Document:

Exhibit 10.1

 

JOINDER AND FIRST AMENDMENT TO CREDIT AGREEMENT

 

This Joinder and First Amendment to Credit Agreement
(this “First Amendment”) is made as of this 28th day of January, 2009 by
and among:

 

TUESDAY MORNING, INC., a
Texas corporation, for itself and as agent (in such capacity, the “Lead
Borrower”) for the other Borrowers party hereto;

 

the BORROWERS party hereto;

 

the GUARANTORS party hereto;

 

the LENDERS party hereto;
and

 

BANK OF AMERICA, N.A., as Administrative
Agent, Collateral Agent, Swing Line Lender and L/C Issuer;

 

in consideration of the
mutual covenants herein contained and benefits to be derived herefrom.

 

W I T N E S S E T H:

 

WHEREAS, reference is made to that certain Credit
Agreement, dated as of December 15, 2008 (as amended, amended and
restated, modified, supplemented or restated and in effect from time to time,
the “Credit Agreement”), by and among (i) the Borrowers, (ii) the
Guarantors, (iii) certain of the Lenders (the “Existing Lenders”),
and (iv) Bank of America, N.A., as Administrative Agent, Collateral Agent,
Swing Line Lender and L/C Issuer;

 

WHEREAS, pursuant to Section 2.15(f) of the
Credit Agreement, the Lead Borrower has requested a Commitment Increase in an
amount of up to $50,000,000;

 

WHEREAS, the Administrative Agent and BAS, in
consultation with the Lead Borrower, have arranged for Regions Bank (the “Additional
Commitment Lender”) to become a lender under the Credit Agreement and to
issue a commitment in an amount equal to $30,000,000;

 

WHEREAS, the Borrowers and the Additional Commitment
Lender have requested that the Administrative Agent and the Existing Lenders
amend certain provisions of the Credit Agreement; and

 

WHEREAS, the Administrative Agent and the Existing
Lenders have agreed to amend certain provisions of the Credit Agreement on the
terms and conditions set forth herein.

 

NOW, THEREFORE, it is hereby agreed as follows:

 

 

1                                         Definitions.  All capitalized terms used herein and not
otherwise defined shall have the same meaning herein as in the Credit Agreement.

 

2                                         Joinder to Loan
Documents.  Effective
as of the date of this First Amendment, the Additional Commitment Lender hereby
acknowledges that it has received and reviewed a copy of the Credit Agreement
and the other Loan Documents, and hereby:

 

.1                                      joins in the
execution of, and becomes a party to, the Credit Agreement and the other Loan
Documents as a Lender thereunder, as indicated with its signature below;

 

.2                                      covenants and
agrees to be bound by all covenants, agreements, liabilities and
acknowledgments of a Lender under the Credit Agreement and the other Loan
Documents as of the date hereof (other than covenants, agreements, liabilities
and acknowledgments that relate solely to an earlier date), in each case, with
the same force and effect as if the Additional Commitment Lender was a
signatory to the Credit Agreement and the other Loan Documents and was
expressly named as a Lender therein; and

 

.3                                      to the extent
of its Commitment (as set forth opposite the Additional Commitment Lender’s
name on Schedule 2.01 attached hereto), assumes and agrees to perform
all applicable duties and obligations of the Existing Lenders under the Credit
Agreement and the other Loan Documents.

 

3                                         Amendments to Article I.  The provisions of Article I of the
Credit Agreement are hereby amended as follows:

 

.1                                      The definitions
of the following terms in Article I of the Credit Agreement are hereby
amended as follows:

 

.1                                      The second
sentence of the definition of “Cash Dominion Event” is hereby amended by
deleting therefrom the following text: “, at the Administrative Agent’s option,”.

 

.2                                      The second
sentence of the definition of “Covenant Compliance Event” is hereby amended by
deleting therefrom the following text: “at the Administrative Agent’s option”.

