Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 43

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 43
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 the Notes and the other                                 
 rights, duties and obligations of holders, as beneficiaries with respect to the amounts, if any, that are deposited with the Trustee; and |

| • |     | the rights, obligations and immunities of the Trustee under the Indenture. |

Certain Definitions The following are definitions of certain of the terms used in the Indenture. “Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP; provided that only those leases that would constitute capital leases in conformity with GAAP as of December 31, 2018 shall be considered capital leases for purposes of all financial definitions and calculations for purpose of the Fifteenth Supplemental Indenture. S-26

“Capital Markets Indebtedness” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public offering registered under the Securities Act of 1933, as amended (the “Securities Act”), (b) a private placement to institutional investors that is resold in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities to registration thereof with the SEC or (c) a private placement to institutional investors. For the avoidance of doubt, the term “Capital Markets Indebtedness” does not include any Indebtedness under the Notes or the Credit Facilities, Indebtedness incurred in connection with a sale and leaseback transaction, Indebtedness incurred in the ordinary course of business of the Company, Capital Lease Obligations or recourse transfer of any financial asset or any other type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.” “Consolidated Net Tangible Assets” means the total amount of assets which would be included on a consolidated balance sheet of Lennar Corporation and the Restricted Subsidiaries under GAAP (less applicable reserves and other properly deductible items) after deducting therefrom:

| • |     | all short-term liabilities, i.e., liabilities payable by their terms less than one year from the date of                                                                                                                                                 
 determination and not renewable or extendable at the option of the obligor for a period ending more than one