Document:

First Amendment to Credit Agreement

 Exhibit 10.2 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 This FIRST AMENDMENT TO CREDIT AGREEMENT
(“Amendment”), dated as of August 21, 2007, among LENNAR CORPORATION, a Delaware corporation (the “Borrower”), the Lenders that are identified on the signature pages hereto and JPMORGAN CHASE BANK, N.A., as Administrative
Agent (the “Administrative Agent”). 
 RECITALS 
 WHEREAS, the Borrower, the Lenders identified on the signature pages hereto, certain other Lenders and Administrative Agent are parties to that certain
Credit Agreement dated as of July 21, 2006 (as it may be amended, renewed and restated from time to time, the “Credit Agreement”) (all capitalized terms not defined herein shall have the meanings given such terms in the Credit
Agreement); 
 WHEREAS, the Borrower and the Required Lenders have heretofore executed and delivered two letter agreements, dated
March 1, 2007 and May 23, 2007, respectively, amending the Credit Agreement (the “Letter Amendments”); 
 WHEREAS, the
Borrower and the Lenders desire to amend the Credit Agreement to incorporate in a comprehensive amendment the Letter Amendments, to modify certain provisions of the Credit Agreement and for other purposes hereinafter set forth; 
 NOW, THEREFORE, for good and valuable consideration, the parties hereto hereby agree as follows: 
 1. Amendment of Article I. 
 (a) The
following defined terms in Article I of the Credit Agreement are hereby amended and restated as follows: 
 “Consolidated EBITDA” means, for any period, the Consolidated Net Income of the Loan Parties plus, to the extent deducted from revenues in determining Consolidated Net Income, (a) Consolidated Interest Expense,
(b) expense for income taxes paid or accrued, (c) depreciation, (d) amortization, (e) extraordinary losses incurred other than in the ordinary course of business and (f) all non-cash charges and expenses (including but not
limited to asset impairment charges for inventory, investments in Joint Ventures, goodwill, receivables and option deposit forfeitures), minus, to the extent included in Consolidated Net Income, (i) extraordinary gains realized other than in
the ordinary course of business, (ii) all non-cash gains and credits and (iii) interest income, all calculated for the Loan Parties (and excluding the Mortgage Banking Subsidiaries and any other Subsidiary of the Borrower that is not a
Loan Party) on a consolidated basis. 
 “Consolidated Interest Incurred” means, for any period, the aggregate
amount (without duplication and determined in each case in accordance with GAAP) of (a) interest (excluding interest on Indebtedness of a Loan Party to another Loan Party) 

 
incurred on Indebtedness, whether such interest was expensed, capitalized, paid or accrued by any of the Loan Parties (and excluding the Mortgage Banking
Subsidiaries and any other Subsidiary of the Borrower that is not a Loan Party) during such period, including (i) original issue discount and non-cash interest payments or accruals, (ii) the interest portion of all deferred payment
obligations that constitute Indebtedness, and (iii) all commissions, discounts and other fees and charges owed with respect to bankers’ acceptances and letter of credit financings and interest swap and Hedging Obligations, in each case to
the extent attributable to such period, but excluding premiums paid on prepayment of Indebtedness, less (b) interest income of the Loan Parties, including, but not limited to, interest on notes receivable, plus (c) the amount
of dividends accrued or payable by the Loan Parties (and excluding the Mortgage Banking Subsidiaries and any other Subsidiary of the Borrower that is not a Loan Party) in respect of Disqualified Capital Stock (excluding any amount payable to any
Loan Party), which amount shall be “grossed up” to include applicable taxes on income that would be used to pay such dividends, provided, however, that interest, dividends or other payments or accruals of a consolidated Subsidiary
that is not wholly owned shall be included only to the extent of the interest of such Person in such Subsidiary. For purposes of this definition, interest on Capitalized Lease Obligations shall be deemed to accrue at an interest rate reasonably
determined by the Borrower to be the rate of interest implicit in such Capitalized Lease Obligations in accordance with GAAP. 
 “Indebtedness” of any Person means, without duplication, (a) all liabilities and obligations, contingent or otherwise, of such Person, (i) in respect of borrowed money (whether or not the recourse of the lender is
to the whole of the assets of such Person or only to a portion thereof), (ii) evidenced by bonds, notes, debentures or similar instruments, (iii) representing the balance deferred and unpaid of the purchase price of any property or
services, except those incurred in the ordinary course of its business that would constitute ordinarily a trade payable to trade creditors (but specifically excluding from such exception the deferred purchase price of Real Estate),
(iv) evidenced by bankers’ acceptances, (v) consisting of obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person,
(vi) consisting of Capitalized Lease Obligations (including any Capitalized Leases entered into as a part of a sale/leaseback transaction), (vii) consisting of liabilities and obligations under any receivable sales transactions,
(viii) consisting of a Letter of Credit (other than a Performance Letter of Credit or surety bond) or a reimbursement obligation of such Person with respect to any Letter of Credit (other than a Performance Letter of Credit or surety bond),
(ix) consisting of Hedging Obligations, (x) consisting of Off-Balance Sheet Liabilities or (xi) consisting of Contingent Obligations; and (b) 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. With respect to the Borrower, Indebtedness includes, without limitation of the foregoing, (x) the Loans and (y) the maximum contractual liability
(whether actual or contingent) from recourse obligations, repayment guaranties and Maintenance Guaranties of the Borrower or any of its Subsidiaries with respect to Indebtedness (other than Joint Venture Non-Recourse Indebtedness) of any Joint
Venture. 

