Exhibit 10.17
THIRD AMENDMENT TO CREDIT AGREEMENT
THIS THIRD AMENDMENT TO CREDIT AGREEMENT ("Amendment") is entered
into as of March 19, 1998 among BEAZER HOMES USA, INC., a Delaware corporation
(the "Borrower"), BEAZER MORTGAGE CORPORATION, a Delaware corporation, BEAZER
HOMES CORP., a Tennessee corporation, BEAZER HOMES SALES ARIZONA INC., a
Delaware corporation, BEAZER REALTY CORP., a Georgia corporation, BEAZER SQUIRES
REALTY, INC., a North Carolina corporation, PANITZ HINES REALTY, Inc., a Florida
corporation, BEAZER HOMES HOLDING CORP., a Delaware corporation, BEAZER TEXAS
HOLDINGS, INC., a Delaware corporation, and BEAZER HOMES TEXAS, L.P., a Delaware
limited partnership (collectively, the "Guarantors") and THE FIRST NATIONAL BANK
OF CHICAGO, BANKBOSTON, N.A. (formerly known as The First National Bank of
Boston), BANK ONE, ARIZONA, N.A., GUARANTY FEDERAL BANK, F.S.B., BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION (successor by merger to Bank of America
Illinois), AMSOUTH BANK, COMERICA BANK and SUNTRUST BANK (collectively, the
"Banks") and THE FIRST NATIONAL BANK OF CHICAGO as Agent (the "Agent") for the
Banks and as Issuing Bank under the Agreement (as hereinafter defined).
W I T N E S S E T H:
WHEREAS, the Borrower, the Guarantors, the Banks, the Agent and the
Issuing Bank are party to that certain Credit Agreement dated as of October 22,
1996, as amended by First Amendment to Credit Agreement dated as of July 29,
1997 and Second Amendment to Credit Agreement dated as of December 10, 1997
(such Credit Agreement, as so amended, being herein referred to as the
"Agreement") providing for certain loans to be made from time to time by the
Banks to the Borrower not to exceed, at any time outstanding, the principal sum
of $200,000,000; and
WHEREAS, the parties desire to amend the Agreement to increase the
Debt permitted under Section 6.02(B);
NOW, THEREFORE, for good and valuable consideration, the Borrower,
the Guarantors, the Banks, the Agent and the Issuing Bank hereby covenant and
agree as follows:
1. Permitted Debt. Section 6.02(B) is hereby amended by deleting
"$40,000,000" and inserting in lieu thereof "$125,000,000." 2. Ratification. The
Agreement, as amended hereby, is hereby ratified and remains in full force and
effect.
3. Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties to this Amendment in separate
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 Amendment.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed by their respective officers thereunto duly authorize, as of the
date first written.
BORROWER:
BEAZER HOMES USA, INC.
By: /s/ David S. Weiss
David S. Weiss
Executive Vice President and
Chief Financial Officer
GUARANTORS:
BEAZER MORTGAGE CORPORATION
By: /s/ David S. Weiss
David S. Weiss
Vice President
BEAZER HOMES SALES ARIZONA INC.
By: /s/ David S. Weiss
David S. Weiss
Vice President
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BEAZER REALTY CORP.
By: /s/ David S. Weiss
David S. Weiss
Vice President
BEAZER/SQUIRES REALTY, INC.
By: /s/ David S. Weiss
David S. Weiss
Vice President
PANITZ HOMES REALTY INC.
By: /s/ David S. Weiss
David S. Weiss
Vice President
BEAZER HOMES HOLDINGS CORP.
By: /s/ David S. Weiss
David S. Weiss
Vice President
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BEAZER TEXAS HOLDINGS, INC.
By: /s/ David S. Weiss
David S. Weiss
Vice President
BEAZER HOMES TEXAS, L.P.
By: BEAZER TEXAS HOLDINGS, INC.
its general partner
By: /s/ David S. Weiss
David S. Weiss
Vice President
BANKS:
THE FIRST NATIONAL BANK OF CHICAGO,
as a Bank, the Agent and the Issuing Bank
By: /s/ Gregory A. Gilbert
Name: Gregory A. Gilbert
Vice President
BANK ONE, ARIZONA, N.A.
By:
-----------------------------
Name:
---------------------------
Title:
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GUARANTY FEDERAL BANK, F.S.B.
By: /s/ Richard V. Thompson
Name: Richard V. Thompson
Title: Vice President
BANK OF AMERICA NATIONAL TRUST AND
SAVINGS ASSOCIATION (successor by merger to
Bank of America Illinois)
By: /s/ Daniel E. Walsh
Name: Daniel E. Walsh
Title: Vice President
BANKBOSTON, N.A. (formerly known as The
First National Bank of Boston)
By: /s/ Kevin C. Hake
Name: Kevin C. Hake
Title: Director
AMSOUTH BANK
By: Ronny Hudspeth
Name: Ronny Hudspeth
Title:Vice President
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COMERICA BANK
By: /s/ David J. Campbell
Name: David J. Campbell
Title: Vice President
SUNTRUST BANK, ATLANTA
By: /s/ R. Michael Dunlap
Name: R. Michael Dunap
Title: Vice President
By: /s/ Jonathan H. James
Name: Jonathan H. James
Title: B.O.
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