EX-4.1



 Exhibit 4.1 

Execution Version 
 LENNAR
CORPORATION 
 as Issuer, 

the GUARANTORS 
 party
hereto 
 and 
 THE BANK OF
NEW YORK MELLON 
 as Trustee 
  

 
 INDENTURE

 Dated as of November 29, 2017 
  

 
 2.950% Senior
Notes due 2020 
 4.750% Senior Notes due 2027 
  

 
  







 CROSS REFERENCE TABLE 

 

			
	 TIA Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.8; 7.10; 11.2
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.5
	       (b)
	  	11.4
	       (c)
	  	11.4
	 313(a)
	  	7.6
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.6
	       (c)
	  	7.6; 11.2
	       (d)
	  	7.6
	 314(a)
	  	4.2; 4.4; 11.2
	       (b)
	  	N.A.
	       (c)(1)
	  	7.2; 11.5
	       (c)(2)
	  	7.2; 11.5
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	11.6
	       (f)
	  	N.A.
	 315(a)
	  	7.1(b)
	       (b)
	  	7.5; 11.2
	       (c)
	  	7.1(a)
	       (d)
	  	6.5; 7.1(c)
	       (e)
	  	6.12
	 316(a)(1)(A)
	  	6.5
	       (a)(1)(B)
	  	6.4
	       (a)(2)
	  	N.A.
	       (b)
	  	6.7
	       (c)
	  	1.1, 2.5, 9.4
	 317(a)(1)
	  	6.8
	       (a)(2)
	  	6.9
	       (b)
	  	2.4
	 318(a)
	  	11.1
	       (c)
	  	11.1

  
 N.A. means
Not Applicable. 
 Note:         This cross-reference table shall not, for any purpose, be deemed to be a part of
the Indenture. 

  
 (i) 








 TABLE OF CONTENTS 
  

							
	 ARTICLE I.
	  	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.1.
	  	 Definitions
	  	 	1	 
	 Section 1.2.
	  	 Incorporation by Reference of TIA
	  	 	12	 
	 Section 1.3.
	  	 Rules of Construction
	  	 	13	 
			
	 ARTICLE II.
	  	 THE NOTES
	  	 	13	 
			
	 Section 2.1.
	  	 Form and Dating
	  	 	13	 
	 Section 2.2.
	  	 Execution and Authentication; Aggregate Principal Amount
	  	 	15	 
	 Section 2.3.
	  	 Registrar and Paying Agent
	  	 	16	 
	 Section 2.4.
	  	 Paying Agent to Hold Assets in Trust
	  	 	16	 
	 Section 2.5.
	  	 Holder Lists
	  	 	16	 
	 Section 2.6.
	  	 Transfer and Exchange
	  	 	17	 
	 Section 2.7.
	  	 Replacement Notes
	  	 	17	 
	 Section 2.8.
	  	 Outstanding Notes
	  	 	18	 
	 Section 2.9.
	  	 Treasury Notes
	  	 	18	 
	 Section 2.10.
	  	 Temporary Notes
	  	 	18	 
	 Section 2.11.
	  	 Cancellation
	  	 	19	 
	 Section 2.12.
	  	 Defaulted Interest
	  	 	19	 
	 Section 2.13.
	  	 CUSIP Number
	  	 	20	 
	 Section 2.14.
	  	 Deposit of Monies
	  	 	20	 
	 Section 2.15.
	  	 Restrictive Legends
	  	 	20	 
	 Section 2.16.
	  	 Book-Entry Provisions for Global Notes
	  	 	21	 
	 Section 2.17.
	  	 Special Transfer Provisions
	  	 	22	 
	 Section 2.18.
	  	 Additional Interest Under Registration Rights Agreement
	  	 	35	 
			
	 ARTICLE III.
	  	 REDEMPTION
	  	 	35	 
			
	 Section 3.1.
	  	 Optional Redemption by the Company
	  	 	35	 
	 Section 3.2.
	  	 Special Mandatory Redemption by the Company
	  	 	36	 
			
	 ARTICLE IV.
	  	 COVENANTS
	  	 	36	 
			
	 Section 4.1.
	  	 Payment of Notes
	  	 	36	 
	 Section 4.2.
	  	 Reporting
	  	 	37	 
	 Section 4.3.
	  	 Corporate Existence
	  	 	37	 
	 Section 4.4.
	  	 Compliance Certificate
	  	 	37	 
	 Section 4.5.
	  	 Further Instruments and Acts
	  	 	37	 
	 Section 4.6.
	  	 Limitations on Liens
	  	 	38	 
	 Section 4.7.
	  	 Sale-Leaseback Transactions
	  	 	40	 
	 Section 4.8.
	  	 Furnishing Guarantees
	  	 	41	 
	 Section 4.9.
	  	 Change of Control
	  	 	41	 
			
	 ARTICLE V.
	  	 SUCCESSOR CORPORATION
	  	 	44	 
			
	 Section 5.1.
	  	 Company May Consolidate, etc., Only on Certain Terms
	  	 	44	 
	 Section 5.2.
	  	 Successor Corporation Substituted
	  	 	44	 


  
 (ii) 









							
	 ARTICLE VI.
	  	 DEFAULTS AND REMEDIES
	  	 	45	 
			
	 Section 6.1.
	  	 Events of Default
	  	 	45	 
	 Section 6.2.
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	46	 
	 Section 6.3.
	  	 Other Remedies
	  	 	47	 
	 Section 6.4.
	  	 Waiver of Existing Defaults
	  	 	47	 
	 Section 6.5.
	  	 Control by Majority
	  	 	48	 
	 Section 6.6.
	  	 Payments of Notes on Default; Suit Therefor
	  	 	48	 
	 Section 6.7.
	  	 Limitation on Suits
	  	 	48	 
	 Section 6.8.
	  	 Rights of Holders to Receive Payment
	  	 	49	 
	 Section 6.9.
	  	 Collection Suit by Trustee
	  	 	49	 
	 Section 6.10.
	  	 Trustee May File Proofs of Claim
	  	 	49	 
	 Section 6.11.
	  	 Restoration of Positions
	  	 	49	 
	 Section 6.12.
	  	 Priorities
	  	 	49	 
	 Section 6.13.
	  	 Undertaking for Costs
	  	 	50	 
	 Section 6.14.
	  	 Stay, Extension or Usury Laws
	  	 	50	 
	 Section 6.15.
	  	 Liability of Stockholders, Officers, Directors and Incorporators
	  	 	50	 
			
	 ARTICLE VII.
	  	 TRUSTEE
	  	 	50	 
			
	 Section 7.1.
	  	 Duties of Trustee
	  	 	50	 
	 Section 7.2.
	  	 Rights of Trustee
	  	 	52	 
	 Section 7.3.
	  	 Individual Rights of Trustee
	  	 	53	 
	 Section 7.4.
	  	 Trustee’s Disclaimer
	  	 	53	 
	 Section 7.5.
	  	 Notice of Defaults
	  	 	53	 
	 Section 7.6.
	  	 Reports by Trustee
	  	 	53	 
	 Section 7.7.
	  	 Compensation and Indemnity
	  	 	54	 
	 Section 7.8.
	  	 Replacement of Trustee
	  	 	54	 
	 Section 7.9.
	  	 Successor Trustee by Merger, etc
	  	 	55	 
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	 	56	 
	 Section 7.11.
	  	 Preferential Collection of Claims
	  	 	56	 
			
	 ARTICLE VIII.
	  	 DISCHARGE OF INDENTURE
	  	 	56	 
			
	 Section 8.1.
	  	 Termination of the Company’s Obligations
	  	 	56	 
	 Section 8.2.
	  	 Application of Trust Money
	  	 	57	 
	 Section 8.3.
	  	 Officers’ Certificate; Opinion of Counsel
	  	 	57	 
	 Section 8.4.
	  	 Repayment to the Company
	  	 	57	 
	 Section 8.5.
	  	 Reinstatement
	  	 	57	 
			
	 ARTICLE IX.
	  	 MODIFICATION OF THE INDENTURE
	  	 	58	 
			
	 Section 9.1.
	  	 Without Consent of Holders
	  	 	58	 
	 Section 9.2.
	  	 With Consent of Holders
	  	 	58	 
	 Section 9.3.
	  	 Compliance with Trust Indenture Act
	  	 	59	 
	 Section 9.4.
	  	 Revocation and Effect of Consents
	  	 	59	 
	 Section 9.5.
	  	 Notation on or Exchange of Notes
	  	 	59	 
	 Section 9.6.
	  	 Trustee to Sign Amendments, etc
	  	 	59	 


  
 (iii) 









							
			
	 ARTICLE X.
	  	 GUARANTEE OF NOTES
	  	 	60	 
			
	 Section 10.1.
	  	 Unconditional Guarantee
	  	 	60	 
	 Section 10.2.
	  	 Limitations on Guarantees; Release or Suspension of Particular Guarantors’
Obligations
	  	 	61	 
	 Section 10.3.
	  	 Execution and Delivery of Guarantee
	  	 	61	 
	 Section 10.4.
	  	 Release of a Guarantor due to Extraordinary Events
	  	 	62	 
	 Section 10.5.
	  	 Waiver of Subrogation
	  	 	62	 
	 Section 10.6.
	  	 No Set-Off
	  	 	63	 
	 Section 10.7.
	  	 Obligations Absolute
	  	 	63	 
	 Section 10.8.
	  	 Obligations Continuing
	  	 	63	 
	 Section 10.9.
	  	 Obligations Not Reduced
	  	 	63	 
	 Section 10.10.
	  	 Obligations Reinstated
	  	 	63	 
	 Section 10.11.
	  	 Obligations Not Affected
	  	 	64	 
	 Section 10.12.
	  	 Waiver
	  	 	65	 
	 Section 10.13.
	  	 No Obligation to Take Action Against the Company
	  	 	65	 
	 Section 10.14.
	  	 Dealing with the Company and Others
	  	 	65	 
	 Section 10.15.
	  	 Default and Enforcement
	  	 	65	 
	 Section 10.16.
	  	 Amendment, etc
	  	 	66	 
	 Section 10.17.
	  	 Acknowledgment
	  	 	66	 
	 Section 10.18.
	  	 Costs and Expenses
	  	 	66	 
	 Section 10.19.
	  	 No Merger or Waiver; Cumulative Remedies
	  	 	66	 
	 Section 10.20.
	  	 Survival of Obligations
	  	 	66	 
	 Section 10.21.
	  	 Guarantee in Addition to Other Obligations
	  	 	66	 
	 Section 10.22.
	  	 Severability
	  	 	66	 
	 Section 10.23.
	  	 Successors and Assigns
	  	 	66	 
	 Section 10.24.
	  	 Acknowledgement under TIA
	  	 	67	 
			
	 ARTICLE XI.
	  	 MISCELLANEOUS
	  	 	67	 
			
	 Section 11.1.
	  	 TIA Controls
	  	 	67	 
	 Section 11.2.
	  	 Notices
	  	 	67	 
	 Section 11.3.
	  	 Electronic Instructions/Directions
	  	 	68	 
	 Section 11.4.
	  	 Communications by Holders with Other Holders
	  	 	68	 
	 Section 11.5.
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	69	 
	 Section 11.6.
	  	 Statements Required in Certificate or Opinion
	  	 	69	 
	 Section 11.7.
	  	 Rules by Trustee, Paying Agent, Registrar
	  	 	69	 
	 Section 11.8.
	  	 Legal Holidays
	  	 	69	 
	 Section 11.9.
	  	 Governing Law
	  	 	70	 
	 Section 11.10.
	  	 No Adverse Interpretation of Other Agreements
	  	 	70	 
	 Section 11.11.
	  	 No Personal Liability
	  	 	70	 
	 Section 11.12.
	  	 Successors
	  	 	70	 
	 Section 11.13.
	  	 Counterparts
	  	 	70	 
	 Section 11.14.
	  	 Waiver of Jury Trial
	  	 	70	 
	 Section 11.15.
	  	 Force Majeure
	  	 	70	 
	 Section 11.16.
	  	 Severability
	  	 	71	 
	 Section 11.17.
	  	 FATCA
	  	 	71	 


  
 (iv) 









			
	Exhibit A:	  	Form of 2020 Note
		
	Exhibit B:	  	Form of 2020 Exchange Note
		
	Exhibit C:	  	Form of 2027 Note
		
	Exhibit D:	  	Form of 2027 Exchange Note
		
	Exhibit E:	  	Global Note Legend
		
	 Exhibit F:
	  	Form of Certificate to be Delivered in Connection with Transfers to Non-QIB Accredited Investors
		
	Exhibit G:	  	Form of Certificate of Transfer
		
	Exhibit H:	  	Form of Certificate of Exchange
		
	Exhibit I:	  	Form of Guarantee
		
	Schedule I:	  	Guarantors


  
 (v) 








 INDENTURE, dated as of November 29, 2017 (this “Indenture”), among LENNAR
CORPORATION (the “Company”), a Delaware corporation having its principal office at 700 N.W. 107th Avenue, Miami, Florida 33172, each of the GUARANTORS named herein and THE BANK OF
NEW YORK MELLON, a New York banking corporation having its principal corporate trust office at 101 Barclay Street, New York, New York 10286, as trustee (the “Trustee”). 

The Company has duly authorized the creation of an issue of (a) its 2.950% Senior Notes due 2020 and its 4.750% Senior Notes due 2027 and
(b) if and when issued as provided in the Registration Rights Agreement (as defined herein) in an Exchange Offer (as defined herein) or in a Private Exchange (as defined herein) for any Initial Notes (as defined herein), its Exchange Notes (as
defined herein) and its Private Exchange Notes (as defined herein), to be guaranteed by the Guarantors and, to provide therefor, the Company and the Guarantors have duly authorized the execution and delivery of this Indenture. All things necessary
to make the Notes (as defined herein), when executed by the Company, and authenticated and delivered hereunder, the valid obligations of the Company, and to make this Indenture a valid agreement of the Company and the Guarantors in accordance with
their and its terms, have been done. 
 Each party hereto agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the Holders (as defined herein) of each of the Company’s (i) 2020 Notes (as defined herein) and (ii) 2027 Notes (as defined herein). 

ARTICLE I. 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.1.    Definitions. 

“$” means the lawful currency of the United States. 

“144A Global Note” has he meaning set forth in Section 2.1(a). 

“2020 Exchange Notes” means the 2.950% Senior Notes due 2020 to be issued in exchange for Initial 2020 Notes pursuant
to (i) the Registration Rights Agreement, or (ii) with respect to Initial 2020 Notes issued under this Indenture subsequent to the Issue Date pursuant to Section 2.2, the Registration Rights Agreement. 

“2020 Notes” means, collectively, the Initial 2020 Notes, the 2020 Private Exchange Notes, if any, and the
Unrestricted 2020 Notes that are issued pursuant to this Indenture, treated as a single class of securities, as amended or supplemented from time to time in accordance with the terms of this Indenture, that are issued pursuant to this Indenture.

 “2020 Private Exchange Notes” means the 2.950% Senior Notes due 2020 to be issued in exchange for Initial 2020 Notes
pursuant to a Private Exchange. 
 “2027 Exchange Notes” means the 4.750% Senior Notes due 2027 to be issued in
exchange for Initial 2027 Notes pursuant to (i) the Registration Rights Agreement, or (ii) with respect to Initial 2027 Notes issued under this Indenture subsequent to the Issue Date pursuant to Section 2.2, the Registration Rights
Agreement. 

  
 - 1 - 








 “2027 Notes” means, collectively, the Initial 2027 Notes, the 2027
Private Exchange Notes, if any, and the Unrestricted 2027 Notes that are issued pursuant to this Indenture, treated as a single class of securities, as amended or supplemented from time to time in accordance with the terms of this Indenture. 

“2027 Private Exchange Notes” means the 4.750% Senior Notes due 2027 to be issued in exchange for Initial 2027 Notes pursuant
to a Private Exchange. 
 “Additional Interest” shall have the meaning set forth in the Registration Rights Agreement. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar, Paying Agent or co-Registrar. 

“Agent Members” has the meaning provided in Section 2.16. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 
 “Authenticating
Agent” has the meaning provided in Section 2.2. 
 “Bankruptcy Law” means Title 11 of the United States Code
or any similar United States Federal or State law for the relief of debtors. 
 “Board of Directors” means the Board of
Directors of the Company. 
 “Board Resolution” means a resolution by the Board of Directors or Executive Committee of the
Company certified by its Secretary or an Assistant Secretary as being duly adopted and in full force and effect. 
 “Business
Day” means each Monday, Tuesday, Wednesday, Thursday or Friday which is not a Legal Holiday in New York, New York. 

“Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated) of or in such Person’s capital stock or other equity interests, and options, rights or warrants to purchase such capital stock or other equity interests, whether now outstanding or issued after the Issue Date. 

  
 - 2 - 








 “Change of Control Offer” has the meaning provided in Section 4.9(a). 

“Change of Control Payment” has the meaning provided in Section 4.9(a). 

“Change of Control Payment Date” has the meaning provided in Section 4.9(a). 

“Class A Common Stock” shall mean the Company’s Class A common stock, par value $.10 per share.

 “Clearstream” means Clearstream Banking, Société Anonyme. 

“Comparable Treasury Issue” means the United States Treasury security selected by a Reference Treasury Dealer for a
series of Notes as having a maturity comparable to the remaining term of such series of Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of such series of Notes. 
 “Comparable Treasury Price” means,
with respect to a series of Notes and any Redemption Date, (1) the average of the bid and asked prices for the Comparable Treasury Issue for such series of Notes (expressed in each case as a percentage of its principal amount) on the third
Business Day preceding such Redemption Date, as set forth in the daily statistical release (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government
Securities” or (2) if such release (or any successor release) is not published or does not contain such price on such Business Day, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding
the highest and lowest such Reference Treasury Dealer Quotations for such series of Notes, or (B) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations for such series of Notes, the average of all such
Reference Treasury Dealer Quotations. 
 “Consolidated Net Tangible Assets” means the total amount of assets which
would be included on a consolidated balance sheet of the Company and the Restricted Subsidiaries under GAAP (less applicable reserves and other properly deductible items) after deducting therefrom: 

 

	 	(A)	all short-term liabilities, i.e., liabilities payable by their terms less than one year from the date of determination and not renewable or extendable at the option of the obligor for a period ending more than one year
after such date, and liabilities in respect of retiree benefits other than pensions for which the Restricted Subsidiaries are required to accrue pursuant to ASC No. 715; 


 

	 	(B)	investments in Subsidiaries that are not Restricted Subsidiaries; and 

  

	 	(C)	all assets reflected on the Company’s balance sheet as the carrying value of goodwill, trade names, trademarks, patents, unamortized debt discount, unamortized expense incurred in the issuance of debt and other
intangible assets. 


  
 - 3 - 








 “Corporate Trust Office” means the principal office of the Trustee at which at
any time its corporate trust business shall be administered, which office at the date hereof is located at 101 Barclay Street, New York, New York 10286, Attention: Corporate Trust Administration, with a copy to: The Bank of New York Mellon
Trust Company, N.A., 500 Ross Street, 12th Floor, Pittsburgh, PA 15262, Attention: Corporate Trust Administration, Fax No. (412) 234-8377, or such other address as the Trustee may designate from time to time
by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

“Default” means any event which, upon the giving of notice or passage of time, or both, would be an Event of Default. 

“Default Interest Payment Date” has the meaning provided in Section 2.12. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.17(i) hereof, substantially in the form of Exhibit A, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means The Depository Trust Company, its nominees and successors. 

“Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system. 

“Event of Default” has the meaning provided in Section 6.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Notes” means the 2020 Exchange Notes and the 2027 Exchange Notes. 

“Exchange Offer” has the meaning provided in the Registration Rights Agreement. 

“Fiscal Year” means the period commencing on December 1 of a year and ending on the next November 30 or such other
period (not to exceed 12 months or 53 weeks) as the Company may from time to time adopt as its fiscal year. 

  
 - 4 - 








 “Funded Debt” of any Person means all Indebtedness for borrowed money
created, incurred, assumed or guaranteed in any manner by such Person, and all Indebtedness, contingent or otherwise, incurred or assumed by such Person in connection with the acquisition of any business, property or asset, which in each case
matures more than one year after, or which by its terms is renewable or extendible or payable out of the proceeds of similar Indebtedness incurred pursuant to the terms of any revolving credit agreement or any similar agreement at the option of such
Person for a period ending more than one year after the date as of which Funded Debt is being determined; provided, however, that Funded Debt shall not include (i) any Indebtedness for the payment, redemption or satisfaction of which
money (or evidences of Indebtedness, if permitted under the instrument creating or evidencing such Indebtedness) in the necessary amount shall have been irrevocably deposited in trust with a trustee or proper depositary either on or before the
maturity or redemption date thereof, (ii) any Indebtedness of such Person to any of its subsidiaries or of any subsidiary to such Person or any other subsidiary or (iii) any Indebtedness incurred in connection with the financing of
operating, construction or acquisition projects, provided that the recourse for such Indebtedness is limited to the assets of such projects. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession of the United States, as in effect on the Issue Date. 
 “Global Notes” means the 144A Global
Notes, the IAI Global Notes and the Regulation S Global Notes. 
 “Guarantee” has the meaning provided in
Section 10.1. 
 “Guarantor” means (a) initially, each of the Guarantors set forth on Schedule I to this
Indenture, and (b) each of the Company’s Subsidiaries that in the future executes a Guarantee in substantially the form of Exhibit I hereto in which such Subsidiary agrees to be bound by the terms hereof as Guarantor, in each case, subject
to release or suspension as provided in Article X. 
 “Holder” means a Person in whose name a Note is registered on the
Registrar’s books. 
 “IAI Global Note” means, with respect to a series of Notes, a permanent global note in
registered form representing the aggregate principal amount of Notes of such series sold to Institutional Accredited Investors. 

  
 - 5 - 








 “Indebtedness” means, with respect to the Company or any Subsidiary, and
without duplication, (a) the principal of and premium, if any, and interest on, and fees, costs, enforcement expenses, collateral protection expenses and other reimbursement or indemnity obligations in respect of all indebtedness or obligations
of the Company or any Subsidiary to any Person, including but not limited to banks and other lending institutions, for money borrowed that is evidenced by a note, bond, debenture, loan agreement, or similar instrument or agreement (including
purchase money obligations with original maturities in excess of one year and noncontingent reimbursement obligations in respect of amounts paid under letters of credit); (b) all reimbursement obligations and other liabilities (contingent or
otherwise) of the Company or any Subsidiary with respect to letters of credit, bank guarantees or bankers’ acceptances, (c) all obligations and liabilities (contingent or otherwise) in respect of leases of the Company or any Subsidiary
required, in conformity with GAAP, to be accounted for as capital lease obligations on the balance sheet of the Company, (d) all obligations of the Company or any Subsidiary (contingent or otherwise) with respect to an interest rate or other
swap, cap or collar agreement or other similar instrument or agreement or foreign currency hedge, exchange, purchase or similar instrument or agreement, (e) all direct or indirect guaranties or similar agreements by the Company or any
Subsidiary in respect of, and obligations or liabilities (contingent or otherwise) of the Company or such Subsidiary to purchase or otherwise acquire, or otherwise assure a creditor against loss in respect of, Indebtedness, obligations or
liabilities of another Person of the kind described in clauses (a) through (d), (f) any Indebtedness or other obligations, excluding any operating leases the Company or any Subsidiary is currently (or may become) a party to, described in
clauses (a) through (d) secured by any Lien existing on property which is owned or held by the Company or such Subsidiary, regardless of whether the Indebtedness or other obligation secured thereby shall have been assumed by the Company or such
Subsidiary and (g) any and all deferrals, renewals, extensions and refinancing of, or amendments, modifications or supplements to, any Indebtedness, obligation or liability of the kind described in clauses (a) through (f). 

“Indenture” has the meaning set forth in the recitals. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial 2020 Notes” means, collectively, (i) the 2.950% Senior Notes due 2020 of the Company issued on the Issue
Date and (ii) any other 2.950% Senior Notes due 2020 that are issued under this Indenture, subsequent to the Issue Date, pursuant to Section 2.2, for so long as each such securities constitute Restricted Securities. 

“Initial 2027 Notes” means, collectively, (i) the 4.750% Senior Notes due 2027 of the Company issued on the Issue Date
and (ii) any other 4.750% Senior Notes due 2027 that are issued under this Indenture, subsequent to the Issue Date, pursuant to Section 2.2, for so long as each such securities constitute Restricted Securities. 

“Initial Notes” means the Initial 2020 Notes and the Initial 2027 Notes. 

“Initial Purchasers” means Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA LLC, RBC Capital Markets, LLC, Wells Fargo Securities, LLC and PNC Capital Markets LLC. 

“Institutional Accredited Investor” means an institution that is an “accredited investor” as that term is defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Interest Payment Date” means the stated
maturity of an installment of interest on the applicable series of Notes. 
 “Issue Date” means November 29, 2017.

 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions or trust companies are authorized or
required by law to remain closed. 

  
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 “Lien” means any mortgage, pledge, lien, encumbrance, charge or security
interest of any kind. 
 “Maturity Date” means (i) with respect to the 2020 Notes, November 29, 2020, and
(ii) with respect to the 2027 Notes, November 29, 2027. 
 “Merger” means the merger contemplated by the Merger
Agreement. 
 “Merger Agreement” means that certain Agreement and Plan of Merger, dated as of October 29, 2017, as
modified, amended or waived from time to time, among CalAtlantic Group, Inc., a Delaware corporation, the Company and Merger Sub. 

“Merger Sub” means Cheetah Cub Group Corp., a Delaware corporation and a wholly-owned subsidiary of the Company. 

“Net Worth” of any Person means the total consolidated stockholders’ equity of the Person determined in accordance with
GAAP. 
 “Non-Recourse Indebtedness” means any Indebtedness of the Company or any
Restricted Subsidiary for which the holder of such Indebtedness has no recourse, directly or indirectly, to the Company or such Restricted Subsidiary for the principal of, premium, if any, and interest on such Indebtedness, and for which the Company
or such Restricted Subsidiary is not, directly or indirectly, obligated or otherwise liable for the principal of, premium, if any, and interest on such Indebtedness, except pursuant to mortgages, deeds of trust or other security interests or other
recourse, obligations or liabilities, in respect of specific land or other real property interests of the Company or such Restricted Subsidiary securing such Indebtedness; provided, that, recourse, obligations or liabilities solely for
indemnities, breaches of warranties or representations contained in such mortgages, deeds of trust or grants of security interests in respect of Indebtedness will not prevent that Indebtedness from being classified as
Non-Recourse Indebtedness. 
 “Non-U.S.
Person” means a person who is not a U.S. person, as defined in Regulation S. 
 “Notes” means the 2020 Notes and
the 2027 Notes. Each of the 2020 Notes and the 2027 Notes are sometimes referred to in this Indenture as a “series of Notes.” 

“Obligations” means all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements,
damages and other liabilities payable under the documentation governing the Notes. 
 “Officer” means the Chairman of the
Board, any Vice Chairman of the Board, the Chief Executive Officer, the President, any Executive Vice President or Vice President, the Treasurer, the Secretary, the Controller or any Assistant Secretary of a Person. 

“Officers’ Certificate” when used with respect to the Company means a certificate signed by two Officers. Each such
certificate will comply with Section 314 of the TIA and include the statements described in Section 11.6. 

  
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 “Opinion of Counsel” means a written opinion acceptable to the Trustee from
legal counsel. That counsel may be an employee of or counsel to the Company. 
 “Participant” means, with respect to the
Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Paying Agent” means the office or agency designated by the Company where Notes may be presented for payment, and includes
any additional Paying Agent. 
 “Permitted Liens” has the meaning provided in Section 4.6. 

“Permitted Sale-Leaseback Transactions” has the meaning provided in Section 4.7. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, joint-stock
company, trust, unincorporated organization or government or any government agency or political subdivision. 
 “Physical
Notes” has the meaning provided in Section 2.1. 
 “Primary Treasury Dealer” means a primary U.S. Government
securities dealer in the United States. 
 “Private Exchange” shall have the meaning provided in the Registration Rights
Agreement(s). 
 “Private Exchange Notes” means the 2020 Private Exchange Notes and the 2027 Private Exchange Notes. 

“Private Placement Legend” means the legend set forth in Section 2.17(l)(i). 

“Property” of any Person means all types of real, personal, tangible, intangible or mixed property owned by such Person,
whether or not included in the most recent consolidated balance sheet of such Person and its Subsidiaries under GAAP. 
 “Qualified
Institutional Buyer” or “QIB” shall have the meaning specified in Rule 144A. 
 “Quotation Agent”
means any Reference Treasury Dealer appointed by the Company. 
 “Record Date” means the Record Date specified in
the applicable series of Notes. 
 “Redemption Date” when used with respect to any Note to be redeemed, means the date
fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price” when used with respect to any Note
to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture and the applicable series of Notes. For the avoidance of doubt, the Redemption Price excludes accrued interest to the Redemption Date. 

  
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 “Reference Treasury Dealer” means, for a series of Notes, (a) each
of Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC;
provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer in New York City, the Company shall substitute another Primary Treasury Dealer; and (b) any other Primary Treasury Dealer(s) selected by the
Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer for a
series of Notes and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue for such series of Notes (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

“Registrar” has the meaning provided in Section 2.3. 

