Document:

Exhibit 10.1

 

MUTUAL TERMINATION
AGREEMENT

 

MUTUAL TERMINATION AGREEMENT, dated as of November 18,
2005 (this “Agreement”), by and among BroadVision, Inc. (the “Company”),
a Delaware corporation, Bravo Holdco (“Parent”), an exempted company
with limited liability incorporated under the laws of the Cayman Islands and
Bravo Merger Sub, LLC (“Merger Sub”), a Delaware limited liability
company.

 

RECITALS

 

WHEREAS, the Company, Parent and Merger Sub
are parties to an Agreement and Plan of Merger, dated as of July 25, 2005
(as amended, the “Merger Agreement”) (capitalized terms used herein but
not otherwise defined herein shall have the meanings ascribed to them in the
Merger Agreement); and

 

WHEREAS, the Company, Parent and Merger Sub
wish to terminate the Merger Agreement.

 

NOW THEREFORE, in consideration of the
foregoing and the mutual covenants and agreements contained herein, and
intending to be legally bound hereby, the Company, Parent and Merger Sub hereby
agree as follows:

 

1.                                       The
Company, Parent and Merger Sub hereby agree that (i) subject to Section 3
hereof, the Merger Agreement is terminated as of the date hereof by mutual
written consent in accordance with Section 7.1(a) thereof without any
liability on the part of Parent, Merger Sub, the Company, or any of their
respective parents, subsidiaries, directors, officers, agents, representatives,
shareholders and other affiliates (“Related Parties”) (and each of their
respective Related Parties), except as provided herein, and (ii) the
Company shall pay to Parent an amount of cash equal to $980,000 plus interest
accruing at an annual rate of 6% ($161.10 per day) from and after the date
hereof until the date such amount is paid in full (collectively, the “Expense
Reimbursement”) on or before January 17, 2006 by wire transfer in
immediately available funds to Parent pursuant to the written instructions
provided to the Company by Parent.  If
the Company fails to make the required payment in a timely manner, Parent and
Merger Sub shall be entitled to exercise the rights and shall be entitled to
indemnification set forth in Section 7.3(h) of the Merger Agreement.

 

2.                                       Each
of the Company, Parent and Merger Sub, on behalf of itself and all present or
former parents, subsidiaries and other affiliates, hereby releases the other
parties and their Related Parties (and each of their respective Related
Parties) from all claims, demands, debts, liabilities, obligations, agreements,
promises, losses, damages, demands, rights, actions or causes of action,
whether known or unknown, whether at law or equity, whether direct or
derivative (herein “Claim” or “Claims”) arising under or relating
to the Merger Agreement or any of the transaction(s) described or referred to
in the Merger Agreement; provided however, that nothing in this Agreement shall
be

 

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construed to
release any Claim arising under or relating to the Non-Disclosure Agreement,
this Agreement or the Transfer Agreement (as defined below).

 

3.                                       It
is a condition precedent to the effectiveness of this Agreement that Pehong
Chen enter into that certain transfer agreement with Vector Capital III, L.P.,
an affiliate of Parent and Merger Sub (“Vector III”), in the form
attached hereto as Exhibit A  (the “Transfer
Agreement”), pursuant to which Pehong Chen agrees to cause Honu Holdings
LLC to acquire the entire rights, title and interest in, to and under those
certain Senior Subordinated Secured Convertible Notes (the “Note”) of
the Company of an aggregate principal amount of $12,799,999 held by Vector III
and consummate the transactions contemplated thereby, including the full
payment of the Purchase Price (as defined in the Transfer Agreement) to Vector
III.

 

4.                                       Each
of the Company, Parent and Merger Sub hereby represents and warrants to the
other parties that: (a) it has full power and authority to enter into this
Agreement and to perform its obligations hereunder in accordance with its
provisions, (b) this Agreement has been duly authorized, executed and
delivered by such party, and (c) this Agreement constitutes a legal, valid
and binding obligation of such party, enforceable in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, moratorium or
other similar laws affecting creditors’ rights generally and by general
principles of equity.

 

5.                                       This
Agreement shall be construed and enforced in accordance with, and be governed
by, the laws of the State of Delaware without regard to its conflict of law
provisions, and it may not modified, amended or terminated, nor may the
provisions hereof be waived, other than in a written instrument executed by all
parties hereto.

 

6.                                       This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, all of which together shall constitute one and the same
instrument.

 

[The remainder of this page is intentionally left blank.]

 

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IN WITNESS WHEREOF, each of the undersigned
has duly executed this Mutual Termination Agreement as an agreement as of the
date first above written.

