Document:

exv10w1

EXHIBIT 10.1

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

     This FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is dated as of March
10, 2010, by and among Myriad Pharmaceuticals, Inc., a Delaware corporation (“Parent”), Javelin
Pharmaceuticals, Inc., a Delaware corporation (the “Company”) and Innovative Drug Delivery Systems,
Inc., a Delaware corporation (the “Subsidiary”). The Company and the Subsidiary are sometimes
referred to individually as a “Borrower” and collectively as the “Borrowers.”

Recitals

     A. Parent and the Borrowers are parties to that certain Loan and Security Agreement dated as
of December 18, 2009 (as may be so amended, restated, or otherwise modified, the “Agreement”),
pursuant to which Parent has, among other things, made funds available to the Borrowers in an
aggregate principal amount of $6,000,000, which is evidenced by a Secured Promissory Note dated as
of December 18, 2009 in the stated principal amount of $6,000,000 (the “Original Note”).
Capitalized terms used in this Amendment that are not otherwise defined herein shall have the
meanings respectively ascribed to them in the Agreement, as amended by this Amendment.

     B. In connection with the Merger Agreement and pursuant to the Agreement, Parent has made
loans to the Borrowers in the aggregate principal amount of $6,000,000, upon the terms and subject
to the conditions set forth in the Agreement.

     C. The Borrowers have requested and Parent has agreed to provide additional loans to the
Borrowers upon the terms and conditions set forth in this Amendment.

     D. The parties therefore desire to amend the Agreement and certain related documents in
accordance with the terms of this Amendment.

     NOW, THEREFORE, the parties agree as follows:

     1. Amendments to Agreement.

          1.1 Section 1.

               (a) Section 1 of the Agreement is hereby amended by amending and restating the following
defined terms to read in their entirety as follows:

 

 

          (i) “‘Maximum Loan Amount’ means $8,500,000; provided, however, that $500,000
of such funds may only be used by the Borrowers for Market Development Initiatives.”

          (b) The following new definitions are hereby added to Section 1 as follows:

          (i) “‘Amendment’ means that certain First Amendment to Loan and Security
Agreement dated as of March 10, 2010, by and among Parent and the Borrowers.”

          (ii) “‘Market Development Initiatives’ means commercial initiatives and
activities, as set forth on Schedule A hereto, related to Dyloject, the
Company’s drug candidate for which a new drug application has been filed with and
accepted for formal review by the U.S. Food and Drug Administration. At the
Company’s request, Parent will assist the Company in the design, planning,
negotiation and implementation of the Market Development Initiatives.”

          (iii) “‘Market Development Initiative Funds’ means the amount of any Loans (as
defined below) used for Market Development Initiatives in an amount not to exceed
$500,000.”

          (iv) “‘Note’ means collectively, the Original Note and the New Note.”

     1.2 Section 2. Section 2 of the Agreement is hereby amended as follows:

          (a) Section 2.1 of the Agreement is hereby amended and restated to read in its entirety as
follows:

          
“2.1 Bridge Loans. Subject to the terms and conditions hereinafter set forth, upon
written request of the Company given at least three (3) Business Days prior to the date on which
the Borrowers seek a loan from Parent, which date shall be specified in such written request,
Parent will make loans (each a “Loan” and collectively, the “Loans”) to the Borrowers from time to
time in an amount not to exceed $2,000,000 per month; provided, however, that (i) the aggregate
original principal of all Loans to be made hereunder shall not exceed the Maximum Loan Amount, (ii)
$2,000,000 of the Maximum Loan Amount may not be loaned until after March 31, 2010, and (iii) and
no Loans shall be made after April 30, 2010. Notwithstanding, anything contained herein to the
contrary, Loans used for Market Development Initiatives shall be available to Borrowers, subject to
the terms and conditions set forth herein, immediately following the date of this Amendment until
the earlier of (a) the date of termination of the Merger Agreement and (b) April 30, 2010.”

          (b) Section 2.2 of the Agreement is hereby amended and restated to read in its entirety as
follows:

          “2.2 Note. The Loans shall be evidenced by the Original Note and that certain Secured
Promissory Note dated of even date herewith made by Borrowers and payable to

2

 

the order of the Parent in the maximum, principal amount of $2,500,000, in the form attached hereto
as Exhibit B (the “New Note”). Each Borrower hereby irrevocably authorizes Parent to make
or cause to be made, on a schedule attached to the Original Note or the New Note, as applicable, or
on the books of Parent, at or following the time of making each loan and of receiving any payment
of principal balance of the Loans the designation of the amount of such Loan and payment. The
amount so noted shall constitute prima facie evidence as to the amount owed by the Borrowers with
respect to the principal amount of the Loans. Failure of Parent to make any such notation shall
not, however, affect any obligation of the Borrowers or any right of Parent hereunder or under the
Note.”

               (c) Section 2.4 of the Agreement is hereby amended and restated to read in its entirety as
follows:

               “2.4 Payment of Principal and Interest. The principal amount of the Loans (other than
the Market Development Initiative Funds, including any interest thereon), all accrued interest
thereon and all other amounts due under this Agreement and the other Note Documents shall be repaid
in full on the first to occur of (a) the Closing Date, (b) if the Merger Agreement is terminated
pursuant to Section 10.01(h) or Section 10.01(i) thereof, two (2) Business Days following the
Termination Date, provided, however, that if a Termination Fee and/or Parent Stipulated Expenses
shall be payable under Section 10.03(b) of the Merger Agreement within 90 days of termination of
the Merger Agreement, then the two (2) Business Days referred to in this clause (b) shall be
extended to ninety (90) days following the Termination Date, (c) if the Merger Agreement is
terminated pursuant to any other subsection of Section 10.01 thereof (other than Sections 10.01(h)
or 10.01(i)), ninety (90) days following the Termination Date or (d) acceleration as provided in
Section 8.1 below. The principal amount of the Loans relating to the Market Development Market
Development Initiative Funds, including any interest thereon, shall be repaid in full if the Merger
Agreement is terminated pursuant to Section 10.01(h)(iii), Section 10.01(h)(v) or Section 10.01(i)
thereof and otherwise the Borrowers shall have no obligation to repay the Loans relating to the
Market Development Initiative Funds  or any interest or other amounts owed thereon. The
Borrowers may, at any time and from time to time, prepay the Loans in whole or in part without
premium or penalty upon at least three (3) Business Days’ prior written notice to the Parent.”

               (d) Section 2.5 of the Agreement is hereby amended by adding the language “(other than any
Loans relating to the Market Development Initiative Funds  and any interest thereon
unless the Merger Agreement is terminated pursuant to Section 10.01(h)(iii), Section 10.01(h)(v) or
Section 10.01(i) thereof)” after the word “Loans”.

          1.3 Exhibit C. The Form of Advance Certificate is hereby amended and restated to read
in its entirety as set forth on Exhibit C hereto.

     2. Limitation. The amendments set forth in this Amendment shall be limited precisely
as written and shall not be deemed (a) to be a waiver or modification of any other term or
condition of the Agreement or of any other instrument or agreement referred to therein or to
prejudice any right or remedy which Parent may now have or may have in the future under or in

3

 

connection with the Agreement or any instrument or agreement referred to therein; or (b) to be
a consent to any future amendment or modification or waiver to any instrument or agreement the
execution and delivery of which is consented to hereby, or to any waiver of any of the provisions
thereof. Except as expressly amended hereby, the Agreement shall continue in full force and effect
and is hereby ratified and confirmed.

     3. Effectiveness. This Amendment shall become effective upon the satisfaction of the
following conditions precedent:

          (a) Parent shall have received this Amendment, fully executed by each Borrower;

          (b) The Company shall have received this Amendment, fully executed by Parent; and

          (c) The Borrowers shall have duly executed and delivered the New Note to Parent.

     4. General Provisions.

          4.1 Counterparts. This Amendment may be executed and delivered (including by
facsimile transmission) in two or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original but all of
which taken together shall constitute one and the same agreement.

          4.2 Headings. The descriptive headings contained in this Amendment are included for
convenience of reference only and shall not affect in any way the meaning or interpretation of this
Agreement.

[Remainder of Page Intentionally Left Blank]

4

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as a sealed
instrument as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Witnessed by:	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	MYRIAD PHARMACEUTICALS, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	/s/
Andrew Gibbs

	 	 	 	By:	 	/s/ Adrian N. Hobden	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name: Andrew Gibbs	 	 	 	Name: Adrian N. Hobden
	 	 	 	 	 	 	Title: President and Chief Executive
Officer
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Witnessed by:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	JAVELIN PHARMACEUTICALS, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	/s/
Frederick E. Pierce, II

	 	 	 	By:	 	/s/ Martin J. Driscoll	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name: Frederick E.
Pierce, II	 	 	 	Name: Martin J. Driscoll
	 	 	 	 	 	 	Title: Chief Executive Officer
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Witnessed by:	 	 	 	INNOVATIVE DRUG DELIVERY
SYSTEMS, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	/s/ Frederick E. Pierce, II

	 	 	 	By:	 	/s/ Martin J. Driscoll	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name:
Frederick E. Pierce, II

	 	 	 	 	 	Name: Martin J. Driscoll	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title: President and Chief
Executive Officer	 	 	 	 	 	 	 	 

5

 

EXHIBIT B

FORM OF SECURED PROMISSORY NOTE

			
	 	 	 
	$2,500,000
	 	March 10, 2010

     FOR VALUE RECEIVED, the undersigned Javelin Pharmaceuticals, Inc., a Delaware corporation (the
“Company”) and Innovative Drug Delivery Systems, Inc., a Delaware corporation (the
“Subsidiary”) (the Company and the Subsidiary collectively, the “Borrowers”) hereby
promise to pay to Myriad Pharmaceuticals, Inc. or its registered assigns (the “Holder”), in
accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of
$2,500,000 or such amount as is advanced from time to time by the Holder to the Borrowers under
that certain Loan and Security Agreement, dated as of December 18, 2009, as amended on March 10,
2010 (as amended, restated, extended, supplemented or otherwise modified in writing and in effect
from time to time, the “Agreement”), among the Borrowers and the Holder. Capitalized terms
used herein without definition shall have the respective meanings provided therefor in the
Agreement.

     The Company promises to pay interest on the unpaid principal amount of each Loan from the date
of such Loan until such principal amount is paid in full, at such interest rate and at such times
as provided in the Agreement. All payments of principal and interest shall be made to the Holder
in Dollars in immediately available funds.

     This Secured Promissory Note is the New Note referred to in the Agreement, is entitled to the
benefits thereof and may be prepaid in whole or in part subject to the terms and conditions
provided therein. This Note is secured by the Collateral. Upon the occurrence and continuation of
one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid
on this Note shall become, or may be declared to be, immediately due and payable all as provided in
the Agreement and subject to the terms thereof.

     The Borrowers hereby waive diligence, presentment, protest and demand and notice of protest,
demand, dishonor and non-payment of this Note. Each Borrower’s obligation hereunder is joint and
several as provided in the Agreement.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
DELAWARE.

	 	 	 	 	 	 	 	 	 	 	 
	Witnessed:	 	 	 	JAVELIN PHARMACEUTICALS, INC.
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Name: Martin J. Driscoll	 	 	 	 
	 

	 	 	 	 	 	Title: Chief Executive Officer	 	 	 	 

6

 

	 	 	 	 	 	 	 	 	 	 	 
	Witnessed:	 	 	 	INNOVATIVE DRUG DELIVERY
SYSTEMS, INC.
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Name: Martin J.
Driscoll	 	 	 	 
	 	 	 	 	 	 	Title:	 	 	 	 

7

 

EXHIBIT C

FORM OF ADVANCE CERTIFICATE

     Reference is hereby made to that certain Loan and Security Agreement dated as of December 18,
2009, as amended on March 10, 2010, by and among Myriad Pharmaceuticals, Inc., Javelin
Pharmaceuticals, Inc. and Innovative Drug Delivery Systems, Inc. (the “Loan Agreement”).
Capitalized terms used herein that are not otherwise defined herein shall have the meanings
respectively ascribed to them in the Loan Agreement. Pursuant to the Loan Agreement, the
undersigned hereby state as follows:

     1. The Borrowers request that a Loan in the amount of $                 be made to the Borrowers on
                    . The Borrowers certify that attached hereto as Exhibit A is a reasonably detailed summary
of the Borrowers’ intended use of the proceeds of the Loan.

     2. The Borrowers hereby represent and warrant as of the date of this Advance Certificate,
which statements are and shall be correct and complete as of the date hereof and on the date the
Loan is made after giving effect to such Loan:

          (a) the Merger Agreement has not been terminated for any reason;

          (b) all statements, representations and warranties of the Borrowers made in the Loan Agreement
are correct and complete in all material respects; provided, however, that such materiality
qualifier shall not apply to any statements, representations and warranties in the Loan Agreement
that are already qualified by materiality;

          (c) each Borrower is in full compliance with all of the provisions of the Note Documents;

          (d) the Company has not have received a Company Acquisition Proposal (that was not solicited
in violation of Section 8.03(a) of the Merger Agreement) following which Parent has requested that
the Company Board reaffirm its approval and recommendation of the Merger and the Merger Agreement;
and

          (e) no Event of Default under Section 7.3 of the Loan Agreement has occurred.

     Executed as a sealed instrument as of                               .

	 	 	 	 	 
	 	JAVELIN PHARMACEUTICALS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	INNOVATIVE DRUG DELIVERY SYSTEMS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

8

 

	 	 	 	 	 

SCHEDULE A

Market Development Initiatives

“Commercial Initiatives” shall include the following commercial initiatives and activities:

	 	•	 	planning, preparation, sponsorship and implementation of continuing medical education
programs;
	 
	 	•	 	planning, preparation, sponsorship and implementation of an anesthesiology medical
advisory board meeting and a pharmacy advisory board meeting; and
	 
	 	•	 	selection and engagement of qualified professional services or consultants to engage in
activities related to:

	 	•	 	market research;
	 
	 	•	 	sales force planning and training support;
	 
	 	•	 	ad agency search and selection;
	 
	 	•	 	national accounts support;
	 
	 	•	 	supply chain and 3rd party logistics planning;
	 
	 	•	 	manufacturing site audits; and
	 
	 	•	 	medical affairs.

9exv10w1

EXHIBIT 10.1

AMENDED AND RESTATED CREDIT AGREEMENT

by and among

FIRST HUNTINGDON FINANCE CORP.,

TOLL BROTHERS, INC.,

and

THE LENDERS PARTY HERETO

and

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

and

BANK OF AMERICA, N.A.

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Syndication Agents

and

CITICORP NORTH AMERICA, INC.,

and

THE ROYAL BANK OF SCOTLAND PLC,

as Documentation Agents

and

BNP PARIBAS,

and

CALYON NEW YORK BRANCH,

as Managing Agents

and

COMERICA BANK,

MIZUHO CORPORATE BANK, LTD.,

and

WASHINGTON MUTUAL BANK, FA,

as Co-Agents

 

 

Dated as of March 17, 2006

J. P. MORGAN SECURITIES INC.

and

BANC OF AMERICA SECURITIES LLC,

Joint Lead Arrangers and Joint Bookrunners

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I
	 	DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	THE CREDITS	 	 	30	 
	2.1.
	 	The Facilities	 	 	30	 
	2.1.1.
	 	Revolving Credit Facility	 	 	31	 
	2.1.2.
	 	Term Loan Facility	 	 	32	 
	2.1.3.
	 	Payment	 	 	32	 
	2.2.
	 	Ratable Advances	 	 	32	 
	2.2.1.
	 	Ratable Advances	 	 	32	 
	2.2.2.
	 	Ratable Advance Rate Options	 	 	32	 
	2.2.3.
	 	Method of Selecting Rate Options and Interest Periods for Ratable Advances	 	 	32	 
	2.2.4.
	 	Conversion and Continuation of Outstanding Ratable Advances	 	 	33	 
	2.2.5.
	 	Limitations	 	 	34	 
	2.2.6.
	 	Interest Period	 	 	34	 
	2.3.
	 	Competitive Bid Advances	 	 	34	 
	2.3.1.
	 	Competitive Bid Option	 	 	34	 
	2.3.2.
	 	Competitive Bid Quote Request	 	 	34	 
	2.3.3.
	 	Invitation for Competitive Bid Quotes	 	 	35	 
	2.3.4.
	 	Submission and Contents of Competitive Bid Quotes	 	 	35	 
	2.3.5.
	 	Notice to Borrower	 	 	36	 
	2.3.6.
	 	Acceptance and Notice by Borrower	 	 	37	 
	2.3.7.
	 	Allocation by Competitive Bid Agent	 	 	37	 
	2.3.8.
	 	Limitations	 	 	38	 
	2.3.9.
	 	Administration Fee	 	 	38	 
	2.3.10.
	 	Declining Lender	 	 	38	 
	2.4.
	 	Facility Fee; Reductions in Aggregate Commitment	 	 	38	 
	2.5.
	 	Minimum Amount of Each Advance; Maximum Number of Advances	 	 	39	 
	2.6.
	 	Optional Principal Payments	 	 	39	 
	2.7.
	 	Funding	 	 	39	 
	2.8.
	 	Changes in Interest Rate, etc	 	 	40	 
	2.9.
	 	Rates Applicable After Default	 	 	40	 
	2.10.
	 	Method and Allocation of Payments	 	 	40	 
	2.11.
	 	Noteless Agreement; Evidence of Indebtedness	 	 	42	 
	2.12.
	 	Telephonic Notices	 	 	42	 
	2.13.
	 	Interest Payment Dates; Interest and Fee Basis	 	 	43	 
	2.14.
	 	Notification of Advances, Interest Rates, Prepayments and Commitment Reductions	 	 	43	 
	2.15.
	 	Lending Installations	 	 	43	 
	2.16.
	 	Non-Receipt of Funds by the Administrative Agent	 	 	43	 
	2.17.
	 	Extension of Facility Termination Dates	 	 	44	 
	2.18.
	 	Facility Increase	 	 	45	 
	2.19.
	 	Swing Line	 	 	47	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	2.20.
	 	Replacement of a Lender	 	 	48	 
	2.21.
	 	Termination of Commitment of Declining Lender	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE III
	 	YIELD PROTECTION; TAXES	 	 	49	 
	3.1.
	 	Yield Protection	 	 	49	 
	3.2.
	 	Changes in Capital Adequacy Regulations	 	 	50	 
	3.3.
	 	Availability of Certain Advances	 	 	50	 
	3.4.
	 	Funding Indemnification	 	 	51	 
	3.5.
	 	Taxes	 	 	51	 
	3.6.
	 	Lender Statements; Survival of Indemnity	 	 	52	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	THE LETTER OF CREDIT FACILITY	 	 	53	 
	4.1.
	 	Facility Letters of Credit	 	 	53	 
	4.2.
	 	Limitations	 	 	53	 
	4.3.
	 	Conditions	 	 	54	 
	4.4.
	 	Procedure for Issuance of Facility Letters of Credit	 	 	54	 
	4.5.
	 	Duties of Issuing Bank	 	 	55	 
	4.6.
	 	Participation	 	 	55	 
	4.7.
	 	Compensation for Facility Letters of Credit	 	 	57	 
	4.8.
	 	Issuing Bank Reporting Requirements	 	 	58	 
	4.9.
	 	Indemnification; Nature of Issuing
Bank ’s Duties	 	 	58	 
	4.10.
	 	Cash Collateralization	 	 	59	 
	4.11.
	 	No Obligation	 	 	60	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	CONDITIONS PRECEDENT	 	 	60	 
	5.1.
	 	Closing Conditions	 	 	60	 
	5.2.
	 	Each Advance	 	 	62	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	REPRESENTATIONS AND WARRANTIES	 	 	63	 
	6.1.
	 	Existence and Standing	 	 	63	 
	6.2.
	 	Authorization and Validity	 	 	63	 
	6.3.
	 	No Conflict; Consent	 	 	63	 
	6.4.
	 	Financial Statements	 	 	64	 
	6.5.
	 	Material Adverse Change	 	 	64	 
	6.6.
	 	Taxes	 	 	64	 
	6.7.
	 	Litigation and Contingent Obligations	 	 	64	 
	6.8.
	 	Subsidiaries	 	 	64	 
	6.9.
	 	Accuracy of Information	 	 	65	 
	6.10.
	 	Regulation U	 	 	65	 
	6.11.
	 	Material Agreements	 	 	65	 
	6.12.
	 	Compliance With Laws	 	 	65	 
	6.13.
	 	Ownership of Properties	 	 	65	 
	6.14.
	 	ERISA	 	 	65	 
	6.14.1.
	 	Plan Assets; Prohibited Transactions	 	 	65	 
	6.14.2.
	 	Liabilities	 	 	65	 
	6.14.3.
	 	Plans and Benefit Arrangements	 	 	66	 
	6.15.
	 	Investment Company Act	 	 	67	 
	6.16.
	 	Intentionally Omitted	 	 	67	 

ii 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	6.17.
	 	Employment Matters	 	 	67	 
	6.18.
	 	Environmental Matters	 	 	67	 
	6.19.
	 	Senior Debt Status	 	 	69	 
	6.20.
	 	Designated Guarantors	 	 	69	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	COVENANTS	 	 	69	 
	7.1.
	 	Financial Reporting	 	 	69	 
	7.2.
	 	Use of Proceeds	 	 	72	 
	7.3.
	 	Notice of Default	 	 	72	 
	7.4.
	 	Conduct of Business	 	 	72	 
	7.5.
	 	Taxes	 	 	73	 
	7.6.
	 	Insurance	 	 	73	 
	7.7.
	 	Compliance with Laws	 	 	73	 
	7.8.
	 	Maintenance of Properties	 	 	73	 
	7.9.
	 	Inspection	 	 	73	 
	7.10.
	 	Mergers; Consolidations; Dissolutions	 	 	73	 
	7.11.
	 	Distributions of Securities	 	 	74	 
	7.12.
	 	Disposition of Assets	 	 	74	 
	7.13.
	 	Borrower a Wholly-Owned Subsidiary	 	 	74	 
	7.14.
	 	Investments and Acquisitions	 	 	74	 
	7.15.
	 	Liens	 	 	74	 
	7.16.
	 	Additional Designated Guarantors	 	 	74	 
	7.17.
	 	Subordinated Indebtedness	 	 	75	 
	7.18.
	 	Intercompany Loans, Loans from Non-Loan Parties	 	 	75	 
	7.19.
	 	Appraisals	 	 	76	 
	7.19.1.
	 	Procedures	 	 	76	 
	7.19.2.
	 	Costs	 	 	76	 
	7.19.3.
	 	Appraisers	 	 	76	 
	7.20.
	 	Mortgage Subsidiaries	 	 	76	 
	7.21.
	 	Qualified Ratings	 	 	76	 
	7.22.
	 	Updates to Schedules	 	 	77	 
	7.23.
	 	Plans and Benefit Arrangements	 	 	77	 
	7.24.
	 	Employment Matters	 	 	78	 
	7.25.
	 	Environmental Matters	 	 	79	 
	7.26.
	 	Environmental Certificates	 	 	80	 
	7.27.
	 	Senior Debt Status	 	 	80	 
	7.28.
	 	Financial Covenants	 	 	80	 
	7.28.1.
	 	Leverage Ratio	 	 	80	 
	7.28.2.
	 	Borrowing Base	 	 	81	 
	7.28.3.
	 	Tangible Net Worth	 	 	81	 
	7.28.4.
	 	Mortgage Subsidiaries	 	 	81	 
	7.29.
	 	Financial Contracts	 	 	81	 
	 
	 	 	 	 	 	 
	ARTICLE VIII
	 	DEFAULTS	 	 	81	 
	 
	 	 	 	 	 	 
	ARTICLE IX
	 	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	 	 	84	 

iii 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	9.1.
	 	Acceleration	 	 	84	 
	9.2.
	 	Amendments	 	 	84	 
	9.3.
	 	Preservation of Rights	 	 	85	 
	 
	 	 	 	 	 	 
	ARTICLE X
	 	GENERAL PROVISIONS	 	 	86	 
	10.1.
	 	Survival of Representations	 	 	86	 
	10.2.
	 	Governmental Regulation	 	 	86	 
	10.3.
	 	Headings	 	 	86	 
	10.4.
	 	Entire Agreement	 	 	86	 
	10.5.
	 	Several Obligations; Benefits of this Agreement	 	 	86	 
	10.6.
	 	Expenses; Indemnification	 	 	86	 
	10.7.
	 	Numbers of Documents	 	 	87	 
	10.8.
	 	Accounting	 	 	87	 
	10.9.
	 	Severability of Provisions	 	 	87	 
	10.10.
	 	Nonliability of Lenders	 	 	87	 
	10.11.
	 	Confidentiality	 	 	88	 
	10.12.
	 	Nonreliance	 	 	88	 
	10.13.
	 	Conversion and Non-Designation of Designated Guarantors	 	 	88	 
	10.14.
	 	Non-Funding Lender	 	 	90	 
	10.15.
	 	USA PATRIOT ACT	 	 	90	 
	 
	 	 	 	 	 	 
	ARTICLE XI
	 	THE ADMINISTRATIVE AGENT	 	 	90	 
	11.1.
	 	Appointment; Nature of Relationship	 	 	90	 
	11.2.
	 	Powers	 	 	91	 
	11.3.
	 	General Immunity	 	 	91	 
	11.4.
	 	No Responsibility for Loans, Recitals, etc	 	 	91	 
	11.5.
	 	Action on Instructions of Lenders	 	 	92	 
	11.6.
	 	Employment of Agents and Counsel	 	 	92	 
	11.7.
	 	Reliance on Documents; Counsel	 	 	92	 
	11.8.
	 	Administrative Agent ’s Reimbursement and Indemnification	 	 	92	 
	11.9.
	 	Notice of Default	 	 	93	 
	11.10.
	 	Rights as a Lender	 	 	93	 
	11.11.
	 	Lender Credit Decision	 	 	93	 
	11.12.
	 	Successor Administrative Agent	 	 	93	 
	11.13.
	 	Administrative Agent’s Fee	 	 	94	 
	11.14.
	 	Delegation to Affiliates	 	 	95	 
	11.15.
	 	Agents’ Responsibilities and Duties	 	 	95	 
	 
	 	 	 	 	 	 
	ARTICLE XII
	 	SETOFF; RATABLE PAYMENTS	 	 	95	 
	12.1.
	 	Setoff	 	 	95	 
	12.2.
	 	Ratable Payments	 	 	95	 
	 
	 	 	 	 	 	 
	ARTICLE XIII
	 	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	 	 	95	 
	13.1.
	 	Successors and Assigns	 	 	95	 
	13.2.
	 	Participations	 	 	96	 
	13.2.1.
	 	Permitted Participants; Effect	 	 	96	 
	13.2.2.
	 	Voting Rights	 	 	96	 

iv 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	13.2.3.
	 	Benefit of Setoff	 	 	97	 
	13.3.
	 	Assignments	 	 	97	 
	13.3.1.
	 	Permitted Assignments	 	 	97	 
	13.3.2.
	 	Effect; Effective Date	 	 	97	 
	13.3.3.
	 	Swing Line Commitment	 	 	98	 
	13.4.
	 	Dissemination of Information	 	 	98	 
	13.5.
	 	Tax Treatment	 	 	98	 
	 
	 	 	 	 	 	 
	ARTICLE XIV
	 	NOTICES	 	 	98	 
	14.1.
	 	Notices	 	 	98	 
	14.2.
	 	Change of Address	 	 	99	 
	 
	 	 	 	 	 	 
	ARTICLE XV
	 	COUNTERPARTS	 	 	99	 
	 
	 	 	 	 	 	 
	ARTICLE XVI
	 	CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	 	 	99	 
	16.1.
	 	CHOICE OF LAW	 	 	99	 
	16.2.
	 	CONSENT TO JURISDICTION	 	 	99	 
	16.3.
	 	WAIVER OF JURY TRIAL	 	 	99	 
	 
	 	 	 	 	 	 
	EXHIBITS AND SCHEDULES	 	 	 	 
	 
	 	 	 	 	 	 
	PRICING SCHEDULE	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit A
	 	Form of Competitive Bid Note	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit B
	 	Form of Competitive Bid Quote	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit C
	 	Form of Competitive Bid Quote Request	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit D
	 	Form of Invitation for Competitive Bid Quote	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit E-1
	 	Form of Revolving Credit Note	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit E-2
	 	Form of Term Loan Note	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit F
	 	Form of Swing Line Note	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit G
	 	Form of Commitment and Acceptance	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit H
	 	Form of Opinion of Company ’s General Counsel	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit I
	 	Form of Opinion of Ballard Spahr Andrews & Ingersoll LLP	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit J
	 	Form of Guaranty	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit K
	 	Form of Compliance Certificate	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit L
	 	Form of Environmental Certificate	 	 	 	 

v 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit M
	 	Form of Assignment and Assumption	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 1
	 	Lenders and Commitments	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 2
	 	Existing Letters of Credit	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 3
	 	Permitted Liens	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 4
	 	Existing Subordinated Indebtedness	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 5
	 	Intentionally Omitted	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 6
	 	Litigation and Contingent Obligations	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 7
	 	Subsidiaries	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 8
	 	Other Liens	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 9
	 	ERISA Matters	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule 10
	 	Environmental Matters	 	 	 	 

vi 

 

AMENDED AND RESTATED CREDIT AGREEMENT

     This Amended and Restated Credit Agreement, dated as of March 17, 2006, is among First
Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc. (the “Company”), the Lenders party
hereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”).

RECITALS

     A. The Borrower, the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain
lenders are party to a certain Credit Agreement (the “Original Credit Agreement”) dated as of July
15, 2004.

     B. The Borrower, the Company, the Administrative Agent and the Lenders party hereto desire to
amend and restate the Original Credit Agreement in its entirety.

AGREEMENT

     NOW THEREFORE, in consideration of the mutual covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby amend and restate the Original Credit Agreement in its entirety, and hereby
covenant and agree, as follows:

ARTICLE I

DEFINITIONS

     As used in this Agreement:

     “ABR Advance” means an Advance that bears interest at the Alternate Base Rate.

     “ABR Loan” means a Loan that bears interest at the Alternate Base Rate.

     “Absolute Rate” means, with respect to an Absolute Rate Loan made by a Revolving Credit Lender
for the relevant Competitive Bid Interest Period, the rate of interest per annum (rounded to the
nearest 1/100 of 1%) offered by such Revolving Credit Lender and accepted by the Borrower.

     “Absolute Rate Advance” means a borrowing hereunder consisting of the aggregate amount of the
several Absolute Rate Loans made by some or all of the Revolving Credit Lenders to the Borrower at
the same time and for the same Competitive Bid Interest Period.

     “Absolute Rate Auction” means a solicitation of Competitive Bid Quotes setting forth Absolute
Rates pursuant to Section 2.3.

     “Absolute Rate Loan” means a Loan that bears interest at the Absolute Rate.

     “Additional Lender” means a Qualified Bank (approved by the Administrative Agent, which
approval shall not be unreasonably withheld) or an existing Lender that elects, upon

1

 

request by the Borrower, to issue a Revolving Credit Commitment, or to increase its existing
Revolving Credit Commitment, or to make an Additional Term Loan, pursuant to Section 2.18.

     “Additional Term Loan” means, with respect to an Additional Lender, such Additional Lender’s
Term Loan made pursuant to Section 2.18(c) with respect to the Term Loan Facility.

     “Adjusted LIBO Rate” means, with respect to any Eurodollar Ratable Advance or Eurodollar Bid
Rate Advance for the relevant Eurodollar Interest Period or, with respect to the determination of
clause (b) of the definition of the Federal Funds/Euro Rate, for a Eurodollar Interest Period of
one month, an interest rate per annum (rounded upwards, if necessary, to the next 1/100th of 1%)
equal to (a) the LIBO Rate for such Eurodollar Interest Period multiplied by (b) the Statutory
Reserve Rate.

     “Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as contractual
representative of the Lenders pursuant to Article XI, and not in its individual capacity as a
Lender, and any successor Administrative Agent appointed pursuant to Article XI.

     “Administrative Agent’s Fee Letter” means that certain fee letter agreement dated February 6,
2006, among the Borrower, the Administrative Agent and JPMSI, as the same may be modified or
amended from time to time.

     “Advance” means a Revolving Credit Advance or Term Advance.

     “Affected Lender” is defined in Section 2.20.

     “Affiliate” of any Person means any other Person directly or indirectly controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another Person if the controlling Person owns 10% or more of any class of voting securities (or
other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock, by contract or otherwise.

     “Agent” means any Lender under this Agreement designated, and in its capacity, as a co-agent,
documentation agent, managing agent or syndication agent (but not the Administrative Agent).

     “Aggregate Available Revolving Credit” means at any time the amount by which (a) the Aggregate
Revolving Credit Commitment exceeds (b) the sum of (i) the principal amount of all outstanding
Revolving Credit Advances, plus (ii) the Facility Letter of Credit Obligations.

     “Aggregate Facility” means, at any time, the sum of (a) the Aggregate Revolving Credit
Commitment and (b) all outstanding Term Loans.

     “Aggregate Facility Limit” means $2,700,000,000.00.

     “Aggregate Revolving Credit Commitment” means the aggregate of the Revolving Credit
Commitments of all the Revolving Credit Lenders, as increased or reduced from time to time pursuant
to the terms hereof. As of the date hereof, the Aggregate Revolving Credit Commitment is
$1,800,000,000.

2

 

     “Agreement” means this credit agreement, as it may be amended or modified and in effect from
time to time.

     “Agreement Accounting Principles” means generally accepted accounting principles as in effect
from time to time, applied in a manner consistent with that used in preparing the financial
statements filed by the Company with the SEC from time to time.

     “Agreement of Sale” means a fully-executed written agreement (substantially in a form approved
by the Administrative Agent, which approval shall not be unreasonably withheld) between a Loan
Party and a purchaser that is not an Affiliate of the Company or any other member of Toll Group,
providing for the sale of a residential unit to such purchaser, which agreement (i) shall include
no contingency for the purchaser selling another residence, (ii) be accompanied by a non-refundable
(except on terms set forth in such agreement or as may be prevented by applicable Law) deposit
equal to the lesser of (x) ten percent (10%) of the purchase price of the unit sold (at least
one-half of which deposit shall have been paid in cash), (y) the difference between the purchase
price set forth in such agreement and the amount of the mortgage contingency set forth in such
agreement (at least one-half of which deposit shall have been paid in cash) and (z) the maximum
amount of deposit which applicable Law permits the seller of such unit to retain as liquidated
damages if the closing of the sale of such unit does not occur, and (iii) shall provide that the
purchase price shall be paid in cash or by title company check or by attorney check or by certified
or bank check at or before the closing of the sale (such cash or check may be obtained by the
purchaser from a loan provided by the seller or an Affiliate of the seller). For the purpose of
clause (z) above, applicable Law shall be deemed to prohibit the seller from retaining a deposit if
it creates a presumption that the amount of such deposit is unreasonable and as such may not be
retained by the seller.

     “Alternate Base Rate” means, for any day, a rate of interest per annum equal to the higher of
(i) the Prime Rate for such day and (ii) the sum of the Federal Funds Effective Rate for such day
plus 1/2% per annum.

     “Applicable Fee Rate” means at any time the percentage rate per annum at which Facility Fees
are accruing on the Aggregate Revolving Credit Commitment (without regard to usage) at such time as
determined pursuant to the Pricing Schedule.

     “Applicable Letter of Credit Rate” means, at any time, the percentage rate per annum at which
Facility Letter of Credit Fees are accruing on outstanding Facility Letters of Credit, which
percentage rate shall be a rate per annum equal to (i) the Applicable Ratable Advance Margin under
the Revolving Credit Facility at such time as determined pursuant to the Pricing Schedule, minus
(ii) 0.125% per annum.

     “Applicable Margins” means (a) with respect to the Revolving Credit Facility, the Applicable
Ratable Advance Margin for the Revolving Credit Facility and the Applicable Fee Rate, as
applicable, and (b) with respect to the Term Loan Facility, the Applicable Ratable Advance Margin
for the Term Loan Facility.

     “Applicable Ratable Advance Margin” means, with respect to a Fixed Ratable Advance or a
Federal Funds/Euro-Rate Advance under the applicable Facility, the percentage rate per

3

 

annum applicable to such Advance, as determined with respect to such Facility pursuant to the
Pricing Schedule.

     “Application” means, with respect to a Facility Letter of Credit, such form of application
therefor and other documents related thereto (whether in a single or several documents, taken
together) as an Issuing Bank may employ in the ordinary course of business for its own account,
with such modifications thereto as may be agreed upon by such Issuing Bank and the Borrower and as
are not materially adverse (in the reasonable judgment of such Issuing Bank and the Administrative
Agent) to the interests of the Revolving Credit Lenders; provided, however, in the
event of any conflict between the terms of any Application and this Agreement, the terms of this
Agreement shall control.

     “Arrangers” means JPMSI and Banc of America Securities LLC, a Delaware limited liability
company, and their respective successors.

     “Article” means an article of this Agreement unless another document is specifically
referenced.

     “Assessment Rate” means, for any CD Interest Period, the annual assessment rate in effect on
the first day of such CD Interest Period payable by a member of the Bank Insurance Fund classified
as “adequately-capitalized” and within supervisory subgroup “A” (or a comparable successor risk
classification) within the meaning of 12 C.F.R. Part 327 (or any successor provision) to the
Federal Deposit Insurance Corporation for insurance by such Corporation of time deposits made in
dollars at the offices of such member in the United States; provided that if, as a result
of any change in any law, rule or regulation, it is no longer possible to determine the Assessment
Rate as aforesaid, then the Assessment Rate shall be such annual rate as shall be determined by the
Administrative Agent to be representative of the cost of such insurance to the Lenders.

     “Assignment and Assumption” is defined in Section 13.3.1.

     “Assumed Purchase Money Loans” means at any time the outstanding amount of all loans secured
by assets purchased by the Designated Guarantors and assumed or entered into by the applicable
Designated Guarantor on the date of purchase, provided that (i) the amount of any such loan
does not exceed the purchase price of the applicable asset and (ii) recourse for each such loan is
limited to the applicable Designated Guarantor; and any amendment, modification, extension or
refinancing of such loans, provided that with respect to the loans, as amended, modified,
extended, or refinanced (A) the aggregate amount thereof shall not exceed the amount of the loans
which existed at the time the applicable Designated Guarantor purchased such asset, (B) such loans
and refinancings shall not be secured by any assets of any Loan Party other than those initially
purchased by the applicable Designated Guarantor and improvements constructed thereon in the normal
course of the Loan Parties’ homebuilding business, and (C) at least 80% of the amount thereof shall
be provided by the same lenders which provided the loans which existed at the time the applicable
Designated Guarantor purchased such assets.

     “Authorized Officers” means those Persons designated by written notice to the Administrative
Agent from the applicable Loan Party, authorized to execute notices, reports and

4

 

other documents required hereunder. The Loan Parties may amend such list of Persons from time
to time by giving written notice of such amendment to the Administrative Agent.

     “Benefit Arrangement” means at any time an “employee benefit plan,” within the meaning of
Section 3(3) of ERISA, which is neither a Plan nor a Multiemployer Plan and which is maintained,
sponsored or otherwise contributed to by any member of the Controlled Group.

     “Board” means The Board of Governors of the Federal Reserve System of the United States of
America (or any successor).

     “Borrower” means First Huntingdon Finance Corp., a Delaware corporation, and its successors
and assigns.

     “Borrowing Base” means at any time the sum (without duplication) of (i) 100% of Category 1
Borrowing Base Assets (except as otherwise hereinafter provided); (ii) 75% of Category 2 Borrowing
Base Assets (except as otherwise hereinafter provided); (iii) 60% of Category 3 Borrowing Base
Assets; and (iv) 50% of Category 4 Borrowing Base Assets. Notwithstanding the foregoing, the
Borrower may elect to combine the Category 1 Borrowing Base Assets and Category 2 Borrowing Base
Assets into one category, in which event, in place of items (i) and (ii) above, 85% of the sum
(without duplication) of the Category 1 Borrowing Base Assets and Category 2 Borrowing Base Assets
shall be included in the Borrowing Base, provided that the Borrower shall represent and warrant in
the applicable Borrowing Base Certificate that (A) 85% of the sum (without duplication) of the
Category 1 Borrowing Base Assets and Category 2 Borrowing Base Assets is less than (B) the sum
(without duplication) of items (i) and (ii) above. All Borrowing Base Assets must be assets owned
by the Loan Parties subject only to Permitted Liens and (except as otherwise provided in Section
7.19) shall be valued at book value, reduced (without duplication) by the Remediation Adjustment
(if any) applicable to such Borrowing Base Assets.

     “Borrowing Base Assets” means the Category 1 Borrowing Base Assets, Category 2 Borrowing Base
Assets, Category 3 Borrowing Base Assets and Category 4 Borrowing Base Assets.

     “Borrowing Base Certificate” means a certificate, in a form satisfactory to the Administrative
Agent, calculating the Borrowing Base as of the last day of a fiscal quarter, and delivered
pursuant to Section 7.1(viii).

     “Borrowing Date” means a date on which an Advance is made hereunder.

     “Business Day” means (i) with respect to any borrowing, payment or rate selection of
Eurodollar Advances, a day (other than a Saturday or Sunday) on which banks generally are open in
New York for the conduct of substantially all of their commercial lending activities and on which
dealings in United States dollars are carried on in the London interbank market and (ii) for all
other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New
York for the conduct of substantially all of their commercial lending activities.

5

 

     “Capitalized Lease” of a Person means any lease of Property by such Person as lessee which
would be capitalized on a balance sheet of such Person prepared in accordance with Agreement
Accounting Principles.

     “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person
under Capitalized Leases which would be shown as a liability on a balance sheet of such Person
prepared in accordance with Agreement Accounting Principles.

     “Category 1 Borrowing Base Assets” means at any time the following assets owned by the Loan
Parties (except any such assets that are Excluded Assets): (1) residential units and buildings
under construction subject to an Agreement of Sale; (2) completed residential units and buildings
subject to an Agreement of Sale; (3) land (and related site improvements and development costs)
related to the assets described in items (1) and (2); and (4) interest, overhead, taxes and other
costs (to the extent capitalized under Agreement Accounting Principles) related to the assets
described in items (1), (2) and (3).

     “Category 2 Borrowing Base Assets” means at any time the following assets owned by the Loan
Parties (except any such assets that are Excluded Assets): (1) residential units and buildings
under construction not under Agreement of Sale; (2) completed residential units and buildings not
under Agreement of Sale; (3) land (and related site improvements and development costs) related to
the assets described in items (1) and (2); and (4) interest, overhead, taxes and other costs (to
the extent capitalized under Agreement Accounting Principles) related to the assets described in
items (1), (2) and (3).

     “Category 3 Borrowing Base Assets” means at any time the following assets owned by the Loan
Parties (except any such assets that are Excluded Assets): (1) site improvements on land owned by
a Loan Party that is not subject to an Agreement of Sale; and (2) interest, overhead, taxes and
other costs (to the extent capitalized under Agreement Accounting Principles) related to the assets
described in item (1).

     “Category 4 Borrowing Base Assets” means at any time the following assets owned by the Loan
Parties (except any such assets that are Excluded Assets): (1) acquisition and development costs
(excluding site improvement costs) of land owned by a Loan Party that is not subject to an
Agreement of Sale; and (2) interest, overhead, taxes and other costs (to the extent capitalized
under Agreement Accounting Principles) related to the assets described in item (1).

     “CD Interest Period” means, with respect to a Fixed CD Rate Advance, a period of 30, 60, 90 or
180 days (or, subject to approval by all Lenders under the applicable Facility, 270 or 360 days)
commencing on a Business Day selected by the Borrower pursuant to this Agreement. If such CD
Interest Period would end on a day which is not a Business Day, such CD Interest Period shall end
on the next succeeding Business Day.

     “Change” is defined in Section 3.2.

     “Change of Control” means the occurrence of any one or more of the following events:

	 	(A)	 	The acquisition by any Person, or two or more Persons acting in
concert, of beneficial ownership (within the meaning of Rule 13d-3 of the

6

 

	 	 	 	Securities and Exchange Commission under the Securities Exchange Act of
1934) of 50% or more of the outstanding shares of voting stock of a Loan
Party; or
	 
	 	(B)	 	There shall be consummated any consolidation or merger to which
the Company is a party except a merger or consolidation where the holders of
voting stock of the Company prior to such merger or consolidation own more than
50% of the voting stock of the continuing or surviving corporation outstanding
after such merger or consolidation (whether or not the Company is such
continuing or surviving corporation).

     “Closing Date” means the Business Day on which the conditions set forth in Section 5.1 are
satisfied.

     “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified
from time to time.

     “Commitment” means (a) with respect to the Revolving Credit Facility, a Revolving Credit
Commitment and (b) with respect to the Term Loan Facility, a Term Commitment.

     “Commitment and Acceptance” is defined in Section 2.18(b).

     “Company” means Toll Brothers, Inc., a Delaware corporation.

     “Competitive Bid Advance” means a borrowing hereunder consisting of the aggregate amount of
the several Competitive Bid Loans made by one or more of the Revolving Credit Lenders to the
Borrower at the same time and for the same Interest Period.

     “Competitive Bid Agent” means, with respect to a Competitive Bid Quote Request, either the
Administrative Agent or the Borrower, as specified in such Competitive Bid Quote Request as
provided in Section 2.3.2.

     “Competitive Bid Borrowing Notice” is defined in Section 2.3.6.

     “Competitive Bid Interest Period” means, in the case of a Eurodollar Bid Rate Advance, a
Eurodollar Interest Period and, in the case of an Absolute Bid Advance, a period of not less than
14 nor more than 360 days, in each case as selected by the Borrower pursuant to this Agreement. If
such Competitive Bid Interest Period would end on a day which is not a Business Day, such
Competitive Bid Interest Period shall end on the next succeeding Business Day (except as otherwise
provided in the definition of “Eurodollar Interest Period”).

     “Competitive Bid Loan” means a Eurodollar Bid Rate Loan or an Absolute Rate Loan, or both, as
the case may be.

     “Competitive Bid Margin” means the margin above or below the applicable Adjusted LIBO Rate
offered for a Eurodollar Bid Rate Loan, expressed as a percentage (rounded to the nearest 1/100 of
1%) to be added or subtracted from such Eurodollar Base Rate.

7

 

     “Competitive Bid Note” means a promissory note in substantially the form of Exhibit A
hereto, with appropriate insertions, duly executed and delivered to the Administrative Agent by the
Borrower for the account of a Revolving Credit Lender and payable to the order of such Revolving
Credit Lender, including any amendment, modification, renewal or replacement of such promissory
note.

     “Competitive Bid Quote” means a Competitive Bid Quote substantially in the form of Exhibit
B hereto completed and delivered by a Revolving Credit Lender to the Competitive Bid Agent in
accordance with Section 2.3.4.

     “Competitive Bid Quote Request” means a Competitive Bid Quote Request substantially in the
form of Exhibit C hereto completed and delivered by the Borrower to the Administrative
Agent in accordance with Section 2.3.2.

     “Competitive Bid Sublimit” means, at any time, an amount equal to fifty percent (50%) of the
Aggregate Revolving Credit Commitment, as such Aggregate Revolving Credit Commitment may increase
or decrease from time to time hereunder.

     “Consolidated Net Income” means, with reference to any period, the net income (or loss) of the
Company and its Subsidiaries calculated on a consolidated basis for such period in accordance with
Agreement Accounting Principles.

     “Consolidated Net Worth” means at any time the consolidated stockholders’ equity of the
Company and its Subsidiaries calculated on a consolidated basis as of such time in accordance with
Agreement Accounting Principles.

     “Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which
such Person guarantees or in effect guarantees any Indebtedness of any other Person in any manner,
whether directly or indirectly.

     “Controlled Group” means all members of a controlled group of corporations or other business
entities and all trades or businesses (whether or not incorporated) under common control which,
together with the Company or any of its Subsidiaries, are treated as a single employer under
Section 414 of the Code.

     “Conversion” is defined in Section 10.13.

     “Declining Lender” is defined in Section 2.17.

     “Declining Lender’s Termination Date” means, (a) with respect to a Revolving Credit Declining
Lender, its Revolving Credit Declining Lender’s Termination Date and (b) with respect to a Term
Declining Lender, its Term Declining Lender’s Termination Date.

     “Default” means an event described in Article VIII.

     “Designated Guarantors” means any Subsidiary of the Company that at any time has executed and
delivered a Guaranty Agreement (or a Supplemental Guaranty) and that has not been released
therefrom in accordance with the provisions of Section 10.13.

8

 

     “Environmental Certificate” is defined in Section 7.26.

     “Environmental Complaint” means any written complaint setting forth a cause of action for
personal or property damage or equitable relief, order, notice of violation, citation, request for
information issued pursuant to any Environmental Laws by an Official Body, subpoena or other
written notice of any type relating to, arising out of, or issued pursuant to any of the
Environmental Laws or any Environmental Conditions, as the case may be.

     “Environmental Conditions” means any conditions of the environment, including, without
limitation, the work place, the ocean, natural resources (including flora or fauna), soil, surface
water, ground water, any actual or potential drinking water supply sources, substrata or the
ambient air, relating to or arising out of, or caused by the use, handling, storage, treatment,
recycling, generation, transportation, release, spilling, leaking, pumping, emptying, discharging,
injecting, escaping, leaching, disposal, dumping, threatened release or other management or
mismanagement of Regulated Substances resulting from the use of, or operations on, the Property.

     “Environmental Laws” means any Laws relating to (i) the protection of the environment, (ii)
the effect of the environment on human health, (iii) emissions, discharges or releases of
pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land,
or (iv) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other
remediation thereof.

     “Environmentally Approved Land” shall mean land owned by a Loan Party as to which there has
been delivered to such Loan Party and, to the extent required under Section 7.26, the
Administrative Agent an Environmental Certificate that either (a) contains no exceptions on Exhibit
A thereto except for Permitted Environmental Exceptions, or (b) if it contains any exceptions other
than Permitted Environmental Exceptions, such exceptions shall have been (i) approved by the
Administrative Agent, which approval has not been reversed by the Required Lenders under Section
7.26 or (ii) approved by the Required Lenders if the Administrative Agent initially does not
approve such exceptions.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any rule or regulation issued thereunder.

     “Escrow Agreement” means an agreement or other similar arrangement with a municipality or any
other Official Body, including without limitation any utility, water or sewer authority, or other
similar entity, for the purpose of assuring such municipality or other Official Body that the
Company or an Affiliate of the Company will properly and timely complete work it has agreed to
perform for the benefit of such municipality or other Official Body, under the terms of which a
bank (including a Lender hereunder) or other Person agrees to set aside or otherwise make available
a specified amount of funds which will be paid to such municipality or other Official Body upon
request by such municipality or other Official Body in accordance with the terms of such agreement
in the event the Company or such Affiliate fails to perform such work.

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     “Eurodollar Auction” means a solicitation of Competitive Bid Quotes setting forth Competitive
Bid Margins pursuant to Section 2.3.

     “Eurodollar Bid Rate” means, with respect to a Eurodollar Bid Rate Loan made by a given
Revolving Credit Lender for the relevant Eurodollar Interest Period, the sum of (a) the Adjusted
LIBO Rate applicable to such Eurodollar Interest Period, plus or minus (b) the Competitive Bid
Margin offered by such Revolving Credit Lender and accepted by the Borrower. The Eurodollar Bid
Rate shall be rounded to the next higher multiple of 1/100 of 1% if the rate is not such a
multiple.

     “Eurodollar Bid Rate Advance” means a Competitive Bid Advance which bears interest at a
Eurodollar Bid Rate.

     “Eurodollar Bid Rate Loan” means a Competitive Bid Loan which bears interest at the Eurodollar
Bid Rate.

     “Eurodollar Interest Period” means, with respect to a Eurodollar Ratable Advance, a period of
one, two, three or six months (or, subject to approval by all Lenders under the applicable
Facility, nine or twelve months) or, with respect to a Eurodollar Bid Rate Advance, a period of
one, two, three, six, nine or twelve months, in each case commencing on a Business Day selected by
the Borrower pursuant to this Agreement or, with respect to the determination of clause (b) of the
definition of the Federal Funds/Euro Rate, a period of one month. Such Eurodollar Interest Period
shall end on the day which corresponds numerically to such date one, two, three, six, nine or
twelve months thereafter, provided, however, that if there is no such numerically
corresponding day in such next, second, third, sixth, ninth or twelfth succeeding month, such
Eurodollar Interest Period shall end on the last Business Day of such next, second, third, sixth,
ninth or twelfth succeeding month. If a Eurodollar Interest Period would otherwise end on a day
which is not a Business Day, such Eurodollar Interest Period shall end on the next succeeding
Business Day, provided, however, that if said next succeeding Business Day falls in
a new calendar month, such Eurodollar Interest Period shall end on the immediately preceding
Business Day.

     “Eurodollar Loan” means a Eurodollar Bid Rate Loan or a Eurodollar Ratable Loan.

     “Eurodollar Ratable Advance” means an Advance (other than a Federal Funds/Euro-Rate Advance)
which bears interest at a Eurodollar Rate requested by the Borrower pursuant to Section 2.2.

     “Eurodollar Ratable Loan” means a Loan (other than a Federal Funds/Euro-Rate Loan) which bears
interest at a Eurodollar Rate requested by the Borrower pursuant to Section 2.2.

     “Eurodollar Rate” means, with respect to a Eurodollar Ratable Advance under a Facility for the
relevant Eurodollar Interest Period or, with respect to the determination of clause (b) of the
definition of the Federal Funds/Euro-Rate, for a Eurodollar Interest Period of one month, a rate
per annum (rounded upwards, if necessary, to the next 1/100th of 1%) equal to the sum of
(i) the Adjusted LIBO Rate applicable to such Eurodollar Interest Period, plus (ii) the Applicable
Ratable Advance Margin for such Facility in effect two Business Days prior to such Advance.

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     “Excess Investments” means at any time the amount (if any) by which Special Investments
exceeds 25% of Consolidated Net Worth.

     “Excluded Assets” means at any time any of the following assets of the Loan Parties: (1)
assets subject to any Lien securing Indebtedness (except for Permitted Purchase Money Loans in
which the applicable Loan Party and its successors shall have full rights to prepay without premium
or penalty, or if a premium or penalty may be imposed, the total potential premium or penalty is
added to the principal amount of such Indebtedness for computation purposes, provided, that
the Borrower may elect in its sole discretion to designate any asset subject to a Permitted
Purchase Money Loan as an Excluded Asset (thereby excluding such asset from the calculation of the
Borrowing Base), in which event any potential prepayment penalties and premiums on such Permitted
Purchase Money Loan shall not be included in computing Indebtedness); (2) land, site improvements,
development costs and units or buildings constructed or under construction on such land if the
applicable Loan Party has not received Preliminary Approval with respect to such land or if such
Land is not Environmentally Approved Land; and (3) payments for options.

     “Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the
Administrative Agent, taxes imposed on its overall net income, and franchise taxes imposed on it
(including in either case withholding taxes related thereto) by (i) the jurisdiction under the laws
of which such Lender or the Administrative Agent is incorporated or organized or (ii) the
jurisdiction in which the Administrative Agent’s or such Lender’s principal executive office or
such Lender’s applicable Lending Installation is located.

     “Exhibit” refers to an exhibit to this Agreement, unless another document is specifically
referenced.

     “Existing Letters of Credit” means those Letters of Credit identified in Schedule 2
hereto heretofore issued, pursuant to the Original Credit Agreement, by the Revolving Credit
Lenders identified in Schedule 2 and outstanding as of the date hereof.

     “Extension Date” is defined in Section 2.17.

     “Extension Request” is defined in Section 2.17.

     “Facility” means the Revolving Credit Facility or the Term Loan Facility, as applicable.

     “Facility Fee” is defined in Section 2.4.

     “Facility Increase” is defined in Section 2.18.

     “Facility Letter of Credit” means (i) any Existing Letter of Credit and (ii) any Letter of
Credit (which, in the case of a Performance Letter of Credit, may be an Escrow Agreement) hereafter
issued by an Issuing Bank for the account of the Borrower or another Loan Party in accordance with
Article IV.

     “Facility Letter of Credit Fee” means, for any period, a fee, payable with respect to each
Facility Letter of Credit issued by an Issuing Bank outstanding in such period, in an amount per

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annum equal to the product of (i) the daily average Applicable Letter of Credit Rate during
such period and (ii) the daily average undrawn face amount of such Facility Letter of Credit,
computed on the basis of the actual number of days such Facility Letter of Credit is outstanding in
such period.

     “Facility Letter of Credit Notice” is defined in Section 4.4(c).

     “Facility Letter of Credit Obligations” means at any time the sum of (i) the aggregate undrawn
face amount of all outstanding Facility Letters of Credit, and (ii) the aggregate amount paid by an
Issuing Bank on any Facility Letters of Credit to the extent (if any) not reimbursed by the
Borrower or the Revolving Credit Lenders under Section 4.6.

     “Facility Ratable Share” means (a) with respect to a Revolving Credit Lender, its Revolving
Credit Ratable Share and (b) with respect to a Term Lender, its Term Ratable Share.

     “Facility Termination Date” means (a) with respect to the Revolving Credit Facility, the
Revolving Credit Facility Termination Date and (b) with respect to the Term Loan Facility, the Term
Maturity Date.

     “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if
necessary, to the next 1/100th of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding business day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100th of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds brokers of recognized
standing selected by it.

     “Federal Funds/Euro-Rate” means, for any day, an interest rate per annum equal to the greater
of (a) the sum of (i) the Federal Funds Effective Rate for the Business Day immediately preceding
such day, plus (ii) the Applicable Ratable Advance Margin under the applicable Facility, plus (iii)
0.25% per annum, and (b) a rate equal to the Eurodollar Rate for a Eurodollar Interest Period of
one month commencing on the second Business Day after such day. The Federal Funds/Euro-Rate shall
be recomputed each day.

     “Federal Funds/Euro-Rate Advance” means an Advance that bears interest at the Federal
Funds/Euro-Rate.

     “Federal Funds/Euro-Rate Loan” means a Loan that bears interest at the Federal
Funds/Euro-Rate.

     “Fee Letter” means that certain letter agreement dated February 6, 2006 among the Borrower,
the Administrative Agent and JMPSI with respect to fees payable to the Lenders hereunder.

     “Financial Contract” of a Person means (i) any exchange-traded or over-the-counter futures,
forward, swap or option contract or other financial instrument with similar characteristics, and
(ii) any agreements, devices or arrangements providing for payments related

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to fluctuations of interest rates, exchange rates or forward rates, including, but not limited
to, interest rate exchange agreements, forward currency exchange agreements, interest rate cap or
collar protection agreements, forward rate currency or interest rate options.

     “Financial Letter of Credit” means any Letter of Credit issued on behalf of a Loan Party that
is not a Performance Letter of Credit and that is issued to a Person to ensure payment by a Loan
Party or other Affiliate of the Company of a financial obligation or satisfaction by a Loan Party
or other Affiliate of any other obligation of a Loan Party or other Affiliate.

     “Fitch” means Fitch, Inc.

     “Fixed CD Base Rate” means, with respect to a Fixed CD Rate Advance for the relevant CD
Interest Period, the secondary market rate for certificates of deposit having a term approximately
equal to such CD Interest Period, in each case reported as being in effect on such day by the Board
through the public information telephone line of the Federal Reserve Bank of New York (which rate
will, under the current practices of the Board, be published in Federal Reserve Statistical Release
H.15(519) during the week following such day) or, if such rate is not so reported on such day or
such next preceding Business Day, the average of the secondary market quotations for certificates
of deposit, in the approximate amount of the Administrative Agent’s relevant Fixed CD Rate Loan and
having a maturity approximately equal to such CD Interest Period, of major money center banks in
New York City received at approximately 10:00 a.m., New York City time, on such day by the
Administrative Agent from three negotiable certificate of deposit dealers of recognized standing
selected by it.

     “Fixed CD Rate” means, with respect to a Fixed CD Rate Advance under a Facility for the
relevant CD Interest Period, a rate per annum (rounded upwards to, if necessary, to the next
1/100th of 1%) equal to the sum of (i) (a) the Fixed CD Base Rate for such CD Interest
Period multiplied by (b) the Statutory Reserve Rate, plus (ii) the applicable Assessment Rate, plus
(iii) the Applicable Ratable Advance Margin under such Facility as of the date of such Advance.

     “Fixed CD Rate Advance” means an Advance that bears interest at a Fixed CD Rate.

     “Fixed CD Rate Loan” means a Loan that bears interest at a Fixed CD Rate.

     “Fixed Ratable Advance” means a Eurodollar Ratable Advance or a Fixed CD Rate Advance.

     “Fixed Ratable Loan” means a Eurodollar Ratable Loan or a Fixed CD Rate Loan.

     “Fixed Rate” means the Fixed CD Rate, the Eurodollar Rate, the Eurodollar Bid Rate or the
Absolute Rate.

     “Fixed Rate Advance” means an Advance that bears interest at a Fixed Rate.

     “Fixed Rate Loan” means a Loan that bears interest at a Fixed Rate.

     “Floating Rate” means the Alternate Base Rate or the Federal Funds/Euro-Rate.

     “Floating Rate Advance” means an Advance that bears interest at a Floating Rate.

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     “Floating Rate Borrowing” means a Loan that bears interest at a Floating Rate.

     “GAAP” means generally accepted accounting principles as in effect from time to time.

     “Guarantors” means the Company and the Designated Guarantors.

     “Guaranty Agreement” means the guaranty agreement of even date herewith executed and delivered
by the Company and the Designated Guarantors to the Administrative Agent for the benefit of the
Lenders, as such guaranty agreement may be amended or modified (including, without limitation, by
delivery of a Supplemental Guaranty) and in effect from time to time.

     “Increase Date” is defined in Section 2.18(c).

     “Indebtedness” of a Person means, without duplication, such Person’s (i) obligations for
borrowed money, (ii) obligations representing the deferred purchase price of Property or services
(other than accounts payable arising in the ordinary course of such Person’s business payable on
terms customary in the trade), (iii) obligations, whether or not assumed, secured by Liens, (iv)
obligations which are evidenced by notes, acceptances, or other instruments, (v) obligations of
such Person to purchase securities or other property arising out of or in connection with the sale
of the same or substantially similar securities or property, (vi) Capitalized Lease Obligations,
(vii) Contingent Obligations, (viii) reimbursement obligations under Financial Letters of Credit,
and (ix) any other obligation for borrowed money which in accordance with Agreement Accounting
Principles would be shown as a liability on the consolidated balance sheet of such Person. The
amount of Indebtedness shall include potential prepayment penalties and premiums on such
Indebtedness to the extent provided in the definition of “Excluded Assets.” In no event shall
Indebtedness include (a) Indebtedness owed by one Loan Party to another Loan Party or (b) any
obligation of a Loan Party to reimburse the issuer of a performance bond issued in the ordinary
course of business.

     “Intercompany Agreement” is defined in Section 7.18.

     “Intercompany Loans” means the loans from the Borrower to the applicable Loan Party using the
proceeds of Loans hereunder.

     “Intercompany Notes” is defined in Section 7.18.

     “Interest Period” means a CD Interest Period or a Eurodollar Interest Period or a Competitive
Bid Interest Period (as applicable).

     “Investment” of a Person means any loan, advance (other than commission, travel and similar
advances to officers and employees made in the ordinary course of business), extension of credit
(other than accounts receivable arising in the ordinary course of business on terms customary in
the trade) or contribution of capital by such Person; stocks, bonds, mutual funds, partnership
interests, notes, debentures or other securities owned by such Person; any deposit accounts and
certificate of deposit owned by such Person; and structured notes, derivative financial instruments
and other similar instruments or contracts owned by such Person.

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     “Investment Grade Rating” means a Qualified Rating of (i) BBB- or higher by S&P, or (ii) Baa3
or higher by Moody’s.

     “Investments in Mortgage Subsidiaries” means, without duplication, at any time the sum of the
following: (i) all Investments by any Loan Party directly or indirectly in the capital stock of or
other payments (except in connection with the transactions for fair value in the ordinary course of
business) to any of the Mortgage Subsidiaries, (ii) all loans by any Loan Party directly or
indirectly to any of the Mortgage Subsidiaries, (iii) all Contingent Obligations of any Loan Party
directly or indirectly in respect of the obligations of any of the Mortgage Subsidiaries, and (iv)
all other obligations, contingent or otherwise, of the Loan Parties to or for the benefit of any of
the Mortgage Subsidiaries; provided that, Investments in Mortgage Subsidiaries shall not include
any amounts that a Mortgage Subsidiary owes to a Loan Party to reimburse such Loan Party for any
taxes paid or payable by such Loan Party on account of such Mortgage Subsidiary.

     “Invitation for Competitive Bid Quotes” means an Invitation for Competitive Bid Quotes
substantially in the form of Exhibit D hereto, completed and delivered by the Competitive
Bid Agent to the Revolving Credit Lenders in accordance with Section 2.3.3.

     “Issuance Date” means the date on which a Facility Letter of Credit is issued, amended or
extended (as applicable).

     “Issuing Bank” means any Revolving Credit Lender that has issued an Existing Letter of Credit
or may from time to time issue a Facility Letter of Credit in accordance with the provisions of
Article IV.

     “Issuing Bank’s L/C Limit” means, with respect to a Revolving Credit Lender at any time, an
amount equal to sixty-six and two-thirds percent (662/3%) of its Revolving Credit Commitment at such
time, or such higher or lower amount as shall be agreed by such Revolving Credit Lender at the
request of the Borrower. Such Revolving Credit Lender or the Borrower shall notify the
Administrative Agent of any such change in the Revolving Credit Lender’s Issuing Bank’s L/C Limit.

     “JPMorgan Chase” means JPMorgan Chase Bank, N.A., in its individual capacity, and its
successors.

     “JPMSI” means J.P. Morgan Securities Inc., a Delaware corporation.

     “Labor Contracts” means all employee benefit plans, employment agreements, collective
bargaining agreements and labor contracts to which any Loan Party is a party.

     “Land and Land Development Costs” means at any time the book value of all land owned by the
Loan Parties and all land development and carrying costs related thereto, excluding all land which
has been substantially improved and the land development and carrying costs related thereto.

     “Law” means any and all applicable federal, state, local and foreign statutes, laws, judicial
decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits,
concessions, grants, franchises, licenses and other governmental restrictions.

15

 

     “L/C
Sublimit” means an amount equal to sixty-six and two-thirds
percent (662/3%) of the
Aggregate Revolving Credit Commitment, as the Aggregate Revolving Credit Commitment may be
increased or decreased from time to time in accordance with the provisions of this Agreement.

     “Lender” means a Revolving Credit Lender (including the Swing Line Lender) or a Term Lender.

     “Lending Installation” means, with respect to a Lender or the Administrative Agent, the
office, branch, subsidiary or affiliate of such Lender or the Administrative Agent listed on the
signature pages hereof or on a Schedule or otherwise selected by such Lender or the Administrative
Agent pursuant to Section 2.15.

     “Letter of Credit” of a Person means a letter of credit or similar instrument (such as an
Escrow Agreement) which is issued upon the application of such Person or upon which such Person is
an account party or for which such Person is in any way liable.

     “Leverage Ratio” means at any time the ratio of (a) the amount by which (i) Total
Indebtedness, less Permitted Nonrecourse Indebtedness, exceeds (ii) the cash in excess of
$10,000,000 held by the Toll Group, to (b) the sum of (i) Tangible Net Worth and (ii) fifty percent
(50%) of Qualified Subordinated Indebtedness (provided that the amount in this clause (ii) shall
not exceed 66-2/3% of Consolidated Net Worth).

     “LIBO Rate” means, with respect to any Eurodollar Ratable Advance or Eurodollar Bid Rate
Advance for any Eurodollar Interest Period, or with respect to the determination of the Federal
Funds/Euro-Rate, the rate appearing on Telerate Page 3750 (formerly the Dow Jones Market Service)
or on any successor or substitute page of such service, or any successor to or substitute for such
service, providing rate quotations comparable to those currently provided on such page of such
service, as determined by the Administrative Agent from time to time for purposes of providing
quotations of interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two business days prior to the commencement of the
Eurodollar Interest Period for such Eurodollar Ratable Advance or Eurodollar Bid Rate Advance, or,
in the case of determination of the Federal Funds/Euro-Rate, a Eurodollar Interest Period of one
month, as the rate for dollar deposits with a maturity comparable to such Eurodollar Interest
Period. In the event that such rate is not available at such time for any reason, then the
“LIBO Rate” with respect to such Eurodollar Ratable Advance or Eurodollar Bid Rate Advance
(or Federal Funds/Euro-Rate) for such Eurodollar Interest Period shall be the rate at which dollar
deposits of $5,000,000 and for a maturity comparable to such Eurodollar Interest Period are offered
by the principal London office of the Administrative Agent in immediately available funds in the
London interbank market at approximately 11:00 a.m., London time, two business days prior to the
commencement of such Eurodollar Interest Period.

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including, without limitation, the
interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title
retention agreement).

16

 

     “Loan” means, with respect to a Lender, a loan made by such Lender pursuant to Article II (or
any conversion or continuation thereof). For avoidance of doubt, the term “Loan” includes each
Revolving Credit Loan, Term Loan, Competitive Bid Loan and Swing Line Advance.

     “Loan Documents” means this Agreement, the Guaranty Agreements and any Notes issued pursuant
to Section 2.11.

     “Loan Parties” means the Company, the Borrower and (subject to the provisions of Section
10.13) the Designated Guarantors.

     “Majority Lenders” means (i) subject to the provisions of Section 2.18(d), if there exists no
Default or if a Default exists but there are no Loans or Facility Letters of Credit outstanding,
Lenders (excluding Non-Funding Lenders) whose Revolving Credit Commitments and Term Loans (in the
aggregate) equal or exceed 51% or more of the Revolving Credit Commitments and Term Loans (in the
aggregate) of all of the Lenders (excluding Non-Funding Lenders), or (ii) if a Default exists and
is continuing and there are Loans or Facility Letters of Credit outstanding, Lenders (excluding
Non-Funding Lenders) whose Total Revolving Credit Exposure and outstanding Term Loans (in the
aggregate) equal or exceed 51% or more of the Total Revolving Credit Exposure and Term Loans (in
the aggregate) of all of the Lenders (excluding Non-Funding Lenders).

     “Material Adverse Effect” means a material adverse effect on (i) the business, Property,
condition (financial or otherwise) or results of operations of the Loan Parties taken as a whole,
(ii) the ability of the Loan Parties taken as a whole to perform their obligations under the Loan
Documents, or (iii) the validity or enforceability of any of the Loan Documents or the rights or
remedies of the Administrative Agent or the Lenders thereunder.

     “Material Indebtedness” is defined in Section 8.4.

     “Maximum Deductible Amount” is defined in Section 7.28.3.

     “Moody’s” means Moody’s Investors Service, Inc. or any successor thereto.

     “Mortgage Banking Business” means the business of issuing mortgage loans on residential
properties (whether for purchase of homes or refinancing of existing mortgages), purchasing and
selling mortgage loans, issuing securities backed by mortgage loans, acting as a broker of mortgage
loans and other activities customarily associated with mortgage banking and related businesses.