“Registration Rights Agreement” means, as applicable, (a) the Registration Rights Agreement dated as of the Issue Date
among the Company, the Guarantors and Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC
and Wells Fargo Securities, LLC, as the representatives of the Initial Purchasers, relating to the Initial Notes or (b) any registration rights agreement, substantially identical to the Registration Rights Agreement referred to in clause
(a) above, entered into among the Company, the Guarantors and the respective purchasers or their representatives or representative, on substantially identical terms, relating to any Initial Notes issued pursuant to Section 2.2. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

 “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A hereto (with respect to the
2020 Notes) or Exhibit C hereto (with respect to the 2027 Notes) bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period. 

“Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A hereto (with respect to the 2020
Notes) or Exhibit C hereto (with respect to the 2027 Notes) bearing the Global Note Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the
Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903. 

  
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 “Regulation S Temporary Global Note Legend” means the legend set forth in
Section 2.17(l)(iii). 
 “Remaining Scheduled Payments” means, with respect to any Note of a series to be redeemed,
the remaining payments of interest and the payment of principal (or the portion of the principal) that would have been due with regard to such Note after the actual Redemption Date if such Note had been redeemed on the day that is (a) with
respect to the 2020 Notes, 60 days before the Maturity Date of such Notes and (b) with respect to the 2027 Notes, 180 days before the Maturity Date of such Notes; provided, that, if such Redemption Date is not an Interest Payment Date with
respect to such Note, the amount of the next succeeding scheduled interest payment with respect to such Note will be reduced by the amount of interest accrued thereon to such Redemption Date. 

“Repurchase Price” means, with respect to any Note to be repurchased, the price at which it is to be repurchased pursuant to
this Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Security” has the meaning assigned to such term in Rule 144(a)(3) under the Securities Act;
provided, however, that the Trustee shall be entitled to request and conclusively rely on an Opinion of Counsel with respect to whether any Note constitutes a Restricted Security. 

“Restricted Subsidiary” means (a) all existing wholly-owned Subsidiaries (i.e., directly or indirectly 100%
owned), other than finance company Subsidiaries and any foreign Subsidiaries, and (b) all future wholly-owned Subsidiaries (i.e., directly or indirectly 100% owned) that become Guarantors, in each case, until such time as such Subsidiary
is released in accordance with the terms of this Indenture. 
 “Rule 144A” means Rule 144A under the Securities Act. 

“Sale-Leaseback Transaction” means a sale or transfer made by the Company or a Restricted Subsidiary of any property which is
either (A) a manufacturing facility, office building or warehouse whose book value equals or exceeds 1% of Consolidated Net Tangible Assets as of the date of determination, or (B) another property (not including a model home) which exceeds
5% of Consolidated Net Tangible Assets as of the date of determination, if such sale or transfer is made with the agreement, commitment or intention of leasing such property to the Company or a Restricted Subsidiary. 

“SEC” means the Securities and Exchange Commission. 

  
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 “Securities Act” means the Securities Act of 1933, as amended. 

“Significant Subsidiary” means any Subsidiary (a) whose revenues exceed 10% of the Total Consolidated Revenues of the
Company, in each case for the most recent Fiscal Year, or (b) whose Net Worth exceeds 10% of the Company’s Total Consolidated Stockholders’ Equity, in each case as of the end of the most recent Fiscal Year. 

“Special Mandatory Redemption” has the meaning provided in Section 3.2. 

“Special Mandatory Redemption Date” has the meaning provided in Section 3.2. 

“Special Mandatory Redemption Price” has the meaning provided in Section 3.2. 

“Special Mandatory Redemption Trigger Event” has the meaning provided in Section 3.2. 

“Subsidiary” means (i) a corporation or other entity of which a majority in voting power of the stock or other
interests is owned by the Company, by a Subsidiary of the Company or by the Company and one or more Subsidiaries of the Company or (ii) a partnership, the sole general partner or partners of which are the Company and/or any Subsidiary and of
which the Company or any Subsidiary owns at least 25% in value of the equity. 
 “TIA” means the Trust Indenture Act of
1939, as amended, as in effect on the date of this Indenture, except as otherwise provided in Section 9.3. 
 “Total
Consolidated Revenues” means, with respect to any date of determination, the Company’s total consolidated revenues as shown on its most recent consolidated statement of operations that is contained or incorporated in the latest annual
report on Form 10-K (or equivalent report) or quarterly report on Form 10-Q (or equivalent report) filed with the SEC, and is as of a date not more than 181 days prior
to the date of determination, in the case of the consolidated statement of operations contained or incorporated in an annual report on Form 10-K, or 135 days prior to the date of determination, in the case of
the consolidated condensed statement of operations contained in a quarterly report on Form 10-Q. 

“Total Consolidated Stockholders’ Equity” means, with respect to any date of determination, the Company’s total
consolidated stockholders’ equity as shown on its most recent consolidated balance sheet that is contained or incorporated in the latest annual report on Form 10-K (or equivalent report) or quarterly
report on Form 10-Q (or equivalent report) filed with the SEC, and is as of a date not more than 181 days prior to the date of determination, in the case of the consolidated balance sheet contained or
incorporated in an annual report on Form 10-K, or 135 days prior to the date of determination, in the case of the consolidated condensed balance sheet contained in a quarterly report on Form 10-Q. 
 “Treasury Rate” means, with respect to any series of Notes and any Redemption
Date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue for such series of Notes, assuming a price for the Comparable Treasury Issue for such series of Notes (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such series of Notes and for such Redemption Date. 

  
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 “Trust Officer” means any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, senior associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 
 “Trustee” means the Person named as such in this Indenture and, subject to the
provisions of Article Seven of this Indenture, any successor to that Person. 
 “United States” means the United States of
America. 
 “Unrestricted 2020 Notes” means any 2.950% Senior Notes due 2020 that do not and are not required to bear the
Private Placement Legend, including, without limitation, the 2020 Exchange Notes. 
 “Unrestricted 2027 Notes” means any
4.750% Senior Notes due 2027 that do not and are not required to bear the Private Placement Legend, including, without limitation, the 2027 Exchange Notes. 

“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private
Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note, substantially in the form of Exhibit A that
bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not
bear the Private Placement Legend. 
 “Unrestricted Notes” means the Unrestricted 2020 Notes and the Unrestricted 2027
Notes. 
 “U.S. Government Obligations” means direct obligations of, and obligations guaranteed by, the United States of
America for the payment of which the full faith and credit of the United States of America is pledged. 
 “U.S. Legal
Tender” means such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 

Section 1.2.    Incorporation by Reference of TIA. Whenever this Indenture refers to a provision of the TIA,
such provision is incorporated by reference in, and made a part of, this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes. 

“indenture security holder” means a Holder. 

  
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 “indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company or any other obligor on the Notes. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule and
not otherwise defined herein have the meanings assigned to them therein. 
 Section 1.3.    Rules of
Construction. Unless the context otherwise requires: 
 (1)    a term has the meaning assigned to it;

 (2)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP
as of any date of determination; 
 (3) “or” is not exclusive; 

(4)    words in the singular include the plural, and words in the plural include the singular; 

(5)    “herein,” “hereof” and other words of similar import refer to this Indenture as
a whole and not to any particular Article, Section or other subdivision; and 
 (6)    any reference to a
statute, law or regulation means that statute, law or regulation as amended and in effect from time to time and includes any successor statute, law or regulation; provided, that, any reference to the Bankruptcy Law shall mean the
Bankruptcy Law as applicable to the relevant case. 
 ARTICLE II. 

THE NOTES 

Section 2.1.    Form and Dating. The Initial 2020 Notes and the Trustee’s certificate of authentication
relating thereto shall be substantially in the form of Exhibit A hereto, provided, that any Initial 2020 Notes issued in a public offering shall be substantially in the form of Exhibit B hereto. The 2020 Exchange Notes and the Trustee’s
certificate of authentication relating thereto shall be substantially in the form of Exhibit B hereto. The Initial 2027 Notes and the Trustee’s certificate of authentication relating thereto shall be substantially in the form of Exhibit C
hereto, provided, that any Initial 2027 Notes issued in a public offering shall be substantially in the form of Exhibit D hereto. The 2027 Exchange Notes and the Trustee’s certificate of authentication relating thereto shall be
substantially in the form of Exhibit D hereto. Any series of Notes may have notations, legends or endorsements required by law, stock exchange rule or depositary rule or usage. The Company and the Trustee shall approve the forms of the Notes and any
notation, legend or endorsement on them. Each Note shall be dated the date of its issuance and authentication and shall show the date of its authentication. The 2020 Notes shall be designated as the “2.950% Senior Notes due 2020” and the
2027 Notes shall be designated as the “4.750% Senior Notes due 2027.” 

  
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 The terms and provisions contained in the Notes annexed hereto as Exhibits A, B, C and D shall
constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be
bound thereby. 
 (a) 144A Global Notes. Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of one
or more permanent Global Notes in registered form, substantially in the form set forth in Exhibit A with respect to the 2020 Notes and Exhibit C with respect to the 2027 Notes (each, a “144A Global Note”), deposited with the
Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit E. The aggregate principal amount of a 144A Global Note may from time to
time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, as hereinafter provided. 

(b) Temporary Global Notes. One or more Notes offered and sold in reliance on Regulation S shall be issued initially in the form of one
or more Regulation S Temporary Global Notes in registered form, substantially in the form set forth in Exhibit A with respect to the 2020 Notes and Exhibit C with respect to the 2027 Notes, which shall be deposited on behalf of the purchasers of the
Notes represented thereby with the Trustee as Custodian, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company
and authenticated by the Trustee as hereinafter provided. Upon the expiry of the Restricted Period, beneficial interests in each Regulation S Temporary Global Note shall be exchanged for beneficial interests in a Regulation S Permanent Global Note
pursuant to the Applicable Procedures. Simultaneously with the authentication of a Regulation S Permanent Global Note, the Trustee shall cancel the corresponding Regulation S Temporary Global Note. The aggregate principal amount of a Regulation S
Temporary Global Note and a Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of
interest as hereinafter provided. 
 (c) IAI Global Notes. One or more Notes offered and sold to Institutional Accredited Investors
shall be issued initially in the form of one or more IAI Global Notes in registered form, substantially in the form set forth in Exhibit A with respect to the 2020 Notes and Exhibit C with respect to the 2027 Notes, deposited with the Trustee, as
custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit E. The aggregate principal amount of an IAI Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, as hereinafter provided. 
 (d)
Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of
Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Notes and the Regulation S Permanent Global Notes that are held by Participants
through Euroclear or Clearstream. 

  
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 (e) Notes issued in exchange for interests in a Global Note pursuant to Section 2.16 may be
issued and Notes offered and sold in reliance on any other exemption from registration under the Securities Act other than as described in the preceding paragraph shall be issued in the form of permanent certificated Notes in registered form in
substantially the form set forth in Exhibit A with respect to the 2020 Notes and Exhibit C with respect to the 2027 Notes (the “Physical Notes”). 

Section 2.2.    Execution and Authentication; Aggregate Principal Amount. An Officer of the Company (duly
authorized by all requisite corporate actions) shall sign and attest to the Notes for the Company by manual or facsimile signature. 
 If an
Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office or position at the time the Trustee authenticates the Note, the Note shall nevertheless be valid. 

A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note. The
signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall authenticate all
(i) Initial Notes, (ii) Private Exchange Notes from time to time for issue only in exchange for a like principal amount of Initial Notes and (iii) Unrestricted Notes, from time to time upon a written order of the Company in the form
of an Officers’ Certificate of the Company. Each such written order shall specify the amount and series of Notes to be authenticated and the date on which the Notes are to be authenticated, whether the Notes are to be Initial Notes, Private
Exchange Notes or Unrestricted Notes and whether the Notes are to be issued as Physical Notes or Global Notes or such other information as the Trustee may reasonably request. 

The Trustee may appoint an authenticating agent (the “Authenticating Agent”) reasonably acceptable to the Company to
authenticate Notes. Unless otherwise provided in the appointment, an Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
Authenticating Agent. An Authenticating Agent has the same rights as an Agent to deal with the Company or with any Affiliate of the Company. 

The Notes shall be issuable in fully registered form only, without coupons, in minimum denominations of $2,000 and in integral multiples of
$1,000 in excess of that amount. Subject to applicable law, the aggregate principal amount of (i) the 2020 Notes which may be authenticated and delivered on the Issue Date shall not exceed $300 million and (ii) the 2027 Notes which
may be authenticated and delivered on the Issue Date shall not exceed $900 million; provided, however, that the Company may, without the consent of the Holders, issue additional Notes under this Indenture at any time thereafter. 

  
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 Section 2.3.    Registrar and Paying Agent. The Company shall
maintain an office or agency (which shall be located in the City of New York, State of New York) where (a) Notes may be presented or surrendered for registration of transfer or for exchange (“Registrar”), (b) Notes may be
presented or surrendered for payment (“Paying Agent”) and (c) notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Company may have one or more co-Registrars and one or more additional paying agents reasonably acceptable to the Trustee. The Company may act as its own Paying Agent. If the Company
elects to act as its own Paying Agent with respect to a series of Notes, the Company will notify the Trustee of its election and will hold for the benefit of the Holders of such series of Notes all assets for the payment of principal of, premium, if
any, or interest on, such series of Notes. 
 The Company shall enter into an appropriate agency agreement with any Agent not a party to
this Indenture, which agreement shall incorporate the provisions of the TIA and implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company
shall fail to maintain a Registrar or Paying Agent, the Trustee shall act as such. 
 The Company initially appoints the Trustee as
Registrar, Paying Agent and custodian for service of demands and notices in connection with the Notes. Any of the Registrar, the Paying Agent or any other agent may resign upon 30 days’ notice to the Company. 

Section 2.4.    Paying Agent to Hold Assets in Trust. The Company shall require each Paying Agent with respect
to a series of Notes other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the benefit of the Holders of such series of Notes or the Trustee all assets held by the Paying Agent for the payment of principal of,
premium, if any, or interest on, the Notes of such series (whether such assets have been distributed to it by the Company or any other obligor on the Notes of such series), and the Company and the Paying Agent shall notify the Trustee in writing of
any Default by the Company (or any other obligor on the Notes of such series) in making any such payment. The Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and
the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon
distribution to the Trustee of all assets that shall have been delivered to the Paying Agent, the Paying Agent shall have no further liability for such assets. 

Section 2.5.    Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of the Holders of Notes of each series and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish or cause the Registrar to
furnish to the Trustee five (5) Business Days before each Record Date and at such other times as the Trustee may request in writing a list as of such date and in such form as the Trustee may reasonably require of the names and addresses of the
Holders of Notes of each series, which list may be conclusively relied upon by the Trustee, and the Company shall otherwise comply with TIA Section 312(a). 

  
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 Each date on which such list is issued shall serve as a record date under TIA Section 316(c)
for purposes of determining the identity of Holders entitled to vote or consent to any action authorized or permitted by TIA Section 316(a). 

Section 2.6.    Transfer and Exchange. Subject to Sections 2.16 and 2.17, when Notes are presented to the
Registrar or a co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its requirements for such transaction are met; provided, that, the Notes presented or surrendered for registration of
transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee and the Registrar or co-Registrar, duly executed by the Holder
thereof or his attorney duly authorized in writing. To permit registration of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Notes at the Registrar’s or
co-Registrar’s request. No service charge shall be made for any registration of transfer or exchange, but the Company and the Trustee may require payment of a sum sufficient to cover any transfer tax, fee
or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchanges or transfers pursuant to Section 2.10 or 3.1, in which event the Company shall be
responsible for the payment of such taxes or charges). 
 The Registrar or co-Registrar shall not be
required to register the transfer of or exchange of any Note (i) during a period beginning at the opening of business 15 days before the mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing
and (ii) selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion of any Note being redeemed in part. 

Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial
interests in such Global Notes may be effected only through a book entry system maintained by the Holder of such Global Note (or its agent), and that ownership of a beneficial interest in the Note must be reflected in such book entry system. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
hereunder, under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 Section 2.7.    Replacement Notes. If a mutilated Note is surrendered to
the Trustee or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall, upon receipt of a written order from the Company, authenticate a replacement Note if the
Trustee’s requirements are met. If required by the Trustee or the Company, such Holder must provide an indemnity bond or other indemnity of reasonable tenor, sufficient in the reasonable judgment of the Company and the Trustee, to protect the
Company, the Trustee or any Agent from any loss which any of them may suffer if a Note is replaced. Every replacement Note shall constitute an additional obligation of the Company. 

  
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 Section 2.8.    Outstanding Notes. Notes of any series
outstanding at any time are all the Notes of such series that have been authenticated by the Trustee except those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to the
provisions of Section 2.9, a Note does not cease to be outstanding because the Company or any of its Affiliates holds the Note. 
 If a
Note is replaced pursuant to Section 2.7 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. A
mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.7. 
 If, on a
Redemption Date (including the Special Mandatory Redemption Date), a repurchase date (including a Change of Control Payment Date) or the Maturity Date for a series of Notes, the Paying Agent holds U.S. Legal Tender or U.S. Government Obligations
sufficient to pay all of the principal, premium, if any, and interest due on such series of Notes payable on that date and is not prohibited from paying such money to the Holders of such series of Notes pursuant to the terms of this Indenture, then
on and after that date such Notes shall be deemed not to be outstanding and interest on them shall cease to accrue. 

Section 2.9.    Treasury Notes. In determining whether the Holders of the required principal amount of a
series of Notes have concurred in any direction, waiver, consent or notice, Notes of such series owned by the Company or an Affiliate of the Company shall be considered as though they are not outstanding, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee has been informed in writing by the Company to be so owned shall be so considered. The Company shall notify
the Trustee, in writing, when either it or, to its knowledge, any of its Affiliates repurchases or otherwise acquires Notes, of the series and aggregate principal amount of such Notes so repurchased or otherwise acquired and such other information
as the Trustee may reasonably request, and the Trustee shall be entitled to rely thereon. 

Section 2.10.    Temporary Notes. Until typewritten or printed Notes are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Notes upon receipt of a written order of the Company in the form of an Officers’ Certificate. The Officers’ Certificate shall specify the amount of temporary Notes to be authenticated
and the date on which the temporary Notes are to be authenticated. Temporary Notes shall be substantially in the form of typewritten or printed Notes but may have variations that the Company considers appropriate for temporary Notes and so indicates
in the Officers’ Certificate. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate, upon receipt of a written order of the Company pursuant to Section 2.2, typewritten or printed Notes in exchange for
temporary Notes. 

  
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 Section 2.11.    Cancellation. The Company at any time may
deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. At the written direction of the Company, the Trustee, or at the direction
of the Trustee acting pursuant to such direction from the Company, the Registrar or the Paying Agent, and no one else, shall cancel and, at the written direction of the Company, shall dispose, in its customary manner, of all Notes surrendered for
transfer, exchange, payment or cancellation. Subject to Section 2.7, the Company may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. If the Company shall acquire any of the Notes, such
acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.11. 

Section 2.12.    Defaulted Interest. The Company shall pay from time to time on demand (i) interest on
overdue principal and (ii) to the extent lawful, interest on overdue installments of interest (without regard to any applicable grace periods), in each case, at the rate of interest borne by such applicable series of Notes, plus one percent per
annum from and including the relevant payment date to but excluding the date on which such defaulted amounts shall have been paid by the Company. All such interest will be computed 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. 

If the Company defaults in a payment of interest on any series of Notes, it shall pay the defaulted interest, plus (to the extent lawful) any
interest payable on the defaulted interest, to the Persons who are Holders of such series of Notes on a subsequent special record date, which special record date shall be the fifteenth day next preceding the date fixed by the Company for the payment
of defaulted interest or the next succeeding Business Day if such date is not a Business Day. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each such Note and the date of the proposed
payment (a “Default Interest Payment Date”), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section;
provided, however, that in no event shall the Company deposit monies proposed to be paid in respect of defaulted interest later than 11:00 a.m. New York City time on the proposed Default Interest Payment Date. At least 15 days before
the subsequent special record date, the Company shall send (or cause to be sent) to each Holder of Notes of such series, as of a recent date selected by the Company, with a copy to the Trustee at least 20 days prior to such special record date, a
notice that states the subsequent special record date, the Default Interest Payment Date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid. Notwithstanding the foregoing, any interest which is
paid prior to the expiration of the 30-day period set forth in Section 6.1(1) shall be paid to such Holders of Notes of such series as of the regular record date for the Interest Payment Date for which
interest has not been paid. Notwithstanding the foregoing, the Company may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the applicable series of Notes
may be listed, and upon such notice as may be required by such exchange. 

  
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 Section 2.13.    CUSIP Number. In issuing each series of Notes,
the Company may use a “CUSIP” number, and, if so, the Company shall use the CUSIP number in notices of redemption or exchange as a convenience to Holders; provided, that, any such notice may state that no representation is
thereby deemed to be made as to the correctness or accuracy of any CUSIP number printed in the notice or on any Notes, and that reliance may be placed only on the other identification numbers printed on such Notes. The Company shall promptly notify
the Trustee in writing of any change in any CUSIP number. 
 In the event that the Company shall issue and the Trustee shall authenticate
any Notes issued under this Indenture subsequent to the Issue Date pursuant to Section 2.2, the Company shall use its reasonable efforts to obtain the same CUSIP number for such Notes as is printed on the Notes of the applicable series
outstanding at such time and provide written notice to the Trustee to such effect; provided, however, that if any Notes issued under this Indenture subsequent to the Issue Date are determined, pursuant to an Opinion of Counsel of the
Company, to be a different class of security than the Notes of the applicable series outstanding at such time for federal income tax or securities laws purposes, the Company shall use its reasonable efforts to obtain a “CUSIP” number for
such Notes that is different than the CUSIP number printed on the Notes of the applicable series then outstanding and cause such opinion to be delivered to the Trustee. Notwithstanding the foregoing or any other provision herein to the contrary, all
Notes of a single series issued under this Indenture shall vote and consent together on all matters as one class. 

Section 2.14.    Deposit of Monies. Prior to 11:00 a.m. New York City time on each Interest Payment Date,
Maturity Date, Change of Control Payment Date or Redemption Date, the Company shall have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date, Maturity Date,
Change of Control Payment Date or Redemption Date, as the case may be, in a timely manner which permits the Paying Agent to remit payment to the Holders on such Interest Payment Date, Maturity Date, Change of Control Payment Date or Redemption Date,
as the case may be. 
 Section 2.15.    Restrictive Legends. Each Global Note and Physical Note that
constitutes a Restricted Security shall bear the Private Placement Legend on the face thereof until after the first anniversary of the later of the Issue Date and the last date on which the Company or any Affiliate of the Company was the owner of
such Note (or any predecessor security) (or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereunder, provided that any restrictive legend shall have been removed) (or such longer period of
time as may be required under the Securities Act or applicable state securities laws in an Opinion of Counsel for the Company, unless otherwise agreed by the Company and the Holder thereof); provided, that, if any additional Initial Notes are
issued after the Issue Date pursuant to Section 2.2, the period of resale restrictions applicable to all Initial Notes of such series previously offered and sold in reliance on Rule 144A under the Securities Act that constitute Restricted
Securities shall automatically be extended to the last day of the period of any resale restrictions imposed on such additional Initial Notes of such series issued pursuant to Section 2.2. 

Each Global Note shall also bear the legend as set forth in Exhibit E. 

  
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 Section 2.16.    Book-Entry Provisions for Global Notes. 

(a) The Global Notes initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, (ii) be
delivered to the Trustee as custodian for such Depositary and (iii) bear the legend as set forth in Exhibit E. 
 (b) Members of, or
participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Notes, and the
Depositary may be treated by the Company, the Trustee and any Agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee or any Agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary
practices governing the exercise of the rights of a Holder of any Note. 
 (c) Transfers of a Global Note shall be limited to transfers in
whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Note may be transferred or exchanged for Physical Notes in accordance with the rules and procedures of the Depositary
and the provisions of Section 2.17. In addition, Physical Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (i) the Depositary notifies the Company that it is unwilling or
unable to continue as Depositary for the Global Notes and a successor depositary is not appointed by the Company within 90 days of such notice (ii) the Company discontinues the use of the system of book-entry transfer through the Depositary or
any successor thereto or (iii) an Event of Default has occurred and is continuing and the Registrar has received a written request from the Depositary to issue Physical Notes. 

(d) In connection with any transfer or exchange of a portion of the beneficial interest in a Global Note to beneficial owners pursuant to
paragraph (c) of this Section 2.16, the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute and the Trustee, upon receipt of a written order from the Company, shall authenticate and deliver, one or more Physical Notes of like
tenor and amount. 
 (e) In connection with the transfer of an entire Global Note to beneficial owners pursuant to paragraph (c) of
this Section 2.16, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute and the Trustee, upon receipt of a written order from the Company, shall authenticate and deliver, to each
beneficial owner identified by the Depositary in exchange for its beneficial interest in the Global Note, an equal aggregate principal amount of Physical Notes of authorized denominations. 

(f) Any Physical Note constituting a Restricted Security delivered in exchange for an interest in a Global Note pursuant to paragraph
(c) of this Section 2.16 shall, except as otherwise provided by Section 2.17(a)(i)(x) and Section 2.17(c), bear the Private Placement Legend. 

  
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 (g) The Holder of a Global Note may grant proxies and otherwise authorize any Person, including
Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder of such Global Note is entitled to take under this Indenture or the applicable series of Notes. 

(h) Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 

Section 2.17.    Special Transfer Provisions. 

(a) Transfers to Non-QIB Institutional Accredited Investors and
Non-U.S. Persons. The following provisions shall apply with respect to the registration of any proposed transfer of a Note constituting a Restricted Security to any Institutional Accredited Investor which
is not a QIB or to any Non-U.S. Person: 
 (i)    the Registrar
shall register the transfer of any Note constituting a Restricted Security, whether or not such Note bears the Private Placement Legend, if (x) the requested transfer is after the first anniversary of the Issue Date (provided,
however, that (1) neither the Company nor any Affiliate of the Company has held any beneficial interest in such Note, or portion thereof, or predecessor security at any time on or prior to the first anniversary of the Issue Date and
(2) if any Initial Notes of the applicable series are issued after the Issue Date pursuant to Section 2.2, the period of resale restrictions applicable to such Note shall automatically be extended to the last day of the period of any
resale restrictions imposed on such additional Initial Notes of such series issued pursuant to Section 2.2) or (y) (1) in the case of a transfer to an Institutional Accredited Investor which is not a QIB (excluding Non-U.S. Persons), the proposed transferee has delivered to the Registrar a certificate substantially in the form of Exhibit F hereto or (2) in the case of a transfer to a
Non-U.S. Person, the proposed transferor has delivered to the Registrar a certificate substantially in the form of Exhibit G hereto, including the certifications in item 2 thereof; and 

(ii)    if the proposed transferee is an Agent Member and the Notes to be transferred consist of Physical
Notes which after transfer are to be evidenced by an interest in an IAI Global Note or a Regulation S Global Note, as the case may be, upon receipt by the Registrar of (x) written instructions given in accordance with the Depositary’s and
the Registrar’s procedures and (y) the appropriate certificate, if any, required by clause (y) of paragraph (i) above, the Registrar shall register the transfer and reflect on its books and records the date and an increase in the
principal amount of an IAI Global Note of the applicable series or a Regulation S Global Note of the applicable series, as the case may be, in an amount equal to the principal amount of Physical Notes to be transferred, and the Trustee shall cancel
the Physical Notes so transferred; and 

  
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 (iii)    if the proposed transferor is an Agent Member
seeking to transfer an interest in a Global Note, upon receipt by the Registrar of (x) written instructions given in accordance with the Depositary’s and the Registrar’s procedures and (y) the appropriate certificate, if any,
required by clause (y) of paragraph (i) above, the Registrar shall register the transfer and reflect on its books and records the date and (A) a decrease in the principal amount of the Global Note of the applicable series from which
such interests are to be transferred in an amount equal to the principal amount of the Notes to be transferred and (B) an increase in the principal amount of an IAI Global Note of the applicable series or a Regulation S Global Note of the
applicable series, as the case may be, to which the interests are to be transferred in an amount equal to the principal amount of the Notes to be transferred. 

(b) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a Note
constituting a Restricted Security to a QIB (excluding transfers to Non-U.S. Persons): 

(i)    the Registrar shall register the transfer of any Restricted Security if such transfer is being made
by a proposed transferor who has checked the box provided for on the form of Note stating, or has otherwise advised the Company and the Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a transferee
who has signed the certification provided for on the form of Note stating, or has otherwise advised the Company and the Registrar in writing, that it is purchasing the Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as
it has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A;
and 
 (ii)    if the proposed transferee is an Agent Member, and the Notes to be transferred consist of
Physical Notes which after transfer are to be evidenced by an interest in a Global Note, upon receipt by the Registrar of written instructions given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall
reflect on its books and records the date and an increase in the principal amount of such Global Note in an amount equal to the principal amount of the Physical Notes to be transferred, and the Trustee shall cancel the Physical Notes so transferred;
and 
 (iii)    if the proposed transferor is an Agent Member seeking to transfer an interest in an IAI
Global Note or a Regulation S Global Note, upon receipt by the Registrar of written instructions given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall register the transfer and reflect on its books
and records the date and (A) a decrease in the principal amount of the IAI Global Note of the applicable series or the Regulation S Global Note of the applicable series, as the case may be, in an amount equal to the principal amount of the
Notes to be transferred and (B) an increase in the principal amount of a Global Note of the applicable series in an amount equal to the principal amount of the Notes to be transferred. 

(c) Restrictions on Transfer and Exchange of Global Notes. Notwithstanding any other provisions of this Indenture, a Global Note may
not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

  
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 (d) Private Placement Legend. Upon the transfer, exchange or replacement of Notes not
bearing the Private Placement Legend, the Registrar shall deliver Notes of the applicable series that do not bear the Private Placement Legend. Upon the transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Registrar
shall deliver only Notes of the applicable series that bear the Private Placement Legend unless (i) the requested transfer is after the first anniversary of the Issue Date (provided, however, that (x) neither the Company nor
any Affiliate of the Company has held any beneficial interest in such Note, or portion thereof, or any predecessor security at any time prior to or on the first anniversary of the Issue Date and (y) if any Initial Notes of the applicable series
are issued after the Issue Date pursuant to Section 2.2, the period of resale restrictions applicable to such Notes bearing the Private Placement Legend shall automatically be extended to the last day of the period of any resale restrictions
imposed on such additional Initial Notes of the applicable series issued pursuant to Section 2.2), or (ii) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the effect that
neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. 

(e) General. By its acceptance of any Note bearing the Private Placement Legend, each Holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note only as provided in this Indenture. 

The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.16 or this
Section 2.17. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time during the Registrar’s normal business hours upon the giving of reasonable
written notice to the Registrar. 
 (f) Transfer of Notes Held by Affiliates. Any certificate (i) evidencing a Note of a series
that has been transferred to an Affiliate of the Company within one year after the Issue Date (or if any Initial Notes are issued after the Issue Date pursuant to Section 2.2, the last day of the period of any resale restrictions imposed on
such additional Initial Notes issued pursuant to Section 2.2), as evidenced by a notation on the Assignment Form for such transfer or in the representation letter delivered in respect thereof or (ii) evidencing a Note that has been
acquired from an Affiliate of the Company (other than by an Affiliate of the Company) in a transaction or a chain of transactions not involving any public offering, shall, until the later of (x) one year after the last date on which the Company
or any Affiliate of the Company was an owner of such Note and (y) if any Initial Notes of the applicable series are issued after the Issue Date pursuant to Section 2.2, the last day of the period of any resale restrictions imposed on such
additional Initial Notes issued pursuant to Section 2.2, in each case, bear the Private Placement Legend, unless otherwise agreed by the Company (with written notice thereof to the Trustee). 

(g) Notice of Affiliate Purchases. In connection with the purchase or sale of any Note or any beneficial interest therein by the
Company or any Affiliate thereof (other than a sale to the Initial Purchasers pursuant to the Purchase Agreement, dated as of November 14, 2017, by and among the Company and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman
Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, as the representatives of the Initial Purchasers), the Company shall file
with the Trustee and Registrar a written notice identifying the transaction as such for the purposes hereof. 

  
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 (h) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to
restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes pursuant to this clause
(h). Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i)    Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however,
that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser).
Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to
the Registrar to effect the transfers described in this (i). 
 (ii)    All Other Transfers and Exchanges of
Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.17(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar either
(A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note
of the applicable series in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be
credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note of the
applicable series in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in a Regulation S Temporary Global Note prior to
(A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global
Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to (n) hereof. 

  
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 (iii)    Transfer of Beneficial Interests to Another Restricted Global
Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note of the applicable series if the transfer complies with the
requirements of Section 2.17(h)(ii) hereof and the Registrar receives the following 
 (1)    if the transferee
will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit G hereto, including the certifications in item (1) thereof; or 

(2)    if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit G hereto, including the certifications in item (2) thereof. 

(iv)    Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an
Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note of the applicable series or transferred to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note of the applicable series, if the exchange or transfer complies with the requirements of (ii) hereof and the Registrar receives the following: 

(1)    if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for a beneficial interest in an Unrestricted Global Note of the applicable series, a certificate from such Holder substantially in the form of Exhibit H hereto, including the certifications in item 1(a) thereof; or 

(2)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note of the applicable series, a certificate from such holder in the form of Exhibit F hereto, including the certifications in item
(4) thereof; 
 and, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to
the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act. 
 If any such transfer is effected pursuant to this Section 2.17(h)(iv) at a time when an Unrestricted Global
Note of the applicable series has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.2, the Trustee shall authenticate one or more Unrestricted Global Notes of the applicable
series in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section 2.17(h)(iv). 

(v)    Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a
Restricted Global Note Prohibited. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, beneficial interests in a Restricted Global Note of the
applicable series. 

  
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 (i) Transfer or Exchange of Beneficial Interests for Definitive Notes. Beneficial
interests in Global Notes shall be exchanged for Definitive Notes of the applicable series only pursuant to this clause (i). 

(i)    Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a
beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note of the applicable series or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a
Restricted Definitive Note of the applicable series, then, upon the occurrence of any of the events in clause (A) or (B) of Section 2.17(a) hereof, subject to satisfaction of the conditions set forth in Section 2.6 and receipt by the
Registrar of the following documentation: 
 (1)    if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a Restricted Definitive Note of the applicable series, a certificate from such holder substantially in the form of Exhibit H hereto, including the certifications in item (2)(a) thereof; 

(2)    if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate
substantially in the form of Exhibit G hereto, including the certifications in item (1) thereof; 
 (3)    if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit G hereto, including the
certifications in item (2) thereof; 
 (4)    if such beneficial interest is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit G hereto, including the certifications in item (3)(a) thereof; 

(5)    if such beneficial interest is being transferred to the Company or any of its Restricted Subsidiaries, a
certificate substantially in the form of Exhibit G hereto, including the certifications in item (3)(b) thereof; or 

(6)    if such beneficial interest is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate substantially in the form of Exhibit G hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause
the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to (n) hereof, and the Company shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive
Note of the applicable series in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.17(i) shall be registered in such name or names and in
such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes
to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.17(i)(i) shall bear the Private Placement Legend and shall be
subject to all restrictions on transfer contained therein. 

  
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 (ii)    Beneficial Interests in Regulation S Temporary Global Note to
Definitive Notes. Notwithstanding Sections 2.17(i)(i)(A) and (C) hereof, a beneficial interest in a Regulation S Temporary Global Note may not be exchanged for a Definitive Note of the applicable series or transferred to a Person who takes
delivery thereof in the form of a Definitive Note of the applicable series prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the
Securities Act. 
 (iii)    Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A
holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note of the applicable series or may transfer such beneficial interest to a Person who takes delivery thereof in the
form of an Unrestricted Definitive Note of the applicable series only upon the occurrence of any of the events in clause (A) or (B) of Section 2.17(h) and satisfaction of the conditions set forth in Section 2.17(i)(ii) hereof and if
the Registrar receives the following: 
 (1)    if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Definitive Note of the applicable series, a certificate from such holder substantially in the form of Exhibit H hereto, including the certifications in item (1)(b) thereof; or 

(2)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note of the applicable series, a certificate from such holder substantially in the form of Exhibit G hereto, including the certifications in item
(4) thereof; 
 and, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to
the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act. 
 (iv)    Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note of the applicable series or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note of the applicable series, then, upon the occurrence of any of the events in clause (i) or (ii) of Section 2.16(c) hereof and satisfaction of the conditions set forth in Section 2.17(h)(ii)
hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to (n) hereof, and the Company shall execute and the Trustee shall authenticate and send to the Person designated in
the instructions a Definitive Note of the applicable series in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.17(1)(iv) shall be registered in such name or names and
in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such
Definitive Notes to the Persons in whose names such Notes are so registered. 

  
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 Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.17(1)(iv) shall not bear the Private Placement Legend. 
 (j) Transfer and Exchange of Definitive Notes for Beneficial
Interests. Restricted Definitive Notes shall be exchanged for beneficial interests in Restricted Global Notes of the applicable series only pursuant to this clause (j). 

(i)    Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a
Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note of the applicable series or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in a Restricted Global Note of the applicable series, then, upon receipt by the Registrar of the following documentation: 

(1)    if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a
Restricted Global Note of the applicable series, a certificate from such Holder substantially in the form of Exhibit H hereto, including the certifications in item (2)(b) thereof; 

(2)    if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate
substantially in the form of Exhibit G hereto, including the certifications in item (1) thereof; 
 (3)    if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit G hereto, including
the certifications in item (2) thereof; 
 (4)    if such Restricted Definitive Note is being transferred pursuant
to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit G hereto, including the certifications in item (3)(a) thereof; 

(5)    if such Restricted Definitive Note is being transferred to the Company or any of its Restricted Subsidiaries, a
certificate substantially in the form of Exhibit G hereto, including the certifications in item (3)(b) thereof; or 

(6)    if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate substantially in the form of Exhibit G hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall
cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (1) above, the applicable Restricted Global Note, in the case of clause (2) above, the applicable 144A Global
Note, and in the case of clause (3) above, the applicable Regulation S Global Note. 

  
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 Notwithstanding the foregoing, exchanges of the Definitive Notes by the Initial Purchasers on the
date of this Indenture for beneficial interests in one or more Restricted Global Notes of the applicable series shall not require the delivery of the certifications referred to in clauses (1) through (4) above. 

(ii)    Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note of the applicable series or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note of the applicable series only if the Registrar receives the following: 
 (1)    if the Holder
of such Definitive Notes proposes to exchange such Notes for a beneficial interest in an Unrestricted Global Note of the applicable series, a certificate from such Holder substantially in the form of Exhibit H hereto, including the certifications in
item (1)(c) thereof; or 
 (2)    if the Holder of such Definitive Notes proposes to transfer such Notes to a Person
who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note of the applicable series, a certificate from such Holder substantially in the form of Exhibit G hereto, including the certifications in item
(4) thereof; 
 and, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to
the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.17(j)(ii), the Trustee
shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of an Unrestricted Global Note of the applicable series. 

(iii)    Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an
Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note of the applicable series or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note of the applicable series at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate
principal amount of one of the Unrestricted Global Notes of the applicable series. 
 If any such exchange or transfer from a Definitive
Note to a beneficial interest is effected pursuant to subparagraph (i)(2), (i)(4) or (iii) above at a time when an Unrestricted Global Note of the applicable series has not yet been issued, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.2, the Trustee shall authenticate one or more Unrestricted Global Notes of the applicable series in an aggregate principal amount equal to the principal amount of Definitive Notes so
transferred. 

  
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 (k) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.17(k), the Registrar shall register the transfer or exchange of Definitive Notes. Definitive Notes shall be exchanged for Definitive Notes of the
applicable series only pursuant to this clause (k). Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable,
required pursuant to the following provisions of this Section 2.17(k): 
 (i)    Restricted Definitive Notes to
Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(1)    if the transfer will be made pursuant to a QIB in accordance with Rule 144A, then the transferor must deliver a
certificate substantially in the form of Exhibit G hereto, including the certifications in item (1) thereof; 

(2)    if the transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a certificate in
the form of Exhibit G hereto, including the certifications in item (2) thereof; or 
 (3)    if the transfer will
be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit G hereto, including the certifications in item (3) thereof. 

(ii)    Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be
exchanged by the Holder thereof for an Unrestricted Definitive Note of the applicable series or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note of the applicable series if the Registrar
receives the following: 
 (1)    if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for
an Unrestricted Definitive Note of the applicable series, a certificate from such Holder substantially in the form of Exhibit H hereto, including the certifications in item (1)(d) thereof; or 

(2)    if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of an Unrestricted Definitive Note of the applicable series, a certificate from such Holder substantially in the form of Exhibit G hereto, including the certifications in item (4) thereof; 

and, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

  
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 (iii)    Unrestricted Definitive Notes to Unrestricted Definitive
Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (l) Legends. The following legends shall
appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(i)    Private Placement Legend. Except as permitted by the following sentence, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the Private Placement Legend. Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (h)(iv), (i)(iii),
(i)(iv), (j)(ii), (j)(iii), (k)(ii) or (k)(iii) of this Section 2.17 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. The Private Placement Legend shall be substantially in the
following form: 
 “THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS
HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (I) TO THE ISSUER OR ANY SUBSIDIARY OF THE ISSUER, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT), (IV) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,
IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE U.S., AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.” 

  
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 (ii)    Global Note Legend. Each Global Note shall bear the legend as
set forth in Exhibit E. 
 (iii)    Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note
shall bear a legend in substantially the following form: 
 “THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL
NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 
 (m)
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes of the applicable series or a particular Global Note has been redeemed, repurchased
or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note
is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note of the applicable series or for Definitive Notes of the applicable series, the principal amount of Notes
represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being
exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note of the applicable series, such other Global Note shall be increased accordingly and an endorsement shall be made on
such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (n) General Provisions
Relating to Transfers and Exchanges. 
 (i)    To permit registrations of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.2 hereof or at the Registrar’s request. 

(ii)    The Registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in
connection with a transfer of Notes. 
 (iii)    No service charge shall be made to a holder of a beneficial interest in
a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but Holders shall pay all taxes due on transfer (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.7, 2.10, 4.14 and 9.5 hereof). 
 (iv)    Neither the Registrar nor the Company shall be required
to register the transfer of or exchange any Note selected for redemption. 
 (v)    All Global Notes and Definitive
Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 

  
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 (vi)    The Company shall not be required (A) to issue, register the
transfer of or exchange any Note for a period of 15 days before the transmission of a notice of redemption of Notes to be redeemed, (B) to transfer or exchange any Note selected for redemption, (C) to register the transfer of or to
exchange a Note between a Record Date and the next succeeding Interest Payment Date or (D) to register the transfer of or to exchange any Notes selected for redemption or tendered (and not withdrawn) for repurchase in connection with a Change
of Control Offer. 
 (vii)    Prior to due presentment for the registration of a transfer of a Note, the Trustee, any
Agent and the Company may deem and treat the Person in whose name such Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Note and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(viii)    Upon surrender for registration of transfer of any Note at the office or agency of the Company designated
pursuant to Section 2.3 hereof, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of the applicable series of any authorized
denomination or denominations of a like aggregate principal amount. 
 (ix)    At the option of the Holder, Notes may be
exchanged for other Notes of the applicable series of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive
Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes of the applicable series which the Holder making the exchange is entitled to in
accordance with the provisions of Section 2.2 hereof. 
 (x)    All certifications, certificates and Opinions of
Counsel required to be submitted to the Registrar pursuant to this Section 2.17 to effect a registration of transfer or exchange may be submitted electronically. 

(xi)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary Participants or beneficial owners of interests in any Global
Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 (xii)    Neither the Trustee nor any Agent
shall have any responsibility or liability for any actions taken or not taken by the Depositary. 

  
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 Section 2.18.    Additional Interest Under Registration Rights
Agreement. Under certain circumstances, the Company shall be obligated to pay Additional Interest to the Holders of the applicable series of Notes, as set forth in Section 4 of the Registration Rights Agreement. 

ARTICLE III. 
 REDEMPTION 

Section 3.1.    Optional Redemption by the Company. 

(a) Right to Redeem; Notice to Trustee. The Company, at its option, may redeem a series of Notes in accordance with the provisions of
paragraphs 5 and 6 of such series of Notes. If the Company elects to redeem a series of Notes pursuant to paragraph 5 of such series of Notes, it shall notify the Trustee in writing of the Redemption Date, the principal amount of such series of
Notes to be redeemed and the Redemption Price that would be in effect if such Notes were being redeemed on the date of the notice. The Company shall give the notice to the Trustee provided for in this Section 3.1(a) at least 45 days but not
more than 90 days before such Redemption Date (unless a shorter period shall be satisfactory to the Trustee) (other than the Special Mandatory Redemption Date). 

(b) Notice of Redemption. At least 30 days but not more than 60 days before a Redemption Date (other than the Special Mandatory
Redemption Date), the Company shall send or cause to be sent a notice of redemption to the Trustee and to each Holder of such Notes to be redeemed at such Holder’s address as it appears on the Note register. 

The notice shall identify the Notes to be redeemed and shall state: 

(i)    the Redemption Date; 

(ii)    the Redemption Price that would be in effect if such Notes were being redeemed on the date of the notice; 

(iii)    the name and address of the Paying Agent; 

(iv)    that Notes called for redemption must be presented and surrendered to the Paying Agent to collect the Redemption
Price and any accrued interest; 
 (v)    that interest on Notes called for redemption shall cease to accrue on and
after the Redemption Date and, unless the Company defaults in making the redemption payment, the only remaining right of the Holder with respect to such Notes shall be to receive payment of the Redemption Price upon presentation and surrender to the
Paying Agent of such Notes; 
 (vi)    if fewer than all the outstanding Notes are to be redeemed, the series,
certificate number (if any) and principal amounts of the particular Notes to be redeemed; and 
 (vii)    the CUSIP
number or numbers for the Notes called for redemption. 

  
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 At the Company’s request, delivered to the Trustee at least 5 Business Days prior to the
date such notice is to be given (unless a shorter period shall be acceptable to the Trustee), the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company will provide the
Trustee with the notice to be delivered to the Holders of such Notes called for redemption, which shall contain the information required by clauses (i) through (vii). 

(c) Effect of Notice of Redemption. Once notice of redemption is sent, Notes called for redemption become due and payable on the
Redemption Date and at the Redemption Price stated in the notice. Upon presentation and surrender to the Paying Agent, such Notes called for redemption shall be paid at the Redemption Price, together with any accrued interest. 

(d) Sinking Fund. There shall be no sinking fund provided for the Notes. 

Section 3.2.    Special Mandatory Redemption by the Company. If (x) the consummation of the Merger does
not occur on or before August 31, 2018 or (y) prior to such date, the Company notifies the Trustee that it will not pursue the consummation of the Merger (each, a “Special Mandatory Redemption Trigger Event”), the Company
shall redeem all the outstanding Notes of each series (such redemption, the “Special Mandatory Redemption”) at a Redemption Price equal to 101% of the principal amount of the Notes of such series plus accrued and unpaid interest to,
but excluding, the Special Mandatory Redemption Date (as defined below) with respect thereto (the “Special Mandatory Redemption Price”). Upon the occurrence of a Special Mandatory Redemption Trigger Event, the Company shall promptly
(but in no event later than 10 Business Days following such Special Mandatory Redemption Trigger Event) notify the Trustee in writing of such Special Mandatory Redemption and the Redemption Date with respect thereto (the “Special Mandatory
Redemption Date”) which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory Redemption for the Trustee to deliver to each registered Holder of Notes. The Trustee
shall then promptly mail, or deliver electronically if such Notes are held by the Depositary in accordance with the Depositary’s customary procedures, such notice of Special Mandatory Redemption to each registered Holder of Notes at its
registered address. Unless the Company defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption Date, interest will cease to accrue on the Notes. 

ARTICLE IV. 
 COVENANTS 

Section 4.1.    Payment of Notes. The Company will promptly pay or cause to be paid the principal of, premium,
if any, and interest, if any, on each of the Notes at the places and time and in the manner provided in the Notes and this Indenture. An installment of principal, premium or interest will be considered paid on the date it is due if the Trustee or
Paying Agent holds on that date in accordance with this Indenture money designated for and sufficient to pay the installment then due. 

  
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 The Company will pay or cause to be paid interest on overdue principal at the rate specified in
the applicable series of Notes; it will also pay interest on overdue installments of interest at the same rate, to the extent lawful. 

Section 4.2.    Reporting. The Company will file with the Trustee within 15 days after filing with the SEC,
copies of its annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act. The Company also will comply with the other provisions of TIA Section 314(a). In addition, if at any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, it shall furnish
to Holders and prospective investors, upon request, any information required to be delivered pursuant to Rule 144A(d)(4) of the Securities Act, so long as the Notes are not freely transferable under the Securities Act. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates); provided, that, the Trustee will be deemed to have actual knowledge of any Event of Default or Default set forth in any Officers’ Certificate delivered pursuant to
Section 4.4. 
 Section 4.3.    Corporate Existence. Subject to Article V, the
Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, that, the Company will not be required to preserve any
such right or franchise if the Board of Directors determines that the preservation of the right or franchise is no longer desirable in the conduct of the business of the Company and that its loss will not be disadvantageous in any material respect
to the Holders. 
 Section 4.4.    Compliance Certificate. The Company will deliver to the Trustee within
120 days after the end of each Fiscal Year of the Company an Officers’ Certificate stating that in the course of the performance by the authorized signers of their duties as Officers of the Company they would normally have knowledge of any
Default or Event of Default by the Company and whether or not the authorized signers know of any Default or Event of Default that occurred during the Fiscal Year. If they do, the Officers’ Certificate will describe the Default or Event of
Default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also will comply with TIA Section 314(a)(4). For the purposes of this provision of this Indenture, compliance is determined without
regard to any grace period or requirement of notice under this Indenture. 
 Section 4.5.    Further Instruments
and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

  
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 Section 4.6.    Limitations on Liens. The Company shall not, nor
shall it permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien, upon any of its properties or assets, whether owned on the Issue Date or thereafter acquired, unless (1) if a Lien secures Indebtedness which is
pari passu with any series of Notes, then such series of Notes is secured by a Lien on the same properties or assets on an equal and ratable basis with the obligation so secured until such time as such obligation is no longer secured by a
Lien, (2) if such Lien secures Indebtedness which is subordinated to any series of Notes, then such series of Notes is secured by a Lien on the same properties or assets and the Lien securing such Indebtedness is subordinated to the Lien
granted to the Holders of such series of Notes to the same extent as such Indebtedness is subordinated to such series of Notes or (3) such Lien is a Permitted Lien (as defined below). 

The following Liens constitute “Permitted Liens”: 

(a) Liens on property of a Person existing at the time such Person is merged into or consolidated with or otherwise acquired by the Company or
any Restricted Subsidiary, provided that such Liens were in existence prior to, and were not created in contemplation of, such merger, consolidation or acquisition and do not extend to any assets other than those of the Person merged into or
consolidated with the Company or a Restricted Subsidiary; 
 (b) Liens on property existing at the time of acquisition thereof by the
Company or any Restricted Subsidiary; provided that such Liens were in existence prior to, and were not created in contemplation of, such acquisition and do not extend to any assets other than the property acquired; 

(c) Liens imposed by law such as carriers’, warehouseman’s or mechanics’ Liens, and other Liens to secure the performance of
statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 

(d) Liens incurred in connection with pollution control, industrial revenue, water, sewage or any similar bonds; 

(e) Liens securing Indebtedness representing, or incurred to finance, the cost of acquiring, constructing or improving any assets, provided
that the principal amount of such Indebtedness does not exceed 100% of such cost, including construction charges; 
 (f) Liens securing
Indebtedness (A) between a Restricted Subsidiary and the Company, or (B) between Restricted Subsidiaries; 
 (g) Liens incurred in
the ordinary course of business to secure performance of obligations with respect to statutory or regulatory requirements, performance or return-of-money bonds, surety
bonds or other obligations of a like nature, in each case which are not incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property and which do not in the
aggregate impair in any material respect the use of property in the operation of the Company’s business taken as a whole; 
 (h)
pledges or deposits under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of indebtedness) or leases to which the
Company or any Restricted Subsidiary is a party, or deposits to secure public or statutory obligations of the Company or of any Restricted Subsidiary or deposits for the payment of rent, in each case incurred in the ordinary course of business; 


  
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 (i) Liens granted to any bank or other institution on the payments to be made to such institution
by the Company or any Subsidiary pursuant to any interest rate swap or similar agreement or foreign currency hedge, exchange or similar agreement designed to provide protection against fluctuations in interest rates and currency exchange rates,
respectively, provided that such agreements are entered into in, or are incidental to, the ordinary course of business; 
 (j) Liens arising
solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of set off or similar rights and remedies; 

(k) Liens arising from the Uniform Commercial Code financing statements regarding leases; 

(l) Liens securing Indebtedness incurred to finance the acquisition, construction, improvement, development or expansion of a property which
are given within 180 days of the acquisition, construction, improvement, development or expansion of such property and which is limited to such property; 

(m) Liens incurred in connection with Non-Recourse Indebtedness; 

(n) Liens existing on the Issue Date; 

(o) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by
appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(p) Liens securing refinancing Indebtedness; provided that any such Lien does not extend to or cover any property or assets other than the
property or assets securing Indebtedness so refunded, refinanced or extended; 
 (q) easements, rights-of-way and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, licenses, restrictions on the use of property or minor
imperfections in title thereto which, in the aggregate, are not material in amount, and which do not in any case materially detract from the Company’s properties subject thereto; and 

(r) any extensions, substitutions, modifications, replacements or renewals of the Permitted Liens described above. 

Notwithstanding the foregoing, the Company may, and may permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien
upon any of its properties or assets that is not a Permitted Lien without equally and ratably securing the Notes if, at the time the Indebtedness secured by the Lien is incurred, the aggregate amount of all Indebtedness then outstanding secured by
such Lien and all other Liens, together with the aggregate net sale proceeds from all Sale-Leaseback Transactions which are not Permitted Sale-Leaseback Transactions, does not exceed 20% of the Consolidated Net Tangible Assets of the Company;
provided that Indebtedness secured by Permitted Liens shall not be included in the amount of such secured Indebtedness. 

  
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 Section 4.7.    Sale-Leaseback Transactions. The Company shall
not, and shall not permit any Restricted Subsidiary to, after the date hereof, enter into any Sale-Leaseback Transaction other than Permitted Sale-Leaseback Transactions (as defined below). The following Sale-Leaseback Transactions constitute
“Permitted Sale-Leaseback Transactions”: 
 (a) a Sale-Leaseback Transaction involving the leasing by the Company or any
Restricted Subsidiary of model homes in the Company’s (including its Subsidiaries’) communities; 
 (b) a Sale-Leaseback
Transaction relating to a property entered into within 180 days after (i) the date of acquisition of such property by the Company or a Restricted Subsidiary or (ii) the date of the completion of construction or commencement of full
operations on such property, whichever is later; 
 (c) a Sale-Leaseback Transaction where the Company, within 365 days after such
Sale-Leaseback Transaction, applies or causes to be applied to (a) the retirement of any Funded Debt of the Company or any Restricted Subsidiary (other than Funded Debt which by its terms or the terms of the instrument by which it was issued is
subordinate in right of payment to the Notes) or (b) the purchase by the Company or any Restricted Subsidiary of property substantially similar to the property sold or transferred, in each case, proceeds of the sale of such property, but only
to the extent of the amount of proceeds so applied; 
 (d) a Sale-Leaseback Transaction where the Company or any Restricted Subsidiary
would, on the effective date of such sale or transfer, be entitled, pursuant to this Indenture, to issue, assume or guarantee Indebtedness secured by a Lien upon the relevant property, at least equal in amount to the then present value (discounted
at the actual rate of interest of the Sale-Leaseback Transaction) of the obligation for the net rental payments in respect of such Sale-Leaseback Transaction without equally and ratably securing the Notes; 

(e) a Sale-Leaseback Transaction between the Company and any Restricted Subsidiary or among Restricted Subsidiaries; provided,
that, the lessor shall be the Company or a Restricted Subsidiary; and 
 (f) a Sale-Leaseback Transaction which has a lease of no
more than three years in length. 
 Notwithstanding the foregoing, the Company may, and may permit any Restricted Subsidiary to, effect any
Sale-Leaseback Transaction involving any real or tangible personal property which is not a Permitted Sale-Leaseback Transaction, provided that at the time of the Sale-Leaseback Transaction the aggregate net sales proceeds from all Sale-Leaseback
Transactions which are not Permitted Sale-Leaseback Transactions, together with all Indebtedness secured by Liens other than Permitted Liens, does not exceed 20% of the Consolidated Net Tangible Assets of the Company. 

  
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 Section 4.8.    Furnishing Guarantees. The Company shall cause
each existing or future wholly-owned Subsidiary (other than its finance company Subsidiaries and any foreign Subsidiaries) that guarantees any of the Company’s Indebtedness or guarantees the obligations of any Subsidiary as a guarantor of the
Company’s Indebtedness to become a Guarantor by causing such Subsidiary, as promptly as practicable, but in any event not later than the date on which such Subsidiary becomes a guarantor of any other Indebtedness of the Company or any
Subsidiary, to execute and deliver to the Trustee a Guarantee in substantially the form of Exhibit I hereto and the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with (which counsel, as to factual matters, may rely on
an Officers’ Certificate). 
 Section 4.9.    Change of Control. 

(a) If a Change of Control Triggering Event with respect to any series of Notes occurs, unless the Company has exercised its option to redeem
the Notes of such series by notifying the Holders of Notes of such series to that effect as described in Section 3.1 above, the Company shall make an offer (a “Change of Control Offer”) to each Holder of Notes of such series to
repurchase all or any part of that Holder’s Notes on the terms set forth in this Section 4.9; provided, that, the Notes shall be repurchased in multiples of $1,000 and if any Holder elects to have less than all of its Notes
repurchased by the Company, the unpurchased portion of the Notes shall be equal to $2,000 or an integral multiple of $1,000 in excess thereof. In a Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate
principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event
or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall send a notice to Holders of the applicable series of
Notes, describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes of such series on the date specified in the notice, which date will be no earlier than 30 days and no
later than 60 days from the date that notice is sent, other than as may be required by law (a “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the
Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. 