 

 

.3                                      Clause (d) of
the definition of “Permitted Overadvance” is hereby amended by deleting
therefrom the reference to “ten percent (10%)” and replacing it in its entirety
with a reference to “five percent (5%)”.

 

.2                                      The definition
of “Consent” is hereby deleted in its entirety and any and all references to
the defined term “Consent” in the Credit Agreement are hereby deleted and
replaced with the term “consent”.

 

4                                         Amendments to Article IX.  The provisions of Section 9.16 of the
Credit Agreement are hereby amended as follows:

 

.1                                      The first
sentence of Section 9.16(b) of the Credit Agreement is hereby deleted
in its entirety and the following substituted in its stead:

 

“(b)         The
non-Defaulting Lenders shall also have the right, but not the obligation, in
their respective, sole and absolute discretion, to cause the termination and
assignment, without any further action by the Defaulting Lender for no cash
consideration (pro  rata, based on the respective Commitments of
those Lenders electing to exercise such right), of the Defaulting Lender’s Commitment
to fund future Loans; provided  that such Defaulting Lender shall
be paid the Obligations then owing such Defaulting Lender with respect to any
funded portion of its Commitment which is the subject of an assignment
hereunder.”

 

5                                         Amendments to Article X.  The provisions of Article X of the
Credit Agreement are hereby amended as follows:

 

.1                                      Section 10.01(e) of
the Credit Agreement is hereby deleted in its entirety and the following
substituted in its stead:

 

“(e)         change
Section 2.13 or Section 8.03 in a manner that would
alter (i) the pro rata sharing of payments required thereby or (ii) the
order in which payments are to be applied thereunder without the written
Consent of each Lender;”

 

.2                                      The provisions
of Section 10.01 are hereby amended by deleting the word “and” at the end
of clause (m), deleting the semicolon at the end of clause (n) and
substituting “; and” therefor and adding the following new clause (o):

 

 

“(o)         change the definition
of the terms “Accelerated Borrowing Base Delivery Event” or “Cash Dominion
Event” without the written Consent of each Lender;”

 

.3                                      Section 10.13
of the Credit Agreement is hereby revised by deleting the last paragraph
thereof in its entirety and substituting the following in its stead:

 

“Any Lender being replaced pursuant to this Section 10.13
shall (i) execute and deliver an Assignment and Assumption with respect to
such Lender’s Commitment and outstanding Loans and participations in L/C
Obligations and (ii) deliver any Notes evidencing such Loans to the Lead Borrower
or the Administrative Agent.”

 

6                                         Amendment to
Schedule 2.01.  Schedule
2.01 to the Credit Agreement is hereby deleted in its entirety and replaced
with Schedule 2.01 attached hereto.

 

7                                         Ratification of
Loan Documents.  Except as
otherwise expressly provided herein, all terms and conditions of the Credit
Agreement and the other Loan Documents remain in full force and effect.  The Loan Parties hereby ratify, confirm, and
reaffirm that all representations and warranties of the Loan Parties contained
in the Credit Agreement or any other Loan Document are true and correct in all
material respects on and as of the date hereof, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they are true and correct in all material respects as of such earlier
date.

 

8                                         Conditions to
Effectiveness.  This First
Amendment shall not be effective until each of the following conditions
precedent have been fulfilled to the reasonable satisfaction of the Administrative
Agent:

 

.1                                      The
Administrative Agent shall have received counterparts of this First Amendment
duly executed and delivered by each of the parties hereto.

 

.2                                      The
Administrative Agent shall have received counterparts of the supplement to the
Fee Letter dated as of even date herewith duly executed by each of the parties
thereto.

 

 

.3                                      The
Administrative Agent shall have received a Note executed by the Borrowers in
favor of the Additional Commitment Lender.

 

.4                                      The Additional
Commitment Lender shall have received counterparts of the Letter Regarding
Treasury Management dated as of even date herewith duly executed by each of the
parties thereto.