     “Mortgage Subsidiaries’ Adjusted Shareholders’ Equity” means at any time the stockholders’
equity (less goodwill) of the Mortgage Subsidiaries determined on a consolidated basis in
accordance with Agreement Accounting Principles, plus the outstanding amount of any loans made by
the Loan Parties to the Mortgage Subsidiaries (except for intercompany payables to one or more of
the Loan Parties in respect of the Mortgage Subsidiaries’ share of accrued consolidated income tax
liabilities which have not yet been paid by the Loan Parties) or other Investments in Mortgage
Subsidiaries that are not included in the stockholders’ equity of the Mortgage Subsidiaries.

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     “Mortgage Subsidiaries’ Liabilities” means at any time all Indebtedness of any of the Mortgage
Subsidiaries at such date determined on a combined basis as a group in accordance with Agreement
Accounting Principles, plus accrued income taxes payable by any of the Mortgage Subsidiaries within
one year of such date.

     “Mortgage Subsidiary” means any corporation, limited partnership, limited liability company or
business trust that is (a) organized after the Closing Date or designated by the Company as a
Mortgage Subsidiary after the Closing Date, (b) a Subsidiary of the Company and (c) engaged in the
Mortgage Banking Business.

     “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or
any other arrangement to which the Borrower or any member of the Controlled Group is a party and to
which more than one employer is obligated to make contributions.

     “Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including
the Company or any member of the Controlled Group) at least two of whom are not under common
control, as such a plan is described in Sections 4063 and 4064 of ERISA.

     “New Lender” means a New Revolving Credit Lender or a New Term Lender, as applicable.

     “New Revolving Credit Lender” means an Additional Lender that, immediately prior to its
purchase of the Revolving Credit Commitment of a Revolving Credit Lender pursuant to Section 2.20
or its issuance of a Revolving Credit Commitment pursuant to Section 2.18, was not a Revolving
Credit Lender hereunder.

     “New Term Lender” means an Additional Lender that, immediately prior to its purchase of the
Term Loans of a Term Lender pursuant to Section 2.20 or its issuance of a Term Commitment pursuant
to Section 2.18, was not a Term Lender.

     “Non-Designation” is defined in Section 10.13.

     “Non-Funding Lender” means any Lender that has (a) failed to make a Loan required to be made
by it hereunder or (b) given notice to the Borrower or the Administrative Agent that it will not
make, or that it has disaffirmed or repudiated any obligation to make, Loans required to be made by
it hereunder.

     “Non-Loan Parties” means members of the Toll Group or any Affiliate thereof, excluding the
Company, the Borrower and the Designated Guarantors.

     “Non-U.S. Lender” is defined in Section 3.5(c).

     “Notes” means, collectively, the Competitive Bid Notes, the Revolving Credit Notes, the Term
Notes and the Swing Line Note; and “Note” means any one of the Notes.

     “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, the
Facility Letter of Credit Obligations, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations of the Loan Parties to the Lenders or to any

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Lender, the Administrative Agent or any indemnified party arising under the Loan Documents,
including without limitation, the Revolving Credit Obligations and the Term Obligations.

     “Official Body” means any national, federal, state, local or other government or political
subdivision or any agency, authority, bureau, central bank, commission, department or
instrumentality of any of the foregoing, or any court, tribunal, grand jury or arbitrator, in each
case whether foreign or domestic.

     “Original Credit Agreement” is described in Recital A.

     “Other Taxes” is defined in Section 3.5(b).

     “Participant” is defined in Section 13.2.1.

     “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

     “Performance Letter of Credit” means (a) any Letter of Credit issued on behalf of a Loan Party
in favor of a municipality or any other Official Body, including without limitation, any utility,
water or sewer authority, or other similar entity for the purpose of assuring such municipality,
other Official Body, utility, water or sewer authority or similar entity that an Affiliate of the
Company will properly and timely complete work it has agreed to perform for the benefit of such
municipality, other Official Body, utility, water or sewer authority or similar entity or (b) an
Escrow Agreement.

     “Permitted Environmental Exception” means an exception set forth on an Environmental
Certificate that an independent environmental engineer certifies can, in the judgment of such
engineer, be cured by remediation that shall cost less than $500,000 to complete and that the
Borrower certifies to the Lenders that it or another Loan Party shall timely cure in accordance
with applicable Environmental Laws. If the engineer cannot or does not determine and certify as to
the cost of such remediation, the exception shall not be a Permitted Environmental Exception.

     “Permitted Investments” means Investments that are (i) cash or cash equivalents including
corporate bonds, stocks and similar Investments; (ii) accounts receivable and trade credit created,
acquired or made in the ordinary course of business and payable or dischargeable in accordance with
customary trade terms; (iii) Investments in a Guarantor; (iv) loans to directors, officers,
employees, agents, customers or suppliers in the ordinary course, including the financing to
purchasers of homes and other residential properties from a Loan Party; (v) Investments in Mortgage
Subsidiaries; (vi) Investments in joint ventures (whether in partnership, corporate, limited
liability company or other form); (vii) Investments in real estate and/or mortgages and/or
receivables secured by real estate including stock or partnership or membership interests in real
estate related companies; (viii) Investments in Non-Loan Parties or entities which will become
Non-Loan Parties by reason of such Investment; (ix) loans to employees for the purpose of acquiring
the Company’s stock; (x) Financial Contracts permitted hereunder; and (xi) other Investments in the
ordinary course of business.

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     “Permitted Liens” means

	 	(i)	 	Liens for taxes, assessments, or similar charges, incurred in
the ordinary course of business and which are not yet due and payable and
pledges or deposits made in the ordinary course of business to secure payment
of workmen’s compensation, or to participate in any fund in connection with
workmen’s compensation, unemployment insurance, old-age pensions or other
social security programs;
	 
	 	(ii)	 	Statutory Liens and other Liens of mechanics, workmen and
contractors, provided that the Liens permitted by this subsection (ii)
have not been filed or, if such Liens have been filed, either (i) a stay of
enforcement thereof has been obtained within 60 days, (ii) such Liens have been
satisfied of record within 60 days after the date of filing thereof or (iii)
such Liens are being contested in good faith by appropriate proceedings and
adequate reserves have been established therefor in accordance with GAAP;
	 
	 	(iii)	 	Liens granted (A) by the Loan Parties in the ordinary course
of business to secure performance of bids, tenders, contracts (other than for
the repayment of borrowed money) or leases, or to secure statutory obligations,
or surety, appeal, indemnity, performance or other similar bonds required in
the ordinary course of business, or (B) by third parties in favor of the Loan
Parties pursuant to Agreements of Sale;
	 
	 	(iv)	 	Encumbrances consisting of zoning restrictions, easements or
other restrictions on the use of real property, none of which materially
impairs the use of such property or the value thereof, and none of which is
violated in any material respect by existing or proposed structures or land
use;
	 
	 	(v)	 	Liens, security interests and mortgages, if any, in favor of
the Administrative Agent for the benefit of the Lenders and Liens on cash, cash
equivalents, deposit accounts, warehouse receipts and related goods and
documents granted to a Lender (or a “Lender,” as defined in the Original Credit
Agreement that is not a Lender hereunder) as security for the obligations of
the Loan Parties under Facility Letters of Credit (or “Facility Letters of
Credit” (as defined in the Original Credit Agreement) that are not Existing
LCs);
	 
	 	(vi)	 	Any Lien existing on the date of this Agreement and described
on Schedule 3 hereto and any Lien securing a refinancing of the
Indebtedness secured by a Lien described on Schedule 3,
provided that the principal amount secured thereby is not hereafter
increased and no additional assets (except for improvements constructed on such
assets in the normal course of the Company’s business) become subject to such
Lien unless such change would be permitted under other provisions hereof;

20

 

	 	(vii)	 	The following, (A) if the validity or amount thereof is being
contested in good faith by appropriate and lawful proceedings diligently
conducted so long as levy and execution thereon have been stayed and continue
to be stayed or (B) if a final judgment is entered and such judgment is
discharged, stayed or bonded within thirty (30) days of entry:

	 	(1)	 	Claims or Liens for taxes, assessments or
charges due and payable and subject to interest or penalty, provided
that the Loan Parties maintain such reserves and other appropriate
provisions as shall be required by Agreement Accounting Principles and
pay all such taxes, assessments or charges forthwith upon the
commencement of proceedings to foreclose any such Lien; or
	 
	 	(2)	 	Claims, Liens or encumbrances upon, and defects
of title to, real or personal property, including any attachment of
personal or real property or other legal process prior to adjudication
of a dispute on the merits; or merits; or
	 
	 	(3)	 	Other judgment Liens not in excess of
$10,000,000 individually or $30,000,000 in the aggregate;

	 	(viii)	 	Purchase money security interests (including Capitalized Leases) in equipment
acquired or deemed to be acquired;
	 
	 	(ix)	 	Liens securing Permitted Purchase Money Loans and Permitted
Non-Recourse Indebtedness described in the definitions of such terms;
	 
	 	(x)	 	Liens securing additional Senior Indebtedness, provided such
liens are either pari passu or subordinated to Liens in favor of the
Administrative Agent for the benefit of the Lenders;
	 
	 	(xi)	 	Liens on assets of Non-Loan Parties;
	 
	 	(xii)	 	Liens on Investments in Non-Loan Parties;
	 
	 	(xiii)	 	Liens on Investments in Mortgage Subsidiaries;
	 
	 	(xiv)	 	Liens of a Loan Party which existed prior to such entity
becoming a Loan Party (and were not incurred in anticipation of becoming a Loan
Party); and
	 
	 	(xv)	 	Liens to which assets were subject prior to the acquisition of
such assets by a Loan Party (and were not incurred in anticipation of becoming
a Loan Party).

     “Permitted Nonrecourse Indebtedness” means Indebtedness for money borrowed that is incurred by
a Loan Party in a transaction for purposes of acquiring real estate and that is secured by such
real estate and improvements thereon, provided (a) the amount of the Investment of the Loan
Parties in the assets that secure such Indebtedness (in excess of the amount of the loan

21

 

secured thereby) does not exceed $10,000,000 for such acquisition as of the time of its
acquisition or (for purposes of the Leverage Ratio) $100,000,000 in the aggregate at any time for
all such Investments and (b) either (x) the liability of the Loan Parties for such Indebtedness is
limited solely to the assets of the Loan Parties that secure such Indebtedness or (y) only a Loan
Party other than the Company and the Borrower is liable for the Indebtedness and the sum (without
duplication) of the shareholders’ equity (including amounts owed by such Loan Party to another Loan
Party or other Affiliate of the Company that is either subordinate in right of payment to, or
collection of which is postponed in favor of, such Indebtedness) of, Investments in, and loans to
(i) such Loan Party does not exceed $10,000,000 and (ii) all such Loan Parties does not exceed (for
purposes of the Leverage Ratio) $100,000,000 in the aggregate.

     “Permitted Purchase Money Loans” means, collectively, Seller Purchase Money Loans and Assumed
Purchase Money Loans.

     “Person” means any natural person, corporation, firm, joint venture, partnership, limited
liability company, association, enterprise, trust or other entity or organization, or any
government or political subdivision or any agency, department or instrumentality thereof.

     “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Code as to which the Borrower or any
member of the Controlled Group may have any liability.

     “Preliminary Approval” means preliminary approval from required state and local governmental
authorities and agencies of a Loan Party’s preliminary development plan in accordance with
provisions of the Pennsylvania Municipalities Planning Code or its equivalent in any other
applicable jurisdiction in which such Loan Party is doing business such that in each instance there
is vested in such Loan Party the right to develop such real estate for residential purposes
substantially in accordance with the intentions of such Loan Party, subject only to obtaining such
additional approvals which do not impose on such Loan Party any material burdens that are not usual
and customary for a development of such type and with respect to which there is no reasonable
expectation that final approval shall not be obtained.

     “Pricing Schedule” means the Schedule attached hereto identified as such.

     “Prime Rate” means the rate of interest per annum publicly announced from time to time by the
Administrative Agent as its prime rate in effect at its principal office, each change in the Prime
Rate shall be effective from and including the date such change is publicly announced as being
effective.

     “Prohibited Transaction” means a “prohibited transaction” within the meaning of Section 406 of
ERISA or Section 4975 of the Code for which neither a statutory exemption, an individual exemption
nor a class exemption has been issued by the United States Department of Labor.

     “Property” means any and all property, whether real, personal, tangible, intangible, or mixed,
of a Loan Party, or other assets owned, leased or operated by a Loan Party.

     “Purchaser” is defined in Section 13.3.1.

22

 

     “Qualified Bank” means (a) any Lender, (b) a bank that has, or is a wholly-owned
subsidiary of a corporation that has, (i) an unsecured long-term debt rating of not less than BBB-
from S&P or Baa3 from Moody’s (or BBB- from S&P and Baa3 from Moody’s if both agencies
issue ratings of its unsecured long-term debt) and (ii) if its unsecured short-term debt is rated,
an unsecured short-tem debt rating of A3 from S&P or P3 from Moody’s (or A3 from S&P and P3
from Moody’s if both agencies issue ratings of its unsecured short-term debt), (c) any Person
(other than the Borrower or an Affiliate of the Borrower) approved by the Borrower and the
Administrative Agent in their sole discretion or (d) any other bank approved by all Lenders.

     “Qualified Rating” means a public or private rating of the Senior Indebtedness of the Company
or the Indebtedness under this Agreement or an implied rating of any Indebtedness of the Company
senior to the Subordinated Indebtedness of the Company obtained from a Qualified Rating Agency. A
Qualified Rating must be one of the following:

	 	1.	 	An actual rating of the Indebtedness under this Agreement exclusive of any
other Senior Indebtedness of the Company;
	 
	 	2.	 	An actual rating of the Senior Indebtedness of the Company;
	 
	 	3.	 	An implied rating of the Indebtedness under this Agreement exclusive of any
other Senior Indebtedness of the Company;
	 
	 	4.	 	An implied rating of the Senior Indebtedness of the Company; or
	 
	 	5.	 	An implied rating of Indebtedness senior to current outstanding Subordinated
Indebtedness of the Company.

If the Company receives more than one rating from a Qualified Rating Agency, the rating which falls
in the lowest number category above shall be the Qualified Rating. An implied rating of any
Indebtedness shall not be a Qualified Rating if it assumes that such Indebtedness is secured.

     “Qualified Rating Agency” means Moody’s, S&P or, unless and until Borrower makes the election
provided for in Section 7.21(b), Fitch.

     “Qualified Subordinated Indebtedness” means at any time, on a consolidated basis, any
Subordinated Indebtedness of the Loan Parties having a maturity date later than the later of the
Facility Termination Dates.

     “Quarterly Payment Date” is defined in Section 4.7(a).

     “Ratable Advance” means a Revolving Credit Ratable Advance or a Term Advance.

     “Ratable Borrowing Notice” is defined in Section 2.2.3.

     “Ratable Loan” means a Revolving Credit Ratable Loan or a Term Loan.

     “Ratable Share” means, with respect to any Facility Lender on any date, (i) the ratio of (a)
the sum of the amount of such Lender’s Revolving Credit Commitment and the outstanding amount of
its Term Loans to (b) the amount of the Aggregate Facility or (ii) if the Aggregate

23

 

Revolving Credit Commitment has been terminated, the ratio of (a) the sum of such Lender’s
Total Revolving Credit Exposure and outstanding amount of its Term Loans to (b) the aggregate Total
Revolving Credit Exposure of all Revolving Credit Lenders and the outstanding amount of all Term
Loans.

     “Rate Option” means the Alternate Base Rate, the Eurodollar Rate, the Fixed CD Rate or the
Federal Funds/Euro-Rate.

     “Rate Option Notice” is defined in Section 2.2.4.

     “Rating” means the second highest of the Qualified Rating of Moody’s, the Qualified Rating of
S&P or the Qualified Rating of Fitch; provided, however, that, following an
election by the Borrower under Section 7.21(b), the Rating shall be either (a) the higher of the
Qualified Rating of Moody’s or the Qualified Rating of S&P or (b) if either, but not both, of
Moody’s and S&P has issued a Qualified Rating, such Qualified Rating.

     “Regulated Substances” means any substance, including without limitation, Solid Waste, the
generation, manufacture, processing, distribution, treatment, storage, disposal, transport,
recycling, reclamation, use, reuse or other management or mismanagement of which is regulated by
the Environmental Laws.

     “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor thereto or other regulation or official
interpretation of said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System.

     “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor or other regulation or official interpretation of
said Board of Governors relating to the extension of credit by banks for the purpose of purchasing
or carrying margin stocks applicable to member banks of the Federal Reserve System.

     “Remediation Adjustment” means, with respect to any Environmentally Approved Land that is
subject to a Permitted Environmental Exception, an amount equal to 150% of the estimated remaining
costs to complete remediation necessary to cure such exception.

     “Replacement Lender” means a Qualified Bank (approved by the Administrative Agent, which
approval shall not be unreasonably withheld or delayed) or an existing Lender that elects, upon
request by the Borrower, to purchase the Revolving Credit Commitment or Term Loans, or both, as
applicable, of another Lender pursuant to Section 2.20.

     “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the
regulations issued under such section, with respect to a Plan, excluding, however, such events as
to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be
notified within 30 days of the occurrence of such event.

24

 

     “Required Facility Lenders” means (a) with respect to the Revolving Credit Facility, the
Required Revolving Credit Lenders and (b) with respect to the Term Loan Facility, the Required Term
Lenders.

     “Required Lenders” means (i) subject to the provisions of Section 2.18(d), if there exists no
Default or if a Default exists and is continuing but there are no Loans or Facility Letters of
Credit outstanding, Lenders (excluding Non-Funding Lenders) whose Revolving Credit Commitments and
Term Loans (in the aggregate) equal or exceed 662/3% or more of the Revolving Credit Commitments and
Term Loans (in the aggregate) of all of the Lenders (excluding Non-Funding Lenders), or (ii) if a
Default exists and is continuing and there are Loans or Facility Letters of Credit outstanding,
Lenders (excluding Non-Funding Lenders) whose Total Revolving Credit Exposure and outstanding Term
Loans (in the aggregate) equal or exceed 662/3% or more of the Total Revolving Credit Exposure and
Term Loans (in the aggregate) of all of the Lenders (excluding Non-Funding Lenders).

     “Required Revolving Credit Lenders” means (i) subject to the provisions of Section 2.18(d), if
there exists no Default or if a Default exists and is continuing but there are no Revolving Credit
Loans or Facility Letters of Credit outstanding, Revolving Credit Lenders (excluding Non-Funding
Lenders) whose Revolving Credit Commitments (in the aggregate) equal or exceed 66-2/3% of the
Revolving Credit Commitments (in the aggregate) of all of the Revolving Credit Lenders (excluding
Non-Funding Lenders), or (ii) if a Default exists and is continuing and there are Revolving Credit
Loans or Facility Letters of Credit outstanding, Revolving Credit Lenders (excluding Non-Funding
Lenders) whose Total Revolving Credit Exposure (in the aggregate) equals or exceeds 66-2/3% of the
Total Revolving Credit Exposure of all of the Revolving Credit Lenders (excluding Non-Funding
Lenders).

     “Required Term Lenders” means Term Lenders whose outstanding Term Loans equal or exceed at
least 66-2/3% of the outstanding Term Loans of all of the Term Lenders.

     “Revolving Credit Advance” means a borrowing hereunder (or conversion or continuation thereof)
consisting of the aggregate amount of the several Revolving Credit Loans made on the same Borrowing
Date (or date of conversion or continuation) by some or all of the Revolving Credit Lenders (as
applicable) to the Borrower of the same Type (or on the same interest basis in the case of
Competitive Bid Advances) and, in the case of Fixed Rate Advances, for the same Interest Period.
For the avoidance of doubt, the term “Revolving Credit Advance” includes each Competitive Bid
Advance and Swing Line Advance.

     “Revolving Credit Commitment” means, for each Revolving Credit Lender, the obligation of such
Revolving Credit Lender to make Revolving Credit Ratable Loans, to participate in Swing Line Loans
(to the extent provided for in Section 2.19(e)) and to participate in Facility Letters of Credit,
not exceeding the amount set forth in Schedule 1 or as set forth in any Assignment and
Assumption that has become effective pursuant to Section 13.3.2 or in any Commitment and Acceptance
with respect to the Revolving Credit Facility that has become effective pursuant to Section 2.18,
as such amount may be modified from time to time pursuant to the terms hereof.

     “Revolving Credit Declining Lender” means a Revolving Credit Lender that is a Declining Lender
with respect to the Revolving Credit Facility.

25

 

     “Revolving Credit Declining Lender’s Termination Date” is defined in Section 2.17.

     “Revolving Credit Facility” is defined in Section 2.1.1.

     “Revolving Credit Facility Termination Date” means March 16, 2011 or any later date as may be
specified as the Revolving Credit Facility Termination Date in accordance with Section 2.17 or any
earlier date on which the Aggregate Revolving Credit Commitment is reduced to zero or otherwise
terminated pursuant to the terms hereof.

     “Revolving Credit Lenders” means the lending institutions identified on Schedule 1
hereto as having a Revolving Credit Commitment and, from and after the effective date of their
respective Commitments and Acceptances, any New Revolving Credit Lenders, and the respective
successors and assigns of any of the foregoing.

     “Revolving Credit Loan” means a Loan made by a Revolving Credit Lender under the Revolving
Credit Facility.

     “Revolving Credit Note” means a promissory note, in substantially the form of Exhibit
E-1 hereto, duly executed by the Borrower and payable to the order of a Revolving Credit Lender
in the amount of its Revolving Credit Commitment, including any amendment, modification, renewal or
replacement of such promissory note.

     “Revolving Credit Obligations” means all unpaid principal of and accrued and unpaid interest
on the Revolving Credit Loans, the Facility Letter of Credit Obligations and all accrued and unpaid
fees and expenses, reimbursements, indemnities and other obligations of the Loan Parties to the
Revolving Credit Lenders or to any Revolving Credit Lender or to the Administrative Agent or any
indemnified party, in each case arising under the Loan Documents in respect of the Revolving Credit
Facility.

     “Revolving Credit Ratable Advance” means a borrowing hereunder consisting of the aggregate
amount of the several Revolving Credit Ratable Loans made by the Revolving Credit Lenders to the
Borrower at the same time, and (except as otherwise provided Section 3.3) at the same Rate Option,
and (in the case of a Fixed Ratable Loans) for the same Interest Period.

     “Revolving Credit Ratable Loan” means a Revolving Credit Loan made by a Revolving Credit
Lender pursuant to Section 2.2 hereof.

     “Revolving Credit Ratable Share” means, with respect to any Revolving Credit Lender on any
date, (i) the ratio of (a) the amount of its Revolving Credit Commitment to (b) the amount of the
Aggregate Revolving Credit Commitment or (ii) if the Aggregate Revolving Credit Commitment has been
terminated, the ratio of (a) its Total Revolving Credit Exposure to (b) the aggregate Total
Revolving Credit Exposure of all Revolving Credit Lenders.

     “Risk-Based Capital Guidelines” is defined in Section 3.2.

     “S&P” means Standard and Poor’s Ratings Services, a division of The McGraw Hill Companies,
Inc.

26

 

     “Sale and Leaseback Transaction” means any sale or other transfer of property by any Person
with the intent to lease such property as lessee.

     “Schedule” refers to a specific schedule to this Agreement, unless another document is
specifically referenced.

     “SEC” means the Securities and Exchange Commission.

     “Section” means a numbered section of this Agreement, unless another document is specifically
referenced.

     “Seller Purchase Money Loans” means at any time outstanding purchase money loans made to a
Loan Party by the seller of improved or unimproved real estate in a single or separate transactions
for the exclusive purpose of acquiring such real estate for development and secured by a mortgage
Lien on such real estate.

     “Senior Executive” means the Chairman of the Board, President, Executive Vice President, Chief
Financial Officer, Chief Accounting Officer or General Counsel of any Loan Party.

     “Senior Indebtedness” means at any time, on a consolidated basis for the Loan Parties, Total
Indebtedness, less Subordinated Indebtedness, provided that, for purposes of the definition of
“Qualified Rating,” Senior Indebtedness shall not include Indebtedness of any Person other than the
Company or the Borrower.

     “Single Employer Plan” means a Plan maintained by the Company or any member of the Controlled
Group for employees of the Company or any member of the Controlled Group and no other employer.

     “Solid Waste” means any garbage, refuse or sludge from any waste treatment plant, water supply
plant or air pollution control facility generated by activities on the Property, and any
unpermitted release into the environment or the work place of any material as a result of
activities on the Property, including without limitation, scrap and used Regulated Substances.

     “Special Investments” means, at any time (but without duplication) all Investments by Loan
Parties in Non-Loan Parties (other than Mortgage Subsidiaries), including, after its Conversion,
any Non-Loan Party that was a Designated Guarantor prior to its Conversion. The amount of such
Investments shall include, without limitation, the book value of stocks, partnership interests,
notes or other securities, and the amount of loans, guaranties and recourse contingent obligations,
and contributions of capital.

     “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum
reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Administrative Agent is subject (a) with respect
to the Fixed CD Rate, for new nonnegotiable term deposits in dollars of over $100,000 with a
maturity approximately equal to the applicable interest period, and (b) with respect to the
Adjusted LIBO Rate, for eurocurrency funding (currently referred to as

27

 

“Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall
include those imposed pursuant to such Regulation D. Eurodollar Loans and Floating Rate Loans
bearing interest at the Federal Funds/Euro Rate shall be deemed to constitute eurocurrency funding
and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as
of the effective date of any change in any reserve percentage.

     “Subordinated Indebtedness” means, with respect to the Loan Parties, the existing subordinated
Indebtedness described on Schedule 4 and any other unsecured Indebtedness subordinated
under terms as favorable to the Lenders as the terms of the subordination governing the
Indebtedness described on Schedule 4 as determined by the Administrative Agent in its sole
discretion.

     “Subordinated Loan Documents” means at any time the agreements and other documents then
governing the Subordinated Indebtedness.

     “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities
having ordinary voting power of which shall at the time be owned or controlled, directly or
indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more
of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture
or similar business organization more than 50% of the ownership interests having ordinary voting
power of which shall at the time be so owned or controlled. Unless otherwise expressly provided,
all references herein to a “Subsidiary” shall mean a Subsidiary of the Company.

     “Substantial Portion” means, with respect to the Property of the Company and its Subsidiaries,
Property which represents more than 10% of the consolidated assets of the Company and its
Subsidiaries as would be shown in the consolidated financial statements of the Company and its
Subsidiaries as at the beginning of the period of four consecutive fiscal quarters ending with the
fiscal quarter in which such determination is made.

     “Supplemental Guaranty” means a “Supplemental Guaranty” in the form provided for and as
defined in the Guaranty Agreement.

     “Swing Line Advance” is defined in Section 2.19(a).

     “Swing Line Borrowing Notice” is defined in Section 2.19(c).

     “Swing Line Commitment” means the commitment of the Swing Line Lender to make Swing Line
Advances pursuant to Section 2.19(a). As of the date of this Agreement, the Swing Line Commitment
is in the amount of $50,000,000.

     “Swing Line Lender” means JPMorgan Chase or any Purchaser to which JPMorgan Chase assigns the
Swing Line Commitment in accordance with Sections 13.3.1 and 13.3.3.

     “Swing Line Note” means a promissory note, in substantially the form of Exhibit F
hereto, duly executed by the Borrower and payable to the order of the Swing Line Lender in the

28

 

amount of the Swing Line Commitment, including any amendment, modification, renewal or
replacement of such promissory note.

     “Tangible Net Worth” means at any time Consolidated Net Worth less the sum of (a) intangible
assets (as determined in accordance with Agreement Accounting Principles), (b) Excess Investments
and (c) Investments in Mortgage Subsidiaries. The amount of Investments in Mortgage Subsidiaries
shall include, without limitation, the book value of stocks, partnership interests, notes or other
securities and the amount of loans, guaranties and recourse contingent obligations, and
contributions of capital.

     “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings, and any and all liabilities with respect to the foregoing, but excluding
Excluded Taxes.

     “Term Advance” means a borrowing hereunder consisting of the aggregate amount of the several
Term Loans made by the Term Lenders to the Borrower at the same time (except in the case of
Additional Term Loans), and (except as otherwise provided in Section 3.3) at the same Rate Option,
and, in the case of Fixed Rate Advances, for the same Interest Period.

     “Term Commitment” means, for each Term Lender, the obligation of such Term Lender to make Term
Loans, not exceeding the amount set forth in Schedule 1 or in any Commitment and Acceptance
with respect to the Term Loan Facility that has become effective pursuant to Section 2.18.

     “Term Declining Lender” means a Term Lender that is a Declining Lender.

     “Term Declining Lender’s Termination Date” is defined in Section 2.12.

     “Term Lenders” means the lending institutions identified on Schedule 1 hereto as
having a Term Commitment and, from and after the respective dates of their Additional Term Loans,
any New Term Lenders, and the respective successors and assigns of any of the foregoing.

     “Term Loan” means a Loan made by a Term Lender under the Term Loan Facility.

     “Term Loan Facility” is defined in Section 2.1.2.

     “Term Maturity Date” means March 16, 2011 or any later date as may be specified as the Term
Maturity Date in accordance with Section 2.17 or any earlier date on which all Term Loans become
due or are declared due in accordance herewith or are paid in full.

     “Term Note” means a promissory note, in substantially the form of Exhibit E-2 hereto,
duly executed by the Borrower and payable to the order of a Term Lender in the aggregate amount of
its Term Loans, including any amendment, modification, renewal or replacement of such promissory
note.

     “Term Obligations” means all unpaid principal of and accrued and unpaid interest on the Term
Loans and all accrued and unpaid fees and expenses, reimbursements, indemnities and other
obligations of the Loan Parties to the Term Lenders or to any Term Lender, the

29

 

Administrative Agent or any indemnified party, in each case arising under the Loan Documents
in respect of the Term Loan Facility.

     “Term Ratable Share” means, with respect to any Term Lender on any date, the ratio of (a) the
amount of such Lender’s outstanding Term Loans to (b) the aggregate amount of the outstanding Term
Loans of all Term Lenders.

     “Toll Group” means the Company, the Borrower and all other Subsidiaries of the Company.

     “Total Revolving Credit Exposure” means, at any time with respect to any Revolving Credit
Lender, the sum of (a) its outstanding Revolving Credit Loans and (b) its Revolving Credit Ratable
Share of the outstanding Facility Letter of Credit Obligations.

     “Total Indebtedness” means at any time all Indebtedness of the Loan Parties on a consolidated
basis (including, without limitation, the Obligations).

     “Transferee” is defined in Section 13.4.

     “Type” means, (a) with respect to any Ratable Advance under a Facility, its nature as an ABR
Advance, Eurodollar Ratable Advance, Federal Funds/Euro-Rate Advance or Fixed CD Rate Advance and
(b) with respect to any Competitive Bid Advance, its nature as an Absolute Rate Advance or
Eurodollar Bid Rate Advance.

     “Unfunded Liabilities” means the amount (if any) by which the present value of all vested and
unvested accrued benefits under all Single Employer Plans exceeds the fair market value of all such
Plan assets allocable to such benefits, all determined as of the then most recent valuation date
for such Plans using PBGC actuarial assumptions for single employer plan terminations.

     “Unmatured Default” means an event that but for the lapse of time or the giving of notice, or
both, would constitute a Default.

     “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding voting
securities of which shall at the time be owned or controlled, directly or indirectly, by such
Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more
Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, limited liability company,
association, joint venture or similar business organization 100% of the ownership interests having
ordinary voting power of which shall at the time be so owned or controlled.

     The foregoing definitions shall be equally applicable to both the singular and plural forms of
the defined terms.

ARTICLE II

THE CREDITS

     2.1. The Facilities.

30

 

     2.1.1. Revolving Credit Facility. (a) The Revolving Credit Lenders grant to the
Borrower a revolving credit facility (the “Revolving Credit Facility”) pursuant to which, and upon
the terms and subject to the conditions herein set forth:

	 	(i)	 	each Revolving Credit Lender severally agrees to make Revolving
Credit Ratable Loans to the Borrower in accordance with Section 2.2;
	 
	 	(ii)	 	each Revolving Credit Lender may, in its sole discretion, make
bids to make Competitive Bid Loans to the Borrower in accordance with Section
2.3; and
	 
	 	(iii)	 	the Swing Line Lender agrees to make Swing Line Advances to
the Borrower in accordance with Section 2.19.
	 
	 	(b)	 	The Revolving Credit Facility shall be subject to the following limitations:
	 
	 	(i)	 	In no event shall the sum of (i) the aggregate principal amount
of all outstanding Revolving Credit Advances (including Revolving Credit
Ratable Advances, Competitive Bid Advances and Swing Line Advances) plus (ii)
the Facility Letter of Credit Obligations exceed the Aggregate Revolving Credit
Commitment.
	 
	 	(ii)	 	In no event shall the outstanding principal amount of all
outstanding Competitive Bid Advances exceed the Competitive Bid Sublimit.
	 
	 	(iii)	 	In no event shall the outstanding principal amount of all
outstanding Swing Line Advances exceed the Swing Line Commitment.

          (c) Subject to the terms hereof, the Revolving Credit Facility is available from the date
hereof to the Revolving Credit Facility Termination Date and, upon the Revolving Credit Facility
Termination Date, the Revolving Credit Commitments to lend hereunder shall expire. The Revolving
Credit Commitment of a Revolving Credit Declining Lender shall expire on its Revolving Credit
Declining Lender’s Termination Date unless prior thereto such Revolving Credit Declining Lender
elects, with the approval of the Borrower and the Administrative Agent, to extend its Revolving
Credit Commitment to the Revolving Credit Facility Termination Date, which election and approval
shall be evidenced by a written instrument in a form reasonably acceptable to and executed by such
Revolving Credit Declining Lender, the Borrower, the Company and the Administrative Agent. Upon
the execution and delivery of such written instrument, such Revolving Credit Lender shall cease to
be a Revolving Credit Declining Lender.

          (d) Any outstanding Revolving Credit Advances and all other unpaid Revolving Credit
Obligations shall be paid in full by the Borrower on the Revolving Credit Facility Termination Date
(except to the extent that, pursuant to Article IV, Facility Letters of Credit are permitted to
have an expiration date later than the Revolving Credit Facility Termination Date). All
outstanding Revolving Credit Loans held by, and all other unpaid Revolving Credit Obligations
payable to, a Revolving Credit Declining Lender shall be paid in full by the Borrower on its
Revolving Credit Declining Lender’s Termination Date.

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     2.1.2. Term Loan Facility. (a) The Term Lenders grant to the Borrower a term loan
facility (the “Term Loan Facility”) pursuant to which, and upon the terms and subject to the
conditions herein set forth, each Term Lender severally agrees to make to the Borrower on the
Closing Date a Term Loan or Term Loans in an aggregate amount equal to such Term Lender’s Term
Commitment on such date. Such Term Loan or Term Loans shall be made in accordance with Section
2.2.

          (b) Any outstanding Term Advances and all other unpaid Term Obligations shall be paid in full
by the Borrower on the Term Maturity Date. All outstanding Term Loans held by, and all other
unpaid Term Obligations payable to, a Term Declining Lender shall be paid in full by the Borrower
on its Term Declining Lender’s Termination Date.

          (c) If, prior to its Term Declining Lender’s Termination Date, a Term Declining Lender elects,
with the approval of the Borrower and the Administrative Agent, to extend the maturity of its Term
Loans to the Term Maturity Date, which election and approval shall be evidenced by a written
instrument in a form reasonably acceptable to and executed by such Term Declining Lender, the
Borrower, the Company and the Administrative Agent, then, upon the execution and delivery of such
written instrument, such Term Lender shall cease to be a Term Declining Lender.

     2.1.3. Payment. At any time that there exists a breach of the covenant set forth in
Section 7.28.2, the Borrower shall immediately pay to the Administrative Agent, as a payment of the
Advances, such amount (not to exceed the sum of the outstanding Advances) necessary to cure such
breach, which (except as otherwise provided in Section 2.10(c)) shall be applied against such
Advances as the Borrower may elect.

     2.2. Ratable Advances.

     2.2.1. Ratable Advances. Each Ratable Advance hereunder shall consist of borrowings
made from the several Lenders under the applicable Facility in their respective applicable Facility
Ratable Shares thereof. The aggregate outstanding amount of Competitive Bid Advances shall reduce
the availability of Revolving Credit Advances as provided in Section 2.1.1 but shall not otherwise
affect the obligations of the Revolving Credit Lenders to make Revolving Credit Ratable Advances,
and (without limitation of the foregoing) no Competitive Bid Loan shall reduce the obligation of
the Revolving Credit Lender making such Competitive Bid Loan to lend its applicable Revolving
Credit Ratable Share of any future Revolving Credit Ratable Advances.

     2.2.2. Ratable Advance Rate Options. The Ratable Advances under either Facility may
be ABR Advances, Federal Funds/Euro-Rate Advances, Fixed CD Rate Advances or Eurodollar Ratable
Advances, or a combination thereof, selected by the Borrower in accordance with Section 2.2.3. No
Ratable Advance may mature after the applicable Facility Termination Date.

     2.2.3. Method of Selecting Rate Options and Interest Periods for Ratable Advances.
The Borrower shall select, with respect to each Facility, the Rate Option and, in the case of each
Fixed Rate Advance, the Interest Period applicable thereto, from time to time. The Borrower shall
give the Administrative Agent irrevocable notice (a “Ratable Borrowing Notice”) not later than
11:00 a.m. (New York time) (or 11:15 a.m. (New York time) if applicable under the next

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succeeding sentence), (x) on the Borrowing Date of each Floating Rate Advance, (y) at least
one Business Day prior to the Borrowing Date of each Fixed CD Rate Advance and (z) at least three
Business Days prior to the Borrowing Date of each Eurodollar Ratable Advance. The time for
delivery of a Ratable Borrowing Notice for a Floating Rate Advance under the Revolving Credit
Facility shall be extended by 15 minutes if the day on which such Ratable Borrowing Notice is given
is also a day on which the Borrower is required to accept or reject one or more bids offered in
connection with an Absolute Rate Auction pursuant to Section 2.3.6, and the time for delivery of a
Ratable Borrowing Notice for a Eurodollar Ratable Advance under the Revolving Credit Facility shall
be extended by 15 minutes if the day on which such Ratable Borrowing Notice is given is also a day
on which the Borrower is required to accept or reject one or more bids offered in connection with a
Eurodollar Auction pursuant to Section 2.3.6. A Ratable Borrowing Notice shall specify:

	 	(i)	 	the Borrowing Date, which shall be a Business Day, of such
Ratable Advance and the Facility under which such Ratable Advance is requested;
	 
	 	(ii)	 	the aggregate amount of such Ratable Advance;
	 
	 	(iii)	 	the Rate Option selected for such Ratable Advance; and
	 
	 	(iv)	 	in the case of each Fixed Ratable Advance, the Interest Period
applicable thereto (which shall be subject to the limitations set forth in
Section 2.2.6).

     2.2.4. Conversion and Continuation of Outstanding Ratable Advances. Each Floating
Rate Advance under a Facility shall continue as a Floating Rate Advance of that Type unless and
until such Floating Rate Advance is either converted into the other Type of Floating Rate Advance
or a Fixed Ratable Advance in accordance with this Section 2.2.4 or is prepaid in accordance with
Section 2.6. Each Fixed Ratable Advance under a Facility shall continue as a Fixed Ratable Advance
of such Type until the end of the then applicable Interest Period therefor, at which time such
Fixed Ratable Advance shall be automatically converted into a Federal Funds/Euro-Rate Advance under
such Facility unless such Fixed Ratable Advance shall have been either (a) prepaid in accordance
with Section 2.6, (b) continued as a Fixed Ratable Advance of the same or a different Type for the
same or another Interest Period in accordance with this Section 2.2.4 or (c) converted into an ABR
Advance in accordance with this Section 2.2.4. Subject to the terms of Section 2.5, the Borrower
may elect from time to time to convert and/or continue the Rate Option applicable to all or any
part of a Ratable Advance under a Facility into another Rate Option; provided, that any
conversion or continuation of any Fixed Ratable Advance shall be made on, and only on, the last day
of the Interest Period applicable thereto. The Borrower shall give the Administrative Agent
irrevocable notice (a “Rate Option Notice”) of each conversion of a Floating Rate Advance under a
Facility into the other Type of Floating Rate Advance or into a Fixed Ratable Advance, or
continuation of a Fixed Ratable Advance or the conversion of a Fixed Ratable Advance, not later
than 11:00 a.m. (New York time) (x) on the Business Day of the conversion of a Floating Rate
Advance into the other Type of Floating Rate Advance or the conversion of a Fixed Ratable Advance
into an ABR Advance, (y) at least one Business Day prior to the requested conversion of a Floating
Rate Advance into, or the requested conversion or continuation of a Fixed Ratable Advance into, a
Fixed CD Rate Option or (z) at least three Business Days prior to the date of the requested
conversion or continuation of a Ratable Advance into a Eurodollar Ratable Advance, specifying:

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	 	(i)	 	the requested date, which shall be a Business Day, of such
conversion or continuation;
	 
	 	(ii)	 	the aggregate amount and Rate Option applicable to the Ratable
Advance which is to be converted or continued; and
	 
	 	(iii)	 	the amount and Rate Option(s) of Ratable Advance(s) into which
such Ratable Advance is to be converted or continued and, in the case of a
conversion into or continuation of a Fixed Ratable Advance, the duration of the
Interest Period applicable thereto (which shall be subject to the limitations
set forth in Section 2.2.6).

     2.2.5. Limitations. Ratable Advances under each Facility shall be subject to the
applicable limitations set forth in Section 2.5.

     2.2.6. Interest Period. The Interest Period of a Fixed Ratable Advance may not end
later than the Facility Termination Date under the applicable Facility nor later than the Declining
Lender’s Termination Date of any Declining Lender under the applicable Facility.

     2.3. Competitive Bid Advances.

     2.3.1. Competitive Bid Option. In addition to Revolving Credit Ratable Advances
pursuant to Section 2.2, but subject to the terms and conditions of this Agreement (including,
without limitation, the limitation set forth in Section 2.1.1(b)(i) as to the maximum aggregate
principal amount of all outstanding Revolving Credit Advances and Facility Letter of Credit
Obligations hereunder and the limitation in Section 2.1.1(b)(ii) as to the maximum aggregate amount
of all outstanding Competitive Bid Advances), the Borrower may, as set forth in this Section 2.3,
request the Revolving Credit Lenders, prior to the Revolving Credit Facility Termination Date, to
make offers to make Competitive Bid Advances to the Borrower. Each Revolving Credit Lender may,
but shall have no obligation to, make any such offer in the manner set forth in this Section 2.3.

     2.3.2. Competitive Bid Quote Request. When the Borrower wishes to request offers to
make Competitive Bid Loans under this Section 2.3, it shall transmit to the Administrative Agent
(whether or not it is the Competitive Bid Agent) by telecopy a Competitive Bid Quote Request
substantially in the form of Exhibit C so as to be received no later than (i) at least five
(5) Business Days prior to the Borrowing Date proposed therein, in the case of a Eurodollar Auction
or (ii) at least two (2) Business Days (or, if so agreed by the Borrower and the Administrative
Agent, one (1) (but not less than one (1)) Business Day) prior to the Borrowing Date proposed
therein, in the case of an Absolute Rate Auction. The Competitive Bid Quote Request shall specify
whether the Borrower or the Administrative Agent shall be the Competitive Bid Agent with respect
thereto, and, if the Administrative Agent is the Competitive Bid Agent, the Borrower shall deliver
the Competitive Bid Quote Request to the Administrative Agent not later than 10:00 a.m. (New York
time) on the day on which it is required to be delivered. Each Competitive Bid Quote Request shall
specify:

	 	(i)	 	the proposed Borrowing Date, which shall be a Business Day, for
the proposed Competitive Bid Advance;

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	 	(ii)	 	the aggregate principal amount of such proposed Competitive Bid
Advance, which shall be not less than $10,000,000 and in an integral multiple
of $1,000,000 if in excess thereof;
	 
	 	(iii)	 	whether the Competitive Bid Quotes requested are to set forth
a Competitive Bid Margin or an Absolute Rate; and
	 
	 	(iv)	 	the Competitive Bid Interest Period applicable thereto (which
may not end after the Revolving Credit Facility Termination Date).

The Borrower may request offers to make Competitive Bid Loans for more than one Competitive Bid
Interest Period, but not more than five Competitive Bid Interest Periods, in a single Competitive
Bid Quote Request. No Competitive Bid Quote Request shall be given within five (5) Business Days
(or such other number of days as the Borrower and the Administrative Agent may agree) of any
Competitive Bid Quote Request that did not result in a Competitive Bid Advance being made. If the
Administrative Agent is the Competitive Bid Agent, it may reject a Competitive Bid Quote Request
that does not conform substantially to the form of Exhibit C, and shall promptly notify the
Borrower of such rejection by telecopy.

     2.3.3. Invitation for Competitive Bid Quotes. Promptly and in any event before the
close of business on the same Business Day of delivery of a Competitive Bid Quote Request that is
not rejected pursuant to Section 2.3.2, the Competitive Bid Agent shall send to each of the
Revolving Credit Lenders (except as otherwise provided in Section 2.3.10) by telecopy an Invitation
for Competitive Bid Quotes substantially in the form of Exhibit D hereto, which shall
constitute an invitation by the Borrower to each such Revolving Credit Lender to submit Competitive
Bid Quotes offering to make the Competitive Bid Loans to which such Competitive Bid Quote Request
relates in accordance with this Section 2.3.

     2.3.4. Submission and Contents of Competitive Bid Quotes. (a) Except as otherwise
provided in Section 2.3.10, each Revolving Credit Lender may, in its sole discretion, submit a
Competitive Bid Quote containing an offer or offers to make Competitive Bid Loans in response to
any Invitation for Competitive Bid Quotes. Each Competitive Bid Quote must comply with the
requirements of this Section 2.3.4 and must be submitted to the Competitive Bid Agent by telecopy
at its offices specified in or pursuant to Article XIV not later than (i) 10:00 a.m. (New York
time) at least three Business Days prior to the proposed Borrowing Date, in the case of a
Eurodollar Auction or (ii) 10:00 a.m. (New York time) on the proposed Borrowing Date, in the case
of an Absolute Rate Auction (or, in either case upon reasonable prior notice to the Revolving
Credit Lenders, such other time and date as the Borrower and the Administrative Agent may agree);
provided that, if the Administrative Agent is the Competitive Bid Agent, Competitive Bid
Quotes submitted by the Administrative Agent as a Lender may only be submitted if the
Administrative Agent notifies the Borrower of the terms of the offer or offers contained therein
not later than 30 minutes prior to the latest time at which the relevant Competitive Bid Quotes
must be submitted by the other Revolving Credit Lenders. Subject to Articles V and IX, any
Competitive Bid Quote so made shall be irrevocable except with the written consent of the
Competitive Bid Agent given on the instructions of the Borrower (if the Borrower is not the
Competitive Bid Agent).

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          (b) Each Competitive Bid Quote shall be in substantially the form of Exhibit B and
shall in any case specify:

	 	(i)	 	the proposed Borrowing Date, which shall be the same as that
set forth in the applicable Invitation for Competitive Bid Quotes;
	 
	 	(ii)	 	the principal amount of the Competitive Bid Loan for which each
such offer is being made, which principal amount (A) may be greater than, less
than or equal to the Revolving Credit Commitment of the quoting Revolving
Credit Lender, (B) must be in an integral multiple of $1,000,000 and (C) may
not exceed the principal amount of Competitive Bid Loans for which offers were
requested;
	 
	 	(iii)	 	in the case of a Eurodollar Auction, the Competitive Bid
Margin offered for each such Competitive Bid Loan;
	 
	 	(iv)	 	the minimum amount, if any, of the Competitive Bid Loan which
may be accepted by the Borrower, which amount shall not be less than
$1,000,000;
	 
	 	(v)	 	in the case of an Absolute Rate Auction, the Absolute Rate
offered for each such Competitive Bid Loan;
	 
	 	(vi)	 	the maximum aggregate amount, if any, of Competitive Bid Loans
offered by the quoting Revolving Credit Lender which may be accepted by the
Borrower; and
	 
	 	(vii)	 	the identity of the quoting Revolving Credit Lender.
	 
	 	(c)	 	The Competitive Bid Agent shall reject any Competitive Bid Quote that:
	 
	 	(i)	 	is not substantially in the form of Exhibit B or does
not specify all of the information required by Section 2.3.4(b);
	 
	 	(ii)	 	contains qualifying, conditional or similar language, other
than any such language contained in Exhibit B;
	 
	 	(iii)	 	proposes terms other than or in addition to those set forth in
the applicable Invitation for Competitive Bid Quotes; or
	 
	 	(iv)	 	arrives after the time set forth in Section 2.3.4(a).

If any Competitive Bid Quote shall be rejected pursuant to this Section 2.3.4(c), then the
Competitive Bid Agent shall notify the relevant Revolving Credit Lender of such rejection as soon
as practical and (if the Administrative Agent is the Competitive Bid Agent) shall promptly send a
copy of the rejected Competitive Bid Quote to the Borrower.

     2.3.5. Notice to Borrower. If the Administrative Agent is the Competitive Bid Agent,
it shall promptly notify the Borrower of the terms (i) of any Competitive Bid Quote submitted by a

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Revolving Credit Lender that is in accordance with Section 2.3.4 and (ii) of any Competitive
Bid Quote that amends, modifies or is otherwise inconsistent with a previous Competitive Bid Quote
submitted by such Revolving Credit Lender with respect to the same Competitive Bid Quote Request.
Any such subsequent Competitive Bid Quote shall be disregarded by the Competitive Bid Agent unless
such subsequent Competitive Bid Quote specifically states that it is submitted solely to correct a
manifest error in such former Competitive Bid Quote. If the Administrative Agent is the
Competitive Bid Agent, its notice to the Borrower shall specify the aggregate principal amount of
Competitive Bid Loans for which offers have been received for each Interest Period specified in the
related Competitive Bid Quote Request and the respective principal amounts and Eurodollar Bid Rates
or Absolute Rates, as the case may be, so offered. In addition, if the Administrative Agent is the
Competitive Bid Agent, it shall send copies of each Competitive Bid Quote to the Borrower.

     2.3.6. Acceptance and Notice by Borrower. Not later than (i) 11:00 a.m. (New York
time) at least three Business Days prior to the proposed Borrowing Date, in the case of a
Eurodollar Auction or (ii) 11:00 a.m. (New York time) on the proposed Borrowing Date, in the case
of an Absolute Rate Auction (or, in either case upon reasonable prior notice to the Revolving
Credit Lenders, such other time and date as the Borrower and the Administrative Agent may agree),
the Borrower shall notify the Administrative Agent of its acceptance or rejection of the offers
received by it pursuant to Section 2.3.4 or so notified to it pursuant to Section 2.3.5;
provided, however, that the failure by the Borrower to give such notice to the
Administrative Agent shall be deemed to be a rejection of all such offers. In the case of
acceptance, such notice (a “Competitive Bid Borrowing Notice”) shall specify the aggregate
principal amount of offers for each Interest Period that are accepted and (if the Administrative
Agent is not the Competitive Bid Agent) shall include copies of each Competitive Bid Quote that is
accepted. The Borrower may accept any Competitive Bid Quote in whole or in part (subject to the
terms of Section 2.3.4(b)(iv) and (vi)); provided that:

	 	(i)	 	the aggregate principal amount of each Competitive Bid Advance
may not exceed (but, within the limitations set forth in Section 2.3.2(ii), may
be less than) the applicable amount set forth in the related Competitive Bid
Quote Request;
	 
	 	(ii)	 	acceptance of offers may only be made on the basis of ascending
Eurodollar Bid Rates or Absolute Rates, as the case may be; and
	 
	 	(iii)	 	the Borrower may not accept any offer that is described in
Section 2.3.4(c) or that otherwise fails to comply with the requirements of
this Agreement.

     2.3.7. Allocation by Competitive Bid Agent. If offers are made by two or more
Revolving Credit Lenders with the same Eurodollar Bid Rates or Absolute Rates, as the case may be,
for a greater aggregate principal amount than the amount in respect of which offers are accepted
for the related Interest Period, the principal amount of Competitive Bid Loans in respect of which
such offers are accepted shall be allocated by the Competitive Bid Agent among such Revolving
Credit Lenders as nearly as possible (in such multiples, not greater than $1,000,000, as the
Competitive Bid Agent may deem appropriate) in proportion to the aggregate principal amount of such
offers; provided, however, that no Revolving Credit Lender shall be allocated a
portion of any Competitive Bid Advance which is less than the minimum amount

37

 

which such Revolving Credit Lender has stated in its applicable Competitive Bid Quote that it
is willing to accept. Allocations by the Competitive Bid Agent of the amounts of Competitive Bid
Loans shall be conclusive in the absence of manifest error. The Administrative Agent shall
promptly, but in any event on the same Business Day, notify each Revolving Credit Lender of its
receipt of a Competitive Bid Borrowing Notice and the aggregate principal amount of such
Competitive Bid Advance allocated to each participating Revolving Credit Lender.

     2.3.8. Limitations. Competitive Bid Advances shall be subject to the applicable
limitations contained in the last sentence of Section 2.5.

     2.3.9. Administration Fee. The Borrower hereby agrees to pay to the Administrative
Agent an administration fee, in the amount set forth in the Administrative Agent’s Fee Letter, for
each Competitive Bid Quote Request transmitted by the Borrower to the Administrative Agent pursuant
to Section 2.3.2. Such administration fee shall be payable in arrears on each Payment Date
hereafter and on the Revolving Credit Facility Termination Date (or such earlier date on which the
Aggregate Revolving Credit Commitment shall terminate or be canceled) for any period then ending
for which such fee, if any, shall not have been theretofore paid.

     2.3.10. Declining Lender. Notwithstanding anything to the contrary contained herein,
(a) a Revolving Credit Declining Lender shall not be entitled to receive an Invitation for
Competitive Bid Quotes inviting an offer for, and shall not offer to make and shall not make, a
Competitive Bid Loan for a Competitive Bid Interest Period that expires later than its Revolving
Credit Declining Lender’s Termination Date and (b) the Borrower may not request a Competitive Bid
Advance for a Competitive Bid Interest Period expiring later than any Revolving Credit Declining
Lender’s Termination Date if, following the making of such Competitive Bid Advance, the aggregate
amount of all Competitive Bid Advances for Competitive Bid Interest Periods expiring later than
such Revolving Credit Declining Lender’s Termination Date would exceed the amount to which the
Competitive Bid Sublimit will be reduced upon such Revolving Credit Declining Lender’s Termination
Date.

     2.4. Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower agrees to
pay to the Administrative Agent for the account of each Revolving Credit Lender a facility fee
(“Facility Fee”) at a per annum rate equal to the Applicable Fee Rate on such Revolving Credit
Lender’s Revolving Credit Commitment (whether used or unused) from the date hereof to and including
the Revolving Credit Facility Termination Date, payable in arrears on the first day of each
calendar quarter hereafter and on the Revolving Credit Facility Termination Date (or such earlier
date as the Revolving Credit Obligations may be accelerated or become due).

          (b) The Borrower may permanently reduce the Aggregate Revolving Credit Commitment in whole, or
in part ratably among the Revolving Credit Lenders (in their respective Revolving Credit Ratable
Shares) in integral multiples of $10,000,000, upon at least five Business Days’ written notice to
the Administrative Agent, which notice shall specify the amount of any such reduction,
provided, however, that (i) the amount of the Aggregate Revolving Credit Commitment
may not be reduced below the sum of (A) aggregate principal amount of the outstanding Revolving
Credit Advances and (B) the Facility Letter of Credit Obligations, (ii) the Aggregate Revolving
Credit Commitment may not be reduced if the effect thereof would be to reduce the L/C Sublimit
below the amount of the Facility Letter of Credit Obligations and (iii) the amount of the Aggregate
Revolving Credit Commitment may not be

38

 

reduced to an amount that is less than twice the outstanding amount of all outstanding
Competitive Bid Advances.

          (c) All accrued Facility Fees shall be payable on the effective date of any termination of the
obligations of the Revolving Credit Lenders to make Revolving Credit Loans hereunder.

     2.5. Minimum Amount of Each Advance; Maximum Number of Advances. Each Fixed Ratable
Advance shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess
thereof), and each Floating Rate Advance shall be in the minimum amount of $1,000,000 (and in
multiples of $1,000,000 if in excess thereof), provided, however, that any Floating
Rate Advance under the Revolving Credit Facility may be in the amount of the Aggregate Available
Revolving Credit or in the amount necessary to repay a Swing Line Advance. Each Competitive Bid
Advance shall be in the minimum amount provided for in Section 2.3. There shall be no more than
ten (10) Fixed Rate Advances outstanding under both Facilities (in the aggregate) at any time and
not more than five (5) Fixed Rate Advances outstanding under the Term Loan Facility at any time.

     2.6. Optional Principal Payments. The Borrower may from time to time pay, without
penalty or premium, all outstanding Floating Rate Advances under a Facility, or, in a minimum
aggregate amount of $1,000,000 or any integral multiple of $1,000,000 in excess thereof, any
portion of the outstanding Floating Rate Advances under a Facility upon two Business Days’ prior
notice to the Administrative Agent. The Borrower may from time to time pay, upon three Business
Days’ prior notice to the Administrative Agent, subject to the payment of any funding
indemnification amounts required by Section 3.4 but without penalty or premium, (i) all of a Fixed
Ratable Advance under a Facility, or (ii) in a minimum aggregate amount of $5,000,000 or an
integral multiple of $1,000,000 in excess thereof (and provided such payment would not reduce the
outstanding principal amount of such Fixed Ratable Advance under a Facility to less than
$5,000,000) any portion of a Fixed Ratable Advance under a Facility. The Borrower may from time to
time pay, prior to the last day of the applicable Competitive Bid Interest Period, upon three
Business Days’ prior notice to the Administrative Agent, all (but not less than all) of any
Competitive Bid Loan having an initial Competitive Bid Interest Period of 90 days or longer and,
with the approval of the Revolving Credit Lender holding such Competitive Bid Loan, any other
Competitive Bid Loan, subject, in any case, to payment of any funding indemnification amounts
required by Section 3.4 but without penalty or premium. Repayments of Term Loans may not be
reborrowed.

     2.7. Funding. Not later than 2:00 p.m. (New York time) on the Closing Date, each
Lender shall make available its Loans in funds immediately available in New York to the
Administration Agent at its address specified pursuant to Article XIV. Not later than or 1:00 p.m.
(New York time) on any other Borrowing Date, each Lender (other than the Swing Line Lender which
shall make Swing Line Advances as provided in Section 2.19(c)) shall make available its Loan or
Loans in funds immediately available in New York to the Administrative Agent at its address
specified pursuant to Article XIV. The Administrative Agent will make the funds so received from
the applicable Lenders available to the Borrower at the Administrative Agent’s aforesaid address.

39

 

     2.8. Changes in Interest Rate, etc. Each Floating Rate Advance shall bear interest on
the outstanding principal amount thereof, for each day from and including the date such Advance is
made or is automatically converted from a Fixed Rate Advance into a Floating Rate Advance pursuant
to Section 2.2.4, to but excluding the date it is paid or is converted into a Fixed Rate Advance
pursuant to Section 2.2.4 or to a Floating Rate Advance of the other Type, at a rate per annum
equal to (i) the Alternate Base Rate for such day (in the case of ABR Advances) or (ii) the Federal
Funds/Euro-Rate for such day (in the case of Federal Funds/Euro-Rate Advances). Changes in the
rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take
effect simultaneously with each change in the applicable Floating Rate. Each Fixed Rate Advance
shall bear interest on the outstanding principal amount thereof from and including the first day of
the Interest Period applicable thereto to (but not including) the last day of such Interest Period
at the interest rate applicable to such Fixed Rate Advance. No Interest Period may end after the
applicable Facility Termination Date or after the Declining Lender’s Termination Date of any
Declining Lender under the applicable Facility.

     2.9. Rates Applicable After Default. Notwithstanding anything to the contrary
contained in Section 2.2 or 2.3, during the continuance of a Default or Unmatured Default (except
for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by
the use of the proceeds of an Advance that the Borrower has requested hereunder or by the issuance,
amendment or extension of a Facility Letter of Credit that the Borrower has requested hereunder or
(b) Unmatured Defaults (other than the failure to pay any Obligation hereunder) that are not
reasonably likely to have a Material Adverse Effect and that the Borrower certifies that it
reasonably expects to cure before the date on which the same becomes a Default) the Required
Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option
of the Required Lenders notwithstanding any provision of Section 9.2 requiring unanimous consent of
the Lenders under a Facility to changes in interest rates under such Facility), declare that no
Advance may be made as, converted into or continued (after the then applicable Interest Period
therefor) as a Fixed Rate Advance. During the continuance of a Default the Required Lenders may,
at their option, by notice to the Borrower (which notice may be revoked at the option of the
Required Lenders notwithstanding any provision of Section 9.2 requiring unanimous consent of the
Lenders under a Facility to changes in interest rates under such Facility), declare that (i) each
Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the
rate otherwise applicable to such Interest Period plus 2% per annum and (ii) each Floating Rate
Advance shall bear interest at a rate per annum equal to the applicable Floating Rate in effect
from time to time plus 2% per annum, provided that, during the continuance of a Default
under Section 8.5 or 8.6, the interest rates set forth in clauses (i) and (ii) above shall be
applicable to all Advances without any election or action on the part of the Administrative Agent
or any Lender.

     2.10. Method and Allocation of Payments. (a) All payments of the Obligations
hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds
to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article
XIV, or at any other Lending Installation of the Administrative Agent specified in writing by the
Administrative Agent to the Borrower, by 1:00 p.m. (New York time) on the date when due. Each
payment delivered to the Administrative Agent for the account of any Lender shall be delivered
promptly by the Administrative Agent to such Lender in the same type of funds that the
Administrative Agent received at its address specified pursuant to Article XIV or at any

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Lending Installation specified in a notice received by the Administrative Agent from such
Lender. The Administrative Agent is hereby authorized to charge the account of the Borrower
maintained with JPMorgan Chase Bank for each payment of principal, interest and fees as it becomes
due hereunder.

          (b) Except as otherwise provided in Section 2.10(d) or 2.10(e), payments of principal and
interest on Ratable Advances received by Administrative Agent shall be allocated among the Lenders
under the applicable Facility based on their pro rata shares of such Ratable Advances. Payments of
principal and interest on Swing Line Advances received by the Administrative Agent shall be paid
solely to the Swing Line Lender. Except as otherwise provided in Section 2.10(d), payments of
principal on any Competitive Bid Advance received by the Administrative Agent shall be paid, on a
pro rata basis, to the Revolving Credit Lender or Revolving Credit Lenders holding the Competitive
Bid Loan or Loans comprising such Advance and payments of interest on such Competitive Bid Advance
received by the Administrative Agent shall be allocated to the Revolving Credit Lender or Revolving
Credit Lenders that funded such Advance, pro rata based on the amount of interest due each such
Revolving Credit Lender on its outstanding principal (it being acknowledged that the rate of
interest payable to Revolving Credit Lenders on the Competitive Bid Loans may differ). Except as
provided in Section 2.10(c), 2.10(d) or 2.10(e), payments made by the Borrower shall be applied to
the Advances or interest thereon (or both, as applicable) designated by the Borrower.

          (c) If a Default exists and is continuing and has not been waived and the Loans have been
accelerated or otherwise shall have become due, any payment of principal made by the Borrower shall
be allocated between the Facilities on a pro rata basis based on the principal amount of the Loans
outstanding under each Facility.

          (d) Notwithstanding the provisions of Section 2.10(b), if each of the conditions listed in
Clauses (A) through (C) below exists on the date on which a payment on any Revolving Credit Loan is
made (including, without limitation, payments allocated to the Revolving Credit Facility pursuant
to Section 2.10(c)) then such payment shall be allocated on a pro-rata basis between the holders of
the Competitive Bid Loans and holders of the Revolving Credit Ratable Loans based upon the
respective amounts of such Competitive Bid Loans and Revolving Credit Ratable Loans outstanding if
it is a payment of principal and shall be allocated on a pro rata basis between holders of the
Competitive Bid Loans and holders of the Revolving Credit Ratable Loans based on the amount of
interest due to such holders if it is a payment of interest: (A) a Default exists and is
continuing and has not been waived, (B) the Revolving Credit Loans have been accelerated or
otherwise shall have become due, and (C) the fractional share of one or more of the Revolving
Credit Lenders in the total amount of all outstanding Competitive Bid Loans does not equal its
Revolving Credit Ratable Share.

          (e) Notwithstanding the foregoing provisions of this Section 2.10, a Non-Funding Lender shall
not be entitled to receive any payments of principal, interest, fees or other Obligations hereunder
unless and until (i) such Non-Funding Lender shall have cured the default or other circumstances
that resulted in its being a Non-Funding Lender or (ii) the Revolving Credit Lenders shall have
received payments of their Revolving Credit Ratable Loans hereunder that reduce the principal
amount of all Revolving Credit Ratable Loans such that all Revolving Credit Lenders (including such
Non-Funding Lender but excluding any other Non-Funding

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Lender) hold Revolving Credit Ratable Loans in their respective Revolving Credit Ratable
Shares.

          (f) If the Administrative Agent receives payments on any Business Day of any amounts payable
to any Lender hereunder and fails to pay such amount to such Lender (i) on or before the close of
business on such day if such payment was received by 1:00 p.m. (New York time) on such day or (ii)
on or before the next succeeding Business Day if such payment was received after 1:00 p.m. (New
York time) on such day of receipt, the Administrative Agent shall pay to such Lender interest on
such unpaid amount at the Federal Funds Effective Rate until such amount is so paid to such Lender.

     2.11. Noteless Agreement; Evidence of Indebtedness. (a) Each Lender shall maintain
in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrower to such Lender resulting from each Loan made by such Lender from time to time, including
the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

          (b) The Administrative Agent shall also maintain accounts in which it will record, with
respect to each Facility, (i) the amount of each Loan made hereunder and the Rate Option and
Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable
or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any
sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share
thereof.

          (c) The entries maintained in the accounts maintained pursuant to Sections 2.11(a) and (b)
above shall be prima facie evidence of the existence and amounts of the Obligations therein
recorded; provided, however, that the failure of the Administrative Agent or any
Lender to maintain such accounts or any error therein shall not in any manner affect the obligation
of the Borrower to repay the Obligations in accordance with their terms.

          (d) Any Lender may request that its Revolving Credit Ratable Loans be evidenced by a Revolving
Credit Note, that its Competitive Bid Loans be evidenced by a Competitive Bid Note and that its
Term Loans be evidenced by a Term Note. In such event, the Borrower shall prepare, execute and
deliver to such Lender the applicable Note or Notes payable to the order of such Lender in a form
supplied by the Administrative Agent. Thereafter, the Loans evidenced by such Note and interest
thereon shall at all times (including after any assignment pursuant to Section 13.3) be represented
by one or more Notes payable to the order of the payee named therein or any assignee pursuant to
Section 13.3, except to the extent that any such Lender or assignee subsequently returns any such
Note for cancellation and requests that such Loans once again be evidenced as described in Sections
2.11(a) and (b) above.

     2.12. Telephonic Notices. The Borrower hereby authorizes the Lenders and the
Administrative Agent to extend, convert or continue Advances, effect selections of Rate Options and
to transfer funds based on telephonic notices made by any person or persons the Administrative
Agent or any Lender in good faith believes to be an Authorized Officer acting on behalf of the
Borrower. The Borrower agrees to deliver promptly to the Administrative Agent a written
confirmation, if such confirmation is requested by the Administrative Agent or any Lender, of each
telephonic notice signed by an Authorized Officer. If the written confirmation

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differs in any material respect from the action taken by the Administrative Agent and the
Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest
error.

     2.13. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each
Floating Rate Advance shall be payable on the first date of each calendar month, commencing with
the first such date to occur after the date hereof. Interest accrued on each Fixed Rate Advance
shall be payable on the last day of its applicable Interest Period, on any date on which the Fixed
Rate Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest
accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be
payable on the first day of each calendar quarter during such Interest Period. Interest and fees
under this Agreement shall be calculated for actual days elapsed on the basis of a 360-day year
except that interest on Floating Rate Advances and Absolute Rate Advances shall be calculated for
actual days elapsed on the basis of a 365-day (or, if applicable, 366-day) year. Interest shall be
payable for the day an Advance is made but not for the day of any payment on the amount paid if
payment is received prior to 1:00 p.m. (New York time) at the place of payment. If any payment of
principal of or interest on an Advance shall become due on a day which is not a Business Day, such
payment shall be made on the next succeeding Business Day and, in the case of a principal payment,
such extension of time shall be included in computing interest in connection with such payment.

     2.14. Notification of Advances, Interest Rates, Prepayments and Commitment Reductions.
Promptly after receipt thereof, (a) the Administrative Agent will notify each Revolving Credit
Lender of the contents of each Aggregate Revolving Credit Commitment reduction notice and
Competitive Bid Borrowing Notice (except as otherwise provided in Section 2.3.10), and (b) the
Administrative Lender shall notify each Lender under a Facility of each Ratable Borrowing Notice,
Rate Option Notice and repayment notice received by the Administrative Agent with respect to such
Facility. The Administrative Agent will notify each Lender under a Facility of the interest rate
applicable to each Fixed Ratable Advance under such Facility promptly upon determination of such
interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

     2.15. Lending Installations. Each Lender may book its Loans under either or both of
the Facilities at any Lending Installation selected by such Lender and may change its Lending
Installation from time to time. All terms of this Agreement shall apply to any such Lending
Installation and the applicable Loans and Notes issued hereunder shall be deemed held by each
Lender for the benefit of such Lending Installation. Each Lender may, by written notice to the
Administrative Agent and the Borrower in accordance with Article XIV, designate replacement or
additional Lending Installations through which Loans under either or both of the Facilities will be
made by it and for whose account Loan payments under either or both of the Facilities are to be
made.

     2.16. Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a
Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is
scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds
of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the
Administrative Agent for the account of any of the Lenders, that it does not intend to make such
payment, the Administrative Agent may assume that such payment has been made. The

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Administrative Agent may, but shall not be obligated to, make the amount of such payment
available to the intended recipient in reliance upon such assumption. If such Lender or the
Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the
recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative
Agent the amount so made available together with interest thereon in respect of each day during the
period commencing on the date such amount was so made available by the Administrative Agent until
the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the case
of payment by a Lender, the Federal Funds Effective Rate for such day or (y) in the case of payment
by the Borrower, the interest rate applicable to the relevant Loan.