 “Leverage Ratio” means a fraction (expressed as the percentage
equivalent), the numerator of which is an amount equal to (i) Consolidated Indebtedness less (ii) seventy-five percent (75%) of the notional principal amount of all Joint Venture Reimbursement Obligations, plus
(iii) ten percent (10%) of the notional principal amount of all Joint Venture Non-Recourse Indebtedness (excluding any principal amount not advanced to the Joint Venture at the time of such computation) with respect to which any Loan Party
has delivered a Completion Guaranty, less (iv) the lesser of (A) $500,000,000 and (B) unrestricted cash of the Loan Parties in excess of $15,000,000, and the denominator of which is (1) Consolidated Indebtedness,
less (2) an amount equal to seventy-five percent (75%) of the notional principal amount of all Joint Venture Reimbursement Obligations, plus (3) ten percent (10%) of the notional principal amount of all Joint
Venture Non-Recourse Indebtedness (excluding any principal amount not advanced to the Joint Venture at the time of such computation) with respect to which any Loan Party has delivered a Completion Guaranty, plus (4) Adjusted Consolidated
Tangible Net Worth plus (5) the lesser of (A) fifty percent (50%) of Subordinated Debt and (B) $300,000,000. 
 (b) The following defined terms are hereby added to Article I of the Credit Agreement: 
 “Completion
Guaranty” means a guaranty of completion of specified improvements to real property. 
 “Interest Coverage
Test” is defined in Section 7.02(b)(i). 
 “Joint Venture Non-Recourse Indebtedness”
means Indebtedness of a Joint Venture for which neither the Borrower nor any of its Subsidiaries has liability (actual or contingent) other than liability of the Borrower or any Subsidiary under (a) a Completion Guaranty or (b) with
respect to customary non-recourse exceptions, including without limitation fraud and environmental liability. 
 “Joint Venture Reimbursement Obligations” means, in the case of the Indebtedness of any Joint Venture, the obligation of any partner or joint venturer not affiliated with the Borrower or any Subsidiary to reimburse the
Borrower or a Subsidiary for liabilities that it may incur in connection with a guaranty of any Indebtedness of such Joint Venture. 
 “Leverage Covenant” is defined in Section 7.02(b). 
 “Maintenance
Guaranty” means a guaranty to maintain the principal balance of a loan at no greater than a specified percentage of the value or cost of specified collateral. 
 “Permitted Leverage Ratio” means a Leverage Ratio of 60%, as such amount may hereafter be adjusted from time to time as
provided in Section 7.02(b)(i) and (ii). 
 2. Article VII. 
 (a) Section 7.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

