Document:

Amendment and Consent

 Exhibit 10.22 
 AMENDMENT AND CONSENT 
 This AMENDMENT AND CONSENT (this “Amendment”)
dated as of March 24, 2006, is among (a) WASTE INDUSTRIES USA, INC. (f/k/a Waste Holdings, Inc.), a North Carolina corporation having its principal place of business at 3301 Benson Drive, Suite 601, Raleigh, North Carolina 27609 (the
“Company”), and each of the subsidiaries of the Company that has executed a Guaranty Agreement (as defined in each of the Note Agreements defined below) (the “Guarantors”) and (b) THE PRUDENTIAL
INSURANCE COMPANY OF AMERICA (“Prudential”) and any other noteholders who are or may become parties to the Note Agreements (as defined below) (collectively, the “Noteholders”). 
 WHEREAS, the Company and Prudential are parties to the Amended and Restated Note Purchase Agreement, dated as of March 31, 2001 (as amended,
restated or otherwise modified through the date hereof, the “Purchase Agreement”), and the Company and the Noteholders are parties to the Amended and Restated Note Purchase and Private Shelf Agreement, dated as of March 31,
2001 (as amended, restated or otherwise modified through the date hereof, the “Shelf Agreement” and, together with the Purchase Agreement, the “Note Agreements”); 
 WHEREAS, the Guarantors have entered into the Guaranty Agreements in connection with the Note Agreements; and 
 WHEREAS, the Company and the Guarantors have requested that the Noteholders agree, and the Noteholders have agreed, on the terms and subject to
the conditions set forth herein, to modify certain provisions of the Note Agreements described below; 
 NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Defined Terms. Capitalized terms that are used herein without definition and that are defined
in the Note Agreements shall have the same meanings herein as in the Note Agreements. 
 2. Amendments to Note
Agreements. 
 2A. Paragraph 5A(4) of the Note Agreements. 
 (i) Subparagraph (d) of Paragraph 5A(4) of the Note Agreements is hereby amended to read in its entirety as follows: 
 (d) a default under any agreement or note evidencing Indebtedness for which the Company or any Subsidiary is liable, which individually or
in the aggregate with all other agreements and notes in default for which the Company or any of its Subsidiaries is liable, exceeds $1,000,000; 
 2B. Paragraph 6A of the Note Agreements. 
 (i) Paragraph 6A of the Note Agreements is hereby amended to read in its
entirety as follows: 

 6A. Financial Limitations. The Company covenants that it will not permit at
any time: 
 (a) Funded Debt to EBITDA. The ratio of (x) Funded Debt as at the end of any fiscal quarter to (y)
EBITDA for the period of four (4) consecutive fiscal quarters ending on such date (the “Leverage Ratio”) to be greater than (a) 4.25:1.00 prior to the Permitted Subordinated Debt Offering; or (b) 4.75:1.00 thereafter.

 (b) Senior Funded Debt to EBITDA. The ratio of (x) Senior Funded Debt as at the end of any fiscal quarter to
(y) EBITDA for the period of four (4) consecutive fiscal quarters ending on such date (the “Senior Leverage Ratio”) to be greater than the ratio set forth opposite such fiscal quarter: 
  

			
	 Fiscal Quarters Ending
	  	Ratio
	 December 31, 2005 - December 31, 2007
	  	3.85:1.00
	 March 31, 2008 and thereafter
	  	3.75:1.00

 provided, however, notwithstanding the above, from and after the Permitted
Subordinated Debt Offering, the Senior Leverage Ratio shall not exceed 3.00:1.00. 
 (c) Consolidated Net Worth.
Commencing with the fiscal quarter ending March 31, 2006, Consolidated Net Worth at the end of any fiscal quarter to be less than the sum of $100,000,000 plus the sum of (a) 50% of positive Consolidated Net Income for each fiscal quarter,
beginning with the fiscal quarter ended June 30, 2006, and (b) 100% of the net proceeds of any sale by the Company or any of its Subsidiaries of (i) equity securities issued by the Company or any of its Subsidiaries or (ii) warrants or subscription
rights for equity securities issued by the Company or any of its Subsidiaries. 
 (d) Interest Coverage. As of
the end of any fiscal quarter, the ratio of (x) actual reported EBITDA for the period of four (4) consecutive fiscal quarters ending on such date to (y) Consolidated Total Interest Expense for such period to be less than 2.75:1.00. 
 (e) Reserved. 
 (f) Capital Expenditures. Capital Expenditures for any fiscal year to exceed 2.00 times the actual depreciation expenses, landfill depletion and amortization expenses incurred in such fiscal year.

  

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 2C. Paragraph 6B of the Note Agreements.  
 (i) Paragraph 6B of the Purchase Agreement is hereby amended to read in its entirety as follows: 
 6B. Restrictions on Indebtedness. Neither the Company nor any of its Subsidiaries shall become or be a guarantor or
surety of, or otherwise create, incur, assume, or be or remain liable, contingently or otherwise, with respect to any Indebtedness, or become or be responsible in any manner (whether by agreement to purchase any obligations, stock, assets, goods or
services, or to supply or advance any funds, assets, goods or services or otherwise) with respect to any undertaking or Indebtedness of any other Person, or incur any Indebtedness other than: 
 (a) Indebtedness to the Purchasers hereunder or Indebtedness arising under the 1998 Agreement; 
 (b) incurrence by the Company or any of its Subsidiaries of guaranty, suretyship or indemnification obligations in connection with such
Person’s performance of services for its respective customers in the ordinary course of its business; 
 (c) incurrence
by the Company or any of its Subsidiaries (other than a Designated LLC) of Indebtedness to the Company or to another of its Subsidiaries (other than a Designated LLC); 
 (d) other Indebtedness existing on the date hereof and listed and described on Schedule 6B hereto; 
 (e) Indebtedness in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets
(including existing Indebtedness of any Subsidiary acquired after the Effective Date (the “Acquired Subsidiary”) originally incurred by the Acquired Subsidiary in connection with the lease or acquisition of property or fixed
assets used in the business of the Acquired Subsidiary) not to exceed $25,000,000 in the aggregate; 
 (f) Indebtedness with
respect to the Permitted Subordinated Debt Offering not to exceed $200,000,000, and Seller Subordinated Debt not to exceed $25,000,000 at any time outstanding; 
 (g) Indebtedness with respect to landfill closure bonds of the Company and its Subsidiaries in an aggregate amount not to exceed
$50,000,000; 
 (h) Indebtedness with respect to IRB’s provided that, other than with respect to L/C Supported IRBs, such
Indebtedness shall not exceed $75,000,000 in aggregate amount at any time outstanding; 
 (i) Bank Debt in principal amount
not to exceed $300,000,000; 
  

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 (j) Indebtedness of a Designated LLC to the Company or any of its Subsidiaries, whether
in the form of intercompany payables, advances, notes or debentures, each of which is pledged to the Collateral Agent, the proceeds of which are loaned or contributed as capital to a direct or indirect Subsidiary of such Designated LLC, which
Subsidiary is a Guarantor (and not a Designated LLC); provided that the aggregate amount of all such Indebtedness permitted under this paragraph 6B(j) shall not exceed $100,000,000; 
 (k) Indebtedness of the Company or any of its Subsidiaries in respect of Swap Contracts in compliance with the Bank Agreement; 

(l) Indebtedness in respect of Bank Product Obligations entered into with the Administrative Agent under the Bank Agreement or any
other lender a party to the Bank Agreement in compliance with the Bank Agreement; 
 (m) Indebtedness of the Company or any of
its Subsidiaries under fuel price swaps, fuel price caps, and fuel price collar or floor agreements, and similar agreements or arrangements designed to protect against or manage fluctuations in fuel prices with respect to fuel purchased in the
ordinary course of business of the Company and its Subsidiaries (“Fuel Derivatives Obligations”); and 
 (n) Other Indebtedness of the Company or any of its Subsidiaries up to $15,000,000 to a seller in connection with any acquisition permitted by paragraph 6E hereof; 
 provided that if the creation, incurrence, assumption or existence of any Indebtedness would constitute a default or an event of default under the
Bank Debt or the Permitted Subordinated Debt Offering, then the creation, incurrence, assumption or existence of such Indebtedness shall not be permitted hereunder. 
 (ii) Paragraph 6B of the Shelf Agreement is hereby amended to read in its entirety as set forth in subsection 2C(i) above except that subparagraph (a) of Paragraph 6B of the Shelf Agreement shall read as
follows: 
 (a) Indebtedness to the Purchasers hereunder or Indebtedness arising under the 1996 Agreement; 
 2D. Paragraph 6C of the Note Agreements 
 (i) Subsection (g) of Paragraph 6C of the Note Agreements is hereby amended to read in its entirety as follows: 
 (A) With respect to the Purchase Agreement: 
 (g) liens in favor of Bank of America, N.A.
(f/k/a Fleet National Bank), as Collateral Agent for the benefit of the Banks (the “Collateral Agent”), the Purchasers hereunder and the Noteholders under the 1998 Agreement. 
  

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 (B) With respect to the Shelf Agreement: 
 (g) liens in favor of Bank of America, N.A. (f/k/a Fleet National Bank), as Collateral Agent for the benefit of the Banks (the
“Collateral Agent”), the Purchasers hereunder and the Noteholders under the 1996 Agreement. 
 (ii) Subsection (h) of
Paragraph 6C of the Note Agreements is hereby amended to read in its entirety as follows: 
 (h) purchase money security
interests in or purchase money mortgages on real or personal property acquired after the Effective Date hereof to secure purchase money Indebtedness of the type permitted by paragraph 6B(e), incurred in connection with the acquisition of such
property, which security interests cover only the real or personal property so acquired; and 
 2E. Paragraph 6D of the Note
Agreements. 
 (i) Subsection (e) of Paragraph 6D of the Note Agreements is hereby amended to read in its entirety as follows:

 (e) Investments permitted under paragraph 6E.; 
 (ii) Subsection (i) of Paragraph 6D of the Note Agreements is hereby amended to read in its entirety as follows: 
 (i) Other Investments not to exceed the sum of $20,000,000 in the aggregate at any one time outstanding. 
 2F. Paragraph 6E of the Note Agreements. 
 (i) Subsection (a) of Paragraph 6E(1) of the Note Agreements is hereby amended to read in its entirety as follows: 
 (a) the Company is in current compliance with and, giving effect to the proposed acquisition (including any borrowings made or to be made in connection therewith), will continue to be in compliance with all of the
covenants in paragraph 6A hereof on a pro forma historical combined basis as if the transaction occurred on the first day of the period of measurement; provided, that, in the case of transactions involving cash consideration to be paid by the
Company or any of its Subsidiaries (including cash deferred payments, contingent or otherwise, and the aggregate amount of all Funded Debt assumed) in excess of $10,000,000, the Purchasers shall have received an Officer’s Certificate 

  

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demonstrating compliance with paragraph 6A on a pro forma historical combined basis as if the transaction occurred on the first day of the period of
measurement (any acquisition requiring cash consideration (including cash deferred payments, contingent or otherwise, and the aggregate amount of all Funded Debt assumed) in excess of $10,000,000 being referred to as a “Material
Acquisition”); 
 (ii) Subsection (j) of Paragraph 6E(1) of the Note Agreements is hereby amended to read in its entirety as follows:

 (j) cash consideration to be paid by the Company or such Subsidiary in connection with any such acquisition or series of
related acquisitions (including cash deferred payments, contingent or otherwise, and the aggregate amount of all Funded Debt assumed), shall not exceed $20,000,000 without the consent of the Required Holders. 
 (iii) Subsection (k) of Paragraph 6E(1) of the Note Agreements is hereby amended to read in its entirety as follows: 
 (k) Reserved 
 (iv) Paragraph
6E(2) of the Note Agreements is hereby amended to read in its entirety as follows: 
 6E(2) Disposition of
Assets. Other than Permitted Transfers, neither the Company nor any Subsidiary will become a party to or agree to effect any disposition of assets (other than (a) the sale of inventory, the licensing of intellectual property and the
disposition of obsolete assets, in each case in the ordinary course of business consistent with past practices; (b) the disposition of assets from the Company to a Guarantor or from a Guarantor to the Company; (c) the sale or exchange of routes
which in the business judgment of the Company does not cause a Material Adverse Change; (d) assets (and, if applicable, related capital stock) with a fair market value of less than Ten Million Dollars ($10,000,000) per year transferred in connection
with an asset sale or swap, which sale or swap in the business judgment of the Company does not cause a Material Adverse Change and (e) assets with a fair market value in excess of Ten Million Dollars ($10,000,000) with the prior written consent of
Required Holders). 
 2G. Paragraph 6G of the Note Agreements. Paragraph 6G of the Note Agreements is hereby amended to read in
its entirety as follows: 
 6G. Restricted Distributions and Redemptions. Neither the Company nor any of its
Subsidiaries shall redeem, convert, retire or otherwise acquire shares of any of its Equity Interests, or make any Distributions, except that (i) the Company or any Subsidiary may make Distributions to the Company or another Subsidiary of the
Company, (ii) the Company or any Subsidiary may make cash dividend payments during any four (4) fiscal quarters in an aggregate amount not to exceed 50% of Consolidated Net Income for such period and (iii) the Company may purchase shares of its
Equity Interests in an aggregate amount not to exceed 

  

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$25,000,000, provided that after giving effect to any such purchase, the Leverage Ratio shall not exceed 4.00:1.00. In addition, neither the Company nor any
of its Subsidiaries shall effect or permit any change in or amendment to any document or instrument pertaining to the terms of the Company’s or any of its Subsidiaries’ Equity Interests. Notwithstanding the foregoing, neither the Company
nor any of its Subsidiaries shall make any Distribution under this paragraph 6G if a Default or Event of Default exists or would be created by the making of such Distribution. 
 2H. Paragraph 7A(xviii) of the Note Agreements. The first paragraph of subparagraph 7A(xviii) of the Note Agreements is hereby amended
to read in its entirety as follows: 
 (xviii)(i) the Company shall at any time, legally or beneficially, directly or
indirectly own less than one hundred percent (100%) of the Equity Interests of each Guarantor: or (ii) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired
beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of 20% or more of the Equity Interests of the Company, or during any period of twelve (12) consecutive calendar months,
individual who were directors of the Company on the first day of such period shall cease to constitute a majority of the board of directors of the Company; 
 2I. Paragraph 10B of the Note Agreements. 
 (i) Paragraph 10B of the Note Agreements is hereby
amended by deleting the terms “Consolidated Earnings Before Interest and Taxes or EBIT”, Consolidated Earnings Before Interest, Taxes and Amortization or EBITA”, “Consolidated Total Debt Service”, “EBIT”,
“EBITA”, “FHA Transaction”, “Fixed Charge Coverage Ratio”, “Security Documents Amendment”, “Series 2000 Bonds” and “Series 2003 Bonds”: 
 (ii) Paragraph 10B of the Note Agreements is hereby further amended by deleting the definition “Applicable Rate” in its entirety and
replacing it with the following: 
 (A) With respect to the Purchase Agreement: 
 “Applicable Rate” shall mean 7.53% per annum, provided, however, that in the event of either of the
following: 
 (i) the Company’s Leverage Ratio exceeds 4.00:1.00 for the most recently ended four fiscal quarter period;
or 
 (ii) the Company’s Senior Leverage Ratio exceeds 3.50:1.00 for the most recently ended four fiscal quarter period;

  

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 then, effective as of the beginning of fiscal quarter in which any such event occurs and
continuing at all times thereafter the interest payable on the unpaid balance of each Note shall be 8.53% per annum. 
 (B)
With respect to the Shelf Agreement: 
 “Applicable Rate” shall mean 7.21% per annum for each 1998
Series A Note and 7.09% per annum for each 1999 Series B Note, provided, however, that in the event of either of the following: 
 (i) the Company’s Leverage Ratio exceeds 4.00:1.00 for the most recently ended four fiscal quarter period; or 
 (ii) the Company’s Senior Leverage Ratio exceeds 3.50:1.00 for the most recently ended four fiscal quarter period; 
 then, effective as of the beginning of fiscal quarter in which any such event occurs and continuing at all times thereafter the interest payable on the unpaid balance of each 1998 Series A Note shall be 8.21% per
annum and the interest payable on the unpaid balance of each 1999 Series B Note shall be 8.09% per annum. 
 (iii) Paragraph 10B of the Note
Agreements is hereby further amended by deleting the definition “Bank Agreement” in its entirety and replacing it with the following: 
 “Bank Agreement” shall mean that certain Amended and Restated Revolving Credit Agreement, dated as of March 24,
2006, among the Company, the Guarantors, certain lending institutions party thereto, and Bank of America, N.A., as Administrative Agent, as the same may be amended, modified, or supplemented from time to time in accordance with the terms hereof.

