Document:

exv10w31

 

EXHIBIT 10.31

FIRST AMENDMENT AGREEMENT

This First Amendment Agreement dated as of October 10, 2006 (“Amendment”) is entered into with
reference to the Revolving Loan Agreement dated as of November 22, 2005 (the “Loan Agreement”)
among KB HOME, a Delaware corporation (“Borrower”), the Banks party thereto, and Bank of America,
N.A., as Administrative Agent. Borrower and the Administrative Agent, acting on behalf of the
Required Banks under the Loan Agreement, agree to amend the Loan Agreement as follows:

	1.	 	Definitions. Capitalized terms used but not defined herein have the meanings
set forth in the Loan Agreement.

	2.	 	One Time Extension of Time Period to Deliver Quarterly Financials. For the
Fiscal Quarter of Borrower ended on August 31, 2006, the time period for delivering the
financial statements described in Section 7.1(a) of the Loan Agreement is extended to
the Permitted Delayed Reporting Date (as defined below). This is a one-time extension, and
the time period for delivering the financial statements described in Section 7.1(a) of
the Loan Agreement for subsequent Fiscal Quarters is as set forth in the Loan Agreement.
“Permitted Delayed Reporting Date” means the first to occur of:

	 	(a)	 	          December 24, 2006;
	 
	 	(b)	 	          the date the Borrower files the Form 10-Q with its financial statements for
the Fiscal Quarter of Borrower ended on August 31, 2006 (“Borrower’s 10-Q”) with the
Commission; and
	 
	 	(c)	 	          the date the Borrower delivers financial statements for the Fiscal Quarter of
Borrower ended on August 31, 2006 to the holders of, or any trustee for, any of the
Subordinated Notes or any senior note Indebtedness (the Subordinated Notes and such
senior note Indebtedness being collectively referred to as “Covered Indebtedness”).

	3.	 	One Time Extension of Time Period to Deliver Compliance Certificate. The time
period for delivering the Compliance Certificate dated as of August 31, 2006, as required by
Section 7.2 of the Loan Agreement, is extended to the Permitted Delayed Reporting
Date. This is a one-time extension, and the time period for delivering subsequent Compliance
Certificates is as set forth in the Loan Agreement.

      4. One Time Consent to Late Filing of Borrower’s 10-Q and Related Waivers.

	 	(a)	 	          Borrower’s failure to file with the Commission Borrower’s 10-Q by the
applicable deadline specified in General Instruction A.1 of Form 10-Q, for the reasons
set forth in Form 12b-25 filed by the Borrower with the Commission on October 10, 2006
(“Form 12b-25”) shall not, without more, constitute a Default or an Event of Default.
	 
	 	(b)	 	          Any action by the holders of, or any trustee for, any of the Covered
Indebtedness to declare a default prior to the Permitted Delayed Reporting Date
relating to Covered Indebtedness solely on the grounds of Borrower’s failure to file
Borrower’s 10-Q with the Commission shall not, without more, constitute a Material
Adverse Effect, provided that any such failure is cured prior to the time that
any holder or holders thereof
(or an agent or trustee on its or their behalf) has the right to declare any Covered
Indebtedness due before the date on which it otherwise would become due or has the

 

 

	 	 	 	right to cause a demand that any Covered Indebtedness be repurchased, prepaid,
defeased or redeemed.
	 
	 	(c)	 	          Administrative Agent and the Required Banks agree to the limited waivers set
forth in Sections 4(a) and 4(b) of this Amendment, it being acknowledged by Borrower
that each is a one-time waiver ending on the Permitted Delayed Reporting Date.

	5.	 	Conditions Precedent. The effectiveness of this Amendment is conditioned upon
the receipt by the Administrative Agent of written consents to the execution, delivery and
performance hereof from the Required Banks under the Loan Agreement.

	6.	 	Representations and Warranties. Borrower represents and warrants to the
Administrative Agent and the Banks that:

	 	(a)	 	          Except as specifically described in Section 4 above and as otherwise provided
in this Section 6, no Default or Event of Default has occurred and remains continuing
and that each of the representations and warranties of Borrower (other
than the representations and warranties contained in Sections
4.4(a), 4.6, 4.9, 4.18 and 4.19 of the Loan
Agreement) contained in Article IV of the Loan Agreement (each as updated from
time to time in accordance with the terms of the Loan Agreement, and except that the
financial statements referred to in Section 4.7(a) of the Loan Agreement shall
be deemed to refer to the most recent financial statements delivered pursuant to
Section 7.1(a) of the Loan Agreement and the Borrowing Base Certificate
referred to in Section 4.7(b) of the Loan Agreement shall be deemed to refer to
the most recent Borrowing Base Certificate delivered pursuant to Section 2.8 of
the Loan Agreement) is true and correct in all material respects as of the date hereof
(other than those which relate by their terms solely to another date).
	 