 

	
   

  	
  BRAVO HOLDCO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher Nicholson

  
	
   

  	
   

  	
  Name:

  	
  Christopher Nicholson

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BRAVO MERGER SUB, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher Nicholson

  
	
   

  	
   

  	
  Name:

  	
  Christopher Nicholson

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BROADVISION, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Pehong Chen

  
	
   

  	
   

  	
  Name:

  	
  Pehong Chen

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

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EXHIBIT A

 

TRANSFER AGREEMENT

 

THIS TRANSFER AGREEMENT, dated as of November 18,
2005 (this “Agreement”), is between Vector Capital III, L.P.  (the “Seller”), Pehong Chen (the “Buyer”)
and BroadVision, Inc., a Delaware corporation (the “Issuer”).

 

WHEREAS, on November 9, 2005, the Seller
acquired the entire rights, title and interest in, to and under those certain
Senior Subordinated Secured Convertible Notes of the Issuer of an aggregate
principal amount of $12,799,999 (the “Note”); and,

 

WHEREAS, the Seller desires to sell and
assign to the Buyer, and the Buyer desires to purchase from the Seller, the
Seller’s entire rights, title and interest in, to and under the Note (such
sale, assignment and purchase, the “Transaction”).

 

NOW, THEREFORE, in consideration of the
mutual agreements set forth herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

1.                                       Pursuant to the
terms hereof, the Seller hereby sells, transfers, assigns, delegates and
conveys unto the Buyer’s assignee, Honu Holdings LLC, a Delaware limited
liability company wholly owned by the Buyer (“Holdings”), without
recourse, any and all rights, title, interests, duties and obligations to the
Note, including, without limitation, all rights, title, interests, duties and
obligations arising out of or incurred in connection with such assets, for an
aggregate purchase price equal to the sum of (i) $15,359,999 (equal to
120% of the Principal to be assigned), and (ii) accrued and unpaid
interest (including default interest) on such Principal equal to $120,526 as of
November 21, 2005 and accruing at a rate of $2,104.11 per day for each day
thereafter (the “Purchase Price”), payable no later than the close of
business on the first business day after the date hereof. The Buyer, on behalf
of himself and Holdings, hereby accepts the foregoing assignment and
delegation, accepts the Note and assumes all of the Seller’s rights, title,
interests, duties and obligations (whether arising before or after execution of
this Agreement) with respect to the Note. Each of the Buyer and the Seller
shall take all necessary actions to consummate the sale and transfers
contemplated hereunder and to vest legal title to the Note in Holdings,
including (a) complying with the requirements of Section 2(f) of
the Securities Purchase Agreement, dated as of November 10, 2004, by and
among the Issuer, the Seller and certain other parties (the “Securities
Purchase Agreement”), and (b) surrendering the Note to the Issuer and
requesting that the Issuer issue and deliver a replacement Senior Subordinated
Secured Convertible Note of the Issuer in the name of Holdings in accordance
with the procedures described in Section 19 of the Note.

 

2.                                       Each of the
Buyer and the Seller has, or may have obtained, material non-public information
concerning the Issuer and the Note (“Excluded Information”) and is
precluded from sharing any such Excluded Information with the other party. In
connection therewith, the Buyer and the Seller each acknowledge, understand and
agree,

 

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as follows: (a) the
Buyer has requested that the Seller not disclose to it any of the Seller’s
Excluded Information, and the Seller has requested that the Buyer not disclose
to it any of the Buyer’s Excluded Information, and (b) the Seller has
complied with the Buyer’s request not to disclose to the Buyer the Seller’s
Excluded Information, and the Buyer has complied with the Seller’s request not
to disclose to the Seller the Buyer’s Excluded Information. As a consequence of
such non-disclosure of each party’s Excluded Information, there may exist a
disparity of information between the Buyer and the Seller with respect to the
Note and/or the Issuer. Each of the Buyer and the Seller acknowledges that if
it had been informed of the other party’s Excluded Information, the Note may
have a lesser or greater value than the Purchase Price. Each of the Buyer and
the Seller acknowledges it may not be in such party’s best interest to proceed
with the Transaction at this time.

 

3.                                       As a condition
to the Buyer’s agreement to buy, and the Seller’s agreement to sell, the Note: (a) the
Buyer, on behalf of himself and Holdings, expressly releases the Seller from
any and all liabilities arising from the Seller’s failure to disclose the
Seller’s Excluded Information, or the Buyer’s inability to review the Seller’s
Excluded Information, and (b) the Seller expressly releases the Buyer and
Holdings from any and all liabilities arising from the Buyer’s failure to
disclose the Buyer’s Excluded Information, or the Seller’s inability to review
the Buyer’s Excluded Information, provided, however, in either case, that the
Seller’s Excluded Information shall not and does not affect the truth or
accuracy of the Seller’s representations and warranties made herein and the
Buyer’s Excluded Information shall not and does not affect the truth or
accuracy of the Buyer’s representations and warranties made herein.

