Registration Rights Agreement



 Exhibit 4.6 

  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of October 29, 2003 
  
 Among 
  
 LNR PROPERTY CORPORATION 
  
 as Issuer, 
  
 and 
  
 DEUTSCHE BANK SECURITIES INC., 
  
 CITIGROUP GLOBAL
MARKETS INC., 
  
 BANC OF AMERICA SECURITIES LLC 
  
 and 
  
 FLEET SECURITIES, INC. 
  
 as Initial Purchasers 
  
 7.25% Senior Subordinated Notes due 2013 
  








  
 REGISTRATION RIGHTS AGREEMENT

  
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of October 29, 2003, among LNR PROPERTY CORPORATION, a Delaware corporation (the “Issuer”), and DEUTSCHE BANK SECURITIES INC., CITIGROUP GLOBAL MARKETS INC., BANC OF AMERICA
SECURITIES LLC and FLEET SECURITIES, INC. (each, an “Initial Purchaser” and, collectively, the “Initial Purchasers”). 
  
 This Agreement is entered into in connection with the Purchase Agreement, dated October 15, 2003, among the Issuer and the Initial Purchasers (the
“Purchase Agreement”), which provides for the sale by the Issuer to the Initial Purchasers of $300,000,000 aggregate principal amount of the Issuer’s 7.25% Senior Subordinated Notes due 2013 (the “Notes”). In
order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuer has agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and any subsequent holder or holders of the
Notes. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 
  
 Concurrently with the execution of this Agreement, the Issuer and Deutsche Bank Securities Inc., entered into a similar
Registration Rights Agreement (the “Other Registration Rights Agreement”). The Other Registration Rights Agreement is being entered into connection with a Purchase Agreement, dated October 22, 2003, between the Issuer and the
purchasers named therein (the “Other Purchase Agreement”), which provides for the sale by the Issuer of an additional $50,000,000 aggregate principal amount of the Issuer’s 7.25% Senior Subordinated Notes due 2013 (the
“Other Notes”). The parties hereby agree as follows: 
  
 1. Definitions 
  
 As used in this Agreement, the
following terms shall have the following meanings: 
  
 Additional Interest: See Section 4 hereof.  
  
 Advice: See the last paragraph of Section 5 hereof.  
  
 Agreement: See the introductory paragraphs hereto.  
  
 Applicable Period: See Section 2 hereof. 
  
 Effectiveness Date: April 29, 2004; provided, however, that with respect to any Shelf Registration Statement, the Effectiveness Date
shall be the 75th day following the Filing Date with respect thereto. 
  
 Effectiveness Period: See Section 3(a) hereof. 
  
 Event Date: See Section 4(b) hereof. 
  









 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of
the SEC promulgated thereunder. 
  
 Exchange Notes: See
Section 2 hereof.  
  
 Exchange Offer: See Section 2
hereof  
  
 Exchange Offer Registration Statement:
See Section 2 hereof. 
  
 Filing Date: (A) If no Exchange
Offer Registration Statement has been filed by the Issuer pursuant to this Agreement, February 28, 2004; and (B) in each other case (which may be applicable notwithstanding the consummation of the Exchange Offer), the 30th day after the delivery of
a Shelf Notice. 
  
 Holder: Any holder of a Registrable
Note or Registrable Notes.  
  
 Indemnified Person:
See Section 7(c) hereof.  
  
 Indemnifying Person:
See Section 7(c) hereof. 
  
 Indenture: The Indenture,
dated as of October 29, 2003, by and between the Issuer and U.S. Bank Trust National Association, as trustee, pursuant to which the Notes are being issued, as the same may be amended or supplemented from time to time in accordance with the terms
thereof. 
  
 Initial Purchasers: See the introductory
paragraphs hereto. 
  
 Initial Shelf Registration
Statement: See Section 3(a) hereof. 
  
 Inspectors: See
Section 5(m) hereof. 
  
 Issue Date: October 29, 2003 the
date of original issuance of the Notes. 
  
 Issuer: See the
introductory paragraphs hereto. 
  
 NASD: See Section 5(r)
hereof. 
  
 Notes: See the introductory paragraphs hereto.

  
 Offering Memorandum: The offering memorandum of the
Issuer dated October 15, 2003, in respect of the offering of the Notes. 
  
 Other Notes: See the introductory paragraphs hereto. 
  
 Other Purchase Agreement: See the introductory paragraphs hereto. 
  
 Other Registration Rights Agreement: See the introductory paragraphs hereto. 
  
 Participant: See Section 7(a) hereof. 
  

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 Participating Broker-Dealer: See Section 2(a) hereof. 
  
 Person: An individual, trustee, corporation, limited liability
company, partnership, joint stock company, trust, unincorporated association, union, business association, firm or other legal entity. 
  
 Private Exchange: See Section 2(b) hereof.  
  
 Private Exchange Notes: See Section 2(b) hereof. 
  
 Prospectus: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion and a
prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to Rule 434 under
the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by
reference in such Prospectus. 
  
 Purchase Agreement: See
the introductory paragraphs hereof.  
  
 Records:
See Section 5(m) hereof. 
  