     2.17. Extension of Facility Termination Dates. The Borrower may request, but not more
than once in each fiscal year of the Borrower, an extension of the Facility Termination Date of one
or both of the Facilities by submitting a request for an extension to the Administrative Agent (an
“Extension Request”). The Extension Request must specify the Facility or Facilities with respect
to which such extension is requested and the new Facility Termination Date requested by the
Borrower with respect thereto (“Extension Date”), which shall be not more than five years after the
date of the Extension Request. Promptly upon receipt of an Extension Request, the Administrative
Agent shall notify each Lender under the applicable Facility or Facilities of the contents thereof
and shall request each Lender under the applicable Facility or Facilities to approve the Extension
Request (which approval may be given or withheld by each Lender in its sole discretion). If an
Extension Request requests an extension of both Facility Termination Dates, a Lender may, at its
election, approve an extension of either, neither or both of the Facility Termination Dates. Each
Lender approving an Extension Request shall deliver its written approval no later than 75 days
following such Extension Request. If written approval of the Required Facility Lenders under the
applicable Facility is not received by the Administrative Agent within such 75-day period, the
Extension Request under the applicable Facility shall be denied. If such written approval of the
Required Facility Lenders under the applicable Facility is received by the Administrative Agent
within such 75-day period, the Facility Termination Date under the applicable Facility shall be
extended to the Extension Date specified in the Extension Request but only with respect to the
Lenders under the applicable Facility that have given such written approval. Except to the extent
that a Lender that did not give its written approval to such Extension Request under a Facility
(“Declining Lender”) is replaced prior to its applicable Declining Lender’s Termination Date as
provided in Section 2.20, then (a) in the case of the Revolving Credit Facility, the Aggregate
Revolving Credit Commitment shall be decreased by the Revolving Credit Commitment of each such
Revolving Credit Declining Lender, which Declining Lender’s Revolving Credit Commitment shall
terminate on the Revolving Credit Facility Termination Date, as determined prior to such Extension
Request (the “Revolving Credit Declining Lender’s Termination Date”), (b) in the case of the Term
Loan Facility, the aggregate amount of the Term Loan Facility shall be reduced by the amount of
such Declining Lender’s Term Loans on the Term Maturity Date, as determined prior to such Extension
Request (the “Term Declining Lender’s Termination Date”), and (c) in each case ((a) or (b), as
applicable) the Loans and all interest, fees and other amounts owed to such Declining Lender under
the Facility or Facilities with respect to which it is a Declining Lender shall be paid in full on
each such Declining Lender’s Termination Date.

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     2.18. Facility Increase. (a) The Borrower may, at any time and from time to time, by
notice to the Administrative Agent, request an increase (“Facility Increase”) in the Aggregate
Revolving Credit Commitment or Term Loan Facility (or both) (within the limitations herein
provided), which notice shall set forth the amount of such requested Facility Increase and the
Facility or Facilities with respect to which such Facility Increase is requested (within the
limitations herein provided). The Aggregate Revolving Credit Commitment, the Term Loan Facility,
or both, may be so increased either by having one or more New Lenders become Lenders under the
applicable Facility or Facilities and/or by having any one or more of the then existing Lenders
under a Facility (at their respective election in their sole discretion) that have been approved by
the Borrower, increase the amount of their Revolving Credit Commitments or Term Commitments (as
applicable), provided that (i) each Facility Increase shall be in an amount not less than
$5,000,000; and (ii) the Aggregate Facility shall not exceed the Aggregate Facility Limit.

          (b) As a condition to a Facility Increase, (i) the Borrower and each Additional Lender shall
have executed and delivered a commitment and acceptance (the “Commitment and Acceptance”)
substantially in the form of Exhibit G hereto (modified, as applicable, in the case of a
Facility Increase under the Term Loan Facility), and the Administrative Agent shall have accepted
and executed the same; (ii) if requested by an Additional Lender, the Borrower shall have executed
and delivered to the Administrative Agent the applicable Note payable to the order of such
Additional Lender; (iii) the Guarantors shall have consented in writing to the Facility Increase
and shall have agreed that their Guaranty Agreements continue in full force and effect; (iv) the
Borrower and each Additional Lender shall otherwise have executed and delivered such other
instruments and documents as the Administrative Agent shall have reasonably requested in connection
with such Facility Increase; and (v) if requested by the Administrative Agent, the Borrower shall
have delivered to the Administrative Agent opinions of counsel (substantially similar to the forms
of opinions provided for in Section 5.1(viii), modified to apply to the Facility Increase and to
each Note, Commitment and Acceptance, and other documents executed and delivered in connection with
such Facility Increase). The form and substance of the documents required under clauses (i) through
(v) above shall be fully acceptable to the Administrative Agent. The Administrative Agent shall
promptly provide written notice to all of the Lenders hereunder of the Facility Increase.

          (c) Upon the effective date of any Facility Increase pursuant to the provisions hereof (the
“Increase Date”), which Increase Date shall be mutually agreed upon by the Borrower, each
applicable Additional Lender and the Administrative Agent, then:

	 	(i)	 	In the case of a Facility Increase under the Revolving Credit
Facility, (A) such Additional Lender under the Revolving Credit Facility shall
be deemed to have irrevocably and unconditionally purchased and received,
without recourse or warranty, from the Revolving Credit Lenders party to this
Agreement immediately prior to the Increase Date, an undivided interest and
participation in any Facility Letter of Credit then outstanding, ratably, such
that each Revolving Credit Lender (including each Additional Lender under the
Revolving Credit Facility) holds a participation interest in each such Facility
Letter of Credit in the amount of its then Revolving Credit Ratable Share
thereof; (B) on such Increase

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	 	 	 	Date, the Borrower shall repay all outstanding Floating Rate Advances under
the Revolving Credit Facility and reborrow a Floating Rate Advance in a like
amount from the Revolving Credit Lenders (including each Additional Lender
under the Revolving Credit Facility); (C) except as provided in clause (D),
such Additional Lender under the Revolving Credit Facility shall not
participate in any then outstanding Fixed Ratable Advances under the
Revolving Credit Facility; (D) if the Borrower shall at any time on or after
such Increase Date convert or continue any Fixed Ratable Advance that was
outstanding under the Revolving Credit Facility on such Increase Date, the
Borrower shall be deemed to repay such Fixed Ratable Advance on the date of
the conversion or continuation thereof and then to reborrow as a Revolving
Credit Ratable Advance a like amount on such date so that the Additional
Lender under the Revolving Credit Facility shall make a Revolving Credit
Ratable Loan on such date; and (E) such Additional Lender under the
Revolving Credit Facility shall make its Revolving Credit Ratable Share of
all Revolving Credit Ratable Advances made on or after such Increase Date
(including those referred to in clauses (B) and (D) above) and shall
otherwise have all of the rights and obligations of a Revolving Credit
Lender hereunder on and after such Increase Date. Notwithstanding the
foregoing, upon the occurrence of a Default prior to the date on which such
Additional Lender is holding Fixed Ratable Loans under the Revolving Credit
Facility equal to its Revolving Credit Ratable Share of all Fixed Ratable
Advances under the Revolving Credit Facility, such Additional Lender shall,
upon notice from the Administrative Agent, on or after the date on which the
Obligations are accelerated or become due following such Default, pay to the
Administrative Agent (for the account of the other Revolving Credit Lenders,
to which the Administrative Agent shall pay their Revolving Credit Ratable
Shares thereof upon receipt) a sum equal to such Additional Lender’s
Revolving Credit Ratable Share of each Fixed Ratable Advance then
outstanding under the Revolving Credit Facility with respect to which such
Additional Lender does not then hold a Fixed Ratable Loan equal to its
Revolving Credit Ratable Share thereof; such payment by such Additional
Lender shall constitute an ABR Loan hereunder.

	 	(ii)	 	In the case of a Facility Increase under the Term Loan
Facility, (A) on such Increase Date, each Additional Lender under the Term Loan
Facility shall advance its Additional Term Loan, which shall be combined with
the other outstanding Term Advances and converted into one or more Ratable
Advances under the Term Loan Facility; (B) on such Increase Date, the Borrower
shall pay all costs (if any) payable under Section 3.4 resulting from the
termination of any Fixed Ratable Advances under the Term Loan Facility prior to
the last day of the applicable Interest Period; and (C) such Additional Lender
under the Term Loan Facility shall have all of the rights and obligations of a
Term Lender hereunder on and after such Increase Date.

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          (d) Solely for purposes of clause (i) of the definitions of “Majority Lenders,” “Required
Lenders,” and “Required Revolving Credit Lenders,” until such time as an Additional Lender under
the Revolving Credit Facility holds Revolving Credit Ratable Loans equaling its Revolving Credit
Ratable Share of all outstanding Revolving Credit Ratable Advances, the amount of such Additional
Lender’s new Revolving Credit Commitment or the increased amount of its Revolving Credit Commitment
(as applicable) shall be excluded from the amount of the Revolving Credit Commitments and there
shall be included in lieu thereof at any time an amount equal to the sum of the outstanding
Revolving Credit Ratable Loans and the participation interests in Facility Letters of Credit held
by such Additional Lender with respect to its new Revolving Credit Commitment or the increased
amount of its Revolving Credit Commitment.

          (e) Nothing contained herein shall constitute, or otherwise be deemed to be, a commitment or
agreement on the part of any Lender to increase its Revolving Credit Commitment hereunder or to
make an Additional Term Loan hereunder at any time or a commitment or agreement on the part of the
Borrower or the Administrative Agent to give or grant any Lender the right to increase its
Revolving Credit Commitment hereunder or to make an Additional Term Loan hereunder at any time.

     2.19. Swing Line. (a) The Swing Line Lender agrees, on the terms and conditions
hereinafter set forth, to make Advances (“Swing Line Advances”) to the Borrower from time to time
during the period from the date of this Agreement, up to but not including the fifth (5th) day
prior to the Facility Termination Date, in an aggregate principal amount not to exceed at any time
outstanding the lesser of (i) the Swing Line Commitment or (ii) the Aggregate Available Credit.

          (b) The Swing Line Advances shall be evidenced by the Swing Line Note. Each Swing Line
Advance shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess
thereof, in integral multiples of One Million Dollars ($1,000,000). Within the limits set forth in
Section 2.19(a), the Borrower may borrow, repay and reborrow under this Section 2.19.

          (c) The Borrower shall give the Swing Line Lender (and, if the Swing Line Lender is not also
the Administrative Agent, the Administrative Agent) notice requesting a Swing Line Advance (“Swing
Line Borrowing Notice”) not later than 2:00 p.m. (New York time) on the Business Day of such Swing
Line Advance, specifying the amount of such requested Swing Line Advance. Each such Swing Line
Borrowing Notice shall be accompanied by the Ratable Borrowing Notice provided for in Section
2.19(d). All Swing Line Borrowing Notices and Ratable Borrowing Notices given by the Borrower
under this Section 2.19(c) shall be irrevocable. Upon satisfaction of the applicable conditions
set forth in Section 5.2, the Swing Line Lender will make the Swing Line Advance available to the
Borrower in immediately available funds by crediting the amount thereof to the Borrower’s account
with the Swing Line Lender. If the Swing Line Lender is not also the Administrative Agent, the
Swing Line Lender shall not advance the Swing Line Advance unless and until the Administrative
Agent shall have confirmed (by telephonic notice) that such applicable conditions have been
satisfied.

          (d) Each Swing Line Advance shall bear interest at the Alternate Base Rate and shall be paid
in full on or before the third Business Day following the making of such Swing Line Loan and, if
not so paid by the Borrower, shall be paid in full from the proceeds of a

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Ratable Advance made by the Revolving Credit Lenders pursuant to Section 2.2 on the third
Business Day following the making of such Swing Line Advance. Each Swing Line Borrowing Notice
given by the Borrower under Section 2.19(c) shall include, or if it does not include shall be
deemed to include, an irrevocable Ratable Borrowing Notice under Section 2.2 requesting the
Revolving Credit Lenders to make a Ratable Revolving Credit Advance, on or before the third
Business Day following the making of such Swing Line Advance, of the full amount of such Swing Line
Advance, unless such Swing Line Advance is sooner paid in full by the Borrower.

          (e) Provided that the applicable conditions set forth in Section 5.2 shall have been satisfied
at the time of the making of such Swing Line Advance, the Revolving Credit Lenders irrevocably
agree to make the Revolving Credit Ratable Advance provided for in Section 2.19(d), notwithstanding
any subsequent failure to satisfy such conditions or any other facts or circumstances including
(without limitation) the existence of a Default. If and to the extent that any Revolving Credit
Lender shall fail to make a Revolving Credit Ratable Loan in the amount of its Revolving Credit
Ratable Share of such Revolving Credit Ratable Advance, such Revolving Credit Lender shall be
irrevocably deemed to have purchased from the Swing Line Lender a participation interest in such
Swing Line Advance in an amount equal to the amount of such Revolving Credit Lender’s Revolving
Credit Ratable Share of such Revolving Credit Ratable Advance.

     2.20. Replacement of a Lender. If a Lender (“Affected Lender”) (a) sustains or incurs
a loss or expense or reduction of income and requests reimbursement therefor from the Borrower
pursuant to Section 3.1, 3.2 or 3.5, (b) determines that maintenance of any of its Fixed Rate Loans
at a suitable Lending Installation would violate any applicable Law and so notifies the
Administrative Agent pursuant to Section 3.3, or (c) is a Declining Lender, the Borrower may within
ninety (90) days after the date on which the Borrower receives such request (in the case of clause
(a) above) or after the date on which the Administrative Agent gives the Borrower notice of the
Administrative Agent’s receipt of the notice from such Lender under Section 3.3 (in the case of
clause (b) above) or at any time prior to such Declining Lender’s Termination Date (in the case of
clause (c) above) notify the Administrative Agent and such Affected Lender that a Replacement
Lender designated by the Borrower in the notice has agreed to replace such Lender with respect to
its Revolving Credit Commitment, Revolving Credit Loans and Term Loans, provided that (i),
in the case of replacement of a Declining Lender that is a Declining Lender under only one
Facility, such replacement may only be made with respect to such Facility, but in all other cases
such replacement shall be made with respect to each Facility under which such Affected Lender is a
Lender; (ii) any Replacement Lender that, immediately prior to its replacement of a Lender
hereunder, was not a Lender hereunder shall be subject to the approval of the Administrative Agent
(which approval shall not be unreasonably withheld); and (iii) the Borrower shall have paid any
amounts due pursuant to Section 3.1, 3.2 or 3.5 to the Affected Lender to be replaced on or before
such replacement. The Affected Lender to be replaced shall assign, as applicable, its Revolving
Credit Commitment, Loans and interests in outstanding Facility Letters of Credit and/or Term Loans
hereunder to the Replacement Lender pursuant to the procedures for assignments contained in Section
13.3 and shall receive, concurrently with such assignments, payment of an amount equal to all
outstanding amounts payable to such Affected Lender with respect to the applicable Facility or
Facilities, including without limitation the aggregate outstanding principal amount of the Loans
held by such Affected Lender, all interest thereon to the date of the assignment, all accrued fees
to the date of such assignment and

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any amounts payable under Section 3.4 with respect to any payment of any Fixed Rate Loan
resulting from such assignment. Such Affected Lender shall not be responsible for the payment to
the Administrative Agent of the fee provided for in Section 13.3.2, which fee shall be paid by such
Replacement Lender. In the case of an assignment by a Declining Lender under this Section 2.20,
the Replacement Lender that is the assignee of the Declining Lender shall agree at the time of such
assignment to the extension to the Extension Date of the Facility Termination Date with respect to
the applicable Facility or Facilities, which agreement shall be set forth in a written instrument
delivered and satisfactory to the Borrower and the Administrative Agent.

     2.21. Termination of Commitment of Declining Lender. At any time prior to the
replacement of a Declining Lender pursuant to Section 2.20, the Borrower may, upon not less than 15
days’ prior notice to the Administrative Agent and such Declining Lender, terminate the Revolving
Credit Commitment and/or prepay the Term Loans (as applicable) of such Declining Lender, but only
under a Facility with respect to which it is a Declining Lender, as of a Business Day (prior to the
applicable Declining Lender’s Termination Date) set forth in such notice, provided, however, that
if such Declining Lender is an Issuing Bank, the termination of its Revolving Credit Commitment
shall be permitted only upon satisfaction of the requirements set forth in Section 4.10. In the
event of such termination of the Revolving Credit Commitment and/or prepayment of Term Loans (as
applicable), the Borrower shall pay to the Administrative Agent on the date of termination of such
Revolving Credit Commitment and/or prepayment of Term Loans, for the account of such Declining
Lender, all Loans and other sums payable to such Declining Lender hereunder under the applicable
Facility and all amounts (if any) payable to such Declining Lender under Section 3.4 under such
Facility by reason of such payment. Such Declining Lender shall continue to be entitled to the
benefits of Sections 3.1, 3.2, 3.4, 3.5, 4.9 and 10.6(b) to the extent such Declining Lender’s
entitlement to such benefit arose out of its position as a Lender under such Facility prior to the
termination of its Revolving Credit Commitment and/or prepayment of its Term Loans (as applicable).

ARTICLE III

YIELD PROTECTION; TAXES

     3.1. Yield Protection. If, on or after the date of this Agreement, the adoption of
any law or any governmental or quasi-governmental rule, regulation, policy, guideline or directive
(whether or not having the force of law), or any change in the interpretation or administration
thereof by any governmental or quasi-governmental authority, central bank or comparable agency
charged with the interpretation or administration thereof, or compliance by any Lender or
applicable Lending Installation with any request or directive (whether or not having the force of
law) of any such authority, central bank or comparable agency:

	 	(i)	 	subjects at least two Lenders or applicable Lending
Installations to any Taxes, or changes the basis of taxation of payments (other
than with respect to Excluded Taxes) to such Lenders in respect of their Fixed
Rate Loans, or
	 
	 	(ii)	 	imposes or increases or deems applicable any reserve,
assessment, insurance charge, special deposit or similar requirement against
assets of, deposits with or for the account of, or credit extended by, at least
two

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	 	 	 	Lenders or applicable Lending Installations (other than reserves and
assessments taken into account in determining the interest rate applicable
to Fixed Rate Advances), or

	 	(iii)	 	imposes any other condition the result of which is to increase
the cost to at least two Lenders or applicable Lending Installations of making,
funding or maintaining Fixed Rate Loans or reduces any amount receivable by at
least two Lenders or applicable Lending Installations in connection with their
Eurodollar Loans, or requires at least two Lenders or applicable Lending
Installations to make any payment calculated by reference to the amount of
Fixed Rate Loans held or interest received by them, by an amount deemed
material by such Lenders,

and the result of any of the foregoing is to increase the cost to such Lenders or applicable
Lending Installations of making or maintaining their Fixed Rate Loans or Revolving Credit
Commitments or to reduce the return received by such Lenders or applicable Lending Installations in
connection with such Fixed Rate Loans or Revolving Credit Commitments, then, within 30 days of
demand by such Lenders, the Borrower shall pay such Lenders such additional amount or amounts as
will compensate such Lenders for such increased cost or reduction in amount received.

     3.2. Changes in Capital Adequacy Regulations. If at least two Lenders determine the
amount of capital required or expected to be maintained by such Lenders, any Lending Installation
of such Lenders or any corporation controlling such Lenders is increased as a result of a Change
(as hereinafter defined), then, within 30 days of demand by such Lenders, the Borrower shall pay
such Lenders the amount necessary to compensate for any shortfall in the rate of return on the
portion of such increased capital which such Lenders determine is attributable to this Agreement,
their Loans or their Revolving Credit Commitments to make Revolving Credit Loans or to issue or
participate in Facility Letters of Credit hereunder (after taking into account such Lenders’
policies as to capital adequacy). “Change” means (i) any change after the date of this Agreement
in the Risk-Based Capital Guidelines or (ii) any adoption of or change in any other Law,
governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or
directive (whether or not having the force of Law) after the date of this Agreement which affects
the amount of capital required or expected to be maintained by any Lender or any Lending
Installation or any corporation controlling any Lender. “Risk-Based Capital Guidelines” means (i)
the risk-based capital guidelines in effect in the United States on the date of this Agreement,
including transition rules, and (ii) the corresponding capital regulations promulgated by
regulatory authorities outside the United States implementing the July 1988 report of the Basle
Committee on Banking Regulation and Supervisory Practices Entitled “International Convergence of
Capital Measurements and Capital Standards,” including transition rules, and any amendments to such
regulations adopted prior to the date of this Agreement.

     3.3. Availability of Certain Advances. If the Required Facility Lenders under a
Facility determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar
Ratable Advances are not available or (ii) the interest rate applicable to a Rate Option does not
accurately reflect the cost of making or maintaining the applicable Ratable Advance, then the

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Administrative Agent shall suspend the availability of the affected Rate Option under such
Facility.

     3.4. Funding Indemnification. If any payment of a Fixed Rate Advance occurs on a date
which is not the last day of the applicable Interest Period, whether because of acceleration,
prepayment or otherwise, or a Fixed Rate Advance is not made, or any Advance is not continued or
converted into a Fixed Rate Advance, on the date specified by the Borrower for any reason other
than default by the Lenders, the Borrower will indemnify each Lender for any loss or cost
(including any internal administrative costs not to exceed $250.00) incurred by it resulting
therefrom, including, without limitation, any loss or cost in liquidating or employing deposits
acquired to fund or maintain such Fixed Rate Advance. Notwithstanding the foregoing, if such loss
or cost results from an occurrence other than (i) a prepayment by the Borrower (except a prepayment
required to be made under Section 3.3 by reason of a change in any Law or interpretation of Law
occurring after the making of, or conversion into or continuation of, a Type of Fixed Rate Loan and
resulting in the determination that maintenance by a Lender of such Type of Fixed Rate Loan
violates applicable Law pursuant to Section 3.3), or (ii) a default by the Borrower or by the
Lenders, the Borrower’s obligation to indemnify the Lenders shall be limited to one-half (1/2) of
the losses or costs incurred by each Lender.

     3.5. Taxes. (a) The Borrower hereby agrees to pay any present or future stamp or
documentary taxes and any other excise or property taxes, charges or similar levies which arise
from any payment made hereunder or under any Note or from the execution or delivery of, or
otherwise with respect to, this Agreement or any Note (“Other Taxes”).

          (b) The Borrower agrees unconditionally to indemnify and save the Administrative Agent and the
Lenders harmless from and against any or all present or future claims, liabilities or losses with
respect to or resulting from any omission by the Borrower to pay, or any delay in paying, any Other
Taxes. Such indemnification payments by the Borrower shall be made within 30 days of the date the
Administrative Agent or such Lender makes demand therefor pursuant to Section 3.6.

          (c) Each Lender that is not incorporated under the laws of the United States of America or a
state thereof (each a “Non-U.S. Lender”) agrees that it will, not less than ten Business Days after
the date of this Agreement, (i) deliver to each of the Borrower and the Administrative Agent two
duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI (or a
successor form), certifying in either case that such Lender is entitled to receive payments under
this Agreement without deduction or withholding of any United States federal income taxes, and (ii)
deliver to each of the Borrower and the Administrative Agent a United States Internal Revenue Form
W-8 or W-9 (or a successor form), as the case may be, and certify that it is entitled to an
exemption from United States backup withholding tax. Each Non-U.S. Lender further undertakes to
deliver to each of the Borrower and the Administrative Agent (x) renewals or additional copies of
such form (or any successor form) on or before the date that such form expires or becomes obsolete,
and (y) after the occurrence of any event requiring a change in the most recent forms so delivered
by it, such additional forms or amendments thereto as may be reasonably requested by the Borrower
or the Administrative Agent. All forms or amendments described in the preceding sentence shall
certify that such Lender is entitled to receive payments under this Agreement without deduction or
withholding of any United States federal income taxes, unless an event (including without

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limitation any change in treaty, law or regulation) has occurred after the date such Lender
becomes a Lender hereunder and prior to the date on which any such delivery would otherwise be
required which renders all such forms inapplicable or which would prevent such Lender from duly
completing and delivering any such form or amendment with respect to it and such Lender advises the
Borrower and the Administrative Agent that it is not capable of receiving payments without any
deduction or withholding of United States federal income tax.

          (d) For any period during which a Non-U.S. Lender has failed to provide the Borrower with an
appropriate form pursuant to Section 3.5(c) (unless such failure is due to a change in treaty, law
or regulation, or any change in the interpretation or administration thereof by any governmental
authority, occurring subsequent to the date on which a form originally was required to be
provided), such Non-U.S. Lender shall not be entitled to indemnification under this Section 3.5
with respect to Taxes imposed by the United States; provided that, should a Non-U.S. Lender
which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to
Taxes because of its failure to deliver a form required under Section 3.5(c), the Borrower shall
take such steps as such Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to
recover such Taxes, at no cost to the Borrower.

          (e) Any Lender that is entitled to an exemption from or reduction of withholding tax with
respect to payments under this Agreement or any Note pursuant to the law of any relevant
jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Administrative Agent),
at the time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate.

     3.6. Lender Statements; Survival of Indemnity. To the extent reasonably possible,
each Lender shall designate an alternate Lending Installation with respect to its applicable Fixed
Rate Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5
or to avoid the unavailability of the applicable Fixed Rate Advances under Section 3.3, so long as
such designation is not, in the judgment of such Lender, materially disadvantageous to such Lender.
Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the
Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such
written statement shall set forth in reasonable detail the calculations upon which such Lender
determined such amount (which calculations shall be made in good faith) and shall be final,
conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts
payable under such Sections in connection with a Fixed Rate Loan shall be calculated as though each
Lender funded its Fixed Rate Loan through the purchase of a deposit of the type and maturity
corresponding to the deposit used as a reference in determining the interest rate applicable to
such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the amount
specified in the written statement of any Lender shall be payable within 30 days after receipt by
the Borrower of such written statement. The obligations of the Borrower under Sections 3.1, 3.2,
3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement.
Notwithstanding anything to the contrary contained herein, the Borrower shall not be required to
make any payments to any Lender pursuant to Sections 3.1, 3.2, 3.4 or 3.5 relating to any period of
time which is greater than 90 days prior to such Person’s request for additional payment except for
retroactive application of any law, rule or regulation, in which

52

 

case the Borrower is required to make such payments so long as such Person makes a request
therefor within 90 days after the public announcement of such retroactive application.

ARTICLE IV

THE LETTER OF CREDIT FACILITY

     4.1. Facility Letters of Credit. At the request of the Borrower, each Issuing Bank
shall, within the limits of its Issuing Bank’s L/C Limit and on the terms and conditions set forth
in this Agreement, issue from time to time for the account of the Borrower, through such offices or
branches as it and the Borrower may jointly agree, one or more Facility Letters of Credit (which,
in the case of a Performance Letter of Credit, may be an Escrow Agreement) in accordance with this
Article IV, during the period commencing on the Closing Date and ending on the Business Day prior
to the Revolving Credit Facility Termination Date.

     4.2. Limitations. No Issuing Bank shall issue, amend or extend, at any time, any
Facility Letter of Credit:

	 	(i)	 	if, after giving effect to the Facility Letter of Credit or
amendment or extension thereof requested hereunder, (A) the aggregate maximum
amount then available for drawing under Letters of Credit issued by such
Issuing Bank shall exceed any limit imposed by Law upon such Issuing Bank or
(B) the outstanding undrawn face amount of all Facility Letters of Credit
issued by such Issuing Bank shall exceed such Issuing Bank’s L/C Limit;
	 
	 	(ii)	 	if, after giving effect to the Facility Letter of Credit or
amendment or extension thereof requested hereunder, the aggregate principal
amount of the Facility Letter of Credit Obligations would exceed the L/C
Sublimit;
	 
	 	(iii)	 	that is in (or in the case of an amendment of a Facility
Letter of Credit, increases the face amount thereof by) an amount in excess of
the then Aggregate Available Revolving Credit;
	 
	 	(iv)	 	if such Issuing Bank receives written notice from the
Administrative Agent on the proposed Issuance Date of such Facility Letter of
Credit that the conditions precedent contained in Sections 5.1 or 5.2, as
applicable, would not on such Issuance Date be satisfied unless such conditions
are thereafter satisfied and written notice of such satisfaction is given to
such Issuing Bank by the Administrative Agent;
	 
	 	(v)	 	that is in a currency other than U.S. Dollars; or
	 
	 	(vi)	 	that has a stated maturity date later than the earlier of (A)
four years after the Issuance Date and (B) one year after the Revolving Credit
Facility Termination Date, provided, however, that, no Revolving Credit
Declining Lender that is an Issuing Bank shall issue or extend a Facility
Letter of Credit that has a stated maturity date that is later than its
Revolving Credit

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	 	 	 	Declining Lender’s Termination Date. For purposes of this clause (vi), the
“stated maturity date” is the expiration date of the Facility Letter of
Credit, giving effect to any future extension thereof under an automatic
renewal provision, unless such automatic renewal provision permits the
Issuing Bank to elect not to extend by giving written notice of cancellation
to the beneficiary of such Facility Letter of Credit.

     4.3. Conditions. In addition to being subject to the satisfaction of the conditions
contained in Sections 5.1 and 5.2, as applicable, the issuance of any Facility Letter of Credit is
subject to the satisfaction in full of the following conditions:

	 	(i)	 	the Borrower shall have delivered to such Issuing Bank at such
times and in such manner as the Issuing Bank may reasonably prescribe such
documents (including, if requested, an Application) and materials as may be
reasonably required pursuant to the terms thereof, and the proposed Facility
Letter of Credit shall be reasonably satisfactory to such Issuing Bank in form
and content; and
	 
	 	(ii)	 	as of the Issuance Date no order, judgment or decree of any
court, arbitrator or governmental authority shall enjoin or restrain such
Issuing Bank from issuing the Facility Letter of Credit and no Law applicable
to such Issuing Bank and no directive from any Official Body with jurisdiction
over such Issuing Bank shall prohibit such Issuing Bank from issuing Letters of
Credit generally or from issuing that Facility Letter or Credit.

     4.4. Procedure for Issuance of Facility Letters of Credit. (a) The Borrower shall
give such Issuing Bank and the Administrative Agent not less than five (5) Business Days’ (or such
shorter period as such Issuing Bank, the Borrower and the Administrative Agent shall agree) prior
notice (in writing or by telephonic notice confirmed promptly in writing) of any requested issuance
of a Facility Letter of Credit under this Agreement. Such notice shall specify (i) the stated
amount of the Facility Letter of Credit requested, (ii) the requested Issuance Date, which shall be
a Business Day, (iii) the date on which such requested Facility Letter of Credit is to expire,
which date shall be in compliance with the requirements of Section 4.2(vi), (iv) the purpose for
which such Facility Letter of Credit is to be issued, (v) the Person for whose benefit the
requested Facility Letter of Credit is to be issued, and (vi) whether such Facility Letter of
Credit is a Performance Letter of Credit (and, if so, whether it is an Escrow Agreement) or a
Financial Letter of Credit. At the time such request is made, the Borrower shall also provide such
Issuing Bank with a copy of the form of the Facility Letter of Credit it is requesting be issued.

          (b) As soon as practicable and in no event later than one Business Day prior to the requested
date of issuance of such Facility Letter of Credit, such Issuing Bank shall approve or disapprove,
in its reasonable discretion, the issuance of such requested Facility Letter of Credit and shall
notify the Borrower and the Administrative Agent of such approval or disapproval, but the issuance
of such approved Facility Letter of Credit shall continue to be subject to the provisions of this
Article IV.

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          (c) As soon as practicable and in no event later than one Business Day prior to the
issuance of a Facility Letter of Credit approved by an Issuing Bank as provided in Section 4.4(b),
the Borrower shall confirm by notice (“Facility Letter of Credit Notice”) in writing to the
Administrative Agent and to such Issuing Bank the intended Issuance Date and amount of such
Facility Letter of Credit. Not later than 11:00 a.m. (New York time) on the Business Day following
its receipt of a Facility Letter of Credit Notice, the Administrative Agent shall determine and
shall notify the Issuing Bank and the Borrower (in writing or by telephonic notice confirmed
promptly thereafter in writing) whether issuance of the requested Facility Letter of Credit would
be permitted under the provisions of Sections 4.2(ii) and (iii). If the Administrative Agent
notifies such Issuing Bank and the Borrower that such issuance would be so permitted, then, subject
to the terms and conditions of this Article IV and provided that the applicable conditions set
forth in Sections 5.1 and 5.2 have been satisfied, such Issuing Bank shall, on the requested
Issuance Date, issue the requested Facility Letter of Credit in accordance with such Issuing Bank’s
usual and customary business practices. Such Issuing Bank shall give the Administrative Agent
written notice, or telephonic notice confirmed promptly thereafter in writing, of the issuance of a
Facility Letter of Credit.

          (d) An Issuing Bank shall not extend (other than by operation of an automatic renewal
provision) or amend any Facility Letter of Credit unless the requirements of this Section 4.4 are
met as though a new Facility Letter of Credit were being requested and issued.

          (e) Any Lender may, but shall not be obligated to, issue to the Company or any Subsidiary
Letters of Credit (that are not Facility Letters of Credit) for its own account, and at its own
risk. None of the provisions of this Article IV shall apply to any Letter of Credit that is not a
Facility Letter of Credit.

     4.5. Duties of Issuing Bank. Any action taken or omitted to be taken by an Issuing
Bank under or in connection with any Facility Letter of Credit, if taken or omitted in the absence
of willful misconduct or gross negligence, shall not put such Issuing Bank under any resulting
liability to any Revolving Credit Lender or, provided that such Issuing Bank has complied with the
procedures specified in Section 4.4 in all material respects, relieve any Revolving Credit Lender
of its obligations hereunder to such Issuing Bank. In determining whether to pay under any
Facility Letter of Credit, an Issuing Bank shall have no obligation to the Lenders other than to
confirm that any documents required to be delivered under such Facility Letter of Credit appear to
have been delivered in compliance with the requirements of such Facility Letter of Credit.

     4.6. Participation. (a) Immediately upon issuance by an Issuing Bank of any Facility
Letter of Credit in accordance with Section 4.4 (and, in the case of the Existing Letters of
Credit, on the Closing Date), each Revolving Credit Lender shall be deemed to have irrevocably and
unconditionally purchased and received from such Issuing Bank, without recourse or warranty, an
undivided interest and participation, in the amount of its Revolving Credit Ratable Share of, such
Facility Letter of Credit (including, without limitation, all obligations of the Borrower with
respect thereto other than amounts owing to such Issuing Bank under Section 3.2 or 4.7(b)).
Immediately upon the Revolving Credit Declining Lender’s Termination Date of a Revolving Credit
Declining Lender or termination of the Revolving Credit Commitment of a Revolving Credit Declining
Lender pursuant to Section 2.21, each other Revolving Credit Lender shall be deemed to have
irrevocably and unconditionally purchased and received from such Revolving

55

 

Credit Declining Lender, without recourse or warranty, a portion of each such Declining
Lender’s undivided interest and participation in all outstanding Facility Letters of Credit (in the
proportion of the Revolving Credit Ratable Shares of such purchasing Lenders determined immediately
following the termination of the Revolving Credit Commitment of such Revolving Credit Declining
Lender) such that, upon such purchase, each Revolving Credit Lender holds an undivided interest and
participation in all outstanding Facility Letters of Credit in the amount of its then Revolving
Credit Ratable Share thereof.

          (b) In the event that an Issuing Bank makes any payment under any Facility Letter of Credit,
the Borrower shall immediately and unconditionally reimburse the Issuing Bank therefor, whether
through an Advance hereunder or otherwise. If the Borrower shall not have repaid such amount to
such Issuing Bank on or before the date of such payment by such Issuing Bank, such Issuing Bank
shall promptly so notify the Administrative Agent, which shall promptly so notify each Revolving
Credit Lender. Upon receipt of such notice, each Revolving Credit Lender severally agrees that it
shall promptly and unconditionally pay to the Administrative Agent (in same day funds) for the
account of such Issuing Bank the amount of such Revolving Credit Lender’s Revolving Credit Ratable
Share of the payments so made by such Issuing Bank, and the Administrative Agent shall promptly pay
such amount, and any other amounts received by the Administrative Agent for such Issuing Bank’s
account pursuant to this Section 4.6(b), to such Issuing Bank. If the Administrative Agent so
notifies such Revolving Credit Lender prior to 11:00 a.m. (New York time) on any Business Day, such
Revolving Credit Lender shall make available to the Administrative Agent for the account of such
Issuing Bank such Revolving Credit Lender’s Revolving Credit Ratable Share of the amount of such
payment on such Business Day in same day funds. If and to the extent such Revolving Credit Lender
shall not have so made its Revolving Credit Ratable Share of the amount of such payment available
to the Administrative Agent for the account of such Issuing Bank, such Revolving Credit Lender
agrees to pay to the Administrative Agent for the account of such Issuing Bank forthwith on demand
such amount, together with interest thereon, for each day from the date such payment was first due
until the date such amount is paid to the Administrative Agent for the account of such Issuing
Bank, at the Federal Funds Effective Rate. The failure of any Revolving Credit Lender to make
available to the Administrative Agent for the account of such Issuing Bank such Revolving Credit
Lender’s Revolving Credit Ratable Share of any such payment shall not relieve any other Revolving
Credit Lender of its obligation hereunder to make available to the Administrative Agent for the
account of such Issuing Bank its Revolving Credit Ratable Share of any payment on the date such
payment is to be made.

          (c) The payments made by the Revolving Credit Lenders to an Issuing Bank in reimbursement of
amounts paid by it under a Facility Letter of Credit shall constitute, and the Borrower hereby
expressly acknowledges and agrees that such payments shall constitute, Revolving Credit Advances
hereunder and such payments shall for all purposes be treated as Revolving Credit Advances
(notwithstanding that the amounts thereof may not comply with the provisions of Section 2.5). Such
Revolving Credit Advances shall be ABR Advances, subject to the Borrower’s rights under Article II
hereof.

          (d) Upon the request of the Administrative Agent or any Revolving Credit Lender, an Issuing
Bank shall furnish to the requesting Administrative Agent or Revolving

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Credit Lender copies of any Facility Letter of Credit or Application to which such Issuing
Bank is party.

          (e) The obligations of the Revolving Credit Lenders to make payments to the Administrative
Agent for the account of an Issuing Bank with respect to a Facility Letter of Credit shall be
irrevocable, not subject to any qualification or exception whatsoever and shall be made in
accordance with, but not subject to, the terms and conditions of this Agreement under all
circumstances, including without limitation the following:

	 	(i)	 	any lack of validity or enforceability of this Agreement or any
of the other Loan Documents;
	 
	 	(ii)	 	the existence of any claim, setoff, defense or other right
which the Borrower may have at any time against a beneficiary named in a
Facility Letter of Credit or any transferee of any Facility Letter of Credit
(or any Person for whom any such transferee may be acting), such Issuing Bank,
the Administrative Agent, any Revolving Credit Lender, or any other Person,
whether in connection with this Agreement, any Facility Letter of Credit, the
transactions contemplated herein or any unrelated transactions (including any
underlying transactions between the Borrower or any other Loan Party and the
beneficiary named in any Facility Letter of Credit);
	 
	 	(iii)	 	any draft, certificate or any other document presented under
the Facility Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate
in any respect;
	 
	 	(iv)	 	the surrender or impairment of any security for the performance
or observance of any of the terms of any of the Loan Documents;
	 
	 	(v)	 	any failure by the Administrative Agent or an Issuing Bank to
make any reports required pursuant to Section 4.8; or
	 
	 	(vi)	 	the occurrence of any Default or Unmatured Default.

     4.7. Compensation for Facility Letters of Credit. (a) The Borrower agrees to pay to
the Administrative Agent (except to the extent that the Borrower shall be required to pay directly
to the Revolving Credit Lenders as provided in Section 4.7(c)), in the case of each outstanding
Facility Letter of Credit, the Facility Letter of Credit Fee therefor, payable quarterly in arrears
as hereinafter provided on the daily average face amount (net of permanent reductions) of each
Facility Letter of Credit outstanding at any time during the preceding calendar quarter (but
excluding any period prior to the Closing Date during which an Existing Letter of Credit was
outstanding, with respect to which period fees shall be payable as provided in Section 5.1(xi)).
The Facility Letter of Credit Fees shall be due and payable quarterly in arrears (A) not later than
five (5) Business Days following Administrative Agent’s delivery to Borrower of the quarterly
statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date
and (C) if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility
Termination Date on the first day of each calendar quarter thereafter until the first day of

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the calendar quarter after the date on which the last outstanding Facility Letter of Credit
ceases to be outstanding (each such date specified in clause (A), (B) or (C), a “Quarterly Payment
Date”). The Administrative Agent shall promptly remit such Facility Letter of Credit Fees, when
received by it, to the Revolving Credit Lenders in their Revolving Credit Ratable Shares thereof.

          (b) The Borrower agrees to pay to the Administrative Agent for the account of each Issuing
Bank (except to the extent that the Borrower shall be required to pay directly to the Issuing Bank
as provided in Section 4.7(c)) an issuance fee of 0.125% per annum payable quarterly in arrears on
each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after
the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the
first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit
ceases to be outstanding) on the daily average face amount (net of permanent reductions) of each
Facility Letter of Credit issued by such Issuing Bank and that was outstanding at any time during
the preceding calendar quarter (but excluding any period prior to the Closing Date during which an
Existing Letter of Credit was outstanding, with respect to which period fees shall be payable as
provided in Section 5.1(xi)). The Administrative Agent shall promptly remit such issuance fee,
when received by it, to such Issuing Bank.

          (c) After the Revolving Credit Facility Termination Date and the payment in full of all other
Obligations, the Borrower shall make on each Quarterly Payment Date (i) payments of Facility Letter
of Credit Fees under Section 4.7(a) directly to the Lenders in the amounts of their respective
Revolving Credit Ratable Shares thereof and (ii) payments of issuance fees under Section 4.7(b)
directly to each Issuing Bank that issued a Facility Letter of Credit that was outstanding at any
time during the prior calendar quarter.

          (d) Facility Letter of Credit Fees and issuance fees payable to the Issuing Bank shall be
calculated, on a pro rata basis for the period to which such payment applies, for actual days
elapsed during such period, on the basis of a 360-day year.

     4.8. Issuing Bank Reporting Requirements. Each Issuing Bank shall, no later than the
third (3rd) Business Day following the last day of each month, provide to the
Administrative Agent a schedule of the Facility Letters of Credit issued by it, in form and
substance reasonably satisfactory to the Administrative Agent, showing the Issuance Date, account
party, original face amount, amount (if any) paid thereunder, expiration date and the reference
number of each Facility Letter of Credit outstanding at any time during such month (and whether
such Facility Letter of Credit is a Performance Letter of Credit or Financial Letter of Credit) and
the aggregate amount (if any) payable by the Borrower to such Issuing Bank during the month
pursuant to Section 3.2. Copies of such reports shall be provided promptly to each Revolving
Credit Lender and the Borrower by the Administrative Agent.

     4.9. Indemnification; Nature of Issuing Bank’s Duties. (a) In addition to amounts
payable as elsewhere provided in this Article IV, the Borrower hereby agrees to protect, indemnify,
pay and save the Administrative Agent and each Revolving Credit Lender and Issuing Bank harmless
from and against any and all claims, demands, liabilities, damages, losses, costs, charges and
expenses (including reasonable attorneys’ fees) arising from the claims of third parties against
the Administrative Agent, any Issuing Bank or any Revolving Credit Lender as a consequence, direct
or indirect, of (i) the issuance of any Facility Letter of Credit other than, in the case of an
Issuing Bank, as a result of its willful misconduct or gross negligence, or (ii) the

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failure of an Issuing Bank to honor a drawing under a Facility Letter of Credit issued by it
as a result of any act or omission, whether rightful or wrongful, of any present or future de jure
or de facto government or governmental authority.

          (b) As among the Borrower, the Revolving Credit Lenders, the Administrative Agent and any
Issuing Bank, the Borrower assumes all risks of the acts and omissions of, or misuse of Facility
Letters of Credit by, the respective beneficiaries of such Facility Letters of Credit. In
furtherance and not in limitation of the foregoing, neither the Administrative Agent nor any
Revolving Credit Lender nor (subject to the provisions of Section 4.9(d)) an Issuing Bank shall be
responsible: (i) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any
document submitted by any party in connection with the application for and issuance of the Facility
Letters of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a Facility Letter of
Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may
prove to be invalid or ineffective for any reason; (iii) for failure of the beneficiary of a
Facility Letter of Credit to comply fully with conditions required in order to draw upon such
Facility Letter of Credit; (iv) for errors, omissions, interruptions or delays in transmission or
delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in
cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under any Facility
Letter of Credit or of the proceeds thereof; (vii) for the misapplication by the beneficiary of a
Facility Letter of Credit of the proceeds of any drawing under such Facility Letter of Credit; and
(viii) for any consequences arising from causes beyond the control of the Administrative Agent,
such Issuing Bank and the Revolving Credit Lenders including, without limitation, any act or
omission, whether rightful or wrongful, of any present or future de jure or de facto government or
governmental authority. None of the above shall affect, impair, or prevent the vesting of any of
an Issuing Bank’s rights or powers under this Section 4.9.

          (c) In furtherance and extension and not in limitation of the specific provisions hereinabove
set forth, any action taken or omitted by an Issuing Bank under or in connection with the Facility
Letters of Credit or any related certificates, if taken or omitted in good faith, shall not put
such Issuing Bank, the Administrative Agent or any Revolving Credit Lender under any resulting
liability to the Borrower or relieve the Borrower of any of its obligations hereunder to any such
Person.

          (d) Notwithstanding anything to the contrary contained in this Section 4.9, the Borrower shall
have no obligation to indemnify an Issuing Bank under this Section 4.9 in respect of any liability
incurred by such Issuing Bank arising primarily out of the willful misconduct or gross negligence
of such Issuing Bank, as determined by a court of competent jurisdiction, or out of the wrongful
dishonor by such Issuing Bank of a proper demand for payment made under the Facility Letters of
Credit issued by such Issuing Bank, unless such dishonor was made at the request of the Borrower.

     4.10. Cash Collateralization. (a) If the expiration date of any Facility Letter of
Credit is (i) later than the Revolving Credit Facility Termination Date or (ii) in the case of a
Facility Letter of Credit issued by a Revolving Credit Declining Lender, later than its Revolving
Credit Declining Lender’s Termination Date or such date on which such Declining Lender’s Revolving

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Credit Commitment is terminated pursuant to Section 2.21, the Borrower shall, or shall cause
one or more of the other Loan Parties to, (x) in the case of clause (i) above, cash collateralize
such Facility Letter of Credit not less than thirty (30) days prior to the Revolving Credit
Facility Termination Date or (y) in the case of clause (ii) above, either cash collateralize such
Facility Letter of Credit or enter into such other arrangements as may be satisfactory to such
Revolving Credit Declining Lender for the purpose of terminating the participation interests of all
other Revolving Credit Lenders in such Facility Letter of Credit. For purposes hereof, “cash
collateralize” means, with respect to any Facility Letter of Credit, that the Borrower or another
Loan Party shall provide, to the Administrative Agent for the benefit of the Revolving Credit
Lenders (or, with respect to clause (ii) above, to the applicable Revolving Credit Declining
Lender), cash or other collateral satisfactory to the applicable Issuing Bank and, with respect to
clause (i) above, the Required Revolving Credit Lenders in an amount equal to such Facility Letter
of Credit and shall enter into such other indemnification agreement as the Issuing Bank and, in the
case of clause (i) of the first sentence of this Section 4.10(a), the Required Revolving Credit
Lenders may require.

          (b) Any Revolving Credit Declining Lender that is an Issuing Bank shall, upon satisfaction by
the Borrower of the provisions of paragraph (a) above with respect to all outstanding Facility
Letters of Credit issued by such Declining Lender, execute and deliver to the Administrative Agent,
on or before the date of termination of such Declining Lender’s Revolving Credit Commitment, a
written instrument satisfactory to Administrative Agent confirming that, upon the termination of
such Declining Revolving Credit Lender’s Revolving Credit Commitment, all outstanding Facility
Letters of Credit issued by such Declining Lender shall cease to be Facility Letters of Credit
hereunder and that all participation interests of the other Revolving Credit Lenders therein shall
terminate. Upon the termination of such Declining Lender’s Commitment in accordance with the
provisions of Section 2.21, all outstanding Facility Letters of Credit issued by such Declining
Lender shall cease to be Facility Letters of Credit hereunder, and the participation interests of
the other Lenders therein shall cease and terminate.

     4.11. No Obligation. No Lender shall have any obligation hereunder to accept or
approve any request for, or to issue, amend or extend, any Letter of Credit hereunder except for
the obligations of the Revolving Credit Lenders under this Article IV.

ARTICLE V

CONDITIONS PRECEDENT

     5.1. Closing Conditions. This Agreement shall not be effective unless the Borrower
has paid to the Administrative Agent the fees provided for in the Fee Letter and has furnished to
the Administrative Agent:

	 	(i)	 	Copies of the articles or certificate of incorporation of each
of the Borrower and the Company, together with all amendments, and a
certificate of good standing, each certified by the appropriate governmental
officer in its jurisdiction of incorporation.
	 
	 	(ii)	 	Copies, certified by the Secretary or Assistant Secretary of
each of the Borrower and the Company, of the by-laws and Board of Directors’

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	 	 	 	resolutions and resolutions or actions of any other body authorizing the
execution, delivery and performance of the Loan Documents to which the
Borrower or the Company (as applicable) is a party.

	 	(iii)	 	An incumbency certificate, executed by the Secretary or
Assistant Secretary of each of the Borrower and the Company, which shall
identify by name and title and bear the signatures of the Authorized Officers
and any other officers of the Borrower or the Company (as applicable)
authorized to sign the Loan Documents to which the Borrower or the Company (as
applicable) is a party, upon which certificate the Administrative Agent and the
Lenders shall be entitled to rely until informed of any change in writing by
the Borrower or the Company (as applicable).
	 
	 	(iv)	 	To the extent requested by the Administrative Agent, copies of
the articles or certificate of incorporation, partnership agreement or limited
liability company operating agreement of each other Loan Party, together with
all amendments, and a certificate of good standing, each certified by the
appropriate governmental officer in its jurisdiction of incorporation.
	 
	 	(v)	 	To the extent requested by the Administrative Agent, copies,
certified by the Secretary or Assistant Secretary of each other Loan Party, of
its by-laws and of its Board of Directors’ resolutions and of resolutions or
actions of any other body authorizing the execution, delivery and performance
of the Loan Documents to which such Loan Party is a party.
	 
	 	(vi)	 	An incumbency certificate, executed by the Secretary or
Assistant Secretary of each other Loan Party, which shall identify by name and
title and bear the signatures of the Authorized Officers and any other officers
of such Loan Party authorized to sign the Loan Documents to which such Loan
Party is a party.
	 
	 	(vii)	 	A certificate, signed by the chief financial officer,
controller or chief accounting officer of the Borrower, stating that on the
initial Borrowing Date no Default or Unmatured Default has occurred and is
continuing.
	 
	 	(viii)	 	Written opinions of the Company’s and Borrower’s counsel, addressed to the
Lenders in substantially the forms of Exhibit H and Exhibit I.
	 
	 	(ix)	 	Any Notes requested by a Lender pursuant to Section 2.11
payable to the order of each such requesting Lender.
	 
	 	(x)	 	The Guaranty Agreement duly executed by each of the Guarantors
in substantially the form of Exhibit J hereto.
	 
	 	(xi)	 	Evidence satisfactory to the Administrative Agent that all
“Obligations” (as that term is defined in the Original Credit Agreement but
specifically

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	 	 	 	excluding the Existing Letters of Credit) under the Original Credit
Agreement shall have been simultaneously paid in full.

	 	(xii)	 	Any other information required by Section 326 of the USA
PATRIOT ACT or necessary for the Administrative Agent or any Lender to verify
the identity of Borrower and any Guarantor as required by Section 326 of the
USA PATRIOT ACT.
	 
	 	(xiii)	 	Such other documents as any Lender or its counsel may have reasonably
requested.

     5.2. Each Advance. The Lenders shall not be required to make any Advance (other than
an Advance that, after giving effect thereto and to the application of the proceeds thereof, does
not increase the aggregate amount of outstanding Advances under the applicable Facility), and no
Issuing Bank shall be required to issue, amend or extend a Facility Letter of Credit unless on the
applicable Borrowing Date or Issuance Date:

	 	(i)	 	There exists no Default or Unmatured Default, except for (A)
Unmatured Defaults that will be cured, and that the Borrower certifies will be
cured, by the use of the proceeds of such Advance or the issuance, amendment or
extension of such Facility Letter of Credit or (B) Unmatured Defaults (other
than the failure to pay any Obligation hereunder) that are not reasonably
likely to have a Material Adverse Effect and that the Borrower certifies that
it reasonably expects to cure before the date on which the same becomes a
Default.
	 
	 	(ii)	 	The representations and warranties contained in Article VI are
true and correct in all material respects as of such Borrowing Date or Issuance
Date except to the extent any such representation or warranty is stated to
relate solely to an earlier date, in which case such representation or warranty
shall have been true and correct in all material respects on and as of such
earlier date.
	 
	 	(iii)	 	All legal matters incident to the making of such Advance or
issuance, amendment or extension of such Facility Letter of Credit shall be
satisfactory to the Administrative Agent and its counsel and, in the case of a
Facility Letter of Credit, the Issuing Bank and its counsel.

     Each Ratable Borrowing Notice, Competitive Bid Borrowing Notice and Swing Line Borrowing
Notice with respect to each such Advance, and each Facility Letter of Credit Notice with respect to
the issuance, amendment or extension of each such Facility Letter of Credit, shall constitute a
representation and warranty by the Borrower that the conditions contained in Sections 5.2(i) and
(ii) have been satisfied. The Administrative Agent or an Issuing Bank may require a duly completed
compliance certificate in substantially the form of Exhibit K (but without any requirement
for updating the calculations of compliance with financial covenants) as a condition to making an
Advance or the issuance, amendment or extension of a Facility Letter of Credit.

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ARTICLE VI

REPRESENTATIONS AND WARRANTIES

     The Borrower and the Company each represent and warrant to the Lenders that:

     6.1. Existence and Standing. Each of the Borrower and the Company is a corporation,
duly and properly incorporated, validly existing and in good standing under the laws of its
jurisdiction of incorporation and has all requisite authority to conduct its business in each
jurisdiction in which its business is conducted. Each of the other Loan Parties is a corporation,
partnership, limited liability company or trust duly and properly incorporated or organized, as the
case may be, validly existing and (to the extent such concept applies to such entity) in good
standing under the laws of its jurisdiction of incorporation or organization and has all requisite
authority to conduct its business in each jurisdiction in which its business is conducted to the
extent in each case it is material to the operation of the businesses of the Loan Parties taken as
a whole.

     6.2. Authorization and Validity. Each Loan Party has the power and authority and
legal right to execute and deliver the Loan Documents to which it is a party and to perform its
obligations thereunder. The execution and delivery by each Loan Party of the Loan Documents to
which it is a party and the performance of its obligations thereunder have been duly authorized by
proper corporate (or, in the case of Loan Parties that are not corporations, other) proceedings,
and the Loan Documents constitute legal, valid and binding obligations of the applicable Loan
Parties enforceable against them in accordance with their terms, except as enforceability may be
limited by bankruptcy, insolvency or similar Laws affecting the enforcement of creditors’ rights
generally and except, in the case of any Designated Guarantor that, upon request by the Borrower in
accordance with Section 10.13 would be converted to a Non-Loan Party, any violation of the
foregoing that does not have a material adverse effect on the ability of the Lenders or the
Administrative Agent to substantially realize the benefits afforded under the Loan Documents (it
being agreed that the parties will work together diligently to remedy promptly any such violation).

     6.3. No Conflict; Consent. Neither the execution and delivery by the Loan Parties of
the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance
with the provisions thereof will violate (i) any Law binding on any of the Loan Parties or their
respective Property or (ii) the articles or certificate of incorporation, partnership agreement,
certificate of partnership, articles or certificate of organization, by-laws, or operating or other
management agreement, as the case may be, of the Loan Parties, or (iii) the provisions of any
material indenture, instrument or agreement to which any Loan Party is a party or is subject, or by
which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result
in, or require, the creation or imposition of any Lien in, of or on the Property of any Loan Party
pursuant to the terms of any such indenture, instrument or agreement. As of the Closing Date, no
order, consent, adjudication, approval, license, authorization, or validation of, or filing,
recording or registration with, or exemption by, or other action in respect of any Official Body or
any other Person that has not been obtained by any Loan Party, is required to be obtained by any
Loan Party in connection with the execution and delivery of the Loan Documents, the borrowings and
the issuance of Facility Letters of Credit under this Agreement, the payment and

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performance by the Loan Parties of the Obligations or the legality, validity, binding effect
or enforceability of any of the Loan Documents.

     6.4. Financial Statements. The October 31, 2005 consolidated financial statements of
the Company and its Subsidiaries heretofore delivered to the Lenders were prepared in accordance
with Agreement Accounting Principles in effect on the date such statements were prepared and fairly
present the consolidated financial condition and operations of the Company and its Subsidiaries at
such date and the consolidated results of their operations for the period then ended.

     6.5. Material Adverse Change. As of the Closing Date, since October 31, 2005 there
has been no change in the business, Property, condition (financial or otherwise) or results of
operations of the Loan Parties that could reasonably be expected to have a Material Adverse Effect.

     6.6. Taxes. Except for violations or failures that individually or in the aggregate
are not reasonably likely to have a Material Adverse Effect, the Loan Parties have filed all United
States federal tax returns and all other tax returns which are required to be filed and have paid
all taxes due pursuant to said returns or pursuant to any assessment received by any of the Loan
Parties, except such taxes, if any, as are being contested in good faith and as to which adequate
reserves have been provided in accordance with Agreement Accounting Principles. Except for
violations or failures that individually or in the aggregate are not reasonably likely to have a
Material Adverse Effect, (i) no tax Liens have been filed and no claims are being asserted with
respect to any such taxes and (ii) the charges, accruals and reserves on the books of the Loan
Parties in respect of any taxes or other governmental charges are adequate in all material
respects.

     6.7. Litigation and Contingent Obligations. Except as set forth on Schedule
6, there is no litigation, arbitration, governmental investigation, proceeding or inquiry
pending or, to the knowledge of any of their officers, threatened against or affecting any of the
Loan Parties that (a) could reasonably be expected to have a Material Adverse Effect or (b) seeks
to prevent, enjoin or delay the making of any Loans except (but only in the case of any litigation,
arbitration, governmental investigation, proceeding or inquiry described in this clause (b) arising
after the Closing Date) to the extent that the Borrower has disclosed the same to the
Administrative Agent and has concluded, on the basis of advice of independent counsel and to the
satisfaction of the Administrative Agent, that the same is not reasonably likely to result in the
prevention, injunction or delay in the making of the Loans and that the pendency of such
litigation, arbitration, governmental investigation, proceeding or inquiry does not have a Material
Adverse Effect. Other than (A) any Contingent Obligation or (B) any liability incident to any
litigation, arbitration or proceeding that (in the case of either (A) or (B)) (i) could not
reasonably be expected to have a Material Adverse Effect or (ii) is set forth on Schedule
6, as of the Closing Date, the Loan Parties have no Contingent Obligations not provided for or
disclosed in the financial statements referred to in Section 6.4.

     6.8. Subsidiaries. Schedule 7 contains an accurate list of all Subsidiaries
of the Company as of the date set forth in such Schedule, setting forth their respective
jurisdictions of organization and the percentage of their respective capital stock or other
ownership interests owned by the Company, the Borrower or other Subsidiaries. All of the issued
and outstanding

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shares of capital stock or other ownership interests of such Subsidiaries have been (to the
extent such concepts are relevant with respect to such ownership interests) duly authorized and
issued and are fully paid and non-assessable.

     6.9. Accuracy of Information. No information, exhibit or report furnished by any of
the Loan Parties to the Administrative Agent or to any Lender on or before the Closing Date in
connection with the negotiation of, or compliance with, the Loan Documents contained any material
misstatement of fact or omitted to state a material fact or any fact necessary to make the
statements contained therein not misleading.

     6.10. Regulation U. None of the Loan Parties holds or intends to hold margin stock
(as defined in Regulation U) in amounts such that more than 25% of the value of the assets of any
Loan Party are represented by margin stock.

     6.11. Material Agreements. None of the Loan Parties is a party to any agreement or
instrument or subject to any charter or other corporate restriction which could reasonably be
expected to have a Material Adverse Effect. None of the Loan Parties is in default in the
performance, observance or fulfillment of any of the obligations, covenants or conditions contained
in any agreement to which it is a party, which default could reasonably be expected to have a
Material Adverse Effect.

     6.12. Compliance With Laws. The Loan Parties have complied with all Laws applicable
to the conduct of their respective businesses or the ownership of their respective Property, except
for any failure to comply that could not reasonably be expected to have a Material Adverse Effect.

     6.13. Ownership of Properties. Except as set forth on Schedule 8, on the
Closing Date, the Loan Parties will have good title, free of all Liens other than Permitted Liens,
to all of the Property and assets reflected in the Company’s most recent consolidated financial
statements provided to the Administrative Agent as owned by the Loan Parties, except for transfers
of such Property and assets permitted under the terms of the Prior Credit Agreement.

     6.14. ERISA.

     6.14.1. Plan Assets; Prohibited Transactions. None of the Loan Parties is an entity
deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit
plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within
the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the
making of Loans nor the issuance of Facility Letters of Credit hereunder gives rise to a Prohibited
Transaction.

     6.14.2. Liabilities. The Unfunded Liabilities of all Single Employer Plans do not in
the aggregate exceed $10,000,000. Neither the Company nor any other member of the Controlled Group
has incurred, or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans
or Multiple Employer Plans that individually or in the aggregate with all such withdrawal
liabilities exceeds $10,000,000.

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     6.14.3. Plans and Benefit Arrangements. Except as set forth in Schedule 9 or
to the extent a violation of the foregoing would not reasonably be expected to have a Material
Adverse Effect:

	 	(i)	 	The Company and each member of the Controlled Group is in
compliance with any applicable provisions of ERISA with respect to all Benefit
Arrangements, Plans and Multiemployer Plans. There has not been any Prohibited
Transaction with respect to any Benefit Arrangement or any Plan or, to the best
knowledge of the Company, with respect to any Multiemployer Plan or Multiple
Employer Plan. The Company and all members of the Controlled Group have made
any and all payments required to be made under any agreement relating to a
Multiemployer Plan or a Multiple Employer Plan or any Law pertaining thereto.
With respect to each Plan and Multiemployer Plan, the Company and each member
of the Controlled Group (i) have fulfilled their obligations under the minimum
funding standards of ERISA, (ii) have not incurred any liability to the PBGC
and (iii) have not had asserted against them any penalty for failure to fulfill
the minimum funding requirements of ERISA.
	 
	 	(ii)	 	To the best of the Company’s knowledge, each Multiemployer Plan
and Multiple Employer Plan is able to pay benefits thereunder when due.
	 
	 	(iii)	 	Neither the Company nor any other member of the Controlled
Group has instituted proceedings to terminate any Plan.
	 
	 	(iv)	 	No event requiring notice to the PBGC under Section
302(f)(4)(A) of ERISA has occurred or is reasonably expected to occur with
respect to any Plan, and no amendment with respect to which security is
required under Section 307 of ERISA has been made or is reasonably expected to
be made to any Plan.
	 
	 	(v)	 	The aggregate actuarial present value of all benefit
liabilities (whether or not vested) under each Plan, determined on a plan
termination basis, as disclosed from time to time in and as of the date of the
actuarial reports for such Plan does not exceed the aggregate fair market value
of the assets of such Plan.
	 
	 	(vi)	 	Neither the Company nor any other member of the Controlled
Group has been notified by any Multiemployer Plan or Multiple Employer Plan
that such Multiemployer Plan or Multiple Employer Plan has been terminated
within the meaning of Title IV of ERISA and, to the best knowledge of the
Company, no Multiemployer Plan or Multiple Employer Plan is or shall be
reasonably expected to be reorganized or terminated, within the meaning of
Title IV of ERISA.
	 
	 	(vii)	 	To the extent that any Benefit Arrangement is insured, the
Company and all members of the Controlled Group have paid when due all premiums
required to be paid. To the extent that any Benefit Arrangement is funded

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	 	 	 	other than with insurance, the Company and all members of the Controlled
Group have made all contributions required to be paid for all prior periods.

     6.15. Investment Company Act. None of the Loan Parties is an “investment company” or
a company “controlled” by an “investment company”, within the meaning of the Investment Company Act
of 1940, as amended.

     6.16. Intentionally Omitted.

     6.17. Employment Matters. The Loan Parties are in compliance with the Labor Contracts
and all applicable federal, state and local labor and employment Laws including, but not limited
to, those related to equal employment opportunity and affirmative action, labor relations, minimum
wage, overtime, child labor, medical insurance continuation, worker adjustment and relocation
notices, immigration controls and worker and unemployment compensation, except for failures to
comply that would not individually or in the aggregate have a Material Adverse Effect. There are
no outstanding grievances, arbitration awards or appeals therefrom arising out of the Labor
Contracts or current or threatened strikes, picketing, handbilling or other work stoppages or
slowdowns at facilities of the Company or any Loan Party that in any case or in the aggregate would
have a Material Adverse Effect.

     6.18. Environmental Matters. Except as disclosed on Schedule 10:

	 	(i)	 	In the ordinary course of its business, the officers of the
Company consider the effect of Environmental Laws on the business of the
Company and its Subsidiaries, in the course of which they identify and evaluate
potential risks and liabilities accruing to the Company due to Environmental
Laws, and, on the basis of this consideration, the Company has concluded that
compliance with Environmental Laws cannot reasonably be expected to have a
Material Adverse Effect.
	 
	 	(ii)	 	Except for violations or failures that individually and in the
aggregate are not reasonably likely to result in a Material Adverse Effect, (A)
none of the Loan Parties has received any Environmental Complaint from any
Official Body or other Person alleging that any Loan Party or any prior or
subsequent owner of the Property is a potentially responsible party under the
Comprehensive Environmental Response, Cleanup and Liability Act, 42 U.S.C. §
9601, et seq., and none of the Loan Parties has any reason to
believe that such an Environmental Complaint might be received and (B) there
are no pending or, to the Company’s knowledge, threatened Environmental
Complaints relating to any Loan Party or, to the Company’s knowledge, any prior
or subsequent owner of the Property pertaining to, or arising out of, any
Environmental Conditions.
	 
	 	(iii)	 	Except for conditions, violations or failures which
individually and in the aggregate are not reasonably likely to have a Material
Adverse Effect, (A) there are no circumstances at, on or under the Property
that constitute a breach of or non-compliance with any of the Environmental
Laws, and (B) there are no past or present Environmental Conditions at, on or
under the

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	 	 	 	Property or, to the Company’s knowledge, at, on or under adjacent property,
that prevent compliance with Environmental Laws at the Property.

	 	(iv)	 	Except for conditions, violations or failures which
individually and in the aggregate are not reasonably likely to have a Material
Adverse Effect, neither the Property nor any structures, improvements,
equipment, fixtures, activities or facilities thereon or thereunder contain or
use Regulated Substances except in compliance with Environmental Laws. There
are no processes, facilities, operations, equipment or other activities at, on
or under the Property, or, to the Company’s knowledge, at, on or under adjacent
property, that result in the release or threatened release of Regulated
Substances onto the Property, except to the extent that such releases or
threatened releases are not a breach of or otherwise a violation of any
Environmental Laws, or are not likely to have a Material Adverse Effect.
	 
	 	(v)	 	Except for violations or failures which individually and in the
aggregate are not likely to have a Material Adverse Effect, (A) there are no
underground storage tanks, or underground piping associated with such tanks,
used for the management of Regulated Substances at, on or under the Property
that do not have a full operational secondary containment system in place and
are not in compliance with all Environmental Laws, and (B) there are no
abandoned underground storage tanks or underground piping associated with such
tanks, previously used for the management of Regulated Substances at, on or
under the Property that have not been either abandoned in place, or removed, in
accordance with the Environmental Laws.
	 
	 	(vi)	 	Except for violations or failures which individually and in the
aggregate are not likely to have a Material Adverse Effect, (A) each Loan Party
has all material permits, licenses, authorizations and approvals necessary
under the Environmental Laws for the conduct of the business of such Loan Party
as conducted by such Loan Party and (B) the Loan Parties have submitted all
material notices, reports and other filings required by the Environmental Laws
to be submitted to an Official Body which pertain to past and current
operations on the Property.
	 
	 	(vii)	 	Except for violations which individually and in the aggregate
are not likely to have a Material Adverse Effect, all past and present on-site
generation, storage, processing, treatment, recycling, reclamation of disposal
of Solid Waste at, on, or under the Property and all off-site transportation,
storage, processing, treatment, recycling, reclamation and disposal of Solid
Waste have been done in accordance with the Environmental Laws.

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     6.19. Senior Debt Status. The Obligations rank (a) at least pari passu in priority of
payment with all other Senior Indebtedness of the Loan Parties except Indebtedness secured by
Permitted Liens and (b) prior in right of payment over the Subordinated Indebtedness.

     6.20. Designated Guarantors. All Subsidiaries of the Company that are integral to the
homebuilding business of the Toll Group are Designated Guarantors.

ARTICLE VII

COVENANTS

     During the term of this Agreement, unless the Required Lenders shall otherwise consent in
writing, the Borrower and the Company will perform and observe, and (as and where applicable) will
cause the other Loan Parties to perform and observe, the following covenants:

     7.1. Financial Reporting. The Company will maintain, for itself and each Subsidiary,
a system of accounting established and administered in accordance with generally accepted
accounting principles, and furnish to the Lenders:

	 	(i)	 	Audited Financial Statements. Within 95 days after the
close of each of its fiscal years, an unqualified (except for qualifications
(a) relating to changes in accounting principles or practices reflecting
changes in generally accepted accounting principles and required or approved by
the Company’s independent certified public accountants or (b) which are not
adverse in the judgment of the Required Lenders) audit report certified by
independent certified public accountants acceptable to the Lenders, prepared in
accordance with Agreement Accounting Principles on a consolidated basis for the
Company and its Subsidiaries, including balance sheets as of the end of such
period, a related consolidated profit and loss statement, and a consolidated
statement of cash flows, accompanied by any management letter prepared by said
accountants.
	 
	 	(ii)	 	Quarterly Financial Statements. Within 50 days after
the close of the first three quarterly periods of each fiscal year of the
Company, for the Company and its Subsidiaries, consolidated unaudited balance
sheets as at the close of each such period and a related consolidated profit
and loss statement and a consolidated statement of cash flows for the period
from the beginning of such fiscal year to the end of such quarter, which
statements shall be either a complete and accurate copy of such signed
statements as filed with the SEC or certified by the Company’s chief financial
officer, chief accounting officer or controller (which certificate shall be
satisfactory in form to the Administrative Agent).
	 
	 	(iii)	 	Annual Plan and Forecast. As soon as available, but
in any event within 120 days after the beginning of each fiscal year of the
Company, a copy of the plan and forecast (including a projected consolidated
balance sheet, income statement and funds flow statement) of the Company for
such fiscal year.

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	 	(iv)	 	Compliance Certificate. Within five (5) days after
each of the dates on which financial statements are required to be delivered
under Sections 7.1(i) and (ii), a compliance certificate in substantially the
form of Exhibit K signed by the chief financial officer, chief
accounting officer or controller of the Company showing the calculations
necessary to determine compliance with this Agreement and stating that no
Default or Unmatured Default exists, or if any Default or Unmatured Default
exists, stating the nature and status thereof.
	 
	 	(v)	 	Annual ERISA Statement. If applicable, within 270 days
after the close of each fiscal year, a statement of the Unfunded Liabilities of
each Single Employer Plan, certified as correct by an actuary enrolled under
ERISA.
	 
	 	(vi)	 	Reportable Event. As soon as possible and in any event
within 10 days after any Loan Party knows that any Reportable Event has
occurred with respect to any Plan, a statement, signed by the chief financial
officer, chief accounting office or controller of the Company, describing said
Reportable Event and the action which the Company proposes to take with respect
thereto.
	 