 (iv) Paragraph 10B of the Note Agreements is hereby further amended by deleting the definition “Consolidated Earnings Before
Interest, Taxes, Depreciation and Amortization or EBITDA” and replacing it with the following: 
 “Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization or EBITDA” shall mean, for any period (without duplication), the Consolidated Net Income (or Deficit) of the Company and its Subsidiaries
plus (a) interest expense, (b) income taxes, (c) depreciation expense and (d) amortization, to the extent that each was deducted in determining Consolidated Net Income or Deficit, each determined in accordance with GAAP. 
 For all purposes other than calculating the financial covenant set forth in Paragraph 6A(d), the Company may include the EBITDA for the
prior twelve (12) months of companies acquired by the Company or any of its Subsidiaries during the respective reporting period (without duplication with respect to the adjustments set forth above) only if (A) the financial statements of such
acquired 

  

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companies have been audited for the period sought to be included by an independent accounting firm satisfactory to the Purchasers, or (B) the Purchasers
consent to such inclusion after being furnished with other acceptable financial statements. Such acquired EBITDA may be further adjusted to add back non-recurring private company expenses which are discontinued upon acquisition (including, without
limitation, owner’s compensation), as approved by the Purchasers. Simultaneously with the delivery of the financial statements referred to in (A) and (B) above, the CEO or the CFO of the Company and its Subsidiaries shall deliver to the
Purchasers a Compliance Certificate and appropriate documentation certifying the historical operating results, adjustments and balance sheet of the acquired company. 
 (v) Paragraph 10B of the Note Agreements is hereby further amended by deleting the definition “Distribution” in its entirety and replacing it with the following: 
 “Distribution” shall mean the declaration or payment of any dividend on or in respect of any Equity Interests of
any Person other than dividends or other distributions payable solely in Equity Interests of such Person; the purchase, redemption or other retirement of any other Equity Interests of such Person, directly or indirectly through a Subsidiary or
otherwise; the return of Equity Interests by any Person to its shareholders, partners or members as such; or any other distribution on or in respect of any Equity Interests of such Person. 
 (vi) Paragraph 10B of the Note Agreements is hereby further amended by deleting clause (c) of the definition of “Funded
Debt” in its entirety and replacing it with the following: 
 (c) all obligations, liabilities and
indebtedness under Capitalized Leases and Synthetic Leases which corresponds to principal, 
 (vii) Paragraph 10B of the Note Agreements is
hereby further amended by deleting the subparagraph (viii) of the definition “Indebtedness” and replacing it with the following: 
 (viii) every obligation of such Person (an “equity related purchase obligation”) to purchase, redeem, retire or otherwise
acquire for value or otherwise make any payment in respect of any Equity Interests issued by such Person or any other Person, any warrants, options or other rights to acquire any such Equity Interests, or any rights measured by the value of such
Equity Interests, warrants, options or other rights, and any redeemable preferred Equity Interests, 
 The definition of Indebtedness” is
further amended by replacing the term “swap” in subparagraph (ix) with the defined term “Swap Contract” and by replacing the term “ownership interest” in subparagraph (x) with the defined term “Equity
Interest”. 
  

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 (viii) Paragraph 10B of the Note Agreements is hereby further amended by deleting the first sentence of
the definition of “Investments” and replacing it with the following: 
 “Investments”
shall mean all expenditures made and all liabilities incurred (contingently or otherwise) for the direct or indirect acquisition of Equity Interests or assets of a business unit or Indebtedness of, or for loans, advances, capital contributions or
transfers of property to, or in respect of any guaranties (or other commitments as then described under Indebtedness), or obligations of, any Person. 
 (ix) Paragraph 10B of the Note Agreements is hereby further amended by deleting the definition of “Membership Interests Pledge Agreement” in its entirety and replacing it with the
following: 
 “Membership Interest Pledge Agreements” shall mean, collectively, (i) that certain
Amended and Restated Master Membership Interest Pledge Agreement, dated as of March 24, 2006, among the Company and its Subsidiaries and the Collateral Agent, as amended or amended and restated from time to time and (ii) any other membership
interest pledge agreements to be entered into from time to time, in accordance with the provisions of the Bank Agreement. 
 (x) Paragraph
10B of the Note Agreements is hereby further amended by deleting the definition of “Sampson County Bonds” in its entirety and replacing it with the following: 
 “Sampson County Bonds” shall mean the Tax-Exempt Adjustable Mode Environmental Facilities Revenue Bonds (Sampson
County Disposal, Inc. Project) Series 2000 in the aggregate principal amount of $33,700,000 and the Tax Exempt Adjustable Mode Environmental Facilities Revenue Bonds (Sampson County Disposal, LLC Project) Series 2003 in the aggregate principal
amount of $9,500,000, in each case issued by The Sampson County Industrial Facilities and Pollution Control Financing Authority. 
 (xi)
Paragraph 10B of the Note Agreements is hereby further amended by deleting the definition of “Subordinated Debt” in its entirety and replacing it with the following: 
 “Subordinated Debt” shall mean unsecured Indebtedness of the Company and its Subsidiaries with respect to (a) the
Permitted Subordinated Debt Offering and (b) Seller Subordinated Debt. 
 (xii) Paragraph 10B of the Note Agreements is hereby further
amended by deleting the phrase “equity or voting interest” in the definition of “Subsidiaries” with the phrase “Equity Interests”. 
  

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 (xiii) Paragraph 10B of the Note Agreements is hereby further amended by adding the definitions of
“Bank Product Obligations”, “Equity Interests”, “IRBs”, L/C Supported IRBs”, “Leverage Ratio”, “Permitted Subordinated Debt Offering”, “Seller Subordinated Debt” and “Senior
Leverage Ratio” in proper alphabetical order: 
 “Bank Product Obligations” shall mean every
obligation of the Noteholders under and in respect of any one or more of the following types of services or facilities extended to the Noteholders by the Administrative Agent, or any lender a party to the Bank Agreement: (i) credit and purchase
cards, (ii) cash management or related services including the automatic clearing house transfer of funds for the account of such Noteholder pursuant to agreement or overdraft and (iii) cash management, including controlled disbursement services.

 “Equity Interests” shall mean, with respect to any Person, all of the shares of capital stock of
(or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the
securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in ) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other
interests), and all of the other ownership or profit interest in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants options, rights or other interests are
outstanding on any date of determination. 
 “IRBs” shall mean industrial revenue bonds, solid waste
disposal bonds or other tax-exempt bond financings of the Company and its Subsidiaries. 
 “L/C Supported
IRBs” shall mean IRB’s which are enhanced by letters of credit issued under the Bank Agreement. 
 “Leverage Ratio” shall have the meaning specified in paragraph 6A(a). 
 “Permitted Subordinated Debt Offering.” Any issuance of public Subordinated Debt after March 24, 2006, provided that such public Subordinated Debt (a) is unsecured, (b) contains market subordination terms,
incurrence only covenants, and limited events of default, and other terms and conditions satisfactory to the Purchasers, (c) matures and requires no principal repayments prior to August 31, 2009, (d) has a yield not in excess of 12.00% per annum,
(e) allows for the respective operating company subordinated guarantee to automatically release whenever the Purchasers release an operating company as a Guarantor, and (f) does not exceed $200,000,000 in the aggregate. 
 “Seller Subordinated Debt.” Indebtedness of the Company or a Subsidiary to a seller in connection with any
acquisition permitted by paragraph 6E hereof which has been subordinated and made junior to the payment and performance in full in cash of the indebtedness, obligations and liabilities of the 
  

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Company and its Subsidiaries under this Agreement, the 1998 Agreement and the Bank Agreement, and evidenced as such by a subordination agreement on terms and
containing subordination provisions satisfactory to the Purchasers. 
 “Senior Leverage Ratio” shall
have the meaning specified in paragraph 6A(b). 
 3. Consent. Notwithstanding the provisions of
paragraph 6H of each of the Note Agreements that prohibit the amendment of any negative covenant, financial covenant or event of default relating to the Bank Debt, each of the undersigned consents to the amendments to the Bank Agreement as
effectuated by the amendment of the Bank Agreement on the date hereof as delivered to the Noteholders under Section 5(a)(iv) hereof. 
 4.
Affirmation and Acknowledgment. The Company and each of the Guarantors hereby ratifies and confirms all of its obligations to the Noteholders as evidenced by the Note Agreements and the Related Documents, including,
without limitation, the Notes, and the Company and each of the Guarantors hereby affirms its absolute and unconditional promise to pay to the Noteholders all obligations under the Note Agreements and the Related Documents. The Company and each of
the Guarantors hereby confirms that the Obligations (as defined in the Security Agreement) are and remain secured pursuant to the Security Documents and pursuant to all other instruments and documents executed and delivered by the Company and the
Guarantors as security for the Obligations. 
 5. Conditions of Effectiveness. This Amendment shall become
effective when, and only when (the “Effective Date”), 
 (a) the Noteholders shall have received
executed originals of this Amendment and all of the following documents, each (unless otherwise indicated) being dated the date hereof, in form and substance satisfactory to the Noteholders: 
 (i) copies of (A) all documents evidencing all requisite corporate action of the Company (including any and all resolutions of the Board of Directors of
the Company) authorizing the execution, delivery and performance of this Amendment and the matters contemplated hereby and thereby, and (B) all documents evidencing all consents and governmental approvals, if any, with respect to this Amendment and
the matters contemplated hereby and thereby; 
 (ii) a certificate of the Secretary or an Assistant Secretary of the Company certifying the
names and true signatures of the officers authorized to sign this Amendment on behalf of the Company and any other documents to be delivered by the Company hereunder; 
 (iii) the amended and restated Bank Agreement, in form and substance satisfactory to the Required Holder in all respects; and 
 (iv) such other documents, instruments, approvals or opinions as any Noteholder may reasonably request. 
  

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 (b) The representations and warranties contained herein shall be true on and as of the date hereof, there
shall exist on the date hereof, no Event of Default or Default; there shall exist no material adverse change in the financial condition, business operation or prospects of the Company or its Subsidiaries since December 31, 2004, other than as
reported by the Company in its quarterly reports on Form 10-Q filed with the Securities and Exchange Commission for quarterly periods subsequent to December 31, 2004; and the Company shall have delivered to the Noteholders an Officer’s
Certificate to such effect; and 
 (c) The Company shall have paid to the Noteholders an amendment fee equal to 15 basis points of the amount
outstanding on the Notes as of the date of this Amendment, which percentage the Company represents and warrants to the Noteholders is not less than the highest percentage upfront fee paid to any party to the Bank Agreement, based on their
commitments thereunder, in connection with the amendment and restatement of the Bank Agreement. 
 6. Representations and
Warranties. 
 (a) Except as disclosed in the updated disclosure schedules attached hereto and incorporated herein, the Company
hereby repeats and confirms each of the representations and warranties made by it in each of the Note Agreements, as amended hereby, as though made on and as of the date hereof, except to the extent such representations and warranties by their terms
are made solely as of a prior date, with each reference therein to “this Agreement”, “hereof”, “hereunder”, “thereof”, “thereunder” and words of like import being deemed to be a reference to the Note
Agreements as amended hereby. 
 (b) The Company and each Guarantor further represents and warrants as follows: 
 (i) The execution, delivery and performance by the Company and each Guarantor of this Amendment are within its corporate or company powers, have been duly
authorized by all necessary corporate or company action and do not contravene (A) its charter or by–laws, or certificate of formation or operating agreement, as the case may be, (B) law or (C) any legal or contractual restriction binding on or
affecting the Company or the Guarantors; and such execution, delivery and performance do not or will not result in or require the creation of any Lien upon or with respect to any of its properties. 
 (ii) No governmental approval is required for the due execution, delivery and performance by the Company or any Guarantor of this Amendment, except for
such governmental approvals as have been duly obtained or made and which are in full force and effect on the date hereof and not subject to appeal. 
 (iii) This Amendment constitutes the legal, valid and binding obligations of the Company and the Guarantors enforceable against the Company and the Guarantors in accordance with its terms. 
 (iv) There are no pending or threatened actions, suits or proceedings affecting the Company, the Guarantors or any of their Subsidiaries or the
properties of the Company, the Guarantors or any of their Subsidiaries before any court, governmental agency or arbitrator, that may, if adversely determined, materially adversely affect the financial condition, 
  

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properties, business, operations or prospects of the Company, the Guarantors or any of their Subsidiaries, considered as a whole, or affect the legality,
validity or enforceability of either of the Note Agreements, as amended by this Amendment. 
 (v) No Event of Default or Default has occurred
and is continuing. 
 (vi) There has been no material adverse change in the financial condition, business operation or prospects of the
Company or its Subsidiaries since December 31, 2004. 
 7. Miscellaneous. 
 7A. Reference to and Effect on the Note Agreements. 
 (a) Upon the effectiveness of this Amendment, on and after the date hereof each reference in either of the Note Agreements to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to such Note Agreement, and each reference in any other document to “the Note Agreement”, “thereunder”, “thereof” or words of like import referring to such Note Agreement, shall mean and be a reference
to such Note Agreement, as amended hereby . 
 (b) Except as specifically amended above, the Note Agreements, and all other related
documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
 (c) The execution,
delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any holder of a Note under either of the Note Agreements or the Notes issued thereunder, nor constitute
a waiver of any provision of any of the foregoing. 
 7B. Costs and Expenses. The Company agrees to pay on demand all costs and
expenses incurred by the Noteholders or any other holder of a Note under either of the Note Agreements in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel. The Company further agrees to pay on demand all costs and expenses, if any (including, without limitation, counsel fees and expenses of counsel), incurred by the Noteholders or any other any holder of a Note in connection with
the enforcement (whether through negotiations, legal proceedings or otherwise) of this Amendment, including, without limitation, counsel fees and expenses in connection with the enforcement of rights under this paragraph 7B. 
 7C. Execution in Counterparts. This Amendment 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 taken together shall constitute but one and the same instrument. 
 7D. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 
 7E. Estoppel. To induce the Noteholders to enter into this Amendment, the Company and each Guarantor hereby acknowledges and agrees that,
as of the date hereof, there exists no right of offset, defense or counterclaim in favor of the Company or any Guarantor against any holder of the Notes with respect to the obligations of the Company or any Guarantor owing to any such holder, either
with or without giving effect to this Amendment. 
 7F. Date of May 2004 Amendment and Consent. The parties hereto acknowledge
and agree that the date of the Amendment and Consent executed in May 2004 is May 5, 2004, for purposes of this Amendment, the Note Agreements and all other documents related thereto. 
 [Signatures on Next Page.] 
  

 14 

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

			
	COMPANY
	
	WASTE INDUSTRIES USA, INC.
		