 Registrable Notes: Each Note
upon its original issuance and at all times subsequent thereto, each Exchange Note as to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance
thereof and at all times subsequent thereto, until the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration Statement)
covering such Note, Exchange Note or Private Exchange Note has been declared effective by the SEC and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration
Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes that may be resold (or, but for the status of such Holder as an affiliate of the Issuer under Rule 405, could be resold) without
restriction under state and federal securities laws, (iii) such Note, Exchange Note or Private Exchange Note, as the case may be, ceases to be outstanding for purposes of the Indenture or (iv) such Note, Exchange Note or Private Exchange Note, as
the case may be, may be resold without restriction pursuant to Rule 144(k) (as amended or replaced) under the Securities Act. For purposes of this definition the term “Notes” includes the Other Notes. 
  
 Registration Statement: Any registration statement of the Issuer that
covers any of the Notes, the Exchange Notes or the Private Exchange Notes filed with the SEC under the Securities Act, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all
exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
  
 Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A)
or regulation hereafter 

  

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adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not
affiliates of the issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 
  
 Rule 144A: Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144)
or regulation hereafter adopted by the SEC. 
  
 Rule 405:
Rule 405 under the Securities Act. 
  
 Rule 415: Rule 415
promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
  
 SEC: The Securities and Exchange Commission. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 Shelf Notice: See Section 2(c) hereof.  
  
 Shelf Registration Statement: See Section 3(b) hereof. 

  
 Subsequent Shelf Registration Statement: See
Section 3(b) hereof.  
  
 TIA: The Trust Indenture
Act of 1939, as amended. 
  
 Trustee: The trustee under the
Indenture and the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange Notes. 
  
 Underwritten registration or underwritten offering: A registration in which securities of the Issuer are sold to an underwriter for reoffering to
the public. 
  
 2. Exchange Offer 
  
 (a) The Issuer shall file with the SEC, no later than the Filing Date, a
Registration Statement (the “Exchange Offer Registration Statement”) on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for
a like aggregate principal amount of notes of the Issuer, that are identical in all material respects to the Notes, except that the Exchange Notes shall contain no restrictive legend thereon (the “Exchange Notes”), and which are
entitled to the benefits of the Indenture or a trust indenture which is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with the TIA) and
which, in either case, has been qualified under the TIA. Interest on each Exchange Note will accrue (A) from the later of (1) the last interest payment date on which interest was paid on the Note surrendered, or (2) if the Note is surrendered for
exchange on a date in a period which includes the record date for an interest payment date to occur on or after the date of the exchange and as to which interest will be paid, such interest payment date or (B) 

  

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if no interest has been paid on that Note, from the Issue Date. The Exchange Offer shall comply with all applicable tender offer rules and regulations under
the Exchange Act and other applicable laws. The Issuer shall use its reasonable best efforts to (x) cause the Exchange Offer Registration Statement to be declared effective under the Securities Act on or before the Effectiveness Date; (y) keep the
Exchange Offer open for acceptance for not less than 30 days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior to May 29, 2004. If,
after the Exchange Offer Registration Statement is initially declared effective by the SEC, the Exchange Offer or the issuance of the Exchange Notes thereunder is interfered with by any stop order, injunction or other order or requirement of the SEC
or any other governmental agency or court, the Exchange Offer Registration Statement shall be deemed not to have become effective for purposes of this Agreement. 
  
 Each Holder that participates in the Exchange Offer will be required, as a condition to its participation in the Exchange
Offer, to represent to the Issuer in writing (which may be contained in the applicable letter of transmittal) (1) that any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (2) that at the time of the
consummation of the Exchange Offer such Holder will have no arrangement or understanding with any Person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (3) that such Holder is not an
“affiliate” (as defined in Rule 405 promulgated under the Securities Act) of the Issuer (4) if the holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of Exchange Notes and
(5) if the holder is a broker-dealer (a “Participating Broker-Dealer”) that it will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, and
that it will deliver a prospectus in connection with any resale of the Exchange Notes. 
  
 Upon consummation of the Exchange Offer in accordance with this Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to Registrable Notes that are
Private Exchange Notes, Exchange Notes as to which Section 2(c)(iv) is applicable and Exchange Notes held by Participating Broker-Dealers, and the Issuer shall have no further obligation to register Registrable Notes (other than Private Exchange
Notes and other than in respect of any Exchange Notes as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. 
  
 No securities other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. Notwithstanding the foregoing, the Issuer
shall include the Other Notes in the Exchange Offer Registration Statement and the Prospectus contained therein pursuant to the terms of the Other Registration Rights Agreement. 
  
 (b) The Issuer shall include within the Prospectus contained in the Exchange Offer Registration Statement a section entitled
“Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status
of any Participating Broker-Dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such Participating Broker-Dealer in the Exchange Offer, whether such positions or policies have been
publicly disseminated by the staff of the SEC 

  

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or such positions or policies represent the prevailing views of the staff of the SEC. Such “Plan of Distribution” section shall also expressly
permit, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act, including, to the extent permitted by applicable
policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement describing the means by which Participating Broker-Dealers may resell the Exchange Notes in compliance with the Securities Act. 
  
 The Issuer shall use its best efforts to keep the Exchange Offer Registration
Statement effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time
as is necessary to comply with applicable law in connection with any resale of the Exchange Notes covered thereby; provided, however, that such period shall not exceed 180 days after such Exchange Offer Registration Statement is
declared effective (or such longer period if extended pursuant to the last paragraph of Section 5 hereof) (the “Applicable Period”). 
  
