Document:

Exhibit 10.1

    
      

    

    

      EXHIBIT
        10.1

    

    

    SECOND
      AMENDMENT TO CREDIT AGREEMENT

     

    THIS
      SECOND AMENDMENT TO CREDIT AGREEMENT (herein called this "Amendment")
      is
      made effective as of February 7, 2007, by and between BEAZER MORTGAGE
      CORPORATION, a Delaware corporation ("Borrower"),
      the
      banks identified on the signature pages hereof (individually referred to herein
      as a "Lender"
      and collectively as the "Lenders"),
      and GUARANTY BANK, a federal savings bank, as administrative and collateral
      agent for the Lenders ("Agent"),
      JPMORGAN CHASE BANK, N.A., as syndication agent, and U.S. BANK NATIONAL
      ASSOCIATION, as documentation agent.

     

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      Borrower and Lenders have entered into that certain Credit Agreement, dated
      as
      of January 11, 2006, as amended by that certain First Amendment to Credit
      Agreement, dated as of December 29, 2006 (collectively, the "Credit
      Agreement"),
      for
      the purposes and consideration therein expressed; and

     

    WHEREAS,
      Borrower and Lenders desire to amend the Credit Agreement as provided
      herein;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants and
      agreements contained herein and in the Credit Agreement, in consideration of
      the
      loans which may hereafter be made by Lenders to Borrower, and for other good
      and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto do hereby agree as follows:

     

    ARTICLE
      I

     

    Definitions
      and References

     

    1.1    Terms
      Defined in the Credit Agreement.
      Unless
      the context otherwise requires or unless otherwise expressly defined herein,
      the
      terms defined in the Credit Agreement shall have the same meanings whenever
      used
      in this Amendment.

     

    ARTICLE
      II

     

    Amendments
      to Credit Agreement

     

    2.1    Definitions.
      Section
      1.1
      of the
      Credit Agreement is hereby amended by amending the following defined terms
      set
      forth therein as follows: 

     

    "'Aged
      Loan'
      means
      an Eligible Mortgage Loan which has been included in the Borrowing Base for
      more
      than one hundred twenty (120) days but less than or equal to one hundred eighty
      (180) days."

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    "'Applicable
      Sublimit'
      means,
      for each Mortgage Loan classification listed below, the percentage of the total
      Commitments listed opposite such Mortgage Loan classification: 

     

    
      	
              Wet
                Loans 

            	
               
                30%*

            
	
              Prime
                Loans

            	
              100%

            
	
              Jumbo
                Loans

            	
               
                30%

            
	
              Second
                Lien/HELOC Loans

            	
               
                25%

            
	
              Nonprime-A
                Loans

            	
               
                10%}**

            
	
              Nonprime-B
                Loans

            	
                 
                5%}**

            
	
              Alt-A
                Loans

            	
               
                75%

            
	
              Aged
                Loans

            	
               
                10%

            

    

    

    *
      provided,
      however,
      that in
      the last five (5) and first five (5) Business Days of every calendar month,
      the
      Applicable Sublimit for Wet Loans shall be fifty percent (50%) of the total
      Commitments; and

     

    **
      provided further,
      however,
      that
      the Unit Collateral Value of all Nonprime-A Loans when added to the Unit
      Collateral Value of all Nonprime-B Loans shall not exceed ten percent (10%)
      of
      the total Commitments."

     

    "'Approved
      Letter of Credit'
      means
      an irrevocable, unconditional standby letter of credit issued by a domestic
      commercial bank having capital and surplus in excess of $100,000,000. The letter
      of credit must be issued for the account of Parent to the Agent for the benefit
      of the Lenders, as additional security and as an additional source of repayment
      of the Obligations, in the form of Exhibit
      F,
      and in
      an amount not less than $3,500,000."

     

    "'Commitment'
      means,
      as to any Lender, the obligation of such Lender to make Committed Loans (or
      purchase participations in Swingline Loans as set forth in Section 2.1(b)(ii))
      to
      Borrower pursuant to Section 2.1
      hereof
      in an aggregate amount not to exceed the amount set forth under the heading
      "Commitment" opposite such Lender's name on Schedule
      1.1
      hereof.
      The original aggregate amount of all Lenders' Commitments is $100,000,000.00,
      provided,
      however,
      that
      notwithstanding the aggregate amount of the Lenders' Commitments, at all times
      the aggregate amount advanced by the Lenders hereunder shall not exceed the
      lesser of (i) the aggregate amount of the Lenders' Commitments, or (ii) the
      Collateral Value of the Borrowing Base."

     

    "'Drawdown
      Termination Date'
      means
      the earlier of February 6, 2008, or the day on which the Notes first become
      due
      and payable in full in accordance with the terms thereof or this
      Agreement."

     

    "'Fee
      Letter'
      means
      the letter agreement dated December 4, 2006 between Borrower and
      Agent."

