Document:

exv10w4

 

Exhibit
10.4

THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of March 26,
2008, by and among CENTEX CORPORATION, a Nevada corporation (“Borrower”), each Lender (defined
below) party hereto, and BANK OF AMERICA, N.A., as Administrative Agent.

R E C I T A L S

     A. Reference is hereby made to that certain Credit Agreement dated as of July 1, 2005,
executed by Borrower, the Lenders party thereto, and Administrative Agent (as amended, the “Credit
Agreement”).

     B. Capitalized terms used herein shall, unless otherwise indicated, have the respective
meanings set forth in the Credit Agreement.

     C. Borrower, Administrative Agent, and Lenders desire to modify certain provisions contained
in the Credit Agreement, subject to the terms and conditions set forth herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1. Amendments to the Credit Agreement.

     (a) Section 1.1 is hereby amended to add the following definitions in the appropriate
alphabetical order:

     Authorities means any applicable local, state, municipal, federal, or foreign
judicial, executive, or legislative instrumentality.

     Borrowing Base means, from time to time, the sum of the following amounts
(without duplication):

     (a) ninety percent (90%) of the net proceeds from Sold Units due to a
Restricted Company at closing as a result of the consummation of the sale of such
Sold Units, which net proceeds have been paid to the closing agent handling such
sale but which have not yet been received by Borrower or such Restricted Subsidiary;
provided, however, that if, and to the extent that, such net proceeds which are
reported as outstanding on the last day of any fiscal quarter of Borrower are not
received by Borrower or such Restricted Subsidiary on or before the tenth (10th) day
following the end of any such fiscal quarter, then such net proceeds shall not be
included in the Borrowing Base;

     (b) ninety percent (90%) of the Net Book Value of all Sold Units;

     (c) eighty percent (80%) of the Net Book Value of all Spec Units;

     (d) seventy-five percent (75%) of the Net Book Value of all Developed Lots;

     (e) fifty percent (50%) of the Net Book Value of all Land Under Development;
and

Third Amendment to Centex Credit Agreement

 

 

     (f) thirty percent (30%) of the Net Book Value of all Unimproved Entitled Land;

     provided that the sum of the amounts determined pursuant to clauses (e) and (f)
shall not exceed forty percent (40%) of the Borrowing Base (with any excess being
excluded from the Borrowing Base); provided, further, that notwithstanding anything
to the contrary provided herein, any asset which is encumbered by any Lien (other
than Customary Permitted Liens) shall not be included in the calculation of the
Borrowing Base pursuant to clauses (a) through (f) above. All properties included
in the Borrowing Base shall be wholly-owned by a Restricted Company and located in
the United States of America.

     Borrowing Base Debt means (a) all Consolidated Debt (and, for purposes of this
definition, the Excess Cash component used in the calculation of Consolidated Debt
shall be reduced by the amount of Total Principal Debt as of the date of
determination (but in no event shall such Excess Cash component be less than zero)),
minus (b) any Subordinated Debt of the Restricted Companies in an amount not to
exceed $200,000,000, minus (c) any Non-Recourse Debt of the Restricted Companies.

     Customary Permitted Liens means Permitted Liens described in Sections
9.2(b)(i), (ii), (iii), (iv), (v), (vi), (vii), or (xi).

     Customary Recourse Exceptions means, with respect to any Non-Recourse Debt,
exclusions from the exculpation provisions with respect to such Non-Recourse Debt
for fraud, misapplication of cash, environmental claims, and other circumstances
customarily excluded by institutional lenders from exculpation provisions and/or
included in separate indemnification agreements in non-recourse financings of real
estate.

     Deferred Tax Valuation Allowance means the valuation allowance applied to
deferred tax assets resulting from the application of FASB Statement No. 109,
Accounting for Income Taxes, or otherwise required in accordance with GAAP.

     Developed Lots means parcels of Land Under Development owned by a Restricted
Company as to which:

     (a) a final plat, subdivision map or the equivalent for such Land Under
Development in a form approved by all applicable Authorities has been recorded in
compliance with all material applicable Legal Requirements; and

     (b) to the extent required, building permits for the construction of
foundations for residential dwelling units on each parcel of such Land Under
Development are available for issuance without the satisfaction of any further
material conditions other than fees related to the issuance of the applicable
permit.

     Entitled Land means parcels of land owned by a Restricted Company which are
zoned for construction of single-family dwellings, whether detached or attached, and
have a preliminary plat or tentative map, or the equivalent, approved by the
applicable Authorities in order to develop the land as a residential housing project
and construct single-family dwellings, whether attached or detached, thereon.

     Improvements means on and off-site development work, including grading, water
distribution and sewer collection systems and drainage system installation, paving,

Third Amendment to Centex Credit Agreement

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and other improvements necessary for the use of residential dwelling units and
as required pursuant to development agreements which may have been entered into with
all applicable Governmental Authorities.

     Investment Grade Rating means that at least two (2) of the three (3) following
Debt ratings exist at the same time: (a) a Moody’s Rating of Baa3 or better; (b) an
S & P Rating of BBB- or better; and (c) a Fitch Rating of BBB- or better.

     Land Under Development means Entitled Land and Improvements related to such
Entitled Land owned by a Restricted Company, provided that construction of any
Improvements has commenced but has not been completed and for which:

     (a) to the extent at such time required, a performance bond, surety or other
security has been issued to and in favor of and accepted by all material applicable
Authorities in which the real property is situated with regard to all material work
to be performed for such Entitled Land pursuant to applicable Legal Requirements or
development agreements with such Authorities;

     (b) all necessary plans have been approved by all material applicable
Authorities for the installation of the Improvements then being installed by a
Restricted Company upon or for such Entitled Land;

     (c) all necessary permits have been issued for the installation of the
Improvements then being installed by a Restricted Company upon or for such Entitled
Land; and

     (d) all utility services necessary for the construction of Improvements of
single-family dwellings (whether attached or detached) will be available to such
Entitled Land upon completion of the Improvements and the applicable Restricted
Company shall have obtained will serve letters from each applicable utility service
provider to the extent will serve letters are customarily issued.

     Net Book Value means, with respect to any property included in the Borrowing
Base as of any date of determination, the book value thereof as reflected in the
consolidated balance sheet of Borrower prepared in accordance with GAAP.

     Non-Recourse Debt means, for any Person, any Debt of such Person in which the
holder of such Debt may not look to such Person personally for repayment, other than
to the extent of any security therefor or pursuant to Customary Recourse Exceptions.

     Sold Unit means a single-family dwelling unit (whether detached or attached)
owned by a Restricted Company, including the land on which such dwelling is located,
where construction has commenced and that is subject to a written purchase agreement
executed in the ordinary course of Borrower’s or such Restricted Subsidiary’s
business (in a form customarily employed by Borrower or such Restricted Subsidiary)
and with a person who is not an Affiliate of a Restricted Company, together with an
earnest money deposit, and such purchase agreement has not been terminated or
entered into more than (x) twenty-four (24) months prior to the date of
determination with respect to single-family attached dwelling units or (y) eighteen
(18) months prior to the date of determination with respect to single-family
detached dwelling units. The purchase agreement may contain customary contingencies
to the purchaser’s obligation to

Third Amendment to Centex Credit Agreement

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purchase, including, without limitation, a condition to purchase or close
subject to purchaser’s financing of the unit or purchaser’s sale of other property
owned by the purchaser.

     Spec Unit means a single-family dwelling unit (whether detached or attached)
owned by a Restricted Company, including the land on which such dwelling is located,
where construction has commenced and that is or will be available for sale.

     Third Amendment means the Third Amendment to Credit Agreement dated as of the
Third Amendment Effective Date, executed by Borrower, Administrative Agent, and the
other Lenders party thereto.

     Third Amendment Effective Date means March 26, 2008.

     Unimproved Entitled Land means Entitled Land that is not included in Land Under
Development or Developed Lots.

