Document:

exv10w1

 

EXHIBIT 10.1

AMENDMENT NO. 1 TO

M.D.C. HOLDINGS, INC.

MEDIUM TERM SENIOR NOTES

MEDIUM TERM SUBORDINATED NOTES

DISTRIBUTION AGREEMENT

New York, New York

July 20, 2005

	 	 	 
	Citigroup Global Markets Inc.

	 	Greenwich Capital Markets, Inc.
	388 Greenwich Street

	 	600 Steamboat Road
	New York, New York 10013

	 	Greenwich, Connecticut 06830
	 
	 	 
	Banc of America Securities LLC

	 	J.P. Morgan Securities Inc.
	214 North Tryon Street

	 	270 Park Avenue, 8th Floor
	NC1-027-14-01

	 	New York, New York 10017
	Charlotte, North Carolina 28255
	 	 
	 
	 	 
	BNP Paribas Securities Corp.

	 	McDonald Investments Inc.
	787 Seventh Avenue

	 	127 Public Square, 4th Floor
	New York, New York 10019

	 	Mail Code: OH-01-27-0406
	 

	 	Cleveland, Ohio 44114
	 
	 	 
	Credit Suisse First Boston LLC

	 	Merrill Lynch, Pierce Fenner & Smith
	11 Madison Avenue, 5th Floor

	 	                     Incorporated
	New York, New York 10010

	 	4 World Financial Center
	 

	 	New York, New York 10080
	 
	 	 
	Comerica Securities

	 	SunTrust Capital Markets, Inc.
	211 West Forth Street, 3rd Floor

	 	303 Peachtree Street, NE
	Mail Code: 3089

	 	23rd Floor, MC: GA-ATL-3939
	Detroit, Michigan 48226

	 	Atlanta, Georgia 30308
	 
	 	 
	Deutsche Bank Securities Inc.

	 	UBS Securities LLC
	60 Wall Street, 45th Floor

	 	677 Washington Boulevard
	New York, New York 10005

	 	Stamford, Connecticut 06901
	 
	 	 
	 

	 	Wachovia Capital Markets, LLC
	 

	 	301 South College Street
	 

	 	NC0606
	 

	 	Charlotte, North Carolina 28288

 

 

Ladies and Gentlemen:

     With respect to the Distribution Agreement by and among M.D.C. Holdings, Inc., a Delaware
corporation (the “Company”), Banc of America Securities LLC, BNP Paribas Securities Corp.,
Citigroup Global Markets Inc., Credit Suisse First Boston LLC, Comerica Securities, Deutsche Bank
Securities Inc., Greenwich Capital Markets, Inc., J.P. Morgan Securities Inc., McDonald Investments
Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey Capital
Markets, UBS Securities LLC and Wachovia Capital Markets, LLC, dated October 6, 2004 (the
“Distribution Agreement”), the Company confirms its agreement with each of you (each an
“Agent” and, together with the additional agents which may become a party hereto pursuant
to Section 13 of the Distribution Agreement, the “Agents”) to amend the
Distribution Agreement in the manner provided in this Amendment No. 1 to Distribution Agreement
(this “Amendment”).

     The Distribution Agreement applied to up to $500,000,000 aggregate public offering price of
Notes (as defined below) the Company had been authorized to issue as of the date of the
Distribution Agreement. On December 14, 2004, the Company issued $250,000,000 aggregate public
offering price of Notes, leaving availability of $250,000,000 aggregate public offering price of
Notes following such issuance. On June 20, 2005, the board of directors of the Company authorized
the issuance of up to an additional $250,000,000 aggregate public offering price of Notes, to make
the size of its Medium Term Note Program (the “MTN Program”) a $750,000,000 aggregate public
offering price of Notes. On July 7, 2005 the Company issued an additional $250,000,000 aggregate
public offering price of Notes, leaving an available issuance under the MTN Program of $250,000,000
aggregate public offering price of Notes as of the date hereof, subject to execution of an
amendment (the “MTN Amendment”) to the MTN Supplemental Indenture (as defined below) by and
among the Company, the Guarantors and the Trustee with respect to an additional $250,000,000
aggregate public offering price of Notes.