 

.5                                      All corporate
and shareholder action on the part of the Loan Parties necessary for the valid
execution, delivery and performance by the Loan Parties of this First Amendment
shall have been duly and effectively taken and evidence thereof reasonably
satisfactory to the Administrative Agent shall have been provided to the
Administrative Agent.

 

.6                                      The Loan
Parties shall have paid to the Administrative Agent, for the account of the
Additional Commitment Lender, an upfront fee (the “Regions Upfront Fee”)
in the amount set forth on Schedule I hereto.  The Regions Upfront Fee shall be fully earned
and paid by the Loan Parties to the Administrative Agent in full on the
effective date of this First Amendment. 
The Regions Upfront Fee shall not be subject to refund or rebate under
any circumstances.

 

.7                                      The Loan
Parties shall have paid to the Administrative Agent, for the account of Wells
Fargo Retail Finance, LLC, an upfront fee (the “Wells Upfront Fee”) in
the amount set forth on Schedule I hereto.  The Wells Upfront Fee shall be fully earned
and paid by the Loan Parties to the Administrative Agent in full on the
effective date of this First Amendment. 
The Wells Upfront Fee shall not be subject to refund or rebate under any
circumstances.

 

.8                                      The Loan
Parties shall have paid to the Administrative Agent all fees required pursuant
to the terms and conditions of the supplement to the Fee Letter.

 

.9                                      The Loan
Parties shall have paid in full all reasonable and documented costs and
expenses of the Agents (including, without limitation, reasonable attorneys’
fees) in connection with the preparation, negotiation, execution and delivery
of this First Amendment and related documents.

 

.10                               After giving
effect to this First Amendment, no Default or Event of Default shall have
occurred and be continuing.

 

 

9                                         Miscellaneous.

 

.1                                      This First
Amendment may be executed in several counterparts and by each party on a
separate counterpart, each of which when so executed and delivered shall be an
original, and all of which together shall constitute one instrument.  Delivery of an executed counterpart of a signature
page to this First Amendment by telecopy or other electronic transmission
shall be effective as delivery of a manually executed counterpart of this First
Amendment.

 

.2                                      This First
Amendment expresses the entire understanding of the parties with respect to the
transactions contemplated hereby.  No
prior negotiations or discussions shall limit, modify, or otherwise affect the
provisions hereof.

 

.3                                      Any
determination that any provision of this First Amendment or any application
hereof is invalid, illegal or unenforceable in any respect and in any instance
shall not effect the validity, legality, or enforceability of such provision in
any other instance, or the validity, legality or enforceability of any other
provisions of this First Amendment.

 

.4                                      The Loan
Parties represent and warrant that they have consulted with independent legal
counsel of their selection in connection with this First Amendment and are not
relying on any representations or warranties of the Agents or the Lenders or
their counsel in entering into this First Amendment.

 

.5                                      The
Administrative Agent, the Lenders and the Loan Parties hereby ratify, confirm,
and reaffirm that, after giving effect to the $30,000,000 Commitment Increase
of the Additional Commitment Lender, the Lead Borrower may, from time to time,
request further Commitment Increases in accordance with the terms of Section 2.15
of the Credit Agreement in an amount (for all such requests) not exceeding
$70,000,000 in the aggregate.  Except as
otherwise expressly provided herein, all terms and conditions of Section 2.15
of the Credit Agreement remain in full force and effect; provided  that
clause (f) of Section 2.15 of the Credit Agreement is hereby deleted
in its entirety as of the effective date of this First Amendment.

 

[SIGNATURE PAGES
FOLLOW]

 

 

IN WITNESS WHEREOF, the parties have hereunto caused
this First Amendment to be executed and their seals to be hereto affixed as of
the date first above written.