 SECTION 7.01. Minimum Adjusted Consolidated Tangible Net Worth. Permit Adjusted
Consolidated Tangible Net Worth at any time to be less than the sum of (a) $2,903,000,000, plus (b) an amount equal to the amount (if any) by which (i) 50% of the cumulative amount of positive Consolidated Net Income of the Loan
Parties for each fiscal quarter of the Borrower ending after November 30, 2004 for which the Loan Parties, taken as a whole, had positive Consolidated Net Income exceeds (ii) the aggregate amount paid by the Borrower after
November 30, 2004 to purchase or redeem its equity Securities, plus (c) an amount equal to 50% of the aggregate amount of the increase in Adjusted Consolidated Tangible Net Worth resulting from the issuance of equity Securities of the
Borrower after November 30, 2004. For purposes of this Section 7.01, the term “Consolidated Net Income,” shall be determined without adding back to net income any losses from asset impairment charges for inventory, investments in
Joint Ventures, goodwill, receivables and option deposit forfeitures. 
 (b) Section 7.02(b) of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
 (b) Leverage Ratio. Permit, at any time from and after the fiscal
quarter of the Borrower ending August 31, 2007, the Leverage Ratio to exceed the then applicable Permitted Leverage Ratio (the “Leverage Covenant”). 
 (i) Interest Coverage Test. If for any two (2) consecutive fiscal quarters Borrower shall fail to maintain an Interest
Coverage Ratio of at least 2.0 to 1.0 (the “Interest Coverage Test”), then the Permitted Leverage Ratio to be in effect in the next fiscal quarter shall be decreased as follows: (A) if the Permitted Leverage Ratio for the prior fiscal
quarter (i.e., the fiscal quarter immediately preceding the fiscal quarter in which the Permitted Leverage Ratio is being decreased) was 60%, the Permitted Leverage Ratio shall be decreased by 5% and (B) if the Permitted Leverage Ratio for such
prior fiscal quarter was less than 60%, the Permitted Leverage Ratio shall be decreased by 2.5%. 
 (ii) Adjustment of
Permitted Leverage Ratio. If at any time at which the Permitted Leverage Ratio is less than 60%, the Borrower shall have satisfied the Interest Coverage Test (which for purposes of this Section 7.02(b)(ii) shall be deemed satisfied
only if, on the same day on which the Borrower satisfies the Interest Coverage Test, the Borrower is also in compliance with the Leverage Covenant), then the Permitted Leverage Ratio, effective as of the fiscal quarter immediately following the
fiscal quarter with respect to which the Borrower shall have so satisfied the Interest Coverage Test, shall be increased (as applicable) as follows: 
 (A) if the Interest Coverage Test is satisfied as of a date on which the Permitted Leverage Ratio is 55% or greater, the Permitted Leverage Ratio for the next fiscal quarter shall be increased to 60%; 
 (B) subject to clauses (A) above and (F) below, if the Interest Coverage Ratio as of the last day of any fiscal
quarter is greater than or equal to 2.0 to 1.0 but less than 2.5 to 1.0, the Permitted Leverage Ratio for the next fiscal quarter shall be increased by 2.5%; 

 (C) subject to clauses (A) above and (F) below, if the Interest
Coverage Ratio as of the last day of any fiscal quarter is greater than or equal to 2.5 to 1.0 but less than 3.0 to 1.0, the Permitted Leverage Ratio for the next fiscal quarter shall be increased by 5%; 
 (D) subject to clauses (A) above and (F) below, if the Interest Coverage Ratio as of the last day of any fiscal
quarter is greater than or equal to 3.0 to 1.0 but less than 4.0 to 1.0, the Permitted Leverage Ratio for the next fiscal quarter shall be increased by 10%; 
 (E) if the Interest Coverage Ratio as of the last day of any fiscal quarter is greater than or equal to 4.0 to 1.0 the Permitted Leverage
Ratio for the next fiscal quarter shall be increased to 60%; and 
 (F) in no event shall the Permitted Leverage Ratio exceed
60%. 
 (iii) Measure of Compliance. The determination of the Interest Coverage Ratio shall be made from the then most
recent annual or quarterly financial statements of the Borrower delivered by the Borrower to the Administrative Agent pursuant to Section 6.04(a) or 6.04(b). A failure to satisfy the Interest Coverage Test alone shall not
constitute an Event of Default or an Unmatured Default. 
 (c) Section 7.02(c) of the Credit Agreement is hereby deleted.

