REVOLVING CREDIT AGREEMENT
THIS REVOLVING CREDIT AGREEMENT is dated as of
November 1, 1993, and is made by and among FIRST HUNTINGDON FINANCE CORP., a Delaware
corporation (the "Borrower"), TOLL BROTHERS, INC., a Delaware corporation ("Company") and the other
GUARANTORS (as hereinafter defined), the BANKS (as hereinafter defined), and PNC BANK, NATIONAL
ASSOCIATION, in its capacity as agent for the Banks under this Agreement (hereinafter referred to in such
capacity as the "Agent").
WHEREAS, the Borrower has requested the Banks to provide a revolving credit facility to the Borrower in an
aggregate principal amount not to exceed $220,000,000 with a $145,000,000 sublimit for issuance of letters of
credit and escrow agreements; and
WHEREAS, the revolving credit facility shall be used to make loans or advances to the Guarantors or to provide
letters of credit or escrow agreements on behalf of the Guarantors; and
WHEREAS, the Banks are willing to provide such credit upon the terms and conditions hereinafter set forth.
NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter
set forth and intending to be legally bound hereby, covenant and agree as follows:
1.01 Certain Definitions. In addition to words and terms defined elsewhere in this Agreement, the following
words and terms shall have the following meanings, respectively, unless the context hereof clearly requires
Additional Bank shall have the meaning given to such term in Section 11.11(c).
Additional Bank Treasury Rate Ceiling shall mean the rate computed pursuant to Paragraph (B) of the definition
of Treasury Rate with respect to an Additional Bank which elects to make a Treasury Rate Term Loan pursuant
11.11(c)(D)(1). The interest rate charged by such Additional Bank on such Treasury Rate Term Loan may not
exceed the Additional Bank Treasury Rate Ceiling.
Adjusted Category 2 Borrowing Base Assets shall mean th