 

	
   

  	
  TUESDAY MORNING, INC.,
  as Lead Borrower and as a Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Stephanie Bowman

  
	
   

  	
  Name:

  	
  Stephanie Bowman

  
	
   

  	
  Title:

  	
  Executive Vice
  President, Chief Financial Officer and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TUESDAY MORNING
  PARTNERS, LTD., as a Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Days of the
  Week, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Stephanie Bowman

  
	
   

  	
  Name:

  	
  Stephanie Bowman

  
	
   

  	
  Title:

  	
  Executive Vice
  President, Chief Financial Officer and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TUESDAY MORNING
  CORPORATION, as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Stephanie Bowman

  
	
   

  	
  Name:

  	
  Stephanie Bowman

  
	
   

  	
  Title:

  	
  Executive Vice
  President, Chief Financial Officer, Secretary and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TMI HOLDINGS, INC., as
  a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Stephanie Bowman

  
	
   

  	
  Name:

  	
  Stephanie Bowman

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  FRIDAY MORNING, INC.,
  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Stephanie Bowman

  
	
   

  	
  Name:

  	
  Stephanie Bowman

  
	
   

  	
  Title:

  	
  Executive Vice
  President, Chief Financial Officer and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DAYS OF THE WEEK, INC.,
  as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Stephanie Bowman

  
	
   

  	
  Name:

  	
  Stephanie Bowman

  
	
   

  	
  Title:

  	
  Executive Vice
  President, Chief Financial Officer and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NIGHTS OF THE WEEK,
  INC., as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Stephanie Bowman

  
	
   

  	
  Name:

  	
  Stephanie Bowman

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary and Treasurer

  

 

 

	
   

  	
  BANK OF AMERICA, N.A.,
  as Administrative Agent, Collateral Agent, L/C Issuer and Swingline Lender and
  as an Existing Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
    /s/ Stephen
  J. Garvin

  
	
   

  	
  Name:

  	
   Stephen J. Garvin

  
	
   

  	
  Title: 

  	
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO RETAIL
  FINANCE, LLC,

  
	
   

  	
  as Joint Lead Arranger,
  Joint Bookrunner and Syndication Agent and as an Existing Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
    /s/ Adam B.
  Davis

  
	
   

  	
  Name: 

  	
  Adam B. Davis

  
	
   

  	
  Title: 

  	
  Assistant Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REGIONS BANK, as the
  Additional Commitment Lender and as a Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
    /s/ Kevin
  R. Rogers

  
	
   

  	
  Name: 

  	
  Kevin R. Rogers

  
	
   

  	
  Title: 

  	
  Attorney-in-factExhibit 10.1

 

January 28,
2009

 

VIA
TELECOPY

 

Greenwood
Financial Inc.

c/o
Orleans Homebuilders, Inc.

3333
Street Road

Bensalem,
Pennsylvania 19020

Attention:
Garry P. Herdler

 

Re:                             Second
Amended and Restated Revolving Credit Loan Agreement dated as of September 30,
2008 (the “Agreement”) by and among Greenwood Financial Inc. (“Master Borrower”),
the entities identified on Schedule “A” attached hereto (together with the
Master Borrower, the “Borrowers”), Orleans Homebuilders, Inc. (the “Guarantor”,
and together with the Borrowers, the “Obligors”), the Lenders that are parties
hereto (the “Lenders”), and Wachovia Bank, National Association, as Agent for
the Lenders (“Agent”).

 

Dear
Mr. Herdler:

 

Please refer to the
Agreement.  Capitalized terms not
otherwise defined herein shall have the meanings ascribed to such terms in the
Agreement. This letter shall be referred to as the “Waiver Letter”.

