Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 45

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 45
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 subsidiary; or                                                                                  |

| • |     | any Indebtedness incurred in connection with the financing of operating, construction or acquisition  
 projects, provided that the recourse for such Indebtedness is limited to the assets of such projects. |

S-27

“holder” means a Person in whose name a Note is registered on the registrar’s
books.

“Indebtedness” means, with respect to us or any Subsidiary, and without duplication:

(a) the principal of and premium, if any, and interest on, and fees, costs, enforcement expenses, collateral protection
expenses and other reimbursement or indemnity obligations in respect to all our or any Subsidiary’s Indebtedness or obligations to any Person, including but not limited to banks and other lending institutions, for money borrowed that is
evidenced by a note, bond, debenture, loan agreement, or similar instrument or agreement (including purchase money obligations with original maturities in excess of one year and noncontingent reimbursement obligations in respect of amounts paid
under letters of credit);

(b) all our or any Subsidiary’s reimbursement obligations and other liabilities
(contingent or otherwise) with respect to letters of credit, bank guarantees or bankers’ acceptances;

(c) all
obligations and liabilities (contingent or otherwise) in respect of our or any Subsidiary’s leases required, in conformity with generally accepted accounting principles, to be accounted for as Capital Lease Obligations on our balance sheet;

(d) any Indebtedness of others described in clauses (a) through (c) that we or such Subsidiary has guaranteed
to the extent of such guarantee;

(e) any Indebtedness of others described in clauses (a) through (c) secured by
any Lien existing on property which is owned or held by us or such Subsidiary, regardless of whether the Indebtedness or other obligation secured thereby shall have been assumed by us or such Subsidiary; provided that the amount of the Indebtedness
of such Person shall be the lesser of (a) the fair market value of such property and (b) the amount of such Indebtedness of such other Persons; and

(f) any and all deferrals, renewals, extensions and refinancing of, or amendments, modifications or supplements to, any
Indebtedness, obligation or liability of the kind described in clauses (a)