SECTION 1. AMENDMENTS TO DISTRIBUTION AGREEMENT

     The first paragraph of the Distribution Agreement shall be amended and restated in its
entirety to read as follows:

M.D.C. Holdings, Inc., a Delaware corporation (the “Company”), confirms its
agreement with each of you (each an “Agent” and, together with the additional agents
which may become a party hereto pursuant to Section 13, the “Agents”) with
respect to the issuance and sale by the Company of up to $750,000,000 aggregate
public offering price (or such higher or lower amount as may be specified in any
prospectus supplement subsequently filed by the Company with the Securities and
Exchange Commission with respect to the Notes) of its Medium Term Senior Notes Due
Nine Months or More from the Original Issue Date (the “Senior Notes”) and
its Medium Term Subordinated Notes Due Nine Months or More from the Original Issue
Date (the “Subordinated Notes” and together with the Senior Notes, the
“Notes”). The Senior Notes are to be issued from time to time pursuant to
an indenture dated as of December 3, 2002, between the Company and U.S. Bank
National Association, as trustee (the “Trustee”), and

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one or more supplemental indentures, including the Supplemental Indenture dated as
of October 6, 2004 (the “MTN Supplemental Indenture”), by and among the
Company, certain subsidiaries of the Company and the Trustee (such indenture, as
supplemented by such supplemental indentures or one or more authorizing resolutions,
the “Senior Indenture”). The Subordinated Notes are to be issued from time
to time pursuant to an indenture dated as of October 6, 2004 between the Company and
the Trustee, and one or more supplemental indentures, including the MTN Supplemental
Indenture, by and among the Company, certain subsidiaries of the Company and the
Trustee (such indenture, as supplemented by such supplemental indentures or one or
more authorizing resolutions, the “Subordinated Indenture” and together with
the Senior Indenture, the “Indentures”). The Company’s obligations under
the Senior Indenture and the Senior Notes will be unconditionally guaranteed (the
“Guarantees”), jointly and severally, by each of the wholly owned
subsidiaries of the Company listed on the signature pages hereof (the
“Guarantors”). The Senior Notes and the Guarantees and the Subordinated
Notes are collectively referred to herein as the “Securities.” The Company
and the Guarantors are collectively referred to herein as the “Issuers.”

SECTION 2. CONDITION TO EFFECTIVENESS OF AMENDMENT

     This Amendment will become effective only upon the execution and delivery of the MTN
Amendment. This Amendment shall be dated as of the date of the MTN Amendment.

SECTION 3. OTHER EFFECTS OF AMENDMENT

     (a) Except as expressly set forth herein, this Amendment does not alter or modify any right or
obligation of any of the parties to the Distribution Agreement.

     (b) Notwithstanding the fact that one or more Agents may not sign this Amendment, this
Amendment shall be binding upon each Agent that has signed this Amendment upon its signature hereto
and satisfaction of the condition set forth in Section 2 hereof.

     (c) A failure by any Agent to sign this Amendment shall not be deemed to terminate the
Distribution Agreement (as unamended by this Amendment) with respect to that Agent under the
provisions of Section 10 of the Distribution Agreement.

SECTION 4. APPLICABLE LAW

     This Amendment will be governed by and construed in accordance with the laws of the State of
New York applicable to contracts made and to be performed within the State of New York.

SECTION 5. COUNTERPARTS

     This Amendment may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement.

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SECTION 6. HEADINGS

     The section headings used herein are for convenience only and shall not affect the
construction hereof.

SECTION 7. DEFINITIONS

     Capitalized terms used and not defined herein have the meanings given to them in the
Distribution Agreement.

[Signature Pages Follow]

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     If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement among the Company, the Guarantors and the Agents.

	 	 	 	 	 
	 	Very truly yours,

M.D.C. HOLDINGS, INC.

 	 
	 	By:  	/s/ Paris G. Reece III
 	 
	 	 	Name:  	Paris G. Reece III 	 
	 	 	Title:  	Executive Vice President, Chief Financial Officer and Principal Accounting Officer 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	 	GUARANTORS:

M.D.C. LAND CORPORATION

RAH OF TEXAS, LP

RAH TEXAS HOLDINGS, LLC

RAH OF FLORIDA, INC.

RICHMOND AMERICAN CONSTRUCTION, INC.