	 	(vii)	 	Environmental Notices. As soon as possible and in any
event within 10 days after a Senior Executive of a Loan Party receives the
same, a copy of (a) any notice or claim to the effect that any Loan Party is or
may be liable to any Person as a result of the release by any Loan Party or any
other Person of any toxic or hazardous waste or substance into the environment,
and (b) any notice alleging any violation of any federal, state or local
environmental, health or safety law or regulation by any Loan Party, that, in
either case, could reasonably be expected to have a Material Adverse Effect.
	 
	 	(viii)	 	Borrowing Base Certificate. At any time that the Leverage Ratio
equals or exceeds 1.75 to 1.00 as of the last day of a fiscal quarter,
simultaneous with the delivery of the Compliance Certificate required to be
delivered with respect to such fiscal quarter pursuant to Section 7.1(iv), a
Borrowing Base Certificate.
	 
	 	(ix)	 	Notices Regarding Plans and Benefit Arrangements. (A)
Promptly upon becoming aware of the occurrence thereof, notice (including the
nature of the event and, when known, any action taken or threatened by the
Internal Revenue Service or the PBGC with respect thereto) of: (1) any
Prohibited Transaction that could subject the Company or any member of the
Controlled Group to a civil penalty assessed pursuant to Section 502(i) of
ERISA or a tax imposed by Section 4975 of the Internal Revenue Code in
connection with any Plan, Benefit Arrangement or any trust created thereunder
that in either case would reasonably be expected to result in a liability in
excess of $1,000,000; (2) any assertion of material withdrawal liability with
respect to any Multiemployer Plan or Multiple Employer Plan; (3) any partial or
complete withdrawal from a Multiemployer Plan,

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	 	 	 	by the Company or any member of the Controlled Group under Title IV of ERISA
(or assertion thereof), which such withdrawal is likely to result in a
material liability; (4) any withdrawal by the Company or any member of the
Controlled Group from a Multiple Employer Plan; (5) any failure by the
Company or any member of the Controlled Group to make a payment to a Plan
required to avoid imposition of a lien under Section 302(f) of ERISA; (6)
the adoption of any amendment to a Plan requiring the provision of security
to such Plan pursuant to Section 307 of ERISA; or (7) any change in the
actuarial assumptions or funding methods used for any Plan, where the effect
of such change is to materially increase the unfunded benefit liability or
to materially reduce the liability to make periodic contributions.
	 
	 		 	(B)Promptly after receipt thereof, copies of (a) all notices received by
the Company or any member of the Controlled Group of the PBGC’s intent to
terminate any Plan administered or maintained by the Company or any member
of the Controlled Group, or to have a trustee appointed to administer any
such Plan; and (b) at the request of the Administrative Agent or any Lender
each annual report (IRS Form 5500 series) and all accompanying schedules,
the most recent actuarial reports, the most recent financial information
concerning the financial status of each Plan administered or maintained by
the Company or any member of the Controlled Group, and schedules showing the
amounts contributed to each such Plan by or on behalf of the Company or any
member of the Controlled Group in which any of their personnel participate
or from which such personnel may derive a benefit, and each Schedule B
(Actuarial Information) to the annual report filed by the Company or any
member of the Controlled Group with the Internal Revenue Service with
respect to each such Plan.
	 
	 		 	(C) Promptly upon the filing thereof, copies of any Form 5310, or any
successor or equivalent form to Form 5310, filed with the IRS in connection
with the termination of any Plan.

	 	(x)	 	Project Reports. Within thirty (30) days after the end
of each fiscal quarter of the Borrower and, from and after delivery of a
Compliance Certificate evidencing that the Leverage Ratio exceeds 1.75 to 1.00
as of the last day of a fiscal quarter and until the delivery of a Compliance
Certificate for a subsequent fiscal quarter evidencing that the Leverage Ratio
does not exceed 1.75 to 1.00 as of the last day of such fiscal quarter, each
calendar month, statements accompanied by a certificate of the chief financial
officer, chief accounting officer or controller of Company, actually setting
forth for the last week of the prior calendar quarter or month (as applicable)
sales reports showing unit sales and unsold inventory completed or under
construction by the Loan Parties in connection with each of their projects.

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	 	(xi)	 	Subordinated Loan Documents. Prior to any Loan Party’s
entering into or amending any Subordinated Loan Documents, copies thereof and a
description of any material differences between the subordination provisions of
such Subordinated Loan Documents and the subordination provisions of the
Subordinated Loan Documents identified in Schedule 4 or most recently
approved hereunder.
	 
	 	(xii)	 	Notice of Litigation. Promptly after the commencement
thereof, notice of all actions, suits, proceedings or investigations before or
by any Official Body or any other Person against any Loan Party which would be
required to be reported by the Company on Forms 10-Q, 10-K or 8-K filed with
the SEC.
	 
	 	(xiii)	 	Shareholder Reports. Promptly upon the furnishing thereof to the
shareholders of the Company, complete and accurate copies of all financial
statements, reports and proxy statements so furnished.
	 
	 	(xiv)	 	SEC Filings. Promptly upon the filing thereof, copies
of all registration statements and annual, quarterly, monthly or other regular
reports that any of the Loan Parties files with the SEC.
	 
	 	(xv)	 	Other Information. Such other information (including
non-financial information) as the Administrative Agent may from time to time
reasonably request.

     7.2. Use of Proceeds. The Borrower and each other Loan Party will use the proceeds of
the Advances for lawful, general business purposes. Neither the Borrower nor any other Loan Party
will use any of the proceeds of the Advances to purchase or carry any “margin stock” (as defined in
Regulation U).

     7.3. Notice of Default. The Borrower will give prompt notice in writing to the
Lenders of the occurrence of any Default or Unmatured Default (excepting any Unmatured Default that
has not had and could not reasonably be expected to have a Material Adverse Effect and that the
Borrower reasonably expects to cure prior to the date on which such Unmatured Default would become
a Default) and of any other development, financial or otherwise, that could reasonably be expected
to have a Material Adverse Effect.

     7.4. Conduct of Business. The Loan Parties will carry on and conduct their businesses
in substantially the same manner and in substantially the same fields of enterprise as presently
conducted (and fields reasonably related thereto) and, in the case of the Borrower and the Company,
will do (and in the case of any other Loan Party, to the extent that its failure to do so could
reasonably be expected to have a Material Adverse Effect, will do) all things necessary to remain
duly incorporated or organized, validly existing and (to the extent such concept applies to such
entity) in good standing as a domestic corporation, partnership, trust or limited liability company
in its jurisdiction of incorporation or organization, as the case may be, and maintain all
requisite authority to conduct its business in each jurisdiction in which its business is
conducted.

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     7.5. Taxes. Except for violations or failures that individually and in the aggregate
are not reasonably likely to have a Material Adverse Effect, each Loan Party will file in a timely
manner complete and correct United States federal and applicable foreign, state and local tax
returns required by law and pay when due all taxes, assessments and governmental charges and levies
upon it or its income, profits or Property, except those which are being contested in good faith by
appropriate proceedings and with respect to which adequate reserves have been set aside in
accordance with Agreement Accounting Principles.

     7.6. Insurance. Each Loan Party will maintain with financially sound and reputable
insurance companies insurance on all its Property in such amounts and covering such risks as is
consistent with sound business practice, and the Borrower will furnish to any Lender upon request
full information as to the insurance carried.

     7.7. Compliance with Laws. Each Loan Party will comply with all Laws (excluding
Environmental Laws, compliance with which is governed by Section 7.25) to which it may be subject,
to the extent that noncompliance could reasonably be expected to have a Material Adverse Effect.

     7.8. Maintenance of Properties. Each Loan Party will maintain, preserve, protect and
keep its Property in good repair, working order and condition (ordinary wear and tear and casualty
excepted) in accordance with the general practice of other businesses of similar character and
size, and make all necessary and proper repairs, renewals and replacements so that its business
carried on in connection therewith may be properly conducted at all times.

     7.9. Inspection. Each Loan Party will permit the Administrative Agent and the
Lenders, by their respective representatives and agents, to inspect any of the Property, books and
financial records of the Loan Parties, examine and make excerpts of the books of accounts and other
financial records of the Loan Parties, and to discuss the affairs, finances and accounts of the
Loan Parties with, and to be advised as to the same by, their respective officers at such
reasonable times and intervals as the Administrative Agent or any Lender may reasonably designate.

     7.10. Mergers; Consolidations; Dissolutions. No Loan Party shall merge into or
consolidate with any other Person or permit any other Person to merge into or consolidate with it
unless (i) there is no Change of Control of the Loan Party; (ii) the character of the business of
the Toll Group on a consolidated basis will not be materially changed by such occurrence; (iii)
such occurrence shall not constitute or give rise to a Default or Unmatured Default; and (iv) if,
in the case of the Borrower or the Company, it is not the surviving entity of such merger or
consolidation, such surviving entity shall promptly execute and deliver to the Administrative Agent
(A) an assumption of the Borrower’s or the Company’s (as applicable) obligations under the Loan
Documents to which the Borrower or the Company (as applicable) is party and (B) such certified
resolutions, opinions of counsel and other supporting documentation as the Administrative Agent may
reasonably request, all of which shall be reasonably satisfactory to the Administrative Agent.
Neither the Toll Group nor any portion thereof the dissolution, liquidation or winding up of which
could reasonably be expected to have a Material Adverse Effect shall dissolve, liquidate, or wind
up its business by operation of law or otherwise.

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     7.11. Distributions of Securities. The Company shall not distribute to its
shareholders any securities of any Subsidiary unless (a) such Subsidiary is a Non-Loan Party; (b)
such distribution does not constitute or give rise to a Default or Unmatured Default; (c) such
distribution does not result in a Change in Control of a Loan Party; and (d) such distribution does
not materially change the operations of the Toll Group.

     7.12. Disposition of Assets. None of the Loan Parties will sell, convey, assign,
lease, abandon or otherwise transfer or dispose of, voluntarily or involuntarily, any of its
Property (including but not limited to sale, assignment, discount or other disposition of accounts,
contract rights, chattel paper, equipment or general intangibles with or without recourse or of
capital stock (other than capital stock of the Company), shares of beneficial interest or
partnership interests of another Loan Party or an Affiliate of a Loan Party), except:

	 	(i)	 	transactions involving the sale of inventory in the ordinary
course of business;
	 
	 	(ii)	 	any sale, transfer or lease of assets which are no longer
necessary or required in the conduct of the business of the Loan Parties (taken
as a whole);
	 
	 	(iii)	 	any sale, transfer or lease of assets to any other Loan Party;
	 
	 	(iv)	 	any sale, transfer or lease of assets which are replaced by
substitute assets acquired or leased;
	 
	 	(v)	 	any sale, transfer or lease of assets of, or interests in, a
Non-Loan Party or any other Affiliate of the Company that is not a Loan Party;
and
	 
	 	(vi)	 	mergers or consolidations permitted in this Agreement.

     7.13. Borrower a Wholly-Owned Subsidiary. The Borrower will at all times be a
Wholly-Owned Subsidiary of the Company or of a successor to the Company (but only if the ownership
by such successor does not constitute or result in a Change of Control).

     7.14. Investments and Acquisitions. None of the Loan Parties will make or suffer to
exist any Investments (including without limitation, loans and advances to, and other Investments
in, Subsidiaries), or commitments therefor, or will create any Subsidiary or will become or remain
a partner in any partnership or joint venture, except Permitted Investments.

     7.15. Liens. None of the Loan Parties will create, incur, or suffer to exist any Lien
in, of or on any Property, except Permitted Liens.

     7.16. Additional Designated Guarantors. The Borrower may at any time designate (in
the manner hereinafter provided) any Wholly-Owned Subsidiary of the Company as a Designated
Guarantor, and shall designate (in the manner hereinafter provided) each newly-formed or
newly-acquired Wholly-Owned Subsidiary of the Company (other than a Mortgage Subsidiary) as a
Designated Guarantor on a quarterly basis simultaneously with its delivery of the next Compliance
Certificate pursuant to Section 7.1(iv) (unless, prior to the time of such

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delivery, the Borrower satisfies the requirements of Non-Designation of such Wholly-Owned
Subsidiary in accordance with Section 10.13) in accordance with the provisions of this Section
7.16. Such designation of a Wholly-Owned Subsidiary of the Company as a Designated Guarantor shall
be effected by the delivery by the Borrower to the Administrative Agent of each of the following:

	 	(i)	 	Notice by the Borrower and the Company identifying such
Designated Guarantor, the state of its incorporation, and the ownership of the
capital stock or other ownership interests in such Designated Guarantor;
	 
	 	(ii)	 	A Supplemental Guaranty duly executed and delivered by such
Designated Guarantor;
	 
	 	(iii)	 	Documents with respect to such Designated Guarantor addressing
the requirements set forth in clauses (iv), (v) and (vi) of Section 5.1; and
	 
	 	(iv)	 	Such information relating to the organization, operations and
finances of such Designated Guarantor as the Administrative Agent shall
reasonably request.

     Upon the Administrative Agent’s receipt of the foregoing, all of which shall be reasonably
satisfactory to the Administrative Agent in form and substance, such Wholly-Owned Subsidiary of the
Company shall be a Designated Guarantor and a Loan Party hereunder.

     7.17. Subordinated Indebtedness. Except as otherwise permitted in the last sentence
of this Section 7.17, no Loan Party will make any amendment or modification to any Subordinated
Loan Document, without providing at least thirty (30) days’ prior written notice thereof to the
Administrative Agent, and obtaining the prior written consent of the Required Lenders thereto. The
Loan Parties may amend or modify any Subordinated Loan Document without obtaining the consent of
the Required Lenders if after giving effect to such amendment or modification (a) the subordination
provisions therein would be permitted under this Agreement, and (b) the Administrative Agent in its
sole discretion determines that the covenants governing such Subordinated Indebtedness affected by
the amendment are no more onerous to the borrower of such Subordinated Indebtedness than those
contained under this Agreement.

     7.18. Intercompany Loans, Loans from Non-Loan Parties. The Borrower may make
Intercompany Loans available to the Guarantors using proceeds of the Loans. Each Intercompany Loan
shall be evidenced either by a promissory note of the obligor under such Intercompany Loan
(individually, an “Intercompany Note” and collectively, the “Intercompany Notes”), an intercompany
account agreement between Borrower and the obligor under such Intercompany Loan (individually, an
“Intercompany Agreement” and collectively, the “Intercompany Agreements”) or by an entry on the
books and records of the Borrower and the obligor under such Intercompany Loan, and repayment of
such Intercompany Loans shall be on such terms as the Borrower and the Guarantors agree. Each
Intercompany Loan shall be subordinated to the Guarantors’ obligations under the Guaranty
Agreements pursuant to the terms of the Guaranty Agreement and shall either be a demand loan or
become due and payable upon the acceleration of the Loans pursuant to Section 9.1 after the
occurrence of a Default hereunder. Any Intercompany Note, Intercompany Agreement or book-entry
claim may in turn

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be assigned by the Borrower to another Guarantor or any other member of the Toll Group as a
capital contribution. The Company shall establish and maintain such books and records relating to
Intercompany Loans and other Investments in the Designated Guarantors as are required to enable it
and the Administrative Agent to trace advances and repayments of principal of Intercompany Loans
and other investments in the Guarantors.

     7.19. Appraisals.

     7.19.1. Procedures. The Loan Parties shall cooperate with the Lenders and the
appraisers in making appraisals of the Borrowing Base Assets which the Administrative Agent, at the
direction of the Required Lenders, may from time to time request. The Borrower may, within ten
(10) days following any such request by the Administrative Agent, specify which other of the
Borrowing Base Assets it requests to have similarly appraised. Following the first to occur of (A)
completion of all appraisals requested at any one time by the Administrative Agent and the Borrower
under this Section 7.19, and (B) a date specified by the Administrative Agent no earlier than 45
days after the last request for an appraisal has (or could have) been made by the Borrower in
accordance with the immediately preceding sentence, the appraised values of all Borrowing Base
Assets which have been appraised (rather than their book value) shall be used for purposes of
applying the covenant contained in Section 7.28.2. The Required Lenders shall have the right to
request appraisals pursuant to this Section 7.19 not more than two times in any period of twelve
consecutive months, and shall specify in such request all of the Borrowing Base Assets for which
the Lenders desire appraisals.

     7.19.2. Costs. Any appraisals by the Administrative Agent shall be at the Lenders’
expense (in the proportion of their respective Ratable Shares), unless using such appraised values
would result in the covenant contained in Section 7.28.2 being violated, in which event all such
appraisals shall be at the Borrower’s expense.

     7.19.3. Appraisers. Any appraisals requested at any one time pursuant to this Section
7.19 shall be made by one or more appraisers for all properties (there shall be no more than one
appraiser for each property) located in each state selected by the Borrower from a list of at least
three appraisers submitted by the Administrative Agent with respect to such state at the time it
makes its request. All appraisers submitted by the Administrative Agent pursuant to this Section
7.19 shall be appraisers who have been approved by the Required Lenders and the Borrower (such
approval not to be unreasonably withheld) and in either event have committed to prepare appraisals
within 45 days following the date such appraisals are requested.

     7.20. Mortgage Subsidiaries. The Company shall notify the Administrative Agent of the
creation of any Mortgage Subsidiary within seven (7) Business Days after such creation. Such
notice shall include the name, state of incorporation and ownership of the capital stock or other
ownership interests thereof. The Company shall cause the Mortgage Subsidiaries to engage
exclusively in the Mortgage Banking Business. The Company shall deliver information relating to
the organization, operations and finances of the Mortgage Subsidiaries as the Administrative Agent
may reasonably request from time to time.

     7.21. Qualified Ratings. (a) The Company shall at all times have received at least
one Qualified Rating of the Company’s Senior Indebtedness or the Indebtedness under the Agreement
or any Indebtedness senior to the Subordinated Indebtedness from at least one

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Qualified Rating Agency, and the Company shall have contracted with at least one such
Qualified Rating Agency for the periodic modification and updating of such Qualified Ratings;
provided, however, that, if the Company has only one such Qualified Rating, such
Qualified Rating shall be from either Moody’s or S&P. The Company shall notify the Administrative
Agent of any new rating of the Company’s Senior Indebtedness or its Indebtedness under this
Agreement which the Company or any of its Subsidiaries receives or any modification of an existing
rating of any such Indebtedness which the Company or any Subsidiary receives, in each instance
within three (3) Business Days following the date of such receipt by a Senior Executive of the
Company. The Company shall deliver to the Administrative Agent copies of any documents which the
Company receives evidencing, describing or explaining or relating to such new or modified rating
within such three- (3-) Business Day Period. If the Company shall at any time fail to have at
least one Qualified Rating from either S&P or Moody’s pursuant to the first sentence above, the
Company shall immediately notify the Administrative Agent of such failure.

          (b) The Borrower shall have a one-time election to have the Rating determined without
reference to any Qualified Rating of Fitch, which election shall be exercised by written notice to
the Administrative Agent.

     7.22. Updates to Schedules. Should any of the information or disclosures provided on
Schedules 6, 9 and 10 become outdated or incorrect in any material respect,
the Borrower and the Company shall promptly provide the Administrative Agent in writing with such
revisions or updates to such Schedules as may be necessary or appropriate to update or correct the
applicable schedules hereto (i) simultaneously with or promptly following the notice by any of the
Loan Parties of a breach of covenant which renders one or more of such schedules misleading or (ii)
within five (5) Business Days following the Administrative Agent’s request that the Borrower
provide updates to either of those Schedules; provided, however that neither
Schedule 6 nor Schedule 9 nor Schedule 10 shall be deemed to have been
amended, modified or superseded by any such correction or update, nor shall any breach of any
covenant, warranty or representation resulting from the inaccuracy or incompleteness of either
Schedule be deemed to have been cured thereby, unless and until the Required Lenders, in their sole
and absolute discretion, shall have accepted in writing such revisions or updates to such
Schedules. The Borrower shall deliver to the Administrative Agent an updated Schedule 7,
together with the delivery of the Borrower’s quarterly Compliance Certificate pursuant to Section
7.1(iv), if the information contained on the Schedule 7 then in effect shall have changed.

     7.23. Plans and Benefit Arrangements. Except as set forth in Schedule 9 or to
the extent a violation of the foregoing would not reasonably be expected to have a Material Adverse
Effect either individually or in the aggregate with all other violations:

	 	(i)	 	The Company and each member of the Controlled Group shall
comply with any applicable provisions of ERISA with respect to all Benefit
Arrangements, Plans and Multiemployer Plans. The Company shall not permit to
occur any Prohibited Transaction with respect to any Benefit Arrangement or any
Plan or with respect to any Multiemployer Plan or Multiple Employer Plan. The
Company and all members of the Controlled Group shall make all payments
required to be made under any agreement relating to a Multiemployer Plan or a
Multiple Employer Plan or any Law pertaining thereto. With respect to each
Plan and

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	 	 	 	Multiemployer Plan, the Company and each member of the Controlled Group (i)
shall fulfill their obligations under the minimum funding standards of
ERISA, (ii) shall not incur any liability to the PBGC and (iii) shall not
have asserted against them any penalty for failure to fulfill the minimum
funding requirements of ERISA.

	 	(ii)	 	Each Multiemployer Plan and Multiple Employer Plan shall be
able to pay benefits thereunder when due.
	 
	 	(iii)	 	Neither the Company nor any other member of the Controlled
Group shall institute proceedings to terminate any Plan.
	 
	 	(iv)	 	The Company shall not permit to occur any event requiring
notice to the PBGC under Section 302(f)(4)(A) of ERISA with respect to any
Plan, and no amendment with respect to which security is required under Section
307 of ERISA shall be made to any Plan.
	 
	 	(v)	 	The aggregate actuarial present value of all benefit
liabilities (whether or not vested) under each Plan, determined on a plan
termination basis, as disclosed from time to time in and as of the date of the
actuarial reports for such Plan shall not exceed the aggregate fair market
value of the assets of such Plan.
	 
	 	(vi)	 	Neither the Company nor any other member of the Controlled
Group shall incur any withdrawal liability under ERISA to any Multiemployer
Plan or Multiple Employer Plan. Neither the Company nor any other member of
the Controlled Group shall be notified by any Multiemployer Plan or Multiple
Employer Plan that such Multiemployer Plan or Multiple Employer Plan has been
terminated within the meaning of Title IV of ERISA and no Multiemployer Plan or
Multiple Employer Plan shall be reorganized or terminated, within the meaning
of Title IV of ERISA.
	 
	 	(vii)	 	To the extent that any Benefit Arrangement is insured, the
Company and all members of the Controlled Group shall pay when due all premiums
required to be paid. To the extent that any Benefit Arrangement is funded
other than with insurance, the Company and all members of the Controlled Group
shall make all contributions required to be paid for all prior periods.

     7.24. Employment Matters. The Loan Parties shall comply with the Labor Contracts and
all applicable labor and employment Laws including, but not limited to, those related to equal
employment opportunity and affirmative action, labor relations, minimum wage, overtime, child
labor, medical insurance continuation, worker adjustment and relocation notices, immigration
controls and worker and unemployment compensation, where the failure to comply would have a
Material Adverse Effect either individually or in the aggregate with all other such failures. The
Company and the Borrower shall not permit any grievances, arbitration awards or appeals therefrom
arising out of the Labor Contracts or strikes or threatened strikes, picketing, handbilling or
other work stoppages or slowdowns at facilities of any Loan Party that in any case or in the
aggregate would have a Material Adverse Effect.

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     7.25. Environmental Matters. Except as disclosed on Schedule 10 hereto:

	 	(i)	 	Except for violations or failures which individually and in the
aggregate are not reasonably likely to have a Material Adverse Effect, (A) no
Environmental Complaint shall be issued by any Official Body or other Person
alleging that any Loan Party or any prior or subsequent owner of the Property
is a potentially responsible party under the Comprehensive Environmental
Response, Cleanup and Liability Act, 42 U.S.C. § 9601, et seq.
and (B) the Company and the Borrower shall not permit to occur any
Environmental Complaint relating to any Loan Party or any prior or subsequent
owner of the Property pertaining to, or arising out of, any Environmental
Conditions.
	 
	 	(ii)	 	Except for conditions, violations or failures which
individually and in the aggregate are not reasonably likely to have a Material
Adverse Effect, (A) the Company and the Borrower shall not permit to occur any
circumstances at, on or under the Property that constitute a breach of or
non-compliance with any of the Environmental Laws or (B) any past or present
Environmental Conditions at, on or under the Property or at, on or under
adjacent property, that prevent compliance with Environmental Laws at the
Property.
	 
	 	(iii)	 	Except for conditions, violations or failures which
individually and in the aggregate are not reasonably likely to have a Material
Adverse Effect, neither the Property nor any structures, improvements,
equipment, fixtures, activities or facilities thereon or thereunder shall
contain or use Regulated Substances except in compliance with Environmental
Laws. The Company and the Borrower shall not permit to occur any processes,
facilities, operations, equipment or other activities at, on or under the
Property, or at, on or under adjacent property that result in the release or
threatened release of Regulated Substances onto the Property, except to the
extent that such releases or threatened releases are not a breach of or
otherwise a violation of any Environmental Laws, or are not likely to have a
Material Adverse Effect either individually or in the aggregate.
	 
	 	(iv)	 	Except for violations or failures which individually and in the
aggregate are not likely to have a Material Adverse Effect, (A) the Company and
the Borrower shall not permit any underground storage tanks, or underground
piping associated with such tanks, to be used for the management of Regulated
Substances at, on or under the Property that do not have a full operational
secondary containment system in place or are not in compliance with all
Environmental Laws, and (B) the Company and the Borrower shall not permit the
abandonment of any underground storage tanks or underground piping associated
with such tanks, previously used for the management of Regulated Substances at,
on or under the Property, except those abandoned in place, or removed, in
accordance with the Environmental Laws.

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	 	(v)	 	Except for violations or failures which individually and in the
aggregate are not likely to have a Material Adverse Effect, (A)each Loan Party
shall have all material permits, licenses, authorizations and approvals
necessary under the Environmental Laws for the conduct of the business of such
Loan Party as conducted by such Loan Party and (B) the Loan Parties shall
submit all material notices, reports and other filings required by the
Environmental Laws to be submitted to an Official Body which pertain to
operations on the Property.
	 
	 	(vi)	 	Except for violations which individually and in the aggregate
are not likely to have a Material Adverse Effect, all on-site generation,
storage, processing, treatment, recycling, reclamation of disposal of Solid
waste at, on, or under the Property and all off-site transportation, storage,
processing, treatment, recycling, reclamation and disposal of Solid Waste shall
be done in accordance with the Environmental Laws.

     7.26. Environmental Certificates. The Borrowing Base Assets shall not include any
Property for which a Loan Party has not obtained a completed certificate (including an accompanying
Phase I environmental report which report shall be in conformity with industry standards) in
respect of such Property in substantially the form of Exhibit L (an “Environmental
Certificate”) from a qualified independent environmental engineer. The Borrower shall, at the
request of the Administrative Agent, furnish to the Administrative Agent Environmental Certificates
with respect to any Property requested by the Administrative Agent that the Borrower has included
in the Borrowing Base, and may, in order to request approval of any exception on Exhibit A of an
Environmental Certificate that is not a Permitted Environmental Exception so that the underlying
assets may be included in the Borrowing Base, furnish an Environmental Certificate to the
Administrative Agent. The Administrative Agent shall with reasonable promptness notify the
Borrower and the Lenders of the Administrative Agent’s approval or disapproval of any exception on
Exhibit A of any such Environmental Certificate that is not a Permitted Environmental Exception.
The other Lenders shall have ten (10) Business Days to reverse such approval or disapproval by the
vote of the Required Lenders, in the absence of which vote the Administrative Agent’s decision
shall stand. The Borrower shall have the right from time to time to submit another Environmental
Certificate in respect of Property that was not initially Environmentally Approved Land following
the cleanup of any hazardous materials which constituted exceptions to a prior Environmental
Certificate in respect of such Property. Neither the Administrative Agent nor any other Lender
shall be liable to any Lender or to any Loan Party for any approval or disapproval of any
exceptions in any Environmental Certificate made by it in good faith.

     7.27. Senior Debt Status. The Obligations will at all times rank (a) at least
pari passu in priority of payment with all other Senior Indebtedness of the Loan
Parties except Indebtedness secured by Permitted Liens and (b) prior in right of payment to all
Subordinated Indebtedness.

     7.28. Financial Covenants.

     7.28.1. Leverage Ratio. The Company and the Borrower will not permit the Leverage
Ratio at any time to be greater than 2.00 to 1.00.

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     7.28.2. Borrowing Base. At any time that the Leverage Ratio as of the end of a
fiscal quarter equals or exceeds 1.75 to 1.00, the Company and the Borrower will not permit the
Borrowing Base (determined as of the end of such fiscal quarter and set forth on the Borrowing Base
Certificate required to be delivered for such fiscal quarter pursuant to Section 7.1(viii)) to be
less than the sum of (a) Senior Indebtedness (other than Permitted Purchase Money Loans), plus (b)
an amount equal to 125% of all Permitted Purchase Money Loans secured by any of the Borrowing Base
Assets, it being understood that a Permitted Purchase Money Loan shall not be included in the
foregoing calculation unless Borrower has included in the Borrowing Base the assets securing such
Permitted Purchase Money Loan.

     7.28.3. Tangible Net Worth. The Company will maintain at the end of each fiscal
quarter a Tangible Net Worth of not less than the amount by which (i) the sum of (a)
$1,985,000,000, (b) 50% of Consolidated Net Income after July 31, 2005, and (c) 50% of the proceeds
of capital stock of the Company sold by the Company after July 31, 2005 exceeds (ii) the aggregate
amount paid by the Company for repurchase of its capital stock at any time after July 31, 2005 (but
only to the extent such repurchases do not exceed the Maximum Deductible Amount (as defined
below)). As used herein, the term “Maximum Deductible Amount” shall mean an amount equal to (A)
the cost of purchases and repurchases by the Company or any of its Subsidiaries of capital stock of
the Company made after July 31, 2005 not to exceed, in the aggregate during any one-year period (as
measured from November 1 to October 31 of each year) ten percent (10%) of the Tangible Net Worth as
of the end of the fiscal year of the Company preceding such one-year period, plus (B) in addition
to the purchases and repurchases of capital stock under clause (A), the cost of other purchases or
repurchases by the Company or any of its Subsidiaries of capital stock of the Company at any time,
not to exceed $35,000,000 in the aggregate after July 31, 2005.

     7.28.4. Mortgage Subsidiaries. The Company and the Borrower shall not permit the
ratio of Mortgage Subsidiaries’ Liabilities to Mortgage Subsidiaries’ Adjusted Shareholders Equity
to exceed at the end of any fiscal quarter 15.0 to 1.0.

     7.29. Financial Contracts. No Loan Party will enter into or remain liable upon any
Financial Contract, except for Financial Contracts entered into for the purpose of managing
interest rate risks associated with Indebtedness of the Toll Group and other risks associated with
the business of the Toll Group and not for speculative purposes.

ARTICLE VIII

DEFAULTS

     The occurrence of any one or more of the following events shall constitute a Default:

     8.1 Any representation or warranty made or deemed made by or on behalf of any Loan Party to
the Lenders or the Administrative Agent under or in connection with this Agreement, any Loan, or
any certificate or information delivered in connection with this Agreement or any other Loan
Document shall be false in any material respect on the date as of which made or deemed made.

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     8.2 (i) Nonpayment of principal of any Loan when due, or (ii) nonpayment of interest upon any
Loan or of any fee or other Obligations under any of the Loan Documents within five days after
notice (which notice may include a billing statement therefor) that the same is due.

     8.3 The breach by any Loan Party (other than a breach which constitutes a Default under
another Section of this Article VIII) of any of the terms or provisions of this Agreement or any of
the other Loan Documents which is not cured within thirty days after notice thereof given in
accordance with Section 14.1 or after the date on which any Senior Executive becomes aware of the
occurrence thereof, whichever first occurs (such grace period to be applicable only in the event
such breach can be cured by corrective action of the Loan Parties as determined by the
Administrative Agent in its sole discretion).

     8.4 Failure of any Loan Party to pay when due any Indebtedness (other than Permitted
Nonrecourse Indebtedness) aggregating in excess of $10,000,000 (“Material Indebtedness”); or the
default by any Loan Party in the performance (beyond the applicable grace period with respect
thereto, if any) of any term, provision or condition contained in any agreement or agreements under
which any such Material Indebtedness was created or is governed, or any other event shall occur or
condition exist, the effect of which default or event is to cause, or to permit the holder or
holders of such Material Indebtedness to cause, such Material Indebtedness to become due prior to
its stated maturity; or any Material Indebtedness of any Loan Party shall be declared to be due and
payable or required to be prepaid or repurchased (other than by a regularly scheduled payment)
prior to the stated maturity thereof; or any Loan Party shall not pay, or shall admit in writing
its inability to pay, its debts generally as they become due.

     8.5 Any Loan Party shall (i) have an order for relief entered with respect to it under the
Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of
creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver,
custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of
its Property, (iv) institute any proceeding seeking an order for relief under the Federal
bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent,
or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or
composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization
or relief of debtors or fail to file an answer or other pleading denying the material allegations
of any such proceeding filed against it, (v) take any corporate, partnership or limited liability
company action to authorize or effect any of the foregoing actions set forth in this Section 8.5 or
(vi) fail to contest in good faith any appointment or proceeding described in Section 8.6.

     8.6 Without the application, approval or consent of a Loan Party, a receiver, trustee,
examiner, liquidator or similar official shall be appointed for such Loan Party or any Substantial
Portion of the Property of the Loan Parties, or a proceeding described in Section 8.5(iv) shall be
instituted against any Loan Party and such appointment continues undischarged or such proceeding
continues undismissed or unstayed for a period of 60 consecutive days.

     8.7 Any court, government or governmental agency shall condemn, seize or otherwise
appropriate, or take custody or control of, all or any portion of the Property of any Loan Party
which, when taken together with all other Property of the Loan Parties so condemned, seized,

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appropriated, or taken custody or control of, during the period of four consecutive fiscal
quarters ending with the quarter in which any such action occurs, constitutes a Substantial
Portion.

     8.8 The Loan Parties shall fail within 30 days to pay, bond or otherwise discharge any one or
more judgments or orders for the payment of money (other than in respect of Permitted Nonrecourse
Indebtedness) in excess of $10,000,000 in the aggregate, which are not stayed on appeal or
otherwise being appropriately contested in good faith.

     8.9 The Unfunded Liabilities of all Single Employer Plans shall exceed in the aggregate
$10,000,000 or any Reportable Event shall occur in connection with any Plan.

     8.10 The Company or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan or Multiple Employer Plan that it has incurred withdrawal liability
to such Multiemployer Plan or Multiple Employer Plan in an amount which, when aggregated with all
other amounts required to be paid to Multiemployer Plans or Multiple Employer Plan by the Company
or any other member of the Controlled Group as withdrawal liability (determined as of the date of
such notification), exceeds $10,000,000 or requires payments exceeding $5,000,000 per annum.

     8.11 The Company or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan or Multiple Employer Plan that such Multiemployer Plan or Multiple
Employer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA,
if as a result of such reorganization or termination the aggregate annual contributions of the
Borrower and the other members of the Controlled Group (taken as a whole) to all Multiemployer
Plans and Multiple Employer Plans which are then in reorganization or being terminated have been or
will be increased over the amounts contributed to such Multiemployer Plans and Multiple Employer
Plans for the respective plan years of each such Multiemployer Plan and Multiple Employer Plans
immediately preceding the plan year in which the reorganization or termination occurs by an amount
exceeding $10,000,000.

     8.12 Any Loan Party shall (i) be the subject of any proceeding or investigation pertaining to
the release of any Regulated Substance into the environment, or (ii) violate any Environmental Law,
which, in the case of an event described in clause (i) or clause (ii) or all such events in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

     8.13 Any Change in Control shall occur.

     Any action shall be taken by a Loan Party to discontinue or to assert the invalidity or
unenforceability of any Guaranty Agreement, or any Guarantor shall deny that it has any further
liability under any Guaranty Agreement to which it is a party, or shall give notice to such effect.

     8.14 Any Loan Document shall fail to remain in full force and effect unless released by the
Lenders.

     8.15 The representations and warranties set forth in Section 6.14.1 (“Plan Assets; Prohibited
Transactions”) shall at any time not be true and correct.

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     The Borrower may cure any Default (other than any failure to pay the Obligations) that relates
exclusively to a Designated Guarantor by Conversion of such Designated Guarantor to a Non-Loan
Party, to the extent permitted by and subject to and in accordance with the provisions of Section
10.13, provided that such Conversion is completed (except as otherwise provided in Section
10.13(b)) not later than thirty (30) days after the first to occur of (a) such Default or (b) the
day that a Senior Executive of the Company first learned of the Unmatured Default that, with the
lapse of time or giving of notice, or both, has ripened or may ripen into such Default.

ARTICLE IX

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

     9.1. Acceleration. If any Default described in Section 8.5 or 8.6 occurs with respect
to the Borrower or the Company, the obligations of the Lenders to make Loans hereunder and the
obligations of the Lenders to issue, amend or extend any Facility Letter of Credit hereunder shall
automatically terminate and the Obligations shall immediately become due and payable without any
election or action on the part of the Administrative Agent or any Lender. If any other Default
occurs, the Required Lenders (or the Administrative Agent with the written consent of the Required
Lenders) may terminate or suspend the obligations of the Lenders to make Loans hereunder and the
obligation of any Lender to issue, amend or extend any Facility Letter of Credit hereunder, or
declare the Obligations to be due and payable, or both, whereupon the Obligations shall become
immediately due and payable, without presentment, demand, protest or notice of any kind, all of
which the Borrower hereby expressly waives.

     If, within 30 days after acceleration of the maturity of the Obligations or termination of the
obligations of the Lenders to make Loans and of the Issuing Bank(s) to issue, amend or extend
Facility Letters of Credit hereunder as a result of any Default (other than any Default as
described in Section 8.5 or 8.6 with respect to the Borrower or the Company) and before any
judgment or decree for the payment of the Obligations due shall have been obtained or entered, the
Required Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by
notice to the Borrower, rescind and annul such acceleration and/or termination.

     9.2. Amendments. Subject to the provisions of this Article IX, the Required Lenders
(or the Administrative Agent with the consent in writing of the Required Lenders), the Borrower and
the Company may enter into agreements for the purpose of adding or modifying any provisions to the
Loan Documents or changing in any manner the rights of the Lenders or the Borrower hereunder or
waiving any Default hereunder; provided, however, that no such agreement or any
waiver shall, (a) without the consent of all of the Lenders under the affected Facility:

	 	(i)	 	Extend the final maturity of any Loan under such Facility
(except as provided in Section 2.17) or forgive all or any portion of the
principal amount thereof, or reduce the rate (whether by modification of the
Pricing Schedule or otherwise) or extend the time for payment of or forgive
interest or fees thereon; or
	 
	 	(ii)	 	Extend the Facility Termination Date under such Facility
(except as provided in Section 2.17), or increase the amount of the Commitment
of

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	 	 	 	any Lender under such Facility (except as agreed to by such Lender pursuant
to the provisions of Section 2.18);

or (b) without the consent of all Lenders:

	 	(i)	 	Permit the Borrower to assign its rights under this Agreement;
or
	 
	 	(ii)	 	Increase the amount of the Aggregate Facility (except as
provided in Section 2.18); or
	 
	 	(iii)	 	Reduce, directly or indirectly, the percentage specified in
the definition of “Majority Lenders or” “Required Lenders,” “Required Revolving
Credit Lenders” or “Required Term Lenders” or change any provision that calls
for consent, approval or other action by the Majority Lenders, Required
Lenders, Required Revolving Credit Lenders, Required Term Lenders, all Lenders
or any particular affected Lender; or
	 
	 	(iv)	 	Amend this Section 9.2 or Section 12.1; or
	 
	 	(v)	 	Release any Guarantor (except for the release of a Designated
Guarantor as provided in Section 10.13).

No amendment of any provision of this Agreement relating to the Administrative Agent or the Swing
Line Lender shall be effective without its written consent, and no amendment of any provision of
this Agreement relating to any outstanding Facility Letter of Credit issued by any Issuing Bank
shall be effective without its written consent. The Administrative Agent may waive payment of the
fee required under Section 13.3.2 without obtaining the consent of any other party to this
Agreement.

     9.3. Preservation of Rights. No delay or omission of the Lenders or the
Administrative Agent to exercise any right under the Loan Documents shall impair such right or be
construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan or the
issuance, amendment or extension of a Facility Letter of Credit notwithstanding the existence of a
Default or the inability of the Borrower to satisfy the conditions precedent to such Loan or the
issuance, amendment or extension of such Facility Letter of Credit shall not constitute any waiver
or acquiescence. Any single or partial exercise of any such right shall not preclude other or
further exercise thereof or the exercise of any other right, and no waiver, amendment or other
variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid
unless in writing signed by the Lenders required pursuant to Section 9.2, and then only to the
extent in such writing specifically set forth. All remedies contained in the Loan Documents or by
law afforded shall be cumulative and all shall be available to the Administrative Agent and the
Lenders until the Obligations have been paid in full.

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ARTICLE X

GENERAL PROVISIONS

     10.1. Survival of Representations. All representations and warranties of the Borrower
contained in this Agreement shall survive the making of the Loans and the issuance of the Facility
Letters of Credit herein contemplated.

     10.2. Governmental Regulation. Anything contained in this Agreement to the contrary
notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any
limitation or prohibition provided by any applicable statute or regulation.

     10.3. Headings. Section headings in the Loan Documents are for convenience of
reference only, and shall not govern the interpretation of any of the provisions of the Loan
Documents.

     10.4. Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Company, Administrative Agent and the Lenders and supersede
all prior agreements and understandings among the Borrower, the Company, the Administrative Agent
and the Lenders relating to the subject matter thereof (other than the Administrative Agent’s Fee
Letter).

     10.5. Several Obligations; Benefits of this Agreement. The respective obligations of
the Lenders hereunder are several and not joint or joint and several and no Lender shall be the
partner or agent of any other (except to the extent to which the Administrative Agent is authorized
to act as such). The failure of any Lender to perform any of its obligations hereunder shall not
relieve any other Lender from any of its obligations hereunder. This Agreement shall not be
construed so as to confer any right or benefit upon any Person other than the parties to this
Agreement and their respective successors and assigns, provided, however, that the
parties hereto expressly agree that the Arrangers (and, in the case of the provisions of Section
10.6(b), any other Person indemnified by the Borrower thereunder) shall enjoy the benefits of the
provisions of Sections 10.6, 10.10 and 11.11 to the extent specifically set forth therein and shall
have the right to enforce such provisions on its, his or her own behalf and in its, his or her own
name to the same extent as if it, he or she were a party to this Agreement.

     10.6. Expenses; Indemnification. (a) The Borrower shall reimburse the Administrative
Agent and JPMSI for any costs, internal charges and out-of-pocket expenses (including attorneys’
fees and expenses of attorneys for the Administrative Agent and JPMSI and (but only (1) after the
occurrence of any Default or (2) with the Borrower’s prior approval, which shall not be
unreasonably withheld) other advisors and professionals engaged by the Administrative Agent or
JPMSI) paid or incurred by the Administrative Agent or JPMSI in connection with the preparation,
negotiation, execution, delivery, syndication, amendment, modification, and administration of the
Loan Documents. The Borrower also agrees to reimburse the Administrative Agent, JPMSI and the
Lenders for any costs, internal charges and out-of-pocket expenses (including fees and expenses of
attorneys for the Administrative Agent, JPMSI and the Lenders), paid or incurred by the
Administrative Agent, JPMSI or any Lender in connection with the collection and enforcement of the
Loan Documents.

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          (b) The Borrower hereby further agrees to indemnify the Administrative Agent, each Arranger
and each Lender, its directors, officers and employees against all losses, claims, damages,
penalties, judgments, liabilities and expenses (including, without limitation, all reasonable fees
and expenses of attorneys and other expenses of litigation or preparation therefor whether or not
the Administrative Agent, either Arranger or any Lender is a party thereto) which any of them may
pay or incur arising out of or relating to this Agreement, the other Loan Documents, the
transactions contemplated hereby or the direct or indirect application or proposed application of
the proceeds of any Loan hereunder except to the extent that they are determined in a final
non-appealable judgment by a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of the party seeking indemnification. The obligations of the
Borrower under this Section 10.6 shall survive the termination of this Agreement.

     10.7. Numbers of Documents. All statements, notices, closing documents, and requests
hereunder shall (if the Administrative Agent so requests) be furnished to the Administrative Agent
with sufficient counterparts so that the Administrative Agent may furnish one to each of the
Lenders.

     10.8. Accounting. Except as provided to the contrary herein, all accounting terms
used herein shall be interpreted and all accounting determinations hereunder shall be made in
accordance with Agreement Accounting Principles.

     10.9. Severability of Provisions. Any provision in any Loan Document that is held to
be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable, or invalid without affecting the remaining provisions in that
jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

     10.10. Nonliability of Lenders. The relationship between the Borrower on the one hand
and the Lenders and the Administrative Agent on the other hand shall be solely that of borrower and
lender. Neither the Administrative Agent, either Arranger nor any Lender shall have any fiduciary
responsibilities to the Borrower, the Company or any other Loan Party. Neither the Administrative
Agent, either Arranger nor any Lender undertakes any responsibility to the Borrower, the Company or
any other Loan Party to review or inform the Borrower, the Company or any other Loan Party of any
matter in connection with any phase of the Borrower’s, the Company’s or any other Loan Party’s
business or operations. The Borrower and the Company agree that neither the Administrative Agent,
either Arranger nor any Lender shall have liability to the Borrower, the Company or any other Loan
Party (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower, the
Company or any other Loan Party in connection with, arising out of, or in any way related to, the
transactions contemplated and the relationship established by the Loan Documents, or any act,
omission or event occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent jurisdiction that such losses resulted from the
gross negligence or willful misconduct of the party from which recovery is sought. Neither the
Administrative Agent, either Arranger nor any Lender shall have any liability with respect to, and
the Borrower, the Company and each other Loan Party hereby waives, releases and agrees not to sue
for, any special, indirect or consequential damages suffered by the Borrower, the Company or any
other Loan Party in

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connection with, arising out of, or in any way related to the Loan Documents or the
transactions contemplated thereby.

     10.11. Confidentiality. Each Lender agrees to hold any confidential information which
it may receive from the Borrower pursuant to this Agreement in confidence, except for disclosure
(i) to its Affiliates and to other Lenders and their respective Affiliates, (ii) to legal counsel,
accountants, and other professional advisors to that Lender or to a Transferee, (iii) to regulatory
officials, (iv) to any Person as requested pursuant to or as required by law, regulation, or legal
process, (v) to any Person in connection with any legal proceeding to which that Lender is a party,
and (vi) permitted by Section 13.4.

     10.12. Nonreliance. Each Lender hereby represents that it is not relying on or
looking to any margin stock (as defined in Regulation U of the Board of Governors of the Federal
Reserve System) for the repayment of the Loans provided for herein.

     10.13. Conversion and Non-Designation of Designated Guarantors. (a) The Borrower
may, by written notice to the Administrative Agent, request that a Designated Guarantor be released
from its Guaranty Agreement and thereby be converted to a Non-Loan Party (a “Conversion”) or that a
Wholly-Owned Subsidiary of the Company not be required to be designated as a Designated Guarantor
(a “Non-Designation”), on and subject to the following conditions:

	 	(i)	 	No Default or Unmatured Default shall exist (except any Default
or Unmatured Default that will be cured as a result of such Conversion or
Non-Designation) and no other Default or Unmatured Default will exist as a
result of such Conversion or Non-Designation.
	 
	 	(ii)	 	In the case of a Conversion, the stockholders’ equity in such
Designated Guarantor and in the case of a Non-Designation, the stockholders’
equity in such Wholly-Owned Subsidiary, shall not exceed five percent (5%) of
the total consolidated stockholders’ equity in all Loan Parties. Determination
of such percentages of stockholders’ equity shall be made as of the end of the
most recent fiscal quarter of the Company for which the financial statements
required under Sections 7.1(i) or (ii) (as applicable) are available at the
time of such request for Conversion or Non-Designation.
	 
	 	(iii)	 	The stockholders’ equity in all Designated Guarantors that the
Borrower requests to be converted into Non-Loan Parties in any period of four
consecutive fiscal quarters and in all Wholly-Owned Subsidiaries of the Company
that the Borrower requests not to be designated as Designated Guarantors during
such four-quarter period shall not in the aggregate exceed ten percent (10%)
(or fifteen percent (15%) if and to the extent necessary to permit the Borrower
to cure a Default by Conversion of a Designated Guarantor) of the lowest total
consolidated stockholders’ equity in all Loan Parties at the end of any fiscal
quarter during such four-quarter period. Determination of such aggregate
amounts of stockholders’ equity of such applicable Designated Guarantors or
Wholly-Owned

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	 	 	 	Subsidiaries shall be made by adding the amounts of stockholders’ equity of
each such applicable Designated Guarantor and Wholly-Owned Subsidiary (as
determined at the time of request for Conversion of such Designated
Guarantor or Non-Designation of such Wholly-Owned Subsidiary in accordance
with clause (ii) above).
	 
	 	(iv)	 	The disposition by the Company of such Designated Guarantor (in
the case of a Conversion) or Wholly-Owned Subsidiary (in the case of a
Non-Designation) would not have a material effect on the homebuilding business
of the other Loan Parties, operationally or otherwise.
	 
	 	(v)	 	The Borrower shall deliver to the Administrative Agent,
together with the Borrower’s notice requesting the Conversion of a Designated
Guarantor or Non-Designation of a Wholly-Owned Subsidiary, a certificate of the
Borrower and the Company, certifying that the conditions set forth in clauses
(i) through (iv) above are satisfied with respect to such Conversion or
Non-Designation, together with (A) in the case of a Conversion, a Compliance
Certificate, as of the end of the most recent fiscal quarter for which
financial statements are available, prepared taking into account such
Conversion and a projection of the calculations for the Compliance Certificate
for the next succeeding fiscal quarter and (B) in any case, such other evidence
in support of the satisfaction of such conditions as the Administrative Agent
shall request.
	 
	 	(vi)	 	Such Conversion or Non-Designation shall comply with the
provisions of Section 10.13(d).

     Upon the Administrative Agent’s determination that the foregoing conditions with respect to
the Conversion of a Designated Guarantor have been satisfied, the Administrative Agent shall
(except as otherwise provided in Section 10.13(b)) promptly (1) execute and deliver, for and on
behalf of itself and the Lenders, a release of such Designated Guarantor from its Guaranty
Agreement, whereupon such Designated Guarantor shall cease to be a Designated Guarantor and Loan
Party and shall be a Non-Loan Party, and (2) give notice to the Lenders of the Conversion of such
Designated Guarantor. Upon the Administrative Agent’s determination that the foregoing conditions
with respect to the Non-Designation of a Wholly-Owned Subsidiary of the Company have been
satisfied, the Administrative Agent shall promptly give notice of such Non-Designation to the
Borrower and the Lenders.

          (b) Notwithstanding the satisfaction of the conditions for Conversion of a Designated
Guarantor pursuant to Section 10.13(a), if requested by the Borrower, the Administrative Agent may
elect, in its sole discretion, not to release such Designated Guarantor from its Guaranty, in which
event such Designated Guarantor shall remain a Guarantor but shall not constitute a Loan Party
hereunder for purposes of compliance with the representations, warranties and covenants contained
in this Agreement (including without limitation the covenants contained in Section 7.28) and the
provisions of Article VIII. If the Administrative Agent so elects not to release such Designated
Guarantor, it shall so notify the Borrower and the Lenders, and the Majority Lenders may at any
time direct the Administrative Agent to release such Designated Guarantor from its Guaranty.

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          (c) If prior to the release of a Designated Guarantor from its Guaranty, the Borrower
determines and certifies to the Administrative Agent that the inclusion of such Designated
Guarantor as a Loan Party hereunder for all purposes (including without limitation compliance with
the covenants contained in Section 7.28) would not result in a Default or Unmatured Default, the
Borrower may request the Administrative Agent to reinstate such Designated Guarantor as a Loan
Party hereunder for all purposes. As a condition of any such reinstatement, the Administrative
Agent may request the Borrower to deliver to the Administrative Agent evidence in support of the
Borrower’s certification, including without limitation (i) a Compliance Certificate with respect to
the most recent fiscal quarter for which financial statements of the Company are available,
reflecting the inclusion of such Designated Guarantor as a Loan Party and evidencing compliance
with the covenants hereunder and (ii) a projection of the Compliance Certificate for the next
fiscal quarter, also reflecting the inclusion of such Designated Guarantor as a Loan Party and
projecting compliance with the covenants hereunder. Upon the Administrative Agent’s approval of the
Borrower’s certification and supporting evidence, the Administrative Agent shall notify the
Borrower and the Lenders that such Designated Guarantor has been so reinstated, and from and after
the delivery of such notice, such Designated Guarantor shall again be a Loan Party hereunder for
all purposes.

          (d) At all times after the Borrower has satisfied the conditions of Conversion of a Designated
Guarantor as provided in Section 10.13(a) but prior to the release of such Designated Guarantor
from its Guaranty, all reports required to be furnished under Section 7.1 hereof or any other
provisions of this Agreement shall exclude such Designated Guarantor as a Loan Party hereunder
unless and until such Designated Guarantor is reinstated as a Loan Party as provided in Section
10.13(c).

     10.14. Non-Funding Lender. Except for matters described in Section 9.2, a Non-Funding
Lender shall not have any voting rights under this Agreement.

     10.15. USA PATRIOT ACT. Each Lender that is subject to the requirements of the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby
notifies the Borrower and the Company that pursuant to the requirements of the Act, it is or may be
required to obtain, verify and record information that identifies the Borrower and the Guarantors
which information includes the name and address of the Borrower and the Guarantors and other
information that will allow such Lender to identify the Borrower and the Guarantors in accordance
with the Act.

ARTICLE XI

THE ADMINISTRATIVE AGENT

     11.1. Appointment; Nature of Relationship. JPMorgan Chase is hereby appointed by each
of the Lenders as its contractual representative (herein referred to as the “Administrative Agent”)
hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the
Administrative Agent to act as the contractual representative of such Lender with the rights and
duties expressly set forth herein and in the other Loan Documents. The Administrative Agent agrees
to act as such contractual representative upon the express conditions contained in this Article XI.
Notwithstanding the use of the defined term “Administrative Agent,” it is expressly understood and
agreed that the Administrative Agent

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shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any
other Loan Document and that the Administrative Agent is merely acting as the contractual
representative of the Lenders with only those duties as are expressly set forth in this Agreement
and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the
Administrative Agent (a) does not hereby assume any fiduciary duties to any of the Lenders, (b) is
a “representative” of the Lenders within the meaning of the term “secured party” in the Uniform
Commercial Code and (c) is acting as an independent contractor, the rights and duties of which are
limited to those expressly set forth in this Agreement and the other Loan Documents. Each of the
Lenders hereby agrees to assert no claim against the Administrative Agent on any agency theory or
any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby
waives.

     11.2. Powers. The Administrative Agent shall have and may exercise such powers under
the Loan Documents as are specifically delegated to the Administrative Agent by the terms of each
thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent
shall have no implied duties (other than those of good faith and fair dealing) to the Lenders, or
any obligation to the Lenders to take any action thereunder except any action specifically provided
by the Loan Documents to be taken by the Administrative Agent. The Administrative Agent shall
exercise the same care in its administration of the Facilities as it would exercise in the
administration of a loan facility entirely for its own account.

     11.3. General Immunity. Neither the Administrative Agent nor any Agent nor any of the
directors, officers, agents or employees of the Administrative Agent or any Agent shall be liable
to the Borrower or other Loan Party, the Lenders or any Lender for any action taken or omitted to
be taken by it or them hereunder or under any other Loan Document or in connection herewith or
therewith except to the extent such action or inaction is determined in a final non-appealable
judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful
misconduct of such Person.

     11.4. No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent
nor any Agent nor any of the directors, officers, agents or employees of the Administrative Agent
or any Agent shall be responsible for or have any duty to ascertain, inquire into, or verify (a)
any statement, warranty or representation made in connection with any Loan Document or any
borrowing hereunder or any issuance, amendment or extension of a Facility Letter of Credit
hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor
under any Loan Document, including, without limitation, any agreement by an obligor to furnish
information directly to each Lender; (c) the satisfaction of any condition specified in Article V,
except receipt of items required to be delivered to the Administrative Agent; (d) except as
otherwise provided in this Article XI, the existence or possible existence of any Default or
Unmatured Default; (e) the validity, enforceability, effectiveness, sufficiency or genuineness of
any Loan Document or any other instrument or writing furnished in connection therewith; (f) the
value, sufficiency, creation, perfection or priority of any Lien in any collateral security; or (g)
the financial condition of the Borrower, the Company or any other Loan Party or their respective
Subsidiaries. The Administrative Agent shall promptly disclose to the Lenders all information
furnished by the Borrower or the Company pursuant to the requirements of this Agreement but shall
have no duty to disclose to the Lenders information that is not required to be furnished by the
Borrower or the Company to the Administrative Agent at such time, but that is voluntarily

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furnished by the Borrower or the Company to the Administrative Agent (either in its capacity
as Administrative Agent or in its individual capacity). Notwithstanding anything to the contrary
contained herein, Administrative Agent shall make available promptly after the date of this
Agreement to any Lender copies of all Loan Documents in its possession which are requested by such
Lender. Administrative Agent shall also furnish to all Lenders promptly copies of any notices of
an Unmatured Default or Default issued by Administrative Agent to Borrower and copies of financial
statements and compliance certificates required by this Agreement that are received by
Administrative Agent from Borrower (and not furnished directly by Borrower to the Lenders).

     11.5. Action on Instructions of Lenders. Except with respect to matters requiring
consent or approval of all Lenders or of particular affected Lenders, the Administrative Agent
shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under
any other Loan Document in accordance with written instructions signed by the Required Lenders (or
the Majority Lenders to the extent that this Agreement provides therefor), and such instructions
and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.
The Lenders hereby acknowledge that the Administrative Agent shall be under no duty to take any
discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or
any other Loan Document unless it shall be requested in writing to do so by the Required Lenders
(or the Majority Lenders to the extent that this Agreement provides therefor). The Administrative
Agent shall be fully justified in failing or refusing to take any action hereunder and under any
other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders pro
rata (in their respective Ratable Shares) against any and all liability, cost and expense that it
may incur by reason of taking or continuing to take any such action.

     11.6. Employment of Agents and Counsel. The Administrative Agent may execute any of
its duties as Administrative Agent hereunder and under any other Loan Document by or through
employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to
money or securities received by it or its authorized agents, for the default or misconduct of any
such agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent
shall be entitled to advice of counsel concerning the contractual arrangement between the
Administrative Agent and the Lenders and all matters pertaining to the Administrative Agent’s
duties hereunder and under any other Loan Document.

     11.7. Reliance on Documents; Counsel. The Administrative Agent shall be entitled to
rely upon any Note, notice, consent, certificate, affidavit, letter, telegram, statement, paper or
document believed by it to be genuine and correct and to have been signed or sent by the proper
person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the
Administrative Agent, which counsel may be employees of the Administrative Agent.

     11.8. Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to
reimburse and indemnify the Administrative Agent, solely in its capacity as such, ratably, in their
respective Ratable Shares, (a) for any amounts not reimbursed by the Borrower for which the
Administrative Agent is entitled to reimbursement by the Borrower under the Loan Documents, (b) for
any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection
with the preparation, execution, delivery, administration and enforcement of the Loan Documents
(including, without limitation, for any expenses incurred by the

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Administrative Agent in connection with any dispute between the Administrative Agent and any
Lender or between two or more of the Lenders) and (c) for any liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and
nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent
in any way relating to or arising out of the Loan Documents or any other document delivered in
connection therewith or the transactions contemplated thereby (including, without limitation, for
any such amounts incurred by or asserted against the Administrative Agent in connection with any
dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or
the enforcement of any of the terms of the Loan Documents or of any such other documents,
provided, however, that no Lender shall be liable for any of the foregoing to the
extent any of the foregoing is found in a final non-appealable judgment by a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative
Agent. The obligations of the Lenders under this Section 11.8 shall survive payment of the
Obligations and termination of this Agreement.

     11.9. Notice of Default. The Administrative Agent shall not be deemed to have actual
knowledge or notice of the occurrence of any Default or Unmatured Default hereunder (other than a
Default under Section 8.2) unless the Administrative Agent has received written notice from a
Lender or the Borrower referring to this Agreement describing such Default or Unmatured Default and
stating that such notice is a “notice of default” or that such notice is delivered pursuant to
Section 7.3 hereof. In the event that the Administrative Agent receives such a notice, the
Administrative Agent shall give prompt notice thereof to the Lenders.

     11.10. Rights as a Lender. In the event the Administrative Agent or any Agent is a
Lender, the Administrative Agent or such Agent shall have the same rights and powers hereunder and
under any other Loan Document with respect to its Commitments and its Loans as any Lender and may
exercise the same as though it were not the Administrative Agent or such Agent, and the term
“Lender” or “Lenders” shall, at any time when the Administrative Agent or such Agent is a Lender,
unless the context otherwise indicates, include the Administrative Agent or such Agent in its
individual capacity. The Administrative Agent, any Agent and their respective Affiliates, and each
of the other Lenders, may accept deposits from, lend money to, and generally engage in any kind of
trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or
any other Loan Document, with the Borrower, the Company or any of its Subsidiaries in which the
Borrower, the Company or such Subsidiary is not restricted hereby from engaging with any other
Person.

     11.11. Lender Credit Decision. Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent, any Agent, either Arranger or any other Lender
and based on the financial statements prepared by the Borrower or the Company and such other
documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement and the other Loan Documents. Each Lender also acknowledges that it
will, independently and without reliance upon the Administrative Agent, any Agent, either Arranger
or any other Lender and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under this Agreement
and the other Loan Documents.

     11.12. Successor Administrative Agent. The Administrative Agent may resign at any
time, and shall resign immediately if the sum of its Revolving Credit Commitment and Term

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Loans shall at any time be less than $20,000,000, by giving written notice thereof to the
Lenders and the Borrower, such resignation to be effective upon the appointment of a successor
Administrative Agent or, if no successor Administrative Agent has been appointed, sixty days after
the retiring Administrative Agent gives notice of its intention to resign. The Administrative
Agent may be removed at any time with or without cause by written notice received by the
Administrative Agent from the Required Lenders, such removal to be effective on the date specified
by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the
right to appoint, on behalf of the Borrower, the Company and the Lenders, a successor
Administrative Agent subject to the consent of the Borrower, which consent shall not be
unreasonably withheld or delayed; provided, however, that if a Default has occurred
and is continuing, the consent of the Borrower shall not be required. If no successor
Administrative Agent shall have been so appointed by the Required Lenders within thirty days after
the resigning Administrative Agent’s giving notice of its intention to resign, then the resigning
Administrative Agent may appoint, on behalf of the Borrower, the Company and the Lenders, a
successor Administrative Agent subject to the consent of the Borrower, which consent shall not be
unreasonably withheld or delayed. Notwithstanding the previous sentence, the Administrative Agent
may at any time without the consent of the Borrower or any Lender, appoint any of its Affiliates
which is a commercial bank as a successor Administrative Agent hereunder. If the Administrative
Agent has resigned or been removed and no successor Administrative Agent has been appointed, the
Lenders may perform all the duties of the Administrative Agent hereunder and the Borrower shall
make all payments in respect of the Obligations to the applicable Lender and for all other purposes
shall deal directly with the Lenders. No successor Administrative Agent shall be deemed to be
appointed hereunder until such successor Administrative Agent has accepted (i) the appointment and
(ii) unless the successor Administrative Agent is an Affiliate of the prior Administrative Agent,
an assignment of the Swing Line Commitment. Any such successor Administrative Agent shall be a
commercial bank having capital and retained earnings of at least $100,000,000. Upon the acceptance
of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such
successor Administrative Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the resigning or removed Administrative Agent. Upon the
effectiveness of the resignation or removal of the Administrative Agent, the resigning or removed
Administrative Agent shall be discharged from its duties and obligations hereunder and under the
Loan Documents, except for liabilities accrued, or arising from its acts or omissions prior to,
such resignation or removal. After the effectiveness of the resignation or removal of an
Administrative Agent, the provisions of this Article XI shall continue in effect for the benefit of
such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was
acting as the Administrative Agent hereunder and under the other Loan Documents. In the event that
there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its
duties and obligations to an Affiliate pursuant to this Section 11.12, then the term “Prime Rate”
as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new
Administrative Agent.

     11.13. Administrative Agent’s Fee. The Borrower agrees to pay to the Administrative
Agent, for its own account, the fees agreed to by the Borrower and the Administrative Agent
pursuant to the Administrative Agent’s Fee Letter or as otherwise agreed by them from time to time.

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     11.14. Delegation to Affiliates. The Borrower, the Company and the Lenders agree that
the Administrative Agent may delegate any of its duties under this Agreement to any of its
Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees)
which performs duties in connection with this Agreement shall be entitled to the same benefits of
the indemnification, waiver and other protective provisions to which the Administrative Agent is
entitled under Articles X and XI.

     11.15. Agents’ Responsibilities and Duties. None of the Agents shall have any
responsibilities hereunder in its capacity as an Agent. Without limiting the foregoing, none of
the Agents shall have or be deemed to have a fiduciary relationship with the Borrower or any
Lender.

ARTICLE XII

SETOFF; RATABLE PAYMENTS

     12.1. Setoff. In addition to, and without limitation of, any rights of the Lenders
under applicable law, if the Borrower or the Company becomes insolvent, however evidenced, or any
Default occurs, any and all deposits (including all account balances, whether provisional or final
and whether or not collected or available) and any other Indebtedness at any time held or owing by
any Lender or any Affiliate of any Lender to or for the credit or account of the Borrower or the
Company may be offset and applied toward the payment of the Obligations owing to such Lender,
whether or not the Obligations, or any part hereof, shall then be due.

     12.2. Ratable Payments. If any Lender under a Facility, whether by setoff or
otherwise, has payment made to it upon its Loans under such Facility (other than payments received
pursuant to Section 3.1, 3.2, 3.4 or 3.5 or payments made in respect of Competitive Bid Loans or
Swing Line Advances in accordance with Section 2.10(b)) in a greater proportion than that received
by any other Lender under such Facility, such Lender agrees, promptly upon demand, to purchase a
portion of the Ratable Loans held by the other Lenders under such Facility so that after such
purchase each Lender under such Facility will hold its ratable proportion of Ratable Loans under
such Facility. If any Lender under a Facility, whether in connection with setoff or amounts which
might be subject to setoff or otherwise, receives collateral or other protection for its
Obligations under such Facility or such amounts which may be subject to setoff, such Lender agrees,
promptly upon demand, to take such action necessary such that all Lenders under such Facility share
in the benefits of such collateral ratably in proportion to their Loans under such Facility. In
case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments
shall be made.

ARTICLE XIII

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     13.1. Successors and Assigns. The terms and provisions of the Loan Documents shall be
binding upon and inure to the benefit of the Borrower, the Company and the Lenders and their
respective successors and assigns, except that (a) neither the Borrower nor the Company shall have
the right to assign its rights or obligations under the Loan Documents and (b) any assignment by
any Lender must be made in compliance with Section 13.3. Notwithstanding

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clause (b) of this Section, any Lender may at any time, without the consent of the Borrower,
the Company or the Administrative Agent, assign all or any portion of its rights under this
Agreement and any Note to a Federal Reserve Bank; provided, however, that no such
assignment to a Federal Reserve Bank shall release the transferor Lender from its obligations
hereunder. The Administrative Agent may treat the Person which made any Loan or which holds any
Note as the owner thereof for all purposes hereof unless and until such Person complies with
Section 13.3 in the case of an assignment thereof or, in the case of any other transfer, a written
notice of the transfer is filed with the Administrative Agent. Any assignee or transferee of the
rights to any Loan or any Note agrees by acceptance of such transfer or assignment to be bound by
all the terms and provisions of the Loan Documents. Any request, authority or consent of any
Person, who at the time of making such request or giving such authority or consent is the owner of
the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be
conclusive and binding on any subsequent holder, transferee or assignee of the rights to such Loan.

     13.2. Participations.

     13.2.1. Permitted Participants; Effect. Any Lender may, in the ordinary course of its
business and in accordance with applicable law, at any time sell (i) to any Person participating
interests in any Competitive Bid Loan held by such Lender, and (ii) to a Qualified Bank
(“Participant”) participating interests in any Ratable Loan owing to such Lender, any Note held by
such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan
Documents. The consent of the Borrower and the Administrative Agent shall be required prior to a
sale of a participating interest described in clause (ii) above becoming effective with respect to
a Participant which is not a Lender or an Affiliate thereof; provided, however,
that if a Default has occurred and is continuing, the consent of the Borrower shall not be
required. Such consents shall not be unreasonably withheld. In the event of any such sale by a
Lender of participating interests to a Participant, such Lender’s obligations under the Loan
Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations, such Lender shall remain the owner of its Loans and
the holder of any Note issued to it in evidence thereof for all purposes under the Loan Documents,
all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had
not sold such participating interests, and the Borrower, the Company and the Administrative Agent
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under the Loan Documents.

     13.2.2. Voting Rights. Each Lender shall retain the sole right to approve, without
the consent of any Participant, any amendment, modification or waiver of any provision of the Loan
Documents other than any amendment, modification or waiver with respect to any Loan or Commitment
in which such Participant has an interest which forgives principal, interest or fees or reduces the
interest rate or fees payable with respect to any such Loan or Commitment, extends the Facility
Termination Date under the applicable Facility (except as provided in Section 2.17), postpones any
date fixed for any regularly-scheduled payment of principal of, or interest or fees on, any such
Loan or Commitment, releases any Guarantor (except for a release of a Designated Guarantor as
provided in Section 10.13) of any such Loan or releases all or substantially all of the collateral,
if any, securing any such Loan.

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     13.2.3. Benefit of Setoff. The Borrower agrees that each Participant shall be deemed
to have the right of setoff provided in Section 12.1 in respect of its participating interest in
amounts owing under the Loan Documents to the same extent as if the amount of its participating
interest were owing directly to it as a Lender under the Loan Documents, provided that each
Lender shall retain the right of setoff provided in Section 12.1 with respect to the amount of
participating interests sold to each Participant. The Lenders agree to share with each
Participant, and each Participant, by exercising the right of setoff provided in Section 12.1,
agrees to share with each Lender, any amount received pursuant to the exercise of its right of
setoff, such amounts to be shared in accordance with Section 12.2 as if each Participant were a
Lender.