     (b) The definition of “Applicable Margin” in Section 1.1 is hereby deleted in its entirety and
replaced with the following:

     Applicable Margin means, as of any date of determination, the interest margin
over the Prime Rate or the Adjusted Eurodollar Rate, and the applicable fees payable
pursuant to Section 5.3 and Section 5.4, as the case may be, that corresponds to the
Moody’s Rating, the S & P Rating, and the Fitch Rating set forth below on such date
of determination:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Applicable	 	Applicable	 	Applicable	 	Applicable
	 	 	 	 	 	 	 	 	Margin for	 	Margin for	 	Margin for	 	Margin for
	 	 	Moody’s	 	S & P	 	Fitch	 	Prime Rate	 	Eurodollar	 	Facility	 	Utilization
	Level	 	Rating	 	Rating	 	Rating	 	Borrowings	 	Borrowings	 	Fees	 	Fees
	1

	 	Baa2 or higher
	 	BBB or higher
	 	BBB or higher
	 	 	0.0000	%	 	 	0.8500	%	 	 	0.1500	%	 	 	0.1250	%
	2

	 	Baa3
	 	BBB-
	 	BBB-
	 	 	0.0000	%	 	 	0.9500	%	 	 	0.1750	%	 	 	0.1250	%
	3

	 	Ba1
	 	BB+
	 	BB+
	 	 	0.0000	%	 	 	1.1750	%	 	 	0.2250	%	 	 	0.2500	%
	4

	 	Ba2
	 	BB
	 	BB
	 	 	0.0000	%	 	 	1.4000	%	 	 	0.2250	%	 	 	0.2500	%
	5

	 	Ba3 or lower or

 Not
Rated
	 	BB- or lower or

Not
Rated
	 	BB- or lower or

Not
Rated
	 	 	0.0000	%	 	 	1.6250	%	 	 	0.2500	%	 	 	0.2500	%

For purposes of the foregoing: (a) if a Debt Rating is issued by only two (2) of
Moody’s, S & P, and Fitch, and (i) such Debt Ratings shall fall within different
Levels (but not more than one (1) Level apart), then the Applicable Margin shall be
determined by reference to the numerically lower Level (e.g. if the S & P Rating is
at Level 1 and the Moody’s Rating is at Level 2, then the Applicable Margin shall be
determined by reference to Level 1), or (ii) such Debt Ratings shall fall within
different Levels (two (2)

Third Amendment to Centex Credit Agreement

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or more Levels apart), the Applicable Margin shall be determined by reference to the
Level that is one Level higher than the numerically lowest Level (e.g., if the S & P
Rating is in Level 1 and the Moody’s Rating is in Level 3, then the Applicable
Margin shall be determined by reference to Level 2); and (b) if a Debt Rating is
issued by each of Moody’s, S & P, and Fitch, then the Applicable Margin shall be
determined by reference to the Level that corresponds to the lower of the two
highest Debt Ratings (e.g. if the Moody’s Rating is at Level 1, the S & P Rating is
at Level 2, and the Fitch Rating is at Level 3, then the Applicable Margin shall be
determined by reference to Level 2). The pricing that is effective on the Third
Amendment Effective Date is that under Level [3]. Thereafter, each change in the
Applicable Margin shall be effective on the earlier of: (i) the actual date of
delivery by Borrower to Administrative Agent of notice of a change in S & P Rating,
Moody’s Rating, or Fitch Rating pursuant to Section 8.3(g); and (ii) the date on
which Borrower is obligated to deliver notice of a change in S & P Rating, Moody’s
Rating, or Fitch Rating to Administrative Agent pursuant to Section 8.3(g).

Notwithstanding the foregoing:

     (a) If the Interest Coverage Ratio is less than 2.0 to 1.0, but not less than
1.50 to 1.0, then the Applicable Margin for Eurodollar Borrowings (including for
purposes of calculating the Letter of Credit fees payable pursuant to Section 5.5)
shall be increased by 0.125% for the period of time commencing on the first (1st)
Business Day immediately following the date that Administrative Agent receives a
Compliance Certificate pursuant to Section 8.3(a) or (b), as applicable, reflecting
that the Interest Coverage Ratio was less than 2.0 to 1.0, but not less than 1.50 to
1.0, as of the last day of the applicable fiscal quarter and ending on the first
(1st) Business Day immediately following the date that Administrative Agent receives
a Compliance Certificate pursuant to Section 8.3(a) or (b), as applicable,
reflecting that the Interest Coverage Ratio was (i) at least 2.0 to 1.0 as of the
last day of the applicable fiscal quarter or (ii) less than 1.50 to 1.0 (in which
case clause (b) or (c) below shall apply) as of the last day of the applicable
fiscal quarter;

     (b) If the Interest Coverage Ratio is less than 1.50 to 1.0, but not less than
1.0 to 1.0, then the Applicable Margin for Eurodollar Borrowings (including for
purposes of calculating the Letter of Credit fees payable pursuant to Section 5.5)
shall be increased by 0.25% for the period of time commencing on the first (1st)
Business Day immediately following the date that Administrative Agent receives a
Compliance Certificate pursuant to Section 8.3(a) or (b), as applicable, reflecting
that the Interest Coverage Ratio was less than 1.50 to 1.0, but not less than 1.0 to
1.0, as of the last day of the applicable fiscal quarter and ending on the first
(1st) Business Day immediately following the date that Administrative Agent receives
a Compliance Certificate pursuant to Section 8.3(a) or (b), as applicable,
reflecting that the Interest Coverage Ratio was (i) at least 2.0 to 1.0 as of the
last day of the applicable fiscal quarter, (ii) less than 2.0 to 1.0, but not less
than 1.50 to 1.0 (in which case clause (a) above shall apply) as of the last day of
the applicable fiscal quarter, or (iii) less than 1.0 to 1.0 (in which case
clause (c) below shall apply) as of the last day of the applicable fiscal quarter;
and

     (c) If the Interest Coverage Ratio is less than 1.0 to 1.0, then the Applicable
Margin for Eurodollar Borrowings (including for purposes of calculating the Letter
of Credit fees payable pursuant to Section 5.5) shall be increased by 0.375% for the
period of time commencing on the first (1st) Business Day immediately following the
date that Administrative Agent receives a Compliance Certificate pursuant to
Section 8.3(a) or (b),

Third Amendment to Centex Credit Agreement

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as applicable, reflecting that the Interest Coverage Ratio was less than 1.0 to 1.0,
as of the last day of the applicable fiscal quarter and ending on the first (1st)
Business Day immediately following the date that Administrative Agent receives a
Compliance Certificate pursuant to Section 8.3(a) or (b), as applicable, reflecting
that the Interest Coverage Ratio was (i) at least 2.0 to 1.0 as of the last day of
the applicable fiscal quarter, (ii) less than 2.0 to 1.0, but not less than 1.50 to
1.0 (in which case clause (a) above shall apply) as of the last day of the
applicable fiscal quarter, or (iii) less than 1.50 to 1.0, but not less than 1.0 to
1.0 (in which case clause (b) above shall apply) as of the last day of the
applicable fiscal quarter;

provided that the additional amounts payable pursuant to clauses (a), (b), and (c)
above for any period shall be reduced (but not below zero) by the amount of
utilization fees payable pursuant to Section 5.4 for such period.

Notwithstanding anything to the contrary contained in this definition, the
determination of the Applicable Margin for any period shall be subject to the
provisions of Section 3.7(c).

     (c) The definition of “Consolidated Debt” in Section 1.1 is hereby deleted in its entirety and
replaced with the following:

     Consolidated Debt means, as of any date of determination, (a) all Debt (other
than (x) with respect to undrawn Performance Letters of Credit and (y) Contingent
Obligations with respect to guaranties of undrawn Performance Letters of Credit of
Persons other than Borrower or a Restricted Subsidiary) of the Restricted Companies,
on a consolidated basis, minus (b) Excess Cash not subject to any Liens or other
restrictions not inherent in the particular investment or obligation, minus (c) the
face amount of all undrawn financial letters of credit issued on behalf of the
Restricted Companies (but only to the extent such letters of credit assure
obligations that are fully indemnified pursuant to unconditional indemnity
agreements or fully covered by third party insurance acceptable to Administrative
Agent, provided by indemnitors or insurers, as applicable, acceptable to
Administrative Agent, as to which such indemnitors or insurers, as applicable, do
not dispute liability for payment thereof); provided that, for purposes of Section
8.12, Consolidated Debt means, as of the date of determination, all Debt of the
Restricted Companies, on a consolidated basis.

     (d) The definition of “Cumulative Consolidated Net Income” in Section 1.1 is hereby deleted in
its entirety and replaced with the following:

     Cumulative Consolidated Net Income means the sum of Quarterly Consolidated Net
Income for the fiscal quarter ended March 31, 2008, and for each succeeding fiscal
quarter during the term hereof.