 If, prior to consummation of the Exchange Offer, any Holder holds any Notes acquired by it that have, or that are reasonably likely to be determined to
have, the status of an unsold allotment in an initial distribution, or any Holder is not entitled to participate in the Exchange Offer, the Issuer upon the request of any such Holder shall simultaneously with the delivery of the Exchange Notes in
the Exchange Offer, issue and deliver to any such Holder, in exchange (the “Private Exchange”) for such Notes held by any such Holder, a like principal amount of notes (the “Private Exchange Notes”) of the Issuer
that are identical in all material respects to the Exchange Notes except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and
bear the same CUSIP number as the Exchange Notes. 
  
 In
connection with the Exchange Offer, the Issuer shall: 
  
 (i) mail, or cause to be mailed, to each Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal
and related documents; 
  
 (ii) use its best
efforts to keep the Exchange Offer open for acceptance for not less than 30 days after the date that notice of the Exchange Offer is mailed to Holders (or longer if required by applicable law); 
  
 (iii) utilize the services of a depositary for the Exchange
Offer with an address in the Borough of Manhattan, The City of New York; 
  
 (iv) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last business day on which the Exchange Offer shall remain open; and 
  
 (v) otherwise comply in all material respects with all
applicable laws, rules and regulations. 
  

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 As soon as practicable after the close of the Exchange Offer and the Private Exchange, if any, the Issuer
shall: 
  
 (vi) accept for exchange all
Registrable Notes validly tendered and not validly withdrawn pursuant to the Exchange Offer and the Private Exchange, if any; 
  
 (vii) deliver to the Trustee for cancellation all Registrable Notes so accepted for exchange; and 
  
 (viii) cause the Trustee to authenticate and deliver
promptly to each Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange. 
  
 The Exchange Notes and the Private Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture identical in
all material respects to the Indenture and which, in either case, has been qualified under the TIA or is exempt from such qualification and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the
Indenture. The Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or
the Notes will have the right to vote or consent as a separate class on any matter. 
  
 (c) If, (i) because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuer is not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated by May
29, 2004, (iii) any holder of Private Exchange Notes so requests in writing to the Issuer, or (iv) in the case of any Holder that tenders Notes in response to the Exchange Offer, such Holder does not receive Exchange Notes on the date of the
exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of the Issuer within the meaning of the Securities Act), then in the case of each of clauses
(i) to and including (iv) of this sentence, the Issuer shall promptly deliver to the Holders and the Trustee written notice thereof (the “Shelf Notice”) and at its sole expense and as promptly as practicable shall file a
Shelf Registration Statement pursuant to Section 3 hereof. 
  
 3.
Shelf Registration 
  
 If at any time a Shelf Notice is
delivered as contemplated by Section 2(c) hereof, then: 
  
 (a)
Shelf Registration. The Issuer shall file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer, Private Exchange
Notes and Exchange Notes as to which Section 2(c)(iv) is applicable (the “Initial Shelf Registration Statement”). The Issuer shall use its best efforts to file with the SEC the Initial Shelf Registration Statement on or before the
applicable Filing Date. The Initial Shelf Registration Statement shall be on Form S-l or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners designated by them (including, 

  

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without limitation, one or more underwritten offerings). The Issuer shall not permit any securities other than the Registrable Notes to be included in the
Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement (as defined below). Notwithstanding the foregoing, the Issuer shall include the Other Notes in the Initial Shelf Registration Statement or any Subsequent Shelf
Registration Statement pursuant to the terms of the Other Registration Rights Agreement. 
  
 The Issuer shall use its best efforts to cause the Initial Shelf Registration Statement to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Initial Shelf
Registration Statement continuously effective under the Securities Act until the date which is two years from the Issue Date (the “Effectiveness Period”), or such shorter period ending when (i) all Registrable Notes covered by the
Initial Shelf Registration Statement have been sold in the manner set forth and as contemplated in the Initial Shelf Registration Statement or (ii) a Subsequent Shelf Registration Statement covering all of the Registrable Notes covered by and not
sold under the Initial Shelf Registration Statement or an earlier Subsequent Shelf Registration Statement has been declared effective under the Securities Act; provided, however, that the Effectiveness Period in respect of the Initial
Shelf Registration Statement shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein. 
  
 (b) Subsequent Shelf Registrations. If the Initial Shelf Registration
Statement or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), The Issuer shall use its best
efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend the Initial Shelf Registration Statement in a manner to obtain the withdrawal
of the order suspending the effectiveness thereof, or file an additional “shelf” Registration Statement pursuant to Rule 415 covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration Statement or an
earlier Subsequent Shelf Registration Statement (each, a “Subsequent Shelf Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Issuer shall use its best efforts to cause the Subsequent Shelf
Registration Statement to be declared effective under the Securities Act as soon as practicable after such filing and to keep such subsequent Shelf Registration Statement continuously effective for a period equal to the number of days in the
Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement was previously continuously effective. As used herein the term “Shelf
Registration Statement” means the Initial Shelf Registration Statement and any Subsequent Shelf Registration Statement. 
  
 (c) Supplements and Amendments. The Issuer shall promptly supplement and amend any Shelf Registration Statement if required by the rules,
regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate principal amount of the Registrable
Notes (or their counsel) covered by such Registration Statement or by any underwriter of such Registrable Notes. 
  