     13.3. Assignments.

     13.3.1. Permitted Assignments. Any Lender may, in the ordinary course of its business
and in accordance with applicable law (and, in the case of any assignment of the Swing Line
Commitment, in compliance with Section 13.3.3), at any time assign to a Qualified Bank
(“Purchaser”) all or any part of its rights and obligations under the Loan Documents. Such
assignment shall be substantially in the form of Exhibit M or in such other form as may be
agreed to by the parties thereto (an “Assignment and Assumption”). Except as otherwise hereinafter
provided, the consent of the Borrower and the Administrative Agent shall be required prior to an
assignment becoming effective with respect to a Purchaser which is not a Lender or an Affiliate
thereof; provided, however, that if a Default has occurred and is continuing, the
consent of the Borrower shall not be required. Unless each of the Administrative Agent and the
Borrower otherwise consents (except that, if a Default has occurred and is continuing, the consent
of the Borrower shall not be required, including with respect to clause (b) below), (a) each such
assignment (other than an assignment of a Competitive Bid Loan) shall (unless it is an assignment
of a Lender’s entire interest in a Facility) be in an amount not less than $5,000,000 and in
integral multiples of $1,000,000, and (b), except as otherwise hereinafter provided, no assignment
shall be made that would reduce the sum of the Revolving Credit Commitment and Term Loans of a
Lender and its Affiliates (in the aggregate) to an amount less than the greater of (i) $10,000,000
or (ii) thirty-five percent (35%) of the sum of such Lender’s Revolving Credit Commitment and Term
Loans as of the date of this Agreement or as of any later date on which it first became a Lender
hereunder (or, in the case of this clause (ii), such lesser amount to which the Borrower may, in
its sole discretion, agree in writing). Notwithstanding the foregoing, if the Obligations shall
become due and payable, whether at maturity or by acceleration or otherwise, or any payment of
principal or interest hereunder shall not be paid within 45 days after such payment shall be due,
any Lender may assign all or (subject to the Administrative Agent’s consent to any assignment that
does not comply with the limitations contained in clause (a) above) any part of its rights and
obligations under the Loan Documents to any Person (other than the Borrower, the Company or any
Affiliate of the Borrower or of the Company) without consent by the Borrower or the Administrative
Agent. Any consents of the Borrower or the Administrative Agent under this Section 13.3.1 shall
not be unreasonably withheld or delayed.

     13.3.2. Effect; Effective Date. Upon (i) delivery to the Administrative Agent of an
Assignment and Assumption, together with any consents required by Section 13.3.1, and (ii) payment
of a $3,500 fee to the Administrative Agent for processing such assignment, such assignment shall
become effective on the effective date specified in such Assignment and Assumption. On and after
the effective date of such assignment, such Purchaser shall for all

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purposes be a Revolving Credit Lender and/or Term Lender (as applicable) party to this
Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all
the rights and obligations of a Revolving Credit Lender and/or Term Lender (as applicable) under
the Loan Documents, to the same extent as if it were an original party hereto, and no further
consent or action by any Loan Party, the Lenders or the Administrative Agent shall be required to
release the transferor Lender with respect to the percentage of the Aggregate Revolving Credit
Commitment and/or Loans (as applicable) assigned to such Purchaser. Upon the consummation of any
assignment to a Purchaser pursuant to this Section 13.3.2, the transferor Lender, the
Administrative Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that
its Loans be evidenced by Notes, make appropriate arrangements so that new Notes or, as
appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as
appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts
reflecting their respective Revolving Credit Commitments and/or Term Loans (as applicable), as
adjusted pursuant to such assignment. Such transferor Lender shall continue to be entitled to the
benefit of Sections 3.1, 3.2, 3.4, 3.5, 4.9 and 10.6(b) (to the extent such Lender’s entitlement to
such benefit arose out of its position as a Lender prior to the applicable assignment).

     13.3.3. Swing Line Commitment. The Swing Line Commitment may be assigned only to an
Affiliate of the Administrative Agent or to a successor Administrative Agent.

     13.4. Dissemination of Information. The Borrower and the Company authorize each
Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the
Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all
information in such Lender’s possession concerning the creditworthiness of the Borrower, the
Company and its Subsidiaries; provided that each Transferee and prospective Transferee
agrees in writing to be bound by Section 10.11 of this Agreement.

     13.5. Tax Treatment. If any interest in any Loan Document is transferred to any
Transferee which is organized under the laws of any jurisdiction other than the United States or
any State thereof, the transferor Lender shall cause such Transferee, concurrently with the
effectiveness of such transfer, to comply with the provisions of Section 3.5(d).

ARTICLE XIV

NOTICES

     14.1. Notices. Except as otherwise permitted by Section 2.12, all notices, requests
and other communications to any party hereunder shall be in writing (including electronic
transmission, facsimile transmission or similar writing) and shall be given to such party: (x) in
the case of the Borrower, the Company or the Administrative Agent, at the address(es) or facsimile
number(s) set forth on the signature pages hereof, (y) in the case of any Lender, at its address or
facsimile number set forth in its administrative questionnaire delivered to the Administrative
Agent or (z) in the case of any party, at such other address or facsimile number as such party may
hereafter specify for the purpose by notice to the Administrative Agent and the Borrower in
accordance with the provisions of this Section 14.1. Each such notice, request or other
communication shall be effective (i) if given by facsimile transmission, when transmitted to the
facsimile number specified in this Section and confirmation of receipt is received, (ii) if

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given by mail, 72 hours after such communication is deposited in the mails with first class
postage prepaid, addressed as aforesaid, or (iii) if given by any other means, when delivered (or,
in the case of electronic transmission, received) at the address specified in this Section;
provided that notices to the Administrative Agent or Swing Line Lender under Article II or
an Issuing Bank or the Administrative Agent under Article IV shall not be effective until received.

     14.2. Change of Address. The Borrower, the Company, the Administrative Agent and any
Lender may each change the address for service of notice upon it by a notice in writing to the
other parties hereto.

ARTICLE XV

COUNTERPARTS

     This Agreement may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing
any such counterpart. This Agreement shall be effective when it has been executed by the Borrower,
the Administrative Agent and the Lenders and each party has notified the Administrative Agent by
facsimile transmission or telephone that it has taken such action.

ARTICLE XVI

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

     16.1. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY
EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT
THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO
NATIONAL BANKS.

     16.2. CONSENT TO JURISDICTION. THE BORROWER AND THE COMPANY HEREBY IRREVOCABLY SUBMIT
TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN
NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS,
AND THE BORROWER AND THE COMPANY HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVE ANY OBJECTION
THEY MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF
THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER, THE COMPANY OR
ANY OTHER LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION.

     16.3. WAIVER OF JURY TRIAL. THE BORROWER, THE COMPANY AND THE ADMINISTRATIVE AGENT
AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY

99

 

WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP
ESTABLISHED THEREUNDER.

100

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	BORROWER:

FIRST HUNTINGDON FINANCE CORP.

 	 
	 	By:  	/s/ Joel H. Rassman
 	 
	 	 	Joel H. Rassman, Executive Vice President and	 
	 	 	Chief Financial Officer 	 
	 
	 	COMPANY:

TOLL BROTHERS, INC.

 	 
	 	By:  	/s/
Joel H. Rassman 	 
	 	 	Joel H. Rassman, Executive Vice President and	 
	 	 	Chief Financial Officer 	 
	 

Addresses for the Borrower and the Company:

Toll Brothers, Inc.

250 Gibraltar Road

Horsham, PA 19044

Attention: Joel Rassman

Telecopy: 215/938-8010

with copies to:

Toll Brothers, Inc.

250 Gibraltar Road

Horsham, PA 19044

Attention: Robert Toll

Telecopy: 215/938-8010

And

Toll Brothers, Inc.

250 Gibraltar Road

Horsham, PA 19044

Attention: Don H. Liu

Telecopy: 215/938-8255

101

 

And

Ballard Spahr Andrews & Ingersoll, LLP

1735 Market Street

51st Floor

Philadelphia, PA 19103-7599

Attention: Richard Perelman

Telecopy: 215/864-8999

102

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

Individually and as Administrative Agent

 	 
	 	By:  	/s/
Kimberly Turwer 	 
	 	 	Name: 	Kimberly Turwer 	 
	 	 	Title:  	VICE
PRESIDENT	 
	 
	 	 	 
	 	JPMorgan Chase Bank, N.A. 	 
	 	270 Park Avenue —
15th
Fl.

New York, NY  10017

Attention:  Daniella Cassagnol

Telecopy: (212) 270-3513 	 
	 
	 	with a copy to
 	 
	 	 	 
	 	JPMorgan Chase Bank, N.A. 	 
	 	277 Park Avenue —
3rd
Fl.

New York, NY  10072

Attention:  Kimberly Turner

Telecopy: (646) 534-0574 	 
	 

103

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC

 	 
	 	By:  	/s/ David Apps
 	 
	 	 	Name:  	David Apps 	 
	 	 	Title:  	Managing Director 	 

103(A)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Stephen B. Carlson
 	 
	 	 	Name:  	Stephen B. Carlson 	 
	 	 	Title:  	Vice President 	 

103(B)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	BANK OF COMMUNICATIONS,
 NEW YORK BRANCH

 	 
	 	By:  	/s/ Shelley He
 	 
	 	 	Name:  	Shelley He 	 
	 	 	Title:  	Deputy General Manager 	 

103(C)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	BANK HAPAOLIM B.M.

 	 
	 	By:  	/s/ James P. Surless
 	 
	 	 	Name:  	JAMES P. SURLESS 	 
	 	 	Title:  	VICE PRESIDENT 	 

	 	 	 	 	 
	 	
 	 
	 	By:  	/s/
Lenroy Hackett
 	 
	 	 	Name:  	LENROY HACKETT 	 
	 	 	Title:  	FIRST VICE PRESIDENT 	 

103(D)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	BNP PARIBAS

 	 
	 	By:  	/s/ Duane Helkowski
 	 
	 	 	Name:  	DUANE HELKOWSKI 	 
	 	 	Title:  	MANAGING DIRECTOR 	 

	 	 	 	 	 
	 	
 	 
	 	By:  	/s/ Angela B. Arnold
 	 
	 	 	Name:  	ANGELA B. ARNOLD 	 
	 	 	Title:  	Director 	 

103(E)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	CALIFORNIA BANK AND TRUST

 	 
	 	By:  	/s/ Aegea Herring
 	 
	 	 	Name:  	AEGEA HERRING 	 
	 	 	Title:  	SENIOR VICE PRESIDENT 	 

103(F)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH

 	 
	 	By:  	/s/ Samuel L. Hill
 	 
	 	 	Samuel L. Hill  	 
	 	 	Managing Director  	 

	 	 	 	 	 
	 	
 	 
	 	By:  	/s/ Robert Nelson
 	 
	 	 	Robert Nelson  	 
	 	 	Managing Director  	 

103(G)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC.

 	 
	 	By:  	/s/ Niraj R. Shah
 	 
	 	 	Name:  	Niraj R. Shah 	 
	 	 	Title:  	Vice President 	 

103(H)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By:  	/s/ Charles Weddell
 	 
	 	 	Name:  	Charles Weddell 	 
	 	 	Title:  	Vice President 	 

103(I)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	COMMERCE BANK, N.A.

 	 
	 	By:  	/s/ Seth Mackler
 	 
	 	 	Name:  	Seth Mackler 	 
	 	 	Title:  	Vice President 	 

103(J)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	COMPASS BANK

 	 
	 	By:  	/s/ Johanna Dukepalk
 	 
	 	 	Name:  	JOHANNA DUKEPALK 	 
	 	 	Title:  	SENIOR VICE PRESIDENT 	 

103(K)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	FIFTH THIRD BANK

 	 
	 	By:  	/s/ Christine L. Wagner
 	 
	 	 	Name:  	Christine L. Wagner 	 
	 	 	Title:  	Vice President 	 

103(L)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	FIRST COMMERCIAL BANK, NEW YORK AGENCY

 	 
	 	By:  	/s/ Bruce M. J. Ju
 	 
	 	 	Name:  	Bruce M. J. Ju 	 
	 	 	Title:  	VP & General Manager 	 

103(M)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATE CREDIT AGREEMENT

	 	 	 	 	 
	 	GUARANTY BANK

 	 
	 	By:  	/s/ Amy Satsky
 	 
	 	 	Name:  	Amy Satsky 	 
	 	 	Title:  	Vice President 	 

103(N)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	HSBC BANK USA, N.A.

 	 
	 	By:  	/s/ Timothy J. Mertens
 	 
	 	 	Name:  	Timothy J. Mertens 	 
	 	 	Title:  	Vice President 	 

103(O)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	HYPO REAL ESTATE CAPITAL CORPORATION

 	 
	 	By:  	/s/ Celeste Stinson
 	 
	 	 	Name:  	Celeste Stinson 	 
	 	 	Title:  	Director 	 

	 	 	 	 	 
	 	
 	 
	 	By:  	/s/ Roy Chin
 	 
	 	 	Name:  	ROY CHIN 	 
	 	 	Title:  	MANAGING DIRECTOR 	 

103(P)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	INTERNATIONAL COMMERCIAL BANK
 OF CHINA NEW YORK AGENCY

 	 
	 	By:  	/s/ Nae-Yee Lung
 	 
	 	 	Name:  	NAE-YEE LUNG 	 
	 	 	Title:  	EVP & GENERAL MANAGER 	 

103(Q)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	KBC BANK N.V.

 	 
	 	By:  	/s/ Christopher Niederprlem
 	 
	 	 	Name:  	CHRISTOPHER NIEDERPRLEM 	 
	 	 	Title:  	Account Officer Associate 	 

	 	 	 	 	 
	 	
 	 
	 	By:  	/s/ Robert Snauffer
 	 
	 	 	Name:  	Robert Snauffer 	 
	 	 	Title:  	First Vice President 	 

103(R)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	LASALLE BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Leticia Ruiz
 	 
	 	 	Name:  	Leticia Ruiz 	 
	 	 	Title:  	First Vice President 	 

103(S)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	MANUFACTURERS AND TRADERS TRUST COMPANY

 	 
	 	By:  	/s/ Brian J. Sohocki
 	 
	 	 	Name:  	Brian J. Sohocki 	 
	 	 	Title:  	Vice President 	 

103(T)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD.

 	 
	 	By:  	/s/ Raymond Ventura
 	 
	 	 	Name:  	Raymond Ventura 	 
	 	 	Title:  	Deputy General Manager 	 

103(U)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	NATEXIS BANQUE POPULAIRES

 	 
	 	By:  	/s/ Guillaume De Parscau
 	 
	 	 	Name:  	Guillaume De Parscau 	 
	 	 	Title:  	Business Development — First Vice President 	 

	 	 	 	 	 
	 	
 	 
	 	By:  	/s/ Patrick Owens
 	 
	 	 	Name:  	Patrick Owens 	 
	 	 	Title:  	Financials Institutions, VP, Group Manager 	 

103(V)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	WASHINGTON MUTUAL BANK, FA

 	 
	 	By:  	/s/
Paul S. Ulrich
 	 
	 	 	Name:  	Paul S. Ulrich 	 
	 	 	Title:  	SVP 	 

103(W)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	THE NORINCHUKIN BANK,
NEW YORK BRANCH

 	 
	 	By:  	/s/ Toshifumi Tsukitani
 	 
	 	 	Name:  	Toshifumi Tsukitani 	 
	 	 	Title:  	General Manager 	 

103(X)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY

 	 
	 	By:  	/s/ Daniel R. Hintzen
 	 
	 	 	Name:  	Daniel R. Hintzen 	 
	 	 	Title:  	Vice President 	 

103(Y)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	NORTH FORK BANK

 	 
	 	By:  	/s/ Philip Davi
 	 
	 	 	Name:  	Philip Davi 	 
	 	 	Title:  	Senior Vice President 	 

103(Z)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION

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

103(AA)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	SUNTRUST BANK

 	 
	 	By:  	/s/ W. John Wendler
 	 
	 	 	Name:  	W. John Wendler 	 
	 	 	Title:  	Senior Vice President 	 

103(AB)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Jeffrey D. Wallace
 	 
	 	 	Name:  	Jeffrey D. Wallace 	 
	 	 	Title:  	Senior Vice President 	 

103(AC)

 

SIGNATURE PAGE TO FIRST HUNTINGDON FINANCE CORP. AMENDED AND

RESTATED CREDIT AGREEMENT

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORP.

 	 
	 	By:  	/s/ William M. Ginn
 	 
	 	 	Name:  	William M. Ginn 	 
	 	 	Title:  	General Manager 	 

103(AD)

 

PRICING SCHEDULE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Level I	 	Level II	 	Level III	 	Level IV	 	Level V
	Rating
	 	BBB+/Baa1 or higher	 	BBB/Baa2	 	BBB-/Baa3	 	BB+/Ba1	 	BB/Ba2 or lower
	Leverage Ratio
	 	 	£ .50x	 	 	 	> .50x £ .75x	 	 	 	> .75x £ 1.25x	 	 	 	>1.25x £1.75x	 	 	 	> 1.75x	 
	Applicable Ratable
Advance Margin for
Revolving Credit
Facility for
Eurodollar Rate and
Fixed CD Rate Loans
and LC Fee Rate
	 	 	0.375	%	 	 	0.475	%	 	 	0.575	%	 	 	0.775%                	 	 	 	0.90	%
	Facility Fee for
Revolving Credit
Facility
	 	 	0.125	%	 	 	0.15	%	 	 	0.175	%	 	 	0.225%                	 	 	 	0.225	%
	Applicable Ratable
Advance Margin for
Term Loan Facility
for Eurodollar Rate
and Fixed CD Rate
Loans
	 	 	0.375	%	 	 	0.50	%	 	 	0.625%                 	 	 	 	0.75%                 	 	 	 	1.00	%

For the purposes of this Schedule, the following terms have the following meanings,
subject to the final paragraph of this Schedule:

     “Financials” means the annual or quarterly financial statements of the Company delivered
pursuant to Section 6.4 or Section 7.1(i) or (ii).

     “Level” means the level (whether I, II, III, IV or V) in the foregoing table that corresponds
to an applicable item in any other column in the foregoing table. By way of illustration, the
Rating Level of Level IV is BB+/Ba1. For purposes of comparing Levels, Level I is referred to as
the lowest Level and Level V as the highest Level.

     “Pricing Level” means, with respect to the Applicable Margins, at any date, the Level in the
foregoing table that corresponds to the lower of (a) the then current Level of the Rating and (b)
the then current Level of the Leverage Ratio, unless (i) the Level of the Leverage Ratio and the
Level of the Rating differ by two or more Levels, in which event the Pricing Level shall be one
Level lower than the higher of such two Levels or (ii) the Company has no Qualified Rating from a
Qualified Rating Agency, in which event the Pricing Level shall be one Level higher than the Level
of the Leverage Ratio.

     The Applicable Margins shall be determined in accordance with the foregoing table based on the
then current Pricing Level. Adjustments, if any, in the Applicable Margins resulting from a change
in the Leverage Ratio shall be effective five Business Days after the Administrative Agent has
received the applicable Financials. If the Borrower fails to deliver the Financials to the
Administrative Agent at the time required pursuant to Section 7.1, then, until five days after such
Financials are so delivered, the Applicable Margins shall be at the Level of the Rating or, if the
Company has no Qualified Rating from a Qualified Rating Agency, at the highest Pricing Level set
forth in the foregoing table. If the annual Financial Statements at any time delivered

1

 

pursuant to Section 7.1(i) result in a Pricing Level that is higher than the Pricing Level
that was in effect at any time on or after the first day of the third calendar month (the
“Adjustment Date”) following the fiscal year to which such Financial Statements apply, there shall
be a retroactive adjustment of the Pricing Level to the Adjustment Date such that all interest and
fees determined hereunder from and after the Adjustment Date shall be determined as if such higher
Pricing Level were in effect on the Adjustment Date. To the extent that the Borrower has
theretofore made any payments of interest or fees with respect to the period from and after such
Adjustment Date, the Borrower will pay to the Administrative Agent for the account of the Lenders,
within ten (10) days of request therefor, an amount equal to the amount by which (A) the amount of
interest and fees that would have been payable hereunder, on any date on which payments were made
hereunder on or after the Adjustment Date and on or before the date of such request, had such
payments been based upon the higher Pricing Level exceed (B) the interest and fees actually paid on
any such date. Interest and fees payable hereunder after such request shall be based upon the
adjusted Pricing Level. The Rating in effect on any date for the purposes of this Pricing Schedule
is that in effect at the close of business on such date.

2

 

EXHIBIT A

FORM OF COMPETITIVE BID NOTE

                    ,
200_

     First Huntingdon Finance Corp., a Delaware corporation (the “Borrower”), promises to pay, on
or before the Revolving Credit Facility Termination Date, to the order of                                         
(the “Lender”) the aggregate unpaid principal amount of all Competitive Bid Loans made by the
Lender to the Borrower pursuant to Article II of the Credit Agreement hereinafter referred to (as
the same may be amended or modified, the “Agreement”), in lawful money of the United States in
immediately available funds at the main office of JPMorgan Chase Bank, N.A., as Administrative
Agent, in New York, New York, together with interest, in like money and funds, on the unpaid
principal amount hereof at the rates and on the dates determined in accordance with the Agreement.

     This Note (Competitive Bid Loans) is one of the Notes issued pursuant to, and is entitled to
the benefits of the Amended and Restated Credit Agreement dated as of March 17, 2006, among the
Borrower, Toll Brothers, Inc., JPMorgan Chase Bank, N.A., individually and as Administrative Agent,
and the lenders named therein, including the Lender, to which Agreement, as it may be amended from
time to time, reference is hereby made for a statement of the terms and conditions under which this
Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not
otherwise defined herein are used with the meanings attributed to them in the Agreement.

	 	 	 	 	 
	 	FIRST HUNTINGDON FINANCE CORP.

 	 
	 	By:  	 	 
	 	 	Title:  	 	 
	 	 	 	 

3

 

EXHIBIT B

FORM OF COMPETITIVE BID QUOTE

(Section 2.3.4)

                    , 20  

	To:	 	JPMorgan Chase Bank, N.A., as Administrative Agent (1)

Attn:                                                            
	 
	Re:	 	Competitive Bid Quote to First Huntingdon Finance Corp. (the “Borrower”)

In response to your Invitation for Competitive Bid Quotes dated                     , 200_, the undersigned
hereby makes the following Competitive Bid Quote pursuant to Section 2.3.4 of the Amended and
Restated Credit Agreement dated as of March 17, 2006 (the “Agreement”) among the Borrower, Toll
Brothers, Inc., the Lenders (including the undersigned) party thereto and JPMorgan Chase Bank,
N.A., as Administrative Agent, on the following terms:

	1.	 	Quoting Lender:
                                                                            

	 
	2.	 	Person to contact at Quoting Lender:                                             
	 
	3.	 	Borrowing Date:
                    , 20___ (2)
	 
	4.	 	The undersigned hereby offers to make Competitive Bid Loan(s) in the following principal
amounts, for the following Interest Periods and at the following rates:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Interest	 	 	[Competitive	 	 	[Absolute	 	 	Minimum	 
	Principal Amount(3)	 	Period(4)	 	 	Bid Margin(5)]	 	 	Rate(6)]	 	 	Amount(7)	 
	 
	$________
	 	 	 	 	 	 	                    	%	 	 	                    	%	 	$	                    	 

	5.	 	The maximum aggregate amount of the Competitive Bid Loans offered above which may be accepted
by the Borrower is $                    .(8)

1

 

     The undersigned understands and agrees that, subject to the satisfaction of the applicable
conditions set forth in the Agreement, the undersigned is irrevocably obligated to make to the
Borrower any Competitive Bid Loans(s) for which any of the foregoing offers is accepted, in whole
or (subject to the limitations, if any, set forth above and the terms of the Agreement) in part.
Capitalized terms used herein have the meaning assigned to them in the Agreement.

	 	 	 	 	 
	 	Very truly yours,

[NAME OF REVOLVING CREDIT LENDER]

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 

 

			
	1.	 	Change to First Huntingdon Finance Corp. if it is the Competitive Bid Agent
	 
	2.	 	As specified in the related Invitation.
	 
	3.	 	Principal amount bid for each Interest Period may not exceed principal amount requested.
Bids must be made in an integral multiple of $1,000,000.
	 
	4.	 	As specified in the related Invitation.
	 
	5.	 	Competitive Bid Margin over or under the Adjusted LIBO Rate determined for the applicable
Interest Period. Specify percentage (rounded to the nearest 1/100 of 1%) and specify whether
“PLUS” or “MINUS.”
	 
	6.	 	Specify rate of interest per annum (rounded to the nearest 1/100 of 1%).
	 
	7.	 	Specify minimum amount which the Borrower may accept (see Section 2.3.4(b)(iv)).
	 
	8.	 	When more than one Competitive Bid Loan is offered, specify the maximum aggregate amount
which may be accepted (see Section 2.3.4(b)(vi)).

2

 

EXHIBIT C

FORM OF COMPETITIVE BID QUOTE REQUEST

(Section 2.3.2)

                    , 20  

	To:	 	JPMorgan Chase Bank, N.A.,

as Administrative Agent (the “Administrative Agent”)
	 
	From:	 	First Huntingdon Finance Corp. (the “Borrower”)
	 
	Re:	 	Amended and Restated Credit Agreement (the “Agreement”) dated as of
March 17, 2006, among the Borrower, Toll Brothers, Inc., JPMorgan
Chase Bank, N.A., individually and as Administrative Agent, and the
Lenders party thereto.

     The undersigned hereby gives notice pursuant to Section 2.3.2 of the Agreement that the
Borrower requests Competitive Bid Quotes for the following proposed Competitive Bid Advance(s):

     Borrowing Date:                                         , 200_

	 	 	 	 	 
	Principal Amount(1)	 	Interest Period (2)	 
	 
	 	 	 	 
	$
	 	 	 	 

     Such Competitive Bid Quotes should offer a [Competitive Bid Margin][Absolute Rate]

     The Competitive Bid Agent with respect to this request shall be the [Administrative
Agent/Borrower]

     Upon acceptance by the undersigned of any or all of the Competitive Bid Advances offered by
Revolving Credit Lenders in response to this request, the Borrower shall be deemed to affirm as of
such date the representations and warranties made in the Agreement to the extent specified in
Article V thereof. Capitalized terms used herein have the meanings assigned to them in the
Agreement.

	 	 	 	 	 
	 	FIRST HUNTINGDON FINANCE CORP.

 	 
	 	By:  	 	 
	 	 	Title:  	 	 
	 	 	 	 
	 

 

			
	9.	 	Amount must be at least $10,000,000 and an integral multiple of $1,000,000.

1

 

			
	10.	 	One, two, three, six, nine or twelve months (Eurodollar Auction) or at least 30 and up to 360
days (Absolute Rate Auction), subject to the provisions of the definitions of Eurodollar
Interest Period and Competitive Bid Interest Period.

2

 

EXHIBIT D

FORM OF INVITATION FOR COMPETITIVE BID QUOTES

(Section 2.3.3)

                    , 20__

	To:	 	[Name of Revolving Credit Lender]
	 
	Re:	 	Invitation for Competitive Bid Quotes to First Huntingdon Finance
Corp. (the “Borrower”)

     Pursuant to Section 2.3.3 of the Amended and Restated Credit Agreement dated as of March 17,
2006 (the “Agreement”) among the Borrower, Toll Brothers, Inc., the Lenders party thereto and
JPMorgan Chase Bank, N.A., as Administrative Agent, the undersigned is pleased [on behalf of the
Borrower] to invite you to submit Competitive Bid Quotes to the Borrower for the following proposed
Competitive Bid Advance(s):

     Borrowing Date:                                         ,
          

	 	 	 	 	 
	Principal Amount	 	Interest Period	 
	 
	 	 	 	 
	$
	 	 	 	 

     Such Competitive Bid Quotes should offer a [Competitive Bid Margin][Absolute Rate]. Your
Competitive Bid Quote must comply with Section 2.3.4 of the Agreement and the foregoing terms on
which the Competitive Bid Quote Request was made. Capitalized terms used herein have the meanings
assigned to them in the Agreement.

     Please respond to this invitation by no later than 10:00 a.m. New York time on                     , 20___.

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as Administrative Agent (1)

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

 

			
	11.	 	Change to First Huntingdon Finance Corp. if it is the Competitive Bid Agent

1

 

EXHIBIT E-1

FORM OF

REVOLVING CREDIT NOTE

			
	$                    
	 	                    , 200_

     First Huntingdon Finance Corp., a Delaware corporation (the “Borrower”), promises to pay to
the order of                                                                   
  
(the “Lender”) the lesser of the principal sum of                                                              Dollars or the aggregate unpaid principal amount of all Revolving Credit
Ratable Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as
hereinafter defined), in immediately available funds at the main office of JPMorgan Chase Bank,
N.A. in New York, New York, as Administrative Agent, together with interest on the unpaid principal
amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the
principal of and accrued and unpaid interest on the Loans in full on the Revolving Credit Facility
Termination Date.

     This Revolving Credit Note is one of the Revolving Credit Notes issued pursuant to, and is
entitled to the benefits of, the Amended and Restated Credit Agreement dated as of March 17, 2006
(which, as it may be amended or modified and in effect from time to time, is herein called the
“Agreement”), among the Borrower, Toll Brothers, Inc., the lenders party thereto, including the
Lender, and JPMorgan Chase Bank, N.A., as Administrative Agent, to which Agreement reference is
hereby made for a statement of the terms and conditions governing this Note, including the terms
and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized
terms used herein and not otherwise defined herein have the meanings attributed to them in the
Agreement.

	 	 	 	 	 
	 	FIRST HUNTINGDON FINANCE CORP.

 	 
	 	By:  	 	 
	 	 	Title:  	 	 
	 	 	 	 

1

 

	 	 	 	 	 

EXHIBIT
E-2

FORM OF
TERM LOAN NOTE

			
	$                    
	 	                    , 200_

     First Huntingdon Finance Corp., a Delaware corporation (the “Borrower”), promises to pay to
the order of                                                                              
  (the “Lender”) the lesser of the principal sum of                                          Dollars or the aggregate unpaid principal amount of all Term Loans made by the
Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in
immediately available funds at the main office of JPMorgan Chase Bank, N.A. in New York, New York,
as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates
and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued
and unpaid interest on the Loans in full on the Term Maturity Date.

     This Term Note is one of the Term Notes issued pursuant to, and is entitled to the benefits
of, the Amended and Restated Credit Agreement dated as of March 17, 2006 (which, as it may be
amended or modified and in effect from time to time, is herein called the “Agreement”), among the
Borrower, Toll Brothers, Inc., the lenders party thereto, including the Lender, and JPMorgan Chase
Bank, N.A., as Administrative Agent, to which Agreement reference is hereby made for a statement of
the terms and conditions governing this Note, including the terms and conditions under which this
Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not
otherwise defined herein have the meanings attributed to them in the Agreement.

	 	 	 	 	 
	 	FIRST HUNTINGDON FINANCE CORP.

 	 
	 	By:  	 	 
	 	 	Title:  	 	 
	 	 	 	 
	 

1

 

EXHIBIT F

FORM OF
SWING LINE NOTE

			
	$50,000,000
	 	                                        , 200___

     First Huntingdon Finance Corp., a Delaware corporation (the “Borrower”), promises to pay to
the order of JPMorgan Chase Bank, N.A. (the “Swing Line Lender”) the lesser of the principal sum of
Fifty Million Dollars ($50,000,000) or the aggregate unpaid principal amount of all Swing Line
Loans made by the Swing Line Lender to the Borrower pursuant to Section 2.19 of the Agreement (as
hereinafter defined), in immediately available funds at the main office of JPMorgan Chase Bank,
N.A. in New York, New York as Administrative Agent, together with interest on the unpaid principal
amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the
principal of each Swing Line Loan in full on the first to occur of (a) the third Business Day
following the making of such Swing Line Loan and (b) the Revolving Credit Facility Termination
Date.

     This Note (Swing Line Loans) is one of the Notes issued pursuant to, and is entitled to the
benefits of, the Amended and Restated Credit Agreement dated as of March 17, 2006 (which, as it may
be amended or modified and in effect from time to time, is herein called the “Agreement”), among
the Borrower, Toll Brothers, Inc., the lenders party thereto, including the Swing Line Lender, and
JPMorgan Chase Bank, N.A., as Administrative Agent, to which Agreement reference is hereby made for
a statement of the terms and conditions governing this Note, including the terms and conditions
under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used
herein and not otherwise defined herein have the meanings attributed to them in the Agreement.

	 	 	 	 	 
	 	FIRST HUNTINGDON FINANCE CORP.

 	 
	 	By:  	 	 
	 	 	Title:	 	 
	 	 	 	 

1

 

	 	 	 	 	 

EXHIBIT G

FORM OF COMMITMENT AND ACCEPTANCE*

     This Commitment and Acceptance (this “Commitment and Acceptance”) dated as of                                         ,
                    , is entered into among the parties listed on the signature pages hereof.
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to
them in the Credit Agreement (as defined below).

PRELIMINARY STATEMENTS

     Reference is made to that certain Amended and Restated Credit Agreement dated as of March 17,
2006 by and among First Huntingdon Finance Corp., Toll Brothers, Inc., JPMorgan Chase Bank, N.A.,
as Administrative Agent, and the Lenders that are parties thereto (as amended, modified,
supplemented or restated from time to time, the “Credit Agreement”).

     Pursuant to Section 2.18 of the Credit Agreement, the Borrower has requested an increase in
the Aggregate Revolving Credit Commitment from $                                         to $                                        . Such
increase in the Aggregate Revolving Credit Commitment is to become effective on                                                              ,
                     (the “Increase Date”).** In connection with such requested increase in the
Aggregate Commitment, the Borrower, the Administrative Agent and                                          (the “Accepting
Lender”) hereby agree as follows:

     ACCEPTING LENDER’S COMMITMENT. Effective as of the Increase Date, [the Accepting
Lender shall become a party to the Credit Agreement as a Lender, shall have (subject to the
provisions of Section 2.18 of the Credit Agreement) all of the rights and obligations of a Lender
thereunder, agrees to be bound by the terms and provisions thereof and shall thereupon have a
Revolving Credit Commitment under and for purposes of the Credit Agreement in an amount equal to
the] [the Revolving Credit Commitment of the Accepting Lender under the Credit Agreement shall be
increased from $                                         to the] amount set forth opposite the Accepting Lender’s name
on the signature pages hereof.

     [REPRESENTATIONS AND AGREEMENTS OF ACCEPTING LENDER. The Accepting Lender (a)
represents and warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Commitment and Acceptance and to consummate the transactions
contemplated hereby and to become a Revolving Credit Lender under the Credit Agreement, (ii) it is
a Qualified Bank, (iii) from and after the Increase Date, it shall be bound by the provisions of
the Credit Agreement as a Revolving Credit Lender thereunder and, to the extent of its Revolving
Credit Commitment, shall have the obligations of a Revolving Credit Lender thereunder, (iv) it has
received a copy of the Credit Agreement, together with copies of the most recent financial
statements

 

			
	*	 	Form to be revised for increases in Term Loan
Facility.
	 
	**	 	This date is to be agreed upon by the Borrower,
the Administrative Agent and the Accepting
Lender. See Section 2.18(c) of the Credit Agreement.

1

 

delivered pursuant to Section 7.1 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Commitment and Acceptance on the basis of which it has made such analysis and decision
independently and without reliance on the Administrative Agent or any other Lender, and (v) if it
is a Non-U.S. Lender , attached to this Commitment and Acceptance is any documentation required to
be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by
the Accepting Lender; and (b) agrees that (i) it will, independently and without reliance on the
Administrative Agent, or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a
Revolving Credit Lender.]***

     REPRESENTATIONS OF BORROWER. The Borrower hereby represents and warrants that, as of
the date hereof and as of the Increase Date, (a) no event or condition shall have occurred and then
be continuing which constitutes a Default or Unmatured Default (except for (a) Unmatured Defaults
that will be cured, and that the Borrower hereby certifies will be cured, by the use of the
proceeds of an Advance that the Borrower has requested under the Credit Agreement or by the
issuance, amendment or extension of a Facility Letter of Credit that the Borrower has requested
hereunder or (b) Unmatured Defaults (other than the failure to pay any Obligation) that are not
reasonably likely to have a Material Adverse Effect and that the Borrower hereby certifies that it
reasonably expects to cure before the date on which the same becomes a Default) and (b) the
representations and warranties contained in Article VI of the Credit Agreement are true and correct
in all material respects (except to the extent any such representation or warranty is stated to
relate solely to an earlier date).

     ADMINISTRATIVE AGENT’S FEE. On or before the Increase Date, the Accepting Lender
shall pay to the Administrative Agent an administrative fee in the amount of $3,500.00.

     GOVERNING LAW. This Commitment and Acceptance shall be governed by the internal law,
and not the law of conflicts, of the State of New York.

 

			
	***	 	Paragraph 2 is to be included only if the
Accepting Lender is not already a Revolving Credit Lender prior to the Increase
Date.

2

 

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

	 	 	 	 	 
	 	FIRST HUNTINGDON FINANCE CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	TOLL BROTHERS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A.,

As Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	$                                                            

 	[NAME OF ACCEPTING LENDER]

	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

3

 

EXHIBIT H

Form of Opinion of Company’s General Counsel

          
          
          
          
March ___, 2006

	To: 	 	The Administrative Agent and each Lender Party

to the Credit Agreement Referred to Below

c/o JPMorgan Chase Bank, N.A., as Administrative Agent

270 Park Avenue

New York, NY 10017

	 	Re: 	 	Credit Agreement (the “Credit Agreement”), dated as of the date 
hereof, among First Huntingdon Finance Corp., (the “Borrower”), 
Toll Brothers, Inc. (the “Company”), the lenders party thereto 
(collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as 
Administrative Agent, and the other agent(s) party thereto 

Gentlemen:

     I am the General Counsel of the Borrower, the Company and the affiliates of the Company
identified on the signature pages to the Guaranty referred to herein (such other entities, the
“Designated Guarantors”; together with the Borrower and the Company, the “Loan Parties”), and have
acted in that capacity in connection with the execution and delivery of the Credit Agreement and
the transactions contemplated thereby. This opinion is furnished to you pursuant to Section
5.1(viii) of the Credit Agreement. Unless otherwise defined in this opinion, capitalized terms are
used herein as defined in the Credit Agreement.

     In so acting, I, or people under my supervision, have examined executed originals or
counterparts of the following documents, each dated the date hereof (the “Loan Documents”):

          the Credit Agreement;

          the Notes executed in connection with the closing
of the Credit Agreement; and

          the Guaranty made by the Company and the Designated
Guarantors.

     I have also examined, and relied upon the accuracy of factual matters contained in, originals
or copies, certified or otherwise identified to our satisfaction, of such corporate records,
agreements and other documents, and of certificates or comparable documents of public officials

1

 

and of officers and representatives of the Loan Parties and have made such examinations of law
as I have deemed necessary in connection with the opinions set forth below.

     I have assumed the legal capacity and competence of natural persons, the genuineness of all
signatures, the authenticity of all documents submitted to me as originals and the conformity to
original documents of documents submitted to me as certified, conformed, photostatic or facsimile
copies.

     I have also assumed, without verification, that each of the Designated Guarantors is validly
subsisting and in good standing under the laws of the state of its incorporation or formation.

     Based upon the foregoing and subject to the assumptions, exceptions, limitations and
qualifications set forth herein, I am of the opinion that:

     Each of the Designated Guarantors is an entity validly formed under the laws of the state of
its formation.

     Each of the Designated Guarantors has the corporate power and authority to enter into and
perform its obligations under the Loan Documents to which it is a party and to incur the
obligations provided therein, and has taken all action necessary (including shareholder approvals
to the extent necessary) to authorize the execution, delivery and performance of the Loan Documents
to which it is a party.

     Each Loan Document has been duly executed and delivered on behalf of each Designated Guarantor
which is a party to such Loan Document.

     I express no opinion as to the law of any jurisdiction other than the federal law of the
United States, the law of the Commonwealth of Pennsylvania and the General Corporation Law of the
State of Delaware.

     This opinion may be relied upon by you and any financial institution which becomes a Lender or
Participant only in connection with the consummation of the transactions described herein and may
not be used or relied upon by you or any other person for any other purpose, without in each
instance my prior written consent.

2

 

     This opinion is limited to the matters expressly stated herein. No implied opinion may be
inferred to extend this opinion beyond the matters expressly stated herein. I do not undertake to
advise you or anyone else of any changes in the opinions expressed herein resulting from changes in
law, changes in facts or any other matters that hereafter might occur or be brought to my
attention.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	 	 
	 	Don H. Liu 	 
	 	Senior Vice President and

General Counsel 	 
	 

3

 

EXHIBIT I

Form of Opinion of

Ballard Spahr Andrews and Ingersoll, LLP

March ___, 2006

The Administrative Agent and each Lender Party

to the Credit Agreement Referred to Below

c/o JPMorgan Chase Bank, N.A., as Administrative Agent

270 Park Avenue

New York, NY 10014

	 	Re:	 	 Credit Agreement (the “Credit Agreement”), dated as of the date hereof,
among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers,
Inc. (the “Company”), the lenders party thereto (collectively, the
“Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent and the
other agents party thereto

Gentlemen:

          We have acted as counsel to the Borrower, the Company and the affiliates of the Company
identified on the signature pages to the Guaranty referred to herein (such other entities, the
“Designated Guarantors”; together with the Borrower and the Company, the “Loan Parties”), in
connection with the execution and delivery of the Credit Agreement and the transactions
contemplated thereby. This opinion is furnished to you pursuant to Section 5.1(viii) of the Credit
Agreement. Unless otherwise defined in this opinion, capitalized terms are used herein as defined
in the Credit Agreement.

          In so acting, we have examined executed originals or counterparts of the following documents,
each dated the date hereof (the “Loan Documents”):

          the Credit Agreement;

          the Notes executed in connection with the closing of the Credit
Agreement; and

          the Guaranty made by the Company and the Designated Guarantors.

          We have reviewed such documents and made such examination of law as we have deemed appropriate
to give the opinions set forth below. We have relied, without independent verification, on
certificates of public officials, and, as to matters of fact material to our opinions also without
independent verification, on representations made in the Loan Documents and certificates and other
inquiries of officers of the Loan Parties. We have also relied on a letter from CT Corporation, a
copy of which has been provided to the Administrative Agent, stating that based on its search of
the records of the Pennsylvania Corporation Bureau on March ___,

1

 

The Administrative Agent and each Lender Party

the Credit Agreement Referred to Below

c/o JPMorgan Chase Bank, N.A., as Administrative Agent

March ___, 2006

Page 2

2006, the Company is qualified as a foreign corporation in the Commonwealth of Pennsylvania
(the “Service Letter”).

          When the phrase “to our knowledge” or an equivalent phrase is used in this opinion, its
purpose is to limit the statements it qualifies to the actual knowledge of lawyers in this firm
responsible for preparing this opinion after such inquiry as they deemed appropriate. We have not
examined any records of any court, administrative tribunal or other similar entity in connection
with our opinion.

          We have assumed the legal capacity and competence of natural persons, the genuineness of all
signatures, the authenticity of all documents submitted to us as originals, the conformity to
original documents of documents submitted to us as certified, conformed, photostatic, electronic or
facsimile copies, and the completeness of all documents reviewed by us.

          We have also assumed, without independent verification (i) that each of the Designated
Guarantors is validly existing and in good standing under the laws of the state of its
incorporation or formation, (ii) that the parties to the Loan Documents and the other agreements,
instruments and documents executed in connection therewith, other than the Borrower and the
Company, have the power (including, without limitation, corporate power where applicable) and
authority to enter into and perform the Loan Documents and such other agreements, instruments and
documents, (iii) the due authorization, execution and delivery by such parties other than the
Borrower and the Company, of each Loan Document and such other agreements, instruments and
documents, and (iv) that the Loan Documents and such other agreements, instruments and documents
constitute legal, valid and binding obligations of each such party, other than the Loan Parties,
enforceable against each such other party in accordance with their respective terms.

          Based upon the foregoing and subject to the assumptions, exceptions, limitations and
qualifications set forth herein, we are of the opinion that:

          The Borrower is a corporation validly existing and in good standing under the laws of the
State of Delaware and has the corporate power to carry on its business as such business is known to
us. The Company is a corporation validly existing and in good standing under the laws of the State
of Delaware and has the corporate power to carry on its business as such business is known to us.
The Company is qualified as a foreign corporation in the Commonwealth of Pennsylvania. The opinion
in the preceding sentence is given in reliance on the Service Letter.

          Each of the Borrower and the Company has the corporate power and authority to enter into and
perform its obligations under the Loan Documents to which it is a party and to incur the
obligations provided therein, and has taken all corporate action

2

 

The Administrative Agent and each Lender Party
 to
the Credit Agreement Referred to Below

c/o JPMorgan Chase Bank, N.A., as Administrative Agent

March ___, 2006

Page 3

necessary (including shareholder approvals to the extent necessary) to authorize the
execution, delivery and performance of the Loan Documents to which it is a party.

          The execution, delivery and performance on the date hereof by each of the Borrower and the
Company of the Loan Documents to which it is a party do not (a) violate its Certificate of
Incorporation or Bylaws, (b) violate (x) any present statute, rule or regulation promulgated by the
United States or the Commonwealth of Pennsylvania or (y) the General Corporation Law of the State
of Delaware, which in either case in our experience is normally applicable both to entities which
are not engaged in regulated business activities and to transactions of the type contemplated by
the Loan Documents, or (c) breach or result in a default under those agreements appearing on
Schedule I to this Opinion (collectively, the “Reviewed Documents”), or result in the creation or
imposition of any security interest in or lien or encumbrance upon any of the assets of the
Borrower or the Company pursuant to the Reviewed Documents. In rendering the opinion in clause
(c), we also have assumed without independent investigation that the transactions contemplated by
the Loan Documents will not result in a violation of covenants containing financial ratios or any
other provisions to which the Borrower or the Company is a party that are based upon the financial
statements or the financial condition of any of the Loan Parties.

          The execution, delivery and performance at the date hereof by each of the Designated
Guarantors of the Loan Documents to which it is a party do not (a) violate (x) any present statute,
rule or regulation promulgated by the United States or the Commonwealth of Pennsylvania or (y) with
respect to those Designated Guarantors formed under the corporate laws of the State of Delaware,
the General Corporation Law of the State of Delaware, which in either case in our experience is
normally applicable both to entities which are not engaged in regulated business activities and to
transactions of the type contemplated by the Loan Documents or (b) breach or result in a default
under the Reviewed Documents, or result in the creation or imposition of any security interest in
or lien or encumbrance upon, any of the assets of such Designated Guarantor pursuant to the
Reviewed Documents. In rendering the opinion in clause (b), we also have assumed without
independent investigation that the transactions contemplated by the Loan Documents will not result
in a violation of covenants containing financial ratios or any other provisions to which a
Designated Guarantor is a party that are based upon the financial statements or the financial
condition of any of the Loan Parties.

          Each Loan Document to which it is a party has been duly executed and delivered on behalf of
the Borrower and the Company. Each Loan Document constitutes the legal, valid and binding
obligation of each of the Loan Parties which is party thereto, enforceable in accordance with its
respective terms.

3

 

The Administrative Agent and each Lender Party

to the Credit Agreement Referred to Below

c/o JPMorgan Chase Bank, N.A., as Administrative Agent

March ___, 2006

Page 4

          No consent or approval of, or notice to or filing with, any federal or state regulatory
authority of the United States or the Commonwealth of Pennsylvania or under the General Corporation
Law of the State of Delaware is required by any Loan Party in connection with the execution or
delivery by any Loan Party of any of the Loan Documents or the consummation today of the
transactions contemplated thereby.

          The principal of the Loans (and any guarantee thereof pursuant to the Guaranty) constitute
“Senior Indebtedness” under the Subordinated Indebtedness described on Schedule II.

          We confirm to you that to our knowledge, no litigation or governmental proceeding is pending
or threatened in writing against any Loan Party (i) with respect to the Loan Documents or (ii)
which individually seeks in excess of $10,000,000.

          The foregoing opinions are subject to the following exceptions, limitations and
qualifications:

     Our opinion is subject to the effect of applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, fraudulent transfer, marshalling or
similar laws affecting creditors’ rights and remedies generally; general principles of
equity, including without limitation, concepts of materiality, reasonableness, good faith
and fair dealing (regardless of whether such enforceability is considered in a proceeding in
equity or at law); and limitations on enforceability of rights to indemnification or
contribution by federal or state securities laws or regulations or by public policy.

     We express no opinion as to the application or requirements of the Pennsylvania
Securities Act, federal or New York securities laws or federal or state patent, trademark,
copyright, antitrust and unfair competition, pension or employee benefit, labor,
environmental, health and safety or tax laws in respect of the transactions contemplated by
or referred to in the Loan Documents.

     We express no opinion as to the validity or enforceability of any provision of the Loan
Documents which (i) permits a Lender or the Administrative Agent to increase the rate of
interest or to collect a late charge in the event of delinquency or default to the extent
they are deemed to be penalties or forfeitures; (ii) purports to grant a Lender or the
Administrative Agent a power-of-attorney; (iii) purports to require that waivers must be in
writing to the extent that an oral agreement or implied agreement by trade practice or
course of conduct modifying provisions of the Loan Documents has been made; (iv) purports to
be a waiver of the right to a jury trial, a waiver of any right to object to jurisdiction or
venue, a waiver of any right to claim damages or to service of process or a waiver of any
other rights or benefits bestowed by operation of law or the waiver of which is limited by
applicable law; (v) purports to be a waiver of the obligations of good

4

 

The Administrative Agent and each Lender Party
 to
the Credit Agreement Referred to Below

c/o JPMorgan Chase Bank, N.A., as Administrative Agent

March ___, 2006

Page 5

faith, fair dealing, diligence, mitigation of damages or commercial reasonableness;
(vi) purports to exculpate any party from its own negligent acts or limit any party from
certain liabilities; (vii) purports to require the payment of attorneys’ fees to the extent
such fees exceed reasonable attorneys’ fees; or (viii) purports to authorize a Lender or the
Administrative Agent to set off and apply any deposits at any time held, and any other
indebtedness at any time owing, by such Lender or the Administrative Agent to or for the
account of a Loan Party or which purports to provide that any purchaser of a participation
from a Lender may exercise setoff or similar rights with respect to such participation.

     We express no opinion as to the enforceability of forum selection clauses upon the
courts in the forum selected.

          We express no opinion as to the law of any jurisdiction other than the federal law of the
United States, the law of the Commonwealth of Pennsylvania, the General Corporation Law of the
State of Delaware and, with respect to the second sentence of Opinion Paragraph 5, the State of New
York.

          This opinion may be relied upon by you and any financial institution which becomes a Lender or
Participant only in connection with the consummation of the transactions described herein and may
not be used or relied upon by you or any other person for any other purpose, without in each
instance our prior written consent.

          This opinion is limited to the matters expressly stated herein. No implied opinion may be
inferred to extend this opinion beyond the matters expressly stated herein. We do not undertake to
advise you or anyone else of any changes in the opinions expressed herein resulting from changes in
law, changes in facts or any other matters that hereafter might occur or be brought to our
attention.

          This opinion shall be interpreted in accordance with the Legal Opinion Principles issued by
the Committee on Legal Opinions of the American Bar Association’s Section of Business Law as
published in 53 Business Lawyer 831 (May 1998).

          Richard J. Braemer, a partner of this firm, is a director of and shareholder of the Company.

	 	 	 	 	 
	 	Very truly yours,

 	 

5

 

SCHEDULE
I TO EXHIBIT I

List of Examined Documents

Indenture dated as of January 25, 2001 among Toll Corp., Toll Brothers, Inc. and Bank One Trust
Company, NA (formerly NBD Bank).

Indenture dated as of November 22, 2002 among Toll Brothers Finance Corp., Toll Brothers, Inc. and
J.P. Morgan Trust Company, National Association (formerly Bank One Trust Company, NA).

First Supplemental Indenture dated as of May 1, 2003 among Toll NJ X-I Corp. and the other parties
listed on Schedule A and J.P. Morgan Trust Company, National Association (formerly Bank One Trust
Company, NA).

Second Supplemental Indenture dated as of November 3, 2003 among Toll PA Builder Corp. and the
other parties listed on Schedule A and J.P. Morgan Trust Company, National Association (formerly
Bank One Trust Company, NA).

Third Supplemental Indenture dated as of January 26, 2004 among Toll MD Builder Corp. and the other
parties listed on Schedule A and J.P. Morgan Trust Company, National Association.

Fourth Supplemental Indenture dated as of March 1, 2004 among Toll PA IX, L.P. and the other
parties listed on Schedule A and J.P. Morgan Trust Company, National Association.

Fifth Supplemental Indenture dated as of September 17, 2004 among Toll IL WSB, L.P. and the other
parties listed on Schedule A and J.P. Morgan Trust Company, National Association.

Sixth Supplemental Indenture dated as of October 28, 2004 among Toll PA IV, L.P. and the other
parties listed on Schedule A and J.P. Morgan Trust Company, National Association, as successor to
Bank One Trust Company, National Association.

Seventh Supplemental Indenture dated as of October 31, 2004 among Toll Arizona LP Company, Inc. and
the other parties listed on Schedule A and J.P. Morgan Trust Company, National Association, as
successor to Bank One Trust Company, National Association.

Eighth Supplemental Indenture dated as of January 1, 2005 among Toll Manhattan I, Inc. and the
other parties listed on Schedule A and J.P. Morgan Trust Company, National Association, as
successor to Bank One Trust Company, National Association.

Ninth Supplemental Indenture dated as of June 6, 2005 among Toll CA VIII, L.P. and the other
parties listed on Schedule A and J.P. Morgan Trust Company, National Association, as successor to
Bank One Trust Company, National Association.

 

 

Tenth Supplemental Indenture dated as of August 1, 2005 among Toll Orlando Limited Partnership and
the other parties listed on Schedule A and J.P. Morgan Trust Company, National Association, as
successor to Bank One Trust Company, National Association.

 

 

SCHEDULE
II TO EXHIBIT I

List of Subordinated Documents

Indenture dated as of January 25, 2001 among Toll Corp., Toll Brothers, Inc. and Bank One Trust
Company, NA (formerly NBD Bank), and the authorizing resolutions related thereto dated January 19,
2001 and November 27, 2001

 

 

EXHIBIT J

FORM OF GUARANTY

     This GUARANTY (“Guaranty”) is made as of March 17, 2006, by the undersigned (the
“Guarantors”), in favor of the “Lenders” under that certain Amended and Restated Credit Agreement
dated as of March 17, 2006, among First Huntingdon Finance Corp., Toll Brothers, Inc., the Lenders
from time to time parties thereto and JPMorgan Chase Bank, N.A., in its capacity as Administrative
Agent. Such Credit Agreement, as it may be amended, modified or supplemented from time to time, is
hereinafter referred to as the “Credit Agreement.” Unless otherwise defined herein, capitalized
terms used herein shall have the meanings ascribed to them in the Credit Agreement.

     1. Guaranty. (i) For value received and in consideration of any loan, advance or
financial accommodation of any kind whatsoever heretofore, now or hereafter made, given or granted
to the Borrower by the Lenders, the Guarantors unconditionally, jointly and severally guarantee for
the benefit of each of the Lenders the full and prompt payment when due, whether at maturity or
earlier, by reason of acceleration or otherwise, and at all times thereafter, of all of the
Obligations (including, without limitation, interest accruing following the filing of a bankruptcy
petition by or against the Borrower, at the applicable rate specified in the Credit Agreement,
whether or not such interest is allowed as a claim in bankruptcy).

     (ii) At any time after the occurrence and during the continuance of a Default, the Guarantors
shall pay to the Administrative Agent, for the benefit of the Lenders, on written demand and in
immediately available funds, the full amount of the Obligations then due. The Guarantors further
agree to pay to the Administrative Agent and reimburse the Administrative Agent for, on demand and
in immediately available funds, (a) all fees, costs and expenses (including, without limitation,
all court costs and attorneys’ and paralegals’ fees, costs and expenses) paid or incurred by the
Administrative Agent or any of the Lenders in: (1) endeavoring to collect all or any part of the
Obligations from, or in prosecuting any action against, any one or more of the Guarantors relating
to this Guaranty; (2) taking any action with respect to any security or collateral securing any of
the Guarantors’ obligations hereunder; and (3) preserving, protecting or defending the
enforceability of, or enforcing, this Guaranty or their respective rights hereunder (all such costs
and expenses are hereinafter referred to as the “Expenses”). The Guarantors hereby agree that this
Guaranty is an absolute guaranty of payment and is not a guaranty of collection.

     2. Obligations Unconditional. Subject to Sections 11 and 12, the
Guarantors hereby agree that their obligations under this Guaranty shall be unconditional,
irrespective of: (i) the validity, enforceability, avoidance, novation or subordination of any of
the Obligations or any of the Loan Documents; (ii) the absence of any attempt by, or on behalf of,
any Lender or the Administrative Agent to collect, or to take any other action to enforce, all or
any part of the Obligations whether from or against the Borrower, any other guarantor of the
Obligations or any other Person; (iii) the election of any remedy by, or on behalf of, any Lender
or the Administrative Agent with respect to all or any part of the Obligations; (iv) the waiver,
consent, extension, forbearance or granting of any indulgence by, or on behalf of, any Lender or
the

1

 

Administrative Agent with respect to any provision of any of the Loan Documents; (v) the election
by, or on behalf of, any one or more of the Lenders, in any proceeding instituted under Chapter 11
of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (the “Bankruptcy Code”), of the
application of Section 1111(b)(2) of the Bankruptcy Code; (vi) any borrowing or grant of a security
interest by the Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy Code; (vii)
the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of the claims of
any of the Lenders or the Administrative Agent for repayment of all or any part of the Obligations
or any Expenses; or (viii) any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of the Borrower or any one or more of the Guarantors.

     3. Enforcement; Application of Payments. Upon the occurrence and during the
continuance of a Default, the Administrative Agent may proceed directly and at once, without
notice, against any one or more of the Guarantors to obtain performance of and to collect and
recover the full amount, or any portion, of the Obligations then due, without first proceeding
against the Borrower, any other Guarantor or any other Person, or against any security or
collateral for the Obligations. Subject only to the terms and provisions of the Credit Agreement,
the Administrative Agent shall have the exclusive right to determine the application of payments
and credits, if any, from the Guarantors, the Borrower or from any other Person on account of the
Obligations or any other liability of the Guarantors to any Lender.

     4. Waivers. (a) The Guarantors hereby waive diligence, presentment, demand of
payment, filing of claims with a court in the event of receivership or bankruptcy of the Borrower,
protest or notice with respect to the Obligations, all setoffs and counterclaims and all
presentments, demands for performance, notices of nonperformance, protests, notices of protest,
notices of dishonor and notices of acceptance of this Guaranty, and all other demands whatsoever
(and shall not require that the same be made on the Borrower as a condition precedent to the
Guarantors’ obligations hereunder), and covenants that this Guaranty will not be discharged, except
by complete payment (in cash) and performance of the Obligations and any other obligations
contained herein. The Guarantors further waive all notices of the existence, creation or incurring
of new or additional indebtedness, arising either from additional loans extended to the Borrower or
otherwise, and also waive all notices that the principal amount, or any portion thereof, and/or any
interest on any instrument or document evidencing all or any part of the Obligations is due,
notices of any and all proceedings to collect from the maker, any endorser or any other guarantor
of all or any part of the Obligations, or from any other Person, and, to the extent permitted by
law, notices of exchange, sale, surrender or other handling of any security or collateral given to
the Agent to secure payment of all or any part of the Obligations.

     (b) The Guarantors understand that they shall be liable for the full amount of their liability
under this Guaranty, notwithstanding the occurrence of any event impairing the rights of the
Guarantors, the Administrative Agent or any of the Lenders to proceed against the Borrower, any
other guarantor (including without limitation any Guarantor hereunder) or the Borrower’s or such
guarantor’s property. The Guarantors agree that all of their obligations under this Guaranty
(including their obligation to pay in full all indebtedness evidenced by or arising under the
Credit Agreement) shall remain in full force and effect without defense, offset or counterclaim of
any

2

 

kind, notwithstanding that the Guarantors’ rights against the Borrower may be impaired,
destroyed or otherwise affected by reason of any action or inaction on the part of the
Administrative Agent or any Lender.

     (c) The Lenders, either themselves or acting through the Administrative Agent, are hereby
authorized, without notice or demand and without affecting the liability of the Guarantors
hereunder, from time to time, (i) to renew, extend, accelerate or otherwise change the time for
payment of, or other terms relating to, all or any part of the Obligations, or to
otherwise modify, amend or change the terms of any of the Loan Documents; (ii) to accept partial
payments on all or any part of the Obligations; (iii) to take and hold security or collateral for
the payment of all or any part of the Obligations, this Guaranty, or any other guaranties of all or
any part of the Obligations or other liabilities of the Borrower, (iv) to exchange, enforce, waive
and release any such security or collateral; (v) to apply such security or collateral and direct
the order or manner of sale thereof as in their discretion they may determine; and (vi) to settle,
release, exchange, enforce, waive, compromise or collect or otherwise liquidate all or any part of
the Obligations, this Guaranty, any other guaranty of all or any part of the Obligations, and any
security or collateral for the Obligations or for any such guaranty. Any of the foregoing may be
done in any manner, without affecting or impairing the obligations of the Guarantors hereunder.

     5. Setoff. At any time when all or any part of the Obligations have become due and
payable (by acceleration or otherwise) following the occurrence of a Default, each Lender and the
Administrative Agent may, without notice to the Guarantors and regardless of the acceptance of any
security or collateral for the payment hereof, appropriate and apply toward the payment of all or
any part of the Obligations (i) any indebtedness due or to become due from such Lender or the
Administrative Agent to any one or more of the Guarantors, and (ii) any moneys, credits or other
property belonging to any one or more of the Guarantors, at any time held by or coming into the
possession of such Lender or the Administrative Agent or any of their respective Affiliates.

     6. Financial Information. The Guarantors hereby assume responsibility for keeping
themselves informed of the financial condition of the Borrower and any and all endorsers and/or
other guarantors of all or any part of the Obligations, and of all other circumstances bearing upon
the risk of nonpayment of the Obligations, or any part thereof, that diligent inquiry would reveal,
and the Guarantors hereby agree that none of the Lenders nor the Administrative Agent shall have
any duty to advise the Guarantors of information known to any of them regarding such condition or
any such circumstances. In the event any Lender, in its sole discretion, undertakes at any time or
from time to time to provide any such information to any one or more of the Guarantors, such Lender
shall be under no obligation (i) to undertake any investigation not a part of its regular business
routine, (ii) to disclose any information which such Lender, pursuant to accepted or reasonable
commercial finance or banking practices, wishes to maintain confidential or (iii) to make any other
or future disclosures of such information or any other information to any one or more of the
Guarantors.

     7. No Marshalling; Reinstatement. The Guarantors consent and agree that none of the
Lenders nor the Administrative Agent nor any Person acting for or on behalf of the Lenders or the
Administrative Agent shall be under any obligation to marshall any assets in favor of the

3

 

Guarantors or against or in payment of any or all of the Obligations. The Guarantors further agree
that, to the extent that the Borrower, any one or more of the Guarantors or any other guarantor of
all or any part of the Obligations makes a payment or payments to any Lender or the Administrative
Agent, which payment or payments or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside and/or required to be repaid to the Borrower, any one or more
of the Guarantors, such other guarantor or any other Person, or their respective estates, trustees,
receivers or any other party, including, without limitation, the Guarantors, under any bankruptcy
law, state or federal law, common law or equitable cause, then, to the extent of such payment or
repayment, the part of the Obligations which has been paid, reduced or satisfied by such amount
shall be reinstated and continued in full force and effect as of the time immediately preceding
such initial payment, reduction or satisfaction.

     8. Subrogation. Until the Obligations have been paid in full and the Aggregate
Revolving Credit Commitment has been terminated, the Guarantors (i) shall have no right of
subrogation with respect to such Obligations and (ii) waive any right to enforce any remedy which
the Lenders or the Administrative Agent (or any of them) now have or may hereafter have against the
Borrower, any endorser or any guarantor of all or any part of the Obligations or any other Person,
and the Guarantors waive any benefit of, and any right to participate in, any security or
collateral given to the Lenders and the Administrative Agent (or any of them) to secure the payment
or performance of all or any part of the Obligations or any other liability of the Borrower to the
Lenders.

     9. Subordination. (a) Subordinated Debt. The payment and performance of all
indebtedness, fees, expenses, obligations and liabilities of the Borrower (or any other Person for
the benefit of Borrower) to the Guarantors whether now existing or hereafter incurred or created,
in each case, whether such amounts are due or not due, direct or indirect, absolute or contingent
(the “Subordinated Debt”) are hereby subordinated to the Obligations and, except as set forth in
subparagraphs (b) and (c) of this Section 9 the Guarantors will not
accelerate, ask, demand, sue for, take or receive from the Borrower, by setoff or in any other
manner, the whole or any part of the Subordinated Debt, including, without limitation, the taking
of any negotiable instruments evidencing such amounts, nor any security for any of the Subordinated
Debt, unless and until all of the Obligations shall have been fully and indefeasibly paid and
satisfied in cash and all financing arrangements among the Borrower, the Administrative Agent and
the Lenders shall have been terminated.

     (b) Permitted Payments. Notwithstanding the provisions of subparagraph (a) of
this Section 9, in the absence of a “Default” and provided that the payment described
below, if made, would not otherwise give rise to the occurrence of a Default, the Borrower may pay
to the Guarantors, and the Guarantors may accept from the Borrower, any and all payments of the
Subordinated Debt (“Permitted Payments”).

     (c) Enforcement Rights. The Guarantors, prior to the indefeasible payment in full of
the Obligations and the termination of all financing arrangements among the Borrower and the
Lenders, shall have no right to enforce any claim with respect to the Subordinated Debt, including,
without limitation, any Permitted Payment, or otherwise to take any action against the Borrower or
the Borrower’s Property without the Administrative Agent’s prior written approval.

4

 

     10. Enforcement; Amendments; Waivers. No delay on the part of any of the Lenders or
the Administrative Agent in the exercise of any right or remedy arising under this Guaranty, the
Credit Agreement, any of the other Loan Documents or otherwise with respect to all or any part of
the Obligations or any other guaranty of or security for all or any part of the Obligations shall
operate as a waiver thereof, and no single or partial exercise by any such Person of any such right
or remedy shall preclude any further exercise thereof. No modification or waiver of any of the
provisions of this Guaranty shall be binding upon the Lenders or the Administrative Agent, except
as expressly set forth in a writing duly signed and delivered by the party making such modification
or waiver. Failure by any of the Lenders or the Administrative Agent at any time or times
hereafter to require strict performance by the Borrower, the Guarantors, any other guarantor of all
or any part of the Obligations or any other Person of any of the provisions, warranties, terms and
conditions contained in any of the Loan Documents now or at any time or times hereafter executed by
such Persons and delivered to the Administrative Agent or any Lender shall not waive, affect or
diminish any right of the Administrative Agent or such Lender at any time or times hereafter to
demand strict performance thereof and such right shall not be deemed to have been waived by any act
or knowledge of the Administrative Agent or any Lender, or their respective agents, officers or
employees, unless such waiver is contained in an instrument in writing, directed and delivered to
the Borrower or the Guarantors, as applicable, specifying such waiver, and is signed by the party
or parties necessary to give such waiver under the Credit Agreement. No waiver of any Default by
the Administrative Agent or any Lender shall operate as a waiver of any other Default or the same
Default on a future occasion, and no action by the Administrative Agent or any Lender permitted
hereunder shall in any way affect or impair the Administrative Agent’s or any Lender’s rights and
remedies or the obligations of the Guarantors under this Guaranty. Any determination by a court of
competent jurisdiction of the amount of any principal and/or interest owing by the Borrower to any
of the Lenders shall be conclusive and binding on the Guarantors irrespective of whether any of the
Guarantors was party to the suit or action in which such determination was made.

     11. Limitation on Obligations. The following provisions of this Guaranty apply with
respect to all Guarantors other than Toll Brothers, Inc.:

     (a) The provisions of this Guaranty are severable, and in any action or proceeding involving
any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or
other law affecting the rights of creditors generally, if the obligations of any Guarantor under
this Guaranty would otherwise be held or determined to be avoidable, invalid or unenforceable on
account of the amount of such Guarantor’s liability under this Guaranty, then, notwithstanding any
other provision of this Guaranty to the contrary, the amount of such liability shall, without any
further action by the Guarantors, the Administrative Agent or any Lender, be automatically limited
and reduced to the highest amount that is valid and enforceable as determined in such action or
proceeding (such highest amount determined hereunder being the relevant Guarantor’s “Maximum
Liability”). This Section 11(a) with respect to the Maximum Liability of the Guarantors is
intended solely to preserve the rights of the Administrative Agent hereunder to the maximum extent
not subject to avoidance under applicable law, and neither the Guarantors nor any other person or
entity shall have any right or claim under this Section 11(a)

5

 

with respect to the Maximum Liability, except to the extent necessary so that the obligations of
the Guarantors hereunder shall not be rendered voidable under applicable law.

     (b) Each of the Guarantors agrees that the Guaranteed Obligations may at any time and from
time to time exceed the Maximum Liability of each Guarantor, and may exceed the aggregate Maximum
Liability of all other Guarantors, without impairing this Guaranty or affecting the rights and
remedies of the Administrative Agent hereunder. Nothing in this Section 9(b) shall be construed to
increase any Guarantor’s obligations hereunder beyond its Maximum Liability.

     (c) In the event any Guarantor (a “Paying Guarantor”) shall make any payment or payments under
this Guaranty or shall suffer any loss as a result of any realization upon any collateral granted
by it to secure its obligations under this Guaranty, each other Guarantor (each a “Non-Paying
Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying
Guarantor’s “Pro Rata Share” of such payment or payments made, or losses suffered, by such Paying
Guarantor. For the purposes hereof, each Non-Paying Guarantor’s “Pro Rata Share” with respect to
any such payment or loss by a Paying Guarantor shall be determined as of the date on which such
payment or loss was made by reference to the ratio of (i) such Non-Paying Guarantor’s Maximum
Liability as of such date (without giving effect to any right to receive, or obligation to make,
any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been
determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the
Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii) the
aggregate Maximum Liability of all Guarantors hereunder (including such Paying Guarantor) as of
such date (without giving effect to any right to receive, or obligation to make, any contribution
hereunder), or to the extent that a Maximum Liability has not been determined for any Guarantors,
the aggregate amount of all monies received by such Guarantors from the Borrower after the date
hereof (whether by loan, capital infusion or by other means). Nothing in this Section
11(c) shall affect any Guarantor’s several liability for the entire amount of the Guaranteed
Obligations (up to such Guarantor’s Maximum Liability). Each of the Guarantors covenants and
agrees that its right to receive any contribution under this Guaranty from a Non-Paying Guarantor
shall be subordinate and junior in right of payment to all the Guaranteed Obligations. The
provisions of this Section 11(c) are for the benefit of both the Administrative Agent and
the Guarantors and may be enforced by any one, or more, or all of them in accordance with the terms
hereof.

     12. Effectiveness; Termination. This Guaranty shall become effective upon its
execution by the Guarantors and shall continue in full force and effect and may not be terminated
or otherwise revoked until the Obligations shall have been fully paid (in cash) and discharged and
the Credit Agreement and all financing arrangements between the Borrower and the Lenders under the
Loan Documents shall have been terminated. If, notwithstanding the foregoing, the Guarantors shall
have any right under applicable law to terminate or revoke this Guaranty, the Guarantors agree that
such termination or revocation shall not be effective until a written notice of such revocation or
termination, specifically referring hereto, signed by the Guarantors, is actually received by the
Administrative Agent. Such notice shall not affect the right and power of any of the Lenders or
the Administrative Agent to enforce rights arising prior to receipt thereof by the Administrative
Agent. If any Lender grants loans or takes other action after any of

6

 

the Guarantors terminates or revokes its obligations under this Guaranty but before the
Administrative Agent receives such written notice, the rights of such Lender with respect thereto
shall be the same as if such termination or revocation had not occurred.

