13.	Revolving Credit Facility and Letter of Credit Facilities

As of September 30, 2016, we were party to a $750 million unsecured revolving credit facility (the "Revolving Facility"), $350 million of which is available for letters of credit, which matures in October 2019. The Revolving Facility has an accordion feature under which the Company may increase the total commitment up to a maximum aggregate amount of $1.2 billion, subject to certain conditions, including the availability of additional bank commitments. Interest rates, as defined in the credit agreement, approximate (i) LIBOR (approximately 0.53% at September 30, 2016) plus 1.75%, or (ii) Prime (3.50% at September 30, 2016) plus 0.75%.

In addition to customary representations and warranties, the facility contains financial and other covenants, including a minimum tangible net worth requirement of $1.65 billion (which amount is subject to increase over time based on subsequent earnings and proceeds from equity offerings), a net homebuilding leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 2.00 to 1.00 and a land covenant that limits land not under development to an amount not to exceed tangible net worth. The Company is also required to maintain either (a) a minimum liquidity level (unrestricted cash in excess of interest incurred for the previous four quarters) or (b) a minimum interest coverage ratio (EBITDA to interest expense, as defined therein) of at least 1.25 to 1.00. We were in compliance with all of the Revolving Facility covenants as of September 30, 2016. The Revolving Facility also limits, among other things, the Company’s investments in joint ventures and the amount of the Company’s common stock that the Company can repurchase. On September 30, 2016, we had

$146.0 million

borrowings outstanding under the facility and had outstanding letters of credit issued under the facility totaling $112.9 million, leaving $491.1 million available under the facility to be drawn.

As of September 30, 2016, in addition to our $350 million letter of credit sublimit under our Revolving Facility, we were party to four committed letter of credit facilities totaling $48 million, of which $28.2 million was outstanding. These facilities require cash collateralization and have maturity dates ranging from January 2017 to October 2017. As of September 30, 2016, these facilities were secured by cash collateral deposits of $28.7 million. Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions.