UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  July 2, 2008
 
GREEN BUILDERS, INC.
(Exact name of registrant as specified in its charter)
 
Texas
(State or other jurisdiction
of incorporation)
001-33408
(Commission
File Number)
76-0547762
(IRS Employer
Identification Number)
     
 
8121 Bee Caves Road
Austin, Texas  78746
(Address of principal executive offices)
 
     
(512) 732-0932
(Registrant’s telephone number, including area code)
 
  N/A    
  (Former Name of Former Address, if Changed Since Last Report)   
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
□
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
□
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
Item 1.01    Entry into a Material Definitive Agreement

On July 2, 2008, Wilson Family Communities, Inc., a wholly-owned subsidiary of Green Builders, Inc., entered into a Second Agreement to Modify Loan Documents (the “Modification Agreement”), with a syndicate of banks led by RBC Bank, as administrative agent (the “Agent”) to modify the terms of the loans provided by the syndicate of banks pursuant to the Borrowing Base Loan Agreement dated June 29, 2007 (the “Loan Agreement”).  The Modification Agreement modified the terms of the Loan Agreement by (i) extending the loan termination date from June 29, 2008 to August 29, 2008, (ii) forbearing our non-compliance with (A) the existing Spec Home limitation set forth in the Loan Agreement and (B) the developed lot limitation set forth in the Loan Agreement, both through August 29, 2008, and (iii) clarifying that in spite of such non-compliance that we will continue to be entitled to borrow funds pursuant to the Loan Agreement.  No payments were made in consideration for the Modification Agreement.

The above description of the material terms of the Modification Agreement is not a complete statement of the parties’ rights and obligations with respect to the agreement. The above statements are qualified in their entirety by reference to the Modification Agreement, a copy of which is filed as exhibit 10.1 hereto.
 

(d)   Exhibits
Exhibit
Description
10.1
Second Agreement to Modify Loan Documents dated as of July 2, 2008 by and between the Company and a syndicate of banks led by RBC Centura Bank, as administrative agent
 
 
 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  GREEN BUILDERS, INC.  
       
       
Date: July 3, 2008
By:
/s/ Clark Wilson   
    Clark Wilson   
    President and Chief Executive Officer  
       
 
 
 
 
 
 
 
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