Document:

EX-10.1

AMENDMENT NO. 2 TO

SENIOR SECURED SUPER-PRIORITY

DEBTOR IN POSSESSION

CREDIT AND SECURITY AGREEMENT

AMENDMENT NO. 2 TO SENIOR SECURED SUPER-PRIORITY DEBTOR IN POSSESSION CREDIT AND SECURITY
AGREEMENT, dated as of April 29, 2008 (this “Amendment”), is entered into among TOUSA,
INC., a Delaware corporation (the “Administrative Borrower”), each subsidiary of
the Administrative Borrower listed on Schedule I as a “Subsidiary Borrower” (each, a
“Subsidiary Borrower” and collectively, the “Subsidiary Borrowers;” together with
the Administrative Borrower, each a “Borrower” and collectively, the “Borrowers”),
each a debtor and debtor-in-possession in the cases pending under Chapter 11 of the Bankruptcy Code
(as defined below) the “Borrowers”), the Lenders and Issuers (each as defined below) and
CITICORP NORTH AMERICA, INC., as Administrative Agent (in such capacity, the
“Administrative Agent”), and further amends the Senior Secured Super-Priority Debtor in
Possession Credit and Security Agreement, dated as of January 29, 2008, as previously amended
pursuant to Amendment No. 1 to Senior Secured Super-Priority Debtor in Possession Credit and
Security Agreement, dated as of March 15, 2008 (as otherwise amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among the Borrowers, the institutions
from time to time party thereto as lenders (the “Lenders”) and as Issuers (the
“Issuers”), the Administrative Agent, and the other agents, arrangers and bookrunners named
therein. Capitalized terms used herein and not otherwise defined herein shall have the meanings
ascribed to them in the Credit Agreement.

PRELIMINARY STATEMENTS

(1) On January 29, 2008 (the “Petition Date”), each of the Borrowers filed voluntary
petitions in the United States Bankruptcy Court for the Southern District of Florida, Fort
Lauderdale division (the “Bankruptcy Court”) for relief (the “Cases”) under
Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) and have continued in the
possession of their assets and in the management of their businesses pursuant to Sections 1107 and
1108 of the Bankruptcy Code.

(2) The Borrowers, the Issuers, the Lenders and the Administrative Agent entered into the
Credit Agreement and now desire to further amend the Credit Agreement in order to effect the
changes described below.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this
Amendment, and for other good and valuable consideration, the receipt and sufficiency of which
hereby are acknowledged, the parties hereto agree as follows:

	 	 	 	Section 1. Amendments to the Credit Agreement.

The definition of “Interim Termination Date” set forth in Section 1.1 of the Credit Agreement
is hereby amended and restated in its entirety to read as follows:

“Interim Termination Date” means April 30, 2008, as such date may be extended
from time to time at the request of the Administrative Borrower, with the consent of the
Administrative Agent in each instance (which consent may be granted or withheld in the sole
discretion of the Administrative Agent), to a date not later than May 30, 2008.

	 	 	 	Section 2. Conditions Precedent to the Effectiveness of this Amendment.

This Amendment shall become effective as of the date (the “Effective Date”) when, and
only when, each of the following conditions precedent shall have been satisfied or waived by the
Administrative Agent:

(i) Executed Counterparts. The Administrative Agent shall have
received this Amendment duly executed by each Borrower and the Lenders, the Issuers
and the Administrative Agent.

(ii) Corporate and Other Proceedings. All corporate and other
proceedings, and all documents, instruments and other legal matters in connection
with the transactions contemplated by this Amendment shall be reasonably
satisfactory in all respects to the Administrative Agent.

	 	 	 	Section 3. Representations and Warranties.

On and as of the Effective Date, after giving effect to this Amendment, each Borrower hereby
represents and warrants to the Administrative Agent and each Lender and Issuer as follows:

(i) this Amendment has been duly authorized, executed and delivered by each
Borrower and constitutes the legal, valid and binding obligations of such Borrower
enforceable against such Borrower in accordance with its terms and the Credit
Agreement as amended by this Amendment and constitutes the legal, valid and binding
obligation of such Borrower enforceable against such Borrower in accordance with its
terms, in each case, subject to applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and similar laws affecting creditors’ rights
and remedies generally and subject to general principals of equity, regardless of
whether considered in a proceeding in equity or at law;

(ii) each of the representations and warranties contained in Article IV of the
Credit Agreement is true and correct in all material respects on and as of the
Effective Date, as if made on and as of such date and except to the extent that such
representations and warranties specifically relate to a specific date, in which case
such representations and warranties shall be true and correct in all material
respects as of such specific date; provided, however, that
references therein to the “Credit Agreement” shall be deemed to refer to the
Credit Agreement as amended hereby and after giving effect to the consents and
waivers set forth herein; and

(iii) no Default or Event of Default has occurred and is continuing, after
giving effect to this Amendment.