 3. Pricing Grid. The Pricing Grid is hereby amended by adding at the end thereof the following: 
 Notwithstanding the foregoing, at any time at which the Interest Coverage Ratio is less than 2.0 to 1.0, the Applicable Margin for Eurodollar Loans and LC
Fee Rate determined as provided above shall be increased based upon the Interest Coverage Ratio as follows: 
  

							
	 Interest Coverage Ratio
	  	Less than 2.0 to 1.0
but greater than or
equal to 1.5 to 1.0	 	 Less than 1.5 to 1.0 but
 greater than or equal to
 1.0 to 1.0
	 	Less than 1.0 to 1.0
	 Increase in Applicable Margin for Eurodollar Loans and LC Fee Rate
	  	0.125%	 	0.25%	 	0.375%

 The determination of the Interest Coverage Ratio shall be made from the then most recent annual or
quarterly financial statements of the Borrower delivered by the Borrower to the Administrative Agent pursuant to Section 6.04(a) or 6.04(b) and reported by Borrower to the Administrative Agent on a quarterly basis through a
certificate pursuant to Section 6.04(i). The adjustment, if any, to the Applicable Margin for Eurodollar Loans and the 

 
LC Fee Rate shall take place on, and be effective from and after, the first Business Day after the date on which the Administrative Agent has received such
certificate, and such adjustment shall be effective until the first Business Day after the date on which the Administrative Agent has received the following quarterly certificate. 
 In the event that any such financial statement or certificate is shown to be inaccurate (regardless of whether this Agreement is in effect or any Loans or Commitments are outstanding when such inaccuracy is
discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for Eurodollar Loans and LC Fee Rate for any period (an “Applicable Period”) than the Applicable Margin for Eurodollar Loans
and LC Fee Rate actually applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a correct certificate under Section 6.04(i) for such Applicable Period, (ii) the
Applicable Margin for Eurodollar Loans and LC Fee Rate shall be determined at such higher Applicable Margin for Eurodollar Loans and LC Fee Rate for such Applicable Period, and (iii) the Borrower shall immediately pay to the Administrative
Agent (for the benefit of the Lenders) the accrued additional interest and additional fees owing as a result of such higher Applicable Margin for Eurodollar Loans and LC Fee Rate for such Applicable Period 
 4. Conditions Precedent. This Amendment shall be effective as of the date (“Amendment Effective Date”) upon which the following
conditions are satisfied: 
 (a) The Administrative Agent shall have received from the Borrower and the Required Lenders a counterpart of this
Amendment signed on behalf of each such party. 
 (b) The Administrative Agent shall have received from the Guarantors the Consent and
Agreement substantially in the form attached hereto as Exhibit A. 
 (c) The Administrative Agent shall have received such documents
and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization or formation, existence and good standing of the Borrower, the authorization of this Amendment and any other legal matters relating to
the Borrower, the Agreement or this Amendment, all in form and substance satisfactory to the Administrative Agent and its counsel. 
 (d) The
Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Amendment Effective Date, including reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower
hereunder. 
 The Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date, and such notice shall be
conclusive and binding. 
 5. Representations and Warranties. 
 (a) The following new Section 4.24 is added to the Credit Agreement: 
 SECTION 4.24. Certain Financial Determinations. Without limitation of any other provisions of this Agreement or any financial
statements or certificates delivered by the Borrower pursuant to this Agreement, the determination of (a) whether 