	By	 	  

	Name:	 	
	Title:	 	
	
	GUARANTORS
	
	WASTE INDUSTRIES, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	DUPLIN COUNTY DISPOSAL, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	VAN BUREN COUNTY LANDFILL, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTE INDUSTRIES LANDCO, LLC
		
	By	 	  

	Name:	 	
	Title:	 	

			
	
	ECO SERVICES, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	RELIABLE TRASH SERVICES, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTE INDUSTRIES OF MISSISSIPPI, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTE SERVICES OF MEMPHIS, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTECO, LLC
		
	By	 	  

	Name:	 	
	Title:	 	

  

 SIGNATURE PAGE TO MARCH 2006 CONSENT 

			
	LAURENS COUNTY LANDFILL, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	S&S ENTERPRISES OF MISSISSIPPI, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	SAMPSON COUNTY DISPOSAL, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	SAFEGUARD LANDFILL MANAGEMENT, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	SHAMROCK ENVIRONMENTAL SERVICES, LLC
		
	By	 	  

	Name:	 	
	Title:	 	

  

 SIGNATURE PAGE TO MARCH 2006 CONSENT 

			
	TRANSWASTE SERVICES, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	OLD KINGS ROAD SOLID WASTE, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTE INDUSTRIES PROPERTY CO., LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	DOUGLASVILLE TRANSFER, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTE INDUSTRIES ATLANTA, LLC
		
	By	 	  

	Name:	 	
	Title:	 	

  

 SIGNATURE PAGE TO MARCH 2006 CONSENT 

			
	BLACK BEAR DISPOSAL, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	ETC OF GEORGIA, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTE SERVICES OF TENNESSEE, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTE INDUSTRIES OF TENNESSEE, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WASTE SERVICES OF DECATUR, LLC
		
	By	 	  

	Name:	 	
	Title:	 	
	
	RED ROCK DISPOSAL, LLC
		
	By	 	  

	Name:	 	
	Title:	 	

  

 SIGNATURE PAGE TO MARCH 2006 CONSENT 

			
	NOTEHOLDERS
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By	 	  

		 	Jay S. White
		 	Vice President
	
	PRUCO LIFE INSURANCE COMPANY
		
	By	 	  

		 	Jay S. White
		 	Assistant Vice President
	
	PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
		
	By	 	  

		 	Jay S. White
		 	Assistant Vice President

  

 SIGNATURE PAGE TO MARCH 2006 CONSENT 

			
	U.S. PRIVATE PLACEMENT FUND
	
	 By Prudential Private Placement Investors, L.P., as
 Investment Advisor

	
	By Prudential Private Placement Investments, Inc.,
	its General Partner
		
	By	 	  

		 	Jay S. White
		 	Assistant Vice President

  

 SIGNATURE PAGE TO MARCH 2006 CONSENT 

 [ATTACH UPDATED DISCLOSURE SCHEDULES] 
  

 SIGNATURE PAGE TO MARCH 2006 CONSENTAmendment No. 4 to Credit Agreement dated March 30, 2006

 Exhibit 10.1 
 Execution Copy 
 AMENDMENT NO. 4 TO 
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS AMENDMENT NO. 4 TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into at Columbus, Ohio, as of March 30, 2006 (the “Effective Date”), by and among (a) Dominion Homes, Inc. (the “Company”), (b) the
institutions from time to time (individually a “Lender” and collectively the “Lenders”) party to the Credit Agreement (as defined below) signatory hereto, and (c) The Huntington National Bank (“Huntington”) in its
separate capacity as administrative agent (with its successors in such capacity, the “Administrative Agent”) for the Lenders and for itself as issuing bank under the Credit Agreement. This Amendment further amends and modifies a certain
Second Amended and Restated Credit Agreement dated as of December 3, 2003 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”) by and among (a) the Company, as borrower,
(b) the Lenders, as lenders, (c) Huntington, as issuing bank for any Letters of Credit issued pursuant to the Credit Agreement, and (d) the Administrative Agent. All capitalized terms not otherwise defined herein shall have the
meanings ascribed to such terms in the Credit Agreement. 
 RECITALS: 
 A. As of December 3, 2003, the Company, the Lenders, the Administrative Agent and the other agents referred to in the Credit Agreement executed and
delivered the Credit Agreement setting forth the terms of certain extensions of credit and other financial accommodations to the Company; and 
 B. As of June 30, 2004, in connection with the Credit Agreement, the Company executed and delivered, inter alia, the Notes, in the aggregate principal sum of Three Hundred Million Dollars ($300,000,000), and as of
December 3, 2003, a swingline note in favor of Huntington in the principal sum of Fifteen Million Dollars ($15,000,000); and 
 C. In
connection with the Credit Agreement and the Notes, the Company and certain of its Subsidiaries executed and delivered to the Administrative Agent certain other Loan Documents; and 
 D. The Company has requested that the Lenders and the Administrative Agent amend and modify certain terms and financial covenants in the Credit
Agreement, and the Lenders signatory hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and subject to the conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 1. Subsection (b) of Section 1.3, “Letters of Credit,” of the Credit Agreement is hereby amended to recite as
follows: 
 (b) Expiry Dates. The Company, a Restricted Subsidiary or an Approved Joint Venture, as applicable, shall have no right to
obtain issuance of Letters of Credit which have an expiration date later than the earlier of (i) 12 months after the Revolving Credit Termination Date or (ii) 24 months from issuance of such Letter of Credit; provided, however, that with
respect to any Letters of Credit 
  

 - 1 - 

 having a expiration date subsequent to the Revolving Credit Termination Date, not later than 60 days
prior to the Revolving Credit Termination Date, the Company shall deliver to the Administrative Agent cash collateral in not less than 100% of the aggregate amount of Letter of Credit Obligations in respect of such Letters of Credit to secure such
Letter of Credit Obligations, in such form and with such documentation as shall be satisfactory to the Administrative Agent and Huntington as issuing bank. 
 2. Section 2.1, “Borrowing Base,” of the Credit Agreement is hereby amended to recite in its entirety as follows: 
 2.1. Borrowing Base. “Borrowing Base” means (without duplication) the aggregate sum of the following: 
 (a) 100% of Available Cash, plus 
 (b) 90% of Eligible Home Work-in-Process, plus 

(c) 50% of Eligible Real Estate Held for Development, plus 
 (d) the lesser of $10,000,000 or 25% of Eligible Investments in Joint Ventures, plus 
 (e) the lesser
of $6,800,000 or 80% of the aggregate sum of Eligible Model Homes, plus 
 (f) the lesser of $20,000,000 or 80% of Eligible Speculative
Homes, plus 
 (g) 70% of Eligible Developed Lots, plus 
 (h) 55% of Eligible Lots Under Development, plus 
 (i) during the period beginning October 1 and continuing through and including March 31 of any fiscal year, the lesser of $6,000,000 or 50% of Eligible Fall Foundation Lots, plus 
 (j) at any time during the period beginning April 1, 2006, and continuing through and including June 30, 2006, for one period not to exceed
thirty (30) consecutive days, up to $5,000,000; 
 provided, however, to the extent that the aggregate sum of (i) Eligible Real
Estate Held for Development under clause (c) above, (ii) Eligible Developed Lots under clause (g) above, and (iii) Eligible Lots Under Development under clause (h) above exceeds fifty-five percent (55%) of the total
Borrowing Base calculation as of any period of determination, the amount in excess of such percentage shall not be eligible under the Borrowing Base. 
  

 - 2 - 

 3. Section 2.5, “Eligible Real Estate,” of the Credit Agreement is hereby amended
to recite in its entirety as follows: 
 2.5. Eligible Real Estate. With respect to Developed Lots, Fall Foundation Lots, Lots Under
Development, Model Homes, Real Estate Held for Development, Home Work-In-Process, Speculative Homes, or any other form or type of real estate of the Company or any Restricted Subsidiary which may be considered for the purposes of the Borrowing Base,
the term “Eligible” used in connection with any such type of real estate means that portion of real property (a) owned in fee simple title by the Company or a Restricted Subsidiary, (b) which is not subject to any mortgage, lien,
or encumbrance, except for (i) reservations, exceptions, encroachments, easements, rights-of-way, restrictions, leases or other similar title exceptions which do not materially detract from the value of such real estate or interfere with its
use or resale and (ii) Liens created by the Security Documents, and (c) which has a zoning classification appropriate for a subdivision development of the type developed by the Company or a Restricted Subsidiary. 
 4. Section 5, “COSTS AND EXPENSES,” of the Credit Agreement is hereby amended to recite in its entirety as follows: 
 5. COSTS AND EXPENSES; COLLATERAL. 
 (a) Generally. The Company agrees upon demand to pay, or reimburse the Administrative Agent for, all of the Administrative Agent’s reasonable internal and external audit, legal, appraisal, valuation, filing, document duplication
and investigation expenses and for all other out-of-pocket costs and expenses of every type and nature, including, without limitation, the reasonable fees, expenses and disbursements of the Administrative Agent’s counsel, local legal counsel,
auditors, accountants, appraisers, surveyors, insurance and environmental advisers, and other consultants and agents retained by the Administrative Agent, incurred by the Administrative Agent in connection with (i) the Administrative
Agent’s arranging Amendment No. 4, audit and investigation of the Company and the Company’s Subsidiaries in connection with the preparation, negotiation, and execution of any Loan Document and the Administrative Agent’s periodic
assessments of the Company or the Company’s Subsidiaries; (ii) the preparation, negotiation, execution and interpretation hereof (including, without limitation, the satisfaction or attempted satisfaction of any condition precedent set
forth herein), the other Loan Documents and any proposal letter, term sheet or commitment letter issued in connection therewith and the making of the Loans hereunder; (iii) the creation, perfection or protection of the Liens under the Loan
Documents (including, without limitation, any reasonable fees and expenses for local counsel in various jurisdictions); (iv) the ongoing administration hereof and of the Loans, including consultation with attorneys in connection therewith and
with respect to the Administrative Agent’s rights and responsibilities hereunder and under the other Loan Documents; (v) the protection, collection or enforcement of any of the Obligations or the Secured Obligations or the enforcement of
any Loan Document; (vi) the commencement, defense or intervention in any court proceeding relating in any way to the Obligations, Secured Obligations, any property of the Company or 
  

 - 3 - 

 any of its Subsidiaries, the Company, any of the Company’s Subsidiaries, this Agreement or any other
Loan Document; (vii) the response to, and preparation for, any subpoena or request for document production with which the Administrative Agent is served or deposition or other proceeding in which the Administrative Agent is called to testify,
in each case, relating in any way to the Obligations, the Secured Obligations, any property of the Company or any of its Subsidiaries, the Company, any of the Company’s Subsidiaries, this Agreement or any of the other Loan Documents; and
(viii) any amendments, consents, waivers, assignments, restatements, or supplements to any of the Loan Documents and the preparation, negotiation, and execution of the same. 
 (b) After Default. The Company further agrees to pay or reimburse the Administrative Agent, the Agents, Huntington as issuing bank
and any Lender upon demand for all out-of-pocket costs and expenses, including, without limitation, reasonable attorneys’ fees (including allocated costs of internal counsel and costs of settlement), incurred by the Administrative Agent, the
Agents, Huntington as issuing bank or any Lender after the occurrence of an Event of Default (i) in enforcing any Loan Document or Obligation or any security therefor or exercising or enforcing any other right or remedy available by reason of
any Event of Default; (ii) in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work-out” or in any insolvency or bankruptcy proceeding; (iii) in commencing,
defending or intervening in any litigation or in filing a petition, complaint, answer, motion or other pleadings in any legal proceeding relating to the Obligations, the Secured Obligations, any property, the Company or any of its Subsidiaries and
related to or arising out of the transactions contemplated hereby or by any of the other Loan Documents; and (iv) in taking any other action in or with respect to any suit or proceeding (bankruptcy or otherwise) described in clauses
(i) through (iii) above. 
 (c) Collateral for the Obligations and the Secured Obligations. The
Company agrees that it will cause each of its Subsidiaries other than Dominion Structural Warranty Company, LLC and Dominion Homes Financial Services, Ltd. to become a Restricted Subsidiary, and that it will and will cause each Restricted Subsidiary
to grant to the Administrative Agent, for the benefit of the Administrative Agent, the Agents, the Lenders and Huntington as issuing bank, first priority Liens, subject only to Liens permitted by Section 8.4 and such other Liens as the
Administrative Agent may reasonably approve, in all of the following property of the Borrower and each restricted Subsidiary (other than the Excluded Property): all now owned and after-acquired (i) tangible and intangible personal property, and
(ii) each Real Property Parcel, in each case owned by the Company or any of its Restricted Subsidiaries or in which any of the Company or any such Subsidiary has an interest. In connection with clause (i) above, the Company shall, and
shall cause each of its Restricted Subsidiaries to, provide to the Administrative Agent first priority Liens in such personal property, subject only to Liens permitted by Section 8.4 (other than Section 8.4 (c) or (d)) and such
other Liens as the Administrative Agent may reasonably approve, pursuant to a Security Agreement, together with such other Security Documents which the Administrative Agent deems necessary or desirable. In connection with clause (ii) above, the
Company 
  

 - 4 - 

 shall, and shall cause each of its Restricted Subsidiaries to, provide to the Administrative Agent, for
the benefit of the Administrative Agent, the Agents, the Lenders and Huntington as issuing bank, first priority Liens in such Real Property Parcels, subject only to Liens permitted by Section 8.4 (other than Section 8.4 (c) or
(d)) and such other Liens as the Administrative Agent may reasonably approve, pursuant to one or more Mortgages, together with such other Security Documents which the Administrative Agent deems necessary or desirable, and together with such title
policies, certified surveys, environmental reports and local counsel opinions with respect thereto and such other property assurances, agreements, documents and instruments which the Administrative Agent deems necessary or desirable. 
 5. The first paragraph of Section 7.14, “Real Estate Ownership,” of the Credit Agreement is hereby amended to recite as follows:

 With respect to each Real Property Parcel, except where a failure, violation, condition, requirement or noncompliance with
any of the items specified below does not or is not reasonably likely to have a Material Adverse Effect: 
 6. New Sections 7.16,
“Properties,” and 7.17, “Pledge of Collateral” are hereby added to the Credit Agreement and shall recite in their entireties as follows: 
 7.16. Properties. Each of the Company and the Company’s Subsidiaries has good, and in the case of each Real Property Parcel, marketable title to all tangible and intangible property owned by it or a valid
leasehold interest in each leased Real Property Parcel (except insofar as limited by any laws or regulations of any Governmental Authority affecting such property), and all such property is free and clear of all Liens, except Liens created by the
Security Documents and Liens permitted under Section 8.4. Schedule 7.16 contains a true and complete list of each Real Property Parcel owned in fee simple by the Company and each Subsidiary thereof as of the effective date of
Amendment No. 4, and a true and complete list of all leases in effect on such effective date. Except for Liens granted to the Administrative Agent, neither this Agreement nor any other Loan Document, nor any transaction contemplated herein or
therein, shall affect any right, title or interest of the Company or any such Subsidiary in and to any of such properties in any material respect. 
 7.17. Pledge of Collateral. The grant and perfection of the security interests in the Equity Interests of each of the Company’s Subsidiaries constituting a portion of the Collateral for the benefit of the Administrative Agent,
the Agents, Huntington as issuing bank, the Lenders and the other holders of any Note, as contemplated by the terms of the Loan Documents, are not made in violation of the registration provisions of any applicable provisions of any federal
securities law, state securities or “Blue Sky” law, foreign securities law, or applicable general corporation law or in violation of any other requirement of law. 
  

 - 5 - 

 7. Section 8.3, “Sale of Assets,” of the Credit Agreement is hereby amended to
recite in its entirety as follows: 
 8.3. Sale of Assets. The Company will not, and will not permit any Subsidiary to, sell, lease,
transfer, assign or otherwise dispose of, any of its assets or property, whether now owned or hereafter acquired, or any income or profits therefrom, or enter into any agreement to do so, except: 
 (a) sales, transfers or other distributions of personal or real property in the ordinary course of business, including, without
limitation, the sale of Home Work-in Process, Speculative Homes, Model Homes, Real Estate Held for Development, Developed Lots, and Lots Under Development for cash consideration of not less than 95% of cost (as certified by the Company periodically
for each such sale or other disposition); 
 (b) the disposition of obsolete equipment in the ordinary course of business;

 (c) dispositions by the Company or any Restricted Subsidiary which constitute Investments in Restricted Subsidiaries
permitted by Section 8.11 hereof; provided, however, that any such disposition or Investment does not cause the Company and its Subsidiaries to exceed the Maximum New Market Investment Amount; 
 (d) sales, assignments, transfers, conveyances or other dispositions of properties, including Collateral, outside of the ordinary course
of business, which are approved by the Administrative Agent, not to exceed in the aggregate more than $1,000,000 in any fiscal year; 
 (e) the Company or its applicable Subsidiary may from time to time sell, assign, transfer, convey or otherwise dispose of any or all of the Real Property Parcels or personal property specified in Schedule 8.3 at not less than the
disposition prices on such Schedule; provided that if, in connection with a sale or similar disposition of any such property, the Company or its Subsidiary receives a note or similar obligation as all or part of the consideration therefor,
the Company shall secure or cause to be secured such note or obligation with a mortgage or similar Lien on such property and pledge such note or other obligation and the collateral therefor to the Administrative Agent as security for the Secured
Obligations pursuant to the terms of the Loan Documents; and 
 (f) transfers in the ordinary course of developing residential
subdivisions, whether by the recording of subdivision plats or separate conveyances, of streets, utility and drainage easements, common areas or land for other public purposes; provided, however, that the Administrative Agent has approved any such
transfer (by indicating its consent on any such instrument evidencing the same or otherwise). 
  