 

4.                                       The Buyer
represents, warrants and acknowledges, as applicable, that each of the Buyer and
Holdings: (a) is a sophisticated purchaser with respect to the Note, (b) has
adequate information concerning the Note, (c) has adequate information
concerning the business and financial condition of the Issuer and any
affiliates of the Issuer, (d) has conducted, to the extent he or it deemed
necessary, an independent investigation of such matters as, in his or its
judgment, is necessary for it to make an informed investment decision with
respect to the Note, the Issuer and the Transaction, (e) has not relied
upon the Seller for any investigation into, assessment of, or evaluation with
respect to the Note, the Issuer and/or the Transaction, (f) is buying the
Note as principal, for his or its own account and not as a broker or agent for
another party, and for investment purposes only, and not with a view toward
distribution or resale, and (g) is an accredited investor, as defined in Rule 501
under the Securities Act of 1933, as amended.

 

5.                                       The Seller
represents, warrants and acknowledges, as applicable, that it: (a) is a
sophisticated seller with respect to the Note, (b) has adequate
information concerning the Note, (c) has adequate information concerning
the business and financial condition of the Issuer and any affiliates of the
Issuer, (d) has conducted, to the extent it deemed necessary, an
independent investigation of such matters as, in its judgment, is necessary for
it to make an informed investment decision with respect to the Note, the Issuer
and the Transaction, (e) has not relied upon the Buyer or Holdings for any
investigation into, assessment of, or evaluation with respect to the Note, the
Issuer and/or the Transaction, (f) acquired the Note as principal, for its
own account and not as a broker 

 

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or agent for
another party, and for investment purposes only and not with a view toward
distribution or resale, (g) holds good and valid legal title to the Note
free and clear of all liens, claims and encumbrances, and (h) has not
engaged in any form of general solicitation or advertising in connection with
the sale of the Note.

 

6.                                       Notwithstanding
anything in this Transfer Agreement, the Securities Purchase Agreement, the
Note or the Noteholders Agreement dated as of October 21, 2005, between
the Issuer and certain other parties thereto (collectively, the “Notes
Documents”) to the contrary, the Buyer agrees that he shall not deliver to
the Issuer any Event of Default Redemption Notice for any reason or exercise
any other remedies under the Notes Documents from and after the date hereof
until the second business day after the Expense Reimbursement (as defined in
the Mutual Termination Agreement referred to below) (including interest, fees,
expenses, charges or other amounts accruing on or after the filing of any
petition in bankruptcy or for reorganization at the rate or in the amount
otherwise applicable thereto, whether or not any such interest, fees, expenses,
charges or other amount is an allowed claim, the “Termination Payment”)
is paid in full in cash to Bravo Holdco, an exempted company with limited
liability incorporated under the laws of the Cayman Islands and affiliate of
Vector III, pursuant to that certain Mutual Termination Agreement entered into
by and among the Issuer, Bravo Holdco, and Bravo Merger Sub, LLC, a Delaware
limited liability company and wholly owned subsidiary of Bravo Holdco, dated as
of the date hereof (the “Mutual Termination Agreement”).

 

7.                                       Notwithstanding
anything in the Notes Documents to the contrary, each of the Buyer, the Seller
and the Issuer agree that from and after the date hereof and until two business
days after the Termination Payment is paid in full in cash (the “Expiration
Date”): (a) the Buyer agrees to defer, and hereby gives notice to the
Issuer of his election to defer, all principal and interest and any other fees,
payments or penalties that are due or become due under the Note from and after
the date hereof until the Expiration Date; and (b) the Issuer agrees not
to pay any principal, interest or any other fees, payments or penalties that
are due under the Note or become due from and after the date hereof until the
Expiration Date.

 

8.                                       The
Buyer further covenants and agrees that the Issuer’s obligations to make any
payments under the Note, including principal, interest or any other fees,
payments or penalties (the “Subordinated Payments”) are hereby expressly
made subordinate and subject in right of payment to the prior payment in full
of the Termination Payment in cash, all to the extent and in the manner provided
in the Mutual Termination Agreement. The Issuer shall not make any Subordinated
Payments until the Expiration Date.  Upon
any payment or distribution of assets of the Issuer of any kind or character,
whether in cash, securities or other property, to creditors of the Issuer in a
bankruptcy, insolvency, receivership, assignment for the benefit of creditors,
marshalling of assets or similar proceeding of or relating to the Issuer or its
property, assets or creditors, the Seller shall be entitled to receive payment
in full, in cash, of the Termination Payment before the Buyer shall be entitled
to receive any payment of principal or interest or any other payment or
distribution of assets with respect to any Subordinated Payments, and until the
Termination Payment is paid in full as provided herein, any payment or
distribution of assets of the Issuer of any kind or character,

 

3

 

whether in
cash, securities or property, to which the Buyer would be entitled but for the
subordination provisions in this Agreement shall be made by the Issuer or by
any receiver, trustee in bankruptcy, liquidating trustee, agent or other person
making such payment or distribution directly to the Seller to the extent
necessary to pay the Termination Payment in full in cash.  In the event that, notwithstanding the
provisions of this Agreement, the Issuer shall make any Subordinated Payment to
the Buyer not expressly authorized under the terms hereof, such Subordinated
Payment shall be held in trust by the Buyer for the benefit of the Seller and
shall be paid over immediately (without necessity of demand) to the Seller, for
application to the payment of the Termination Payment until the same shall have
been paid in full in cash.