     (e) The definition of “Leverage Ratio” in Section 1.1 is hereby deleted in its entirety and
replaced with the following:

     Leverage Ratio means, as of any date of determination thereof, the ratio of
(a) the result of (i) Consolidated Debt outstanding on such date, minus
(iii) Subordinated Debt in an amount not to exceed $200,000,000, to (b) the sum of
(i) Consolidated Debt outstanding on such date, plus (ii) Consolidated Tangible Net
Worth plus the cumulative

Third Amendment to Centex Credit Agreement

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net amount of all Deferred Tax Valuation Allowances (not to exceed
$1,000,000,000 in the aggregate), each as of such date determined in accordance
with GAAP.

     (f) Section 2.3 is hereby deleted in its entirety and replaced with the following:

     2.3 Termination or Reduction of Commitments.

     (a) Voluntary. Without premium or penalty, and upon giving not less than
ten (10) Business Days prior written and irrevocable notice to Administrative Agent,
Borrower may permanently terminate in whole or in part the Total Commitment;
provided that: (a) each partial termination shall be in the amount of $5,000,000 or
a greater integral multiple of $1,000,000; (b) the amount of the Total Commitment
may not be reduced below the Total Outstandings; (c) if, after giving effect to any
reduction of the Total Commitment pursuant to this Section 2.3(a), the Letter of
Credit Sublimit exceeds fifty percent (50%) of the amount of the Total Commitment,
the Letter of Credit Sublimit shall be automatically reduced by the amount of such
excess; and (d) each reduction shall be allocated Pro Rata among Lenders in
accordance with their respective Pro Rata Parts. Promptly after receipt of such
notice of termination or reduction, Administrative Agent shall notify each Lender of
the proposed termination or reduction. Such termination or partial reduction of the
Total Commitment shall be effective on the Business Day specified in Borrower’s
notice (which date must be at least ten (10) Business Days after Borrower’s delivery
of such notice). In the event that the Total Commitment is reduced to zero and
there is no outstanding Principal Debt or L/C Obligations, this Agreement shall be
terminated to the extent specified in Section 13.14, and all facility fees and other
fees then earned and unpaid hereunder and all other amounts of the Obligation then
due and owing shall be immediately due and payable, without notice or demand by any
Credit Party.

     (b) Mandatory. On the Third Amendment Effective Date, (i) the Total Commitment
shall be reduced by $735,000,000 and (ii) the Letter of Credit Sublimit shall be
reduced by $235,000,000, such that, immediately after giving effect to such
reductions, the Total Commitment is $1,350,000,000 and the Letter of Credit Sublimit
is $600,000,000. Each such reduction shall be allocated Pro Rata among Lenders in
accordance with their respective Pro Rata Parts.

     (g) Section 6.2 is hereby amended to add the following as Section 6.2(g):

     (g) At any time that the Borrower does not have an Investment Grade Rating, the
sum of the aggregate outstanding amount of all Borrowing Base Debt, after giving
effect to such Credit Extension, does not exceed the Borrowing Base as of such date.

     (h) Section 8.3 is hereby amended to add the following as Section 8.3(j):

     (j) Concurrently with the delivery of the financial statements referred to in
Sections 8.3(a) and (b), for each such period during which Borrower does not have an
Investment Grade Rating, commencing with the fiscal quarter ending March 31, 2008,
and at such other times as the Administrative Agent may reasonably require (provided
that such calculation is to be made as of the last day of a calendar month),
Borrower shall provide Administrative Agent with a written calculation of the
Borrowing Base, substantially in the form of Exhibit H, signed by a Responsible
Officer of Borrower, and

Third Amendment to Centex Credit Agreement

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properly completed to provide all information required to be included thereon
(and Administrative Agent will promptly forward to each Lender) showing Borrower’s
calculations of the components of the Borrowing Base and such data supporting such
calculations as the Administrative Agent may require.

     (i) Section 9.12(b) is hereby deleted in its entirety and replaced with the following:

(b) Minimum Tangible Net Worth. Borrower shall not permit Consolidated
Tangible Net Worth, as of the last day of any fiscal quarter of Borrower,
commencing with the fiscal quarter ended March 31, 2008, to be less than (a)
$2,400,000,000, plus (b) fifty percent (50%) of the amount of Net Proceeds
from any Equity Issuance subsequent to December 31, 2007, plus (c) fifty
percent (50%) of Cumulative Consolidated Net Income (excluding the effect of
(i) any decrease in any Deferred Tax Valuation Allowance and (ii) any
increase in Cumulative Consolidated Net Income resulting from the
application of FASB Interpretation No. 48, Accounting for Uncertainty in
Income Taxes), minus (d) the cumulative net amount of all
Deferred Tax Valuation Allowances (not to exceed $1,000,000,000 in the
aggregate), as of the date of determination.

     (j) Section 9.12 is hereby amended to add the following new clause (c) at the end thereof:

(c) Borrowing Base. At any time that Borrower does not have an Investment
Grade Rating, Borrower shall not permit the sum of the aggregate outstanding
amount of all Borrowing Base Debt to exceed the sum of the Borrowing Base;
provided however, that it shall not be an Event of Default under this
Section 9.12(c) if, Borrower shall either, (A) within two (2) Business Day
of the date of determination that Borrower is not in compliance with this
Section 9.12(c), make a prepayment of the Total Principal Debt in such
amount as is necessary to cause Borrower to be in compliance with the
limitations of this Section 9.12(c), or (B) so long as no Principal Debt is
outstanding, within thirty (30) days of such date of determination, cause
Borrower to otherwise be in compliance with the limitations of this Section
9.12(c).

     (k) Section 10.2(b) is hereby deleted in its entirety and replaced with the following:

     (b) any covenant, agreement, or condition contained in Section 8.3(e), 8.3(f),
8.3(g), 8.12 or 9, and such failure or refusal continues unremedied for ten (10)
days (other than Section 9.12(c), for which the time shall be two (2) Business Days
with respect to clause (A) thereof or thirty (30) days as with respect to clause (B)
thereof) after the earlier of (i) notice given by Administrative Agent to Borrower
of such failure or refusal, or (ii) Borrower’s actual knowledge of such failure or
refusal; or

     (l) The Credit Agreement is hereby amended to add Exhibit H attached hereto.

     (m) Schedule 2.1 is hereby deleted in its entirety and replaced with Revised Schedule 2.1
attached hereto.

     2. Consents.

     (a) Borrower has advised Administrative Agent that Borrower is currently in negotiations to
sell (i) substantially all of the assets, of Centex Home Services Company, LLC, a Nevada limited
liability

Third Amendment to Centex Credit Agreement

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company, HomeTeam Pest Defense, LLC, a Delaware limited liability company, and HomeTeam Pest
Defense, Inc., a Nevada corporation, in one or more sales to be completed by or before the fiscal
quarter ended December 31, 2008 (the “Home Team Disposition”), and (ii) certain land and rights or
other assets related thereto with an aggregate book value (on the books of Borrower) of not more
than $650,000,000, in one or more sales outside the ordinary course of business to one or more
third parties or to one or more entities in which Borrower or its Affiliates retain a minority
equity interest, to be completed by or before the fiscal quarter ended September 30, 2008 (the
“Land Sale”). As a result, Borrower has requested that Lenders consent to the Home Team
Disposition and the Land Sale.

     (b) Each Lender that executes this Amendment hereby consents to the Home Team Disposition and
the Land Sale and waives any Potential Default or Event of Default that would otherwise result
solely as a result of the consummation thereof, subject to the following terms and conditions:

     (i) all of the representations and warranties contained in the Credit Agreement and the
other Loan Documents are true and correct in all material respects upon the consummation of
the Home Team Disposition and the Land Sale except to the extent that (i) any of them speak
to a different specific date, or (ii) the facts on which any of them were based have been
changed by transactions contemplated or permitted by the Credit Agreement;

     (ii) the terms and conditions of the Home Team Disposition and the Land Sale are
commercially reasonable, arm’s length transactions;

     (iii) Administrative Agent shall have received a proforma Compliance Certificate
evidencing compliance with the covenants contained in Section 9.12 of the Credit Agreement,
after giving effect to the Home Team Disposition and the Land Sale; and

     (iv) except solely as to the consents set forth in Section 2(b) above, no Potential
Default or Event of Default has occurred and is continuing, both before and after giving
effect to the Home Team Disposition and the Land Sale.