     

    

    
      
        
          
          

        

        
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    "'Jumbo
      Loan'
      means a
      Single Family Mortgage Loan which (i) is secured by a first-lien Mortgage,
      (ii) has an original principal balance of greater than the current
      FNMA/FHLMC loan size limit but less than or equal to $1,500,000, (iii) is a
      Limited Documentation Mortgage Loan or a Full Documentation Mortgage Loan,
      (iv)
      has a FICO score greater than or equal to 620, and (v) has a LTV less than
      or equal to 100%. Additionally, prior to inclusion of any Jumbo Loan with an
      original principal balance of greater than $650,000 in the Borrowing Base,
      Borrower shall have delivered to Agent a prior approval letter from an Investor
      (which letter may be delivered by facsimile or other electronic
      means)."

     

    "'Swingline
      Amount'
      means
      Twenty Million Dollars ($20,000,000.00)."

     

    "'Unit
      Collateral Value'
      means,
      on any day, with respect to each Eligible Mortgage Loan included in the
      Borrowing Base, the Applicable Advance Rate Percentage of the least of the
      following:

     

    (a)        
      the
      outstanding principal balance of the Mortgage Note constituting such Mortgage
      Loan;

     

    (ii)        
      the
      actual out-of-pocket cost to Borrower of such Mortgage Loan minus the amount
      of
      principal paid under such Mortgage Loan and delivered to Agent for application
      to the prepayment of the Loans;

     

    (iii)       
      as
      applicable, either (a) the amount at which an Investor has committed to purchase
      an individual Mortgage Loan pursuant to a Take-Out Commitment, or (b) the
      weighted average purchase price (expressed as a percentage of par) committed
      to
      under those Take-Out-Commitments that could cover such Mortgage Loan multiplied
      by the unpaid principal balance of such Mortgage Loan; or

     

    (iv)       
      the
      Market Value of the Mortgage Note constituting such Mortgage Loan.

     

    provided that
      if any
      such Eligible Mortgage Loan included in the Borrowing Base becomes an Aged
      Loan,
      the Unit Collateral Value of such Mortgage Loan as determined by the above
      calculation shall be reduced by five percent (5%), and Borrower shall
      immediately, on such Eligible Mortgage Loan's one hundred twenty-first
      (121st)
      day in
      the Borrowing Base, make mandatory repayment required by Section 2.5;
      and

     

    provided further,
      that no
      Eligible Mortgage Loan may be included in the Borrowing Base for more than
      one
      hundred eighty (180) days, such that on the one hundred eighty-first
      (181st)
      day
      after such Eligible Mortgage Loan is first included in the Borrowing Base,
      the
      Unit Collateral Value of such Mortgage Loan shall be reduced to zero, and
      Borrower shall immediately make mandatory repayment required by Section 2.5.
      The
      values described in clauses (i), (ii) and (iii) above shall be initially
      determined by Borrower as of the date the applicable Eligible Mortgage Loan
      is
      initially pledged to Agent and shall be reported by Borrower to Agent in the
      Borrowing Request."

     

    

    
      
        
          
          

        

        
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    2.2 Definitions.
      Subparts (l) and (m) of the definition of "Eligible
      Mortgage Loan"
      located
      in Section
      1.1
      of the
      Credit Agreement are hereby amended in their entirety to read as follows:

     

    "(l)    Such
      Mortgage Loan has not been included in the Borrowing Base for more than one
      hundred twenty (120) days unless such Mortgage Loan is an Aged
      Loan;

     

    (m)    If
      such
      Mortgage Loan is included in the Borrowing Base and has been withdrawn from
      the
      possession of the Agent on terms and subject to conditions set forth in the
      Security Agreement:

     

    (i)         
      If
      such
      Mortgage Loan was withdrawn by Borrower for purposes of correcting clerical
      or
      other non-substantive documentation problems, the Mortgage Note and other
      documents relating to such Mortgage Loan are returned to the Agent within
      fifteen (15) calendar days from the date of withdrawal; and the Unit Collateral
      Value of such Mortgage Loan when added to the Unit Collateral Value of other
      Mortgage Loans which have been similarly released to Borrower and have not
      been
      returned does not exceed ten percent (10%) of the aggregate amount of the
      Lenders' Commitments;

     

    (ii)        
      If
      such
      Mortgage Loan was shipped by the Agent directly to a permanent investor for
      purchase or to a custodian for the formation of a pool, (x) such investor or
      custodian is in full compliance with the terms of the bailee letter under which
      such Mortgage Loan was shipped, and (y) the full purchase price for such
      Mortgage Loan has been received by the Agent (or such Mortgage Loan has been
      returned to the Agent) within forty-five (45) calendar days from the date of
      shipment by the Agent;"

     

    2.3    Definitions.
      Section
      1.1
      of the
      Credit Agreement is hereby amended by deleting therefrom the definition of
      "Weighted
      Average Commitment".