 - 6 - 

 8. Section 8.4, “Liens and Encumbrances (Negative Pledge),” of the Credit Agreement
is hereby amended to recite in its entirety as follows: 
 8.4. Liens and Encumbrances (Negative Pledge). The Company will not, and
will not permit any of the Subsidiaries to, cause or permit or agree or consent to cause or permit in the future (upon the happening of a contingency or otherwise), any of its property, whether now owned or hereafter acquired, to be subject to a
lien or encumbrance except for: 
 (a) liens securing taxes, assessments or governmental charges or levies or the claims or
demands of materialmen, mechanics, carriers, warehouses, landlords and other like persons in connection with such items permitted by Section 8.1 above; 
 (b) liens incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment
insurance, social security and other like laws; 
 (c) attachment, judgment and other similar liens arising in connection with
court proceedings in an aggregate amount of $1,000,000 or less; 
 (d) attachment, judgment or other similar liens arising in
connection with court proceedings for the payment of money aggregating in excess of $1,000,000, but not greater than the lesser of (A) five percent (5%) of the Company’s Consolidated Tangible Net Worth or (B) $10,000,000,
provided that (i) fewer than 10 days have elapsed from the date of the filing of such lien or liens, or (ii) such lien or liens have been discharged in the full amount or the execution or other enforcement of such lien or liens is
effectively stayed or bonded in full, and the claims secured thereby are being actively contested in good faith and by appropriate proceedings; 
 (e) reservations, exceptions, encroachments, easements, rights of way, covenants, conditions, restrictions, leases and other similar title exceptions or encumbrances affecting real property, provided they do
not materially interfere with its use in the ordinary conduct of the Company’s or its Subsidiary’s business; 
 (f)
inchoate liens arising under ERISA to secure the contingent liability of the Company or any of the Subsidiaries; 
 (g) the
liens and encumbrances disclosed on Schedule 7.10 or in connection with any secured Indebtedness permitted by Section 8.5(b) below and operating lease rentals permitted by Section 8.7 below; and 
 (h) Liens created by the Security Documents. 
 9. Section 8.5, “Indebtedness,” of the Credit Agreement is hereby amended to recite in its entirety as follows: 
 8.5. Indebtedness. The Company will not, and will not permit any of the Subsidiaries to, directly or indirectly create, incur, assume or otherwise become or remain directly or indirectly liable with respect to
any Indebtedness (other than Contingent Obligations permitted by Section 8.6 below), except for: 
 (a) the Revolving
Credit Obligations; 
  

 - 7 - 

 (b) up to the aggregate sum of $15,000,000 outstanding at any time in (i) secured
nonrecourse Indebtedness, (ii) secured or unsecured capital lease or purchase money Indebtedness incurred to finance the acquisition of capital assets or real estate in connection with the business of the Company or any Restricted Subsidiary,
provided that such Indebtedness (A) has a scheduled maturity and is not due on demand and (B) is secured only by the property being purchased and does not exceed the purchase price thereof, and (iii) non-facility letters of credit for
which the Administrative Agent has established a reserve against the Borrowing Base in the aggregate stated amount of all such letters of credit; 
 (c) unsecured indebtedness subordinated to the Revolving Credit Commitments, which shall be subordinated in a manner satisfactory to the Administrative Agent; 
 (d) Hedging Obligations or other Indebtedness to a Lender evidenced by interest rate agreements in respect of interest rate, swap, collar,
cap or similar agreements pursuant to which the Company hedges its actual interest rate exposure under the Revolving Loans; and 
 (e) intercompany Indebtedness incurred by any Restricted Subsidiary to (i) the Company or to (ii) any Restricted Subsidiary wholly owning such Restricted Subsidiary; provided, however, that such Indebtedness constitutes an
Investment permitted by Section 8.11 of this Agreement and does not cause the Company and its Subsidiaries to exceed the Maximum New Market Investment Amount. 
 10. Section 8.7, “Operating Lease Rentals,” of the Credit Agreement is hereby amended to recite in its entirety as follows: 
 8.7. Operating Lease Rentals. The Company will not, nor will it permit any Subsidiary to, enter into any operating leases (including without
limitation leases of Model Homes), except to the extent that the aggregate consolidated annual rentals for all operating leases of the Company and its Subsidiaries do not exceed the sum of $7,500,000. 
 11. Section 8.8, “Acquisition of Capital Stock,” of the Credit Agreement is hereby amended to recite in its entirety as follows:

 8.8. Acquisition of Capital Stock. The Company will not, and will not permit any of its Subsidiaries to, redeem or acquire any of
the Company’s capital stock or any options or other interests in respect thereof, other than (a) the purchase or redemption of capital stock in connection with a simultaneous sale of an equivalent or greater amount of capital stock for not
less than the same aggregate purchase or redemption price, and (b) up to the aggregate amount of $1,000,000 in any fiscal year for the purchase of capital stock, options or other interests of the Company (i) using funds escrowed pursuant
to the Company’s Amended and Restated Executive Deferred Compensation Plan, as amended from time to time, or any replacement plan therefor in effect from time to time or (ii) pursuant to the 
  

 - 8 - 

 Company’s or any Restricted Subsidiary’s management incentive plans, as amended from time to
time, or any replacement plan therefor in effect from time to time. Except for stock owned by the Company, the Company will not permit any Subsidiary to redeem or acquire any of its own capital stock. 
 12. Section 8.9, “Restrictions on Dividends,” of the Credit Agreement is hereby amended to recite in its entirety as follows:

 8.9. Restrictions on Dividends. The Company shall not declare or pay any cash dividends or distributions in any fiscal year. None of
the Subsidiaries shall declare or pay any cash dividends or distributions for any fiscal year, except to and for the sole benefit of the Company. 
 13. Section 8.11, “Investments, Loans and Advances,” of the Credit Agreement is hereby amended to recite in its entirety as follows: 
 8.11. Investments, Loans and Advances. The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly make or own any Investment except: 
 (a) cash or cash equivalents (marketable direct obligations issued or unconditionally guaranteed and backed by the full faith and credit
of the United States government), bonds or other obligations of the United States of America, certificates of deposit issued by commercial banks with a minimum capital of $500,000,000, and commercial paper rated at least A-1 or P-1 and having a
maturity of not more than one year; 
 (b) Investments in Joint Ventures not in excess of $20,000,000 in the aggregate
outstanding at any time; provided that all such Investments described in this subsection (b), together with the Investments described in subsection (d) of this Section 8.11, do not cause the Company and its Subsidiaries to exceed the
Maximum New Market Investment Amount; 
 (c) [reserved]; 
 (d) Investments in Restricted Subsidiaries, provided, however, that all such Investments described in this subsection (d), together with
the Investments described in subsection (b) of this Section 8.11 do not cause the Company and its Subsidiaries to exceed the Maximum New Market Investment Amount; 
 (e) investments consisting of deposit accounts maintained or managed by the Company or its Subsidiaries; 
 (f) loans or advances to employees of the Company or any Subsidiary, which loans and advances shall not in the aggregate exceed $200,000
outstanding at any time; 
  

 - 9 - 

 (g) Investments up to the sum of $2,000,000 on or after the date hereof in one or more
mortgage companies, including its Investment with Wells Fargo, which (i) conduct business in areas in which the Company or its Subsidiaries also conduct business and (ii) are principally in the residential mortgage lending business;

 (h) loans and advances evidenced by promissory notes from the purchasers of any real property of the Company or any
Subsidiary (individually which shall not exceed the purchase price paid for such property) in an amount not to exceed the aggregate sum of $2,000,000 outstanding at any time; 
 (i) Investments in one or more Insurance Subs not to exceed the aggregate sum of $2,500,000 outstanding at any time; and 
 (j) any other Investment (including Alliance Title Agency, Ltd.) not to exceed the aggregate amount of $100,000 outstanding at any time.

 14. Section 8.13, “Tangible Net Worth,” of the Credit Agreement is hereby amended to recite in its entirety as
follows: 
 8.13. Tangible Net Worth. At all times, the Company and its consolidated Subsidiaries shall maintain a Consolidated
Tangible Net Worth of not less than (i) $175,000,000, plus (ii) beginning December 31, 2006, calculated separately for each fiscal year ending on and after such date, 50% of the Consolidated Net Income after taxes of the
Company and its consolidated Subsidiaries in each fiscal year which the such Consolidated Net Income after taxes is positive. 
 15.
Section 8.14, “Leverage Ratio,” of the Credit Agreement is hereby amended to recite in its entirety as follows: 
 8.14.
Leverage Ratio. The Company and its consolidated Subsidiaries at all times during the periods specified below shall maintain a Leverage Ratio of not greater than: (i) 2.25 to 1.00 from January 1, 2006, through June 29, 2006,
(ii) 2.00 to 1.00 beginning June 30, 2006, and continuing through December 30, 2006, and (iii) 1.75 to 1.00 beginning December 31, 2006, and continuing at all times thereafter. 
 16. Section 8.16, “Ratio of Uncommitted Land Holdings to Consolidated Tangible Net Worth,” of the Credit Agreement is hereby
amended to recite in its entirety as follows: 
 8.16. Ratio of Uncommitted Land Holdings to Consolidated Tangible Net Worth. The
Company and its consolidated Subsidiaries shall maintain at all times a ratio of Uncommitted Land Holdings to Consolidated Tangible Net Worth of not greater than (i) 1.75 to 1.00 beginning as of March 31, 2006, and continuing through and
including September 29, 2006, (ii) 1.70 to 1.00 as of September 30, 2006, and continuing through and including December 30, 2006, and (iii) 1.55 to 1.00 as of December 31, 2006, and continuing at all times thereafter.

  

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 17. Section 8.17, “Interest Coverage Ratio,” of the Credit Agreement is hereby
amended to recite in its entirety as follows: 
 8.17. Interest Coverage Ratio. The Interest Coverage Ratio of the Company and its
Subsidiaries on a consolidated basis, as determined as of the last day of each fiscal quarter for the twelve month period ending on such date, shall not be less than (i) 1.30 to 1.00 as of the fiscal quarter ending March 31, 2006, (ii)0.80
to 1.00 as of the fiscal quarter ending June 30, 2006, (iii) 0.60 to 1.00 as of the fiscal quarters ending September 30, 2006 and December 31, 2006, respectively, and (iv) 1.00 to 1.00 as of the fiscal quarter ending
March 31, 2007, and continuing as of the end of each fiscal quarter thereafter. 
 18. Section 8.22, “Further Real Estate
Acquisition Limitations, Maximum New Market Investment Amount,” of the Credit Agreement is hereby amended to recite in its entirety as follows: 
 8.22. Further Real Estate Acquisition Limitations, Maximum New Market Investment Amount. The Company and its Subsidiaries will not permit (i) the Maximum New Market Investment Amount to exceed the
aggregate sum of $0.00 outstanding at any time, valued at the lesser of cost or market, and (ii) their consolidated total Investments in or purchases of any Uncommitted Land Holdings, Speculative Homes, Model Homes and all other real or
personal property constituting any one or more “start up operations” or other de novo entries in any market other than a Dominion Market to exceed the aggregate sum outstanding as of the effective date of Amendment No. 4,
valued at the lesser of cost or market. In addition, the Company will not, and will not permit any Subsidiary to, build homes or develop real estate in any locations or markets other than the State of Ohio or any contiguous state. 
 19. Subsection (a) of Section 8.24, “Permitted Acquisitions,” of the Credit Agreement is hereby amended to recite in its
entirety as follows: 
 (a) From the effective date of Amendment No. 4 through the term of this Agreement, the Company
will not, and will not permit any Subsidiary to, make any Acquisition. 
 20. A new Section 8.27, “Temporary Reduction of
Revolving Loans,” is hereby added to the Credit Agreement and shall recite in its entirety as follows: 
 8.27. Temporary
Reduction of Revolving Loans. The Company shall reduce the aggregate principal balance of the Revolving Loans and Swing Line Loans to a principal amount not greater than $165,000,000 and maintain such Loan at no more than $165,000,000 for a
period of not less than five consecutive Business Days during the period beginning December 1, 2006, through and including January 5, 2007. 
 21. A new Section 8.28, “Unsold Lots,” is hereby added to the Credit Agreement and shall recite in its entirety as follows: 
 8.28. Unsold Lots. The Company and its consolidated Subsidiaries shall not permit the sum of Developed Lots plus Lots Under Development to
exceed (i) $160,000,000 as of March 31, 2006, (ii) $155,000,000 as of June 30, 2006, (iii) $150,000,000 as of September 30, 2006, and (iv) $145,000,000 at December 31, 2006, and continuing at all times
thereafter. 
  

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 22. A new Section 8.29, “New Land Acquisition,” is hereby added to the Credit
Agreement and shall recite in its entirety as follows: 
 8.29. New Land Acquisition. The Company and its Subsidiaries will not acquire
any new Real Estate Parcel, other than those pending purchases set forth on Schedule 8.29, during the specified periods of time set forth in such schedule, plus (i) up to the aggregate amount of $1,700,000 during the period beginning
January 1, 2006, and continuing through and including December 31, 2006, and (ii) up to the aggregate amount of $43,750 during the period beginning January 1, 2007, through and including the Revolving Credit Termination Date.

 23. A new Section 8.30, “Cash Management,” is hereby added to the Credit Agreement and shall recite in its entirety
as follows: 
 8.30. Cash Management. (a) Subject to the terms of Cash Management Documents among the Administrative Agent, the
Deposit Account Banks and the Company and its Subsidiaries, the Company shall, and shall cause each Subsidiary to, maintain all Deposit Accounts with such Deposit Account Banks selected by the Company or such Subsidiary in the ordinary course of
business that have executed a Deposit Account Control Agreement in form and substance satisfactory to the Administrative Agent. The Company shall, and shall cause each Subsidiary to, promptly upon receipt thereof, immediately deposit in its Deposit
Accounts all monies, checks, drafts or funds received by it or such Subsidiary, including without limitation all proceeds of Collateral, receivables of the Company or such Subsidiary, and all cash proceeds of operations, whether arising in the
ordinary course of business or otherwise. The Company shall maintain a Administrative Agent Concentration Account with the Administrative Agent into which all funds deposited in each Deposit Account shall be transferred by wire transfer, ACH or
electronic transfer from such account pursuant to the terms of the Deposit Account Control Agreement governing such account. 
 (b) At any time after an Event of Default has occurred and is continuing, the Administrative Agent may, or at the request of the Required Lenders, shall, and is hereby authorized by the Company on behalf of itself and its Subsidiaries to,
do either or both of the following: (i) deliver a notice to any Deposit Account Bank or (ii) cease honoring all checks, demands, withdrawal requests or remittance instructions from the Company or any Subsidiary with respect to the any
account or any funds on deposit therein. So long as any notice is in effect pursuant to clause (i) above, the Administrative Agent shall apply any and all amounts received from the Deposit Account Banks or held in the Administrative Agent
Concentration Account or otherwise held as Cash Collateral, to the repayment of the Obligations, such amounts to be applied in accordance with the provisions of Section 11.13. 
  

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 (c) The Company shall, and shall cause each Subsidiary to, enter into a Deposit Account
Control Agreement prior to establishing any Deposit Account after the effective date of Amendment No. 4. 
 (d) The
Company agrees to pay to the Administrative Agent any and all reasonable fees, costs and expenses which the Administrative Agent incurs in connection with maintaining the Deposit Accounts and depositing for collection any check or item of payment
received by and/or delivered to the Deposit Account Banks or the Administrative Agent on account of the Obligations. The Company agrees to reimburse the Administrative Agent for any amounts paid to any Deposit Account Bank arising out of any
required indemnification by the Administrative Agent of such Deposit Account Bank against damages incurred by the Deposit Account Bank in the operation of any Deposit Account. 
 24. A new Section 8.31, “Insurance,” is hereby added to the Credit Agreement and shall recite in its entirety as follows:

 8.31. Insurance. The Company shall maintain for itself and its Subsidiaries, or shall cause each of its Subsidiaries to maintain, in
full force and effect the insurance policies and programs in effect as of the effective date of Amendment No. 4, or substantially similar policies and programs or other policies and programs as are acceptable to the Administrative Agent. Each
certificate and policy relating to property damage insurance shall contain an endorsement, in form and substance acceptable to the Administrative Agent, showing lender loss payable to the Administrative Agent and naming the Administrative Agent as
an additional insured under such policy and providing that no act, whether willful or negligent, or default of the Company, any of its Subsidiaries or any other Person shall affect the right of the Administrative Agent to recover under such policy
or policies of insurance in case of loss or damage. Each certificate and policy relating to any coverage other than the foregoing shall contain an endorsement naming the Administrative Agent as an additional insured under such policy. Such
endorsement or an independent instrument furnished to the Administrative Agent shall provide that the insurance companies shall give the Administrative Agent at least thirty (30) days’ written notice before any such policy or policies of
insurance shall be cancelled or altered adversely to the interests of the Administrative Agent, the Agents, Huntington as issuing bank and the Lenders. In the event that the Company or any of its Subsidiaries, at any time or times hereafter, shall
fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole or in part relating thereto, then the Administrative Agent, without waiving or releasing any obligations or resulting Event of Default
hereunder, may at any time or times thereafter (but shall be under no obligation to do so) obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto which the Administrative Agent deems
advisable. All sums so disbursed by the Administrative Agent shall constitute Protective Advances and be part of the Obligations, payable as provided herein. 
  