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 4. Additional Interest 
  
 (a) The Issuer and the Initial Purchasers agree that the Holders will suffer damages if the Issuer fails to fulfill its
obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuer agrees to pay, as liquidated damages, additional interest on the Notes
(“Additional Interest”) under the circumstances and to the extent set forth below: 
  
 (i) if (A) neither the Exchange Offer Registration Statement nor the Initial Shelf Registration Statement has been filed with the SEC on
or prior to the applicable Filing Date, (B) notwithstanding that the Issuer has consummated or will consummate the Exchange Offer, the Issuer is required to file a Shelf Registration Statement and such Shelf Registration Statement has not been filed
with the SEC on or prior to the Filing Date applicable thereto or (C) the Issuer is required to pay Additional Interest (as defined in the Other Registration Rights Agreement) pursuant to Section 4(a)(i)(A) or (B) of the Other Registration Rights
Agreement, then, commencing on the day after any such Filing Date, Additional Interest shall accrue on the principal amount of the Registrable Notes at a rate of 0.25% per annum for the first 90 days immediately following each such Filing Date, and
such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of each subsequent 90-day period; or 
  
 (ii) if (A) neither the Exchange Offer Registration Statement nor the Initial Shelf Registration Statement has been declared effective by
the SEC on or prior to the applicable Effectiveness Date, (B) notwithstanding that the Issuer has consummated or will consummate the Exchange Offer, the Issuer is required to file a Shelf Registration Statement and such Shelf Registration Statement
has not been declared effective by the SEC on or prior to the applicable Effectiveness Date with respect to such Shelf Registration Statement or (C) the Issuer is required to pay Additional Interest (as defined in the Other Registration Rights
Agreement) pursuant to Section 4(a)(ii)(A) or (B) of the Other Registration Rights Agreement, then, commencing on the day after such Effectiveness Date, Additional Interest shall accrue on the principal amount of the Registrable Notes at a rate of
0.25% per annum for the first 90 days immediately following the day after such Effectiveness Date, and such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of each subsequent 90-day period; or 
  
 (iii) if (A) the Issuer has not exchanged Exchange Notes for
all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to May 29, 2004, (B) if applicable, a Shelf Registration Statement has been declared effective and such Shelf Registration Statement ceases to be effective at
any time during the Effectiveness Period or (C) the Issuer is required to pay Additional Interest (as defined in the Other Registration Rights Agreement) pursuant to Section 4(a)(iii)(A) or (B) of the Other Registration Rights Agreement, then,
Additional Interest shall accrue on the principal amount of the Registrable Notes at a rate of 0.25% per annum for the first 90 days commencing on (x) May 29, 

  

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2004, in the case of (A) above, or (y) the day such Shelf Registration Statement ceases to be effective in the case of (B) above or (z) the date the
Additional Interest (as defined in the Other Registration Rights Agreement) begins to accrue under the terms of the Other Registration Rights Agreement in the case of (C), and such Additional Interest rate shall increase by an additional 0.25% per
annum at the beginning of each such subsequent 90-day period; 
  
 provided,
however, that Additional Interest on the Notes may not under any circumstance accrue under more than one of the foregoing clauses (i), (ii) and (iii) of this Section 4 and the rate at which Additional Interest accrues on the Notes as a result
of the provisions of clauses (i), (ii) and (iii) of this Section 4 may not exceed in the aggregate 1.0% per annum; provided further, that (1) upon the filing of the applicable Exchange Offer Registration Statement or the applicable Shelf
Registration Statement as required hereunder (in the case of clause (i) (A) or (B) of this Section 4), (2) upon the effectiveness of the Exchange Offer Registration Statement or the applicable Shelf Registration Statement as required hereunder (in
the case of clause (ii) (A) or (B) of this Section 4), or (3) upon the exchange of the Exchange Notes for all Notes tendered (in the case of clause (iii)(A) of this Section 4), or upon the effectiveness of a Subsequent Shelf Registration Statement
in the case of Shelf Registration Statement which had ceased to remain effective (in the case of clause (iii)(B) of this Section 4), Additional Interest on the Notes as a result of such clause (or the relevant subclause thereof), as the case may be,
shall cease to accrue. Additional Interest on the Notes as a result of clauses (i)(C), (ii)(C) or (iii)(C) of this Section 4 shall cease to accrue if Additional Interest (as defined in the Other Registration Rights Agreement) ceases to accrue under
the Other Registration Rights Agreement. 
  
 (b) The Issuer shall
notify the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”), which notice shall also be at least three business
days prior to the date of any payment to be made in accordance with the following sentence. Any amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in cash simultaneously with, and to the same
persons entitled to receive, stated interest on the Registrable Notes, commencing with the first such payment of interest occurring after any such Additional Interest commences to accrue. The amount of Additional Interest payable with respect to
Registrable Notes will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Registrable Notes, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed), and the denominator of which is 360. 
  

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 5. Registration Procedures 
  
 In connection with the filing of any Registration Statement pursuant to Sections 2 or 3 hereof, the Issuer shall effect such
registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuer hereunder the
Issuer shall: 
  
 (a) Prepare and file with the SEC prior to the
applicable Filing Date, a Registration Statement or Registration Statements as prescribed by Sections 2 or 3 hereof, and use its best efforts to cause each such Registration Statement to become effective and remain effective as provided herein;
provided, however, that, if (1) such filing is pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities
Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuer shall furnish to and
afford the Holders of the Registrable Notes included in such Registration Statement or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all
such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five days prior to such filing, or such later date as is reasonable under the
circumstances). The Issuer shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Notes included in such Registration Statement,
or any such Participating Broker-Dealer, as the case may be, their counsel, or the managing underwriters, if any, shall reasonably object. 
  