 
Indebtedness of any Loan Party is Non-Recourse Indebtedness and the amount thereof, (b) whether Indebtedness of any Joint Venture is Joint Venture
Non-Recourse Indebtedness and the amount thereof, (c) the notional principal amount of Joint Venture Non-Recourse Indebtedness with respect to which any Loan Party has delivered a Completion Guaranty, and (d) the notional principal amount
of any Joint Venture Reimbursement Obligations, made in any financial statements or certificates delivered by or on behalf of the Borrower pursuant to this Agreement shall be true and correct. 
 (b) The Borrower hereby represents and warrants that as of the date hereof: 
 (i) The representations and warranties of the Borrower set forth in Article IV of the Credit Agreement are true and correct,
provided, however, that for the purposes hereof, the reference in Section 4.03 of the Credit Agreement to “Borrower Audited Financial Statements” shall be deemed to refer to the annual audited financial statements most
recently delivered by the Borrower pursuant to Section 6.04(a) of the Credit Agreement as of the date hereof and the reference in Section 4.03 of the Credit Agreement to “Borrower Unaudited Financial Statements”
shall be deemed to refer to the quarterly unaudited financial statements most recently delivered by the Borrower pursuant to Section 6.04(b) of the Credit Agreement as of the date hereof. 
 (ii) There exists no Event of Default or Unmatured Default. 
 6. Ratification. This Amendment supersedes the Letter Amendments. The Credit Agreement, as amended hereby, is hereby ratified and remains in full force and effect. 
 7. Counterparts. This Amendment 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 Amendment by signing any such counterpart. 
 8. Choice of Law. This Amendment shall be
governed by and 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. 

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

			
	Borrower:
	
	LENNAR CORPORATION
		
	 By:
	 	 /s/ Jonathan M. Jaffe

	 Name:
	 	Jonathan M. Jaffe
	 Title:
	 	COO/Vice President

			
	Lenders:
	
	 JPMORGAN CHASE BANK, N.A.,

	 As Lender and Administrative Agent

		
	 By:
	 	 /s/ Kimberly L. Turner

	 Name:
	 	Kimberly L. Turner
	 Title:
	 	Executive Director

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 BANK HAPOALIM B.M.

		
	 By:
	 	 /s/ James P. Surless

	 Name:
	 	James P. Surless
	 Title:
	 	Vice President
		
	 By:
	 	 /s/ Charles McLaughlin

	 Name:
	 	Charles McLaughlin
	 Title:
	 	Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 BANK OF AMERICA, N.A.

		
	 By:
	 	 /s/ Mark W. Lariviere

	 Name:
	 	Mark W. Lariviere
	 Title:
	 	Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 BANK OF COMMUNICATIONS CO., LTD.
 NEW YORK BRANCH

		
	 By:
	 	 /s/ Shelley He

	 Name:
	 	Shelley He
	 Title:
	 	Deputy General Manager

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 BANKUNITED, FSB

		
	 By:
	 	 /s/ Fernando X. Gomez

	 Name:
	 	Fernando X. Gomez
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 BARCLAYS BANK PLC

		
	 By:
	 	 /s/ Esther Carr

	 Name:
	 	Esther Carr
	 Title:
	 	Manager

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 BNP PARIBAS

		
	 By:
	 	 /s/ Melissa Balley

	 Name:
	 	Melissa Balley
	 Title:
	 	Vice President
		
	 By:
	 	 /s/ Angela Bentley-Arnold

	 Name:
	 	Angela Bentley-Arnold
	 Title:
	 	Director

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 CALIFORNIA BANK & TRUST

		
	 By:
	 	 /s/ Aegea Herring

	 Name:
	 	Aegea Herring
	 Title:
	 	Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 CALYON NEW YORK BRANCH

		
	 By:
	 	 /s/ Samuel L. Hill

	 Name:
	 	Samuel L. Hill
	 Title:
	 	Managing Director and Regional Head
		
	 By:
	 	 /s/ Robert Smith

	 Name:
	 	Robert Smith
	 Title:
	 	Managing Director

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 CHANG HWA COMMERCIAL BANK, LTD.,
 NEW YORK BRANCH

		
	 By:
	 	 /s/ Carol Sun

	 Name:
	 	Carol Sun
	 Title:
	 	VP & AGM

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 CITICORP NORTH AMERICA, INC.

		
	 By:
	 	 /s/ Tucker R. Borden

	 Name:
	 	Tucker R. Borden
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 CITY NATIONAL BANK, a national banking
 association

		
	 By:
	 	 /s/ Xavier Barrera

	 Name:
	 	Xavier Barrera
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 COMERICA BANK

		
	 By:
	 	 /s/ Charles Weddell

	 Name:
	 	Charles Weddell
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 COMMERCEBANK N.A.

		
	 By:
	 	 /s/ Gerald K. Hutchison

	 Name:
	 	Gerald K. Hutchison
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 COMMERZBANK AG, NEW YORK AND
 GRAND CAYMAN BRANCHES

		
	 By:
	 	 /s/ Edward C.A. Forsberg, Jr.