The consents hereby granted by Lenders under this Section 2 do not (A) constitute a waiver or
modification of any other terms or provisions set forth in the Credit Agreement or any other Loan
Document and shall not impair any right that any Credit Party may now or hereafter have under or in
connection with the Credit Agreement or any other Loan Document, (B) impair any Credit Party’s
rights to insist upon strict compliance with the Credit Agreement, as amended or otherwise modified
hereby, or the other Loan Documents, and (C) does not extend to any other Loan Document. The Loan
Documents continue to bind and inure to Borrower and the Credit Parties and their respective
successors and permitted assigns.

     3. Amendments to Credit Agreement and Other Loan Documents.

     (a) All references in the Loan Documents to the Credit Agreement shall henceforth include
references to the Credit Agreement as modified and amended by this Amendment, and as may, from time
to time, be further modified, amended, restated, extended, renewed, and/or increased.

     (b) Any and all of the terms and provisions of the Loan Documents are hereby amended and
modified wherever necessary, even though not specifically addressed herein, so as to conform to the
amendments and modifications set forth herein.

     4. Ratifications. Borrower (a) ratifies and confirms all provisions of the Loan Documents as
amended by this Amendment, (b) ratifies and confirms that all guaranties and assurances, granted,

Third Amendment to Centex Credit Agreement

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conveyed, or assigned to the Credit Parties under the Loan Documents are not released,
reduced, or otherwise adversely affected by this Amendment and continue to guarantee and assure
full payment and performance of the present and future Obligation, and (c) agrees to perform such
acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents
and certificates as Administrative Agent may reasonably request in order to create, preserve and
protect those guaranties and assurances.

     5. Representations. Borrower represents and warrants to Lenders that as of the date of this
Amendment: (a) this Amendment has been duly authorized, executed, and delivered by Borrower; (b) no
action of, or filing with, any Governmental Authority is required to authorize, or is otherwise
required in connection with, the execution, delivery, and performance of this Amendment by Borrower
other than the reporting and filing of this Amendment pursuant to Legal Requirements; (c) the Loan
Documents, as amended by this Amendment, are valid and binding upon Borrower and are enforceable
against Borrower in accordance with their respective terms, except as limited by Debtor Relief Laws
and general principles of equity; (d) the execution, delivery, and performance by Borrower of this
Amendment do not require the consent of any Person that has not been obtained and do not and will
not constitute a violation of any Legal Requirements or material agreements to which Borrower or
any of its Subsidiaries is a party or by which Borrower or any of its Subsidiaries is bound; (e)
all representations and warranties in the Loan Documents are true and correct in all material
respects on and as of the date of this Amendment, except to the extent that (i) any of them speak
to a different specific date, or (ii) the facts on which any of them were based have been changed
by transactions contemplated or permitted by the Credit Agreement; and (f) both before and after
giving effect to this Amendment, no Potential Default or Event of Default exists.

     6. Conditions. This Amendment shall not be effective unless and until:

     (a) this Amendment is executed by Borrower, Administrative Agent, and Required Lenders;

     (b) the representations and warranties in this Amendment are true and correct in all material
respects on and as of the date of this Amendment, except to the extent that (i) any of them speak
to a different specific date, or (ii) the facts on which any of them were based have been changed
by transactions contemplated or permitted by the Credit Agreement;

     (c) both before and after giving effect to this Amendment, no Potential Default or Event of
Default exists;

     (d) Administrative Agent receives a certificate executed by Responsible Officer of Borrower
certifying (i) the name of each of its officers who are authorized to sign this Amendment and the
other documents executed in connection herewith, (ii) a true and correct copy of the resolutions of
Borrower that authorize the execution, delivery, and performance of this Amendment and the other
documents executed in connection herewith, and (iii) copies of the articles or certificate of
incorporation, bylaws, and other Constituent Documents of Borrower, that the same have not been
amended since the date specified therein, and that the same are still in effect; and

     (e) Borrower shall have paid Administrative Agent all fees required to be paid by Borrower
under the Loan Documents and the fee letter dated February 29, 2008, executed by Borrower, Bank of
America, N.A., and Banc of America Securities LLC.

     7. Continued Effect. Except to the extent amended hereby or by any documents executed in
connection herewith, all terms, provisions, and conditions of the Credit Agreement and the other
Loan Documents, and all documents executed in connection therewith, shall continue in full force
and effect and shall remain enforceable and binding in accordance with their respective terms.

Third Amendment to Centex Credit Agreement

10

 

     8. Miscellaneous. Unless stated otherwise (a) the singular number includes the plural and
vice versa and words of any gender include each other gender, in each case, as appropriate, (b)
headings and captions may not be construed in interpreting provisions, (c) this Amendment shall be
construed — and its performance enforced — under Texas law, (d) if any part of this Amendment is
for any reason found to be unenforceable, all other portions of it nevertheless remain enforceable,
and (e) this Amendment may be executed in any number of counterparts with the same effect as if all
signatories had signed the same document, and all of those counterparts must be construed together
to constitute the same document.

     9. Parties. This Amendment binds and inures to each of the parties hereto and their
respective successors and permitted assigns.

     10. RELEASE. BORROWER HEREBY ACKNOWLEDGES THAT THE OBLIGATIONS ARE ABSOLUTE AND UNCONDITIONAL
WITHOUT ANY RIGHT OF RECISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, CROSS-COMPLAINT, CLAIM OR
DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART
OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR
NATURE FROM ANY CREDIT PARTY. BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER
DISCHARGES EACH CREDIT PARTY AND ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS, AND ASSIGNS
(COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF
ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY,
ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH BORROWER
MAY NOW OR HEREAFTER HAVE AGAINST THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY
SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING
FROM ANY “LOANS”, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING,
COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF
ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND
EXECUTION OF THIS AMENDMENT.

     11. Entireties. The Credit Agreement and the other Loan Documents, as amended by this
Amendment, represent the final agreement between the parties about the subject matter of the Credit
Agreement 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.

[Remainder of Page Intentionally Left Blank; Signature Pages to Follow.]

Third Amendment to Centex Credit Agreement

11

 

     EXECUTED as of the first date written above.

	 	 	 	 	 	 	 	 	 
	 	 	CENTEX CORPORATION,	 	 
	 	 	as Borrower	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Gail M. Peck	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Gail M. Peck	 	 
	 	 	 	 	Title: Vice President & Treasurer	 	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,	 	 
	 	 	as Administrative Agent, an L/C Issuer, and as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Eyal Namordi	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Eyal Namordi	 	 
	 	 	 	 	Title: Senior Vice President	 	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 	 	as Co-Syndication Agent, as an L/C Issuer, and as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Brian McDougal	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Brian McDougal	 	 
	 	 	 	 	Title: Vice President	 	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 	 	 	 	 
	 	 	THE ROYAL BANK OF SCOTLAND PLC,	 	 
	 	 	as Co-Syndication Agent and as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ William McGinty	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: William McGinty	 	 
	 	 	 	 	Title: Senior Vice President	 	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CITICORP NORTH AMERICA, INC.,	 	 
	 	 	as Co-Documentation Agent and as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Marni McManus	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Marni McManus	 	 
	 	 	 	 	Title: Vice President	 	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BNP PARIBAS,	 	 
	 	 	as a Senior Managing Agent, as an L/C Issuer, and as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Duane Helkowski	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Duane Helkowski	 	 
	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Angela Bentley-Arnold	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Angela Bentley-Arnold	 	 
	 	 	 	 	Title: Director	 	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CALYON NEW YORK BRANCH,	 	 
	 	 	as a Senior Managing Agent and as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert Smith	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Robert Smith	 	 
	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Brian Myers	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: Brian Myers	 	 
	 	 	 	 	Title: Managing Director	 	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,	 	 
	 	 	as a Senior Managing Agent and as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ D. Barnell	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name: D. Barnell	 	 
	 	 	 	 	Title: V.P. & Manager	 	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	LLOYDS TSB BANK PLC,

as a Managing Agent and as a Lender

 	 
	 	By:  	/s/ Carlos Lopez
 	 
	 	 	Name:  	Carlos Lopez 	 
	 	 	Title:  	Associate Director

Corporate Banking USA
L007 	 
	 
	 	 	 
	 	By:  	     /s/ Jonathan Smith
 	 
	 	 	Name:  	Jonathan Smith 	 
	 	 	Title:  	Assistant Vice President

Risk Management & Business Support
S025 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	COMERICA BANK,

as an L/C Issuer and as a Lender

 	 
	 	By:  	/s/ Casey L. Stevenson
 	 
	 	 	Name:  	Casey L. Stevenson 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	WASHINGTON MUTUAL BANK, FA,

as a Lender

 	 
	 	By:  	/s/ John L. Thomas
 	 
	 	 	Name:  	John L. Thomas 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	BARCLAYS BANK PLC,

as Senior Managing Agent and a Lender

 	 
	 	By:  	/s/ Nicholas A. Bell
 	 
	 	 	Name:  	Nicholas A. Bell 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Douglas G. Paul
 	 
