Extension Letter to Senior Secured Super-Priority Debtor in Possession Credit and Security Agreement between TOUSA, Inc. and Citicorp North America, Inc.
TOUSA, Inc. requests an extension of the Interim Termination Date for its Senior Secured Debtor in Possession (DIP) Credit Facility with Citicorp North America, Inc., acting as Administrative Agent. The extension moves the termination date from May 8, 2008, to May 23, 2008, with the possibility of further written extensions up to May 30, 2008, subject to the agent's consent. The agreement is formalized by both parties signing this letter, allowing for electronic execution and delivery.
May 2, 2008
Citicorp North America, Inc.
Two Penns Way, Suite 200
New Castle, Delaware 19720
Attention: David G. Maffett
***@***
Citicorp North America, Inc.,
as Administrative Agent
388 Greenwich Street, 21st Floor
New York, NY 10013
Attention: David G. Maffett
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| Re: Up to $134,574,000 Senior Secured DIP Facility |
(Expandable to up to $650,000,000)
Ladies and Gentlemen:
We refer to the Senior Secured Super-Priority Debtor in Possession Credit and Security Agreement, dated as of January 29, 2008, among TOUSA, Inc., as the Administrative Borrower, the subsidiaries of the Administrative Borrower party thereto as Subsidiary Borrowers, the institutions party thereto as Lenders and Issuers, Citicorp North America, Inc., as Administrative Agent, and the other arrangers, agents and bookrunners named therein, as amended by Amendment No. 1 to Senior Secured Super-Priority Debtor in Possession Credit and Security Agreement, dated as of January 29, 2008, and by Amendment No. 2 to Senior Secured Super-Priority Debtor in Possession Credit and Security Agreement, dated as of April 29, 2008, each among TOUSA, Inc., as the Administrative Borrower, the subsidiaries of the Administrative Borrower party thereto as Subsidiary Borrowers, the institutions party thereto as Lenders and Issuers, Citicorp North America, Inc., as Administrative Agent (such Senior Secured Super-Priority Debtor in Possession Credit and Security Agreement, as so amended, being the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.
Pursuant to the Credit Agreement, TOUSA, Inc., as the Administrative Borrower, hereby requests that the Interim Termination Date be extended from May 8, 2008 to May 23, 2008, with such further extensions as the Administrative Agent may from time to time consent to in writing, provided that no such extension may be beyond May 30, 2008.
Please acknowledge your consent to the requested extension by signing this letter in the space indicated below.
This letter may be executed in any number of counterparts, each of which, when so executed, shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement. Delivery of an executed counterpart of this letter by telecopier or electronic mail in portable document format (.pdf) shall be as effective as delivery of an original executed counterpart of this letter.
Very truly yours,
TOUSA, INC., as
Administrative Borrower
By:
Name:
Title:
Consented to this 2nd day of May, 2008
CITICORP NORTH AMERICA, INC.,
as Administrative Agent
By:
Name:
Title:
| cc: Chadbourne & Parke LLP |
30 Rockefeller Plaza
New York, NY 10112
Attention: Andrew Coronios and Joseph Smolinsky
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