 

1.             Requests by Obligors.  The Obligors have failed to comply with the Liquidity covenant in Section 8.8
of the Agreement for the quarter ending on December 31, 2008 (the “Liquidity Covenant”).  The
Obligors have also failed to comply with the requirement in Section 2.3.1.3
of the Loan Agreement to make a principal payment within five (5) Business
Days after the delivery of the most recently delivered Borrowing Base
Certificate in an amount that reduces the unpaid principal balance of all Loans
to the Borrowing Base Availability set forth in such Borrowing Base Certificate
(the “Overadvance Payment Covenant”, together
with the Liquidity Covenant, the “Subject Covenants”).  Based on the Borrowing Base Certificate
delivered on or about January 15, 2009, the unpaid principal balance of
outstanding Loans exceeds the Borrowing Base Availability by $14,567,371.  Accordingly, the Borrowers were required to
make a principal payment to the Agent for the account of Lenders in the amount
of $14,567,371 (“Overadvance Payment”) by not later
than January 23, 2009.  As of the
date hereof, no such payment has been received by Agent.  The Obligors have requested that the Agent
and the Lenders waive such non-compliance with the Subject Covenants for a
limited period of time.

 

2.             Limited Waiver. 
Subject to the terms
and conditions set forth herein, the Agent and the Lenders temporarily waive compliance
with the Subject Covenants, and non-compliance with the Subject Covenants shall
temporarily not constitute an Event of Default (the “Limited
Waiver”), at all times from the period from and including December 31,
2008 through and including the earlier of (a) the date of the occurrence
of any other Event of Default (that is, any Event of Default caused by or
resulting from something other than the above stated non-compliance with one or
more of the Subject Covenants) under the Agreement or under any of the other
Loan Documents; and (b) February 6, 2009 (such period being the “Waiver Period”).  At
the end of the Waiver Period, the Limited Waiver shall terminate and the
non-compliance with

 

 

the
Subject Covenants shall, effective as of the end of the Waiver Period,
immediately constitute Events of Default under Article IX under the
Agreement without further notice or an opportunity to cure.  The Borrowers may not request additional
Loans, Swing Line Loans, Letters of Credit or Tri-Party Agreements during the
Waiver Period.  Furthermore, during the
Waiver Period, interest on the Overadvance Payment shall not accrue at the
Default Rate pursuant to Section 2.5.

 

3.             Conditions Precedent.  The Limited Waiver shall become effective, as of the date hereof and as
provided herein, upon the execution and delivery of this Waiver Letter by the
Obligors, the Agent and the Requisite Lenders.

 

4.             Release.  Each of the Obligors, on behalf of
itself and any person or entity claiming by, under or through it, hereby unconditionally
remises, releases and forever discharges the Agent and the Lenders, and their
respective past and present officers, directors, shareholders, agents, parent
corporation, members, subsidiaries, affiliates, trustees, administrators,
attorneys, predecessors, and successors and assigns, of and from any and all
manner of actions, causes of action, suits, debts, dues, accounts, claims,
counterclaims, crossclaims, defenses and/or demands whatsoever, including
claims for contribution and/or indemnity, whether now known or unknown, past or
present, asserted or unasserted, contingent or liquidated, at law or in equity,
or resulting from any assignment, if any, which any of the Obligors ever had,
now have, or may have against the Agent or the Lenders, for or by reason of any
cause, matter or thing whatsoever, arising from the beginning of time to the
date of execution of this Waiver Letter relating to or arising from the
Agreement, the Loan Documents, and/or the lending or any other banking
relationship between any of the Obligors and the Agent and the Lenders.

 

5.             Representations.  Each of the Obligors hereby represents and
warrants to the Agent and the Lenders that the representations and warranties
contained in the Agreement and the other Loan Documents are true and correct in
all material respects on and as of the date hereof (after giving effect to this
Limited Waiver) as if made on and as of the date hereof, except where such
representations and warranties expressly relate to an earlier date in which
case such representations and warranties were true and correct in all material
respects as of such earlier date and except for changes therein which have been
disclosed to Agent in writing.

 

6.             No Impairment.  Except as to the Limited Waiver contained herein, nothing contained in
this Waiver Letter shall serve as a waiver of any right of the Agent or the
Lenders, a waiver or cure of any defaults under the Agreement or the other Loan
Documents, a modification or novation of the Obligations or the documentation therefor,
or an agreement or commitment by the Agent or the Lenders to extend or
otherwise modify the Obligations.