     

    2.4    Section
      2.3.
      Subpart
      (b) of Section
      2.3
      of the
      Credit Agreement is hereby amended by deleting the phrase "2:00 p.m." located
      in
      the first line thereof and substituting in lieu thereof the phrase "1:00
      p.m."

     

    2.5    Section
      2.4.
      Subpart
      (a) of Section
      2.4
      of the
      Credit Agreement is hereby amended in its entirety to read as
      follows:

     

    "(a)    Facility
      Fee.
      In
      consideration of the Lenders' commitment to make the Loans, Borrower will pay
      to
      each Lender a non-refundable facility fee determined by applying a rate of
      fifteen basis points (0.15%) per annum to each Lender's Commitment. This
      facility fee shall be due and payable on the effective date of the Second
      Amendment to this Agreement."

     

    

    
      
        
          
          

        

        
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    2.6    Section
      2.6.
      Section
      2.6
      of the
      Credit Agreement is hereby amended in its entirety to read as
      follows:

     

    "Payments
      to Lenders.
      All
      payments of interest on the Notes, all payments of principal, including any
      principal payment made with proceeds of Mortgage Collateral, and fees hereunder
      shall be made directly to Agent without condition or deduction for any
      counterclaim, defense, recoupment, setoff, or withholding or deduction for
      taxes, for the pro-rata benefit of each Lender, in federal or other immediately
      available funds before 1:00 p.m. (Central time) on the respective dates when
      due
      via wire transfer to the Settlement Account. The Agent shall distribute such
      payments to the Lenders promptly upon receipt in like funds as received, and
      in
      any event before 3:00 p.m. (Central time) on the day received. Borrower shall
      send notice to Agent before 1:00 p.m. (Central time) on the day any payment
      of
      principal or interest is received by Agent which sets forth the Loans against
      which such payment is to be applied. Any payment (or any payment received
      without a notice regarding application of such payment) received by Agent after
      such time will be deemed to have been made on the next following Business Day.
      Should any such payment become due and payable on a day other than a Business
      Day, the maturity of such payment shall be extended to the next succeeding
      Business Day, and, in the case of a payment of principal or past due interest,
      interest shall accrue and be payable thereon for the period of such extension
      as
      provided in the Loan Document under which such payment is due. Each payment
      under a Loan Document shall be payable at the place provided therein and, if
      no
      specific place of payment is provided, shall be payable at the place of payment
      of the Notes. Prior to the occurrence of an Event of Default and the exercise
      of
      remedies by Agent, when Agent collects or receives money on account of the
      Obligations, Agent shall apply all such money so distributed, as
      follows:

     

    first,
      to
      any reimbursements due Agent under Section 5.5
      and to
      any fees due Agent under the Fee Letter;

     

    second,
      to any reimbursements due Lenders under Section 5.5;

     

    third,
      prior to a Default or Event of Default, to the payment of the Loans then due,
      as
      directed by Borrower;

     

    fourth,
      to the prepayment of principal on the Notes, together with accrued and unpaid
      interest on the principal so prepaid; and

     

    last,
      to
      the payment or prepayment of any other Obligations, and the balance, if any,
      after all of the Obligations have been indefeasibly paid in full, to the
      Borrower or as otherwise required by law.

     

    All
      payments applied to principal or interest on any Note shall be applied first
      to
      any interest then due and payable, then to principal then due and payable,
      and
      last to any prepayment of principal."

     

    

    
      
        
          
          

        

        
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    2.7    Section
      2.7.
      Section
      2.7
      of the
      Credit Agreement is hereby amended in its entirety to read as
      follows:

     

    "Notification
      by the Agent.
      Promptly after receipt thereof and in any event, not later than 2:00 p.m.
      (Central time), the Agent will notify each Lender of the contents of each
      Borrowing Request and repayment notice received by it hereunder. Upon the
      request of Agent, on the day on which any Committed Loans are to be made, each
      Lender shall make available, not later than 3:00 p.m. (Central time), its pro
      rata portion of the Loan or Loans in accordance with such Lender's Commitment
      in
      immediately available funds to the Agent at its address specified on Agent's
      signature page hereto."

     

    2.8    Section
      5.1(a).
      Subpart
      (v) of Section
      5.1(a)
      of the
      Credit Agreement is hereby amended in its entirety to read as
      follows:

     

    "(v)      
      (a)    
      Promptly after becoming available, and in any event, within forty-five (45)
      days
      after the end of each calendar month, detail (which may be included in the
      Officer's Certificate delivered pursuant to Section 5.1(a)(iv)) on Borrower's
      repurchase requests by Investors and production statistics;

     

    (b)    
      Promptly upon written request by Agent (which request may be delivered by
      facsimile or other electronic means), and in any event, not later than five
      (5)
      Business Days after such request, a report in form and detail reasonably
      acceptable to Agent including, without limitation, detail on Borrower's pipeline
      position, commitment position, and any other information reasonably requested
      by
      Agent;"

     

    2.9    Section
      6.16.
      Section
      6.16
      of the
      Credit Agreement is hereby amended in its entirety to read as
      follows:

     

    "Profitability.
      As of
      the end of each Fiscal Quarter, Borrower's Consolidated Net Income for the
      twelve month period ending on such date shall be a positive number equal to
      or
      greater than $1.00."