	 	 	Name:  	Douglas G. Paul 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC,

as a Lender

 	 
	 	By:  	/s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	     /s/ David B. Julie
 	 
	 	 	Name:  	David B. Julie 	 
	 	 	Title:  	Associate Director 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	CITY NATIONAL BANK, a national banking association,

as a Lender

	 	By:  	/s/ Nicola Baker
 	 
	 	 	Name:  	NICOLA BAKER 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY,

as a Lender

 	 
	 	By:  	/s/ Morgan A. Lyons
 	 
	 	 	Name:  	Morgan A. Lyons 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	UNICREDIT BANCA DI ROMA, formerly known as

 Banca Di Roma – New York Branch,

as a Lender

 
	 	By:  	/s/ Alessandro Paoli
 	 
	 	 	Name:  	Alessandro Paoli 	 
	 	 	Title:  	First Vice President 	 
	 
	 	 	 
	 	By:  	     /s/ Linda Lee
 	 
	 	 	Name:  	Linda Lee 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	COMPASS BANK,

as a Lender

 	 
	 	By:  	/s/ Key Coker
 	 
	 	 	Name:  	Key Coker 	 
	 	 	Title:  	Executive Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	MERRILL LYNCH BANK USA,

as a Lender

 	 
	 	By:  	/s/ Louis Alder
 	 
	 	 	Name:  	Louis Alder 	 
	 	 	Title:  	First Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	NATIXIS (fka NATEXIS BANQUES
POPULAIRES),

as a Lender

 	 
	 	By:  	/s/ Marie-Edith Dugeny
 	 
	 	 	Name:  	Marie-Edith Dugeny 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	            /s/ Timothée Delpont
 	 
	 	 	Name:  	Timothée Delpont  	 
	 	 	Title:  	Associate 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	FIRST HAWAIIAN BANK,

as a Lender

 	 
	 	By:  	/s/ George Leong
 	 
	 	 	Name:  	George Leong 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	FIFTH THIRD BANK,

as a Lender

 	 
	 	By:  	/s/ William M. Thurman
 	 
	 	 	Name:  	William M. Thurman 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	SOCIETE GENERALE,

as a Lender

 	 
	 	By:  	/s/ Milissa A. Goeden
 	 
	 	 	Name:  	Milissa A. Goeden 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Jeff Gilbreath
 	 
	 	 	Name:  	Jeff Gilbreath 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

	 	 	 	 	 
	 	LASALLE BANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Eyal Namordi
 	 
	 	 	Name:  	Eyal Namordi 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Third Amendment to Credit Agreement Between

Centex Corporation,

Bank of America, N.A., as Administrative Agent,

and the Lenders Defined Therein

 

 

EXHIBIT H

BORROWING BASE CERTIFICATE

     The undersigned, being a duly elected Responsible Officer of Centex Corporation, a Nevada
corporation, hereby certifies that the following is a true and correct calculation of the Borrowing
Base as of _______, 20___:

	 	 	 	 	 	 	 
	(a)	 	ninety percent (90%) of the net proceeds
from Sold Units due to a Restricted Company;
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(b)	 	ninety percent (90%) of the Net Book Value of all Sold Units;
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(c)	 	eighty percent (80%) of the Net Book Value of all Spec Units;
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(d)	 	seventy-five percent (75%) of the Net Book
Value of all Developed Lots;
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(e)	 	fifty percent (50%) of the Net Book
Value of all Land Under Development;
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(f)	 	thirty percent (30%) of the Net Book Value of all
Unimproved Entitled Land
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(g)	 	Borrowing Base (sum of (a) through (f); (provided that
the sum of clause (e) and clause (f) above shall not exceed
forty percent (40%) of the Borrowing Base)):
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(h)	 	Consolidated Debt (and, for purposes of this calculation,
the Excess Cash component used in the calculation of
Consolidated Debt shall be reduced by the amount of Total
Principal Debt as of the date of determination (but in no
event shall such Excess Cash component be less than zero)
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(i)	 	Subordinated Debt of the Restricted Companies
in an amount not to exceed $200,000,000
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(j)	 	Non-Recourse Debt of the Restricted Companies
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(k)	 	Borrowing Base Debt ((h) minus (i) minus (j)):
	 	$	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	(l)	 	Borrowing Base Calculation ((g) minus (k)):
	 	$	 	 
	 	 	 
	 	 	 

Exhibit F to Centex Third Amendment

40

 

 

	 	 	 	 	 	 	 
	CENTEX CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Exhibit F to Centex Third Amendment

41

 

 

REVISED SCHEDULE 2.1

COMMITMENTS

AND APPLICABLE PERCENTAGES

	 	 	 	 	 	 	 	 	 
	Lender	 	Commitment	 	Applicable Percentage
	Bank of America, N.A.
	 	$	132,733,812.97	 	 	 	9.832134293	%
	JPMorgan Chase Bank, N.A.
	 	$	119,784,172.67	 	 	 	8.872901679	%
	Royal Bank of Scotland plc
	 	$	119,784,172.67	 	 	 	8.872901679	%
	Citicorp North America, Inc.
	 	$	119,784,172.67	 	 	 	8.872901679	%
	BNP Paribas
	 	$	69,604,316.55	 	 	 	5.155875300	%
	Calyon New York Branch
	 	$	79,316,546.76	 	 	 	5.875299760	%
	The Bank of Tokyo-Mitsubishi, Ltd.
	 	$	79,316,546.76	 	 	 	5.875299760	%
	Barclays Bank plc
	 	$	79,316,546.76	 	 	 	5.875299760	%
	Suntrust Bank
	 	$	58,273,381.30	 	 	 	4.316546763	%
	Lloyds TSB Bank, plc
	 	$	58,273,381.30	 	 	 	4.316546763	%
	Wachovia Bank, National Association
	 	$	58,273,381.30	 	 	 	4.316546763	%
	Comerica Bank
	 	$	48,561,151.08	 	 	 	3.597122302	%
	Washington Mutual Bank, FA
	 	$	38,848,920.87	 	 	 	2.877697842	%
	PNC Bank, National Association
	 	$	32,374,100.72	 	 	 	2.398081535	%
	UBS Loan Finance LLC
	 	$	32,374,100.72	 	 	 	2.398081535	%
	Merrill Lynch Bank USA
	 	$	32,374,100.72	 	 	 	2.398081535	%
	City National Bank
	 	$	19,424,460.43	 	 	 	1.438848921	%
	The Northern Trust Company
	 	$	19,424,460.43	 	 	 	1.438848921	%
	US Bank National Association
	 	$	19,424,460.43	 	 	 	1.438848921	%
	UniCredit Banca di Roma
	 	$	16,187,050.35	 	 	 	1.199040767	%
	Compass Bank
	 	$	19,424,460.43	 	 	 	1.438848921	%
	Fifth Third Bank
	 	$	16,187,050.35	 	 	 	1.199040767	%
	Natexis Banques Populaires
	 	$	22,661,870.50	 	 	 	1.678657074	%
	Societe Generale
	 	$	16,187,050.35	 	 	 	1.199040767	%
	First Hawaiian Bank
	 	$	9,712,230.21	 	 	 	0.719424460	%
	Keybank National Association
	 	$	16,187,050.35	 	 	 	1.199040767	%
	LaSalle Bank National Association
	 	$	16,187,050.35	 	 	 	1.199040767	%
	Total
	 	$	1,350,000,000	 	 	 	100.000000000	%

Exhibit F to Centex Third Amendment

42exv10w13

 