 (b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement or Exchange Offer Registration
Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to be supplemented by any
Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of the Securities Act and the
Exchange Act applicable to each of them with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being
sold by a Participating Broker-Dealer covered by any such Prospectus. The Issuer shall be deemed not to have used its best efforts to keep a Registration Statement effective during the Effectiveness Period or the Applicable Period, as the case may
be, relating thereto, if the Issuer voluntarily takes any action that would result in selling Holders of the Registrable Notes covered thereby or Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable
Notes or such Exchange Notes during that period unless such action is required by applicable law or permitted by this Agreement. 
  
 (c) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Issuer has received
written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any,
promptly (but in any event within one day), and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective
amendment, when the same has become effective 

  

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under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuer, one
conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order
suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the
Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers, the representations and warranties of the Issuer contained in any agreement (including any underwriting
agreement) contemplated by Section 5(1) hereof cease to be true and correct in all material respects, (iv) of the receipt by the Issuer of any notification with respect to the suspension of the qualification or exemption from qualification of a
Registration Statement or any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the
happening of any event, the existence of any condition or any information becoming known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (vi) of the Issuer’s determination that a
post-effective amendment to a Registration Statement would be appropriate. 
  
 (d) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its best efforts to prevent the issuance of any order suspending the effectiveness of the Registration Statement
or of any order preventing or suspending the use of the Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any
jurisdiction, and, if any such order is issued, to use its best efforts to obtain the withdrawal of any such order at the earliest possible moment. 
  
 (e) If a Shelf Registration Statement is filed pursuant to Section 3 and if requested by the managing underwriter or underwriters (if any), the Holders of
a majority in aggregate principal amount of the Registrable Notes being sold in connection with an underwritten offering or any Participating Broker-Dealer, (i) as promptly as practicable incorporate in a prospectus supplement or post-effective
amendment such information as the managing underwriter or underwriters (if any), such Holders, any Participating Broker-Dealer or counsel for any of them reasonably request to be included therein, (ii) make all required filings of such prospectus
supplement or such post-effective amendment as soon as practicable after the Issuer has received notification of the matters to be incorporated in such prospectus supplement 

  

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or post-effective amendment, and (iii) supplement or make amendments to such Registration Statement. 
  
 (f) If (1) a Shelf Registration Statement is filed pursuant to Section 3
hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, furnish to each selling Holder of Registrable Notes and to each such Participating Broker-Dealer who so requests and to their respective counsel and each managing underwriter, if any, at the sole expense of the Issuer, one
conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by
reference and all exhibits. 
  
 (g) If (1) a Shelf Registration
Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their respective counsel, and the underwriters, if any, at the sole
expense of the Issuer, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably
request; and, subject to the last paragraph of this Section 5, the Issuer hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant
to, such Prospectus and any amendment or supplement thereto. 
  
 (h) Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, use its best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their
respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United
States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Notes held by Participating Broker-Dealers or Registrable
Notes are offered other than through an underwritten offering, the Issuer agrees to cause its counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h), keep each such
registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in
such jurisdictions of the Exchange Notes held by Participating Broker-Dealers or the Registrable Notes covered by the applicable Registration Statement; provided, however, that the Issuer shall not be required to (A) qualify generally
to do business in any jurisdiction where it is not then so qualified, (B) take any action 

  

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that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a
nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (i) If a Shelf Registration Statement is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable
Notes to be in such denominations permitted by the Indenture and registered in such names as the managing underwriter or underwriters, if any, or Holders may request. 
  
 (j) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of
any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at the sole expense of the Issuer, a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the
Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (k) Prior to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the
Trustee with certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes. 
  
 (l) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration Statement, enter into
an underwriting agreement which is customary in underwritten offerings of debt securities similar to the Notes in form and substance reasonably satisfactory to the Issuer and take all such other actions as are reasonably requested by the managing
underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect
to the business of the Issuer (including any acquired business, properties or entity, if applicable) and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as
are customarily made by Issuer to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested in form and substance reasonably satisfactory to the Issuer; (ii) obtain the
written opinions of counsel to the Issuer and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in
opinions reasonably requested in 

  

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underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) obtain “cold
comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuer (and, if necessary, any other independent
certified public accountants of the Issuer, or of any business or entity for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the
underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to the Notes and such other matters as
are reasonably requested by the managing underwriter or underwriters as permitted by the Statement on Auditing Standards No. 72, as amended by the Statement on Auditing Standards No. 76; and (iv) if an underwriting agreement is entered into, the
same shall contain indemnification provisions and procedures no less favorable to the sellers and underwriters, if any, than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in
aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents, if any). The above shall be done at each closing under such underwriting agreement, or as and to the
extent required thereunder. 
  