	 	 	 	Section 4. Reference to the Effect on the Loan Documents.

(a) As of the Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the
other Loan Documents to the Credit Agreement (including, without limitation, by means of words like
“thereunder”, “thereof” and words of like import), shall mean and be a reference to the Credit
Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and
construed as a single instrument. Each of the table of contents and lists of Exhibits and
Schedules of the Credit Agreement shall be amended to reflect the changes made in this Amendment as
of the Effective Date.

(b) Except as expressly amended hereby or specifically waived above, all of the terms and
provisions of the Credit Agreement and all other Loan Documents are and shall remain in full force
and effect and are hereby ratified and confirmed.

(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Lenders, the Issuers, the
Borrowers, or the Administrative Agent, and shall not constitute a waiver or amendment of any other
provision of any of the Loan Documents or for any purpose except as expressly set forth in this
Amendment.

(d) This Amendment is a Loan Document.

	 	 	 	Section 5. Execution in Counterparts.

This Amendment may be executed in any number of counterparts and by different parties in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. Signature pages may be detached
from multiple separate counterparts and attached to a single counterpart so that all signature
pages are attached to the same document. Delivery of an executed counterpart by telecopy or
electronic transmission shall be effective as delivery of a manually executed counterpart of this
Amendment.

	 	 	 	Section 6. Governing Law.

This Amendment and the rights and obligations of the parties shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York, except as governed
by the Bankruptcy Code.

	 	 	 	Section 7. Submission to Jurisdiction.

Each party hereto hereby consents and agrees that the Bankruptcy Court shall have exclusive
jurisdiction to hear and determine any claims and disputes between the Borrowers, Administrative
Agent and Lenders pertaining to this Amendment or any of the other Loan Documents or to any matter
arising out of or relating to this Amendment or any of the other Loan Documents.

	 	 	 	Section 8. Section Titles.

The section titles contained in this Amendment are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto,
except when used to reference a section. Any reference to the number of a clause, sub-clause or
subsection of any Loan Document immediately followed by a reference in parenthesis to the title of
the section of such Loan Document containing such clause, sub-clause or subsection is a reference
to such clause, sub-clause or subsection and not to the entire section; provided,
however, that, in case of direct conflict between the reference to the title and the
reference to the number of such section, the reference to the title shall govern absent manifest
error. If any reference to the number of a section (but not to any clause, sub-clause or
subsection thereof) of any Loan Document is followed immediately by a reference in parenthesis to
the title of a section of any Loan Document, the title reference shall govern in case of direct
conflict absent manifest error.

	 	 	 	Section 9. Notices.

All communications and notices hereunder shall be given as provided in the Credit Agreement.

	 	 	 	Section 10. Severability.

The fact that any term or provision of this Agreement is held invalid, illegal or
unenforceable as to any person in any situation in any jurisdiction shall not affect the validity,
enforceability or legality of the remaining terms or provisions hereof or the validity,
enforceability or legality of such offending term or provision in any other situation or
jurisdiction or as applied to any person.

	 	 	 	Section 11. Successors.

The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the
parties hereto and their respective successors and permitted assigns.

	 	 	 	Section 12. Waiver of Jury Trial.

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE ADMINISTRATIVE AGENT, THE LENDERS, THE
ISSUERS AND THE BORROWERS IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT
TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT.

[SIGNATURE PAGES FOLLOW]

1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their respective officers, trustees and general partners thereunto duly authorized, as of the date
first written above.

	 	 	 
	TOUSA, INC., as the Administrative Borrower

	By:

	
 
	 	Name:
	
 
	 	Title:

	 
	Subsidiary Borrowers:

	ENGLE HOMES RESIDENTIAL

CONSTRUCTION, L.L.C.

ENGLE HOMES COMMERCIAL

CONSTRUCTION, LLC

ENGLE SIERRA VERDE P4, LLC

ENGLE SIERRA VERDE P5, LLC

ENGLE/GILLIGAN, LLC

ENGLE/JAMES LLC

LB/TE #1, LLC

LORTON SOUTH CONDOMINIUM, LLC

MCKAY LANDING LLC

NEWMARK HOMES PURCHASING, L.P.

NEWMARK HOMES, L.L.C.

NEWMARK HOMES, L.P.

PREFERRED BUILDERS REALTY, INC.

REFLECTION KEY, LLC

SILVERLAKE INTERESTS, L.C.