	 Name:
	 	Edward C.A. Forsberg, Jr.
	 Title:
	 	Senior Vice President & Manager
		
	 By:
	 	 /s/ David A. Bennett

	 Name:
	 	David A. Bennett
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 COUNTRYWIDE BANK, F.S.B.

		
	 By:
	 	 /s/ Doug Dixon

	 Name:
	 	Doug Dixon
	 Title:
	 	Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 COMPASS BANK

		
	 By:
	 	 /s/ C. French Yarbrough

	 Name:
	 	C. French Yarbrough
	 Title:
	 	SVP

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS

		
	 By:
	 	 /s/ Omayra Laucella

	 Name:
	 	Omayra Laucella
	 Title:
	 	Vice President
		
	 By:
	 	 /s/ Carin Keegan

	 Name:
	 	Carin Keegan
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 FIFTH THIRD BANK, a Michigan Banking
 Corporation

		
	 By:
	 	 /s/ John A. Marian

	 Name:
	 	John A. Marian
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 FIRST COMMERCIAL BANK,
 LOS ANGELES BRANCH

		
	 By:
	 	 /s/ Larry Jen-Yu Lai

	 Name:
	 	Larry Jen-Yu Lai
	 Title:
	 	SAVP & Deputy General Manager

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 FORTIS BANK S.A./N.V., CAYMAN ISLANDS
 BRANCH

		
	 By:
	 	 /s/ Laurie Albright

	 Name:
	 	Laurie Albright
	 Title:
	 	Loan Closer
		
	 By:
	 	 /s/ Mason Chase

	 Name:
	 	Mason Chase
	 Title:
	 	AVP

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 GUARANTY BANK

		
	 By:
	 	 /s/ Ross Evans

	 Name:
	 	Ross Evans
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 HSBC BANK USA, N.A.

		
	 By:
	 	 /s/ Michael Swadler

	 Name:
	 	Michael Swadler
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 ISRAEL DISCOUNT BANK OF NEW YORK

		
	 By:
	 	 /s/ Dilian G. Schulz

	 Name:
	 	Dilian G. Schulz
	 Title:
	 	Senior Vice President
		
	 By:
	 	 /s/ Christopher Mende

	 Name:
	 	Christopher Mende
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 LASALLE BANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Jim A. Pape

	 Name:
	 	Jim A. Pape
	 Title:
	 	Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 LLOYDS TSB BANK PLC

		
	 By:
	 	 /s/ Deborah Carlson

	 Name:
	 	Deborah Carlson
	 Title:
	 	Director
		
	 By:
	 	 /s/ Carlos Lopez

	 Name:
	 	Carlos Lopez
	 Title:
	 	Associate Director

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 MANUFACTURERS AND TRADERS TRUST
 COMPANY

		
	 By:
	 	 /s/ Laurel Magruder

	 Name:
	 	Laurel Magruder
	 Title:
	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	MALAYAN BANKING BERHAD,
	NEW YORK BRANCH
		
	By:	 	 /s/ Fauzi Zulkifli

	Name:	 	Fauzi Zulkifli
	Title:	 	General Manager

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	MIDFIRST BANK, a Federally Chartered
	Savings Association
		
	By:	 	 /s/ Todd G. Wright

	Name:	 	Todd G. Wright
	Title:	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	MIZUHO CORPORATE BANK, LTD.
		
	By:	 	 /s/ Yasuo Imaizumi

	Name:	 	Yasuo Imaizumi
	Title:	 	Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	NATIXIS (f/k/a NATEXIS BANQUES POPULAIRES)
		
	By:	 	 /s/ Natalie Trojan

	Name:	 	Natalie Trojan
	Title:	 	Director-Real Estate Finance
		
	By:	 	 /s/ Zineb Bouazzaoui

	Name:	 	Zineb Bouazzaoui
	Title:	 	Associate-Real Estate Finance

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	THE NORINCHUKIN BANK,
	NEW YORK BRANCH
		