(b) On each Change of Control Payment Date, the Company shall, to the extent lawful: 

 

	 	(i)	accept for payment all Notes or portions of Notes of the applicable series properly tendered pursuant to the Change of Control Offer; 


 

	 	(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes of such series properly tendered; and 


  
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	 	(iii)	deliver or cause to be delivered to the Trustee the Notes of such series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being
repurchased and that all conditions precedent provided for herein to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the Change of Control Offer have been complied with. 


(c) The Company shall not be required to make a Change of Control Offer with respect to any series of Notes upon the occurrence of a Change of
Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all Notes of such series properly tendered
and not withdrawn under its offer. 
 The Company shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of any series as a result of a Change of Control Triggering Event.
To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions herein, the Company will comply with those securities laws and regulations and shall not be deemed to have breached its
obligations under the Change of Control Offer provisions herein by virtue of any such conflict. 
 (d) As used herein: 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries, taken as a whole, to any person,
other than the Company or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the
Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or
merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property,
other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any
direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Board of Directors are not Continuing Directors; or (5) the adoption
of a plan relating to the Company’s liquidation or dissolution. 

  
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 Notwithstanding the foregoing, a transaction (or series of related transactions) will not be
deemed to involve a Change of Control under clause (2) above if, either: 
 (i)(A) the Company becomes a direct or indirect
wholly-owned Subsidiary of a holding company and (B)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock
immediately prior to that transaction or (2) the shares of the Company’s Voting Stock outstanding immediately prior to such transaction are converted into or exchanged for, a majority of the Voting Stock of such holding company immediately
after giving effect to such transaction; or 
 (ii)(A) Stuart Miller, together with members of his immediate family, directly or indirectly,
becomes the beneficial owner of more than 50%, but less than 66 2⁄3%, of the Company’s outstanding Voting Stock, measured by voting power rather than
number of shares and (B) immediately after such transaction or transactions the Class A Common Stock is listed for trading on The New York Stock Exchange or The Nasdaq Global Market. 

The term “person,” as used in this definition of Change of Control, has the meaning given thereto in Section 13(d)(3) of the
Exchange Act. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 “Continuing Director” means, as of any date of determination, any member of the Board of Directors who (1) was a
member of the Board of Directors on the Issue Date or (2) was nominated for election, elected or appointed to the Board of Directors with the approval of a majority of the Continuing Directors who were members of the Board of Directors at the
time of the nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which that member was named as a nominee for election as a director, without objection to the nomination). 

“Fitch” means Fitch Inc. and its successors. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P and BBB- (or the equivalent) by Fitch, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating
Agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Rating Agencies” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or
Fitch ceases to rate the Notes or fails to make a rating of a series of Notes publicly available for reasons beyond the Company’s control, a “nationally recognized statistical rating organization” as such term is defined in
Section 3(a)(62) of the Exchange Act that is selected by the Company (as certified by a resolution of the Board of Directors) as a replacement rating agency for Moody’s, S&P or Fitch, or all of them, as the case may be. 

  
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 “Rating Event” means the rating on a series of Notes is lowered by at least two
of the three Rating Agencies and such series of Notes is rated below an Investment Grade Rating by at least two of the three Rating Agencies (and, if there is a split among the three Rating Agencies, by the two Rating Agencies with the lowest
ratings) in any case on any day during the period (which period will be extended so long as the rating of such series of Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing 90 days prior
to the earlier of (1) the first public notice of the occurrence of a Change of Control and (2) the first public notice of the Company’s intention to effect a Change of Control, and ending 90 days following consummation of such Change
of Control. 
 “S&P” means S&P Global Ratings, a division of S&P Global, Inc., and its successors. 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) as of any date, the capital stock of that person that is at the time entitled to vote generally in the election of the board of directors of that person. 

ARTICLE V. 
 SUCCESSOR CORPORATION

 Section 5.1.    Company May Consolidate, etc., Only on Certain Terms. The Company will not consolidate
with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless: 

(1)    the corporation formed by the consolidation or into which the Company is merged or the Person which acquires by
conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety will be a corporation organized and existing under the laws of the United States of America, a State of the United States of America or
the District of Columbia and expressly assumes, by one or more supplemental indentures, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest, if
any, on all the Notes and the performance of every covenant of this Indenture to be performed or observed by the Company; 

(2)    immediately after giving effect to the transaction, no Default or Event of Default will have occurred and be
continuing; and 
 (3)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that the consolidation, merger, conveyance, transfer or lease and the supplemental indenture (or the supplemental indentures together) comply with this Article and that all the conditions precedent relating to the transaction
set forth in this Section have been fulfilled. 
 Section 5.2.    Successor Corporation Substituted. Upon
any event described in Section 5.1, the successor corporation will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, and, except in connection with a lease transaction, the
predecessor corporation will be relieved of all obligations and covenants under this Indenture. 

  
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 ARTICLE VI. 

DEFAULTS AND REMEDIES 

Section 6.1.    Events of Default. 

Any one of the following events occurring with respect to a series of Notes shall constitute an “Event of Default” hereunder with
respect to such series of Notes (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
 (1)    a default by the Company in the payment when due of
interest on such series of Notes, which default continues for a period of 30 days; 
 (2)    a default by the Company
in the payment when due of the principal or Redemption Price or Repurchase Price due with respect to such series of Notes (including in the case of a Special Mandatory Redemption); 

(3)    a default by the Company or any Restricted Subsidiary with respect to its obligation to pay Indebtedness for money
borrowed by the Company or a Restricted Subsidiary (other than any Non-Recourse Indebtedness), which default shall have resulted in the acceleration of, or be a failure to pay at final maturity, Indebtedness
aggregating more than $50 million, and where such acceleration does not cease to exist, or such Indebtedness is not satisfied, in either case, within 30 days after such acceleration; 

(4)    a failure to perform any other covenant or warranty of the Company herein, which continues for 60 days after
written notice as provided in the last paragraph of this Section 6.1; 
 (5)    final judgments or orders are
rendered against the Company or any Restricted Subsidiary which require the payment by the Company or any Restricted Subsidiary of an amount (to the extent not covered by insurance) in excess of $50 million and such judgments or orders remain
unstayed or unsatisfied for more than 60 days and are not being contested in good faith by appropriate proceedings; 

(6)    the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a
Significant Subsidiary), pursuant to any Bankruptcy Law applicable to the Company or such Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary): (A) commences a voluntary case;
(B) consents to the entry of an order for relief against it or them in an involuntary case against it or them; (C) consents to the appointment of a Custodian of it or them or for any substantial part of its or their property; or
(D) makes a general assignment for the benefit of its or their creditors; or 

  
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 (7)    a court of competent jurisdiction enters an order or decree under any
applicable Bankruptcy Law: (A) for relief in an involuntary case against the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); (B) appointing a Custodian of the
Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary) or for any substantial part of its or their respective property; or (C) ordering the winding up or liquidation of
the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); and the order or decree remains unstayed and in effect for 90 days. 

A Default under clause (4) of this Section 6.1 is not an Event of Default until the Holders of at least 25% in principal amount of
the applicable series of Notes then outstanding with regard to which the Company has failed to comply with a covenant or agreement notify the Company and the Trustee of the Default and the Company does not cure the Default within 60 days after the
giving of the notice. The notice must reference this Indenture and the Notes, specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 

The Company will deliver to the Trustee, within 20 days after it occurs, written notice in the form of an Officers’ Certificate of any
event of which the Company is aware which with the giving of notice and the lapse of time would become an Event of Default, its status and what action the Company is taking or proposes to take with respect to it. 

Section 6.2.    Acceleration of Maturity; Rescission and Annulment.    If an Event of
Default occurs and is continuing with respect to a series of Notes, unless the principal of such series of Notes has already become due and payable, the Trustee by notice to the Company, or the Holders of not less than 25% in aggregate principal
amount of the Notes then outstanding of such series by notice to the Company and the Trustee, may declare the outstanding principal of such series of Notes and any accrued and unpaid interest thereon through the date of such declaration on all of
the Notes of such series to be immediately due and payable. Upon such a declaration, such outstanding principal amount and accrued and unpaid interest, if any, shall be due and payable immediately. If an Event of Default with respect to a series of
Notes specified in Section 6.1(6) or (7) occurs and is continuing, the outstanding principal amount of such series of Notes shall automatically become and be immediately due and payable without any declaration or other act on the part of
the Trustee or any Holders. The Holders of a majority in aggregate principal amount of the Notes then outstanding of the applicable series, on behalf of the Holders of all of the Notes of such series, by notice to the Company and the Trustee (and
without notice to any other Holder), may rescind any acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of the
outstanding principal amount of any of the Notes of such series that has become due solely as a result of acceleration and if all amounts due to the Trustee under Section 7.7 have been paid. No such rescission shall affect any subsequent
Default or Event of Default or impair any right consequent thereto. 
 In case the Trustee shall have proceeded to enforce any right under
this Indenture and such proceedings shall have been discontinued or abandoned because of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company,
the Holders of the applicable series of Notes, and the Trustee shall be restored respectively to their several positions and rights hereunder and all rights, remedies and powers of the Company, the Holders of the applicable series of Notes, and the
Trustee shall continue as though no such proceeding had been taken. 

  
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 The Trustee shall, within 90 days after a Trust Officer has actual knowledge of the occurrence of
a Default or any Event of Default with respect to a series of Notes, send to all Holders of Notes of such series, as the names and addresses of such Holders appear upon the Note register, notice of all Defaults or Events of Default with respect to
such series of Notes actually known to a Trust Officer, unless such Default or Event of Default is cured or waived before the giving of such notice; provided, that, except in the case of default in the payment of the principal,
interest, Redemption Price or Repurchase Price, as the case may be, on any of the Notes, the Trustee shall be protected in withholding such notice if and so long as a trust committee of Trust Officers of the Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders of the Notes of the applicable series; and provided, further, in the case of any Default under Section 6.1(3) of this Indenture, no such notice to Holders of Notes of
the applicable series shall be given until the end of the 30-day grace period referred to therein. 

The Holders of a majority in principal amount of a series of Notes then outstanding shall have the right to direct the time, method and place
of conducting any proceedings for any remedy available to the Trustee with respect to the Notes of such series, subject to the limitations specified herein. 

Section 6.3.    Other Remedies. If an Event of Default as to a series of Notes occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal of, premium, if any, and interest, if any, on such series of Notes or to enforce the performance of any provision under this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default will not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other
remedy. All available remedies are cumulative. 
 Section 6.4.    Waiver of Existing Defaults. The Holders
of a majority in aggregate principal amount of Notes then outstanding of a series, on behalf of the Holders of all the Notes of such series, by notice to the Trustee may consent to the waiver of any past Default with regard to such series of Notes
and its consequences except (i) a default in the payment of interest or premium, if any, on, or the principal of, such series of Notes, (ii) a failure to redeem or repurchase any Notes of such series as required under this Indenture or
(iii) a default in respect of a covenant or a provision that under Section 9.2 cannot be modified or amended without the consent of the Holders of all Notes then outstanding of such series. The defaults described in clauses (i), (ii) and
(iii) in the previous sentence may be waived with the consent of the Holders of all Notes then outstanding of such series. When a Default or Event of Default is waived, it is deemed cured and not continuing, but no waiver will extend to any
subsequent or other Default or impair any consequent right. Without limiting the provisions of Section 7.7, the Trustee shall be compensated by the Company for all costs and expenses incurred by it in connection with any action taken by it
pursuant to this Section 6.4. 

  
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 Section 6.5.    Control by Majority. The Holders of a majority in
principal amount of Notes then outstanding of a series may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with regard to such series of Notes or of exercising any trust or power conferred on
the Trustee with regard to such series of Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.1, that the Trustee determines is unduly prejudicial to the rights of
other Holders of Notes of the applicable series or that would involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.
Prior to taking any action as a result of a direction given under this Section, the Trustee will be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking that action.

 Section 6.6.    Payments of Notes on Default; Suit Therefor. The Company covenants that upon the
occurrence of an Event of Default described in Section 6.1(1) or (2) with respect to a series of Notes, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the Holders of such series of Notes, the
whole amount that will then have become due and payable on all Notes of such series for principal, premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that payment of such interest is
enforceable under applicable law) on the overdue installments of interest at the rate borne by the Notes of such series, plus one percent; and, in addition, such further amount as will be sufficient to cover the costs and expenses of collection,
including reasonable compensation to the Trustee, its agents, attorneys and counsel, and any expenses or liabilities incurred by the Trustee hereunder other than through its negligence or bad faith. Until such demand by the Trustee, the Company may
pay the principal of and premium, if any, and interest on the Notes of such series to the registered Holders of the Notes of such series, whether or not the Notes of such series are overdue. 

Section 6.7.    Limitation on Suits. No Holder of Notes of a series may pursue a remedy with respect to this
Indenture or such series of Notes unless: 
 (1)    such Holder gives to the Trustee written notice stating that an
Event of Default with respect to such series of Notes is continuing; 
 (2)    the Holders of at least a majority in
principal amount of the Notes then outstanding of such series make a written request to the Trustee to pursue the remedy; 

(3)    such Holder or Holders offer to the Trustee indemnity or security reasonably satisfactory to the Trustee against
any cost, loss, liability or expense; 
 (4)    the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of security or indemnity, and the Event of Default has not been waived; and 

(5)    the Trustee has received no inconsistent direction from the Holders of a majority in principal amount of the Notes
then outstanding of such series during such 60-day period. 
 No Holder may use this Indenture to
prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 

  
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 Section 6.8.    Rights of Holders to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of, premium, if any, and interest, if any, on a Note and interest on the overdue principal and (to the extent permitted by law) interest,
on or after the applicable due date expressed in the applicable Note or, in the case of redemption, on or after the applicable Redemption Date, or to institute suit for the enforcement of any such payment on or after the applicable due date or
Redemption Date, as the case may be, against the Company, will not be impaired or affected without the consent of the Holder. 

Section 6.9.    Collection Suit by Trustee. If an Event of Default in payment of principal, premium, if any,
or interest, if any, specified in clause (1) or (2) of Section 6.1 occurs and is continuing with respect to a series of Notes, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the
whole amount of principal, premium, if any, and interest remaining unpaid with respect to such series of Notes (together with interest on that unpaid interest to the extent lawful) and the amounts provided for in Section 7.7. 

Section 6.10.    Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel,
and any other amounts due the Trustee under Section 7.7. 
 Section 6.11.    Restoration of Positions.
If a judicial proceeding by the Trustee or a Holder to enforce any right or remedy under this Indenture is dismissed or decided favorably to the Company, except as otherwise provided in the judicial proceeding, the Company, the Trustee and the
Holders will be restored to the positions they would have been in if the judicial proceeding had not been instituted. 

Section 6.12.    Priorities. If the Trustee collects any money pursuant to this Article VI with respect to a
series of Notes, it will pay out the money or property in the following order: 
 FIRST: to the Trustee for amounts due under
Section 7.7; 
 SECOND: to the Holders of such series of Notes for amounts due and unpaid on such Notes for principal, premium and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, premium and interest, respectively; and 

THIRD: to the Company. 
 The
Trustee may fix a record date and payment date for any payment to the Holders of a series of Notes pursuant to this Section. At least 15 days before the record date, the Company will mail to each Holder of such series of Notes and the Trustee a
notice that states the record date, the payment date and the amount to be paid. 

  
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 Section 6.13.    Undertaking for Costs. In any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section 6.13 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of in aggregate more than 10% in principal amount of a series of Notes then outstanding, or to
any suit instituted by any Holder for the enforcement of the payment of the principal of, premium, if any, or interest on any Note held by that Holder on or after the due date provided in such Note. 

Section 6.14.    Stay, Extension or Usury Laws. The Company agrees (to the extent that it may lawfully do so)
that it will not at any time insist upon, or plead, or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, any stay or extension law or any usury or other law, wherever enacted,
now or at any subsequent time in force, which would prohibit or forgive the Company from paying all or any portion of the principal of, premium, if any, and/or interest on any of the Notes as contemplated in this Indenture, or which may affect the
covenants or performance of this Indenture, and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and agrees that it will not hinder, delay or impede the execution of any power
granted to the Trustee in this Indenture, but (to the extent that it may lawfully do so) will suffer and permit the execution of any such power as though no such law had been enacted. 

Section 6.15.    Liability of Stockholders, Officers, Directors and Incorporators. No director, officer,
employee, incorporator, stockholder or partner, as such, past, present or future, of the Company, any of its successor corporations or any Subsidiary of the foregoing will have any personal liability in respect of the Company’s obligations
under this Indenture or any Notes by reason of his or its status as such; provided, however, that nothing in this Indenture or in the Notes will prevent recourse to and enforcement of the liability of any stockholder or subscriber to Capital
Stock in respect of shares of Capital Stock which have not been fully paid up. 
 ARTICLE VII. 

TRUSTEE 

Section 7.1.    Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee will exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

  
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 (b) Except during the continuance of an Event of Default: 

(i)    the Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture and no implied covenants or obligations will be read into this Indenture against the Trustee; and 

(ii)    the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed in them, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture in the absence of bad faith on the Trustee’s part; provided, however, that, in the case of any such
certificates or opinions whereby any provisions thereof are specifically required to be furnished to the Trustee, then the Trustee will examine the certificates and opinions to determine whether or not they substantially conform to the requirements
of this Indenture, but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein. 
 (c) The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1)    this paragraph does not limit the effect of paragraph (b) of this Section 7.1; 

(2)    the Trustee will not be liable for any error of judgment made in good faith by a Trust Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3)    the Trustee will not be liable
with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5; and 

(4)    the Trustee will not be required to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties under this Indenture or in the exercise of any of its rights or powers, if it has reasonable grounds to believe repayment of the funds or adequate indemnity against the risk or liability is not reasonably assured to
it. 
 (d) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is
subject to the provisions of this Section 7.1 and to the provisions of the TIA. 
 (e) The Trustee may refuse to perform any duty or
exercise any right or power unless it receives indemnity satisfactory to it in its sole discretion against any loss, liability or expense. 

(f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree with the Company in a written
agreement executed by both parties. Money and Government Obligations held in trust by the Trustee need not be segregated from other funds or items except to the extent required by law. 

  
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 Section 7.2.    Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate and an Opinion of Counsel, in each case which conforms to Sections 11.5 and 11.6. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such an Officers’
Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents or attorneys and will not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers, except conduct which constitutes willful misconduct, negligence or bad faith. 

(e) The Trustee may consult with counsel of its selection, and the Trustee will not be liable for any action it takes or omits in reliance on,
and in accordance with, the advice of such counsel or any Opinion of Counsel. 
 (f) The Trustee will not be required to investigate any
facts or matters stated in any document, but if it decides to investigate any matters or facts, the Trustee or its agents or attorneys will be entitled to examine the books, records and premises of the Company at the sole cost of the Company and
shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (g) In no event shall the
Trustee be responsible or liable for special, punitive, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action. 
 (h) The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(i) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture. 
 (j) Except with respect to an Event of Default listed in clause
(1) or (2) of Section 6.1, the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a
Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

  
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 (k) The permissive rights of the Trustee enumerated herein shall not be construed as duties. 

(l) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate and any
resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 
 (m) Subject to Section 7.1, if any Event
of Default occurs and is continuing with respect to a series of Notes, the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of such series
pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee in its sole discretion against any loss, liability, or expense which might be incurred by it in compliance with such
request or direction. 
 (n) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate and/or
Opinion of Counsel. 
 (o) The Trustee may rely on and act in accordance with advice or an Opinion of Counsel without liability. 

Section 7.3.    Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Company or any of its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

Section 7.4.    Trustee’s Disclaimer. The Trustee (i) is not responsible for and makes
no representation as to the validity or adequacy of this Indenture, (ii) will not be accountable for the Company’s use of the proceeds from the Notes, and (iii) will not be responsible for any statement of the Company in this
Indenture, other than the Trustee’s certificate of authentication, or in any document used in the sale of the Notes, other than statements, if any, provided in writing by the Trustee for use in such a document. 

Section 7.5.    Notice of Defaults. The Trustee will give to the Holders of a series of Notes notice of any
Default or Event of Default with regard to such series of Notes known to the Trustee, within 90 days after it occurs, unless such Default shall have been cured or waived; provided, that, except in the case of a Default in the payment
of the principal of, or premium, if any, or interest on any Note, the Trustee will be protected in withholding notice of the Default if and so long as a committee of its Trust Officers in good faith determines that the withholding of the notice is
in the interests of the Holders of such series of Notes. 
 Section 7.6.    Reports by Trustee. Within 60
days after each November 30 beginning with the November 30 following the date of this Indenture, the Trustee will deliver to each Holder, at the name and address which appears on the registration books of the Company, a brief report as to
a series of Notes dated as of that November 30 which complies with TIA Section 313(a). The Trustee also will comply with TIA Section 313(b). 

  
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 A copy of each report will at the time of its delivery to Holders of a series of Notes be filed
with each stock exchange on which the Notes of such series are listed and also with the SEC. The Company will promptly notify the Trustee when the Notes of any series are listed on, or delisted from, any stock exchange and of any delisting of the
Notes of any series. 
 Section 7.7.    Compensation and Indemnity. The Company will pay to the Trustee from
time to time reasonable compensation for its services as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The
Company will reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or disbursements and advances made by it, including costs of
collection, in addition to the compensation for its services. Those expenses will include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company will indemnify
the Trustee (which, for purposes of this Section 7.7 shall be deemed to include its directors, officers, employees and agents) against any and all loss, claim, damage, liability or expense (including reasonable attorneys’ fees) incurred by
it in connection with the administration of the trust created by this Indenture and the performance of its duties under this Indenture. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company will not relieve the Company of its obligations under this Section. The Company will defend the claim and the Trustee may have separate counsel and the Company will pay the fees and expenses of such counsel. The Company need
not pay for any settlement made without its consent. The Company need not reimburse any expense or indemnify against any loss, expense or liability incurred by the Trustee to the extent it is due to the Trustee’s own willful misconduct or
negligence. 
 To secure the Company’s obligation to make payments to the Trustee under this Section 7.7, the Trustee will have a
lien prior to the Notes of a series on all money or property held or collected by the Trustee, other than money or property held in trust to pay principal or interest on the Notes of such series. Those obligations of the Company will survive the
satisfaction and discharge of this Indenture and the Notes, and the resignation or removal of the Trustee. 
 When the Trustee incurs
expenses or renders services after an Event of Default specified in clause (6) or (7) of Section 6.1 occurs with respect to a series of Notes, the expenses and the compensation for the services of the Trustee are intended to constitute
expenses of administration under any Bankruptcy Law. 
 For purposes of this Section 7.7, “Trustee” will include any
predecessor Trustee, but the willful misconduct, negligence or bad faith of any Trustee will not affect the rights of any other Trustee under this Section 7.7. 

The provisions of this Section 7.7 shall survive the termination of this Indenture and the resignation or removal of the Trustee. 

Section 7.8.    Replacement of Trustee. The Trustee may resign at any time by so notifying the Company. The
Holders of a majority in aggregate principal amount of the Notes then outstanding, voting as a single class, may remove the Trustee by so notifying the Trustee and the Company and may appoint a successor Trustee. The Company may remove the Trustee
if: 
 (1)     the Trustee fails to comply with Section 7.10; 

  
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 (2)    the Trustee is adjudged bankrupt or insolvent or an order for relief
is entered with respect to the Trustee under any Bankruptcy Law; 
 (3)    a receiver or other public officer takes
charge of the Trustee or its property; or 
 (4)    the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding, voting as a single class, may appoint a successor Trustee to replace the successor
Trustee appointed by the Company. 
 No removal or appointment of a Trustee will be valid if that removal or appointment would conflict with
any law applicable to the Company. 
 A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and
to the Company. Immediately after that, the retiring Trustee will, subject to the lien provided for in Section 7.7, transfer all property held by it as a Trustee to the successor Trustee, the resignation or removal of the retiring Trustee will
become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee will mail notice of its succession to each Holder. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the
expense of the Company), the Company or the Holders of a majority in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section, the
Company’s obligations under Section 7.7 will continue for the benefit of the retiring Trustee. 

Section 7.9.    Successor Trustee by Merger, etc. If the Trustee consolidates with, merges or converts into,
or transfers all or substantially all of its corporate trust assets to, another Person, the resulting, surviving or transferee Person will, without any further act, be the successor Trustee. 

  
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 If at the time a successor by merger, conversion or consolidation to the Trustee succeeds to the
trusts created by this Indenture and any of the Notes have been authenticated but not delivered, the successor to the Trustee may adopt the certificate of authentication of the predecessor Trustee, and deliver the Notes which were authenticated by
the predecessor Trustee; and if at that time any of the Notes have not been authenticated, the successor to the Trustee may authenticate those Notes either in the name of the predecessor or in its own name as the successor to the Trustee; and in
either case the certificates of authentication will have the full force provided in this Indenture for certificates of authentication. 

Section 7.10.    Eligibility; Disqualification. The Trustee will at all times satisfy the requirements of TIA
Section 310(a). The Trustee will at all times have a combined capital and surplus of at least $50 million as set forth in its most recently published annual report of condition, which will be deemed for this paragraph to be its combined
capital and surplus. The Trustee will comply with TIA Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9). 

Section 7.11.    Preferential Collection of Claims. The Trustee will comply with TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed will be subject to TIA Section 311(a) to the extent indicated. 

ARTICLE VIII. 
 DISCHARGE OF
INDENTURE 
 Section 8.1.    Termination of the Company’s Obligations. When (1) the
Company shall deliver to the Trustee for cancellation all Notes of a series theretofore authenticated (other than any Notes which have been destroyed, lost or stolen and in lieu of or in substitution for which other Notes of the applicable series
shall have been authenticated and delivered) and not theretofore canceled, or (2) all the Notes of a series not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become
due and payable within one year, whether at stated maturity or upon redemption and the Company shall deposit with the Trustee, in trust, monies and/or U.S. Government Obligations sufficient to pay at the Maturity Date or Redemption Date, as
applicable, all sums which will become due with regard to all Notes of such series theretofore authenticated (other than any Notes which shall have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Notes of
the applicable series shall have been authenticated and delivered) and not theretofore canceled or delivered to the Trustee for cancellation, including the principal amount and interest accrued to the Maturity Date or Redemption Date, as applicable,
and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect with respect to such series of Notes (except as to (i) remaining rights of
registration of transfer, substitution and exchange of such series of Notes, (ii) rights hereunder of Holders of Notes of such series to receive payments of the principal amount, including interest due with respect to the Notes of such series
and the other rights, duties and obligations of Holders, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee and (iii) the rights, obligations and immunities of the Trustee under this Indenture with
respect to the Notes of such series), and the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel as required by Section 8.3 and at the cost and expense of the Company, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture with respect to such series of Notes; the Company, however, hereby agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the
Trustee, and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee, in connection with this Indenture or such series of Notes. 

  
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 Section 8.2.    Application of Trust Money. Subject to
Section 8.4, the Trustee will hold in trust money or U.S. Government Obligations deposited with it pursuant to Section 8.1. It will apply the deposited money and the money from the U.S. Government Obligations through the Paying Agent and
in accordance with this Indenture to the payment of principal of, premium, if any, and interest, if any, on the Notes with regard to which the money or U.S. Government Obligations were deposited. The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.1 or the principal and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the Notes. 
 Section 8.3.    Officers’
Certificate; Opinion of Counsel. Upon any application or demand by the Company to the Trustee to take any action under Section 8.1, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with (which counsel,
as to factual matters, may rely on an Officers’ Certificate). 
 Each such Officers’ Certificate and Opinion of Counsel provided
for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant pursuant to the previous paragraph shall comply with the provisions of Sections 11.5 and 11.6. 

Section 8.4.    Repayment to the Company. The Trustee and the Paying Agent will promptly pay to the Company
upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent will pay to the Company upon request any money held by them for the payment of principal, premium or interest that remains unclaimed for two
years. After such payment, all liability of the Trustee and the Paying Agent with respect to that money will cease. 

Section 8.5.    Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance
with Section 8.2 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture shall be revived and reinstated
with respect to the Notes as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.2; provided, that, if the
Company makes any payment of principal amount, Redemption Price or Repurchase Price of or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE IX. 