Exhibit 10.13

October 5, 2007

CONFIDENTIAL PORTIONS MARKED [*******] HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Archstone-Smith Operating Trust and its affiliates

identified on the signature pages hereto

Ladies and Gentlemen:

     This side letter is written in connection with (i) the Credit Agreement, dated the date hereof
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Archstone-Smith Operating Trust, a Maryland real estate investment trust (the
“Borrower”), the lenders party thereto (the lenders party thereto, the “Senior
Lenders”), Lehman Commercial Paper Inc., as administrative agent, and other parties party
thereto, (ii) the Mezzanine A Loan Agreement, dated the date hereof (the “Mezzanine A Loan
Agreement”), between the entities identified in Schedule I hereto (the “Mezzanine A
Borrowers”) and Lehman Brothers Holdings Inc. (“LBHI”), Bank of America, N.A.
(“BofA”), and Barclays Capital Real Estate Finance Inc. (“Barclays” and, together
with LBHI and BofA, the “Mezzanine A Lenders”), (iii) the Mezzanine B Loan Agreement,
dated the date hereof (the “Mezzanine B Loan Agreement” and, together with the Mezzanine A
Loan Agreement, the “Mezzanine Loan Agreements”), between, the entities identified in
Schedule II hereto (the “Mezzanine B Borrowers” and, together with the Mezzanine A
Borrowers, the “Mezzanine Borrowers”) and LBHI, BofA and Barclays (collectively, the
“Mezzanine B Lenders” and, together with the Mezzanine A Lenders, the “Mezzanine
Lenders”), (iv) the Credit Agreement, dated the date hereof (as amended, supplemented or
otherwise modified from time to time, the “Development Loan Agreement”), among Tishman
Speyer Archstone-Smith Multifamily Holdings I (Development Borrower), L.P., a Delaware limited
partnership (the “Development Borrower”), the lenders party thereto (the lenders party
thereto, the “Development Lenders”), Lehman Commercial Paper Inc., as administrative agent,
and other parties party thereto (the “Development Loan Agreement”) and (iv) the Loan
Agreement, dated the date hereof (as amended, restated, replaced, supplemented or otherwise
modified from time to time, this “Ground Lease Loan Agreement” and, together with the
Credit Agreement, the Mezzanine Loan Agreements and the Development Loan Agreement, the “Loan
Agreements”), between Tishman Speyer Archstone-Smith One Superior Place, L.L.C. (“One
Superior”), Tishman Speyer Archstone-Smith Marina Terrace, L.L.C. (“Marina Terrace”) and
Tishman Speyer Archstone-Smith Fairfax, L.L.C. (“Fairfax” and, together with One Superior
and Marina Trace, the “Ground Lease Borrower”), the lenders party thereto (the lenders
party thereto, the “Ground Lease Lenders”), Lehman Brothers Holdings Inc., d/b/a Lehman
Capital, a division of Lehman Brothers Holdings, Bank of America, N.A., and Barclays Capital Real
Estate Inc. Senior Lenders, Development Lenders, Mezzanine Lenders and Ground Lease Lenders are
referred to herein collectively as the “Lenders”. Each capitalized term used and not otherwise
defined herein shall have the meaning given to such term in the applicable Credit Agreement. The
documents evidencing, securing or pertaining to each of the related Loans are referred to herein
collectively as the “Loan Documents”.

 

 

     In connection with, and in consideration of the agreements contained in the Loan Agreements,
each of the Borrower, the Development Borrower, the Ground Lease Borrower and the Mezzanine
Borrower (collectively, the “Borrowers”), hereby agrees that each of the Senior Lenders,
the Mezzanine Lenders, the Ground Lease Lenders and the Development Lenders shall have the right to
change, and the Borrowers hereby agree to reasonably cooperate in amending the Loan Documents to
change, the pricing, fees, terms and structure of the Tranche A Term Loans, the Tranche B Term
Loans, the Revolving Credit Facility, the “Mezzanine Loans” (as defined in Exhibit A), the term
loans made pursuant to the Development Loan Agreement (the “Development Loans”), and the
loan made pursuant to the Ground Lease Financing Agreement (the “Ground Lease Loan”), as
applicable, on the terms and subject to the conditions described below.

     1. Tranche A Term Loans. Tranche A Term Loan Lenders party to the Credit Agreement
shall have the right to require the Borrower to amend the pricing (including the spread or margin)
or fees with respect to such Tranche A Term Loans (but not including structural changes that
increase the obligations or liabilities of the Borrower (other than ministerial and other changes
which do not affect the Borrower in more than a de minimis manner), except as allowed by Paragraph
8 below), and Borrower shall cooperate with such Tranche A Term Loan Lenders in all reasonable
respects in amending the pricing (including the spread or margin) or fees with respect to such
Loans, such that such Tranche A Term Loan Lenders are able to achieve a Successful Syndication of
the Tranche A Term Loans, *************************************************************************
******************************************************************************************************
******************************************************************************************************
******************************************************************************************************
******************************************************************************************************
******************************************************************************************************
************************************************************************************* Any discount
realized by such Tranche A Term Loan Lenders from any sale, assignment or transfer of the Tranche A
Term Loans to any person (other than to an affiliate of such Tranche A Term Loan Lender except for any
sale, assignment or transfer to affiliates on the same terms, at the same price and in similar aggregate
amounts as such Loans have been sold in comparable third-party transactions) by the relevant Borrower and
shall be paid from sources of funds described in Paragraph 9. **************************************
*********************************************************************************************************
*************************************************** For the avoidance of doubt, any increase in the
interest for the Tranche A Term Loans shall be applied to all outstanding Tranche A Term Loans.

     2. Tranche
B Term Loans. ********************* Tranche B Term Loan Lenders party to
the Credit Agreement shall have the right to require Borrower to amend the pricing (including the
spread or margin) or fees with respect to the Tranche B Term Loans (but not including structural
changes that increase the obligations or liabilities of the Borrower (other than ministerial and
other changes which do not affect the Borrower in more than a de minimis manner), except as allowed
by Paragraph 8 below), and Borrower shall cooperate with such Tranche B Term Loan Lenders in all
reasonable respects in amending the pricing (including the spread or margin) or fees with respect
to such Loans, such that such Tranche B Term Loan Lenders are able to achieve a Successful
Syndication of the Tranche B Term Loans. ***

-2-

 

******* *
**** **** ******* ***** ** ** ****** ********* ***** **** **** ***
***** ** ****
*** ******* ********* ** *** ********* ******** ***** **
***** *** **** **** *** ******* **
********* ** *** **** *********** Any discount realized by such Tranche B Term Loan Lenders from
any sale, assignment or transfer of any Tranche B Loan to any person (other than to an affiliate of
such Tranche B Term Loan Lender except for any sale, assignment or transfer to affiliates on the
same terms, at the same price and in similar aggregate amounts as such Loans have been sold in
comparable third-party transactions) by the applicable Borrower and shall be paid from sources of
funds described in Paragraph 9. For the avoidance of doubt, any increase in the interest for any
portion of the Tranche B Term Loans shall be applied to all outstanding Tranche B Term Loans.

     3. Development
Loans. ***** ***** *** ***** Development Lenders shall have the right
to require Borrower to amend the pricing (including the spread or margin) or fees with respect to
the Development Loans (but not including structural changes that increase the obligations or
liabilities of the Borrower (other than ministerial and other changes which do not affect the
Borrower in more than a de minimis manner), except as allowed by Paragraph 8 below), and Borrower
shall cooperate with Development Lenders in all reasonable respects in amending the pricing
(including the spread or margin) or fees with respect to such Loans, such that Development Lenders
are able to achieve a Successful Syndication of the Development
Loans. *** *********** ******* ***** **** **** *** ***** ** ** ****
*** ******* ******* ** *** ********* ******** ***** ** *****
*** **** **** *** ******* ** ********* ** *** **** *********** Any discount realized by
Development Lenders from any sale, assignment or transfer of any Development Loan to any person
(other than to an affiliate of such Development Lender except for any sale, assignment or transfer
to affiliates on the same terms, at the same price and in similar aggregate amounts as such Loans
have been sold in comparable third-party transactions) by the applicable Borrower and shall be paid
from sources of funds described in Paragraph 9. For the avoidance of doubt, any increase in the
interest for any portion of the Development Loans shall be applied to all outstanding Development
Loans.