RICHMOND AMERICAN HOMES OF ARIZONA, INC.

RICHMOND AMERICAN HOMES OF CALIFORNIA, INC.

RICHMOND AMERICAN HOMES OF COLORADO, INC.

RICHMOND AMERICAN HOMES OF DELAWARE, INC.

RICHMOND AMERICAN HOMES OF FLORIDA, LP

RICHMOND AMERICAN HOMES OF ILLINOIS, INC.

RICHMOND AMERICAN HOMES OF MARYLAND, INC.

RICHMOND AMERICAN HOMES OF NEVADA, INC.

RICHMOND AMERICAN HOMES OF NEW JERSEY, INC.

RICHMOND AMERICAN HOMES OF PENNSYLVANIA, INC.

RICHMOND AMERICAN HOMES OF TEXAS, INC.

RICHMOND AMERICAN HOMES OF UTAH, INC.

RICHMOND AMERICAN HOMES OF VIRGINIA, INC.

RICHMOND AMERICAN HOMES OF WEST VIRGINIA, INC.

 	 
	 	By:  	/s/ Paris G. Reece III
 	 
	 	 	Name:  	Paris G. Reece III 	 
	 	 	Title:  	An authorized officer or representative	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	CONFIRMED AND ACCEPTED,

as of the date first above written:

CITIGROUP GLOBAL MARKETS INC.

 	 	 
	By:  	/s/ Brian D. Bednarski
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	BANC OF AMERICA SECURITIES LLC

 	 	 
	By:  	/s/ Peter J. Carbone
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	BNP PARIBAS SECURITIES CORP

 	 	 
	By:  	/s/ Paul D. Lange
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	COMERICA SECURITIES

 	 	 
	By:  	/s/ Michael Wilk
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	CREDIT SUISSE FIRST BOSTON LLC

 	 	 
	By:  	/s/ Michael Cummings
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	DEUTSCHE BANK SECURITIES INC.
 

 	 	 
	By:  	/s/ Scott Flieger
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 

	 	 	 	 	 
	 	 	 
	By:  	                   /s/ Mark Veale
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	GREENWICH CAPITAL MARKETS, INC.

 	 	 
	By:  	/s/ Steve Fitzpatrick
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	J.P. MORGAN SECURITIES INC.

 	 	 
	By:  	/s/ Robert Bottamedi
 	 	 
	 	Authorized Signatory        	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	MCDONALD INVESTMENTS INC.

 	 	 
	By:  	/s/ Jason R. Weaver
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	MERRILL LYNCH, PIERCE, FENNER & SMITH

                                INCORPORATED

 	 	 
	By:  	/s/ Brian R. Hogan, Jr.
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	SUNTRUST CAPITAL MARKETS, INC.

 	 	 
	By:  	/s/ James J. Stathis
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	UBS SECURITIES LLC
 

 	 	 
	By:  	/s/ Arun Bansal
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 

	 	 	 	 	 
	 	 	 
	By:  	                      /s/ Michael Ravanesi
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreement

 

	 	 	 	 	 
	WACHOVIA CAPITAL MARKETS, LLC

 	 	 
	By:  	/s/ John Hines
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

Signature Page to

Amendment No. 1 to Distribution Agreementexv10w2

 

Exhibit 10.2

 

 

M.D.C. HOLDINGS, INC. AND THE GUARANTORS PARTY HERETO

$750,000,000 aggregate principal amount of

Medium Term Senior Notes

due Nine Months or More from the Original Issue Date

and

Medium Term Subordinated Notes

due Nine Months or More from the Original Issue Date

 

Amendment No. 1
dated as of July 20, 2005

to

Supplemental Indenture dated as of October 6, 2004

 

U.S. Bank National Association,

Trustee

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE ONE — AMENDMENT TO MTN SUPPLEMENTAL INDENTURE; GENERAL	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Section 1.01.
	 	Amendment to MTN Supplemental Indenture
	 	 	2	 
	 

	 	Section 1.02.
	 	Amendment to Exhibits
	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE TWO — MISCELLANEOUS	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Section 2.01.
	 	Confirmation of the Indentures
	 	 	2	 
	 