MODIFICATION OF THE INDENTURE 

Section 9.1.    Without Consent of Holders. The Company and the Trustee may amend or supplement this Indenture
or the Notes without the consent of the Holders: 
 (1)    to cure any ambiguity, defect or inconsistency that does not
adversely affect the rights of any Holder; 
 (2)    to make any change that does not adversely affect the rights of
any Holder; 
 (3)    to comply with Article 5; 

(4)    to add to the covenants of the Company further covenants, restrictions or conditions that the Board of Directors
shall consider to be for the benefit of the Holders of Notes of any series, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions or conditions a Default or an Event of Default
permitting the enforcement of all or any of the several remedies provided in this Indenture; 
 (5)    to evidence and
provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes; or 
 (6)    to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary for this Indenture to comply with the TIA, or under any similar federal statute hereafter enacted; or 

(7)    to conform the text of this Indenture, the Notes of any series or any Guarantee of the Notes of any series to any
corresponding provisions of the “Description of Notes” or similar provisions in any offering memorandum or supplement thereto in respect of such series of Notes, including the Offering Memorandum dated November 14, 2017. 

After an amendment under this Section becomes effective, the Company will mail to the Holders of each applicable series of Notes a notice
briefly describing the amendment. The failure to give such notice to all Holders, or any defect in a notice, will not impair or affect the validity of an amendment under this Section. 

Section 9.2.    With Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or
the Notes of any series with the written consent of the Holders of a majority in aggregate principal amount of the Notes of such series then outstanding. The Holders of a majority in principal amount of the Notes of such series then outstanding may
waive compliance by the Company with any provision of this Indenture or the Notes of such series. However, without the consent of each Holder so affected, no amendment, supplement or waiver, including a waiver pursuant to Section 6.4, may: 

(1)    extend the fixed maturity of any Note or any installment of interest thereon, reduce the principal amount,
interest rate, Redemption Price (including in the case of a Special Mandatory Redemption), Repurchase Price or amount due upon acceleration, impair the right of a Holder to institute suit for the payment thereof or change the currency in which the
Notes are payable; 

  
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 (2)    reduce the percentage of Notes the Holders of which are required to
consent to an amendment, supplement or waiver; 
 (3)    release any Guarantor except as provided in Article X hereof;
or 
 (4)    make any change in Section 6.4 or 6.8 or the third sentence of this Section. 

It will not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment,
supplement or waiver, but it will be sufficient if the consent approves the substance of the amendment, supplement or waiver. 

Section 9.3.    Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture or the
Notes will comply with the TIA as then in effect. 
 Section 9.4.    Revocation and Effect of Consents. A
consent to an amendment, supplement or waiver by a Holder will bind the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made
on any Note. However, any such Holder or subsequent Holder may revoke the consent as to the Holder’s Note or portion of a Note. For a revocation to be effective, the Trustee must receive notice of the revocation before the date the amendment,
supplement or waiver becomes effective. After an amendment, supplement or waiver becomes effective in accordance with its terms, it will bind every Holder of every Note. 

Section 9.5.    Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a
series of Notes, the Trustee may require the Holder of the Note to deliver the Holder’s Note to the Trustee, who will place an appropriate notation about the amendment, supplement or waiver on such Note and will return it to the Holder.
Alternatively, the Company may, in exchange for the Note, issue, and the Trustee will authenticate, a new Note that reflects the amendment, supplement or waiver. 

Section 9.6.    Trustee to Sign Amendments, etc. The Trustee will sign any amendment, supplement or waiver
authorized pursuant to Article II or this Article IX if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does adversely affect those rights, duties, liabilities or
immunities, the Trustee may but need not sign it. The Company may not sign an amendment or supplement until the amendment or supplement is approved by an appropriate Board Resolution. 

In signing such amendment the Trustee shall receive indemnity reasonably satisfactory to it and shall receive, and shall be fully protected in
relying upon, in addition to the documents required by Section 11.4, an Officers’ Certificate and an Opinion of Counsel each stating that such amendment is authorized or permitted by this Indenture and the TIA. 

  
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 ARTICLE X. 

GUARANTEE OF NOTES 

Section 10.1.    Unconditional Guarantee. Except as provided in Section 10.2 or Section 10.4, each
Guarantor hereby jointly and severally, unconditionally and irrevocably guarantees (such guarantee to be referred to herein as a “Guarantee”) to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and
its successors and assigns, that: (a) all amounts due with respect to the Notes shall be duly and punctually paid in full when due, whether at maturity, by acceleration or otherwise, and interest on the overdue principal and (to the extent
permitted by law) interest, if any, on the Notes and all other obligations of the Company or the Guarantors to the Holders or the Trustee hereunder or thereunder and all other obligations shall be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed, or failing performance of any other obligation of the Company to the Holders under this Indenture or under
the Notes, for whatever reason, each Guarantor shall be obligated to pay, or to perform or cause the performance of, the same immediately. An Event of Default under this Indenture or a series of Notes shall constitute an event of default under each
Guarantee with respect to the applicable series of Notes, and shall entitle the Holders of the applicable series of Notes to accelerate the obligations of the Guarantors hereunder in the same manner and to the same extent as the obligations of the
Company. 
 Each of the Guarantors hereby agrees that, subject to Section 10.2 and Section 10.4, its obligations hereunder shall
be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or
thereof, any release of any other Guarantor, the recovery of any judgment against the Company, any action to enforce the same, whether or not a Guarantee is affixed to any particular Note, or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. Each of the Guarantors hereby waives the benefit of diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right
to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that its Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, this Indenture and its
Guarantee. Each Guarantee is a guarantee of payment and not of collection. Each Guarantor further agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (a) subject to this Article X, the
maturity of the Obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes of each Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Obligations guaranteed hereby, and (b) in the event of any acceleration of such Obligations as provided in Article VI hereof, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the
purpose of each Guarantee. 

  
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 No director, officer, employee, incorporator, stockholder or partner, as such, past, present or
future, of any Guarantor, as such, shall have any personal liability under any Guarantee by reason of his, her or its status as such director, officer, employee, incorporator, stockholder or partner. 

Each Guarantor that makes a payment or distribution under its Guarantee shall be entitled to a contribution from each other Guarantor in an
amount pro rata, based on the net assets of each Guarantor, determined in accordance with GAAP. 

Section 10.2.    Limitations on Guarantees; Release or Suspension of Particular Guarantors’
Obligations. The obligations of each Guarantor under its Guarantee will be limited to the maximum amount which, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from
or payments made by or on behalf of any other Guarantors in respect of the obligations of such other Guarantors under their respective Guarantees or pursuant to their contribution obligations under this Indenture, will result in the obligations of
such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 

Additionally, if any Guarantor is released from its Guarantee (rather than a suspension of its Guarantee) of the outstanding Indebtedness of
the Company or the obligations of any Restricted Subsidiary as a guarantor of the Company’s Indebtedness, such Guarantor shall be automatically released from its obligations as Guarantor, and from and after such date, such Guarantor shall cease
to constitute a Guarantor and a Restricted Subsidiary. 
 The obligations of a Guarantor will be automatically suspended, and such Guarantor
shall not constitute a guarantor (but will remain a Restricted Subsidiary) and shall not have any obligations with regard to the Notes, during any period when the principal amount of the Company’s obligations and any Subsidiary’s
obligations as a guarantor of the Company’s obligations (without duplication), in each case other than the Notes and other Indebtedness containing provisions similar to this, that the Guarantor is guaranteeing total less than $75 million.

 Section 10.3.    Execution and Delivery of Guarantee. To further evidence the Guarantee set forth in
Section 10.1, each Guarantor hereby agrees to execute and deliver to the Trustee a Guarantee in substantially the form of Exhibit I hereto. Such Guarantee shall be executed on behalf of each Guarantor by either manual or facsimile signature of
an officer or agent of each Guarantor, each of whom, in each case, shall have been duly authorized to so execute by all requisite corporate action. The validity and enforceability of any Guarantee shall not be affected by the fact that it is not
affixed to any Note or Notes. 
 If an officer or agent of a Guarantor whose signature is on this Indenture or a Guarantee no longer holds
that office at the time the Trustee authenticates a Note to which such Guarantee relates or at any time thereafter, such Guarantor’s Guarantee of such Note shall be valid nevertheless. 

  
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 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of any Guarantee set forth in this Indenture on behalf of each Guarantor. 

Section 10.4.    Release of a Guarantor due to Extraordinary Events. If no Default exists or would exist under
this Indenture, upon the sale or disposition of all or substantially all of the assets of a Guarantor, or all of the Capital Stock of a Guarantor (including by consolidation, merger, issuance or otherwise), by the Company or a Subsidiary of the
Company, or upon the consolidation or merger of a Guarantor with or into any Person (in each case, other than to the Company or an Affiliate of the Company or a Subsidiary), or if any Guarantor is dissolved or liquidated, such Guarantor and each
Subsidiary of such Guarantor that is also a Guarantor, or the Person acquiring such assets (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor), shall be deemed automatically and unconditionally
released and discharged from all of its obligations under this Article X without any further action required on the part of the Trustee or any Holder. 

Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel, each of which shall comply with the
provisions of Sections 11.5 and 11.6, stating that all conditions precedent provided for in this Indenture relating to the release of such Guarantor have been complied with (which counsel, as to factual matters, may rely on an Officers’
Certificate), the Trustee shall execute any documents reasonably requested by the Company or a Guarantor in order to evidence the release of such Guarantor from its obligations under its Guarantee of the Notes under this Article X. 

Nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company
or another Guarantor or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 

Section 10.5.    Waiver of Subrogation. Until this Indenture is discharged and all of the Notes are discharged
and paid in full, each Guarantor hereby irrevocably waives and agrees not to exercise any claim or other rights which it may now or hereafter acquire against the Company that arise from the existence, payment, performance or enforcement of the
Company’s obligations under the Notes or this Indenture and such Guarantor’s obligations under its Guarantee and this Indenture, in any such instance including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution, indemnification, and any right to participate in any claim or remedy of the Holders against the Company, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without
limitation, the right to take or receive from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim or other rights.
If any amount shall be paid to any Guarantor in violation of the preceding sentence and any amounts owing to the Trustee or the Holders of any series of Notes under such Notes, this Indenture, or any other document or instrument delivered under or
in connection with such agreements or instruments, shall not have been paid in full, such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Trustee or the Holders of such
series of Notes and shall forthwith be paid to the Trustee for the benefit of itself or such Holders to be credited and applied to the Obligations in favor of the Trustee or such Holders, as the case may be, whether matured or unmatured, in
accordance with the terms of this Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver set forth in this Section 10.5 is
knowingly made in contemplation of such benefits. 

  
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 Section 10.6.    No
Set-Off. Each payment to be made by a Guarantor hereunder in respect of the Obligations shall be payable in the currency or currencies in which such Obligations are denominated, and shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 

Section 10.7.    Obligations Absolute. The obligations of each Guarantor hereunder are and shall be absolute
and unconditional and any monies or amounts expressed to be owing or payable by each Guarantor hereunder which may not be recoverable from such Guarantor on the basis of a Guarantee shall be recoverable from such Guarantor as a primary obligor and
principal debtor in respect thereof. 
 Section 10.8.    Obligations Continuing. Except as provided in
Section 10.2 or Section 10.4, the obligations of each Guarantor hereunder shall be continuing and shall remain in full force and effect until all the Obligations have been paid and satisfied in full. Each Guarantor agrees with the Trustee
and the Holders that it will from time to time deliver to the Trustee suitable acknowledgments of its continued liability hereunder and under any other instrument or instruments as will prevent any action brought against it in respect of any default
hereunder being barred by any statute of limitations now or hereafter in force and, in the event of the failure of a Guarantor so to do, it hereby irrevocably appoints the Trustee the attorney and agent of such Guarantor to make, execute and deliver
such written acknowledgment or acknowledgments or other instruments as may from time to time become necessary or advisable, in the judgment of the Trustee on the advice of counsel, to fully maintain and keep in force the liability of such Guarantor
hereunder. 
 Section 10.9.    Obligations Not Reduced. Except as otherwise provided in Sections 10.2 and
10.4, the obligations of each Guarantor hereunder shall not be satisfied, reduced or discharged except solely by the payment of such principal, premium, if any, interest, fees and other monies or amounts as may at any time prior to discharge of this
Indenture pursuant to Article VIII be or become owing or payable under or by virtue of or otherwise in connection with the Notes or this Indenture. 

Section 10.10.    Obligations Reinstated. The obligations of each Guarantor hereunder shall continue to be
effective or shall be reinstated, as the case may be, if at any time any payment which would otherwise have reduced the obligations of any Guarantor hereunder (whether such payment shall have been made by or on behalf of the Company or by or on
behalf of a Guarantor) is rescinded or reclaimed from the Trustee or any of the Holders upon the insolvency, bankruptcy, liquidation or reorganization of the Company or any Guarantor or otherwise, all as though such payment had not been made. If
demand for, or acceleration of the time for, payment by the Company is stayed upon the insolvency, bankruptcy, liquidation or reorganization of the Company, all such Indebtedness otherwise subject to demand for payment or acceleration shall
nonetheless be payable by each Guarantor as provided herein. 

  
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 Section 10.11.    Obligations Not Affected. Except as otherwise
provided in Sections 10.2 and 10.4, the obligations of each Guarantor hereunder shall not be affected, impaired or diminished in any way by any act, omission, matter or thing whatsoever, occurring before, upon or after any demand for payment
hereunder (and whether or not known or consented to by any Guarantor or any of the Holders) which, but for this provision, might constitute a whole or partial defense to a claim against any Guarantor hereunder or might operate to release or
otherwise exonerate any Guarantor from any of its obligations hereunder or otherwise affect such obligations, whether occasioned by default of any of the Holders or otherwise, including, without limitation: 

(a) any limitation of status or power, disability, incapacity or other circumstance relating to the Company or any other Person, including any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, winding up or other proceeding involving or affecting the Company or any other Person; 

(b) any irregularity, defect, unenforceability or invalidity in respect of any indebtedness or other obligation of the Company or any other
Person under this Indenture, the Notes or any other document or instrument; 
 (c) any failure of the Company, whether or not without fault
on its part, to perform or comply with any of the provisions of this Indenture or the Notes of any series, or to give notice thereof to a Guarantor; 

(d) the taking or enforcing or exercising or the refusal or neglect to take or enforce or exercise any right or remedy from or against the
Company or any other Person or their respective assets or the release or discharge of any such right or remedy; 
 (e) the granting of time,
renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Company or any other Person; 

(f) any change in the time, manner or place of payment of, or in any other term of, any of the Notes, or any other amendment, variation,
supplement, replacement or waiver of, or any consent to departure from, any of the Notes or this Indenture, including, without limitation, any increase or decrease in any amount due with respect to any of the Notes; 

(g) any change in the ownership, control, name, objects, businesses, assets, capital structure or constitution of the Company or a Guarantor;

 (h) any merger or amalgamation of the Company or a Guarantor with any Person or Persons; 

(i) the occurrence of any change in the laws, rules, regulations or ordinances of any jurisdiction by any present or future action of any
governmental authority or court amending, varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect, any of the Obligations or the obligations of a Guarantor under its Guarantee; and 

  
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 (j) any other circumstance (other than by complete, irrevocable payment) that might otherwise
constitute a legal or equitable discharge or defense of the Company under this Indenture or the Notes of any series or of a Guarantor in respect of its Guarantee hereunder. 

Section 10.12.    Waiver. Without in any way limiting the provisions of Section 10.1 hereof, each
Guarantor hereby waives notice of acceptance hereof, notice of any liability of any Guarantor hereunder, notice or proof of reliance by the Holders upon the obligations of any Guarantor hereunder, and diligence, presentment, demand for payment on
the Company, protest, notice of dishonor or non-payment of any of the Obligations, or other notice or formalities to the Company or any Guarantor of any kind whatsoever. 

Section 10.13.    No Obligation to Take Action Against the Company. Neither the Trustee nor any other Person
shall have any obligation to enforce or exhaust any rights or remedies or to take any other steps under any security for the Obligations or against the Company or any other Person or any Property of the Company or any other Person before the Trustee
is entitled to demand payment and performance by any or all Guarantors of their liabilities and obligations under their Guarantees or under this Indenture. 

Section 10.14.    Dealing with the Company and Others. The Holders, without releasing, discharging, limiting
or otherwise affecting in whole or in part the obligations and liabilities of any Guarantor hereunder and without the consent of or notice to any Guarantor, may: 

(a) grant time, renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Company or any
other Person; 
 (b) take or abstain from taking security or collateral from the Company or from perfecting security or collateral of the
Company; 
 (c) release, discharge, compromise, realize, enforce or otherwise deal with or do any act or thing in respect of (with or
without consideration) any and all collateral, mortgages or other security given by the Company or any third party with respect to the obligations or matters contemplated by this Indenture or the Notes; 

(d) accept compromises or arrangements from the Company; 

(e) apply all monies at any time received from the Company or from any security upon such part of the Obligations as the Holders may see fit
or change any such application in whole or in part from time to time as the Holders may see fit; and 
 (f) otherwise deal with, or waive or
modify their right to deal with, the Company and all other Persons and any security as the Holders or the Trustee may see fit. 

Section 10.15.    Default and Enforcement. If any Guarantor fails to pay in accordance with Section 10.1
hereof, the Trustee may proceed in its name as trustee hereunder in the enforcement of the Guarantee of any such Guarantor and such Guarantor’s obligations thereunder and hereunder by any remedy provided by law, whether by legal proceedings or
otherwise, and to recover from such Guarantor the Obligations. 

  
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 Section 10.16.    Amendment, etc. No amendment, modification or
waiver of any provision of this Indenture relating to any Guarantor or consent to any departure by any Guarantor or any other Person from any such provision will in any event be effective or affect the obligations of any other Guarantor unless it is
signed by such Guarantor and the Trustee. 
 Section 10.17.    Acknowledgment. Each Guarantor hereby
acknowledges communication of the terms of this Indenture and the Notes and consents to and approves of the same. 

Section 10.18.    Costs and Expenses. Each Guarantor shall pay on demand by the Trustee any and all costs,
fees and expenses (including, without limitation, legal fees) incurred by the Trustee, its agents, advisors and counsel or any of the Holders in enforcing any of their rights under any Guarantee. 

Section 10.19.    No Merger or Waiver; Cumulative Remedies. No Guarantee shall operate by way of merger of any
of the obligations of a Guarantor under any other agreement, including, without limitation, this Indenture. No failure to exercise and no delay in exercising, on the part of the Trustee or the Holders of any series of Notes, any right, remedy, power
or privilege hereunder or under the Notes of such series or the Guarantees, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under the Notes of such series or the
Guarantees preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges in the Guarantee and under this Indenture, the Notes and any other document or
instrument between a Guarantor and/or the Company and the Trustee are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

Section 10.20.    Survival of Obligations. Without prejudice to the survival of any of the other obligations
of each Guarantor hereunder, the obligations of each Guarantor under Section 10.1 shall survive until the indefeasible payment in full of the Obligations and shall be enforceable against such Guarantor without regard to and without giving
effect to any defense, right of offset or counterclaim available to or which may be asserted by the Company or any Guarantor. 

Section 10.21.    Guarantee in Addition to Other Obligations. The obligations of each Guarantor under its
Guarantee and this Indenture are in addition to and not in substitution for any other obligations to the Trustee or to any of the Holders in relation to this Indenture or the Notes and any guarantees or security at any time held by or for the
benefit of any of them. 
 Section 10.22.    Severability. Any provision of this Article X which is
prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction
unless its removal would substantially defeat the basic intent, spirit and purpose of this Indenture and this Article X. 

Section 10.23.     Successors and Assigns. Each Guarantee shall be binding upon and inure to the benefit of
each Guarantor and the Trustee and the Holders and their respective successors and permitted assigns, except that no Guarantor may assign any of its Obligations hereunder or thereunder. 

  
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 Section 10.24.     Acknowledgement under TIA. Each Guarantor
acknowledges that, by virtue of its Guarantee, it is becoming an “obligor” on indenture securities under the TIA. 
 ARTICLE XI.

 MISCELLANEOUS 

Section 11.1.    TIA Controls. 

If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required to be included in this Indenture by
the TIA, the required provision shall control; provided, however, that this Section 11.1 shall not of itself require that this Indenture or the Trustee be qualified under the TIA or constitute any admission or acknowledgment by
any party hereto that any such qualification is required prior to the time this Indenture and the Trustee are required by the TIA to be so qualified. 

Section 11.2.    Notices. 

Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand
delivery, by facsimile, by telecopier or overnight courier guaranteeing next-day delivery or registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 

if to the Company or the Guarantors: 

Lennar Corporation 
 700 N.W.
107th Avenue 
 Miami, Florida 33172 

Attention: General Counsel 

Facsimile: (305) 229-6650 

with a copy to: 
 Willkie
Farr & Gallagher LLP 
 787 Seventh Avenue 

New York, NY 10019 
 Attention:
David K. Boston 
 Facsimile: (212) 728-8625 

if to the Trustee: 
 The Bank
of New York Mellon 
 101 Barclay Street 

New York, NY 10286 
 Attention:
Corporate Trust 
 Facsimile: (212) 815-5366 

  
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 with a copy to: 

The Bank of New York Mellon Trust Company, N.A.     

500 Ross Street, 12th Floor 

Pittsburgh, PA 15262 

Attention: Corporate Trust Administration 

Facsimile: (412) 234-8377 

Each of the Company, the Guarantors and the Trustee by written notice to the other may designate additional or different addresses for notices
to such Person. Any notice or communication to the Company, the Guarantors or the Trustee shall be deemed to have been given or made as of the date so delivered if hand delivered; when answered back, if telexed; and five (5) calendar days after
mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee). 

Any notice or communication mailed to a Holder shall be mailed by first class mail, certified or registered return receipt requested, or by
overnight courier guaranteeing next day delivery to its address as it appears on the registration books of the Registrar; provided, that, notices given to Holders holding Notes in book-entry form may be given through the facilities of
the Depositary or any successor depository. Any notice or communication shall be mailed to any Person as described in TIA Section 313(c), to the extent required by the TIA. 

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a
notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

Section 11.3.    Electronic Instructions/Directions. The Trustee (including in its role as Paying Agent)
agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, that,
(a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally
executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If a party elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be
liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written
instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Section 11.4.    Communications by Holders with Other Holders. 

Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes.
The Company, the Trustee, the Registrar and any other Person shall have the protection of TIA Section 312(c). 

  
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 Section 11.5.    Certificate and Opinion as to Conditions
Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall
furnish to the Trustee: 
 (1)    an Officers’ Certificate, in form and substance satisfactory to the Trustee,
stating that, in the opinion of the signers, all conditions precedent to be performed, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2)    an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent to be performed,
if any, provided for in this Indenture relating to the proposed action have been complied with (which counsel, as to factual matters, may rely on an Officers’ Certificate). 

Section 11.6.    Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture, other than the
Officers’ Certificate required by Section 4.4, shall include: 
 (1)    a statement that the Person making
such certificate or opinion has read such covenant or condition; 
 (2)    a brief statement as to the nature and scope
of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3)    a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied
with. 
 Section 11.7.    Rules by Trustee, Paying Agent, Registrar. 

The Trustee may make reasonable rules in accordance with the Trustee’s customary practices for action by or at a meeting of Holders. The
Paying Agent or Registrar may make reasonable rules for its functions. 
 Section 11.8.    Legal
Holidays. 
 If any payment date is due on a day other than a Business Day, such payment may be made on the next succeeding Business Day
with the same force and effect as if made on the date that the relevant payment was due, and no interest shall accrue for the intervening period. 

  
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 Section 11.9.    Governing Law. 

THIS INDENTURE AND THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, OR GUARANTEES,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO
CONFLICT OF LAWS RULES THAT WOULD APPLY THE LAWS OF ANY OTHER JURISDICTION. Each of the parties hereto agrees to submit to the jurisdiction of and waive objection to venue in the courts of the State of New York sitting in the County of New York, in
the Borough of Manhattan 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 Indenture or the Notes. 

Section 11.10.    No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any of its Subsidiaries. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.11.    No Personal
Liability. 
 No director, officer, employee, incorporator, stockholder or partner, as such, past, present or future, of the Company, any
of its successor corporations or any Subsidiary of the foregoing shall have any liability for any Obligations of the Company under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

Section 11.12.    Successors. All agreements of the Company in this Indenture and the Notes shall bind its
successors and permitted assigns. All agreements of the Trustee in this Indenture shall bind its successors and permitted assigns. 

Section 11.13.    Counterparts. This instrument may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 11.14.    Waiver of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 11.15.    Force Majeure. In no event shall the Trustee (including in any of its other roles hereunder)
be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the
Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
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 Section 11.16.    Severability. In case any one or more of the
provisions in this Indenture or in the Notes shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall
not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 

Section 11.17.    FATCA. In order to comply with applicable tax laws, rules and regulations (inclusive of
directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”) that a foreign financial institution, issuer, trustee, paying agent, holder or other institution is or
has agreed to be subject to related to this Indenture, the Company agrees (a) to provide to The Bank of New York Mellon, as Trustee and/or Paying Agent, upon its request information in the Company’s possession about applicable parties
and/or transactions (including any modification to the terms of such transactions) so that The Bank of New York Mellon can determine whether it has tax related obligations under Applicable Law, and (b) that The Bank of New York Mellon shall be
entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law for which The Bank of New York Mellon, as Trustee and/or Paying Agent, shall not have any liability for its
withholding or deduction from payment under this Indenture to the extent necessary to comply with Applicable Law. 
 [Signature page
follows] 

  
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 IN WITNESS WHEREOF, the parties to this Indenture have caused it to be duly executed as of the
day and year first above written. 
  

					
	LENNAR CORPORATION
		
	By:	 	 /s/ Richard Beckwitt

		 	Name:	 	Richard Beckwitt
		 	Title:	 	President
	
	Authorized signatory for each of the Guarantors listed on Schedule I hereto
		
	By:	 	 /s/ Richard Beckwitt

		 	Name:	 	Richard Beckwitt
		 	Title:	 	Authorized Signatory
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name:	 	Laurence J. O’Brien
		 	Title:	 	Vice President



  
 [Signature Page to
Indenture] 








 EXHIBIT A 

[FORM OF 2.950% SENIOR NOTES DUE 2020] 

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture] 

[Insert the Private Placement Legend] 

  
 A-1 








 CUSIP No.:
[                     ] 
 LENNAR
CORPORATION 
 2.950% SENIOR NOTES DUE 2020 
  

					
	No. [                     ]	  	$[            ]	  	

 Interest Rate: 2.950% per annum. 

Interest Payment Dates: May 29 and November 29, commencing May 29, 2018 

Record Dates: May 15 and November 15 

Lennar Corporation, a Delaware corporation (the “Company,” which term includes any successor entities), for value received, promises
to pay to          or registered assigns, on November 29, 2020 (the “Maturity Date”), the principal amount of          Dollars
($         ), together with interest thereon as hereinafter provided. 
 Reference is made to the
further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

  
 A-2 








 IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	LENNAR CORPORATION
		
	By:	 	                                     
                                   
		 	Name:
		 	Title:
	
	Dated:                     



  
 A-3 









			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	This is one of the Notes described in the within-mentioned Indenture.
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	  Authorized Signatory

 Dated:
                     

  
 A-4 








 (REVERSE OF SECURITY) 

2.950% Senior Note due 2020 

Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Indenture relating to the Notes, dated
as of November 29, 2017 (as amended from time to time, the “Indenture”), by and among Lennar Corporation, a Delaware corporation (the “Company”), the Guarantors named therein and The Bank of New York Mellon, as
trustee (the “Trustee”). 
  

	1.	INTEREST 

 The Company promises to pay interest on the principal amount of this Note at the rate
per annum set forth above. Interest on the 2020 Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date. The Company shall pay interest semi-annually in arrears on each
Interest Payment Date, commencing as of the Interest Payment Date referred to above, on the Maturity Date and upon redemption. Interest will be computed on the basis of a 360-day year of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed. 
 Payments of the
Redemption Price, Special Mandatory Redemption Price, Change of Control Payment, principal and interest that are not made when due will accrue interest per annum at the rate of interest borne by the 2020 Notes, plus one percent, from and including,
the relevant payment date to, but excluding, the date on which such defaulted amounts shall have been paid by the Company in accordance with the Indenture. 
  

	2.	METHOD OF PAYMENT 

 Subject to the terms and conditions of the Indenture, the Company shall
(a) pay interest on the 2020 Notes (except defaulted interest) to the Persons who are the registered Holders of 2020 Notes at the close of business on the Record Date immediately preceding the Interest Payment Date even if the 2020 Notes are
canceled, transferred or exchanged after such Record Date, and (b) make all other payments in respect of the 2020 Notes to the Persons who are registered Holders of 2020 Notes at the close of business on the Business Day preceding the
Redemption Date or Maturity, as the case may be. Holders must surrender 2020 Notes to a Paying Agent to collect such payments in respect of the 2020 Notes referred to in clause (b) of the preceding sentence. The Company shall pay cash amounts
in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the Company may make the cash payments by check payable in such money. 

 

	3.	PAYING AGENT, AND REGISTRAR 

 Initially, The Bank of New York Mellon, a New York banking
corporation, shall act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice, other than notice to the Trustee. The Company or any of its
Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or co-registrar. 

