EX-4.3


 Exhibit 4.3 

SECOND SUPPLEMENTAL INDENTURE 

This Second Supplemental Indenture (this “Second Supplemental Indenture”), dated as of August 12, 2014, among William
Lyon Homes, Inc., a California corporation (the “Company”), each of the subsidiaries of William Lyon Homes, a Delaware corporation, listed on Schedule I attached hereto (each, a “New Guarantor” and collectively, the
“New Guarantors”), and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company initially issued $325,000,000 aggregate principal amount of 8.500% Senior Notes due 2020 (the “Securities”) under an indenture, dated as of November 8, 2012 (the “Indenture”), among the Company, the
guarantors party thereto and the Trustee; 
 WHEREAS, the Company, certain subsidiaries of Parent and the Trustee executed and delivered a
first supplemental indenture to the Indenture, dated as of August 15, 2013 (the “First Supplemental Indenture”), adding certain guarantors for the Securities; 

WHEREAS, the Company issued an additional $100,000,000 aggregate principal amount of Securities on October 24, 2013 pursuant to the terms
set forth in the Indenture; 
 WHEREAS, the Indenture provides that under certain circumstances the New Guarantors shall execute and deliver
to the Trustee a supplemental indenture pursuant to which the New Guarantors shall unconditionally guarantee all of the Guarantor Obligations on the terms and conditions set forth herein and in the Indenture; and 

WHEREAS, pursuant to Sections 4.12 and 9.01 of the Indenture, the Company, the New Guarantors and the Trustee are authorized to execute
and deliver this Second Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the New Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture. 
 2. AGREEMENT TO BE
BOUND. As of the date hereof, each New Guarantor, by its execution of this Second Supplemental Indenture, hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and
be subject to all the obligations and agreements of a Subsidiary Guarantor under the Indenture. The New Guarantors agree to be bound by the terms and provisions of the Indenture applicable to a Subsidiary Guarantor, including but not limited to
Article 10 thereof, and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, as if a party to the Indenture on the date of its execution. 

3. AGREEMENT TO GUARANTEE. The New Guarantors hereby agree, jointly and
severally, with all other Guarantors, to unconditionally guarantee to each Holder and to the Trustee the Obligations, to the extent set forth in the Indenture and subject to the provisions in the Indenture. The obligations of the Guarantors to the
Holders of Securities and to the Trustee pursuant to the guarantees and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the guarantees. 






 4. REAFFIRMATION AND RATIFICATION
OF INDENTURE, GUARANTEES AND SECURITIES; SECOND SUPPLEMENTAL INDENTURE PART OF
INDENTURE. Except as expressly set forth herein, this Second Supplemental Indenture shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of,
the Holders under the Indenture, the First Supplemental Indenture, the Securities or the Security Guarantees and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the
Indenture, the First Supplemental Indenture, the Securities and the Security Guarantees, all of which are ratified and affirmed in all respects and shall continue in full force and effect. This Second Supplemental Indenture shall apply to and
be effective only with respect to the provisions of the Indenture or the Securities specifically referred to herein. Each and every term, condition, obligation, covenant and agreement contained in the Indenture, the First Supplemental
Indenture, the Security Guarantees, and the Securities is hereby ratified and re-affirmed in all respects and shall continue in full force and effect. 

5. NO RECOURSE AGAINST OTHERS. No director, officer,
employee, incorporator, member, manager or stockholder of the Company or any Restricted Subsidiary shall have any liability for any obligations of the Company or any Guarantor under the Securities, the Indenture, the First Supplemental Indenture,
this Second Supplemental Indenture or any Guarantor under its Security Guarantee for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder shall waive and release all such
liability. The waiver and release shall be part of the consideration for the issue of the Securities and the Security Guarantees. 
 6.
GOVERNING LAW. This Second Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

7. MULTIPLE ORIGINALS. The parties hereto may sign any number of copies of this Second
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Second Supplemental Indenture.

8. EFFECT OF HEADINGS. The section headings herein have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

9. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the other parties hereto.  