	By:	 	 /s/ Noritsugu Sato

	Name:	 	Noritsugu Sato
	Title:	 	General Manager

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Luis Donoso

	Name:	 	Luis Donoso
	Title:	 	Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	RBC CENTURA BANK, a North Carolina corporation
		
	 By:
	 	 /s/ Maria Ziegler

	 Name:
	 	 Maria Ziegler

	 Title:
	 	 Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 

			
	 REGIONS BANK

		
	 By:
	 	 /s/ Daniel McClurkin

	 Name:
	 	Daniel McClurkin
	 Title:
	 	Assistant Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 THE ROYAL BANK OF SCOTLAND PLC

		
	 By:
	 	 /s/ William McGinty

	 Name:
	 	William McGinty
	 Title:
	 	Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 SOCIETE GENERALE

		
	 By:
	 	 /s/ Melissa A. Goeden

	 Name:
	 	Melissa A. Goeden
	 Title:
	 	Director

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 SUNTRUST BANK

		
	 By:
	 	 /s/ W. John Wendler

	 Name:
	 	W. John Wendler
	 Title:
	 	Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	 UBS LOAN FINANCE LLC

		
	 By:
	 	 /s/ Iria R. Otsa

	 Name:
	 	Iria R. Otsa
	 Title:
	 	Associate Director
		
	 By:
	 	 /s/ Mary E. Evans

	 Name:
	 	Mary E. Evans
	 Title:
	 	Associate Director

 SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT WITH LENNAR 
 CORPORATION 
  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 /s/ R. Scott Holtzapple

	 Name:
	 	R. Scott Holtzapple
	 Title:
	 	Senior Vice PresidentForm of Warrant

 Exhibit 4.1 
  

					
	 NUMBER
	 	 THIS WARRANT WILL BE
 VOID IF NOT EXERCISED
 PRIOR TO
 5:00 P.M. NEW YORK CITY
 TIME, AUGUST 27, 2012
	 	WARRANTS        

 FAR EAST ENERGY CORPORATION 
 [FORM OF WARRANT] 
 THIS CERTIFIES THAT, for value received
                                        
         is the registered holder of a Warrant or Warrants (the “Warrant”) to purchase one fully paid and non-assessable share of common stock (the “Common Stock”), par
value $0.001 per share (the “Shares”), of Far East Energy Corporation, a Nevada corporation (the “Company”), for each Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to
purchase from the Company, commencing on the date of issuance and terminating at 5:00 p.m., New York City time on the earlier to occur of (a) August 27, 2012 or (b) the date fixed for redemption of this Warrant pursuant to
Section 7 of the Agreement (as defined below)(the “Exercise Period”),              Shares of the Company Common Stock at the price of $2.61 per share (the
“Warrant Stock”), upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant
Agent”), but only subject to the conditions set forth herein and in the Warrant Agreement dated August     , 2007 between the Company and the Warrant Agent (the “Agreement”). Capitalized
terms used herein but not defined shall have the meaning ascribed to them in the Agreement. 
 The Company in its sole discretion may lower the Warrant Price
at any time prior to the Expiration Date for a period of not less than ten (10) days. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide
notice to registered holder or holders of the Warrants of such extension of not less than ten (10) days. 
 Subject to the Agreement, the Company shall
not be obligated to deliver any securities pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Common Stock is effective and
such securities are qualified for sale or exempt from qualification under applicable securities laws of the state or other jurisdiction in which the registered holder reside. In no event will the Company be required to net cash settle the warrant
exercise. The Agreement provides that upon the occurrence of certain events the Warrant Price and the number of Warrant Stock purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. The Agreement also
provides that, subject to certain conditions and excluded issuances, in the event of certain sales of Shares at below the Current Market Price per Share and certain issuances of convertible securities, rights, options or warrants with an Effective
Price that is below the Current Market Price per Share the Warrant Price may be adjusted. No fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of a Share upon any
exercise of a Warrant, the Company shall, upon such exercise, round up or down to the nearest whole number the number of Shares to be issued to such holder. 

 Upon any exercise of the Warrant for less than the total number of Shares provided for herein, there shall be issued to
the registered holder hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised. 
 Warrant Certificates, when surrendered at the office of the Warrant Agent by the registered holder hereof in person or by attorney duly authorized in writing, may be exchanged in the manner and subject to the
limitations provided in the Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants. 
 Upon due presentment for registration of transfer of the Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of
like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Agreement, without charge except for any applicable tax or
other governmental charge. 
 The Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. 
 This Warrant does not entitle the registered holder to any of the rights of a stockholder of the Company.