  
 A-5 









	4.	INDENTURE 

 The Company issued the 2020 Notes under the Indenture. This Note is one of a duly
authorized issue of Notes of the Company designated as its 2.950% Senior Notes due 2020 (the “Initial 2020 Notes”). The 2020 Notes include the Initial 2020 Notes, the 2020 Private Exchange Notes and the Unrestricted 2020 Notes, as
defined below, issued in exchange for the Initial 2020 Notes pursuant to the Registration Rights Agreement. The Initial 2020 Notes, the 2020 Private Exchange Notes and the Unrestricted 2020 Notes are treated as a single class of securities under the
Indenture. The terms of the 2020 Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (the “TIA”), as in effect on the date of the Indenture.
Notwithstanding anything to the contrary herein, the 2020 Notes are subject to all such terms, and Holders of 2020 Notes are referred to the Indenture and the TIA for a statement of such terms. The 2020 Notes are general unsecured obligations of the
Company. Each Holder, by accepting a 2020 Note, agrees to be bound by all of the terms and provisions of the Indenture, as the same may be amended from time to time in accordance with its terms. 

 

	5.	REDEMPTION AT THE OPTION OF THE COMPANY 

 No sinking fund is provided for the 2020 Notes. The
2020 Notes are redeemable as a whole, or in part, at any time and from time to time at the option of the Company. If the Company elects to redeem the 2020 Notes more than 60 days prior to the Maturity Date, the Redemption Price shall be equal to the
greater of: (a) 100% of their principal amount; and (b) the present value of the Remaining Scheduled Payments on the 2020 Notes being redeemed on the Redemption Date, discounted to the Redemption Date, on a semiannual basis, at the Treasury
Rate plus 25 basis points (0.25%). If the Company elects to redeem the 2020 Notes on or after the date that is 60 days prior to the Maturity Date, the Redemption Price shall be equal to 100% of their principal amount. In either case, the Company
will also pay accrued interest on the principal amount of the 2020 Notes to be redeemed up to, but not including, the Redemption Date. 
  

	6.	NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY 

 Notice of redemption at the option of the
Company shall be sent at least 30 days but not more than 60 days before the Redemption Date to each Holder of 2020 Notes to be redeemed at the Holder’s registered address. If money sufficient to pay the Redemption Price of all 2020 Notes (or
portions thereof) to be redeemed on the Redemption Date, together with all interest thereon accrued to but not including the Redemption Date, is deposited with the Paying Agent prior to or on the Redemption Date, interest ceases to accrue on such
2020 Notes or portions thereof beginning on such Redemption Date. 2020 Notes in denominations larger than $2,000 may be redeemed in part but only in integral multiples of $1,000. 

  
 A-6 









	7.	SPECIAL MANDATORY REDEMPTION 

 If (x) the consummation of the Merger does not occur on or
before August 31, 2018 or (y) prior to the such date, the Company notifies the Trustee that it will not pursue the consummation of the Merger, the Company shall redeem all the outstanding 2020 Notes at a Redemption Price equal to 101% of
the principal amount of the 2020 Notes plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date with respect thereto (subject to the right of Holders of record on the relevant Regular Record Date to receive interest
due on any Interest Payment Date that is on or prior to the Special Mandatory Redemption Date), in accordance with the applicable provisions of Section 3.2 of the Indenture. 

 

	8.	REGISTRATION RIGHTS 

 Pursuant to the Registration Rights Agreement, the Company will be
obligated to consummate an exchange offer pursuant to which the Holder of this Note shall have the right to exchange this Note for the Company’s 2.950% Senior Notes due 2020 (the “Unrestricted 2020 Notes”), which will be
registered under the Securities Act, in like principal amount and having terms identical in all material respects as the Initial 2020 Notes. The Holders of the Initial 2020 Notes shall be entitled to receive certain additional interest payments in
the event such exchange offer is not consummated and upon certain other conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement. 
  

	9.	DENOMINATIONS; TRANSFER; EXCHANGE 

 The 2020 Notes are in registered form, without coupons, in
minimum denominations of $2,000 and integral multiplies of $1,000 in excess of that amount. A Holder may transfer 2020 Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any governmental taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any 2020 Notes selected for redemption (except, in the case of a 2020 Note to
be redeemed in part, the portion of the 2020 Note not to be redeemed) or any 2020 Notes for a period of 15 days before any selection of 2020 Notes to be redeemed. 
  

	10.	PERSONS DEEMED OWNERS 

 The registered Holder of this Note may be treated as the owner of this
Note for all purposes. 
  

	11.	UNCLAIMED MONEY OR PROPERTY 

 The Trustee and the Paying Agent shall return to the Company upon
written request any money or property held by them for the payment of any amount with respect to the 2020 Notes that remains unclaimed for two years; provided, however, that the Trustee or such Paying Agent, before being required to make any
such return, shall at the expense of the Company cause to be published once in a newspaper of general circulation in The City of New York or mail to each such Holder notice that such money or property remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed money or property then remaining shall be returned to the Company. After return to the Company, Holders entitled to the money or
property must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and Paying Agent with respect to the money or property will cease. 

  
 A-7 









	12.	AMENDMENT; WAIVER 

 Subject to certain exceptions set forth in the Indenture, (i) the
Indenture with respect to the 2020 Notes or the 2020 Notes may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the 2020 Notes at the time outstanding and (ii) certain defaults or
noncompliance with certain provisions with respect to the 2020 Notes may be waived with the written consent of the Holders of a majority in aggregate principal amount of the 2020 Notes at the time outstanding. Subject to certain exceptions set forth
in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture with respect to the 2020 Notes or the 2020 Notes to cure any ambiguity, defect or inconsistency, to make any change that does not adversely
affect the right of any Holder, to convey, transfer, assign, mortgage or pledge to the Trustee as security for the 2020 Notes any property or assets, to evidence the succession of another corporation to the Company (or successive successions) and
the assumption by the successor corporation of the covenants, agreements and obligations of the Company, to add to the covenants of the Company such further covenants, restrictions or conditions as the Board of Directors shall consider to be for the
benefit of the Holders of any series of Notes, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of
all or any of the several remedies provided in the Indenture, to evidence and provide for the acceptance of appointment hereunder of a successor Trustee with respect to the Notes, to modify, eliminate or add to the provisions of the Indenture to
such extent as shall be necessary for the Indenture to comply with the TIA, or under any similar federal statute hereafter enacted, or to conform the text of the Indenture, the Notes of any series, or any Guarantee of the Notes of any series, to any
corresponding provisions of the “Description of Notes” or similar provisions in any offering memorandum or supplement thereto in respect of such series of Notes, including the Offering Memorandum dated November 14, 2017. 

  
 A-8 









	13.	DEFAULTS AND REMEDIES 

 Under the Indenture, Events of Default include (i) a default by the
Company in the payment of any interest with respect to the 2020 Notes which continues for more than 30 days after the due date, (ii) a default by the Company in the payment of any principal or Redemption Price or Repurchase Price due with
respect to the 2020 Notes; (iii) a default by the Company or any Restricted Subsidiary with respect to its obligation to pay Indebtedness for money borrowed by the Company or a Restricted Subsidiary (other than
Non-Recourse Indebtedness), which default shall have resulted in the acceleration of, or be a failure to pay at final maturity, Indebtedness aggregating more than $50 million, and where such acceleration
does not cease to exist, or such Indebtedness is not satisfied, in either case, within 30 days after such acceleration; (iv) a failure to perform any other covenant or warranty of the Company in the Indenture, which continues for 60 days after
written notice; (v) final judgments or orders are rendered against the Company or any Restricted Subsidiary which require the payment by the Company or any Restricted Subsidiary of an amount (to the extent not covered by insurance) in excess of
$50 million and such judgments or orders remain unstayed or unsatisfied for more than 60 days and are not being contested in good faith by appropriate proceedings; (vi) the Company or any Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary), pursuant to any Bankruptcy Law applicable to the Company or such Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary):
(A) commences a voluntary case; (B) consents to the entry of an order for relief against it or them in an involuntary case against it or them; (C) consents to the appointment of a Custodian of it or them or for any substantial part of its
or their property; or (D) makes a general assignment for the benefit of its or their creditors; or (vii) a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: (A) for relief in an involuntary
case against the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); (B) appointing a Custodian of the Company or any Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary) or for any substantial part of its or their respective property; or (C) ordering the winding up or liquidation of the Company or any Significant Subsidiary (or group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); and the order or decree remains unstayed and in effect for 90 days. If an Event of Default occurs and is continuing with respect to the 2020 Notes, the Trustee, or the
Holders of at least 25% in aggregate principal amount of the 2020 Notes at the time outstanding, may declare the outstanding principal of the 2020 Notes and any accrued and unpaid interest through the date of such declaration on all of the 2020
Notes to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default which shall result in the outstanding principal amount of all 2020 Notes being declared due and payable immediately upon the occurrence of such
Events of Default. 
 Holders may not enforce the Indenture or the 2020 Notes except as provided in the Indenture. The Trustee may refuse to
enforce the Indenture and the 2020 Notes unless it receives indemnity or security satisfactory to it in its sole discretion. Subject to certain limitations, conditions and exceptions, Holders of a majority in aggregate principal amount of the 2020
Notes at the time outstanding may direct the Trustee in its exercise of any trust or power, including the annulment of a declaration of acceleration. The Trustee may withhold from Holders notice of any continuing default (except a default in payment
of amounts specified in clauses (i) and (ii) above) if it determines that withholding notice is in their interests. 
  

	14.	TRUSTEE DEALINGS WITH THE COMPANY 

 The Trustee under the Indenture, in its individual or any
other capacity, may become the owner or pledgee of 2020 Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee. 
  

	15.	NO RECOURSE AGAINST OTHERS 

 A director, officer, employee, incorporator, stockholder or
partner, as such, of the Company or any of the Company’s successor corporations or any Subsidiary of the foregoing shall not have any liability for any obligations of the Company under the 2020 Notes or the Indenture or for any claim based on,
in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the 2020 Notes. 

  
 A-9 









	16.	GUARANTEES 

 This Note will be entitled to the benefits of certain Guarantees, if any, made for
the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

 

	17.	RANKING 

 The 2020 Notes shall be direct, unsecured obligations of the Company and shall rank
pari passu in right of payment with all other unsecured and unsubordinated indebtedness of the Company. The Guarantees shall be direct, unsecured obligations of the Guarantors and shall rank pari passu in right of payment
with all other unsecured and unsubordinated indebtedness of the Guarantors. 
  

	18.	AUTHENTICATION 

 This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee’s Certificate of Authentication on the other side of this Note. 
  

	19.	ABBREVIATIONS 

 Customary abbreviations may be used in the name of a Holder or an assignee, such
as TEN COM (=tenants in common), TENANT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	20.	GOVERNING LAW 

 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS NOTE. 

 

	21.	CHANGE OF CONTROL 

 If a Change of Control Triggering Event occurs, unless the Company has
exercised its option to redeem the 2020 Notes by notifying the Holders to that effect as described above, the Company shall make an offer (a “Change of Control Offer”) to each Holder of 2020 Notes to repurchase all or any part of
that Holder’s 2020 Notes on the terms set forth below; provided, that, the 2020 Notes shall be repurchased in multiples of $1,000 and if any Holder elects to have less than all of its 2020 Notes repurchased by the Company, the
unpurchased portion of the 2020 Notes shall be equal to $2,000 or an integral multiple of $1,000 in excess thereof. In a Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of the 2020
Notes repurchased, plus accrued and unpaid interest, if any, on the 2020 Notes repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the
Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall send a notice to Holders, describing the transaction that constitutes
or may constitute the Change of Control Triggering Event and offering to repurchase the 2020 Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date that notice is sent, other
than as may be required by law (a “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of
Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. 

  
 A-10 








 On each Change of Control Payment Date, the Company shall, to the extent lawful, accept for
payment all 2020 Notes or portions of 2020 Notes properly tendered pursuant to the Change of Control Offer, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all 2020 Notes or portions of 2020 Notes
properly tendered, and deliver or cause to be delivered to the Trustee the 2020 Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of 2020 Notes or portions of 2020 Notes being repurchased and
that all conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase by the Company of 2020 Notes pursuant to the Change of Control Offer have been complied with. 

The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all 2020 Notes properly tendered and not withdrawn under its offer. 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2020 Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such
securities laws or regulations conflict with the Change of Control Offer provisions herein, the Company will comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer
provisions herein and in the Indenture by virtue of any such conflict. 
 The Company shall furnish to any Holder upon written request and
without charge a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 
 Lennar Corporation

 700 N.W. 107th Avenue 

Miami, Florida 33172 
 Attn:
General Counsel 
 Facsimile: (305) 229-6650 

  
 A-11 








 ASSIGNMENT FORM 

If you, the Holder, want to assign this Note, fill in the form below and have your signature guaranteed: 

 

			
	I or we assign and transfer this Note to:	 	
		
	                                      
                                         
                                 	 	
	                                      
                                         
                                 	 	
	                                      
                                         
                                 	 	
	(Print or type name, address and zip code and social security or tax ID number of assignee)	 	

 and irrevocably appoint
                                , agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 
  

					
	 Dated:
                                
	  		  	
			
		  	Signed:
                                         
                   	  	
		  	(Sign exactly as your name appears on the other side of this Note)	  	

 Signature Guarantee:
                                        

  
 Signature must be guaranteed by an “eligible guarantor
institution,” that is, a bank, stockbroker, savings and loan association or credit union meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934. 

In connection with any transfer of this Note occurring prior to the date which is the earlier of (i) the date of the declaration by the
SEC of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering resales of this Note (which effectiveness shall not have been suspended or terminated at the date of
the transfer) and (ii) the later of (x) the first anniversary of the Issue Date and (y) if the Note constitutes a Restricted Security and any Initial 2020 Notes are issued after the Issue Date pursuant to Section 2.2 of the
Indenture, the last day of the period of any resale restrictions imposed on such additional Initial 2020 Notes issued pursuant to Section 2.2 of the Indenture (provided, however, that neither the Company nor any affiliate of the
Company has held any beneficial interest in such Note, or portion thereof, or any predecessor security at any time on or prior to such date), the undersigned confirms that it has not utilized any general solicitation or general advertising in
connection with the transfer: 
 [Check One] 
  

			
	(1)  ☐	  	to the Company or a Subsidiary thereof; or


  
 A-12 









			
		
	(2)  ☐	  	pursuant to and in compliance with Rule 144A under the Securities Act; or
		
	(3)  ☐	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements
(the form of which letter can be obtained from the Trustee); or
		
	(4)  ☐	  	outside the United States to a “foreign person” in compliance with Rule 904 of Regulation S under the Securities Act; or
		
	(5)  ☐	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act; or
		
	(6)  ☐	  	pursuant to an effective registration statement under the Securities Act; or
		
	(7)  ☐	  	pursuant to another available exemption from the registration requirements of the Securities Act.

 and unless the box below is checked, the undersigned confirms that such Note is not being transferred to an
“affiliate” of the Company as defined in Rule 144 under the Securities Act (an “Affiliate”): 

☐  The transferee is an Affiliate of the Company. 

Unless one of the items is checked, the Trustee will refuse to register any of the 2020 Notes evidenced by this certificate in the name of any
person other than the registered Holder thereof; provided, however, that if item (3), (4), (5) or (7) is checked, the Company or the Trustee may require, prior to registering any such transfer of the 2020 Notes, in their sole
discretion, such written legal opinions, certifications (including an investment letter in the case of box (3) or (4) and other information as the Trustee or the Company have reasonably requested to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 
 If none of the
foregoing items are checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in
Section 2.17 of the Indenture shall have been satisfied. 
  

							
	Dated:                                 	  		  	Signed:                                    
                             	  	
		  		  	(Sign exactly as your name appears on the other side of this Note)	  	

 Signature Guarantee:
                                         
                    
 TO BE COMPLETED BY
PURCHASER IF (2) ABOVE IS CHECKED 

  
 A-13 








 The undersigned represents and warrants that it is purchasing this Note for its own account or an
account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	 Dated:
                                
	 	                                   
                                         
                	  	
					
		 	NOTICE:	  		  	 To be executed by
	  	
		 		  		  	 an executive officer
	  	


  
 A-14 








 EXHIBIT B 

[FORM OF 2.950% SENIOR NOTES DUE 2020] 

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture] 

  
 B-1 








 CUSIP No.:
[                    ] 
 LENNAR
CORPORATION 
 2.950% SENIOR NOTES DUE 2020 

No.
                                         
                                         
                                         
                                         
        $[            ] 
 Interest Rate:
2.950% per annum. 
 Interest Payment Dates: May 29 and November 29, commencing May 29, 2018 

Record Dates: May 15 and November 15 

Lennar Corporation, a Delaware corporation (the “Company,” which term includes any successor entities), for value received, promises
to pay to          or registered assigns, on November 29, 2020 (the “Maturity Date”), the principal amount of          Dollars
($        ), together with interest thereon as hereinafter provided. 
 Reference is made to the
further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

  
 B-2 








 IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	LENNAR CORPORATION
		
	By:	 	                                     
                                         
                 
		 	Name:
		 	Title:
	
	Dated:                     



  
 B-3 









			
	TRUSTEE’S CERTIFICATE OF
	    AUTHENTICATION
	This is one of the Notes described in the within-mentioned Indenture.
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	                                     
                                         
           
		 	  Authorized Signatory
	
	Dated:                     


  
 B-4 








 (REVERSE OF SECURITY) 

2.950% Senior Note due 2020 

Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Indenture relating to the Notes, dated
as of November 29, 2017 (as amended from time to time, the “Indenture”), by and among Lennar Corporation, a Delaware corporation (the “Company”), the Guarantors named therein and The Bank of New York Mellon, as
trustee (the “Trustee”). 
  

	1.	INTEREST 

 The Company promises to pay interest on the principal amount of this Note at the rate
per annum set forth above. Interest on the 2020 Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date. The Company shall pay interest semi-annually in arrears on each
Interest Payment Date, commencing as of the Interest Payment Date referred to above, on the Maturity Date and upon redemption. Interest will be computed on the basis of a 360-day year of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed. 
 Payments of the
Redemption Price, Special Mandatory Redemption Price, Change of Control Payment, principal and interest that are not made when due will accrue interest per annum at the rate of interest borne by the 2020 Notes, plus one percent, from and including,
the relevant payment date to, but excluding, the date on which such defaulted amounts shall have been paid by the Company in accordance with the Indenture. 
  

	2.	METHOD OF PAYMENT 

 Subject to the terms and conditions of the Indenture, the Company shall
(a) pay interest on the 2020 Notes (except defaulted interest) to the Persons who are the registered Holders of 2020 Notes at the close of business on the Record Date immediately preceding the Interest Payment Date even if the 2020 Notes are
canceled, transferred or exchanged after such Record Date, and (b) make all other payments in respect of the 2020 Notes to the Persons who are registered Holders of 2020 Notes at the close of business on the Business Day preceding the
Redemption Date or Maturity, as the case may be. Holders must surrender 2020 Notes to a Paying Agent to collect such payments in respect of the 2020 Notes referred to in clause (b) of the preceding sentence. The Company shall pay cash amounts
in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the Company may make the cash payments by check payable in such money. 

 

	3.	PAYING AGENT, AND REGISTRAR 

 Initially, The Bank of New York Mellon, a New York banking
corporation, shall act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice, other than notice to the Trustee. The Company or any of its
Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or co-registrar. 

  
 B-5 









	4.	INDENTURE 

 The Company issued the 2020 Notes under the Indenture. This Note is one of a duly
authorized issue of Notes of the Company designated as its 2.950% Senior Notes due 2020 (the “Unrestricted 2020 Notes”). The 2020 Notes include the Initial 2020 Notes, the Unrestricted 2020 Notes and the 2020 Private Exchange Notes.
The Unrestricted 2020 Notes, the 2020 Private Exchange Notes and Initial 2020 Notes are treated as a single class of securities under the Indenture. The terms of the 2020 Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (the “TIA”), as in effect on the date of the Indenture. Notwithstanding anything to the contrary herein, the 2020 Notes are subject to all such terms, and Holders of 2020
Notes are referred to the Indenture and the TIA for a statement of such terms. The 2020 Notes are general unsecured obligations of the Company. Each Holder, by accepting a 2020 Note, agrees to be bound by all of the terms and provisions of the
Indenture, as the same may be amended from time to time in accordance with its terms. 
  

	5.	REDEMPTION AT THE OPTION OF THE COMPANY 

 No sinking fund is provided for the 2020 Notes. The
2020 Notes are redeemable as a whole, or in part, at any time and from time to time at the option of the Company. If the Company elects to redeem the 2020 Notes more than 60 days prior to the Maturity Date, the Redemption Price shall be equal to the
greater of: (a) 100% of their principal amount; and (b) the present value of the Remaining Scheduled Payments on the 2020 Notes being redeemed on the Redemption Date, discounted to the Redemption Date, on a semiannual basis, at the Treasury
Rate plus 25 basis points (0.25%). If the Company elects to redeem the 2020 Notes on or after the date that is 60 days prior to the Maturity Date, the Redemption Price shall be equal to 100% of their principal amount. In either case, the Company
will also pay accrued interest on the principal amount of the 2020 Notes to be redeemed up to, but not including, the Redemption Date. 
  

	6.	NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY 

 Notice of redemption at the option of the
Company shall be sent at least 30 days but not more than 60 days before the Redemption Date to each Holder of 2020 Notes to be redeemed at the Holder’s registered address. If money sufficient to pay the Redemption Price of all 2020 Notes (or
portions thereof) to be redeemed on the Redemption Date, together with all interest thereon accrued to but not including the Redemption Date, is deposited with the Paying Agent prior to or on the Redemption Date, interest ceases to accrue on such
2020 Notes or portions thereof beginning on such Redemption Date. 2020 Notes in denominations larger than $2,000 may be redeemed in part but only in integral multiples of $1,000. 

 

	7.	SPECIAL MANDATORY REDEMPTION 

 If (x) the consummation of the Merger does not occur on or
before August 31, 2018 or (y) prior to the such date, the Company notifies the Trustee that it will not pursue the consummation of the Merger, the Company shall redeem all the outstanding 2020 Notes at a Redemption Price equal to 101% of
the principal amount of the 2020 Notes plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date with respect thereto (subject to the right of Holders of record on the relevant Regular Record Date to receive interest
due on any Interest Payment Date that is on or prior to the Special Mandatory Redemption Date), in accordance with the applicable provisions of Section 3.2 of the Indenture. 

  
 B-6 









	8.	DENOMINATIONS; TRANSFER; EXCHANGE 

 The 2020 Notes are in registered form, without coupons, in
minimum denominations of $2,000 and integral multiplies of $1,000 in excess of that amount. A Holder may transfer 2020 Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any governmental taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any 2020 Notes selected for redemption (except, in the case of a 2020 Note to
be redeemed in part, the portion of the 2020 Note not to be redeemed) or any 2020 Notes for a period of 15 days before any selection of 2020 Notes to be redeemed. 
  

	9.	PERSONS DEEMED OWNERS 

 The registered Holder of this Note may be treated as the owner of this
Note for all purposes. 
  

	10.	UNCLAIMED MONEY OR PROPERTY 

 The Trustee and the Paying Agent shall return to the Company upon
written request any money or property held by them for the payment of any amount with respect to the 2020 Notes that remains unclaimed for two years; provided, however, that the Trustee or such Paying Agent, before being required to make any
such return, shall at the expense of the Company cause to be published once in a newspaper of general circulation in The City of New York or mail to each such Holder notice that such money or property remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed money or property then remaining shall be returned to the Company. After return to the Company, Holders entitled to the money or
property must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and Paying Agent with respect to the money or property will cease. 

 

	11.	AMENDMENT; WAIVER 

 Subject to certain exceptions set forth in the Indenture, (i) the
Indenture with respect to the 2020 Notes or the 2020 Notes may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the 2020 Notes at the time outstanding and (ii) certain defaults or
noncompliance with certain provisions with respect to the 2020 Notes may be waived with the written consent of the Holders of a majority in aggregate principal amount of the 2020 Notes at the time outstanding. Subject to certain exceptions set forth
in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture with respect to the 2020 Notes or the 2020 Notes to cure any ambiguity, defect or inconsistency, to make any change that does not adversely
affect the right of any Holder, to convey, transfer, assign, mortgage or pledge to the Trustee as security for the 2020 Notes any property or assets, to evidence the succession of another corporation to the Company (or successive successions) and
the assumption by the successor corporation of the covenants, agreements and obligations of the Company, to add to the covenants of the Company such further covenants, restrictions or conditions as the Board of Directors shall consider to be for the
benefit of the Holders of any series of Notes, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of
all or any of the several remedies provided in the Indenture, to evidence and provide for the acceptance of appointment hereunder of a successor Trustee with respect to the Notes, to modify, eliminate or add to the provisions of the Indenture to
such extent as shall be necessary for the Indenture to comply with the TIA, or under any similar federal statute hereafter enacted, or to conform the text of the Indenture, the Notes of any series, or any Guarantee of the Notes of any series, to any
corresponding provisions of the “Description of Notes” or similar provisions in any offering memorandum or supplement thereto in respect of such series of Notes, including the Offering Memorandum dated November 14, 2017. 

  
 B-7 









	12.	DEFAULTS AND REMEDIES 

 Under the Indenture, Events of Default include (i) a default by the
Company in the payment of any interest with respect to the 2020 Notes which continues for more than 30 days after the due date, (ii) a default by the Company in the payment of any principal or Redemption Price or Repurchase Price due with
respect to the 2020 Notes; (iii) a default by the Company or any Restricted Subsidiary with respect to its obligation to pay Indebtedness for money borrowed by the Company or a Restricted Subsidiary (other than
Non-Recourse Indebtedness), which default shall have resulted in the acceleration of, or be a failure to pay at final maturity, Indebtedness aggregating more than $50 million, and where such acceleration
does not cease to exist, or such Indebtedness is not satisfied, in either case, within 30 days after such acceleration; (iv) a failure to perform any other covenant or warranty of the Company in the Indenture, which continues for 60 days after
written notice; (v) final judgments or orders are rendered against the Company or any Restricted Subsidiary which require the payment by the Company or any Restricted Subsidiary of an amount (to the extent not covered by insurance) in excess of
$50 million and such judgments or orders remain unstayed or unsatisfied for more than 60 days and are not being contested in good faith by appropriate proceedings; (vi) the Company or any Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary), pursuant to any Bankruptcy Law applicable to the Company or such Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary):
(A) commences a voluntary case; (B) consents to the entry of an order for relief against it or them in an involuntary case against it or them; (C) consents to the appointment of a Custodian of it or them or for any substantial part of its
or their property; or (D) makes a general assignment for the benefit of its or their creditors; or (vii) a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: (A) for relief in an involuntary
case against the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); (B) appointing a Custodian of the Company or any Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary) or for any substantial part of its or their respective property; or (C) ordering the winding up or liquidation of the Company or any Significant Subsidiary (or group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); and the order or decree remains unstayed and in effect for 90 days. If an Event of Default occurs and is continuing with respect to the 2020 Notes, the Trustee, or the
Holders of at least 25% in aggregate principal amount of the 2020 Notes at the time outstanding, may declare the outstanding principal of the 2020 Notes and any accrued and unpaid interest through the date of such declaration on all of the 2020
Notes to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default which shall result in the outstanding principal amount of all 2020 Notes being declared due and payable immediately upon the occurrence of such
Events of Default. 

  
 B-8 








 Holders may not enforce the Indenture or the 2020 Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture and the 2020 Notes unless it receives indemnity or security satisfactory to it in its sole discretion. Subject to certain limitations, conditions and exceptions, Holders of a majority in aggregate
principal amount of the 2020 Notes at the time outstanding may direct the Trustee in its exercise of any trust or power, including the annulment of a declaration of acceleration. The Trustee may withhold from Holders notice of any continuing default
(except a default in payment of amounts specified in clauses (i) and (ii) above) if it determines that withholding notice is in their interests. 
  

	13.	TRUSTEE DEALINGS WITH THE COMPANY 

 The Trustee under the Indenture, in its individual or any
other capacity, may become the owner or pledgee of 2020 Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee. 
  

	14.	NO RECOURSE AGAINST OTHERS 

 A director, officer, employee, incorporator, stockholder or
partner, as such, of the Company or any of the Company’s successor corporations or any Subsidiary of the foregoing shall not have any liability for any obligations of the Company under the 2020 Notes or the Indenture or for any claim based on,
in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the 2020 Notes. 

 

	15.	GUARANTEES 

 This Note will be entitled to the benefits of certain Guarantees, if any, made for
the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

 

	16.	RANKING 

 The 2020 Notes shall be direct, unsecured obligations of the Company and shall rank
pari passu in right of payment with all other unsecured and unsubordinated indebtedness of the Company. The Guarantees shall be direct, unsecured obligations of the Guarantors and shall rank pari passu in right of payment
with all other unsecured and unsubordinated indebtedness of the Guarantors. 

  
 B-9 









	17.	AUTHENTICATION 

 This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee’s Certificate of Authentication on the other side of this Note. 
  

	18.	ABBREVIATIONS 

 Customary abbreviations may be used in the name of a Holder or an assignee, such
as TEN COM (=tenants in common), TENANT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	19.	GOVERNING LAW 

 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS NOTE. 