     13. Successors and Assigns. This Guaranty shall be binding upon the Guarantors and
upon their successors and assigns and shall inure to the benefit of the Lenders and the
Administrative Agent and their respective successors and assigns; all references herein to the
Borrower and to the Guarantors shall be deemed to include their respective successors and assigns.
The successors and assigns of the Guarantors and the Borrower shall include, without limitation,
their respective receivers, trustees or debtors-in-possession. All references to the singular
shall be deemed to include the plural where the context so requires.

     14. CHOICE OF LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS
APPLICABLE TO NATIONAL BANKS.

     15. CONSENT TO JURISDICTION. THE GUARANTORS HEREBY IRREVOCABLY SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW
YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE
GUARANTORS HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE
HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVE ANY OBJECTION IT MAY NOW OR HEREAFTER
HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH
COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT
OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE GUARANTORS OR ANY OTHER LOAN PARTY IN THE COURTS OF
ANY OTHER JURISDICTION.

     16. WAIVER OF JURY TRIAL. EACH OF THE GUARANTORS AND THE ADMINISTRATIVE AGENT WAIVES
ANY RIGHT TO TRIAL BY JURY IN ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE,
BETWEEN THE GUARANTORS AND THE LENDERS OR THE ADMINISTRATIVE AGENT ARISING OUT OF OR RELATED TO THE
TRANSACTIONS CONTEMPLATED BY THIS GUARANTY OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED
OR DELIVERED IN CONNECTION HEREWITH. EITHER THE GUARANTORS OR THE ADMINISTRATIVE AGENT MAY FILE AN
ORIGINAL COUNTERPART OR A COPY OF THIS GUARANTY WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     17. Advice of Counsel. The Guarantors represent and warrant that they have consulted
with their legal counsel regarding all waivers under this Guaranty, including without limitation
those under Section 4 and Sections 14 through 16 hereof, that they believe
that they

7

 

fully understand all rights that they are waiving and the effect of such waivers, that they assume
the risk of any misunderstanding that they may have regarding any of the foregoing, and that they
intend that such waivers shall be a material inducement to the Administrative Agent and the Lenders
to extend the indebtedness guaranteed hereby.

     18. Notices. All notices and other communications provided to any party hereto shall
be in writing or by facsimile and addressed to such party at its address set forth below or at such
other address as may be designated by such party in a notice to the other party. Any notice, if
mailed and properly addressed with postage prepaid, shall be deemed given when received; any
notice, if transmitted by facsimile, shall be deemed given when transmitted. The addresses for
notices are as follows:

if to the Guarantors, at:

Toll Brothers, Inc.

250 Gibraltar Road

Horsham, PA 19044

Attention: Joel Rassman

Telecopy: 215/938-8010

with copies to:

Toll Brothers, Inc.

250 Gibraltar Road

Horsham, PA 19044

Attention: Robert Toll

Telecopy: 215/938-8010

and

Toll Brothers Inc.

250 Gibraltar Road

Horsham, PA 19044

Attention: Don H. Liu

Telecopy: 215/938-8255

and

Ballard Spahr Andrews & Ingersoll, LLP

1735 Market Street

51st Floor

Philadelphia, PA 19103-7599

Attention: Richard Perelman

Telecopy: 215/864-8999

8

 

     if to the Administrative Agent, at its address provided for in the Credit Agreement.

     19. Severability. Wherever possible, each provision of this Guaranty shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Guaranty shall be prohibited by or invalid under such law, such provision shall be
ineffective to the extent of such prohibition or invalidity without invalidating the remainder of
such provision or the remaining provisions of this Guaranty.

     20. Merger. This Guaranty represents the final agreement of the Guarantors with
respect to the matters contained herein and may not be contradicted by evidence of prior or
contemporaneous agreements, or subsequent oral agreements, between the Guarantors and the
Administrative Agent or any Lender.

     21. Supplemental Guaranties. Pursuant to Section 7.16 of the Credit Agreement,
additional Wholly-Owned Subsidiaries of the Company shall become obligated as Guarantors hereunder
(each as fully as though an original signatory hereto) by executing and delivering to the Agent a
Supplemental Guaranty in the form of Exhibit A hereto (with blanks appropriately filled in),
together with such additional supporting documentation required pursuant to Section 7.16 of the
Credit Agreement.

     IN WITNESS WHEREOF, this Guaranty has been duly executed by the Guarantors as of the day and
year first set forth above.

	 	 	 	 	 
	 	TOLL BROTHERS, INC., a Delaware

corporation and each of the other Guarantors

listed below on Exhibit B

 	 
	 	By:  	 	 
	 	Joel H. Rassman, Executive Vice President or Vice President
of (i) each of the Guarantors which is a corporation or limited
liability company; (ii) each corporate general partner of each of
the Guarantors which is a general or limited partnership; and
(iii) each corporate trustee of each of the Guarantors which is a
trust. 	 
	 
	 	TOLL LAND CORP. NO. 10 and each of the other Guarantors

listed below on Exhibit C

 	 
	 	By:  	 	 
	 	Joseph R. Sicree, Secretary or Assistant Secretary of (i) each of the Guarantors which is
a corporation or limited liability
company, (ii) each corporate general partner of each of the
Guarantors which is a general or limited partnership; and (iii)
each corporate trustee of each of the Guarantors which is a trust. 	 
	 

9

 

EXHIBIT
A TO GUARANTY

SUPPLEMENTAL GUARANTY

[Date]

JPMorgan Chase Bank, N.A., as Administrative Agent

for the Lenders

Ladies and Gentlemen:

          Reference is hereby made to (i) that certain Amended and Restated Credit Agreement, dated as
of March 17, 2006, as amended, among First Huntingdon Finance Corp., Toll Brothers, Inc., the
lenders from time to time party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as a Lender
and as Administrative Agent (the “Administrative Agent”) on behalf of itself and the other Lenders
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) and (ii) that certain Guaranty, dated as of March 17, 2006, executed and delivered by
the Guarantors party thereto in favor of the Administrative Agent, for the benefit of the Lenders
(as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”).
Terms not defined herein which are defined in the Credit Agreement shall have for the purposes
hereof the respective meanings provided therein.

          In accordance with Section 7.16 of the Credit Agreement and Section 21 of the Guaranty, the
undersigned, [GUARANTOR]                    , a corporation [limited partnership/limited liability company]
organized under the laws of                     , hereby elects to be a “Guarantor” for all purposes of the
Credit Agreement and the Guaranty, respectively, effective from the date hereof.

          Without limiting the generality of the foregoing, the undersigned hereby agrees to perform all
the obligations of a Guarantor under, and to be bound in all respects by the terms of, the
Guaranty, to the same extent and with the same force and effect as if the undersigned were a direct
signatory thereto.

          This Supplemental Guaranty shall be construed in accordance with and governed by the internal
laws (and not the law of conflicts) of the State of New York but giving effect to federal laws
applicable to national banks.

          IN WITNESS WHEREOF, this Supplemental Guaranty has been duly executed by the undersigned as of
the       day of      , 200_.

	 	 	 	 	 
	 	[GUARANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

10

 

	 	 	 	 	 

EXHIBIT K

FORM OF COMPLIANCE CERTIFICATE

	To: 	 	The Lenders party to the

Credit Agreement Described Below

     This Compliance Certificate is furnished pursuant to that certain Amended and Restated Credit
Agreement dated as of March 17, 2006 (as amended, modified, renewed or extended from time to time,
the “Agreement”) among First Huntingdon Finance Corp. Toll Brothers, Inc., the Lenders party
thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders. Unless otherwise
defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed
thereto in the Agreement.

     THE UNDERSIGNED HEREBY CERTIFIES THAT:

     I am the duly elected                     of the Company.

     I have reviewed the terms of the Agreement and I have made, or have caused to be made under my
supervision, a detailed review of the transactions and conditions of the Company and its
Subsidiaries during the accounting period covered by the attached financial statements.

     The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the
existence of, any condition or event which constitutes a Default or Unmatured Default during or at
the end of the accounting period covered by the attached financial statements or as of the date of
this Certificate, except as set forth below.

     Schedule I attached hereto sets forth financial data and computations evidencing the
Borrower’s and the Company’s compliance with certain covenants of the Agreement, all of which data
and computations are, to the best of my knowledge, true, complete and correct.

     Schedule II hereto sets forth the determination of the applicable Pricing Level in the Pricing
Schedule on the basis of which certain rates and percentage fees under the Agreement shall be
determined commencing on the fifth day following the delivery hereof (subject to any change in the
Pricing Level resulting from a change in the Rating).

     All of the Subsidiaries of the Company that are integral to the homebuilding business of the
Toll Group are Designated Guarantors.

     Described below are the exceptions, if any, to paragraph 3, listing, in detail, the nature of
the condition or event, the period during which it has existed and the action which the Company and
the Borrower have taken, are taking, or propose to take with respect to each such condition or
event:

1

 

     The foregoing certifications, together with the computations set forth in Schedule I and
Schedule II hereto and the financial statements delivered with this Certificate in support hereof,
are made and delivered this ___ day of                     ,      .

	 	 	 	 	 
	 	TOLL BROTHERS, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 

2

 

	 	 	 	 	 

SCHEDULE I TO COMPLIANCE CERTIFICATE

Compliance as of                     ,       with

Provisions of Section 7.28 of

the Agreement

3

 

SCHEDULE II TO COMPLIANCE CERTIFICATE

Borrower’s Calculation of Applicable Pricing Level in Pricing Schedule

4

 

EXHIBIT L

FORM OF ENVIRONMENTAL CERTIFICATE

Date                     

TO:

	 	RE: 	 	Property and Improvements (if any) located at
          
                 
                 
                  
          
        
         
                 
                  
                   
                  
        
                                 (the “Property”)

	 	 	 	Improved                     Yes                           No      

Gentlemen:

          The undersigned is an engineer and/or environmental consultant duly licensed, if required, by
the State of                     .

          The undersigned certifies to Toll Brothers, Inc. (“Toll”) and you, as agent (“Administrative
Agent”), for certain lenders (“Lenders”) which are parties to an Amended and Restated Credit
Agreement dated as of March 17, 2006 with First Huntingdon Finance Corp. and Toll that except as
set forth on the Phase I environmental assessment report attached hereto as Exhibit A:

          A. The history of the Property, for the past 50 years [does] *[does not] reveal the name of an
owner, tenant or other user indicating a possible current or former use involving, or storage of,
hazardous or toxic materials, substances or wastes (which terms include, for purposes of this
letter, asbestos, polychlorinated byphenyls and petroleum products).

          [*If the history reveals such a name, please explain in Exhibit A in detail.]

          B. On-site examination and observations, and investigations of any available hydrological,
photographic and other technical data, by the undersigned [did] **[did not] reveal any grounds to
believe that the Property or the surrounding areas is being or had been used for, or affected by,
such activities.

          [**If the examination did reveal grounds to believe that the Property had been used or
affected by such activities, please explain in Exhibit A in detail.]

          C. The Property [is] ***[is not] included on any federal or applicable state Superfund List.

1

 

          [***If so included, please explain in Exhibit A in detail.]

          D. [Select (i) or (ii)]

               (i) Tests taken at, on and from the Property, and examinations of the Property, [did]****[did
not] reveal any evidence that there now exists on, in, under or affecting the Property any
hazardous or toxic materials, substances or wastes.

               (ii) Our investigation revealed that no testing was warranted or necessary for the areas being
investigated.

          [****If tests did reveal such existence, please explain in Exhibit A in detail.]

          E. [Select (i) or (ii)]

               (i) The procedures described in steps A through D above revealed actual or potential
environmental irregularities or non-compliance with environmental laws. The estimated cost of
correcting such irregularity or non-compliance is [$                    ].

               (ii) The procedures described in steps A through D above did not reveal any actual or
potential environmental irregularities or non-compliance with environmental laws.

          In making this certification, the undersigned has within 180 days of the date of this letter:

          1. Obtained and relied upon (a) a title abstract prepared by a duly licensed title insurer or
abstract company, or duly licensed attorney, of the name of the current and prior owners, tenants
and other users of the Property, for the past 50 years, and (b) local building, health, fire and
environmental department(s) records;

          2. Made a physical on-site examination of the Property, and a visual observation of the
surrounding areas;

          3. If paragraph D above indicates that tests were taken at the Property, made such tests of
samples from the Property, in such locations and quantity, as well as other tests and
investigations of the Property (including of the improvements therein, if any) as in our
professional judgment, are deemed necessary and appropriate utilizing testing laboratories which,
in our professional judgment, are capable of performing such tests and analyzing the same;

          4. Examined additional available technical data, such as registered underground storage tank
lists, existing aerial photography, ground water maps which provided further pertinent information;
and

2

 

          5. Examined the Federal List of Superfund Sites as published by The Government Printing Office
and the state list of Superfund Sites or any such comparable listing, if published, for the state
in which the Property is located.

          A formal Phase I environmental assessment report (which includes a site plan) outlining
procedures, observations, testing recommendations and conclusions of the items listed in A-E above
is attached to this letter as Exhibit A.

          The undersigned is [state qualifications, e.g., an environmental engineer, geologist,
etc., duly licensed by the State of                                         .] The undersigned has been retained by
First Huntingdon Finance Corp. or one of its affiliates in order to perform an environmental
assessment of the Property, the results of which are contained in our report, dated
                                        , which is attached hereto as Exhibit A (the “Phase I Report”). In connection
therewith, we acknowledge that:

          1. JPMorgan Chase Bank, N.A., as Administrative Agent and a Lender and the other Lenders are
relying upon the Phase I Report in making a loan or loans to First Huntingdon Finance Corp.,
guaranteed by Toll Brothers, Inc. and certain affiliates.

          2. We have reviewed the Administrative Agent’s “Minimum Requirements for Phase I Environmental
Assessments” and the Phase I Report has been prepared in compliance therewith and in compliance
with USEPA’s Standards For Conducting All Appropriate Inquiries at 40 C.F.R. Part 312 or ASTM
Standard ASTME E1527-05.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	  	 	 
	 	 	[Engineer’s Seal] 	 
	 	 	 	 

3

 

	 	 	 	 	 

EXHIBIT M

FORM OF ASSIGNMENT AND ASSUMPTION

          This Assignment and Assumption (the “Assignment and Assumption”) is dated as of
the Effective Date set forth below and is entered into by and between [Insert name of Assignor]
(the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms
used but not defined 1herein shall have the meanings given to them in the Credit
Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which
is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1
attached hereto are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Assumption as if set forth herein in full.

          For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including any letters of credit,
guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii)
above being referred to herein collectively as the “Assigned Interest”). Such sale and
assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor.

	 	 	 	 	 
	1.

	 	Assignor:
	 	                                                                
	 
	 	 	 	 
	2.

	 	Assignee:
	 	                                                                

[and is an Affiliate of [identify Lender]3]
	 
	 	 	 	 
	3.

	 	Borrower:
	 	First Huntingdon Finance Corp.
	 
	 	 	 	 
	4.

	 	Administrative Agent:
	 	                             , as the administrative agent under the Credit Agreement
	 
	 	 	 	 
	5.

	 	Credit Agreement:
	 	Amended and Restated Credit Agreement dated as of March 17, 2006 among First Huntingdon
Finance Corp., Toll Brothers, Inc., the Lenders parties thereto, [name of
Administrative Agent], as Administrative Agent, and the other agents parties thereto]

 

			
	2	 	
	 
	3	 	Select as applicable.

 

 

	6.	 	Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	 	 	 	 	 
	 	 	Commitment/Loans for	 	 	Amount of	 	 	 	 
	 	 	all Lenders under the	 	 	Commitment/Loans	 	 	Percentage Assigned of	 
	Facility Assigned4	 	Facility	 	 	Assigned	 	 	Commitment/Loans5	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 
	 
	 	$	 	 	 	$	 	 	 	 	%	 

Effective Date:                           , 20      [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE
THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 
	 	ASSIGNEE

[NAME OF ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

 

			
	4	 	Fill in the appropriate terminology for the
types of facilities under the Credit Agreement that are being assigned under
this Assignment (e.g. “Revolving Credit Commitment,” “Term Loans,” etc.)
	 
	5	 	Set forth, to at least 9 decimals, as a
percentage of the Commitment/Loans of all Lenders thereunder.

2

 

	 	 	 	 	 
	[Consented to and]6 Accepted:

[NAME OF ADMINISTRATIVE AGENT], as

Administrative Agent

 	 	 
	By  	 	 	 
	 	Title: 	 	 
	 	 	 	 
	 
	[Consented to:]7

[NAME OF RELEVANT PARTY]

 	 	 
	By  	 	 	 
	 	Title: 	 	 
	 	 	 	 
	 

 

			
	6	 	To be added only if the consent of the
Administrative Agent is required by the terms of the Credit Agreement.
	 
	7	 	To be added only if the consent of the
Borrower and/or other parties is required by the terms of the Credit Agreement.

3

 

ANNEX 1
TO EXHIBIT M

FIRST HUNTINGDON FINANCE CORP.

AMENDED AND RESTATED CREDIT AGREEMENT

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1. Representations and Warranties.

          1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal
and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Loan Document.

          1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement
that are required to be satisfied by it in order to acquire the Assigned Interest and become a
Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together
with copies of the most recent financial statements delivered pursuant to Section 7.1 thereof, as
applicable, and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Assignment and Assumption and to purchase the
Assigned Interest on the basis of which it has made such analysis and decision independently and
without reliance on the Administrative Agent or any other Lender, and (v) if it is a Non-U.S.
Lender, attached to the Assignment and Assumption is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and
(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the
Assignor or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a
Lender.

          2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees
and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

 

          3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

2

 

SCHEDULE 1

LENDERS AND COMMITMENTS

	 	 	 	 	 	 	 	 	 
	 	 	Revolving Credit	 	 	Term Loan	 
	Lender	 	Commitment	 	 	Commitment	 
	 
	 	 	 	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	$	133,333,333.33	 	 	$	26,666,666.67	 
	Bank of America, N.A.
	 	$	133,333,333.33	 	 	$	26,666,666.67	 
	Citicorp North America, Inc.
	 	$	133,333,333.33	 	 	$	26,666,666.67	 
	The Royal Bank of Scotland, plc
	 	$	133,333,333.33	 	 	$	26,666,666.67	 
	Wachovia Bank, National Association
	 	$	133,333,333.33	 	 	$	26,666,666.67	 
	BNP Paribas
	 	$	83,333,333.33	 	 	$	16,666,666.67	 
	Calyon New York Branch
	 	$	83,333,333.33	 	 	$	16,666,666.67	 
	Comerica Bank
	 	$	62,500,000.00	 	 	$	12,500,000.00	 
	Mizuho Corporate Bank, Ltd.
	 	$	62,500,000.00	 	 	$	12,500,000.00	 
	Washington Mutual Bank, FA
	 	$	62,500,000.00	 	 	$	12,500,000.00	 
	Natexis Banque Populaires
	 	$	41,666,666.67	 	 	$	8,333,333.33	 
	North Fork Bank
	 	$	41,666,666.67	 	 	$	8,333,333.33	 
	Sumitomo Mitsui Banking Corp.
	 	$	41,666,666.67	 	 	$	8,333,333.33	 
	SunTrust Bank
	 	$	41,666,666.67	 	 	$	8,333,333.33	 
	Commerce Bank, N.A.
	 	$	33,333,333.33	 	 	$	6,666,666.67	 
	Fifth Third Bank
	 	$	29,166,666.67	 	 	$	5,833,333.33	 
	LaSalle Bank National Association
	 	$	29,166,666.67	 	 	$	5,833,333.33	 
	Manufacturers and Traders Trust Company
	 	$	29,166,666.67	 	 	$	5,833,333.33	 
	HSBC Bank USA, N.A.
	 	$	20,833,333.33	 	 	$	4,166,666.67	 
	PNC Bank, National Association
	 	$	20,833,333.33	 	 	$	4,166,666.67	 
	Compass Bank
	 	$	16,666,666.67	 	 	$	3,333,333,33	 
	First Commercial Bank, New York Agency
	 	$	16,666,666.67	 	 	$	3,333,333,33	 
	Guaranty Bank
	 	$	16,666,666.67	 	 	$	3,333,333,33	 
	HYPO Real Estate Capital Corporation
	 	$	16,666,666.67	 	 	$	3,333,333,33	 
	International Commercial Bank of China
New York Agency
	 	$	16,666,666.67	 	 	$	3,333,333,33	 
	California Bank and Trust
	 	$	12,500,000.00	 	 	$	2,500,000.00	 
	KBC Bank NV
	 	$	12,500,000.00	 	 	$	2,500,000.00	 
	The Norinchukin Bank, New York Branch
	 	$	12,500,000.00	 	 	$	2,500,000.00	 
	The Northern Trust Company
	 	$	12,500,000.00	 	 	$	2,500,000.00	 
	Bank Hapoalim B.M.
	 	$	8,333,333.33	 	 	$	1,666,666.67	 
	Bank of Communications, New York Branch
	 	$	8,333,333.33	 	 	$	1,666,666.67	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	TOTAL
	 	$	1,500,000,000.00	 	 	$	300,000,000.00	 
	 
	 	 	 	 	 	 

 

 

SCHEDULE 2

EXISTING LETTERS OF CREDIT

(See attached)

 

 

SCHEDULE 2 EXISTING LETTERS OF CREDIT

Letter of Credit Totals by Bank as of March 16, 2006

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	BANK OF AMERICA	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOLL VA III
	 	INDUSTRIAL DEVELOPMENT REVENUE BOND	 	3019743	 	NORWEST BANK MINNESOTA, N.A.	 	11/3/1999	 	11/15/2006	 	$	5,118,225.00	 	 	NO	 	FIN	 	$	4,207,868.49	 
	CONCORD HUNT
	 	SECT#2-ROADS-WATER-SEWER-ST.LIGHTS	 	3029386	 	CITY OF BRENTWOOD	 	9/14/2000	 	9/14/2006	 	$	249,218.00	 	 	YES	 	PRF	 	$	67,533.00	 
	CONCORD HUNT
	 	SECT#1-ROADS-WATER-SEWER-ST.LIGHTS	 	3029387	 	CITY OF BRENTWOOD	 	9/14/2000	 	9/14/2006	 	$	195,837.00	 	 	YES	 	PRF	 	$	53,061.00	 
	HAWTHORNE WOODS — COMMON
	 	GUARANTEE SITE IMPROVEMENTS	 	3065191	 	VILLAGE OF HAWTHORN WOODS	 	8/24/2004	 	8/24/2006	 	$	12,945,000.25	 	 	YES	 	PRF	 	$	5,000,000.00	 
	BLUFFMONT GREENE AT RIDGEGATE
	 	MAINTENANCE GUARANTY	 	3072773	 	SOUTHGATE SANITATION DISTRICT	 	2/25/2005	 	4/3/2006	 	$	10,435.70	 	 	NO	 	PRF	 	$	10,435.70	 
	BLUFFMONT GREENE AT RIDGEGATE
	 	MAINTENANCE GUARANTY	 	3072774	 	SOUTHGATE WATER DISTRICT	 	2/25/2005	 	4/3/2006	 	$	10,617.70	 	 	NO	 	PRF	 	$	10,617.70	 
	TAPIA CANYON — COMMON
	 	LAND DEPOSIT	 	3074050	 	CASTAIC PARTNERS, LLC	 	3/30/2005	 	3/30/2007	 	$	3,023,500.00	 	 	YES	 	FIN	 	$	3,023,500.00	 
	STONEBRAE
	 	LAND DEPOSIT	 	3074403	 	OLD REPUBLIC TITLE COMPANY	 	6/24/2005	 	6/24/2006	 	$	4,458,750.00	 	 	YES	 	FIN	 	$	4,458,750.00	 
	VILLAS AT COPPELL
	 	ELECTRIC AND GAS	 	3074901	 	TEXAS-NEW MEXICO POWER CO.	 	6/27/2005	 	6/27/2007	 	$	123,146.37	 	 	NO	 	PRF	 	$	123,146.37	 
	FLORIDA ORLANDO DIVISION
	 	GUARANTEE SELLER’S LC’S	 	3075327	 	BANK OF AMERICA	 	5/31/2005	 	5/31/2006	 	$	491,187.12	 	 	YES	 	FIN	 	$	491,187.12	 
	STONEBRAE
	 	LAND DEPOSIT	 	3075737	 	OLD REPUBLIC TITLE COMPANY	 	6/24/2005	 	6/24/2006	 	$	4,458,750.00	 	 	YES	 	FIN	 	$	4,458,750.00	 
	STEEPLECHASE OF EAGAN — COMMON
	 	DEVELOPMENT IMPROVEMENTS	 	3076267	 	CITY CLERK, CITY OF EAGAN	 	7/21/2005	 	8/1/2006	 	$	1,191,000.00	 	 	YES	 	PRF	 	$	600,000.00	 
	BEACH FRONT AT SINGER ISLAND
	 	GUARANTEE CUSTOMER DEPOSITS	 	3076609	 	SEE COMMENTS	 	8/2/2005	 	8/30/2006	 	$	7,000,000.00	 	 	YES	 	FIN	 	$	7,000,000.00	 
	MEADOW WOODS — COMMON
	 	ARBOR MEADOWS BLVD	 	3076705	 	ORANGE COUNTY, FLORIDA	 	8/10/2005	 	2/25/2006	 	$	133,510.00	 	 	YES	 	PRF	 	$	133,510.00	 
	MEADOW WOOD — FIELDSTONE ESTATES
	 	PARCELS 37	 	3076707	 	ORANGE COUNTY, FLORIDA	 	8/10/2005	 	5/5/2006	 	$	38,825.00	 	 	YES	 	PRF	 	$	38,825.00	 
	MEADOW WOOD — FIELDSTONE ESTATES
	 	PARCEL 37	 	3076708	 	ORANGE COUNTY, FLORIDA	 	8/10/2005	 	8/9/2006	 	$	2,550.00	 	 	YES	 	PRF	 	$	2,550.00	 

5

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	MEADOW WOOD — CEDAR BENDS I &II
	 	PH 2 — PARCELS 38 & 39	 	3076709	 	ORANGE COUNTY, FLORIDA	 	8/10/2005	 	8/9/2006	 	$	3,900.00	 	 	YES	 	PRF	 	$	3,900.00	 
	MEADOW WOOD — CEDAR BENDS I &II
	 	PH 2 — PARCELS 38 & 39	 	3076710	 	ORANGE COUNTY, FLORIDA	 	8/10/2005	 	5/5/2006	 	$	28,808.50	 	 	YES	 	PRF	 	$	28,808.50	 
	MEADOW WOOD — SANDHILL PRESERVES
	 	PARCELS 31.1 & 31.2	 	3076712	 	ORANGE COUNTY, FLORIDA	 	8/10/2005	 	5/26/2006	 	$	117,965.00	 	 	YES	 	PRF	 	$	117,965.00	 
	MEADOW WOOD — CEDAR BENDS I &II
	 	PH 1 — PARCELS 38 & 39	 	3076713	 	ORANGE COUNTY, FLORIDA	 	8/10/2005	 	10/31/2006	 	$	149,878.62	 	 	YES	 	PRF	 	$	149,878.62	 
	ARCON — COMMON
	 	GRADING	 	3076831	 	CITY OF PRIOR LAKE	 	8/22/2005	 	12/31/2006	 	$	5,630,075.00	 	 	YES	 	PRF	 	$	5,630,075.00	 
	JUPITER COUNTRY CLUB — COMMON
	 	OFF-SITE WATER MAIN & SANITARY SEWER FORCE MAIN	 	3077230	 	NORTHERN PALM BEACH COUNTY IMPROVEMENT DISTRICT	 	9/28/2005	 	9/28/2006	 	$	2,524,743.14	 	 	NO	 	PRF	 	$	3,372,738.75	 
	ARCON — COMMON
	 	TREE MITIGATION	 	3077597	 	CITY OF PRIOR LAKE	 	10/11/2005	 	12/31/2006	 	$	68,125.00	 	 	YES	 	PRF	 	$	68,125.00	 
	MEADOW WOOD — CHATHAM PLACE PARCEL 28
	 	PHASE 1 — SEWER, WATER, DRAINAGE SYSTEM, PAVING	 	3078086	 	ORANGE COUNTY, FLORIDA	 	12/7/2005	 	12/7/2006	 	$	85,491.33	 	 	YES	 	PRF	 	$	85,491.33	 
	MEADOW WOOD — CHATHAM PLACE PARCEL 28
	 	LOT CORNERS	 	3078095	 	ORANGE COUNTY, FLORIDA	 	12/7/2005	 	12/7/2006	 	$	7,150.00	 	 	YES	 	PRF	 	$	7,150.00	 
	SURPRISE GRAND VISTA JV I, LLC
	 	GUARANTEE OF INTEREST DRAW	 	3079605	 	ISTAR CHRYSLER	 	2/9/2006	 	11/27/2007	 	$	11,000,000.00	 	 	YES	 	FIN	 	$	11,000,000.00	 
	TIS INTEGRATED PLANT
	 	TO GUARANTEE BOND OFFERING	 	3079843	 	WELLS FARGO BANK, NATIONAL ASSOC., AS TRUSTEE	 	2/23/2006	 	7/1/2009	 	$	9,525,473.00	 	 	NO	 	FIN	 	$	9,525,473.00	 
	ARCON — COMMON
	 	DEV.CONTRACT SURETY FOR DEV.WORK FR CLRNG, UTIL & STRT TREE REPL	 	3079878	 	CITY OF PRIOR LAKE	 	1/30/2006	 	12/31/2006	 	$	2,225,718.00	 	 	YES	 	PRF	 	$	2,225,718.00	 
	ARCON — COMMON
	 	DEV.CONTR SUR.FOR ALL DEV.WORK FR.CLRNG, UTIL.& STRT TO TREE REPL	 	3079879	 	CITY OF PRIOR LAKE	 	1/30/2006	 	12/31/2006	 	$	204,541.00	 	 	YES	 	PRF	 	$	204,541.00	 
	MORROCCO PARCEL
	 	WETLANDS PERMIT/AGREEMENT	 	7400514	 	US ARMY CORP ENGINEERS LA DISTRICT	 	10/21/1998	 	10/21/2006	 	$	105,000.00	 	 	YES	 	PRF	 	$	105,000.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	SECTION#7 LANDSCAPING, PLAN PWC#00-00131	 	7405531	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/2/2001	 	7/2/2006	 	$	51,700.00	 	 	YES	 	PRF	 	$	51,700.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	SECTION#7 SILTATION & EROSION CONTROL PLAN PWC#00-00131	 	7405532	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/2/2001	 	7/2/2006	 	$	130,860.20	 	 	YES	 	PRF	 	$	65,430.10	 

6

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	MOORPARK — COUNTRY CLUB ESTATES AT
	 	GRADING, SITE IMPROVE TRACT #4928	 	7405560	 	CITY OF MOORPARK	 	7/12/2001	 	7/12/2006	 	$	417,863.00	 	 	YES	 	PRF	 	$	417,863.00	 
	MOORPARK — COUNTRY CLUB ESTATES AT
	 	GRADING, SITE IMPROVE TRACT #4928	 	7405561	 	CITY OF MOORPARK	 	7/12/2001	 	7/12/2006	 	$	174,527.00	 	 	YES	 	PRF	 	$	768,974.40	 
	MOORPARK — COUNTRY CLUB ESTATES AT
	 	GRADING, SITE IMPROVE TRACT #4928	 	7405562	 	CITY OF MOORPARK	 	7/12/2001	 	7/12/2006	 	$	154,378.00	 	 	YES	 	PRF	 	$	154,378.00	 
	DOMINION VALLEY CC — GOLF COURSE CONSTRUCTION
	 	GOLF MAINT FACILITY, SILTATION & EROSION PLAN PWC#01-00254	 	7405829	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/19/2001	 	1/28/2007	 	$	57,500.00	 	 	YES	 	PRF	 	$	27,231.23	 
	DOMINION VALLEY CC — FAIRWAYS
	 	SILTATION & EROSION CONTRL ESCRW IMPRV SECT#8 PLAN PWC#00-00173	 	7405885	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/9/2001	 	10/9/2006	 	$	118,000.00	 	 	YES	 	PRF	 	$	118,000.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	LANDSCAPE ESCROW IMPROVEMENTS SEC #8,PLAN PWC#00-00173	 	7405886	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/9/2001	 	10/9/2006	 	$	24,700.00	 	 	YES	 	PRF	 	$	24,700.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	LOT STABILIZATION ESCROW SEC #7,PLAN PWC#00-00131	 	7405887	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/9/2001	 	10/9/2006	 	$	25,000.00	 	 	YES	 	PRF	 	$	25,000.00	 
	DOMINION VALLEY CC — ESTATES
	 	LOT STABILIZATION ESCROW IMPROVEMENTS SEC #4 PLAN PWC#00-00035	 	7405899	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/9/2001	 	10/9/2006	 	$	20,000.00	 	 	YES	 	PRF	 	$	20,000.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	LOT STABILIZATION ESCROW IMPROVE SEC#5,PLAN PWC#00-00121	 	7405900	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/9/2001	 	10/9/2006	 	$	25,000.00	 	 	YES	 	PRF	 	$	21,000.00	 
	DOMINION VLLY — REGENCY AT — ACTIVE ADULT COMMON
	 	SILTATION & EROSION REGENCY RECREATION PWC#01-00449	 	7408560	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	1/8/2002	 	1/8/2007	 	$	145,000.00	 	 	YES	 	PRF	 	$	145,000.00	 
	DOMINION VALLEY CC — GOLF COURSE CONSTRUCTION
	 	GOLF MAINTENANCE FACILITY, LANDSCAPE CONTROL PLAN PWC#01-00254	 	7408730	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	2/1/2002	 	2/1/2006	 	$	13,240.00	 	 	YES	 	PRF	 	$	13,240.00	 
	MOUNTAIN VIEW COUNTRY CLUB — COMMON
	 	FUGITIVE DUST CONTROL	 	7409017	 	CITY OF LA QUINTA	 	2/22/2002	 	2/22/2007	 	$	90,000.00	 	 	YES	 	PRF	 	$	37,590.00	 

7

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	SILTATION & EROSION CONTROL ESCROW PLAN PWC#01-00446	 	7409185	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/19/2002	 	3/19/2007	 	$	88,300.00	 	 	YES	 	PRF	 	$	93,324.35	 
	DOMINION VALLEY CC — FAIRWAYS
	 	SECTION#8,LOT STABILIZATION PLAN NO. PWC#00-00173	 	7409343	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/15/2002	 	4/15/2006	 	$	25,000.00	 	 	YES	 	PRF	 	$	25,000.00	 
	DOMINION VLLY — REGENCY AT — ACTIVE ADULT COMMON
	 	SECTION#17 LANDSCAPING ESCROW PLAN NO. PWC#01-00449	 	7409393	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/15/2002	 	4/15/2006	 	$	64,700.00	 	 	YES	 	PRF	 	$	64,700.00	 
	MOUNTAIN VIEW COUNTRY CLUB — COMMON
	 	WATERLINE IN ENTRY RD AT MOUNTAIN VIEW TRACT#30357, PHASE I	 	7409496	 	COACHELLA VALLEY WATER DISTRICT	 	5/2/2002	 	5/2/2007	 	$	2,000.00	 	 	YES	 	PRF	 	$	2,000.00	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SECT#14-SILTATION & EROSION CONTROL PLAN PWC#02-00304	 	7409747	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/14/2002	 	6/14/2007	 	$	172,300.00	 	 	YES	 	PRF	 	$	173,490.83	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SECT#14, LANDSCAPE ESCROW PLAN PWC#02-00304	 	7409748	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/14/2002	 	6/14/2007	 	$	91,600.00	 	 	YES	 	PRF	 	$	91,600.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	SECT#11, SILTATION & EROSION PLAN PWC#02-00153	 	7409783	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/21/2002	 	6/21/2006	 	$	246,000.00	 	 	YES	 	PRF	 	$	246,000.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	SECT#11, LANDSCAPE ESCROW PLAN PWC#02-00153	 	7409784	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/21/2002	 	6/21/2006	 	$	74,000.00	 	 	YES	 	PRF	 	$	74,000.00	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	WAVERLY FARM DR, SILTATION&EROSION PLAN PWC#02-00230	 	7409785	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/21/2002	 	6/21/2006	 	$	194,000.00	 	 	YES	 	PRF	 	$	194,000.00	 
	MOUNTAIN VIEW COUNTRY CLUB — COMMON
	 	PHASE 2A, SEWER & WATER	 	7409840	 	COACHELLA VALLEY WATER DISTRICT	 	7/3/2002	 	7/3/2006	 	$	17,695.00	 	 	YES	 	PRF	 	$	17,695.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SECTION#9, LANDSCAPE ESCROW PLAN NO. PWC#02-00257	 	7409861	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/3/2002	 	7/3/2006	 	$	42,000.00	 	 	YES	 	PRF	 	$	42,000.00	 
	DOMINION VLLY — REGENCY AT — GEORGETOWN COLLCTN
	 	SECTION#15, LANDSCAPE ESCROW PLAN NO. PWC#02-00164	 	7409862	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/3/2002	 	7/3/2006	 	$	77,000.00	 	 	YES	 	PRF	 	$	77,000.00	 

8

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VLLY — REGENCY AT — GEORGETOWN COLLCTN
	 	SECTION#15, SILTATION & EROSION CONTROL PLAN NO. PWC#02-00164	 	7409863	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/3/2002	 	7/3/2006	 	$	175,000.00	 	 	YES	 	PRF	 	$	175,000.00	 
	MOUNTAIN VIEW COUNTRY CLUB — COMMON
	 	PHASE 1, SEWER & WATER	 	7409884	 	COACHELLA VALLEY WATER DISTRICT	 	7/12/2002	 	7/12/2006	 	$	116,248.55	 	 	YES	 	PRF	 	$	116,248.55	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SECTION#9, SILTATION & EROSION CONTROL PLAN NO. PWC#02-00257	 	7409973	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/29/2002	 	7/29/2006	 	$	155,450.00	 	 	YES	 	PRF	 	$	155,450.00	 
	DOMINION VLLY — REGENCY AT — GEORGETOWN COLLCTN
	 	SECTION #15, LOT STABILIZATION & EROSION PLAN PWC#02-00164	 	7410061	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	8/5/2002	 	8/5/2006	 	$	81,000.00	 	 	YES	 	PRF	 	$	81,000.00	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SECT# 14 LOT STABIL & EROS CONTRL ESCRW PL#PWC#02-00304 LOTS 1-81	 	7410157	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	8/19/2002	 	8/19/2006	 	$	81,000.00	 	 	YES	 	PRF	 	$	81,000.00	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SECT#16 SILTATION&EROSION CONTROL PLAN PWC#02-00391	 	7410385	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/30/2002	 	9/30/2005	 	$	146,426.05	 	 	YES	 	PRF	 	$	152,808.55	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SECT#16 LANDSCAPING PLAN PWC#02-00391	 	7410386	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/30/2002	 	3/6/2007	 	$	107,890.00	 	 	YES	 	PRF	 	$	107,890.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	SECT#6 LANDSCAPING PLAN PWC#02-00190	 	7410387	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/30/2002	 	9/30/2006	 	$	67,010.00	 	 	YES	 	PRF	 	$	67,010.00	 
	DOMINION VLLY — REGENCY AT-ACTIVE ADULT-GC CONST
	 	EXECUTIVE GOLF COURSE SILTATION
& EROSION PLAN PWC#02-00516	 	7410388	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/30/2002	 	3/30/2007	 	$	614,857.85	 	 	YES	 	PRF	 	$	381,061.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	SECT#6 SILTATION & EROSION PLAN PWC#02-00190	 	7410389	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/30/2002	 	6/30/2006	 	$	231,215.09	 	 	YES	 	PRF	 	$	231,215.09	 

9

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VALLEY CC — CARRIAGES
	 	SECT#12 SILTATION & EROSION PLAN PWC#02-00394	 	7410390	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/30/2002	 	9/30/2006	 	$	163,875.00	 	 	YES	 	PRF	 	$	163,875.00	 
	DOMINION VALLEY CC — CARRIAGES
	 	SECT#12 LANDSCAPING PLAN PWC#02-00394	 	7410391	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/30/2002	 	9/30/2006	 	$	90,810.00	 	 	YES	 	PRF	 	$	90,810.00	 
	DOMINION VLLY — REGENCY AT-ACTIVE ADULT-GC CONST
	 	EXECUTIVE GOLF COURSE LANDSCAPING PLAN PWC#02-00516	 	7410396	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/30/2002	 	9/30/2006	 	$	6,150.00	 	 	YES	 	PRF	 	$	12,700.00	 
	DOMINION VALLEY CC — CARRIAGES
	 	SECT#12, LOT STABILIZATION, PLAN PWC#02-00394	 	7410432	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/11/2002	 	10/11/2006	 	$	101,000.00	 	 	YES	 	PRF	 	$	101,000.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	SECT#6, LOT STABILIZATION, PLAN PWC#02-00190	 	7410437	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/11/2002	 	10/11/2006	 	$	51,000.00	 	 	YES	 	PRF	 	$	50,000.00	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SECT#16, LOT STABILIZATION, PLAN PWC#02-00391	 	7410438	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/11/2002	 	10/11/2006	 	$	71,000.00	 	 	YES	 	PRF	 	$	71,000.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SECT#9, LOT STABILIZATION ESCROW PLAN PWC#02-00257, LOTS 1-39	 	7410522	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/15/2002	 	10/15/2006	 	$	39,000.00	 	 	YES	 	PRF	 	$	39,000.00	 
	CONCORD HUNT
	 	SITE IMPROVEMENTS ON CONCORD RD FOR SECTION IV	 	7410549	 	CITY OF BRENTWOOD	 	10/28/2002	 	12/17/2006	 	$	180,000.00	 	 	YES	 	PRF	 	$	99,604.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	SECT#11, LOT STABILIZATION ESCROW PLAN PWC#02-00153, LOTS 1-71	 	7410657	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/18/2002	 	11/8/2006	 	$	71,000.00	 	 	YES	 	PRF	 	$	71,000.00	 
	NORTHAMPTON HUNT
	 	PHASE III, SITE IMPROVEMENTS	 	7410726	 	NORTHAMPTON TOWNSHIP	 	11/29/2002	 	11/9/2006	 	$	1,281,365.28	 	 	YES	 	PRF	 	$	389,441.34	 
	DOMINION VALLEY CC — COMMON
	 	DOMINION VALLEY DR, PHASE B, SILTATION&EROSION PWC#03-00024	 	7411115	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	2/5/2003	 	2/5/2006	 	$	121,810.88	 	 	YES	 	PRF	 	$	121,810.88	 
	MOUNTAIN VIEW COUNTRY CLUB — G.C. CONSTRUCTION
	 	MAIN LINE,  SEWER&WATER, G. MAINT BLD&CLUB HSE TRACT#30357 PH#2B	 	7411347	 	COACHELLA VALLEY WATER DISTRICT	 	3/27/2003	 	4/27/2007	 	$	10,991.00	 	 	YES	 	PRF	 	$	10,991.00	 

10

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VALLEY CC — COMMON
	 	GUARANTEE CONSTRUCTION & INSTALL LANDSCAPING PLAN PWC #02-00298	 	7411430	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/11/2003	 	4/11/2006	 	$	6,500.00	 	 	YES	 	PRF	 	$	6,500.00	 
	DOMINION VALLEY CC — COMMON
	 	GUARANTEE CONSTRUCTION OF SILTATION & EROSION PLAN PWC #02-00298	 	7411431	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/11/2003	 	4/11/2006	 	$	133,136.65	 	 	YES	 	PRF	 	$	133,136.65	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	GUARANTEE CONSTRUCTION & INSTALLATION LANDSCAPING PWC #03-00108	 	7411517	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/28/2003	 	4/28/2006	 	$	34,200.00	 	 	YES	 	PRF	 	$	34,200.00	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	LOT STABILIZATION SEC 18 PWC #03-00108	 	7411518	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/7/2003	 	5/7/2006	 	$	90,000.00	 	 	YES	 	PRF	 	$	90,000.00	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	GUARANTEE CONSTRUCTION OF SILTATION & EROSION PWC #03-00108	 	7411519	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/28/2003	 	10/27/2006	 	$	228,055.24	 	 	YES	 	PRF	 	$	177,099.67	 
	REGENCY AT NORTHAMPTON — SINGLES
	 	PHASE III - WATER / SEWER	 	7411520	 	NORTHAMPTON BUCKS COUNTY MUNICIPAL AUTHORITY	 	4/25/2003	 	4/25/2007	 	$	309,703.34	 	 	YES	 	PRF	 	$	54,250.84	 
	REGENCY AT NORTHAMPTON — SINGLES
	 	ST. LEONARDS ROAD RELOCATION - PHASE IV	 	7411521	 	NORTHAMPTON BUCKS COUNTY MUNICIPAL AUTHORITY	 	4/25/2003	 	4/25/2007	 	$	117,551.33	 	 	YES	 	PRF	 	$	67,671.12	 
	DOMINION VALLEY CC — TOURNAMENTS
	 	CONSTRUCT & INSTALL SILTATION & EROSION CONTROL PWC #03-00096	 	7411636	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/28/2003	 	11/27/2006	 	$	94,783.00	 	 	YES	 	PRF	 	$	94,783.00	 
	DOMINION VALLEY CC — TOURNAMENTS
	 	LOT STABILIZATION PWC #03-00096 - SEC #21	 	7411637	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/2/2003	 	12/2/2006	 	$	40,000.00	 	 	YES	 	PRF	 	$	40,000.00	 
	DOMINION VALLEY CC — TOURNAMENTS
	 	CONSTRUCT & INSTALL LANDSCAPING PWC #03-00096	 	7411638	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/28/2003	 	11/27/2007	 	$	32,380.00	 	 	YES	 	PRF	 	$	32,380.00	 
	HARVEST RIDGE ESTATES
	 	PHASE 3 WATER / SEWER / STREET	 	7411683	 	TREASURER, CITY OF WINCHESTER	 	6/2/2003	 	6/2/2006	 	$	315,156.50	 	 	YES	 	PRF	 	$	315,156.50	 
	HARVEST RIDGE ESTATES
	 	PHASE 1 WATER / SEWER / STREET	 	7411684	 	TREASURER, CITY OF WINCHESTER	 	6/2/2003	 	6/2/2006	 	$	1,121,282.80	 	 	YES	 	PRF	 	$	166,375.38	 

11

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	HARVEST RIDGE ESTATES
	 	PHASE 2 WATER / SEWER / STREET	 	7411685	 	TREASURER, CITY OF WINCHESTER	 	6/2/2003	 	6/2/2006	 	$	974,528.50	 	 	YES	 	PRF	 	$	974,528.50	 
	DOMINION VALLEY CC — EXECUTIVES
	 	CONSTRUCT & INSTALL LANDSCAPING PWC #03-00200 - SEC #22	 	7411686	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/30/2003	 	11/30/2006	 	$	133,040.00	 	 	YES	 	PRF	 	$	133,040.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	CONSTRUC & INSTALL SILTATION & EROSION PWC #03-00239 - SEC #29	 	7411687	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/30/2003	 	11/30/2006	 	$	324,270.10	 	 	YES	 	PRF	 	$	324,270.10	 
	DOMINION VALLEY CC — EXECUTIVES
	 	LOT STABILIZATION PWC #03-00200 - SEC #22	 	7411688	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/30/2003	 	11/30/2006	 	$	64,000.00	 	 	YES	 	PRF	 	$	64,000.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	CONSTRUCT & INSTALL ALL SILTATION & EROSION PWC #03-00200-SEC #22	 	7411689	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/30/2003	 	11/30/2006	 	$	325,761.00	 	 	YES	 	PRF	 	$	325,761.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	CONSTRUCT & INSTALL ALL LANDSCAPING PWC #03-00239 - SEC #29	 	7411690	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/30/2003	 	11/30/2006	 	$	111,550.00	 	 	YES	 	PRF	 	$	111,550.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	LOT STABILIZATION PWC #03-00239 - SEC #29	 	7411691	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/30/2003	 	11/30/2006	 	$	104,000.00	 	 	YES	 	PRF	 	$	104,000.00	 
	REGENCY AT NORTHAMPTON — SINGLES
	 	PHASE III - ROAD (TWP)	 	7411698	 	NORTHAMPTON TOWNSHIP	 	5/29/2003	 	5/29/2007	 	$	810,725.10	 	 	YES	 	PRF	 	$	243,580.93	 
	REGENCY AT NORTHAMPTON — SINGLES
	 	PHASE IV - ROAD (TWP)	 	7411699	 	NORTHAMPTON TOWNSHIP	 	5/29/2003	 	5/29/2007	 	$	250,256.52	 	 	YES	 	PRF	 	$	61,989.91	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SEC #19 - CONSTRUCT & INSTALL LANDSCAPING PWC #03-00124	 	7411710	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/4/2003	 	12/4/2006	 	$	22,790.00	 	 	YES	 	PRF	 	$	22,790.00	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SEC#19-CONSTRUCT & INSTALL SILTATION & EROSION CNTRL PWC#03-00124	 	7411711	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/4/2003	 	12/4/2006	 	$	170,285.56	 	 	YES	 	PRF	 	$	140,315.30	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	SEC #19 - LOT STABILIZATION PWC #03-00124	 	7411712	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/4/2003	 	12/4/2006	 	$	53,000.00	 	 	YES	 	PRF	 	$	53,000.00	 

12

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	REGENCY AT NORTHAMPTON — CARRIAGES
	 	PHASE 5 - ROADS/BASIN/EARTH	 	7411788	 	NORTHAMPTON TOWNSHIP	 	8/12/2003	 	8/12/2006	 	$	714,966.24	 	 	YES	 	PRF	 	$	224,778.88	 
	REGENCY AT NORTHAMPTON — CARRIAGES
	 	PHASE V - WATER & SEWER	 	7411789	 	NORTHAMPTON, BUCKS COUNTY, MUNICIPAL AUTHORITY	 	7/9/2003	 	7/9/2006	 	$	174,435.76	 	 	YES	 	PRF	 	$	50,067.91	 
	CONCORD HUNT
	 	PHASE 5 - SEWER/WATER/ROADS/STREET LIGHTS/DRAINAGE	 	7411805	 	CITY OF BRENTWOOD	 	7/9/2003	 	7/9/2006	 	$	152,534.00	 	 	YES	 	PRF	 	$	72,800.00	 
	CONCORD HUNT
	 	PHASE 6 - SEWER/WATER/ROADS/STREET LIGHTS/DRAINAGE	 	7411816	 	CITY OF BRENTWOOD	 	7/9/2003	 	7/9/2006	 	$	157,569.00	 	 	YES	 	PRF	 	$	76,900.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	SECTION #30 LANDSCAPING PWC #03-00370	 	7411948	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/21/2003	 	1/21/2007	 	$	12,750.00	 	 	YES	 	PRF	 	$	12,750.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	SECTION #30 SILTATION & EROSION PWC #03-00370	 	7411949	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/21/2003	 	7/22/2006	 	$	63,242.64	 	 	YES	 	PRF	 	$	48,854.94	 
	DOMINION VALLEY CC — FAIRWAYS
	 	SECTION #30 LOT STABILIZATION PWC #03-00370	 	7411950	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/21/2003	 	1/21/2007	 	$	12,000.00	 	 	YES	 	PRF	 	$	12,000.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SECTION #31 SILTATION & EROSION PWC #03-00302	 	7411995	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/21/2003	 	1/21/2006	 	$	346,146.55	 	 	YES	 	PRF	 	$	346,146.55	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SECTION #31 LOT STABILIZATION PWC #03-00302	 	7411996	 	BOARD OF COUNTY SUPERVISORS OR PRINCE WILLIAM COUNTY	 	7/21/2003	 	1/21/2006	 	$	107,000.00	 	 	YES	 	PRF	 	$	107,000.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SECTION #31 LANDSCAPING PWC #03-00302	 	7411997	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	7/21/2003	 	1/21/2007	 	$	106,990.00	 	 	YES	 	PRF	 	$	106,990.00	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	CONSTRUCT & INSTALL ALL SILTATION & EROSION CONTROL PWC #03-00232	 	7412200	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/5/2003	 	9/3/2006	 	$	282,606.06	 	 	YES	 	PRF	 	$	232,867.40	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	CONSTRUCT & INSTALL ALL LANDSCAPING PWC #03-00232	 	7412201	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/5/2003	 	9/5/2006	 	$	39,640.00	 	 	YES	 	PRF	 	$	39,640.00	 

13

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VLLY — REGENCY AT — MIDDLEBURG COLLCTION
	 	GUARANTEE PROPER LOT STABILIZATION PWC #03-00232	 	7412202	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/5/2003	 	3/5/2007	 	$	94,000.00	 	 	YES	 	PRF	 	$	94,000.00	 
	DOMINION VALLEY MARKET SQUARE
	 	SILTATION & EROSION CONTROL MARKET SQUARE SEC 33 PWC# 03-00419	 	7412709	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/3/2003	 	5/3/2006	 	$	219,607.00	 	 	YES	 	PRF	 	$	219,607.00	 
	DOMINION VALLEY MARKET SQUARE
	 	LANDSCAPING MARKET SQUARE SEC 33 PWC# 03-00419	 	7412710	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/3/2003	 	5/3/2006	 	$	121,220.00	 	 	YES	 	PRF	 	$	121,220.00	 
	ENCLAVE AT BROADLANDS
	 	LAND DEPOSIT	 	7413342	 	COMMUNITY DEVELOPMENT GROUP OF BROOMFIELD, LLC	 	1/12/2004	 	1/12/2006	 	$	760,000.00	 	 	YES	 	FIN	 	$	392,730.00	 
	MOUNTAIN VIEW COUNTRY CLUB — COMMON
	 	PHASE 2 WATER & SEWER IMPROVEMENTS	 	7413668	 	COACHELLA VALLEY WATER DISTRICT	 	2/24/2004	 	2/24/2006	 	$	18,452.00	 	 	YES	 	PRF	 	$	18,452.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	LOT STABILIZATION SEC 32 - PWC #04-00021	 	7413713	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/5/2004	 	3/5/2007	 	$	47,000.00	 	 	YES	 	PRF	 	$	47,000.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	SILTATION & EROSION CONTROL SEC 32 PWC #04-00021	 	7413714	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/5/2004	 	3/5/2007	 	$	201,873.76	 	 	YES	 	PRF	 	$	201,873.76	 
	DOMINION VALLEY CC — FAIRWAYS
	 	LANDSCAPING SEC 32 PWC #04-00021	 	7413715	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/5/2004	 	3/5/2007	 	$	51,030.00	 	 	YES	 	PRF	 	$	51,030.00	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	LANDSCAPING - CATHARPIN CREEK - PWC #03-00508	 	7413777	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/11/2004	 	3/11/2007	 	$	6,100.00	 	 	YES	 	PRF	 	$	6,100.00	 
	PINE BLUFFS
	 	LAND DEPOSIT	 	7413975	 	KW PINE RIDGE, LLC	 	3/30/2004	 	3/30/2007	 	$	500,000.00	 	 	YES	 	FIN	 	$	250,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BANK OF AMERICA Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	74,468,618.24	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BNP PARIBAS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOLL BROTHERS INC.
	 	GUARANTEE OF DEDUCTIBLE/LOSS LIMIT REIMBURSE #7019	 	91864653	 	LIBERTY MUTUAL INSURANCE COMPANY	 	10/8/2002	 	10/8/2005	 	$	4,050,000.00	 	 	YES	 	FIN	 	$	17,000,000.00	 
	DUBLIN RANCH VILLAGES (COMMON)
	 	GUARANTEE DEDUCTIBLE/LOSS LIMIT REIMBURSE #7021	 	91864654	 	LIBERTY MUTUAL INSURANCE COMPANY	 	10/8/2002	 	10/8/2006	 	$	2,000,000.00	 	 	YES	 	FIN	 	$	6,000,000.00	 

14

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	HOCKESSIN OAKS
	 	GUARANTEE COMPLETION OF ELECTRIC & GAS SERVICE CONNECTION	 	91871240	 	DELMARVA POWER & LIGHT COMPANY	 	9/25/2003	 	9/25/2006	 	$	110,936.00	 	 	YES	 	PRF	 	$	25,896.00	 
	HOLLOWBROOK MEWS
	 	GUARANTEE SITE IMPROVEMENTS	 	91872000	 	TOWN OF CORTLANDT	 	10/31/2003	 	10/31/2007	 	$	1,050,000.00	 	 	YES	 	PRF	 	$	200,000.00	 
	HOLLOWBROOK MEWS
	 	GUARANTEE SITE MAINTENANCE	 	91872002	 	TOWN OF CORTLANDT	 	10/31/2003	 	10/31/2007	 	$	30,000.00	 	 	YES	 	PRF	 	$	30,000.00	 
	TOLL BROTHERS INC.
	 	COLLATERAL FOR INSURANCE PROGRAM	 	91872730	 	PACIFIC EMPLOYERS INSURANCE COMPANY	 	12/16/2003	 	12/16/2005	 	$	9,485,108.00	 	 	YES	 	FIN	 	$	4,306,564.00	 
	MOUNT KISCO CHASE
	 	WETLAND MITIGATION	 	91878111	 	VILLAGE/TOWN OF MOUNT KISCO	 	9/28/2004	 	1/21/2009	 	$	38,000.00	 	 	NO	 	PRF	 	$	38,000.00	 
	MISPILLION — COMMON
	 	LAND DEPOSIT	 	91884436	 	MILFORD PROPERTIES, LLC	 	8/5/2005	 	12/31/2008	 	$	1,500,000.00	 	 	NO	 	FIN	 	$	1,500,000.00	 
	RESIDENCES ON MAIN — CONDOS
	 	CONSTRUCTION OF PARKING STRUCTURE	 	91884556	 	MSR PROPERTIES, LLC	 	8/12/2005	 	8/12/2006	 	$	6,900,000.00	 	 	YES	 	PRF	 	$	6,900,000.00	 
	SPILLAR RANCH
	 	LAND DEPOSIT	 	91885902	 	HERITAGE TITLE COMPANY	 	10/28/2005	 	10/28/2005	 	$	597,820.00	 	 	YES	 	FIN	 	$	597,820.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BNP PARIBAS Total
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	36,598,280.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CALYON SECURITIES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	STONYKILL VIEW — SINGLES
	 	SITE IMPROVEMENTS	 	404136010	 	TOWN OF FISHKILL	 	2/11/2004	 	2/11/2007	 	$	2,800,000.00	 	 	YES	 	PRF	 	$	750,000.00	 
	WOODS OF SOUTH BARRINGTON — COMMON
	 	LAND PURCHASE - LAND BANKED	 	411136033	 	ACACIA CREDIT FUND 9-A LLC	 	4/21/2004	 	4/21/2007	 	$	14,431,315.00	 	 	YES	 	FIN	 	$	5,945,928.00	 
	BAYSIDE AT BETHANY LAKES — CARRIAGES
	 	INSTALLATION OF STORMWATER MANAGEMENT & ROAD (LAKES)	 	411436019	 	SUSSEX COUNTY COUNCIL	 	4/23/2004	 	4/23/2006	 	$	1,183,488.26	 	 	YES	 	PRF	 	$	236,697.65	 
	BAYSIDE AT BETHANY LAKES — CARRIAGES
	 	INSTALLATION OF STORMWATER MANAGEMENT & ROADS (COURTS)	 	411436020	 	SUSSEX COUNTY COUNCIL	 	4/23/2004	 	4/23/2006	 	$	278,555.75	 	 	YES	 	PRF	 	$	278,555.75	 
	VAN WYCK MEADOWS
	 	GUARANTEE PAYMENTS	 	515736019	 	TOWN OF FISHKILL	 	6/6/2005	 	6/6/2007	 	$	1,500,000.00	 	 	YES	 	FIN	 	$	1,500,000.00	 
	CABIN BRANCH — COMMON
	 	LAND DEPOSIT	 	521036010	 	FFTM I LIMITED PARTNERSHIP	 	7/29/2005	 	7/29/2006	 	$	5,500,000.00	 	 	YES	 	FIN	 	$	5,500,000.00	 
	TOLL BROTHERS INC.
	 	NEW INSURANCE PROGRAM	 	525036003	 	ZURICH AMERICAN INSURANCE COMPANY	 	9/7/2005	 	9/7/2006	 	$	3,600,000.00	 	 	YES	 	FIN	 	$	3,600,000.00	 
	STONYKILL WOODS
	 	MAINTENANCE - ROADS	 	528436023	 	TOWN OF FISHKILL	 	10/11/2005	 	10/11/2006	 	$	308,000.00	 	 	NO	 	PRF	 	$	308,000.00	 
	VAN WYCK MEADOWS
	 	MAINTENANCE - PHASE 1-5	 	530036007	 	TOWN OF FISHKILL	 	10/27/2005	 	10/27/2007	 	$	630,000.00	 	 	NO	 	PRF	 	$	630,000.00	 

15

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	MOUNTAIN VIEW AT GARDINER
	 	CONSTRUCTION OF ROADS AND INSTALLATION OF DRAINAGE IMPROVEMENTS	 	533236023	 	TOWN OF GARDINER (ULSTER COUNTY)	 	11/28/2005	 	11/28/2006	 	$	700,000.00	 	 	YES	 	PRF	 	$	700,000.00	 
	SONORAN FOOTHILLS, DESERT ENCLAVE
	 	INSTALLATION OF INFRASTRUCTURE WITHIN MASTER PLAN W/S/R/AMENITIES	 	535436002	 	FIRST AMERICAN TITLE INSURANCE COMPANY	 	12/20/2005	 	12/19/2006	 	$	935,000.00	 	 	YES	 	PRF	 	$	230,033.18	 
	REGENCY AT RIDGEFIELD
	 	SITE IMPROVEMENTS	 	604136006	 	TOWN OF RIDGEFIELD	 	2/10/2006	 	2/10/2007	 	$	2,731,219.00	 	 	YES	 	PRF	 	$	2,731,219.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CALYON SECURITIES Total
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	22,410,433.58	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CITIBANK	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DAMONTE RANCH
	 	SHARE OF MASTER INTRASTRUCTURE WORK	 	 	 	DI LORETO SOUTH TRUCKEE MEADOWS, INC. & NEVADA STATE BANK	 	3/16/2006	 	3/17/2006	 	$	10,000,000.00	 	 	YES	 	FIN	 	$	10,000,000.00	 
	CITIBANK Total
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	10,000,000.00	 
	COMERICA BANK
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	NORTHVILLE HILLS GOLF CLUB — COMMON
	 	CONSTRUCT ROADS & STORM SEWER-SUB#2	 	556364-04	 	WAYNE COUNTY	 	12/17/1999	 	12/18/2006	 	$	420,000.00	 	 	YES	 	PRF	 	$	35,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 2A WETLAND GUARANTEE	 	557044-04	 	CITY OF NOVI - TREASURERS OFFICE	 	1/13/2000	 	1/12/2007	 	$	26,485.55	 	 	YES	 	PRF	 	$	6,750.00	 
	NORTHVILLE HILLS GOLF CLUB — COMMON
	 	CONSTRUCT ROAD,CURB,GUTTER-SUB#3	 	560496-04	 	WAYNE COUNTY	 	7/12/2000	 	7/11/2006	 	$	1,093,650.00	 	 	YES	 	PRF	 	$	100,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	TREE REPLACE PHASE 2B,3A,3B,3C,& 6	 	560988-04	 	CITY OF NOVI - TREASURERS OFFICE	 	8/11/2000	 	8/10/2006	 	$	695,265.00	 	 	YES	 	PRF	 	$	695,265.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	WETLAND IMPROVE PHASE 2B,3A,3B,3C&6	 	561019-04	 	CITY OF NOVI - TREASURERS OFFICE	 	8/15/2000	 	8/14/2006	 	$	212,000.00	 	 	YES	 	PRF	 	$	75,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 2B,3A,3B,3C, & 6 LANDSCAPE	 	561300-04	 	CITY OF NOVI - TREASURERS OFFICE	 	9/1/2000	 	8/31/2006	 	$	308,498.00	 	 	YES	 	PRF	 	$	166,589.00	 
	VISTA DEL VERDE (SHELL K)
	 	CAPITAL CONTRIBUTION	 	571781-04	 	VISTA DEL VERDE II, L.P.	 	1/18/2002	 	1/17/2006	 	$	5,000,000.00	 	 	YES	 	FIN	 	$	5,000,000.00	 
	NORTHVILLE HILLS GOLF CLUB — COMMON
	 	CONSTRUCT STORM SEWER SYSTEM & PAVING, SUB#4, REVIEW#S00-001	 	574075-04	 	WAYNE COUNTY	 	5/6/2002	 	5/6/2007	 	$	795,000.00	 	 	YES	 	PRF	 	$	100,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	WOODLAND REPLACEMENT&FENCE MAINT. PHASE 4A&5A	 	577114-04	 	CITY OF NOVI - TREASURERS OFFICE	 	9/10/2002	 	9/10/2006	 	$	59,275.00	 	 	YES	 	PRF	 	$	59,275.00	 

16

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	ISLAND LAKE OF NOVI — COMMON
	 	LANDSCAPING IMPROVEMENTS, PHASE 4A&5A	 	577159-04	 	CITY OF NOVI - TREASURERS OFFICE	 	9/12/2002	 	9/12/2006	 	$	255,340.00	 	 	YES	 	PRF	 	$	255,340.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	WETLAND GUARANTEE FOR PHASE #4A & #5A	 	577988-04	 	CITY OF NOVI - TREASURERS OFFICE	 	10/18/2002	 	10/18/2006	 	$	96,700.00	 	 	YES	 	PRF	 	$	85,600.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	WETLAND MITIGATION, PERMIT #02-63-0132-P	 	579378-04	 	MICHIGAN DEPT OF ENVIRONMENTAL QUALITY	 	12/13/2002	 	12/13/2006	 	$	150,000.00	 	 	YES	 	PRF	 	$	150,000.00	 
	STEEPLECHASE OF NORTHVILLE
	 	INSTALL ROADS & STORM SEWER SYSTEM, SUBDIVISION#1	 	579933-04	 	WAYNE COUNTY	 	1/7/2003	 	1/7/2007	 	$	1,590,000.00	 	 	YES	 	PRF	 	$	100,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	WETLAND REVIEW - ILN LAKEFRONT PHASES 2B, 3D, 4A, 5A & 6	 	583715-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	6/10/2003	 	6/10/2007	 	$	89,175.00	 	 	YES	 	PRF	 	$	89,175.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	ISLAND LAKE PHASE 3D STORMWATER	 	584746-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	7/22/2003	 	7/22/2006	 	$	151,959.00	 	 	YES	 	PRF	 	$	25,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	ISLAND LAKE PHASE 4B-1 STORMWATER	 	584747-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	7/22/2003	 	7/22/2006	 	$	481,773.00	 	 	YES	 	PRF	 	$	75,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	LANDSCAPING - PHASE 4B-1	 	585965-04	 	CITY OF NOVI - TREASURERS OFFICE	 	9/16/2003	 	9/16/2006	 	$	218,260.00	 	 	YES	 	PRF	 	$	19,575.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 3D - WETLAND	 	586249-04	 	CITY OF NOVI - TREASURERS OFFICE	 	9/26/2003	 	9/26/2006	 	$	11,612.00	 	 	YES	 	PRF	 	$	11,612.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 3D - WOODLAND	 	586252-04	 	CITY OF NOVI - TREASURERS OFFICE	 	9/26/2003	 	9/26/2006	 	$	131,050.00	 	 	YES	 	PRF	 	$	131,050.00	 
	ESTATES AT CHURCHILL HUNT (THE)
	 	TREE REPLACEMENT	 	588346-04	 	VILLAGE OF GURNEE	 	12/22/2003	 	12/22/2006	 	$	350,000.00	 	 	YES	 	PRF	 	$	350,000.00	 
	ESTATES AT CHURCHILL HUNT (THE)
	 	PH 1 ALL PUBLIC IMPROVEMENTS	 	591023-04	 	VILLAGE OF GURNEE	 	4/7/2004	 	5/2/2007	 	$	3,291,908.00	 	 	YES	 	PRF	 	$	671,057.00	 
	OLD BLUFF VILLAGE — COMMON
	 	LAND DEPOSIT	 	591379-04	 	SONOC COMPANY, LLC	 	4/21/2004	 	4/20/2007	 	$	1,500,000.00	 	 	NO	 	FIN	 	$	1,500,000.00	 
	TRIESTE AT BOCA RATON
	 	PHASE 1 SITE IMPROVEMENTS	 	592675-04	 	CITY OF BOCA RATON	 	6/4/2004	 	6/4/2007	 	$	1,410,527.22	 	 	YES	 	PRF	 	$	1,091,289.12	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 5B WOODLAND REPLACEMENT & FENCE FINANCIAL GUARANTEE	 	593102-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	6/22/2004	 	6/22/2006	 	$	139,400.00	 	 	YES	 	PRF	 	$	139,400.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 5A WOODLAND REPLACEMENT & FENCE GUARANTEE	 	593104-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	6/22/2004	 	6/22/2006	 	$	14,750.00	 	 	YES	 	PRF	 	$	9,750.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 5B LANDSCAPING	 	593860-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	7/20/2004	 	7/20/2006	 	$	44,638.00	 	 	YES	 	PRF	 	$	44,638.00	 

17

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 5B STREET TREES	 	593861-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	7/20/2004	 	7/20/2006	 	$	145,600.00	 	 	YES	 	PRF	 	$	145,600.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 2B LANDSCAPING	 	593911-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	7/22/2004	 	7/22/2006	 	$	55,953.00	 	 	YES	 	PRF	 	$	55,953.00	 
	TRIESTE AT BOCA RATON
	 	PHASE 1 TREE MITIGATION	 	594048-04	 	CITY OF BOCA RATON	 	7/26/2004	 	7/26/2006	 	$	173,894.00	 	 	YES	 	PRF	 	$	173,894.00	 
	NORTHVILLE HILLS GOLF CLUB — COMMON
	 	PHASE 3 - PAVING PERMIT	 	594078-04	 	WAYNE COUNTY	 	7/27/2004	 	7/27/2006	 	$	50,000.00	 	 	YES	 	PRF	 	$	50,000.00	 
	HAWTHORNE WOODS — COMMON
	 	FAIRFIELD RD WIDENING @ PARK ENTRANCE	 	595162-04	 	TREASURER, COUNTY OF LAKE, DIVISION OF TRANSPORTATION	 	9/9/2004	 	8/31/2006	 	$	411,900.00	 	 	NO	 	PRF	 	$	411,900.00	 
	NORTHVILLE HILLS GOLF CLUB — COMMON
	 	STORM DRAINAGE FACILITIES	 	595965-04	 	WAYNE COUNTY	 	10/12/2004	 	12/1/2006	 	$	358,000.00	 	 	YES	 	PRF	 	$	358,000.00	 
	NORTHVILLE HILLS GOLF CLUB — COMMON
	 	PAVING IMPROVEMENTS	 	595966-04	 	WAYNE COUNTY	 	10/12/2004	 	12/1/2006	 	$	688,000.00	 	 	YES	 	PRF	 	$	100,000.00	 
	STEEPLECHASE OF NORTHVILLE
	 	PAVING PH 2	 	596009-04	 	WAYNE COUNTY	 	10/13/2004	 	12/1/2006	 	$	550,000.00	 	 	YES	 	PRF	 	$	135,000.00	 
	ESTATES AT CHURCHILL HUNT (THE)
	 	PH 2 PUBLIC IMPROVEMENTS	 	596056-04	 	VILLAGE OF GURNEE	 	10/15/2004	 	5/2/2007	 	$	1,476,051.00	 	 	YES	 	PRF	 	$	87,194.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 2B FINAL INSPECTION ITEMS	 	596866-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	11/10/2004	 	11/10/2006	 	$	9,000.00	 	 	YES	 	PRF	 	$	4,500.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 5A FINAL INSPECTION ITEMS	 	596867-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	11/10/2004	 	11/10/2006	 	$	6,000.00	 	 	YES	 	PRF	 	$	6,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PH 3D UTILITY, GRADING & PAVING PUNCHLIST	 	597067-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	11/18/2004	 	11/18/2006	 	$	91,650.00	 	 	YES	 	PRF	 	$	91,650.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PH 4B-1 UTILITY, GRADING & PAVING PUNCHLIST	 	597068-04	 	CITY OF NOVI - TREASURER’S OFFICE	 	11/18/2004	 	11/18/2006	 	$	195,225.00	 	 	YES	 	PRF	 	$	195,225.00	 
	ESTATES AT CHURCHILL HUNT (THE)
	 	STEARN'S SCHOOL ROAD IMPROVEMENTS	 	597385-04	 	TREASURER, COUNTY OF LAKE, DIVISION OF TRANSPORTATION	 	11/30/2004	 	11/30/2006	 	$	881,000.00	 	 	NO	 	PRF	 	$	881,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PH 2B, 3A, 3B, 3C & 6 STREET & UTILITY PUNCHLIST ITEMS	 	597941-04	 	CITY OF NOVI - TREASURERS OFFICE	 	12/21/2004	 	12/21/2006	 	$	50,000.00	 	 	YES	 	PRF	 	$	50,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PH 4B-2	 	599502-04	 	CITY OF NOVI - TREASURERS OFFICE	 	2/25/2005	 	2/25/2007	 	$	314,448.00	 	 	YES	 	PRF	 	$	70,500.00	 