 

9.                                       The Buyer agrees
that each of the representations, covenants and agreements of the Buyer herein
(including without limitation the prohibitions and limitations set forth in
Sections 6, 7 and 8 hereof) shall also be deemed to be a representation,
covenant and agreement of Holdings as if originally made by Holdings herein and
that any breach thereof by Holdings shall be deemed to be a breach thereof by
the Buyer. The Buyer shall indemnify and hold harmless the Seller against any
breach by Holdings of any such representation, covenant or agreement.

 

10.                                 Each of the Buyer and
the Seller hereby represents and warrants to the other party that: (a) it
has full power and authority to enter into this Agreement and to perform its
obligations hereunder in accordance with its provisions, (b) this
Agreement has been duly authorized, executed and delivered by such party, and (c) this
Agreement constitutes a legal, valid and binding obligation of such party,
enforceable in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, moratorium or other similar laws affecting creditors’
rights generally and by general principles of equity.

 

11.                                 Each party
acknowledges that the other party is relying on this Agreement in engaging in
the Transaction, and would not engage in the Transaction in the absence of this
Agreement and the provisions contained herein.

 

12.                                 The foregoing
representations, warranties, acknowledgments and agreements shall be deemed
made as of the date of this Agreement and shall survive the sale and delivery
of the Note hereunder.

 

13.                                 This Agreement may be
executed by manual or facsimile signature, and in one or more counterparts,
each of which shall be deemed an original, but all of which when taken together
shall be deemed to be one and the same instrument.

 

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

 

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IN WITNESS WHEREOF, the undersigned have
caused this Agreement to be duly executed as of the date set forth above.

 

 

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  VECTOR
  CAPITAL III, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Vector
  Capital Partners III, L.L.C., its

  General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BUYER:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PEHONG CHEN

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ISSUER:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BROADVISION, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
								

 

5Exhibit 10.1

 

COMMITMENT INCREASE
AGREEMENT

 

This Commitment
Increase Agreement (this “Agreement”) dated as of November 18,
2005, is entered into among Meritage Homes Corporation, a Maryland corporation
(the “Borrower”), U.S. Bank, National Association, in its capacity as a
Lender (“U.S. Bank”), Wells Fargo Bank, National Association, in its
capacity as a Lender (“Wells Fargo”), Wachovia Bank, National
Association, in its capacity as a Lender (“Wachovia”), PNC Bank,
National Association, in its capacity as a Lender (“PNC”), Compass Bank,
in its capacity as a Lender (“Compass”) (U.S. Bank, Wells Fargo,
Wachovia, PNC and Compass are hereafter sometimes referred to collectively as
the “Increasing Lenders”), SunTrust Bank, in its capacity as a Lender (“SunTrust”),
The Northern Trust Company, in its capacity as a Lender (“Northern Trust”),
Deutsche Bank Trust Company Americas, in its capacity as a Lender (“Deutsche
Bank”), Citicorp North America, Inc., in its capacity as a Lender (“Citicorp”),
UBS Loan Finance LLC, in its capacity as a Lender (“UBS”), AmSouth Bank,
an Alabama Banking Corporation, in its capacity as a Lender (“AmSouth”),
(SunTrust, Northern Trust, Deutsche Bank, Citicorp, UBS and AmSouth are
hereafter sometimes referred to collectively as the “New Lenders”), and Guaranty
Bank, in its capacity as Administrative Agent (the “Administrative Agent”).  Capitalized terms used herein and not
otherwise defined herein shall have the meanings attributed to them in the
Credit Agreement (as defined below).

 

PRELIMINARY STATEMENTS

 

Reference is made
to that certain Credit Agreement dated as December 12, 2002, by and among
the Borrower, the Administrative Agent, and the Lenders that are parties
thereto (as amended, modified, supplemented or restated, the “Credit Agreement”).