     4. Revolving Credit Commitments. ***** ***** *** ***** Revolving Credit Lenders party
to the Credit Agreement shall have the right to require Borrower to amend the pricing (including
the spread or margin) or fees with respect to the Revolving Credit Facility (but not including
structural changes that increase the obligations or liabilities of the Borrower (other than
ministerial and other changes which do not affect the Borrower in more than a de minimis manner),
except as allowed by Paragraph 8 below), and Borrower shall cooperate with such Revolving Credit
Lenders in all reasonable respects in amending the pricing (including the spread or margin) or fees
with respect to such Loans, such that such Revolving Credit Lenders are able to achieve a
Successful Syndication of the Revolving Credit Facility. ***
********* ****** ******* ***** ** *** ****** ********* ***** ****
**** *** ***** ** ** **** *** ******* ********* ** *** *********
****** ***** ** ***** *** **** **** *** ******* ** *********
** *** **** *********** Any discount
realized by such Revolving Credit Lenders from any sale, assignment or transfer of any Revolving
Credit Commitments to any person (other than to an affiliate of such Revolving Credit Lenders
except for any sale, assignment or transfer to affiliates on the same terms, at the same price and
in similar aggregate amounts as such Loans have been sold in comparable third-party transactions)
by the applicable Borrower and shall be paid from sources of funds described in Paragraph 9. For
the avoidance of doubt, any increase in the
interest for any portion of the Revolving Credit Facility shall be applied to all outstanding
amounts due under the Revolving Credit Facility.

-3-

 

     5. Mezzanine Loans. Mezzanine Lenders shall have the right to require Borrower to
amend the pricing (including the spread or margin) or fees with respect to the Mezzanine Loans (but
not including structural changes that increase the obligations or liabilities of the Borrower
(other than ministerial and other changes which do not affect the Borrower in more than a de
minimis manner), except as allowed by Paragraph 8 below), and Borrower shall cooperate with
Mezzanine Lenders in all reasonable respects in amending the pricing (including the spread or
margin) or fees with respect to such Loans, such that Mezzanine Lenders are able to achieve a
Successful Syndication of Mezzanine Loans; **************************************************
***************************************************************************************************
***************************************************************************************************
***************************************************************************************************
***************************************************************************************************
****************************************************************************************************
************************************* Any discount realized by Mezzanine
Lenders from any sale, assignment or transfer of any Mezzanine Loan shall be borne by the
applicable Borrower and shall be paid from sources of funds described in Paragraph 9. For the
avoidance of doubt, any increase in the interest for the Mezzanine Loans identified in any column
set forth in Schedule III shall be applied to all outstanding Mezzanine Loans in such
column.

     6. Ground Lease Loan. ********************* Ground Lease Lenders shall have the right
to require Borrower to amend the pricing (including the spread or margin) or fees or with respect
to the Ground Lease Loans (but not including structural changes that increase the obligations or
liabilities of the Borrower (other than ministerial and other changes which do not affect the
Borrower in more than a de minimis manner), except as allowed by Paragraph 8 below), and Borrower
shall cooperate with Ground Lease Lenders in all reasonable respects in amending the pricing
(including the spread or margin) or fees with respect to such Loans, such that Ground Lease Lenders
are able to achieve a Successful Syndication of Ground Lease Loans.
********************************************************************************************************************************
************************************************************************************************
********************************************************************************* Any discount realized by Ground Lease Lenders
from any sale, assignment or transfer of any Ground Lease Loan to any person (other than to an
affiliate of such Tranche A Term Loan Lender except for any sale, assignment or transfer to
affiliates on the same terms, at the same price and in similar aggregate amounts as such Loans have
been sold in comparable third-party transactions) by the applicable Borrower and shall be paid from
sources of funds described in Paragraph 9. For the avoidance of doubt, any increase in the
interest for any portion of the Ground Lease Loans shall be applied to all outstanding Ground Lease
Loans.

     7. Successful Syndication. As used herein, “Successful Syndication” shall mean (i)
with respect to each type of Loan other than the Revolving Credit Commitments, that the Lenders
shall have succeeded in placing all of the Loans of such type, and (ii) with respect to Revolving
Credit Commitments, that the Lenders shall have succeeded in placing all of the aggregate
commitments under the Revolving Credit Facility *******************************

-4-

 

********************************************************************************************
*********************************************************************** For the avoidance of doubt,
each Lender has been paid in full in cash its full profit margin on each Loan on the date hereof,
and therefore, there shall be no markup on the Loans above the terms necessary to achieve a
Successful Syndication (other than such cash payments being made on the date hereof).

     8. Changes to Terms and Structure. In the event that the Senior Lenders, the
Development Lenders, the Mezzanine Lenders or the Ground Lease Lenders desire to modify the
structure of any applicable Loan so as to achieve more favorable pricing for the relevant Borrower,
the Senior Lenders, the Development Lenders, the Mezzanine Lenders or the Ground Lease Lenders, as
applicable, shall provide the related Borrower with a statement, prepared in good faith, of (i) the
pricing (including spread or margins), fees and other economic terms that Lenders reasonably
anticipate will apply if no such structural change is made, and (ii) the pricing (including spread
or margins), fees and other economic terms that Lenders reasonably anticipate will apply if such
structural changes are made. The related Borrowers shall have the right to elect in their sole
discretion whether the applicable Lender will proceed under clause (i) or (ii). For the avoidance
of doubt, neither Senior Lenders, the Development Lenders, the Mezzanine Lenders nor the Ground
Lease Lenders shall be permitted to modify the structure of any applicable Loan in a manner that
would increase the obligations or liabilities (other than ministerial and other changes which do
not affect the Borrower in more than a de minimis manner) of any Borrower without the consent of
the relevant Borrower, in its sole discretion.

     9. Reserves. (a) In order to provide a source of funds (which may be additional debt,
additional equity or a combination thereof) for each related Borrower (x) to make any required
payments to any applicable Lender arising as a result of any sale or assignment of a Loan at any
reasonably anticipated discount as provided for in this letter agreement or (y) in the amount
approximately equal to $34,933,133 to purchase ASOT Units, the Lenders and Borrowers shall
negotiate with each other promptly after the date hereof so as to agree upon a source of funds,
which may be structured as (as agreed by all parties) any or all of (i) an incremental term loan
facility (subject to any necessary Lender approvals), (ii) an increase in the Revolving Credit
Commitments (subject to any necessary Lender approvals), or (iii) an incremental term loan facility
under the Loan Documents related to the Development Loans (subject to any necessary Lender
approvals). The parties shall select a source of funds described above which is reasonably
satisfactory to the related Lenders and Borrowers within thirty (30) days after the date hereof.

     (b) On the Closing Date, the Borrower shall cause funds in an amount equal to *********** to
be deposited into a reserve account (the “BofA
Account”)************************************
************************************** to the Lenders and used, established and maintained by Bank
of America, N.A. for the benefit of Bank of America, N.A., as a Senior Lender. The parties hereto
hereby agree that the amounts on deposit in the BofA Account shall be subject to an agreement (the
“Reserve Escrow Account Agreement”) in form and substance reasonably satisfactory to all
parties hereto, provided that, until the Reserve Escrow Account Agreement has been approved
by all parties, the amounts on deposit in the BofA Account shall not be withdrawn unless consented
to by all parties hereto. ***********************************
******************************************************************************************
*********************************************************************************

-5-

 

     10. Credit Agreement Covenants and Cure. Notwithstanding anything contained in the
Credit Agreement, if at any time the Combined Group Members are not in compliance with the
covenants contained in Section 7.1(a) and 7.1(c), then the failure to be in compliance shall not be
deemed to be a Default or Event of Default under the Credit Agreement or any other ancillary
agreements. The Combined Group Members and the Senior Lenders hereby agree to use their
commercially reasonable best efforts to negotiate promptly and in good faith the remedial actions
the Borrower will take within 180 days of such failure.

     11. Marketing.
************************************** set forth in various
provisions of this letter agreement, nothing contained herein shall prevent the applicable Lenders
from marketing the Initial Tranche A Term Loans and the Mezzanine
Loans *********************** so
long as any sale, assignment or transfer which is prohibited
*********************** without the
consent of the applicable Borrower, in its sole discretion, does not occur before such date. The
Lenders shall not be permitted to market any other Loans
**************************************************************************************.