 

7.             Termination of Limited Waiver.  Failure of any of the Obligors to satisfy any
of the terms or conditions in this Waiver Letter shall, immediately and without
further notice or opportunity to cure, terminate the Limited Waiver, end the
Waiver Period, and constitute an Event of Default under Article IX of the
Agreement as of the date of such failure.

 

2

 

8.             Miscellaneous.

 

a.             Headings.  The headings and underscoring
of articles, sections and clauses have been included herein for convenience
only and shall not be considered in interpreting this Waiver Letter.

 

b.             Governing Law.  This
Waiver Letter shall be construed in accordance with and governed by the
internal laws of the Commonwealth of Pennsylvania.

 

c.             Integration.  This Waiver Letter constitutes
the sole agreement of the parties with respect to the subject matter hereof and
thereof and supersedes all oral negotiations and prior writings with respect to
the subject matter hereof and thereof.

 

d.             Severability of Provisions.  Any
provision of this Waiver Letter that is held to be inoperative, unenforceable,
void or invalid in any jurisdiction shall, as to that jurisdiction, be
ineffective, unenforceable, void or invalid without affecting the remaining
provisions in that jurisdiction or the operation, enforceability or validity of
that provision in any other jurisdiction, and to this end the provisions of
this Waiver Letter are declared to be severable.

 

e.             No Third-Party Beneficiaries. 
Notwithstanding anything to the contrary contained herein, no provision
of this Waiver Letter is intended to benefit any party other than the
signatories hereto nor shall any such provision be enforceable by any other
party.

 

f.              Counterparts.  This
Waiver Letter may be executed in any number of counterparts and by the
different parties on separate counterparts and each such counterpart shall be
deemed to be an original, but all such counterparts shall together constitute
one and the same Waiver Letter.

 

[Signature Pages Follow]

 

3

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  Wachovia
  Bank, National Association,

  
	
   

  	
  as
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nathan R. Rantala

  
	
   

  	
   

  	
  Nathan R. Rantala, Director

  

 

(Signature Page to
Limited Waiver)

 

 

	
  ACCEPTED
  AND AGREED TO:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Master
  Borrower:

  	
  Greenwood
  Financial Inc., a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Name:

  	
  Lawrence
  J. Dugan

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
  Corporate
  Borrowers:

  	
  OHB
  Homes, Inc.

  
	
   

  	
  Orleans
  Corporation

  
	
   

  	
  Orleans
  Corporation of New Jersey

  
	
   

  	
  Orleans
  Construction Corp.

  
	
   

  	
  Parker &
  Lancaster Corporation

  
	
   

  	
  Parker &
  Orleans Homebuilders, Inc.

  
	
   

  	
  Sharp
  Road Farms, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Name:

  	
  Lawrence
  J. Dugan

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

[Borrowers’ signatures continued on the following page]

 

(Signature Page to
Limited Waiver)

 

 

	
  Limited
  Liability Company

  	
   

  
	
  Borrowers:

  	
   

  
	
   

  	
  Masterpiece
  Homes, LLC

  
	
   

  	
  OPCNC,
  LLC

  
	
   

  	
  Orleans
  at Bordentown, LLC

  
	
   

  	
  Orleans
  at Cooks Bridge, LLC

  
	
   

  	
  Orleans
  at Covington Manor, LLC

  
	
   

  	
  Orleans
  at Crofton Chase, LLC

  
	
   

  	
  Orleans
  at East Greenwich, LLC

  
	
   

  	
  Orleans
  at Elk Township, LLC

  
	
   

  	
  Orleans
  at Evesham, LLC

  
	
   

  	
  Orleans
  at Hamilton, LLC

  
	
   

  	
  Orleans
  at Harrison, LLC

  
	
   

  	
  Orleans
  at Hidden Creek, LLC

  
	
   

  	
  Orleans
  at Jennings Mill, LLC

  
	
   