 

Pursuant to Section 2.15
of the Credit Agreement, the Borrower has requested an increase in the
Aggregate Commitments from $400,000,000 to $600,000,000.  Such increase in the Aggregate Commitments is
to become effective on November 18, 2005 (the “Increase Closing Date”),
subject to satisfaction of the conditions to effectiveness set forth in
Section 5 of this Agreement.  In
connection with such requested increase in the Aggregate Commitments, the
Borrower, the Administrative Agent, the Increasing Lenders, and the New Lenders
hereby agree as follows:

 

AGREEMENT

 

1.             AGGREGATE
COMMITMENTS INCREASE.  On the
Increase Closing Date and subject to the satisfaction of the conditions to
effectiveness set forth in Section 5 of this Agreement, (a) U.S. Bank
agrees to increase its Commitment to $50,000,000, (b) Wells Fargo agrees
to increase its Commitment to $50,000,000, (c) Wachovia agrees to increase
its Commitment to $40,000,000, (d) PNC agrees to increase its Commitment
to $35,000,000, (e) Compass agrees to increase its Commitment to
$25,000,000, (f) SunTrust agrees to extend a Commitment in the amount of
$25,000,000, (g) Northern Trust agrees to extend a Commitment in the
amount of $10,000,000, (h) Deutsche Bank agrees to extend a Commitment in
the amount of $25,000,000, (i) Citicorp agrees to extend a Commitment in
the amount of $25,000,000,

 

1

 

(j) UBS agrees to extend a Commitment in the
amount of $25,000,000, and (k) AmSouth agrees to extend a Commitment in
the amount of $25,000,000.

 

2.             SCHEDULE 2.01.  As of the Increase Closing Date and subject
to the satisfaction of the conditions to effectiveness set forth in
Section 5 of this Agreement, Schedule 2.01 to the Credit
Agreement shall be replaced by the form of Schedule 2.01 to this
Agreement.

 

3.             NEW
LENDERS.

 

(a)           Each New
Lender represents and warrants to the Administrative Agent as follows:

 

(i)            it has
received a copy of the Credit Agreement and all amendments thereto, together
with copies of the most recent financial statements of the Borrower delivered
pursuant thereto;

 

(ii)           it has,
independently and without reliance upon any Agent-Related Person and based on
such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of the Loan
Parties and their respective Subsidiaries, and all applicable bank or other
regulatory Laws relating to the transactions contemplated by the Credit
Agreement, and made its own decision to enter into the Credit Agreement and to
extend credit to the Borrower and the other Loan Parties under the Credit
Agreement;

 

(iii)          it
will, independently and without reliance upon any Agent-Related Person and
based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under the Credit Agreement and the other Loan
Documents, and to make such investigations as it deems necessary to inform
itself as to the business, prospects, operations, property, and other condition
and creditworthiness of the Borrower and the other Loan Parties.

 

(b)           Each New
Lender acknowledges as follows:

 

(i)            no Agent-Related
Person has made any representation or warranty to it, and no act by the
Administrative Agent hereafter taken, including any consent to and acceptance
of any assignment or review of the affairs of any Loan Party or any Affiliate
thereof, shall be deemed to constitute any representation or warranty by any
Agent-Related Person to any Lender as to any matter, including whether
Agent-Related Persons have disclosed material information in their possession;

 

(ii)           except for
notices, reports and other documents expressly required to be furnished to the
Lenders by the Administrative Agent pursuant to the Credit Agreement, the
Administrative Agent shall not have any duty or responsibility to provide any
Lender with any credit or other information concerning the business,

 

2

 

prospects,
operations, property, financial and other condition or creditworthiness of any
of the Loan Parties or any of their respective Affiliates which may come into
the possession of any Agent-Related Person; and

 

(iii)          on
the Increase Closing Date and subject to the satisfaction of the conditions to
effectiveness set forth in this Section 5 of this Agreement, it shall be
deemed automatically to have become a party to the Credit Agreement and have
all rights and obligations of a Lender under the Credit Agreement and the other
Loan Documents as if it were an original Lender signatory thereto.

 

(c)           On the
Closing Date and subject to the satisfaction of the conditions to effectiveness
set forth in Section 5 of this Agreement, each New Lender agrees to be
bound by the terms and conditions set forth in the Credit Agreement and the
other Loan Documents applicable to the Lenders as if it were an original Lender
signatory thereto (and expressly makes the appointment set forth in, and agrees
to the obligations imposed under, Article IX of the Credit
Agreement).

 

4.             REPRESENTATIONS
AND WARRANTIES.  By its execution and
delivery hereof, the Borrower represents and warrants that, as of the Increase
Closing Date, and after giving effect to the increase in the Aggregate
Commitments provided for in this Agreement:

 

(a)           the
representations and warranties contained in the Credit Agreement and the other
Loan Documents are true and correct on and as of the date hereof as made on and
as of such date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and except that the representations contained in subsections (a)
and (b) of Section 5.05 of the Credit Agreement shall be deemed to
refer to the most recent statements furnish pursuant to subsections (a)
and (b), respectively, of Section 6.01 of the Credit Agreement;

 

(b)           no event
has occurred and is continuing which constitutes a Default or an Event of
Default;

 