10. SUCCESSORS. All covenants and agreements in this Second Supplemental Indenture by the parties hereto shall bind
their successors. 
 [Signature Pages Follow] 






 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
  

									
		 	  WILLIAM LYON HOMES, INC.
					
		 		 	By:	 		 	
		 		 		 	 /s/ Matthew R. Zaist

		 		 		 	Name:	 	Matthew R. Zaist
		 		 		 	Title:	 	President and Chief Operating Officer
					
		 		 	By:	 		 	
		 		 		 	 /s/ Colin T. Severn

		 		 		 	Name:	 	Colin T. Severn
		 		 		 	Title:	 	Vice President and Chief Financial Officer
	
	POLYGON WLH LLC
					
		 	By:	 		 		 	
		 		 	 /s/ Matthew R. Zaist

		 		 	Name:	 	Matthew R. Zaist
		 		 	Title:	 	President and Chief Operating Officer



  
 [Signature Page to
Second Supplemental Indenture] 







 
									
	 460 CENTRAL, L.L.C.
 BASELINE
WOODS SFD I, L.L.C.
 BASELINE WOODS SFD II, L.L.C.
 BASELINE
WOODS WEST, L.L.C.
 BETHANY CREEK FALLS, L.L.C.
 BROWNSTONE AT
ISSAQUAH HIGHLANDS, L.L.C.
 BRYANT HEIGHTS, L.L.C.
 BULL
MOUNTAIN RIDGE, L.L.C.
 CALAIS AT VILLEBOIS, L.L.C.
 CEDAR
FALLS WAY LLC
 CASCARA AT REDMOND RIDGE, L.L.C.
 CORNELIUS PASS
TOWNHOMES, L.L.C.
 EDGEWATER TUALATIN, L.L.C.
 GRANDE POINTE AT
VILLEBOIS, L.L.C.
 HIGH POINT III, L.L.C.
 HIGHCROFT AT
SAMMAMISH, L.L.C.
 ISSAQUAH HIGHLANDS INVESTMENT FUND, L.L.C.

LES BOIS AT VILLEBOIS, L.L.C.
 MILL CREEK TERRACE, L.L.C.

MURRAY & WEIR SFD, L.L.C.
 ORENCO WOODS SFD, L.L.C.

PEASLEY CANYON HOMES, L.L.C.
 POLYGON AT BRENCHLEY ESTATES,
L.L.C.
 POLYGON AT SUNSET RIDGE, L.L.C.
 POLYGON AT VILLEBOIS
II, L.L.C.
 POLYGON AT VILLEBOIS III, L.L.C.
 POLYGON AT
VILLEBOIS IV, L.L.C.
 POLYGON AT VILLEBOIS V, L.L.C.
 RIDGEVIEW
TOWNHOMES, L.L.C.
 RIVERFRONT MF, L.L.C.
 RIVERFRONT SF,
L.L.C.
 SILVERLAKE CENTER, L.L.C.
 SPANAWAY 230, L.L.C.

SPARROW CREEK, L.L.C.
 THE RESERVE AT MAPLE VALLEY, L.L.C.

THE RESERVE AT NORTH CREEK, L.L.C.
 TWIN CREEKS AT COOPER
MOUNTAIN, L.L.C.
 W.R. TOWNHOMES F, L.L.C.
 VIEWRIDGE AT
ISSAQUAH HIGHLANDS, L.L.C.
 CASCADIAN KING COMPANY, L.L.C.
 PNW
CASCADIAN COMPANY, L.L.C.
 POLYGON NORTHWEST COMPANY, L.L.C.

POLYGON PAYMASTER, L.L.C.
 CASCADIAN SOUTH L.L.C.