 (m) If (1) a Shelf Registration
Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Registrable Notes being sold, or each such Participating Broker-Dealer, as the case may be, any underwriter participating in
any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the
“Inspectors”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Issuer and its subsidiaries (collectively, the
“Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuer and any of its subsidiaries to supply all
information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and that it will not disclose any of the Records
that the Issuer determines, in good faith, to be confidential and notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records is necessary to avoid or correct a material misstatement or material omission in such
Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) the information in such Records has been made generally available to the public;
provided, however, that prior notice shall be provided as soon as practicable to the Issuer of the potential disclosure of any information by such Inspector pursuant to clauses (i) or (ii) of this sentence to permit the Issuer to
obtain a protective order (or waive the provisions of this paragraph (m)) and that such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is
otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. If, in the course of performing due diligence, any Inspector becomes aware of material nonpublic information about 

  

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the Issuer and its subsidiaries, the Inspector will not, and will take all steps reasonably necessary to ensure that anyone to whom the Inspector discloses
the material non public information will not trade in any securities of the Issuer until the information becomes public (whether through inclusion in the Shelf Registration Statement or Exchange Offer Registration Statement or otherwise) or the
information ceases to be material. 
  
 (n) Provide an indenture
trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of
the first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes, to effect such changes to such indenture as may be
required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and
documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner. 
  
 (o) Comply with all applicable rules and regulations of the SEC and make generally available to its securityholders with regard to any applicable
Registration Statement, a consolidated earnings statement satisfying the provisions of Section 1 l(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any
fiscal quarter (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or best efforts underwritten
offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Issuer after the effective date of a Registration Statement, which statements shall cover said 12-month periods.

  
 (p) Upon consummation of the Exchange Offer or a Private
Exchange, obtain an opinion of counsel to the Issuer, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the
case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, and the related indenture constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their respective terms,
subject to customary exceptions and qualifications. 
  
 (q) If the
Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Issuer (or to such other Person as directed by the Issuer) to be exchanged for Exchange Notes or Private Exchange Notes, as the case
may be, the Issuer shall mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being canceled in exchange for Exchange Notes or Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be
marked as paid or otherwise satisfied. 
  
 (r) Cooperate with each
seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the
National Association of Securities Dealers, Inc. (the “NASD”). 
  

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 (s) Use its best efforts to take all other steps reasonably necessary to effect the registration of the
Exchange Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby. 
  
 The Issuer may require each seller of Registrable Notes as to which any registration is being effected to furnish to the Issuer such information regarding
such seller and the distribution of such Registrable Notes as the Issuer may, from time to time, reasonably request. The Issuer may exclude from such registration the Registrable Notes of any seller so long as such seller fails to furnish such
information within a reasonable time after receiving such request. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuer all information required to be disclosed in order to make the information
previously furnished to the Issuer by such seller not materially misleading. 
  
 If any Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuer, then such Holder shall have the right to require (i) the insertion therein of language, in form
and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that
such holding does not imply that such Holder will assist in meeting any future financial requirements of the Issuer, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar
federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
  
 Each Holder of Registrable Notes and each Participating Broker-Dealer agrees
by its acquisition of such Registrable Notes or of Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from the Issuer of the happening of any event of the kind described in
Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such Holder will forthwith discontinue disposition of such Registrable Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating
Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(j) hereof, or until it is advised in writing (an
“Advice”) by the Issuer that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. In the event that the Issuer shall give any such notice, the Applicable Period shall
be extended by the number of days from and including the date of the giving of each such notice to and including the date when each seller of Registrable Notes covered by such Registration Statement or Exchange Notes to be sold by such Participating
Broker-Dealer, as the case may be, shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 5(j) hereof or (y) an Advice with respect to said notice. 
  
 6. Registration Expenses 
  
 All fees and expenses incident to the performance of or compliance with this
Agreement by the Issuer (other than any underwriting discounts or commissions) shall be borne by the Issuer whether or not the Exchange Offer Registration Statement or any Shelf Registration Statement is filed or becomes effective or the Exchange
Offer is consummated, including, 

  

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without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD
in connection with an underwritten offering and (B) reasonable fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel in connection with Blue Sky qualifications of the
Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of the jurisdictions (x) where the holders of Registrable Notes are located, in the case of the
Exchange Notes, or (y) as provided in Section 5(h) hereof, in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses
of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters,
if any, by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or in respect of Registrable Notes or Exchange Notes to be sold by any Participating Broker-Dealer during the
Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuer and reasonable fees and disbursements of one firm of special counsel for the sellers of Registrable Notes,
(v) fees and disbursements of all independent certified public accountants referred to in Section 5(l)(iii) hereof (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such
performance), (vi) Securities Act liability insurance, if the Issuer desires such insurance, (vii) fees and expenses of all other Persons retained by the Issuer, (viii) internal expenses of the Issuer (including, without limitation, all salaries and
expenses of officers and employees of the Issuer performing legal or accounting duties), (ix) the expense of any annual audit, (x) any fees and expenses incurred in connection with the listing of the securities to be registered on any securities
exchange, and the obtaining of a rating of the securities, in each case, if applicable, and (xi) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other
documents necessary in order to comply with this Agreement. 
  
 7.
Indemnification 
  
 (a) The Issuer agrees to indemnify and
hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, the affiliates, officers, directors, representatives, employees and agents of each such Person, and each Person,
if any, who controls any such Person within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Participant”), from and against any and all losses, claims, damages, judgments,
liabilities and expenses (including, without limitation, the reasonable legal fees and other expenses actually incurred in connection with any suit, action or proceeding or any claim asserted) caused by, arising out of or based upon any untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Issuer shall have made any amendments or supplements thereto) or any
preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in light of
the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in


  

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conformity with information relating to any Participant, any underwriter, or the manner in which securities are to be distributed, furnished to the Issuer in
writing by such Participant or an underwriter expressly for use therein. 
  