(c)           (i) the
Borrower has full power and authority to execute and deliver this Agreement,
the replacement Note payable to the order of each Increasing Lender in the
amount of each such Lender’s Commitment as increased by this Agreement
(collectively, the “Replacement Notes”), and the Note payable to the
order of each New Lender in the amount of each such Lender’s Commitment as
established pursuant to this Agreement (collectively, the “New Notes”), (ii) this
Agreement, the Replacement Notes and the New Notes have been duly executed and
delivered by the Borrower and (iii) this Agreement, the Replacement Notes,
the New Notes, and the Credit Agreement, as amended hereby, constitute the
legal, valid and binding obligations of the Borrower, enforceable in accordance
with their respective terms, except as enforceability may be limited by
applicable Debtor Relief Laws and by general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law) and
except as rights to indemnity may be limited by federal or state securities
laws;

 

3

 

(d)           neither
the execution, delivery and performance of this Agreement, the Replacement Notes,
the New Notes, or the Credit Agreement, as amended hereby, nor the consummation
of any transactions contemplated herein or therein, will violate any Law or conflict
with any Organization Documents of the Borrower, or any indenture, agreement or
other instrument to which the Borrower or any of it property is subject; and

 

(e)           no
authorization, approval, consent, or other action by, notice to, or filing
with, any Governmental Authority or other Person not previously obtained is
required for (i) the execution, delivery or performance by the Borrower,
of this Agreement, the Replacement Notes or the New Notes or (ii) the
acknowledgement by each Guarantor of this Agreement.

 

5.             CONDITIONS
TO EFFECTIVENESS.  This Agreement
shall be effective on the Increase Closing Date, subject to the satisfaction or
completion of the following:

 

(a)           the
Administrative Agent shall have received counterparts of this Agreement
executed by the Increasing Lenders and the New Lenders;

 

(b)           the
Administrative Agent shall have received counterparts of this Agreement
executed by the Borrower and acknowledged by each Guarantor;

 

(c)           the
Administrative Agent shall have received an opinion of the Borrower’s counsel,
in form and substance satisfactory to the Administrative Agent, with respect to
matters set forth in Sections 4(c), (d), and (e) of this Agreement;

 

(d)           the
Administrative Agent shall have received from the Borrower a duly executed
Replacement Note for each Increasing Lender and a duly executed New Note for
each New Lender;

 

(e)           the
Administrative Agent shall have received from the Borrower in immediately
available funds (i) fees for the account of each Increasing Lender in an
amount equal to the product of (A) 0.35% and (B) the amount by which
each such Increasing Lender’s Commitment is increased by this Agreement,
(ii) fees for the account of each New Lender in an amount equal to the
product of (A) 0.35% and (B) the amount of each such New Lender’s
Commitment as established by this Agreement, and (iii) an amount for the
account of special counsel to the Administrative Agent equal to all reasonable
legal fees and expenses incurred through the Increase Closing Date in
connection with this Agreement; and

 

(f)            the
Administrative Agent shall have received, in form and substance satisfactory to
the Administrative Agent and its counsel, such other documents, certificates
and instruments as the Administrative Agent shall require.

 

6.             PREPAYMENT.  On the Increase Closing Date and subject to
the satisfaction of the conditions to effectiveness set forth in Section 5
of this Agreement, each Lender shall, to the extent necessary as set forth in Section 2.15(b)
of the Credit Agreement, make a payment to the Administrative Agent in an
amount sufficient, upon the application of such payments by all Lenders to the
reduction of outstanding Revolving Loans held by the Lenders to cause the 

 

4

 

principal amount of Revolving Loans made by each
Lender to be in the amount of its Pro Rate Share (after giving effect to the
increase in the Aggregate Commitments in accordance with this Agreement) of all
outstanding Revolving Loans.  If, as a
result of the repayment of Revolving Loans provided for in this Section 6,
any payment of Eurodollar Rate Loans occurs on a day which is not the last day
of the applicable Interest Period, the Borrower will pay to the Administrative
Agent for the benefit of any Lender holding a Eurodollar Rate Loan any loss or
cost incurred by such Lender resulting therefrom in accordance with Section 3.05
of the Credit Agreement.  Upon the
Increase Closing Date and the making of the payments described in this
Section 6, each Increasing Lender and each New Lender shall be deemed to
have irrevocably and unconditionally purchased and received, without recourse
or warranty, an undivided participation in all outstanding Swing Line Loan and
L/C Obligations in accordance with its Pro Rata Share (after giving effect to
the increase in the Aggregate Commitments in accordance with this Agreement).

 

7.             REFERENCE
TO THE CREDIT AGREEMENT.

 

(a)           Upon the
effectiveness of this Agreement, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, or words of like import shall mean and be a reference
to the Credit Agreement, as modified hereby. 
This Agreement shall be a Loan Document.

 

(b)           The Credit
Agreement, as modified herein, shall remain in full force and effect and is
hereby ratified and confirmed.

 

8.             COSTS,
EXPENSES AND TAXES.  The Borrower
agrees to pay on demand all costs and expenses of the Administrative Agent in
connection with the preparation, reproduction, execution and delivery of this
Agreement and the other instruments and documents to be delivered hereunder
(including the reasonable fees and out-of-pocket expenses of counsel for the
Administrative Agent with respect thereto).