     

    2.10         
      Section
      9.10.
      Section
      9.10
      of the
      Credit Agreement is hereby amended in its entirety to read as
      follows:

     

    "Agent's
      Discretionary Authority.
      Notwithstanding anything to the contrary, in connection with the Borrowing
      Base,
      the Agent is hereby authorized by the Lenders to grant temporary waivers of
      compliance by the Borrower with the eligibility requirements regarding
      qualification of any Collateral as an Eligible Mortgage Loan or with the
      Borrowing Base sublimits when the Agent deems it appropriate, in its sole
      discretion, as to all matters (other than (x) any requirement that a Mortgage
      Loan be covered by a Take-Out Commitment, (y) the requirements contained in
      subparts (a) through (j) of the definition of "Eligible Mortgage Loan" or (z)
      the requirements contained in the definition of "Single Family"), if the
      aggregate amount of deviation from strict compliance, based on the Unit
      Collateral Value so included in the Borrowing Base and the amount of excess
      permitted over the Borrowing Base sublimits does not exceed $5,000,000.00 at
      any
      time (provided, however, that the duration of any such temporary waiver shall
      not exceed twenty (20) days with respect to any Wet Loan unless the Mortgage
      Note related to such Mortgage has been delivered to the Agent)."

     

    

    
      
        
          
          

        

        
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    2.11         
      Section
      11.11.
      Section
      11.11
      of the
      Credit Agreement is hereby amended by (i) deleting the current heading and
      substituting in lieu thereof the phrase "Assignments;
      Commitment Increases.,"
      and
      (ii) adding thereto a new subpart (d) to read as follows:

     

    "(d)    Commitment
      Increases.

     

    (i)    Increases
      to Aggregate Commitment.
      The
      Borrower shall have the right to increase the aggregate Commitment by obtaining
      additional Commitments, either from one or more of the existing Lenders and/or
      one or more other lending institutions becoming new Lenders, provided
      that
      (A)
      Agent has approved the identity of any such new Lender, such approval not to
      be
      unreasonably withheld, (B) no Default or Event of Default shall have occurred
      and be continuing and no change or event which constitutes a Material Adverse
      Effect shall have occurred as of the date of such proposed increase, (C) any
      such new Lender assumes all of the rights and obligations of a "Lender"
      hereunder, and (D) the procedure described in Section
      11.11(d)(ii)
      has been
      complied with, provided further that the aggregate Commitments shall not at
      any
      time exceed $200,000,000 without the approval of the Agent and all of the
      Lenders. No Lender shall have any obligation to increase its Commitment unless
      it agrees to do so in its sole discretion.

     

    (ii)         
      Procedure
      for Increases and Addition of New Lenders.
      This
      Agreement permits certain increases in a Lender's Commitment and the admission
      of new Lenders providing new Commitments, none of which require any consents
      or
      approvals from the other Lenders. Any amendment hereto for such an increase
      or
      addition shall be in the form attached hereto as Exhibit
      H
      and
      shall only require the written signatures of the Agent, the Borrower and the
      Lender being added or increasing its Commitment, subject only to the approval
      of
      all Lenders if any such increase would cause the aggregate Commitments to exceed
      $200,000,000. In addition, within two (2) Business Days after the effective
      date
      of any increase, the Agent shall, and is hereby authorized and directed to,
      revise Schedule
      1.1
      reflecting such increase and shall distribute such revised Schedule to each
      of
      the Lenders and the Borrower, whereupon such revised Schedule shall replace
      the
      old Schedule and become part of this Agreement. On the Business Day following
      any such increase, all outstanding Loans shall be reallocated among the Lenders
      (including any newly added Lender(s)) in accordance with the Lenders' respective
      revised Commitment Percentages as shown on the revised Schedule
      1.1."

     

    

    
      
        
          
          

        

        
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    (iii)        
      Fees
      Relating to Increases in the Aggregate Commitment.

     

    
      	 	 	
              (a)    In
                consideration of an increase in the aggregate Commitment, Borrower
                shall
                pay to each existing Lender increasing its Commitment and/or each
                new
                Lender providing a Commitment a non-refundable facility fee determined
                by
                applying a rate of fifteen basis points (.15%) per annum to (i) for
                each
                existing Lender, the amount each existing Lender has agreed to increase
                its Commitment, and (ii) for each New Lender, the amount of each
                new
                Lender's Commitment. The facility fee paid to each existing Lender
                and/or
                new Lender shall be prorated from the effective date of any increase
                in
                the aggregate Commitment to the Drawdown Termination Date and shall
                be due
                and payable on the effective date of such
                increase.