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 25. A new Section 8.32, “Insurance and Condemnation Proceeds,” is hereby added to
the Credit Agreement and shall recite in its entirety as follows: 
 8.32. Insurance and Condemnation Proceeds. The Company hereby
directs (and, if applicable, shall cause its Subsidiaries to direct) all insurers under policies of property damage insurance and any payor of any condemnation claim or award relating to any property of the Company or any Subsidiary thereof to pay
all proceeds payable under such policies or with respect to such claim or award for any loss directly to the Administrative Agent, except to the extent such proceeds, claims or awards are required to be paid to alternate loss payees pursuant to the
terms of any purchase money Indebtedness or any capital or operating lease permitted under this Agreement, in each case solely with respect to the property covered by such Indebtedness or lease; and in no case to the Company or any Subsidiary
thereof. The Administrative Agent shall, upon receipt of such proceeds and at the Company’s direction, either (a) apply the same to the principal amount of the Revolving Loans outstanding at the time of such receipt and create a
corresponding reserve against Revolving Credit Availability in an amount equal to such application (the “Decision Reserve”) or (b) hold such proceeds as Cash Collateral for the Obligations; provided, however, claims and
awards not in excess of $250,000 per occurrence (or series of related occurrences) shall be remitted to the Company within a reasonable time following the Administrative Agent’s receipt thereof. For up to 90 days after the date of any loss (the
“Decision Period”), the Company may notify the Administrative Agent that it intends to restore, rebuild or replace the property subject to the receipt of any insurance payment or condemnation award and shall, as soon as practicable
thereafter, provide the Administrative Agent detailed information, including a construction schedule and cost estimates. Should the Company notify the Administrative Agent that it has decided not to rebuild or replace such property during the
Decision Period, or should the Company fail to notify the Administrative Agent of the Company’s decision during the Decision Period, then the amounts held as Cash Collateral or as the Decision Reserve shall automatically be applied to the
Revolving Loans, with a corresponding permanent reduction of the Revolving Credit Commitments, at the election of the Administrative Agent. In the event the Company notifies the Administrative Agent that it intends to rebuild or replace such
Property during the Decision Period, proceeds held as Cash Collateral or constituting the Decision Reserve shall be disbursed as necessary; provided, however, should an Event of Default occur after the Company has notified the
Administrative Agent that it intends to rebuild or replace such Property, the Decision Reserve or Cash Collateral, may at the Administrative Agent’s discretion, or shall, upon the direction of Required Lenders, be applied as a mandatory
prepayment of the Revolving Loans, with a corresponding permanent reduction of the Revolving Credit Commitments, at the election of the Administrative Agent. 
  

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 26. A new Section 8.33, “Condemnation,” is hereby added to the Credit Agreement and
shall recite in its entirety as follows: 
 8.33. Condemnation. Promptly upon learning of the institution of any proceeding for the
condemnation or other taking of any Real Property Parcel of the Company or any of its Subsidiaries, the Company shall notify the Administrative Agent of such proceeding, and permit the Administrative Agent to participate in any such proceeding, and
from time to time shall deliver to the Administrative Agent all instruments reasonably requested by the Administrative Agent to permit such participation. 
 27. A new Section 8.34, “Future Liens on Real Property,” is hereby added to the Credit Agreement and shall recite in its entirety as follows: 
 8.34. Future Liens on Real Property. After the effective date of Amendment No. 4, with respect to any Real Property Parcel, at least ten
(10) Business Days prior to the acquisition of any Real Property Parcel by the Company or any Restricted Subsidiary, the Company shall, and shall cause each Restricted Subsidiary to, provide the Administrative Agent written notice thereof. The
Company shall, and shall cause each Restricted Subsidiary thereof to, execute and deliver to the Administrative Agent promptly upon the acquisition of such Real Property Parcel (other than Excluded Property) a Mortgage, deed of trust, assignment or
other appropriate instrument evidencing a Lien in favor of the Administrative Agent upon any such Real Property Parcel, together with such title policies, certified surveys, environmental reports and local counsel opinions with respect thereto and
such other property assurances, agreements, documents and instruments which the Administrative Agent deems necessary or desirable, and to be subject only to (i) Liens permitted under Section 8.4 and (ii) such other Liens as the
Administrative Agent may reasonably approve, it being understood that the granting of such additional security for the Secured Obligations pursuant to this Section 8.34 is a material inducement to the execution and delivery of this
Agreement by each Lender. 
 28. A new Section 8.35, “Future Liens on Personal Property,” is hereby added to the Credit
Agreement and shall recite in its entirety as follows: 
 8.35. Future Liens on Personal Property. The Company shall, and shall cause
each of its Restricted Subsidiaries to, provide to the Administrative Agent (i) a Lien upon all personal property (other than Excluded Property) of such Person, pursuant to a Security Agreement substantially in the form of the Security
Agreement dated as of the date of Amendment No. 4, together with such other agreements, documents and instruments which the Administrative Agent deems necessary or desirable, the same to be subject only to Liens permitted by
Section 8.4 and such other Liens as the Administrative Agent may reasonably approve and (ii) a pledge of 100% of the Equity Interests of each Subsidiary and each Investment in Joint Venture held by the Company or any Subsidiary,
pursuant to a Security Agreement or pledge agreement in form and substance satisfactory to the Administrative Agent, together with such other agreements, documents and instruments which the Administrative Agent deems necessary or desirable. In
addition, the Company shall cause each such Subsidiary to become a Restricted Subsidiary pursuant to the terms of a subsidiary guaranty in form and substance 
  

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 satisfactory to the Administrative Agent, it being understood that the granting of the additional
security for the Obligations pursuant to this Section 8.35 is a material inducement to the execution and delivery of this Agreement by each Lender. 
 29. A new Section 8.36, “Landlord Waivers,” is hereby added to the Credit Agreement and shall recite in its entirety as follows: 
 8.36. Landlord Waivers. The Company shall use its best efforts to obtain and deliver to the Administrative Agent landlord waivers (with copies of
the relevant lease attached) with respect to any lease entered into after the effective date of Amendment No. 4 which relates to a location in which there is, or is reasonably expected to be, books and records or any other Collateral located.

 30. A new Section 8.37, “Inspections; Discussions,” is hereby added to the Credit Agreement and shall recite in its
entirety as follows: 
 8.37 Inspections; Discussions. The Company shall permit, and shall cause each of its Subsidiaries to permit,
any authorized representative designated by the Administrative Agent or the Required Lenders to visit and inspect any of the properties of such Person, to examine, audit, check and make copies of any such Person’s respective financial and
accounting records, books, journals, orders, receipts and any correspondence and other data relating to such Person’s respective businesses or the transactions contemplated hereby and by the Loan Documents (including, in connection with
environmental compliance, hazard or liability) (in each case, except such documents and data required to be maintained as confidential or such documents as contain privileged or legally protected communications), and to discuss any such
Person’s affairs, finances and accounts with its officers and its independent certified public accountants, all of the foregoing upon reasonable notice and at such times during normal business hours, as often as may be reasonably requested. All
reasonable costs and expenses incurred by the Administrative Agent or, after the occurrence and during the continuance of any Event of Default, any Lender, in each case as a result of such inspection, audit or examination conducted pursuant to this
Section 8.37 shall be paid by the Company. The Company hereby authorizes any such officer, employee and independent accountants to discuss with the Administrative Agent or its representative or any representative of the Required Lenders
the affairs of such Person and its Subsidiaries. The Company agrees to cooperate, and shall cause each of its Subsidiaries to cooperate, with the Administrative Agent and such Lenders in any such examination, audit ,check or verification.

 31. A new Section 8.38, “Lender Meeting; Minimum Availability,” is hereby added to the Credit Agreement and shall
recite in its entirety as follows: 
 8.38. Lender Meeting; Minimum Availability. If, at any time during the periods specified below,
the Revolving Credit Maximum Amount, minus the outstanding Revolving Credit Obligations, is less than the amount specified opposite such period, then the Company agrees, within five (5) Business Days of each such 
  

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 occurrence to conduct a meeting, telephonically or in person, reasonably convenient for the Lenders, at a
time at which at least the Lenders composing the Required Lenders will be available, to inform such Lenders of the business conditions leading to such availability event: 
 (i) from the date of Amendment No. 4 through June 30, 2006, not less than $5,000,000; 
 (ii) from
July 1, 2006, through September 30, 2006, not less than $12,500,000; and 
 (iii) from October 1, 2006 and all times
thereafter, not less than $20,000,000. 
 32. A new Section 8.39, “Residential Closing Procedures,” is hereby added to
the Credit Agreement and shall recite in its entirety as follows: 
 8.39. Residential Closing Procedures. Unless and until the
Administrative Agent notifies the Company otherwise, the Company shall, and shall cause each of its Subsidiaries to, (i) close all sales of residential units or any other Real Estate Parcel through a title agency approved by the Administrative
Agent, including Alliance Title Agency, Ltd. and Alliance Title Agency of Kentucky, LLC, which title agency has delivered to the Administrative Agent, a closing protection letter or other insured closing letter for all such closings, executed by
such title company’s underwriter, in form and content satisfactory to the Administrative Agent, (ii) cause all proceeds of each such closing payable to the Company or such Subsidiary to be transferred to the Administrative Agent for
deposit in a Deposit Account satisfactory to the Administrative Agent subject to a Deposit Account Control Agreement by wire transfer or other electronic means acceptable to the Administrative Agent, and (iii) provide the Administrative Agent
at least monthly within 15 Business Days after the end of each month, copies of the settlement statement for each such closing and a report satisfactory to the Administrative Agent showing each property sold, name of buyer, sale price, net proceeds,
location of property and such other information as the Administrative Agent shall reasonably require. 
 33. A new Section 8.40,
“Transactions with Affiliates,” is hereby added to the Credit Agreement and shall recite in its entirety as follows: 
 8.40.
Transactions with Affiliates. The Company shall not, and shall not permit any of its Subsidiaries, to: (i) make any Investment in an Affiliate of the Company or any of the Company’s Subsidiaries; (ii) transfer, sell, lease,
assign or otherwise dispose of any Property to any Affiliate of the Company or any of the Company’s Subsidiaries; (iii) merge into or consolidate with or purchase or acquire assets from any Affiliate of the Company or any of the
Company’s Subsidiaries; (iv) repay any Indebtedness to any Affiliate of the Company or any of the Company’s Subsidiaries; (v) pay any royalties to any Affiliate of the Company or any of the Company’s Subsidiaries;
(vi) pay any management fees to any Affiliate of the Company or any of the Company’s Subsidiaries; or (vii) enter into any other transaction directly or indirectly with or for the benefit of any Affiliate of the 
  

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 Company or any of the Company’s Subsidiaries (including, without limitation, guaranties and
assumptions of obligations of any such Affiliate); except in each case for transactions either (A) on a basis no less favorable to the Company or such Subsidiary as would be obtained in a comparable arm’s length transaction with a Person
not an Affiliate as determined in good faith by a committee of the Board of Directors of the Company composed solely of directors who are “independent” for purposes of the rules of the National Association of Securities Dealers, Inc. (an
“Independent Committee”), or (B) in the case of compensation payable to any officer or director of the Company or such Subsidiary, in an amount approved by an Independent Committee of the Board of Directors of the Company.
“Affiliate” of any specified Person means any other Person (i) which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person, (ii) which
beneficially owns or holds 5% or more of any class of the Equity Interests entitled to vote in the election of members of the board of directors or other control body of such specified Person or (iii) of which 5% or more of the Equity Interests
entitled to vote in the election of members of the board of directors or other control body or other equity interest is beneficially owned or held by such specified Person or a Subsidiary of such specified Person. For the purposes of this
definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person directly or indirectly, whether through the ownership of Equity Interests, by contract or otherwise;
and the terms “controlling” and “controlled” have meanings correlative to the foregoing. Notwithstanding anything to the contrary contained in this Section 8.40, this Section 8.40 shall not restrict or prohibit
transactions between the Company and any Restricted Subsidiary or between any Restricted Subsidiary and any other Restricted Subsidiary that are otherwise permitted under other provisions of this Agreement. 
 34. New Subsections (m), (n) and (o) are hereby added to the end of Section 9, “INFORMATION AS TO COMPANY AND
SUBSIDIARIES,” of the Credit Agreement to recite as set forth below, and, in addition, a semi-colon is hereby added to the end of Subsection (l) of such Section 9 in place of the period at the end of such subsection: 

(m) within 45 days after the end of each month a report, in form satisfactory to the Administrative Agent, providing the profit margin for homes closed
that month of each (i) community or development in which the Company or any Subsidiary thereof is currently operating and (ii) home series of the Company or any Subsidiary thereof; and 
 (n) within 15 Business Days after the end of each month, a calculation of the Borrowing Base as of the end of such period, subject to final adjustment and
certification under subparagraph (b) above; and 
 (o) within 45 days after the end of each month a report, in form satisfactory to the
Administrative Agent, providing open hedging positions, including notional amount, maturity, and such other information as the Administrative Agent shall reasonably request. 
  

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 35. Section 10.1, “Nature of Events,” of the Credit Agreement is hereby amended to
recite in its entirety as follows: 
 10.1. Nature of Events. An “Event of Default” shall exist if any of the following
occurs: 
 (a) the Company fails to make any payment of principal or interest (including, without limitation, any payment or
reduction required under Section 3.15 above) or fails to reimburse the Administrative Agent or any Lender pursuant to this Agreement or a holder of any Note, reimbursement agreement, or guaranty agreement executed in connection with this
Agreement on or before five (5) days after the date any such payment or reimbursement is due; 
 (b) the Company fails to
perform or observe any covenant contained in Sections 8.2(d), 8.3, 8.4 (involving a Lien or Liens in excess of the aggregate sum of $1,000,000), 8.5 (involving Indebtedness in excess of the aggregate sum of $1,000,000), 8.6 (involving Contingent
Obligations in excess of the aggregate sum of $1,000,000), 8.8, 8.9, 8.12, 8.15, 8.17, 8.24, 8.25, 8.27, 8.29, 8.38 or 8.39 of this Agreement; 
 (c) the Company fails to perform or observe any covenant contained in Sections 8.4 (involving Liens in the aggregate sum of $1,000,000 or less), 8.5 (involving Indebtedness in the aggregate sum of $1,000,000 or less),
8.6 (involving Contingent Obligations in the aggregate sum of $1,000,000 or less), 8.13, 8.14, 8.16, 8.22, 8.28, 8.31, 8.34, 8.35, 8.37 or 8.40, and any such failure continues for a period of ten (10) days; 
 (d) a default or event of default shall occur under any other Loan Document, beyond any applicable notice or cure periods contained
therein; 
 (e) the Company or any Subsidiary shall breach any other covenant, condition or provision of this Agreement, any
Note, any Security Document or any other Loan Document not otherwise addressed in this Section 10.1, and such breach shall not be remedied to Administrative Agent’s satisfaction for a period of thirty (30) days after the earlier of
(i) written notice from the Administrative Agent of such failure or breach or (ii) such failure or breach shall first become known to any Financial Officer of the Company; 
 (f) any warranty, representation or other statement by or on behalf of the Company contained in this Agreement or by a Subsidiary in any
Loan Document or in any instrument furnished by an officer thereof in compliance with or in reference to this Agreement is false or misleading in any material respect on the date made (or deemed made); 
 (g) the Company or any Material Subsidiary makes an assignment for the benefit of creditors, or consents to the appointment of a trustee,
receiver or liquidator; 
 (h) bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings are instituted
by the Company or any Material Subsidiary; 
  

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 (i) bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings are
instituted against the Company or any of the Subsidiaries, and remain undismissed for a period of 90 days; 
 (j) a final
judgment or judgments for the payment of money aggregating in excess of $1,000,000 in excess of applicable insurance coverage (as verified by the Administrative Agent) is or are outstanding against the Company or any of the Subsidiaries, and such
judgment or judgments have been outstanding for more than 21 days from the date of entry and have not been discharged, stayed or bonded in the full amount of such judgment or judgments; 
 (k) the Company’s audited financial statements referred to in Section 9(i) above, or any discussion draft thereof, reflects that
the Company’s financial statement is a “qualified” statement and such circumstance has existed for more than 48 hours; 
 (l) the Company or any Subsidiary fails to perform or observe any covenant not specified in Section 10.1 (a) through (k) above in favor of the Administrative Agent or any of the Lenders pursuant to any
Loan Document or any agreement, instrument, or document executed in connection with this Agreement, including, without limitation, guaranty agreements, any interest rate contracts or agreements relating to interest rate limitations or interest rate
“swaps,” and such failure continues for more than 30 days after such failure shall first become known to any Financial Officer of the Company; 
 (m) any Change of Control shall occur; 
 (n) the Administrative Agent and the Required
Lenders shall determine that a Material Adverse Effect has occurred; 
 (o) the loss, theft or substantial damage to the
Collateral (to the extent such loss is not covered by insurance) if the result of such event will be, in the Administrative Agent’s or the Required Lenders’ reasonable judgment, the failure or inability of the Company or any of its
Subsidiaries to continue business operations in the normal course of its business within thirty (30) days of the date of such event; 
 (p) at any time for any reason (i) any Security Document or any other Loan Document ceases to be in full force and effect or the Company or any of its Subsidiaries party thereto seeks to repudiate its obligations
thereunder or any Liens intended to be created thereby, or the Company or any such Subsidiary seeks to render such Liens invalid or unperfected or (ii) Liens in favor of the Administrative Agent, the Agents, Huntington, as issuing bank or any
Lender contemplated by any Security Document or other Loan Document shall, at any time, for any reason, be invalidated or otherwise cease to be in full force and effect, or such Liens shall be amended, hypothecated, subordinated, terminated or
discharged, or if any person is released from any of its covenants or obligations under any Security Document or other Loan Document or shall not have the priority contemplated hereby, by the Security Documents or by the other Loan Documents; or

