or purchase any shares of, any
class of its stock or any other equity interest other than such
issuances pursuant to the terms of such Borrower’s stock option plan
and the 2007 Omnibus Incentive Plan. Notwithstanding anything in
this Agreement to the contrary, no Borrower shall redeem, retire,
purchase or otherwise acquire any shares of any class or series of
its stock or any other equity interest (including, without
limitation, any shares of AMCON’s Series A Convertible Preferred
Stock or Series B Convertible Preferred Stock); provided,
however, that AMCON may (i) redeem odd lot stock in an
aggregate amount not to exceed $50,000.00 in any calendar year and
other stock up to $100,000.00 in the aggregate during any calendar
year, (ii) purchase shares of its common stock only so long as (I)
no Event of Default is in existence at the time of, or would occur
after giving effect to, any such purchase, and (II) Borrowers shall
have Average Excess Availability of not less than Ten Million Dollars
($10,000,000.00) for the thirty (30) day period immediately prior to
such purchase and after giving effect to any such purchase and (iii)
redeem shares of AMCON’s Series A and Series B Convertible Preferred
Stock only so long as (I) no Event of Default is in existence at the
time of, or would occur after giving effect to, any such redemption,
and (II) Borrowers shall have Average Excess Availability of not
less than Five Million Dollars ($5,000,000.00) for the thirty (30)
day period immediately prior to such redemption and after giving
effect to any such redemption. No Borrower shall form any
Subsidiaries or enter into any joint ventures or partnerships with
any other Person. For purposes herein, “Average Excess
Availability” shall be determined by dividing (i) the total of each
day’s Excess Availability for such thirty (30) day period by (ii)
thirty (30).

 

-2-

 

(c) Subsection 15(m) is hereby amended and restated to read as follows:

(m) Change of Control.

The failure of AMCON to own and have voting control of at least one
hundred percent (100%) of the issued and outstanding voting equity
interest of Chamberlin Natural and Health Food.

2. This Amendment shall not become effective until Agent shall have received this Amendment,
duly executed by the parties hereto.

3. The representations and warranties set forth in Section 11 of the Agreement shall
be deemed remade as of the date hereof by each Borrower, except that any and all references to the
Agreement in such representations and warranties shall be deemed to include this Amendment. No
Event of Default has occurred and is continuing and no event has occurred and is continuing which,
with the lapse of time, the giving of notice, or both, would constitute an Event of Default under
the Agreement.

4. Borrowers agree to pay on demand all costs and expenses of or incurred by Agent (including,
but not limited to, legal fees and expenses) in connection with the negotiation, preparation,
execution and delivery of this Amendment. In addition to the foregoing, the Borrower agrees to pay
to the Agent for the benefit of the Lenders an amendment fee equal to $50,000 which shall be fully
earned and non-refundable as of the date hereof and be distributed to the Lenders in accordance
with their Pro Rata Share of the loan commitments.

5. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, and all of which together shall constitute one and the same instrument. Delivery of
an executed counterpart of this Amendment by facsimile or other electronic means shall be equally
as effective as delivery of a manually executed counterpart of this Amendment. Any party
delivering an executed counterpart of this Amendment by facsimile or other electronic means also shall deliver a manually executed counterpart of this Amendment but the failure to deliver a
manually executed counterpart shall not affect the validity, enforceability, and binding effect of
this Amendment.

 

-3-

 

6. Except as expressly amended hereby, the Agreement and the Other Agreements are hereby
ratified and confirmed by the parties hereto and remain in full force and effect in accordance with
the terms thereof. Each Borrower hereby reaffirms its grant of the security interest in the
Collateral.

7. This Amendment shall be governed by and construed under the laws of the State of Illinois,
without regard to conflict of laws principles of such State.

[Signatures appear on following pages]

 

-4-

 

(Signature Page to Twelfth Amendment to

Amended and Restated Loan and Security Agreement)

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., a national

banking association, as Agent and a Lender

 	 
	 	By:  	/s/ Jason Hoefler
 	 
	 	 	Title:  VP                                                          	 

	 	 	 	 	 
	 	M&I MARSHALL & ILSLEY BANK, as a Lender 

 	 
	 	By:  	/s/
Michael Dayle	 
	 	 	Title:   VP                                                        	 
	 
	 	By:  	/s/ Dan Dewitt
 	 
	 	 	Title:   AVP                                                        	 

	 	 	 	 	 
	ACKNOWLEDGED AND AGREED TO this 14th day of July, 2009: 

AMCON DISTRIBUTING COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ Andrew C. Plummer	 	 
	 

	 	 	 	 
	 

	 	Title: VP & CFO	 	 
	 
	 	 	 	 
	CHAMBERLIN NATURAL FOODS, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Clifford Ginn	 	 
	 

	 	 	 	 
	 

	 	Title: VP	 	 
	 
	 	 	 	 
	HEALTH FOOD ASSOCIATES, INC.

	 
	 
	 	 	 	 
	By:

	 	/s/ Clifford Ginn	 	 
	 

	 	 	 	 
	 

	 	Title: VP

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