 

	20.	CHANGE OF CONTROL 

 If a Change of Control Triggering Event occurs, unless the Company has
exercised its option to redeem the 2020 Notes by notifying the Holders to that effect as described above, the Company shall make an offer (a “Change of Control Offer”) to each Holder of 2020 Notes to repurchase all or any part of
that Holder’s 2020 Notes on the terms set forth below; provided, that, the 2020 Notes shall be repurchased in multiples of $1,000 and if any Holder elects to have less than all of its 2020 Notes repurchased by the Company, the
unpurchased portion of the 2020 Notes shall be equal to $2,000 or an integral multiple of $1,000 in excess thereof. In a Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of the 2020
Notes repurchased, plus accrued and unpaid interest, if any, on the 2020 Notes repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the
Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall send a notice to Holders, describing the transaction that constitutes
or may constitute the Change of Control Triggering Event and offering to repurchase the 2020 Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date that notice is sent, other
than as may be required by law (a “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of
Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. 
 On each Change of Control Payment Date,
the Company shall, to the extent lawful, accept for payment all 2020 Notes or portions of 2020 Notes properly tendered pursuant to the Change of Control Offer, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect
of all 2020 Notes or portions of 2020 Notes properly tendered, and deliver or cause to be delivered to the Trustee the 2020 Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of 2020 Notes or
portions of 2020 Notes being repurchased and that all conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase by the Company of 2020 Notes pursuant to the Change of Control Offer have been complied
with. 

  
 B-10 








 The Company shall not be required to make a Change of Control Offer upon the occurrence of a
Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all 2020 Notes properly tendered
and not withdrawn under its offer. 
 The Company shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2020 Notes as a result of a Change of Control Triggering Event. To the
extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions herein, the Company will comply with those securities laws and regulations and shall not be deemed to have breached its
obligations under the Change of Control Offer provisions herein and in the Indenture by virtue of any such conflict. 
 The Company shall
furnish to any Holder upon written request and without charge a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 

Lennar Corporation 
 700 N.W. 107th Avenue 
 Miami, Florida 33172 

Attn: General Counsel 
 Facsimile:
(305) 229-6650 

  
 B-11 








 ASSIGNMENT FORM 

If you, the Holder, want to assign this Note, fill in the form below and have your signature guaranteed: 

 

			
	I or we assign and transfer this Note to:	 	
		
	                                      
                                         
                                 	 	
	                                      
                                         
                                 	 	
	                                      
                                         
                                 	 	
	(Print or type name, address and zip code and social security or tax ID number of assignee)	 	

 and irrevocably appoint
                                , agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 
  

					
	 Dated:
                                
	  		  	
			
		  	Signed:
                                         
                   	  	
		  	(Sign exactly as your name appears on the other side of this Note)	  	

 Signature Guarantee:
                                        

 Signature must be guaranteed by an “eligible guarantor institution,” that is, a bank, stockbroker, savings and loan association
or credit union meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as
may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934. 

  
 B-12 








 EXHIBIT C 

[FORM OF 4.750% SENIOR NOTES DUE 2027] 

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture] 

[Insert the Private Placement Legend] 

  
 C-1 








 CUSIP No.:
[                    ] 
 LENNAR
CORPORATION 
 4.750% SENIOR NOTES DUE 2027 

No. [                    ]    
                                         
                                         
                                         
                         $[            ] 

Interest Rate: 4.750% per annum. 

Interest Payment Dates: May 29 and November 29, commencing May 29, 2018 

Record Dates: May 15 and November 15 

Lennar Corporation, a Delaware corporation (the “Company,” which term includes any successor entities), for value received, promises
to pay to          or registered assigns, on November 29, 2027 (the “Maturity Date”), the principal amount of          Dollars
($         ), together with interest thereon as hereinafter provided. 
 Reference is made to the
further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

  
 C-2 








 IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	LENNAR CORPORATION
		
	By:	 	                                     
                                         
                 
		 	Name:
		 	Title:
	
	Dated:                     



  
 C-3 









			
	TRUSTEE’S CERTIFICATE OF
	    AUTHENTICATION
	This is one of the Notes described in the within-mentioned Indenture.
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	                                     
                                         
           
		 	  Authorized Signatory
	
	Dated:                     


  
 C-4 








 (REVERSE OF SECURITY) 

4.750% Senior Note due 2027 

Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Indenture relating to the Notes, dated
as of November 29, 2017 (as amended from time to time, the “Indenture”), by and among Lennar Corporation, a Delaware corporation (the “Company”), the Guarantors named therein and The Bank of New York Mellon, as
trustee (the “Trustee”). 
  

	1.	INTEREST 

 The Company promises to pay interest on the principal amount of this Note at the rate
per annum set forth above. Interest on the 2027 Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date. The Company shall pay interest semi-annually in arrears on each
Interest Payment Date, commencing as of the Interest Payment Date referred to above, on the Maturity Date and upon redemption. Interest will be computed on the basis of a 360-day year of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed. 
 Payments of the
Redemption Price, Special Mandatory Redemption Price, Change of Control Payment, principal and interest that are not made when due will accrue interest per annum at the rate of interest borne by the 2027 Notes, plus one percent, from and including,
the relevant payment date to, but excluding, the date on which such defaulted amounts shall have been paid by the Company in accordance with the Indenture. 
  

	2.	METHOD OF PAYMENT 

 Subject to the terms and conditions of the Indenture, the Company shall
(a) pay interest on the 2027 Notes (except defaulted interest) to the Persons who are the registered Holders of 2027 Notes at the close of business on the Record Date immediately preceding the Interest Payment Date even if the 2027 Notes are
canceled, transferred or exchanged after such Record Date, and (b) make all other payments in respect of the 2027 Notes to the Persons who are registered Holders of 2027 Notes at the close of business on the Business Day preceding the
Redemption Date or Maturity, as the case may be. Holders must surrender 2027 Notes to a Paying Agent to collect such payments in respect of the 2027 Notes referred to in clause (b) of the preceding sentence. The Company shall pay cash amounts
in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the Company may make the cash payments by check payable in such money. 

 

	3.	PAYING AGENT, AND REGISTRAR 

 Initially, The Bank of New York Mellon, a New York banking
corporation, shall act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice, other than notice to the Trustee. The Company or any of its
Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or co-registrar. 

  
 C-5 









	4.	INDENTURE 

 The Company issued the 2027 Notes under the Indenture. This Note is one of a duly
authorized issue of Notes of the Company designated as its 4.750% Senior Notes due 2027 (the “Initial 2027 Notes”). The 2027 Notes include the Initial 2027 Notes, the 2027 Private Exchange Notes and the Unrestricted 2027 Notes, as
defined below, issued in exchange for the Initial 2027 Notes pursuant to the Registration Rights Agreement. The Initial 2027 Notes, the 2027 Private Exchange Notes and the Unrestricted 2027 Notes are treated as a single class of securities under the
Indenture. The terms of the 2027 Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (the “TIA”), as in effect on the date of the Indenture.
Notwithstanding anything to the contrary herein, the 2027 Notes are subject to all such terms, and Holders of 2027 Notes are referred to the Indenture and the TIA for a statement of such terms. The 2027 Notes are general unsecured obligations of the
Company. Each Holder, by accepting a 2027 Note, agrees to be bound by all of the terms and provisions of the Indenture, as the same may be amended from time to time in accordance with its terms. 

 

	5.	REDEMPTION AT THE OPTION OF THE COMPANY 

 No sinking fund is provided for the 2027 Notes. The
2027 Notes are redeemable as a whole, or in part, at any time and from time to time at the option of the Company. If the Company elects to redeem the 2027 Notes more than 180 days prior to the Maturity Date, the Redemption Price shall be equal to
the greater of: (a) 100% of their principal amount; and (b) the present value of the Remaining Scheduled Payments on the 2027 Notes being redeemed on the Redemption Date, discounted to the Redemption Date, on a semiannual basis, at the Treasury
Rate plus 50 basis points (0.50%). If the Company elects to redeem the 2027 Notes on or after the date that is 180 days prior to the Maturity Date, the Redemption Price shall be equal to 100% of their principal amount. In either case, the Company
will also pay accrued interest on the principal amount of the 2027 Notes to be redeemed up to, but not including, the Redemption Date. 
  

	6.	NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY 

 Notice of redemption at the option of the
Company shall be sent at least 30 days but not more than 60 days before the Redemption Date to each Holder of 2027 Notes to be redeemed at the Holder’s registered address. If money sufficient to pay the Redemption Price of all 2027 Notes (or
portions thereof) to be redeemed on the Redemption Date, together with all interest thereon accrued to but not including the Redemption Date, is deposited with the Paying Agent prior to or on the Redemption Date, interest ceases to accrue on such
2027 Notes or portions thereof beginning on such Redemption Date. 2027 Notes in denominations larger than $2,000 may be redeemed in part but only in integral multiples of $1,000. 

  
 C-6 









	7.	SPECIAL MANDATORY REDEMPTION 

 If (x) the consummation of the Merger does not occur on or
before August 31, 2018 or (y) prior to the such date, the Company notifies the Trustee that it will not pursue the consummation of the Merger, the Company shall redeem all the outstanding 2027 Notes at a Redemption Price equal to 101% of
the principal amount of the 2027 Notes plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date with respect thereto (subject to the right of Holders of record on the relevant Regular Record Date to receive interest
due on any Interest Payment Date that is on or prior to the Special Mandatory Redemption Date), in accordance with the applicable provisions of Section 3.2 of the Indenture. 

 

	8.	REGISTRATION RIGHTS 

 Pursuant to the Registration Rights Agreement, the Company will be
obligated to consummate an exchange offer pursuant to which the Holder of this Note shall have the right to exchange this Note for the Company’s 4.750% Senior Notes due 2027 (the “Unrestricted 2027 Notes”), which will be
registered under the Securities Act, in like principal amount and having terms identical in all material respects as the Initial 2027 Notes. The Holders of the Initial 2027 Notes shall be entitled to receive certain additional interest payments in
the event such exchange offer is not consummated and upon certain other conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement. 
  

	9.	DENOMINATIONS; TRANSFER; EXCHANGE 

 The 2027 Notes are in registered form, without coupons, in
minimum denominations of $2,000 and integral multiplies of $1,000 in excess of that amount. A Holder may transfer 2027 Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any governmental taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any 2027 Notes selected for redemption (except, in the case of a 2027 Note to
be redeemed in part, the portion of the 2027 Note not to be redeemed) or any 2027 Notes for a period of 15 days before any selection of 2027 Notes to be redeemed. 
  

	10.	PERSONS DEEMED OWNERS 

 The registered Holder of this Note may be treated as the owner of this
Note for all purposes. 
  

	11.	UNCLAIMED MONEY OR PROPERTY 

 The Trustee and the Paying Agent shall return to the Company upon
written request any money or property held by them for the payment of any amount with respect to the 2027 Notes that remains unclaimed for two years; provided, however, that the Trustee or such Paying Agent, before being required to make any
such return, shall at the expense of the Company cause to be published once in a newspaper of general circulation in The City of New York or mail to each such Holder notice that such money or property remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed money or property then remaining shall be returned to the Company. After return to the Company, Holders entitled to the money or
property must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and Paying Agent with respect to the money or property will cease. 

  
 C-7 









	12.	AMENDMENT; WAIVER 

 Subject to certain exceptions set forth in the Indenture, (i) the
Indenture with respect to the 2027 Notes or the 2027 Notes may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the 2027 Notes at the time outstanding and (ii) certain defaults or
noncompliance with certain provisions with respect to the 2027 Notes may be waived with the written consent of the Holders of a majority in aggregate principal amount of the 2027 Notes at the time outstanding. Subject to certain exceptions set forth
in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture with respect to the 2027 Notes or the 2027 Notes to cure any ambiguity, defect or inconsistency, to make any change that does not adversely
affect the right of any Holder, to convey, transfer, assign, mortgage or pledge to the Trustee as security for the 2027 Notes any property or assets, to evidence the succession of another corporation to the Company (or successive successions) and
the assumption by the successor corporation of the covenants, agreements and obligations of the Company, to add to the covenants of the Company such further covenants, restrictions or conditions as the Board of Directors shall consider to be for the
benefit of the Holders of any series of Notes, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of
all or any of the several remedies provided in the Indenture, to evidence and provide for the acceptance of appointment hereunder of a successor Trustee with respect to the Notes, to modify, eliminate or add to the provisions of the Indenture to
such extent as shall be necessary for the Indenture to comply with the TIA, or under any similar federal statute hereafter enacted, or to conform the text of the Indenture, the Notes of any series, or any Guarantee of the Notes of any series, to any
corresponding provisions of the “Description of Notes” or similar provisions in any offering memorandum or supplement thereto in respect of such series of Notes, including the Offering Memorandum dated November 14, 2017. 

 

	13.	DEFAULTS AND REMEDIES 

 Under the Indenture, Events of Default include (i) a default by the
Company in the payment of any interest with respect to the 2027 Notes which continues for more than 30 days after the due date, (ii) a default by the Company in the payment of any principal or Redemption Price or Repurchase Price due with
respect to the 2027 Notes; (iii) a default by the Company or any Restricted Subsidiary with respect to its obligation to pay Indebtedness for money borrowed by the Company or a Restricted Subsidiary (other than
Non-Recourse Indebtedness), which default shall have resulted in the acceleration of, or be a failure to pay at final maturity, Indebtedness aggregating more than $50 million, and where such acceleration
does not cease to exist, or such Indebtedness is not satisfied, in either case, within 30 days after such acceleration; (iv) a failure to perform any other covenant or warranty of the Company in the Indenture, which continues for 60 days after
written notice; (v) final judgments or orders are rendered against the Company or any Restricted Subsidiary which require the payment by the Company or any Restricted Subsidiary of an amount (to the extent not covered by insurance) in excess of
$50 million and such judgments or orders remain unstayed or unsatisfied for more than 60 days and are not being contested in good faith by appropriate proceedings; (vi) the Company or any Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary), pursuant to any Bankruptcy Law applicable to the Company or such Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary):
(A) commences a voluntary case; (B) consents to the entry of an order for relief against it or them in an involuntary case against it or them; (C) consents to the appointment of a Custodian of it or them or for any substantial part of its
or their property; or (D) makes a general assignment for the benefit of its or their creditors; or (vii) a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: (A) for relief in an involuntary
case against the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); (B) appointing a Custodian of the Company or any Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary) or for any substantial part of its or their respective property; or (C) ordering the winding up or liquidation of the Company or any Significant Subsidiary (or group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); and the order or decree remains unstayed and in effect for 90 days. If an Event of Default occurs and is continuing with respect to the 2027 Notes, the Trustee, or the
Holders of at least 25% in aggregate principal amount of the 2027 Notes at the time outstanding, may declare the outstanding principal of the 2027 Notes and any accrued and unpaid interest through the date of such declaration on all of the 2027
Notes to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default which shall result in the outstanding principal amount of all 2027 Notes being declared due and payable immediately upon the occurrence of such
Events of Default. 

  
 C-8 








 Holders may not enforce the Indenture or the 2027 Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture and the 2027 Notes unless it receives indemnity or security satisfactory to it in its sole discretion. Subject to certain limitations, conditions and exceptions, Holders of a majority in aggregate
principal amount of the 2027 Notes at the time outstanding may direct the Trustee in its exercise of any trust or power, including the annulment of a declaration of acceleration. The Trustee may withhold from Holders notice of any continuing default
(except a default in payment of amounts specified in clauses (i) and (ii) above) if it determines that withholding notice is in their interests. 
  

	14.	TRUSTEE DEALINGS WITH THE COMPANY 

 The Trustee under the Indenture, in its individual or any
other capacity, may become the owner or pledgee of 2027 Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee. 
  

	15.	NO RECOURSE AGAINST OTHERS 

 A director, officer, employee, incorporator, stockholder or
partner, as such, of the Company or any of the Company’s successor corporations or any Subsidiary of the foregoing shall not have any liability for any obligations of the Company under the 2027 Notes or the Indenture or for any claim based on,
in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the 2027 Notes. 

  
 C-9 









	16.	GUARANTEES 

 This Note will be entitled to the benefits of certain Guarantees, if any, made for
the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

 

	17.	RANKING 

 The 2027 Notes shall be direct, unsecured obligations of the Company and shall rank
pari passu in right of payment with all other unsecured and unsubordinated indebtedness of the Company. The Guarantees shall be direct, unsecured obligations of the Guarantors and shall rank pari passu in right of payment
with all other unsecured and unsubordinated indebtedness of the Guarantors. 
  

	18.	AUTHENTICATION 

 This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee’s Certificate of Authentication on the other side of this Note. 
  

	19.	ABBREVIATIONS 

 Customary abbreviations may be used in the name of a Holder or an assignee, such
as TEN COM (=tenants in common), TENANT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	20.	GOVERNING LAW 

 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS NOTE. 

 

	21.	CHANGE OF CONTROL 

 If a Change of Control Triggering Event occurs, unless the Company has
exercised its option to redeem the 2027 Notes by notifying the Holders to that effect as described above, the Company shall make an offer (a “Change of Control Offer”) to each Holder of 2027 Notes to repurchase all or any part of
that Holder’s 2027 Notes on the terms set forth below; provided, that, the 2027 Notes shall be repurchased in multiples of $1,000 and if any Holder elects to have less than all of its 2027 Notes repurchased by the Company, the
unpurchased portion of the 2027 Notes shall be equal to $2,000 or an integral multiple of $1,000 in excess thereof. In a Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of the 2027
Notes repurchased, plus accrued and unpaid interest, if any, on the 2027 Notes repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the
Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall send a notice to Holders, describing the transaction that constitutes
or may constitute the Change of Control Triggering Event and offering to repurchase the 2027 Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date that notice is sent, other
than as may be required by law (a “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of
Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. 

  
 C-10 








 On each Change of Control Payment Date, the Company shall, to the extent lawful, accept for
payment all 2027 Notes or portions of 2027 Notes properly tendered pursuant to the Change of Control Offer, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all 2027 Notes or portions of 2027 Notes
properly tendered, and deliver or cause to be delivered to the Trustee the 2027 Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of 2027 Notes or portions of 2027 Notes being repurchased and
that all conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase by the Company of 2027 Notes pursuant to the Change of Control Offer have been complied with. 

The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all 2027 Notes properly tendered and not withdrawn under its offer. 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2027 Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such
securities laws or regulations conflict with the Change of Control Offer provisions herein, the Company will comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer
provisions herein and in the Indenture by virtue of any such conflict. 
 The Company shall furnish to any Holder upon written request and
without charge a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 
 Lennar Corporation

 700 N.W. 107th Avenue 

Miami, Florida 33172 
 Attn:
General Counsel 
 Facsimile: (305) 229-6650 

  
 C-11 








 ASSIGNMENT FORM 

If you, the Holder, want to assign this Note, fill in the form below and have your signature guaranteed: 

 

			
	I or we assign and transfer this Note to:	 	
		
	                                      
                                         
                                 	 	
	                                      
                                         
                                 	 	
	                                      
                                         
                                 	 	
	(Print or type name, address and zip code and social security or tax ID number of assignee)	 	

 and irrevocably appoint
                                , agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 
  

					
	 Dated:
                                
	  		  	
			
		  	Signed:
                                         
       	  	
		  	(Sign exactly as your name appears on the other side of this Note)	  	

 Signature Guarantee:
                                         
        
 Signature must be guaranteed by an “eligible guarantor institution,” that is, a
bank, stockbroker, savings and loan association or credit union meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934. 

In connection with any transfer of this Note occurring prior to the date which is the earlier of (i) the date of the declaration by the
SEC of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering resales of this Note (which effectiveness shall not have been suspended or terminated at the date of
the transfer) and (ii) the later of (x) the first anniversary of the Issue Date and (y) if the Note constitutes a Restricted Security and any Initial Notes are issued after the Issue Date pursuant to Section 2.2 of the Indenture,
the last day of the period of any resale restrictions imposed on such additional Initial Notes issued pursuant to Section 2.2 of the Indenture (provided, however, that neither the Company nor any affiliate of the Company has held
any beneficial interest in such Note, or portion thereof, or any predecessor security at any time on or prior to such date), the undersigned confirms that it has not utilized any general solicitation or general advertising in connection with the
transfer: 
 [Check One] 
  

			
	(1)  ☐	  	to the Company or a Subsidiary thereof; or


  
 C-12 









			
		
	(2)  ☐	  	pursuant to and in compliance with Rule 144A under the Securities Act; or
		
	(3)  ☐	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements
(the form of which letter can be obtained from the Trustee); or
		
	(4)  ☐	  	outside the United States to a “foreign person” in compliance with Rule 904 of Regulation S under the Securities Act; or
		
	(5)  ☐	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act; or
		
	(6)  ☐	  	pursuant to an effective registration statement under the Securities Act; or
		
	(7)  ☐	  	pursuant to another available exemption from the registration requirements of the Securities Act.

 and unless the box below is checked, the undersigned confirms that such Note is not being transferred to an
“affiliate” of the Company as defined in Rule 144 under the Securities Act (an “Affiliate”): 

☐  The transferee is an Affiliate of the Company. 

Unless one of the items is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any
person other than the registered Holder thereof; provided, however, that if item (3), (4), (5) or (7) is checked, the Company or the Trustee may require, prior to registering any such transfer of the 2027 Notes, in their sole
discretion, such written legal opinions, certifications (including an investment letter in the case of box (3) or (4) and other information as the Trustee or the Company have reasonably requested to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 
 If none of the
foregoing items are checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in
Section 2.17 of the Indenture shall have been satisfied. 
  

					
	 Dated:
                                
	  	Signed:
                                         
       	  	
		  	(Sign exactly as your name appears on the other side of this Note)	  	

 Signature Guarantee:
                                        

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED 

  
 C-13 








 The undersigned represents and warrants that it is purchasing this Note for its own account or an
account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Dated:                                 	  	                                   
                                         
                        	  	
				
		  	NOTICE:                        	 	 To be executed by
 an executive
officer
	  	


  
 C-14 








 EXHIBIT D 

[FORM OF 4.750% SENIOR NOTES DUE 2027] 

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture] 

  
 D-1 








 CUSIP No.:
[                     ] 
 LENNAR
CORPORATION 
 4.750% SENIOR NOTES DUE 2027 
  

	 No.                      
	 $[            
]                         



Interest Rate: 4.750% per annum. 

Interest Payment Dates: May 29 and November 29, commencing May 29, 2018 

Record Dates: May 15 and November 15 

Lennar Corporation, a Delaware corporation (the “Company,” which term includes any successor entities), for value received, promises
to pay to          or registered assigns, on November 29, 2027 (the “Maturity Date”), the principal amount of          Dollars
($        ), together with interest thereon as hereinafter provided. 
 Reference is made to the
further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

  
 D-2 








 IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	LENNAR CORPORATION
		
	By:	 	                                     
                                       
		 	Name:
		 	Title:
	
	Dated:                     



  
 D-3 









			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	This is one of the Notes described in the within-mentioned Indenture.
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	  Authorized Signatory
	
	Dated:                     


  
 D-4 








 (REVERSE OF SECURITY) 

4.750% Senior Note due 2027 

Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Indenture relating to the Notes, dated
as of November 29, 2017 (as amended from time to time, the “Indenture”), by and among Lennar Corporation, a Delaware corporation (the “Company”), the Guarantors named therein and The Bank of New York Mellon, as
trustee (the “Trustee”). 
  

	1.	INTEREST 

 The Company promises to pay interest on the principal amount of this Note at the rate
per annum set forth above. Interest on the 2027 Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date. The Company shall pay interest semi-annually in arrears on each
Interest Payment Date, commencing as of the Interest Payment Date referred to above, on the Maturity Date and upon redemption. Interest will be computed on the basis of a 360-day year of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed. 
 Payments of the
Redemption Price, Special Mandatory Redemption Price, Change of Control Payment, principal and interest that are not made when due will accrue interest per annum at the rate of interest borne by the 2027 Notes, plus one percent, from and including,
the relevant payment date to, but excluding, the date on which such defaulted amounts shall have been paid by the Company in accordance with the Indenture. 
  

	2.	METHOD OF PAYMENT 

 Subject to the terms and conditions of the Indenture, the Company shall
(a) pay interest on the 2027 Notes (except defaulted interest) to the Persons who are the registered Holders of 2027 Notes at the close of business on the Record Date immediately preceding the Interest Payment Date even if the 2027 Notes are
canceled, transferred or exchanged after such Record Date, and (b) make all other payments in respect of the 2027 Notes to the Persons who are registered Holders of 2027 Notes at the close of business on the Business Day preceding the
Redemption Date or Maturity, as the case may be. Holders must surrender 2027 Notes to a Paying Agent to collect such payments in respect of the 2027 Notes referred to in clause (b) of the preceding sentence. The Company shall pay cash amounts
in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the Company may make the cash payments by check payable in such money. 

 

	3.	PAYING AGENT, AND REGISTRAR 

 Initially, The Bank of New York Mellon, a New York banking
corporation, shall act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice, other than notice to the Trustee. The Company or any of its
Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or co-registrar. 

  
 D-5 









	4.	INDENTURE 

 The Company issued the 2027 Notes under the Indenture. This Note is one of a duly
authorized issue of Notes of the Company designated as its 4.750% Senior Notes due 2027 (the “Unrestricted 2027 Notes”). The 2027 Notes include the 2027 Initial Notes, the Unrestricted 2027 Notes and the 2027 Private Exchange Notes.
The Unrestricted 2027 Notes, the 2027 Private Exchange Notes and the Initial 2027 Notes are treated as a single class of securities under the Indenture. The terms of the 2027 Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (the “TIA”), as in effect on the date of the Indenture. Notwithstanding anything to the contrary herein, the 2027 Notes are subject to all such terms, and Holders of 2027
Notes are referred to the Indenture and the TIA for a statement of such terms. The 2027 Notes are general unsecured obligations of the Company. Each Holder, by accepting a 2027 Note, agrees to be bound by all of the terms and provisions of the
Indenture, as the same may be amended from time to time in accordance with its terms. 
  

	5.	REDEMPTION AT THE OPTION OF THE COMPANY 

 No sinking fund is provided for the 2027 Notes. The
2027 Notes are redeemable as a whole, or in part, at any time and from time to time at the option of the Company. If the Company elects to redeem the 2027 Notes more than 180 days prior to the Maturity Date, the Redemption Price shall be equal to
the greater of: (a) 100% of their principal amount; and (b) the present value of the Remaining Scheduled Payments on the 2027 Notes being redeemed on the Redemption Date, discounted to the Redemption Date, on a semiannual basis, at the Treasury
Rate plus 50 basis points (0.50%). If the Company elects to redeem the 2027 Notes on or after the date that is 180 days prior to the Maturity Date, the Redemption Price shall be equal to 100% of their principal amount. In either case, the Company
will also pay accrued interest on the principal amount of the 2027 Notes to be redeemed up to, but not including, the Redemption Date. 
  

	6.	NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY 

 Notice of redemption at the option of the
Company shall be sent at least 30 days but not more than 60 days before the Redemption Date to each Holder of 2027 Notes to be redeemed at the Holder’s registered address. If money sufficient to pay the Redemption Price of all 2027 Notes (or
portions thereof) to be redeemed on the Redemption Date, together with all interest thereon accrued to but not including the Redemption Date, is deposited with the Paying Agent prior to or on the Redemption Date, interest ceases to accrue on such
2027 Notes or portions thereof beginning on such Redemption Date. 2027 Notes in denominations larger than $2,000 may be redeemed in part but only in integral multiples of $1,000. 

 

	7.	SPECIAL MANDATORY REDEMPTION 

 If (x) the consummation of the Merger does not occur on or
before August 31, 2018 or (y) prior to the such date, the Company notifies the Trustee that it will not pursue the consummation of the Merger, the Company shall redeem all the outstanding 2027 Notes at a Redemption Price equal to 101% of
the principal amount of the 2027 Notes plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date with respect thereto (subject to the right of Holders of record on the relevant Regular Record Date to receive interest
due on any Interest Payment Date that is on or prior to the Special Mandatory Redemption Date), in accordance with the applicable provisions of Section 3.2 of the Indenture. 

  
 D-6 









	8.	DENOMINATIONS; TRANSFER; EXCHANGE 

 The 2027 Notes are in registered form, without coupons, in
minimum denominations of $2,000 and integral multiplies of $1,000 in excess of that amount. A Holder may transfer 2027 Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any governmental taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any 2027 Notes selected for redemption (except, in the case of a 2027 Note to
be redeemed in part, the portion of the 2027 Note not to be redeemed) or any 2027 Notes for a period of 15 days before any selection of 2027 Notes to be redeemed. 
  

	9.	PERSONS DEEMED OWNERS 

 The registered Holder of this Note may be treated as the owner of this
Note for all purposes. 
  

	10.	UNCLAIMED MONEY OR PROPERTY 

 The Trustee and the Paying Agent shall return to the Company upon
written request any money or property held by them for the payment of any amount with respect to the 2027 Notes that remains unclaimed for two years; provided, however, that the Trustee or such Paying Agent, before being required to make any
such return, shall at the expense of the Company cause to be published once in a newspaper of general circulation in The City of New York or mail to each such Holder notice that such money or property remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed money or property then remaining shall be returned to the Company. After return to the Company, Holders entitled to the money or
property must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and Paying Agent with respect to the money or property will cease. 