18

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 4B-2 - WOODLAND FENCE	 	600784-04	 	CITY OF NOVI — TREASURER'S OFFICE	 	4/14/2005	 	4/14/2007	 	$	5,000.00	 	 	YES	 	PRF	 	$	5,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 4B-2 WETLAND	 	601281-04	 	CITY OF NOVI	 	5/5/2005	 	5/5/2007	 	$	14,000.00	 	 	YES	 	PRF	 	$	2,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 4B-2 STREET TREES	 	601287-04	 	CITY OF NOVI	 	5/5/2005	 	5/5/2007	 	$	16,000.00	 	 	YES	 	PRF	 	$	16,000.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 4B-2 LANDSCAPE	 	601293-04	 	CITY OF NOVI	 	5/5/2005	 	5/5/2007	 	$	47,940.00	 	 	YES	 	PRF	 	$	47,940.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PHASE 5B PAVING & GRADING PUNCHLIST ITEMS FOR FINAL ACCEPTANCE	 	601297-04	 	CITY OF NOVI	 	5/5/2005	 	5/5/2007	 	$	91,500.00	 	 	YES	 	PRF	 	$	91,500.00	 
	PRESERVE AT OAKLAND (THE)
	 	REPLACEMENT TREES, PARKING LOT TREES & SCENIC EASEMENT LANDSCAPE	 	610109-04	 	CHARTER TOWNSHIP OF OAKLAND	 	5/11/2005	 	5/11/2007	 	$	578,000.00	 	 	YES	 	PRF	 	$	578,000.00	 
	WYNSTONE COMMON
	 	TREE REPLACEMENT	 	610657-04	 	CHARTER TOWNSHIP OF OAKLAND	 	6/1/2005	 	6/1/2007	 	$	989,400.00	 	 	YES	 	PRF	 	$	989,400.00	 
	TWIN CREEKS — LEXINGTON
	 	LAND DEPOSIT	 	611603-04	 	TICOR TITLE COMPANY	 	7/7/2005	 	7/7/2006	 	$	55,000.00	 	 	YES	 	FIN	 	$	55,000.00	 
	TWIN CREEKS — SOMERSET
	 	LAND DEPOSIT	 	611604-04	 	TICOR TITLE COMPANY	 	7/7/2005	 	7/7/2006	 	$	96,000.00	 	 	YES	 	FIN	 	$	96,000.00	 
	PRESERVE AT OAKLAND (THE)
	 	PHASE I SITE IMPROVEMENTS	 	611947-04	 	CHARTER TOWNSHIP OF OAKLAND	 	7/22/2005	 	7/22/2006	 	$	7,535,825.00	 	 	YES	 	PRF	 	$	7,535,825.00	 
	WYNSTONE COMMON
	 	PH I-STORM&SANITARY SEWER,PUMPSTATION,WATER MAIN,PAVING&LANDSCAPE	 	611948-04	 	CHARTER TOWNSHIP OF OAKLAND	 	7/22/2005	 	7/22/2006	 	$	7,674,409.39	 	 	YES	 	PRF	 	$	7,674,409.39	 
	STEEPLECHASE OF NORTHVILLE
	 	WETLAND MITIGATION	 	612108-04	 	MICHIGAN DEPARTMENT OF ENVIRONMENTAL QUALITY	 	7/26/2005	 	7/26/2006	 	$	47,950.00	 	 	YES	 	PRF	 	$	47,950.00	 
	WYNSTONE COMMON
	 	OPERATION & MAINTENANCE OF SANITARY SEWER COLLECTION SYSTEM	 	612982-04	 	WASTEWATER MANAGEMENT, LLC AND
WYNSTONE CONDOMINIUM ASSOCIATION	 	9/6/2005	 	9/6/2006	 	$	17,409.00	 	 	YES	 	PRF	 	$	17,409.00	 
	ISLAND LAKE OF NOVI — COMMON
	 	PH 2B, 3A, 3B, 3C & 6 SIDEWALKS	 	613010-04	 	CITY OF NOVI — TREASURER'S OFFICE	 	9/2/2005	 	9/2/2006	 	$	27,000.00	 	 	YES	 	PRF	 	$	27,000.00	 
	STEEPLECHASE OF NORTHVILLE
	 	PHASE 3 - REVIEW #S02-013	 	613322-04	 	WAYNE COUNTY	 	9/16/2005	 	9/16/2006	 	$	50,000.00	 	 	YES	 	PRF	 	$	50,000.00	 

19

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	ISLAND LAKE OF NOVI — RAVINES
	 	PHASE 5-C STORMWATER	 	613552-04	 	CITY OF NOVI	 	9/30/2005	 	9/30/2006	 	$	123,309.00	 	 	YES	 	PRF	 	$	123,309.00	 
	ISLAND LAKE OF NOVI — RAVINES
	 	PHASE 5C INCOMPLETE SITEWORK/UTILITIES	 	613553-04	 	CITY OF NOVI	 	9/29/2005	 	9/29/2006	 	$	300,276.00	 	 	YES	 	PRF	 	$	300,276.00	 
	ISLAND LAKE OF NOVI — RAVINES
	 	PHASE 5C-LANDSCAPING	 	613554-04	 	CITY OF NOVI	 	9/30/2005	 	9/30/2006	 	$	2,710.76	 	 	YES	 	PRF	 	$	2,710.76	 
	ISLAND LAKE OF NOVI — RAVINES
	 	PHASE 5C-EROSION	 	613555-04	 	CITY OF NOVI	 	9/30/2005	 	9/30/2006	 	$	16,140.00	 	 	YES	 	PRF	 	$	16,140.00	 
	ISLAND LAKE OF NOVI — RAVINES
	 	PHASE 5C-STREET TREES	 	613556-04	 	CITY OF NOVI	 	9/30/2005	 	9/30/2006	 	$	33,600.00	 	 	YES	 	PRF	 	$	33,600.00	 
	ISLAND LAKE OF NOVI — RAVINES
	 	5C-TRAFFIC CONTROL	 	613557-04	 	CITY OF NOVI	 	9/30/2005	 	9/30/2007	 	$	3,200.00	 	 	YES	 	PRF	 	$	3,200.00	 
	ARBOR HILLS
	 	DRAINAGE IMPROVEMENTS	 	613705-04	 	WASHTENAW COUNTY DRAIN COMMISSIONER	 	9/30/2005	 	9/30/2006	 	$	279,453.00	 	 	YES	 	PRF	 	$	279,453.00	 
	ARBOR HILLS
	 	ROAD IMPROVEMENTS	 	613767-04	 	BOARD OF COUNTY ROAD COMMISSIONERS OF THE COUNTY OF WASHTENAW	 	10/4/2005	 	10/4/2006	 	$	550,000.00	 	 	YES	 	PRF	 	$	550,000.00	 
	ESTATES AT CHURCHILL HUNT (THE)
	 	PHASE 3 ON-SITE IMPROVEMENTS	 	613994-04	 	VILLAGE OF GURNEE	 	10/13/2005	 	10/13/2007	 	$	1,508,336.00	 	 	YES	 	PRF	 	$	1,508,336.00	 
	TRIESTE AT BOCA RATON
	 	APPROX.635 LF  OF LANDSCAPING FOR SALES OFF, CONSTR.ENTR.	 	615470-04	 	CITY OF BOCA RATON	 	12/14/2005	 	12/14/2006	 	$	21,000.00	 	 	YES	 	PRF	 	$	21,000.00	 
	THE CROSSINGS AT MORTON GROVE
	 	SITE IMPROVEMENTS	 	615783-04	 	VILLAGE OF MORTON GROVE	 	12/29/2005	 	3/15/2008	 	$	1,577,664.55	 	 	YES	 	PRF	 	$	1,577,664.55	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	COMERICA BANK Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	35,451,903.82	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FIFTH THIRD BANK	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LUNDY AVENUE — TOWNHOMES
	 	LAND PURCHASE — LAND BANKED	 	CIS403290	 	ACACIA CREDIT FUND 9-A LLC	 	2/25/2005	 	2/25/2007	 	$	10,742,105.00	 	 	YES	 	FIN	 	$	6,253,622.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FIFTH THIRD BANK Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	6,253,622.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	JPMORGAN CHASE BANK	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SURPRISE GRAND VISTA JV I, LLC
	 	GUARANTEE OF INTEREST DRAW	 	CPCS-235471	 	ISTAR CHRYSLER	 	2/9/2006	 	2/9/2007	 	$	10,285,172.85	 	 	YES	 	FIN	 	$	9,524,955.40	 
	WOODS OF SOUTH BARRINGTON — COMMON
	 	WATER TREATMENT PLANT	 	CPCS-239619	 	VILLAGE OF SOUTH BARRINGTON	 	2/24/2006	 	2/24/2007	 	$	6,858,000.00	 	 	YES	 	PRF	 	$	6,858,000.00	 

20

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	LAKE RUN ESTATES
	 	SITE IMPROVEMENTS	 	CPCS-637715	 	VILLAGE OF NORTH AURORA	 	5/12/2005	 	5/12/2006	 	$	2,473,739.40	 	 	NO	 	PRF	 	$	2,473,739.40	 
	HAWTHORNE WOODS — COMMON
	 	FAIRFIELD ROAD ACCESS PERMIT	 	CPCS-640317	 	TREASURER, COUNTY OF LAKE	 	6/6/2005	 	5/31/2007	 	$	462,000.00	 	 	NO	 	PRF	 	$	462,000.00	 
	HAWTHORNE WOODS — COMMON
	 	GILMER @ CHAMPIONSHIP ROAD IMPROVEMENTS	 	CPCS-642038	 	TREASURER, COUNTY OF LAKE, DIVISION OF TRANSPORTATION	 	6/21/2005	 	6/30/2007	 	$	365,200.00	 	 	NO	 	PRF	 	$	365,200.00	 
	HAWTHORNE WOODS — COMMON
	 	GILMER @ SCHWERMAN ROAD IMPROVEMENTS	 	CPCS-642040	 	TREASURER, COUNTY OF LAKE, DIVISION OF TRANSPORTATION	 	6/21/2005	 	6/30/2007	 	$	540,900.00	 	 	NO	 	PRF	 	$	540,900.00	 
	WOODS OF SOUTH BARRINGTON — COMMON
	 	PH I-MASS GRADING-SITE RESTORATION-POND RELOCATION	 	CPCS-646633	 	VILLAGE OF SOUTH BARRINGTON	 	7/29/2005	 	7/29/2006	 	$	360,168.00	 	 	YES	 	PRF	 	$	360,168.00	 
	ESTATES AT INVERNESS RIDGE
	 	SITE IMPROVEMENTS-ONSITE & OFFSITE	 	SLT323807	 	VILLAGE OF INVERNESS	 	3/8/2001	 	3/8/2007	 	$	5,842,328.00	 	 	YES	 	PRF	 	$	1,561,250.60	 
	ESTATES AT INVERNESS RIDGE
	 	SITE IMPROVE-WATER & SEWAGE SYSTEM	 	SLT323831	 	VILLAGE OF BARRINGTON	 	4/6/2001	 	4/6/2007	 	$	2,552,700.00	 	 	YES	 	PRF	 	$	100,000.00	 
	WOODBRIDGE CHASE
	 	COMPLETION BOND AGREEMENT DATED 1/26/01	 	SLT325530	 	TOWN OF WOODBRIDGE	 	9/19/2001	 	9/5/2006	 	$	470,000.00	 	 	YES	 	PRF	 	$	548,250.00	 
	SUMMIT AT CASTLE PINES VILLAGE — MASTERS
	 	SITE IMPROVEMENTS, EROSION CONTROL/GRADING	 	SLT325633	 	THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF DOUGLAS	 	9/14/2001	 	9/14/2006	 	$	115,897.50	 	 	NO	 	PRF	 	$	17,384.60	 
	SUMMIT AT CASTLE PINES VILLAGE — MASTERS
	 	SUBDIVISION AGREEMENT WATER FACILITIES	 	SLT325943	 	THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF DOUGLAS	 	12/19/2001	 	12/19/2006	 	$	1,245,622.00	 	 	NO	 	PRF	 	$	171,803.24	 
	ESTATES AT WOODCLIFFE PARK
	 	GUARANTEE SPECIAL TAX LIABILITY	 	SLT326347	 	MONTGOMERY COUNTY, MARYLAND	 	4/5/2002	 	4/5/2007	 	$	157,600.00	 	 	YES	 	FIN	 	$	157,600.00	 
	PALATINE STATION
	 	STORM SEWER, WATER MAIN, SANITARY SEWER & ROADWAY	 	SLT330175	 	VILLAGE OF PALATINE	 	12/20/2002	 	12/20/2006	 	$	1,241,466.05	 	 	YES	 	PRF	 	$	156,408.45	 
	PALATINE STATION
	 	GUARANTEE COMPLETION OF PLANNED DEVELOPMENT	 	SLT330176	 	VILLAGE OF PALATINE	 	12/20/2002	 	12/20/2006	 	$	100,000.00	 	 	YES	 	PRF	 	$	100,000.00	 
	HAWTHORNE WOODS — COMMON
	 	SECURE PAYMENT ON REMAINING PURCHASE PRICE	 	SLT332462	 	MERCURY EXCHANGE CO, LLC C/O COLE TAYLOR BANK, ESCROWEE	 	7/10/2003	 	5/17/2007	 	$	7,360,000.00	 	 	YES	 	FIN	 	$	3,680,000.00	 

21

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	TOLL BROTHERS INC.
	 	REIMBURS&SECURITY AGREE DTD 1/21/97	 	SLT352593	 	STEADFAST INSURANCE COMPANY	 	7/10/1998	 	7/10/2006	 	$	500,000.00	 	 	YES	 	FIN	 	$	500,000.00	 
	ESTATES AT LAKE BARRINGTON
	 	GUARANTEE MAINTENANCE — IMPROVEMENTS	 	SLT420491	 	VILLAGE OF LAKE BARRINGTON	 	10/25/2004	 	10/25/2006	 	$	123,525.00	 	 	NO	 	PRF	 	$	123,525.00	 
	WOODS OF SOUTH BARRINGTON — COMMON
	 	MASS GRADING — SITE RESTORATION PH 1-A	 	SLT420552	 	VILLAGE OF SOUTH BARRINGTON	 	11/8/2004	 	11/8/2006	 	$	118,632.00	 	 	YES	 	PRF	 	$	118,632.00	 
	WOODS OF SOUTH BARRINGTON — COMMON
	 	MASS GRADING — SITE RESTORATION PH 1	 	SLT420553	 	VILLAGE OF SOUTH BARRINGTON	 	11/8/2004	 	11/8/2006	 	$	555,646.80	 	 	YES	 	PRF	 	$	555,646.80	 
	ESTATES AT CHURCHILL HUNT (THE)
	 	OFFSITE ROAD IMPROVEMENTS —
DILLEY’S ROAD	 	SLT420597	 	TREASURER, COUNTY OF LAKE, DIVISION OF TRANSPORTATION	 	11/30/2004	 	5/1/2007	 	$	481,000.00	 	 	NO	 	PRF	 	$	481,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	JPMORGAN CHASE BANK Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	28,856,463.49	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LA SALLE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	HALLEY ESTATES II
	 	POSTING AN LC FOR LAND DEPOSIT IN LIEU OF CASH	 	S585596	 	BRIARWOOD FARMS, INC.	 	11/10/2005	 	11/7/2006	 	$	1,300,000.00	 	 	YES	 	FIN	 	$	1,300,000.00	 
	PROVIDENCE — TOWNHOMES
	 	POSTING AN L/C FOR LAND DEPOSIT IN LIEW OF CASH	 	S586099	 	LOWNDES, DROSDICK, DOSTOR, KANTOR, & REED P.A.	 	11/30/2005	 	11/30/2006	 	$	1,000,000.00	 	 	YES	 	FIN	 	$	500,000.00	 
	PROVIDENCE — GOLF & CC
	 	POSTING AN L/C FOR LNAD DEPOSIT IN LIEW OF CASH	 	S586287	 	LOWNDES, DROSDICK, DOSTER, KANTOR & REED, P.A.	 	11/30/2005	 	11/30/2006	 	$	1,100,000.00	 	 	YES	 	FIN	 	$	1,100,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LA SALLE Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	2,900,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	M & T BANK	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	VILLAGE AT LITCHFIELD PARK — COMMON
	 	LAND PURCHASE — LAND BANKED	 	SB-907112-0001	 	SCC-CANYON II, LLC AND BANK ONE, NA	 	11/9/2004	 	11/9/2006	 	$	5,309,395.00	 	 	YES	 	FIN	 	$	5,265,420.00	 
	ARLINGTON HUNT
	 	GUARANTEE TO CONNECT GAS SERVICE	 	SB-907302-0001	 	CENTRAL HUDSON GAS AND ELECTRIC	 	2/4/2005	 	7/14/2009	 	$	134,200.00	 	 	YES	 	FIN	 	$	134,200.00	 
	VISTAS AT WHITE HILLS
	 	INSTALL WATER MAIN & ASSOC. FIXTURES	 	SB-908116-0001	 	AQUARIAN WATER COMPANY OF CONNECTICUT	 	8/30/2005	 	8/30/2006	 	$	50,000.00	 	 	YES	 	PRF	 	$	50,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	M & T BANK Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	5,449,620.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MELLON BANK
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RESERVE AT NEWTOWN
	 	SITE IMPROVEMENT AGREEMENT-PHASE 1	 	S875259	 	TOWNSHIP OF NEWTOWN	 	7/24/2002	 	7/24/2006	 	$	1,965,397.50	 	 	YES	 	PRF	 	$	272,817.85	 
	RESERVE AT NEWTOWN
	 	SEWER SERVICE AGREEMENT-PHASE 1	 	S875321	 	NEWTOWN, BUCKS COUNTY, JOINT MUNICIPAL AUTHORITY	 	7/24/2002	 	7/24/2006	 	$	215,300.00	 	 	YES	 	PRF	 	$	22,781.00	 

22

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	NORTHAMPTON HUNT
	 	SANITARY SEWER CONSTRUCTION AGREEMENT	 	S875623	 	NORTHAMPTON, BUCKS COUNTY, MUNICIPAL AUTHORITY	 	9/20/2002	 	9/20/2006	 	$	179,357.42	 	 	YES	 	PRF	 	$	38,324.77	 
	NORTHAMPTON HUNT
	 	PUBLIC WATER INSPECTION AGREEMENT	 	S875624	 	NORTHAMPTON, BUCKS COUNTY, MUNICIPAL AUTHORITY	 	9/20/2002	 	9/20/2006	 	$	33,632.81	 	 	YES	 	PRF	 	$	6,726.54	 
	NORTHAMPTON HUNT
	 	SANITARY SEWER INSPECTION AGREEMENT	 	S875625	 	NORTHAMPTON, BUCKS COUNTY, MUNICIPAL AUTHORITY	 	9/20/2002	 	9/20/2006	 	$	23,902.89	 	 	YES	 	PRF	 	$	4,780.58	 
	NORTHAMPTON HUNT
	 	PUBLIC WATER CONSTRUCTION AGREEMENT	 	S875626	 	NORTHAMPTON, BUCKS COUNTY, MUNICIPAL AUTHORITY	 	9/20/2002	 	9/20/2006	 	$	264,356.68	 	 	YES	 	PRF	 	$	24,032.45	 
	TOLL BROTHERS INC.
	 	CAPITAL REQUIREMENTS TO RECEIVE CAPTIVE INSURANCE LICENSE	 	S875906	 	COMMISSIONER OF INSURANCE STATE OF VERMONT	 	10/31/2002	 	10/31/2005	 	$	3,000,000.00	 	 	YES	 	FIN	 	$	3,000,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MELLON BANK Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	3,369,463.19	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PNC BANK	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOLL BROTHERS INC.
	 	NEW INSURANCE PROGRAM	 	18102161-00-000	 	ZURICH AMERICAN INSURANCE COMPANY	 	9/8/2005	 	9/7/2006	 	$	15,000,000.00	 	 	YES	 	FIN	 	$	15,000,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PNC BANK Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	15,000,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ROYAL BANK SCOTLAND
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CORTLAND RIDGE — TOWNHOMES
	 	SECURE HOMEOWNERS DEPOSITS	 	LCA03300500924NY	 	ZARIN & STEINMETZ, ESCROW AGENT	 	3/30/2005	 	3/30/2006	 	$	1,300,000.00	 	 	YES	 	FIN	 	$	1,050,000.00	 
	CORTLAND RIDGE — SINGLES
	 	SECURE HOMEOWNERS DEPOSITS	 	LCA03300500925NY	 	ZARIN & STEINMETZ, ESCROW AGENT	 	3/30/2005	 	3/30/2006	 	$	1,600,000.00	 	 	YES	 	FIN	 	$	1,300,000.00	 
	TOLL BROTHERS INC.
	 	SECURE INSURANCE DEDUCTIBLES REIMB. #7275	 	LCA04150400809NY	 	LIBERTY MUTUAL INSURANCE COMPANY	 	4/15/2004	 	4/15/2006	 	$	5,000,000.00	 	 	YES	 	FIN	 	$	10,000,000.00	 
	CORTLAND RIDGE — SINGLES
	 	SITE IMPROVEMENTS	 	LCA05140400815NY	 	TOWN OF CORTLANDT, NEW YORK	 	5/14/2004	 	5/14/2006	 	$	1,885,000.00	 	 	YES	 	PRF	 	$	250,000.00	 
	CORTLAND RIDGE — SINGLES
	 	OFFSITE IMPROVEMENTS	 	LCA05140400816NY	 	TOWN OF CORTLANDT, NEW YORK	 	5/14/2004	 	5/14/2006	 	$	475,000.00	 	 	YES	 	PRF	 	$	150,000.00	 
	REGENCY AT BLOOMFIELD
	 	PHASE 3 SITE IMPROVEMENTS	 	LCA07080400829NY	 	TOWN OF BLOOMFIELD	 	7/8/2004	 	7/8/2006	 	$	701,446.00	 	 	YES	 	PRF	 	$	141,645.00	 
	REGENCY AT BLOOMFIELD
	 	GUARANTEE SITE IMPROVEMENTS - PH 2	 	LCA08130300727NY	 	TOWN OF BLOOMFIELD	 	8/13/2003	 	8/13/2006	 	$	1,024,881.00	 	 	YES	 	PRF	 	$	210,127.00	 
	ASHWORTH HILL
	 	LAND DEPOSIT	 	LCA10150400853NY	 	WESTMINSTER ABSTRACT COMPANY	 	11/3/2004	 	11/3/2006	 	$	500,000.00	 	 	YES	 	FIN	 	$	500,000.00	 

23

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	MERRITT PARK CONDOS
	 	GUARANTEE PAYMENTS PURSUANT TO WATER AGREEMENT	 	LCA11100400867NY	 	TOWN OF FISHKILL	 	11/16/2004	 	11/16/2006	 	$	517,317.00	 	 	NO	 	FIN	 	$	517,317.00	 
	ADVANCE AT BRANCHBURG II
	 	LAND DEPOSIT	 	LCA11160501018NY	 	ADVANCE AT BRANCHBURG II	 	11/16/2005	 	11/10/2006	 	$	1,000,000.00	 	 	YES	 	FIN	 	$	1,000,000.00	 
	TOTAH PROPERTY — COMMON (WESTPORT)
	 	LAND PURCHASE - LAND BANKED	 	LCA11290400879NY	 	IHP INVESTMENT FUND III, L.P.	 	12/8/2004	 	12/8/2006	 	$	10,129,016.00	 	 	YES	 	FIN	 	$	10,129,016.00	 
	HOLLOWBROOK MEWS
	 	SECURE HOMEOWNERS DEPOSITS	 	LCA12210400885NY	 	ZARIN & STEINMETZ, PC	 	12/21/2004	 	12/21/2006	 	$	2,000,000.00	 	 	YES	 	FIN	 	$	2,000,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ROYAL BANK SCOTLAND Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	27,248,105.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SUMITOMO MITSUI	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BOWES CREEK C. CLUB — COMMON
	 	LAND PURCHASE - LAND BANKED	 	LG/MIS/NY-433385	 	LO LAND ASSETS, L.P. & COMERICA BANK, AS AGENT	 	5/3/2005	 	5/3/2007	 	$	14,788,000.00	 	 	YES	 	FIN	 	$	14,788,000.00	 
	TREELINE
	 	LAND DEPOSIT	 	LG/MIS/NY-433535	 	PAVESE LAW FIRM, AS ESCROW AGENT	 	8/23/2005	 	8/23/2006	 	$	500,000.00	 	 	YES	 	FIN	 	$	500,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SUMITOMO MITSUI Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	15,288,000.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SUN TRUST BANK	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	VAN WYCK MEADOWS
	 	SECURE HOMEOWNERS DEPOSITS	 	F843011	 	PAGONES & CROSS, PC	 	12/21/2004	 	12/21/2006	 	$	1,500,000.00	 	 	YES	 	FIN	 	$	1,500,000.00	 
	VAN WYCK GLEN
	 	SECURE HOMEOWNERS DEPOSITS	 	F843012	 	PAGONES & CROSS, PC	 	12/21/2004	 	12/21/2006	 	$	1,875,000.00	 	 	YES	 	FIN	 	$	1,875,000.00	 
	SQUIRE PROPERTY
	 	LAND DEPOSIT	 	F843786	 	GARY I AND ELLEN E SQUIRE & WESTMINSTER TITLE AGENCY	 	10/28/2004	 	10/28/2006	 	$	750,000.00	 	 	YES	 	FIN	 	$	750,000.00	 
	FLORIDA ORLANDO DIVISION
	 	GUARANTEE SELLER’S LC’S	 	F846483	 	SUN TRUST BANK	 	5/31/2005	 	5/31/2006	 	$	1,291,446.55	 	 	YES	 	FIN	 	$	54,382.44	 
	TIMBER SPRINGS — RIVER OAKS
	 	PARCEL 3 - LOT CORNERS	 	F846914	 	ORANGE COUNTY, FLORIDA	 	8/9/2005	 	3/21/2007	 	$	6,550.00	 	 	YES	 	FIN	 	$	6,550.00	 
	TIMBER SPRINGS — WOODLAND TERRACE
	 	PARCEL 2	 	F846916	 	ORANGE COUNTY, FLORIDA	 	8/9/2005	 	3/21/2007	 	$	73,975.51	 	 	YES	 	FIN	 	$	73,975.51	 
	DOMINION VALLEY CC — EXECUTIVES
	 	SILTATION AND EROSION CONTROL	 	F847789	 	BOARD OF COUNTY SUPERVISORS	 	1/17/2006	 	1/12/2008	 	$	323,240.00	 	 	YES	 	PRF	 	$	323,240.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	LANDSCAPING	 	F847790	 	BOARD OF COUNTY SUPERVISORS	 	1/17/2006	 	1/12/2008	 	$	103,180.00	 	 	YES	 	PRF	 	$	103,180.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	LOT STABILIZATION	 	F847791	 	BOARD OF COUNTY SUPERVISORS	 	1/17/2006	 	1/12/2008	 	$	68,000.00	 	 	YES	 	PRF	 	$	68,000.00	 

24

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	WATERFORD RIDGE
	 	WATERFORD RIDGE, SECTION 2, PHASE 2	 	P000578	 	BOARD OF SUPERVISORS, COUNTY OF LOUDOUN	 	6/6/2003	 	12/6/2006	 	$	1,118,100.00	 	 	YES	 	PRF	 	$	1,118,100.00	 
	WATERFORD RIDGE
	 	WATERFORD RIDGE, SECTION 2, PHASE 1	 	P000580	 	BOARD OF SUPERVISORS, COUNTY OF LOUDOUN	 	6/6/2003	 	12/6/2006	 	$	1,080,800.00	 	 	YES	 	PRF	 	$	1,080,800.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	LANDSCAPE INSTALLATION PWC #03-00501	 	P001216	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/16/2004	 	4/16/2006	 	$	52,400.00	 	 	YES	 	PRF	 	$	52,400.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	SILTATION & EROSION PWC #03-00501	 	P001217	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/16/2004	 	4/16/2006	 	$	184,885.85	 	 	YES	 	PRF	 	$	152,345.94	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	LOT STABILIZATION PWC #03-00501	 	P001218	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/16/2004	 	4/16/2006	 	$	44,000.00	 	 	YES	 	PRF	 	$	44,000.00	 
	DOMINION VALLEY CC — TOURNAMENTS
	 	SILTATION & EROSION - SEC 24 - PWC #03-00540	 	P001270	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/13/2004	 	5/13/2006	 	$	174,093.90	 	 	YES	 	PRF	 	$	143,454.05	 
	DOMINION VALLEY CC — TOURNAMENTS
	 	LOT STABILIZATION - SEC 24 - PWC #03-00540	 	P001271	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/13/2004	 	5/13/2006	 	$	54,000.00	 	 	YES	 	PRF	 	$	54,000.00	 
	DOMINION VALLEY CC — TOURNAMENTS
	 	LANDSCAPING - SEC 24 - PWC #03-00540	 	P001272	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/13/2004	 	5/13/2006	 	$	69,795.00	 	 	YES	 	PRF	 	$	69,795.00	 
	RESERVE AT HOCKESSIN CHASE
	 	GUARANTEE COMPLETION OF ELECTRIC & GAS SERVICE CONNECTIONS	 	P001308	 	DELMARVA POWER & LIGHT COMPANY	 	6/9/2004	 	6/9/2007	 	$	130,821.60	 	 	YES	 	PRF	 	$	45,787.00	 
	DOMINION VALLEY CC — ESTATES
	 	SILTATION & EROSION CONTROL - SEC 26 LANDBAY 3H PWC#03-00529	 	P001339	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/28/2004	 	1/4/2007	 	$	350,916.64	 	 	YES	 	PRF	 	$	289,155.31	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	SILTATION & EROSION CONTROL - SWM/BMP POND 11 PWC #03-00567	 	P001340	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/28/2004	 	6/28/2007	 	$	114,274.00	 	 	YES	 	PRF	 	$	114,274.00	 
	DOMINION VALLEY CC — ESTATES
	 	LOT STABILIZATION - SEC 26 LANDBAY 3H PWC #03-00529	 	P001341	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/28/2004	 	6/28/2007	 	$	55,000.00	 	 	YES	 	PRF	 	$	55,000.00	 

25

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VALLEY CC — ESTATES
	 	LANDSCAPING - SEC 26 LANDBAY 3H PWC #03-00529	 	P001342	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/28/2004	 	6/28/2007	 	$	106,720.00	 	 	YES	 	PRF	 	$	106,720.00	 
	BRANDYWINE HUNT
	 	GUARANTEE COMPLETION OF GAS & ELECTRIC SERVICE CONNECTIONS	 	P001401	 	DELMARVA POWER & LIGHT COMPANY	 	7/27/2004	 	8/1/2006	 	$	172,956.00	 	 	YES	 	PRF	 	$	39,186.00	 
	DOMINION VALLEY CC — CARRIAGES
	 	SI;TATION & EROSION CONTROL SEC 27 LB 3F PWC #04-00120	 	P001436	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	8/17/2004	 	8/17/2006	 	$	240,646.93	 	 	YES	 	PRF	 	$	198,393.07	 
	DOMINION VALLEY CC — CARRIAGES
	 	LOT STABILIZATION SEC 27 LB 3F PWC #04-00120	 	P001437	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	8/17/2004	 	8/17/2006	 	$	108,000.00	 	 	YES	 	PRF	 	$	108,000.00	 
	DOMINION VALLEY CC — CARRIAGES
	 	LANDSCAPING SEC 27 LB 3F PWC #04-00120	 	P001438	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	8/17/2004	 	8/17/2006	 	$	108,600.00	 	 	YES	 	PRF	 	$	108,600.00	 
	RED LION CHASE
	 	GUARANTEE COMPLETION OF GAS & ELECTRIC SERVICE PH 1	 	P001455	 	DELMARVA POWER & LIGHT COMPANY	 	8/27/2004	 	8/27/2006	 	$	284,196.00	 	 	YES	 	PRF	 	$	36,886.00	 
	BRANDYWINE HUNT
	 	GUARANTEE COMPLETION OF GAS & ELECTRIC SERVICE PH 1	 	P001501	 	DELMARVA POWER & LIGHT COMPANY	 	9/17/2004	 	9/20/2006	 	$	251,198.00	 	 	YES	 	PRF	 	$	211,067.00	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	SILTATION & EROSION CONTROL SEC 34 PLAN #04-00400	 	P001536	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/7/2004	 	10/7/2006	 	$	279,110.00	 	 	YES	 	PRF	 	$	229,986.64	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	LANDSCAPING SEC 34 PWC PLAN #04-00400	 	P001537	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/7/2004	 	10/7/2006	 	$	101,410.00	 	 	YES	 	PRF	 	$	101,410.00	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	LOT STABILZATION SEC 34 PLAN #04-00400	 	P001538	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	10/7/2004	 	10/7/2006	 	$	39,000.00	 	 	YES	 	PRF	 	$	39,000.00	 
	DOMINION VLLY — REGENCY AT — GREENBRIAR
COLLECTION
	 	SEC #40 LANDSCAPING PWC #04-00322	 	P001571	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/10/2004	 	11/10/2006	 	$	110,970.00	 	 	YES	 	PRF	 	$	110,970.00	 

26

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VLLY — REGENCY AT — GREENBRIAR
COLLECTION
	 	SEC #40 SILTATION & EROSION PWC #04-00322	 	P001572	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/10/2004	 	11/10/2006	 	$	162,598.96	 	 	YES	 	PRF	 	$	162,598.96	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	SILTATION & EROSION SEC #39 PWC #04-00387	 	P001848	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	79,513.99	 	 	YES	 	PRF	 	$	79,513.99	 
	DOMINION VLLY — REGENCY AT — GEORGETOWN COLLCTN
	 	LANDSCAPING SEC #41 PWC #04-00539	 	P001849	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	54,220.00	 	 	YES	 	PRF	 	$	54,220.00	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	LANDSCAPING SEC #42 PWC #04-00586	 	P001850	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	62,510.00	 	 	YES	 	PRF	 	$	62,510.00	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	LOT STABILIZATION SEC #39 PWC #04-00387	 	P001851	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	26,000.00	 	 	YES	 	PRF	 	$	26,000.00	 
	DOMINION VLLY — REGENCY AT — GEORGETOWN COLLCTN
	 	LOT STABILIZATION SEC #41 PWC #04-00539	 	P001852	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	48,000.00	 	 	YES	 	PRF	 	$	48,000.00	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	LOT STABILZATION SEC #42 PWC #04-00586	 	P001853	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	65,000.00	 	 	YES	 	PRF	 	$	65,000.00	 
	DOMINION VLLY — REGENCY AT — GEORGETOWN COLLCTN
	 	SILTATION & EROSION SEC #41 PWC #04-00539	 	P001854	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	161,493.81	 	 	YES	 	PRF	 	$	161,493.81	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	SILTATION & EROSION SEC #42 PWC #04-00586	 	P001855	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	192,202.95	 	 	YES	 	PRF	 	$	192,202.95	 
	DOMINION VLLY — REGENCY AT — POTOMAC COLLECTION
	 	LANDSCAPING SEC #39 PWC #04-00387	 	P001856	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/21/2004	 	12/21/2006	 	$	19,030.00	 	 	YES	 	PRF	 	$	19,030.00	 

27

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	SILTATION & EROSION CONTROL SEC 35 PWC #04-00468	 	P001978	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/2/2005	 	3/2/2007	 	$	311,749.00	 	 	YES	 	PRF	 	$	311,749.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	LANDSCAPING SEC 35 PWC #04-00468	 	P001979	 	BOARD OF COUNTY SUPERVISOTS OF PRINCE WILLIAM COUNTY	 	3/2/2005	 	3/2/2007	 	$	221,140.00	 	 	YES	 	PRF	 	$	221,140.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	LOT STABILIZATION SEC 35 PWC #04-00468	 	P001980	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/2/2005	 	3/2/2007	 	$	105,000.00	 	 	YES	 	PRF	 	$	105,000.00	 
	BOWES CREEK C. CLUB — COMMON
	 	BOWES ROAD INTERSECTION IMPROVEMENTS	 	P002089	 	COUNTY OF KANE	 	5/12/2005	 	5/12/2007	 	$	308,522.68	 	 	NO	 	PRF	 	$	308,522.68	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	LANDSCAPE SEC 36 PWC #04-00375	 	P002096	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/8/2005	 	4/8/2007	 	$	161,270.00	 	 	YES	 	PRF	 	$	161,270.00	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	LOT STABILIZATION SEC 36 PWC #04-00375	 	P002097	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/8/2005	 	4/8/2007	 	$	64,000.00	 	 	YES	 	PRF	 	$	64,000.00	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	SILTATION & EROSION SEC 36 PWC #04-00375	 	P002098	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/8/2005	 	4/8/2007	 	$	398,230.05	 	 	YES	 	PRF	 	$	398,230.05	 
	FUTRAL & SHEPPARD FARM
	 	PH 2 ROADS, WATER & SEWER	 	P002206	 	TREASURER, COUNTY OF FREDERICK	 	6/24/2005	 	6/24/2006	 	$	6,446,771.53	 	 	YES	 	PRF	 	$	6,446,771.53	 
	LAKE RUN ESTATES
	 	WETLAND IMPACT PERMIT	 	P002213	 	COUNTY OF KANE	 	5/20/2005	 	5/20/2007	 	$	68,694.45	 	 	NO	 	PRF	 	$	68,694.45	 
	LAKE RUN ESTATES
	 	TANNER ROAD ACCESS PERMIT	 	P002219	 	COUNTY OF KANE	 	5/25/2005	 	5/31/2007	 	$	12,382.79	 	 	NO	 	PRF	 	$	12,382.79	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	SILTATION & EROSION CONTROL WAVERLY FARM DR PH 2 PWC #04-000562	 	P002225	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/2/2005	 	6/2/2007	 	$	412,070.00	 	 	YES	 	PRF	 	$	412,070.00	 
	DOMINION VALLEY CC — COMMON
	 	LANDSCAPE WEST RECREATIONAL CTR-LB 3I & 3J PWC #05-00068	 	P002230	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/2/2005	 	6/2/2007	 	$	4,830.00	 	 	YES	 	PRF	 	$	4,830.00	 
	DOMINION VALLEY CC — COMMON
	 	S & E CONTROL W RECREATIONAL CTR-LB 3I & 3J-PWC #05-00068	 	P002231	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	6/2/2005	 	6/2/2007	 	$	58,661.96	 	 	YES	 	PRF	 	$	58,661.96	 
	WATERFORD RIDGE
	 	ROAD & STORM SEWER - SEC 2, PHASE 3	 	P002385	 	BOARD OF SUPERVISORS COUNTY OF LOUDOUN COUNTY	 	9/12/2005	 	3/8/2007	 	$	1,249,030.00	 	 	YES	 	PRF	 	$	1,249,030.00	 

28

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	TIMBER SPRINGS — WOODLAND TERRACE
	 	PARCEL 2	 	P002427	 	ORANGE COUNTY, FLORIDA	 	8/9/2005	 	3/21/2007	 	$	7,250.00	 	 	YES	 	PRF	 	$	7,250.00	 
	TIMBER SPRINGS — TUDOR GROVE
	 	PARCEL 5	 	P002428	 	ORANGE COUNTY, FLORIDA	 	8/9/2005	 	1/21/2006	 	$	137,406.00	 	 	YES	 	PRF	 	$	137,406.00	 
	TIMBER SPRINGS — BRISTOL ESTATES
	 	PARCEL 4	 	P002429	 	ORANGE COUNTY, FLORIDA	 	8/9/2005	 	1/21/2006	 	$	91,325.00	 	 	YES	 	PRF	 	$	91,325.00	 
	TIMBER SPRINGS — TUDOR GROVE
	 	PARCEL 5 - LOT CORNERS	 	P002430	 	ORANGE COUNTY, FLORIDA	 	8/9/2005	 	1/21/2007	 	$	5,600.00	 	 	YES	 	PRF	 	$	5,600.00	 
	TIMBER SPRINGS — COMMON
	 	LOOP ROAD PHASE 2 - MAINTENANCE	 	P002431	 	ORANGE COUNTY, FLORIDA	 	8/9/2005	 	1/21/2006	 	$	133,641.00	 	 	YES	 	PRF	 	$	133,641.00	 
	ASTOR FARMS
	 	PRIVATE ROAD MAINTENANCE AGREEMENT	 	P002433	 	SEMINOLE COUNTY BOARD OF COUNTY COMMISSIONERS	 	8/9/2005	 	10/15/2006	 	$	54,382.44	 	 	YES	 	PRF	 	$	54,382.44	 
	ASTOR FARMS
	 	W & S IMPROVEMENTS MAINTENANCE AGREEMENT	 	P002434	 	SEMINOLE COUNTY BOARD OF COUNTY COMMISSIONERS	 	8/9/2005	 	10/15/2006	 	$	16,826.39	 	 	YES	 	PRF	 	$	16,826.39	 
	FLORIDA ORLANDO DIVISION
	 	OFF-SITE PARK COST SHARE ESCROW AGREEMENT	 	P002437	 	GREENBERG TRAURIG, P.A.	 	8/9/2005	 	8/9/2006	 	$	278,912.80	 	 	NO	 	PRF	 	$	278,912.80	 
	FLORIDA ORLANDO DIVISION
	 	ROAD AGREEMENTS ESCROW AGREEMENT	 	P002438	 	GREENBERG TRAURIG, P.A.	 	8/9/2005	 	3/3/2008	 	$	317,331.30	 	 	NO	 	PRF	 	$	317,331.30	 
	TIMBER SPRINGS — RIVER OAKS
	 	PARCEL 3	 	P002439	 	ORANGE COUNTY, FLORIDA	 	8/9/2005	 	3/21/2007	 	$	106,356.05	 	 	YES	 	PRF	 	$	106,356.05	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	GUARANTEE LOT STABILIZATION AS SHOWN ON PWC #04-00576	 	P002768	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/6/2005	 	12/6/2007	 	$	112,000.00	 	 	YES	 	PRF	 	$	112,000.00	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	INSTALL ALL LANDSCAPING AS SHOWN ON PWC #04-00576	 	P002769	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/6/2005	 	12/6/2007	 	$	164,490.00	 	 	YES	 	PRF	 	$	164,490.00	 
	DOMINION VALLEY CC — CLASSIC COLLECTION
	 	CONSTR.& INSTALL  SILT.& EROSION CONTROLS SHOWN ON PWC#04-00576	 	P002770	 	BOARD OF SOUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	12/6/2005	 	12/6/2007	 	$	517,372.98	 	 	YES	 	PRF	 	$	517,372.98	 
	DOMINION VALLEY CC — FAIRWAYS
	 	INSTALL ALL LANDSCAPING AS SHOWN ON PWC #06-00027	 	P002990	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/2/2006	 	3/2/2008	 	$	70,800.00	 	 	YES	 	PRF	 	$	70,800.00	 

29

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VALLEY CC — FAIRWAYS
	 	GUARANTEE LOT STABILIZATION AS SHOWN ON PWC  #06-00027	 	P002991	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/2/2006	 	3/2/2008	 	$	58,000.00	 	 	YES	 	PRF	 	$	58,000.00	 
	DOMINION VALLEY CC — FAIRWAYS
	 	CONSTRUCT & INSTALL ALL SILTATION & EROSION CONT. PWC #06-00027	 	P002992	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/2/2006	 	3/2/2008	 	$	278,232.00	 	 	YES	 	PRF	 	$	278,232.00	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SUN TRUST BANK Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	22,306,506.09	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WACHOVIA BANK	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	COUNTRY CLUB OF THE POCONOS-COMMON
	 	UTILITY INSTALLATION & ROADWAY RESTORATION	 	SM200434W	 	COMMONWEALTH OF PA DEPARTMENT OF TRANSPORTATION	 	10/16/2002	 	1/30/2007	 	$	12,000.00	 	 	NO	 	PRF	 	$	2,400.00	 
	VILLAGES AT BUCKINGHAM (THE)
	 	PH1 SUGARBOTTOM ROAD ENTRANCE	 	SM203208W	 	COMMONWEALTH OF PA DEPARTMENT OF TRANSPORTATION	 	5/14/2003	 	5/14/2006	 	$	66,131.00	 	 	YES	 	PRF	 	$	13,226.20	 
	VILLAGES AT BUCKINGHAM (THE)
	 	PH1 RTE 263 / INTERSECTION IMPROVEMENTS	 	SM203210W	 	COMMONWEALTH OF PA DEPARTMENT OF TRANSPORTATION	 	5/14/2003	 	5/14/2007	 	$	621,817.00	 	 	YES	 	PRF	 	$	124,363.40	 
	TALL TREES AT THORNBURY
	 	PA DOT CREEK ROAD PATTERSON TRACT	 	SM204061W	 	COMMONWEALTH OF PA DEPARTMENT OF TRANSPORTATION	 	7/11/2003	 	7/11/2006	 	$	198,892.25	 	 	YES	 	PRF	 	$	39,778.45	 
	CHARLESTOWN MEADOWS
	 	PHASE 1 - OFFSITE SEWER - GRAVITY SECTION	 	SM204522W	 	EAST WHITELAND TOWNSHIP	 	8/13/2003	 	8/13/2006	 	$	756,494.00	 	 	NO	 	PRF	 	$	138,772.00	 
	STEVENSON ESTATES
	 	GRADING PERMIT #B522007-GRADING, EROSION & SEDIMENT CONTROL	 	SM204670W	 	BALTIMORE COUNTY, MARYLAND	 	8/25/2003	 	8/25/2006	 	$	30,000.00	 	 	YES	 	PRF	 	$	30,000.00	 
	STEVENSON ESTATES
	 	STORMWATER MANAGEMENT PERMIT #B522005	 	SM204672W	 	BALTIMORE COUNTY, MARYLAND	 	8/25/2003	 	8/25/2006	 	$	117,640.00	 	 	YES	 	PRF	 	$	117,640.00	 
	CHARLESTOWN MEADOWS
	 	OFFSITE PENNDOT WORK-ENTRANCE WORK (HOP)	 	SM205042W	 	COMMONWEALTH OF PA DEPARTMENT OF TRANSPORTATION	 	9/25/2003	 	9/25/2006	 	$	284,178.80	 	 	YES	 	PRF	 	$	56,835.76	 
	STEVENSON ESTATES
	 	GRADING PERMIT #b529019 - WETLAND MITIGATION	 	SM205339W	 	BALTIMORE COUNTY, MARYLAND	 	10/17/2003	 	10/17/2006	 	$	5,115.00	 	 	YES	 	PRF	 	$	5,115.00	 
	HUNT VALLEY CHASE
	 	PUBLIC WORKS AGREEMENT	 	SM205341W	 	BALTIMORE COUNTY, MARYLAND	 	10/17/2003	 	10/5/2006	 	$	707,000.00	 	 	YES	 	PRF	 	$	1,225,673.00	 

30

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	REGENCY AT NORTHAMPTON — CARRIAGES
	 	PHASE 6 — WATER & SANITARY SEWER IMPROVEMENTS	 	SM206051W	 	NORTHAMPTON, BUCKS COUNTY, MUNICIPAL AUTHORITY	 	12/8/2003	 	12/9/2006	 	$	276,751.79	 	 	YES	 	PRF	 	$	57,131.79	 
	AVIANO AT NAPLES — COMMON
	 	LAND PURCHASE — LAND BANKED	 	SM206475W	 	HEARTHSTONE MULTI-ASSET ENTITY A, L.P.	 	1/5/2004	 	1/5/2007	 	$	2,890,378.00	 	 	YES	 	FIN	 	$	1,354,057.00	 
	HUNT VALLEY CHASE
	 	GRADING PERMIT #B528473	 	SM206512W	 	BALTIMORE COUNTY, MARYLAND	 	1/8/2004	 	1/8/2006	 	$	30,000.00	 	 	YES	 	PRF	 	$	30,000.00	 
	HUNT VALLEY CHASE
	 	STORM WATER MANAGEMENT PERMIT #B528475	 	SM206517W	 	BALTIMORE COUNTY, MARYLAND	 	1/8/2004	 	1/8/2007	 	$	23,870.00	 	 	YES	 	PRF	 	$	23,870.00	 
	HUNT VALLEY CHASE
	 	STORM WATER MANAGEMENT PERMIT #B528477	 	SM206518W	 	BALTIMORE COUNTY, MARYLAND	 	1/8/2004	 	1/8/2006	 	$	36,740.00	 	 	YES	 	PRF	 	$	36,740.00	 
	HUNT VALLEY CHASE
	 	STORM WATER MANAGEMENT PERMIT #B528476	 	SM206519W	 	BALTIMORE COUNTY, MARYLAND	 	1/8/2004	 	1/8/2006	 	$	23,650.00	 	 	YES	 	PRF	 	$	23,650.00	 
	HUNT VALLEY CHASE
	 	STORM WATER MANAGEMENT PERMIT #B528474	 	SM206520W	 	BALTIMORE COUNTY, MARYLAND	 	1/8/2004	 	1/8/2006	 	$	24,420.00	 	 	YES	 	PRF	 	$	24,420.00	 
	HUNT VALLEY CHASE
	 	STORM WATER MANAGEMENT PERMIT #B528480	 	SM206521W	 	BALTIMORE COUNTY, MARYLAND	 	1/8/2004	 	1/8/2006	 	$	135,740.00	 	 	YES	 	PRF	 	$	135,740.00	 
	HUNT VALLEY CHASE
	 	STORM WATER MANAGEMENT PERMIT #B528478	 	SM206522W	 	BALTIMORE COUNTY, MARYLAND	 	1/8/2004	 	1/8/2006	 	$	79,420.00	 	 	YES	 	PRF	 	$	79,420.00	 
	HUNT VALLEY CHASE
	 	STORM WATER MANAGEMENT PERMIT #B528479	 	SM206523W	 	BALTIMORE COUNTY, MARYLAND	 	1/8/2004	 	1/8/2007	 	$	116,710.00	 	 	YES	 	PRF	 	$	116,710.00	 
	NEW BRITAIN WALK
	 	SANITARY SEWER	 	SM207489W	 	CHALFONT-NEW BRITAIN TWP JOINT SEWAGE AUTH.	 	3/24/2004	 	3/24/2007	 	$	290,504.50	 	 	YES	 	PRF	 	$	290,504.50	 
	NEW BRITAIN WALK
	 	PHASE 1 SITE IMPROVEMENTS	 	SM207574W	 	NEW BRITAIN TOWNSHIP	 	3/30/2004	 	3/30/2007	 	$	2,811,166.33	 	 	YES	 	PRF	 	$	1,174,599.28	 
	REGENCY AT NORTHAMPTON — CARRIAGES
	 	PH 2 SITE WORK	 	SM207665W	 	NORTHAMPTON TOWNSHIP	 	4/5/2004	 	4/5/2006	 	$	723,274.09	 	 	YES	 	PRF	 	$	309,767.92	 
	NEW BRITAIN WALK
	 	WATER LINE EXTENSION	 	SM207828W	 	NORTH WALES WATER AUTHORITY	 	4/19/2004	 	4/19/2007	 	$	376,492.00	 	 	YES	 	PRF	 	$	376,492.00	 
	BRIER CREEK C.C. — CARRIAGES
	 	PHASE 2 FINAL PAVING	 	SM208188W	 	CITY OF RALEIGH	 	5/14/2004	 	5/14/2006	 	$	6,520.50	 	 	NO	 	PRF	 	$	6,520.50	 
	STEVENSON ESTATES
	 	UTILITY AGREEMENT WORK	 	SM208238W	 	BALTIMORE COUNTY, MARYLAND	 	5/19/2004	 	5/19/2006	 	$	580,415.00	 	 	YES	 	PRF	 	$	580,415.00	 
	STEVENSON ESTATES
	 	RIGHT-OF-WAY AGREEMENT WORK	 	SM208239W	 	BALTIMORE COUNTY, MARYLAND	 	5/19/2004	 	5/19/2006	 	$	432,540.00	 	 	YES	 	PRF	 	$	432,540.00	 
	FOXWOOD
	 	SITE IMPROVEMENTS	 	SM208254W	 	LOWER NAZARETH TOWNSHIP	 	5/28/2004	 	12/26/2006	 	$	2,118,475.80	 	 	NO	 	PRF	 	$	504,274.81	 

31

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	BRIER CREEK C.C. EXECUTIVES
	 	LANDBAY W1 (PH 13) SIDEWALK & PAVEMENT	 	SM210772W	 	CITY OF RALEIGH	 	11/5/2004	 	1/5/2007	 	$	54,384.95	 	 	NO	 	PRF	 	$	15,799.97	 
	LINTON HILL CHASE
	 	STOOPVILLE ROAD IMPROVEMENTS	 	SM210781W	 	COMMONWEALTH OF PA DEPT. OF TRANSPORTATION	 	11/5/2004	 	11/5/2007	 	$	432,282.00	 	 	YES	 	PRF	 	$	432,282.00	 
	BUCKINGHAM FOREST
	 	PH 5 SITE IMPROVEMENTS	 	SM212903W	 	BUCKINGHAM TOWNSHIP	 	3/25/2005	 	3/25/2007	 	$	938,214.95	 	 	YES	 	PRF	 	$	545,035.02	 
	NAVAL HOME — COMMON
	 	GUARANTEE PAYMENTS - UNDERGROUND GAS PIPING	 	SM213088W	 	PHILADELPHIA GAS WORKS	 	4/7/2005	 	5/30/2009	 	$	214,642.00	 	 	NO	 	FIN	 	$	214,642.00	 
	BRIER CREEK — COMMON (MARY ROGERS PROPERTY)
	 	PAVEMENT COMPLETION	 	SM213089W	 	CITY OF RALEIGH	 	4/7/2005	 	4/7/2007	 	$	21,772.80	 	 	NO	 	PRF	 	$	21,772.80	 
	BRIER CREEK C.C. — ESTATES
	 	PAVEMENT & SIDEWALK COMPLETION	 	SM213091W	 	CITY OF RALEIGH	 	4/7/2005	 	4/7/2007	 	$	55,636.63	 	 	NO	 	PRF	 	$	55,636.63	 
	BRIER CREEK C.C. — GOLF VILLAS
	 	LB S PH 23-FINAL PAVEMENT & SIDEWALK	 	SM213230W	 	CITY OF RALEIGH	 	4/15/2005	 	4/15/2007	 	$	27,505.34	 	 	NO	 	PRF	 	$	27,505.34	 
	RESERVE @ CHESTNUT RIDGE
	 	ENTRANCE IMPROVEMENTS	 	SM213592W	 	COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF TRANSPORTATION	 	5/5/2005	 	5/5/2008	 	$	28,160.63	 	 	YES	 	PRF	 	$	28,160.63	 
	RIVERCREST — THE MASTERS AT
	 	COMMUNITY ENTRANCE IMPROVEMENTS	 	SM213843W	 	COMMONWEALTH OF PA, DEPARTMENT OF TRANSPORTATION	 	5/19/2005	 	5/19/2008	 	$	393,029.55	 	 	YES	 	PRF	 	$	393,029.55	 
	HUNTINGDON PLACE
	 	SITE IMPROVEMENTS	 	SM214304W	 	LOWER MORELAND TOWNSHIP	 	6/17/2005	 	5/30/2008	 	$	2,215,906.79	 	 	YES	 	PRF	 	$	1,144,404.49	 
	KIRK PROPERTY — SINGLES
	 	GRADING PERMIT PHASE I	 	SM214653W	 	ANNE ARUNDEL COUNTY, MARYLAND	 	7/8/2005	 	7/8/2006	 	$	157,722.20	 	 	YES	 	PRF	 	$	157,722.20	 
	BRIER CREEK C.C. EXECUTIVES
	 	FINAL PAVING & SIDEWALK LANDBAY T PH 24	 	SM214962W	 	CITY OF RALEIGH	 	7/27/2005	 	7/27/2006	 	$	51,179.05	 	 	NO	 	PRF	 	$	51,179.05	 
	NEWTOWN STATION
	 	SITE WORK	 	SM215839W	 	NEWTOWN BOROUGH	 	9/16/2005	 	9/16/2006	 	$	524,321.88	 	 	YES	 	PRF	 	$	524,321.88	 
	REGENCY AT PROVIDENCE
	 	GUARANTEE PAYMENT OF DEVELOPER CONTRIBUTION	 	SM215918W	 	PECO ENERGY COMPANY	 	9/22/2005	 	9/22/2006	 	$	196,171.00	 	 	YES	 	FIN	 	$	196,171.00	 
	NEWTOWN STATION
	 	SANITARY SEWER & STORM WATER	 	SM216180W	 	NEWTOWN, BUCKS COUNTY, JOINT MUNICIPAL AUTHORITY	 	10/6/2005	 	10/6/2006	 	$	75,432.00	 	 	YES	 	PRF	 	$	75,432.00	 
	BRIER CREEK C.C. — GOLF VILLAS
	 	PAVEMENT AND SIDEWALK	 	SM216201W	 	CITY OF RALEIGH	 	10/7/2005	 	10/7/2006	 	$	84,840.40	 	 	NO	 	PRF	 	$	84,840.40	 

32

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	REGENCY AT PROVIDENCE
	 	IMPROVEMENTS TO EGYPT ROAD	 	SM216475W	 	COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF TRANSPORTATION	 	10/25/2005	 	10/25/2008	 	$	284,618.16	 	 	YES	 	PRF	 	$	284,618.16	 
	SPRING VALLEY ESTATES AT BUCKINGHAM
	 	PERFORMANCE OBLIGATION PERSUANT TO AGREEMENT OF SALE	 	SM217246W	 	BUCKINGHAM TOWNSHIP	 	12/9/2005	 	12/9/2006	 	$	3,014,247.49	 	 	YES	 	PRF	 	$	3,014,247.49	 
	REGENCY AT BERLIN
	 	SITE IMPROVEMENTS	 	SM217364W	 	TOWN OF BERLIN	 	12/16/2005	 	12/12/2006	 	$	817,560.00	 	 	YES	 	PRF	 	$	817,560.00	 
	HIGH MEADOW ESTATES AT GLASTONBURY
	 	ROAD, STORMWATER DRAINAGE & UTILITY CONSTRUCTION	 	SM217855W	 	TOWN OF GLASTONBURY	 	1/17/2006	 	1/17/2007	 	$	702,000.00	 	 	YES	 	PRF	 	$	702,000.00	 
	VILLAGE AT MERRIMAC
	 	POSTING OF A LETTER OF CREDIT IN LIEU OF CASH	 	SM218308W	 	NEVE HOLDINGS INC. AS SOLE TRUSTEE OF NORTH SHORE METHUEN	 	2/10/2006	 	2/10/2007	 	$	500,000.00	 	 	NO	 	FIN	 	$	500,000.00	 
	ARUNDEL PRESERVE
	 	EARTHWORK, SED. CONTR. FOR ARUNDEL PRES.PH.2 OF MILESTONE PKWY	 	SM218319W	 	ANNE ARUNDEL COUNTY MARYLAND	 	2/10/2006	 	2/10/2008	 	$	726,584.40	 	 	YES	 	PRF	 	$	726,584.40	 
	VILLAS AT MERRIMACK GREEN
	 	POSTING A LETTER OF CREDIT IN LIEU OF CASH	 	SM218857W	 	NEVE HOLDINGS, INC. AS SOLE TRUSTEE OF THE NORTH SHORE METHUEN	 	3/14/2006	 	12/31/2007	 	$	500,000.00	 	 	NO	 	FIN	 	$	500,000.00	 
	BLOOMINGDALE WALK-CONDOMINIUMS
	 	ALL PUBLIC IMPROVEMENTS	 	SM218886W	 	VILLAGE OF BLOOMINGDALE	 	3/15/2006	 	12/31/2008	 	$	1,098,165.45	 	 	YES	 	PRF	 	$	1,098,165.45	 
	BLOOMINGDALE WALK-TOWNHOMES
	 	ALL PUBLIC IMPROVEMENTS	 	SM218892W	 	VILLAGE OF BLOOMINGDALE	 	3/15/2006	 	12/31/2011	 	$	4,039,481.60	 	 	YES	 	PRF	 	$	4,039,481.60	 
	NORTHAMPTON CREST
	 	SUBDIVISION IMPROVEMENT AGREEMENT	 	SM406890	 	TOWNSHIP OF NORTHAMPTON	 	11/16/1998	 	11/16/2006	 	$	1,054,340.63	 	 	YES	 	PRF	 	$	368,340.68	 
	BUCKINGHAM WOODS
	 	CONST SEWER & WATER & CURBS&ST. PHASE-I	 	SM406992	 	BUCKINGHAM TOWNSHIP	 	11/30/1998	 	11/30/2005	 	$	472,279.81	 	 	YES	 	PRF	 	$	63,139.00	 
	NORTHAMPTON HUNT
	 	SUBDIVISION IMPROVE AGREEMENT PHASE I	 	SM409071	 	NORTHAMPTON TOWNSHIP	 	6/10/1999	 	6/10/2006	 	$	2,241,317.90	 	 	YES	 	PRF	 	$	290,814.02	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	GRADE & SILTATION & EROSION PHASE-A	 	SM410222	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/22/1999	 	6/22/2007	 	$	157,320.00	 	 	YES	 	PRF	 	$	78,660.00	 

33

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	HUNT VALLEY ESTATES
	 	PUBLIC WORKS AGREEMENT	 	SM411269	 	BALTIMORE COUNTY, MARYLAND	 	12/23/1999	 	12/23/2005	 	$	347,145.00	 	 	YES	 	PRF	 	$	398,502.00	 
	HUNT VALLEY ESTATES
	 	FOREST CONSERVATION PLAN	 	SM411270	 	BALTIMORE COUNTY, MARYLAND	 	12/23/1999	 	12/23/2005	 	$	80,586.00	 	 	YES	 	PRF	 	$	80,586.00	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	DOMINION VALLEY DR. PHASE1,SECTION1	 	SM413909	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	8/29/2000	 	8/29/2006	 	$	69,000.00	 	 	YES	 	PRF	 	$	69,000.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SECT#3 EROSION PLAN PWC#00-00007	 	SM413998	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/8/2000	 	9/8/2006	 	$	171,000.00	 	 	YES	 	PRF	 	$	171,000.00	 
	DOMINION VALLEY CC — COMMON
	 	GOLF VIEW&JANNEY MILL DRIVE EROSION	 	SM414013	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/8/2000	 	9/8/2006	 	$	110,400.00	 	 	YES	 	PRF	 	$	55,194.25	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SEC#3 LANDSCAPING PLAN PWC#00-00007	 	SM414014	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/8/2000	 	9/8/2006	 	$	23,000.00	 	 	YES	 	PRF	 	$	23,000.00	 
	DOMINION VALLEY CC — GOLF COURSE CONSTRUCTION
	 	E.NINE HOLE LANDSCAPE PWC#00-00013	 	SM414155	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/28/2000	 	9/28/2006	 	$	7,800.00	 	 	YES	 	PRF	 	$	7,800.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	SECT#2 EROSION PLAN PWC#00-00046	 	SM414306	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/28/2000	 	9/28/2006	 	$	155,000.00	 	 	YES	 	PRF	 	$	155,000.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	SEC#2 LANDSCAPING PLAN PWC#00-00046	 	SM414307	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	9/28/2000	 	9/28/2006	 	$	19,140.00	 	 	YES	 	PRF	 	$	19,140.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	SECT#5 EROSION PLAN PWC#00-00121	 	SM414876	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/14/2000	 	11/14/2006	 	$	152,200.00	 	 	YES	 	PRF	 	$	76,092.00	 
	DOMINION VALLEY CC — CAROLINA COLLECTION
	 	SECT#5 LANDSCAPE PLAN PWC#00-00121	 	SM414877	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/14/2000	 	11/14/2006	 	$	13,750.00	 	 	YES	 	PRF	 	$	13,750.00	 
	DOMINION VALLEY CC — ESTATES
	 	SECT#4 LANDSCAPE PLAN PWC#00-00035	 	SM414879	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/14/2000	 	11/14/2006	 	$	37,700.00	 	 	YES	 	PRF	 	$	37,700.00	 

34

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VALLEY CC — ESTATES
	 	SECT#4 EROSION PLAN PWC#00-00035	 	SM414880	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/14/2000	 	11/14/2006	 	$	110,500.00	 	 	YES	 	PRF	 	$	110,500.00	 
	DOMINION VALLEY CC — ESTATES
	 	SECT#1 EROSION PLAN PWC#99-00343	 	SM414881	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/14/2000	 	11/14/2006	 	$	127,700.00	 	 	YES	 	PRF	 	$	127,700.00	 
	DOMINION VALLEY CC — ESTATES
	 	SECT#1 LANDSCAPE PLAN PWC#99-00343	 	SM414882	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/14/2000	 	11/14/2006	 	$	70,050.00	 	 	YES	 	PRF	 	$	70,050.00	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	VISIT CTR LANDSCAPE PWC#99-00348	 	SM414883	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/14/2000	 	11/14/2006	 	$	41,115.00	 	 	YES	 	PRF	 	$	41,115.00	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	VISIT CTR EROSION PLAN PWC#99-00348	 	SM414884	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	11/14/2000	 	11/14/2006	 	$	39,367.72	 	 	YES	 	PRF	 	$	39,367.72	 
	GREENSPRING RIDGE
	 	FOREST CONSERVATION PLAN FCP-00-042	 	SM415323	 	BALTIMORE COUNTY, MARYLAND	 	12/21/2000	 	12/21/2005	 	$	149,193.00	 	 	YES	 	PRF	 	$	149,193.00	 
	GREENSPRING RIDGE
	 	PUBLIC WORKS AGREEMENT #080003	 	SM415324	 	BALTIMORE COUNTY, MARYLAND	 	12/21/2000	 	12/21/2005	 	$	392,173.00	 	 	YES	 	PRF	 	$	80,641.00	 
	HUNT VALLEY ESTATES
	 	PUBLIC WORKS AGREEMENT #080002	 	SM415618	 	BALTIMORE COUNTY, MARYLAND	 	1/19/2001	 	1/19/2006	 	$	374,286.00	 	 	YES	 	PRF	 	$	424,815.00	 
	DOMINION VALLEY CC — GENERAL COMMON
	 	SECT#2 CONSERVATION PWC#99-00269	 	SM415859	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	2/12/2001	 	2/12/2006	 	$	232,000.00	 	 	YES	 	PRF	 	$	232,000.00	 
	HUNT VALLEY ESTATES
	 	SITE IMPROVEMENTS-GRADING WORK	 	SM415977	 	BALTIMORE COUNTY, MARYLAND	 	2/26/2001	 	2/26/2006	 	$	19,383.00	 	 	YES	 	PRF	 	$	19,383.00	 
	DOMINION VALLEY CC — ESTATES
	 	SECT#1 STABILIZATION PWC#99-00343	 	SM416295	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/23/2001	 	3/23/2007	 	$	25,000.00	 	 	YES	 	PRF	 	$	24,000.00	 
	DOMINION VALLEY CC — EXECUTIVES
	 	SECT#2 STABILIZATION PWC#2000-00046	 	SM416296	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/23/2001	 	3/23/2007	 	$	25,000.00	 	 	YES	 	PRF	 	$	16,000.00	 
	DOMINION VALLEY CC — GOLF VILLAS
	 	SECT#3 STABILIZATION PWC#00-00007	 	SM416297	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	3/23/2001	 	3/23/2007	 	$	25,000.00	 	 	YES	 	PRF	 	$	15,000.00	 
	NORTHAMPTON HUNT
	 	PHASE#2 SITE IMPROVEMENT AGREEMENT	 	SM416532	 	NORTHAMPTON TOWNSHIP	 	4/16/2001	 	4/16/2007	 	$	1,247,671.80	 	 	YES	 	PRF	 	$	272,263.31	 