			
		 	By:	 	 POLYGON WLH LLC,
 Its Sole
Member

					
		 		 	    By:	 		 	
		 		 		 	 /s/ Matthew R. Zaist

		 		 		 	Name:	 	Matthew R. Zaist
		 		 		 	Title:	 	President & Chief Operating Officer



  
 [Signature Page to
Second Supplemental Indenture] 







 
							
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

				
		 	By:	 		 	
		 		 	 /s/ Donald T. Hurrelbrink

		 		 	Name:	 	Donald T. Hurrelbrink
		 		 	Title:	 	Vice President



  
 [Signature Page to
Second Supplemental Indenture] 







 Schedule I 

New Guarantors 
  

	1.	Polygon WLH LLC, a Delaware limited liability company 

  

	2.	460 Central, L.L.C., a Washington limited liability company 

  

	3.	Baseline Woods SFD I, L.L.C., a Washington limited liability company 

  

	4.	Baseline Woods SFD II, L.L.C., a Washington limited liability company 

  

	5.	Baseline Woods West, L.L.C., a Washington limited liability company 

  

	6.	Bethany Creek Falls, L.L.C., a Washington limited liability company 

  

	7.	Brownstone at Issaquah Highlands, L.L.C., a Washington limited liability company 

  

	8.	Bryant Heights, L.L.C., a Washington limited liability company 

  

	9.	Bull Mountain Ridge, L.L.C., a Washington limited liability company 

  

	10.	Cedar Falls Way LLC, a Washington limited liability company 

  

	11.	Calais at Villebois, L.L.C., a Washington limited liability company 

  

	12.	Cascara at Redmond Ridge, L.L.C., a Washington limited liability company 

  

	13.	Cornelius Pass Townhomes, L.L.C., a Washington limited liability company 

  

	14.	Edgewater Tualatin, L.L.C., a Washington limited liability company 

  

	15.	Grande Pointe at Villebois, L.L.C., a Washington limited liability company 

  

	16.	High Point III, L.L.C., a Washington limited liability company 

  

	17.	Highcroft at Sammamish, L.L.C., a Washington limited liability company 

  

	18.	Issaquah Highlands Investment Fund, L.L.C., a Washington limited liability company 

  

	19.	Les Bois at Villebois, L.L.C., a Washington limited liability company 

  

	20.	Mill Creek Terrace, L.L.C., a Washington limited liability company 

  

	21.	Murray & Weir SFD, L.L.C., a Washington limited liability company 

  

	22.	Orenco Woods SFD, L.L.C., a Washington limited liability company 

  

	23.	Peasley Canyon Homes, L.L.C., a Washington limited liability company 

  

	24.	Polygon at Brenchley Estates, L.L.C., a Washington limited liability company 

  

	25.	Polygon at Sunset Ridge L.L.C., a Washington limited liability company 

  

	26.	Polygon at Villebois II, L.L.C., a Washington limited liability company 

  

	27.	Polygon at Villebois III, L.L.C., a Washington limited liability company 

  

	28.	Polygon at Villebois IV, L.L.C., a Washington limited liability company 

  

	29.	Polygon at Villebois V, L.L.C., a Washington limited liability company 

  

	30.	Ridgeview Townhomes, L.L.C., a Washington limited liability company 

  

	31.	Riverfront MF, L.L.C., a Washington limited liability company 

  

	32.	Riverfront SF, L.L.C., a Washington limited liability company 

  

	33.	Silverlake Center, L.L.C., a Washington limited liability company 

  

	34.	Spanaway 230, L.L.C., a Washington limited liability company 

  

	35.	Sparrow Creek, L.L.C., a Washington limited liability company 

  

	36.	The Reserve at Maple Valley, L.L.C., a Washington limited liability company 

  

	37.	The Reserve at North Creek, L.L.C., a Washington limited liability company 

  

	38.	Twin Creeks at Cooper Mountain, L.L.C., a Washington limited liability company 

  

	39.	Viewridge at Issaquah Highlands, L.L.C., a Washington limited liability company 

  

	40.	W.R. Townhomes F, L.L.C., a Washington limited liability company 

  

	41.	Cascadian King Company, L.L.C., a Washington limited liability company 

  

	42.	PNW Cascadian Company, L.L.C., a Washington limited liability company 

  

	43.	Polygon Northwest Company, L.L.C., a Washington limited liability company 

  

	44.	Polygon Paymaster, L.L.C., a Washington limited liability company 

  

	45.	Cascadian South L.L.C. , an Oregon limited liability company