 (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless the Issuer, its affiliates, officers, directors, representatives, employees and agents and each Person who controls the Issuer
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent (but on a several, and not joint, basis) as the foregoing indemnity from the Issuer to each Participant, but only with reference to
information relating to such Participant or the manner in which securities are to be distributed by such Participant or someone acting on such Participant’s behalf, furnished to the Issuer in writing by such Participant expressly for use in any
Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary prospectus. The liability of any Participant under this paragraph shall in no event exceed the proceeds received by such Participant from sales of
Registrable Notes or Exchange Notes giving rise to such obligations. 
  
 (c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to either of the two
preceding paragraphs, such Person (the “Indemnified Person”) shall promptly notify the Persons against whom such indemnity may be sought (the “Indemnifying Persons”) in writing, and the Indemnifying Persons, upon
request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others the Indemnifying Persons may reasonably designate (which may include the Indemnifying
Persons, unless representation of the Indemnifying Persons by the same counsel would be inappropriate due to actual or potential differing interests between them) in such proceeding and shall pay the fees and expenses actually incurred by such
counsel related to such proceeding; provided, however, that the failure to so notify the Indemnifying Persons (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent such failure results in
the forfeiture by the Indemnifying Person of substantial rights and defenses and (ii) will not, in any event, relieve the Indemnifying Person from any obligations to any Indemnified Person other than the indemnification obligation provided in
paragraphs (a) and (b) above. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying
Persons and the Indemnified Person shall have mutually agreed to the contrary, (ii) the Indemnifying Persons shall have failed within a reasonable period of time to retain counsel reasonably satisfactory to the Indemnified Person or (iii) the named
parties in any such proceeding (including any impleaded parties) include both any Indemnifying Person and the Indemnified Person or any affiliate thereof and representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood that, unless there exists a conflict among the Indemnified Persons, the Indemnifying Persons shall not, in connection with such proceeding or separate but substantially similar related
proceeding in the same jurisdiction arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses
shall be reimbursed promptly as they are incurred. Any such separate firm for the Participants against whom a suit, action, proceeding, claim or demand is brought or asserted and control Persons of such Participants shall be designated in writing by
Participants who sold a 

  

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majority in interest of Registrable Notes and Exchange Notes sold by all such Participants, and any such separate firm for the Issuer, its affiliates,
officers, directors, representatives, employees and agents and such control Persons of the Issuer shall be designated in writing by the Issuer. 
  
 The Indemnifying Persons shall not be liable for any settlement of any proceeding effected without their prior written consent, but if settled with such
consent or if there be a final non-appealable judgment for the plaintiff for which any Indemnified Persons are entitled to indemnification pursuant to this Agreement, each of the Indemnifying Persons agrees to indemnify and hold harmless each
Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the prior written consent of the Indemnified Persons, effect any settlement or compromise of any pending or
threatened proceeding in respect of which any Indemnified Person is or could have been a party, or indemnity could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional written release of such
Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault, culpability
or failure to act by or on behalf of such Indemnified Person. 
  
 (d) If the indemnification provided for in the first and second paragraphs of this Section 7 is for any reason unavailable to, or insufficient to hold harmless, an Indemnified Person in respect of any losses, claims, damages or liabilities
referred to therein, then each Indemnifying Person under such paragraphs, in lieu of indemnifying such Indemnified Person thereunder and in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect (i) the relative benefits received by the Indemnifying Person or Persons on the one hand and the Indemnified Person or
Persons on the other from the applicable offering of Registrable or Exchanged Notes or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the
Indemnifying Person or Persons on the one hand and the Indemnified Person or Persons on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or
actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Issuer on the one hand or such Participant or such other Indemnified Person, as the case may be, on the other, the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission, and any other equitable considerations appropriate in the circumstances. 
  

(e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata
allocation (even if the Participants were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or
payable by an Indemnified Person as a result of the losses, claims, damages, judgments, liabilities and expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any
reasonable legal or other expenses actually incurred by such Indemnified Person in connection with investigating or 

  

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defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Participant be required to contribute any amount in
excess of the amount by which proceeds received by such Participant from sales of Registrable Notes or Exchange Notes, as the case may be, exceeds the amount of any damages that such Participant has otherwise been required to pay or has paid by
reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who
was not guilty of such fraudulent misrepresentation. 
  
 (f) Any
losses, claims, damages, liabilities or expenses for which an indemnified party is entitled to indemnification or contribution under this Section 7 shall be paid by the Indemnifying Person to the Indemnified Person as such losses, claims, damages,
liabilities or expenses are incurred. The indemnity and contribution agreements contained in this Section 7 and the representations and warranties of the Issuer set forth in this Agreement shall remain operative and in full force and effect,
regardless of (i) any investigation made by or on behalf of any Holder or any person who controls a Holder, or by the Issuer, its directors, officers, employees or agents or any person controlling any of the Issuer, and (ii) any termination of this
Agreement. 
  