  

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 (q) the Company or any Subsidiary shall fail to make any payment when due (whether by
scheduled maturity, required prepayment, acceleration, demand or otherwise) with respect to any Indebtedness (other than an Obligation) in excess of the principal amount of $1,000,000, or any breach, default or event of default shall occur, or any
other condition shall exist under any instrument, agreement or indenture pertaining to any such Indebtedness, if the effect thereof is to cause an acceleration, mandatory redemption or other required repurchase of such Indebtedness, or permit any
holder of such Indebtedness to accelerate the maturity of such Indebtedness or require the redemption or other repurchase of such Indebtedness; or any such Indebtedness shall be otherwise declared to be due and payable (by acceleration or otherwise)
or required to be prepaid, redeemed or otherwise repurchased by the Company or any such Subsidiary (other than by a regularly scheduled payment) prior to the stated maturity thereof. 
 36. Subsection (a) of Section 10.2, “Acceleration and Termination”; “Default Remedies,” of the Credit
Agreement is hereby amended to recite in its entirety as follows: 
 (a) Acceleration and Termination. Upon the
occurrence of any Event of Default described in Sections 10.1(g), (h), or (i), the Revolving Credit Commitments shall automatically and immediately terminate and the unpaid principal amount of, and any and all accrued interest on, the Revolving
Credit Obligations and Protective Advances and all accrued fees shall automatically become immediately due and payable, without presentment, demand, or protest or other requirements of any kind, all of which are hereby expressly waived by the
Company; and upon the occurrence of any other Event of Default, the Administrative Agent shall at the request, or may with the consent, of the Required Lenders, by written notice to the Company (i) declare that all or any portion of the
Revolving Credit Commitments are terminated, in which case the Revolving Credit Commitments and the obligations of each Lender to make any Revolving Loan hereunder and of each Lender or Huntington to issue or participate in any Letter of Credit not
then issued shall immediately terminate, (ii) declare the unpaid principal amount of, and any and all accrued and unpaid interest, on the Revolving Credit Obligations to be immediately due and payable, without presentment, demand or protest or
any requirements of any kind, all of which are hereby expressly waived by the Company, and (iii) commence any enforcement action against the Collateral pursuant to any Security Document, any other Loan Document or pursuant to applicable law,
including, without limitation, causing all or any part of the Collateral to be transferred or registered in its name or in the name of any other person, firm or corporation, with or without designation of the capacity of such nominee, all without
presentment, demand, protest, or notice of any kind (except as required by applicable law), each of which is hereby expressly waived. 
  

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 37. Sections 11.12, “Ratable Payments,” and 11.13, “Application of
Payment,” of the Credit Agreement are hereby amended to state in their entireties as follows: 
 11.12. Ratable Payments.
Subject to the provisions of Section 11.13 below, and except as otherwise provided herein, all payments and any other amounts received by the Administrative Agent from or for the benefit of the Company shall be applied first, to pay
principal of and interest on any portion of the Loans which the Administrative Agent may have advanced pursuant to the express provisions of this Agreement on behalf of any Lender, for which the Administrative Agent has not then been reimbursed by
such Lender or the Company, and second, to pay all other Obligations then due and payable. Payments in respect of Swing Loans received by the Administrative Agent shall be distributed to the Swing Line Bank, payments in respect of Revolving
Loans received by the Administrative Agent shall be distributed to each Lender in accordance with such Lender’s Pro Rata Share, and all payments of fees and all other payments in respect of any other Obligation shall be allocated among such of
the Lenders and Huntington as issuing bank as are entitled thereto, and, if to the Lenders, in proportion to their respective Pro Rata Shares. If any Lender, whether by setoff or otherwise, has payment made to it upon its Revolving Loans (other than
payments received pursuant to Sections 3.6, 3.9 or 3.14) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Revolving Loans held by the other Lenders so that after
such purchase each Lender will hold its Pro Rata Share of Revolving Loans. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Revolving Credit
Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral in respect of their Pro Rata Shares. In case any such
payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 
 11.13. Application of Payments.
After the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and upon the acceleration of the Revolving Credit Obligations or at the written direction of the Required Lenders, which direction shall be
consistent with the last sentence of this Section 11.13, shall, apply all payments and prepayments in respect of any obligations and all funds on deposit in the following order: 
 (a) first, to repay any Protective Advances, then to pay interest on and then principal of any portion of the Loans which the
Administrative Agent may have advanced on behalf of any Lender for which the Administrative Agent has not then been reimbursed by such Lender or the Company; 
 (b) second, to pay Obligations in respect of any fees, expenses, reimbursements or indemnities then due to the Administrative Agent;

 (c) third, to pay Obligations in respect of any fees, expenses, reimbursements or indemnities then due to the Lenders and
any issuing bank; 
 (d) fourth, to pay interest due in respect of Swing Line Loans and Reimbursement Obligations; 

 

 - 22 - 

 (e) fifth, to pay interest due in respect of Loans (other than Swing Line Loans and
Reimbursement Obligations); 
 (f) sixth, to the ratable payment or prepayment of principal outstanding on Swing Line Loans
and Reimbursement Obligations; 
 (g) seventh, to the ratable payment or prepayment of principal outstanding on Loans (other
than Swing Line Loans and Reimbursement Obligations) and to provide Cash Collateral for undrawn Letters of Credit; 
 (h)
eighth, to the ratable payment of Hedging Obligations of the Lenders in respect of the Loans and Cash Management Obligations; and 
 (i) ninth, to the ratable payment of all other Secured Obligations and Related Obligations owing to the Lenders from the Company or any Subsidiary thereof. 
 Unless otherwise designated (which designation shall only be applicable prior to the occurrence of an Event of Default) by the Company,
all principal payments in respect of Loans (other than Swing Line Loans) shall be applied first to repay outstanding Base Rate Advances. The order of priority set forth in this Section 11.13 and the related provisions of this Agreement are set
forth solely to determine the rights and priorities of the Administrative Agent, the Lenders, Huntington as issuing bank and the Swing Line Bank as among themselves. The order of priority set forth in clauses (c) through (i) of this
Section 11.13 may at any time and from time to time be changed by the Required Lenders without necessity of notice to or consent of or approval by the Company, or any other Person; provided that (i) the order of priority of payments
in respect of Swing Line Loans may be changed only with the prior written consent of the Swing Line Bank, and (ii) the order of priority set forth in clauses (a) through (c) of this Section 11.13 may be changed only with the
prior written consent of the Administrative Agent. 
 38. A new Section 11.14, “Relations Among Lenders,” is hereby
added to the Credit Agreement and shall recite in its entirety as follows: 
 11.14. Relations Among Lenders. Each of Lender and
Huntington as issuing bank agrees that it shall not take any legal action, nor institute any actions or proceedings (other than offset or setoff), against the Company or any Subsidiary or with respect to any Collateral without the prior written
consent of the Administrative Agent and the Required Lenders. Without limiting the generality of the foregoing, no Lender may accelerate or otherwise enforce its portion of the Obligations, or terminate its Revolving Credit Commitment, except in
accordance with Section 10.2(a) or a setoff permitted under Section 10.2 (d). 
  

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 39. A new Section 11.15, “Concerning the Collateral and the Loan Documents,” is
hereby added to the Credit Agreement and shall recite in its entirety as follows: 
 11.15. Concerning the Collateral and the Loan
Documents. 
 (a) Protective Advances. The Administrative Agent may from time to time, after the occurrence and
during the continuance of an Event of Default, make Protective Advances in an amount not in excess of $5,000,000 but in no event, when added to the outstanding Revolving Credit Obligations at such time, shall any such amounts exceed the aggregate
Revolving Credit Commitments. The Administrative Agent shall notify the Company and each Lender in writing of each such Protective Advance, which notice shall include a description of the purpose of such Protective Advance. The Company agrees to pay
the Administrative Agent, upon demand, the principal amount of all outstanding Protective Advances, together with interest thereon at the Base Rate plus the Applicable Base Rate Margin, from the date of such Protective Advance until the outstanding
principal balance thereof is paid in full. If the Company fails to make payment in respect of any Protective Advance within one (1) Business Day after the date the Company receives written demand therefor from the Administrative Agent, the
Administrative Agent shall promptly notify each Lender, and each Lender agrees that it shall thereupon make available to the Administrative Agent, in immediately available funds, the amount equal to such Lender’s Pro Rata Share of such
Protective Advance. If such funds are not made available to the Administrative Agent by such Lender within one (1) Business Day after the Administrative Agent’s demand therefor, the Administrative Agent shall be entitled to recover any
such amount from such Lender together with interest thereon at the Federal Funds Rate for each day during the period commencing on the date of such demand and ending on the date such amount is received. The failure of any Lender to make available to
the Administrative Agent its Pro Rata Share of any such Protective Advance shall neither relieve any other Lender of its obligation hereunder to make available to the Administrative Agent such other Lender’s Pro Rata Share of such Protective
Advance on the date such payment is to be made nor increase the obligation of any other Lender to make such payment to the Administrative Agent. All outstanding principal of, and interest on, Protective Advances shall constitute Obligations secured
by the Collateral until paid in full by the Company. 
 (b) Authority. Each of the Lenders and Huntington as issuing
bank authorizes and directs the Administrative Agent to enter into the Loan Documents relating to the Collateral for the benefit of the Lenders and such issuing bank. Each of the Lenders and Huntington as issuing bank agrees that any action taken by
the Administrative Agent or the Required Lenders (or, where required by the express terms hereof, a different proportion of the Lenders) in accordance with the provisions hereof or of the other Loan Documents, and the exercise by the Administrative
Agent or the Required Lenders (or, where so required, such different proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders
and Huntington as issuing bank. Without limiting the generality of the foregoing, the Administrative Agent shall have the sole and exclusive right and authority to (i) act as the disbursing and collecting agent for the Lenders and the
Huntington as issuing bank with respect to all payments and collections arising in connection herewith and with the Loan Documents relating to the Collateral; (ii) execute and deliver each Loan Document relating to the 
  

 - 24 - 

 Collateral and accept delivery of each such agreement delivered by the Company or any of its
Subsidiaries; (iii) act as collateral agent for the Lenders and the Huntington as issuing bank for purposes of the perfection of all security interests and Liens created by such agreements and all other purposes stated therein, provided,
however, the Administrative Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for the Administrative Agent, the Agents, the Lenders and Huntington as issuing bank for purposes of the perfection of all
security interests and Liens with respect to the Company’s and its Subsidiaries’ respective deposit accounts maintained with, and cash and cash equivalents held by, such Lender; (iv) manage, supervise and otherwise deal with the
Collateral; (v) take such action as is necessary or desirable to maintain the perfection and priority of the security interests and liens created or purported to be created by any Loan Document; and (vi) except as may be otherwise
specifically restricted by the terms hereof or of any other Loan Document, exercise all remedies given to the Administrative Agent, the Agents, the Lenders or Huntington as issuing bank with respect to the Collateral under the Loan Documents
relating thereto, under applicable law or otherwise. 
 (c) Release of Collateral. Each of the Agents, the Lenders,
Huntington as issuing bank and any holder of any Note hereby directs the Administrative Agent to release any Lien held by the Administrative Agent: 
  

	 	(i)	against all of the Collateral, upon final payment in full of the Obligations and termination hereof; 

  

	 	(ii)	against any part of the Collateral sold or disposed of by the Company or any of its Subsidiaries, if such sale or disposition is permitted by Section 8.3 (or permitted
pursuant to a waiver or consent to a transaction otherwise prohibited by such Section) or, if not pursuant to such sale or disposition, against any other part of the Collateral if such release is consented to by the Required Lenders; and

  

	 	(iii)	against any Real Property Parcel listed on Schedule 8.3 at the request of the Company at any time on or after the effective date of Amendment No. 4.

 In addition, each of the Lenders and Huntington as issuing bank hereby directs the Administrative Agent to
execute and deliver or file any such termination and partial release statement and release of mortgage and to do such any such other act as is necessary to release Liens to be released pursuant to this Section 11.15(c) promptly upon the
effectiveness of any such release. 
 (d) No Duty to Act. The Administrative Agent shall not be required to execute any
such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and
(ii) such release shall not in any manner discharge, affect 
  

 - 25 - 

 or impair the Obligations or any Liens upon (or obligations of the Company or any of its Subsidiaries in
respect of) all interests retained by the Company or any of its Subsidiaries, including (without limitation) the proceeds of any sale, all of which shall continue to constitute part of the Collateral. 
 (e) No Obligation. The Administrative Agent shall not have any obligation whatsoever to any Lender or to any other Person to assure
that the Collateral exists or is owned by the Company or any of its Subsidiaries or is cared for, protected or insured or has been encumbered or that the Liens granted to the Administrative Agent herein or pursuant to the Loan Documents have been
properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue
exercising, any of the rights, authorities and powers granted or available to the Administrative Agent in this Section 11.15 or in any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act,
omission or event related thereto, the Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, given the Administrative Agent’s own interests in the Collateral as one of the Lenders, and that the
Administrative Agent shall not have any duty or liability whatsoever to any Lender. 
 (f) Collateral Matters Relating to
Related Obligations. The benefit of the Loan Documents and the provisions of this Agreement relating to the Collateral shall extend to and be available to any Lender in respect of any Secured Obligation (“Related Obligation”) which
arises under any Hedging Obligation in respect of the Revolving Loans, any Cash Management Obligation, any non-facility letter of credit or which is otherwise owed to a Lender in a capacity other than as a Lender under this Agreement, solely on the
condition and understanding, as among the Administrative Agent and all holders of any Related Obligation, that (i) the Related Obligations shall be entitled to the benefit of the Collateral to the extent expressly set forth in this Agreement
and the Loan Documents, and to such extent the Administrative Agent shall hold, and have the right and power to act with respect to, the Collateral on behalf of and as agent for any holder of a Related Obligation; but the Administrative Agent is
otherwise acting solely as agent for the Lenders and Huntington as issuing bank and shall have no fiduciary duty, duty of loyalty, duty of care, duty of disclosure or other obligations whatsoever to any holder of a Related Obligation; and
(ii) all matters, acts and omissions relating in any manner to the Collateral, or the omission, creation, perfection, priority, abandonment or release of any Lien, shall be governed solely by the provisions of this Agreement and the Loan
Documents, and no separate Lien, right, power or remedy shall arise or exist in favor of any holder of a Related Obligation under any separate instrument or agreement or in respect of any such Related Obligation; and (iii) each holder of a
Related Obligation shall be bound by all actions taken or omitted, in accordance with the provisions of this Agreement and the Loan Documents, by the Administrative Agent or the Required Lenders, each of whom shall be entitled to act at its sole
discretion and exclusively in its own interest given its own Revolving Credit Commitment and its own interest in the Loans, Letter of Credit Obligations and other Obligations to it arising under this Agreement or the 
  