TOI, LLC

TOUSA/WEST HOLDINGS, INC.

TOUSA ASSOCIATES SERVICES COMPANY

TOUSA HOMES ARIZONA, LLC

TOUSA HOMES COLORADO, LLC

TOUSA HOMES FLORIDA, L.P.

TOUSA HOMES INVESTMENT #1, INC.

TOUSA HOMES INVESTMENT #2, INC.

TOUSA HOMES INVESTMENT #2, LLC

TOUSA HOMES MID-ATLANTIC

HOLDING, LLC

TOUSA HOMES MID-ATLANTIC, LLC

TOUSA HOMES NEVADA, LLC

TOUSA HOMES, INC.

TOUSA HOMES, L.P.

TOUSA INVESTMENT #2, INC.

TOUSA MID-ATLANTIC INVESTMENT, LLC

TOUSA REALTY, INC.

TOUSA, LLC

	By:

	Name:

	Title:

2

	 
	Subsidiary Borrowers (continued):

	NEWMARK HOMES BUSINESS TRUST

	By:

	 

	Name:

	Title:

	By:

	 

	Name:

	Title:

	By:

	 

	Name:

	Title:

3

	 
	Subsidiary Borrowers (continued):

	ENGLE HOMES DELAWARE, INC.

TOUSA DELAWARE, INC.

TOUSA FUNDING, LLC

	By:

	 

	Name:

	Title:

	 
	CITICORP NORTH AMERICA, INC.,

	as Administrative Agent

	By:

	 

	Name:

	Title:

	CITIBANK, N.A., as an Issuer

	By:

	 

	Name:

	Title:

	CITICORP NORTH AMERICA, INC., as a Lender

	By:

	 

	Name:

	Title:

4EX-10.2

May 2, 2008

Citicorp North America, Inc.

Two Penns Way, Suite 200

New Castle, Delaware 19720

Attention: David G. Maffett

david.g.maffett@citi.com

Citicorp North America, Inc.,

as Administrative Agent

388 Greenwich Street, 21st Floor

New York, NY 10013

Attention: David G. Maffett

david.g.maffett@citi.com

oploanswebadmin@citigroup.com

	 	 	Re: Up to $134,574,000 Senior Secured DIP Facility

(Expandable to up to $650,000,000)

Ladies and Gentlemen:

We refer to the Senior Secured Super-Priority Debtor in Possession Credit and Security Agreement,
dated as of January 29, 2008, among TOUSA, Inc., as the Administrative Borrower, the subsidiaries
of the Administrative Borrower party thereto as Subsidiary Borrowers, the institutions party
thereto as Lenders and Issuers, Citicorp North America, Inc., as Administrative Agent, and the
other arrangers, agents and bookrunners named therein, as amended by Amendment No. 1 to Senior
Secured Super-Priority Debtor in Possession Credit and Security Agreement, dated as of January 29,
2008, and by Amendment No. 2 to Senior Secured Super-Priority Debtor in Possession Credit and
Security Agreement, dated as of April 29, 2008, each among TOUSA, Inc., as the Administrative
Borrower, the subsidiaries of the Administrative Borrower party thereto as Subsidiary Borrowers,
the institutions party thereto as Lenders and Issuers, Citicorp North America, Inc., as
Administrative Agent (such Senior Secured Super-Priority Debtor in Possession Credit and Security
Agreement, as so amended, being the “Credit Agreement”). Capitalized terms used herein and
not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

Pursuant to the Credit Agreement, TOUSA, Inc., as the Administrative Borrower, hereby requests that
the Interim Termination Date be extended from May 8, 2008 to May 23, 2008, with such further
extensions as the Administrative Agent may from time to time consent to in writing,
provided that no such extension may be beyond May 30, 2008.

Please acknowledge your consent to the requested extension by signing this letter in the space
indicated below.

This letter may be executed in any number of counterparts, each of which, when so executed, shall
be deemed to be an original and all of which, taken together, shall constitute one and the same
agreement. Delivery of an executed counterpart of this letter by telecopier or electronic mail in
portable document format (.pdf) shall be as effective as delivery of an original executed
counterpart of this letter.

Very truly yours,

TOUSA, INC., as

Administrative Borrower

By:     

Name:

Title:

Consented to this 2nd day of May, 2008

CITICORP NORTH AMERICA, INC.,

as Administrative Agent

By:     

Name:

Title:

	 	 	cc: Chadbourne & Parke LLP

30 Rockefeller Plaza

New York, NY 10112

Attention: Andrew Coronios and Joseph Smolinsky

acoronios@chadbourne.com and jsmolinsky@chadbourne.com

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