  	
  Orleans
  at Lambertville, LLC

  
	
   

  	
  Orleans
  at Lyons Gate, LLC

  
	
   

  	
  Orleans
  at Mansfield, LLC

  
	
   

  	
  Orleans
  at Maple Glen, LLC

  
	
   

  	
  Orleans
  at Meadow Glen, LLC

  
	
   

  	
  Orleans
  at Millstone, LLC

  
	
   

  	
  Orleans
  at Millstone River Preserve, LLC

  
	
   

  	
  Orleans
  at Moorestown, LLC

  
	
   

  	
  Orleans
  at Tabernacle, LLC

  
	
   

  	
  Orleans
  at Upper Freehold, LLC

  
	
   

  	
  Orleans
  at Wallkill, LLC

  
	
   

  	
  Orleans
  at Westampton Woods, LLC

  
	
   

  	
  Orleans
  at Woolwich, LLC

  
	
   

  	
  Orleans
  Arizona Realty, LLC

  
	
   

  	
  Orleans
  DK, LLC

  
	
   

  	
  Parker
  Lancaster, Tidewater, L.L.C.

  
	
   

  	
  Wheatley
  Meadows Associates, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Lawrence
  J. Dugan

  
	
   

  	
   

  	
  Vice
  President

  

 

[Borrowers’ signatures continued on the following page]

 

(Signature Page to
Limited Waiver)

 

 

	
  Limited
  Partnership

  	
   

  
	
  Borrowers:

  	
  Brookshire
  Estates, L.P. (f/k/a Orleans at Brookshire Estates, L.P.)

  
	
   

  	
  Orleans
  at Falls, LP

  
	
   

  	
  Orleans
  at Limerick, LP

  
	
   

  	
  Orleans
  at Lower Salford, LP

  
	
   

  	
  Orleans
  at Thornbury, L.P.

  
	
   

  	
  Orleans
  at Upper Saucon, L.P.

  
	
   

  	
  Orleans
  at Upper Uwchlan, LP

  
	
   

  	
  Orleans
  at West Bradford, LP

  
	
   

  	
  Orleans
  at West Vincent, LP

  
	
   

  	
  Orleans
  at Windsor Square, LP

  
	
   

  	
  Orleans
  at Wrightstown, LP

  
	
   

  	
  Stock
  Grange, LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  OHI
  PA GP, LLC, sole General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Lawrence J. Dugan

  
	
   

  	
   

  	
   

  	
  Lawrence
  J. Dugan

  
	
   

  	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
  Orleans
  RHIL, LP

  
	
   

  	
  Realen
  Homes, L.P.

  
	
   

  	
  By:

  	
  RHGP,
  LLC, sole General Partner

  
	
   

  	
   

  	
  By:

  	
  Orleans
  Homebuilders, Inc.,

  
	
   

  	
   

  	
   

  	
  Authorized
  Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Garry P. Herdler

  
	
   

  	
   

  	
   

  	
   

  	
  Garry
  P. Herdler, Executive

  
	
   

  	
   

  	
   

  	
   

  	
  Vice
  President &

  
	
   

  	
   

  	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Guarantor:

  	
  Orleans
  Homebuilders, Inc., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Garry P. Herdler

  
	
   

  	
   

  	
  Garry
  P. Herdler, Executive

  
	
   

  	
   

  	
  Vice
  President &

  
	
   

  	
   

  	
  Chief
  Financial Officer

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL

  INC. AS MASTER BORROWER, DATED AS

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WACHOVIA
  BANK,

  
	
   

  	
  NATIONAL
  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Nathan R. Rantala

  
	
   

  	
   

  	
  Nathan
  R. Rantala, Director

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL

  INC. AS MASTER BORROWER, DATED AS

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA,
  N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sean
  Finnegan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Sean
  Finnegan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Sr. Vice
  President

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL

  INC. AS MASTER BORROWER, DATED AS

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SOVEREIGN BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William
  Crowley