	 	(b)	 	          Until the Permitted Delayed Reporting Date, for purposes of Sections
8.2(b) and 8.3(b) of the Loan Agreement and Section 6(a) of this
Amendment, the representations and warranties made in Section 4.5 of the Loan
Agreement are subject to changes relating to or arising from the issues described in
Form 12b-25, provided that to the best knowledge of Borrower such changes do
not constitute a Material Adverse Effect.
	 
	 	(c)	 	          From May 31, 2006 to the date this Amendment becomes effective pursuant to
Section 5 hereof, no event or circumstance has occurred that constitutes a Material
Adverse Effect.
	 
	 	(d)	 	          The information provided by Borrower to the Banks in connection with this
Amendment, taken as a whole, has not contained any untrue statement of a material fact
and has not omitted a material fact necessary to make the statements contained therein,
taken as a whole, not misleading under the totality of the circumstances existing at
the date such information was provided and in the context in which it was provided.

	7.	 	Notice of Material Adverse Effect. If any event or circumstance constituting
a Material Adverse Effect relating to the matters described in Form 12b-25 occurs, Borrower
shall deliver notice to
the Administrative Agent describing such Material Adverse Effect in reasonable detail
promptly after, to the best knowledge of Borrower, such event or circumstance occurs.

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	8.	 	Effect of Limited Waiver; Confirmation. Except to the limited extent
expressly set forth in this Amendment, no consent or waiver, express or implied, by the
Administrative Agent or any Bank to or for any breach of or deviation from any covenant,
condition or duty by any Loan Party may be deemed a consent or waiver to or of any other
breach of the same or any other covenant, condition or duty. In all other respects, the terms
of the Loan Agreement and the other Loan Documents are confirmed.

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

	 	 	 	 	 
	 	 	KB HOME, a Delaware corporation
	 
	 	 	 	 
	 

	 	By:	 	/s/
Kelly M. Allred
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	VP, Treasury & Risk Management
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Administrative Agent
	 
	 	 	 	 
	 

	 	By:	 	/s/
Mollie S. Canup
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	Vice President
	 

	 	 	 	 

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EXHIBIT 10.32

FIRST AMENDMENT AGREEMENT

This First Amendment Agreement dated as of October 10, 2006 (“Amendment”) is entered into with
reference to the Term Loan Agreement dated as of April 12, 2006 (the “Loan Agreement”) among KB
HOME, a Delaware corporation (“Borrower”), the Banks party thereto, Citicorp North America, Inc.,
as Administrative Agent, Citigroup Global Markets Inc. and Calyon New York Branch, as Joint Lead
Arrangers and Joint Book Managers, and Calyon New York Branch, as Syndication Agent. Borrower and
the Administrative Agent, acting on behalf of the Required Banks under the Loan Agreement, agree to
amend the Loan Agreement as follows:

	1.	 	Definitions. Capitalized terms used but not defined herein have the meanings
set forth in the Loan Agreement.
	 
	2.	 	One Time Extension of Time Period to Deliver Quarterly Financials. For the
Fiscal Quarter of Borrower ended on August 31, 2006, the time period for delivering the
financial statements described in Section 7.1(a) of the Loan Agreement is extended to
the Permitted Delayed Reporting Date (as defined below). This is a one-time extension, and
the time period for delivering the financial statements described in Section 7.1(a) of
the Loan Agreement for subsequent Fiscal Quarters is as set forth in the Loan Agreement.
“Permitted Delayed Reporting Date” means the first to occur of:

	 	(a)	 	December 24, 2006;
	 
	 	(b)	 	the date the Borrower files the Form 10-Q with its financial statements for
the Fiscal Quarter of Borrower ended on August 31, 2006 (“Borrower’s 10-Q”) with the
Commission; and
	 
	 	(c)	 	the date the Borrower delivers financial statements for the Fiscal Quarter of
Borrower ended on August 31, 2006 to the holders of, or any trustee for, any of the
Subordinated Notes or any senior note Indebtedness (the Subordinated Notes and such
senior note Indebtedness being collectively referred to as “Covered Indebtedness”).

	3.	 	One Time Extension of Time Period to Deliver Compliance Certificate. The time
period for delivering the Compliance Certificate dated as of August 31, 2006, as required by
Section 7.2 of the Loan Agreement, is extended to the Permitted Delayed Reporting
Date. This is a one-time extension, and the time period for delivering subsequent Compliance
Certificates is as set forth in the Loan Agreement.
	 
	4.	 	One Time Consent to Late Filing of Borrower’s 10-Q and Related Waivers.

	 	(a)	 	Borrower’s failure to file with the Commission Borrower’s 10-Q by the
applicable deadline specified in General Instruction A.1 of Form 10-Q, for the reasons
set forth in Form 12b-25 filed by the Borrower with the Commission on October 10, 2006
(“Form 12b-25”) shall not, without more, constitute a Default or an Event of Default.
	 