            

    

     

    
      	 	 	
              (b)    In
                consideration of an increase in the aggregate Commitment, Borrower
                shall
                pay to Agent, for its own account, an administrative fee determined
                by
                applying the rate set forth in the Fee Letter to the amount of increase
                in
                the aggregate Commitment. The administrative fee paid to Agent shall
                be
                prorated from the effective date of any increase in the aggregate
                Commitment to the Drawdown Termination Date and shall be due and
                payable
                on the effective date of such
                increase."

            

    

     

    2.12    Schedules.
      Schedule
      1.1
      of the
      Credit Agreement is hereby amended in its entirety and replaced with
Schedule
      1.1
      attached
      hereto. 

     

    2.13    Exhibits.
      Exhibit
      C
      of the
      Credit Agreement is hereby amended in its entirety and replaced with
Exhibit
      C
      attached
      hereto. 

     

    2.14    Exhibits.
      Exhibit
      G
      of the
      Credit Agreement is hereby amended in its entirety and replaced with
Exhibit
      G
      attached
      hereto. 

     

    2.15    Exhibits.
      The
      Credit Agreement is hereby amended by adding thereto a new "Exhibit
      H"
      in the
      form attached hereto.

     

    ARTICLE
      III

     

    Conditions
      to Effectiveness

     

    3.1    Effective
      Date.
      This
Amendment
      shall become effective as of the date first above written when and only when
      (a)
      Agent shall have received, at Agent's office, (A) thirteen (13) original duly
      executed counterparts of this Amendment from the Borrower and each Lender,
      and
      (B) a certificate of the secretary or assistant secretary of Borrower setting
      forth (i) resolutions of its board of directors authorizing the execution,
      delivery and performance of this Amendment and any future amendments,
      modifications, increases or extensions relating to any of the Loan Documents,
      (ii) identifying the officers of Borrower authorized to sign this Amendment
      and
      such other instruments and specimen signatures of such officers so authorized,
      (iii) articles of incorporation of Borrower certified by the appropriate
      Secretary of State as of a recent date, (iv) bylaws of Borrower, certified
      as
      being accurate and complete, and (v) a certificate of existence and good
      standing for Borrower as of a recent date issued by the appropriate Secretary
      of
      State, (b) Borrower
      shall have paid to each Lender a facility fee in accordance with the terms
      of
      Section 2.4(a) of the Credit Agreement (as amended hereby), and (c) Borrower
      shall have paid to Agent an annual administrative fee in accordance with the
      terms of the Fee Letter.

     

    

    
      
        
          
          

        

        
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    ARTICLE
      IV

     

    Miscellaneous

     

    4.1    Borrower
      Acknowledgment.
      Except
      as otherwise specified herein, the terms and provisions of the Credit Agreement
      are ratified and confirmed by Borrower and shall remain in full force and
      effect, enforceable in accordance with their terms. Borrower hereby
      acknowledges, agrees and represents that (i) contemporaneously with the
      effectiveness of this Amendment, the representations and warranties of Borrower
      contained in the Credit Agreement are true and correct in all material respects
      (except to the extent such representations and warranties relate, by their
      terms, to a specific earlier date, in which case they shall be true and correct
      in all material respects on and as of such earlier date), and (ii) Borrower
      has no set-offs, counterclaims, defenses or other causes of action against
      Lender arising out of the Credit Agreement, this Amendment, any other Loan
      Document or otherwise, and to the extent any such set-offs, counterclaims,
      defenses or other causes of action may exist, whether known or unknown, such
      items are hereby waived by Borrower. 

     

    4.2    Parent
      Acknowledgment.
      Parent
      hereby acknowledges, agrees and represents that (i) the Letter of Credit No.
      CPCS-227543 (such letter of credit and any and all renewals, rearrangements,
      replacements, substitutions, amendments, supplements and other modifications,
      the "Letter
      of Credit")
      issued
      by JPMorgan Chase Bank, National Association to Agent for the account of the
      Borrower constitutes for all purposes and in all respects an "Approved Letter
      of
      Credit" under the Credit Agreement (as amended hereby); (ii) without notice
      to
      Parent, the Agent may draw on the Letter of Credit pursuant to the terms and
      conditions thereof and in accordance with Section 2.11 of the Credit Agreement
      to satisfy the Obligations of the Borrower under the Notes and the other Loan
      Documents regardless of whether (a) the Loan Documents are modified, amended,
      supplemented, joined, increased, restated, or otherwise changed without notice
      to Parent; (b) terms and conditions of the Loan Documents are waived, or parties
      or Collateral thereto are released without notice to Parent; and (c) the Agent
      has made demand on Borrower without notice to Parent and pursued any other
      remedies under the Loan Documents without notice to Parent; and (iii) any
      suretyship rights, defenses or claims that it may have under applicable law
      as a
      result of any draw by Agent under the Letter of Credit are hereby waived by
      Parent.

     

    4.3    Reference
      to and Effect on the Loan Documents.
      (a)
      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 hereby.