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: William
  Crowley

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: EVP

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL

  INC. AS MASTER BORROWER, DATED AS

  OF SEPTEMBER 15, 2008:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MANUFACTURERS
  AND TRADERS TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bernard T.
  Shields

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Bernard T.
  Shields

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL CITY
  BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: 

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL

  INC. AS MASTER BORROWER, DATED AS

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FIRSTRUST BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric Paul

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Eric Paul

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GUARANTY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIZENS BANK OF
  PENNSYLVANIA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TD BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert E.
  Delaney

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Robert E.
  Delaney

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUNTRUST BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Janet R.
  Naifeh

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Janet R.
  Naifeh

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: SunTrust

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER SIGNATURE PAGE TO WAIVER
  

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REGIONS BANK,
  successor by merger to

  
	
   

  	
   

  
	
   

  	
  Amsouth Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel McClurkin

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Daniel
  McClurkin

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER 

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FRANKLIN BANK,
  SSB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER 

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
  COMERICA BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER 

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMPASS BANK, an
  Alabama Banking Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Johanna Duke
  Paley

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Johanna
  Duke Paley

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER 

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE
  BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER 

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LaSALLE BANK,
  NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sean
  Finnegan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Sean
  Finnegan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Sr. Vice
  President

  

 

(Signature Page to
Limited Waiver)

 

 

	
   

  	
  LENDER
  SIGNATURE PAGE TO WAIVER 

  LETTER WITH GREENWOOD FINANCIAL 

  INC. AS MASTER BORROWER, DATED AS 

  OF JANUARY 28, 2009:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK
  TRUST COMPANY AMERICAS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  

 

(Signature Page to
Limited Waiver)

 

 

Schedule A  -  Schedule of Borrowers

 

Greenwood
Financial Inc.

Masterpiece
Homes, LLC

OHB
Homes, Inc.

Orleans
Corporation

Orleans
Corporation of New Jersey

Orleans
Construction Corp.

Parker &
Lancaster Corporation

Parker &
Orleans Homebuilders, Inc.

Sharp
Road Farms, Inc.

OPCNC,
LLC

Orleans
at Bordentown, LLC

Orleans
at Cooks Bridge, LLC

Orleans
at Covington Manor, LLC

Orleans
at Crofton Chase, LLC

Orleans
at East Greenwich, LLC

Orleans
at Elk Township, LLC

Orleans
at Evesham, LLC

Orleans
at Hamilton, LLC

Orleans
at Harrison, LLC

Orleans
at Hidden Creek, LLC

Orleans
at Jennings Mill, LLC

Orleans
at Lambertville, LLC

Orleans
at Lyons Gate, LLC

Orleans
at Mansfield, LLC

Orleans
at Maple Glen, LLC

Orleans
at Meadow Glen, LLC

Orleans
at Millstone, LLC

Orleans
at Millstone River Preserve, LLC

Orleans
at Moorestown, LLC

Orleans
at Tabernacle, LLC

Orleans
at Upper Freehold, LLC

Orleans
at Wallkill, LLC

Orleans
at Westampton Woods, LLC

Orleans
at Woolwich, LLC

Orleans
Arizona Realty, LLC

Orleans
DK, LLC

Wheatley
Meadows Associates, LLC

Parker
Lancaster, Tidewater, L.L.C.

Brookshire
Estates, L.P. (f/k/a Orleans at Brookshire Estates, L.P.)

Orleans
at Falls, LP

Orleans
at Limerick, LP

Orleans
at Lower Salford, LP

Orleans
at Thornbury, LP

Orleans
at Upper Saucon, L.P.

 

1

 

Orleans
at Upper Uwchlan, LP

Orleans
at West Bradford, LP

Orleans
at West Vincent, LP

Orleans
at Windsor Square, LP

Orleans
at Wrightstown, LP

Stock
Grange, LP

Orleans
RHIL, LP

Realen
Homes, L.P.

 

2

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