 - 26 - 

 other Loan Documents, without any duty or liability to any holder or as to any Related Obligation and
without regard to whether any Related Obligation remains outstanding or is deprived of the benefit of the Collateral or becomes unsecured or is otherwise affected or put in jeopardy thereby; and (iv) no holder of any Related Obligation (except
the Administrative Agent, the Agents and the Lenders, to the extent set forth in this Agreement) shall have any right to be notified of, or to direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or
under this Agreement or the Loan Documents; and (v) no holder of any Related Obligation shall exercise any right of setoff, banker’s lien or similar right except as expressly provided in Section 10.2 (d). 
 40. Clause (d) of Section 13.4, “Amendments,” of the Credit Agreement is hereby amended to state: 
 (d) increase the percentages applicable to any component of the Borrowing Base; or 
 41. A new Section 13.12, “Marshaling; Payments Set Aside,” is hereby added to the Credit Agreement and shall recite in its entirety
as follows: 
 13.12. Marshaling; Payments Set Aside. None of the Administrative Agent, any Agent, any Lender or Huntington as issuing
bank shall be under any obligation to marshal any property in favor of the Company, any Subsidiary thereof, any party to this Agreement or any other party or against or in payment of any or all of the Obligations or the Secured Obligations. To the
extent that the Company or any Subsidiary thereof makes a payment or payments to the Administrative Agent, the Agents, the Lenders or Huntington as issuing bank, or any such Person receives payment from the proceeds of the Collateral or exercises
its rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver
or any other party, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, right and remedies therefor, shall be revived and continued in full force and effect as if such payment had
not been made or such enforcement or setoff had not occurred. 
 42. The definitions of “Applicable Base Rate Margin,”
“Applicable Eurodollar Margin,” “Applicable Unused Commitment Fee Rate,” “Interest Coverage Ratio,” “Loan Documents,” “Maximum New Market Investment Amount,” “Potential Default,” “Real
Property Parcel,” and “Revolving Credit Commitments,” each as set forth Section 14.3, “Defined Terms,” of the Credit Agreement are hereby amended to recite, respectively, as follows: 
 “Applicable Base Rate Margin” means the applicable rate per annum set forth below based on the Interest Coverage Ratio of the Company and its
consolidated Subsidiaries as of the end of any applicable period of determination: 
  

				
	 Interest Coverage Ratio
	  	 Applicable Base Rate
 Margin
	 
	 greater than 1.25 to 1.00
	  	0	%
	 less than or equal to 1.25 to 1.00
	  	0.25	%

  

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 provided that the Interest Coverage Ratio used to compute the Applicable Base Rate Margin for the
quarterly period beginning April 1, 2006, shall be the Interest Coverage Ratio set forth in the compliance certificate delivered by the Company to the Administrative Agent on or about February 14, 2006, and changes in the Applicable Base
Rate Margin resulting from a change in the Interest Coverage Ratio shall become effective as to all Base Rate Advances upon the first day of the calendar quarter following delivery by the Company to the Administrative Agent of a new quarterly
compliance certificate pursuant to Section 9(c) and notice by the Company to the Administrative Agent that a rate change is required. If the Company shall fail to deliver a certificate in respect of the Interest Coverage Ratio within forty-five
(45) days after the end of any fiscal quarter, the Applicable Base Rate Margin from and including the first day of the following quarter to the date the Company delivers to the Administrative Agent such certificate shall conclusively equal the
highest Applicable Base Rate Margin set forth herein. 
 “Applicable Eurodollar Margin” means the applicable rate per annum set
forth below based on the Interest Coverage Ratio of the Company and its consolidated Subsidiaries as of the end of any applicable period of determination: 
  

				
	 Interest Coverage Ratio
	  	Applicable Eurodollar
Margin	 
	 greater than 3.75 to 1.00
	  	1.75	%
	 greater than or equal to 3.25 to 1.00, but less than or equal to 3.75 to 1.00
	  	2.00	%
	 greater than 2.75 to 1.00, but less than 3.25 to 1.00
	  	2.25	%
	 greater than 2.25 to 1.00, but less than or equal to 2.75 to 1.00
	  	2.50	%
	 greater than 1.75 to 1.00, but less than or equal to 2.25 to 1.00
	  	2.75	%
	 greater than 1.25 to 1.00, but less than or equal to 1.75
	  	3.00	%
	 less than or equal to 1.25 to 1.00
	  	3.25	%

 “Applicable Unused Commitment Fee Rate” means the applicable rate per annum set forth
below based on the Interest Coverage Ratio of the Company and its consolidated Subsidiaries as of the end of the most recently ended quarter: 
  

				
	 Interest Coverage Ratio
	  	Applicable Unused
Commitment Fee Rate	 
	 greater than 2.75 to 1.00
	  	0.25	%
	 greater than 1.75 to 1.00, but less than or equal to 2.75 to 1.00
	  	0.375	%
	 less than or equal to 1.75 to 1.00
	  	0.50	%

  

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 “Interest Coverage Ratio” means, with respect to any period, the ratio of (a) EBITDA for
such period to (b) Interest Expense for such period; provided, however, solely for the purpose of calculating Interest Expense in respect of both the numerator and the denominator of the Interest Coverage Ratio, Interest Expense will not
include any deferred financing fees on account of the Revolving Loans. 
 “Loan Document” and “Loan Documents” means this
Agreement, any Security Document, the Notes, the Subsidiary Guaranty, the Fee Letter, each Letter of Credit Application, reimbursement agreement in respect of any Letter of Credit, agreement in respect of Hedging Obligations in respect of the
Revolving Loans, or any Cash Management Document to which the Company or any Subsidiary thereof and the Administrative Agent, Huntington, any Lender or any affiliate of any of them is a party, and each certificate, agreement or document executed by
the Company or any Subsidiary thereof and delivered to the Administrative Agent or any Lender in connection with or pursuant to any of the foregoing. 
 “Maximum New Market Investment Amount” means, with respect to the Company and its Subsidiaries, the aggregate amount of (a) each Purchase Price for an Acquisition of a Person or the assets of a Person
whose principal business or the principal location of its assets is not in a Dominion Market, (b) the aggregate amount of Investments in Restricted Subsidiaries and in Investments in Joint Ventures, whose principal operations or the principal
location of its assets or property is not in a Dominion Market, and (c) the aggregate cost of all Uncommitted Land Holdings, Speculative Homes, Model Homes and all other real or personal property not located in a Dominion Market; which in the
aggregate for clauses (a), (b) and (c) above shall not exceed $0.00, whether such investment or investments are made prior to, on or after the date of this Agreement. 
 “Potential Default” means an event which, with the giving of notice, the lapse of time, or any one or more of the foregoing, would constitute an
Event of Default under this Agreement. 
 “Real Property Parcel” means, in respect of any Person, any Land of such Person, together
with the right, title and interest of such Person, if any, in and to the streets, the Land lying in the bed of any streets, roads or avenues, opened or proposed, in front of such Land, the air space and development rights pertaining to the Land and
the right to use such air space and development rights, all rights of way, privileges, liberties, tenements, hereditaments and appurtenances belonging or in any way appertaining thereto, all fixtures, all easements now or hereafter benefiting the
Land and all royalties and rights appertaining to the use and enjoyment of the Land, including all alley, vault, drainage, mineral, water, oil and gas rights, and all of the buildings and other improvements now or hereafter erected on the Land and
any fixtures appurtenant thereto. 
  

 - 29 - 

 “Revolving Credit Commitments” means the aggregate amount of each Revolving Credit Commitment
of all the Lenders, provided that the maximum aggregate principal amount of Revolving Loans, Swing Line Loans and Protective Advances and the stated amount of the Letter of Credit Obligations shall not exceed (i) $240,000,000, for the period
beginning on the date of Amendment No. 4, and continuing through and including September 29, 2006, (ii) $225,000,000 for the period beginning September 30, 2006, and continuing through and including December 30, 2006, and
(iii) $200,000,000 for the period beginning December 31, 2006, and continuing at all times thereafter, each of the amounts set forth in clauses (i), (ii) and (iii), as reduced from time to time pursuant to the terms hereof; and
provided further that each reduction in the Revolving Credit Commitments shall ratably reduce each Lender’s Revolving Credit Commitment. 
 43. The following defined terms are hereby added to Section 14.3, “Defined Terms,” of the Credit Agreement in their correct alphabetical order and shall recite as follows: 
 “Administrative Agent Concentration Account” means account number 0189-2397124 of the Company at Huntington, into which all funds from the
Deposit Accounts at Deposit Account Banks may be transferred on a daily basis in accordance with Section 8.30, and which shall be under the sole dominion and control of the Administrative Agent; provided that all amounts deposited
therein shall be held by the Administrative Agent as Cash Collateral for the benefit of the Administrative Agent, the other Agents, the Lenders, Huntington as issuing bank and the other holders of the Notes and shall be subject to the terms of this
Agreement. 
 “Affiliate” has the meaning specified in Section 8.40. 
 “Amendment No. 4” means Amendment No. 4 to Second Amended and Restated Credit Agreement dated March __, 2006. 
 “Cash Collateral” means cash or cash equivalents held by the Administrative Agent, any other Agent, Huntington as issuing bank or any of the
Lenders as security for the Secured Obligations. 
 “Cash Management Document” shall mean any certificate, agreement or other
document executed by the Company or any Subsidiary thereof in respect of the Cash Management Obligations of the Company or any Subsidiary thereof. 
 “Cash Management Obligation” shall mean, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person in respect of cash management services (including treasury, depository, overdraft, credit
or debit card, electronic funds transfer and other cash management arrangements) provided by the Administrative Agent, any Lender or any affiliate of any of them, including obligations for the payment of fees, interest, charges, expenses,
attorneys’ fees and disbursements in connection therewith. 
 “Collateral” means all property and interests in property and
proceeds thereof now 
  

 - 30 - 

 owned or hereafter acquired by the Company or any Subsidiary of the Company in or upon which a Lien is
granted under any of the Security Documents (and shall exclude the Excluded Property). 
 “Decision Reserve” has the meaning
specified in Section 8.32. 
 “Deposit Account Banks” has the meaning specified in the Security Agreement. 
 “Deposit Account Control Agreement” has the meaning specified in the Security Agreement. 
 “Deposit Account” has the meaning specified in the Security Agreement. 
 “Equity Interests” means membership interests in a limited liability company, shares of common stock, partnership interests, beneficial
interests in a trust or other equity ownership interests in a Person, and any warrants, options, or other rights entitling the holder thereof to purchase or acquire any such equity interest. 
 “Excluded Property” means in respect of any Borrower or Restricted Subsidiary (a) Equipment that is, and continues to be, subject to a Lien
permitted under Section 8.4 hereof, if the contract or other agreement pursuant to which such Lien is granted contains an enforceable prohibition on the creation of any Lien on such Equipment in favor of the Administrative Agent; (b) any
Equity Interest representing an Investment permitted under Section 8.11 hereof, if the organizational or operating documents pursuant to which such Equity Interest is issued or governed contain an enforceable prohibition on the creation of any
Lien on such Equity Interest in favor of the Administrative Agent; in each case, only to the extent, and for so long as, such prohibition is not removed, terminated or rendered unenforceable or otherwise deemed ineffective by applicable law,
(c) any lease of any Real Property Parcel constituting a Model Home and any other Real Property Parcel with a lease term (including renewals) of less than three (3) years, and (d) each item of personal property or Real Property Parcel
listed on Schedule 5 hereto; provided, however, that in no case shall “Excluded Property” include (i) the right to receive any payment of money (including, without limitation, general intangibles for money due or to become
due); and (ii) any proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions or replacements of any of the foregoing. 
 “Fee Letter” shall mean the letter, dated March 16, 2006, addressed to the Company from the Administrative Agent and accepted by the Company on March 20, 2006, with respect to certain fees to be
paid from time to time to the Administrative Agent and the Lenders. 
 “Guarantors” shall mean all current and future Subsidiaries
of the Company that are or become party to the Subsidiary Guaranty, and “Guarantor” shall mean any one of them. 
 “Land”
shall mean, in respect of any Person, all of those plots, pieces or parcels of 
  

 - 31 - 

 land now owned, leased or hereafter acquired or leased or purported to be owned, leased or hereafter
acquired or leased (including, in respect of the Company or any Subsidiary thereof, as reflected in the most recent financial statements) by such Person. 
 “Lien” means any interest in an asset securing an obligation owed to, or a claim by, any Person other than the owner of the asset, whether such interest shall be based on the common law, statute, or
contract, whether such interest shall be recorded or perfected, and whether such interest shall be contingent upon the occurrence of some future event or events or the existence of some future circumstance or circumstances, including the lien or
security interest arising from a mortgage, deed of trust, encumbrance, pledge, hypothecation, hypothec, floating or fixed charge, assignment, collateral assignment, deposit arrangement, security agreement, conditional sale or trust receipt, or from
a lease, consignment, or bailment for security purposes and also including reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting real
property. 
 “Mortgages” means, collectively, each open-end mortgage, assignment of rents, security agreement and fixture filing (or
deed of trust) from the Company or any Subsidiary thereof in favor of the Administrative Agent for the benefit of the Administrative Agent, the Agents, Huntington as issuing bank, the Lenders and the other holders of any Note. 
 “Obligations” shall mean the Loans, Revolving Credit Obligations, Letter of Credit Obligations, Protective Advances and all other amounts,
obligations, covenants and duties owing by the Company or any Subsidiary thereof to the Administrative Agent, any Lender, Huntington as issuing bank, any affiliate of any of them or any indemnitee, of every type and description (whether by reason of
an extension of credit, opening or amendment of a letter of credit or payment of any draft drawn thereunder, loan, guaranty, indemnification, contract or otherwise), present or future, arising under this Agreement, any other Security Document,
whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising and however acquired and whether or not evidenced by any note, guaranty or other instrument or for the payment of money, and includes all
letter of credit, cash management and other fees, interest (including without limitation, interest accruing following the filing of a bankruptcy petition by or against the Company or any Subsidiary at the applicable rate specified in this Agreement,
whether or not interest is allowed as a claim in bankruptcy), charges, expenses, fees, attorneys’ fees and disbursements and other sums chargeable to the Company under this Agreement, any other Security Document, and all obligations of the
Company to cash collateralize Letter of Credit Obligations. 
 “Protective Advances” shall mean all expenses, disbursements and
advances incurred by the Administrative Agent pursuant to any Security Document after the occurrence and during the continuance of an Event of Default which the Administrative Agent, in its sole discretion, deems necessary or desirable to preserve
or protect the Collateral or any portion thereof or to enhance the likelihood or maximize the amount of repayment of the Obligations. 
  

 - 32 - 

 “Related Obligations” has the meaning specified in Section 11.15. 
 “Secured Obligations” means (a) any and all indebtedness, obligations, and liabilities now existing or hereafter arising of the Company or
any Subsidiary thereof to the Administrative Agent, Huntington as issuing bank, any Lender in its capacity as a Lender under this Agreement or in any other capacity or any affiliate of such a Lender arising under or in connection with or evidenced
by (i) this Agreement or any other Loan Document, including, without limitation, all Obligations, or (ii) any other agreement relating to (A) all obligations of any such Person to reimburse the Administrative Agent or any such Lender
in respect of non-facility letters of credit, (B) all obligations of any such Person to the Administrative Agent or any such Lender under any agreement in respect of any Hedging Obligation in connection with the Loans or any Cash Management
Obligation, (C) all obligations of any such Person to the Administrative Agent or any such Lender in respect of any electronic transfers, treasury management, cash management services and deposit and disbursement account liability, and
(D) all obligations of any such Person to the Administrative Agent or any such Lender arising under any guaranty issued by such Person (and in each instance above whether arising before or after the filing of a petition in bankruptcy and
including all interest accrued after any such petition date), due or to become due, direct or indirect, absolute or contingent, and howsoever evidenced, held or acquired, and (b) any and all expenses and charges, legal or otherwise, suffered or
incurred by the Administrative Agent or any such Lender in collecting or enforcing any such indebtedness, obligation, and liability or in realizing on or protecting or preserving any security therefor, including, without limitation, the Lien and
security interest granted by the Security Documents. 
 “Security Agreement” shall mean the Security Agreement among the Company,
each Guarantor and the Administrative Agent in substantially the form attached hereto as Exhibit G, as amended, modified or supplemented from time to time. 
 “Security Documents” shall mean the Security Agreement, the Subsidiary Guaranty, the Mortgages, the Deposit Account Control Agreements, pledge agreements, collateral assignments, assignments of leases and
rents and any other collateral document executed and delivered by the Company or any Subsidiary thereof granting a Lien on any of its property to secure payment of the Secured Obligations. 
 “Subsidiary Guaranty” shall mean the Amended and Restated Subsidiary Guaranty dated as of the date of Amendment No. 4 from each of the
Guarantors in favor of the Administrative Agent, each Lender, Huntington as issuing bank and each other holder of any Note in substantially the form attached hereto as Exhibit F, as the same may be amended, modified or supplemented from time
to time. 
 “UCC” means the Ohio Uniform Commercial Code, as in effect from time to time; provided, however, in the
event that, by reason of mandatory provisions of law, 
  