     

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

    

    

     

    (b)    The
      execution, delivery and effectiveness of this Amendment shall not operate as
      a
      waiver of any right, power or remedy of Agent under any of the Loan Documents,
      nor constitute a waiver of any provision of any of the Loan
      Documents.

     

    4.4    Costs
      and Expenses.
      Borrower shall pay, or cause to be paid, by check or wire transfer, all
      reasonable costs and expenses related to the preparation for and the closing
      of
      the transaction contemplated by this Amendment, including, but not limited
      to,
      the reasonable fees and expenses of legal counsel to Agent (which
      fees and expenses, as to legal counsel of Agent, shall be paid directly to
      legal
      counsel of Agent promptly upon presentation of a bill for legal services
      rendered).

     

    4.5    CHOICE
      OF LAW; VENUE.
      THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS.
BORROWER
      AND LENDERS HEREBY AGREE THAT THE OBLIGATIONS CONTAINED HEREIN ARE PERFORMABLE
      IN DALLAS
      COUNTY, TEXAS.
      ALL PARTIES HERETO AGREE THAT (I) ANY ACTION ARISING OUT OF THIS TRANSACTION
      SHALL BE FILED IN DALLAS
      COUNTY, TEXAS,
      (II) VENUE FOR ENFORCEMENT OF ANY OF THE OBLIGATIONS CONTAINED IN THIS AMENDMENT
      SHALL BE IN DALLAS
      COUNTY, TEXAS
      (III) PERSONAL JURISDICTION SHALL BE IN DALLAS
      COUNTY, TEXAS,
      (IV) ANY ACTION OR PROCEEDING UNDER THIS AMENDMENT SHALL BE COMMENCED AGAINST
      BORROWER IN DALLAS
      COUNTY, TEXAS
      (V) SUCH ACTION SHALL BE INSTITUTED IN THE COURTS OF THE STATE OF TEXAS LOCATED
      IN DALLAS
      COUNTY, TEXAS
      OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS
      LOCATED IN DALLAS COUNTY, TEXAS, AT THE OPTION OF AGENT AND (VI) BORROWER AND
      LENDERS HEREBY WAIVE ANY OBJECTION TO THE VENUE OF ANY SUCH SUIT, ACTION OR
      PROCEEDING AND ADDITIONALLY WAIVE ANY RIGHT IT MAY HAVE TO BE SUED ELSEWHERE.
      NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO ACCOMPLISH SERVICE OF
      PROCESS IN ANY MANNER PERMITTED BY LAW.

     

    4.6    WAIVER
      OF JURY TRIAL.
      EACH OF THE PARTIES HERETO WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE
      LAW, ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION
      BASED UPON OR ARISING OUT OF OR RELATED TO THIS AMENDMENT, THE CREDIT AGREEMENT,
      THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
      IN
      ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE
      PARTIES AGAINST ANY OTHER PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT
      CLAIMS, OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM
      OR
      CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
      THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL
      BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM
      OR
      OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY
      OR
      ENFORCEABILITY OF THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN
      DOCUMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY
      SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THE CREDIT
      AGREEMENT AND ANY OTHER LOAN DOCUMENTS.

     

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

    

     

    4.7    Time
      is of the Essence.
      Time is
      of the essence in the performance of the covenants contained herein and in
      the
      Loan Documents.

     

    4.8    Binding
      Agreement.
      This
      Amendment shall be binding upon the successors and assigns of the parties
      hereto; provided, however, the foregoing shall not be deemed or construed to
      (i)
      permit, sanction, authorize or condone the assignment of all or any part of
      any
      interest in and to Borrower except as expressly authorized in the Loan
      Documents, or (ii) confer any right, title, benefit, cause of action or remedy
      upon any person or entity not a party hereto, which such party would not or
      did
      not otherwise possess.

     

    4.9    Headings.
      The
      section headings hereof are inserted for convenience of reference only and
      shall
      in no way alter, amend, define or be used in the construction or interpretation
      of the text of such section.

     

    4.10         
      Construction.
      Whenever the context hereof so required, reference to the singular shall include
      the plural and likewise, the plural shall include the singular; words denoting
      gender shall be construed to mean the masculine, feminine or neuter, as
      appropriate; and specific enumeration shall not exclude the general but shall
      be
      construed as cumulative of the general recitation.

     

    4.11         
      Counterparts;
      Fax.
      This
      Amendment may be separately executed in counterparts and by the different
      parties hereto in separate counterparts, each of which when so executed shall
      be
      deemed to constitute one and the same Amendment. This Amendment may be duly
      executed by facsimile or other electronic transmissions.

     

    4.12         
      No
      Reliance.
      In executing this Amendment, Borrower warrants and represents that Borrower
      is
      not relying on any statement or representation other than those in the Credit
      Agreement and this Amendment and is relying upon its own judgment and advice
      of
      its attorneys.