35

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	DOMINION VALLEY CC — COMMON
	 	LAKE IMPROVE PLAN NO. PWC#01-00176	 	SM416588	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	4/20/2001	 	4/20/2007	 	$	28,980.00	 	 	YES	 	PRF	 	$	28,980.00	 
	DOMINION VALLEY CC — GOLF COURSE CONSTRUCTION
	 	CLUBHOUSE EROSION SEC 10  PWC#00-00135	 	SM416890	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/15/2001	 	5/15/2007	 	$	86,000.00	 	 	YES	 	PRF	 	$	86,000.00	 
	DOMINION VALLEY CC — GOLF COURSE CONSTRUCTION
	 	CLUBHOUSE LANDSCAPE SEC 10 PWC#00-00135	 	SM416891	 	BOARD OF COUNTY SUPERVISORS OF PRINCE WILLIAM COUNTY	 	5/15/2001	 	5/15/2007	 	$	68,375.00	 	 	YES	 	PRF	 	$	68,375.00	 
	NEWTOWN HUNT
	 	INSTALL ROAD & FIRE SUPPRESSION TANKS	 	SM416973	 	TOWN OF NEWTOWN	 	6/6/2001	 	6/8/2006	 	$	1,162,000.00	 	 	YES	 	PRF	 	$	417,200.00	 
	NEWTOWN HUNT
	 	FARRELL RD.-ROAD & DRAINAGE WORK	 	SM416975	 	TOWN OF NEWTOWN	 	6/6/2001	 	6/8/2006	 	$	32,000.00	 	 	YES	 	PRF	 	$	32,000.00	 
	ARDSLEY GREEN
	 	CONSTRUCT ROADS, STORM & SANITARY SEWER	 	SM417487	 	TOWN OF GREENBURGH	 	7/10/2001	 	7/10/2006	 	$	506,414.00	 	 	YES	 	PRF	 	$	100,000.00	 
	HUNT VALLEY ESTATES
	 	PUBLIC WORKS AGREEMENT THERESA’S MANOR	 	SM419507	 	BALTIMORE COUNTY, MARYLAND	 	12/21/2001	 	12/21/2006	 	$	136,253.00	 	 	YES	 	PRF	 	$	175,830.00	 
	HUNT VALLEY ESTATES
	 	GRADING WORK AGREEMENT THERESA’S MANOR	 	SM419508	 	BALTIMORE COUNTY, MARYLAND	 	12/21/2001	 	12/5/2006	 	$	26,700.00	 	 	YES	 	PRF	 	$	26,700.00	 
	HUNT VALLEY ESTATES
	 	STORMWATER MGMT. AGREEMENT THERESA’S MANOR	 	SM419509	 	BALTIMORE COUNTY, MARYLAND	 	12/21/2001	 	12/21/2006	 	$	10,000.00	 	 	YES	 	PRF	 	$	10,000.00	 
	BETHLEHEM ESTATES
	 	SUBDIVISION LAND,EASEMENT,MAIN.,STORMWATER AGREEMENT	 	SM419617	 	TOWNSHIP OF BETHLEHEM	 	1/3/2002	 	1/3/2006	 	$	5,727,615.83	 	 	YES	 	PRF	 	$	1,374,041.74	 
	REGENCY AT NORTHAMPTON — SINGLES
	 	SITE IMPROVEMENT AGREEMENT PHASE I & II	 	SM420189	 	NORTHAMPTON TOWNSHIP	 	3/21/2002	 	3/21/2007	 	$	1,433,881.20	 	 	YES	 	PRF	 	$	400,152.92	 
	REGENCY AT NORTHAMPTON — SINGLES
	 	PUBLIC WATER AGREEMENT PHASE I & II	 	SM420190	 	NORTHAMPTON BUCKS COUNTY MUNICIPAL AUTHORITY	 	3/5/2002	 	3/5/2007	 	$	215,712.90	 	 	YES	 	PRF	 	$	23,321.78	 
	REGENCY AT NORTHAMPTON — SINGLES
	 	SANITARY SEWER AGREEMENT PHASE I & II	 	SM420191	 	NORTHAMPTON BUCKS COUNTY MUNICIPAL AUTHORITY	 	3/5/2002	 	3/5/2007	 	$	249,866.64	 	 	YES	 	PRF	 	$	25,953.17	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WACHOVIA BANK Total
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	29,259,549.26	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WASHINGTON MUTUAL
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

36

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	HAWTHORNE WOODS — COMMON
	 	SECURE OBLIGATIONS UNDER ANNEXATION AGREEMENT SEC #14A & #15B	 	00065070	 	VILLAGE OF HAWTHORN WOODS	 	8/13/2004	 	8/13/2006	 	$	250,000.00	 	 	YES	 	PRF	 	$	250,000.00	 
	BLUFFMONT GREENE AT RIDGEGATE
	 	STORM SEWER, STREETS & LANDSCAPING IMP PH 2	 	00065076	 	CITY COUNCIL OF THE CITY OF LONE TREE	 	8/25/2004	 	8/25/2006	 	$	665,408.40	 	 	NO	 	PRF	 	$	19,185.00	 
	SUMMIT AT CASTLE PINES VILLAGE — ESTATES
	 	PHASE 2 - POTABLE WATER IMPROVEMENTS	 	STB-2251	 	THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF DOUGLAS	 	9/18/2003	 	9/18/2006	 	$	241,666.00	 	 	NO	 	PRF	 	$	241,666.00	 
	SUMMIT AT CASTLE PINES VILLAGE — ESTATES
	 	EROSION CONTROL PHASE 2 GRADING IMPROVEMENTS	 	STB-2252	 	THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF DOUGLAS	 	9/18/2003	 	9/18/2006	 	$	142,066.00	 	 	NO	 	PRF	 	$	142,066.00	 
	OVERLOOK AT NEWTOWN
	 	SITE IMPROVEMENTS	 	STB-2260	 	TOWNSHIP OF NEWTOWN	 	9/26/2003	 	9/26/2006	 	$	1,478,284.69	 	 	YES	 	PRF	 	$	337,343.09	 
	OVERLOOK AT NEWTOWN
	 	SANITARY SEWER IMPROVEMENTS	 	STB-2275	 	NEWTOWN, BUCKS COUNTY, JOINT MUNICIPAL AUTHORITY	 	10/14/2003	 	10/14/2006	 	$	291,600.00	 	 	YES	 	PRF	 	$	27,560.45	 
	LINTON HILL CHASE
	 	SANITARY SEWER IMPROVEMENTS	 	STB-2276	 	NEWTOWN, BUCKS COUNTY, JOINT MUNICIPAL AUTHORITY	 	10/14/2003	 	10/14/2006	 	$	210,200.00	 	 	YES	 	PRF	 	$	19,144.00	 
	SUMMIT AT CASTLE PINES VILLAGE — MASTERS
	 	PHASE 2- POTABLE WATER IMPROVEMENTS	 	STB-2322	 	THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF DOUGLAS	 	12/17/2003	 	12/17/2006	 	$	290,950.00	 	 	YES	 	PRF	 	$	290,950.00	 
	MOUNTAIN VIEW COUNTRY CLUB-COMMO
	 	PHASE 1 - WATER / SANITARY SEWER MAINLINES	 	STB-2323	 	COACHELLA VALLEY WATER DISTRICT	 	12/17/2003	 	12/17/2006	 	$	15,443.00	 	 	YES	 	PRF	 	$	15,443.00	 
	SUMMIT AT CASTLE PINES VILLAGE — MASTERS
	 	PHASE 2 GRADING IMPROVEMENTS	 	STB-2329	 	THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF DOUGLAS	 	12/24/2003	 	12/24/2006	 	$	101,085.00	 	 	NO	 	PRF	 	$	101,085.00	 
	HAWTHORNE WOODS — COMMON
	 	GUARANTEE PMTS & TENNIS COURT CONSTR.	 	STB-2362	 	VILLAGE OF HAWTHORN WOODS	 	2/9/2004	 	3/18/2007	 	$	5,060,000.00	 	 	YES	 	PRF	 	$	4,060,000.00	 
	MOUNTAIN VIEW COUNTRY CLUB — COMMON
	 	PH 3 SEWER AND WATER MAINLINES	 	STB-2439	 	COACHELLA VALLEY WATER DISTRICT	 	4/8/2004	 	4/8/2007	 	$	26,207.00	 	 	YES	 	PRF	 	$	26,207.00	 
	LINTON HILL CHASE
	 	SITE IMPROVEMENTS	 	STB-2446	 	TOWNSHIP OF NEWTOWN	 	4/12/2004	 	4/12/2006	 	$	1,371,917.12	 	 	YES	 	PRF	 	$	573,454.03	 
	VISTA DEL VERDE VILLAGES 3 & 4 - JV
	 	TEMPORARY CAPACITY AGREEMENT	 	STB-2451	 	YORBA LINDA WATER DISTRICT	 	4/21/2004	 	4/21/2006	 	$	2,500,000.00	 	 	YES	 	PRF	 	$	2,500,000.00	 

37

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	EXPIRATION	 	ORIGINAL	 	 	 	 	DOC	 	CUR BAL	 
	PROJECT	 	PURPOSE	 	L/C#	 	BENEFICIARY	 	ISSUE DATE	 	DATE	 	AMT	 	 	EVERGREEN	 	TYPE	 	CALC	 
	BLUFFMONT GREENE AT RIDGEGATE
	 	EROSION CONTROL - OVERLOT GRADING	 	STB-2459	 	THE CITY COUNCIL OF THE CITY OF LONE TREE	 	4/28/2004	 	4/28/2006	 	$	42,250.00	 	 	NO	 	PRF	 	$	42,250.00	 
	SUMMIT AT CASTLE PINES VILLAGE — ESTATES
	 	FILING 27A PH 3 EROSION CONTROL MEASURES	 	STB-60068	 	BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF DOUGLAS	 	3/3/2005	 	3/3/2007	 	$	42,033.00	 	 	NO	 	PRF	 	$	42,033.00	 
	SUMMIT AT CASTLE PINES VILLAGE — ESTATES
	 	FILING 27A PH 3 WATERLINE IMPROVEMENTS	 	STB-60069	 	BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF DOUGLAS	 	3/3/2005	 	3/3/2007	 	$	189,143.00	 	 	NO	 	PRF	 	$	189,143.00	 
	BLUFFMONT GREENE AT RIDGEGATE
	 	FILING 9 - STORM, ROADWAY & LANDSCAPE	 	STB-60077	 	THE CITY COUNCIL OF THE CITY OF LONE TREE	 	3/14/2005	 	3/14/2007	 	$	480,765.00	 	 	NO	 	PRF	 	$	480,765.00	 
	MOUNTAIN VIEW COUNTRY CLUB — COMMON
	 	PHASE 5 WATER AND SEWER MAINLINE IMPROVEMENTS	 	STB-60104	 	COACHELLA VALLEY WATER DISTRICT	 	5/12/2005	 	5/12/2007	 	$	10,387.00	 	 	YES	 	PRF	 	$	10,387.00	 
	SAUCON VALLEY MEADOWS
	 	ON-SITE STABILZATION & OFF-SITE STORM SEWER	 	STB-60132	 	LOWER SAUCON TOWNSHIP	 	6/13/2005	 	6/13/2007	 	$	57,400.00	 	 	YES	 	PRF	 	$	57,400.00	 
	BLUFFMONT HEIGHTS @ RIDGEGATE
	 	SITE GRADING IMPROVEMENTS	 	STB-60152	 	THE CITY COUNCIL OF THE CITY OF LONE TREE	 	7/26/2005	 	7/26/2007	 	$	65,368.30	 	 	NO	 	PRF	 	$	65,368.30	 
	SAUCON VALLEY MEADOWS
	 	OFF-SITE SANITARY SEWER SYSTEM	 	STB-60153	 	LOWER SAUCON AUTHORITY	 	7/26/2005	 	7/26/2006	 	$	350,000.00	 	 	YES	 	PRF	 	$	350,000.00	 
	BLUFFMONT GREENE AT RIDGEGATE
	 	MAINTENANCE OF STREET & STORM DRAINAGE IMPROVEMENTS	 	STB-60184	 	THE CITY COUNCIL OF THE CITY OF LONE TREE	 	10/12/2005	 	10/12/2006	 	$	86,792.40	 	 	NO	 	PRF	 	$	86,792.40	 
	BLUFFMONT HEIGHTS @ RIDGEGATE
	 	STORM AND ROADWAY IMPROVEMENTS	 	STB-60196	 	CITY OF LONE TREE	 	11/4/2005	 	11/4/2007	 	$	253,964.83	 	 	NO	 	PRF	 	$	253,964.83	 
	BLUFFMONT HEIGHTS @ RIDGEGATE
	 	SITE GRADING IMPROVEMENTS	 	STB-60237	 	CITY COUNCIL OF THE CITY OF LONE TREE	 	2/16/2006	 	2/16/2008	 	$	27,165.88	 	 	YES	 	PRF	 	$	27,165.88	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	WASHINGTON MUTUAL Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	10,209,372.98	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grand Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	345,069,937.65	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

38

 

SCHEDULE 3

Permitted Liens

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	As of 3/17/06	 	 	 	 	 	 	 	Balance	 	 	 	 	 
	Project	 	Lienholder	 	Obligor	 	Collateral	 	March 17, 2006	 	 	Maturity	 	Location
	Allstate — Sunrise
	 	Allstate Developers of New York, LLC	 	Toll Land VI Limited Partnership	 	Non-Recourse	 	$	426,470.50	 	 	November 23, 2006	 	 
	Arcon Property
	 	Arcon Development	 	Toll MN, L.P.	 	Recourse	 	$	5,559,791.00	 	 	March 23, 2008	 	City of Prior Lake, Scott County, MN
	Bird Estate
	 	Omega Associates, LP	 	Toll Brothers, Inc.	 	Non-Recourse	 	$	7,058,451.00	 	 	August 1, 2009	 	Walpole, MA
	Buck Regency @ Monroe
	 	Michael A Zielinski, Esq.	 	Toll NJ II, LP	 	Non-Recourse	 	$	2,800,000.00	 	 	May 14, 2010	 	Monroe Twp, NJ Middlesex County
	Cheltanham Estates
	 	Piscataway Creek Estates L.P.	 	Toll MD Limited Partnership	 	Non-Recourse	 	$	1,800,000.00	 	 	June 30, 2007	 	Prince Georges County, MD
	Dahan Property
	 	Caddie Homes #13, Inc.	 	Toll Brothers, Inc.	 	Non-Recourse	 	$	19,160,000.00	 	 	October 31, 2007	 	Harford County, MD
	East Brunswick
	 	The Township of East Brunswick	 	Toll JM EB, LLC	 	Non-Recourse	 	$	17,720,621.00	 	 	December 31, 2010	 	East Brunswick Twp, NJ Middlesex County
	Ewing Property
	 	The Estate of Anne Ashton Ewing	 	Toll Brothers, Inc.	 	Recourse	 	$	2,383,250.00	 	 	September 21, 2006	 	West Vincent Twp, Chester County PA
	Fogel Property
	 	Investment Property Exchange Services, Inc.	 	Toll PA II, L.P.	 	Non-Recourse	 	$	2,732,382.71	 	 	January 11, 2007	 	Upper Providence Twp, Montgomery County PA
	Glastonbury Heights Phase II
	 	Hilltop Realty Associates, LLC	 	Toll Glastonbury, LLC	 	Non-Recourse	 	$	5,130,683.00	 	 	May 2, 2006	 	Glastonbury, Hartford County, CT
	Great Bear
	 	Heutchy(Individual)
First National Community Bank	 	Toll PA III, LP	 	Non-Recourse	 	$	1,101,000.00	 	 	Ongoing	 	Middle Smithfield Twp, Monroe Co.
Pennsylvania (Poconos)

1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	As of 3/17/06	 	 	 	 	 	 	 	Balance	 	 	 	 	 
	Project	 	Lienholder	 	Obligor	 	Collateral	 	March 17, 2006	 	 	Maturity	 	Location
	 
	 	Garrett Allan Rajkovich	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Nikette Marie Pujalet	 	 	 	 	 	 	 	 	 	 	 	 
	Hacienda Gardens
	 	Randall P Rajkovich	 	Toll CA IX, L.P.	 	Non-Recourse	 	$	836,319.00	 	 	October 31, 2008	 	Contra Costa County, San Jose, CA
	 
	 	David Nicholas Rajkovich	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Hacienda Gardens, LLC	 	 	 	 	 	 	 	 	 	 	 	 
	Highmeadow Estates
	 	Highmeadow, LLC	 	Toll CT Limited Partnership	 	Non-Recourse	 	$	3,000,000.00	 	 	December 2, 2007	 	Hartford County, Glastonbury CT
	Lake @ Las Vegas
	 	Lake at Las Vegas Joint Venture	 	Coleman-Toll, LP	 	Recourse	 	$	3,100,000.00	 	 	March 19, 2006	 	Lake Las Vegas North Shore Henderson, NV
	Lake @ Las Vegas Parcel K
	 	Lake at Las Vegas Joint Venture	 	Coleman-Toll, LP	 	Recourse	 	$	16,150,000.00	 	 	June 15, 2007	 	Lake Las Vegas Resort, Henderson NV
	Malickson
	 	Ephraim Malickson	 	Toll PA VI, LP	 	Non-Recourse	 	$	2,407,274.24	 	 	December 31, 2006	 	Upper Providence Twp, PA
	Merrimack Green
	 	Neve Holdings, Inc.	 	Toll MA Land Limited Partnership	 	Non-Recourse	 	$	2,639,000.00	 	 	August 28, 2006	 	Methuen, Essex County, MA
	Merritt Parkwood
	 	Merritt Parkwood, LLC	 	Toll Van Wyck, LLC	 	Recourse	 	$	3,945,000.00	 	 	November 4, 2006	 	Town of Fishkill, County of Dutchess
	Moorefield Green
	 	The Claude Moore Charitable Foundation	 	Fairfax Investment, L.P.	 	Non-Recourse	 	$	9,929,858.36	 	 	May 31, 2006	 	Loudon County, VA
	Oakland Hills
	 	Oakland Mills Investment Group, LLC	 	Toll Land XI Limited Partnership	 	Recourse	 	$	3,670,183.00	 	 	September 18, 2006	 	Montgomery County, PA
	Oskanian — Estates @ Hilltown
	 	Oskanian Family Partnerhip	 	Toll PA IX, L.P.	 	Non-Recourse	 	$	1,866,666.66	 	 	November 29, 2007	 	Hilltown Twp, Montgomery County PA
	Piedmont Crossing
	 	Oxbridge Development, L.C.	 	Toll Brothers, Inc.	 	Non-Recourse	 	$	11,420,761.58	 	 	December 23, 2006	 	Montgomery County, MD

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	As of 3/17/06	 	 	 	 	 	 	 	Balance	 	 	 	 	 
	Project	 	Lienholder	 	Obligor	 	Collateral	 	March 17, 2006	 	 	Maturity	 	Location
	Pine Bluffs
	 	KW Pine Ridge, LLC	 	Toll CO, L.P.	 	Recourse	 	$	2,388,105.25	 	 	December 1, 2012	 	Douglas County, CO
	Pond Side
	 	Toll MA Land Limited Partnership	 	Heritage Manor, LLC	 	 	 	$	874,440.00	 	 	 	 	 
	Quaker Ridge
	 	NJ Real Estate Investment Group, LLC	 	Toll Land XXV Limited Partnership	 	Recourse	 	$	347,974.00	 	 	November 30, 2006	 	Sussex County, NJ
	Regency @ Berlin
	 	The Hawthorne Inn, Incorporated	 	Toll CT Limited Partnership	 	Non-Recourse	 	$	2,800,000.00	 	 	January 1, 2008	 	Hartford County, CT
	Regency @ Bolton
	 	Kenneth Dallamora & James Paolini	 	Heritage Manor Development, LLC	 	Non-Recourse	 	$	840,000.00	 	 	March 10. 2007	 	Bolton, MA
	Rolling Hills
	 	Rolling Hills Development, LLC	 	Toll Land XVI Limited Partnership	 	Recourse	 	$	2,000,000.00	 	 	February 15, 2007	 	Wantage Twp, Sussex County, NJ
	Saddle Creek
	 	Upper Mt. Bethel Development Group, Inc.	 	Toll PA IX, L.P.	 	Non-Recourse	 	$	1,900,044.68	 	 	April 30, 2007	 	Northampton County, PA
	Singer
	 	Colonial Bank	 	Lighthouse Point Land Co, LLC	 	Non-Recourse	 	$	4,100,000.00	 	 	July 31, 2006	 	West Palm Beach, FL
	Sports Park
	 	Vision &Faith, Inc.	 	Toll Rattlesnake, LLC	 	Non-Recourse	 	$	87,150,000.00	 	 	September 19, 2011	 	Township 50 South, Collier County, FL
	Tallyn’s Reach
	 	Carma Colorado, Inc.	 	Toll CO, L.P.	 	Recourse	 	$	5,000,000.00	 	 	December 15, 2008	 	County of Arapahoe, CO
	Toto I
	 	Anthony J Toto, Irene Toto,	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Ralph Toto,	 	Toll NJ II, LP	 	Non-Recourse	 	$	781,909.48	 	 	April 30, 2006	 	Regency @ Monroe, Monroe Twp, NJ
	 
	 	Theresa Toto	 	 	 	 	 	 	 	 	 	 	 	 

3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	As of 3/17/06	 	 	 	 	 	 	 	Balance	 	 	 	 	 
	Project	 	Lienholder	 	Obligor	 	Collateral	 	March 17, 2006	 	 	Maturity	 	Location
	Villa D’Este, LLC
	 	Villa D’Este, LLC	 	Toll FL I, LLC	 	Recourse	 	$	147,155.00	 	 	September 8, 2006	 	Bonita Springs, FL
	White Creek @ Bethany
	 	Bethany Kline, LLC	 	Toll DE, LP	 	Recourse	 	$	2,700,000.00	 	 	12/31/2006	 	Sussex Cty, DE
	Woodcliffe Park Pointe &
Exec.
	 	Artery Hoyles Mill, LLC	 	Toll MD II, LLP	 	Recourse	 	$	222,025.00	 	 	7/5/2006	 	Bethesda, MD
	Wynstone
	 	Wynstone Oakland Township, LLC	 	Toll MI IV, Limited Partnership	 	Recourse	 	$	6,974,891.20	 	 	5/2/2006	 	Township of Oakland, Oakland Township, MI
	Ziegler Property
	 	Natalie Ziegler	 	Toll MD III Limited Partnership	 	Non-Recourse	 	$	8,280,000.00	 	 	1/17/2008	 	Ellicott City, MD
	 
	 	 	 	 	 	Grand Total	 	$	251,344,256.66	 	 	 	 	 

4

 

SCHEDULE 4

EXISTING SUBORDINATED INDEBTEDNESS

	 	 	 	 	 	 	 
	Borrower	 	Description	 	Outstanding
	 
	 	 	 	 	 	 
	Toll Corp.

	 	8 1/4% Senior Subordinated Notes due February
1, 2011
	 	$	200,000,000	 
	 
	 	 	 	 	 	 
	Toll Corp.

	 	8.25% Senior Subordinated Notes due December
1, 2011
	 	$	150,000,000	 

 

 

SCHEDULE 5

[INTENTIONALLY OMITTED]

 

 

SCHEDULE 6

Litigation and Contingent Obligations

Litigation

None, except as disclosed in the financial statements (i) dated January 31, 2006 as filed with the
Securities & Exchange Commission and/or (ii) referred to in Section 6.4 of the Credit Agreement.

Contingent Obligations

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Current Amount of
	 	 	 	 	 	 	Guarantee as of
	 	 	 	 	 	 	Closing Date (based
	 	 	Maximum Amount	 	on amount
	Entity	 	of Guarantee	 	outstanding)
	 
	 	 	 	 	 	 	 	 
	Coleman-Toll Limited Partnership
	 	$	56,175,000	 	 	$	45,351,194	 
	Coleman-Toll Limited Partnership
	 	$	73,451,000	 	 	$	56,796,169	 
	TB Kent Partners LLC
	 	$	18,000,000	 	 	$	18,000,000	 
	PT Maxwell, L.L.C.
	 	$	50,000,000	 	 	$	50,000,000	 
	Toll Realty Holdings, LP
	 	$	1,851,852	 	 	 	0	 
	Toll Realty Holdings, LP
	 	$	11,111,111	 	 	$	6,666,667	 

 

 

SCHEDULE 7

SUBSIDIARIES

Subsidiaries as of

January 31, 2006

          A. Wholly-owned Corporations

	1.	 	110-112 Third Ave. Realty Corp., a New York corporation.
	 
	2.	 	Amwell Chase, Inc., a Delaware corporation.
	 
	3.	 	Brentwood Investments I, Inc., a Tennessee corporation.
	 
	4.	 	Bunker Hill Estates, Inc., a Delaware corporation.
	 
	5.	 	Chesterbrooke, Inc., a Delaware corporation.
	 
	6.	 	Connecticut Land Corp., a Delaware corporation.
	 
	7.	 	Daylesford Development Corp., a Delaware corporation.
	 
	8.	 	Eastern States Engineering, Inc., a Delaware corporation.
	 
	9.	 	Fairway Valley, Inc., a Delaware corporation.
	 
	10.	 	First Brandywine Finance Corp., a Delaware corporation.
	 
	11.	 	First Brandywine Investment Corp. II, a Delaware corporation.
	 
	12.	 	First Brandywine Investment Corp. III, a Delaware corporation.
	 
	13.	 	First Brandywine Investment Corp. IV, a Delaware corporation.
	 
	14.	 	First Huntingdon Finance Corp., a Delaware corporation.
	 
	15.	 	Franklin Farms G.P., Inc., a Delaware corporation.
	 
	16.	 	Frenchman’s Reserve Country Club, Inc., a Florida non-profit corporation.
	 
	17.	 	Hampton Hall Club, Inc., a South Carolina non-profit corporation.
	 
	18.	 	HQZ Acquisitions, Inc., a Michigan corporation.
	 
	19.	 	MA Limited Land Corporation, a Delaware corporation.
	 
	20.	 	Maple Point, Inc., a Delaware corporation.
	 
	21.	 	Maryland Limited Land Corporation, a Delaware corporation.
	 
	22.	 	Mizner Country Club, Inc., a Florida non-profit corporation.
	 
	23.	 	Mountain View Country Club, Inc., a California non-profit corporation.
	 
	24.	 	Philmont Insurance Company, a Vermont corporation.
	 
	25.	 	Polekoff Farm, Inc., a Pennsylvania corporation.
	 
	26.	 	SH Homes Corporation, a Michigan corporation.
	 
	27.	 	SI Investment Corporation, a Michigan corporation.
	 
	28.	 	Springfield Chase, Inc., a Delaware corporation.
	 
	29.	 	Stewarts Crossing, Inc., a Delaware corporation.
	 
	30.	 	TB Proprietary Corp., a Delaware corporation.
	 
	31.	 	TB Proprietary LP, Inc., a Delaware corporation
	 
	32.	 	TBI Mortgage Company, a Delaware corporation.
	 
	33.	 	Tenby Hunt, Inc., a Delaware corporation.
	 
	34.	 	The Silverman Building Companies, Inc., a Michigan corporation.
	 
	35.	 	Toll Architecture, Inc., a Delaware corporation.
	 
	36.	 	Toll Arizona LP Company, Inc., a Delaware corporation.
	 
	37.	 	Toll Arizona-II LP Company, Inc., a Delaware corporation.
	 
	38.	 	Toll AZ GP Corp., a Delaware corporation.

1

 

	39.	 	Toll Bros. of Arizona, Inc., an Arizona corporation.
	 
	40.	 	Toll Bros. of North Carolina, Inc., a North Carolina corporation.
	 
	41.	 	Toll Bros. of North Carolina II, Inc., a North Carolina corporation.
	 
	42.	 	Toll Bros. of North Carolina III, Inc., a North Carolina corporation.
	 
	43.	 	Toll Bros. of Tennessee, Inc., a Delaware corporation.
	 
	44.	 	Toll Bros., Inc., a Delaware corporation.
	 
	45.	 	Toll Bros., Inc., a Pennsylvania corporation.
	 
	46.	 	Toll Bros., Inc., a Texas corporation.
	 
	47.	 	Toll Brothers AZ Construction Company, an Arizona corporation.
	 
	48.	 	Toll Brothers Canada USA, Inc., a Delaware corporation.
	 
	49.	 	Toll Brothers Finance Corp., a Delaware corporation.
	 
	50.	 	Toll Brothers Real Estate, Inc., a Pennsylvania corporation.
	 
	51.	 	Toll CA GP Corp., a California corporation.
	 
	52.	 	Toll California LP Company, Inc., a Delaware corporation.
	 
	53.	 	Toll CO GP Corp., a Colorado corporation.
	 
	54.	 	Toll Colorado LP Company, Inc., a Delaware corporation.
	 
	55.	 	Toll Connecticut LP Company, Inc., a Delaware corporation.
	 
	56.	 	Toll Connecticut-II LP Company, Inc., a Delaware corporation.
	 
	57.	 	Toll Corp., a Delaware corporation.
	 
	58.	 	Toll Delaware LP Company, Inc., a Delaware corporation.
	 
	59.	 	Toll Delaware-II LP Company, Inc., a Delaware corporation.
	 
	60.	 	Toll Development Company, Inc., a Michigan corporation.
	 
	61.	 	Toll Finance Corp., a Delaware corporation.
	 
	62.	 	Toll FL GP Corp., a Florida corporation.
	 
	63.	 	Toll Florida LP Company, Inc., a Delaware corporation.
	 
	64.	 	Toll Florida-II LP Company, Inc., a Delaware corporation.
	 
	65.	 	Toll Holdings, Inc., a Delaware corporation.
	 
	66.	 	Toll IL GP Corp., an Illinois corporation.
	 
	67.	 	Toll Illinois LP Company, Inc., a Delaware corporation.
	 
	68.	 	Toll Land Corp. No. 10, a Delaware corporation.
	 
	69.	 	Toll Land Corp. No. 20, a Delaware corporation.
	 
	70.	 	Toll Land Corp. No. 43, a Delaware corporation.
	 
	71.	 	Toll Land Corp. No. 45, a Delaware corporation.
	 
	72.	 	Toll Land Corp. No. 46, a Delaware corporation.
	 
	73.	 	Toll Land Corp. No. 47, a Delaware corporation.
	 
	74.	 	Toll Land Corp. No. 48, a Delaware corporation.
	 
	75.	 	Toll Land Corp. No. 49, a Delaware corporation.
	 
	76.	 	Toll Land Corp. No. 50, a Delaware corporation.
	 
	77.	 	Toll Land Corp. No. 51, a Delaware corporation.
	 
	78.	 	Toll Land Corp. No. 52, a Delaware corporation.
	 
	79.	 	Toll Land Corp. No. 53, a Delaware corporation.
	 
	80.	 	Toll Land Corp. No. 55, a Delaware corporation.
	 
	81.	 	Toll Land Corp. No. 56, a Delaware corporation.
	 
	82.	 	Toll Land Corp. No. 58, a Delaware corporation.
	 
	83.	 	Toll Land Corp. No. 59, a Delaware corporation.
	 
	84.	 	Toll Land Corp. No. 6, a Pennsylvania corporation.

2

 

	85.	 	Toll Land Corp. No. 60, a Delaware corporation.
	 
	86.	 	Toll Management AZ Corp., a Delaware corporation.
	 
	87.	 	Toll Management VA Corp., a Delaware corporation.
	 
	88.	 	Toll Manhattan I, Inc., a New York corporation.
	 
	89.	 	Toll Maryland LP Company, Inc., a Delaware corporation.
	 
	90.	 	Toll Maryland-II LP Company, Inc., a Delaware corporation.
	 
	91.	 	Toll Massachusetts LP Company, Inc., a Delaware corporation.
	 
	92.	 	Toll Massachusetts-II LP Company, Inc., a Delaware corporation.
	 
	93.	 	Toll MD Builder Corp., a Maryland corporation.
	 
	94.	 	Toll MI GP Corp., a Michigan corporation.
	 
	95.	 	Toll Michigan LP Company, Inc., a Delaware corporation.
	 
	96.	 	Toll Michigan-II LP Company, Inc., a Delaware corporation.
	 
	97.	 	Toll Mid-Atlantic LP Company, Inc., a Delaware corporation.
	 
	98.	 	Toll Mid-Atlantic Note Company, Inc., a Delaware corporation.
	 
	99.	 	Toll Midwest LP Company, Inc, a Delaware corporation.
	 
	100.	 	Toll Midwest Note Company, Inc., a Delaware corporation.
	 
	101.	 	Toll MN GP Corp., a Minnesota corporation.
	 
	102.	 	Toll NC GP Corp., a North Carolina corporation.
	 
	103.	 	Toll Nevada LP Company, Inc., a Delaware corporation.
	 
	104.	 	Toll New Hampshire LP Company, Inc., a Delaware corporation.
	 
	105.	 	Toll New Hampshire-II LP Company, Inc., a Delaware corporation.
	 
	106.	 	Toll New Jersey LP Company, Inc., a Delaware corporation.
	 
	107.	 	Toll New Jersey-II LP Company, Inc., a Delaware corporation.
	 
	108.	 	Toll New York LP Company, Inc., a Delaware corporation.
	 
	109.	 	Toll New York-II LP Company, Inc., a Delaware corporation.
	 
	110.	 	Toll NH GP Corp., a New Hampshire corporation.
	 
	111.	 	Toll NJ Builder Corp., a New Jersey corporation.
	 
	112.	 	Toll NJX-I Corp., a Delaware corporation.
	 
	113.	 	Toll NJX-II Corp., a Delaware corporation.
	 
	114.	 	Toll NJX III Corp., a Delaware corporation.
	 
	115.	 	Toll NJX IV Corp., a Delaware corporation.
	 
	116.	 	Toll North Carolina LP Company, Inc., a Delaware corporation.
	 
	117.	 	Toll North Carolina-II LP Company, Inc., a Delaware corporation.
	 
	118.	 	Toll Northeast LP Company, Inc., a Delaware corporation.
	 
	119.	 	Toll Northeast Note Company, Inc., a Delaware corporation.
	 
	120.	 	Toll Northeast Services, Inc., a Delaware corporation.
	 
	121.	 	Toll NV GP Corp., a Nevada corporation.
	 
	122.	 	Toll OH GP Corp., an Ohio corporation.
	 
	123.	 	Toll Ohio LP Company, Inc., a Delaware corporation.
	 
	124.	 	Toll Ohio-II LP Company, Inc., a Delaware corporation.
	 
	125.	 	Toll PA Builder Corp., a Pennsylvania corporation.
	 
	126.	 	Toll PA GP Corp., a Pennsylvania corporation.
	 
	127.	 	Toll PA II GP Corp., a Pennsylvania corporation.
	 
	128.	 	Toll PA III GP Corp., a Pennsylvania corporation.
	 
	129.	 	Toll Pennsylvania LP Company, Inc., a Delaware corporation.
	 
	130.	 	Toll Pennsylvania-II LP Company, Inc., a Delaware corporation.

3

 

	131.	 	Toll Peppertree, Inc., a New York corporation.
	 
	132.	 	Toll Philmont Corporation, a Delaware corporation.
	 
	133.	 	Toll Realty Holdings Corp. I, a Delaware corporation.
	 
	134.	 	Toll Realty Holdings Corp. II, a Delaware corporation.
	 
	135.	 	Toll Realty Holdings Corp. III, a Delaware corporation.
	 
	136.	 	Toll Rhode Island LP Company, Inc., a Delaware corporation.
	 
	137.	 	Toll Rhode Island-II LP Company, Inc., a Delaware corporation.
	 
	138.	 	Toll RI GP Corp., a Rhode Island corporation.
	 
	139.	 	Toll SC GP Corp., a South Carolina corporation.
	 
	140.	 	Toll South Carolina LP Company, Inc., a Delaware corporation.
	 
	141.	 	Toll South Carolina-II LP Company, Inc., a Delaware corporation.
	 
	142.	 	Toll Southeast LP Company, Inc., a Delaware corporation.
	 
	143.	 	Toll Southeast Note Company, Inc., a Delaware corporation.
	 
	144.	 	Toll Southwest LP Company, Inc., a Delaware corporation.
	 
	145.	 	Toll Southwest Note Company, Inc., a Delaware corporation.
	 
	146.	 	Toll Texas LP Company, Inc., a Delaware corporation.
	 
	147.	 	Toll Texas-II LP Company, Inc., a Delaware corporation.
	 
	148.	 	Toll TN GP Corp., a Tennessee corporation.
	 
	149.	 	Toll Turf, Inc., a Delaware corporation.
	 
	150.	 	Toll TX GP Corp., a Delaware corporation.
	 
	151.	 	Toll VA GP Corp., a Delaware corporation.
	 
	152.	 	Toll VA Member Two, Inc., a Delaware corporation.
	 
	153.	 	Toll Virginia LP Company, Inc., a Delaware corporation.
	 
	154.	 	Toll Virginia-II LP Company, Inc., a Delaware corporation.
	 
	155.	 	Toll WestCoast LP Company, Inc., a Delaware corporation.
	 
	156.	 	Toll WestCoast Note Company, Inc., a Delaware corporation.
	 
	157.	 	Toll Wood Corporation, a Delaware corporation.
	 
	158.	 	Toll WV GP Corp., a West Virginia corporation.
	 
	159.	 	Toll YL, Inc., a California corporation.
	 
	160.	 	Valley Forge Conservation Holding GP Corp., a Pennsylvania corporation.
	 
	161.	 	Warren Chase, Inc., a Delaware corporation.
	 
	162.	 	Westminster Abstract Company, a Pennsylvania corporation.
	 
	163.	 	Westminster Insurance Agency, Inc., a Pennsylvania corporation.
	 
	164.	 	Westminster Security Company, a New Jersey corporation.
	 
	165.	 	Westminster Title Company, Inc., a California corporation.
	 
	166.	 	Windsor Development Corp., a Pennsylvania corporation.

          B. Wholly-owned Partnerships

	1.	 	51 N. 8th Street LP, a New York limited partnership.
	 
	2.	 	Advanced Broadband, L.P., a Delaware limited partnership.
	 
	3.	 	Afton Chase, L.P., a Pennsylvania limited partnership.
	 
	4.	 	Audubon Ridge, L.P., a Pennsylvania limited partnership.
	 
	5.	 	Beaumont Chase, L.P., a Pennsylvania limited partnership.
	 
	6.	 	Belmont Land, L.P., a Virginia limited partnership.
	 
	7.	 	Bernards Chase, L.P., a New Jersey limited partnership.
	 
	8.	 	Binks Estates Limited Partnership, a Florida limited partnership.
	 
	9.	 	Blue Bell Country Club, L.P., a Pennsylvania limited partnership.

4

 

	10.	 	Branchburg Ridge, L.P., a New Jersey limited partnership.
	 
	11.	 	Brass Castle Estates, L.P., a New Jersey limited partnership.
	 
	12.	 	Brentwood Investments, L.P., a Tennessee limited partnership.
	 
	13.	 	Bridle Estates, L.P., a Pennsylvania limited partnership.
	 
	14.	 	Broad Run Associates, L.P., a Pennsylvania limited partnership.
	 
	15.	 	Buckingham Woods, L.P., a Pennsylvania limited partnership.
	 
	16.	 	Bucks County Country Club, L.P., a Pennsylvania limited partnership.
	 
	17.	 	Calabasas View, L.P., a California limited partnership.
	 
	18.	 	CC Estates Limited Partnership, a Massachusetts limited partnership.
	 
	19.	 	Charlestown Hills, L.P., a New Jersey limited partnership.
	 
	20.	 	Chellis Hill Limited Partnership, a Massachusetts limited partnership.
	 
	21.	 	Cheltenham Estates Limited Partnership, a Michigan partnership.
	 
	22.	 	Chesterbrooke Limited Partnership, a New Jersey limited partnership.
	 
	23.	 	Cobblestones at Thornbury, L.P., a Pennsylvania limited partnership.
	 
	24.	 	Cold Spring Hunt, L.P., a Pennsylvania limited partnership.
	 
	25.	 	Coleman-Toll Limited Partnership, a Nevada limited partnership.
	 
	26.	 	Concord Chase, L.P., a Pennsylvania limited partnership.
	 
	27.	 	Cortlandt Chase, L.P., a New York limited partnership.
	 
	28.	 	Dolington Estates, L.P., a Pennsylvania limited partnership.
	 
	29.	 	Dominion Country Club, L.P., a Virginia limited partnership.
	 
	30.	 	Eagle Farm Limited Partnership, a Massachusetts limited partnership.
	 
	31.	 	Estates at Coronado Pointe, L.P., a California limited partnership.
	 
	32.	 	Estates at Princeton Junction, L.P., a New Jersey limited partnership.
	 
	33.	 	Estates at Rivers Edge, L.P., a Pennsylvania limited partnership.
	 
	34.	 	Estates at San Juan Capistrano, L.P., a California limited partnership.
	 
	35.	 	Fair Lakes Chase, L.P., a Virginia limited partnership.
	 
	36.	 	Fairfax Investment, L.P., a Virginia limited partnership.
	 
	37.	 	Fairfax Station Hunt, L.P., a Virginia limited partnership.
	 
	38.	 	Fairway Mews Limited Partnership, a New Jersey limited partnership.
	 
	39.	 	Farmwell Hunt, L.P., a Virginia limited partnership.
	 
	40.	 	First Brandywine Partners, L.P., a Delaware partnership.
	 
	41.	 	Franklin Oaks Limited Partnership, a Massachusetts limited partnership.
	 
	42.	 	Gibraltar Road LP, a Pennsylvania limited partnership.
	 
	43.	 	Great Falls Hunt, L.P., a Virginia limited partnership.
	 
	44.	 	Great Falls Woods, L.P., a Virginia limited partnership.
	 
	45.	 	Greens at Waynesborough, L.P., a Pennsylvania limited partnership.
	 
	46.	 	Greenwich Chase, L.P., a New Jersey limited partnership.
	 
	47.	 	Greenwich Station, L.P., a New Jersey limited partnership.
	 
	48.	 	Hoboken Land LP, a New Jersey limited partnership.
	 
	49.	 	Hockessin Chase, L.P., a Delaware limited partnership.
	 
	50.	 	Holland Ridge, L.P., a New Jersey limited partnership.
	 
	51.	 	Holliston Hunt Limited Partnership, a Massachusetts limited partnership.
	 
	52.	 	Hopewell Hunt, L.P., a New Jersey limited partnership.
	 
	53.	 	Huckins Farm Limited Partnership, a Massachusetts limited partnership
	 
	54.	 	Hunter Mill, L.P., a Virginia limited partnership.
	 
	55.	 	Hunterdon Chase, L.P., a New Jersey limited partnership.

5

 

	56.	 	Hunterdon Ridge, L.P., a New Jersey limited partnership.
	 
	57.	 	Huntington Estates Limited Partnership, a Connecticut limited partnership.
	 
	58.	 	Hurley Ridge Limited Partnership, a Maryland limited partnership.
	 
	59.	 	Kensington Woods Limited Partnership, a Massachusetts limited partnership.
	 
	60.	 	Lakeway Hills Properties, L.P., a Texas limited partnership.
	 
	61.	 	Laurel Creek, L.P., a New Jersey limited partnership.
	 
	62.	 	Loudoun Valley Associates, L.P., a Virginia limited partnership.
	 
	63.	 	Mallard Lakes, L.P., a Texas limited partnership.
	 
	64.	 	Manalapan Hunt, L.P., a New Jersey limited partnership.
	 
	65.	 	Mill Road Estates, L.P., a Pennsylvania limited partnership.
	 
	66.	 	Montgomery Chase, L.P., a New Jersey limited partnership.
	 
	67.	 	Moorestown Hunt, L.P., a New Jersey limited partnership.
	 
	68.	 	Mount Kisco Chase, L.P., a New York limited partnership.
	 
	69.	 	NC Country Club Estates Limited Partnership, a North Carolina limited partnership.
	 
	70.	 	Newport Ridge Limited Partnership, a Michigan limited partnership.
	 
	71.	 	Newtown Chase Limited Partnership, a Connecticut limited partnership.
	 
	72.	 	Northampton Crest, L.P., a Pennsylvania limited partnership.
	 
	73.	 	Northampton Preserve, L.P., a Pennsylvania limited partnership.
	 
	74.	 	Patriots, L.P., a New Jersey limited partnership.
	 
	75.	 	Preserve at Boca Raton Limited Partnership, a Florida limited partnership.
	 
	76.	 	Preston Village Limited Partnership, a North Carolina limited partnership.
	 
	77.	 	Princeton Hunt, L.P., a New Jersey limited partnership.
	 
	78.	 	Providence Plantation Limited Partnership, a North Carolina limited partnership.
	 
	79.	 	Regency at Dominion Valley, L.P., a Virginia limited partnership.
	 
	80.	 	River Crossing, L.P., a Pennsylvania limited partnership.
	 
	81.	 	Rolling Greens, L.P., a New Jersey limited partnership.
	 
	82.	 	Rose Hollow Crossing Associates, a Pennsylvania limited partnership.
	 
	83.	 	Seaside Estates Limited Partnership., a Florida limited partnership.
	 
	84.	 	Shrewsbury Hunt Limited Partnership, a Massachusetts limited partnership.
	 
	85.	 	Silverman-Toll Limited Partnership, a Michigan limited partnership
	 
	86.	 	Somers Chase, L.P., a New York limited partnership.
	 
	87.	 	Somerset Development Limited Partnership, a North Carolina limited partnership.
	 
	88.	 	Sorrento at Dublin Ranch I LP, a California limited partnership.
	 
	89.	 	Sorrento at Dublin Ranch II LP, a California limited partnership.
	 
	90.	 	Sorrento at Dublin Ranch III LP, a California limited partnership.
	 
	91.	 	South Riding Amberlea LP, a Virginia limited partnership.
	 
	92.	 	South Riding Partners Amberlea LP, a Virginia limited partnership.
	 
	93.	 	South Riding Partners, L.P., a Virginia limited partnership.
	 
	94.	 	South Riding, L.P., a Virginia limited partnership.
	 
	95.	 	Southlake Woods, L.P., a Texas limited partnership.
	 
	96.	 	Southport Landing Limited Partnership, a Connecticut limited partnership.
	 
	97.	 	Springton Pointe, L.P., a Pennsylvania limited partnership.
	 
	98.	 	Stone Mill Estates, L.P. a Pennsylvania limited partnership.
	 
	99.	 	Swedesford Chase, L.P., a Pennsylvania limited partnership.
	 
	100.	 	TB Proprietary, L.P., a Delaware limited partnership
	 
	101.	 	TBI/Heron Bay Limited Partnership, a Florida limited partnership.

6

 

	102.	 	TBI/Naples Limited Partnership, a Florida limited partnership.
	 
	103.	 	TBI/Palm Beach Limited Partnership, a Florida limited partnership.
	 
	104.	 	The Bird Estate Limited Partnership, a Massachusetts limited partnership.
	 
	105.	 	The Estates at Brooke Manor Limited Partnership, a Maryland limited partnership.
	 
	106.	 	The Estates at Summit Chase, L.P., a California limited partnership.
	 
	107.	 	The Preserve at Annapolis Limited Partnership, a Maryland limited partnership.
	 
	108.	 	The Woods at Highland Lakes, L.P., an Ohio limited partnership.
	 
	109.	 	The Woods at Long Valley, L.P., a New Jersey limited partnership.
	 
	110.	 	Timber Ridge Investment Limited Partnership, a Michigan limited partnership.
	 
	111.	 	Toll at Brier Creek Limited Partnership, a North Carolina limited partnership.
	 
	112.	 	Toll at Daventry Park, L.P., an Ohio limited partnership.
	 
	113.	 	Toll at Honey Creek Limited Partnership, a Michigan limited partnership.
	 
	114.	 	Toll at Payne Ranch, L.P., a California limited partnership.
	 
	115.	 	Toll at Princeton Walk, L.P., a New Jersey limited partnership.
	 
	116.	 	Toll at Westlake, L.P., a New Jersey limited partnership.
	 
	117.	 	Toll at Whippoorwill, L.P., a New York limited partnership.
	 
	118.	 	Toll Brooklyn L.P., a New York limited partnership.
	 
	119.	 	Toll Bros. of Tennessee, L.P., a Tennessee limited partnership.
	 
	120.	 	Toll Brothers AZ Limited Partnership, an Arizona limited partnership.
	 
	121.	 	Toll Brothers Maryland II Limited Partnership, a Maryland limited partnership.
	 
	122.	 	Toll CA, L.P., a California limited partnership.
	 
	123.	 	Toll CA II, L.P., a California limited partnership.
	 
	124.	 	Toll CA III, L.P., a California limited partnership.
	 
	125.	 	Toll CA IV, L.P., a California limited partnership.
	 
	126.	 	Toll CA V, L.P., a California limited partnership.
	 
	127.	 	Toll CA VI, L.P., a California limited partnership.
	 
	128.	 	Toll CA VII, L.P., a California limited partnership.
	 
	129.	 	Toll CA VIII, L.P., a California limited partnership.
	 
	130.	 	Toll CA IX, L.P., a California limited partnership.
	 
	131.	 	Toll CA X, L.P., a California limited partnership.
	 
	132.	 	Toll CA XI, L.P., a California limited partnership.
	 
	133.	 	Toll CA XII, L.P., a California limited partnership.
	 
	134.	 	Toll CA XIII, L.P., a California limited partnership.
	 
	135.	 	Toll CA XIV, L.P., a California limited partnership.
	 
	136.	 	Toll Cliffs Urban Renewal Company LP, a New Jersey limited partnership.
	 
	137.	 	Toll CO, L.P., a Colorado limited partnership.
	 
	138.	 	Toll Costa, L.P., a California limited partnership.
	 
	139.	 	Toll CT Limited Partnership, a Connecticut limited partnership.
	 
	140.	 	Toll CT II Limited Partnership, a Connecticut limited partnership.
	 
	141.	 	Toll CT Westport Limited Partnership, a Connecticut limited partnership.
	 
	142.	 	Toll DE LP, a Delaware limited partnership.
	 
	143.	 	Toll East Naples Limited Partnership, a Florida limited partnership.
	 
	144.	 	Toll Estero Limited Partnership, a Florida limited partnership.
	 
	145.	 	Toll FL Limited Partnership, a Florida limited partnership.
	 
	146.	 	Toll FL II Limited Partnership, a Florida limited partnership.
	 
	147.	 	Toll FL III Limited Partnership, a Florida limited partnership.

7

 

	148.	 	Toll FL IV Limited Partnership, a Florida limited partnership.
	 
	149.	 	Toll FL V Limited Partnership, a Florida limited partnership.
	 
	150.	 	Toll FL VI Limited Partnership, a Florida limited partnership.
	 
	151.	 	Toll FL VII Limited Partnership, a Florida limited partnership.
	 
	152.	 	Toll FL VIII Limited Partnership, a Florida limited partnership.
	 
	153.	 	Toll Ft. Myers Limited Partnership, a Florida limited partnership.
	 
	154.	 	Toll Gibraltar LP, a Pennsylvania limited partnership.
	 
	155.	 	Toll Grove LP, a New Jersey limited partnership.
	 
	156.	 	Toll Hudson LP, a New Jersey limited partnership.
	 
	157.	 	Toll IL HWCC, L.P., an Illinois limited partnership.
	 
	158.	 	Toll IL, L.P., an Illinois limited partnership.
	 
	159.	 	Toll IL II, L.P., an Illinois limited partnership.
	 
	160.	 	Toll IL III, L.P., an Illinois limited partnership.
	 
	161.	 	Toll IL IV, L.P., an Illinois limited partnership.
	 
	162.	 	Toll IL WSB, L.P., an Illinois limited partnership.
	 
	163.	 	Toll Jacksonville Limited Partnership, a Florida limited partnership.
	 
	164.	 	Toll Jupiter Limited Partnership, a Florida limited partnership.
	 
	165.	 	Toll Land Limited Partnership, a Connecticut limited partnership.
	 
	166.	 	Toll Land IV Limited Partnership, a New Jersey limited partnership.
	 
	167.	 	Toll Land IX Limited Partnership, a Virginia limited partnership.
	 
	168.	 	Toll Land V Limited Partnership, a New York limited partnership.
	 
	169.	 	Toll Land VI Limited Partnership, a New York limited partnership.
	 
	170.	 	Toll Land VII Limited Partnership, a New York limited partnership.
	 
	171.	 	Toll Land X Limited Partnership, a Virginia limited partnership.
	 
	172.	 	Toll Land XI Limited Partnership, a New Jersey limited partnership.
	 
	173.	 	Toll Land XIV Limited Partnership, a New York limited partnership.
	 
	174.	 	Toll Land XIX Limited Partnership, a California limited partnership.
	 
	175.	 	Toll Land XV Limited Partnership, a Virginia limited partnership.
	 
	176.	 	Toll Land XVI Limited Partnership, a New Jersey limited partnership.
	 
	177.	 	Toll Land XVII Limited Partnership, a Connecticut limited partnership.
	 
	178.	 	Toll Land XVIII Limited Partnership, a Connecticut limited partnership.
	 
	179.	 	Toll Land XX Limited Partnership, a California limited partnership.
	 
	180.	 	Toll Land XXI Limited Partnership, a Virginia limited partnership.
	 
	181.	 	Toll Land XXII Limited Partnership, a California limited partnership.
	 
	182.	 	Toll Land XXIII Limited Partnership, a California limited partnership.
	 
	183.	 	Toll Land XXV Limited Partnership, a New Jersey limited partnership.
	 
	184.	 	Toll Land XXVI Limited Partnership, an Ohio limited partnership.
	 
	185.	 	Toll Livingston at Naples Limited Partnership, a Florida limited partnership.
	 
	186.	 	Toll Marshall LP, a New Jersey limited partnership.
	 
	187.	 	Toll MD Builder I, L.P., a Maryland limited partnership.
	 
	188.	 	Toll MD Limited Partnership, a Maryland limited partnership.
	 
	189.	 	Toll MD II Limited Partnership, a Maryland limited partnership.
	 
	190.	 	Toll MD III Limited Partnership, a Maryland limited partnership.
	 
	191.	 	Toll MD IV Limited Partnership, a Maryland limited partnership.
	 
	192.	 	Toll MD V Limited Partnership, a Maryland limited partnership.
	 
	193.	 	Toll MD VI Limited Partnership, a Maryland limited partnership.

8

 

	194.	 	Toll MD VII Limited Partnership, a Maryland limited partnership.
	 
	195.	 	Toll MD VIII Limited Partnership, a Maryland limited partnership.
	 
	196.	 	Toll MD IX Limited Partnership, a Maryland limited partnership.
	 
	197.	 	Toll MI Limited Partnership, a Michigan limited partnership.
	 
	198.	 	Toll MI II Limited Partnership, a Michigan limited partnership.
	 
	199.	 	Toll MI III Limited Partnership, a Michigan limited partnership.
	 
	200.	 	Toll MI IV Limited Partnership, a Michigan limited partnership.
	 
	201.	 	Toll MI V Limited Partnership, a Michigan limited partnership.
	 
	202.	 	Toll MN, L.P., a Minnesota limited partnership.
	 
	203.	 	Toll Naples Limited Partnership, a Florida limited partnership.
	 
	204.	 	Toll Naval Associates, a Pennsylvania general partnership.
	 
	205.	 	Toll NC, L.P., a North Carolina limited partnership.
	 
	206.	 	Toll NH Limited Partnership, a New Hampshire limited partnership.
	 
	207.	 	Toll NJ Builder I, L.P., a New Jersey limited partnership.
	 
	208.	 	Toll NJ, L.P., a New Jersey limited partnership.
	 
	209.	 	Toll NJ II, L.P., a New Jersey limited partnership.
	 
	210.	 	Toll NJ III, L.P., a New Jersey limited partnership.
	 
	211.	 	Toll NJ IV, L.P., a New Jersey limited partnership.
	 
	212.	 	Toll NJ V, L.P., a New Jersey limited partnership.
	 
	213.	 	Toll NJ VI, L.P., a New Jersey limited partnership.
	 
	214.	 	Toll NJ VII, L.P., a New Jersey limited partnership.
	 
	215.	 	Toll NJ VIII, L.P., a New Jersey limited partnership.
	 
	216.	 	Toll Northville Golf Limited Partnership, a Michigan limited partnership.
	 
	217.	 	Toll Northville Limited Partnership, a Michigan limited partnership.
	 
	218.	 	Toll NV Limited Partnership, a Nevada limited partnership.
	 
	219.	 	Toll NY LP, a New York limited partnership.
	 
	220.	 	Toll Orlando Limited Partnership, a Florida limited partnership.
	 
	221.	 	Toll PA, L.P., a Pennsylvania limited partnership.
	 
	222.	 	Toll PA II, L.P., a Pennsylvania limited partnership.
	 
	223.	 	Toll PA III, L.P., a Pennsylvania limited partnership.
	 
	224.	 	Toll PA IV, L.P., a Pennsylvania limited partnership.
	 
	225.	 	Toll PA V, L.P., a Pennsylvania limited partnership.
	 
	226.	 	Toll PA VI, L.P., a Pennsylvania limited partnership.
	 
	227.	 	Toll PA VII, L.P., a Pennsylvania limited partnership.
	 
	228.	 	Toll PA VIII, L.P., a Pennsylvania limited partnership.
	 
	229.	 	Toll PA IX, L.P., a Pennsylvania limited partnership.
	 
	230.	 	Toll PA X, L.P., a Pennsylvania limited partnership.
	 
	231.	 	Toll PA XI, L.P., a Pennsylvania limited partnership.
	 
	232.	 	Toll PA XII, L.P., a Pennsylvania limited partnership.
	 
	233.	 	Toll Park LP, a New Jersey limited partnership.
	 
	234.	 	Toll Plaza, LP, a Pennsylvania limited partnership.
	 
	235.	 	Toll Realty Holdings LP, a Delaware limited partnership.
	 
	236.	 	Toll Reston Associates, L.P., a Delaware limited partnership.
	 
	237.	 	Toll RI, L.P., a Rhode Island limited partnership.
	 
	238.	 	Toll RI II, L.P., a Rhode Island limited partnership.
	 
	239.	 	Toll SC, L.P., a South Carolina limited partnership.

9

 

	240.	 	Toll SC II, L.P., a South Carolina limited partnership.
	 
	241.	 	Toll SC III, L.P., a South Carolina limited partnership.
	 
	242.	 	Toll Stonebrae LP, a California limited partnership.
	 
	243.	 	Toll TX, L.P., a Texas limited partnership.
	 
	244.	 	Toll TX II, L.P., a Texas limited partnership.
	 
	245.	 	Toll TX III, L.P., a Texas limited partnership.
	 
	246.	 	Toll TX IV, L.P., a Texas limited partnership.
	 
	247.	 	Toll TX V, L.P., a Texas limited partnership.
	 
	248.	 	Toll VA, L.P., a Virginia limited partnership.
	 
	249.	 	Toll VA II, L.P., a Virginia limited partnership.
	 
	250.	 	Toll VA III, L.P., a Virginia limited partnership.
	 
	251.	 	Toll VA IV, L.P., a Virginia limited partnership.
	 
	252.	 	Toll VA V, L.P., a Virginia limited partnership.
	 
	253.	 	Toll VA VI, L.P., a Virginia limited partnership.
	 
	254.	 	Toll VA VII, L.P., a Virginia limited partnership.
	 
	255.	 	Toll WV, L.P., a West Virginia limited partnership.
	 
	256.	 	Toll YL, L.P., a California limited partnership.
	 
	257.	 	Toll YL II, L.P., a California limited partnership.
	 
	258.	 	Toll-Dublin, L.P., a California limited partnership.
	 
	259.	 	Trumbull Hunt Limited Partnership, a Connecticut limited partnership.
	 
	260.	 	Uwchlan Woods, L.P., a Pennsylvania limited partnership.
	 
	261.	 	Valley Forge Conservation Holding, L.P., a Pennsylvania limited partnership.
	 
	262.	 	Valley Forge Woods, L.P., a Pennsylvania limited partnership.
	 
	263.	 	Valley View Estates Limited Partnership, a Massachusetts limited partnership.
	 
	264.	 	Village Partners, L.P., a Pennsylvania limited partnership.
	 
	265.	 	Waldon Preserve Limited Partnership, a Michigan limited partnership.
	 
	266.	 	Washington Greene Development, L.P., a New Jersey limited partnership.
	 
	267.	 	Waterford Preserve LP, a Virginia limited partnership.
	 
	268.	 	West Amwell Limited Partnership, a New Jersey limited partnership.
	 
	269.	 	Whiteland Woods, L.P., a Pennsylvania limited partnership.
	 
	270.	 	Wichita Chase, L.P., a Texas limited partnership.
	 
	271.	 	Willowdale Crossing, L.P., a Pennsylvania limited partnership.
	 
	272.	 	Wilson Concord, L.P., a Tennessee limited partnership.

          C. Finance Partnerships

	1.	 	Toll Brothers Finance Co., a New Jersey general partnership.
	 
	2.	 	TBI Finance Co. II, a New Jersey general partnership.

          D. Wholly-owned Limited Liability Companies

	1.	 	5-01 — 5-17 48th Avenue LLC, a New York limited liability company.
	 
	2.	 	5-01 — 5-17 48th Avenue II LLC, a New York limited liability company.
	 
	3.	 	5-01 — 5-17 48th Avenue GC LLC, a New York limited liability company.
	 
	4.	 	5-01 — 5-17 48th Avenue GC II LLC, a New York limited liability company.
	 
	5.	 	51 N. 8th Street I LLC, a New York limited liability company.
	 
	6.	 	51 N. 8th Street GC LLC, a New York limited liability company.
	 
	7.	 	51 N. 8th Street GC II LLC, a New York limited liability company.

10

 

	8.	 	60 Industrial Parkway Cheektowaga, LLC, a New York limited liability company.
	 
	9.	 	110-112 Third Ave. GC LLC, a New York limited liability company.
	 
	10.	 	110-112 Third Ave. GC II LLC, a New York limited liability company.
	 
	11.	 	700 Grove Street Urban Renewal, LLC, a New Jersey limited liability company.
	 
	12.	 	1500 Garden St. LLC, a New Jersey limited liability company.
	 
	13.	 	2301 Fallston Road LLC, a Maryland limited liability company.
	 
	14.	 	Arbor Hills Development LLC, a Michigan limited liability company.
	 
	15.	 	Arthur’s Woods, LLC, a Maryland limited liability company.
	 
	16.	 	Arundel Preserve #6, LLC, a Maryland limited liability company.
	 
	17.	 	Arundel Preserve #10a, LLC, a Maryland limited liability company.
	 
	18.	 	Belmont Country Club I LLC, a Virginia limited liability company.
	 
	19.	 	Belmont Country Club II LLC, a Virginia limited liability company.
	 
	20.	 	Belmont Investments I LLC, a Virginia limited liability company.
	 
	21.	 	Belmont Investments II LLC, a Virginia limited liability company.
	 
	22.	 	Big Branch Overlook L.L.C., a Maryland limited liability company.
	 
	23.	 	Block 255 LLC, a New Jersey limited liability company.
	 
	24.	 	Brier Creek Country Club I LLC, a North Carolina limited liability company.
	 
	25.	 	Brier Creek Country Club II LLC, a North Carolina limited liability company.
	 
	26.	 	C.B.A.Z. Construction Company LLC, an Arizona limited liability company.
	 
	27.	 	C.B.A.Z. Holding Company LLC, a Delaware limited liability company.
	 
	28.	 	Colonial 40 I, LLC, a Florida limited liability company.
	 
	29.	 	Colonial 40 II, LLC, a Florida limited liability company.
	 
	30.	 	Component Systems I LLC, a Delaware limited liability company.
	 
	31.	 	Component Systems II LLC, a Delaware limited liability company.
	 
	32.	 	Creeks Farm L.L.C., a Maryland limited liability company.
	 
	33.	 	CWG Construction Company LLC, a New Jersey limited liability company.
	 
	34.	 	Dominion Valley Country Club I LLC, a Virginia limited liability company.
	 
	35.	 	Dominion Valley Country Club II LLC, a Virginia limited liability company.
	 
	36.	 	Feys Property LLC, a Maryland limited liability company.
	 
	37.	 	First Brandywine LLC I, a Delaware limited liability company.
	 
	38.	 	First Brandywine LLC II, a Delaware limited liability company.
	 
	39.	 	First Brandywine LLC III, a Delaware limited liability company.
	 
	40.	 	First Brandywine LLC IV, a Delaware limited liability company.
	 
	41.	 	Frenchman’s Reserve Realty, LLC, a Florida limited liability company.
	 
	42.	 	Golf I Country Club Estates at Moorpark LLC, a California limited liability company.
	 
	43.	 	Golf II Country Club Estates at Moorpark LLC, a California limited liability company.
	 
	44.	 	Hawthorn Woods Country Club II LLC, an Illinois limited liability company.
	 
	45.	 	High Pointe at Hopewell, LLC, a New Jersey limited liability company.
	 
	46.	 	HOA Broadband I, LLC, a Delaware limited liability company.
	 
	47.	 	HOA Broadband II, LLC, a Delaware limited liability company.
	 
	48.	 	Hoboken Cove LLC, a New Jersey limited liability company.
	 
	49.	 	Hoboken Land I LLC, a Delaware limited liability company.
	 
	50.	 	Hunt’s Bluff LLC, a Maryland limited liability company.
	 
	51.	 	Jacksonville TBI Realty, LLC, a Florida limited liability company.
	 
	52.	 	Lighthouse Point Land Company, LLC, a Florida limited liability company.
	 
	53.	 	Long Meadows TBI, LLC, a Maryland limited liability company.

11

 

	54.	 	Longmeadow Properties LLC, a Maryland limited liability company.
	 
	55.	 	Manalapan Hunt Investments I LLC, a New Jersey limited liability company.
	 
	56.	 	Manalapan Hunt Investments II LLC, a New Jersey limited liability company.
	 
	57.	 	Martinsburg Ventures, L.L.C., a Virginia limited liability company.
	 
	58.	 	Maxwell Place Realty, LLC, a New Jersey limited liability company.
	 
	59.	 	Millbrook Investments I LLC, a New Jersey limited liability company.
	 
	60.	 	Millbrook Investments II LLC, a New Jersey limited liability company.
	 
	61.	 	Mizner Realty, L.L.C., a Florida limited liability company.
	 
	62.	 	Mountain View Country Club I LLC, a California limited liability company.
	 
	63.	 	Mountain View Country Club II LLC, a California limited liability company.
	 
	64.	 	Naples Lakes Country Club, L.L.C., a Florida limited liability company.
	 
	65.	 	Naples TBI Realty, LLC, a Florida limited liability company.
	 
	66.	 	Northville Hills Golf Club L.L.C., a Michigan limited liability company.
	 
	67.	 	Northville Lake Village Apartments Limited Liability Company, a Michigan limited liability
company.
	 
	68.	 	Nosan & Silverman Homes L.L.C., a Michigan limited liability company.
	 
	69.	 	Palm Cove Golf & Yacht Club I LLC, a Florida limited liability company.
	 
	70.	 	Palm Cove Golf & Yacht Club II LLC, a Florida limited liability company.
	 
	71.	 	Palm Cove Marina I LLC, a Florida limited liability company.
	 
	72.	 	Palm Cove Marina II LLC, a Florida limited liability company.
	 
	73.	 	Phillips Drive LLC, a Maryland limited liability company.
	 
	74.	 	Preston Parker LLC, a Delaware limited liability company.
	 
	75.	 	Prince William Land I LLC, a Virginia limited liability company.
	 
	76.	 	Prince William Land II LLC, a Virginia limited liability company.
	 
	77.	 	PT Maxwell Holdings, LLC, a New Jersey limited liability company.
	 
	78.	 	P.T. Maxwell, L.L.C., a New Jersey limited liability company.
	 
	79.	 	Regency at Denville, LLC, a New Jersey limited liability company.
	 
	80.	 	Regency at Dominion Valley LLC, a Virginia limited liability company.
	 
	81.	 	Regency at Long Valley I LLC, a New Jersey limited liability company.
	 
	82.	 	Regency at Long Valley II LLC, a New Jersey limited liability company.
	 
	83.	 	Regency at Mansfield I LLC, a New Jersey limited liability company.
	 
	84.	 	Regency at Mansfield II LLC, a New Jersey limited liability company.
	 
	85.	 	Regency at Washington I LLC, a New Jersey limited liability company.
	 
	86.	 	Regency at Washington II LLC, a New Jersey limited liability company.
	 
	87.	 	RiverCrest Sewer Company, LLC, a Pennsylvania limited liability company.
	 
	88.	 	Santa Teresa Transit Village LLC, a California limited liability company.
	 
	89.	 	Sapling Ridge, LLC, a Maryland limited liability company.
	 
	90.	 	South Riding Realty LLC, a Virginia limited liability company.
	 
	91.	 	SR Amberlea LLC, a Virginia limited liability company.
	 
	92.	 	SRH Investments I, LLC, a California limited liability company.
	 
	93.	 	SRH Investments II, LLC, a California limited liability company.
	 
	94.	 	SRLP II LLC, a Virginia limited liability company.
	 
	95.	 	STBI-Warrenton, LLC, a Delaware limited liability company.
	 
	96.	 	Stony Kill, LLC, a New York limited liability company.
	 
	97.	 	TB Kent Partners LLC, a Delaware limited liability company.
	 
	98.	 	The Regency Golf Club I LLC, a Virginia limited liability company.

12

 

	99.	 	The Regency Golf Club II LLC, a Virginia limited liability company.
	 
	100.	 	The Ridges at Belmont Country Club I LLC, a Virginia limited liability company.
	 
	101.	 	The Ridges at Belmont Country Club II LLC, a Virginia limited liability company.
	 
	102.	 	Toll Brothers Realty Michigan LLC, a Michigan limited liability company.
	 
	103.	 	Toll Brothers Realty Michigan II LLC, a Michigan limited liability company.
	 
	104.	 	Toll Cedar Hunt LLC, a Virginia limited liability company.
	 
	105.	 	Toll CO I LLC, a Colorado limited liability company.
	 
	106.	 	Toll Corners LLC, a Delaware limited liability company.
	 
	107.	 	Toll DE X, LLC, a Delaware limited liability company.
	 
	108.	 	Toll DE X II, LLC, a Delaware limited liability company.
	 
	109.	 	Toll EB, LLC, a Delaware limited liability company.
	 
	110.	 	Toll Equipment, L.L.C., a Delaware limited liability company.
	 
	111.	 	Toll FL I, LLC, a Florida limited liability company.
	 
	112.	 	Toll Gibraltar I LLC, a Pennsylvania limited liability company.
	 
	113.	 	Toll Gibraltar II LLC, a Pennsylvania limited liability company.
	 
	114.	 	Toll Glastonbury LLC, a Connecticut limited liability company.
	 
	115.	 	Toll Hoboken LLC, a Delaware limited liability company.
	 
	116.	 	Toll IN LLC, an Indiana limited liability company.
	 
	117.	 	Toll Landscape, L.L.C., a Delaware limited liability company.
	 
	118.	 	Toll MD I, L.L.C., a Maryland limited liability company.
	 
	119.	 	Toll MD II LLC, a Maryland limited liability company.
	 
	120.	 	Toll NJ I, L.L.C., a New Jersey limited liability company.
	 
	121.	 	Toll NJ II, L.L.C., a New Jersey limited liability company.
	 
	122.	 	Toll NJ III, LLC, a New Jersey limited liability company.
	 
	123.	 	Toll Nursery, L.L.C., a Delaware limited liability company.
	 
	124.	 	Toll Plaza, LLC, a Pennsylvania limited liability company.
	 
	125.	 	Toll Realty L.L.C., a Florida limited liability company.
	 
	126.	 	Toll Reston Associates, L.L.C., a Delaware limited liability company.
	 
	127.	 	Toll Stratford LLC, a Virginia limited liability company.
	 
	128.	 	Toll Technology Investments, L.L.C., a Delaware limited liability company.
	 
	129.	 	Toll Turf Management, L.L.C., a Delaware limited liability company.
	 
	130.	 	Toll VA L.L.C., a Delaware limited liability company.
	 
	131.	 	Toll VA III L.L.C., a Virginia limited liability company.
	 
	132.	 	Toll Van Wyck, LLC, a New York limited liability company.
	 
	133.	 	Toll Vanderbilt I LLC, a Rhode Island limited liability company.
	 
	134.	 	Toll Vanderbilt II LLC, a Rhode Island limited liability company.
	 
	135.	 	Toll-Dublin, LLC, a California limited liability company.
	 
	136.	 	Town Suites, LLC, a Pennsylvania limited liability company.
	 
	137.	 	Vanderbilt Capital LLC, a Rhode Island limited liability company.
	 
	138.	 	Virginia Construction Co. I, LLC, a Virginia limited liability company.
	 
	139.	 	Virginia Construction Co. II, LLC, a Virginia limited liability company.
	 
	140.	 	Whitehall Management Services, LLC, a Pennsylvania limited liability company.

13

 

SCHEDULE 8

OTHER LIENS

None

 

 

SCHEDULE 9

ERISA MATTERS

None

 

 

SCHEDULE 10

ENVIRONMENTAL MATTERS

None

1

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