 

	11.	AMENDMENT; WAIVER 

 Subject to certain exceptions set forth in the Indenture, (i) the
Indenture with respect to the 2027 Notes or the 2027 Notes may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the 2027 Notes at the time outstanding and (ii) certain defaults or
noncompliance with certain provisions with respect to the 2027 Notes may be waived with the written consent of the Holders of a majority in aggregate principal amount of the 2027 Notes at the time outstanding. Subject to certain exceptions set forth
in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture with respect to the 2027 Notes or the 2027 Notes to cure any ambiguity, defect or inconsistency, to make any change that does not adversely
affect the right of any Holder, to convey, transfer, assign, mortgage or pledge to the Trustee as security for the 2027 Notes any property or assets, to evidence the succession of another corporation to the Company (or successive successions) and
the assumption by the successor corporation of the covenants, agreements and obligations of the Company, to add to the covenants of the Company such further covenants, restrictions or conditions as the Board of Directors shall consider to be for the
benefit of the Holders of any series of Notes, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of
all or any of the several remedies provided in the Indenture, to evidence and provide for the acceptance of appointment hereunder of a successor Trustee with respect to the Notes, to modify, eliminate or add to the provisions of the Indenture to
such extent as shall be necessary for the Indenture to comply with the TIA, or under any similar federal statute hereafter enacted, or to conform the text of the Indenture, the Notes of any series, or any Guarantee of the Notes of any series, to any
corresponding provisions of the “Description of Notes” or similar provisions in any offering memorandum or supplement thereto in respect of such series of Notes, including the Offering Memorandum dated November 14, 2017. 

  
 D-7 









	12.	DEFAULTS AND REMEDIES 

 Under the Indenture, Events of Default include (i) a default by the
Company in the payment of any interest with respect to the 2027 Notes which continues for more than 30 days after the due date, (ii) a default by the Company in the payment of any principal or Redemption Price or Repurchase Price due with
respect to the 2027 Notes; (iii) a default by the Company or any Restricted Subsidiary with respect to its obligation to pay Indebtedness for money borrowed by the Company or a Restricted Subsidiary (other than
Non-Recourse Indebtedness), which default shall have resulted in the acceleration of, or be a failure to pay at final maturity, Indebtedness aggregating more than $50 million, and where such acceleration
does not cease to exist, or such Indebtedness is not satisfied, in either case, within 30 days after such acceleration; (iv) a failure to perform any other covenant or warranty of the Company in the Indenture, which continues for 60 days after
written notice; (v) final judgments or orders are rendered against the Company or any Restricted Subsidiary which require the payment by the Company or any Restricted Subsidiary of an amount (to the extent not covered by insurance) in excess of
$50 million and such judgments or orders remain unstayed or unsatisfied for more than 60 days and are not being contested in good faith by appropriate proceedings; (vi) the Company or any Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary), pursuant to any Bankruptcy Law applicable to the Company or such Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary):
(A) commences a voluntary case; (B) consents to the entry of an order for relief against it or them in an involuntary case against it or them; (C) consents to the appointment of a Custodian of it or them or for any substantial part of its
or their property; or (D) makes a general assignment for the benefit of its or their creditors; or (vii) a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: (A) for relief in an involuntary
case against the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); (B) appointing a Custodian of the Company or any Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary) or for any substantial part of its or their respective property; or (C) ordering the winding up or liquidation of the Company or any Significant Subsidiary (or group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); and the order or decree remains unstayed and in effect for 90 days. If an Event of Default occurs and is continuing with respect to the 2027 Notes, the Trustee, or the
Holders of at least 25% in aggregate principal amount of the 2027 Notes at the time outstanding, may declare the outstanding principal of the 2027 Notes and any accrued and unpaid interest through the date of such declaration on all of the 2027
Notes to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default which shall result in the outstanding principal amount of all 2027 Notes being declared due and payable immediately upon the occurrence of such
Events of Default. 

  
 D-8 








 Holders may not enforce the Indenture or the 2027 Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture and the 2027 Notes unless it receives indemnity or security satisfactory to it in its sole discretion. Subject to certain limitations, conditions and exceptions, Holders of a majority in aggregate
principal amount of the 2027 Notes at the time outstanding may direct the Trustee in its exercise of any trust or power, including the annulment of a declaration of acceleration. The Trustee may withhold from Holders notice of any continuing default
(except a default in payment of amounts specified in clauses (i) and (ii) above) if it determines that withholding notice is in their interests. 
  

	13.	TRUSTEE DEALINGS WITH THE COMPANY 

 The Trustee under the Indenture, in its individual or any
other capacity, may become the owner or pledgee of 2027 Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee. 
  

	14.	NO RECOURSE AGAINST OTHERS 

 A director, officer, employee, incorporator, stockholder or
partner, as such, of the Company or any of the Company’s successor corporations or any Subsidiary of the foregoing shall not have any liability for any obligations of the Company under the 2027 Notes or the Indenture or for any claim based on,
in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the 2027 Notes. 

 

	15.	GUARANTEES 

 This Note will be entitled to the benefits of certain Guarantees, if any, made for
the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

 

	16.	RANKING 

 The 2027 Notes shall be direct, unsecured obligations of the Company and shall rank
pari passu in right of payment with all other unsecured and unsubordinated indebtedness of the Company. The Guarantees shall be direct, unsecured obligations of the Guarantors and shall rank pari passu in right of payment
with all other unsecured and unsubordinated indebtedness of the Guarantors. 

  
 D-9 









	17.	AUTHENTICATION 

 This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee’s Certificate of Authentication on the other side of this Note. 
  

	18.	ABBREVIATIONS 

 Customary abbreviations may be used in the name of a Holder or an assignee, such
as TEN COM (=tenants in common), TENANT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	19.	GOVERNING LAW 

 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS NOTE. 

 

	20.	CHANGE OF CONTROL 

 If a Change of Control Triggering Event occurs, unless the Company has
exercised its option to redeem the 2027 Notes by notifying the Holders to that effect as described above, the Company shall make an offer (a “Change of Control Offer”) to each Holder of 2027 Notes to repurchase all or any part of
that Holder’s 2027 Notes on the terms set forth below; provided, that, the 2027 Notes shall be repurchased in multiples of $1,000 and if any Holder elects to have less than all of its 2027 Notes repurchased by the Company, the
unpurchased portion of the 2027 Notes shall be equal to $2,000 or an integral multiple of $1,000 in excess thereof. In a Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of the 2027
Notes repurchased, plus accrued and unpaid interest, if any, on the 2027 Notes repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the
Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall send a notice to Holders, describing the transaction that constitutes
or may constitute the Change of Control Triggering Event and offering to repurchase the 2027 Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date that notice is sent, other
than as may be required by law (a “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of
Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. 
 On each Change of Control Payment Date,
the Company shall, to the extent lawful, accept for payment all 2027 Notes or portions of 2027 Notes properly tendered pursuant to the Change of Control Offer, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect
of all 2027 Notes or portions of 2027 Notes properly tendered, and deliver or cause to be delivered to the Trustee the 2027 Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of 2027 Notes or
portions of 2027 Notes being repurchased and that all conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase by the Company of 2027 Notes pursuant to the Change of Control Offer have been complied
with. 

  
 D-10 








 The Company shall not be required to make a Change of Control Offer upon the occurrence of a
Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all 2027 Notes properly tendered
and not withdrawn under its offer. 
 The Company shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2027 Notes as a result of a Change of Control Triggering Event. To the
extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions herein, the Company will comply with those securities laws and regulations and shall not be deemed to have breached its
obligations under the Change of Control Offer provisions herein and in the Indenture by virtue of any such conflict. 
 The Company shall
furnish to any Holder upon written request and without charge a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 

Lennar Corporation 
 700 N.W. 107th Avenue 
 Miami, Florida 33172 

Attn: General Counsel 
 Facsimile:
(305) 229-6650 

  
 D-11 








 ASSIGNMENT FORM 

If you, the Holder, want to assign this Note, fill in the form below and have your signature guaranteed: 

 

			
	I or we assign and transfer this Note to:	 	
		
	                                      
                                         
                                 	 	
	                                      
                                         
                                 	 	
	                                      
                                         
                                 	 	
	(Print or type name, address and zip code and social security or tax ID number of assignee)	 	

 and irrevocably appoint
                                , agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him. 
  

					
	 Dated:
                                        

	  		  	
			
		  	Signed:
                                         
       	  	
		  	(Sign exactly as your name appears on the other side of this Note)	  	

 Signature Guarantee:
                                        

 Signature must be guaranteed by an “eligible guarantor institution,” that is, a bank, stockbroker, savings and loan association
or credit union meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as
may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934. 

  
 D-12 








 EXHIBIT E 

GLOBAL NOTE LEGEND 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY ANY SUCH NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR NOMINEE OF SUCH SUCCESSOR DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. REPRESENTATIVE
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
SECTION 2.17 OF THE INDENTURE. 

  
 E-1 








 EXHIBIT F 

Form of Certificate To Be 

Delivered in Connection with 

Transfers to Non-QIB Accredited Investors 

[Date] 
 Ladies and Gentlemen: 

In connection with our proposed purchase of [    ]% Senior Notes due 20[    ] (the
“Notes”) of Lennar Corporation (“the Company”), we confirm that: 

1.    We understand that any subsequent transfer of the Notes is subject to certain restrictions and
conditions set forth in the indenture relating to the Notes (the “Indenture”) and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes except in compliance with, such restrictions and
conditions and the Securities Act of 1933, as amended (the “Securities Act”), and all applicable State securities laws. 

2.    We understand that the offer and sale of the Notes have not been registered under the Securities Act
or any other applicable securities law, and that the Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except as permitted in the following sentence. We agree, on our own behalf and on
behalf of any accounts for which we are acting as hereinafter stated, that if we should sell any Notes, we will do so only (i) to the Company or any subsidiary thereof, (ii) inside the United States in accordance with Rule 144A under the
Securities Act to a person who we reasonably believe is a “qualified institutional buyer” (as defined in Rule 144A promulgated under the Securities Act), (iii) inside the United States to an institutional “accredited investor”
(as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to the Trustee (as defined in the Indenture) a signed letter containing certain representations and agreements relating to the
restrictions on transfer of the Notes (the form of which letter can be obtained from the Trustee), (iv) outside the United States in accordance with Rule 904 of Regulation S promulgated under the Securities Act, (v) pursuant to the exemption
from registration provided by Rule 144 under the Securities Act (if available), or (vi) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any person purchasing any of the Notes from us
a notice advising such purchaser that resales of the Notes are restricted as stated herein. 
 3.    We
understand that, on any proposed resale of any Notes, we will be required to furnish to the Trustee and the Company such certification, legal opinions and other information as the Trustee and the Company may reasonably require to confirm that the
proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. 

  
 F-1 








 4.    We are an institutional “accredited investor”
(as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or their investment, as the case may be. 

5.    We are acquiring the Notes purchased by us for our account or for one or more accounts (each of which
is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 

6.    We have received a copy of the Company’s Offering Memorandum dated November 14, 2017, and
acknowledge that we have had access to such financial and other information, and have been afforded the opportunity to ask such questions of representatives of the Company and receive answers thereto, as we deem necessary in connection with our
decision to purchase the Notes. 
 You, the Company, the Initial Purchasers and others are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	[Name of Transferee]
		
	By:	 	                                      
                                         
                
		 	Name:
		 	Title:



  
 F-2 








 EXHIBIT G 

FORM OF CERTIFICATE OF TRANSFER 
 Re:
[    ]% Senior Notes due 20[    ] (the “Notes”) of Lennar Corporation (the “Company”) 

Reference is hereby made to the Indenture, dated as of November 29, 2017 (the “Indenture”), among the Company, the
Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or interests (the
“Transfer”), to (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 

1.  ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR A RELEVANT DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being
transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and
such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with all applicable securities laws of
the states of the United States and other jurisdictions. 
 2.  ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO
REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the
United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in
the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade
the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person
(other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the
Indenture and the Securities Act. 

  
 G-1 









3.  ☐  CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The
Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

a)  ☐  such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 b)  ☐  such Transfer is being effected to the Parent or a subsidiary thereof; 

or 
 c)  ☐  such Transfer is being effected pursuant to an effective registration statement under the Securities
Act and in compliance with the prospectus delivery requirements of the Securities Act. 
 4.  ☐  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN
UNRESTRICTED DEFINITIVE NOTE. 

a)  ☐  CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

b)  ☐  CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

  
 G-2 









c)  ☐  CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other
than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers. 

 

			
	[Insert Name of Transferor]
		
	By:	 	                                     
                                         
                 
	 	 	Name:
		 	Title:


 Dated:
                     

  
 G-3 








 ANNEX A TO CERTIFICATE OF TRANSFER 

5. The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 

a)  ☐  a beneficial interest in the: 
 (i)  ☐  144A Global Note (CUSIP/ISIN:
                    ), or 

(ii)  ☐  Regulation S Global Note (CUSIP/ISIN:                     ), or 

b)  ☐  a Restricted Definitive Note. 
 6. After the Transfer the Transferee will hold: 

[CHECK ONE] 
 a)  ☐  a beneficial interest in the: 

(i)  ☐  144A Global Note (CUSIP/ISIN:                     ), or 

(ii)  ☐  Regulation S Global Note (CUSIP/ISIN:                     ), or 

(iii)  ☐  Unrestricted Global Note (CUSIP/ISIN:                     ); or 

b)  ☐  a Restricted Definitive Note; or 
 c)  ☐  an Unrestricted Definitive Note, in accordance with the terms of the Indenture 

  
 G-4 








 EXHIBIT H 

FORM OF CERTIFICATE OF EXCHANGE 
 Re:
[    ]% Senior Notes due 20[    ] (the “Notes”) of Lennar Corporation (the “Company”) 

Reference is hereby made to the Indenture, dated as of November 29, 2017 (the “Indenture”), among the Company, the
Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1) EXCHANGE OF RESTRICTED DEFINITIVE
NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

a)  ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note of the same series in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as
amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial
interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

b)  ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s beneficial interest in
a Restricted Global Note for an Unrestricted Definitive Note of the same series, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

c)  ☐  CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the Owner’s Exchange of a Restricted Definitive
Note for a beneficial interest in an Unrestricted Global Note of the same series, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

  
 H-1 









d)  ☐  CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE OF THE SAME SERIES. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted
Definitive Note of the same series, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OF THE SAME
SERIES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES OF THE SAME SERIES 
 a)  ☐  CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE OF THE SAME SERIES. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note of the same series with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being
acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

b)  ☐  CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE OF THE SAME SERIES. In connection with the Exchange of the Owner’s Restricted Definitive
Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note  ̈ Regulation S Global Note of the same series, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

  
 H-2 








 This certificate and the statements contained herein are made for your benefit and the benefit of
the Issuers and are dated                 . 
  

			
	[Insert Name of Transferor]
		
	By:	 	                                     
                                         
                 
		 	Name:
		 	Title:



  
 H-3 








 EXHIBIT I 

FORM OF GUARANTEE 
 For
value received, each of the Persons named in Schedule I hereto (collectively, the “Guarantors”) hereby unconditionally guarantees, as principal obligor and not only as a surety, to the Holders of the 2.950% Senior Notes due 2020 (the
“2020 Notes”) and the 4.750% Senior Note due 2027 (the “2027 Notes, and together with the 2020 Notes, the “Notes”) of Lennar Corporation, a Delaware corporation (the “Company”), the cash payments in United States
Dollars of any amounts due with respect to the Notes in the amounts and at the times when due and interest on all overdue amounts, to the extent lawful, and the payment or performance of all other obligations of the Company under the Indenture (as
defined below) or the Notes, to the Holders and the Trustee (as defined below), all in accordance with and subject to the terms and limitations of the Notes, Article X of the Indenture and this Guarantee. The validity and enforceability of this
Guarantee shall not be affected by the fact that it is not affixed to any particular Note. 
 Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Indenture, dated as of November 29, 2017, among the Company, the Guarantors named therein and The Bank of New York Mellon, as trustee (the “Trustee”), as amended or supplemented (the
“Indenture”), governing the Company’s issuance of the Notes. 
 The obligations of each of the Guarantors to the Holders of
Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article X of the Indenture and reference is hereby made to the Indenture for the precise terms of this Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates. 
 THIS GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
GUARANTEE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT
REGARD TO CONFLICT OF LAWS RULES THAT WOULD APPLY THE LAWS OF ANY OTHER JURISDICTION. Each of the Guarantors hereto agrees to submit to the jurisdiction of the courts of the State of New York sitting in the County of New York, 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 Guarantee. 
 This
Guarantee is subject to suspension and release upon the terms set forth in the Indenture. 
 The undersigned acknowledges that this
Guarantee is subject to the TIA and each of the undersigned agrees to discharge its duties under the TIA. 

  
 I-1 








 IN WITNESS WHEREOF, each of the Guarantors listed on Schedule I hereto has caused this Guarantee
to be duly executed. 
 Dated:                      

 

			
	Authorized signatory for each of the Guarantors listed on Schedule I hereto
		
	By:	 	                                     
                                         
                 
		 	Name:
		 	Title:



  
 I-2 








 SCHEDULE I 

Guarantors 
 308 Furman, Ltd. 

360 Developers, LLC 
 Ann Arundel Farms, Ltd. 

Aquaterra Utilities, Inc. 
 Asbury Woods L.L.C. 

Astoria Options, LLC 
 Autumn Creek Development, Ltd. 

Aylon, LLC 
 Bainebridge 249, LLC 

Bay Colony Expansion 369, Ltd. 
 Bay River Colony Development,
Ltd. 
 BB Investment Holdings, LLC 
 BCI Properties, LLC 

Bellagio Lennar, LLC 
 Belle Meade LEN Holdings, LLC 

Belle Meade Partners, LLC 
 BPH I, LLC 

Bramalea California, Inc. 
 Bressi Gardenlane, LLC 

Builders LP, Inc. 
 Cambria L.L.C. 

Cary Woods, LLC 
 Casa Marina Development, LLC 

Caswell Acquisition Group, LLC 
 Cherrytree II LLC 

CL Ventures, LLC 
 Coco Palm 82, LLC 

Colonial Heritage LLC 
 Concord Station, LLP 

Coventry L.L.C. 

  
 Schedule I - 1 








 CPFE, LLC 
 CP Red
Oak Management, LLC 
 CP Red Oak Partners, Ltd. 
 Creekside
Crossing, L.L.C. 
 Danville Tassajara Partners, LLC 

Darcy-Joliet L.L.C. 
 DBJ Holdings, LLC 

Durrell 33, LLC 
 DTC Holdings of Florida, LLC 

Estates Seven, LLC 
 EV, LLC 

Evergreen Village LLC 
 F&R Florida Homes, LLC 

F&R QVI Home Investments USA, LLC 
 Fidelity Guaranty and
Acceptance Corp. 
 FLORDADE LLC 
 Fox-Maple Associates, LLC 
 Friendswood Development Company, LLC 

Garco Investments, LLC 
 Greystone Construction, Inc. 

Greystone Homes of Nevada, Inc. 
 Greystone Nevada, LLC 

Greywall Club L.L.C. 
 Hammocks Lennar LLC 

Harveston, LLC 
 Haverton L.L.C. 

HCC Investors, LLC 
 Heathcote Commons LLC 

Heritage of Auburn Hills, L.L.C. 
 Hewitts Landing Trustee, LLC

 Home Buyer’s Advantage Realty, Inc. 
 Homecraft
Corporation 
 HTC Golf Club, LLC 

  
 I-2 








 Inactive Companies, LLC 

Independence L.L.C. 
 Isles at Bayshore Club, LLC 

Kendall Hammocks Commercial, LLC 
 Lakelands at Easton, L.L.C.

 LCD Asante, LLC 
 Legends Club, LLC 

Legends Golf Club, LLC 
 LEN – Belle Meade, LLC 

LEN – CG South, LLC 
 LEN – Palm Vista, LLC 

LEN Paradise Cable, LLC 
 LEN Paradise Operating, LLC 

Len Paradise, LLC 
 Lencraft, LLC 

LenFive, LLC 
 LenFive Opco GP, LLC 

LenFive Sub, LLC 
 LenFive Sub Opco GP, LLC 

LenFive Sub II, LLC 
 LenFive Sub III, LLC 

LENH I, LLC 
 Len – Hawks Point, LLC 

Lennar Aircraft I, LLC 
 Lennar Arizona, Inc. 

Lennar Arizona Construction, Inc. 
 Lennar Associates
Management, LLC 
 Lennar Associates Management Holding Company 

Lennar Avenue One, LLC 
 Lennar Bridges, LLC 

Lennar Buffington Colorado Crossing, L.P. 
 Lennar Buffington
Zachary Scott, L.P. 
 Lennar Carolinas, LLC 

  
 I-3 








 Lennar Central Park, LLC 

Lennar Central Region Sweep, Inc. 
 Lennar Central Texas, L.P.

 Lennar Chicago, Inc. 
 Lennar Colorado Minerals LLC 

Lennar Colorado, LLC 
 Lennar Communities, Inc. 

Lennar Communities Development, Inc. 
 Lennar Communities
Nevada, LLC 
 Lennar Communities of Chicago L.L.C. 
 Lennar
Construction, Inc. 
 Lennar Courts, LLC 
 Lennar Developers,
Inc. 
 Lennar Family of Builders GP, Inc. 
 Lennar Family of
Builders Limited Partnership 
 Lennar Flamingo, LLC 
 Lennar
Fresno, Inc. 
 Lennar Gardens, LLC 
 Lennar Georgia, Inc.

 Lennar Greer Ranch Venture, LLC 
 Lennar Heritage Fields,
LLC 
 Lennar Hingham Holdings, LLC 
 Lennar Hingham JV, LLC

 Lennar Homes Holding, LLC 
 Lennar Homes NJ, LLC 

Lennar Homes, LLC 
 Lennar Homes of Arizona, Inc. 

Lennar Homes of California, Inc. 
 Lennar Homes of Tennessee,
LLC 
 Lennar Homes of Texas Land and Construction, Ltd. 

Lennar Homes of Texas Sales and Marketing, Ltd. 
 Lennar
Imperial Holdings Limited Partnership 
 Lennar International Holding, LLC 

  
 I-4 








 Lennar International, LLC 

Lennar Layton, LLC 
 Lennar Lytle, LLC 

Lennar Mare Island, LLC 
 Lennar Marina A Funding, LLC 

Lennar Massachusetts Properties, Inc. 
 Lennar Middletown, LLC

 Lennar Multifamily Communities, LLC 
 Lennar New Jersey
Properties Inc. 
 Lennar New York, LLC 
 Lennar Northeast
Properties, Inc. 
 Lennar Northeast Properties LLC 
 Lennar
Northwest, Inc. 
 Lennar Pacific, Inc. 
 Lennar Pacific
Properties, Inc. 
 Lennar Pacific Properties Management, Inc. 

Lennar PI Acquisition, LLC 
 Lennar PI Property Acquisition, LLC

 Lennar PIS Management Company, LLC 
 Lennar Point, LLC 

Lennar Port Imperial South, LLC 
 Lennar Realty, Inc. 

Lennar Reno, LLC 
 Lennar Rialto Investment LP 

Lennar Riverside West, LLC 
 Lennar Riverside West Urban Renewal
Company, L.L.C. 
 Lennar Sacramento, Inc. 
 Lennar Sales
Corp. 
 Lennar Southwest Holding Corp. 
 Lennar
Spencer’s Crossing, LLC 
 Lennar Texas Holding Company 

Lennar Trading Company, LP 
 Lennar Ventures, LLC 

  
 I-5 








 Lennar West Valley, LLC 

Lennar.com Inc. 
 Lennar/LNR Camino Palomar, LLC 

Lennar-Lantana Boatyard, Inc. 

LEN-Ryan I, LLC 
 Len-Verandahs, LLP 
 LH Eastwind, LLC 

LH-EH Layton Lakes Estates, LLC 

LHI Renaissance, LLC 
 LMC Construction, LLC 

LMC Malden Station Investor, LLC 
 LMI Glencoe Dallas Investor,
LLC 
 LMI Lakes West Covina Investor, LLC 
 LMI Las Colinas
Station, LLC 
 LMI Naperville Investor, LLC 
 LMI Park
Central Investor, LLC 
 LMI Contractors, LLC 
 LMI-JC Developer, LLC 
 LMI-JC, LLC 

LMI-West Seattle, LLC 

LNC at Meadowbrook, LLC 
 LNC at Ravenna, LLC 

LNC Communities I, Inc. 
 LNC Communities II, LLC 

LNC Communities III, Inc. 
 LNC Communities IV, LLC 

LNC Communities V, LLC 
 LNC Communities VI, LLC 

LNC Communities VII, LLC 
 LNC Communities VIII, LLC 

LNC Pennsylvania Realty, Inc. 
 Long Beach Development, LLC 

Lori Gardens Associates, L.L.C. 

  
 I-6 








 Lori Gardens Associates II, LLC 

Lori Gardens Associates III, LLC 
 Lorton Station, LLC 

LW D’Andrea, LLC 
 Madrona Ridge L.L.C. 

Madrona Village L.L.C. 
 Madrona Village Mews L.L.C. 

Majestic Woods, LLC 

Mid-County Utilities, Inc. 

Mission Viejo 12S Venture, LP 
 Mission Viejo Holdings, Inc.

 NC Properties I, LLC 
 NC Properties II, LLC 

North American Asset Development, LLC 
 North American Title
Company, Inc. 
 Northbridge L.L.C. 
 Northeastern Properties
LP, Inc. 
 OHC/Ascot Belle Meade, LLC 
 One SR, L.P. 

Palm Gardens At Doral Clubhouse, LLC 
 Palm Gardens at Doral,
LLC 
 Palm Vista Preserve, LLC 
 PD-Len Boca Raton, LLC 
 PG Properties Holding, LLC 

Pioneer Meadows Development, LLC 
 Pioneer Meadows Investments,
LLC 
 POMAC, LLC 
 Prestonfield L.L.C. 

Providence Lakes, LLP 
 PT Metro, LLC 

Raintree Village, L.L.C. 
 Raintree Village II L.L.C. 

Renaissance Joint Venture 

  
 I-7 








 Reserve @ Pleasant Grove II LLC 

Reserve @ Pleasant Grove LLC 
 Reserve at River Park, LLC 

Reserve at South Harrison, LLC 
 Rivendell Joint Venture 

Rivenhome Corporation 
 RMV, LLC 

Rutenberg Homes, Inc. 
 Rutenberg Homes of Texas, Inc. 

Rye Hill Company, LLC 
 S. Florida Construction, LLC 

S. Florida Construction II, LLC 
 S. Florida Construction III,
LLC 
 San Lucia, LLC 
 Savannah Development, Ltd. 

Savell Gulley Development, LLC 
 Scarsdale, LTD 

Schulz Ranch Developers, LLC 
 Seminole/70th, LLC 

Siena at Old Orchard L.L.C. 
 South Development, LLC 

Southbank Holding, LLC 
 Spanish Springs Development, LLC 

Spectrum Eastport, LLC 
 St. Charles Active Adult Community, LLC

 St. Charles Community, LLC 
 Stoney Corporation 

Stoney Holdings, LLC 
 Stoneybrook Clubhouse, Inc. 

Stoneybrook Joint Venture 
 Strategic Holdings, Inc. 

Strategic Technologies, LLC 
 Summerfield Venture L.L.C. 

  
 I-8 








 Summerwood, L.L.C. 

SunStreet Energy Group, LLC 
 TCO QVI, LLC 

Temecula Valley, LLC 
 Terra Division, LLC 

The Baywinds Land Trust 
 The Bridges at Rancho Santa Fe Sales
Company, Inc. 
 The Bridges Club at Rancho Santa Fe, Inc. 

The LNC Northeast Group, Inc. 
 The Preserve at Coconut Creek,
LLC 
 Treasure Island Holdings, LLC 
 Treviso Holding, LLC

 U.S. Home Corporation 
 U.S. Home of Arizona Construction
Co. 
 U.S. Home Realty, Inc. 
 U.S.H. Los Prados, Inc. 

U.S.H. Realty, Inc. 
 USH Equity Corporation 

USH – Flag, LLC 
 USH LEE, LLC 

USH Woodbridge, Inc. 
 UST Lennar Collateral Sub, LLC 

UST Lennar GP PIS 10, LLC 
 UST Lennar GP PIS 7, LLC 

UST Lennar HW Scala SF Joint Venture 
 Valencia at Doral, LLC

 Vineyard Point 2009, LLC 
 Watermark Realty, Inc. 

Watermark Realty Referral, Inc. 
 WCI Communities, Inc. 

WCI Communities, LLC 
 WCI Communities Management, LLC 

WCI Communities Rivington, LLC 

  
 I-9 








 WCI Realty, Inc. 

WCI Towers Northeast USA, Inc. 
 WCP, LLC 

West Chocolate Bayou Development, LLC 
 West Lake Village, LLC

 West Seattle Project X, LLC 
 West Van Buren L.L.C. 

Westchase, Inc. 
 Willowbrook Investors, LLC 

Woodbridge Multifamily Developer I, LLC 
 Wright Farm, L.L.C.


  
 I-10