 

9.             GUARANTORS
ACKNOWLEDGMENT.  By signing below, each
Guarantor (a) acknowledges, consents and agrees to the execution, delivery
and performance by the Borrower of this Agreement, (b) acknowledges and
agrees that its obligations in respect of its Guaranty (i) are not
released, diminished, waived, modified, impaired or affected in any manner by
this Agreement or any of the provisions contemplated herein and (ii) cover
the Aggregate Commitments as increased by this Agreement, (c) ratifies and
confirms its obligations under its Guaranty, and (d) acknowledges and
agrees that it has no claims or offsets against, or defenses or counterclaims
to, its Guaranty.

 

10.           EXECUTION
IN COUNTERPARTS.  This Agreement may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which when taken together shall constitute
but one and the same instrument.  For
purposes of this Agreement, a counterpart hereof (or signature page thereto)
signed and transmitted by any Person party hereto to the Administrative Agent
(or its counsel) by facsimile machine, telecopier or electronic mail is to be
treated as an original.  The signature of
such Person thereon, for purposes hereof, is to be considered as an original
signature, and the counterpart (or signature page thereto) so transmitted 

 

5

 

is to be considered to have the same binding effect as
an original signature on an original document.

 

11.           GOVERNING
LAW; BINDING EFFECT.  This Agreement
shall be deemed to be a contract made under and governed by and continued in
accordance with the internal laws of the State of Texas applicable to
agreements made and to be performed entirely within such state, provided that
each party shall retain all rights arising under federal law.  This Agreement shall be binding upon the
parties hereto and their respective successors and assigns.

 

12.           HEADINGS.  Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

 

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

 

REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK

 

6

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement by their duly authorized officers
as of the date first above written.

 

	
   

  	
  MERITAGE HOMES CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  
	
   

  	
   

  	
  Vice President - Treasurer

  

 

7

 

	
   

  	
  GUARANTY BANK, as
  Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sam A. Meade

  	
   

  
	
   

  	
   

  	
  Sam A. Meade

  
	
   

  	
   

  	
  Senior Vice President

  

 

8

 

	
   

  	
  WELLS FARGO BANK, NATIONAL 

  ASSOCIATION, as an Increasing Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia A. Richards

  	
   

  
	
   

  	
   

  	
  Name:

  	
    Patricia A. Richards

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Vice President

  	
   

  

 

9

 

	
   

  	
  U. S. BANK NATIONAL ASSOCIATION,
  as an 

  Increasing Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adrian Montero

  	
   

  
	
   

  	
   

  	
  Name:

  	
   Adrian Montero

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Vice President

  	
   

  
						

 

10

 

	
   

  	
  SUNTRUST BANK, as a New Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W. John Wendler

  	
   

  
	
   

  	
   

  	
  Name:

  	
    W. John Wendler

  	
   

  
	
   

  	
   

  	
  Title:

  	
    Senior Vice President

  	
   

  

 

11

 

	
   

  	
  UBS LOAN FINANCE LLC, as a New
  Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ signature illegible

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Associate Director, Banking

  	
   

  
	
   

  	
   

  	
   

  	
  Products Services, US

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joselin Fernandes

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Joselin Fernandes

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Associate Director, Banking

  	
   

  
	
   

  	
   

  	
   

  	
  Products Services, US

  	
   

  

 

12

 

	
   

  	
  DEUTSCHE BANK TRUST COMPANY 

  AMERICAS, as a New Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scottye Lindsey

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Scottye Lindsey

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lana Gifas

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Lana Gifas

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

13

 

	
   

  	
  WACHOVIA BANK, NATIONAL

  ASSOCIATION, as an Increasing Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kurt Heaisman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kurt Heaisman

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

14

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION,
  as an 

  Increasing Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas G. Paul

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Douglas G. Paul

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  

 

15

 

	
   

  	
  COMPASS BANK, as an Increasing
  Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven J. Heslep

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Steven J. Heslep

  	
   

  
	
   

  	
   

  	
  Title:

  	
  SVP

  	
   

  
						

 

16

 

	
   

  	
  CITICORP NORTH AMERICA, INC.,
  as a New 

  Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeanne M. Craig

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jeanne M. Craig

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

17

 

	
   

  	
  THE NORTHERN TRUST COMPANY, as
  a 

  New Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Morgan A. Lyons

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Morgan A. Lyons

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  

 

18

 

	
   

  	
  AMSOUTH BANK, as a New Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronny Hudspeth

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Ronny Hudspeth

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Sr. Vice President

  	
   

  

 

19

 

	
   

  	
  ACKNOWLEDGED AND AGREED
  TO:

  
	
   

  	
   

  
	
   