 (g) The indemnity and contribution agreements
contained in this Section 7 will be in addition to any liability which the Indemnifying Persons may otherwise have to the Indemnified Persons referred to above. 
  

8. Rules 144 and 144A 
  
 The Issuer covenants and agrees that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time the Issuer is not required to file such reports, the Issuer will, upon the request of any
Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act. The Issuer further covenants and agrees, for so long as any Registrable Notes remain
outstanding that it will take such further action as any Holder of Registrable Notes may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Notes without registration under the Securities Act
within the limitations of the exemptions provided by (a) Rule 144(k) and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. 
  
 9. Underwritten Registrations 
  
 If any of the Registrable Notes covered by any Shelf Registration Statement
are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes
included in such offering and shall be reasonably acceptable to the Issuer. 
  

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 No Holder of Registrable Notes may participate in any underwritten registration hereunder unless such
Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes in a timely manner all
questionnaires, powers of attorney, indemnities, underwriting agreements and other customary documents required by the Issuer or the underwriter in connection with such underwriting arrangements. 
  
 10. Miscellaneous 
  
 (a) No Inconsistent Agreements. The Issuer has not, as of the date
hereof, and the Issuer shall not, after the date of this Agreement, enter into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuer’s other issued and outstanding securities under any
such agreements. The Issuer will not enter into any agreement with respect to any of its securities which will grant to any Person piggyback registration rights with respect to any Registration Statement other than the Other Registration Rights
Agreement. 
  
 (b) Adjustments Affecting Registrable Notes.
The Issuer shall not, directly or indirectly, take any action with respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken
pursuant to this Agreement. 
  
 (c) Amendments and Waivers.
The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Issuer and (II)(A) the Holders
of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes and (B) if the amendment, modification, supplement, waiver or consent would adversely affect the Participating Broker-Dealers, the Participating
Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or
supplemented without the prior written consent of each Holder and each Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant
to any Registration Statement) affected by any such amendment, modification or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of
Holders of Registrable Notes whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders
of at least a majority in aggregate principal amount of the Registrable Notes being sold pursuant to such Registration Statement. 
  
 (d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for
or permitted 

  

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hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile: 
  
 (i) if to a Holder of the Registrable Notes or any
Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to the Initial Purchasers as
follows: 
  
 Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005

 Attention: Leveraged Finance 
  
 with a copy to: 
  
 Willkie Farr & Gallagher 
 787 Seventh
Avenue 
 New York, New York, 10019 
 Attention: John S. D’Alimonte, Esq. 
                  David K. Boston, Esq. 
  
 (ii) if to the Issuer, at the address as follows: 
  
 1601 Washington Avenue, Suite 800 
 Miami Beach, Florida 33139 
 Attention: Zena Manes Dickstein, Esq. 
  
 with a copy to: 
  
 Clifford Chance US LLP 
 200 Park Avenue 
 New York, New York 10166

 Attention: David W. Bernstein, Esq. 
  
 (iii) if to the Initial Purchasers, at the address specified in Section 10(d)(i). 
  
 All such notices and communications shall be deemed to have been duly given;
when delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; one business day after being timely delivered to a next-day air courier; and when receipt is acknowledged by the
addressee, if sent by facsimile. 
  
 Copies of all such notices,
demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee under an indenture at the address and in the manner specified in the indenture. 
  

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 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD APPLY THE LAW OF ANY OTHER
JURISDICTION. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  
 (i)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set
forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same
result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Securities Held by the Issuer or its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuer or its
affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  
 (k) Third-Party Beneficiaries. Holders of Registrable Notes and
Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. 
  
 (l) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive
statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or 

  

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warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuer on the other, or
between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  
 [Signature page follows.] 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 LNR PROPERTY CORPORATION

		
	By:	 	/s/    SHELLY RUBIN        
	 	 	

	 Name:
	 	SHELLY RUBIN
	 Title:
	 	VICE PRESIDENT


  

			
	The foregoing Agreement is hereby
confirmed and accepted as of the date first
above written.
	
	 DEUTSCHE BANK SECURITIES INC.,
as Initial Purchaser

		
	 By:
	 	/s/    THOMAS BRADSHAW        
	 	 	

	 Name:
	 	THOMAS BRADSHAW
	 Title:
	 	DIRECTOR

  

			
		
	 By:
	 	/s/    STEPHEN N. SACHMAN        
	 	 	

	 Name:
	 	STEPHEN N. SACHMAN
	 Title:
	 	DIRECTOR

  

			
	 CITIGROUP GLOBAL MARKETS INC.,
as Initial Purchaser

		
	 By:
	 	/s/    STEPHEN R. SELLHAUSEN        
	 	 	

	 Name:
	 	STEPHEN R. SELLHAUSEN
	 Title:
	 	MANAGING DIRECTOR

  

			
	 BANC OF AMERICA SECURITIES LLC,
as Initial Purchaser

		
	 By:
	 	/s/    STEPHAN JAEGER        
	 	 	

	 Name:
	 	STEPHAN JAEGER
	 Title:
	 	PRINCIPAL

  

			
	 FLEET SECURITIES, INC.,
as Initial Purchaser

		
	 By:
	 	/s/    C. KELLY WALL        
	 	 	

	 Name:
	 	C. KELLY WALL
	 Title:
	 	VICE PRESIDENT

  
 [Signature Page to
Registration Rights Agreement]