 - 33 - 

 any of the attachment, perfection or priority of the Administrative Agent’s security interest in any
Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Ohio, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions
hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions. 
 44. Schedule I,
“Commitments, Address of Lenders,” Schedule 1.3, “Existing Letters of Credit,” Schedule 7.4, “Corporate Information,” Schedule 7.10, “Schedule of Permitted Liens,” Schedule 7.15,
“Existing Investments in Joint Venture,” and Schedule 9, “Form of Borrowing Base and Compliance” to the Credit Agreement are hereby amended and replaced with Schedules I, 1.3, 7.4, 7.10, 7.15 and 9 attached
to this Amendment. In addition, the Company hereby attaches and incorporates Schedule 5, “Excluded Property,” Schedule 7.16, “Real Property Parcels, Schedule 8.3, “Intended Dispositions of Real Property
Parcels,” and Schedule 8.29, “Pending Purchases of Real Property Parcels” to this Amendment, and all such schedules shall be deemed to be attached to the Credit Agreement. In addition, Schedule 44 attached to this
Amendment contains a description as of the date of this Amendment of all pending or, to the knowledge of the Company and each Subsidiary thereof, threatened claims involving individual claims against the Company or any Subsidiary thereof in excess
of $1,000,000 above any amounts not covered by insurance. 
 45. Post-Closing Matters. To the extent not delivered prior to or on the
effective date of this Amendment, the Company shall deliver to the Administrative Agent, in form and substance satisfactory to the Administrative Agent, each of the agreements, instruments, opinions and other documents listed under the heading
“Post Closing Matters” on the List of Closing Documents attached hereto as Schedule 45 within the time periods set forth on such list of Loan Documents. 
 46. Conditions of Effectiveness. All provisions of this Amendment shall become effective as of March     , 2006, upon satisfaction of all of the following conditions precedent:

 (a) The Administrative Agent shall have received: 
 (i) duly executed counterparts (with sufficient copies for the Administrative Agent, each Lender and the Company) of this Amendment
executed by the Administrative Agent, Lenders constituting at least the Required Lenders and the Company, with the consent of the Guarantors; 
 (ii) the certified corporate resolutions, the promissory notes, the Subsidiary Guaranty, the Security Agreement, opinion, the loan documents or other requirements referenced on Exhibit 46 attached hereto, and
such other certificates, instruments, documents, agreements, and opinions of counsel as may be required by the Administrative Agent, each of which shall be in form and substance satisfactory to the Administrative Agent and its counsel; 

(iii) a duly executed Fee Letter satisfactory to the Administrative Agent and shall have received all of the fees payable thereunder;

 (iv) UCC searches, tax lien and litigation searches, insurance certificates, notices, acknowledgements, or other documents
the Administrative Agent or the Lenders 
  

 - 34 - 

 may require to reflect, perfect, or protect the Administrative Agent’s first priority lien in the
Collateral and all other property pledged to secure the Secured Obligations and to fully consummate the transactions contemplated hereunder; and 
 (v) all requisite releases of liens and termination statements necessary to release all Liens against the Collateral (other than Liens created by the Security Documents) and any other property pledged to secure the
Secured Obligations. 
 (b) The representations contained in the immediately following paragraph shall be true and accurate. 
 47. Representations and Warranties. The Company represents and warrants to the Administrative Agent and each Lender as follows: (a) that
after giving effect to this Amendment, each representation and warranty made by or on behalf of the Company and its Subsidiaries in the Credit Agreement and in the other Loan Documents is true and correct in all respects on and as of the date hereof
as though made on and as of such date, except to the extent that any such representation or warranty expressly relates solely to a date prior hereto; (b) the execution, delivery and performance by the Company and each Restricted Subsidiary, if
applicable, of this Amendment and the Loan Documents, as the case may be, have been duly authorized by all requisite corporate or organizational action on the part of each such Person and will not violate any Constituent Document of such Person;
(c) each of this Amendment and the Loan Documents and the Collateral Documents has been duly executed and delivered by the Company and each Restricted Subsidiary, as applicable, and each of this Amendment, the Credit Agreement as amended
hereby, the Loan Documents and the Collateral Documents constitutes the legal, valid and binding obligation of such Person, enforceable against each such Person in accordance with the terms thereof; and (d) no event has occurred and is
continuing, and no condition exists, which would constitute an Event of Default or a Potential Default. 
 48. Reference to and Effect on
the Loan Documents. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “Second Amended and Restated Credit Agreement,” “Credit Agreement,” “Agreement,” the prefix “herein,”
“hereof,” or words of similar import, and each reference in the Loan Documents to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby. Except to the extent amended or modified hereby, all of the
representations, warranties, terms, covenants and conditions of the Credit Agreement and the Loan Documents shall remain as written originally and in full force and effect in accordance with their respective terms and are hereby ratified and
confirmed, and nothing herein shall affect, modify, limit or impair any of the rights and powers which the Lenders or the Administrative Agent may have hereunder or thereunder. The amendment set forth herein shall be limited precisely as provided
for herein, and shall not be deemed to be a waiver of, amendment of, consent to or modification of any of the rights of the Lenders or the Administrative Agent under or of any other term or provisions of the Credit Agreement or any Loan Document, or
of any term or provision of any other instrument referred to therein or herein or of any transaction or future action on the part of the Company which would require the consent of the Lenders or the Administrative Agent. 
 49. Waiver of Jury Trial. THE PARTIES ACKNOWLEDGE THAT, AS TO ANY AND ALL DISPUTES THAT MAY ARISE BETWEEN THE PARTIES, THE COMMERCIAL NATURE OF
THE TRANSACTION OUT OF WHICH THIS AMENDMENT ARISES WOULD MAKE ANY SUCH DISPUTE UNSUITABLE FOR TRIAL BY JURY. ACCORDINGLY, EACH OF THE PARTIES TO THIS AMENDMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY AS TO ANY AND ALL DISPUTES THAT MAY ARISE
RELATING TO THIS AMENDMENT OR TO ANY OF THE OTHER INSTRUMENTS OR DOCUMENTS EXECUTED IN CONNECTION HEREWITH. 
  

 - 35 - 

 50. Counterparts. This Amendment 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 an original, and all of which together will constitute one and the same instrument. Receipt by the Administrative Agent of a facsimile copy of an
executed signature page hereof will constitute receipt by the Administrative Agent of an executed counterpart of this Amendment. 
 51.
Costs and Expenses, Indemnity. The Company agrees to pay on demand in accordance with the terms of the Credit Agreement all reasonable costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution
and delivery of this Amendment and all other Loan Documents entered into in connection herewith, including the reasonable fees and out-of-pocket expenses of the Administrative Agent’s counsel with respect thereto. The Company agrees to
indemnify the Administrative Agent, the Agents, Huntington as issuing bank and the Lenders, and each of them and their respective directors, officers, employees, agents, financial advisors, and consultants from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, fees and disbursements of counsel) which may be imposed on, incurred by, or
asserted against the Administrative Agent, the Agents, Huntington as issuing bank and the Lenders, or any of them, in any litigation, proceeding or investigation instituted or conducted by any governmental agency or instrumentality or any other
person or entity with respect to any aspect of, or any transaction contemplated by, or referred to in, or any matter related to, this Amendment, the Credit Agreement or any other Loan Document, whether or not the Administrative Agent, any other
Agent, Huntington as issuing bank or any Lender is a party thereto, except to the extent that any of the foregoing arises out of the gross negligence or willful misconduct of the party being indemnified, as determined in a final, non-appealable
judgment by a court of competent jurisdiction. 
 52. Governing Law. This Amendment and the rights and obligations of the parties
hereto shall be governed by, and construed and interpreted in accordance with, the law of the State of Ohio. 
 53. Headings. Section
headings in this Amendment are included herein for convenience of reference only and will not constitute a part of this Amendment for any other purpose. 
 54. Patriot Act Notice. The Lenders and the Administrative Agent hereby notify the Company that pursuant to the requirements of the USA Patriot Act (Title III of Pub.L.10756 (signed into law October 26,
2001)) (the “Act”), they are required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow the Lenders and the
Administrative Agent to identify the Company in accordance with the Act. 
 [Signature pages follow.] 
  

 - 36 - 

 IN WITNESS WHEREOF, the Company, the Administrative Agent and the following Lenders have hereunto set
their hands as of the date first set forth above. 
  

			
	COMPANY:
	
	DOMINION HOMES, INC.
		
	By:	 	 /s/ William G. Cornely

		
	Its:	 	SVP - Finance and CFO
	
	ADMINISTRATIVE AGENT:
	
	THE HUNTINGTON NATIONAL BANK
		
	By:	 	 /s/ Frederick G. Hadley

		
	Its:	 	Senior Vice President
	
	THE LENDERS:
	
	 THE HUNTINGTON NATIONAL BANK,
 as
Lender and as issuing bank

		
	By:	 	 /s/ Frederick G. Hadley

		
	Its:	 	Senior Vice President
	
	 JPMORGAN CHASE BANK, N.A. (successor by merger
 to Bank One, NA (Main Office Columbus))

		
	By:	 	 /s/ John C. Hart

		
	Its:	 	Senior Vice President

 Signature Page to Amendment No. 4 to Second Amendment and Restated Credit Agreement

			
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Andrew D. Stickney

		
	Its:	 	Vice President
	
	NATIONAL CITY BANK
		
	By:	 	 /s/ Steven A. Smith

		
	Its:	 	Senior Vice President
	
	COMERICA BANK
		
	By:	 	 /s/ Adam Sheets

		
	Its:	 	Account Officer
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Joseph L. Svehla

		
	Its:	 	Vice President
	
	FIFTH THIRD BANK (CENTRAL OHIO)
		
	By:	 	 /s/ Alan J. Kopolow

		
	Its:	 	Vice President

 Signature Page to Amendment No. 4 to Second Amendment and Restated Credit Agreement

			
	 BANK OF AMERICA, N.A., successor by merger to
 Fleet National Bank

		
	By:	 	 /s/ Mark W. Lariviere

		
	Its:	 	Senior Vice President
	
	 WASHINGTON MUTUAL BANK, FA, a federal
 association

		
	By:	 	 /s/ Paul S. Ulrich

		
	Its:	 	Senior Vice President

 Signature Page to Amendment No. 4 to Second Amendment and Restated Credit Agreement

 CONSENT OF GUARANTORS 
 The undersigned, each being a guarantor of the Company’s indebtedness to the Lenders pursuant to certain guaranty agreements executed and delivered
to the Administrative Agent, hereby consents and agrees to be bound by the terms, conditions and execution of the foregoing Amendment and hereby further agrees that (i) each of their obligations shall be continuing as provided in said guaranty
agreements, and (ii) said guaranty agreements shall remain as written originally and continue in full force and effect in all respects. 
  

									
	DOMINION HOMES OF KENTUCKY GP, LLC	 	DOMINION HOMES REALTY, LLC
				
	By:	 	 /s/ William G. Cornely
	 	By:	 	 /s/ William G. Cornely

				
	Its:	 	Vice President	 	Its:	 	Vice President and Treasurer
		
	ALLIANCE TITLE AGENCY OF KENTUCKY, LLC	 	RESOLUTION PROPERTY COMPANY, LLC
				
	By:	 	 /s/ William G. Cornely
	 	By:	 	 /s/ William G. Cornely

				
	Its:	 	Vice President and Treasurer	 	Its:	 	President
			
		 		 	 DOMINION HOMES OF KENTUCKY, LTD.,
 a Kentucky
limited partnership

				
		 		 	By:	 	Dominion Homes of Kentucky GP, LLC, a Kentucky limited liability company, its general partner
					
		 		 		 	By:	 	 /s/ William G. Cornely

					
		 		 		 	Its:	 	Vice President

 Signature Page to Amendment No. 4 to Second Amendment and Restated Credit Agreement

 Exhibit 46 
 Execution and delivery by all parties signatory thereto, delivery of original, or completion as the case may be, to the satisfaction of The Huntington National Bank (the “Administrative Agent”) and its
counsel of each of the following documents, certificates, exhibits, schedules and items containing such information requested by the Administrative Agent and its counsel and reflecting the absence of any material fact or issues and in all respect
satisfactory to the Administrative Agent: 
  

	1.	Amendment No. 4 to Second Amended and Restated Credit Agreement with the following Schedules: 

 Schedule I - Commitments, Address of Lenders 
 Schedule 1.3 - Existing Letters of Credit 
 Schedule 5 – Excluded Property 
 Schedule 7.4 - Corporate Information 
 Schedule 7.10 - Schedule of Permitted Liens 
 Schedule 7.15 - Existing Investments in Joint Venture 
 Schedule 7.16 – Real Property Parcels 
 Schedule 8.3 – Intended Dispositions of Real Property Parcels or Personal Property 
 Schedule 8.29 – Pending Purchases of
Real Property Parcels 
 Schedule 9 - Form of Borrowing Base and Compliance 
 Schedule 44 – Pending or Threatened Claims 
 Schedule 45 – Post-Closing Matters 
 Schedule 46 – Conditions Precedent 
  

	2.	Huntington Replacement Revolving Credit Note $36,000,000 

  

	3.	KeyBank Replacement Revolving Credit Note $36,000,000 

  

	4.	JPMorgan Chase Replacement Revolving Credit Note $25,600,000 

  

	5.	National City Replacement Revolving Credit Note $26,400,000 

  

	6.	Comerica Bank Replacement Revolving Credit Note $20,000,000 

  

	7.	U.S. Bank Replacement Revolving Credit Note $28,000,000 

  

	8.	Fifth Third Bank Replacement Revolving Credit Note $16,000,000 

  

	9.	Bank of America Replacement Revolving Credit Note $20,000,000 

  

	10.	Washington Mutual Replacement Revolving Credit Note $32,000,000 

  

	11.	Security Agreement (all assets) by the Company and the Subsidiaries 

  

	12.	Stock/Unit Powers 

  

	13.	Regulation U Statement 

	14.	Short Form Intellectual Property Security Agreements (Patents, Trademarks and Copyrights) by the Company 

  

	15.	Short Form Security Agreement for Motor Vehicles 

  

	16.	Delivery of original motor vehicle titles 

  

	17.	Amended and Restated Subsidiary Guaranty 

  

	18.	UCC-1 Financing Statement on Company to be filed with the Ohio Secretary of State 

  

	19.	UCC-1 Financing Statement on each Subsidiary Guarantor to be filed in its state of incorporation/organization 

  

	20.	Fee Letter 

  

	21.	Opinions of Counsel 

  

	22.	Closing Certificates of Borrower and Guarantors, together with attachments 

  

	23.	Certificate of Compliance and No Default 

  

 - 2 - 

 SCHEDULE I – COMMITMENTS, ADDRESSES OF LENDERS 
  

			
	 The Huntington National Bank
 41 South High
Street
 Columbus, Ohio 43215
 Attention: John M. Luehmann, Vice
President
 Fax: (614) 480-5791
	 	 JPMorgan Chase Bank, N.A.
 Mail Code OH1-0208,
11th Floor
 100 East
Broad Street
 Columbus, Ohio 43271-0208
 Attention: John C. Hart,
Senior Vice President
 Fax: (614) 248-6194

		
	Revolving Credit Commitment $36,000,000	 	Revolving Credit Commitment $25,600,000
		
	 KeyBank National Association
 KeyBank Real Estate
Capital
 1200 Abernathy Road NE
 Suite 1550
 Atlanta, GA 30328
 Attention: Andrew D. Stickney
 Fax: (770) 510-2195
	 	 National City Bank
 155 East Broad Street
 Columbus, Ohio 43251
 Attention: Steven A. Smith, Vice President
 Fax: (614) 463-8058

		
	Revolving Credit Commitment $36,000,000	 	Revolving Credit Commitment $26,400,000
		
	 Comerica Bank
 One Detroit Center
 500 Woodward Avenue, 7th Floor
 Mail Code 3256
 Detroit, MI 48275
 Attention: Adam J. Sheets, Account Officer
 Fax: (313) 222-9295
	 	 U.S. Bank National Association
 Columbus Commercial Real
Estate
 175 South 3rd Street
 CN - OH - TT4, 4th Floor

Columbus, Ohio 43215-5134
 Attention: Michael C. Dodge, Banking
Officer
 Fax: (614) 232-8033

		
	Revolving Credit Commitment $20,000,000	 	Revolving Credit Commitment $28,000,000
		
	 Bank of America, NA
 GCIB Portfolio Mgmt
 IL1-231-10-35
 231 South LaSalle Street
 Chicago, Illinois 60697
 Attention: Rob MacGregor, Associate
 (770) 390-8434 (Fax)
	 	 Fifth Third Bank (Central Ohio)
 Special Assets
Group
 707 Grant Street, 16th Floor
 Pittsburgh, PA
15219
 Attention: Alan Kopolow
 Fax: (412)
291-5734

		
	Revolving Credit Commitment $20,000,000	 	Revolving Credit Commitment $16,000,000
		
		 	 Washington Mutual Bank
 620 W Germantown Pike, Suite
200
 Plymouth Meeting, PA 19462
 Attention: Paul S.
Ulrich
 Fax: 610-828-7293

		
		 	Revolving Credit Commitment $32,000,000

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