Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On November 7, 2008, Lennar Corporation (the "Company") amended its senior unsecured revolving credit facility (the "Credit Facility"). The amendment gives the Company greater flexibility under the borrowing covenants, but increases the interest rate (which is LIBOR based) and reduces the total amount of the Credit Facility (which reduces the Company's cost of maintaining the facility). The amended terms provide for, among other things:

(a) a lower aggregate commitment of $1.1 billion;

(b) an extension of the required quarterly reductions in the Company's recourse joint venture obligations through the maturity date, July 2011; and

(c) modification of the following covenants:

1. minimum adjusted consolidated tangible net worth;

2. borrowing base;

3. maximum leverage ratio; and

4. investments.

The foregoing summary is qualified in its entirety by reference to the Credit Agreement dated July 21, 2006, the First Amendment to Credit Agreement dated August 21, 2007, the Second Amendment to Credit Agreement dated January 23, 2008 and the Third Amendment to Credit Agreement dated November 7, 2008, which govern the Credit Facility. The Third Amendment to Credit Agreement is filed as an exhibit to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed as part of this Current Report on Form 8-K.

Exhibit No. Description of Document

10.1 Third Amendment to Credit Agreement dated November 7, 2008.

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