EX-10.20
from S-4/A
72 pages
Revolving Line of Credit Loan Agreement by California Bank & Trust, a California Banking Corporation, Individually and as Administrative Agent, and the Banks Listed on the Signature Pages Hereof (The “Banks”) to Moffett Meadows Partners, LLC, a Delaware Limited Liability Company (“Borrower”) March 11, 2003
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EX-10.1
from S-3/A
26 pages
Maximum Dwell: Forty-Five (45) Days Maximum Wet Period: 3 Business Days Commitment Expiration: 5/31/2003 Eligible Collateral: See Exhibit G of the Mortgage Warehouse Loan and Security Agreement. Maximum Loan Size: Loans in Excess of $500,000.00 Must Be Approved by Bank Prior to Funding. Guarantor(s): None Financial Covenants: 1. Borrower and William Lyon Homes, Inc. (Parent Company) Agree to Maintain a Minimum Net Worth of $7,500,000.00 at All Times as Described Within the Agreement. 2. Combined Net Worth of Borrower and Guarantor(s) to Meet or Exceed 5% of Borrower’s Outstanding Liabilities at Ail Times. 3. Borrower’s Liquidity When Combined With the Liquidity of All Guarantors Shall at All Times Meet or Exceed 5% of the Maximum Line Amount. Other Covenants: 1. Borrower Agrees to Maintain Fidelity and E&O Coverage in Force in an Amount Equal to at Least $300,000 Per Incident, With a Maximum Deductible of $15,000. 2. Borrower Agrees to Provide Bank Audited Financial Statements Prepared in Accordance With Gaap Annually. 3. Borrower Agrees to Provide Bank Unaudited Financial Statements Prepared in Accordance With Gaap Quarterly. 4. Borrower Agrees to Provide Bank William Lyon Homes, Inc. (Parent Company) Audited Financial Statements in Accordance With Gaap Annually. 5. Borrower Agrees to Provide Bank Unaudited Financial Statements Prepared in Accordance With Gaap Quarterly on Parent Company William Lyon Homes, Inc. 6. Borrower Agrees Not to Use or Attempt to Use This Warehouse Facility to Repurchase Any Mortgage Loan. 7. Various Other Covenants, Representations, and Warranties as Listed in the Mortgage Warehouse Loan and Security Agreement
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