     12. Amendments, etc. (a) Reference is hereby made to the Underwriting Fee Letter,
dated as of May 28, 2007 (the “Underwriting Fee Letter”), among Lehman Brothers Inc.,
Lehman Commercial Paper Inc., Banc of America Securities LLC and Banc of America Strategic
Ventures, Inc., as commitment parties, and Property Asset Management Inc. and Tishman Speyer
Development Corporation, as sponsors. The parties hereto agree that this letter shall amend and
restate the third to last full paragraph of the Underwriting Fee Letter and, except as expressly
modified herein, all of the terms and provisions of the Underwriting Fee Letter and, except as
expressly modified herein, all of the terms and provisions of the Underwriting Fee Letter are and
shall remain in full force and effect. The amendments herein shall not be construed as a waiver or
amendment of any other provision of the Underwriting Fee Letter or for any purpose except as
expressly set forth herein or a consent to any further or future action on a part of the Borrower,
the Mezzanine Borrower, the Development Borrower or the Ground Lease Borrower that would be
necessary to give effect to the provisions of this side letter. In the event of any conflict or
inconsistency between the terms of any Loan Agreement or ancillary agreement and the terms of this
side letter, this side letter shall prevail.

     (b) The Borrower, the Mezzanine Borrower, the Development Borrower and the Ground Lease
Borrower shall enter into such amendments to the applicable loan documents as may be reasonably
requested by the Senior Lenders, the Mezzanine Lenders, the Development Lenders and the Ground
Lease Lenders, as applicable, to document any changes to the Tranche A Term Loans, the Tranche B
Term Loans, the Revolving Credit Facility, the Development Loans, the Mezzanine Loans and the
Ground Lease Loans made in accordance with this letter.

     13. Sell-downs. Nothing in this side letter is intended to affect or affects any of
the Lenders’ rights to sell down the Loans provided that the purchasers or assignees, as the case
may be, are in all respects subject to the terms and conditions of this side letter as if a party
hereto.

-6-

 

     Notwithstanding anything appearing to the contrary in this letter, neither the Administrative
Agent nor any Lender shall be entitled to enforce the liability and obligation of the undersigned
to pay, perform and observe the obligations contained in this letter by any action or proceeding
against any member, shareholder, partner, manager, director, officer, agent, affiliate,
beneficiary, trustee or employee of the undersigned (or any direct or indirect member, shareholder,
partner or other owner of any such member, shareholder, partner, manager, director, officer, agent,
affiliate or employee of the undersigned , or any director, officer, employee, agent, manager or
trustee of any of the foregoing); provided that, nothing in this paragraph shall have the
effect of exculpating from liability an entity that is itself an undersigned entity.

     This letter may be executed in any number of counterparts, all of which taken together shall
constitute one and the same agreement, and any of the parties hereto may execute this letter by
signing any such counterpart. Delivery of an executed signature page of this letter by facsimile
transmission shall be effective as delivery of a manually executed counterpart hereof.

     This letter shall be governed by, and constructed in accordance with, the laws of the State of
New York.

     The parties hereto hereby waive any right to a trial by jury in any proceeding arising from
this letter or the transactions contemplated hereby.

-7-

 

     Please confirm that the foregoing is our mutual understanding by signing an executed
counterpart of this letter.

	 	 	 	 	 
	 	            Very truly yours,

SENIOR LENDERS/DEVELOPMENT LENDERS:

LEHMAN COMMERCIAL PAPER INC.,

   as Senior Lender and Development Lender

 	 
	 	By:  	/s/ Paul A. Hughson
 	 
	 	 	Name:  	Paul A. Hughson 	 
	 	 	Title:  	Authorized Signatory 	 
	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Senior Lender and

   Development Lender

 	 
	 	By:  	/s/ Dean C. Ravosa
 	 
	 	 	Name:  	Dean C. Ravosa 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	BARCLAYS CAPITAL REAL ESTATE INC., as 

   Senior Lender and Development Lender

 	 
	 	By:  	/s/ LoriAnn Rung
 	 
	 	 	Name:  	LoriAnn Rung 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GROUND LEASE LENDERS:

LEHMAN BROTHERS HOLDINGS INC.,

   a Delaware corporation

 	 
	 	By:  	/s/ Paul A. Hughson
 	 
	 	 	Name:  	Paul A. Hughson 	 
	 	 	Title:  	Authorized Signatory 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

   a national banking association

 	 
	 	By:  	/s/ Dean C. Ravosa
 	 
	 	 	Name:  	Dean C. Ravosa 	 
	 	 	Title:  	Managing Director 	 

	 	 	 	 	 
	 	BARCLAYS CAPITAL REAL ESTATE INC.,

   a Delaware corporation

 
	 
	 	By:  	/s/ LoriAnn Rung
 	 
	 	 	Name:  	LoriAnn Rung 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	MEZZANINE LENDERS:

LEHMAN BROTHERS HOLDINGS INC., 

   a Delaware corporation

 	 
	 	By:  	/s/ Paul A. Hughson
 	 
	 	 	Name:  	Paul A. Hughson 	 
	 	 	Title:  	Authorized Signatory 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., 

   a national banking association

 	 
	 	By:  	/s/ Dean C. Ravosa
 	 
	 	 	Name:  	Dean C. Ravosa 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BARCLAYS CAPITAL REAL ESTATE FINANCE INC.,

   a Delaware corporation

 	 
	 	By:  	/s/ LoriAnn Rung
 	 
	 	 	Name:  	LoriAnn Rung 	 
	 	 	Title:  	Vice President 	 
	 
	 	UNDERWRITING FEE LETTER PARTIES:

LEHMAN COMMERCIAL PAPER INC., 

   as party to Underwriting Fee Letter

 	 
	 	By:  	/s/ Paul A. Hughson
 	 
	 	 	Name:  	Paul A. Hughson 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	LEHMAN BROTHERS INC., 

   as party to Underwriting Fee Letter

 	 
	 	By:  	/s/ Paul A. Hughson
 	 
	 	 	Name:  	Paul A. Hughson 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	BANC OF AMERICA STRATEGIC
VENTURES, INC., 

   as party to Underwriting Fee Letter

 	 
	 	By:  	/s/ Dean C. Ravosa
 	 
	 	 	Name:  	Dean C. Ravosa 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	ACCEPTED AND AGREED TO	 	 
	AS THE DATE FIRST ABOVE WRITTEN:	 	 
	 
	 	 	 	 
	ASOT:	 	 
	 
	 	 	 	 
	ARCHSTONE-SMITH OPERATING TRUST	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael B. Benner
 

Name: Michael B. Benner
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	UNDERWRITING FEE LETTER PARTIES:
	 
	 	 	 	 
	PROPERTY ASSET MANAGEMENT INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Paul A. Hughson
 

Name: Paul A. Hughson
	 	 
	 

	 	Title Authorized Signatory	 	 
	 
	 	 	 	 
	TISHMAN SPEYER DEVELOPMENT CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael B. Benner
 

Name: Michael B. Benner
	 	 
	 

	 	Title	 	 

 

 

	 	 	 	 	 
	DEVELOPMENT BORROWER	 	 
	 
	 	 	 	 
	TISHMAN SPEYER ARCHSTONE-SMITH
MULTIFAMILY HOLDINGS I (DEVELOPMENT
BORROWER), L.P.	 	 
	 
	 	 	 	 
	By: Tishman Speyer Archstone-Smith
Multifamily 

Holdings I (Development Borrower) GP, 

L.L.C., its general partner	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael B. Benner
 

Name: Michael B. Benner
	 	 
	 

	 	Title:	 	 

 

 

	 	 	 	 	 
	GROUND LEASE BORROWERS:	 	 
	 
	 	 	 	 
	TISHMAN SPEYER ARCHSTONE-SMITH
FAIRFAX, L.L.C.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael B. Benner
 

Name: Michael B. Benner
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	TISHMAN SPEYER ARCHSTONE-SMITH
MARINA TERRACE, L.L.C.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael B. Benner	 	 
	 

	 	 	 	 
	 

	 	Name: Michael B. Benner	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	TISHMAN SPEYER ARCHSTONE-SMITH 

ONE SUPERIOR PLACE, L.L.C.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael B. Benner	 	 
	 

	 	 	 	 
	 

	 	Name: Michael B. Benner	 	 
	 

	 	Title:

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