  	
  MERITAGE HOMES OF ARIZONA, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  MERITAGE PASEO CROSSING, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage Homes of Arizona, Inc., its Sole

  	
   

  
	
   

  	
   

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MERITAGE HOMES CONSTRUCTION, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MERITAGE PASEO CONSTRUCTION, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage Homes Construction, Inc., its Sole

  
	
   

  	
   

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  

 

20

 

	
   

  	
  MTH-TEXAS GP, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MTH-TEXAS LP, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  LEGACY/MONTEREY HOMES L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas GP, Inc., its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MERITAGE HOLDINGS, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Legacy/Monterey Homes L.P., its Sole

  	
   

  
	
   

  	
   

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas GP, Inc., its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  

 

21

 

	
   

  	
  LEGACY OPERATING COMPANY, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage Holdings, L.L.C., its General

  	
   

  
	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Legacy/Monterey Homes L.P., its Sole

  	
   

  
	
   

  	
   

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas GP, Inc., its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HULEN PARK VENTURE, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Legacy/Monterey Homes L.P., its Sole

  	
   

  
	
   

  	
   

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas GP, Inc., its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MTH-TEXAS GP II, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MTH-TEXAS LP II, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  

 

22

 

	
   

  	
  MTH HOMES-TEXAS, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas GP II, Inc., its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MERITAGE HOMES OF CALIFORNIA, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MTH-HOMES NEVADA, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MTH-CAVALIER, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage Homes Construction, Inc., its

  	
   

  
	
   

  	
   

  	
  Sole Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  

 

23

 

	
   

  	
  MTH GOLF, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage Homes Construction, Inc., its Sole

  
	
   

  	
   

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  LEGACY-HAMMONDS MATERIALS, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage Holdings, L.L.C., its General

  	
   

  
	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Legacy/Monterey Homes L.P., its Sole

  	
   

  
	
   

  	
   

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MTH-Texas GP, Inc., its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MERITAGE HOMES OF COLORADO, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MERITAGE HOMES OF FLORIDA, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  

 

24

 

	
   

  	
  CALIFORNIA URBAN BUILDERS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CALIFORNIA URBAN HOMES, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Meritage Homes of California, Inc., its Sole

  
	
   

  	
   

  	
  Member and Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GREATER HOMES, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GREATER INTERIORS, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Greater Homes, Inc.

  	
   

  
	
   

  	
  Its:

  	
  Sole Member and Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Richard T. Morgan

  	
   

  
	
   

  	
   

  	
  Vice President – Treasurer

  	
   

  

 

25

 

SCHEDULE 2.01

 

COMMITMENTS

AND PRO RATA SHARES

 

	
  Lender

  	
   

  	
  Commitment

  	
   

  	
  Pro Rata Share

  	
   

  
	
  Guaranty Bank

  	
   

  	
  $

  	
  70,000,000

  	
   

  	
  11.666666667

  	
  %

  
	
  JPMorgan Chase Bank,
  N.A., a national banking association

  	
   

  	
  $

  	
  65,000,000

  	
   

  	
  10.833333333

  	
  %

  
	
  Bank of America, N.A.

  	
   

  	
  $

  	
  60,000,000

  	
   

  	
  10.000000000

  	
  %

  
	
  Wells Fargo Bank,
  National Association

  	
   

  	
  $

  	
  50,000,000

  	
   

  	
  8.333333333

  	
  %

  
	
  U. S. Bank
  National Association, a national banking association

  	
   

  	
  $

  	
  50,000,000

  	
   

  	
  8.333333333

  	
  %

  
	
  Wachovia Bank, National
  Association

  	
   

  	
  $

  	
  40,000,000

  	
   

  	
  6.666666667

  	
  %

  
	
  PNC Bank, National
  Association

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  5.833333333

  	
  %

  
	
  Deutsche Bank Trust
  Company Americas

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  4.166666667

  	
  %

  
	
  California Bank &
  Trust Company, a California banking corporation

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  4.166666667

  	
  %

  
	
  Compass Bank, an
  Alabama banking corporation

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  4.166666667

  	
  %

  
	
  Comerica Bank

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  4.166666667

  	
  %

  
	
  SunTrust Bank

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  4.166666667

  	
  %

  
	
  Citicorp North America,
  Inc.

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  4.166666667

  	
  %

  
	
  UBS Loan Finance LLC

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  4.166666667

  	
  %

  
	
  AmSouth Bank, an
  Alabama Banking Corporation

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  4.166666667

  	
  %

  
	
  KeyBank, National
  Association

  	
   

  	
  $

  	
  20,000,000

  	
   

  	
  3.333333333

  	
  %

  
	
  The Northern Trust
  Company

  	
   

  	
  $

  	
  10,000,000

  	
   

  	
  1.666666667

  	
  %

  
	
  Total

  	
   

  	
  $

  	
  600,000,000.00

  	
   

  	
  100.000000000

  	
  %

  

 

26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}]]