	 	Section 2.02.
	 	Concerning the Trustee
	 	 	2	 
	 

	 	Section 2.03.
	 	Governing Law
	 	 	2	 
	 

	 	Section 2.04.
	 	Counterparts
	 	 	2	 

-i-

 

 

          AMENDMENT
NO. 1 dated as of July 20, 2005 (“Amendment”), to the Supplemental Indenture
dated as of October 6, 2004 (the “MTN Supplemental Indenture”), by and among M.D.C.
HOLDINGS, INC., a Delaware corporation (the “Company”), the Guarantors (as defined in the
MTN Supplemental Indenture) and U.S. Bank National Association, as trustee (the “Trustee”),
supplementing the Senior Debt Securities Indenture dated as of December 3, 2002 (as further
amended, modified or supplemented from time to time in accordance therewith, the “Senior
Indenture”), by and between the Company and the Trustee, and the Senior Subordinated Debt
Securities Indenture dated as of October 6, 2004 (as further amended, modified or supplemented from
time to time in accordance therewith, the “Subordinated Indenture” and together with the
Senior Indenture, the “Indentures”), by and between the Company and the Trustee.

          Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the holders of Senior Notes (as defined herein) and holders of Subordinated Notes (as
defined herein):

          WHEREAS, the Company and the Trustee have executed the Senior Indenture to provide for the
issuance from time to time of senior debt securities and the Subordinated Indenture to provide for
the issuance from time to time of senior subordinated debt securities (collectively, the
“Securities”) to be issued in one or more series as the applicable Indenture provided;

          WHEREAS, the Company, the Guarantors and the Trustee are parties to the MTN Supplemental
Indenture, which provides for the issuance by the Company of one series of Securities designated as
its “Medium Term Senior Notes due Nine Months or More from the Original Issue Date” (the
“Senior Notes”), substantially in the form attached as Exhibits A-1 and A-2
to the MTN Supplemental Indenture, in each case guaranteed by the Guarantors, and the Company, the
Guarantors and the Trustee have established and commenced the operation of a program to sell such
Senior Notes (the “MTN Senior Notes Program”), on the terms set forth therein;

          WHEREAS, the Company and the Trustee are parties to the MTN Supplemental Indenture, which
provides for the issuance by the Company of one series of Securities designated as its “Medium Term
Subordinated Notes due Nine Months or More from the Original Issue Date” (the “Subordinated
Notes” and together with the Senior Notes, the “Notes”), substantially in the form
attached as Exhibits B-1 and B-2 to the MTN Supplemental Indenture, and the Company
and the Trustee have established and commenced the operation of a program to sell such Subordinated
Notes (the “MTN Subordinated Notes Program” and collectively with the MTN Senior Notes
Program, the “MTN Program”), on the terms set forth therein;

          WHEREAS, the Company and the Guarantors desire and have requested the Trustee to join them in
the execution and delivery of this Amendment in order to provide for the issuance by the Company of
up to a total of $750,000,000 aggregate principal amount of Notes under the MTN Program (inclusive
of Notes issued prior to the date hereof), on the terms set forth in the MTN Supplemental
Indenture;

          WHEREAS, Sections 2.01 and 9.01 of the Indentures provides that an amendment to the MTN
Supplemental Indenture may be entered into for such purpose provided certain conditions are met;

          WHEREAS, the conditions set forth in the Indentures for the execution and delivery of this
Amendment have been complied with;

 

 

          WHEREAS, all things necessary to make this Amendment a valid agreement of the Company, the
Guarantors and the Trustee in respect of the Senior Notes, in accordance with its terms, and a
valid amendment of, and supplement to, the Senior Indenture have been done; and

          WHEREAS, all things necessary to make this Amendment a valid agreement of the Company and the
Trustee in respect of the Subordinated Notes, in accordance with its terms, and a valid amendment
of and supplement to, the Subordinated Indenture have been done;

          NOW, THEREFORE:

          In consideration of the premises and the purchase and acceptance of (x) the Senior Notes by
the holders thereof, the Company and the Guarantors mutually covenant and agree with the Trustee,
for the equal and ratable benefit of the Holders of the Senior Notes, that the MTN Supplemental
Indenture is supplemented and amended, to the extent expressed herein, and (y) the Subordinated
Notes by the holders thereof, the Company covenants and agrees with the Trustee, for the equal and
ratable benefit of the Holders of the Subordinated Notes, that the MTN Supplemental Indenture is
supplemented and amended, to the extent expressed herein, as follows:

ARTICLE ONE

Amendment to MTN Supplemental Indenture; General

               Section 1.01. Amendment to MTN Supplemental Indenture. The MTN Supplemental Indenture
is hereby amended by replacing “$500,000,000” with “$750,000,000” in each of the following places:
(i) the cover page; and (ii) Article One.