	 	(b)	 	Any action by the holders of, or any trustee for, any of the Covered
Indebtedness to declare a default prior to the Permitted Delayed Reporting Date
relating to Covered Indebtedness solely on the grounds of Borrower’s failure to file Borrower’s 10-Q
with the Commission shall not, without more, constitute a Material Adverse Effect,
provided that any such failure is cured prior to the time that any holder or holders
thereof (or an agent or trustee on its or their behalf) has the right to declare any
Covered Indebtedness due 

 

 

	 	 	 	before the date on which it otherwise would become due or
has the right to cause a demand that any Covered Indebtedness be repurchased,
prepaid, defeased or redeemed.

	 	(c)	 	Administrative Agent and the Required Banks agree to the limited waivers set
forth in Sections 4(a) and 4(b) of this Amendment, it being acknowledged by Borrower
that each is a one-time waiver ending on the Permitted Delayed Reporting Date.

	5.	 	Conditions Precedent. The effectiveness of this Amendment is conditioned upon
(a) the receipt by the Administrative Agent of written consents to the execution, delivery and
performance hereof from the Required Banks under the Loan Agreement and (b) the effectiveness
of an amendment, substantially in the form of this Amendment, to that certain Revolving Loan
Agreement, dated as of November 22, 2005, by and among Borrower, the banks party thereto, and
Bank of America, N.A., as administrative agent.
	 
	6.	 	Representations and Warranties. Borrower represents and warrants to the
Administrative Agent and the Banks that:

	 	(a)	 	Except as specifically described in Section 4 above and as otherwise provided
in this Section 6, no Default or Event of Default has occurred and remains continuing
and that each of the representations and warranties of Borrower (other
than the representations and warranties contained in Sections 4.4(a), 4.6, 4.9,
4.18 and 4.19 of the Loan Agreement) contained in Article IV of the Loan
Agreement (except that the audited financial statements referred to in Section 4.5 of
the Loan Agreement and the financial statements referred to in Section 4.7(a) of the
Loan Agreement shall be deemed to refer to the most recent financial statements
delivered pursuant to Section 7.1(a) of the Loan Agreement and the Borrowing Base
Certificate referred to in Section 4.7(b) of the Loan Agreement shall be deemed to
refer to the most recent Borrowing Base Certificate delivered pursuant to Section 2.3
of the Loan Agreement) is true and correct in all material respects as of the date
hereof (other than those which relate by their terms solely to another date).
	 
	 	(b)	 	Until the Permitted Delayed Reporting Date, for purposes of Section 6(a) of
this Amendment, the representations and warranties made in Section 4.5 of the Loan
Agreement are subject to changes relating to or arising from the issues described in
Form 12b-25, provided that to the best knowledge of Borrower such changes do
not constitute a Material Adverse Effect.
	 
	 	(c)	 	From May 31, 2006 to the date this Amendment becomes effective pursuant to
Section 5 hereof, no event or circumstance has occurred that constitutes a Material
Adverse Effect.
	 
	 	(d)	 	The information provided by Borrower to the Banks in connection with this
Amendment, taken as a whole, has not contained any untrue statement of a material fact
and has not omitted a material fact necessary to make the statements contained therein,
taken as a whole, not misleading under the totality of the circumstances existing at
the date such information was provided and in the context in which it was provided.

	7.	 	Notice of Material Adverse Effect. If any event or circumstance constituting
a Material Adverse Effect relating to the matters described in Form 12b-25 occurs, Borrower
shall deliver notice to the Administrative Agent describing such Material Adverse Effect in
reasonable detail promptly after, to the best knowledge of Borrower, such event or
circumstance occurs.

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	8.	 	Effect of Limited Waiver; Confirmation. Except to the limited extent
expressly set forth in this Amendment, no consent or waiver, express or implied, by the
Administrative Agent or any Bank to or for any breach of or deviation from any covenant,
condition or duty by any Loan Party may be deemed a consent or waiver to or of any other
breach of the same or any other covenant, condition or duty. In all other respects, the terms
of the Loan Agreement and the other Loan Documents are confirmed.

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

	 	 	 	 	 
	 	KB HOME, a Delaware corporation

 	 
	 	By:  	/s/ Kelly
M. Allred	 
	 	 	 	 
	 
	 	Its:  	VP, Treasury & Risk Management	 
	 	 	 	 
	 	 	 	 
	 
	 	CITICORP NORTH AMERICA, INC., as

Administrative Agent
 	 
	 
	 	By:  	/s/ Kevin
Ege	 
	 	 	 	 
	 
	 	Its:  	Vice President	 
	 	 	 	 
	 	 	 	 
	 

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