 The Company shall have the right to require the holder to either (a) exercise all or any portion of this Warrant outstanding and unexercised or
(b) relinquish all or any portion of this Warrant outstanding and unexercised upon fourty-five (45) days’ written notice in the event that the Trading Price of the Company’s Common Stock has equalled or exceeded the Trigger Price
for fifteen (15) or more consecutive Trading Days. On each occasion that the Company elects to exercise this right of redemption, the Company must mail such written notice within ten (10) days following the satisfaction of all of the
foregoing conditions. If this Warrant or any portion thereof is redeemed in accordance with the Agreement, the holder shall have the right to exercise this Warrant in respect of the Shares of Warrant Shares subject to redemption until the close of
business on the date next preceding the date fixed for redemption. On or after the date fixed for redemption, the holder shall have no rights with respect to this Warrant to the extent redeemed, except the right to receive $0.01 per share
outstanding and unexercised that is issuable upon exercise of this Warrant, upon surrender of this Warrant. The Trigger Price shall be subject to adjustment, as the Board of Directors determines to be fair and appropriate, for any combination,
subdivision, split, reclassification, stock dividend, or any similar change affecting the Common Stock. 
 This Warrant is subject to the terms and
conditions of the Agreement. To the extent the provisions of this Warrant conflicts with the terms and conditions of the Agreement, the terms and conditions of the Agreement shall control. 
 The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. 
  

 2 

 IN WITNESS WHEREOF, this Warrant has been duly executed by the Chairman of the Board or Chief Executive Officer and Chief
Financial Officer, Treasurer, Secretary or Assistant Secretary of the Company as of the day and year first above written. 
  

													
		 		 	 FAR EAST ENERGY CORPORATION
	 		 		 	
							
		 		 	 By:
	 	  
	 		 	By:	 	  

						
		 		 	Countersigned:	 		 		 	
						
		 		 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent	 		 		 	
							
		 		 	 By:
	 	  
	 		 		 	
		 		 		 	Authorized Signature	 		 		 	

  

 3 

 SUBSCRIPTION FORM 
 To Be Executed by the Registered Holder in Order to Exercise Warrants 
 The undersigned registered holder irrevocably elects
to exercise                          Warrants represented by this Warrant Certificate, and to purchase the shares
of Common Stock issuable upon the exercise of such Warrants, and requests that certificates for such shares shall be issued in the name of 
  

							
		 	  
	  	
		 	(PLEASE TYPE OR PRINT NAME AND ADDRESS)	  	
			
		 	  
	  	
		 	(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)	  	
				
		 	and be delivered to	 	  
	  	
		 	(PLEASE PRINT OR TYPE NAME AND ADDRESS)	  	

 and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new
Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the registered holder at the address stated below: 
  

									
	Dated:	 	 	 	 	 	 	 	 
		 		 		 	(SIGNATURE)	 	
					
		 		 		 	 	 	
					
		 		 		 	 	 	
		 		 		 	(ADDRESS)	 	
					
		 		 		 	 	 	
		 		 		 	(TAX IDENTIFICATION NUMBER)	 	

  

 4 

 ASSIGNMENT 
 To Be Executed by the Registered Holder in Order to Assign Warrants 
 For Value Received,
                                       
          hereby sell, assign, and transfer unto 
  

							
		 	  
	  	
		 	(PLEASE TYPE OR PRINT NAME AND ADDRESS)	  	
			
		 	  
	  	
		 	(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)	  	
				
		 	and be delivered to	 	  
	  	
		 	(PLEASE PRINT OR TYPE NAME AND ADDRESS)	  	

                                  of the Warrants represented by
this Warrant Certificate, and hereby irrevocably constitute and appoint
                                       
          Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises. 
  

									
	Dated:	 	 	 	 	 	 	 	 
		 		 		 	(SIGNATURE)	 	

 THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN UPON THE FACE OF THIS
WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER. THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15). 
  

 5

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