               Section 1.02. Amendment to Exhibits. The exhibits attached to the MTN Supplemental
Indenture are hereby amended by replacing “$500,000,000” with “$750,000,000” in each of the
following places: (i) paragraph 1 [Reverse of Senior Note] of Exhibit A-1; (ii) paragraph 1
[Reverse of Senior Note] of Exhibit A-2; (iii) paragraph 1 [Reverse of Subordinated Note] of
Exhibit B-1; and (iii) paragraph 1 [Reverse of Subordinated Note] of Exhibit B-2.

ARTICLE TWO

Miscellaneous

               Section 2.01. Confirmation of the Indentures. Each of the Indentures, as supplemented
and amended by the MTN Supplemental Indenture and this Amendment, is in all respects ratified and
confirmed, and each Indenture, the MTN Supplemental Indenture and this Amendment and all indentures
supplemental thereto shall be read, taken and construed as one and the same instrument.

               Section 2.02. Concerning the Trustee. The rights and duties of the Trustee set forth
in Article Seven of the Indentures shall not be modified by reason of this Amendment.

               Section 2.03. Governing Law. This Amendment shall be governed by the laws of the
State of New York.

               Section 2.04. Counterparts. This Amendment may be executed in any number of
counterparts each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument.

2

 

SIGNATURES

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

	 	 	 	 	 
	 	M.D.C. HOLDINGS, INC.

 	 
	 	By:  	                 /s/ Paris G. Reece III
 	 
	 	 	Name:  	Paris G. Reece III 	 
	 	 	Title:  	Executive Vice President and

Chief Financial Officer 	 
	 

[Signature Page to Amendment No. 1 to Supplemental Indenture]

	 	 	 	 	 

 

 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 	 	 
	 	 	GUARANTORS:
	 
	 	 	 	 	 	 
	 	 	M.D.C. LAND CORPORATION
	 	 	RAH OF TEXAS, LP
	 	 	RAH TEXAS HOLDINGS, LLC
	 	 	RAH OF FLORIDA, INC.
	 	 	RICHMOND AMERICAN CONSTRUCTION, INC.
	 	 	RICHMOND AMERICAN HOMES OF ARIZONA, INC.
	 	 	RICHMOND AMERICAN HOMES OF CALIFORNIA, INC.
	 	 	RICHMOND AMERICAN HOMES OF COLORADO, INC.
	 	 	RICHMOND AMERICAN HOMES OF DELAWARE, INC.
	 	 	RICHMOND AMERICAN HOMES OF FLORIDA, LP
	 	 	RICHMOND AMERICAN HOMES OF ILLINOIS, INC.
	 	 	RICHMOND AMERICAN HOMES OF MARYLAND, INC.
	 	 	RICHMOND AMERICAN HOMES OF NEVADA, INC.
	 	 	RICHMOND AMERICAN HOMES OF NEW JERSEY, INC.
	 	 	RICHMOND AMERICAN HOMES OF PENNSYLVANIA, INC.
	 	 	RICHMOND AMERICAN HOMES OF TEXAS, INC.
	 	 	RICHMOND AMERICAN HOMES OF UTAH, INC.
	 	 	RICHMOND AMERICAN HOMES OF VIRGINIA, INC.
	 	 	RICHMOND AMERICAN HOMES OF WEST VIRGINIA, INC.
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Paris G. Reece III
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Paris G. Reece III
	 

	 	 	 	Title:
	 	An authorized officer or representative

[Signature Page to Amendment No. 1 to Supplemental Indenture]

 

 

	 	 	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,	 	 
	     as Trustee	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Ignazio Tamburello	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Ignazio Tamburello	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

[Signature Page to Amendment No. 1 to Supplemental Indenture]

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