     

    4.13         
      ENTIRE
      AGREEMENT.
      THIS
      AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS COLLECTIVELY
      REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
      BY
      EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
      PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
      PARTIES.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this instrument to be duly
      executed effective as of the date first above written.

     

    
      	
              BORROWER:

            	
              BEAZER
                MORTGAGE CORPORATION,

            
	
              Borrower's
                Address:

            	
              a
                Delaware corporation

            
	
              1000
                Abernathy Road, Suite 1200

            	 
	
              Atlanta,
                GA 30328

            	 
	
              Attention:     President

            	 
	 	
              By:
                /s/
                Cory J. Boydston

            
	
              With
                a copy of all notices to:

            	
              Name:
                Cory J. Boydston 

            
	
               

            	
              Title:
                Senior Vice President

            

    

    

    General
      Counsel

    Beazer
      Homes USA, Inc.

    1000
      Abernathy Road

    Atlanta,
      GA 30328

    

    

    

    
      	
              STATE
                OF GEORGIA

            	
              §

            
	 	
              §

            
	
              COUNTY
                OF FULTON

            	
              §

            

    

    

    

    Before
      me, the undersigned notary public, on this 5th day of February, 2007, personally
      appeared Cory J. Boydston, Senior Vice President of Beazer Mortgage Corporation,
      a Delaware corporation, known to me (or proved to me by the production of a
      driver's license as identification) to be the person whose name is subscribed
      to
      the foregoing instrument and acknowledged to me that he executed the same on
      behalf of said corporation for the purposes and consideration therein
      expressed.

    

    

    

    
      	 	
              /s/
                Jayne M. Bender

            
	 	
              Notary
                Public - State of Georgia

            
	 	 
	
              My
                Commission expires:

            	
              Jayne
                M. Bender

            
	
              2/14/11

            	
              Printed
                Name of Notary

            

    

     

     

     

     

     

     

     

    

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              AGENT:

            	
              GUARANTY
                BANK,

            
	
              Address:

            	
              a
                Federal savings bank

            
	
              8333
                Douglas Avenue, 11th
                Floor

            	 
	
              Dallas,
                Texas 75225

            	 
	
              Attention:
                Ms. Amy Satsky 

            	 
	
              Fax:
                214.360.3328

            	 
	
              Tel:
                214.360.2674

            	
              By:/s/
                Amy Satsky

            
	 	
              Name:
                Amy Satsky

            
	 	
              Title:
                Vice President

            

    

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              LENDER:

            	
              GUARANTY
                BANK,

            
	
              Address:

            	
              a
                Federal savings bank,

            
	
              8333
                Douglas Avenue, 11th
                Floor

            	
              as
                a Lender and as Swingline Lender

            
	
              Dallas,
                Texas 75225

            	 
	
              Attention:
                Ms. Amy Satsky

            	 
	
              Fax:
                214.360.3328

            	 
	
              Tel:
                214.360.2674

            	
              By:/s/
                Amy Satsky

            
	 	
              Name:
                Amy Satsky

            
	 	
              Title:
                Vice President

            

    

    

     

     

     

     

     

     

     

     

     

     

     

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          14

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              LENDER:

            	
              JPMORGAN
                CHASE BANK, N.A.

            
	 	
              as
                a Lender

            
	 	 
	 	 
	 	 
	 	
              By:
                /s/
                R. Britt Langford

            
	 	
              Name:
                R.
                Britt Langford

            
	 	
              Title:Managing
                Director

            

    

    

     

     

     

     

     

     

     

     

     

     

     

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              LENDER:

            	
              U.S.
                BANK NATIONAL ASSOCIATION

            
	 	
              as
                a Lender

            
	 	 
	 	 
	 	 
	 	
              By: 
                /s/
                William J. Umscheid

            
	 	
              Name:
                William
                J. Umscheid

            
	 	
              Title:Vice
                President

            

    

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              LENDER:

            	
              BANK
                OF AMERICA, N.A.

            
	 	
              as
                a Lender

            
	 	 
	 	 
	 	 
	 	
              By:
                /s/
                Elizabeth Kurilecz

            
	 	
              Name:
                Elizabeth
                Kurilecz

            
	 	
              Title:
                Vice
                President

            

    

    

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              LENDER:

            	
              WASHINGTON
                MUTUAL BANK

            
	 	
              as
                a Lender

            
	 	 
	 	 
	 	 
	 	
              By:/s/
                Anne D. Brehony

            
	 	
              Name:
                Anne D. Brehony

            
	 	
              Title:
                Vice President

            

    

    

     

     

     

     

     

     

     

     

     

     

     

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              LENDER:

            	
              NATIONAL
                CITY BANK, as successor by

              merger
                to NATIONAL CITY BANK OF

              KENTUCKY,

            
	 	
              as
                a Lender

            
	 	 
	 	 
	 	 
	 	
              By: 
                /s/
                Scott D. Goodwin

            
	 	
              Name: 
                Scott
                D. Goodwin

            
	 	
              Title: 
                Vice
                President

            

    

    

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          19

          
            

          

        

        
          
          

        

      

    

    

    

      
        	
                LENDER:

              	
                COMERICA
                  BANK

              
	
                Comerica
                  Bank

              	
                as
                  a Lender

              
	
                Mortgage
                  Banker Finance

              	 
	
                MC
                  3256

              	 
	
                500
                  Woodward Ave.

              	 
	
                Detroit,
                  MI 48226

              	 
	
                Attn:
                  Paul G. Dufault

              	 
	
                (313)
                  222-9036

              	 
	
                (313)
                  222-9295(fax)

              	
                By: 
                  /s/
                  Paul G. Dufault

              
	 	
                Name: 
                  Paul
                  G. Dufault

              
	 	
                Title: 
                  Vice
                  President

              

      

     

     

     

     

     

     

     

     

     

     

     

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              LENDER:

            	
              COLONIAL
                BANK, N.A.

            
	
              Colonial
                Bank, N.A.

            	
              as
                a Lender

            
	
              Mortgage
                Warehouse Lending

            	 
	
              201
                E. Pine Street, Suite 730

            	 
	
              Orlando,
                FL 32801

            	 
	
              Attn:
                Jennifer Branker

            	
              By: 
                /s/
                Amy J. Nunneley

            
	
              Fax:
                407.835.6690

            	
              Name: 
                Amy
                J. Nunneley

            
	
              Tel:
                407.835.6700

            	
              Title: 
                Senior
                Vice President

            

    

    

     

     

     

     

     

     

     

     

     

    
 

    

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          21

          
            

          

        

        
          
          

        

      

    

    

    

     

    ACKNOWLEDGED
      AND ACCEPTED BY:

     

    BEAZER
      HOMES USA, INC.

    

    

    By:
      /s/
      Cory J. Boydston

    Name:
      Cory J. Boydston

    Title:
      Senior Vice President

    

     

     

     

     

     

     

     

     

     

    

     

    

    
      
        
          Signature
            Page – Second Amendment to Credit Agreement

          
          

        

        
          22

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      1.1

     

    

    COMMITMENTS
      AND COMMITMENT PERCENTAGES

     

    
      	
               

               

               

               

              LENDER

            	
              (A)

               

               

               

              COMMITMENT

            	
              (B)

              COMMITMENT

              PERCENTAGE

              (A÷Total

              Commitments)

            
	
              Guaranty
                Bank

               

            	
              $17,500,000

               

            	
              17.50
                %

               

            
	
              JPMorgan
                Chase Bank, N.A.

               

            	
              $17,500,000

               

            	
              17.50
                %

               

            
	
              U.S.
                Bank National Association

               

            	
              $15,000,000

               

            	
              15.00
                %

               

            
	
              Bank
                of America, N.A.

               

            	
              $10,000,000

               

            	
              10.00
                %

               

            
	
              Washington
                Mutual Bank

               

            	
              $10,000,000

               

            	
              10.00
                %

               

            
	
              National
                City Bank 

               

            	
              $10,000,000

               

            	
              10.00
                %

               

            
	
              Comerica
                Bank

               

            	
              $10,000,000

               

            	
              10.00
                %

               

            
	
              Colonial
                Bank, N.A.

               

            	
              $10,000,000

               

            	
              10.00
                %

               

            
	
              Total

               

            	
              $100,000,000

               

            	
              100%Amendment to 1994 Omnibus Equity Plan dated as of November 27, 2006

 EXHIBIT 10.11 
 AMENDMENT TO 
 THE MORGAN STANLEY 1994 OMNIBUS EQUITY PLAN, 
 DATED AS OF NOVEMBER 27, 2006 
 Section 4.5 of the
Morgan Stanley 1994 Omnibus Equity Plan, as amended, is amended in its entirety to read as follows: 
 4.5 Adjustments Upon Changes in
Capitalization. The number of shares of Common Stock which may be issued pursuant to awards under the Plan, the maximum number of options and/or unrelated stock appreciation rights which may be granted to any one person in any year, the number
of shares of Common Stock subject to awards, the two (2) percent limitation on the number of shares of Common Stock which may vest in respect of restricted stock and recognition share awards under Section 1.5(a) above, the option exercise
price and appreciation base of options and stock appreciation rights theretofore granted under the Plan, and the amount payable by a grantee in respect of an award, shall be equitably adjusted for any change in the number of issued shares of Common
Stock resulting from the subdivision or combination of shares of Common Stock or other capital adjustments, or the payment of a stock dividend after the effective date of the Plan, or other change in such shares of Common Stock effected without
receipt of consideration by the Company; provided that any awards covering fractional shares of Common Stock resulting from any such adjustment shall be eliminated and provided further, that each incentive stock option granted under the Plan shall
not be adjusted in a manner that causes such option to fail to continue to qualify as an “incentive stock option” within the meaning of Code section 422.

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